Physicians Insurance acquires two risk retention group management companies
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SEATTLE—Physicians Insurance A Mutual Co. has acquired two risk retention group management companies.
The two RRGs, Emergency Medicine Professional Assurance Co. Risk Retention Group and SCRUBS Mutual Assurance Co. Risk Retention Group, will allow the insurer to offer an alternative risk financing platform to physicians, clinics and hospitals, Physicians Insurance announced Monday in a statement.
The company operates in Washington, Oregon and Idaho.
"This was a strategic decision on our part," said Mary-Lou Misrahy, president and CEO of Physicians Insurance, in a statement. "It leverages our leadership role and enables us to respond to changes in the health care environment. Some of these changes are forcing medical professionals and facilities to rethink their risk financing options, and now they have another tool in their toolbox."
EMPAC is a professional liability insurance company formed by emergency medicine physicians, while SCRUBS offers medical professional liability insurance specifically for urologists.
Financial terms of the acquisitions were not disclosed.
