A.M. Best Comments on Doctors Company Insurance Group Planned Acquisition of American Physicians Capital Inc.
July 12 2010 - 2:29PM
Business Wire
A.M. Best Co. has commented that the financial strength
rating of A- (Excellent) and issuer credit ratings of “a-” of
Doctors Company Insurance Group (TDC) and its members, led
by The Doctors Company, an Interinsurance Exchange (Napa,
CA), are unchanged. The outlook for the ratings is positive.
This commentary follows the recent announcement that American
Physicians Capital Inc. (AP Capital) (East Lansing, MI)
[NASDAQ: ACAP] has entered into a definitive agreement to be
acquired by TDC. AP Capital’s primary insurance company is
American Physicians Assurance Corporation (East Lansing,
MI).
When the acquisition is completed, shareholders will be entitled
to receive cash totaling $386 million. With the acquisition of AP
Capital, TDC is purchasing a regional provider of medical
professional liability insurance products, with clients in
predominantly in midwestern and western states. The transaction
assists TDC in achieving scale through continued geographic
diversification and supports the group’s growth philosophy. The
transaction is not subject to financing contingencies and is
expected to close during the fourth quarter of 2010, subject to
regulatory approval and a vote by AP Capital’s shareholders to
approve the sale.
On June 7, 2010, A.M. Best affirmed the current ratings of
Doctor’s Company Insurance Group.
For Best’s Credit Ratings, an overview of the rating process and
rating methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings,
including any additional methodologies and factors that may have
been considered, can be found at
www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service
credit rating organization dedicated to serving the financial and
health care service industries, including insurance companies,
banks, hospitals and health care system providers. For more
information, visit www.ambest.com.
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