FPIC Completes Acquisition of Anesthesiologists' Professional Assurance Company

FPIC Insurance Group, Inc. has completed the acquisition of Anesthesiologists' Professional Assurance Company (APAC). It purchased APAC for $18.0 million in a combination of cash, FPIC stock and assumption of debt. FPIC Insurance Group, Inc. also acquired a 9.9 percent interest in the American Professional Assurance Ltd. affiliate of APAC, for $5.5 million in cash.

APAC, headquartered in Miami Beach, FL, is now a wholly owned but separately run subsidiary of FPIC. APAC retains and maintains the same basic organization, structure, management and philosophy that made it successful for the past 14 years. The same management team, including its Board and Committee structure, will stay in place and continue to run the company as in the past—as a company run by and for anesthesiologists—the company says.

The Chairman of APAC, Frank Moya, MD, a past president of the American Society of Anesthesiologists, will join the Board of Directors of FPIC Insurance Group, Inc. and the Board of Directors of its insurance subsidiary, Florida Physicians Insurance Company. FPIC currently insures over 7,000 healthcare providers throughout the Southeast. This merger increases the total number of policyholders to over 7,700. APAC has policyholders in over 30 states and intends to aggressively market FPIC products and services in these states.

William R. Russell, president and CEO of FPIC, says, "The completion of this acquisition marks another step in strategically and profitably expanding our product line. We are very proud of completing this acquisition, which highlights the steady growth FPIC has achieved since becoming a public company in August 1996."

Frank Moya, MD, chairman of APAC, comments, "In our 14-year history, APAC has been a leader in this medical specialty and known throughout the industry for its insistence on providing quality service and Risk Management. This combination will result in strategic advantages and benefits to both parties and we can all take great pleasure and pride in our accomplishments."