Medical Mutual to acquire Healthcare Providers insurance book
Medical Mutual of Raleigh North Carolina has signed a definitive agreement to acquire the insurance book of Healthcare Providers Insurance Exchange it announced Wednesday. Full details of the transaction were not disclosed but the HPIX book is said to be in the region of $30 million.
"The addition of HPIX policyholders to Medical Mutual will provide benefits to both sides," said Dale Jenkins, Medical Mutual’s CEO, "The partnership expands Medical Mutual's geographic footprint into the Mid-Atlantic States and continues the HPIX legacy of providing outstanding service, products, and resources to policyholders. Medical Mutual and HPIX share a culture and philosophy focused on serving physician members."
The deal is expected to close later this year and the majority of HPIX employees will be offered positions with Mutual Medical. Mr Jenkins commented: “We are delighted to welcome a very experienced and talented team of HPIX professionals, in addition to their clients, agents, and brokers, to Medical Mutual.”
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Great American Insurance granted Singapore licence
Ohio based Great American Insurance has been granted a licence to establish a branch operation in Singapore and has appointed Chee Keng Koon as its chief executive in the city state. Mr Chee has strong links in the region with ship owners, maritime industry experts, insurance agents, insurance brokers and other insurance industry participants.
German reinsurer expands in India
The Indian insurance industry is becoming increasingly attractive to foreign insurance companies with the limit of FDI now raised to 49 per cent and huge market potential. German reinsurer Hannover RE, the third largest reinsurer in the world, is already in Mumbai and Delhi and is now looking to expand further in the sub-continent, growing its $130 million in revenue that it currently generates there. The firm’s chairman Ulrich Walling told moneycontrol.com that being able to expand from a services operation into a branch operation will be a huge benefit: "If you look at a country like China, we are close to USD 1 billion of premium income from China. So we see that this new regulation has significant potential to grow our business in India and we also want to do it in line with public policy where we want to be helping the Indian market to get more efficient on the mass health insurance schemes and on the agricultural schemes.”
