Preferred Professional Insurance Company Acquired by CoverysNews | October 3, 2014
Kutak Rock recently represented Preferred Professional Insurance Company (PPIC) in its acquisition by Medical Professional Mutual Insurance Company (ProMutual), a Coverys company. The Kutak Rock team, led by Lisa Sarver in the firm’s Omaha office, represented PPIC in all aspects of the merger that resulted in PPIC becoming an indirectly, wholly owned subsidiary of ProMutual.
“Lisa Sarver and her team were wonderful to work with, guiding management and our shareholders through the acquisition providing insight, education and support during the process. Her primary concern was the impact on her client and shareholders and she provided great representation,” said Lynnette Matza, CEO and president of PPIC.
Finalized on August 1, 2014, the acquisition of PPIC allows Coverys to expand its footprint and to provide enhanced services as a medical professional liability insurer. The transaction makes Coverys the sixth largest medical professional liability provider in the United States based on direct written premium. Coverys was represented in the transaction by Skadden, Arps, Slate, Meagher & Flom LLP.
PPIC is an Omaha-based professional liability insurance company that was previously owned by 18 Catholic healthcare systems. Coverys is a medical professional liability insurance provider and its member companies insure more than 25,000 health care professionals and more than 500 medical centers across the nation.