A.M. Best Comments on The Doctors Company's Acquisition of SCPIE Holdings Inc.OLDWICK, N.J. -- A.M. Best Co. has commented that the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A- (Excellent) and the issuer credit ratings (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "a-" of The Doctors Company Insurance Group (TDCG) (Napa, CA) and its members, which is led by The Doctors Company, An Interinsurance Exchange (The Doctors Company), remain unchanged following the recent announcement that SCPIE SCPIE Southern California Physicians Insurance Exchange Holdings Inc. [NYSE NYSE See: New York Stock Exchange : SKP SKP Suomen Kommunistinen Puolue (Communist Party of Finland) SKP Sveriges Kommunistiska Parti (Communist Party of Sweden) SKP Sisemajanduse Koguproduktist (Estonian) ] (Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , CA) has entered into a definitive agreement to be acquired by The Doctors Company. (See below for a detailed listing of the companies and ratings.) SCPIE Holdings Inc. and its operations will be acquired for an aggregate purchase price of approximately $281 million in an all cash transaction. These operations include SCPIE Companies (SCPIE) (Los Angeles, CA), a group of three pooled members, which are led by SCPIE Indemnity Company. The acquisition will expand The Doctors Company's market leadership in California to nearly 19,000 physicians; thus, becoming one of the largest insurers of physician and surgeon professional liability insurance in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The transaction is expected to close in the first half of 2008 and is subject to customary closing conditions, including the receipt of regulatory approvals, and approval by a majority of SCPIE Holdings Inc.'s stockholders. The FSR of A- (Excellent) and the ICRs of "a-" are unchanged for The Doctors Company Insurance Group and its following members: * The Doctors Company, An Interinsurance Exchange * Professional Underwriters Liability Insurance Company * Underwriter for the Professions Insurance Company * Northwest Physicians Insurance Company * OHIC Insurance Company For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. 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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