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THE P-I-E MUTUAL INSURANCE COMPANY EXPANDS ITS REGIONAL BASE WITH ACQUISITION OF TEXAS-BASED ICA

CLEVELAND, March 8 /PRNewswire/ -- P-I-E Financial Corp., the wholly- owned subsidiary holding company of The P-I-E Mutual Insurance Company, has acquired Insurance Corporation of America (ICA), Houston, Texas.

ICA provides professional liability insurance to physicians in Texas and Louisiana and is licensed in twenty-nine other states. P-I-E Financial Corp. acquired its stock from its former parent company, ICAAC, Inc., in a transaction dated February 29, 1996.

"The acquisition of ICA is an important step in our plans to expand our role as a professional liability insurer and to add to the base and strength of The P-I-E Insurance Group," said Larry E. Rogers, President and Chief Executive Officer of The P-I-E Mutual. "ICA has a loyal and high-quality policyholder base and a dedicated agency force, both of which will be integral to our future plans for the company."

Rogers also states, "We intend to put ICA's previous claims and loss reserve development problems behind us, utilizing the skills and experience of The P-I-E Mutual for the benefit of ICA's insured physicians." In addition, "ICA's product portfolio will be expanded to include professional liability coverages for hospitals, managed care entities and other healthcare providers." Concurrent with the acquisition, ICA was released from its previous conservation status by the Texas Department of Insurance.

Mr. Rogers will serve as President and Chief Executive Officer of ICA. Ronald D. Wade has been named Executive Vice President and Chief Operating Officer and will direct ICA's day-to-day operations. Mr. Wade is Senior Vice President - Technical Services for The P-I-E Mutual and has more than 25 years of insurance industry experience.

The P-I-E Mutual Insurance Company, based in Cleveland, Ohio, is one of the largest healthcare liability insurers in the country with nearly 18,000 member-insureds in nine states including Ohio, West Virginia, Missouri, Pennsylvania, Maryland, Kentucky, Indiana, Kansas and Mississippi. The company offers its products and services to physicians, surgeons, dentists, oral surgeons, hospitals, healthcare facilities and managed care organizations.
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/CONTACT: Howard H. Friedman, Executive Vice President & Chief Operating Officer, of P-I-E Financial Corp., 216-736-8479; or Linda Zeck, Manager, Marketing Public Relations, of Dix & Eaton, 216-241-0405/

CO: P-I-E Financial Corp.; P-I-E Mutual Insurance Company; Insurance

Corporation of America ST: Ohio, Texas IN: INS SU: TNM

TC-TB -- CLF008 -- 1538 03/08/96 10:41 EST
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Publication:PR Newswire
Date:Mar 8, 1996
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