Key Developments For FPIC Insurance Group, Inc.
FPIC Insurance Group, Inc. (FPIC.O) (Nasdaq)
FPIC Insurance Group, Inc. Announces Acquisition Of Advocate, MD Financial Group Inc.
FPIC Insurance Group, Inc. and Advocate, MD Financial Group Inc. announced that FPIC's subsidiary, First Professionals Insurance Company, Inc., has completed the acquisition of all of the outstanding capital stock of Advocate, MD and its subsidiaries pursuant to their previously announced definitive agreement. Under the terms of the definitive agreement, FPIC paid total consideration of $33.6 million at closing, and may pay up to $12.0 million in additional consideration depending on the performance of Advocate, MD during the two-year period following closing. In connection with the transaction, FPIC also retired all of Advocate MD's outstanding bank debt, totaling $9 million.
FPIC Insurance Group, Inc. Announces Definitive Agreement To Acquire Advocate, MD Financial Group, Inc.
FPIC Insurance Group, Inc. and Advocate, MD Financial Group, Inc. (Advocate, MD) announced that the companies have signed a definitive agreement under which FPIC's subsidiary, First Professionals Insurance Company, Inc., will acquire Advocate, MD and its subsidiaries in an all cash transaction. The total consideration for Advocate, MD is comprised of $33.6 million at closing of the transaction (subject to certain terms and conditions) and up to $12.0 million in additional consideration depending on the performance of Advocate, MD during the two year period following completion of the acquisition. The amount of additional consideration will depend on Advocate, MD's written premiums, combined ratio and underwriting profit over the two year period following the closing.
A.M. Best Affirms Ratings Of FPIC Insurance Group, Inc. And Its Subsidiaries
FPIC Insurance Group, Inc. announced that it has affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of 'a-" of FPIC Insurance Group (FPIC) and its four pooled members, which are led by First Professionals Insurance Company (Jacksonville, FL). Concurrently, A.M. Best has affirmed the ICR of "bbb-" of FPIC's parent, FPIC Insurance Group, Inc. The outlook for all ratings is stable.
FPIC Insurance Group, Inc. Reports Sale of Insurance Management Operations
FPIC Insurance Group, Inc. announced that it has completed the sale of its New York-based insurance management operations for $40.0 million in cash. The purchase price is subject to post-closing adjustment depending upon the level of working capital of the operations at closing. In addition, prior to the closing, FPIC received a distribution of nearly $6.0 million in cash from the operations.
FPIC Insurance Group, Inc. Announces Addition of 500,000 Shares to Stock Repurchase Program
FPIC Insurance Group, Inc. announced that its Board of Directors recently authorized the repurchase of up to an additional 500,000 shares of FPIC's common stock through 2008 under FPIC's stock repurchase program in the open market upon such terms and conditions as its officers deem appropriate. This is in addition to the remaining 44,732 shares authorized for repurchase through 2007 under the program.
