Sherman & Company LLC served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Coverys. Sandler O’Neill + Partners, L.P. acted as exclusive financial advisor and Thompson Hine LLP served as legal advisor to GIMC.
Coverys, one of the nation’s largest insurers of medical professional liability, and Global Insurance Management Company, Inc. (“GIMC”), a leading provider of medical professional liability insurance for physicians and other healthcare providers, announced today that they have entered into a definitive merger agreement pursuant to which Coverys’ ProMutual Group, Inc. will acquire GIMC.
GIMC and the predecessors to its insurance subsidiary, Healthcare Underwriters Group, Inc., were founded by physicians and insurance professionals in 2003 to bring long-term availability, predictability and stability to the marketplace in Florida, Ohio and Kentucky. Since that time, GIMC has expanded to Texas, Indiana and Nevada. Coverys, a leading provider of healthcare professional liability insurance and market-leading risk services, continues to expand its delivery of products and services to meet the demands of the changing healthcare market. The combination of the two companies will strengthen GIMC’s ability to offer superior products and services to a core group of hospital and physician policyholders.
he Board of Directors of GIMC has unanimously approved the transaction and has resolved to recommend that its shareholders approve the merger agreement. The transaction is expected to close in the fourth quarter of 2017 and is subject to customary closing conditions, including the receipt of regulatory approvals and approval by the holders of a majority of the outstanding shares of GIMC common stock.
Skadden advised with a team including Christopher Ulery (Picture) (Washington, D.C.); Tax partner Jessica Hough (Washington, D.C.); Financial Institutions associate Vincent Napolitano (New York); and M&A associate Marcel Rosner (New York).
Involved fees earner: Christopher Ulery – Skadden Arps Slate Meager & Flom; Marcel Rosner – Skadden Arps Slate Meager & Flom; Jessica Hough – Skadden Arps Slate Meager & Flom; Vincent Napolitano – Skadden Arps Slate Meager & Flom;
Law Firms: Skadden Arps Slate Meager & Flom;
Clients: Coverys Inc.;