Integris acquires medical professional liability insurer

Integris Group Inc. said Wednesday it has agreed to acquire MedMal Direct Insurance Co. and its CorePRO Insurance LLC agency from Physicians Trust Inc.

Terms of the transaction were not disclosed.

Jacksonville, Florida-based MedMal Direct and CorePRO have a combined 35 employees, all of whom will be joining Integris, according to an email from an Integris spokesman.

The Glastonbury, Connecticut-based medical professional liability insurer operates primarily in Connecticut and Massachusetts, while MedMal Direct operates in Florida, Georgia and Texas. The combined companies will be licensed to do business in 23 states and the District of Columbia, Integris said.

According to information on its website, MedMal Direct had $43.3 million in admitted assets, $16.8 million in unencumbered capital and surplus and $18.6 million in reserves as of Dec. 31, 2017.

In 2018, ratings agency A.M. Best downgraded MedMal Direct’s financial strength rating to B- (Fair) from B++ (Good) and revised the outlook on its credit ratings to negative from stable citing concerns over reserve adequacy. The ratings were subsequently withdrawn when MedMal Direct requested to no longer participate in the rating process.

The deal is expected to close by late December, subject to regulatory and shareholder approval.