Coverys Announces Agreement to Acquire OHA Holdings, Inc

Boston, MA - October 28, 2013 - FinCor Holdings, Inc., a member of Coverys which is based in Boston, announced today that they have entered into an agreement to acquire OHA Holdings, Inc. and its wholly-owned subsidiary OHA Insurance Solutions (“OHAIS”), located in Columbus, Ohio. For more than three decades, Coverys and its predecessors have been trusted providers of medical professional liability insurance for healthcare professionals. OHAIS was created by the Ohio Hospital Association (“OHA”) in 2003 to bring long-term availability, predictability and stability to the Ohio medical professional liability marketplace for hospitals and physicians.

“This effort represents a very exciting continuation of the Ohio Hospital Association’s commitment to its members. The core mission of OHAIS is to provide a stable and continuing market for medical professional liability insurance for Ohio physicians and hospitals. Coverys shares our commitment to our members, demonstrating the type of strong partner that will serve Ohio hospitals and physicians for many years to come,” said Mike Abrams, president and CEO of OHA.

Coverys’ acquisition of OHAIS will bring together two organizations that have similar strengths and core competencies. These strengths include expertise in the Ohio hospital and physician markets, supportive risk management services and resolute claim management. Each group adheres to a philosophy of conservative management, pursuit of financial strength and longevity, aggressive defense of good medicine, proactive risk management, and the importance of patient safety and physician education. Overall, both companies have demonstrated a longterm commitment to the healthcare community.

“We are very excited about the opportunity to bring OHAIS into the Coverys family of companies. OHAIS has deep expertise in the Ohio hospital and physician medical professional liability market and an excellent staff of professionals. OHAIS has performed very well despite challenging market conditions while offering outstanding claims handling, innovative risk management programs and responsive policyholder service. This combination of our two companies will enable Coverys to expand the ability of OHAIS to offer superior products and services to its core group of hospital and physician policyholders,” said Gregg L. Hanson, CEO and president of Coverys.

“Coverys is an outstanding partner for OHAIS and for the OHA member hospitals. Our policyholders will benefit from Coverys’ financial strength and stability. We share the same core values and dedication to underwriting, claims handling and risk management. I am confident that our policyholders’ access to high quality insurance and policyholder services will continue,” said Susan J. Stanfield, CEO and president of OHAIS.

The transaction has been approved by OHA and is subject to customary regulatory approvals. Both organizations are evaluating the integration of OHAIS associates with Coverys. At the present time, Coverys and OHAIS expect the transaction to close by January 1, 2014. “We will be working with Susan Stanfield and her team to ensure a smooth transition into the Coverys organization,” said Hanson.

Coverys is being advised in this transaction by Keefe, Bruyette & Woods, Inc. and the law firm of Skadden, Arps, Slate, Meagher & Flom LLP. OHAIS is being advised by Sandler O’Neill + Partners, L.P. and the law firm of Bricker & Eckler LLP.

For more information about Coverys, contact Loren LeVasseur, public relations specialist, at (617) 946-8665 or llevasseur@coverys.com.
 

About Coverys

Coverys is one of the top 10 medical professional liability insurance providers in the country based on direct written premium. Coverys member companies insure more than 25,000 physicians, surgeons, dentists, certified nurse midwives and allied healthcare providers, as well as more than 500 hospitals, health centers and clinics in 24 states from coast to coast. Coverys has net admitted assets of $3.3 billion, direct written premium of $368 million and policyholder surplus of $1.3 billion, as of December 31, 2012. In addition, Coverys member insurance companies Medical Professional Mutual Insurance Company (“ProMutual”) and ProSelect Insurance Company (“ProSelect”), as well as ProMutual-sponsored Coverys RRG, Inc. (“Coverys RRG”) have a Best’s Rating of A (Excellent). MHA Insurance Company (“MHAIC”) and Washington Casualty Company (“WCC”) have a Best’s Rating of A- (Excellent). Coverys emphasizes physician education and patient safety, and the company is acknowledged as a leader in providing supportive risk management services and resolute claim defense to the healthcare community. Coverys also offers a variety of interactive and relevant continuing medical education (CME) activities to healthcare providers across the country. For more information visit the Coverys website at www.coverys.com. Timely industry and company news can also be found on the Coverys blog at coverys.wordpress.com, on Twitter (@Coverys) and on the company’s Facebook page.
 

About OHA Holdings, Inc. and OHAIS

OHA Holdings, Inc. is a holding company that operates through its insurance company subsidiary, OHA Insurance Solutions, which was established in 2003 to help bring long-term availability, predictability and stability to the Ohio medical professional liability marketplace for hospitals and physicians. OHAIS strives to ensure all Ohioans have access to health care by enabling Ohio’s physicians and hospitals access to medical malpractice insurance. Learn more about OHAIS at www.ohainsurance.com.