Coverys Finalizes Acquisition of Global Insurance Management Company, Inc.
Coverys deepens its presence in territories through the acquisition
Boston, MA - December 4, 2017 - On December 1, 2017, Coverys finalized the acquisition of Global Insurance Management Company, Inc. (“GIMC”). GIMC and its insurance subsidiary, Healthcare Underwriters Group, Inc., provide medical professional liability insurance for physicians and healthcare providers in Florida, Indiana, Kentucky, Ohio, and Texas.
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.
“Coverys is committed to expanding GIMC’s ability to offer superior products and services to grow and expand for the benefit of our policyholders and clients and to bringing long-term availability, predictability, and stability with this acquisition,” said Gregg L. Hanson, CEO and president of Coverys.
“The acquisition strengthens GIMC’s ability to expand our service offerings to a core group of hospital and physician policyholders and provides the ability to issue policies in all 50 states,” said Joshua Salman, CEO and president of GIMC. “Now being a part of a larger healthcare professional liability group, our policyholders will benefit from the greater level of financial stability and Coverys’ A rating.”
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.