June 20, 2012

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Article

MGIS Sales its Retail Brokerage Unit

Press Release

June 20, 2012

The MGIS Companies, Inc. (MGIS), a leading national provider of physician insurance products, announced the sale of its medical-professional liability insurance retail brokerage unit, MGIS P&C. This move clarifies the company’s focus on its existing national broker network and leadership position within the group-physician insurance market segments.

“This sale highlights our commitment to our brokers, and allows us to focus more clearly on providing them the tools, programs and services they need to succeed with our group long-term disability and medical-professional liability insurance products,” said Jeffrey D. Brunken, president, MGIS. “Policyholders will continue to have access to the best insurance products, brought to them by experienced brokers backed by the high-touch service and ease of doing business that have been the MGIS trademark for more than 40 years.”

The MGIS P&C East and West business unit accounts and in-force policies are being purchased by two separate buyers: Doctors First, Inc. and Hub International Limited. Doctors First, Inc. is a leader in providing healthcare providers several lines of insurance and related services that help physicians run their medical practice more efficiently in today’s ever-changing complicated medical field. Hub International Limited is a leading global insurance brokerage providing property, casualty, risk management, life and health, employee benefits, investment and wealth management products and services across North America and Latin America.

“We have been seeking to acquire a brokerage with a strong background in serving the insurance and risk management needs of physician groups, and MGIS was a great fit for Hub,” said Kirk Christ, president, Hub International Insurance Services, California Operations. “This acquisition strengthens Hub’s commitment to the coverage needs of the healthcare industry and we look forward to working with the MGIS West Coast team and their customers, offering them a full suite of insurance products and services.”

“The acquisition of MGIS East will be enhancing our retail operation to broaden our reach and grow the product lines we currently offer to the medical professional. MGIS East will benefit the entire group and help Doctors First, Inc. continue its growth as a full-service insurance services firm catering to the medical field,” said Betty Mangery, a spokeswoman for Doctors First. “The MGIS East employees are 100 percent professionals in everything they do and we are excited about their addition to our team. We feel that this acquisition is beneficial to all of our employees because it broadens the company and lengthens our span.”

Details of the transaction were not disclosed. For more information, visit: www.mgis.com&esheet=50315183&lan=en-US&anchor=www.mgis.com&index=2&md5=c9e81d3cd40f485b06a8cd97e06be97d" target="_blank">www.mgis.com.

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