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Salt Lake City – MMIC announced has finalized the transaction to acquire Utah Medical Insurance Association in a deal that took effect June 30. Through this transaction, UMIA became a wholly-owned subsidiary of MMIC.
The deal expands MMIC’s geographic footprint to four additional states: Idaho, Utah, Montana and Wyoming, and expands UMIA’s portfolio of products to hospitals, long-term care facilities and large health systems.
According to MMIC president and CEO Bill McDonough, the deal is symbiotic. “There are benefits to this merger on both sides,” he said. “In financial terms, our combined surplus will benefit us both, as will the benefits derived from added scale and efficiency.” The combined company surplus is estimated at more than $350 million.
McDonough says he anticipates a smooth integration due to the similar nature of the two companies. “We are both policyholder-owned companies with the same mission: to offer products and services that improve patient care,” he said.
Similar culture is just one thing that appealed to both UMIA and MMIC. Another factor that helped seal the deal is that UMIA will maintain its operations in Utah in order to provide a local presence and it will maintain its current branding and a separate advisory board of directors.