SOURCE: The Doctors Company

June 30, 2008 18:31 ET

The Doctors Company Acquires The SCPIE Companies to Become the Largest National Insurer of Physician and Surgeon Medical Liability in the U.S.

NAPA, CA--(Marketwire - June 30, 2008) - The Doctors Company, the nation's leading physician-owned medical malpractice insurer, today announced that it has completed its acquisition of The SCPIE Companies, a major provider of health care liability insurance.

With the addition of more than 8,000 physician policyholders, The Doctors Company becomes the largest national insurer of physician and surgeon medical liability in the U.S. with more than 43,000 physician members, and expands its market share in California to serve 19,000 physicians.

"The combination of SCPIE and The Doctors Company strengthens our ability to deliver on our mission to relentlessly advance, protect and reward the practice of good medicine," said Richard E. Anderson, MD, FACP, chairman and CEO of The Doctors Company. "We are pleased by the enhanced value that The Doctors Company will be able to offer California physicians, including lower rates, unparalleled service, and outstanding policyholder benefits."

In connection with the closing of the transaction, SCPIE's common stock is being deregistered with the Securities and Exchange Commission and delisted with the New York Stock Exchange and public trading of SCPIE's securities has ceased. SCPIE will function as a wholly owned subsidiary of The Doctors Company and its operations will be merged into the company's existing operations. The company will maintain a fully staffed, full-service office in Los Angeles.

"SCPIE policyholders will continue to receive the excellent service they have come to expect, while enjoying the combined financial strength and stability of an A rated company with $3 billion in assets and more than $840 million in policyholders' surplus," said Dr. Anderson.

SCPIE policyholders will be eligible for the Tribute® Plan, a unique financial benefit program that rewards physician members for their loyalty to The Doctors Company and commitment to superior patient care. The Tribute Plan is in addition to many other tangible benefits of membership in The Doctors Company, including the potential for multi-year dividend distributions, industry-leading patient safety and risk management programs, and a wide array of tools, support and services to make practicing medicine easier and more rewarding for members.

About The Doctors Company

Founded by doctors for doctors in 1976 to advance, protect, and reward the practice of good medicine, The Doctors Company (www.thedoctors.com) is the nation's leading physician-owned medical malpractice insurer. With $3 billion in assets, 43,000 physician members, an A rating by Fitch Ratings and an A- rating by A.M. Best Company, The Doctors Company enjoys a reputation as the industry vanguard.

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