LITTLE ROCK, Ark., May 8, 2015 (SEND2PRESS NEWSWIRE) -- Arkansas Mutual Insurance Company announced today that it will be joining Constellation, a mutual holding company, and its family of companies. Arkansas Mutual is a provider of medical professional liability insurance for physicians, located in Little Rock; it will be the third Constellation member company, joining MMIC and UMIA. The terms of the transaction were not disclosed.
Corey Little, Arkansas Mutual's President and CEO, said: "We're excited to join Constellation. Arkansas Mutual's policyholders will benefit from a larger, well capitalized company that has a similar physician-focused culture, and from resources such as patient safety programs, physician support programs, and health IT services. And Arkansas Mutual's established network in Arkansas will help the two companies expand more quickly in this state."
Combined, MMIC, Arkansas Mutual and UMIA insure more than 20,000 health care providers in 16 states. All three serve the entire health care spectrum: physicians, clinics, large hospitals and health systems, and outpatient and long-term care facilities.
"A partnership between Arkansas Mutual and Constellation will provide benefits for both sides," said Bill McDonough, President and CEO at Constellation. "By helping Arkansas Mutual expand, we will be able to offer more financial and risk management services in support of the health care community. Together we can create stronger systems and processes, and drive efficiencies."
The transaction is expected to close in the third quarter of 2015 and is subject to customary due diligence, regulatory approvals and Arkansas Mutual policyholder approval.
The map illustrates the expanded reach of the newly combined companies (see image).
About Arkansas Mutual:
Arkansas Mutual Insurance Company provides stable, long-term professional liability insurance to enhance the strength of the health care community. We help protect the assets, financial integrity and reputation of our member policyholders. Arkansas Mutual Insurance Company is a physician owned and physician governed mutual insurance company that places its members' best interests first. Visit http://www.arkansasmutual.com/ .
About Constellation:
As a mutual holding company, Constellation offers the opportunity for policyholder-owned insurers and other organizations to band together for mutual advantage. Members and owners of Constellation can secure their future and long-term ability to serve policyholders and the medical community. Alternatively, companies may take advantage of Constellation network benefits through a contractual affiliation.
Visit http://ConstellationMutual.com/ or call 888-965-0503
*IMAGE (web): Send2Press.com/mediaboom/15-0507-constmap-500x375.jpg
TWITTER: @ArkansasMutual
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NEWS SOURCE Arkansas Mutual Insurance Company :: This press release was issued on behalf of the news source (who is solely responsible for its accuracy) by and Copr. © 2015 Send2Press® Newswire, a service of Neotrope®.