NCMICNational Chiropractic Mutual Insurance Company (Clive, IA)
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MedPro will implement its rate reduction on June 1 and NCMIC on July 1 of this year.
The strong capitalization provides NCMIC a cushion to wait out the pricing cycle, and also enables NCMIC to continue its diversification through its non-insurance subsidiaries without jeopardizing its financial strength.
NCMIC has a strong management team that is proactively changing the company to match the changes in the health care industry.
NCMIC is a mono-line writer in a small niche within the relatively volatile medical malpractice insurance market.
Barry Sloane, CEO of Newtek's merchant processing division and Chairman and CEO of Newtek Business Services stated: "We are disappointed to lose Tracy Schmidt as a leader, manager and employee but welcome him in his new capacity to our outstanding historic relationship with NCMIC.
Managed Chiropractics will become a wholly owned subsidiary of NCMIC.
Dillingham commented on the acquisition: "We are excited about the strategic partnership between Managed Chiropractics and NCMIC as well as the synergies among the two organizations.
Furthermore, NCMIC offers Managed Chiropractics future growth potential as well as the support of a highly recognized industry leader.
We are very excited about our new partnership with NCMIC.
Taking this step enables us to further increase our presence in the professional liability market," said Pat McNerney, President of NCMIC Insurance Company.
NCMIC Insurance Company is a part of NCMIC Group, http://www.
Using the accelerator as a foundation for custom solutions has helped us give competitive advantage to our customers such as the NCMIC Group and Dinsmore & Shohl.