Constellation Inc., a portfolio of medical professional liability insurance companies based in Minneapolis, and Grand Rapids-based Michigan Professional Insurance Exchange (MPIE) have signed an agreement under which the business, assets, and liabilities of MPIE would be acquired by Constellation.
The agreement is pending regulatory and subscriber approval. The boards of directors for both companies have unanimously approved the transaction and the companies are targeting mid-2022 to close the deal.
This transaction is expected to provide many benefits for MPIE subscribers, the companies report, including Constellation’s high level of financial stability and expanded product and service offerings. Through this agreement, Constellation will expand in the Michigan and Ohio markets, leveraging MPIE’s service model for solutions and market expertise.
“We are thrilled to be partnering with MPIE. Our companies share a similar purpose, and this expansion helps us to support our policyholders and partners and furthers our purpose to champion all those who devote their lives to health care, to the essential work of enhancing health — and life,” says Ryan Crawford, president and CEO of Constellation. “The completion of this transaction will enhance and expand Constellation’s footprint and ability to serve our customers in the health care industry.”
The MPIE staff and service model will remain and continue to provide it hands on approach that is familiar to its subscribers. MPIE employs more than 30 people and has annualized gross written premiums of approximately $23 million.
“MPIE subscribers will benefit by joining Constellation’s member companies including mission alignment, a culture focused on people and talent development, innovation and excellence in the delivery of customer service,” says Michelle Hoppes, president and CEO of MPIE.