MINNEAPOLIS, MN - 8/3/2015 (PRESS RELEASE JET) -- Constellation, a mutual holding company, today announced that they have closed a deal with Arkansas Mutual Insurance Company, which has now joined the Constellation family of companies. Arkansas Mutual is a provider of medical professional liability insurance for physicians, located in Little Rock, and will be the third Constellation member company, joining MMIC and UMIA. The terms of the transaction were not disclosed.
"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."
Combined, MMIC, Arkansas Mutual and UMIA insure more than 21,000 physicians 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.
Arkansas Mutual’s policyholders will benefit from a larger, well capitalized company that has a similar physician-focused culture, and from additional products, resources and services.
The transaction closed July 31 after customary due diligence, regulatory approvals and Arkansas Mutual policyholder approval.
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 ArkansasMutual.com
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 ConstellationMutual.com or call 888.965.0503