EX-99.1
4
exhibit99-1.htm
FPIC INSURANCE GROUP, INC. PRESS RELEASE DATED NOVEMBER 13, 2009
exhibit99-1.htm
Exhibit 99.1
FPIC
Insurance Group, Inc.
ANNOUNCES
ACQUISITION OF
ADVOCATE,
MD FINANCIAL GROUP INC.
JACKSONVILLE,
Fla. (Business Wire) - November 13, 2009 - FPIC Insurance Group, Inc. (NASDAQ:
FPIC) ("FPIC") and Advocate, MD Financial Group Inc. ("Advocate, MD") today
announced that FPIC's subsidiary, First Professionals Insurance Company, Inc.,
has completed the acquisition of all of the outstanding capital stock of
Advocate, MD and its subsidiaries pursuant to their previously announced
definitive agreement.
"We are
very pleased to announce the completion of the transaction, and we are looking
forward to Advocate, MD being an important part of our combined
organization. This transaction provides meaningful benefits to both
organizations and is consistent with our long-term business strategy", said John
R. Byers, FPIC's President and Chief Executive Officer.
Commenting
on the transaction, Mark E. Adams, the President and Chief Executive Officer of
Advocate, MD said, "We are excited about joining FPIC and look forward to
leveraging the strengths of both organizations. Our team is fully
committed to continuing Advocate, MD's strong performance and contributing to
the success of the combined organization".
Under
the terms of the definitive agreement, FPIC paid total consideration of $33.6
million at closing, and may pay up to $12.0 million in additional consideration
depending on the performance of Advocate, MD during the two-year period
following closing. In connection with the transaction, FPIC
also retired all of Advocate MD's outstanding bank debt, totaling $9
million.
FPIC
estimates that its fourth quarter 2009 results will include transaction-related
costs of approximately $0.8 - $1.0
million.
Further
information concerning the acquisition can be found in FPIC's Current Report on
Form 8-K pertaining to the acquisition.
About
FPIC
FPIC
Insurance Group, Inc., through its subsidiary companies, is a leading provider
of medical professional liability insurance for physicians, dentists and other
healthcare providers.
About
Advocate, MD
Advocate,
MD is a leading provider of medical professional liability insurance in Texas
and Mississippi through its subsidiary Advocate, MD Insurance of the Southwest
Inc.
Forward-Looking
Statements
Statements
in this press release that are not historical facts are forward-looking
statements that reflect management's current expectations, assumptions, and
estimates of future performance and economic conditions. Such
statements are made in reliance upon the safe harbor provisions of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Forward-looking statements in this press release include, but
are not limited to, the anticipated benefits of the
transaction. Further information relating to factors that may impact
our results and forward-looking statements are disclosed in our filings with the
SEC. The forward-looking statements contained in this press release
are made as of the date of this press release, and we disclaim any intention or
obligation, other than imposed by law, to update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise.
FPIC
Press Release: 1
Contact
Information
FPIC
Insurance Group, Inc.
Charles
Divita, III
Chief
Financial Officer
904-360-3611
1000
Riverside Avenue, Suite 800
Jacksonville,
Florida 32204
For all
your investor needs, FPIC is on the Internet at
www.fpic.com
or e-mail us at ir@fpic.com.
FPIC
Press Release: 2

EX - 99 . 1 4 exhibit99 - 1 . htm FPIC INSURANCE GROUP , INC . PRESS RELEASE DATED NOVEMBER 13 , 2009 exhibit99 - 1 . htm Exhibit 99 . 1 FPIC Insurance Group , Inc . ANNOUNCES ACQUISITION OF ADVOCATE , MD FINANCIAL GROUP INC . JACKSONVILLE , Fla . ( Business Wire ) - November 13 , 2009 - FPIC Insurance Group , Inc . ( NASDAQ : FPIC ) ( " FPIC " ) and Advocate , MD Financial Group Inc . ( " Advocate , MD " ) today announced that FPIC 's subsidiary , First Professionals Insurance Company , Inc . , has completed the acquisition of all of the outstanding capital stock of Advocate , MD and its subsidiaries pursuant to their previously announced definitive agreement . " We are very pleased to announce the completion of the transaction , and we are looking forward to Advocate , MD being an important part of our combined organization . This transaction provides meaningful benefits to both organizations and is consistent with our long - term business strategy " , said John R . Byers , FPIC 's President and Chief Executive Officer . Commenting on the transaction , Mark E . Adams , the President and Chief Executive Officer of Advocate , MD said , " We are excited about joining FPIC and look forward to leveraging the strengths of both organizations . Our team is fully committed to continuing Advocate , MD 's strong performance and contributing to the success of the combined organization " . Under the terms of the definitive agreement , FPIC paid total consideration of $ 33.6 million at closing , and may pay up to $ 12.0 million in additional consideration depending on the performance of Advocate , MD during the two - year period following closing . In connection with the transaction , FPIC also retired all of Advocate MD 's outstanding bank debt , totaling $ 9 million . FPIC estimates that its fourth quarter 2009 results will include transaction - related costs of approximately $ 0.8 - $ 1.0 million . Further information concerning the acquisition can be found in FPIC 's Current Report on Form 8 - K pertaining to the acquisition . About FPIC FPIC Insurance Group , Inc . , through its subsidiary companies , is a leading provider of medical professional liability insurance for physicians , dentists and other healthcare providers . About Advocate , MD Advocate , MD is a leading provider of medical professional liability insurance in Texas and Mississippi through its subsidiary Advocate , MD Insurance of the Southwest Inc . Forward - Looking Statements Statements in this press release that are not historical facts are forward - looking statements that reflect management 's current expectations , assumptions , and estimates of future performance and economic conditions . Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 . Forward - looking statements in this press release include , but are not limited to , the anticipated benefits of the transaction . Further information relating to factors that may impact our results and forward - looking statements are disclosed in our filings with the SEC . The forward - looking statements contained in this press release are made as of the date of this press release , and we disclaim any intention or obligation , other than imposed by law , to update or revise any forward - looking statements , whether as a result of new information , future events , or otherwise . FPIC Press Release : 1 Contact Information FPIC Insurance Group , Inc . Charles Divita , III Chief Financial Officer 904 - 360 - 3611 1000 Riverside Avenue , Suite 800 Jacksonville , Florida 32204 For all your investor needs , FPIC is on the Internet at www.fpic.com or e - mail us at ir@fpic.com . FPIC Press Release : 2