Medical MutualInsurance Co. of North Carolina entered into an agreement with athird-party carrier to assume its existing book of medical professionalliability insurance, effective Jan. 1.
As a result, the company became licensed and will startwriting premium in Pennsylvania, New Jersey, Delaware and Maryland, accordingto the company's annual statement for the year ended Dec. 31, 2015.
Estimated premium assumed at the closing of the transactionis approximately $20.1 million. The purchase price is due in three annualinstallments. The first installment, due 90 days after the closing of thetransaction, is expected to be approximately $4.5 million.