The ISMIE Mutual Insurance Co. has completed its merger with the Southeast Michigan Physicians' Insurance Co. after receiving all required regulatory approvals.
SEMPIC has been providing comprehensive medical professional liability insurance for Detroit Medical Center physicians for over 10 years with high-quality risk management and claims services.
Under the terms of the merger, SEMPIC will continue to operate under the same name, but as a division of Chicago-based ISMIE Mutual. Global professional services firm Marsh will continue to operate as the SEMPIC administrator under the new structure.
"I extend a warm welcome to the Detroit Medical Center's medical professionals, who will now receive their medical professional liability coverage from ISMIE Mutual," ISMIE Chairman Paul H. DeHaan, M.D. said in a statement. “We expect a very seamless transition for our new policyholders. ISMIE is always looking for strategic opportunities to offer our tailored coverages to markets nationwide. Through our due diligence process we found that SEMPIC and ISMIE align well in many areas. This addition is a great business fit with the benefit of helping to significantly grow ISMIE's presence in Southeast Michigan."
The merger was approved by the Illinois Department of Insurance and the Michigan Department of Insurance and Financial Services. Access to coverage through SEMPIC will remain limited to DMC health professionals. For more information about ISMIE coverage options, visit www.ismie.com.