SCPIE HOLDINGS INC
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SCPIE Holdings Inc. is an American-based private holding company which, through its subsidiaries, is engaged in the provision of medical malpractice insurance and related liability insurance products and services principally in the United States. The company was incorporated in 1976, and it has its registered head office in Los Angeles, California.
The company, with more than 10,000 policyholders, is recognized as the leading provider of healthcare liability insurance for physicians, oral and maxillo-facial surgeons and other healthcare providers and as well as medical groups and healthcare facilities in the United States. It aims to satisfy and meet the needs of its policyholders by providing creative and comprehensive products and services.
The company’s insurance products include professional liability, business liability, healthcare billing errors and omissions, medical group professional liability, healthcare provider and facility liability and ancillary liability. In addition, the company also provides assumed reinsurance products which include casualty, property, accident and health and and workers’ compensation and marine.
SCPIE Holdings Inc. is a publicly quoted company with shares traded on the New York Stock Exchange under the ticker symbol SKP.
SCPIE Holdings Inc. is a holding company owning subsidiaries engaged in providing insurance and reinsurance products.
The company was incorporated in 1976 as Southern California Physicians Insurance Exchange (the Exchange). It’s in 1996 that SCPIE Holdings acquired the business of the Exchange and the three insurance company subsidiaries.
On March 20 2000 the company acquired Chicago Title Corporation and became the largest title insurance company in the US.
Description and history
SCPIE Holdings Inc. is a holding company owning subsidiaries licensed to provide insurance and reinsurance products. The Company is primarily a provider of medical malpractice insurance and related liability insurance products to physicians, oral surgeons, healthcare facilities and others engaged in the healthcare industry in California and Delaware. Previously, the Company had also been actively engaged in hospital and dental liability insurance, medical malpractice insurance and related products in other states and the global assumed reinsurance business. Since 2002, the assumed reinsurance business, hospital and dental business and medical malpractice insurance business outside its core states of California and Delaware have been in run-off.
The Company conducts its insurance business through three insurance company subsidiaries. The largest, a wholly owned subsidiary, SCPIE Indemnity Company (SCPIE Indemnity) is licensed to conduct direct insurance business only in California, its state of domicile. American Healthcare Indemnity Company (AHI), domiciled in Delaware, is licensed to transact insurance in 47 states and the District of Columbia. American Healthcare Specialty Insurance Company (AHSIC), domiciled in Arkansas, is eligible to write policies as an excess and surplus lines insurer in 20 states and the District of Columbia. AHI and AHSIC are wholly owned subsidiaries of SCPIE Indemnity. All three companies generally have the right to participate in domestic and international reinsurance treaties. The Company also has an insurance agency subsidiary, SCPIE Insurance Services, Inc., two subsidiary corporations providing management services, and a corporate member of Lloyd’s of London, SCPIE Underwriting Limited, which is owned by SCPIE Indemnity.
The company’s modest beginnings:
It the late 1960s, when medical liability insurance was becoming a rare and expensive commodity, seven Southern California county medical societies banded together and formed the Southern California Physicians Council (SOCAP) as a vehicle for obtaining professional liability insurance for its members.
In the five years between the establishment of SOCAP and the formation of SCPIE, medical society physician members endured a host of premium increases from commercial insurance carriers.
In September 1975, after learning that one commercial carrier was raising its rates by 486%, SOCAP authorized a feasibility study regarding the potential of a physician-owned professional liability insurance company. In late November of that year, SOCAP approved a proposal calling for the creation of such a company: Southern California Physicians Insurance Exchange (SCPIE).
SCPIE began its operations on January 1, 1976, as a reciprocal or interinsurance exchange with 1,434 policyholders. It offered a single product (claims-made and -reported policy for solo physicians) in a single state (California).
During the two decades after our genesis, SCPIE continued to add more insureds to its book of business and expand its product offerings.
The company’s transformation into a Public Company
After assessing the drastic changes in the healthcare delivery environment, such as the increase in consolidations and the creation of large, integrated healthcare companies covering many states and regions, the company believed that strategically, it would be in the company’s best interests to restructure as a public company. The capital raised from the initial public offering would allow them the flexibility to expand into other states, as necessary.
On January 30, 1997, the stock of SCPIE Holdings Inc. launched on the New York Stock Exchange (NYSE: SKP). At the same time, the Southern California Physicians Insurance Exchange was merged into SCPIE Indemnity Company, and SCPIE Holdings Inc. became the parent of several subsidiaries. Together, the business entities comprise The SCPIE Companies.
Today, SCPIE is one of the carriers of professional liability insurance in California (based on direct premiums written) with more than 10,000 policyholders. They are currently writing professional liability policies in California and Delaware, with the possibility of expanding into other states in the future.
On June 30, 2008, SCPIE Holdings Inc. (the “Company”) completed its merger (the “Merger”) with Scalpel Acquisition Corp. (“Merger Sub”), a wholly owned subsidiary of The Doctors Company (“Parent”), pursuant to the Agreement and Plan of Merger, dated October 15, 2007, by and among Parent, Merger Sub and the Company (the “Merger Agreement”).
Holding company which, through its subsidiaries, is engaged in the provision of medical malpractice insurance and related liability insurance products and services
SCPIE INDEMNITY COMPANY
ERNST & YOUNG
US SIC Code
1888 Century Park East
City province or state postal code
90067, LOS ANGELES, CA
Phone: +1 310 551 5900
Fax: +1 310 551 5928
Country address: UNITED STATES OF AMERICA
Website url: www.scpie.com