SCPIE Acquisition Closes


Medical malpractice insurer SCPIE Holdings Inc. said Monday that its merger with Doctor Cos., a Northern California competitor, has closed.

The California Department of Insurance last week approved the $296 million acquisition of the Los Angeles-based medical malpractice insurance provider by Napa-based Doctors.

SCPIE shareholders approved a deal in March that would turn SCPIE into a wholly owned subsidiary of Doctors. Regulators were examining whether the acquisition would shrink competition and raise premiums.

Under the deal, Doctors will acquire SCPIE for $28 per share for an aggregate purchase price of $281 million. Shares of SCPIE, which closed at $27.99 on Monday, was to be delisted at the end of the trading day.

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