Los Angeles-based health care liability insurer SCPIE Holdings Inc. announced today it has agreed to be acquired by The Doctors Company, a physician-owned medical malpractice carrier, for approximately $281 million.

The firm said Doctors, with headquarters in Napa, Calif., has agreed to pay $28 per share in cash, a price representing a premium of approximately 27 percent over yesterday’s $22.09 per share closing price of SCPIE before the announcement. If completed the deal would create the largest physician medical malpractice insurer in the nation.

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