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.

Dr. Mitchell S. Karlan, SCPIE chairman, said: "Our board of directors believes this transaction delivers significant value to our stockholders. Additionally, SCPIE will be joining one of the largest and most respected professional liability companies in the nation.

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