TDIC Announces Intent to Purchase Moda-Held Dentist Insurance Companies
Sacramento, Calif. (PRWEB) April 28, 2016 -- The Dentists Insurance Company (TDIC), a subsidiary of the California Dental Association, today announced it has signed a letter of intent with Moda to acquire Dentists Benefits Insurance Company (DBIC), Dentists Benefits Corporation (DBC) and Northwest Dentists Insurance Company (NORDIC).
Started by dentists 36 years ago, TDIC focuses exclusively on supporting the dental profession by offering a comprehensive suite of professional and business liability, commercial property, workers’ compensation and employment practices liability products. TDIC’s financial strength and stability are reflected in the company’s A.M. Best “A” rating for 22 consecutive years. More than 18,000 dentists in Alaska, Arizona, California, Hawaii, Illinois, Minnesota, Nevada, New Jersey, North Dakota and Pennsylvania have coverage through TDIC.
“We are thrilled about the opportunity to provide high-quality products and services to our dentist colleagues in additional states,” said TDIC Board Chair Steven Kend, DDS. “TDIC has earned the loyalty of 18,000 dentists who choose us to protect their practices and we look forward to extending that commitment to new policyholders.”
DBIC serves the professional liability and business insurance needs of dentists in Alaska, Arizona, Montana, Oregon, Tennessee and Washington while NORDIC provides professional and general liability to dentists in Idaho and Washington. DBC is an insurance agency that administers NORDIC products and sells and administers DBIC products.
“We’re delighted to enter this transaction with our long-term colleagues at TDIC,” said Robert Gootee, president and CEO of Moda. “The tradition and values of their company mirror our own. We are confident going forward that TDIC will provide our policyholders with the levels of service they long have enjoyed.”
Acquiring these companies and their products and services will extend TDIC’s exceptional customer service and products to more than 6,600 policyholders and further strengthens TDIC with this broader premium base.
“Expanding the service success and financial strength of TDIC to policyholders in additional states through this acquisition is very exciting,” said CDA President Ken Wallis, DDS. “We are well-prepared for such an opportunity and are in an excellent position to make this happen.”
The letter of intent is subject to TDIC’s due diligence, final agreement with Moda and regulatory approval, during which time an exclusivity provision is in effect. TDIC and Moda are committed to working together to ensure a smooth transition for policyholders.
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About The Dentists Insurance Company
Founded in 1980, The Dentists Insurance Company, a subsidiary of the California Dental Association, underwrites Professional Liability policies, Commercial Property, and Workers’ Compensation coverage exclusively for dentists. Rated A (Excellent) by A.M. Best Company, TDIC insures more than 18,000 customers and is endorsed by seven state dental associations and societies. A.M. Best Company rating effective January 2016. For the latest rating, access ambest.com.
About Moda, Inc.
Moda, Inc., founded in 1955, is Oregon’s largest privately-held corporation. Companies in the Moda group today include Moda Health Plan, Ardon Health, Arrow Dental, BenefitHelp Solutions, Dental Commerce Corp., Delta Dental Plan of Oregon, Dentists Management Corp., Eastern Oregon Community Care Organization, ODS Community Health and PayLess Drug.
Alicia Malaby, California Dental Association, http://cda.org, +1 (916) 554-5372, [email protected]
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