June 2003

NCMIC sells ancillary businesses

NCMIC Group Inc. announced that Triad management purchased Triad Healthcare Inc. from NCMIC. Triad now operates under independent ownership and management. In addition, the board of directors approved the sale of Liberty Bankers Life Insurance Co. (LBL) at is annual board meeting in April.

“Triad was formed in 1996 to fulfill the need for chiropractic healthcare to have a chance to participate in a clinically responsible fashion in large managed care contracts and to promote chiropractic care as a viable, cost-effective addition to those programs,” said Dr. Louis Sportelli, president of NCMIC. “Additionally, our goal was to enable the chiropractic profession to have a seat at the managed care table as valued providers, managing patient care utilization through a fair and equitable clinical necessity model.

“The task of building infrastructure, developing expertise, and implementing management systems has been accomplished,” Sportelli said. “Triad Healthcare is now at the point where it can operate with more flexibility as an independent company, enabling Triad to negotiate and secure additional contracts to provide greater market share for chiropractic.”

Liberty Bankers Life was acquired in 2001 as part of a growth and diversification strategy in order to develop life insurance products for new practitioners. When purchased by NCMIC, LBL offered annuity products through independent marketing organizations.

Significant efforts were made to improve the company’s systems and to increase the company’s product line.

“We have reached a decision that the current market offers more opportunity for growth by deploying capital toward our core businesses rather than committing capital to grow the annuity subsidiary,” said Patrick McNerney, executive vice president, NCMIC.

Source: NCMIC, www.ncmic.com

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