The MIIX Group, Inc.
The MIIX Group, Inc.(“MIIX” or the “Company”), headquartered in Lawrenceville, New Jersey, was the parent company of a group of medical malpractice insurance and insurance-related subsidiaries and was traded publicly under the ticker symbol ‘MIIX.PK’. The Company marketed for sale its wholly owned subsidiary, NJ State Medical Underwriters, Inc. (‘Underwriters’ or the ‘Company’). Underwriters is a full service third party administrator structured and staffed to provide a complete range of services to the medical malpractice insurance industry.
As of 2002, MIIX Insurance had ceased writing insurance policies and entered solvent runoff. The MIIX Group continued to utilize the capabilities of its Underwriter subsidiary to manage the runoff of MIIX Insurance’s existing claims and corresponding investment portfolio. Subsequent to a 2004 actuarial review, the runoff was deemed to be insolvent and therefore predicated a sale of Underwriters and the remediation of the runoff portfolio by the New Jersey State Department of Banking and Insurance.SSG and its co-advisor, Ewing Bemiss & Company, were engaged to test the market and sell The Peer Group to provide the owner with the liquidity a healthy company can obtain in today’s marketplace.
SSG was retained to facilitate the sale of Underwriters through a Chapter 11 Section 363 sale. SSG assisted MIIX in completing the transaction involving the sale of Underwriters to a strategic investor. The transaction closed in April 2005.