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Doctors Co. invests $150 million with Pier 88, takes ownership stake

The Doctors Co., a physician-owned medical malpractice insurance company, hired Pier 88 Investment Partners to manage $150 million from its general account in the money manager’s new convertible bond strategy.

The insurer also will purchase a 25% ownership stake in Pier 88, a long-biased hedge fund manager, a joint news release said.

Denise Moore, director of public relations for The Doctors Co., could not be reached by press time for more information about the investment in Pier 88’s strategy and financial details about the ownership stake.

“Pier 88’s investment acumen, deep experience and the solidity of their business proved an ideal fit for The Doctors Co. Our 25% ownership of the firm alongside working capital and fund investment are further testament to our confidence in Pier 88,” said David Preimesberger, chief financial officer of the insurer, in the release.

The insurance company has $4.3 billion in assets, the release said.

Pier 88 had $35 million under management according to the ADV the firm filed with the SEC on Jan. 28.