Napa, California—March 7, 2016—The Doctors Company, the nation’s largest physician-owned medical malpractice insurer, announced today that they have selected Pier 88 Investment Partners to manage $150 million USD in a convertible bond fund strategy and are purchasing 25 percent equity position in Pier 88 as part of a long‑term strategic partnership. The Napa‑based insurance company has looked to increase their allocation to alternative assets and selected San Francisco‑based Pier 88 Investment Partners as the manager of those assets.
“We are very pleased to enter into this strategic relationship with [CEO] Frank [Timons] and his team at Pier 88,” said David G Preimesberger, chief financial officer, The Doctors Company. “We deeply believe in Frank’s abilities as an investment manager and trust that he will achieve the superior investment results we are looking for in today’s volatile market. Pier 88 has the institutional heft required of enduring asset management businesses for the long term, evidenced by the high quality Board of Advisors who have also personally invested in the firm and funds.”
“We are grateful for our partnership with The Doctors Company,” Mr. Timons said. “I look forward to helping The Doctors Company grow their assets and achieve the results our investors deserve.”
Mr. Preimesberger concludes: “The culmination of Pier 88’s investment acumen, deep experience and the solidity of their business proved an ideal fit for The Doctors Company. Our 25 percent ownership of the firm alongside working capital and fund investment are further testament to our confidence in Pier 88.”
About The Doctors Company
Founded and led by physicians, The Doctors Company (www.thedoctors.com) is relentlessly committed to advancing, protecting, and rewarding the practice of good medicine. The Doctors Company is the nation’s largest physician-owned medical malpractice insurer, with 78,000 members and $4.3 billion in assets, and is rated A by A.M. Best Company and Fitch Ratings.
Follow The Doctors Company on Twitter @doctorscompany for industry trends, subscribe to its YouTube channel to hear from industry experts, connect with The Doctors Company on LinkedIn to engage with company leaders, and find information on its key milestones and achievements on Facebook.
About Pier 88 Investment Partners
Founded in 2013, Pier 88 Investment Partners is an alternative asset management firm specializing in long‑biased equity hedge funds utilizing both equities and convertible bonds. The firm was founded in 2013 by Frank Timons who serves as both CEO and CIO. Before starting Pier 88, Frank had several roles at Lord Lord Abbett including: Portfolio Manager for the convertible strategy (2012 to 2013); Portfolio Manager for the large cap core and large cap value strategy (2010 to 2012); and Research Analyst specializing in technology companies (2007 to 2010). Prior to joining Lord Abbett, Frank was a Research Analyst at Robert W. Baird & Co and Senior Strategist at Sun MicroSystems (2001 to 2004) focusing on venture capital investments. Frank holds a B.A. and J.D. from the University of Notre Dame and an M.B.A. from the University of Chicago.