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| MIIX Group Incorporated, The |
| Two Princess Road, Lawrenceville, NJ 08648 * (609) 896-2404 |
| Business Description | The Company is the leading provider of medical professional liability insurance in New Jersey and is ranked 10th among medical professional liability insurers in the United States. |
| Offering Information Company has | |||
| Trading As | MHU (NYSE) | Industry | Financial (SIC 6719) |
| Type of Stock Offered | Common Shares | Filing Date | 09/30/1998 |
| Domestic Shares Offered | 3,000,000 | Offer Date | 07/29/1999 |
| Foreign Shares Offered | 0 | Filing Range | $12.00 - $14.00 |
| Company Shares | 3,000,000 | Offer Price | $13.50 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.945 |
| Gross Proceeds | $40,500,000 | Selling | $0.560 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 15,926,200 | Employees | 220 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| First Union Capital Markets Corp. | Lead Manager | (804) 649-2311 |
| Friedman, Billings, Ramsey & Co., Inc. | Co-manager | (703) 312-9571 |
| Hoefer & Arnett | Co-manager | (415) 362-7160 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1993 | 12/31/1994 | 12/31/1995 | 12/31/1996 | 12/31/1997 | 06/30/1997 | 06/30/1998 |
| Revenues | 167.093 | 139.779 | 180.133 | 177.597 | 200.390 | 89.248 | 114.592 |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | 17.523 | 15.165 | 33.015 | 19.497 | 28.862 | 7.016 | 4.835 |
| E.P.S | 1.400 | 1.210 | 2.640 | 1.560 | 2.310 | 0.560 | 0.390 |
| Revenue Growth (%) | -16.35 | 28.87 | -1.41 | 12.834 | 28.40 | ||
| Net Income Growth (%) | -13.46 | 117.71 | -40.95 | 48.03 | -31.09 | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | 10.49 | 10.85 | 18.33 | 10.98 | 14.40 | 4.22 | 7.86 |
| Cash Flow - Oper. | - | 37.89 | 92.57 | ||||
| Cash Flow - Inv. | - | -39.55 | -89.86 | ||||
| Cash Flow - Fin. | - | -0.11 | 0.13 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 06/30/1998 | Financial Ratios | ||||
| Total Assets | 799.67 | Current Assets | - | Current Ratio | - |
| Total Liab. | 595.85 | Current Liab. | - | Debt Ratio | 74.51% |
| Total Equity | 203.82 | Working Cap. | - | Debt to Equity Ratio | 2.92 |
| Cash | 3.02 | Return on Assets | 0.60% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for general corporate purposes including capitalization of subsidiaries and potential acquisitions. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Dechert Price & Rhoads |
| Bank's Law Firm | Cleary, Gottlieb, Steen & Hamilton |
| Registrar/Transfer Agent | First Chicago Trust Company of NY |
| Auditor | Ernst & Young |
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| Industry Competition |
The physician professional liability insurance market in the United States is highly competitive. According to A.M. Best, in 1996 there were 357 companies nationally that wrote medical professional liability insurance and, of those, 112 were writing in New Jersey. In New Jersey, where approximately 67% of the Company's 1998 premiums were written as of June 30, 1998, the Company's principal competitor is Princeton Insurance Companies. In New Jersey and other states, the Company's principal competitors include CNA Insurance Group, Frontier Insurance Group, Inc., PHICO Insurance Company and St. Paul Companies. These companies rank among the top 20 medical malpractice insurers nationally and are actively engaged in soliciting insureds in the states in which the Company writes insurance. In addition, as the Company expands into new states, it may face strong competition from local carriers that are closely focused on narrow geographic markets. The Company expects to encounter such competition from doctor-owned insurance companies and commercial companies in other states as it carries out its expansion plans. Many of the Company's current and potential competitors may have greater financial resources than the Company and may seek to acquire market share by decreasing pricing for their products below prevailing market rates, thereby reducing profitability. Several insurance companies that have greater financial resources than the Company have started to write medical malpractice insurance in New Jersey. There can be no assurance that the Company will be able to compete effectively against these potential and existing competitors. |