In late July, medical professional liability insurer NORCAL Mutual Insurance Co. of San Francisco, Calif., said it entered into a definitive merger agreement to acquire Medicus Insurance Holdings Inc. of Austin, Texas—in a deal that will expand NORCAL’s geographic reach.
Financial terms of the deal, which includes Medicus’ wholly owned subsidiary, Medicus Insurance Co., were not disclosed.
Medicus is admitted to write business in 31 states throughout the country, NORCAL says. In 2010, Medicus had direct written premiums of $54 million. According to Highline Data, a data affiliate of National Underwriter, NORCAL’s $240 million in direct medical-malpractice premiums written for 2010 were distributed across six states, with California representing 62 percent and Pennsylvania, another 29 percent of the total.
Highline ranks NORCAL as the 11th largest medical professional liability insurer based on 2010 direct written premiums. Together with Medicus, ranked No. 39, the combined companies would sit in 10th place based on 2010 direct medical-professional liability written premiums.
In a statement announcing the deal, Jim Sunseri, president and CEO of NORCAL Group, notes that NORCAL’s capital resources, coupled with its A.M. Best rating of “A,” enable Medicus to continue on a growth trajectory.
Walter Keenan, chairman of Medicus, says that NORCAL Group, which includes NORCAL Mutual and PMSLIC Insurance Co. of Mechanicsburg, Pa., “is among the most respected companies in the industry.” Eugenie Shea, president of Medicus, highlights the shared values of the two organizations, producing a strong combination to serve doctors throughout the United States. “These shared values align for the physician’s peace of mind through personal service from an A-rated company,” Shea says.
NORCAL says Shea will continue in a leadership position with Medicus following the closing, and that Medicus will remain headquartered in Austin.
Medicus expects to continue its current operations without change for the foreseeable future, the announcement says.
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