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.
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