PPM Services, the holding company for Preferred Physicians Medical Risk Retention Group Inc. (PPM), has agreed to be acquired by NORCAL Mutual Insurance Co. (NORCAL).
Based in Overland Park, Kan., PPM provides medical professional liability insurance for anesthesia practices. The acquisition of PPM Services will result in a partnership between NORCAL and PPM that will expand PPM’s anesthesia footprint and establish a Midwest presence to further support NORCAL’s national expansion.
PPM’s offices will remain in the Kansas City metropolitan area, where it was founded in 1987.
PPM Services will become a wholly owned subsidiary of NORCAL Mutual, while PPM and its policyholders will continue to receive the dedicated anesthesia expertise and customer service they have come to expect with PPM.
The boards of each company have approved PPM Services’ sale to NORCAL of 100 percent ownership of PPM Services in an all cash transaction, which is subject to the support and vote of PPM Services shareholders, customary closing conditions and regulatory approvals.
Closing is expected to occur in the first quarter of 2017.
Topics Mergers & Acquisitions Kansas
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