NORCAL Mutual Insurance Co. and FD Insurance, a medical malpractice provider for physicians and surgeons in Florida, have signed a definitive agreement for NORCAL to acquire FD Insurance. This acquisition expands NORCAL’s national footprint and establishes Jacksonville, Fla., as its Southeast hub.
Based in Florida, FD Insurance serves approximately 2,200 health care providers in Florida and Georgia. The company has annualized gross written premium of about $28 million and has assets of over $80 million at year end 2014. The FD office will remain in Jacksonville, where it was founded in 2005.
William R. Russell, CEO and director of FD Insurance, said FD will be able to leverage the resources of NORCAL to policyholders, while continuing to focus on its local market.
According to Scott Diener, president and CEO of NORCAL, the acquisition is an opportunity for NORCAL to continue its national expansion and establish Jacksonville as its new Southeast hub.
The boards of each have approved FD’s sale to NORCAL of 100 percent ownership of FD in an all-cash transaction, which is subject to customary closing conditions and regulatory approvals and is expected to close in December, 2015.
Since 1975, NORCAL Mutual has been a policyholder-owned and physician-directed medical professional liability provider, along with its subsidiary companies PMSLIC Insurance Co. and Medicus Insurance Co.
Topics Mergers & Acquisitions Florida
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