SAN FRANCISCO, Nov. 18, 2015 (GLOBE NEWSWIRE) -- NORCAL Mutual Insurance Company (NORCAL) and FD Insurance (FD), the largest domiciled medical malpractice provider for physicians and surgeons in Florida, today announced the signing of a definitive agreement for NORCAL to acquire FD Insurance. This acquisition expands NORCAL's national footprint and establishes Jacksonville, Florida as its Southeast hub.
"We are very pleased to be joining such a well-respected company as NORCAL, who shares our commitment to always putting the best interests of policyholders first," said William R. Russell, CEO and director of FD Insurance. "FD will now be able to leverage the considerable resources of NORCAL to bring additional value to our policyholders, while continuing to focus on our local market."
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. FD Insurance and NORCAL will work together to ensure all policyholders continue to receive industry leading products and service.
"We are very pleased to announce this partnership between our two physician-focused companies and look forward to welcoming FD's insureds to NORCAL," said Scott Diener, president and CEO of NORCAL. "This is a great win for both companies and an opportunity for NORCAL to continue our national expansion and establish Jacksonville as our new Southeast hub."
The boards of each have approved FD's sale to NORCAL of 100% 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.
About NORCAL Mutual
Since 1975, NORCAL Mutual has been a policyholder-owned and physician-directed medical professional liability carrier dedicated to ensuring the availability of affordable and relevant coverage. Along with its subsidiary companies PMSLIC Insurance Company and Medicus Insurance Company, NORCAL Mutual is one of the top ten medical professional liability carriers in the nation, based on direct written premium, and holds an "A" (Excellent) rating by A.M. Best for its financial strength and stability. Learn more on our website at norcalmutual.com.
About FD Insurance
Founded in 2005, FD Insurance is the largest Florida domiciled and fourth largest provider of medical malpractice insurance in the state of Florida, with $80,771,770 in assets as of December 31, 2014. FD Insurance maintains a Financial Stability Rating® of A (Exceptional) from Demotech. FD's leadership and staff have experience providing medical professional liability to physicians and surgeons since the 1970s. To learn more about FD, visit the website at fdinsurancecompany.com.