NORCAL Group and ProAssurance Corporation (NYSE: PRA), both specialty insurers with extensive expertise in healthcare professional liability, announced Thursday the signing of a definitive agreement to combine the companies. The transaction, when completed, will result in the creation of the nation’s third largest medical professional liability (MPL) insurance carrier, based on 2019 estimated statutory data. Headquartered in Birmingham, Alabama, ProAssurance serves more than 54,000 healthcare providers in 49 states. The company had annualized medical professional liability gross written premium of approximately $475 million and assets of more than $4.8 billion at September 30, 2019.
Read the full article: NORCAL Group to be Acquired by ProAssurance Corporation //
Source: https://www.businesswire.com/news/home/20200220005855/en/NORCAL-Group-Acquired-ProAssurance-Corporation