NORCAL Mutual Insurance Company (NORCAL) has unveiled plans to acquire FD Insurance (FD), the largest domiciled medical malpractice provider for physicians and surgeons in Florida.
The 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 Russell, chief executive officer (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," he added.
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 the end of 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."
NORCAL, Mergers & Acquisitions, US, FD Insurance