Insurer buys med mal risk retention groupReprints
Norcal Mutual Insurance Co. on Wednesday said it has completed its acquisition of PPM Services, the holding company for Preferred Physicians Medical Risk Retention Group Inc., following shareholder and regulatory approval.
San Francisco-based Norcal had announced the acquisition of Overland Park, Kansas-based PPM in November. Norcal said in its statement PPM is the only anesthesia-specific medical liability insurer in the nation, insuring anesthesia practices in more than 40 states.
It said PPM will remain in Overland Park, Kansas, and continue to be led by president and CEO Steven Sanford.
PPM, which is not a wholly owned subsidiary of Norcal, has converted from a stock company to a mutual company and has formally changed its name to Preferred Physicians Medical Risk Retention Group, a Mutual Insurance Company.
A Norcal spokeswoman said the company is not releasing terms of the acquisition.