AM Best Removes Under Review with Developing Implications, Affirms Credit Ratings of NORCAL Group’s Members

September 10, 2021 by matray

AM Best has removed the under review with developing implications and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) for the members of NORCAL Group (NORCAL). The outlook of these Credit Ratings (ratings) is stable. (See below for… Continue reading...

Posted in A.M. Best, NORCAL Mutual, ProAssurance Corp. | Leave a comment
ProAssurance Completes NORCAL Transaction

May 6, 2021 by matray

ProAssurance Corp. announced its acquisition of NORCAL Mutual Insurance Co. was completed May 5, 2021. NORCAL’s members approved the transaction at a special meeting on April 26. Under terms of a previously announced agreement, NORCAL became part of ProAssurance following its demutualization. Through its tender offer to NORCAL policyholders who… Continue reading...

Posted in Acquisitions and Mergers, NORCAL Mutual, ProAssurance Corp. | Leave a comment
NORCAL Mutual Begins Solicitation of Policyholders in Proposed Demutualization

March 5, 2021 by matray

The board of directors for NORCAL Mutual has begun solicitation of policyholders to vote on NORCAL’s plan to convert from a mutual company to a stock company and to elect the form of payment they wish to receive if the conversion occurs. On Feb. 20, 2020, ProAssurance Corp. and NORCAL… Continue reading...

Posted in Medical Malpractice News, NORCAL Mutual, ProAssurance Corp. | Leave a comment
AM Best Downgrades Credit Ratings of ProAssurance Group and ProAssurance Corporation

February 26, 2020 by matray

AM Best has downgraded the Financial Strength Rating (FSR) to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a+” from “aa-” for the members of ProAssurance Group. The outlook of the FSR has been revised to stable from negative whilst the outlook for the… Continue reading...

Posted in A.M. Best, NORCAL Mutual, ProAssurance Corp. | Leave a comment
AM Best Downgrades Credit Ratings of NORCAL Group; Revises Under Review Status to Developing from Negative

February 26, 2020 by matray

AM Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a-” from “a” for the members of NORCAL Group (NORCAL). Concurrently, AM Best has maintained the under review status on these Credit Ratings (ratings) and revised… Continue reading...

Posted in A.M. Best, NORCAL Mutual, ProAssurance Corp. | Leave a comment
ProAssurance to Acquire NORCAL Group

February 20, 2020 by matray

ProAssurance Corp. and NORCAL Group announced today the signing of a definitive agreement under which NORCAL would become a part of ProAssurance in a $450 million transaction following the demutualization of NORCAL Mutual Insurance Company (NORCAL Mutual), NORCAL's ultimate controlling party. The demutualization and the acquisition agreement are mutually contingent,… Continue reading...

Posted in Acquisitions and Mergers, NORCAL Mutual, ProAssurance Corp. | Leave a comment
A.M. Best Places Credit Ratings of NORCAL Group’s Members Under Review With Negative Implications

December 10, 2019 by matray

A.M. Best has placed under review with negative implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of the members of NORCAL Group (NORCAL). (See below for a detailed listing of the companies.) The under review status follows NORCAL’s third-quarter 2019 results, which… Continue reading...

Posted in A.M. Best, NORCAL Mutual | Leave a comment
A.M. Best Affirms “A” (Excellent) Rating for NORCAL Group, Outlook Remains Stable

April 9, 2019 by matray

A.M. Best affirmed a rating of “A” (Excellent) for NORCAL Group, and the ratings outlook continues to be “stable.” (NORCAL Group includes NORCAL Mutual Insurance Company and its affiliated insurance companies.) According to Best, the rating reflects NORCAL Group’s solid balance sheet, including its strong level of capitalization, improvements in… Continue reading...

Posted in A.M. Best, NORCAL Mutual | Leave a comment
NORCAL Group Expands Its Medical Professional Liability Offerings in New England

March 5, 2019 by matray

NORCAL Group is now offering new coverage options to the healthcare providers of Vermont and New Hampshire. “We are excited to extend our coverage to the medical communities in Vermont and New Hampshire,” said Michael Roque, Vice President of Business Development for NORCAL Group. “Our policy has been crafted to… Continue reading...

Posted in Expansion, NORCAL Mutual | Leave a comment
NORCAL Group Foundation Awards Nine Grants Focused on Improving Health & Wellness

February 7, 2019 by matray

The NORCAL Group Foundation, dedicated to improving healthcare in local communities, announced its largest group of grant recipients to date. Nine organizations have been awarded funding for initiatives and programs focused on patient care, patient safety and physician wellness: • Anchorage Project Access (Anchorage, AK) • Beacon Clinic for Health… Continue reading...

Posted in NORCAL Mutual | Leave a comment