NORCAL Mutual Insurance Company has closed its acquisition of PPM Services, the holding company for Preferred Physicians Medical Risk Retention Group, (PPM), after shareholder and regulatory approval.
This acquisition will result in a partnership between NORCAL and PPM that furthers NORCAL's national expansion and extends PPM's industry leading anesthesia brand.
PPM is the only anesthesia-specific medical professional liability insurance carrier in the nation, insuring anesthesia practices in over 40 states. PPM will remain in Overland Park, Kansas, and continue to be led by President and CEO Steven Sanford.
"We are very excited to welcome PPM to the NORCAL Group," President and CEO of NORCAL Scott Diener said. "PPM has an exceptional team and a well-respected brand dedicated to providing the best products and services for the anesthesia community. Their philosophy of putting the policyholder first and approach to business is fundamentally aligned with NORCAL's values."
"The opportunity to join such a well-respected company as NORCAL and begin to leverage their resources for the benefit of our policyholders represents an exciting new chapter in our specialty focused company," Sanford said. "We look forward to our partnership with NORCAL and continuing our mission to deliver value to our policyholders."
PPM Services is now a wholly owned subsidiary of NORCAL Mutual and PPM has converted from a stock company to a mutual company, which is reflected in PPM's formal name change to Preferred Physicians Medical Risk Retention Group, a Mutual Insurance Company.
PPM Services and PPM were advised in this transaction by Waller Helms.