NORCAL Mutual Acquires PPM Services
Partnership Helps Extend NORCAL’s National Reach and PPM’s Anesthesia Brand
Recently NORCAL completed its acquisition of PPM Services, the holding company for Preferred Physicians Medical Risk Retention Group, Inc. (PPM). Resulting in a partnership between NORCAL and PPM this acquisition widens 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. 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.”-President and CEO of NORCAL Scott Diener
“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. We look forward to our partnership with NORCAL and continuing our mission to deliver value to our policyholders.”– CEO of PPM Steven Stanford
Now that PPM Services has become a subsidiary of NORCAL Mutual, converting from stock to a mutual company, the change is reflected in PPM’s formal name change to Preferred Physicians Medical Risk Retention Group, a Mutual Insurance Company. Additionally, this acquisition provides yet another reason to consider NORCAL if you’re an anesthesiologist.