San Francisco-based Norcal Mutual Insurance, a medical liability insurer, has entered into definitive merger agreement to acquire Austin-based Medicus Insurance and its wholly owned subsidiary, Medicus Insurance.
Medicus, which provides medical professional liability insurance to physicians, surgeons and related medical service providers, will remain in Austin, according to insurer Norcal.
As a part of this acquisition, the insurer said Eugenie Shea, president of Medicus, will continue to lead the company.
Norcal Mutual president & CEO Jim Sunseri said this acquisition of a growing, national medical malpractice carrier affords the Norcal Group, including Norcal Mutual and PMSLIC Insurance of Pennsylvania, an opportunity to extend the reach nationally.
The transaction is subject to regulatory approval.