A.M. Best, the most widely recognized rating agency for the insurance industry, has assigned an “A” (Excellent) rating for FD Insurance Company after the completed acquisition by NORCAL Mutual Insurance Company. NORCAL has held an A-rating for the past 32 years, reflecting its strong balance sheet, historically positive operating performance, proactive risk management and sound business profile as one of the leading providers of medical professional liability insurance in the United States.
“We are pleased that A.M. Best extended the A-rating to our newest subsidiary, FD Insurance Company,” said NORCAL Mutual’s Chief Financial Officer Mark Johnson. “For 40 years, NORCAL Mutual has upheld the mission of providing the highest quality products and services to our policyholders at the lowest responsible cost, while maintaining a financially strong company. FD Insurance holds the same shared commitment.”
With the acquisition of FD Insurance, NORCAL gained 24 employees, more than 2,200 Florida health care providers, and an annualized gross written premium of approximately $25 million. FD Insurance did not previously have an A.M. Best rating.