Subsidiary of NORCAL Mutual Insurance Company Announces Acquisition of Novus Insurance Company
Novus Insurance Company (Risk Retention Group) (“Novus” or the “Company”) is a physician-owned risk retention group that provides medical malpractice insurance to bariatric and general surgeons in 33 states.
On July 20, 2011, the Company was acquired by a newly formed subsidiary of NORCAL Mutual Insurance Company in an effort to expand its presence to include a broader market of physicians.
Curtis Securities, LLC , a wholly-owned subsidiary of Curtis Financial Group, LLC provided a fairness opinion to the Board of Directors of Novus in connection with the transaction. Knowledge and experience within the insurance industry enabled Curtis to render an opinion in a timely and efficient manner.