NORCAL Mutual 2014 Annual Report

The Year of _____________

2014 Annual Report

To provide our policyholders the highest quality

medical professional liability insurance products

and services at the lowest responsible cost,

while maintaining a financially sound company.

To anticipate and influence changing industry

and policyholder trends and respond to those

trends in a manner which allows NORCAL Mutual

to maintain its financial stability for the benefit

of the policyholders.

Our Mission

A Message from the Chair and the CEO

4 2014 NORCAL Group Annual Report

In SERvICE Of YOu, OuR POlICYhOldERS

Over the years, the NORCAL Group of companies has seen many changes in the practice of medicine and we have continually adapted to meet those evolving needs—introducing new products, refining operations, improving services, and now expanding to a national scale. Even as we continue our evolution, our priorities are as clear today as they were at our founding.

We are a policyholder-focused company—there are no shareholders, no quarterly earnings calls, and no analysts’ projections to meet. For NORCAL it has always been and will always be about serving the best interests of you—our policyholders.

StAYIng AhEAd tO BEttER SERvE YOuThe landscape of our healthcare system continues to change and become more complex. From new healthcare laws and the rise of cybercrime to the persistent threats against tort reform, the impacts to the practice of medicine are pervasive and unrelenting. NORCAL works continuously to anticipate this dynamic environment by remaining at the forefront of emerging issues and adapting to meet your changing needs.

For NORCAL it has always been and will always be about serving the best interests of you—our policyholders.

In 2014, we introduced a versatile new policy to better protect your practice with enhanced cyber liability and administrative defense coverage. We continued to be a staunch advocate for physicians’ rights and tort reform, serving as the largest contributor to the No On 46 coalition, to help defeat Proposition 46 in California along with our 700-strong coalition partners.

We defend your community and we vigorously defend you. In 2014, 89% of claims against our insureds were resolved without indemnity payments—one of the highest rates in the industry.

* Includes physician completions only. Source: Accreditation Council for Continuing Medical Education (ACCME), List of All Currently Accredited CME Providers.

Jaan Sidorov, MD, MHSA, FACP Chair

Scott DienerPresident & Chief Executive Officer

Our Risk Management services continued to be among the strongest in the industry. Our continuing medical education (CME) participation is more than double that of the closest competitor.* In 2014, we awarded over 35,470 CME certificates.

StREngth And StABIlItY tO BEttER PROtECt YOuOur ability to support and defend the critical issues that impact your practice can be attributed to our years of stability, strength and solid financial position. We are proud that we were again affirmed with an “A” (Excellent) rating by A.M. Best, a rating NORCAL Mutual has held for more than 30 years. In 2014, we returned more than $14 million in dividends to our members due to their practice of good medicine and the sound business practices of the NORCAL Group of companies. To date, more than $500 million in dividends have been declared and paid.

We are building on the strength of our foundation and growing and changing for you, moving from three regional companies to one national medical professional liability insurance (MPLI) company that is large enough and agile enough to serve the complex and varied needs of our policyholders. From the solo practitioner to the large multi-specialty group, we are committed to you every day, and are unwavering when you need us most.

We are proud that you have put your trust in us and we look forward to another great year together.

Thank you very much for your business and your confidence in our company.

the year of __________________________Arl Van Moore, Jr., MD | Chairman and CEO of Strategic Radiology | Charlotte, NC

“ Strategic Radiology is always looking at innovative ways to approach our business needs. nORCAl Mutual understands the complete requisite of our members. the nORCAl team crafted a progressive program that brings significant benefits at a group level, but also enough flexibility to address the needs of our individual member groups.”

Arl Van Moore, Jr., MD


2014 — the Year of You

2014 NORCAL Group Annual Report 7

BuIldIng A BEttER COMPAnY fOR YOu

We are changing because the needs of our members are changing. The complex and varied requirements for physicians, medical groups, and facilities are driving the need for flexible coverage options that meet the unique demands of each practice. Our strategic integration and expansion addresses these varied needs with the introduction of a versatile new policy, as well as improvements to our service model to further enhance our customers’ experience.

Our national expansion continued throughout the year with the addition of more states to the NORCAL Mutual coverage area. We also introduced a new policy that offers greater flexibility and increased coverage of cyber liability and administrative defense. In 2014, NORCAL began writing business in Illinois, Kansas, Missouri, Nevada and Texas, all states that were previously written by our subsidiary Medicus Insurance Company. Additionally, Delaware and Pennsylvania insureds were transitioned from PMSLIC Insurance Company to NORCAL Mutual in the second half of the year.

We are changing because the needs of our policyholders are changing.

Underpinning our expansion was the continued integration of our operations for greater efficiencies and continued service enhancements. A dedicated product development team was established to focus on new coverage offerings; our underwriting and operations processes were further streamlined; a national policyholder services strategy was implemented to provide extended support; and a mobile app to access risk management and CME benefits is under development to launch in early 2015.

2014 — the Year of You


A COMPAnY AS dIvERSE AS YOu

Diversity remains a strategic advantage for us. Our physician-led board of directors is one of the most diverse in the industry, ensuring a wider perspective on matters that are important to you. Across our company, we cultivate an environment that embraces diversity of thought, cultural experiences and individual differences. This is essential to better understand the wide-ranging perspectives of a growing policyholder base that may differ in geography, size, specialty or needs.

Through our Supplier Diversity program we are committed to pursuing business relationships with enterprises owned by individuals of diverse backgrounds. Those enterprises include women-, LGBT-, veteran-, disabled veteran- and minority-owned businesses that share our commitment to delivering outstanding value to our customers.

Our physician-led board of directors is one of the most diverse in the industry, ensuring a wider perspective on matters that are important to you.

nAtIOnAl ExPERIEnCE wIth lOCAl AttEntIOn

Even as we broaden our reach as a national organization, we are committed to honoring our roots of localized attention and service. NORCAL Group now includes multiple offices in every major U.S. time zone to best serve your needs.

Our local expertise also extends to the strong partnerships with our national network of local agent/brokers. Our partners continue to be a trusted source of information and support for our policyholders and for NORCAL.

the year of __________________________Carol Davis | Practice Administrator, Creekside Medical | Vancouver, WA

“ Clarity and openness were big selling points for moving to Medicus. Everyone has been readily available and responsive. we get prompt, thorough service from any department, and that is so important. the risk management service in particular is excellent. this is exactly what we needed from our provider.”

Carol Davis


In 2014, the healthcare sector continued to transform and change, and we are proud that the financial condition of NORCAL Mutual and its subsidiary companies has remained consistently strong throughout. Policyholder counts and renewal retention rates have both trended favorably as we have begun to transition PMSLIC and Medicus policyholders onto NORCAL Mutual paper. NORCAL Group’s “A” (Excellent) rating and stable outlook was again affirmed by A.M. Best for the 31st consecutive year.

We are very pleased to maintain a healthy policyholder surplus of $642 million, which has been consistent over the past several years.

NORCAL experienced solid claim results, and written premium grew even as the competitive environment endured. The growth of our Excess & Surplus (E&S) line also helped contribute to our success in 2014. We are very pleased to maintain a healthy policyholder surplus of $642 million, which has been consistent over the past several years.

We remain confident and optimistic about the future and our ability to protect our

policyholders for years to come.

Mark D. Johnson Senior Vice President & Chief Financial Officer

A note from Our CfO


At-a-glance: financial Strength and Stability

DiRECt WRittEN PREMiuM increased to $293 million as policyholder counts and new business opportunities rose in 2014.

POliCyhOlDER SuRPluS continued to grow to $642 million due to sound business practices and solid investment returns.

POliCyhOlDER COuNt has exceeded 27,000 as NORCAL Group has expanded into new markets and offered new products.

tOtAl ADMittED ASSEtS for NORCAL Group remained stable at $1.5 billion over the past three years.

2013

2012

2011

0

.5B

1B

1.5B

2B 2013

2012

2011

Total Admitted Assets

$1,556,058B$1,556,058B $1,551,482B

2012 2013 2014

$1,565M

$1,551M

$1,556M

2013

2012

2011

0

100M

200M

300M

400M

500M

600M

700M

800M 2013

2012

2011

Policyholder Surplus

$579,475M $607,558M $634,202M

2012 2013 2014

$642M

$634M

$608M

201420132012

2013

2012

2011

0

50000

100000

150000

200000

250000

300000 2014

2013

2012

Direct Earned Premium

$289M $285M $293M

2012 2013 2014

$285,236M

$285,236M

$294,318M

20132012 2014

2013

2012

2011

0

5000

10000

15000

20000

25000

30000 2014

2013

2012

Direct Earned Premium

23,53625,600 27,390


nORCAl group Consolidated financial Results

The growth of the NORCAL Group, which includes NORCAL Mutual, Medicus and PMSLIC, has led to a better diversified MPLI option to protect physicians throughout the country. At year’s end, NORCAL Group represented $295 million of MPLI premium across the nation, making NORCAL Mutual one of the largest mutual carriers.

We are well capitalized with $1.56 billion in assets and have conservatively retained more than $642 million in policyholders’ surplus, ensuring the ability to protect our policyholders for many years to come. In 2014, we declared more than $14 million in dividends to eligible NORCAL Mutual and PMSLIC policyholders.

DoLLArS In ThouSAnDS AS of 12/31

StAtutORY-BASIS InCOME StAtEMEntS 2014 2013

iNCOME

Net premiums earned 275,523 289,187

Net investment income 35,412 31,967

Net realized gains on investments 30,285 45,852

total Income $ 341,220 $ 367,006

ExPENSES

Losses & loss adjustment expenses incurred 217,347 235,809

Other underwriting expenses 47,756 49,553

Acquisition costs, net 22,155 16,433

Other expenses 3,415 3,010

total Expenses $ 290,673 $ 304,805

Income before dividends & federal income taxes 50,547 62,201

Dividends declared to policyholders, net 14,477 15,108

Income before federal income taxes 36,070 47,093

Federal income tax expense 9,844 11,644

net Income $ 26,226 $ 35,449


DoLLArS In ThouSAnDS AS of 12/31

StAtutORY-BASIS BAlAnCE ShEEtS 2014 2013

ADMittED ASSEtS

Debt securities 1,052,124 1,026,648

Equity securities 262,558 291,713

Cash, cash equivalents & short-term investments 66,570 58,012

Other invested assets 64,541 62,842

total Cash & Investments $ 1,445,793 $ 1,439,215

Investment income receivable 11,222 12,277

Premiums receivable 57,090 48,783

Reinsurance recoverables 1,060 1,825

Federal income tax recoverable – 4,753

Deferred tax assets 28,557 20,780

Other admitted assets 21,134 23,849

total Admitted Assets $ 1,564,856 $ 1,551,482

liAbilitiES

Losses & loss adjustment expenses 652,257 673,625

Unearned premiums 133,615 124,462

Premiums collected for future renewals 31,095 31,053

Dividends payable to policyholders 15,488 16,422

Reinsurance premiums payable – 70

Federal income tax payable 3,907 –

Funds held under reinsurance treaties 9,519 14,071

Notes payable 9,375 9,155

Other liabilities 67,465 48,422

total liabilities $ 922,721 $ 917,280

POliCyhOlDERS’ SuRPluS

Unassigned surplus 642,135 634,202

total Policyholders’ Surplus $ 642,135 $ 634,202

total liabilities & Policyholders’ Surplus $ 1,564,856 $ 1,551,482


nORCAl group national footprint

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NM

NY

NC

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OH

OK

OR

PA

RI

SC

SD

TN

UT

VT

VA

WA

WI

WY

HI

AK

WV

DC

TX

MO

GA

CA

IL

Carol Davis Practice Administrator, Creekside Medical vancouver, wA

David Pittman, JD, MbA CEO, Bay Area Surgical Specialists (BASS) walnut Creek, CA


500 Miles

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NM

NY

NC

ND

OH

OK

OR

PA

RI

SC

SD

TN

UT

VT

VA

WA

WI

WY

HI

AK

WV

DC

TX

MO

GA

CA

IL

ira thal, MD Internal Medicine Paoli, PA

Arl Van Moore, Jr., MD Chairman and CEO, Strategic Radiology

Charlotte, nC

Prabhdeep brar, MD Pediatrician

Milledgeville, gA

ACtiVE, WRitiNg

StAtES With CERtifiCAtE Of AuthORity (COA)

the year of __________________________ira thal, MD | internal Medicine | Paoli, PA

“ we greatly appreciated all of the efforts and support from the beginning and in the updates, preparation, and daily support during trial. we never felt alone. nORCAl supported us during our darkest moments when we were losing faith. It was an emotional week and we were very glad they were there every step of the way. we felt that they went above and beyond, and we greatly appreciate everything they did for us.”

Ira Thal, MD



Policyholders by Specialty

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555

Gastroenterology 570

Neurology 584

Orthopedics 729

Emergency Medicine 818

General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140

Anesthesiology 1,499

Pediatrics 1,636

Radiology 2,213

Internal Medicine 2,960

Family Practice 3,520

Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

Plastic Surgery 218

Urology 353

Dermatology 461

Urgent Care 555


Neurology 584

Orthopedics 729


General Surgery 820

Cardiology 907

Hospitalist 1,004

OB/GYN 1,140


Pediatrics 1,636

Radiology 2,213



Other 7,405

TOTAL POLicyhOLders

27,390

Endorsing & Sponsoring Organizations


COuNty MEDiCAl SOCiEtiES

CAlifORNiA:

Butte-Glenn

Fresno-Madera

Humboldt-Del Norte

Imperial

Inyo-Mono

Kern

Kings

Lassen-Plumas- Modoc-Sierra

Mendocino-Lake

Merced-Mariposa

Monterey

Napa

Placer-Nevada

Riverside

San Benito

San Bernardino

San Joaquin

San Luis Obispo

San Mateo

Santa Clara

Santa Cruz

Sierra Sacramento Valley

Sonoma

Stanislaus

Tehama

Tulare

Tuolumne

Yuba-Sutter-Colusa

PENNSylVANiA:

Allegheny

Berks

Dauphin

Delaware

Lancaster

Montgomery

Philadelphia

York

StAtE MEDiCAl SOCiEtiES

Medical Society of Delaware

Pennsylvania Medical Society

Rhode Island Medical Society

PROfESSiONAl ORgANizAtiONS

Alaska Physicians & Surgeons, Inc.

American Academy of Pediatrics — Pennsylvania Chapter

Osteopathic Physicians & Surgeons of California

Pennsylvania Academy of Family Physicians

Pennsylvania Osteopathic Medical Association

Urological Association of Pennsylvania

the year of ____________________________Prabhdeep brar, MD | Pediatrician | Milledgeville, gA

“ the policyholder services and risk management teams always know exactly what I need. Claims Rx has been a big plus, a good way of learning via real-time claims. I even share it with the medical students who rotate with me. I attended a CME event that focused on treatment methods practiced by other cultures and how I could apply them to my practice. I thought that was so interesting. that educational diversity is very important to me.”

Prabhdeep Brar, MD



the year of ____________________________David Pittman, JD, MbA | CEO, bay Area Surgical Specialists (bASS) | Walnut Creek, CA

“ BASS grew over the last two years from a single specialty surgical group with 16 physicians to a specialty group with over 60 physicians, representing 10 surgical and non-surgical specialties. nORCAl Mutual has been able to adapt and partner with us as we have grown in size and complexity, providing us outstanding risk management and defense advice that helped BASS minimize the risks of litigation. nORCAl carries the expertise needed to work with both our group’s centralized administration and our individual providers. nORCAl is our trusted professional liability coverage provider because they work tirelessly with our organization to assure nothing slips through the cracks.”

David Pittman, JD, MBA

nORCAl Mutual Officers

Scott Diener President & Chief Executive Officer

Julie l. burns Vice President, Human Resources

timothy J. friers, Jr. Senior Vice President & Chief Underwriting Officer

Karen J. frisella Vice President, Claims

Douglas M. hall Vice President, Information Technology

Mark D. Johnson Senior Vice President & Chief Financial Officer

Ronald C. Rumin Senior Vice President, Strategic Development

Joy E. Corso Vice President, Marketing & Communications

Denis J. Dillon Vice President, Finance & Treasurer

Keith A. hui Vice President, Strategic Partnerships

thomas J. lownik Vice President, Underwriting

Dennis A. Meisel Vice President, Finance & Controller

tina l. Orndorff Vice President, Associate General Counsel & Assistant Secretary

Michael g. Roque Vice President, Sales & Business Development

Dustin A. Shaver Vice President, Risk Management

Neil E. Simons Vice President, Product Development

Jeffrey J. Smith Vice President & Chief Actuary

Cobie buchman Associate Vice President, Claims

Christoph l. Dugré Associate Vice President, Claims

Joseph S. giulivo Associate Vice President, Underwriting Operations

Annie E. Matincheck Associate Vice President, Underwriting

Michael C. Osborne Associate Vice President, Claims

lucy D. Sam Associate Vice President, Underwriting

Kevin W. Smith Associate Vice President, Underwriting

bruce P. Williams Associate Vice President, Actuarial


Board of directors

A: Jaan E. Sidorov, MD, MhSA, fACP Chair — Internal Medicine

Dr. Sidorov has been a Director since 2009 and Chair since 2011. He serves on the Board of Trustees for the Pennsylvania Medical Society. He was a primary care physician for more than 24 years while also authoring more than 45 peer-reviewed publications.

b: Patricia A. Dailey, MD Vice Chair — Anesthesiology

Dr. Dailey has been a Director since 2004. She has served as President of the California Society of Anesthesiologists, and has practiced as an anesthesiologist in San Mateo County for more than 27 years. She is a Director of the Mills-Peninsula Medical Group and Anesthesia Care Associates Medical Group.

C: Sandra l. beretta, MD Secretary of the Board — Obstetrics & Gynecology

Dr. Beretta has been a Director since 2011, as well as a member of the Claims Advisory Committee since 2003. She is a managing partner of a private practice partnership in San Mateo, CA, and has been a practicing OB-GYN for nearly 24 years.

D: fabiola Cobarrubias, MD, MbA Hospitalist

Dr. Cobarrubias has been a Director since 2012, and serves as a hospitalist consultant to NORCAL Mutual’s Claims Advisory Committee. She is a hospitalist at California Pacific Medical Center, and a founder/current board member of Pacific Inpatient Medical Group.

E: Alice h. gannon, fCAS, MAAA, CPCu Actuary

Ms. Gannon has been a Director since 2009. As an actuary, she has worked in the insurance industry for more than 39 years. She serves on the Board for the Texas Windstorm Insurance Association and the Insurance Institute of Highway Safety and Highway Loss Data Institute.

f: Roger M. hayashi, MD Vascular Surgery

Dr. Hayashi has been a Director since 2004, and served as a surgical consultant to the Claims Advisory Committee since 1996. He has retired from practice as a vascular surgeon in Santa Clara County after 33 years. He served as Chair of the Department of Surgery and Chair of Cardiovascular Services at Good Samaritan Hospital.


g: M. Diane Koken, JD Legal Consultant

Ms. Koken has been a Director since 2009. She has been an attorney and insurance professional for more than 39 years, and served as the Pennsylvania Insurance Commissioner from 1997 to 2007. Ms. Koken is past President of the National Association of Insurance Commissioners and a past member of the Advisory Board for the Center for Ethics in Financial Services.

h: Steven J. Packer, MD President and CEO, Community Hospital Foundation

Dr. Packer has been a Director since 2013. He is President and CEO of Community Hospital Foundation and its related companies. He previously served as Chair of the California Hospital Association.

i: Rebecca J. Patchin, MD Anesthesiology

Dr. Patchin has been a Director since 2011. She has been an anesthesiologist and pain management specialist in Riverside–San Bernardino counties for 20 years. She serves on the Board for The Center for Transforming Health Care.

J: Scott C. Syphax President & CEO, Nehemiah Corporation of America

Mr. Syphax has been a Director since 2011. He leads the Nehemiah Corporation of America (NCA), a not-for-profit community development corporation based in Sacramento, CA. Mr. Syphax also serves on the board of directors for the Federal Home Loan Bank of San Francisco and is Chair of Valley Vision.

AC E i fg bJ D h

Your needs today and tomorrow

The NORCAL Group of companies has many moving parts, and this past year we took great strides to move as one. In 2015, we will introduce our new policy into even more markets and launch new tools to help our insureds access policy, claims and risk management information. We have a solid foundation on which to grow because you have helped guide our company for nearly 40 years. We continually look for opportunities to improve our service and products to meet your needs, and we remain committed to providing the highest quality products and services at a responsible price.

In 2015, we will introduce our new policy into even more markets and launch new tools to help our policyholders access policy, claims and risk management information.


A NAtioNAl MPli CoMPANYLarge and agile enough to serve the complex

and varied needs of our policyholders

NORCAL Mutual 2014 Annual Report

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Transcript of NORCAL Mutual 2014 Annual Report