# Norcal Group

Norcal Group is an Insurance based in San Francisco, United States.

## Overview

- **Organization type:** Insurance
- **Headquarters:** San Francisco, United States
- **Region:** North America
- **Address:** 1700 Bent Creek Boulevard, Mechanicsburg, PA 17050
- **Founded:** 1975
- **Assets under management:** Undisclosed
- **Website:** norcal-group.com
- **LinkedIn:** https://www.linkedin.com/company/norcal-group

## Regulatory record

- **Reports private funds:** No

## About

ProAssurance Corporation (NYSE: PRA) announced that its acquisition of NORCAL Mutual (“NORCAL”) was completed May 5, 2021.

## Sectors

- Insurance

## Offices

- Jacksonville, FL, United States
- San Francisco, CA, United States

## People

- Robert David Francis — President and CEO
- Scott Diener — Founder, former President and CEO
- Sandra Beretta, MD — Former Chair of the Board of Directors

## Questions

### Who runs investment decisions at Norcal Group?

President and CEO Robert David Francis leads Norcal Group's operations, including oversight of the investment portfolio. The firm invests as part of the broader ProAssurance Corporation framework, with asset allocation tied to loss-reserve requirements for medical professional liability claims. Day-to-day portfolio management responsibilities are not publicly detailed by the firm.

### What does the Norcal Group investment portfolio primarily hold?

The portfolio backs medical professional liability reserves and is managed within ProAssurance's consolidated insurance-investment framework. While specific holdings are not publicly disclosed, the firm operates a US-based portfolio with confirmed real estate assets including a headquarters property in Mechanicsburg, Pennsylvania and additional office properties in San Francisco and Jacksonville (per the firm). The strategy is fundamentally loss-reserve-driven rather than return-maximizing.

### Is Norcal Group still a standalone firm or part of a larger entity?

Norcal Group operates as a subsidiary of ProAssurance Corporation, a publicly traded specialty insurer. It retains its own brand, offices in Pennsylvania, California, and Florida, and management under Robert David Francis, but investment and underwriting decisions roll up into ProAssurance's broader book of medical professional liability business.

### Where does the underlying capital come from?

The capital base originated from policyholder premiums and surplus accumulated over decades as a mutual insurer. The 2021 acquisition converted that member-owned surplus into cash and ProAssurance stock for former policyholders, while the remaining insurance liabilities and corresponding investment assets shifted to a stock-company subsidiary structure.

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- [Noosphere Ventures](https://altss.com/profile/noosphere-ventures)
- [Norcliffe Capital](https://altss.com/profile/norcliffe-capital)

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Last updated: 2026-06-03T20:00:00.000Z

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