|
NORCAL Group and ProAssurance Corporation (NYSE: PRA) have announced the signing of an agreement to combine the companies, which will convert NORCAL from a mutual insurance company to a stockholder company. In conjunction with the pending agreement, all NORCAL Mutual members (policyholders) should have received a “Notice of Proposed Transaction” packet containing full details regarding the stock conversion and instructions for electing one of four options for consideration based on their allocable equity.
For many policyholders, the payouts will involve substantial amounts of money! Do not miss this opportunity to vote and select a payout option. Regardless of your payout option, your policy will continue as usual with NORCAL. If you elect to change insurance carriers after the conversion, under no circumstances let your policy lapse until after you have received payout funds!
IF YOU DID NOT RECEIVE A PACKET
The packet may have gone to the billing address of the administrator paying your policy premium. If they don’t have it, request a packet immediately from Georgeson LLC, the Information Agent for NORCAL. You must go through Georgeson (not NORCAL). Call 888-206-5970 from 6:00 to 8:00 p.m., PDT, Monday–Friday or Saturday from 9:00 a.m. to 3:00 p.m., PDT.
DEADLINES FOR ALL NORCAL POLICYHOLDERS
Read carefully through your packet, select an option and respond by USPS mail or online at NORCALconversion.com.
BY APRIL 21, 2021: Vote at NORCALconversion.com. To log in, you’ll need your 11-digit Account Code and 9-digit Control Code. If you cannot locate the Account and Control Codes printed on the front of the “Notice of Proposed Transaction” packet you received in the mail, call Information Agent Georgeson at 888-206-5970 5970 from 6:00 to 8:00 p.m., PDT, Monday–Friday or Saturday from 9:00 a.m. to 3:00 p.m., PDT.
BY APRIL 27, 2021: Make choice of payout option at NORCALconversion.com
INFORMATION LINKS AND CONTACT INFORMATION
NORCAL_Member-Information-Statement.pdf (norcal-group.com)
Details regarding proposed conversion plan, sale of newly issued stock shares and how policyholders would be affected; instructions for voting for or against the conversion plan; and how policyholders may select one of four forms of consideration.
NORCAL Group - ProAssurance Transaction Information (norcal-group.com)
Information about the transaction and links to all relevant documents.
NORCAL Group Conversion Website for Policyholders (norcalconversion.com
Transactions for your conversion choices can be made here.
Policy equity or payout questions? First call Information Agent Georgeson at 888-206-5970. If they can’t answer your questions, they will route you to NORCAL, but you must call Georgeson first.
General questions or financial considerations? Call SCMA business partner and financial planner Russell Van Sistine, CFP>®—co-host of our NORCAL Q&A meeting and a frequent presenter for SCMA’s White Coat Investors group. (Mr. Van Sistine is with Edward Jones and does not represent NORCAL, ProAssurance, Georgeson or Computershare.)
Russell.vansistine@edwardjones.com
*Eligible Members are policyholders with NORCAL Mutual policies in effect as of February 18, 2020, and as of the date of the closing of the Proposed Transaction, including policyholders holding any successor policy to a policy in effect as of February 18, 2020 that is rewritten under a new policy, resulting in uninterrupted, continuous coverage through and including the date of the closing of the Proposed Transaction.
|