Under terms of the deal, Toro Risk will move its office to Acadia’s headquarters in Morristown.
“Traditional medical malpractice risk can no longer be viewed in a silo. Toro brings a deeper understanding of value-based care and new market access that allows us to better position our clients from a risk perspective,” Scott Parker, president of Acadia, said.
Acadia also said Brian Kern, founder and managing member of Toro Risk, has been named partner at Acadia.
“We have long understood the need to align the risk providers take in value-based care programs with professional liability risk. With the acquisition of Toro, Acadia is now able to expand its portfolio to help clients leverage the transition to a value-based care system,” Kern said.
Financial terms were not disclosed.