ProAssurance Corporation (PRA)

ProAssurance Corporation was a specialty property and casualty insurance holding company headquartered in Birmingham, Alabama. Its principal business was professional liability insurance for physicians, hospitals, and other healthcare providers, along with liability coverage for medical technology and life sciences companies. The company was formed in 2001 through the combination of Medical Assurance and Professionals Group, two medical liability insurers.

Over the following two decades ProAssurance grew through acquisitions and expansion. It acquired American Physicians Capital in 2010 and Eastern Insurance Holdings in 2014, the latter adding a workers' compensation business. It also participated in Lloyd's of London through Syndicate 1729, and it offered segregated portfolio cell reinsurance for captive and alternative-market arrangements. Distribution was through independent agents, brokers, and an internal sales force.

The company reported results in several segments, including Specialty Property and Casualty, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance, and Lloyd's Syndicate. Medical professional liability was historically the largest contributor to premiums, and the company competed with physician-owned mutual insurers and national carriers. Its common stock traded on the New York Stock Exchange under the ticker PRA.

Like other medical liability insurers, ProAssurance operated in a business with long claim-settlement periods and sensitivity to reserve development. In the years before the sale, its results were affected by adverse loss development and elevated claim severity in professional liability lines, and the company undertook portfolio and strategic reviews to improve underwriting returns.

In March 2025, ProAssurance announced a definitive agreement to be acquired by The Doctors Company, a physician-owned medical malpractice insurer based in Napa, California, for $25.00 per share in cash, in a transaction valued at roughly $1.3 billion. ProAssurance shareholders approved the transaction in June 2025. The closing was then subject to regulatory approvals from state insurance departments and other authorities.

The Doctors Company announced the completion of the acquisition on June 26, 2026. Each ProAssurance share was converted into the right to receive $25.00 in cash, and the common stock was removed from NYSE trading. ProAssurance became a wholly owned subsidiary of The Doctors Company, which said it would review the best operating structure for the combined businesses.

Following the closing, the common stock was delisted and the company moved to deregister its securities with the SEC, ending its public reporting obligations. ProAssurance's operations continued under The Doctors Company's ownership, and the company no longer has publicly traded common equity. The transaction brought together two of the largest specialty writers of medical professional liability coverage in the United States, and policyholders of ProAssurance's subsidiaries continued to be served under their existing policies.