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PICA Policyholders Approve ProAssurance Transaction
Date:3/31/2009

BIRMINGHAM, Ala. and NASHVILLE, Tenn., March 31 /PRNewswire-FirstCall/ -- ProAssurance Corporation (NYSE: PRA) announced today that the policyholders of the Podiatry Insurance Company of America (PICA) have overwhelmingly approved the sponsored demutualization that will bring PICA into ProAssurance as a standalone subsidiary. The transaction, which requires final regulatory approval in PICA's domiciliary state of Illinois, is expected to close early in the second quarter.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081024/PROASSURANCELOGO)

Under the agreement, approved today in a special meeting of policyholders, a total of $120 million is being paid to current and certain former policyholders in accordance with the approved plan of demutualization. The plan of demutualization also provides a total of $15 million in premium credits to eligible renewing PICA policyholders beginning in 2010 and spread over three years.

Policyholders who are due to receive a cash payment have until the close of business on Friday, April 10, 2009 to furnish properly completed paperwork to PICA or its paying agent, BNYMellon Shareowner Services. Policyholders who do not
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SOURCE ProAssurance Corporation
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