Navigation Links
ProAssurance Receives Regulatory Approvals for Transactions with the PICA Group and Georgia Lawyers Insurance Company
Date:1/28/2009

BIRMINGHAM, Ala., Jan. 28 /PRNewswire-FirstCall/ -- ProAssurance Corporation (NYSE: PRA) announced today that all required regulatory approvals have been granted in connection with its proposed sponsored demutualization of the PICA Group (PICA), the nation's leading provider of professional liability to doctors of podiatric medicine. The proposed demutualization is being submitted to PICA shareholders for their approval at a special meeting to be held on March 31, 2009. If approved, the transaction is expected to close early in the second quarter.

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

Upon approval, a total of $120 million will be paid to current and certain former policyholders in accordance with the plan of demutualization. ProAssurance will pay cash to purchase all of the PICA stock authorized in the demutualization; PICA will then use those funds for the cash distribution. In addition, $15 million in premium credits will be made available to eligible PICA policyholders for a three-year period beginning in 2010 as the result of an additional cash payment from ProAssurance.

"The PICA transaction provides a compelling opportunity to add meaningful, profitable growth as we continue to work to increase our presence in new markets and new areas of medical professional liability business," said W. Stancil Starnes, the Chairman and CEO of ProAssurance.

PICA wrote $99 million in premiums in 2007 and has $284 million in total assets. The company insures approximately 9,800 podiatric physicians in 47 states and the District of Columbia. The company also insures other healthcare professionals and provides E&O insurance for a small, but growing, number of independent insurance agents through its PACO subsidiary.

Update on the Mid-Continent and Georgia Lawyers Transactions

ProAssurance also announced the completion of its acquisition of Mid-Continent General Agency, a Houston-based Managing General Agent which produces about $25 million a year in premiums from ancillary healthcare providers and other professional liability coverages.

Starnes was equally enthusiastic about the opportunities ahead with Mid-Continent. He said, "We expect Mid-Continent to help us develop a deeper presence in the professional liability market for ancillary healthcare providers, a segment of the healthcare industry that is expected to undergo a rapid expansion in most healthcare reform scenarios."

ProAssurance also said regulatory approval has been granted to allow its acquisition of the Georgia Lawyers Insurance Company (GLIC). Shareholders of GLIC have already approved the transaction, which is expected to close during the first week of February. GLIC insures approximately 2,700 lawyers in Georgia and had direct written premium of approximately $5.5 million in 2007.

About ProAssurance

ProAssurance Corporation is the nation's fifth largest writer of medical professional liability insurance and is growing its legal professional liability business. ProAssurance is recognized as one of the top performing insurance companies in America by virtue of its inclusion in the Ward's 50 for the past two years.


'/>"/>
SOURCE ProAssurance Corporation
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. ProAssurance Acquires Mid-Continent General Agency to Expand Ancillary Healthcare Insurance Business
2. ProAssurance to Present at Oppenheimer Investor Conference
3. The PICA Group Will Become Part of ProAssurance
4. ProAssurance Group Offers Coverage for Community Based Hospitals in Michigan
5. PEAK Surgical Receives European CE Mark for PEAK(R) Surgery System for Use in General Surgery
6. Mylan Receives Final FDA Approvals for Generic Versions of Lamictal(R) Tablets and Lamictal(R) CD
7. UTSA receives federal funding for fossil fuel research
8. ORBIS International Receives Donated PASCAL(R) Photocoagulator From OptiMedica
9. UTSA receives $1.2 million gift from Kleberg Foundation
10. IPC The Hospitalist Company Receives Best IPO Award from Los Angeles Venture Association
11. Mylan Receives Final FDA Approval for Generic Version of Prilosec(R) Delayed-Release Capsules, 40 mg
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... ... ... The American Board of Family Medicine's (ABFM) Board of Directors has selected ... Dr. James C. Puffer upon his retirement. Dr. Newton will serve in the position ... the end of 2018. Upon assuming the role of President and CEO on January ...
(Date:10/13/2017)... Shelton, CT (PRWEB) , ... October 13, 2017 , ... ... and long-term care services, staged a mock evacuation of the facility as part of ... Department, Shelton Fire Department, Echo Hose EMS and Shelton City Emergency Manager, as well ...
(Date:10/13/2017)... ... 13, 2017 , ... Yisrayl Hawkins, Pastor and Overseer at The House of ... popular and least understood books in the Holy Scriptures, Revelation. The Book of Revelation ... scholars for centuries. Many have tossed it off as mere rubbish, but Yisrayl Hawkins ...
(Date:10/12/2017)... ... October 12, 2017 , ... ... healthcare compliance program management, will showcase a range of technology and learning solutions ... Living (NCAL) Convention and Expo to be held October 14–18, 2017 at the ...
(Date:10/12/2017)... Bethesda, MD (PRWEB) , ... October 12, 2017 , ... ... Award of Excellence to Carol Friedman, PhD, FACMI, during the Opening Session of AMIA’s ... 4 – 8. , In honor of Morris F. Collen, a pioneer in the ...
Breaking Medicine News(10 mins):
(Date:9/28/2017)... 28, 2017 Cohen Veterans Bioscience and Early ... of wearable and home sensors for real-time monitoring of ... Foundation, a nonprofit organization focused on disruptive health solutions ... affordable analytical system to record and integrate behavioral, cognitive, ... ...
(Date:9/23/2017)... , Sept. 22, 2017 Janssen Biotech, Inc. ... response letter from the U.S. Food and Drug Administration ... of sirukumab for the treatment of moderately to severely ... additional clinical data are needed to further evaluate the ... severely active RA. ...
(Date:9/18/2017)... Pa. and KALAMAZOO, Mich. , Sept. 18, ... , and OptiMed Specialty Pharmacy of ... to offer a strategic hub service that expedites and ... sought-after personal spirometer, Spiro PD 2.0, and wellness management ... spirometer is a medical device used to measure lung ...
Breaking Medicine Technology: