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:6/23/2017)... ... , ... Goodcents Deli Fresh Subs today announced the opening of a new ... St. Topeka, Kan. 66604 (near 21st and Gage). It is owned and operated by ... locations in the Topeka and Bonner Springs, Kan. area. , “Goodcents has such ...
(Date:6/23/2017)... ... June 23, 2017 , ... Ensuring meat products have reached ... the importance of correctly using a meat thermometer. The videos feature University of ... on consumer food safety habits. Dr. Bruhn explains the variety of meat thermometers ...
(Date:6/23/2017)... , ... June 23, 2017 , ... 21 Middle East ... (EF) has selected 21 leaders from government, business and civil society in 11 countries ... the U.S. this fall, engaging in a transformative exchange of knowledge and ideas with ...
(Date:6/23/2017)... ... June 23, 2017 , ... PureLife Dental is pleased to announce that California ... members. As part of the amalgam separator endorsement, all CDA members may purchase an ... off the retail value. This partnership between PureLife and CDA is especially timely as ...
(Date:6/23/2017)... ... June 23, 2017 , ... American Farmer, will feature ... which is slated to air fourth quarter 2017. American Farmer airs Tuesdays at 8:30aET ... a Danish pharmacist, founded Chr. Hansen in Denmark in 1874 after a groundbreaking discovery ...
Breaking Medicine News(10 mins):
(Date:6/9/2017)... AirXpanders, Inc. (ASX: AXP) (AirXpanders or Company), ... sale and distribution of the AeroForm® Tissue Expander System, ... commercial roll-out in the United States ... hundred (100) medical institutions and health systems, located throughout ... alternative for women who choose reconstructive surgery following a ...
(Date:6/8/2017)... June 8, 2017   Responding to Heath Ledger,s ... the death of singer Chris Cornell in May, ... International offers a free online psychiatric drug ... and families about psychotropic drug risks. The ... died from an accidental overdose, has called for tighter rules ...
(Date:6/7/2017)... , June 7, 2017  Novavax, Inc., (Nasdaq: ... two Phase 2 trials of its RSV F protein recombinant ... bearing age have been published in the journal ... been shared in prior scientific conferences). The Company previously announced ... 2014. Novavax is developing the RSV F Vaccine with the ...
Breaking Medicine Technology: