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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 insu
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SOURCE ProAssurance Corporation
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