The PICA Group Will Become Part of Pr... ( BIRMINGHAM Ala. and NASHVILLE Ten...)

The PICA Group Will Become Part of ProAssurance

Date:10/28/2008

BIRMINGHAM, Ala. and NASHVILLE, Tenn., Oct. 28 /PRNewswire-FirstCall/ -- ProAssurance Corporation (NYSE: PRA) announced today that the PICA Group will become part of ProAssurance through an all cash, sponsored demutualization.

The PICA Group (PICA) is the nation's leading provider of professional liability to doctors of podiatric medicine, insuring approximately 9,800 podiatric physicians in 47 states and the District of Columbia. PICA insures other healthcare professionals and provides E&O insurance for a small, but growing, number of independent insurance agents through its PACO subsidiary. PICA wrote $99 million in premium in 2007, has $284 million in total assets and has maintained an A.M. Best rating of "A-" (Excellent) for the past 13 years.

"Bringing PICA into ProAssurance provides a compelling opportunity to grow our business, expand the number of states in which we operate, and broaden our pool of risk," said Stan Starnes, the Chief Executive Officer of ProAssurance. He added, "We are bringing together two companies that are recognized leaders in their respective markets. It adds to ProAssurance's legacy of intelligent growth through selective business combinations that has allowed ProAssurance to create a company offering unquestioned security for policyholders and steadily increasing value for shareholders."

Jerry D. Brant, DPM, the Chief Executive Officer of PICA, is equally enthusiastic about the proposed combination. He said, "We have found the ideal partner in ProAssurance -- we've known their management team for years and we know they are committed to treating every stakeholder fairly. This underscores the dedication to claims defense, underwriting excellence and meaningful risk management that have mad
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