The Doctors Company announced its acquisition of ProAssurance Corporation, offering $25.00 per share, a 60% premium, with a projected transaction value of $1.3 billion.

Transaction Overview

On March 19, 2025, The Doctors Company ("TDC") announced a definitive agreement to acquire ProAssurance Corporation ("PRA", NYSE: PRA). As part of this transaction, PRA stockholders will receive $25.00 in cash per share, signifying a substantial premium of approximately 60% based on the closing price per share of PRA common stock on March 18, 2025, the day preceding the announcement. The total transaction value is estimated at around $1.3 billion, which reflects a multiple of 1.12 times the Price/Tangible Book Value Per Share (including Accumulated Other Comprehensive Income) and 0.97 times the Price/Tangible Book Value Per Share (excluding AOCI) as of December 31, 2024.

The Board of Directors of PRA has approved the transaction and recommends that shareholders endorse the agreement. The deal is anticipated to close in the first half of 2026, contingent upon standard closing conditions, which include approval from PRA’s stockholders and necessary regulatory clearances. Upon completion, PRA will transition into a wholly owned subsidiary of TDC, and its common stock will be delisted from the New York Stock Exchange.

Target Company Overview

ProAssurance Corporation is a recognized leader in the specialty insurance sector, particularly in medical professional liability and product liability coverage for medical technology and life sciences industries. Additio