Latest news with #ProAssurance
Business Insider
5 days ago
- Business
- Business Insider
ProAssurance stockholders approve proposed acquisition by The Doctors Company
ProAssurance (PRA) Corporation announced that stockholders have voted overwhelmingly to approve its proposed acquisition by The Doctors Company. More than 99% of shares voted were in favor of the proposal to approve the acquisition agreement. The transaction remains subject to the receipt of regulatory approvals and other customary closing conditions and is expected to close in the first half of 2026. Required regulatory approvals include the expiration or early termination of the waiting period applicable to the consummation of the merger under the Hart-Scott-Rodino Act as well as approvals by the insurance regulators in the domicile states of ProAssurance insurance subsidiaries. The transaction is not subject to a financing condition. Upon completion of the transaction, ProAssurance's common stock will no longer be listed on the New York Stock Exchange, and ProAssurance will become a wholly owned subsidiary of The Doctors Company. 'Our shareholders recognize that this transaction will deliver significant value,' said Ned Rand, ProAssurance's President and Chief Executive Officer. He added, 'Bringing the strengths and capabilities of ProAssurance and The Doctors Company together will allow our teams to continue to serve today's healthcare providers with the necessary scale and breadth of capabilities. With a shared history in the medical professional liability marketplace, both companies work to fulfill a mission to protect others and have similar operating philosophies and cultures.' Confident Investing Starts Here:
Business Wire
6 days ago
- Business
- Business Wire
ProAssurance Stockholders Approve Its Proposed Acquisition by The Doctors Company
BIRMINGHAM, Ala.--(BUSINESS WIRE)-- ProAssurance Corporation (NYSE: PRA) today announced that stockholders have voted overwhelmingly to approve its proposed acquisition by The Doctors Company. More than 99% of shares voted (including abstentions) were in favor of the proposal to approve the acquisition agreement. The transaction remains subject to the receipt of regulatory approvals and other customary closing conditions and is expected to close in the first half of 2026. Required regulatory approvals include the expiration or early termination of the waiting period (and any extension thereof) applicable to the consummation of the merger under the Hart-Scott-Rodino Act as well as approvals by the insurance regulators in the domicile states of ProAssurance insurance subsidiaries. The transaction is not subject to a financing condition. Upon completion of the transaction, ProAssurance's common stock will no longer be listed on the New York Stock Exchange, and ProAssurance will become a wholly owned subsidiary of The Doctors Company. 'Our shareholders recognize that this transaction will deliver significant value,' said Ned Rand, ProAssurance's President and Chief Executive Officer. He added, 'Bringing the strengths and capabilities of ProAssurance and The Doctors Company together will allow our teams to continue to serve today's healthcare providers with the necessary scale and breadth of capabilities. With a shared history in the medical professional liability marketplace, both companies work to fulfill a mission to protect others and have similar operating philosophies and cultures.' About ProAssurance ProAssurance Corporation is an industry-leading specialty insurer with extensive expertise in medical professional liability and products liability for medical technology and life sciences. The Company also is a provider of workers' compensation insurance in the eastern U.S. ProAssurance Group is rated 'A' (Excellent) by AM Best. For the latest on ProAssurance and its industry-leading suite of products and services, cutting-edge risk management and practice enhancement programs, visit our website at with investor content available at Our YouTube channel regularly presents insightful videos that communicate effective practice management, patient safety and risk management strategies. Forward-Looking Statements The foregoing contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These statements are often identified by the use of words such as 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'hope,' 'hopeful,' 'likely,' "may," "optimistic," "possible," "potential," "preliminary," "project," "should," "will," 'would' or the negative or plural of these words or similar expressions or variations. Forward-looking statements are made based upon management's current expectations and beliefs and are not guarantees of future performance. Such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements. These factors include, among others: (i) the completion of the proposed transaction on the anticipated terms and timing, (ii) the satisfaction of other conditions to the completion of the proposed transaction, including obtaining required regulatory approvals; (iii) the risk that ProAssurance Corporation's stock price may fluctuate during the pendency of the proposed transaction and may decline if the proposed transaction is not completed; (iv) potential litigation relating to the proposed transaction that could be instituted against ProAssurance Corporation or its directors, managers or officers, including the effects of any outcomes related thereto; (v) the risk that disruptions from the proposed transaction will harm ProAssurance Corporation's business, including current plans and operations, including during the pendency of the proposed transaction; (vi) the ability of ProAssurance Corporation to retain and hire key personnel; (vii) the diversion of management's time and attention from ordinary course business operations to completion of the proposed transaction and integration matters; (viii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; (ix) legislative, regulatory and economic developments; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect ProAssurance Corporation's financial performance; (xi) certain restrictions during the pendency of the proposed transaction that may impact ProAssurance Corporation's ability to pursue certain business opportunities or strategic transactions; (xii) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, outbreaks of war or hostilities or global pandemics, as well as management's response to any of the aforementioned factors; (xiii) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xiv) unexpected costs, liabilities or delays associated with the transaction; (xv) the response of competitors to the transaction; (xvi) the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction, including in circumstances requiring ProAssurance Corporation to pay a termination fee ; and (xvii) other risks set forth under the heading 'Risk Factors,' of our Annual Report on Form 10-K for the year ended December 31, 2024 and in our subsequent filings with the Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. Our actual results could differ materially from the results described in or implied by such forward looking statements. Forward-looking statements speak only as of the date hereof, and, except as required by law, we undertake no obligation to update or revise these forward-looking statements.
Yahoo
10-05-2025
- Business
- Yahoo
ProAssurance Corporation (PRA): The Single Largest Contributor to The Third Avenue Small-Cap Value Fund's Performance
Third Avenue Management, an investment management company based in New York City, released its 'Third Avenue Small-Cap Value Fund' first quarter 2025 investor letter. A copy of the letter can be downloaded here. During the quarter, the fund returned -4.54% compared to -5.87% % for the MSCI USA Small-Cap Value Index (the 'Index') and -7.74% return for the Russell 2000 Value Index. The Fund has returned +15.46%, annualized, for the trailing five-year period. For more information on the fund's top picks in 2025, please check its top five holdings. In its first-quarter 2025 investor letter, Third Avenue Small-Cap Value Fund highlighted stocks such as ProAssurance Corporation (NYSE:PRA). ProAssurance Corporation (NYSE:PRA) offers property and casualty insurance and reinsurance products. The one-month return of ProAssurance Corporation (NYSE:PRA) was -1.67%, and its shares gained 55.01% of their value over the last 52 weeks. On May 8, 2025, ProAssurance Corporation (NYSE:PRA) stock closed at $22.91 per share with a market capitalization of $1.175 billion. Third Avenue Small-Cap Value Fund stated the following regarding ProAssurance Corporation (NYSE:PRA) in its Q1 2025 investor letter: "Performance during the quarter was led by positive contributions from a wide range of individual businesses and idiosyncratic developments. In March, specialty insurance provider ProAssurance Corporation (NYSE:PRA) announced that it has agreed to a takeover offer from The Doctor's Company. At $25 per share, the purchase price represents an approximate 60% premium to the pre-offer trading price, highlighting the value that was embedded within the shares and leading to ProAssurance generating the single largest contribution to quarterly Fund performance." A business executive in the company office, confidently leading the team. ProAssurance Corporation (NYSE:PRA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held ProAssurance Corporation (NYSE:PRA) at the end of the fourth quarter which was 16 in the previous quarter. While we acknowledge the potential of ProAssurance Corporation (NYSE:PRA) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. In another article, we covered ProAssurance Corporation (NYSE:PRA) and shared TimesSquare Capital U.S. Small Cap Growth Strategy's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2025 page for more investor letters from hedge funds and other leading investors. READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks. Disclosure: None. This article is originally published at Insider Monkey.
Associated Press
20-03-2025
- Business
- Associated Press
SHAREHOLDER ALERT: Rigrodsky Law, P.A. Is Investigating ProAssurance Corporation Buyout
Wilmington, Delaware--(Newsfile Corp. - March 20, 2025) - Rigrodsky Law, P.A. is investigating ProAssurance Corporation ('ProAssurance') (NYSE: PRA) regarding possible breaches of fiduciary duties and other violations of law related to ProAssurance's agreement to be acquired by The Doctors Company. Under the terms of the agreement, ProAssurance shareholders will receive $25.00 per share in cash. To learn more about this investigation and your rights, visit: [email protected]. Rigrodsky Law, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide. Attorney advertising. Prior results do not guarantee a similar outcome. Contact: Rigrodsky Law, P.A. Seth D. Rigrodsky, Esq. Gina M. Serra, Esq. Telephone: (302) 295-5310
Yahoo
20-03-2025
- Business
- Yahoo
AM Best Comments on Credit Ratings of ProAssurance Group Members and ProAssurance Corporation Following Announced Acquisition by The Doctors Company Insurance Group
OLDWICK, N.J., March 19, 2025--(BUSINESS WIRE)--AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of "a+" (Excellent) of the members of ProAssurance Group (ProAssurance) are unchanged following the March 19, 2025, announcement that all outstanding shares of ProAssurance Corporation (PRA) (NYSE: PRA) (Birmingham, AL) will be acquired by The Doctors Company Insurance Group (TDC Group). The outlook of ProAssurance's Credit Ratings (ratings) is stable. The ratings reflect ProAssurance's balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management. ProAssurance is the fourth-largest writer of medical professional liability (MPL) insurance in the United States (based on direct premiums written) while TDC Group is the second largest. PRA is publicly traded on the New York Stock Exchange and will be 100% owned by The Doctors Company, An Interinsurance Exchange, the lead member of TDC Group, following the conclusion of the transaction, which is expected to close within the first half of 2026 pending regulatory approval. AM Best does not expect the transaction to have any material change to ProAssurance's rating fundamentals at this time. Both ProAssurance and TDC Group maintain current Long-Term ICRs of "a+" (Excellent) with stable outlooks. Given the extended nature of the transaction, AM Best will continue to evaluate each of these organizations independently while monitoring the progress and the effects of this transaction over time. As more detailed information becomes available, AM Best will reassess the ratings of both organizations taking into consideration the planned synergies and efficiencies gained from the transaction. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Connor Brach, CFA, FRM Associate Director+1 908 882 1668 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Vicky Riggs Associate Director +1 908 882 2273 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Sign in to access your portfolio
