ProAssurance to be Taken Private by The Doctors Company in a $1.3 Billion Cash Deal

The Doctors Company, a medical malpractice insurer, entered a merger agreement on March 19, 2025, to take ProAssurance Corporation (PRA) private in a $1.3 billion all-cash deal.

Deal Structure:

Under the terms of the agreement, ProAssurance stockholders will receive $25 in cash per share, representing a 60.88% premium from the stock’s last close.

Company Profile:

ProAssurance is a specialty insurer providing medical professional liability, workers’ compensation, and reinsurance solutions. With expertise in medical technology, life sciences, and property and casualty insurance, it serves healthcare providers, institutions, and businesses across the U.S.

The Doctors Company is a physician-owned medical malpractice insurer, committed to advancing, protecting, and rewarding the practice of good medicine. Founded and led by physicians, it provides guidance, resources, and coverage to help healthcare providers manage the complexities of today’s healthcare environment. As part of TDC Group, it serves over 110,000 healthcare professionals and organizations nationwide.

Deal Details and Timeline:

The transaction is expected to close in the first half of 2026. Upon completion, ProAssurance will be delisted from the New York Stock Exchange and will operate as a wholly owned subsidiary of The Doctors Company.

The combined company will have about $12 billion in assets.

Goldman Sachs served as the financial advisor, while Simpson Thacher & Bartlett and Willkie Farr & Gallagher provided legal counsel to ProAssurance. Meanwhile, Houlihan Lokey Capital and Howden Capital Markets & Advisory offered financial guidance, with Mayer Brown acting as legal counsel to The Doctors Company.

The Doctors Company is paying 0.67 times the book value for ProAssurance.

Deal Metrics:

For a more thorough understanding of this merger, you can access the Deal Metrics page here:

Deal Metrics for the acquisition of ProAssurance Corporation (PRA) by The Doctors Company

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And a whole lot more.

Disclaimer: Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article