Latest news with #ProAssurance
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
Reuters
19-03-2025
- Business
- Reuters
Specialty medical insurer ProAssurance to be taken private in about $1.3 billion deal
March 19 (Reuters) - The Doctors Company, a medical malpractice insurer, said on Wednesday that it has entered into an agreement to take ProAssurance (PRA.N), opens new tab private in a deal worth about $1.3 billion. Shares of ProAssurance surged 51.2% to $23.50 in aftermarket trading. Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here. ProAssurance is a specialty insurer, providing coverage in medical liability, products liability for medical technology and life sciences companies, as well as workers' compensation insurance. The transaction is expected to close in the first half of 2026, and upon closing, ProAssurance will no longer be listed on the New York Stock Exchange and will become a wholly owned subsidiary of The Doctors Company. Under the terms of the agreement, ProAssurance shareholders will receive $25.00 per share in cash, representing a premium of 60.9% to its last closing price. The combined company will have assets of about $12 billion, the companies said.
Yahoo
19-03-2025
- Business
- Yahoo
The Doctors Company to Acquire ProAssurance Corporation for $25.00 per Share in Cash
Addition of ProAssurance Corporation fortifies the promise of The Doctors Company to the medical professional liability market for generations to come NAPA, Calif. & BIRMINGHAM, Ala., March 19, 2025--(BUSINESS WIRE)--The Doctors Company, the nation's largest physician-owned medical malpractice insurer, and ProAssurance Corporation (NYSE: PRA), an industry-leading specialty insurer with extensive expertise in medical liability, products liability for medical technology and life sciences, and workers' compensation insurance, today announced that they have entered into a definitive agreement under which ProAssurance will be acquired by The Doctors Company. Under the terms of the agreement, ProAssurance stockholders will receive $25.00 in cash per share, representing an approximately 60% premium to the closing price per share of ProAssurance common stock on March 18, 2025, the last trading day prior to today's announcement, with a transaction value of approximately $1.3 billion. The combined company will have assets of approximately $12 billion. "We are excited to further our mission to advance, protect, and reward the practice of good medicine to an even greater number of healthcare providers across the nation," commented Richard E. Anderson, MD, FACP, Chairman and Chief Executive Officer of The Doctors Company. "Healthcare is a team sport and the teams are getting larger. In order to provide them the best imaginable service requires a mission-based company with nationwide scale, resources and dedication to all medical professions and healthcare providers. The addition of ProAssurance to The Doctors Company significantly enhances our ability to serve healthcare professionals now and well into the future." "This transaction will deliver significant value to our shareholders," said Ned Rand, ProAssurance's President and Chief Executive Officer. He added, "Both ProAssurance and The Doctors Company were founded by physicians in response to the medical liability crisis of the 1970s. Both companies have grown over the years by bringing together other physician-founded companies. This shared history has helped both companies fulfill our shared mission to protect others and given us similar operating philosophies and cultures. Bringing the strengths and capabilities of our companies together now will allow our teams to continue to serve today's healthcare providers with the necessary scale and breadth of capabilities." The Board of Directors of ProAssurance has unanimously approved the transaction, and resolved to recommend that its shareholders approve the agreement. The transaction is expected to close in the first half of 2026, and is subject to customary closing conditions, including approval by ProAssurance's stockholders and the receipt of regulatory approvals. 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. Houlihan Lokey Capital, Inc. and Howden Capital Markets & Advisory are serving as financial advisors and Mayer Brown LLP is serving as legal counsel to The Doctors Company. Goldman Sachs & Co. LLC is serving as financial advisor and Simpson Thacher & Bartlett LLP and Willkie Farr & Gallagher LLP are serving as legal counsel to ProAssurance. About The Doctors Company Founded and led by physicians, The Doctors Company ( the nation's largest physician-owned medical malpractice insurer, is relentlessly committed to advancing, protecting, and rewarding the practice of good medicine. The Doctors Company helps all healthcare providers manage the complexities of today's healthcare environment—with expert guidance, resources, and coverage. The Doctors Company is part of TDC Group ( the nation's largest physician-owned provider of insurance and risk management solutions. TDC Group serves the full continuum of care, from individual clinicians to academic medical systems—with over 110,000 healthcare professionals and organizations nationwide—with annual revenue of $1.5 billion and more than $8 billion in assets. To learn more about our data-driven insights and to stay up to date on industry trends, follow and subscribe to The Doctors Company on X (@doctorscompany), YouTube, LinkedIn, and Facebook. About ProAssurance Corporation ProAssurance is an industry-leading specialty insurer with extensive expertise in medical professional liability and products liability for medical technology and life sciences. ProAssurance also is a provider of workers' compensation insurance in the eastern U.S. ProAssurance 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 the company's website at with investor content available at Forward-Looking Statements This release 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, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, but are not limited to, statements regarding the benefits and timeline for closing the proposed transaction with The Doctors Company, and the future growth and financial outlook for the combined company. Forward-looking statements are subject to risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction that could delay the consummation of the proposed transaction, result in the imposition of conditions that could reduce the anticipated benefits of the proposed transaction, or cause the parties to abandon the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement entered into in connection with the proposed transaction; the possibility that the ProAssurance's stockholders may not approve the proposed transaction; the risk that the parties to the merger agreement may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to the anticipated benefits of the proposed transaction or other commercial opportunities not being fully realized or taking longer to realize than expected; the competitive ability and position of the combined company; risks related to uncertainty surrounding the proposed transaction and disruption of management time from ongoing business operations due to the proposed transaction; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of ProAssurance; the risk of any unexpected costs or expenses or delay resulting from the proposed transaction; the risk of any litigation or regulatory action relating to the proposed transaction; the risk that either business may be adversely affected by other economic, business and/or competitive factors; the risk that restrictions during the pendency of the proposed transaction may impact either company's ability to pursue certain business opportunities or strategic transactions; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of ProAssurance to retain and hire key personnel and to maintain relationships with customers, vendors, partners, employees, stockholders and other business relationships and on its operating results and business generally; and risk related to general market, political, economic and business conditions. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "maintain," "might," "likely," "plan," "potential," "predict," "target," "project," "seek," "should," "will," "would," or similar expressions and the negatives of those terms. Further information on important risks and uncertainties that could cause ProAssurance's actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the risks described under the heading "Risk Factors" in ProAssurance's Annual Report on Form 10-K filed on February 24, 2025 and subsequent filings, which should be read in conjunction with any forward-looking statements. All forward-looking statements in this press release are based on information available to ProAssurance as of the date hereof, and ProAssurance does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law. Additional Information and Where to Find It In connection with the proposed acquisition of ProAssurance by The Doctors Company, ProAssurance intends to file with the SEC preliminary and definitive proxy statements relating to such transaction and other relevant documents. The definitive proxy statement will be delivered to ProAssurance's stockholders as of a record date to be established for voting on the proposed transaction and any other matters to be voted on at the special meeting relating to the proposed transaction. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS THERETO, ANY OTHER SOLICITING MATERIALS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PROASSURANCE AND THE PROPOSED TRANSACTION. Investors and security holders may obtain free copies of these documents (when they are available) on the SEC's web site at on ProAssurance's website at or by contacting ProAssurance's Investor Relations department via email at InvestorRelations@ Participants in the Solicitation ProAssurance and its directors and executive officers may be deemed participants in the solicitation of proxies from the stockholders of ProAssurance in connection with the proposed transaction and any other matters to be voted on at the special meeting. Information regarding the names, affiliations and interests of such directors and executive officers will be included in the preliminary and definitive proxy statements (when available). Additional information regarding such directors and executive officers is included in ProAssurance's definitive proxy statement on Schedule 14A for the 2024 Annual Meeting of Stockholders, which was filed with the SEC on April 12, 2024, and subsequent statements of changes in beneficial ownership on file with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of ProAssurance's stockholders in connection with the proposed transaction and any other matters to be voted upon at the special meeting will be set forth in the preliminary and definitive proxy statements (when available) for the proposed transaction. These documents are available free of charge as described in the preceding paragraph. View source version on Contacts ProAssurance Media Contact Heather J. Wietzel • SVP, Investor Relations 800-282-6242 • 205-776-3028 • InvestorRelations@ The Doctors Company Media Contact Kelly Cinelli • AVP, Public Relations 707-226-0754 • kcinelli@ Sign in to access your portfolio
