ProAssurance

ProAssurance Corporation
Public
Traded as NYSE: PRA
Industry Property & Casualty Insurance
Founded 1975
Headquarters Birmingham, Alabama USA
Key people
 W. Stancil Starnes, Chief Executive Officer
Edward L. Rand Jr., Chief Financial Officer
Products Insurance
Revenue Increase$715 million USD (2012)
Number of employees
 690 (2012)
Website proassurance.com

ProAssurance Corporation, headquartered in Birmingham, Alabama, is a property and casualty company that sells professional liability insurance to doctors. The company was founded in 1976 as Mutual Assurance and was later renamed to Medical Assurance in 1997. The name "ProAssurance" was created in 2001 when Medical Assurance merged with Professionals Group. The company is currently the fourth largest medical professional liability insurance writer and has over $4.5 billion in assets.[1][2]

On November 7, 2005, the company sold its personal lines insurance operations, known as MEEMIC Insurance Company, to Ally Financial (GMAC) for $400 million. Of the $400 million, $327 million was to be paid in cash, an $73 million was to be in capital that was held in MEEMIC.[3] The sale was completed on January 4, 2006.[4]

The company operates five principal subsidiaries: ProAssurance Indemnity Company (formerly The Medical Assurance Company), ProAssurance Casualty Company (formerly ProNational Insurance Company), ProAssurance Wisconsin Insurance Company (formerly PIC Wisconsin), ProAssurance Specialty Insurance Company (formerly Red Mountain Casualty Insurance Company), and ProAssurance National Capital Insurance Company (formerly NCRIC, Inc.).

On April 1, 2009, the Podiatry Insurance Company of America (PICA) joined the ProAssurance organization.[5] PICA is domiciled in Illinois and its offices are in Brentwood, Tennessee.

References

  1. ↑ ProAssurance History
  2. ↑ D.C. Department Approves ProAssurance Acquisition of NCRIC Inc.; Aug. 2 Vote Scheduled, Insurance Journal, July 14, 2005
  3. ↑ ProAssurance sells personal lines business to GMAC subsidiary Birmingham Business Journal, November 7, 2005
  4. ↑ ProAssurance closes sale of MEEMIC Insurance, Birmingham Business Journal, January 4, 2006
  5. ↑ ProAssurance closes PICA transaction, PRNEWSWIRE.COM
This article is issued from Wikipedia - version of the 11/25/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.