Jun. 24 at 8:18 PM
$PRA ProAssurance stockholders approve proposed acquisition by The Doctors Company
ProAssurance 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."
