ProAssurance Corporation
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| ProAssurance Corporation | |
|---|---|
| Type | Public (NYSE: PRA) |
| Founded | 1975 |
| Headquarters | Birmingham, Alabama USA |
| Key people | W. Stancil Starnes, Chief Executive Officer Edward L. Rand Jr., Chief Financial Officer |
| Industry | Property & Casualty Insurance |
| Products | Insurance |
| Revenue | ▲$737 million USD (2006) |
| Employees | 589 (2006) |
| Website | http://www.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 1975 as Medical Assurance. 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 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: The Medical Assurance Company, ProNational Insurance Company, PIC Wisconsin, Red Mountain Casualty Insurance Company, and NCRIC.
[edit] References
- ^ ProAssurance History
- ^ D.C. Department Approves ProAssurance Acquisition of NCRIC Inc.; Aug. 2 Vote Scheduled, Insurance Journal, July 14, 2005
- ^ ProAssurance sells personal lines business to GMAC subsidiary Birmingham Business Journal, November 7, 2005
- ^ ProAssurance closes sale of MEEMIC Insurance, Birmingham Business Journal, January 4, 2006
