The Doctors Company to Acquire ProAssurance in $1.3 Billion Deal
NAPA, Calif. & BIRMINGHAM, Ala. — The landscape of medical malpractice insurance is set to change as The Doctors Company, the largest physician-owned medical malpractice insurer in the nation, announced today its acquisition of ProAssurance Corporation (NYSE: PRA).
Under the agreement, ProAssurance stockholders will receive $25.00 per share in cash. This translates to a 60% premium over ProAssurance’s closing price on March 18, 2025. The transaction is valued at approximately $1.3 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,” stated 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.”
The combined entity will boast approximately $12 billion in assets, signaling a significant consolidation in the medical liability insurance sector.
According to the terms, ProAssurance will become a wholly-owned subsidiary of The Doctors Company and will be delisted from the New York Stock Exchange upon the deal’s completion.
Ned Rand, ProAssursance’s President and Chief Executive Officer, shared the positive sentiment, stating, “This transaction will deliver significant value to our shareholders. Both ProAssurance and The Doctors Company were founded by physicians in response to the medical liability crisis of the 1970s. 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 acquisition, unanimously approved by ProAssurance’s Board of Directors, is expected to conclude in the first half of 2026, pending shareholder and regulatory approvals. The acquisition is not subject to a financing condition.
“The transaction will deliver significant value to our shareholders,” said Ned Rand, ProAssurance’s President and Chief Executive Officer.
Houlihan Lokey Capital, Inc. and Howden Capital Markets & Advisory are serving as financial advisors to The Doctors Company, and Mayer Brown LLP serves as legal counsel. Goldman Sachs & Co. LLC is acting as financial advisor to ProAssurance, with legal counsel from Simpson Thacher & Bartlett LLP and Willkie Farr & Gallagher LLP.
