ProAssurance Enters Merger Agreement with The Doctors Company
In a regulatory filing last night, ProAssurance stated: "As previously disclosed, on March 19, 2025, ProAssurance entered into an Agreement and Plan of Merger with The Doctors Company, a California-domiciled reciprocal inter-insurance exchange, and Jackson Acquisition Corporation, a Delaware corporation and a wholly owned subsidiary of The Doctors Company, pursuant to which, on the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into ProAssurance. ProAssurance will continue as the surviving corporation in the Merger as a wholly owned subsidiary of The Doctors Company. The Board has approved the Merger Agreement and the transactions contemplated thereby, including the Merger. As previously disclosed, on June 24, 2025, ProAssurance held a special meeting of stockholders at which holders of ProAssurance's common stock approved each of the proposals voted on at the meeting relating to the transactions contemplated by the Merger Agreement. On July 2, 2025, the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976 with respect to the Merger. The closing of the proposed Merger remains subject to other customary closing conditions, including approval from insurance regulators in the jurisdictions where the Company's operating subsidiaries are domiciled. As of June 2, 2026, The Doctors Company has received final approval from insurance regulators in Alabama, the District of Columbia, Illinois, Missouri, Pennsylvania, Texas and Vermont. The Company has also obtained final approval from Lloyd's of London with respect to PRA Corporate Capital Ltd., and from the Cayman Islands Monetary Authority with respect to Inova Re and Eastern Re, each of which is a licensed entity in the Cayman Islands. Review of the proposed Merger by insurance regulators remains pending in California. The timing for completion of the pending review is uncertain and not within the Company's control, but in light of progress made toward satisfaction of closing conditions, the Company continues to anticipate closing the transaction by June 30, 2026."
