The Doctors Company To Acquire ProAssurance in $1.3 Billion Deal

The Doctors Company, the largest physician-owned medical malpractice insurer in the United States, has entered into an agreement to acquire ProAssurance Corporation for approximately $1.3 billion. Under the deal, ProAssurance shareholders will receive $25.00 per share in cash, a premium of about 60 percent over the stock's closing price on March 18, 2025. The transaction will create a combined entity with assets totaling roughly $12 billion.

Richard E. Anderson, chairman and chief executive officer of The Doctors Company, said, "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."

ProAssurance, a specialty insurer with a focus on medical liability, medical technology products liability, life sciences, and workers compensation insurance, has roots similar to The Doctors Company. Both firms were founded by physicians during the medical liability crisis of the 1970s and have expanded over the decades by acquiring other physician-founded companies.

"This transaction will deliver significant value to our shareholders," Ned Rand, ProAssurance's president and chief executive officer, said. "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."

ProAssurance's board of directors unanimously approved the transaction and recommended shareholder approval. The acquisition is expected to close in the first half of 2026, subject to shareholder and regulatory approvals. Following the close, ProAssurance will become a wholly owned subsidiary of The Doctors Company, and its shares will be delisted from the New York Stock Exchange. The transaction does not include a financing condition.

Houlihan Lokey Capital, Inc., and Howden Capital Markets & Advisory are serving as financial advisors, while Mayer Brown LLP is acting as legal counsel to The Doctors Company. Goldman Sachs & Co. LLC is advising ProAssurance, with legal counsel provided by Simpson Thacher & Bartlett LLP and Willkie Farr & Gallagher LLP.