ProAssurance shareholders have overwhelmingly approved the company’s proposed acquisition by The Doctors Company. More than 99% of shares voted, including abstentions, supported the deal.
Under the terms of the agreement, ProAssurance stockholders will receive $25 per share in cash — a roughly 60% premium over the company’s March 18 closing price — valuing the transaction at approximately $1.3 billion.
The Doctors Company is the nation’s largest physician-owned medical malpractice insurer. ProAssurance, based in Birmingham, Alabama, is a specialty insurer with deep expertise in medical professional liability, products liability for med tech and life sciences, and workers’ compensation insurance. The combined company will have approximately $12 billion in assets.
“This transaction will deliver significant value to our shareholders,” said Ned Rand, president and CEO of ProAssurance. “Both companies were founded by physicians and share a mission to protect healthcare providers. Combining our strengths allows us to serve today’s medical community with even greater scale and capabilities.”
Richard E. Anderson, MD, chairman and CEO of The Doctors Company, added, “Healthcare is a team sport and the teams are getting larger. To support them with exceptional service, we need mission-based scale. Adding ProAssurance significantly enhances our ability to deliver that.”
The transaction still requires regulatory approvals and other customary closing conditions. It is expected to close in the first half of 2026.
Approvals include:
- Expiration or early termination of the Hart-Scott-Rodino Act waiting period
- Signoff from insurance regulators in states where ProAssurance subsidiaries are domiciled
- The deal is not subject to a financing condition. Once finalized, ProAssurance will become a wholly owned subsidiary of The Doctors Company and its stock will no longer be listed on the New York Stock Exchange.
