The Doctors Co., the largest physician-owned medical liability insurer in the U.S., will acquire ProAssurance Corp. for $1.3 bn.
Under the agreement, ProAssurance stockholders will receive $25 per share in cash, a 60% premium to the closing price on March 18, the last trading day before the acquisition announcement.
The deal is expected to close in the first half of 2026, pending customary conditions. Once completed, ProAssurance will become a wholly-owned subsidiary of The Doctors Co. and will no longer be listed on the New York Stock Exchange. The combined assets will total approximately $12bn (see Best P&C Insurers in 2025).
ProAssurance’s board unanimously approved the transaction and recommended shareholder approval. The acquisition is not contingent on financing.
Richard E. Anderson, Chairman and CEO of The Doctors Co., stated that the acquisition enhances the company’s ability to support healthcare professionals across the U.S.
He emphasized the importance of nationwide scale and resources in delivering quality service to medical teams.
Health care 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 health care providers
Richard E. Anderson, The Doctors Co. Chairman and Chief Executive Officer
“The addition of ProAssurance to The Doctors Company significantly enhances our ability to serve healthcare professionals now and well into the future,” Richard E. Anderson said in a statement.
ProAssurance, a specialty insurer, has expertise in medical liability, medical technology product liability, life sciences, and workers’ compensation insurance.
Both companies were established by physicians during the medical liability crisis of the 1970s.
ProAssurance CEO Ned Rand highlighted the companies’ shared history and operating philosophies, noting that the merger will strengthen their ability to support healthcare providers with greater scale and capabilities.
This shared history has helped both companies fulfill our shared mission to protect others and given us similar operating philosophies and cultures.
Ned Rand, ProAssurance CEO
“Bringing the strengths and capabilities of our companies together now will allow our teams to continue to serve today’s health care providers with the necessary scale and breadth of capabilities,” Ned Rand said.
