ProAssurance
   HOME

TheInfoList



OR:

ProAssurance Corporation, headquartered in
Birmingham Birmingham ( ) is a city and metropolitan borough in the metropolitan county of West Midlands in England. It is the second-largest city in the United Kingdom with a population of 1.145 million in the city proper, 2.92 million in the West ...
,
Alabama (We dare defend our rights) , anthem = "Alabama (state song), Alabama" , image_map = Alabama in United States.svg , seat = Montgomery, Alabama, Montgomery , LargestCity = Huntsville, Alabama, Huntsville , LargestCounty = Baldwin County, Al ...
, is a property and casualty company that sells
professional liability insurance Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advice-, consulting, and ser ...
to doctors. The company was founded in 1976 as Mutual Assurance and was later renamed to Medical Assurance in 1997. The name "ProAssurance" was created in 2001 when Medical Assurance merged with Professionals Group. The company is currently the fourth largest medical professional liability insurance writer and has over $6 billion in assets.


History


Growth and Acquisitions

On November 7, 2005, the company sold its personal lines insurance operations, known as Meemic Insurance Company, to
Ally Financial Ally Financial is a bank holding company organized in Delaware and headquartered in Detroit, Michigan. The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgage ...
(GMAC) for $400 million. Of the $400 million, $327 million was to be paid in cash, and $73 million was to be in capital that was held in Meemic Insurance Company. The sale was completed on January 4, 2006. The company operates five principal subsidiaries: ProAssurance Indemnity Company (formerly The Medical Assurance Company), ProAssurance Casualty Company (formerly ProNational Insurance Company), ProAssurance Wisconsin Insurance Company (formerly PIC Wisconsin), ProAssurance Specialty Insurance Company (formerly Red Mountain Casualty Insurance Company), and ProAssurance National Capital Insurance Company (formerly NCRIC, Inc.). On April 1, 2009, ProAssurance acquired Podiatry Insurance Company of America, A Mutual Company (PICA) in a sponsored demutualization. PICA, founded by podiatrists in 1980, is the largest insurer of podiatrists in the U.S. PICA also is an insurer of U.S. chiropractors and acupuncturists through its subsidiary, PACO Assurance Company, Inc. (PACO). PICA had previously acquired PACO (1999), Dependable Protective Mutual (2000), and OUM (2001). PICA is domiciled in Illinois and its offices are in
Brentwood, Tennessee Brentwood is a city in Williamson County, Tennessee, United States. The population was 45,373 as of the 2020 United States census.Arkansas Arkansas ( ) is a landlocked state in the South Central United States. It is bordered by Missouri to the north, Tennessee and Mississippi to the east, Louisiana to the south, and Texas and Oklahoma to the west. Its name is from the Osage ...
and
Oklahoma Oklahoma (; Choctaw language, Choctaw: ; chr, ᎣᎧᎳᎰᎹ, ''Okalahoma'' ) is a U.S. state, state in the South Central United States, South Central region of the United States, bordered by Texas on the south and west, Kansas on the nor ...
. ProAssurance and Ascension Health, the nation's largest not-for-profit healthcare provider, announce the creation of the Certitude program. This strategic partnership provides a competitive, financially secure medical professional liability program for certain on-staff and affiliated physicians and mid-level healthcare providers. ProAssurance acquires Independent Nevada Doctors Insurance Exchange (IND), a
Nevada Nevada ( ; ) is a U.S. state, state in the Western United States, Western region of the United States. It is bordered by Oregon to the northwest, Idaho to the northeast, California to the west, Arizona to the southeast, and Utah to the east. N ...
reciprocal insurer in 2012. This vaults the company to a leadership position in the Nevada healthcare professional liability market and a strong base of operations in the far West. In 2013, ProAssurance acquires Medmarc Insurance Group in a sponsored demutualization. The Medmarc Group, consisting of Medmarc Casualty Insurance Company and Noetic Specialty Insurance Company, expands ProAssurance's healthcare-centric focus to medical products and life sciences, and lawyer writings. On January 1, 2014 ProAssurance acquires Eastern Insurance Holdings, Inc., a publicly traded healthcare-centric writer of worker's compensation insurance. ProAssurance becomes the majority capital provider to Syndicate 1729 at Lloyd's of London. Also, in 2014 ProAssurance announces the formation of CAPAssurance in partnership with the Cooperative of American Physicians (CAP), a California-based insurer. In 2015, ProAssurance forms ProAssurance American Mutual, A Risk Retention Group domiciled in Washington, D.C. The Risk Retention Group provides ProAssurance with additional flexibility to service its customers with challenging and complex needs. In 2017, ProAssurance's subsidiary, Eastern Alliance, purchased Great Falls Insurance Company's book of workers' compensation business. This purchase allowed Eastern to expand operations into Maine and New Hampshire. In September 2017, ProAssurance Corporation endowed the University of Alabama School of Medicine $1.5 million to establish the ''ProAssurance Endowed Chair for Physician Wellness''. The chair will support a research team to address health issues unique to physicians." On May 5, 2021, ProAssurance Corporation acquires NORCAL Mutual, a physician-directed insurance company based in Northern California. As leaders in writing medical professional liability insurance, NORCAL contributions help to expand and establish ProAssurance as a true nationwide platform.


References


External links


ProAssurance websiteNORCAL websiteEastern websitePICA websiteMedmarc website
{{Authority control Companies based in Birmingham, Alabama Companies listed on the New York Stock Exchange Insurance companies of the United States Medical malpractice Financial services companies established in 1976