The Doctors Company, the nation’s largest physician-owned medical malpractice insurer, and ProAssurance Corporation (NYSE: PRA), an industry-leading specialty insurer with extensive expertise in medical liability, products liability for medical technology and life sciences, and workers’ compensation insurance, announced earlier this year that they have entered into a definitive agreement under which ProAssurance will be acquired by The Doctors Company.
The Doctors Company is part of TDC Group (tdcg.com), the nation’s largest physician- owned provider of insurance and risk management solutions. TDC Group serves the full continuum of care, from individual clinicians to academic medical systems—with over 110,000 healthcare professionals and organizations nationwide – with annual revenue of $1.5 billion and more than $8 billion in assets.
Under the terms of the agreement, ProAssurance stockholders will receive $25.00 in cash per share, representing an approximately 60% premium to the closing price per share of ProAssurance common stock on March 18, 2025, the last trading day prior to today’s announcement, with a transaction value of approximately $1.3 billion. The combined company will have assets of approximately $12 billion.
The transaction has not yet closed. However, on June 24, 2025, ProAssurance announced that its stockholders overwhelmingly approved the acquisition, with over 99% of votes cast in favor.
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, satisfying a key condition for the merger. However, the transaction still requires additional regulatory approvals, including from insurance regulators in the states where ProAssurance’s insurance subsidiaries are domiciled.
Currently the acquisition is expected to close in the first half of 2026, subject to remaining regulatory approvals and other customary closing conditions. The deal is not subject to a financing condition. Upon completion, ProAssurance will become a wholly owned subsidiary of The Doctors Company and will be delisted from the New York Stock Exchange.
Both companies continue to operate independently until the transaction is finalized.
The deal has been noted for its strategic benefits, combining the second- and fourth-largest medical professional liability insurers in the U.S., but some analysts have raised concerns about ProAssurance’s valuation. Raymond James downgraded ProAssurance’s stock rating to “Underperform” and Citizens JMP to “Market Perform,” citing a high 2025 estimated earnings per share multiple compared to industry peers.
AM Best has maintained the Financial Strength Rating of A (Excellent) for both ProAssurance and The Doctors Company, with no immediate changes expected due to the acquisition. Both entities will be monitored independently during the transaction period.