ProAssurance Corporation and Physicians Insurance Company of Wisconsin, Inc. have agreed to merge PIC Wisconsin into ProAssurance through a proposed stock-for-stock transaction.
The medical malpractice insurance companies said that the merger will expand ProAssurance’s presence in the upper Midwest and provide access to states ProAssurance does not yet serve. The transaction should close in mid-2006.
The definitive agreement calls for each share of PIC Wisconsin stock to be converted into shares of ProAssurance stock having a value of $5,000. T
Victor T. Adamo, president of ProAssurance, said ProAssurance expects to add more than 9,000 policyholders as it expands its footprint west into Wisconsin, Minnesota, Nebraska, Nevada, and South Dakota, and adds to its business in Illinois, Iowa, and Kansas.
The proposed transaction will require the approval of PIC Wisconsin’s stockholders and state and federal regulators.
Was this article valuable?
Here are more articles you may enjoy.
Moody’s: US Faces $375B in Uninsured Flood Losses From 1-in-100-Year Event 
Progressive Is Biggest Auto Insurer, Surpassing State Farm, Says S&P GMI 
Florida Court Says 2020 Law Gives ‘Very Broad’ Liability Immunity to Rideshare Firms 
NY Archdiocese Can Depose Chubb CEO Greenberg in Clergy Abuse Claims Case 
