Mergers & Acquisitions

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Deal Overview

Buyer:
ProAssurance Corporation
Actual Acquirer:
ProAssurance Corporation
Target:
NCRIC Group, Inc.
Deal Type:
Insurance Company
Insurance Sector
Property & Casualty
Agreement Date:
2/28/2005
Announcement Date:
2/28/2005
Announced Deal Value ($ M):
70.06
Announced Deal Value, As Reported ($ M)
69.60
Status:
Completed
Announced Deal Value Per Share ($ )
10.10
Completion Date:
8/3/2005

Consideration Breakout
Common Stock ($M) 76.1
Common Stock Issued 1,732,896

Deal Pricing Ratios

Announcement Completion
Price / Earnings (x) NM NM
Price / Book (%) 96.7 107.4
Price / Statutory Net Income (x) NA NA
Price / Earnings (x) NA NA
Price / Capital & Surplus (%) NA NM
Price / Operating Income (x) NA NA
Price / Net Premiums Written (x) NA NA
Deal Terms
Description of Consideration

ProAssurance acquired NCRIC for 0.25 shares of stock for each share of NCRIC common stock. The exchange ratio was subject to adjustment so that the value per NCRIC share would neither exceed $11 nor be less than $9/share.

Percent Acquired (%) 100.00
Accounting Method Purchase
Merger of Equals? No
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Cochran Caronia Waller LLC
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Burr & Forman LLP
Seller Yes Luse Gorman PC
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