Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
ProAssurance Corporation
Actual Acquirer:
ProAssurance Corporation
Target:
American Physicians Service Group, Inc.
Deal Type:
Insurance Company
Insurance Sector
Property & Casualty
Agreement Date:
8/31/2010
Announcement Date:
9/1/2010
Announced Deal Value ($ M):
228.89
Announced Deal Value, As Reported ($ M)
233.02
Status:
Completed
Announced Deal Value Per Share ($ )
32.50
Completion Date:
11/30/2010

Consideration Breakout
Cash ($M) 217.2

Deal Pricing Ratios

Announcement Completion
Price / Earnings (x) 9.5 10.1
Price / Book (%) 132.8 127.7
Price / Statutory Net Income (x) NA NA
Price / Earnings (x) 8.79 8.50
Price / Capital & Surplus (%) NA NA
Price / Operating Income (x) 215.9 205.6
Price / Net Premiums Written (x) 3.45 3.70
Deal Terms
Description of Consideration

ProAssurance Corp. paid $32.50 per share in cash and also assumed liabilities of $4 million to acquire each outstanding share of American Physicians Service Group Inc. Target's statutory financials are for American Physicians Insurance Co.

Percent Acquired (%) 98.00
Accounting Method Acquisition
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 Sandler O'Neill & Partners LP
Seller Yes Macquarie Capital (USA) Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Burr & Forman LLP
Seller Yes Akin Gump Strauss Hauer & Feld
Copyright 2018, © S&P Global Market Intelligence  Terms of Use