Mergers & Acquisitions

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Deal Overview

Buyer:
ProAssurance Corporation
Actual Acquirer:
ProAssurance Corporation
Target:
Independent Nevada Doctors Insurance Exchange
Deal Type:
Insurance Company
Insurance Sector
Property & Casualty
Agreement Date:
6/26/2012
Announcement Date:
6/27/2012
Announced Deal Value ($ M):
24.00
Announced Deal Value, As Reported ($ M)
24.00
Status:
Completed
Announced Deal Value Per Share ($ )
NA
Completion Date:
11/30/2012

Consideration Breakout
Cash ($M) 24.0

Deal Pricing Ratios

Announcement Completion
Price / Earnings (x) NA NA
Price / Book (%) NA NA
Price / Statutory Net Income (x) NA NA
Price / Earnings (x) 5.98 4.41
Price / Capital & Surplus (%) NA NA
Price / Operating Income (x) 117.3 113.5
Price / Net Premiums Written (x) 2.39 2.67
Deal Terms
Description of Consideration

ProAssurance Corp. paid $24.0 million in cash to acquire Independent Nevada Doctors Insurance Exchange. Buyer's statutory financials are for ProAssurance Group of Companies (Combined).

Percent Acquired (%) 100.00
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 No NA
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Burr & Forman LLP
Seller Yes Edwards Wildman Palmer LLP
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