Mergers & Acquisitions

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Deal Overview

Buyer:
ProAssurance Corporation
Actual Acquirer:
PRA Professional Liability Group, Inc.
Target:
Medmarc Insurance Group
Deal Type:
Insurance Company
Insurance Sector
Property & Casualty
Agreement Date:
6/26/2012
Announcement Date:
6/27/2012
Announced Deal Value ($ M):
153.70
Announced Deal Value, As Reported ($ M)
153.70
Status:
Completed
Announced Deal Value Per Share ($ )
NA
Completion Date:
1/1/2013

Consideration Breakout
Cash ($M) 146.2
Non-contingent Future Payment ($M) 7.5

Deal Pricing Ratios

Announcement Completion
Price / Earnings (x) NA NA
Price / Book (%) NA NA
Price / Statutory Net Income (x) NA NA
Price / Earnings (x) 12.51 14.55
Price / Capital & Surplus (%) NA NA
Price / Operating Income (x) 96.2 94.3
Price / Net Premiums Written (x) 5.12 5.03
Deal Terms
Description of Consideration

ProAssurance Corp. paid $146.2 million in cash and $7.5 million of future policy credits to acquire Medmarc Insurance Group. Target’s statutory financials are for Medmarc Mutual Insurance Company, Medmarc Casualty Insurance Company and Noetic Specialty Insurance Company. 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) 3,600
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Wells Fargo Securities 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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