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Deal Overview

Buyer:
ProAssurance Corporation
Actual Acquirer:
ProAssurance Corporation
Target:
Eastern Insurance Holdings, Inc.
Deal Type:
Insurance Company
Insurance Sector
Property & Casualty
Agreement Date:
9/23/2013
Announcement Date:
9/24/2013
Announced Deal Value ($ M):
205.18
Announced Deal Value, As Reported ($ M)
205.00
Status:
Completed
Announced Deal Value Per Share ($ )
24.50
Completion Date:
1/1/2014

Consideration Breakout
Cash ($M) 194.0

Deal Pricing Ratios

Announcement Completion
Price / Earnings (x) 15.4 14.3
Price / Book (%) 137.7 134.6
Price / Statutory Net Income (x) NA NA
Price / Earnings (x) 24.98 18.36
Price / Capital & Surplus (%) 11.0 10.0
Price / Operating Income (x) 206.3 197.3
Price / Net Premiums Written (x) 1.64 1.64
Deal Terms
Description of Consideration

ProAssurance Corp. paid $24.50 per share in cash to acquire all the outstanding shares of Eastern Insurance Holdings Inc. Buyer's statutory financials are for ProAssurance Group of Companies (Combined). Target's statutory financials are for Allied Eastern Indemnity Co., Eastern Advantage Assurance Co. and Eastern Alliance Insurance Co. (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) 3,100
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Raymond James & Assoc. Inc.
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Burr & Forman LLP
Seller Yes Stevens & Lee PC
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