Mergers & Acquisitions

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Deal Overview

Buyer:
ProAssurance Corporation
Actual Acquirer:
ProNational Insurance Company
Target:
MEEMIC Holdings, Inc.
Deal Type:
Insurance Company
Insurance Sector
Property & Casualty
Agreement Date:
7/9/2002
Announcement Date:
7/9/2002
Announced Deal Value ($ M):
33.41
Announced Deal Value, As Reported ($ M)
33.41
Status:
Completed
Announced Deal Value Per Share ($ )
29.00
Completion Date:
1/29/2003

Consideration Breakout
Cash ($M) 31.1

Deal Pricing Ratios

Announcement Completion
Price / Earnings (x) 16.0 10.6
Price / Book (%) 118.7 107.4
Price / Statutory Net Income (x) NA NA
Price / Earnings (x) 24.96 14.79
Price / Capital & Surplus (%) 10.2 7.1
Price / Operating Income (x) 239.5 213.9
Price / Net Premiums Written (x) 1.45 1.35
Deal Terms
Description of Consideration

ProAssurance Corp. paid $29.00 per share in cash to acquire the remaining 16.06% stake in MEEMIC Holdings Inc. that it does not already own. Target's statutory financials are for MEEMIC Insurance Co.

Percent Acquired (%) 16.06
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 No NA
Seller Yes Raymond James & Assoc. Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Burr & Forman LLP
Seller Yes Dykema Gossett PLLC
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