Mergers & Acquisitions

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Deal Overview

Buyer:
ProAssurance Corporation
Actual Acquirer:
Eastern Alliance Insurance Company
Target:
Renewal rights of workers compensation insurance business
Deal Type:
Insurance Company
Insurance Sector
Property & Casualty
Agreement Date:
6/8/2017
Announcement Date:
8/7/2017
Announced Deal Value ($ M):
4.20
Announced Deal Value, As Reported ($ M)
4.20
Status:
Completed
Announced Deal Value Per Share ($ )
NA
Completion Date:
9/18/2017

Consideration Breakout
Cash ($M) 2.9
Contingent Payments ($M) 1.4

Deal Terms
Description of Consideration

ProAssurance Corp. paid $2.85 million in cash to acquire renewal rights of workers compensation insurance business of Great Falls Insurance Co. from Citadel Reinsurance Co. Ltd. In addition, ProAssurance Corp. will also pay earn out of approximately $1.35 million based upon Eastern renewing at least 75% of the acquired renewal book of business. If Eastern renews less than 75% but greater than 50% of the acquired renewal book of business, the contingent consideration will be reduced on a pro-rated basis.

Percent Acquired (%) NA
Accounting Method Acquisition
Merger of Equals? No
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 134
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Burr & Forman LLP
Seller NA NA
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