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Deal Overview

ProAssurance Corporation
Actual Acquirer:
ProAssurance Corporation
Podiatry Insurance Company of America
Deal Type:
Insurance Company
Insurance Sector
Property & Casualty
Agreement Date:
Announcement Date:
Announced Deal Value ($ M):
Announced Deal Value, As Reported ($ M)
Announced Deal Value Per Share ($ )
Completion Date:

Consideration Breakout
Cash ($M) 120.0
Non-contingent Future Payment ($M) 15.0

Deal Pricing Ratios

Announcement Completion
Price / Earnings (x) NA NA
Price / Book (%) 153.8 153.8
Price / Statutory Net Income (x) NA NA
Price / Earnings (x) 15.32 20.30
Price / Capital & Surplus (%) NA NA
Price / Operating Income (x) 166.0 179.9
Price / Net Premiums Written (x) 1.27 1.44
Deal Terms
Description of Consideration

ProAssurance Corp. paid $120.0 million in cash, $15 million in premium credits to be paid over three years, plus $15.0 million as capital contribution in accordance with the approved plan of demutualization of PICA Group. Target's statutory financials are for Podiatry Insurance Company of America and PACO Assurance Company Inc. (combined). Buyer's statutory financials are for ProAssurance Group of Companies (Combined).

Percent Acquired (%) 100.00
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 Yes Macquarie USA LLC
Seller Yes Raymond James & Assoc. Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Burr & Forman LLP
Seller Yes Sidley Austin LLP
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