Mergers & Acquisitions

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Deal Overview

ProAssurance Corporation
Actual Acquirer:
ProAssurance Corporation
American Physicians Service Group, Inc.
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) 217.2

Deal Pricing Ratios

Announcement Completion
Price / Earnings (x) 9.5 10.1
Price / Book (%) 132.8 127.7
Price / Statutory Net Income (x) NA NA
Price / Earnings (x) NM 8.50
Price / Capital & Surplus (%) NA NA
Price / Operating Income (x) 216.1 205.8
Price / Net Premiums Written (x) 3.45 3.70
Deal Terms
Description of Consideration

ProAssurance Corp. paid $32.50 per share in cash and also assumed liabilities of $4 million to acquire each outstanding share of American Physicians Service Group Inc. Target's statutory financials are for American Physicians Insurance Co.

Percent Acquired (%) 98.00
Accounting Method Acquisition
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 Sandler O'Neill & Partners LP
Seller Yes Macquarie Capital (USA) Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Burr & Forman LLP
Seller Yes Akin Gump Strauss Hauer & Feld
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