( BW)(AL-PROASSURANCE)(PRA) ProAssurance Affirms Commitment to Florida
Medical Liability Market; Cites Financial Strength and Claims
Expertise as Differentiating Factors
Business Editors & Health/Medical Writers
BIRMINGHAM, Ala.--(BUSINESS WIRE)--June 27, 2002--ProAssurance
Corporation (NYSE:PRA), today cited its history and staying power in
reaffirming its commitment to the Florida medical liability market,
despite recent decisions announced by competitors who are exiting the
state or refusing new business.
"Our organizations' 25 years of experience in Florida have given
us a unique understanding of the challenging nature of the Florida
medical liability market. We believe the strengths that have always
set us apart are even more apparent now, given the recent
retrenchments by our competitors. Our claims expertise allows us to
meet the unique legal challenges of operating in Florida and our
financial stability will permit us to accept new business that meets
our high underwriting standards," said Chairman A. Derrill Crowe, M.D.
Victor T. Adamo, ProAssurance's President, said the Company
understands the need for long-term commitment. ProAssurance was
founded on the belief that its strong balance sheet, broad geographic
reach and specialized expertise would allow it to stand by the
promises it makes to insureds and investors. "This is the time when
our insureds, and their colleagues, need us the most. Fortunately, we
have refined our underwriting and claims operations in ways that will
allow us to protect our balance sheet and take advantage of the
opportunities created by competitors who are withdrawing their
capacity from the market," said Adamo.
About ProAssuranceProAssurance has more than $2.3 billion in assets and more than
$500 million in annualized gross written premiums. The Company was
formed one year ago today by the combination of Medical Assurance,
Inc. and Professionals Group, Inc., and is a leader in developing
solutions which serve the liability needs of the evolving health care
industry. ProAssurance is the nation's third largest writer of medical
professional liability insurance and one of the 100 largest writers of
personal auto coverage. A. M. Best assigns a rating of "Excellent" to
ProAssurance and its subsidiaries; Standard & Poor's assigns the
Company's professional liability carriers a "Strong" rating.
Caution Regarding Forward Looking Statements
This news release contains historical information as well as
forward-looking statements that are based upon ProAssurance's
estimates and anticipation of future events that are subject to
certain risks and uncertainties that could cause actual results to
vary materially from the expected results described in the
forward-looking statements. The words "anticipate," "believe,"
"estimate," "expect," "intend," "preliminary," "should," "will," and
similar expressions are intended to identify these forward-looking
statements. There are numerous important factors that could cause
actual results to differ materially from those in the forward-looking
statements. The principal risk factors that may cause actual results
to differ materially from those expressed in the forward-looking
statements are described in various documents filed by ProAssurance
Corporation with the Securities and Exchange Commission, including
Form 10K for the year ended 12/31/01 and Form 10Q for the most recent
quarter. In view of the many uncertainties inherent in the
forward-looking statements made in this document, the inclusion of
such information should not be taken as representation by the Company
or any other person that ProAssurance's objectives or plans will be
realized. ProAssurance expressly disclaims any obligation to update or
alter its forward looking statements whether as a result of new
information, future events or otherwise, except as required by law.
--30--AL/na*
CONTACT: ProAssurance, Birmingham
Frank B. O'Neil, 800/282-6242 or 205/877-4461
foneil@ProAssurance.com
KEYWORD: ALABAMAMICHIGANFLORIDA
INDUSTRY KEYWORD: INSURANCE MEDICAL LEGAL/LAW
SOURCE: ProAssurance
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