ProAssurance Corporation
Encyclopedia
ProAssurance Corporation, headquartered in Birmingham
, Alabama
, is a property and casualty company that sells professional liability insurance
to doctors. The company was founded in 1975 as Medical Assurance. The name ProAssurance was created in 2001 when Medical Assurance merged with Professionals Group. The company is currently the fourth largest medical professional liability insurance writer and has over $4.5 billion in assets.
On November 7, 2005 the company sold its personal lines insurance operations, known as MEEMIC Insurance Company, to GMAC for $400 million. Of the $400 million, $327 million was to be paid in cash, an $73 million was to be in capital that was held in MEEMIC. The sale was completed on January 4, 2006.
The company operates five principal subsidiaries: ProAssurance Indemnity Company (formerly The Medical Assurance Company), ProAssurance Casualty Company (formerly ProNational Insurance Company), ProAssurance Wisconsin Insurance Company (formerly PIC Wisconsin), ProAssurance Specialty Insurance Company (formerly Red Mountain Casualty Insurance Company), and ProAssurance National Capital Insurance Company (formerly NCRIC, Inc.).
On April 1, 2009, the Podiatry Insurance Company of America (PICA) joined the ProAssurance organization. PICA is domiciled in Illinois and its offices are in Brentwood, Tennessee.
Birmingham, Alabama
Birmingham is the largest city in Alabama. The city is the county seat of Jefferson County. According to the 2010 United States Census, Birmingham had a population of 212,237. The Birmingham-Hoover Metropolitan Area, in estimate by the U.S...
, Alabama
Alabama
Alabama is a state located in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland...
, is a property and casualty company that sells professional liability insurance
Professional liability insurance
Professional liability insurance , also called professional indemnity insurance but more commonly known as errors & omissions in the US, is a form of liability insurance that helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending...
to doctors. The company was founded in 1975 as Medical Assurance. The name ProAssurance was created in 2001 when Medical Assurance merged with Professionals Group. The company is currently the fourth largest medical professional liability insurance writer and has over $4.5 billion in assets.
On November 7, 2005 the company sold its personal lines insurance operations, known as MEEMIC Insurance Company, to GMAC for $400 million. Of the $400 million, $327 million was to be paid in cash, an $73 million was to be in capital that was held in MEEMIC. The sale was completed on January 4, 2006.
The company operates five principal subsidiaries: ProAssurance Indemnity Company (formerly The Medical Assurance Company), ProAssurance Casualty Company (formerly ProNational Insurance Company), ProAssurance Wisconsin Insurance Company (formerly PIC Wisconsin), ProAssurance Specialty Insurance Company (formerly Red Mountain Casualty Insurance Company), and ProAssurance National Capital Insurance Company (formerly NCRIC, Inc.).
On April 1, 2009, the Podiatry Insurance Company of America (PICA) joined the ProAssurance organization. PICA is domiciled in Illinois and its offices are in Brentwood, Tennessee.