ProAssurance (PRA) said late Wednesday it has agreed to be acquired by The Doctors Company, a privately held medical malpractice insurer, for about $1.3 billion in cash.
ProAssurance investors will receive $25 in cash for each share they own, representing a nearly 60% premium over Tuesday's closing share price.
The deal, expected to close in H1 of 2026, has received approval from ProAssurance's board but is still subject to the company's stockholders and regulatory approvals. The combined company will have assets of about $12 billion.
ProAssurance said it will cease trading as a public company after the transaction closes.
ProAssurance shares surged past 50% during Wednesday's after-hours session.
Price: 23.32, Change: +7.78, Percent Change: +50.05
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