Profile

ProAssurance Corporation, headquartered in Birmingham, Alabama, is a property and casualty company that sells professional liability insurance to doctors. The company was founded in 1976 as Mutual Assurance and was later renamed to Medical Assurance in 1997. 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 almost $5 billion in assets. On November 7, 2005, the company sold its personal lines insurance operations, known as Meemic Insurance Company, to Ally Financial for $400 million. Of the $400 million, $327 million was to be paid in cash, and $73 million was to be in capital that was held in Meemic Insurance Company. The sale was completed on January 4, 2006.