Houlihan Lokey Advises The Doctors Company
Houlihan Lokey is pleased to announce that The Doctors Company and ProAssurance Corporation (NYSE:PRA) have entered into a definitive agreement under which ProAssurance will be acquired by The Doctors Company for $25.00 per share in cash. The addition of ProAssurance fortifies the promise of The Doctors Company to the medical professional liability market for generations to come. The transaction is expected to close in the first half of 2026 and is subject to customary closing conditions, including approval by ProAssurance’s stockholders and the receipt of regulatory approvals.
Founded and led by physicians, The Doctors Company is the nation’s largest physician-owned medical malpractice insurer. The Doctors Company helps all healthcare providers manage the complexities of today’s healthcare environment—with expert guidance, resources, and coverage. The Doctors Company is part of TDC Group, the nation’s largest physician-owned provider of insurance and risk management solutions. TDC Group serves the full continuum of care—from individual clinicians to academic medical systems—with more than 110,000 healthcare professionals and organizations nationwide, annual revenue of $1.5 billion, and more than $8 billion in assets.
ProAssurance is an industry-leading specialty insurer with extensive expertise in medical liability, products liability for medical technology and life sciences, and workers’ compensation insurance. ProAssurance is rated “A” (Excellent) by AM Best. The combined company will have assets of approximately $12 billion.
Under the terms of the agreement, ProAssurance stockholders will receive $25.00 in cash per share, representing an approximately 60% premium to the closing price per share of ProAssurance common stock on March 18, 2025, the last trading day prior to today’s announcement, with a transaction value of approximately $1.3 billion.
The board of directors of ProAssurance has unanimously approved the transaction and resolved to recommend that its shareholders approve the agreement. The transaction is not subject to a financing condition. Upon completion of the transaction, ProAssurance’s common stock will no longer be listed on the New York Stock Exchange, and ProAssurance will become a wholly owned subsidiary of The Doctors Company.
Houlihan Lokey is serving as the lead financial advisor to The Doctors Company.
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