Houlihan Lokey Advises The Doctors Company

Houlihan Lokey is pleased to announce that The Doctors Company has acquired ProAssurance Corporation (NYSE:PRA) 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 closed on June 26, 2026.

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 has assets of approximately $12 billion.

Under the terms of the agreement, ProAssurance stockholders 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 the announcement, with a transaction value of approximately $1.3 billion.

ProAssurance’s common stock is no longer listed on the New York Stock Exchange, and ProAssurance is 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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