ProAssurance buys Georgia legal malpractice insurer
http://blog.al.com/businessnews
Birmingham’s ProAssurance Corp., one of the nation’s biggest medical malpractice insurers, will pay $4.3 million to acquire Georgia Lawyers Insurance Co., which provides malpractice coverage for 2,700 lawyers in that state.
ProAssurance also said it is establishing relationships with agencies that provide legal professional liability business in Mid-Atlantic and western states. The company says the moves will complement its $10 million book of legal malpractice insurance business in the Midwest.
Georgia Lawyers, founded in 2002, produced written premiums of $5.5 million last year.
ProAssurance CEO Stan Starnes said the all-cash deal will provide expansion opportunities for his company.
“Not only does it significantly add good business, it gives us an ideal expansion platform in an area where we think there is a good opportunity to grow,” Starnes said in a statement.
The transaction is subject to approval by Georgia Lawyers’ shareholders and regulators. The deal should be complete by early next year.
See how ProAssurance shares are performing.
