ProAssurance is the nation's fifth largest writer of medical professional liability insurance, and a leader in providing claims defense and relevant risk-management expertise to almost 60,000 policyholders in 48 states and the District of Columbia.ProAssurance was formed in 2001 through the merger of Medical Assurance, Inc. and Professionals Group, Inc., two of the leading MPL writers in America. Since its formation, ProAssurance has successfully expanded, organically and through M&A.
The Company writes insurance through its subsidiaries ProAssurance Casualty Company, ProAssurance Indemnity Company, Inc., ProAssurance National Capital Insurance Company (acquired as NCRIC, Inc.), ProAssurance Specialty Insurance Company, Inc., ProAssurance Wisconsin Insurance Company (acquired as PIC Wisconsin, the Podiatry Insurance Company of America (PICA) and PACO Assurance Company, Inc., both of which were acquired in a transaction that closed April 1, 2009.
ProAssurance is listed under the symbol "PRA" on the New York Stock Exchange.
Since the inception of ProAssurance's predecessor company in 1991, we have created wealth and value for shareholders. Book value per share, which was $42.69 at year-end 2008, increased 10% over 2007, and has grown at a compound annual rate of 14% over the past ten years. Over that same ten year period, ProAssurance stock price has grown at a compound annual rate of 10%, and closed 2008 at $52.78.
At December 31, 2008, ProAssurance's assets were $4.3 billion and Stockholder's Equity was $1.4 billion, a 13% over 2007. Our 2008 return on equity, based on net income, was 13%.
In 2008, our Gross Premiums Written were $471.5 million and total revenues were $567.2 million. Also in 2008 net income was $177.7 million (6% higher than in 2007) and earnings per diluted share were $5.22, up 9.5% over 2007.
A. M. Best rates the ProAssurance Group "A" (Excellent); Fitch rates ProAssurance "A."
