Company History

Your choice of ProAssurance reflects an appreciation of our commitment to treat you fairly. We exist to protect others. Our history demonstrates companies of similar values coming together to ensure strong healthcare liability coverage, as well as other insurance options for our customers.

For more details on the growth history behind our founding companies visit ProAssurance.com/FoundingCompanies.

The timeline of our formation and major events includes:

2020

On February 20, ProAssurance announced the acquisition of NORCAL Group contingent upon regulatory and policyholder approval.

In mid-March, the Coronavirus (COVID-19) pandemic caused significant global quarantines. Social and economic disruptions included business closures, cancellations of elective surgeries, increases in telehealth, and more. ProAssurance’s response included approximately $3.7 million in premium reduction to impacted policyholders, several new online seminars for physician and practice administrators, and guidelines for mitigating risk while practicing during a pandemic. Complimentary confidential coaching for COVID-19 related stress was made available to insureds, as well as virtual risk assessments for office practices and deferrals for premium payments.

2019

On July 1, Edward L. “Ned” Rand, Jr. became CEO of the Company as successor to Stan Starnes. Mr. Rand retained his title of President of the organization. He was formerly President and Chief Operating Officer.

In October, organizational structural changes included the development of the Innovative Specialty Team integrating the chiropractic, dental, lawyer, and podiatric lines of business. Mid-Continent was consolidated into other existing healthcare professional liability operations.

Following the February retirement announcement of Howard Friedman, President of Healthcare Professional Liability, Michael L. Boguski assumed the presidency of a new division, Specialty Property & Casualty, effective mid-May. The new division includes standard and specialty underwriting units, in addition to the Innovative Specialty Team operations and products liability.  Boguski was the president of Eastern Alliance Insurance Group.

Also in May, Kevin M. Shook was named Eastern’s new president. He was the Executive Vice President of Eastern. Robert D. Francis rejoined ProAssurance as Executive Vice President of Underwriting and Operations for the Healthcare Professional Liability operation within the Specialty P&C division.

On July 16, ProAssurance was selected as a Ward’s 50® top property casualty insurer for the 13th consecutive year. With nearly 3,000 companies examined for safety, consistency, and performance, ProAssurance’s ongoing selection is a significant honor.

2018

Edward L. “Ned” Rand was named President of the Company on December 3 in addition to his role as Chief Operating Officer. He was previously Chief Financial Officer for 13 years.

Dana S. Hendricks was promoted to Chief Financial Officer effective September 1. She was previously Senior Vice President of Business Operations for the Podiatry Insurance Company of America (PICA), a ProAssurance subsidiary.

On July 17, ProAssurance was named to the prestigious Ward’s 50® list of top property and casualty insurance companies in America for the 12th consecutive year.

2017

ProAssurance’s subsidiary, Eastern Alliance, purchases the renewal rights to Great Falls Insurance Company’s book of workers’ compensation business. The purchase expands Eastern’s operations into Maine, New Hampshire, and ultimately other New England states.

On July 18, ProAssurance was named to the prestigious Ward’s 50® list of top property and casualty insurance companies in America for the 11th consecutive year.

On September 18, ProAssurance’s subsidiary, Eastern Alliance, completed its renewal rights transaction with Great Falls Insurance Company. The purchase expands Eastern’s workers’ compensation operations into Maine, New Hampshire, and other New England states. 

2015

ProAssurance forms ProAssurance American Mutual, A Risk Retention Group domiciled in Washington, D.C.  The Risk Retention Group provides ProAssurance with additional flexibility to service its customers with challenging and complex needs.

2014

ProAssurance introduces ProAssurance Complex Medicine (ProCxM), a new suite of excess insurance coverages and related services. With organizations retaining more of their own risk as they evolve to meet the complicated needs of the nation’s emerging healthcare delivery system, ProCxM enables effective solutions for those risks. In 2020, the ProCxM program was merged into the hospital underwriting unit of ProAssurance's healthcare professional liability insurance division.

ProAssurance Risk Solutions begins operations, providing proven expertise to address complex risk financing challenges in both healthcare and workers’ compensation. Its focus is on run-off liabilities in M&A transactions and the assumption of existing reserve liabilities for large organizations seeking to repurpose capital resources. In 2019, Risk Solutions was folded in to the specialty underwriting unit of ProAssurance's healthcare professional liability insurance division.

ProAssurance becomes the majority capital provider to Syndicate 1729 at Lloyd's of London. This investment in Syndicate 1729’s operations expands ProAssurance’s commitment to writing the broadest range of healthcare-specific liability coverage, eventually enabling participation in carefully selected opportunities outside the U.S.

ProAssurance acquires Eastern Insurance Holdings, Inc., a publicly traded healthcare-centric writer of workers’ compensation insurance. Eastern has proven expertise in alterative risk transfer through its Inova program (via its Cayman-based subsidiary, Eastern Re). With the ability to provide our customers proven solutions for both professional liability and workers’ compensation, ProAssurance offers insureds, agents, and brokers unmatched ease in placing two difficult lines of business.

ProAssurance announced the formation of CAPAssurance in partnership with the Cooperative of American Physicians (CAP), a California-based insurer, to provide coverage for hospitals, medical facilities, and large physician groups in California and adjacent states. The CAPAssurance partnership between ProAssurance and CAP mutually ended in October 2020.

2013

ProAssurance acquires Medmarc Insurance Group in a sponsored demutualization. The Medmarc Group, consisting of Medmarc Casualty Insurance Company and Noetic Specialty Insurance Company, expands ProAssurance’s healthcare-centric focus to medical products and life sciences, and lawyer writings.

2012

ProAssurance acquires Independent Nevada Doctors Insurance Exchange (IND), a Nevada reciprocal insurer. This vaults the company to a leadership position in the Nevada healthcare professional liability market and a strong base of operations in the far West.

ProAssurance enhances its commitment to delivering policyholders an exceptional experience by opening dedicated service centers in Birmingham, Alabama, and Okemos, Michigan, for seamless delivery of policyholder services.

2010

ProAssurance acquires American Physicians Service Group, Inc., the publically-traded parent company of American Physicians Insurance Company (API), an Austin, Texas-based insurer with roots stretching back to 1975. This transaction moves ProAssurance into the vital Texas market and expands writings in Arkansas and Oklahoma.

ProAssurance and Ascension Health, the nation’s largest not-for-profit healthcare provider, announce the creation of the Certitude® program. This strategic partnership provides a competitive, financially secure medical professional liability program for certain on-staff and affiliated physicians and mid-level healthcare providers.

2009

ProAssurance acquires Podiatry Insurance Company of America, A Mutual Company (PICA) in a sponsored demutualization. PICA, founded by podiatrists in 1980, is the largest insurer of podiatrists in the U.S. PICA also is an insurer of U.S. chiropractors and acupuncturists through its subsidiary, PACO Assurance Company, Inc. (PACO). PICA had previously acquired PACO (1999), Dependable Protective Mutual (2000), and OUM (2001).

2008

ProAssurance acquires Mid-Continent General Underwriters—cementing its ability to offer coverage to allied healthcare professionals, a growing segment of American healthcare delivery.

ProAssurance acquires Georgia Lawyers Insurance Company (GLIC), increasing its lawyers professional liability business—and naming new agencies to begin expanding its legal professional liability business in the Mid-Atlantic and far West regions.

ProAssurance reaffirms an enduring commitment to its insureds and other constituents with the rollout of Treated Fairly®, a brand initiative reflected in its new logo and vision statement.

2007

ProAssurance’s first year to be named as a member of the prestigious Ward’s 50®, an annual listing of the fifty top-performing property-casualty insurers in America. Award is based on service to policyholders, financial strength, and operating performance.

ProAssurance Corporation's Chairman and Chief Executive Officer, A. Derrill Crowe, M.D., announced his retirement to the Board of Directors on April 26, 2007. The Board elected former medical liability defense attorney, W. Stancil Starnes, to succeed Dr. Crowe as Chief Executive Officer effective July 1, 2007.

2006

ProAssurance acquires the Physicians Insurance Company of Wisconsin, Inc. (PIC Wisconsin), a physician-founded insurer serving Wisconsin and adjacent Midwest states, as well as Nevada. PIC Wisconsin was formed in 1986.

2005

ProAssurance acquires NCRIC Group, Inc. (NCRIC), a publically-traded parent company of NCRIC, Inc., an insurer serving Washington, DC and adjacent Mid-Atlantic states. NCRIC, formed by physicians in 1980, was converted to a public company in 1999.

2004

ProAssurance purchases the renewal rights to all of the Ohio Hospital Insurance Company’s physician, hospital, and healthcare facility business in Indiana, Illinois, Kansas, Kentucky, and Wisconsin, deepening our commitment to the Midwest and Central U.S.

2001

Medical Assurance and Professionals Group merge to form ProAssurance Corporation, setting the stage for nationwide expansion and laying a foundation for growth in balance sheet strength that has led to industry leadership.

1999

Medical Assurance assumes the business of Medical Defense Associates to strengthen its presence in, and commitment to, the state of Missouri.

1998

Physicians Protective Trust Fund (PPTF) and PICOM consolidate, forming ProNational Insurance Company. PPTF was formed by Florida physicians in 1975 to ensure the availability of medical professional liability coverage in that state.

1997

MAIC Holdings changes its name to Medical Assurance, Inc.

1996

MAIC Holdings moves to the New York Stock Exchange under the symbol MAI.

PICOM assumes the business of American Medical Insurance Exchange (AMIE) and begins serving physicians in AMIE’s home state of Indiana. AMIE was organized in 1988 to fill the void created when a major commercial insurer left the Indiana market.

Professionals Group forms as the holding company for PICOM, with the company setting its sights on growth outside of Michigan.

MAIC Holdings acquires Missouri Medical Insurance Company (MOMEDICO), expanding westward and providing a base for operations in the Central U.S. MOMEDICO was a publicly-traded Missouri insurer founded by Missouri physicians in 1978.

1995

PICOM expands professional liability coverage to a limited segment of attorneys, believing that business can complement its medical professional liability business.

Mutual Assurance is renamed MAIC Holdings to reflect the growing number of subsidiaries and its growing scope of operations.

PICOM assumes the business of Associated Physicians Insurance Company (APIC), an Illinois-based, physician-led insurer founded in 1986.

Mutual Assurance assumes the business of Physicians Insurance Company of Ohio (PICO), which was founded by Ohio physicians in 1976.

Mutual Assurance purchases Physicians Insurance Company of Indiana (PICI), formed in 1982. This provides a central base of operations for Midwest expansion.

1994

Mutual Assurance acquires the West Virginia Hospital Insurance Company (WVHIC) and begins expanding outside of Alabama. WVHIC was formed to serve West Virginia hospitals in 1986. Mutual Assurance began serving the state’s physicians in 1994.

1993

PICOM’s growth in size and financial stability allows it to list its stock on the NASDAQ Stock Market under the symbol PICM.

1991

Mutual Assurance becomes the first physician-founded company to demutualize and convert to a publicly traded stock company. Shares were listed on NASDAQ under the symbol MAIC.

1985

Mutual Assurance becomes the first of the physician/policyholder-founded companies to begin insuring hospitals and facilities. This lays the long-term foundation for ProAssurance’s expertise in insuring healthcare facilities.

1984

Mutual Assurance becomes one of the first policyholder-founded companies rated by A.M. Best. ProAssurance’s continued high ratings underscore our commitment to the security of a strong balance sheet, as well as disciplined underwriting and pricing.

1980

Physicians Insurance Company of Michigan (PICOM) is formed to assume the Brown-McNeely Fund’s business. That was a state fund created to address the dearth of affordable professional liability coverage. Founding physicians received stock.

1976

Mutual Assurance is formed by Alabama physicians to fill the liability insurance void left when the Medical Association’s endorsed carrier abandoned the market. 

Medical Defense Associates was incorporated on January 16, as a mutual professional liability insurance company under the name of Medical Defense Associates, Ltd., and commenced business February 7, 1976.