M&A · Financials · Fire, Marine & Casualty Insurance
The Doctors Company to acquire Proassurance Corp
Announced Mar 19, 2025 · Closed Jun 26, 2026
Deal value$1.30B
Premium60.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$25.00 per share
Transaction
- Acquirer
- The Doctors Company
- Target
- Proassurance Corp (PRA)
- Buyer type
- Strategic
- Offer price per share
- $25.00
- Enterprise value
- —
- Status
- Closed Jun 26, 2026
Deal protections
- Break fee (target pays)
- $52.6M · 4.0%
- Reverse fee (buyer pays)
- $52.6M · 4.0%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Houlihan Lokey
- To the target
- Goldman Sachs
Sector context · Financials
- Comparable deals
- 57 in the prior 24 months
- Premium
- 60.0% vs. 34.0% sector median
- EV / Adj. EBITDA
- Sector median 12.5x
- Break fee
- 4.0% vs. 3.5% sector median
Timeline
- AnnouncedMar 19, 2025
- Proxy filedMay 1, 2025
- Definitive proxyMay 14, 2025
- Shareholder voteJun 24, 2025
- ClosedJun 26, 2026
Valuation · fairness opinions
Discounted cash flow$16.81$28.93
Future share price$11.57$23.38
Precedent transactions$21.04$40.78
Premiums paid$17.03$22.93
Offer $25.00
Implied value per Proassurance Corp share by analysis, from Goldman Sachs · DCF discount rate 7.5%–9%.