ProAssurance Corporation has filed a registration statement relating to a proposed offering of 2.75 million shares of common stock. The offering will include 2.5 million newly issued shares and 250,000 shares to be sold by the Company’s Chairman and Chief Executive Officer, A. Derrill Crowe, M.D.
ProAssurance will use the net proceeds from the sale of the newly issued shares to support the growth of its professional liability insurance business and for general corporate purposes. The company will not receive any of the proceeds from the sale of Dr. Crowe’s shares.
The managing underwriters for the offering are Banc of America Securities LLC, as lead manager and sole book runner, Cochran, Caronia & Co. as co-lead manager and Sandler O’Neill & Partners, L.P. as co-manager.
ProAssurance is the nation’s fourth largest writer of medical professional liability insurance and the 10th largest writer of personal auto coverage in Michigan.
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