The Board of Directors of Birmingham, Alabama-based ProAssurance Corp. authorized $100 million to repurchase its shares or retire outstanding debt. The authorization is effective immediately, but the timing and quantity of any purchases will depend on market conditions and changes in capital requirements.
The company expended $150 million authorized by its Board in April 2007 for use in repurchasing shares and redeeming debt securities. ProAssurance used that authorization to purchase approximately 2.6 million shares of our common stock and redeem $15.5 million of trust preferred debt.
ProAssurance Corp. writes medical professional liability insurance through its principal subsidiaries The Medical Assurance Co. Inc., ProNational Insurance Co., NCRIC Inc., Physicians Insurance Co. of Wisconsin, Inc. and Red Mountain Casualty Insurance Co. Inc.
Source: ProAssurance
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