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Company history

Company History

Your choice of ProAssurance reflects an appreciation of our commitment to treat you fairly. Our mission is, “We protect others,” and our history demonstrates companies of shared values coming together to ensure strong healthcare liability coverage, workers' compensation insurance, as well as other insurance options for our customers. 

 

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.

The timeline of our formation and major events includes:

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    2021

    On May 5, ProAssurance closed the transaction to acquire NORCAL Group in a sponsored demutualization. NORCAL Group will be integrated into the operations of the healthcare professional liability (HCPL) division and makes ProAssurance the third largest writer of medical professional liability insurance by U.S. market share.
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    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.

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    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.

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    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.

     

A timeline of our formation and major events:

2016 – Present

2017 - ProAssurance’s subsidiary, Eastern Alliance, completes a renewal rights transaction with Great Falls Insurance Company’s book of worker’s compensation business on September 18, expanding Eastern’s operations to Maine, New Hampshire, and other New England states.

NORCAL Mutual acquires Preferred Physicians Medical Risk Retention Group, a Mutual Insurance Company (PPM), an anesthesiologist-founded, specialty-specific insurer.

2018 - December 3, Edward L. “Ned” Rand, Jr. is named President of ProAssurance in addition to his role as Chief Operating Officer. He was previously Chief Financial Officer for 13 years. Mr. Rand would become CEO of ProAssurance on July 1, 2019, succeeding Stan Starnes and retaining his title as President of the organization.

Dana S. Hendricks, previous Senior Vice President of Business Operations for PICA, is promoted to Chief Financial Officer effective September of 2018.

Michael L. Boguski, former President of Eastern Alliance Insurance Group, assumes presidency of a new division, Specialty Property & Casualty, effective mid-May of 2019. The division includes standard and specialty underwriting units, Innovative Specialty Team operations, and products liability.

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

2019 - In October, organizational structural changes include development of the Innovative Specialty Team, integrating chiropractic, dental, lawyer, and podiatric lines of business. Mid-Continent is consolidated into other existing HCPL operations.

2020 - The COVID-19 pandemic causes significant global quarantines. Social and economic disruptions include business closures, cancellations of elective surgeries, and increases in telehealth. ProAssurance’s response includes approximately $3.7 million in premium reduction to impacted policyholders, 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 is made available to insureds, as well as virtual risk assessments for office practices, and deferrals for premium payments.

2021 - On May 5, following regulatory and policyholder approval, ProAssurance acquires NORCAL Group in a sponsored demutualization. NORCAL Group is integrated into operations of the healthcare professional liability (HCPL) division, making ProAssurance the third largest writer of medical professional liability insurance by U.S. market share.

2006 - 2015

2007 - ProAssurance Corporation's Chairman and Chief Executive Officer, A. Derrill Crowe, MD, announces his retirement in April. The Board of Directors elects former medical liability defense attorney, W. Stancil Starnes, to succeed Dr. Crowe.

2008 - ProAssurance acquires Mid-Continent General Underwriters, offering coverage to allied healthcare professionals.

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

2009 - ProAssurance acquires Podiatry Insurance Company of America, A Mutual Company (PICA), in a sponsored demutualization. PICA is the largest insurer of podiatrists in the U.S. and also insures U.S. chiropractors and acupuncturists through its subsidiary, PACO Assurance Company, Inc. PICA previously acquired PACO (1999), Dependable Protective Mutual (2000), and OUM (2001).

2010 - ProAssurance acquires American Physicians Service Group, Inc., the parent company of an Austin, Texas-based insurer. This 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 creation of the Certitude® program.

2011 - NORCAL Mutual acquires Medicus Insurance Company, a medical professional liability insurance start-up established in. Texas, increasing its professional liability insurance business with a strong agent network and a presence in 34 states.

2012 - ProAssurance acquires Independent Nevada Doctors Insurance Exchange (IND), a reciprocal insurer, achieving a leadership position in the Nevada market and a strong base of operations in the far West.

2013 - ProAssurance acquires Medmarc Insurance Group, consisting of Medmarc Casualty Insurance Company and Noetic Specialty Insurance Company, and expanding ProAssurance’s healthcare-centric focus to medical products and life sciences, and lawyer writings.

2014 - ProAssurance becomes the majority capital provider to Syndicate 1729 at Lloyd's of London operations, which 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 alternative risk transfer through its Inova program. With the ability to provide customers proven solutions for professional liability and workers’ compensation, ProAssurance offers insureds, agents, and brokers unmatched ease in placing two difficult lines of business. 

2015 - ProAssurance forms ProAssurance American Mutual, A Risk Retention Group domiciled in Washington, D.C., which provides ProAssurance additional flexibility to service customers with challenging and complex needs.

NORCAL Mutual acquires FD Insurance, a private stock insurance company held by a group of Florida physicians and investors.

1996 - 2005

1996 - PICOM assumes the business of American Medical Insurance Exchange (AMIE), serving physicians in Indiana.

Professionals Group forms as the holding company for PICOM, focusing on growth outside of Michigan.

1998 - Florida’s Physicians Protective Trust Fund (PPTF) and PICOM consolidate, forming ProNational Insurance Company.

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

1997 - MAIC Holdings moves to the New York Stock Exchange under symbol MAI and changes its name to Medical Assurance, Inc.

1999 - Medical Assurance assumes the business of Medical Defense Associates to strengthen its commitment to the state of Missouri.

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 and industry leadership.

2004 - ProAssurance purchases renewal rights to Ohio Hospital Insurance Company’s physician, hospital, and healthcare facility business in Indiana, Illinois, Kansas, Kentucky, and Wisconsin. ProAssurance acquires NCRIC Group, Inc. in 2005, a parent company of NCRIC, Inc. (an insurer serving Washington, D.C. and Mid-Atlantic states).

2006 - ProAssurance acquires Physicians Insurance Company of Wisconsin, Inc. (PIC Wisconsin), a physician-founded insurer serving Wisconsin, adjacent Midwest states, and Nevada.

1986 - 1995

1991 - Mutual Assurance becomes the first physician-founded company to demutualize and convert to a publicly traded stock company. Shares are listed on the NASDAQ Stock Market under symbol MAIC.

1993 - PICOM lists its stock under the symbol PICM.

1994 - Mutual Assurance acquires West Virginia Hospital Insurance Company (WVHIC), expanding outside of Alabama and serving West Virginia physicians.

1995 - The company assumes the business of Physicians Insurance Company of Ohio (PICO) and purchases Physicians Insurance Company of Indiana (PICI), providing a central base of operations for Midwest expansion.

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

PICOM expands professional liability coverage to a limited segment of attorneys. PICOM assumes the business of Associated Physicians Insurance Company (APIC), an Illinois-based, physician-led insurer.

1976 - 1985

1976 - Mutual Assurance is formed by Alabama physicians to fill the liability insurance void left when Medical Association’s endorsed carrier abandoned the market. Medical Defense Associates, Ltd. is incorporated as a mutual professional liability insurance company, commencing business on February 7, 1976.

1980 - Physicians Insurance Company of Michigan (PICOM) is formed to assume the Brown-McNeely Fund’s business, a state fund created to address the dearth of affordable professional liability coverage. Founding physicians receive stock.

1984 - Mutual Assurance becomes one of the first policyholder-founded companies rated by AM Best. ProAssurance’s high ratings today underscore a commitment to the security of a strong balance sheet and disciplined underwriting and pricing.

1985 - Mutual Assurance becomes the first of physician/policyholder-founded companies to begin insuring hospitals and facilities.