05:10 PM EDT, 03/19/2025 (MT Newswires) -- ProAssurance ( PRA ) said late Wednesday it has agreed to be acquired by The Doctors Company, a privately held medical malpractice insurer, for about $1.3 billion in cash.

ProAssurance ( PRA ) investors will receive $25 in cash for each share they own, representing a nearly 60% premium over Tuesday's closing share price.

The deal, expected to close in H1 of 2026, has received approval from ProAssurance's ( PRA ) board but is still subject to the company's stockholders and regulatory approvals. The combined company will have assets of about $12 billion.

ProAssurance ( PRA ) said it will cease trading as a public company after the transaction closes.

ProAssurance ( PRA ) shares surged past 50% during Wednesday's after-hours session.

Price: 23.32, Change: +7.78, Percent Change: +50.05