ProAssurance Corporation (NYSE:PRA) Files An 8-K Regulation FD DisclosureItem 7.01 Regulation FD Disclosure
ProAssurance Corporation (NYSE:PRA) Files An 8-K Regulation FD Disclosure
On June 8, 2017 our subsidiary, Eastern Alliance Insurance Group (“Eastern”) announced that it will purchase the renewal rights to Great Falls Insurance Company’s (“Great Falls”) book of workers’ compensation business. Eastern is not assuming any prior liability for policies written by Great Falls in this transaction.
Great Falls, an Auburn, Maine-based mono-line workers’ compensation insurance company, writes business in Maine and New Hampshire. The acquisition of the rights to renew Great Falls’ book of business will expand Eastern’s operations into Maine and New Hampshire and ultimately other New England states, providing geographic diversification and the ability to expand Eastern’s specialty workers’ compensation products and services in this marketplace. In addition, Eastern will assume Great Falls’ contracts with agency partners and all Great Falls employees led by President, Gary Hall, will join the Eastern organization at closing. Great Falls will serve as the foundation for Eastern’s New England Region, which will be the fifth operating region within Eastern.
Terms of the renewal rights transaction were not disclosed. In 2016, this business represented approximately $13.3 million of direct written premium to Great Falls. Completion of the transaction is subject to various conditions, including receipt of required regulatory approvals and a favorable vote of the sellers’ shareholders, and is expected to close early in the third quarter of 2017.
In this Current Report on Form 8K we are furnishing a news release issued by Eastern Alliance Insurance Group as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
99.1 News release, issued by Eastern Alliance Insurance Group, a subsidiary of ProAssurance, disclosing a renewal rights transaction with Great Falls Insurance Company.
We are furnishing Exhibit 99.1 to this Current Report on Form 8-K in accordance with Item 7.01, Regulation FD Disclosure. These exhibits shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.
About ProAssurance Corporation (NYSE:PRA)
ProAssurance Corporation is a holding company for property and casualty insurance companies. The Company provides professional liability insurance for healthcare professionals and facilities, professional liability insurance for attorneys, liability insurance for medical technology and life sciences risks, and workers’ compensation insurance. It operates in four segments: Specialty property and casualty, which includes its professional liability business, and medical technology and life sciences business; Workers’ compensation, which includes its workers’ compensation business, which it provides for employers, groups and associations; Lloyd’s syndicate, which includes operating results from its participation in Lloyd’s Syndicate 1729, and Corporate. In addition, the Company is also a provider for Lloyd’s of London Syndicate 1729, which writes a range of property and casualty insurance, and reinsurance lines.
ProAssurance Corporation is a holding company for property and casualty insurance companies. The Company provides professional liability insurance for healthcare professionals and facilities, professional liability insurance for attorneys, liability insurance for medical technology and life sciences risks, and workers’ compensation insurance. It operates in four segments: Specialty property and casualty, which includes its professional liability business, and medical technology and life sciences business; Workers’ compensation, which includes its workers’ compensation business, which it provides for employers, groups and associations; Lloyd’s syndicate, which includes operating results from its participation in Lloyd’s Syndicate 1729, and Corporate. In addition, the Company is also a provider for Lloyd’s of London Syndicate 1729, which writes a range of property and casualty insurance, and reinsurance lines.