Effective December 31, 2023, ProAssurance Casualty Company will merge with and into affiliate ProAssurance Indemnity Company, Inc. The ProAssurance Casualty Company name will be defunct. A name change endorsement will be issued for ProAssurance Casualty policies to reflect ProAssurance Indemnity Company. This will be communicated via a policy endorsement that will be attached to all policies in-force on the effective date of the change and distributed to affected policyholders.
Why are we doing this?
The merger is part of our internal statutory consolidation efforts to reduce administrative costs and increase efficiency. Over the past 20-plus years, ProAssurance has grown, due to mergers and acquisitions, to become one of the top 5 largest medical professional liability insurers in the United States (source: Standard and Poor’s Global Ratings). Over the last 15 years, there have been 60 ProAssurance entities that have been sold, merged, or dissolved, leaving 27 entities as of October 31, 2023.
Reducing the number of the ProAssurance entities is cost effective. We ultimately reduce expenses by eliminating select administrative costs, consolidating systems and processes, and streamlining operations, all of which allows the Company to operate more efficiently.