A.M. Best Comments on ProAssurance Corporation's Planned Acquisition of PIC Wisconsin.OLDWICK, N.J. -- A.M. Best Co. has commented that all ratings of ProAssurance Corporation's (ProAssurance) (NYSE NYSE See: New York Stock Exchange : PRA PRA - PRAgmatics. The language used by COPS for specification of code generators. ["Metalanguages of the Compiler Production System COPS", J. Borowiec, in GI Fachgesprach "Compiler-Compiler", ed W. Henhapl, Tech Hochs Darmstadt 1978, pp. 122-159]. ) (Birmingham, AL) insurance subsidiaries, the rating of its senior unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. and the financial strength rating of Physicians Insurance Company of Wisconsin, Inc. (PIC (1) (Programmable Interrupt Controller) An Intel 8259A chip that controls interrupts. Starting with the 286-based AT, there are two PICs in a PC, providing a total of 15 usable IRQs. Wisconsin) (Madison, WI) remain unchanged following the announcement of ProAssurance's planned acquisition of PIC Wisconsin through an all stock transaction. The proposed transaction, which must be approved by PIC Wisconsin shareholders and is subject to state and federal regulatory approval, is expected to close during the second quarter of 2006. The transaction calls for each share of PIC Wisconsin stock to be converted into shares of ProAssurance and will value PIC Wisconsin at approximately $100 million. When the transaction is completed, PIC Wisconsin is expected to be positioned as a sister company to ProAssurance's main insurance subsidiaries. The acquisition provides ProAssurance with a leadership position in Wisconsin and extends its business in other upper Midwestern and Western states. Being part of ProAssurance also allows PIC Wisconsin to gain ready access to the capital markets. For Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. For current Best's Ratings, independent data and analysis on more than 3,000 individual property/casualty companies and A.M. Best groups, please visit www.ambest.com/pc. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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