ProAssurance
ProAssurance is a specialty medical professional liability insurer underwriting malpractice, workers' compensation, products liability, and cybersecurity coverage for more than 200,000 U.S. healthcare professionals and organizations, distributed via direct sales and an Elite Partner Program of agency brokers.
- Company typePublic
- Founded1976
- HeadquartersBirmingham, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What ProAssurance does
ProAssurance Corporation is a specialty property and casualty insurance company headquartered in Birmingham, Alabama, founded in 1976 and operating nationally across all 51 U.S. venues. Its core product is medical professional liability (MPL) insurance providing claims-made and occurrence policy options for physicians, physician groups, hospitals and healthcare systems, senior care facilities, and miscellaneous medical providers, with standard $1M/$3M limits and customizable deductibles, tail coverage, and risk management education. The company extends its platform into adjacent specialty lines including workers' compensation insurance, products liability for medical technology and life sciences companies through its wholly-owned Medmarc subsidiary, cybersecurity coverage via the ProSecure product, and alternative risk transfer and captive arrangements for large healthcare organizations.
The company distributes through a hybrid model combining direct sales for enterprise accounts with an Elite Partner Program of approximately 30 agency partners including Acrisure, Alliant, Amwins, Brown & Brown, Gallagher, Hub International, Lockton, and Marsh McLennan. The platform supports agency partners via a proprietary Broker Report Card evaluation system, the ProVisions underwriting tool, and the ProAssurance Agency portal at agents.proassurance.com. Policyholders access a Secure Services Portal for policy management, payments, and claims reporting, while risk management resources (Claims Rx bimonthly publication, Rapid Risk Review and Resident Rundown podcasts, online seminars, CME credits) and an exclusive partnership with Sure Med Compliance for opioid prescribing decision support extend the value proposition beyond pure risk transfer.
ProAssurance was publicly traded on the NYSE under ticker PRA until June 26, 2026, when The Doctors Company, the nation's largest physician-owned medical malpractice insurer, completed its acquisition for approximately $1.3 billion in cash at $25.00 per share. ProAssurance now operates as a wholly owned subsidiary within a combined entity that protects more than 200,000 healthcare professionals and organizations nationwide with $12 billion in assets. The business model is subscription/recurring premium-based with annual billing cadence, pricing risk-adjusted by specialty, geography, claims history, and coverage limits. As of Q1 2026 the company reported $269.64M in quarterly revenue, $8.5M in net income, $40.0M in net investment income, and an improved Non-GAAP combined ratio of 109.9%.
ProAssurance firmographics
Firmographics- Name
- ProAssurance
- Legal name
- ProAssurance Corporation
- Website
- https://proassurance.com
- Company type
- Public
- Founded year
- 1976
- Operating status
- Acquired
- Headcount range
- 501–1,000 employees
- Short description
- ProAssurance is a specialty medical professional liability insurer underwriting malpractice, workers' compensation, products liability, and cybersecurity coverage for more than 200,000 U.S. healthcare professionals and organizations, distributed via direct sales and an Elite Partner Program of agency brokers.
- Ownership category
- akta.pro rank
ProAssurance industry classification
Industry- Product category
- Medical Professional Liability Insurance
- NAICS
- Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412)
- SIC
- Fire, Marine & Casualty Insurance (6331), Accident & Health Insurance (6321)
- akta.pro primary industry
- Medical Malpractice Liability (FSAJADAK)
- akta.pro secondary industry
- Professional Liability (Errors & Omissions) (FSAJADAB)
Keywords
Where ProAssurance is headquartered
LocationHeadquarters
- HQ city
- Birmingham
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
ProAssurance business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain
Revenue model
- Medical Professional Liability Insurance Premiums: Core revenue stream from underwriting medical professional liability insurance policies for physicians, hospitals, and healthcare organizations. Pricing is based on individual risk factors including specialty, claims history, practice location, and coverage limits. Premiums are paid on a recurring basis annually.
- Workers' Compensation Insurance: Workers' compensation insurance products for healthcare industry employers, complementing the core medical liability business.
- Products Liability Insurance: Coverage for medical technology and life sciences companies for products liability exposure.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Claims-Made and Occurrence Policy Options |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels8 records
ProAssurance product offering
Product offeringCore offering
ProAssurance underwrites and distributes medical professional liability (malpractice) insurance for individual physicians, physician groups, hospitals, healthcare systems, senior care facilities, and miscellaneous medical providers, with both claims-made and occurrence policy structures. The company also writes workers' compensation insurance for healthcare employers and products liability insurance for medical technology and life sciences companies through its Medmarc subsidiary. Coverage is sold primarily through an Elite Partner network of approximately 30 independent agencies with direct sales for large enterprise accounts.
Product overview
ProAssurance is a specialty property and casualty insurance company focused on medical professional liability. The company operates a platform-plus-modules architecture anchored by its core Medical Professional Liability Insurance product, which offers claims-made and occurrence coverage options for physicians, hospitals, senior care facilities, and miscellaneous medical professionals. This core product is supplemented by multiple add-on modules including the Secure Services Portal for policyholder self-service, Claims Rx for risk management education, the Risk Management Platform providing seminars and podcasts, the Knowledge Center for educational content, the ProSecure Cybersecurity offering, Alternative Risk Transfer solutions, and Tail Coverage for claims-made policy holders. ProAssurance also operates a distribution ecosystem through its ProAssurance Agency platform and Elite Partner Program for independent agents and brokers. The company was acquired by The Doctors Company in June 2026 and now operates as a wholly owned subsidiary.
Differentiator
Problem solved
Functional benefit
Products and services
- Medical Professional Liability Insurance Core insurance product providing medical malpractice coverage for physicians, physician groups, hospitals, healthcare systems, senior care facilities, and miscellaneous medical professionals. Coverage includes claims-made and occurrence policy options with standard $1M/$3M limits, customizable deductibles, and tail coverage provisions.
- Workers' Compensation Insurance Workers' compensation insurance product for healthcare industry employers, complementing the core medical professional liability business with employee injury coverage.
- Medmarc Products Liability Insurance Coverage for medical technology and life sciences companies for products liability exposure, distributed through the Medmarc subsidiary of ProAssurance Group. Serves manufacturers and distributors of medical devices and pharmaceutical products.
- ProSecure Cybersecurity Insurance Cybersecurity insurance and risk management solutions for healthcare organizations, providing coverage and resources to protect against digital threats, data breaches, and ransomware incidents.
- Tail Coverage Extended reporting period coverage for claims-made policies, enabling insureds to report claims arising after policy expiration for incidents that occurred during the active policy period. Available at policy retirement, carrier transition, or practice changes, with some policies offering coverage at no additional cost under specific circumstances.
- Alternative Risk Transfer Solutions Risk financing solutions including captive insurance arrangements and alternative risk transfer mechanisms for healthcare organizations seeking to manage their risk exposure beyond traditional insurance structures.
- Sure Med Compliance Overdose Prevention Program Digital health platform for responsible opioid prescribing, providing clinical decision support to identify misuse, abuse, and overdose risk. Offered at no additional cost to ProAssurance insureds who prescribe opioids, especially for chronic pain management. EHR-integrated, eliminating 80% of documentation time needed for controlled substance therapy compliance.
Quantifiable outcome
- Combined ratio improved 2.3 points to 109.9% in Q1 2026
- +4 more outcomes
Companies that use ProAssurance
Customer profileNamed customers6 records
Segments5 records
Ideal customer profiles3 records
ProAssurance technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
ProAssurance partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered flagship and core.
- The Doctors CompanyflagshipThe Doctors Company, the nation's largest physician-owned medical malpractice insurer, completed acquisition of ProAssurance for approximately $1.3 billion ($25.00 per share in cash). The combined entity protects more than 200,000 healthcare professionals with $12 billion in assets, creating what is described as the most trusted medical professional liability and specialty lines insurer in America. ProAssurance operates as a wholly owned subsidiary.
- Sure Med CompliancecoreExclusive partnership providing ProAssurance insureds with complimentary access to Sure Med Compliance's digital health platform for responsible opioid prescribing. The platform is the first and only scientifically validated digital solution to mitigate risk for both patient and provider in pain management settings, eliminating 80% of documentation time needed for controlled substance therapy compliance while delivering clinical insights via EHR integration.
- NORCAL GroupcoreNORCAL Group companies were acquired by ProAssurance and are being integrated into the combined organization. NORCAL provides medical professional liability insurance primarily in the western United States.
- MedmarccoreMedmarc, part of ProAssurance Group, provides products liability insurance to the life sciences industry including manufacturers and distributors of medical technology and pharmaceutical products. Contributes Claims Rx content on off-label use and product liability issues.
Scale indicators11 records
Recent moves7 records
Expansion highlights6 records
ProAssurance competitors and assessment
Company assessmentDirect peers
- The Doctors Company: The nation's largest physician-owned medical malpractice insurer and ProAssurance's acquirer (completed June 2026). Direct peer offering identical MPL coverage to physicians and healthcare systems with similar mutual/physician-owned structure and defense philosophy.
- MagMutual: Physician-owned medical professional liability insurer providing malpractice coverage and risk management to healthcare providers. Direct peer with mutual ownership structure competing in same physician MPL segment.
- NORCAL Group: Medical professional liability insurer focused on western U.S. physicians, previously independent but acquired by ProAssurance and now integrated as part of the combined Doctors Company entity. Historical direct peer in MPL coverage.
- Coverys: Healthcare liability insurer offering medical professional liability coverage to physicians, hospitals, and healthcare systems. Direct competitor in MPL with similar mutual structure and risk management services focus.
- State Volunteer Mutual Insurance Company (SVMIC): Physician-owned medical professional liability insurer serving physicians across multiple states. Direct competitor in MPL market with similar mutual ownership model and physician-focused defense strategy.
- Medical Protective (MedPro): A Berkshire Hathaway subsidiary and one of the oldest MPL insurers in the U.S., providing direct medical professional liability coverage to physicians, dentists, and healthcare professionals with similar specialty focus and claims defense capabilities.
- ISMIE Mutual Insurance Company: Physician-owned medical professional liability carrier providing malpractice coverage primarily to Illinois physicians with multi-state expansion. Direct MPL peer with mutual structure and similar risk management education offerings.
Broad incumbents
- CNA Financial: Large publicly traded P&C insurer with healthcare professional liability as part of broader commercial insurance portfolio. Broad incumbent offering MPL alongside property, casualty, and specialty insurance lines to diverse customer base.
- Chubb Limited: Global P&C insurance leader with healthcare professional liability offerings as part of extensive commercial lines portfolio. Broad incumbent providing MPL coverage alongside broader property, casualty, and specialty insurance products.
- Markel Group: Specialty insurer with healthcare and professional liability offerings among broader insurance operations. Markel competes in MPL and related specialty lines as part of diversified specialty insurance and investment portfolio.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
ProAssurance social profiles
Digital presenceProAssurance financial estimates
Financial estimateRevenue estimate
Valuation estimate
ProAssurance leadership team
Management profileNumber of profiles
Profiles10 records
ProAssurance subsidiaries and ownership
Company hierarchySubsidiaries2 records
ProAssurance funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ProAssurance M&A and investment
M&A and investmentM&A7 records
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ProAssurance
What does ProAssurance do?
ProAssurance underwrites and distributes medical professional liability (malpractice) insurance for individual physicians, physician groups, hospitals, healthcare systems, senior care facilities, and miscellaneous medical providers, with both claims-made and occurrence policy structures. The company also writes workers' compensation insurance for healthcare employers and products liability insurance for medical technology and life sciences companies through its Medmarc subsidiary. Coverage is sold primarily through an Elite Partner network of approximately 30 independent agencies with direct sales for large enterprise accounts.
Is ProAssurance a public or private company?
ProAssurance is a public company. It is classified as corporate owned and is currently acquired.
When was ProAssurance founded?
ProAssurance was founded in 1976. It employs 501 to 1,000 people.
Where is ProAssurance based?
ProAssurance is headquartered in Birmingham, United States, in the North America region.
How does ProAssurance make money?
Three revenue lines are on record. Medical Professional Liability Insurance Premiums are the primary driver. The others are workers' Compensation Insurance and products Liability Insurance.
Who are ProAssurance's main competitors?
Direct peers on record are The Doctors Company, MagMutual, NORCAL Group, Coverys, State Volunteer Mutual Insurance Company (SVMIC), Medical Protective (MedPro) and ISMIE Mutual Insurance Company. Broad incumbents are CNA Financial, Chubb Limited and Markel Group.
Does ProAssurance have an API?
No public API is recorded for ProAssurance.
What industry is ProAssurance in?
ProAssurance's product category is Medical Professional Liability Insurance. Its primary akta.pro industry code is FSAJADAK, Medical Malpractice Liability, with a secondary code of FSAJADAB, Professional Liability (Errors & Omissions). Its NAICS code is 524126 and its SIC code is 6331.