ProAssurance

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%.

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

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

• Medical professional liability insurance
• Healthcare malpractice coverage
• Medical risk management services
• Workers compensation insurance
• Products liability insurance

Headquarters

HQ city

Birmingham

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. 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.
2. Workers' Compensation Insurance: Workers' compensation insurance products for healthcare industry employers, complementing the core medical liability business.
3. Products Liability Insurance: Coverage for medical technology and life sciences companies for products liability exposure.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core 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

Named customers6 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered flagship and core.

• The Doctors CompanyflagshipStrategic or Co-development Partner · 26 June 2026The 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 CompliancecoreStrategic or Co-development Partner · 23 June 2026Exclusive 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 GroupcoreStrategic or Co-development PartnerNORCAL 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.
• MedmarccoreStrategic or Co-development PartnerMedmarc, 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

Direct 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

• Xx.com/proassurance
• Facebookfacebook.com/picagroup
• LinkedInlinkedin.com/company/proassurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ProAssurance