BIRMINGHAM, Ala., and AUSTIN, Texas, Nov. 30, 2010 /PRNewswire-FirstCall/ -- ProAssurance Corporation (NYSE: PRA) today announced the completion of its previously announced acquisition of American Physicians Service Group, Inc. ("APS") (Nasdaq: AMPH). APS shareholders overwhelmingly approved the transaction at a special meeting on November 29, 2010.
"We are excited about the opportunities this transaction creates for us," said ProAssurance's Chairman and Chief Executive Officer, W. Stancil Starnes. "Not only does it give us significant market presence as the second largest writer of medical professional liability insurance in Texas, it also enhances our presence in Oklahoma and Arkansas. We expect to leverage the skill and dedication of APS' employees to deliver an unmatched level of service and financial strength to policyholders in these three key states. Additionally, we believe our shareholders will see benefits as well, as we expect to grow profitably during a challenging time in our business."
The Chairman and Chief Executive Officer of APS, Ken Shifrin, said, "We've found the ideal partner to carry on the physician-focused traditions of APS. We know that ProAssurance will continue to serve our 6,800 insureds with the individual attention that is a part of our mutual corporate cultures."Under the terms of the merger, each share of APS stock will be redeemed for $32.50 in cash. Shareholders whose stock is held by a broker or in direct registration will be paid automatically. Those APS shareholders with stock certificates will receive instructions by mail for surrendering their shares in order to receive payment. Shareholders with questions about the share conversion process may contact American Stock Transfer & Trust at (877) 248-6417. As a result of this transaction, APS's common stock will cease to trade on the Nasdaq Stock Market prior to the open of business on December 1, 2010, and will thereafter be delisted. About ProAssurance