This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

ProAssurance Completes Acquisition Of American Physicians Service Group

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.

(Logo: http://photos.prnewswire.com/prnh/20081024/PROASSURANCELOGO )

"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

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,399.67 +19.26 0.12%
S&P 500 1,904.01 +17.25 0.91%
NASDAQ 4,316.0740 +57.6360 1.35%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs