Best s Rating: A- Report PROASSURANCE GROUP PROASSURANCE GROUP. Birmingham, Alabama

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1 PROASSURANCE GROUP Birmingham, Alabama A- PROASSURANCE GROUP 100 Brookwood Place Birmingham, AL Web: Tel: Fax: AMB#: Publicly Traded Corporation: ProAssurance Corp. NYSE: PRA BEST S RATING Based on our opinion of the group s Financial Strength, it is assigned a Best s of A- (Excellent). The group s Financial Size Category is Class XII. DOMESTIC P/C RATINGS AMB Company/Group AMB # Medical Assurance Company Inc A- g ProNational Insurance Company A- g Red Mountain Casualty Ins Co A- r RATING RATIONALE Rationale: The rating reflects ProAssurance Group s excellent risk-adjusted capitalization, strong operating performance, its specialty expertise and leading business position within the medical professional liability insurance sector, and the financial flexibility afforded by ProAssurance Corporation [NYSE:PRA], its publicly traded parent. The rating also acknowledges the group s solid balance sheet, aggressive claims defense, risk management expertise, geographical diversification and localized knowledge within the various jurisdictions in which it operates. Partially offsetting these strengths are the inherent market risks associated with the medical professional liability insurance sector as they relate to price competition, legislative (tort) reform, loss cost trends and regulatory challenges. The exposure to these market risks was heightened by the January 1, 2006 sale of ProAssurance s highly profitable and non-correlating personal lines insurance operations, MEEMIC Insurance Company. Also a factor is the history of moderate fluctuations in the group s accident year reserve development in earlier accident years. The outlook is based upon the group s proven cycle management capabilities and pricing and underwriting discipline. The rating recognizes the financial flexibility available to the operating companies that is derived from PRA. PRA s financial leverage was a modest 11.6% at December 31, 2007 and will decline further in 2008, as PRA has authorized the redemption of its 3.90% convertible senior debentures beginning on July 7, 2008 at a cash redemption price of $107.6 million plus accrued and unpaid interest. PRA s interest coverage is within bounds for its rating and it currently holds an extensive amount of cash and short-term investments outside of its insurance subsidiaries that is available for use without regulatory approval. A.M. Best recognizes PRA s historically successful growth strategy in expanding its geographic footprint via mergers and acquisitions. Some of the more recent acquisitions of NCRIC, Inc. (2005), and Physicians Insurance Company of Wisconsin (PIC Wisconsin) (2006) have been smoothly integrated into ProAssurance operations. The rating applies to The Medical Assurance Company, Inc., and ProNational Insurance Company as well as its reinsured affiliate, Red Mountain Casualty Insurance Company, Inc. The rating is based on the consolidation of the companies to which the rating applies, in addition to three separately rated affiliates, NCRIC, PIC Wisconsin and Woodbrook Casualty Insurance, Inc. Best s : A- Outlook: Positive 2008 A.M. Best Company, Oldwick, NJ Printed June 18, Page 1 of 6

2 KEY FINANCIAL INDICATORS ($000) Net Pretax Total Policy- Premiums Operating Admitted holders Comb. Year Written Income Assets Surplus Ratio ,855 5,064 2,538, , ,245 40,066 2,964, , ,718 87,041 3,334, , , ,388 3,526, , , ,748 3,690,370 1,001, (*) Data reflected within all tables of this report has been compiled through the A.M. Best Consolidation of statutory filings. Within several financial tables of this report, this group is compared against the Medical Malpractice Composite. CORPORATE OVERVIEW ProAssurance Corporation (NYSE: PRA) is an insurance holding company, formed in June 2001 by the consolidation of Medical Assurance, Inc., a Delaware holding corporation and, Professionals Group, Inc., a Michigan holding corporation. The unification of these two holding companies enabled ProAssurance to become one of the top five active writers of medical professional liability insurance in the United States with licenses in over 45 states. Effective May 16, 2007, these two holding companies were merged into PRA Professional Liability Group, Inc., a Delaware holding corporation, wholly-owned by ProAssurance Corporation. Active insurance operations of ProAssurance are executed through six wholly-owned professional liability insurance subsidiary companies: The Medical Assurance Company, Inc., Woodbrook Casualty Insurance, Inc., ProNational Insurance Company, Red Mountain Casualty Insurance Company, Inc., NCRIC, Inc., and Physicians Insurance Company of Wisconsin, Inc. ProAssurance insures nearly 34,000 policyholders, with physicians and dentists accounting for over 33,000 of the group s insureds. The majority of the professionals operate in a small or solo practice. A.M. Best assigns five distinct ratings within the ProAssurance Group. The first rating unit, ProAssurance Group, applies to The Medical Assurance Company, Inc. and ProNational Insurance Company as well as its reinsured affiliate, Red Mountain Casualty Insurance Company, Inc. The rating is based on the consolidation of the companies to which the rating applies as well as three stand-alone rated affiliates, NCRIC, Inc., Physicians Insurance Company of Wisconsin, Inc. and Woodbrook Casualty Insurance, Inc. The fifth rating unit, American Medical Insurance Exchange (AMIE), ceased writing business and has remained inactive since As a result, AMIE is assigned an NR-3 ( Procedure Inapplicable) classification. Paid in capital of AMIE consists of surplus certificates issued by its attorney-in-fact, American Insurance Management Corporation (AIMC). All outstanding shares of AIMC are directly held by PRA Professional Liability Group, Inc. During the fourth quarter of 2002, ProAssurance Corporation sold 3,025,000 shares at $16.55 per share in a public offering that generated additional capital of $46.5 million. The majority of the proceeds were used to increase the statutory surplus of its professional liability segment in support of the growth of that segment. At December 31, 2002, ProAssurance Corporation had a term loan balance of $72.5 million remaining from the $110 million that was borrowed in order to fund the cash requirements of the aforementioned consolidation. However, in July 2003, the company successfully raised $107.6 million through a private offering of its 3.9% convertible senior debentures due 2023, of which, $67.5 million was used to pay off the remaining balance of the revolving loan. On May 21, 2008, The Board of Directors of ProAssurance Corporation authorized the redemption of the debentures beginning on July 7, 2008 at a total cash redemption price of $107.6 million plus accrued and unpaid interest. The holders of the debentures were also able to elect conversion into shares of ProAssurance common stock at the rate of shares per $1,000 of the principal amount of the debentures. This represents a conversion price of $41.78 per share of common stock. ProAssurance s current stated intention is to settle the conversion in stock. In April and May 2004, ProAssurance formed two business trusts, ProAssurance Capital Trust I and ProAssurance Capital Trust II, for the sole purpose of issuing, in private placement transactions, $45.0 million of trust preferred securities. These securities mature in 30 years and bear a floating interest rate equal to LIBOR plus 3.85%. The securities may be called at par by ProAssurance any time after five years from closing. On August 3, 2005, ProAssurance completed its acquisition of NCRIC Group, Inc. through the merger of NCRIC Group, Inc. into a newly formed, wholly-owned subsidiary of ProAssurance, NCRIC Corporation, pursuant to the Agreement and Plan of Merger dated February 28, 2005 between ProAssurance and NCRIC Group, Inc. In accordance with the Merger Agreement, each outstanding share of NCRIC Group, Inc. common stock was converted into 0.25 of a share of ProAssurance common stock resulting in approximately 1.74 million shares of ProAssurance common stock being issued in the transaction. NCRIC Group, Inc. delisted its stock on NASDAQ at the close of business on August 3, ProAssurance sold its personal lines insurance operations, MEEMIC Insurance Company and MEEMIC Insurance Services Corp., to Motors Insurance Corporation, a subsidiary of GMAC Insurance Holdings, Inc., effective January 1, At the time MEEMIC Insurance Company provided coverages for educational employees and their families primarily in Michigan. ProNational received two liquidating distributions totaling $315.8 million in April 2006 from MEMH Holdings, Inc., formerly MEEMIC Holdings, Inc. MEMH Holdings had adopted a plan of liquidation qualifying as a tax free liquidation under Internal Revenue Code Section 331. Subsequent to receipt of the liquidating distributions and approvals from the Michigan Office of Financial and Insurance Services (MOFIS), ProNational engaged in a series of cash dividends in the third quarter of The first two, one ordinary ($32.3 million) and one extraordinary ($167.7 million), were related to the sale of MEEMIC. The third represented ProNational s 100% dividend of the company s ownership interest in Red Mountain Casualty Insurance Company, Inc. On August 1, 2006, ProAssurance completed its acquisition of Physicians Insurance Company of Wisconsin, Inc. (PIC Wisconsin) through the merger of PIC Wisconsin and a newly formed subsidiary of ProAssurance pursuant to the Agreement and Plan of Merger between ProAssurance and PIC Wisconsin, dated December 8, 2005 and amended February 14, In accordance with the terms of the merger agreement, each share of PIC Wisconsin common stock was converted into shares of ProAssurance common stock resulting in approximately two million shares of ProAssurance common stock being issued in the transaction. In the fourth quarter of 2006, 2008 A.M. Best Company, Oldwick, NJ Printed June 18, Page 2 of 6

3 PIC Wisconsin became a wholly-owned subsidiary of PRA Professional Liability Group, Inc. In May 2004, PIC Wisconsin issued a $12.0 million surplus note. The surplus note has a 30 year maturity and is callable by the company at par beginning May 26, The interest rate is fixed at 7.707% for five years and is variable thereafter at 3 month LIBOR %. ProAssurance assumed the obligations of the debentures as a part of the PIC Wisconsin transaction. BUSINESS REVIEW The ProAssurance Group is focused on the medical professional liability insurance market. The group has licenses in over 45 states with the majority of its business written in the Midwestern and Southeastern regions of the United States. The group has concentrations of business in the states of Michigan, Ohio, Alabama, Florida, Indiana, Wisconsin, Virginia, Illinois, Missouri, District of Columbia, and actively writes business in 28 jurisdictions. All business in Alabama and the District of Columbia and the majority of business in Florida is produced on a direct basis, while agencies and brokers are used in other territories. Companies within the group are engaged in the delivery of professional liability insurance to physicians and surgeons, dentists, hospitals and others involved in the delivery of health care; and to a limited extent, providers of legal services. Policies are written on claims made forms in all states except Wisconsin, where a small amount of occurrence coverage remains in-force. Prior to the 2006 acquisition of PIC Wisconsin, ProAssurance had made an active decision to end occurrence coverage and its last occurrence coverage expired in the third quarter of However, the reporting pattern in Wisconsin and the presence of a state-run fund for losses above $1 million mitigates the risk of occurrence exposure in Wisconsin. Thus, the company s significant occurrence exposure will be to those policies that are in runoff. Policy limits range from $200,000 up to $16 million per occurrence. Additional insurance products, such as professional office package, workers compensation and accident and health coverage, have been developed to enhance the insurance package available to health care providers. Also a book of lawyer professional liability business is written in the Midwest. The Medical Assurance Company, Inc. writes medical malpractice insurance for physicians, surgeons, dentists, hospitals clinics and other health care providers principally in the East, South and Midwest. Commercial general liability policies are issued to hospitals and a professional office package, Total Practice Protection, is offered primarily to dentists, but is available to physicians. The Medical Assurance Company, Inc. was formed as a mutual insurance company, Mutual Assurance, Inc., in 1976 to write professional liability insurance for Alabama physicians. Currently, it is the leading provider of medical malpractice insurance in that state with an estimated 65% market share. The company demutualized in 1991 and maintained its name, then became a subsidiary of Medical Assurance, Inc., an insurance holding company formed in Medical Assurance is currently endorsed by the Medical Association of the State of Alabama, the Alabama Dental Association, the Indiana State Medical Association and the Indiana Dental Association. In 1994, West Virginia Hospital Insurance Company, subsequently known as Medical Assurance of West Virginia, Inc. (MA-West Virginia) was acquired from the West Virginia Hospital Association. On March 31, 2005, MA-West Virginia changed its name to Woodbrook Casualty Insurance, Inc. (Woodbrook Casualty) and redomesticated to Alabama. Woodbrook Casualty specializes in writing professional malpractice coverages for West Virginia hospitals and physicians. Woodbrook Casualty was formerly 100% reinsured by its affiliate, The Medical Assurance Company, Inc., which enabled it to carry the affiliate s rating until January 1, 2004 when the intercompany reinsurance arrangement was terminated. As a result, Woodbrook Casualty is now rated on a stand-alone basis. Physicians Insurance Company of Indiana, later known as Medical Assurance of Indiana, was acquired in Missouri Medical Insurance Company, later known as Medical Assurance of Missouri, was acquired in The Indiana and Missouri companies, which were subsidiaries of the parent holding company were merged into The Medical Assurance Company, Inc. as a capital contribution by the parent. The Medical Assurance Company, Inc. had reinsured all of the business of the Indiana company since January 1995 and of the Missouri company since April The Medical Assurance Company, Inc. also purchased books of medical liability insurance business from Physicians Insurance Company of Ohio in 1995, and from Medical Defense Associates, in Missouri, in ProNational Insurance Company provides professional liability coverage for physicians, dentists, hospitals, health care groups, healthcare facilities and other professionals, including lawyers and law firms, primarily in Michigan, other Midwestern states and Florida. Most premium volume continues to be generated from the physician book of business. ProNational Insurance Company was originally known as Physicians Insurance Company of Michigan. The company was formed in 1980 to write professional liability insurance for Michigan physicians. It is among Michigan s leading providers of medical malpractice insurance with an over 20% share of direct premiums written in that state. ProNational is also well represented in Florida following its 1998 merger with Physicians Protective Trust Fund (PPTF). ProNational is currently endorsed by various county medical societies and specialty organizations in Michigan and Florida. In 1994, ProNational formed a wholly owned subsidiary, PICOM Insurance Company of Illinois, now known as Red Mountain Casualty Insurance Company, Inc., to renew a book of physician professional liability insurance formerly written by a physician-owned carrier in that state. A majority of that business was renewed by the then subsidiary effective January 1, 1995, giving the group a significant entry into the Illinois market and broadening the group s spread of underwriting risk. In September 2002, the subsidiary adopted its current title, re-domesticated to Alabama and began writing business in several states. Prior to re-domestication, the company had been inactive since Currently, Red Mountain Casualty Insurance Company, Inc. is active as an excess and surplus lines medical professional liability insurer in a number of states. It has entered into a 100% quota share agreement with ProNational Insurance Company, its former parent and current affiliate, which enables it to carry ProNational s rating. On July 1, 1996 ProNational acquired American Insurance Management Corporation (AIMC), of Indiana. AIMC is the attorney A.M. Best Company, Oldwick, NJ Printed June 18, Page 3 of 6

4 in-fact for American Medical Insurance Exchange (AMIE). ProNational then renewed AMIE insureds into its own book as part of the acquisition agreement. AMIE ceased writing business and became inactive in 1997; presently the company s claims are in run-off. In July 1999, ProNational Insurance Company acquired a majority ownership of MEEMIC Holdings, Inc., now known as MEMH Holdings, Inc., the former parent company of MEEMIC Insurance Company. MEEMIC provides auto, homeowners, umbrella, and boat coverages, primarily for educational employees and their families in the state of Michigan and distributes its products through an affiliated insurance agency. In January 2003, ProNational completed a tender offer for the remaining outstanding shares of MEEMIC Holdings. Subsequently, on January 1, 2006, ProAssurance sold MEEMIC and MEEMIC Insurance Services Corp. to Motors Insurance Corporation. In March 2004, ProAssurance purchased the renewal rights to all of OHIC Insurance Company s physician, hospital and healthcare facility business in Indiana, Illinois, Kansas, Kentucky and Wisconsin. NCRIC, Inc. (NCRIC) provides medical professional liability coverage for physicians who practice individually or in small groups. Extended reporting endorsement coverage is available for physicians in the event of death, disability, retirement or relocation. Extended reporting endorsement coverage is also offered to physicians upon termination of coverage with NCRIC. Also, product enhancements have been made, including the addition of Healthcare Billing Errors and Omissions coverage. Historically, NCRIC wrote medical professional liability business in Washington, D.C., Delaware, Maryland, Virginia and West Virginia. However, effective January 1, 2006, the company stopped writing business in West Virginia; effective March 1, 2006, the company stopped writing business in Virginia and Delaware; and effective September 5, 2006, the company stopped writing new business in Maryland. After these dates, all policies renewed in these states are being written by other ProAssurance affiliates. Accordingly, NCRIC has become a Washington, D.C. only insurer, including the renewal of Washington, D.C. business that was formerly written by other ProAssurance affiliates. The company s underwriting department directly writes most of the District of Columbia business. The Medical Society of the District of Columbia endorses NCRIC. Physicians Insurance Company of Wisconsin (PIC Wisconsin) specializes in writing professional liability insurance for healthcare professionals. The company focuses on physician malpractice insurance in its home state, although it has expanded into seven additional states, primarily Iowa, Nevada and Illinois, and is offering liability insurance to other healthcare providers. The company supports an agency distribution system to market its products and services. In 1999, PIC Wisconsin adopted a renewed strategic plan that resulted in the definition of three distinct business units. The Classic Insurance Strategic Business Unit provides professional liability insurance for physicians, dentists, small healthcare groups and ancillary healthcare providers. The Risk Financing Strategic Business Unit targets the segment of the healthcare market that is demanding contemporary approaches to managing professional liability risks; usually large to mid-sized healthcare delivery systems. Due to consolidations in the healthcare market, more sophisticated buyers of insurance have emerged, and customized insurance products are demanded by that group. The Health Care Facilities Strategic Business Unit provides professional liability, general liability and umbrella insurance and risk management services to healthcare facilities; primarily small to mid-sized hospitals, mostly rural, and stand-alone outpatient centers BUSINESS PRODUCTION AND PROFITABILITY ($000) % of Pure Loss & Premiums Written Total Loss LAE Product Line Direct Net NPW Ratio Res. Med Mal Cl-Made , , ,679,773 Med Mal Occur ,366 31, ,057 Oth Liab Cl-Made ,171 9, ,425 All Other ,118 10, ,117 Totals , , ,190,373 Consolidated Balance Sheet Admitted Assets ($000) 12/31/2007 % Bonds $3,119, Preferred stock , Common stock Cash & short-term invest , Real estate, investment Other non-affil inv asset , Investments in affiliates , Real estate, offices , Total invested assets $3,370, Premium balances , Accrued interest , All other assets , Total assets $3,690, Liabilities & Surplus ($000) Loss & LAE reserves $2,190, Unearned premiums , Conditional reserve funds , All other liabilities , Total liabilities $2,689, Surplus notes , Total policyholders surplus $1,001, Total liabilities & surplus $3,690, A.M. Best Company, Oldwick, NJ Printed June 18, Page 4 of 6

5 FINANCIAL SUMMARY ($000) as of 12/31/2007 Policyholders Surplus $ 1,001,122 Direct Premiums Written $ 549,331 Combined Ratio Net Underwriting Income $ 84,832 Net Investment Income $ 146, A.M. Best Company, Oldwick, NJ Printed June 18, Page 5 of 6

6 Why is this Best s important to you? A from the A.M. Best Company represents an independent opinion from the leading provider of insurer ratings of a company s financial strength and ability to meet its obligations to policyholders. The A.M. Best Company is the oldest, most experienced rating agency in the world and has been reporting on the financial condition of insurance companies since Best s s represent the current and independent opinion of a company s financial strength and ability to meet obligations to policyholders. Best s s are not a warranty of an insurer s current or future ability to meet obligations to policyholders, nor are they a recommendation of a specific policy form, contract, rate, or claim practice. The company information appearing in this pamphlet is an extract from the complete company report prepared by the A.M. Best Company. A Best s is assigned after an extensive quantitative and qualitative evaluation of a company s financial strength, operating performance and market profile. Best s s are assigned according to the following scale: Secure Best s s A++ and A Superior A and A Excellent B++ and B Good Vulnerable Best s s B and B Fair C++ and C Marginal C and C Weak D Poor E Under Regulatory Supervision F In Liquidation S Suspended For the latest Best s Financial Strength s and AMB Credit s visit the A.M. Best web site at You may also obtain AMB Credit s by calling our Customer Service department at , ext To expedite your request, please provide the company s identification number (AMB #) A.M. Best Company, Oldwick, NJ Printed June 18, Page 6 of 6

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