ProAssurance Corp., headquartered in Birmingham, Ala., is expanding its legal professional liability business by purchasing the Georgia Lawyers Insurance Co.
ProAssurance is also establishing new relationships with agencies that produce legal professional liability business in 11 additional jurisdictions in the Mid-Atlantic states and the far west. These moves complement our existing $10 million book of legal professional liability business in the Midwest.
GLIC insures approximately 2,700 lawyers in Georgia and had direct written premium of approximately $5.5 million in 2007. The company was founded in July 2002 and the Lawyers Mutual Liability Insurance Co. of North Carolina, is the majority owner of the company.
ProAssurance will pay $4.3 million in cash to purchase GLIC, which will be merged into ProNational Insurance Co. after the transaction closes. The closing is subject to a vote of GLIC’s small group of shareholders and approval by the Georgia Department of Insurance. Georgia Lawyers is notifying its policyholders by mail today.
The GLIC purchase will help open the southeast for ProAssurance’s legal professional liability business.
Source: ProAssurance Corp.
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