AM Best Comments on Credit Ratings of The Doctors Company Insurance Group Members Following Announced Acquisition of ProAssurance Corporation

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a+” (Excellent) of the members of The Doctors Company Insurance Group (TDC Group) (Napa, CA) are unchanged following the March 19, 2025, announcement that TDC Group will acquire all outstanding shares of ProAssurance Corporation (PRA) (NYSE: PRA) (Birmingham, AL). The outlook of TDC Group’s Credit Ratings (ratings) is stable.

The ratings reflect TDC Group’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

TDC Group is the second-largest writer of medical professional liability (MPL) insurance in the United States (based on direct premiums written) and will be purchasing PRA – the fourth-largest MPL insurer in the United States. Following the conclusion of the transaction, which is expected to close within the first half of 2026 pending regulatory approval, PRA will be 100% owned by The Doctors Company, An Interinsurance Exchange, the lead member of TDC Group.

AM Best does not expect the transaction to have any material change to TDC Group’s rating fundamentals at this time. Given the extended nature of the transaction, AM Best will continue to evaluate each of these organizations independently while monitoring the progress and the effects of this transaction over time. As more detailed information becomes available, AM Best will reassess the ratings of both organizations taking into consideration the planned synergies and efficiencies gained from the transaction.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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Connor Brach, CFA, FRM

Associate Director

+1 908 882 1668

connor.brach@ambest.com

Christopher Sharkey

Associate Director, Public Relations

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Sharon Marks

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Al Slavin

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Source: AM Best