PROASSURANCE (PRA) director’s 10,621-share stake cashed out at $25 in merger

Rhea-AI Filing Summary

PROASSURANCE CORP director Richard J. Bielen reported a disposition of 10,621 shares of Common Stock in connection with the company’s merger. Each share of Common Stock outstanding immediately before the effective time of the merger was cancelled and converted into the right to receive $25.00 in cash.

The 10,621 shares, including director deferred stock awards, were converted into a cash payment based on this $25.00 per share merger consideration, and Bielen’s reported direct Common Stock holdings became zero following the transaction.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider BIELEN RICHARD J

Role null

Type	Security	Shares	Price	Value
Disposition	Common Stock	10,621	$25.00	$266K

Holdings After Transaction: Common Stock — 0 shares (Direct, null)

Footnotes (1)

1. On June 26, 2026, pursuant to that certain Agreement and Plan of Merger, dated as of March 19, 2025 (the "Merger Agreement"), among ProAssurance Corporation (the "Issuer"), The Doctors Company ("Parent") and Jackson Acquisition Corporation, a wholly owned subsidiary of Parent ("Merger Sub"), Merger Sub merged with and into the Issuer (the "Merger"), with the Issuer surviving the Merger as a wholly owned subsidiary of Parent. Represents shares awarded under the ProAssurance Corporation Director Deferred Stock Compensation Plan ("Deferred Shares"). At the effective time of the Merger ("Effective Time"), upon the terms and subject to the conditions set forth in the Merger Agreement, the Deferred Shares, and any accrued dividend equivalents in such deferred compensation accounts that have been converted into Deferred Shares were converted into the right to receive an amount in cash, without interest, equal to the product of (a) the total number of shares of the Issuer's common stock, par value $0.01 per share (the "Common Stock") subject to the Deferred Shares immediately prior to the Effective Time, multiplied by (b) the Merger Consideration (as defined below). At the Effective Time, upon the terms and subject to the conditions set forth in the Merger Agreement, each share of Common Stock that was issued and outstanding immediately prior to the Effective Time (other than certain excluded shares) was cancelled and converted into the right to receive $25.00 per share in cash, without interest, and subject to any applicable withholding taxes (the "Merger Consideration").

Key Figures

Shares disposed: 10,621 shares Merger consideration: $25.00 per share Shares after transaction: 0 shares +2 more

5 metrics

Shares disposed 10,621 shares Common Stock cancelled in merger on June 26, 2026

Merger consideration $25.00 per share Cash paid for each outstanding Common Stock share at effective time

Shares after transaction 0 shares Director’s reported direct Common Stock holdings following disposition

Transaction code D Disposition to issuer in connection with merger

Transaction date June 26, 2026 Effective date for reported merger-related disposition

Key Terms

Agreement and Plan of Merger, Merger Consideration, Disposition to issuer, Director Deferred Stock Compensation Plan, +1 more

5 terms

Agreement and Plan of Merger regulatory

"On June 26, 2026, pursuant to that certain Agreement and Plan of Merger, dated as of March 19, 2025..."

An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.

Merger Consideration financial

"each share of Common Stock... was cancelled and converted into the right to receive $25.00 per share... (the "Merger Consideration")."

Merger consideration is the total payment a company or buyer offers to shareholders of a target company in exchange for combining the two businesses, and can include cash, shares in the surviving company, debt assumption, or a mix of these. Investors care because the form and amount affect the deal’s value, tax consequences, immediate cash received versus future ownership, and the risk and upside of holding new shares — similar to choosing between cash now or stock that could grow later.

Disposition to issuer financial

"transaction_code_description": "Disposition to issuer""

Director Deferred Stock Compensation Plan financial

"Represents shares awarded under the ProAssurance Corporation Director Deferred Stock Compensation Plan ("Deferred Shares")."

Effective Time regulatory

"At the effective time of the Merger ("Effective Time"), upon the terms and subject to the conditions..."

The exact clock time when a regulatory filing, approval, or corporate action formally becomes legally active; from that moment the change is binding and can be acted on. Investors care because the effective time marks when ownership, rights, trading rules, or new securities take effect — like a light switch turning on a contract or transaction — which determines when risks, benefits and market reactions begin.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/26/2026 - 12:17 PM Accepted by SEC EDGAR 06/26/2026 - 12:16 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BIELEN RICHARD J

(Last) (First) (Middle)

100 BROOKWOOD PLACE

(Street)

BIRMINGHAM ALABAMA 35209

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
PROASSURANCE CORP [ PRA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/26/2026		D(1)		10,621(2)	D	$25(3)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On June 26, 2026, pursuant to that certain Agreement and Plan of Merger, dated as of March 19, 2025 (the "Merger Agreement"), among ProAssurance Corporation (the "Issuer"), The Doctors Company ("Parent") and Jackson Acquisition Corporation, a wholly owned subsidiary of Parent ("Merger Sub"), Merger Sub merged with and into the Issuer (the "Merger"), with the Issuer surviving the Merger as a wholly owned subsidiary of Parent.

2. Represents shares awarded under the ProAssurance Corporation Director Deferred Stock Compensation Plan ("Deferred Shares"). At the effective time of the Merger ("Effective Time"), upon the terms and subject to the conditions set forth in the Merger Agreement, the Deferred Shares, and any accrued dividend equivalents in such deferred compensation accounts that have been converted into Deferred Shares were converted into the right to receive an amount in cash, without interest, equal to the product of (a) the total number of shares of the Issuer's common stock, par value $0.01 per share (the "Common Stock") subject to the Deferred Shares immediately prior to the Effective Time, multiplied by (b) the Merger Consideration (as defined below).

3. At the Effective Time, upon the terms and subject to the conditions set forth in the Merger Agreement, each share of Common Stock that was issued and outstanding immediately prior to the Effective Time (other than certain excluded shares) was cancelled and converted into the right to receive $25.00 per share in cash, without interest, and subject to any applicable withholding taxes (the "Merger Consideration").

Remarks:

	Lee M. Pope, with Power of Attorney for the Reporting Person	06/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did PROASSURANCE CORP (PRA) director Richard J. Bielen report?

Richard J. Bielen reported disposing of 10,621 shares of PROASSURANCE CORP Common Stock. The shares were cancelled and converted into cash as part of a merger, rather than sold on the open market, and his reported direct holdings dropped to zero.

At what price were Richard J. Bielen’s PRA shares converted in the merger?

Each PROASSURANCE CORP Common Stock share was converted into the right to receive $25.00 in cash. This merger consideration applied to shares outstanding immediately before the effective time, including director deferred stock awards tied to Bielen’s 10,621-share position.

How many PROASSURANCE CORP shares did Richard J. Bielen hold after the merger transaction?

After the merger-related disposition, Richard J. Bielen reported owning zero shares of PROASSURANCE CORP Common Stock directly. His prior 10,621-share position, including deferred shares, was cancelled and converted into a cash payment based on the $25.00 per share merger consideration.

Was Richard J. Bielen’s PRA transaction an open-market sale of shares?

No, the transaction was a disposition to the issuer in connection with a merger. His 10,621 shares were cancelled and converted into a right to receive $25.00 per share in cash, rather than being sold through open-market trading or a standard brokerage transaction.

How is the PROASSURANCE CORP merger described in Richard J. Bielen’s Form 4?

The filing notes a merger under an Agreement and Plan of Merger among PROASSURANCE CORP, The Doctors Company, and Jackson Acquisition Corporation. At the effective time, each outstanding Common Stock share, with certain exclusions, was cancelled and converted into $25.00 per share in cash.