Birmingham based ProAssurance Corporation (PRA) has closed the acquisition of Independent Nevada Doctors Insurance Exchange (IND), for an undisclosed sum.
In accordance with terms of the agreement, IND will become a subsidiary of ProAssurance immediately following IND’s conversion from a reciprocal to a stock insurance company.
Earnings from the transaction will be paid to eligible IND subscribing policyholders by middle of December this year, according to the buyer.
The deal was approved by the Nevada Division of Insurance on 28 November 2012, while IND policyholders approved the transaction on 29 October 2012.
The acquirer will integrate the operation of both firms, and the new entity will be known as ProAssurance, which is a writer of medical professional liability insurance in the state of Nevada.
In order to provide smooth operation, the Nevada operations of both companies will be integrated into IND’s Las Vegas office under the headship of president James Hooban.
ProAssurance is an independently traded specialty writer, which trades in 48 states and the District of Columbia, and employs 700 employees working in 23 offices.