ProAssurance is a specialty property and casualty insurance holding company focused on healthcare liability. Its core business is medical professional liability (MPL) insurance, which protects physicians, nurses, hospitals, and other healthcare providers against malpractice claims. MPL and a complementary medical technology and life sciences liability book — covering device manufacturers, pharma companies, and biologics firms against products liability claims — together make up the Specialty P&C segment, roughly 77% of gross premiums written. The remaining ~23% comes from workers' compensation insurance for smaller employers, primarily in lower-hazard industries across 19 states. ProAssurance distributes MPL products through independent agents and brokers as well as an internal sales team, while workers' comp is distributed exclusively through independent agents. ProAssurance's profitability depends on two drivers: underwriting results and investment income. On the underwriting side, both MPL and workers' comp are long-tail businesses, meaning claims are settled years after the policy period, requiring careful loss reserving. ProAssurance has pushed cumulative MPL rate increases of nearly 70% since 2018 to offset severity trends driven by social inflation. Investment income is generated by investing the float — premiums collected upfront before claims are paid — primarily in investment-grade fixed-income securities. ProAssurance also operates captive reinsurance structures through Cayman Islands subsidiaries, earning fees for fronting and administration. In March 2025, ProAssurance agreed to be acquired by The Doctors Company, a large reciprocal MPL insurer, with the deal expected to close by June 30, 2026.