ProAssurance To Buy NORCAL Group

(RTTNews) - ProAssurance Corp. (PRA) Thursday said it has agreed to buy NORCAL Group in a $450 million deal.

The combination of these companies is expected to create the nation's third largest specialty writer of liability insurance for healthcare professionals and facilities. The companies are targeting to close the transaction by the end of 2020, subject to required approvals.

ProAssurance also reported fourth-quarter loss of $59.4 million or $1.10 per share, compared to $24.5 million or $0.46 per share last year.

Adjusted loss for the quarter was $1.27. Analysts polled by Thomson Reuters estimated loss of $1.56 per share for the quarter.

Gross premiums written for the quarter was $200.8 million, down from $211.7 million last year. Analysts estimated $216.81 million for the quarter.