This presentation contains Forward Looking Statements and other information designed to convey
our projections and expectations regarding future results. There are a number of factors which
could cause our actual results to vary materially from those projected in this presentation. The
principal risk factors that may cause these differences are described in various documents we file
with the Securities and Exchange Commission, such as our Current Reports on Form 8-K, and our
regular reports on Forms 10-Q and 10-K, particularly in “Item 1A, Risk Factors.” Please review
this presentation in conjunction with a thorough reading and understanding of these risk factors.
We especially identify statements concerning our transactions involving Eastern Insurance
Holdings, Inc. and proposed Lloyd's Syndicate 1729 as Forward Looking Statements
and direct your attention to our news releases issued on September 24, 2013, our Current Report on
Form 8K, issued on September 24, 2013 and our 10K, filed on February 19, 2013 for a discussion
ofrisk factors pertaining to these transactions and subsequent integration into ProAssurance.
This presentation contains Non-GAAP measures, and we may reference Non-GAAP measures in
our remarks and discussions. A reconciliation of these measures to GAAP measures is available in
our latest quarterly news release, which is available in the Investor Relations section of our website,
www.ProAssurance.com, and in the related Current Report on Form 8K disclosing that release.
FORWARD LOOKING STATEMENTS
NON-GAAP MEASURES

Eastern Insurance Transaction Details
All cash transaction
Aggregate value: $205 million
1.38x Book Value per Share at June 30, 2013
Projected closing by January 1, 2014
No financing contingency
Modestly accretive to ProAssurance in 2014
2

Eastern Insurance Transaction Rationale
Continues building the platform to serve the
needs of larger integrated health systems
healthcare delivery organizations
Workers’ compensation represents one of the
single largest liability expenditures for healthcare
entities
Eastern’s business is 20% healthcare
and growing
Provides diversification for ProAssurance with
a consistently profitable workers’ compensation
book
3

Eastern Insurance Transaction Operations
Management will remain in place to provide
operational expertise and ensure continuity
Eastern will have access to greater capital to
support growth
Cross-selling opportunities exist
Insureds
Agents
4

Eastern Insurance Transaction ProForma

ProForma Written Premium (GAAP at 12/31/12 in million s)
Product line | Direct | Assumed | Ceded | Net
Medical Professional Liability | $ 529 | $ - | $ 7 | $ 521
Lawyers Professional Liability | $ 27 | $ - | $ 3 | $ 24
Products Liability | $ 32 | $ - | $ 11 | $ 21
Workers' Compensation | $ 183 | $ 3 | $ 16 | $ 170
Other | $ 2 | $ - | $ - | $ 2
| $ 772 | $ 3 | $ 38 | $ 737

5

ProForma Balance Sheet (GAAP at 12/31/12 in millions)
Total Assets | $ 5,461
Liabilities | $ 3,042
Shareholder’s Equity | $ 2,419

Lloyd’s Syndicate Transaction Details
ProAssurance is providing 51% of underwriting
capital
Remaining capital contributed by other corporates
and private names
ProAssurance Capital Commitment
Up to $60 mln in 2014
Six-Year Commitment of up to $200 mln
Normal regulatory and compliance processes
expected to be complete in time for inception
on January 1, 2014
6

Lloyd’s Syndicate Transaction Rationale
Provides access to international medical
professional liability opportunities
Increases flexibility for ProAssurance when
working with complex risks
Primary and excess business can be written
7

Lloyd’s Syndicate Transaction Operations
Led by Duncan Dale
Thirty-years experience in the London market
Preeminent MPL underwriter
Start-up assisted by Asta Managing Agency Ltd.
ProAssurance executives will assist in
operations’ start-up
8

Strategies for Future Success
Our successful experience and deep expertise
uniquely qualify ProAssurance to insure the
widest range of healthcare risks

Building a Bridge to the Future
We are uniquely positioned to succeed by serving both
the emerging, complex healthcare market and the
legacy business that will remain
Smaller competitors with less experience and capacity
have decisions to make about their future in this new
healthcare environment
11
Legacy business is
largely single-state, solo
and small groups.
A substantial amount of
this business will
remain, but will demand
more from insurers.
The future will be
dominated by large
groups and institutions,
often multi-disciplinary
and multi-state. They
will demand financial
strength and deep
expertise.

Building a Bridge to the Future
Larger risks demand sophisticated coverages
that span the continuum of healthcare
Broad healthcare liability experience is our
foundation
Adding capacity & capability through M&A
Eastern Insurance, Medmarc, PICA & Mid-Continent
Home
Healthcare
Non-Traditional
Delivery Settings
Multi-Specialty
Clinics
Hospital & Facility
Centered Care
New delivery
devices,
techniques and
research
ProAssurance spans the continuum of care
Traditional
Practices
12
Worker’s Compensation

ProAssurance Will Grow Prudently
We are building the platform that will allow us
to serve the broad spectrum of healthcare
Prudent leverage of our success and experience
with the addition of specialized expertise
Healthcare and related coverages that compliment
our MPL line
ProAssurance is a demonstrated leader in M&A
The MPL market will firm and we are prepared
to grow organically as opportunities arise
13

ProAssurance’s Successful M&A History
Original
Companies
Purchased Company
Demutualization
OHIC
HOSPITALS ONLY
2
1
1
1
1
1
1
1
1
3
4
4
1
4
Renewal Rights
Assumed Business
2
2
†
2
3
1
3
3
1
SERTA
14

Strategy for an Evolving Market
Shaped by a healthcare landscape that will
change—with or without federal healthcare
reform
Expanding our capabilities and commitment
across the continuum of healthcare
Building on two decades of hospital experience
Recent expansion into products liability for life
sciences and medical devices through M&A
Enhancing our historical commitment to
individual providers and small groups
15

Positioned to Succeed
ProAssurance has the right combination of geographic scope, broad experience, and
financial strength for success in the new world of healthcare liability
16
SNL 2012 Statutory Data, MPL Writers with Direct Written Premiums >$80 million

Strategy for an Evolving Market
Leverage our reach, expertise and financial
strength with larger accounts
Largest non-profit healthcare
system in the US
Now in Michigan, Florida,
Illinois, Indiana and Texas
Insuring Ascension-affiliated
physicians through coordinated,
jointly insured programs
Financial involvement of both entities creates incentive to reduce risk
*www.ascensionhealth.org/index.php?option=com_locations&view=locations&Itemid=148
Ascension Health’s Ministry Locations*
17

Strategy for an Evolving Market
Joint physician/hospital insurance products to
address the unique risk tolerance and claims-
handling expectation of each insured
Partnerships with existing physician-focused
companies to leverage hospital expertise
Recently announced California venture with
CAP-MPT: CAPAssurance
Alternative risk and self-insurance mechanisms
Captive insurance, risk sharing programs and
Risk Retention Groups for
specific specialties or regions
18

Healthcare Reform
Known: More customers for us
May accelerate the growth of hospital-owned practices and
consolidation into larger groups
Provides an opportunity for us due to our geographic reach,
long-term experience in hospitals and our financial strength
We have enhanced our ability to write new classes of
business through acquisitions
May hasten the need for consolidation of smaller insurers
Unknown: Effect on the medical/legal environment
Increased patient frustration with the system
Possibility of more unexpected outcomes
19

Sound Strategy = Consistent Profitability

Captures our focus on long-term excellence
Increased every year we have been public
The Payoff: Consistent Book Value Growth
21
Inception to 6/30/13
CAGR: 16%
Cumulative: 2,171%
10 Year Summary (2003 -2012)
CAGR: 16%
Cumulative: 360%
Historical Book Value Per Share
Split Adjusted
Dividends Shown in the Year Declared
Reflects all stock splits and includes all dividends in the year declared

Share price reflects investor confidence in
our business decisions and long-term strategy
The Payoff: Steady Share Price Increase
22
Historical Share Price
Reflects all stock splits
2012 excludes
$2.50/share
special dividend
Inception to 9/15/13
CAGR: 14%
Cumulative: 1,670%
10 Year Summary (2003-2012)
CAGR: 15%
Cumulative: 302%

Driven to Excel / Focused on Shareholder Value
Maintaining profitability
Continuing growth in book value per share
Producing sustainable shareholder value
Focusing on long-term—ready for the market turn
Current Prices Reflect the Solid Value of ProAssurance
Current Price to Q2 2013 Book: 1.2x Average Since Inception: 1.4x
Unadjusted for dividends
Prices Adjusted for 2:1 Stock Split
23

Operational Overview

Management is Experienced & Invested
Effective senior management remains in place—13 years average tenure
Average ProAssurance tenure through the VP level is 16 years, 25 years average industry experience
Management and employees are invested, owning ~5.6 % of ProAssurance stock

W. Stancil Starnes, JD Chairman & Chief Executive Officer Company Tenure: 6 Years Prior MPL Experience: 29 Years Total Industry & Related Experience: 35 Years Formerly in the private practice of law in MPL defense and complex corporate litigation | Jeffrey L. Bowlby, ARM Sr. Vice-President & Chief Marketing Officer Company Tenure: 15 Years Prior MPL Experience: - Total Industry & Related Experience: 29 Years Career-long experience in insurance sales and marketing, most recently as SVP for Marketing with Meadowbrook | Howard H. Friedman, ACAS Sr. Vice-President & Chief Underwriting Officer Company Tenure: 17 Years Prior MPL Experience: 16 Years Total Industry & Related Experience: 33 Years Career-long experience in MPL company operations and management. Former ProAssurance CFO
Jeffrey P. Lisenby, JD Sr. Vice-President, General Counsel & Secretary Company Tenure: 12 Years Prior MPL Experience: - Total Industry & Related Experience: 12 Years Formerly in the private practice of law | Duncan Y. Manley Vice-President, Operations and Information Systems Company Tenure: 13 Years Prior MPL Experience: 7 Years Total Industry & Related Experience: 20 Years Career-long experience in MPL company operations as an executive and consultant | Frank B. O’Neil Sr. Vice-President & Chief Communications Officer Company Tenure: 26 Years Prior MPL Experience: - Total Industry & Related Experience: 26 Years Formerly a television news executive and anchor
Mary Todd Peterson, CPA President & CEO of Medmarc Company Tenure: 12 Years Prior Industry Experience: 14 Years Total Industry & Related Experience: 26 Years Former Partner with Johnson Lambert and VP Finance & Controller with Acacia | Edward L. Rand, Jr., CPA Sr. Vice-President & Chief Financial Officer Company Tenure: 8 Years Prior MPL Experience: - Total Industry & Related Experience: 20 Years Career-long experience in insurance finance and accounting. Most recently Chief Accounting Officer for Partner Re | Ross E. Taubman, DPM President of PICA Company Tenure: 2 Year Prior MPL Experience: - Total Industry & Related Experience: 28 Years Formerly in the private practice of podiatry. Leader in organized podiatric medicine; former president and Trustee of the American Podiatric Medical Association
Darryl K. Thomas, JD Hayes V. Whiteside, MD, FACS Sr. Vice-President & Chief Claims Officer Sr. Vice-President & Chief Medical Officer Company Tenure: 18 Years Company Tenure: 9 Years Prior MPL Experience: 10 Years Prior MPL Experience: - Total Industry & Related Experience: 28 Years Total Industry & Related Experience: 29 Years Career-long experience in MPL claims management Formerly in the private practice of Urology

25

ProAssurance Corporate Profile
Specialty liability insurance writer
Healthcare Professional Liability (HCPL)
Only public company writing predominately HCPL
Life sciences and medical devices
Attorney’s professional liability
Market Cap: ~$3.0 billion
Shareholders’ Equity: $2.4 billion
Total Assets: $5.3 billion
Claims-Paying Ratings: “A+” (Superior) by A. M. Best
and “A” by Fitch
26

ProAssurance Business Profile
27
Q2 2013 Policyholders: ~64,600
Q2 2013 Premium: $286 mln
June 30, 2013
Includes Acquisitions
Tail Premium Allocated by Line

Distribution Channels
| HCPL | LPL | Life Sciences
Agent / Broker | 67% | 77% | 100%
Direct | 33% | 23% | --

ProAssurance Geographic Profile
Broad geographic diversification
Locally-based decision-making differentiates ProAssurance by
addressing each state’s unique medical/legal challenges
National Footprint
(Birmingham)
Corporate Headquarters
Corporate Headquarters
Claims Offices
Claims Offices
Claims / Underwriting Offices
Claims / Underwriting Offices
Underwriting Offices
Underwriting Offices
28

Seeking Increased Yield But Balancing Risk
We continue to focus on
maintaining a high quality, well
diversified fixed income
portfolio
We have made incremental
changes to obtain higher yields
in blue chip investments
$4.2 Billion
Portfolio
$4.2 Billion
Portfolio
Fixed Income:
85%
Fixed Income:
85%
Short Term: 2%
Short Term: 2%
Equity and Equity Substitutes: 12%
Equity and Equity Substitutes: 12%
BOLI: 1%
BOLI: 1%
6/30/13
29

Consistent Approach to Reserves
Recognizing loss trends as they appear
No change in long-term results but potential
volatility quarter-to-quarter
No change in reserving philosophy or process
30
$ in millions

Underwriting for Profitability Not Market Share
Underwriting process driven by individual risk
selection and assessment of loss history, areas
of practice, and location
Rates contemplate specific ROE expectations
Frequent rate/loss reviews ensure adequate prices
Rate filings consider the results of the past five to
seven years to ensure a single year does not unduly
influence results
Stringent underwriting standards maintain rate
structure and enhance profitability
31

ProAssurance Pricing History
Peak pricing was in 2006
Improved frequency trends are reflected in recent rate declines
Improvement in frequency has outweighed the steady, manageable rise in severity
Loss trends have improved in states with and without tort reforms
Rate changes (up or down) through 2013 likely will be low-to-mid single digits
MD/DO Rate Change History
PICA excluded to facilitate accurate comparisons over time
32

ProAssurance Retention Remains High
Continued underwriting vigilance is being used today
to ensure future success
Market share is important, but NOT as important as
profitability
Retention remains in line with recent quarters
33

ProAssurance’s Standing in HCPL
ProAssurance is the largest independent
publicly-traded writer of HCPL insurance
Fourth largest overall writer
DPW: SNL Data 2012
34

The HCPL Market Today
Market remains fragmented even after two
decades of consolidation
More than 100 writers
Largest market share is ~8%
87% of top 100 companies have <2%
76% of top 100 companies have <1%
35

Key State Rate Comparison
Annual Premium for a $1M / $3M Policy
Filed or Approved at 1/01/13
36

Understanding Recent Loss Trends
Frequency stable after
historic declines
Lawyers are the gatekeepers
Must weigh the cost of a trial vs.
chances of success
Likelihood of success is affected
by many factors
Societal perceptions of lawsuits
against physicians
Effects of the overall Tort
Reform debate and headlines
across the country
Reforms enacted in some states
Better quality of care reduces the
number of medical misadventures
Severity uptrend remains
steady at 2%-3%
Closely tied to inflation
Primarily medical cost inflation
Jury sentiment in reaction to
headlines has moderated, but
not eliminated, runaway
verdicts in recent years
Tort Reforms have limited
non-economic damages in a
number of states
37

New Claims Opened Each Year
Claims Trends Remain Favorable
Fewer cases to try following significant decline in frequency
Severity trends steady and manageable
No observed effect from the economic downturn
Trends are much the same in states with or without Tort Reform
ProAssurance Claims Tried to a Verdict
38

Differentiate Through Claims Defense
We leverage our financial strength to give our insureds the opportunity for
an uncompromising defense of each claim
Differentiates our product
Provides long-term financial and marketing advantages
Retains business and deters future lawsuits
Increasingly important as claims data becomes public
Malpractice outcomes now public in 26 states
ProAssurance: 78% No Paid Losses
Industry: 72% No Paid Losses
Source: Preliminary PIAA 2011
Claim Trend Analysis,
ProAssurance Excluded
Five Year Average
2007-2011
Source: ProAssurance,
as reported to
PIAA
39

The Ohio Example: 2005 - 2011 Data
Comprehensive, reliable data provided by the Ohio Department of Insurance
Broad range of competitors and business approaches
www.insurance.ohio.gov/Legal/Reports/Documents/2011ClosedClaimReport.pdf
More Claims Closed With No Indemnity
More Claims Defended in Court
2x Lower Average Indemnity Payment per Closed Claim
40

The Bottom Line Benefits of Strong Defense
Source: Statutory Basis, A.M. Best Aggregates & Averages
Some totals may not agree due to rounding
ProAssurance vs. Industry
Average Loss Ratio (2006-2012)
Legal Payments as
a Percentage of
Total Loss Ratio
Loss Payments as a
Percentage of Total
Loss Ratio
64%
44%
62%
46%
42%
76%
37%
ProAssurance Stand Alone
Loss Ratio (2006-2012)
Calendar Year
25%
79%
68%
52%
58%
56%
82%
18%
21%
32%
48%
42%
44%
41
31%
55%
45%

42
Source: 1991-2012 A.M. Best Aggregates and Averages, Medical Malpractice Lines of Business
Industry Average
ProAssurance
Five Years: ProAssurance Average: 58.1% / Industry Average: 84.3%
Ten Years: ProAssurance Average: 77.5% / Industry Average: 94.6%
1991-2012: ProAssurance Average: 89.7% / Industry Average: 107.9%

ProAssurance Outperforms the Industry
1991-2012 A.M. Best Aggregates and Averages, Medical Malpractice Lines of Business
Weighted
Average
High/Low
Industry
Average

The HCPL Market Today
44

The HCPL Market Today
Changes in healthcare delivery are changing the
underlying dynamics
Physicians are combining into larger groups
Physician practices are being brought into hospitals through
purchase or affiliation
Hospitals are combining into large networks requiring
greater insurance expertise and greater financial security
Larger companies with geographical reach and
financial strength will have an advantage in attracting
new business and continuing to consolidate
45

Behind the Numbers

Historical Financial Performance
Our disciplined, long-term approach drives
consistent profitability
$ in millions
Net Income 1
Operating Income 2
47
1 Includes a gain of $35.5 million in the first quarter of 2013 in connection with our acquisition of Medmarc as a result of the value
of the net assets acquired vs. our purchase price.
2 Excludes the after-tax effects of net realized gains or losses and one-time items that do not reflect normal operating results

YTD 2013 Income Statement Highlights
in millions, except per share data
48

| June 30, | Y-OVER-Y Change
| 2013 | 2012
Gross Premiums Written | $ 286 | $ 273 | +5%
Net Investment Result | $ 62 | $ 64 | -3%
Total Revenues | $ 366 | $ 344 | +6%
Total Expenses (Includes Loss Costs) | $ 201 | $ 190 | +6%
Net Income (Includes Realized Investment Gains & Losses and gain on acquisition) | $ 163 | $ 114 | +43%
Operating Income | $ 105 | $ 108 | -3%
Net Income per Diluted Share | $2.63 | $1.85 | +42%
Operating Income per Diluted Share | $1.69 | $1.74 | -3%

Q2 2013 Income Statement Highlights
in millions, except per share data
49

| June 30, | Y-OVER-Y Change
| 2013 | 2012
Gross Premiums Written | $ 123 | $ 102 | +21%
Net Investment Result | $ 30 | $ 32 | -6%
Total Revenues | $ 171 | $ 164 | +4%
Total Expenses (Includes Loss Costs) | $ 106 | $ 84 | +26%
Net Income (Includes Realized Investment Gains & Losses and gain on acquisition) | $ 50 | $ 58 | -14%
Operating Income | $ 45 | $ 59 | -24%
Net Income per Diluted Share | $0.81 | $0.95 | -15%
Operating Income per Diluted Share | $0.72 | $0.96 | -25%

Disciplined Underwriting
Five Year Premium History
50
Consistently writing profitable business to ensure long-
term success
Premium driven by competition, physician consolidation
Loss trends remains favorable
Gross Premiums Written
Net Premiums Earned

YTD 2013 Balance Sheet Highlights
Split adjusted, in billions, except Book Value per share
Shareholders’ Equity $ 2.3 $ 2.3 +3%
Total Investments 4.2 3.9 +6%
Total Assets 5.1 4.9 +5%
Policy Liabilities 2.5 2.3 +7%
6/30/13 12/31/12 CHANGE
Shareholders’ Equity
64% increase since 2008
Book Value per Share $ 37.79 $36.85 +3%
51

Long-Term Financial Strength
Our balance sheet is our
top financial priority
Financial strength
differentiates us in
the market
The claims defense
philosophy that
differentiates us in the
market leverages our
financial strength
Total Assets
52

Capital Management Priorities
Balancing our future needs vs. expectations from rating agencies
and investors
Preferred use is to support growth through M&A or new business
Regular dividend is $1.00/share
~2% yield based on
current share price
Prudent share repurchase program
$188 million remaining in
current authorization
$321 million spent to
repurchase 6.1 million shares
since 2005
Repurchasing shares at prices
that enhance shareholder value
and build Book Value
53
Returning Capital to Shareholders
$ in millions

Strong capital position us for a firming market
We recognize the effect on ROE
The manner in which
capital is used has an
effect on financial ratings
Capital Management Priorities
54
Conceptual Model of Projected A. M. Best BCAR Scores if
Excess Capital vs. Excess Capacity
Premiums to Surplus
6/30/13 Premium is annualized
(2x 6/30/13)
“A+” Rating
Threshold

Capital Management Priorities
No long-term debt
Fully secured by
investments with higher
yields than the
cost of borrowing
55
Debt to Equity
No Debt Prior to 2001

Capital Growth: 2008-Q2 2013
in $000’s except
total equity (000,000’s)
* Includes economic cost of holding treasury shares
56

Inside ProAssurance’s Balance Sheet
6/30/13
57

Inside ProAssurance’s Income Statement
6/30/13
58
$35.5 Non-Taxable Gain on Acquisition

Book Value per Share History

Steady Return in an Unfavorable Environment
L ong-term ROE target: 12% -14%
Components of Return on Equity (in millions)

The choice: chase yield or extend duration
We are maintaining duration, looking for
opportunities
Pricing discipline becomes even more
critical in a low interest rate environment
Lack of investment yield may be a hard
market catalyst
Return on Equity and Investment Returns
Assumes a 1:1 premium to surplus ratio for physicians
professional liability claims-made coverages
Combined Ratio Required to
Generate a 13% Return on Equity
Long-Term ROE Target is 12%-14%
The Yield Trap
Revised to reflect yields at 6/30/13
61

Investment Portfolio Detail
ProAssurance remains conservatively
invested, to ensure our ability to keep our
long-term promise of insurance protection

ProAssurance: Investment Profile
$4.2 Billion Overall Portfolio
$3.5 Billion Fixed Income Portfolio
Average duration: 4.0 years
Average tax-equivalent
income yield: Q2 13: 4.3% / Q2 12: 4.5%
Investment grade: 93%
Weighted average: A+
06/30/13
Tax credit portfolio not reflected in investment
income—provides approximately $17.8 million
in tax credits and $10.9 million in deductions in
2013
CUSIP-level portfolio disclosure on our website:
www.proassurance.com/investorrelations/supplemental.aspx
63

ProAssurance Portfolio Detail: Asset Backed
06/30/13
Subject to Rounding
Asset Backed: $464 Million
Weighted Average Rating: “AA+”
64

ProAssurance Portfolio Detail: Corporate
Corporates: $1.5 Billion
Weighted Average Rating: A-
6/30/13
65

ProAssurance Portfolio Detail: Municipals
Municipals: $1.3 Billion / Average Rating is AA
Investment policy has always required
investment grade rating prior to applying the
effect of insurance
Weighted Average Rating: AA
06/30/13
66

ProAssurance Portfolio Detail: Equities & Other
06/30/13
67
Equities & Other: $482 Million
5.4% TE Book Yield
13% TE IRR

ProAssurance Portfolio Detail: Various
Rated A1/P1 or better
Money Markets:
Moody’s: Aaa
S&P: AAA
Weighted average rating
Moody’s: AA3
S&P: AA-
A. M. Best: A+
Treasury / GSE: $271 Million
Short Term: $87 Million
BOLI: $53 Million
06/3013
68