<SEC-DOCUMENT>0001875246-25-000042.txt : 20250507
<SEC-HEADER>0001875246-25-000042.hdr.sgml : 20250507
<ACCEPTANCE-DATETIME>20250507162101
ACCESSION NUMBER:		0001875246-25-000042
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250507
DATE AS OF CHANGE:		20250507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PROASSURANCE CORP
		CENTRAL INDEX KEY:			0001127703
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		EIN:				631261433
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16533
		FILM NUMBER:		25921742

	BUSINESS ADDRESS:	
		STREET 1:		100 BROOKWOOD PLACE
		CITY:			BIRMINGHAM
		STATE:			AL
		ZIP:			35209
		BUSINESS PHONE:		2058774400

	MAIL ADDRESS:	
		STREET 1:		100 BROOKWOOD PLACE
		CITY:			BIRMINGHAM
		STATE:			AL
		ZIP:			35209
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>filecompanywideslidesmay7.htm
<DESCRIPTION>DEFA14A
<TEXT>
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<title>Document</title></head><body><div id="i35d3fef6051747bda44fe85665e3b4e5_1"></div><div style="min-height:48.96pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%">UNITED STATES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="margin-top:0.2pt;padding-left:107.07pt;padding-right:107.07pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:700;line-height:100%">WASHINGTON, D.C. 20549</font></div><div style="margin-top:10.35pt;padding-left:107.07pt;padding-right:107.07pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:100%">SCHEDULE 14A</font></div><div style="margin-top:10.75pt;padding-left:107.05pt;padding-right:107.05pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:700;line-height:100%">PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div><div style="margin-bottom:3pt;margin-top:0.55pt;padding-left:36pt;text-indent:-36pt"><font><br></font></div><div style="margin-bottom:3pt;padding-left:6.2pt;text-indent:-4.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Filed by the Registrant  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> &#9746;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div><div style="margin-bottom:3pt;margin-top:5.85pt;padding-left:6.2pt;text-indent:-4.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Filed by a Party other than the Registrant   </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744;</font></div><div style="margin-bottom:3pt;margin-top:14pt;padding-left:6.2pt;text-indent:-4.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Check the appropriate box&#58;</font></div><div style="margin-bottom:3pt;margin-top:5pt;padding-left:6.2pt;text-indent:-4.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Preliminary proxy statement</font></div><div style="margin-bottom:3pt;margin-top:5pt;padding-left:6.2pt;text-indent:-4.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Confidential, for use of the Commission only (as permitted by Rule 14a-6(e)(2))</font></div><div style="margin-bottom:3pt;margin-top:5pt;padding-left:6.2pt;text-indent:-4.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Definitive proxy statement</font></div><div style="margin-bottom:3pt;margin-top:5pt;padding-left:6.2pt;text-indent:-4.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Definitive additional materials</font></div><div style="margin-bottom:3pt;margin-top:5pt;padding-left:6.2pt;text-indent:-4.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9746;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12</font></div><div style="margin-bottom:3pt;margin-top:0.4pt;padding-left:36pt;text-indent:-36pt"><font><br></font></div><div style="padding-left:107.07pt;padding-right:107.07pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:21.5pt;font-weight:700;line-height:100%">ProAssurance Corporation</font></div><div style="margin-top:2.4pt;padding-left:107.05pt;padding-right:107.05pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(Name of Registrant as Specified in Its Charter)</font></div><div style="margin-bottom:3pt;margin-top:0.1pt;padding-left:36pt;text-indent:-36pt"><font><br></font></div><div style="padding-left:107.02pt;padding-right:107.02pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(Name of Person(s) Filing Proxy statement, if Other Than the Registrant)</font></div><div style="margin-bottom:3pt;margin-top:0.15pt;padding-left:36pt;text-indent:-36pt"><font><br></font></div><div style="margin-bottom:3pt;padding-left:6.2pt;text-indent:-4.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Payment of filing fee (Check the appropriate box)&#58;</font></div><div style="margin-bottom:3pt;margin-top:5.85pt;padding-left:6.2pt;text-indent:-4.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9746;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> No fee required</font></div><div style="margin-bottom:3pt;margin-top:5.85pt;padding-left:6.2pt;text-indent:-4.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Fee paid previously with preliminary materials</font></div><div style="margin-bottom:3pt;margin-top:5.85pt;padding-left:6.2pt;text-indent:-4.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#9744;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</font></div><div style="margin-bottom:3pt;margin-top:5.45pt;padding-left:6.2pt"><font><br></font></div><div style="margin-bottom:3pt;padding-left:36pt;text-indent:-36pt"><font><br></font></div><div style="margin-bottom:3pt;padding-left:36pt;text-indent:-36pt"><font><br></font></div><div style="height:48.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><div id="i35d3fef6051747bda44fe85665e3b4e5_4"></div><hr style="page-break-after:always"><div style="min-height:48.96pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">This Schedule 14A filing consists of slides used in a live presentation given at the regularly scheduled employee meeting relating to results for the first quarter of 2025. The slides relate to the proposed acquisition of ProAssurance Corporation, a Delaware corporation (the &#8220;Company&#8221;) by The Doctors Company, a California-domiciled reciprocal inter-insurance exchange (&#8220;Parent&#8221;), pursuant to the terms of an Agreement and Plan of Merger, dated March 19, 2025, by and among the Company, Parent and Jackson Acquisition Corporation, a Delaware corporation and a wholly owned subsidiary of Parent. This item was first used or made available on May 7, 2025.</font></div><div style="margin-bottom:3pt;margin-top:0.15pt;padding-left:36pt;text-indent:-36pt"><font><br></font></div><div id="i35d3fef6051747bda44fe85665e3b4e5_7"></div><div><font style="color:#156082;font-family:'Calibri',sans-serif;font-size:18pt;font-weight:700;line-height:112%">Update on TDC transaction</font></div><div><font style="color:#196b24;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:90%">Key milestones reached in recent weeks</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:90%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:90%;padding-left:12.03pt">Team member communications &#8211; visit TDC Acquisition Info Center to find information</font></div><div style="margin-top:5pt;padding-left:72pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:90%">&#9702;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:90%;padding-left:14.59pt">Began April with meetings in eight offices, reaching almost all team members in person or via Zoom</font></div><div style="margin-top:3pt;padding-left:72pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:90%">&#9702;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:90%;padding-left:14.59pt">Posted update FAQ on April 14, offering additional details on benefits and other topics</font></div><div style="margin-top:3pt;padding-left:72pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:90%">&#9702;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:90%;padding-left:14.59pt">Directed team members to preliminary transaction proxy statement, filed with SEC on May 1</font></div><div><font><br></font></div><div><font style="color:#383a42;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:112%">For internal questions, you are encouraged to email </font><font style="color:#3498db;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:112%">TDCQuestions&#64;ProAssurance.com</font><font style="color:#383a42;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </font></div><div><font><br></font></div><div><font style="color:#156082;font-family:'Calibri',sans-serif;font-size:18pt;font-weight:700;line-height:112%">Update on TDC transaction</font></div><div><font style="color:#196b24;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:90%">What&#8217;s next&#63;</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:90%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:90%;padding-left:12.53pt">The definitive proxy statement relating to the TDC transaction will be finalized and filed with SEC</font></div><div style="margin-top:5pt;padding-left:72pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:90%">&#9702;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:90%;padding-left:14.59pt">After it is filed, the definitive proxy statement and voting instructions will be mailed to stockholders, including employee stockholders&#59; the definitive proxy statement will identify the date of the special stockholder meeting</font></div><div style="margin-top:5pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:90%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:90%;padding-left:12.53pt">Annual Stockholder Meeting will be held May 21 to elect directors, ratify independent auditors and provide advisory vote on compensation&#59; no vote on the TDC transaction will be taken at the annual meeting</font></div><div style="margin-top:5pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:90%">&#8226;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:90%;padding-left:12.53pt">TDC responsible for regulatory approval steps</font></div><div style="margin-top:5pt;padding-left:72pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:90%">&#9702;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:90%;padding-left:14.59pt">HSR Form (anti-trust clearance) to be filed with Department of Justice (DOJ) and the Federal Trade Commission (FTC)</font></div><div style="margin-top:3pt;padding-left:72pt;text-indent:-18pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:90%">&#9702;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:90%;padding-left:14.59pt">Form As and Form Es are being filed with relevant state regulators, as applicable</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">This communication contains &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995 that represent the current expectations and beliefs of management of ProAssurance Corporation (&#8220;ProAssurance&#8221;) concerning the proposed acquisition of ProAssurance Corporation by The Doctors Company (&#8220;Buyer&#8221;) and other future events and their potential effects on ProAssurance.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Such statements are based upon the current beliefs and expectations of ProAssurance management, are not guarantees of future results and are subject to a significant number of risks and uncertainties.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies and risk relating to the transaction, many of which are beyond ProAssurance&#8217;s control.</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In connection with the proposed acquisition, ProAssurance will file with the Securities and Exchange Commission (the &#8220;SEC&#8221;) a proxy statement of ProAssurance.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">ProAssurance plans to deliver the definitive proxy statement to its stockholders in connection with the proposed acquisition.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PROASSURANCE AND BUYER, THE PROPOSED ACQUISITION AND RELATED MATTERS.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Investors and stockholders will be able to obtain free copies of the proxy statement and other documents filed with the SEC by ProAssurance through the website maintained by the SEC at http&#58;&#47;&#47;www.sec.gov.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In addition, investors and stockholders will be able to obtain free copies of the definitive proxy statement and other documents filed by ProAssurance with the SEC upon written request to&#58; Investor Relations, ProAssurance Corporation, P.O. Box 590009, Birmingham, Alabama 35259-0009 or by telephone at (205) 776-3028 or (800) 282-6242.</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of proxies from ProAssurance&#8217;s stockholders in connection with the proposed acquisition is </font></div><div style="height:48.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:48.96pt;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:120%">set forth in ProAssurance&#8217;s proxy statement for its 2025 annual meeting of stockholders, which was filed with the SEC on April 11, 2025. Additional information regarding the interests of ProAssurance&#8217;s directors and executive officers in the proposed acquisition, which may be different than those of ProAssurance&#8217;s stockholders generally, will be contained in the proxy statement when filed with the SEC.</font></div><div><font><br></font></div><div id="i35d3fef6051747bda44fe85665e3b4e5_10"></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Forward-Looking Statements</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The foregoing contains &#8220;forward-looking statements&#8221; within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These statements are often identified by the use of words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;plan,&#8221; &#8220;hope,&#8221; &#8220;hopeful,&#8221; &#8220;likely,&#8221; &#34;may,&#34; &#34;optimistic,&#34; &#34;possible,&#34; &#34;potential,&#34; &#34;preliminary,&#34; &#34;project,&#34; &#34;should,&#34; &#34;will,&#34; &#8220;would&#8221; or the negative or plural of these words or similar expressions or variations.  Forward-looking statements are made based upon management&#8217;s current expectations and beliefs and are not guarantees of future performance. Such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements. These factors include, among others&#58; (i) the completion of the proposed transaction on the anticipated terms and timing, (ii) the satisfaction of other conditions to the completion of the proposed transaction, including obtaining required shareholder and regulatory approvals&#59; (iii) the risk that ProAssurance Corporation&#8217;s stock price may fluctuate during the pendency of the proposed transaction and may decline if the proposed transaction is not completed&#59; (iv) potential litigation relating to the proposed transaction that could be instituted against ProAssurance Corporation or its directors, managers or officers, including the effects of any outcomes related thereto&#59; (v) the risk that disruptions from the proposed transaction will harm ProAssurance Corporation&#8217;s business, including current plans and operations, including during the pendency of the proposed transaction&#59; (vi) the ability of ProAssurance Corporation to retain and hire key personnel&#59; (vii) the diversion of management&#8217;s time and attention from ordinary course business operations to completion of the proposed transaction and integration matters&#59; (viii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction&#59; (ix) legislative, regulatory and economic developments&#59; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect ProAssurance Corporation&#8217;s financial performance&#59; (xi) certain restrictions during the pendency of the proposed transaction that may impact ProAssurance Corporation&#8217;s ability to pursue certain business opportunities or strategic transactions&#59; (xii) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, outbreaks of war or hostilities or global pandemics, as well as management&#8217;s response to any of the aforementioned factors&#59; (xiii) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events&#59; (xiv) unexpected costs, liabilities or delays associated with the transaction&#59; (xv) the response of competitors to the transaction&#59; (xvi) the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction, including in circumstances requiring ProAssurance Corporation to pay a termination fee &#59; and (xvii) other risks set forth under the heading &#8220;Risk Factors,&#8221; of our Annual Report on Form 10-K for the year ended December 31, 2024 and in our subsequent filings with the Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. Our actual results could differ materially from the results described in or implied by such forward looking statements. Forward-looking statements speak only as of the date hereof, and, except as required by law, we undertake no obligation to update or revise these forward-looking statements.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Additional Information and Where To Find It</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This communication does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or approval. This communication relates to a proposed acquisition of ProAssurance Corporation by The Doctors Company. In connection with this proposed acquisition, ProAssurance Corporation plans to file one or more proxy statements or other documents with the SEC. This communication is not a substitute for any proxy statement or other document that ProAssurance Corporation has filed or may file with the SEC in connection with the proposed acquisition. INVESTORS AND SECURITY HOLDERS OF PROASSURANCE CORPORATION ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS THAT HAVE BEEN (OR MAY BE) FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Any definitive proxy statement(s) relating to the proposed acquisition (if and when available) will be Delivered to stockholders of </font></div><div style="height:48.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:48.96pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ProAssurance Corporation. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by ProAssurance Corporation through the website maintained by the SEC at http&#58;&#47;&#47;www.sec.gov. Copies of the documents filed with the SEC by ProAssurance Corporation will be available free of charge on ProAssurance Corporation&#8217;s internet website at investor.proassurance.com&#47;SEC-Filings or upon written request to&#58; Investor Relations, ProAssurance Corporation, P.O. Box 590009, Birmingham, Alabama 35259-0009 or by telephone at (205) 776-3028 or (800) 282-6242.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Participants in Solicitation</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ProAssurance Corporation, its directors and certain of its executive officers may be considered participants in the solicitation of proxies in connection with the proposed acquisition. Information about the directors and executive officers of ProAssurance Corporation is set forth in its proxy statement for its 2025 annual meeting of stockholders, which was filed with the SEC on April 11, 2025. To the extent that holdings of ProAssurance Corporation&#8217;s securities by its directors or executive officers have changed since the amounts set forth in ProAssurance Corporation&#8217;s proxy statement for its 2025 annual meeting of stockholders, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. These documents can be obtained free of charge from the sources indicated above.</font></div><div><font><br></font></div><div style="height:48.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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