ProAssurance, an independently traded specialty writer of medical professional liability insurance, has completed the acquisition of American Physicians Service Group (APS).
Under the terms of the merger, each share of APS stock will be redeemed for $32.50 in cash. Shareholders whose stock is held by a broker or in direct registration will be paid automatically.
ProAssurance chairman and CEO Stancil Starnes said the transaction not only give ProAssurance significant market presence as the second largest writer of medical professional liability insurance in Texas, it also enhances the presence in Oklahoma and Arkansas.
“Additionally, we believe our shareholders will see benefits as well, as we expect to grow profitably during a challenging time in our business, Starnes said.