ProAssurance Spends $205M To Buy Workers' Comp Insurer

Law360, New York (September 24, 2013, 3:26 PM EDT) -- ProAssurance Corp., a leading medical malpractice insurer, said Tuesday that it will buy out Eastern Insurance Holdings Inc., a workers' compensation specialist, for $205 million in an all-cash deal aimed at growing market share in the health care insurance market.

The price is a 15.7 percent premium over Eastern's closing price on Monday and an all-time high for the stock, which has recovered steadily but slowly since the 2008 crash. Eastern, whose policies target health care workers, will complement ProAssurance's malpractice coverage, which covers lawyers as...
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