NORCAL Group to be acquired by ProAssurance

ProAssurance Corporation and NORCAL Group have signed a definitive agreement under which NORCAL will become a part of ProAssurance in a $450 million transaction following the demutualisation of NORCAL Mutual Insurance Company (NORCAL Mutual), NORCAL's ultimate controlling party. The demutualisation and the acquisition agreement are mutually contingent, and are subject to required regulatory and policyholder approvals.