SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): December 30, 2005
ProAssurance Corporation
(Exact name of registrant as specified in its charter)
Delaware 001-16533 63-1261433
(State of Incorporation) (Commission File No.) (IRS Employer I.D. No.)
100 Brookwood Place, Birmingham, Alabama 35209
(Address of Principal Executive Office ) (Zip code)
Registrant's telephone number, including area code: (205) 877-4400
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|X| Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|X| Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-(c) under the Exchange
Act (17CFR 240.13e-(c))
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Item 8.01 Other Events.
On December 8, 2005 ProAssurance Corporation (the "Registrant") and
Physicians Insurance Company of Wisconsin, Inc. ("PIC Wisconsin") entered into
an Agreement and Plan of Merger which provides for the merger of PIC Wisconsin
into a newly formed wholly owned subsidiary of the Registrant. Under the terms
of the merger agreement, the shares of common stock of PIC Wisconsin will be
converted into and exchanged for shares of Registrant's common stock at the
effective time of the merger. The Registrant is required to register the shares
to be issued in the merger under the Securities Act of 1933 and will file a
registration statement with the SEC on Form S-4 (the 'Registration Statement")
in order to register the shares
This transaction requires various regulatory approvals, including that of
the Office of the Commissioner of Insurance of the State of Wisconsin (the
"Wisconsin OCI"). In order to obtain that approval we have filed with the
Wisconsin OCI a document commonly referred to as a Form A, providing information
relevant to the merger.
The Wisconsin OCI has notified us that much of the Form A will be made
available on the Wisconsin OCI's website. Therefore, under Rule 425 we are
filing the portions of the Form A to be posted on the website as an exhibit to
this report.
The merger is also subject to approval of the shareholders of PIC
Wisconsin. The Registration Statement to be filed with the SEC will include a
proxy statement-prospectus that will be used to solicit proxies for the meeting
of the shareholders of PIC Wisconsin that will be held to consider and vote upon
the merger. Shareholders of PIC Wisconsin are urged to read the Registration
Statement (and the proxy statement-prospectus included therein) when it is filed
with the SEC as it will include important information regarding the Registrant
and the proposed merger. You will be able to obtain a free copy of the
Registration Statement as well as other information concerning the Registrant at
the SEC's site on the internet (http://www.sec.gov). Copies of the Registration
Statement and the SEC filings that will be incorporated by reference in the
Registration Statement can be obtained, without charge, by directing a request
to Frank B. O'Neil, Senior Vice president, Corporate Communications, 100
Brookwood Place, Birmingham AL 35209, telephone (205) 877-4461.
Caution Regarding Forward Looking Statements
This report and exhibit contain historical information as well as
forward-looking statements that are based upon our estimates and anticipation of
future events that are subject to certain risks and uncertainties that could
cause actual results to vary materially from the expected results described in
the forward-looking statements. The words "anticipate," "believe," "estimate,"
"expect," "hopeful," "intend," "may," "optimistic," "preliminary," "project,"
"should," "will," and similar expressions are intended to identify these
forward-looking statements. There are numerous important factors that could
cause our actual results to differ materially from those in the forward-looking
statements. Thus, sentences and phrases that we use to convey our view of future
events and trends are expressly designated as Forward-Looking Statements as are
sections of this news release clearly identified as giving our outlook on future
business. The principal risk factors that may cause actual results to differ
materially from those expressed in the forward-looking statements are described
in various documents we file with the Securities and Exchange Commission,
including Form 10K for the year ended December 31, 2004 and Form 10Q for the
most recent quarter.
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These forward-looking statements are subject to significant risks,
assumptions and uncertainties, including, among other things, the following
important factors that could affect the actual outcome of future events:
o Relating to the ongoing operations of the combined companies:
o General economic conditions, either nationally or in our market area,
that are worse than expected;
o regulatory and legislative actions or decisions that adversely affect
our business plans or operations;
o price competition;
o inflation and changes in the interest rate environment the performance
of financial markets and/or changes in the securities markets that
adversely affect the fair value of our investments or operations;
o changes in laws or government regulations affecting medical
professional liability insurance and practice management and financial
services;
o changes to our ratings assigned by A.M. Best;
o the effect of managed healthcare;
o uncertainties inherent in the estimate of loss and loss adjustment
expense reserves and reinsurance; and changes in the availability,
cost, quality, or collectibility of reinsurance;
o significantly increased competition among insurance providers and
related pricing weaknesses in some markets.
o changes in accounting policies and practices, as may be adopted by our
regulatory agencies and the Financial Accounting Standards Board; and
o changes in our organization, compensation and benefit plans.
Relating to the proposed transaction with PIC Wisconsin:
o The business of ProAssurance and PIC Wisconsin may not be combined
successfully, or such combination may take longer to accomplish than
expected;
o the cost savings from the merger may not be fully realized or may take
longer to realize than expected;
o operating costs, customer loss and business disruption following the
merger, including adverse effects on relationships with employees, may
be greater than expected;
o governmental approvals of the merger may not be obtained, or adverse
regulatory conditions may be imposed in connection with governmental
approvals of the merger;
o restrictions on our ability to achieve continued growth through
expansion into other states or through acquisitions or business
combinations; and
o the stockholders of PIC Wisconsin may fail to approve the merger.
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We wish to caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made, and wish to
advise readers that the factors listed above could affect our financial
performance and could cause actual results for future periods to differ
materially from any opinions or statements expressed with respect to future
periods in any current statements. We do not undertake and specifically decline
any obligation to publicly release the result of any revisions that may be made
to any forward-looking statements to reflect events or circumstances after the
date of such statements or to reflect the occurrence of anticipated or
unanticipated events.
Item 9.01 Financial Statements and Exhibits
Exhibit No. Description
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2.1 Form A and related documents to be published on the website of
the Wisconsin OCI. Exhibit A of the Form A is the Agreement and
Plan of Merger previously filed as a Form 8-K on December 9,
2005, and is incorporated herein by reference.
SIGNATURE
Pursuant to the requirements of the Securities Exchange act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: December 30, 2005
PROASSURANCE CORPORATION
By: /s/ Frank B. O'Neil
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Frank B. O'Neil
Senior Vice-President
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