ProAssurance repurchases $23 million floaters at discount

By Angela McDaniels

Tacoma, Wash., Dec. 9 - ProAssurance Corp. said it reacquired $23 million of its floating-rate junior subordinated notes due 2034 for $18.4 million on Monday.

The repurchase was made under the company's existing authorization for the repurchase of up to $100 million of its shares of common stock, trust preferred securities or the debentures that secure the trust preferreds, according to an 8-K filing with the Securities and Exchange Commission.

The company expects to record a pre-tax gain of about $4.5 million for the fourth quarter due to the repurchase.

ProAssurance provides medical professional liability insurance and is based in Birmingham, Ala.

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