ProAssurance Files $250 Million Universal Shelf Offering

BIRMINGHAM, Ala.--Feb. 9, 2004--ProAssurance Corporation has announced the filing of a universal shelf registration statement with the Securities and Exchange Commission. This registration statement will allow the Company to offer from time to time up to $250 million in common stock, preferred stock or debt securities.

The Company currently expects that the net proceeds of any offering would be used for general corporate purposes, which may include the contributions to the capital and surplus of its operating subsidiaries to support growth, repurchase of its outstanding debt securities or repayment of other indebtedness which the Company or its operating subsidiaries may incur.

After the registration statement is declared effective, the Company may sell the securities in one or more separate offerings in amounts, at prices and on terms to be determined at the time of sale. The Company does not have any immediate plans to sell securities under the shelf registration statement. Should ProAssurance offer any securities under the shelf registration statement, the Company will make a prospectus supplement available that will include the specific terms of the securities being offered.

The registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About ProAssurance

ProAssurance Corporation is a specialty insurer with more than $2.8 billion in assets and more than $650 million in gross written premiums. As the nation's fourth largest writer of medical professional liability insurance, ProAssurance's principal professional liability subsidiaries, The Medical Assurance Company, Inc., ProNational Insurance Company, and Red Mountain Casualty Insurance Company, Inc., are recognized leaders in their market. ProAssurance is also the tenth largest writer of personal auto coverage in Michigan through its personal lines subsidiary, MEEMIC Insurance Company.