Welcome to the ProAssurance Securities Settlement Website

This website has been established to provide general information related to the proposed settlement of the case known as Sheet Metal Workers Local 19 Pension Fund v. ProAssurance Corporation, et al., Case No. 2:20-cv-00856, pending before the United States District Court for the Northern District of Alabama, Southern Division (the "Court"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated June 22, 2023, which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected if you purchased or acquired the common stock of ProAssurance Corporation (“ProAssurance”) from August 8, 2018 through May 7, 2020, inclusive (the “Class Period”).

The law firms of Robbins Geller Rudman & Dowd LLP and Saxena White P.A. represent the Settlement Class Members. These lawyers are called Lead Counsel. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

As more fully described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice"), Lead Plaintiffs filed a Consolidated Class Action Complaint for Violations of the Federal Securities Laws (the “Consolidated Complaint”). The Consolidated Complaint alleges that during the Class Period Defendants materially misled investors by concealing ProAssurance’s deviation from its purportedly conservative practices in connection with an undisclosed insurance policy issued to a large national account and the amount of loss reserves ProAssurance maintained for the large national account. Lead Plaintiffs allege that, as a result of Defendants’ purported misrepresentations and/or omissions, the price of ProAssurance’s common stock was artificially inflated during the Class Period.

In the course of the Action, the Settling Parties engaged the services of David Murphy of Phillips ADR Enterprises, an experienced mediator, in good faith efforts to resolve the case. The Settling Parties engaged in settlement discussions on multiple occasions and ultimately an agreement was reached to settle the Litigation in return for a cash payment of $28 million for the benefit of the Settlement Class.

WHAT DOES THE SETTLEMENT PROVIDE?

The Settlement provides that, in exchange for the release of the Released Plaintiffs’ Claims (as defined in the Notice) and dismissal of the Litigation with prejudice, ProAssurance will pay or cause to be paid $28,000,000 in cash to be distributed after Taxes, Tax Expenses, Notice and Administration Expenses, and any Court-approved attorneys’ fees and expenses, pro rata, to Settlement Class Members who send in a valid Proof of Claim form pursuant to the Court-approved Plan of Allocation. The Plan of Allocation is described in more detail at the end of the Notice.

ADDITIONAL INFORMATION

Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully. You may also wish to read the answers to Frequently Asked Questions provided on this website.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

IMPORTANT DATES AND DEADLINES