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ap

ProAssurance approves $100M repurchase plan

ProAssurance board approves plan to spend $100 million to buy back stock and retire debt

  • On 10:17 am EDT, Thursday September 10, 2009

BIRMINGHAM, Ala. (AP) -- ProAssurance Corp., which writes medical professional liability insurance, said Thursday its board has approved a plan to spend $100 million to repurchase stock or retire outstanding debt.

If ProAssurance were to use the entire $100 million to buy back stock, it would be able to repurchase about 1.9 million shares of stock based on Wednesday's closing price off $51.72.

ProAssurance had about 32.7 million shares of common stock outstanding as of July 24.

The $100 million program is in addition to the $31.3 million ProAssurance has remaining from a previous plan.

Shares of ProAssurance fell 19 cents to $51.53 in morning trading.

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