Exhibit 99.1

     ProAssurance Raises $10 Million Through Second Placement of
                      Trust Preferred Securities

    BIRMINGHAM, Ala.--(BUSINESS WIRE)--May 12, 2004--ProAssurance
Corporation (NYSE:PRA) announced today that it has raised $10 million
through a privately placed offering of trust preferred securities. The
Company has now raised a total of $23 million through the placement of
trust preferred securities since April 29, 2004.
    As with the prior placement, the securities mature in 30 years and
bear a floating interest rate equal to LIBOR plus 3.85%. The interest
rate will be adjusted quarterly to reflect changes in LIBOR and can
rise to no more than 12.5%. The securities may be called at par by the
Company any time after five years from closing. There are no early
redemption rights for holders of the securities.
    The proceeds of the placement will be available for general
corporate purposes. ProAssurance currently plans to use most of the
funds to ensure that its capital is adequate to support the growth of
its professional liability insurance business. ProAssurance's Chairman
and Chief Executive Officer, A. Derrill Crowe, M.D., said, "We
continue to see opportunities throughout our states of operation to
add quality risks at appropriate pricing. We are committed to ensuring
that we have the capital to meet the needs of those insureds and to
respond to other opportunities that may arise during the year." The
Company stated on its recent conference call that it anticipated
raising as much as $45 million through the placement of trust
preferred securities.
    A wholly-owned, specially-created subsidiary of ProAssurance is
selling trust preferred securities to a pooling and securitization
entity, I-Preferred Securities IV, Ltd., which will place the pooled
securities with institutional investors.

    About ProAssurance Corporation

    ProAssurance Corporation is a specialty insurer with almost $3.0
billion in assets and more than $740 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 developing
solutions which serve the needs of the evolving health care industry.
ProAssurance is the tenth largest writer of personal auto coverage in
Michigan through its subsidiary, MEEMIC Insurance Company. A.M. Best
assigns a rating of "A-" (Excellent) to ProAssurance and its principal
subsidiaries; Standard & Poor's assigns the Company's principal
professional liability carriers a rating of "A-" ("Strong).

    Caution Regarding Forward Looking Statements

    This news release contains historical information as well as
forward-looking statements that are based upon ProAssurance's
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," "intend," "may," "preliminary," "project,"
"should," "will," and similar expressions are intended to identify
these forward-looking statements. There are numerous important factors
that could cause actual results to differ materially from those in the
forward-looking statements. Thus, sentences and phrases that convey
the Company's view of future events and trends in the medical
professional liability insurance marketplace are expressly designated
as Forward Looking Statements. 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 filed by
ProAssurance Corporation with the Securities and Exchange Commission,
including Form 10K for the year ended December 31, 2003. In view of
the many uncertainties inherent in the forward-looking statements made
in this document, the inclusion of such information should not be
taken as representation by the Company or any other person that
ProAssurance's objectives or plans will be realized. ProAssurance
expressly disclaims any obligation to update or alter its forward
looking statements whether as a result of new information, future
events or otherwise, except as required by law.

    CONTACT: ProAssurance Corporation, Birmingham
             Frank B. O'Neil, 800-282-6242; 205-877-4461
             foneil@ProAssurance.com
             www.ProAssurance.com