EXHIBIT 99.1

ProAssurance Corporation Will Include Effect of Contingent Convertible
          Shares in Year-End and Fourth Quarter 2004 Results;
              Results to Be Released on February 23, 2005

    BIRMINGHAM, Ala.--(BUSINESS WIRE)--Jan. 27, 2005--ProAssurance
Corporation (NYSE:PRA) today reiterated that it will include the
dilutive effect of 2,572,038 Contingent Convertible shares in its
fourth quarter and full-year 2004 earnings per share calculation. This
will bring the Company into compliance with EITF 04-8, The Effect of
Contingently Convertible Debt on Diluted Earnings per Share, which
requires the accounting change for periods ending after December 15,
2004.
    In calculating diluted earnings per share after the adoption of
EITF 04-8 ProAssurance will use an approximate weighted share average
of 32,036,000 for the fourth quarter of 2004, and 31,984,000 for the
full year and after-tax interest expense of approximately $742,000 for
the fourth quarter and $3.0 million for the year.
    ProAssurance will report fourth quarter and year-end 2004 results
prior to the start of normal NYSE trading on Wednesday, February 23,
2005. ProAssurance's management team will discuss the reported results
and the Company's view of its industry in a conference call at 10:00
AM ET that day.
    Investors in North America who wish to participate by phone may
call (877) 407-8293; international investors should call (201)
689-8349. The conference call will also be webcast on
StreetEvents.com, and through the Investor Relations section of
ProAssurance.com.
    A telephone replay of the conference call will be available
through March 2, 2005 at (877) 660-6853 or (201) 612-7415 using
account number 4400 and access code 133424. An internet replay will be
available through March 15, 2005 at ProAssurance.com and
Streetevents.com

    About ProAssurance

    ProAssurance Corporation is a specialty insurer with more than
$3.2 billion in assets and over $740 million in gross written
premiums. As the nation's fourth largest writer of medical
professional liability insurance, our 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. We are the tenth largest writer
of personal auto coverage in Michigan through our subsidiary, MEEMIC
Insurance Company. A.M. Best assigns a rating of "A-" (Excellent) to
ProAssurance and our principal subsidiaries, Standard & Poor's assigns
our principal professional liability carriers a rating of "A-"
("Strong), and Fitch assigns a rating of "A-" to our subsidiaries The
Medical Assurance Company, ProNational Insurance Company and MEEMIC
Insurance Company.

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