ProAssurance 8k

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Pursuant to Section 13 or 15(d) of the Securities

Exchange Act of 1934

Date of Report (Date of earliest event reported): June 6, 2006

ProAssurance Corporation

(Exact name of registrant as specified in its charter)

Delaware	001-16533	63-1261433
(State of Incorporation)	(Commission File No.)	(IRS Employer I.D. No.)

100 Brookwood Place, Birmingham, Alabama		35209
(Address of Principal Executive Office )		(Zip code)

	Registrant’s telephone number, including area code: (205) 877-4400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

x	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12)
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))
¨	Pre-commencement communications pursuant to Rule 13e-(c) under the Exchange Act (17CFR 240.13e-(c))

Item 7.01 Regulation FD Disclosure

We are furnishing two sets of presentation materials in this current report on Form 8K.

The presentation included as Exhibit 99.1 is being used for a presentation to an institutional investors conference on June 8, 2006.

The presentation included as Exhbit 99.2 is being used for meetings with institutional investors from June 6, 2006 through June 8, 2006.

We expressly disclaim any obligation to update either presentations and caution that they are only accurate on the dates on which they are used. The inclusion of any data or statements in these presentations does not signify that the information is considered material.

Both presentations contain references to a proposed transaction in which the shares of common stock of Physicians Insurance Company of Wisconsin, Inc. will be converted into and exchanged for shares of common stock of ProAssurance Corporation. ProAssurance Corporation has filed a registration statement with the Securities and Exchange Commission to register the shares to be issued in the transaction. Investors are encouraged to read the registration statement because it contains important information. Investors can obtain information about ProAssurance from the reports filed by ProAssurance with the SEC at the SEC's website: www.sec.gov. Copies of ProAssurance's recent SEC reports are also posted on ProAssurance's website: www.proassurance.com.

Item 8.01 Other Events

We are furnishing presentation materials, included as Exhibits 99.1 and 99.2 to this report and incorporated into this item by reference, which we will use at an institutional investors conference on June 8, 2006 and in investor meetings from June 6, 2006 through June 8, 2006.

Regulation FD Disclosure Caution Regarding Forward-Looking Statements

This report and exhibit contain historical information as well as forward-looking statements that are based upon our 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,” “hopeful,” “intend,” “may,” “optimistic,” “preliminary,” “project,” “should,” “will,” and similar expressions are intended to identify these forward-looking statements. There are numerous important factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sentences and phrases that we use to convey our view of future events and trends are expressly designated as Forward-Looking Statements as are sections of this news release clearly identified as giving our outlook on future business. 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 we file with the Securities and Exchange Commission, including Form S-4 filed December 15, 2006, Form 10K for the most current year ended December 31, and Form 10Q for the most recent quarter.

These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events:

·	General economic conditions, either nationally or in our market area, that are worse than expected;

·	regulatory and legislative actions or decisions that adversely affect our business plans or operations;

·	price competition;

·	inflation and changes in the interest rate environment the performance of financial markets and/or changes in the securities markets that adversely affect the fair value of our investments or operations;

·	changes in laws or government regulations affecting medical professional liability insurance;

·	changes to our ratings assigned by rating agencies;

·	the effects of managed healthcare;

·	uncertainties inherent in the estimate of loss and loss adjustment expense reserves and reinsurance; and changes in the availability, cost, quality, or collectibility of reinsurance;

·	significantly increased competition among insurance providers and related pricing weaknesses in some markets.

·	our ability to achieve continued growth through expansion into other states or through acquisitions or business combinations;

·	changes in accounting policies and practices, as may be adopted by our regulatory agencies and the Financial Accounting Standards Board;

·	changes in our organization, compensation and benefit plans; and

·	any other factors listed or discussed in the reports we file with the Securities and Exchange Commission under the Securities Exchange Act of 1934.

Relating to the proposed transaction with PIC Wisconsin:

·	The business of ProAssurance and PIC Wisconsin may not be combined successfully, or such combination may take longer to accomplish than expected;

·	the cost savings from the merger may not be fully realized or may take longer to realize than expected; and

·	operating costs, customer loss and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected;

·	the stockholders of PIC Wisconsin may fail to approve the merger.

We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and wish to advise readers that the factors listed above could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. We do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Item 9.01 Financial Statements and Exhibits

Exhibit 99.1 - Presentation to the Sandler O’Neill Financial Services Conference on June 8, 2006

Exhibit 99.2 - Presentation The presentation included as Exhbit 99.2 is being used for meetings with institutional investors from June 6, 2006 through June 8, 2006.

We are furnishing the exhbit to this Form 8-K in accordance with item 7.01, Regulation FD Disclosure and Item 8.01, Other Events.

Pursuant to the requirements of the Securities Exchange act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PROASSURANCE CORPORATION




By:	/s/ Edward L. Rand, Jr.
	Edward L. Rand, Jr., CPA Chief Financial Officer

[PowerPoint Presentations begins here as Exhibit 99.1 and 99.2]

June 8, 2006June 8, 2006June 8, 2006Mr. Victor T. AdamoMr. Victor T. AdamoPresident & COOPresident & COOSandler O'Neill Financial Services Conference Sandler O'NeillFinancial Services Conference

Caution Regarding Forward Looking Statements This presentation contains historical information as well as forward-looking statements that are based upon our 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," "hopeful," "intend," "may," "optimistic," "preliminary," "project," "should," ""will," and similar expressions are intended to identify these forward-looking statements. There are numerous important factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sentences and phrases that we use to convey our view of future events and trends are expressly designated as "forward-looking statements" as are sections of this news release clearly identified as giving our outlook on future business. The principal risk factors that may cause actual results to differ materially from t hose expressed in the forward-looking statements are described in various documents we file with the Securities and Exchange Commission, including our most recent Forms 10K and 10Q, and the Registration Statement filed on June 1, 2006. These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events. Relating to the proposed transaction with PIC Wisconsin, we add the following specific cautions: The business of ProAssurance and PIC Wisconsin may not be combined successfully, or such combination may take longer to accomplish than expected; the cost savings from the merger may not be fully realized or may take longer to realize than expected; operating costs, customer loss and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; restrictions on our ability to achieve continued growth through expansion into other states or through acquisitions or business combinations; and the stockholders of PIC Wisconsin may fail to approve the merger. . We urge you not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and wish to advise readers that the factors listed above could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to periods in any current statements. We do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to such statements or to reflect the occurrence of anticipated or unanticipated events. . Financial data for the medical malpractice segment for all periods prior to June, 2001 reflects Medical Assurance, Inc. data only, except where noted.

Focused on Professional liability Over 30,000 policyholders in 22 states and DC Majority are solo practitioners or in smaller groups Focus on the bottom line and shareholder value Superior results through careful underwriting, properpricing and effective claims handling Growing through M & A and careful expansion Successful M & A track record

Income Statement Highlights for Q1, 2006 Premium Growth of 11.5% Primarily due to NCRIC acquisition Validates our strategy of growth by M&A Book Value Up $4.01 to $28.60, primarily due to MEEMIC sale Cash flow from Continuing Operations: $115.8 million Rising Investment Income in millions Financial Strength 3/31/06 12/31/05 12/31/04 Total Assets $ 3,853 $3,342 $ 2,743 Shareholders' Equity $ 892 $765 $611 Net Income (Continuing Operations) $ 28 $ 80 $ 43 March 31, 2006, Audited

5 ProAssurance Growth StrategyProAssurance Growth StrategyWe grow when opportunities arise for profitable growth Hard Market Soft MarketM & A de novo Expansion Internal Growth M & A is preferable because of pricing pressure All avenues open because of pricing power

ProAssurance Growth Strategy Companies are available for many reasons Commitment to a shared vision of the future Medical Assurance & Professionals Group Financial challenges Example: NCRIC Shareholder value Example: PIC Wisconsin / liquidity Competitive pressures Capacity constraints

ProAssurance Growth Strategy Our preference is to grow in our footprint NCRIC and PIC Wisconsin We are focused on medical liability Doctor-founded companies with similar culture We can acquire without "breaking the bank" Stock trading at ~2x book value Cash flows at historically high levels We don't "bet the farm"

PIC Wisconsin Transaction National Scale - Local Orientation States of Origin or AcquisitionStates of Origin or Acquisition++ oooo ++ oo oo ++oo oooo ++ + oo+ ++ Expansion States PIC Wis States oClaims Offices + Claims / Underwriting Offices Corporate Headquarters Local knowledge is crucial for our shared success Extends our presence in the Upper Midwest Expands our geographical diversification

Market Opportunities We are the foremost writer in our states of operation We are market leaders in AL, DE, DC, OH and VA Strong Position in other states We continue to grow within our market footprint but will not "force" top line Leading Market Share Top 5 Market Share growth Top 10 Market Share Growing Market Share

10 Consistent Growth in Book Value per Share Consistent Growth in Book Value per Share$3.67 $6.27 $8.56 $11.57 $13.92 $16.02 $17.49 $18.77 $24.59 $28.60 $20.92 1991 1993 1995 1997 1999 2001 2002 2003 2004 2005 Q1 2006 $3.67$6.27$8.56$11.57$13.92$16.02$17.49$18.77$24.59$28.60$ 20.921991199319951997199920012002200320042005Q12006C ( 9 % CAGR 9/11/1-12/31/05)14.6 December 31, 2005, Unaudited, Subject to Final Adjustments (9%

Long-Term Return to Shareholders $52.00 11 $52. $21.19 $16.69 $4.12 $7.43 $13.22 $23.20 $28.69 $21.00 $32.15 $39. $48.64 00$21.19$16.69$4.12$7.43$13.22$23.20$28.69$21.00$32.15$39.11$48.64 Compound Annual Growth Rate: 19.3% Inception (9/11/91) - 12/31/05 Compound Annual Growth Rate: 19.3% Inception (9/11/91) -12/31/05 Q1 1991 1993 1995 1997 1999 2001 2003 2005 2006 Split Adjusted Stock Price at Each Year-End After Inception on 9/11/91

June 6-8, 2006June 6June 6--8, 20068, 2006Mr. Victor T. AdamoMr. Victor T. AdamoPresident & Chief Operating OfficerPresident & Chief Operating OfficerMr. Edward L. Rand, Jr.Mr. Edward L. Rand, Jr. Chief Financial OfficerChief Financial OfficerMr. Frank O'NeilMr. Frank O'NeilInvestor Relations OfficerInvestor Relations OfficerBoston & New York Investor Meetings

Caution Regarding Forward Looking Statements This presentation contains historical information as well as forward-looking statements that are based upon our 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," "hopeful," "intend," "may," "optimistic," "preliminary," "project," "should," "will," and similar expressions are intended to identify these forward-looking statements. There are numerous important factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sentences and phrases that we use to convey our view of future events and trends are expressly designated as "forward-looking statements" as are sections of this news release clearly identified as giving our outlook on future business. The principal risk factors that may cause actual results to differ materially from th ose expressed in the forward-looking statements are described in various documents we file with the Securities and Exchange Commission, including Form 10K/A for the year ended December 31, 2004 and Form 10Q for the most recent quarter and Form S-4/A filed June 2, 2006. These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events. Relating to the proposed transaction with PIC Wisconsin, we add the following specific cautions: The business of ProAssurance and PIC Wisconsin may not be combined successfully, or such combination may take longer to accomplish than expected; the cost savings from the merger may not be fully realized or may take longer to realize than expected; operating costs, customer loss and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; restrictions on our ability to achieve continued growth through expansion into other states or through acquisitions or business combinations; and the stockholders of PIC Wisconsin may fail to approve the merger. .We urge you not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and wish to advise readers that the factors listed above could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to periods in any current statements. We do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to such statements or to reflect the occurrence of anticipated or unanticipated events. . Financial data for the medical malpractice segment for all periods prior to June, 2001 reflects Medical Assurance, Inc. data only, except where noted.

15 ProAssurance Contacts Trravelliing Avaiillablle

Profesional Liability Statutory Adjusted Loss Ratio* Medical Malpractice Insuring more than 30,000 US Industry policyholders in 22 states and 117.4% PRA DC 100.7% 26,000 physicians in small groups and solo practice Also insuring hospitals and other healthcare providers effective claims handling Four Year Average 2001- Superior results through careful underwriting, proper pricing and *Source:A. M. Best Aggregates & Averages Medial Malpractice Predominating

Professional Liability Our focus is on the bottom line We grow through M&A and careful expansion Confident in current reserves Rated "A-" by A. M. Best, S & P and Fitch Gross Written Premiums (millions) 5 Year CAGR: 16.0% $543 $574 573 $462 $316 2001 2002 2003 2004 2005

Financial Overview Financial Overview Highlights Highlights Cash Flow Balance Sheet Strength Ongoing Earnings Power Cash FlowBalance Sheet Strength Ongoing Earnings Power

Balance Sheet (Continuing Operations) in millions 3/31/06 12/31/05 12/31/04 Total Assets $ 3,853 $ 3,342 $ 2,743 Cash & Invested Assets $ 3,141 $ 2,649 $ 2,166 Total Investments $ 3,105 $ 2,614 $ 2,146 Policy Liabilities $ 2,277 $ 2,224 $ 1,819 Shareholders' Equity $ 892 $ 765 $ 611 Balance Sheet Strength Sets ProAssurance Apart December 31, 2005, Unaudited, Subject to Final Adjustments

Q1 2006 Income Statement Highlights Premium Growth of 11.5% Primarily due to NCRIC acquisition Validates our strategy of growth by M&A Book Value Up $4.01 to $28.60 Primarily due to MEEMIC sale Cash flow from Continuing Operations: $115.8 million Rising Investment Income Q1 2006 Income Review 3/31/06 3/31/05 From Continuing Operations $ 27,835 $14,596 From Discontinued Operation 109,441 7,341 Net Income $137,276 $21,937 Diluted EPS Continuing Operations $0.84 $0.48 Diluted EPS Discontinued Operations $3.21 $0.23 Net Income $4.05 $0.71 March 31, 2006

Income Statement Comparison Professional Liability Only, Personal Lines in millions, except per share dataReported as Discontinued Operations Y-OVER-Y 2005 2004 CHANGE Gross Premiums Written $ 573.0 $ 573.6 Net Investment Income 99.2 77.6 28% Total Revenue 648.0 605.2 7% Total Expenses 539.1 553.8 -3% Net Income (Continuing Operations) $80.0 $ 43.0 86% Net Income/Diluted Share $ 2.52 $ 1.44 75% Operating Cash Flow $ 323.6 $ 336.3 -4% (Continuing Operations) December 31, 2005

22 97.1% 104.8% 124.50% 87.4% 92.3% 88.1% 111.4% 125.2% 111.6% 1998 1999 2000 2001 2002 2003 2004 2005 Combined Ratio Returning to Historic NormsCombined Ratio Returning to Historic NormsUnderwriting Profitability in Q3, 2005 Underwriting Profitabilityin Q3, 2005Year-to-Date at each quarter-end, Medical Assurance, Inc. Data Prior to Q3, 2001 Results First Reflect Dramatic Increases in Losses and Loss Costs Results First Reflect Dramatic Increases in Losses and Loss Costs100%100%100% 100% 100% Peak in Q2, 2002 1997

Key Objective: Return on Equity We price our policies to deliver an long-term average ROE of 12%-14% Assuming 1:1 premium-surplus Return on Equity Rises in 2005 ROE in 2006 will be a challenge because of the additional capital generated by the sale of MEEMIC Return on Equity 11.6% 7.4% 2004 2005

Key Objective: Combined Ratio Professional Liability Ratio History Combined Ratio 2006 Goal: less than 97.1% 2005: 97.1% 2004: 104.8% 2003: 111.6% 2002: 124.5% Operating Ratio 79.1% 90.2% 97.7% 104.1%

Key Objective: Strong Cash Flow Cash Flow $336.3 $323.6 Cash Flow Remains Strong Will benefit in 2006 from full-year NCRIC Additional benefit when PIC Wisconsin closes 2004 2005

Investments Earnings are Increasing Cash flow is over $1 billion since 1/1/02 Helping fuel higher investment returns 21.5% Net Investment Income as a Percentage of Net Earned Premium 20.4% %13.9% 2001 2002 2003 2004 2005 20.18.0% 14.74% 18.0% 14.7%13.9% 20012002200320042005

27 Consistent Growth in Book Value per Share Consistent Growth in Book Value per Share$3.67 $6.27 $8.56 $11.57 $13.92 $16.02 $17.49 $18.77 $24.59 $28.60 $20.92 1991 1993 1995 1997 1999 2001 2002 2003 2004 2005 Q1 2006 $3.67$6.27$8.56$11.57$13.92$16.02$17.49$18.77$24.59$28.60 $20.921991199319951997199920012002200320042005Q12006C ( 9 % CAGR9/11/1-12/31/05)14.6 December 31, 2005, Unaudited, Subject to Final Adjustments (9%

Long-Term Return to Shareholders $52.00 11 $52. $21.19 $16.69 $4.12 $7.43 $13.22 $23.20 $28.69 $21.00 $32.15 $39. $48.64 00$21.19$16.69$4.12$7.43$13.22$23.20$28.69$21.00$32.15$39.11$48.64Compound Annual Growth Rate: 19.3% Inception (9/11/91) - 12/31/05 Compound Annual Growth Rate: 19.3% Inception (9/11/91) -12/31/05 Q1 1991 1993 1995 1997 1999 2001 2003 2005 2006 Split Adjusted Stock Price at Each Year-End After Inception on 9/11/91

Operational OverviewOperational OverviewHighlightsHighlightsMarket Leadership Operational Discipline Unmatched Track Record of Planning and Execution Market LeadershipOperational DisciplineUnmatched Track Record of Planning and Execution

Effective Regional Operations States of Origin or AcquisitionStates of Origin or AcquisitionExpansion StatesExpansion StatesooClaims OfficesClaims OfficesClaims / Underwriting OfficesClaims /Underwriting Offices++ ++ oooo ++ oo oo ++oo oooo ++ + oo+ ++ National Scale...Regional Orientation Consolidated financial strength is unmatched in our niche Corporate strategy applied locally to underwriting & claims Local knowledge crucial to understanding legal environment Local presence preserves long-term customer relationships Corporate Headquarters

31 2004: Purchased Selected Renewal Rights from: OHIC Insurance Company 2004:Purchased SelectedRenewal Rightsfrom: OHIC Insurance CompanyWe Created a Leader Through ConsolidationWe Created a Leader Through Consolidation1994: Consolidation of:1994: f Idiana Assumed business of: icians Ins Co of Ohio fWest Virginia Hosp. Ins Co. Consolidation of: West Virginia Hosp. Ins Co. 1995: Consolidation of;1995: Physicians Ins Co onPPhysConsolidation of; hysicians InsCo o IndianaAssumed business of: Physicians InsCo of Ohio1996: Consolidation of:1996: Missouri Medical Ins Co Consolidation of: Missouri Medical Ins Co 1995: Assumed business of:1995: Associated Physicians Ins Co. (IL) Assumed business of: Associated Physicians Ins Co. (IL)1998: Consolidation of:1998: Physicians Protective Trust Fund (FL) Consolidation of: Physicians Protective Trust Fund (FL) 1996: Assumed business of:1996: American Medical Ins Exchange (IN) Assumed business of: AmericanMedical Ins Exchange(IN) Founding in the 1970's Founding in the 1970's1999: Assumed business of:1999: Medical Defense Associates (MO) Assumed business of: Medical Defense Associates (MO) Mutual Assurance Physicians Ins. Co. of Michigan Professionals Group June, 2001June, 20012005: Consolidation of:2005: NCRIC Group Consolidation of: NCRIC GroupMedical AssuranceMedical Assurance2005: Proposed Transaction with:2005: PIC Wisconsin Group Proposed Transactionwith: PIC Wisconsin Group

32 Experienced & Integrated at the TopExperienced & Integrated at the Top131Chief Financial OfficerNed Rand Years in Industry Years at Company PositionName 2216Average 2111Liability Group President /Chief Claims OfficerDarryl Thomas 1818Sr. Vice President / IRFrank O'Neil 2222Chief Accounting OfficerJames Morello 259Liability Group President/Chief Underwriting OfficerHoward Friedman 2626Vice ChairmanPaul Butrus 217Chief Marketing OfficerJeff Bowlby 2520President & COOVictor Adamo 2929Chairman & CEODerrill Crowe, M.D. Joined PRA from Medical Assurance Joined PRA after merger Joined PRA From Professionals Group Our Team Understands Integration Officers & Directors Own 10% of ProAssurance

33 ProAssurance Growth StrategyProAssurance Growth StrategyWe grow only when opportunities arise for profitable growth Hard Market Soft MarketM & A de novo Expansion Internal Growth M & A is preferable because of pricing pressure All avenues open because of pricing power

ProAssurance Growth Strategy The current market environment favors growth by acquisition DE NOVO GROWTH vs. GROWTH BY ACQUISITION - - Must price your way into the market Must price your way into the market + Pricing can be adjusted - - No prior historyNo prior history + Prior history available - - Lack of experienced personnel Lack of experienced personnel + Local expertise available - - Limited access to key defense lawyers Limited access to key defense lawyers + Access to proven defense lawyers - - Must establish distribution Must establish distribution + Utilize existing distribution - - Must create brand awareness Must create brand awareness + Build on existing relationships with insureds and organized medicine, etc. + No integration risk -Integration risk + No reserve risk -Reserve risk--need for careful due diligence

ProAssurance Growth Strategy We must have a strategic fit The legal and regulatory environments must be favorable Our preference is to grow in our footprint NCRIC in the mid-Atlantic PIC Wisconsin in the upper Midwest We are focused on medical liability Doctor-founded companies with similar culture

ProAssurance Growth Strategy We can acquire without "breaking the bank" Stock trading at ~2x book value Cash flows at historically high levels Any realistic target companies would be far smaller than ProAssurance We don't "bet the farm"

++ oooo ++ oo oo ++oo oooo ++ + oo++ NCRIC Integration All But Complete NCRIC is prime example of our growth strategy Local knowledge retained in key operational positions Similar corporate culture has eased integration Reinsurance programs combined January 1, 2006 Projecting $5-$6 mil expense savings in 2006 States of Origin or Acquisition Expansion States NCRIC States oClaims Offices + Claims / Underwriting Offices Corporate Headquarters

Market Opportunities We are the foremost writer in our states of operation We are market leaders in AL, DE, DC, OH and VA Strong Position in other states We continue to grow within our market footprint but will not Leading Market Share "force" top line growth Top 5 Market Share Top 10 Market Share Growing Market Share

Pricing and Underwriting Review Our Pricing and Underwriting Discipline Never Wavers Rates are adequate in all states Increases are slowing but margins are steady Rate increases have ensured higher premiums per unit of risk 5 % YTD 2006 11% in 2005 19% in 2004 28% in 2003 28% in 2002 23% in 2001

Pricing and Underwriting Review Our Pricing and Underwriting Discipline Never Wavers Retention at 87% YTD 2006 New insureds balancing out non-renewals Pricing to meet our ROE and margin targets Premium levels affected by: Purchase of lower limits Change in mix of business - more exposures in lower-cost states

Claims Defense Drives Us Driven from the top of the organization Our long-term competitive advantage Aggressive defense of non-meritorious claims Generates lower costs and higher loyalty We try more cases than any company in our line of business 528 473 391 360 2002 2003 2004 2005

Closed Claim Outcome Comparison Dropped or Dismissed i Plaintiff Verdict li i Defense Verdict Settled 14.0% 69.3% Favorable Outcomes: 83.3% FavorableOutcomes: 83.3% 12.3% 1.1% 4.4% ProAssurance, 2004 Industry Data, 2004* 22.5% 5.6% 70.8% Favorable Outcomes: 76.4% Favorable Outcomes: 76.4% Industry Data, 2004*

Average Indemnity Comparison Weighted Average Indemnity Per Closed Claim $76,809 $63,399 ProAssurance, 2004 Industry Data, 2004* Industry Data, 2004* *Source: Physician Insurers Association Data Sharing Project 45

46 Four-Year Loss Ratio ComparisonsFour-Year Loss Ratio ComparisonsOur ability and willingness to defend claims allows us to achieve better results Our ability and willingness to defend claims allows us to achieve better results81.5% 53.1% 35.9% 47.5% Average Statutory Loss Ratio 2001-2004 Average Statutory Loss Ratio2001-2004US Industry 117.4% USIndustry117.4% Legal Payments Legal PaymentsLoss Payments Loss Payments*Source:A. M. Best Aggregates & Averages Medial Malpractice Predominating PRA 100.7% PRA100.7%

What About Tort Reform? Federal tort reform dead for 2006 The outlook is dismal at best State-by-state reforms passed in many forms FL, GA, IL, MO, OH, PA, TX & WV Long-term effectiveness yet to be proven Successful court challenges at all levels More could be found unconstitutional ProAssurance's business plans do not depend on tort reform

Focusing on Success in 2006 Focus on adequate pricing, strict underwriting and claims defense Focus on profitable states in an evolving market Taking advantage of our geographic diversification 2006 is a pivotal year in evaluating frequency and severity data

Playing to Our Strengths Successful track record of market leadership We plan, execute and deliver Our plan for the future Proven platform with regional operating approach Organic growth and M&A expansion Our experienced and invested management team is focused on driving returns

Supplemental Financial DataSupplemental Financial Data

Management of Asset Risk We limit risk in our portfolio because werecognize the risk in our business No derivatives 1.5% Average fixed maturity duration Other Equities of 3.9 years Fixed income portfolio Weighted average rating: "AA" 98.4% investment grade Avg. tax-equivalent yield: 5.0% Net unrealized loss: $37 million

Financial Effect of MEEMIC Sale Total Transaction Value $ 400 million (at September 30, 2005) MEEMIC Total Investments $ 315 million MEEMIC Total Assets $ 530 million MEEMIC Total Liabilities $ 141 million MEEMIC Net Earned Premium $ 307 million MEEMIC will be a component of Discontinued Operations in year-end and Q4 2005 Results Results for comparable prior periods will be reported on the same basis

PIC Wisconsin Overview Total Transaction Value ~ $ 100 million (at 12/31/05--Statutory Basis/Revised) PIC Wis Total Investments1 $ 255 million PIC Wis Total Assets1 $ 287 million PIC Wis Policyholder Surplus1 $ 76 million PIC Wis Written Premium1 $ 78 million PIC Wisconsin is Rated "A-" (Excellent) by A. M. Best Physicians insured: 7,750 PIC Wisconsin Statutory Statement

Will History Repeat Itself--Again? Millions $9,000 Premium Initial Reserve $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 Developed Loss Industry Data 1976 Through 2000 (Estimated) (Actual) Source: A. M. Best Aggregates and Averages 1976 - 2001 Medical Malpractice Industry, Net Basis Occurrence and Claims-Made Combined

Will History Repeat Itself--Again? Millions $9,000 Premium Initial Reserve $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 Developed Loss Industry Data 1976 Through 2001 (Estimated) (Actual) Source: A. M. Best Aggregates and Averages 1976 - 2001 Medical Malpractice Industry, Net Basis Occurrence and Claims-Made Combined

Will History Repeat Itself--Again? Millions $9,000 Premium Initial Reserve $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 Developed Loss Industry Data 1976 Through 2002 (Estimated) (Actual) Source: A. M. Best Aggregates and Averages 1976 - 2001 Medical Malpractice Industry, Net Basis Occurrence and Claims-Made Combined

Will History Repeat Itself--Again? Millions $9,000 Premium Initial Reserve $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 Developed Loss Industry Data 1976 Through 2003 (Estimated) (Actual) Source: A. M. Best Aggregates and Averages 1976 - 2001 Medical Malpractice Industry, Net Basis Occurrence and Claims-Made Combined

Will History Repeat Itself--Again? Millions $9,000 Premium Initial Reserve $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 Developed Loss Industry Data 1976 Through 2004 (Estimated) (Actual) Source: A. M. Best Aggregates and Averages 1976 - 2001 Medical Malpractice Industry, Net Basis Occurrence and Claims-Made Combined

59 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 Premiums In Millions Will History Repeat Itself--Again?Will History Repeat Itself--Again? 12/31/2000 Premium Initial Reserve (Estimate) Developed Loss (Actual)