ProAssurance Corp. (PRA: Quote) said Thursday that it has completed its acquisition of Eastern Insurance Holdings, Inc.
Eastern's shareholders approved the deal at a special meeting on December 27.
Under terms of the deal announced in September, Eastern becomes a wholly-owned subsidiary of ProAssurance through an all cash deal that valued Eastern at $24.50 per share or $205 million.
Eastern Insurance President Michael Boguski and the Eastern senior executive team have entered into long-term contracts in conjunction with the transaction. Eastern will continue to operate from its corporate office in Lancaster, Pennsylvania and will maintain all existing regional and satellite office locations.
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by RTT Staff Writer
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