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.
by RTT Staff Writer
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