Tuesday October 28, 4:26 pm ET CHICAGO--(BUSINESS WIRE)--Fitch Ratings has reviewed ProAssurance Corporation's (PRA) planned acquisition of Podiatry Insurance Company of America, Inc. (PICA) for $120 million, anticipated to close in first-quarter 2009, and expects that the transaction will have no impact on PRA's current ratings and Outlook. PRA currently has an Issuer Default Rating (IDR) of 'BBB+' and unsecured convertible debt rating of 'BBB', while PRA's primary insurance operating companies (listed below) have an insurer financial strength (IFS) rating of 'A'. The Outlook on all ratings is Stable. Fitch views the acquisition of PICA to be consistent with PRA's operating strategy and core business. This transaction will be financed with holding company cash. As of June 30, 2008 PRA's holding company had $178 million in...
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