ProAssurance Specialty Insurance Company (“PRA Specialty”) is a non-admitted property and casualty insurer approved to do business in 50 states and the District of Columbia. PRA Specialty provides, through insurance brokers, a market for tailored products liability coverage needs and objectives for medical technology and life sciences companies not available from Medmarc Casualty.
On November 3, 2021, Noetic Specialty Insurance Company (“Noetic”) filed an application with the Vermont Department of Financial Regulation (the “Department”) requesting that the Commissioner approve the merger (the “Merger”) of ProAssurance Specialty Insurance Company, Inc. (“PRA Specialty”) with and into Noetic Specialty Insurance Company (“Noetic”) with Noetic surviving the merger (the “Surviving Company”). The merger was approved on December 22, 2021 to be effective December 31, 2021. The Surviving Company, formerly known as Noetic, is now known as ProAssurance Specialty Insurance Company ("PRA Specialty".)
In addition to products liability and E&O coverage for medical technology and life sciences companies, PRA Specialty continues to market and issue medical professional liability insurance on a surplus lines basis under the name ProAssurance Specialty Insurance Company ("PRA Specialty") consistent with the past practice of PRA Specialty prior to the Merger.
The merger and name change are due to a re-alignment in our corporate structure and part of our strategy to streamline reporting entities and does not change any coverage terms and conditions in any current Noetic medical technology policy. Furthermore, as ProAssurance Specialty Insurance Company is a member of ProAssurance Group, the company’s AM Best Rating of A (Excellent) has not changed.