Fitch affirms ProAssurance

Fitch Ratings said it affirmed ProAssurance Corp.'s issuer default rating at BBB+.

Fitch said it has also affirmed the A insurer financial strength ratings of the company's primary insurance operating companies.

The outlook is stable.

The agency added that the rating actions follow ProAssurance's announcement to purchase all outstanding shares of American Physician Services Group, Inc for $32.50 a share, about 1.3 times book value, or $233 million.

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