New York, September 24, 2013 -- Moody's Investors Service has affirmed the (P)Baa2 senior unsecured shelf rating of ProAssurance Corporation (NYSE: PRA) and the A2 insurance financial strength (IFS) ratings of the company's property-casualty affiliates following the company's announcement that it has reached an agreement to acquire Eastern Insurance Holdings, Inc. (NYSE: EIHI, Eastern). Eastern will be merged into a newly-formed subsidiary of ProAssurance, in an all-cash transaction which values Eastern at approximately $205 million. The transaction is subject to approval by the insurance departments of Alabama and Pennsylvania and shareholders, and is expected to close January 1, 2014. The outlook for ratings remains stable.

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