ProAssurance Announces the Upcoming Retirement of Victor T. Adamo
BIRMINGHAM, Ala., April 2, 2013
BIRMINGHAM, Ala., April 2, 2013 /PRNewswire/ -- ProAssurance Corporation
(NYSE: PRA) announced today that Vice-Chairman Victor T. Adamo has informed
the Board of Directors of ProAssurance that he will not stand for reelection
to the Board due to his planned retirement in the second quarter of this year.
As a result, Mr. Adamo will no longer serve as an executive officer of the
company upon completion of his current Board term on May 22, 2013.
(Logo: http://photos.prnewswire.com/prnh/20081024/PROASSURANCELOGO )
Mr. Adamo has served ProAssurance and its predecessor companies for 28 years
in a variety of executive leadership roles and was instrumental in the 2001
merger of Medical Assurance, Inc., and Professionals Group, Inc., which formed
"Vic has provided ProAssurance with extraordinary leadership and inspiration
in the 12 years since our merger," said W. Stancil Starnes, the Chairman and
CEO of ProAssurance. Starnes went on to say, "The founding vision for
ProAssurance was the creation of an insurer with a broad national scope that
retained a strong focus on locally delivered customer services, all backed by
superior financial strength. Vic has worked tirelessly to help us maintain
these founding goals while expanding the footprint of ProAssurance and
achieving a position of leadership in our industry. We are deeply grateful to
Mr. Adamo, reflecting on his years with ProAssurance, and with Professionals
Group before that, said, "I am very proud of assisting the organization to
grow and assume a position of industry leadership while maintaining our
commitment to customer service, employee development, and return for our
shareholders. As I look back on my career, my fondest memories are the
personal connections I have been privileged to make with my fellow employees,
insureds, board members, and the many people outside of ProAssurance with whom
I have been able to work. I appreciate the opportunity that ProAssurance has
provided for me to have a very fulfilling career."
Mr. Adamo began his professional career as a judicial law clerk for the
Michigan Supreme Court followed by private law practice in Detroit after
earning an undergraduate degree from the University of Michigan and his law
degree from New York University School of Law. He joined Physicians Insurance
Company of Michigan (PICOM) in 1985 after representing the company for a
number of years. He led PICOM through a growth phase that saw it expand into
the Midwest and Florida and become Professionals Group before ultimately
merging into ProAssurance.
Mr. Adamo is on the Board of Directors of the Physician Insurers Association
of America (PIAA). He also has been an active leader in various civic and
charitable organizations in both Michigan and Alabama.
ProAssurance Corporation is an industry-leading specialty insurance company
with extensive expertise in medical professional liability, products liability
for life sciences and the medical technology industry and legal professional
liability. ProAssurance is recognized as one of the top performing insurance
companies in America by virtue of its inclusion in the Ward's 50 for the past
six years and is consistently ranked as a top performing property casualty
insurer in Moody's Yearly Statistical Handbook. ProAssurance is rated "A"
(Strong) by Fitch Ratings; ProAssurance Group is rated "A" (Excellent) by A.M.
SOURCE ProAssurance Corporation
Contact: Frank B. O'Neil, Sr. Vice President, Corporate Communications &
Investor Relations, +1-800-282-6242, +1-205-877-4461, foneil@ProAssurance.com
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