Workers compensation insurer Eastern Insurance Holdings is being purchased by ProAssurance Corp. for about $205 million, the companies said.
Lancaster, Pa.-based Eastern is set to merge into specialty insurer ProAssurance as a newly-formed subsidiary, pending all necessary approvals. Eastern shareholders must approve the merger. ProAssurance shareholder approval is not needed.
The deal, which was unanimously approved by Eastern's board, is expected to close by the start of 2014.
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