ProAssurance Corporation, headquartered in Birmingham, Alabama, is a property and casualty company that sells professional liability insurance to doctors. The company was founded in 1976 as Mutual Assurance and was later renamed to Medical Assurance in 1997. The name "ProAssurance" was created in 2001 when Medical Assurance merged with Professionals Group. The company is currently the fourth largest medical professional liability insurance writer and has over $4.5 billion in assets. On November 7, 2005, the company sold its personal lines insurance operations, known as MEEMIC Insurance Company, to Ally Financial (GMAC) for $400 million. Of the $400 million, $327 million was to be paid in cash, an $73 million was to be in capital that was held in MEEMIC. The sale was completed on January 4, 2006. The company operates five principal subsidiaries: ProAssurance Indemnity Company (formerly The Medical Assurance Company), ProAssurance Casualty Company (formerly ProNational Insurance Company), ProAssurance Wisconsin Insurance Company (formerly PIC Wisconsin), ProAssurance Specialty Insurance Company (formerly Red Mountain Casualty Insurance Company), and ProAssurance National Capital Insurance Company (formerly NCRIC, Inc.).