X0101 42003-06-11 0001127703 PROASSURANCE CORP PRA 0001194792 MORELLO JAMES J 0101Chief Accounting OfficerSenior Vice-PreisdentProAssurance (Common Stock)2003-06-114F0565428.75D17602DProAssurance (Common Stock)2003-06-114M0800028.75A23256DEmployee Stock Option (Right to Buy)16.802003-06-114M080000D2002-07-152012-01-15Common Stock3200032000DEmployee Stock Option (Right to Buy)24.682001-06-274J030670A1997-12-032007-12-03Common Stock30673067DEmployee Stock Option (Right to Buy)26.032001-06-274J024800A1998-12-032008-12-03Common Stock24802480DEmployee Stock Option (Right to Buy)21.012001-06-274J024030A1999-12-092009-12-09Common Stock24032403DEmployee Stock Option (Right to Buy)22.002003-03-044A0125000A2003-09-042013-03-04Common Stock1250012500D5,654 shares disposed of were surrendered to the issuer in a cashless exercie to fund the exercise amount and satisfy withholding requirements.The 8,000 options exercised in this transaction vested to the reporting person on July 15, 2002The reporting person is also disclosing Indirect holdings of 8,174 shares. Of those shares, 271 are Grant Shares Account maintained under the ProAssurance Corporation Stock Ownership Plan which is exempt under Rule 16b-3; 4,755 shares are held in the reporting person's Pension Plan and 3,148 are held in the reporting person's IRA account at Sterne, Agee & Leach.Reflects options to purchase shares of ProAssurance Corporation common stock acquired beneficially by the reporting person in exchange for surrender of options to purchase shares of Professionals Group in connection with the consolidation of Medical Assurance Inc. and Professionals Group under the ownership of ProAssurance Corporation. The acquisition of options to purchase ProAssurance Corporation shares reported herein is exempt from Section 16(b) of the Securities Exchange Act, as amended (the "ACT"), by virtue of Rule 16b-3(d) promulgated under the Act.The options vest in five equal installments commencing on July 15, 2002.The options vest in five equal installments commencing on September 4, 2003.James J. Morello2003-06-12