X0202 4 2005-06-29 0001127703 PROASSURANCE CORP PRA 0001194792 MORELLO JAMES J C/O PROASSURANCE CORPORATION 100 BROOKWOOD PLACE BIRMINGHAM AL 35209-6811 0 1 0 1 Treasurer Senior Vice-President Common Stock 2005-06-29 4 F 0 2153 41.50 D 19286 D Common Stock 2005-06-29 4 M 0 3067 41.50 A 21439 D Common Stock 2005-06-29 4 F 0 1801 41.50 D 18372 D Common Stock 2005-06-29 4 M 0 2480 41.50 A 20173 D Common Stock 2005-06-29 4 F 0 1531 41.50 D 17693 D Common Stock 2005-06-29 4 M 0 2403 41.50 A 19224 D Common Stock 4755 I Shares held in the ProAssurance Group Savings and Retirement Plan Common Stock 3148 I Owned in Reporting Person's IRA Employee Stock Option (Right to Buy) 41.15 2005-09-10 2015-09-10 Common Stock 12500 12500 D Employee Stock Option (Right to Buy) 33.28 2004-09-10 2014-09-10 Common Stock 12500 12500 D Employee Stock Option (Right to Buy) 22.00 2003-09-04 2013-03-04 Common Stock 5000 7500 D Employee Stock Option (Right to Buy) 16.80 2002-07-15 2012-01-15 Common Stock 16000 16000 D Employee Stock Option (Right to Buy) 21.01 2005-06-29 4 M 0 2403 0 D 2001-06-27 2009-12-09 Common Stock 2403 0 D Employee Stock Option (Right to Buy) 26.03 2005-06-29 4 M 0 2480 0 D 2001-06-27 2008-12-01 Common Stock 2480 0 D Employee Stock Option (Right to Buy) 24.68 2005-06-29 4 M 0 3067 0 D 2001-06-27 2007-12-02 Common Stock 3067 0 D Employee Stock Option (Right to Buy) 41.50 2005-06-29 4 A 0 1279 0 A 2006-06-29 2009-12-09 Common Stock 1279 1279 D Employee Stock Option (Right to Buy) 41.50 2005-06-29 4 A 0 1618 0 A 2006-06-29 2008-12-01 Common Stock 1618 1618 D Employee Stock Option (Right to Buy) 41.50 2005-06-29 4 A 0 1886 0 A 2006-06-29 2007-12-02 Common Stock 1886 1886 D The 2,153 shares disposed of reflect 1,824 shares withheld by the issuer to fund the cashless option exercise of 3,067 options on 6/29/05 and 329 shares withheld by the issuer to cover the associated tax liability. Cashless exercise of options on 6/29/05 The 1,801 shares disposed of reflect 1,556 shares withheld by the issuer to fund the cashless option exercise of 2,480 options on 6/29/05 and 245 shares withheld by the issuer to cover the associated tax liability. The 1,531 shares disposed of reflect 1,217 shares withheld by the issuer to fund the cashless option exercise of 2,403 options on 6/29/05 and 314 shares withheld by the issuer to cover the associated tax liability. The options vest in five equal, yearly installments commencing on September 10, 2005 The options vest in five equal, yearly installments commencing on September 10, 2004 The options vest in five equal, yearly installments commencing on September 4, 2003 The options vest in five equal, yearly installments commencing on July 15, 2002 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 Medical Assurance, Inc. 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 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. These are automatic reload rights resulting from the exercise of options under an existing grant to purchase shares under the ProAssurance Corporation Incentive Compensation Stock Plan. These reload options vest one year from the date of grant, provided that the Reporting Person maintains ownership of the ProAssurance shares that were purchased upon the exercise of the subject options. The grant of reload options to purchase ProAssurance shares reported herein is exempt from Section 16(b) of the Securities Exchange Act, as amended ("the Act") by virtue of Rule 16v-3(d) promulgated under the Act. James J. Morello 2005-07-01