FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * MORELLO JAMES J   2. Issuer Name and Ticker or Trading Symbol PROASSURANCE CORP [PRA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) __X__ Other (specify below) Treasurer / Senior Vice-President (Last) (First) (Middle) C/O PROASSURANCE CORPORATION, 100 BROOKWOOD PLACE 3. Date of Earliest Transaction (Month/Day/Year) 11/08/2006 (Street) BIRMINGHAM, AL 35209-6811 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 11/08/2006   S   2,465 D $ 50.9 23,726 D   Common Stock 09/12/2006   F   1,861 (1) D $ 50.9 26,191 D   Common Stock 11/08/2006   M   2,153 A $ 50.9 28,052 D   Common Stock               4,755 I Shares held in the ProAssurance Group Savings and Retirement Plan

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (Right to Buy)

$ 51.38

09/11/2006(2)

09/11/2016

Common Stock

6,250

6,250

D

Employee Stock Option (Right to Buy)

$ 41.15

09/10/2005(3)

09/10/2015

Common Stock

12,500

12,500

D

Employee Stock Option (Right to Buy)

$ 33.28

09/10/2004(4)

09/10/2014

Common Stock

5,000

5,000

D

Employee Stock Option (Right to Buy)

$ 22

09/04/2003(5)

03/04/2013

Common Stock

2,500

2,500

D

Employee Stock Option (Right to Buy)

$ 41.5

06/29/2006(6)

12/09/2009

Common Stock

1,531

1,531

D

Employee Stock Option (Right to Buy)

$ 41.5

06/29/2006(6)

12/01/2008

Common Stock

1,801

1,801

D

Employee Stock Option (Right to Buy)

$ 41.5

11/08/2006

M

2,153

06/29/2006(6)

12/02/2007

Common Stock

2,153

$ 0

0

D

Employee Stock Option (Right to Buy)

$ 50.9

11/09/2006

A(6)

1,861

11/08/2007(6)

12/02/2007

Common Stock

1,861

$ 0

1,861

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
MORELLO JAMES J C/O PROASSURANCE CORPORATION 100 BROOKWOOD PLACE BIRMINGHAM, AL 35209-6811			Treasurer	Senior Vice-President

Signatures

Frank B. O'Neil as POA for James J. Morello		11/09/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The 1,861 shares disposed of reflect 1,756 shares withheld by the issuer to fund the cashless exercise of 2,500 options on 11/7/06, and 105 shares withheld by the issuer to cover the associated tax liability.
(2)	The options vest in five equal, yearly installments commencing on September 11, 2006
(3)	The options vest in five equal, yearly installments commencing on September 10, 2005
(4)	The options vest in five equal, yearly installments commencing on September 10, 2004
(5)	The options vest in five equal, yearly installments commencing on September 4, 2003
(6)	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.

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