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EXHIBIT 99.5
CONSENT OF FIRST UNION SECURITIES, INC.
We hereby consent (i) to the use of our opinion letter to the Board of Directors
of Medical Assurance, Inc. included as Exhibit B to the Joint Proxy
Statement/Prospectus relating to the proposed consolidation of Professionals
Group, Inc. and Medical Assurance, Inc. pursuant to the Agreement to
Consolidate dated June 22, 2000 between Professionals Group, Inc. and Medical
Assurance, Inc. and (i) to all references to our firm and such opinion, and to
all summaries of such opinion, in such Joint Proxy Statement/Prospectus. In
giving such consent, we do not admit that we come within the category of
persons whose consent is required under Section 7 of the Securities Act of
1933, as amended, (the "Act"), or the rules and regulations of the Securities
and Exchange Commission thereunder, nor do we admit that we are experts with
respect to any part of such Registration Statement within the meaning of the
term "experts" as used in the Act or the rules and regulations of the
Securities and Exchange Commission thereunder.
FIRST UNION SECURITIES, INC.
Date: November 2, 2000 /s/ First Union Securities, Inc.
