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[COCHRAN, CARONIA & CO. LETTERHEAD]
EXHIBIT 99.4
CONSENT OF COCHRAN, CARONIA & CO.
We hereby consent (i) to the use of our opinion letter to the Board of
Directors of Professionals Group, Inc. included as Exhibit C 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 (ii) 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.
/s/ Cochran, Caronia & Co.
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COCHRAN, CARONIA & CO.
Date: November 2, 2000
