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ProAssurance Corporation (symbol: PRA) is a prominent holding company specializing in providing a wide range of insurance solutions. The company focuses on healthcare liability, workers' compensation, and professional liability insurance for attorneys. Its core business operations are managed through its wholly-owned insurance subsidiaries, including ProAssurance Casualty Company, ProAssurance Indemnity Company, Inc., and ProAssurance Specialty Insurance Company, all of which hold an A+ (Superior) financial strength rating from A.M. Best.
ProAssurance Corporation’s insurance offerings are tailored to meet the diverse needs of healthcare providers, such as health systems, hospitals, clinics, physicians, and ancillary care facilities. The company provides both simple and sophisticated solutions, ensuring comprehensive coverage for all healthcare niches, including medical technology and life sciences.
The company’s operations are segmented into five main categories: Specialty Property and Casualty, Workers' Compensation, Segregated Portfolio Cell Reinsurance, Lloyd's Syndicate, and Corporate. The majority of the company's revenue is generated from its Specialty P&C activities, followed by Workers' Compensation.
ProAssurance Corporation is known for its deep expertise in underwriting, risk management, and claims handling, which enables it to maintain a strong commitment to fair treatment for clients and all involved parties.
Recent achievements for ProAssurance include maintaining their superior financial strength rating and expanding their service offerings to cover more sophisticated healthcare liability needs. The company's forward-thinking approach ensures continuous improvement and adaptation to the evolving insurance landscape.
ProAssurance (NYSE: PRA) reported net income of $16.4 million ($0.32 per diluted share) and operating income of $17.3 million ($0.34 per diluted share) for Q3 2024. Key highlights include: Specialty P&C segment combined ratio improved to 99.5%, net investment income increased 14%, and book value per share rose to $24.07 from $21.82 at year-end 2023. The company achieved renewal premium increases of 13% in Q3, part of a cumulative 65% premium change since 2018. Despite solid retention at 84%, the company continues to be selective in renewals and new business to maintain rate adequacy in the current challenging loss environment.
ProAssurance (NYSE: PRA) has announced it will release its third quarter 2024 financial results after market close on Thursday, November 7, 2024. The company will file its Form 10-Q and issue a news release, both of which will be available on the investor relations section of their website.
Following the release, ProAssurance will host a conference call with analysts and investors on Friday, November 8, 2024, at 10:00 a.m. ET to discuss the results and other relevant information. Interested parties can preregister for the call, and dial-in numbers are provided. Additionally, a live audio webcast of the call will be accessible via the company's website. A replay of the call will be made available later on November 8.
NexPoint Real Estate Finance (NYSE: NREF) has declared a dividend for its 8.50% Series A Cumulative Redeemable Preferred Stock (NYSE: NREF PRA). The dividend amount is $0.53125 per share and will be payable on October 25, 2024. Stockholders of record at the close of business on October 15, 2024, will be eligible to receive the dividend. This announcement demonstrates the company's commitment to providing regular income to its preferred stockholders, maintaining its dividend policy for the Series A Preferred Stock.
The Board of Trustees of abrdn Income Credit Strategies Fund has declared a quarterly cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares (NYSE:ACP PRA). The distribution is payable on September 30, 2024, to shareholders of record on September 20, 2024. The Series A Preferred Shares, rated 'A2' by Moody's, have an annual dividend rate of $1.3125 per share and were initially issued at $25.00 per share on May 10, 2021. The Fund notes that distributions may come from various sources, including short-term and long-term capital gains or return of capital. Shareholders will receive a Form 1099-DIV in January 2025 detailing the tax treatment of these distributions.
ProAssurance (NYSE: PRA) reported Q2 2024 results with net income of $15.5 million, or $0.30 per diluted share, and operating income of $11.5 million, or $0.23 per diluted share. Key highlights include:
Revenue: $290.4 million, a slight decrease of 0.5% YoY. Net premiums written: $202.9 million, a decline of 5.2% YoY. Net investment income increased by 16%.
Key Metrics: Book value per share at $22.15 and non-GAAP adjusted book value at $26.18. Combined ratio improved slightly to 110.9% from 108.2%. Return on equity was 5.5%, and non-GAAP operating return on equity was 4.1%.
Specialty P&C Segment: Combined ratio improved to 106.3%, with a 9% renewal pricing increase.
Workers' Compensation Insurance Segment: Combined ratio increased to 113.2% due to rising medical costs per claim.
Segregated Portfolio Cell Reinsurance Segment: Profit decreased to $167,000.
CEO Ned Rand emphasized a focus on disciplined underwriting and navigating challenging market conditions.
ProAssurance (NYSE: PRA) will release its second quarter 2024 financial results post-market close on Thursday, August 8, 2024. The results will be accessible via the company's website. Following the release, ProAssurance will host a quarterly conference call with analysts and investors on Friday, August 9, 2024, at 10:30 a.m. ET to discuss the financial performance and other relevant information. Interested parties can preregister for the call and access the live audio webcast through the company's website, with a replay available later in the day.
The Board of Trustees of abrdn Income Credit Strategies Fund has declared a quarterly cash distribution of $0.328125 per share for its 5.25% Series A Perpetual Preferred Shares (NYSE: ACP PRA).
The dividend is payable on July 1, 2024, to shareholders on record as of June 21, 2024.
The annual dividend rate of these shares is $1.3125 per share, and they were initially issued on May 10, 2021, at $25 per share.
Payments may come from various income sources, including capital gains and return of capital, and tax treatment will be detailed in Form 1099-DIV sent in January 2025.
Investors should note that the Fund's value may fluctuate, and shares can trade at a premium or discount relative to NAV.
NexPoint Real Estate Finance announced a dividend for its 8.50% Series A Cumulative Redeemable Preferred Stock (NYSE: NREF PRA) of $0.53125 per share.
This dividend will be payable on July 25, 2024, to stockholders of record at the close of business on July 15, 2024.
ProAssurance announced the election of Richard J. Bielen, CPA, and Staci M. Pierce, JD, to its Board of Directors at the Annual Meeting of Shareholders on May 22. Additionally, Bruce D. Angiolillo, JD, and Samuel A. Di Piazza, Jr., CPA, were re-elected for three-year terms. The board now has 10 members, down from 12.
Shareholders also approved the 2024 Equity Incentive Plan and ratified Ernst & Young, LLP as the independent auditor for fiscal year 2024. Compensation for named executive officers was approved on an advisory basis. All proposals received substantial support.
Bielen, CEO of Protective Life , brings over 35 years of financial services experience, while Pierce, CEO of Action Resources, has eight years in executive roles in transportation and environmental services industries and five years as an attorney.
ProAssurance (NYSE: PRA) reported net income of $4.6 million, or $0.09 per diluted share, and operating income of $4.2 million, or $0.08 per diluted share, for the first quarter of 2024. Key highlights include a 1% decrease in gross premiums written, a 7% increase in new business written, and a strong 8% renewal pricing increase in the medical professional liability business. The consolidated current accident year loss ratio improved by 3 points to 79.9%, and the consolidated combined ratio saw a 2 point improvement to 111.6%. Net investment income increased by 12% to $34 million. Book value per share stood at $21.82 as of March 31, 2024. ProAssurance's management emphasized disciplined underwriting, rate increases, and claims management in a challenging environment, focusing on sustained profitability goals.
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