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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 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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