Proassurance Cp - PRA STOCK NEWS

ProAssurance Corporation (NYSE:PRA) announced the retirement of Mike Boguski, President of Specialty Property & Casualty, effective June 30, 2023. Boguski, who has been with the company for nine years, will assist in the transition until year-end. CEO Ned Rand expressed gratitude for Boguski's leadership and contributions, notably in integrating NORCAL into the ProAssurance organization. Boguski thanked his colleagues for their support and reflected on his 37-year career, highlighting accomplishments and the development of a strong team. ProAssurance specializes in healthcare professional liability and related insurance products.

ProAssurance Corporation (NYSE: PRA) reported a net income of $13.9 million or $0.26 per diluted share for Q4 2022, down 56.6% year-over-year. The company's operating income was $3.5 million, translating to $0.06 per diluted share. Gross premiums written rose 3% to $224 million, with a 15% increase for the full year at $1.1 billion. Favorable reserve development contributed $5 million for Q4 2022 and $37 million for the full year. The combined ratio stood at 104.2% for Q4, indicating underwriting challenges. Net investment income surged 53% to $29 million due to rising interest rates. Adjusted book value per share decreased to $25.99.

NexPoint Real Estate Finance (NYSE: NREF) has declared a dividend of $0.53125 per share for its 8.50% Series A Cumulative Redeemable Preferred Stock (NYSE: NREF PRA). This dividend will be payable on April 25, 2023, to stockholders recorded by the close of business on April 13, 2023. This announcement reflects the company’s ongoing commitment to return value to shareholders.

American International Group (AIG) reported robust financial results for the fourth quarter and full year 2022, showcasing the strongest underwriting profitability in General Insurance's history. Full-year underwriting income nearly doubled to $2.0 billion with a combined ratio of 91.9%. Life and Retirement sectors generated $2.1 billion in premiums, bolstered by Fixed Annuity sales. However, net income per diluted share decreased to $0.35 from $4.38 year-over-year, attributed to lower alternative investment income. AIG returned over $6.1 billion to shareholders through stock repurchases and dividends. Book value per share declined to $53.83 due to higher interest rates.

NexPoint Real Estate Finance, Inc. (NYSE: NREF) announced the final income allocations for its 2022 dividend distributions on both common and preferred stock. Shareholders will receive a total of $2.00 per share for common stock, with taxable ordinary income of $1.32 per share and capital gains of $0.68 per share. For preferred stock (NREF PRA), the total stands at $2.125 per share, comprising $1.403 in taxable ordinary income and $0.722 in capital gains. Key dates include ex-dividend dates on March 14, June 14, September 14, and December 14, 2022, with payable dates following on March 31, June 30, September 30, and December 30, 2022.

ProAssurance Corporation (NYSE:PRA) will announce its Q4 and full-year 2022 financial results on February 27, 2023, after market close. A conference call is scheduled for 10:00 AM ET on February 28, 2023, to discuss the results and address investor inquiries. Participants can dial (844) 200-6205 for U.S. calls or +1 (929) 526-1599 for international access, using access code 935700. A replay will be available for at least 7 days post-call, with further details accessible at ProAssurance.com. ProAssurance is recognized for its specializations in various insurance sectors and has received commendable ratings from AM Best and Fitch Ratings.

ProAssurance Corporation (NYSE:PRA) has declared a cash dividend of $0.05 per common share, scheduled for payment on January 10, 2023, to shareholders recorded by December 22, 2022. The company anticipates an annual dividend of $0.20 per share, distributed quarterly, with future payments subject to the board's review of financial performance and conditions. Additionally, the 2023 Annual Meeting of Shareholders will occur on May 24, 2023, with a record date of March 27, 2023.

ProAssurance Corporation (NYSE: PRA) reported a net loss of $9.1 million or $0.17 per diluted share for Q3 2022. The company maintained gross premiums of $308 million, driven by strong retention and pricing in the Specialty P&C segment. The combined ratio increased to 107.9%, while net investment income rose by 28% to $25 million. Adjusted book value per share decreased to $25.75. Management highlighted improved client retention and favorable reserve development, although equity losses from unconsolidated subsidiaries were noted at $6.9 million.

AIG reported strong financial results for Q3 2022, with a net income of $2.7 billion ($3.50 per diluted share), up from $1.7 billion in Q3 2021. The company successfully completed the IPO of Corebridge Financial, generating approximately $1.7 billion. General Insurance shows a combined ratio improvement to 97.3%, and Life and Retirement saw sales rise to $8.9 billion, a 23% increase year-over-year. However, adjusted after-tax income decreased to $0.66 per share due to lower investment income, reflecting challenging economic conditions.