ProAssurance Corporation - PRA STOCK NEWS

ProAssurance Corporation (NYSE: PRA) successfully completed the acquisition of NORCAL Mutual on May 5, 2021, following member approval on April 26. The transaction, valued at $441 million, sees ProAssurance acquire over 98% of NORCAL Insurance Company’s stock. This acquisition will enhance ProAssurance's product capabilities and expand its geographic reach in medical professional liability insurance. Furthermore, policyholders who opted for stock will receive cash and may share in up to $83 million contingent on NORCAL's net losses through 2023.

ProAssurance Corporation (NYSE: PRA) reported a net income of $7.7 million, or $0.14 per share, for Q1 2021, an improvement compared to a loss of $21.9 million in Q1 2020. Operating income was $2.1 million, a significant increase from a loss of $1.1 million a year prior. The company achieved a 4.7 percentage point improvement in the Specialty Property & Casualty net loss ratio to 87.5% and a 9% reduction in expenses, totaling $5.6 million. Gross premiums written decreased by 14.4% to $224.7 million, while investment income rose due to strong performance from investments in LPs/LLCs.

ProAssurance Corporation (NYSE:PRA) has filed a proxy statement supplement with the SEC for its annual shareholder meeting scheduled on May 25, 2021. The supplement corrects a typographical error in Kevin M. Shook's 2020 compensation, adjusting it from $384,562 to $348,562 under the Non-Equity Incentive Plan, with total compensation revised to $1,216,608. Additionally, it clarifies that all incumbent directors attended all committee meetings in 2020, contrary to earlier claims of attending at least two thirds. The supplement does not alter any other information in the proxy statement.

ProAssurance Corporation (NYSE:PRA) will announce its quarterly results for the period ending March 31, 2021, after market close on May 5, 2021. Following the release, a conference call will take place on May 6, 2021, at 10:00 am ET, where investors can discuss the outcomes. Participants can join via multiple dial-in options based on location, or through an online webcast. A replay of the call will be accessible for a year.

ProAssurance specializes in healthcare professional liability and operates with strong credit ratings, earning an "A" (Excellent) from AM Best.

The Board of Directors of NORCAL Mutual is soliciting policyholders to vote on converting from a mutual company to a stock company. This follows a $450 million acquisition agreement with ProAssurance Corporation (NYSE: PRA), which is contingent upon regulatory and policyholder approvals. ProAssurance is also soliciting policyholders to elect NORCAL stock in exchange for $450 million and up to $150 million contingent consideration based on future loss development. Eligible policyholders can vote online using credentials mailed to them.

ProAssurance Corporation (NYSE:PRA) has announced a cash dividend of $0.05 per common share, payable on April 13, 2021, to shareholders on record as of March 26, 2021. The company's policy calls for an annual dividend of $0.20, distributed quarterly, contingent on the Board's assessment of financial health and future expectations. ProAssurance specializes in healthcare professional liability and related insurance sectors, rated A (Excellent) by AM Best and A- (Strong) by Fitch Ratings.

ProAssurance Corporation (NYSE: PRA) reported its Q4 and FY 2020 results, showing a significant decline in revenues. Q4 revenues fell 8% to $229.6 million, with gross premiums written dropping 19.4% year-over-year. The company posted a net income of $14.3 million, reversing a prior loss of $59.4 million. Non-GAAP operating income also improved, reaching $3.3 million. Total expenses decreased by 38.6% to $208 million, aided by a 47% decline in net losses and loss adjustment expenses. Shareholders' equity stood at $1.35 billion, with a book value per share of $25.04.

ProAssurance Corporation (NYSE:PRA) will release its financial results for Q4 and FY 2020 after market close on February 22, 2021. A conference call for investors will take place on February 23, 2021, at 10:00 AM ET. Participants can join via different dial-in numbers based on their location or listen through a webcast on ProAssurance's website. A replay of the call will be accessible until February 23, 2022. ProAssurance is recognized for its expertise in various types of liability insurance and holds strong ratings from AM Best and Fitch Ratings.

ProAssurance Corporation (NYSE:PRA) has announced a cash dividend of $0.05 per common share, scheduled for payment on January 7, 2021, to shareholders of record as of December 22, 2020. For 2020, the company plans a total annual dividend of $0.72 per share, with a forward-looking annual dividend policy of $0.20 per share paid quarterly. Future dividends will depend on the Board's assessment of the company’s financial performance and conditions. Additionally, the 2021 Annual Meeting of Shareholders is set for May 25, 2021, with a record date of March 29, 2021.