ProAssurance Announces Results from 2021 Annual Meeting of Shareholders, and Declares Quarterly Dividend

Rhea-AI Summary

ProAssurance Corporation (NYSE:PRA) announced the reelection of board members with 96% support during its Annual Meeting of Shareholders. Shareholders also approved the executive compensation for 2020 with 96% backing and selected Ernst & Young, LLP as the independent auditor for 2021 with over 98% approval. A cash dividend of $0.05 per share was declared, payable on July 14, 2021, to shareholders as of June 29, 2021, with an anticipated total annual dividend of $0.20 per share. Future dividend payments will depend on the Board’s assessment of the company’s financial performance.

Positive

• Shareholder votes demonstrated strong support for the board and executive compensation.
• Declared cash dividend of $0.05 per share indicates commitment to returning value to shareholders.

Negative

• None.

Shareholders of ProAssurance Corporation (NYSE:PRA), acting at today's Annual Meeting of Shareholders, cast approximately 91% of their votes to reelect M. James Gorrie, Ziad R. Haydar, M.D., Frank A. Spinosa, D.P.M., and Thomas A.S. Wilson, Jr., M.D., to our Board, with each receiving over 96% of the votes cast by shareholders. They will serve a three-year term ending at the Annual Meeting of Shareholders in 2024.

Acting on matters related to compensation, our shareholders cast approximately 96% of their votes to approve, on an advisory basis, the compensation of our named executive officers for 2020. The selection of Ernst & Young, LLP as our independent auditing firm for the fiscal year ending December 31, 2021 was approved by more than 98% of the votes cast by shareholders.

Following the Annual Meeting, the Board of Directors declared a cash dividend of $0.05 per common share, payable on July 14, 2021 to shareholders who own our stock as of June 29, 2021. Our dividend policy anticipates a total annual dividend of $0.20 per share, to be paid in equal quarterly installments. However, any decision to pay future cash dividends will be subject to the Board’s final determination after a comprehensive review of the company’s financial performance, future expectations, and other factors deemed relevant by the Board.

About ProAssurance

ProAssurance Corporation is an industry-leading specialty insurer with extensive expertise in healthcare professional liability, products liability for medical technology and life sciences, legal professional liability, and workers’ compensation insurance. ProAssurance Group is rated “A” (Excellent) by AM Best; ProAssurance and its operating subsidiaries are rated “A-” (Strong) by Fitch Ratings. For the latest on ProAssurance and its industry-leading suite of products and services, cutting-edge risk management and practice enhancement programs, follow @ProAssurance on Twitter or LinkedIn. ProAssurance’s YouTube channel regularly presents thought provoking, insightful videos that communicate effective practice management, patient safety and risk management strategies.

Caution Regarding Forward-Looking Statements

Statements in this news release that are not historical fact or that convey our view of future business, events or trends are specifically identified as forward-looking statements. Forward-looking statements are based upon our estimates and anticipation of future events and highlight certain risks and uncertainties that could cause actual results to vary materially from our expected results. We expressly claim the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, for any forward-looking statements in this news release. Forward-looking statements represent our outlook only as of the date of this news release. Except as required by law or regulation, we do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

There are a number of risk factors that may cause outcomes that differ from our expectations or projections. These are described in detail in various documents filed by ProAssurance Corporation with the Securities and Exchange Commission, such as current reports on Form 8-K, and regular reports on Forms 10-Q and 10-K, particularly in “Item 1A, Risk Factors.”

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FAQ

What is the dividend amount declared by ProAssurance Corporation?

ProAssurance has declared a cash dividend of $0.05 per common share.

When is the dividend payable for ProAssurance Corporation?

The dividend is payable on July 14, 2021.

What percentage of votes supported the reelection of ProAssurance board members?

Approximately 91% of votes cast supported the reelection of the board members.

How much was the executive compensation approved by ProAssurance shareholders?

Shareholders approved the compensation of named executive officers for 2020 with approximately 96% of the votes.

Who was selected as the independent auditor for ProAssurance for 2021?

Ernst & Young, LLP was approved as the independent auditor for the fiscal year ending December 31, 2021.