ProAssurance Declares Quarterly Dividend

Rhea-AI Summary

ProAssurance Corporation (NYSE:PRA) announced a cash dividend of $0.05 per common share, payable on April 13, 2023, to shareholders on record as of March 29, 2023. The company's dividend policy indicates an anticipated total annual dividend of $0.20 per share, distributed in quarterly installments. However, future dividend payments will depend on the board's assessment of financial performance and other relevant factors. ProAssurance is a leader in specialty insurance, rated “A” (Excellent) by AM Best and A-” (Strong) by Fitch Ratings, focusing on healthcare liability and workers' compensation.

Positive

• Declared a cash dividend of $0.05 per share.
• Anticipates an annual dividend of $0.20 per share.
• Strong credit ratings: A (Excellent) by AM Best and A- (Strong) by Fitch Ratings.

Negative

• None.

BIRMINGHAM, Ala.--(BUSINESS WIRE)-- Today the board of directors of ProAssurance Corporation (NYSE:PRA) declared a cash dividend of $0.05 per common share, payable on April 13, 2023 to shareholders of record as of March 29, 2023.

Our dividend policy anticipates a total annual dividend of $0.20 per share 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; NORCAL 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

Any statements in this news release that are not historical facts are specifically identified as forward-looking statements. These statements are based upon our estimates and anticipation of future events and are subject to significant risks, assumptions and uncertainties that could cause actual results to differ materially from the expected results described in the forward-looking statements. Forward-looking statements are identified by words such as, but not limited to, “anticipate,” “believe,” “estimate,” “expect,” “hope,” “hopeful,” “intend,” “likely,” “may,” “optimistic,” “possible,” “potential,” “preliminary,” “project,” “should,” “will,” and other analogous expressions.

Although it is not possible to identify all of these risks and factors, they include, among others, the following: inadequate loss reserves to cover the Company's actual losses; inherent uncertainty of models resulting in actual losses that are materially different than the Company's estimates; adverse economic factors; a decline in the Company's financial strength rating; loss of one or more key executives; loss of a group of agents or brokers that generate significant portions of the Company's business; failure of any of the loss limitations or exclusions the Company employs, or change in other claims or coverage issues; adverse performance of the Company's investment portfolio; adverse market conditions that affect its excess and surplus lines insurance operations; and other risks described in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and the Company does not undertake and specifically declines any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230308005666/en/

Jason Gingerich, VP, Investor Relations

800-282-6242 • 512-879-5101

Source: ProAssurance Corporation

FAQ

What is the dividend amount declared by ProAssurance Corporation?

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

When is the dividend payment date for ProAssurance Corporation?

The dividend payment date is April 13, 2023.

What is the total anticipated annual dividend for ProAssurance Corporation?

The anticipated total annual dividend is $0.20 per share.

What are the implications of ProAssurance's dividend policy?

Future dividend payments are subject to the board's review of the company's financial performance and relevant factors.

What are ProAssurance Corporation's ratings by AM Best and Fitch Ratings?

ProAssurance is rated 'A' (Excellent) by AM Best and 'A-' (Strong) by Fitch Ratings.