Welcome to our dedicated page for ProAssurance news (Ticker: PRA), a resource for investors and traders seeking the latest updates and insights on ProAssurance stock.
ProAssurance Corporation reports developments tied to its property and casualty insurance holding company operations. Its insurance subsidiaries provide professional liability coverage for healthcare professionals and facilities, professional liability coverage for attorneys, and workers' compensation insurance.
Company news commonly covers operating and financial results, investment portfolio updates, capital-structure disclosures, governance matters, and segment-level activity across Specialty Property and Casualty, Workers' Compensation, Segregated Portfolio Cell Reinsurance, and Corporate reporting areas.
AM Best has maintained its ratings for The Doctors Company Insurance Group (TDC Group) following the announcement of their planned acquisition of ProAssurance (PRA). The transaction, announced on March 19, 2025, will combine the second and fourth-largest medical professional liability insurers in the United States.
TDC Group maintains its Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Ratings of 'a+', with a stable outlook. These ratings reflect TDC Group's strongest balance sheet strength, adequate operating performance, neutral business profile, and appropriate enterprise risk management.
The acquisition is expected to close in the first half of 2026, subject to regulatory approval. Upon completion, ProAssurance will become 100% owned by The Doctors Company. AM Best currently anticipates no material changes to TDC Group's rating fundamentals and will continue evaluating both organizations independently during the transaction process.
The Doctors Company, the largest physician-owned medical malpractice insurer, has announced the acquisition of ProAssurance (NYSE: PRA) for $25.00 per share in cash. The deal values ProAssurance at approximately $1.3 billion, representing a 60% premium over ProAssurance's closing price on March 18, 2025.
The combined entity will have assets of approximately $12 billion. The transaction, unanimously approved by ProAssurance's Board of Directors, is expected to close in the first half of 2026, subject to shareholder and regulatory approvals. Upon completion, ProAssurance will become a wholly owned subsidiary of The Doctors Company and will be delisted from the NYSE.
ProAssurance (NYSE: PRA) reported strong financial results for Q4 and full-year 2024. The company achieved net income of $16.2 million ($0.31 per diluted share) and operating income of $18.3 million ($0.36 per diluted share) in Q4 2024. Full-year results showed net income of $52.7 million ($1.03 per diluted share).
Key highlights include a Specialty P&C segment combined ratio of 100.9%, a 9% increase in net investment income, and solid returns from partnership investments. Book value per share increased to $23.49 from $21.82 at year-end 2023. The company maintained strong renewal premium increases of 8% in Q4, contributing to a cumulative 65% premium change since 2018. Retention remained solid at 84% for 2024, with 87% retention in the standard physicians Medical Professional Liability business.
ProAssurance (NYSE: PRA) has announced it will release its Fourth-Quarter and Full-Year 2024 financial results after market close on Monday, February 24, 2025. The company will host an investor conference call to discuss these results on Tuesday, February 25, 2025, at 10:00 a.m. ET.
The earnings release and Form 10-K will be available on the company's investor relations website. Investors can participate in the conference call using toll-free number (833) 470-1428 or (404) 975-4839 with access code 927016. A live audio webcast will be accessible via the Events page on the company's website, with a replay available later on February 25.
ProAssurance (NYSE: PRA) reported net income of $16.4 million ($0.32 per diluted share) and operating income of $17.3 million ($0.34 per diluted share) for Q3 2024. Key highlights include: Specialty P&C segment combined ratio improved to 99.5%, net investment income increased 14%, and book value per share rose to $24.07 from $21.82 at year-end 2023. The company achieved renewal premium increases of 13% in Q3, part of a cumulative 65% premium change since 2018. Despite solid retention at 84%, the company continues to be selective in renewals and new business to maintain rate adequacy in the current challenging loss environment.
ProAssurance (NYSE: PRA) has announced it will release its third quarter 2024 financial results after market close on Thursday, November 7, 2024. The company will file its Form 10-Q and issue a news release, both of which will be available on the investor relations section of their website.
Following the release, ProAssurance will host a conference call with analysts and investors on Friday, November 8, 2024, at 10:00 a.m. ET to discuss the results and other relevant information. Interested parties can preregister for the call, and dial-in numbers are provided. Additionally, a live audio webcast of the call will be accessible via the company's website. A replay of the call will be made available later on November 8.
ProAssurance (NYSE: PRA) reported Q2 2024 results with net income of $15.5 million, or $0.30 per diluted share, and operating income of $11.5 million, or $0.23 per diluted share. Key highlights include:
Revenue: $290.4 million, a slight decrease of 0.5% YoY. Net premiums written: $202.9 million, a decline of 5.2% YoY. Net investment income increased by 16%.
Key Metrics: Book value per share at $22.15 and non-GAAP adjusted book value at $26.18. Combined ratio improved slightly to 110.9% from 108.2%. Return on equity was 5.5%, and non-GAAP operating return on equity was 4.1%.
Specialty P&C Segment: Combined ratio improved to 106.3%, with a 9% renewal pricing increase.
Workers' Compensation Insurance Segment: Combined ratio increased to 113.2% due to rising medical costs per claim.
Segregated Portfolio Cell Reinsurance Segment: Profit decreased to $167,000.
CEO Ned Rand emphasized a focus on disciplined underwriting and navigating challenging market conditions.
ProAssurance (NYSE: PRA) will release its second quarter 2024 financial results post-market close on Thursday, August 8, 2024. The results will be accessible via the company's website. Following the release, ProAssurance will host a quarterly conference call with analysts and investors on Friday, August 9, 2024, at 10:30 a.m. ET to discuss the financial performance and other relevant information. Interested parties can preregister for the call and access the live audio webcast through the company's website, with a replay available later in the day.
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.