Proassurance Cp Stock Price, News & Analysis

ProAssurance Corporation (NYSE: PRA) reported a net income of $92.1 million ($1.70 per diluted share) for Q2 2021, driven by a $74.4 million gain from the acquisition of NORCAL, offset by $20.3 million in transaction-related costs. Excluding these factors, the operating income was $26.6 million ($0.49 per diluted share). The combined ratio was 99.9%, showing profitability in various segments. Q2 also saw a significant 32.7% increase in gross premiums written in the Specialty Property & Casualty segment. However, the Workers’ Compensation Insurance segment experienced a 1.1% rise in gross premiums.

ProAssurance Corporation (NYSE:PRA) will announce its financial results for the quarter ending June 30, 2021, on August 5, 2021, following NYSE trading. A conference call will occur on August 6, 2021, at 10:00 AM ET for investors to discuss the results. Participants can join via phone or webcast. ProAssurance is recognized as a leading specialty insurer, particularly in healthcare professional liability, with a rating of 'A' (Excellent) by AM Best and 'A-' (Strong) by Fitch Ratings.

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.

ProAssurance Corporation (NYSE:PRA) has appointed Scott C. Syphax and Fabiola Cobarrubias, M.D., to its Board of Directors, effective immediately. Their terms will expire at the 2022 and 2023 Annual Meetings, respectively, where they will seek re-election. Nominated by NORCAL Mutual Insurance Company, both candidates have extensive industry experience. Mr. Syphax is CEO of Syphax Strategic Solutions, while Dr. Cobarrubias has over 25 years in hospitalist services and is the CEO of Pacific Inpatient Medical Group. Their appointments aim to enhance ProAssurance's strategic direction following the NORCAL acquisition.

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.