ProAssurance Q3 net loss $49.4M, $44M goodwill impairment, refinances $250M notes

PROASSURANCE CORP

2023-Q3 EPS reported -$0.85 revenue$840,252,000

Net loss of $49.4M in Q3 2023 vs. $9.1M loss in Q3 2022; non-GAAP operating loss of $3.7M.
Goodwill impairment of $44M from Eastern Insurance acquisition; no effect on operating results.
Refinanced $250M senior notes with $125M revolver draw and $125M term loan (5.3%/5.5%) due 2028.
Discontinued participation in Lloyd's Syndicate 1729 effective Dec 31, 2023; segments reorganized.
Workers' Comp segment had $8M unfavorable development; combined ratio 137.3% in Q3.

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