secwatch.observer — SEC 8-K summary
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Issuer:     PROASSURANCE CORP (PRA)
CIK:        0001127703
Form:       8-K
Filed at:   2023-11-15T23:59:59+00:00
Accession:  0001706397-23-000010
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1127703/000170639723000010/0001706397-23-000010-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1127703/000170639723000010/pra-20231115.htm
  HTML page:      https://secwatch.observer/filing/0001706397-23-000010

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