ProAssurance reports FY2021 gross premiums $960M, NORCAL acquisition closed, renewal rates up 8%

PROASSURANCE CORP

NORCAL acquisition added ~$300M GPW and ~$1.6B investments; ProAssurance now #3 HCPL insurer in U.S.
Specialty P&C renewal rate increases: 8% for full year, 9% in Q4; Standard Physicians +8%, Specialty Healthcare +12%.
Workers' Comp expense ratio down 1.1 points; $4M G&A reduction; closed 58% of 2020 and prior claims in 2021.
COVID-19 reserve unchanged at $10M IBNR; $1M favorable development in Q3 2021; pandemic exclusions added to Senior Care.
Debt $425M (16% debt-to-capital); $250M revolving credit facility undrawn; shareholders' equity $1.43B.

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