secwatch.observer — SEC 8-K summary
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Issuer:     PROASSURANCE CORP (PRA)
CIK:        0001127703
Form:       8-K
Filed at:   2022-02-25T23:59:59+00:00
Accession:  0001777343-22-000004
Event type: other_material
Sentiment:  positive
Materiality: 0.82
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1127703/000177734322000004/0001777343-22-000004-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1127703/000177734322000004/pra-20220225.htm
  HTML page:      https://secwatch.observer/filing/0001777343-22-000004

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