ProAssurance posts FY23 net loss of $38.6M; workers' comp combined ratio 121.5%

PROASSURANCE CORP

FY23 non-GAAP operating loss $7.3M ($0.14/diluted share); Q4 operating loss $2.5M ($0.05/share).
Workers' Comp segment loss $32.5M for FY23 vs $2.4M profit in FY22; net loss ratio rose to 87.1% from 67%.
Specialty P&C combined ratio worsened to 108.5% in FY23 from 104.1% in FY22.
Suspended cash dividend in May 2023; executed $50.5M in share repurchases since May 2023.
Refinanced $250M senior notes in Nov 2023 with $125M revolver draw and $125M term loan at ~5.4%.

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