secwatch.observer — SEC 8-K summary
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Issuer:     PROASSURANCE CORP (PRA)
CIK:        0001127703
Form:       8-K
Filed at:   2024-03-11T23:59:59+00:00
Accession:  0001875246-24-000012
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1127703/000187524624000012/0001875246-24-000012-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1127703/000187524624000012/pra-20240311.htm
  HTML page:      https://secwatch.observer/filing/0001875246-24-000012

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