other material
confidence high
sentiment neutral
materiality 0.65
ProAssurance Q1 net loss $3.6M; non-GAAP operating EPS $0.14 improves from $0.04
PROASSURANCE CORP
- Gross premiums written rose 49% YoY to $335.6M, driven by NORCAL acquisition.
- Specialty P&C combined ratio 105.5% vs 110.3% a year ago; rate increases of 8-12%.
- Net investment losses of $13.5M vs gains $8.8M; unrealized losses hit equity by $141M.
- Debt to capital at 25%; $426M debt including $176M NORCAL contribution certificates.
- Workers' Comp segment combined ratio 98.9%; SPC reinsurance combined ratio 82.1%.