ProAssurance reports Q2 2022 net loss of $1.7M, down from $92.1M net income in prior year; combined ratio 100.8%

PROASSURANCE CORP

Q2 2022 net loss $1.7M versus net income $92.1M in Q2 2021; non-GAAP operating income fell to $16.3M from $26.6M.
Gross premiums written grew 13% to $235.5M, driven by NORCAL acquisition; net premiums earned up $247.3M from $239.0M.
Net investment losses of $23.9M in Q2 2022 compared to gains of $10.8M in prior year; total revenues fell to $255.8M from $281.6M.
Specialty P&C combined ratio 100.8% (vs 100.2% LY); Workers' Comp combined ratio 99.8% (vs 99.6% LY).
Book value per share $21.63; total assets $5.9B; A.M. Best rating 'A' affirmed.

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