ProAssurance reports Q1 2023 net loss of $6.2M, combined ratio of 114.3% in investor presentation

PROASSURANCE CORP

Q1 2023 net loss of $6.2M; non-GAAP operating loss of $8.1M ($0.15 diluted).
Specialty P&C combined ratio 114.3% (vs 105.5% YoY); Workers' Comp combined ratio 107.4% (vs 98.9% YoY).
Renewal rate increases: Specialty Healthcare +10%, Standard Physicians +7%.
Net investment income rose to $29.7M from $20.1M YoY; fixed-maturity portfolio yield 2.9%.
Plans to refinance $250M 5.3% senior notes due Nov 2023 using new credit facility and swaps.

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