NEWS RELEASE For More Information: Heather J. Wietzel SVP, Investor Relations 800-282-6242 • 205-776-3028 • InvestorRelations@ProAssurance.com ProAssurance Reports Results for First Quarter 2024 NEWS RELEASE CONTINUES CONSOLIDATED INCOME STATEMENT HIGHLIGHTS BIRMINGHAM, AL – (BUSINESSWIRE) – May 6, 2024 – ProAssurance Corporation (NYSE: PRA) reports net income of $4.6 million, or $0.09 per diluted share, and operating income of $4.2 million, or $0.08 per diluted share, for the three months ended March 31, 2 ...

ProAssurance Corporation (NYSE:PRA) Q4 2023 Results Conference Call February 28, 2024 10:00 AM ET Company Participants Frank O'Neil - Senior Vice President of Corporate Communications, Investor Relations Ned Rand - President and Chief Executive Officer Dana Hendricks - Executive Vice President, Chief Financial Officer, and Treasurer Rob Francis - President, Healthcare Professional Liability Kevin Shook - President, Workers' Compensation Insurance Conference Call Participants Matt Carletti - JMP Bob Farnam - ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023, or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 001-16533 ProAssurance Corporation (Exact name of registrant as specified in its charter) (State or other jurisdict ...

Financial Performance - ProAssurance reported a net income of $6.4 million, or $0.12 per diluted share, for Q4 2023, compared to a net income of $13.9 million, or $0.26 per diluted share, in Q4 2022, reflecting a 54.3% decrease [2][7]. - Total revenues for Q4 2023 were $297 million, a slight increase of 0.8% compared to $295 million in Q4 2022 [7]. - The total liabilities decreased to $4.52 billion as of December 31, 2023, from $4.60 billion a year earlier [9]. - Non-GAAP operating loss for Q4 2023 was $2,548,000 compared to an operating income of $7,617,000 in Q4 2022 [41]. - The effective tax rate for the corporate segment was 34.5% in Q4 2023, compared to 5.5% in Q4 2022, reflecting significant changes in tax expenses [35]. - The statutory tax rate applied to taxable items was 21%, affecting net income calculations [43]. Underwriting Performance - The consolidated combined ratio increased to 112.0% in Q4 2023, up 7.8 points from 104.2% in Q4 2022, primarily due to rising average claim costs in the Workers Compensation Insurance segment [3][10]. - The current accident year net loss ratio for Q4 2023 was 80.0%, up from 76.2% in Q4 2022, indicating worsening claims experience [10]. - The combined ratio for the Specialty P&C segment increased to 104.9% in Q4 2023 from 104.0% in Q4 2022, indicating a deterioration in underwriting performance [13]. - The Workers' Compensation Insurance segment reported a net loss ratio of 97.9% in Q4 2023, significantly up from 67.0% in Q4 2022, reflecting higher average claim costs [23]. - The total expenses for the Workers' Compensation Insurance segment increased by 22.9% to $51.65 million in Q4 2023, compared to $42.03 million in Q4 2022 [22]. Premiums and Business Growth - Gross premiums written decreased by 7% to $209 million in Q4 2023, while new business written surged by 103% to $24 million [5][7]. - Gross premiums written in the Specialty P&C segment decreased by $14.9 million or 8.4% year-over-year in Q4 2023, totaling $161.77 million [12]. - Net premiums earned in the Specialty P&C segment declined by 3.1% to $193.61 million in Q4 2023, compared to $199.86 million in Q4 2022 [12]. - New business written in the Specialty P&C segment improved to $18.1 million in Q4 2023, compared to $9.9 million in the same quarter last year [14]. - Premium retention in the Specialty P&C segment was 83% in Q4 2023, down two points from the same quarter in 2022 [14]. Investment Performance - Net investment income rose by 17% to $34 million in Q4 2023, compared to $28.8 million in Q4 2022 [5][7]. - Net investment income increased by 61.2% to $664,000 in Q4 2023, and for the year, it rose by 122.4% to $2,289,000 from $1,029,000 [29]. - Net investment gains for the corporate segment were $8,322,000 in Q4 2023, a 256.3% increase from $2,336,000 in Q4 2022 [35]. Shareholder Value - Book value per share increased by 7% to $21.82 as of December 31, 2023, driven by $88 million in after-tax unrealized holding gains [5][9]. - Book value per share at December 31, 2023, was $21.82, an increase from $20.46 at December 31, 2022 [44]. - Non-GAAP adjusted book value per share decreased to $25.83 at December 31, 2023, from $25.99 at December 31, 2022 [44]. - The company repurchased 3.1 million common shares during 2023, contributing $0.59 to adjusted book value per share [44]. Segment Reporting and Restructuring - ProAssurance reorganized its segment reporting, reducing the number of operating segments from five to four, aligning with current operational oversight [11]. - The company recognized net favorable prior accident year reserve development of $1.4 million in Q4 2023, compared to $0.8 million in Q4 2022 [17]. - The company experienced a favorable prior accident year reserve development of $3 million, primarily from the Segregated Portfolio Cell Reinsurance segment [5]. Market Outlook - The company anticipates continued market expansion and product development in the healthcare professional liability sector [48]. - Foreign currency exchange rate movements have led to greater volatility in operating results due to increased participation in international programs [42].

ProAssurance Corporation (NYSE:PRA) Q3 2023 Earnings Conference Call November 9, 2023 10:00 AM ET Company Participants Frank O'Neil - Senior Vice President of Corporate Communications, Investor Relations Edward Rand - President and Chief Executive Officer Dana Hendricks - Executive Vice President, Chief Financial Officer, and Treasurer Robert Francis - President, Healthcare Professional Liability Kevin Shook - President, Workers' Compensation Insurance Conference Call Participants Jon Newsome - Piper Sandle ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Commission File Number: 0-16533 ProAssurance Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of Delaware 63-1261433 incorporation or organization) (I.R.S. Employer Identification No.) 100 Brookwood Place, Birmingham, AL 35209 (Address of principal executive offices) (Zip Code) (205) 877-4400 (Registrant's telephone number, including area code) (Former ...

ProAssurance Corporation (NYSE:PRA) Q2 2023 Earnings Conference Call August 9, 2023 10:00 AM ET Company Participants Ned Rand - President and CEO Dana Hendricks - CFO Rob Francis - President, Healthcare Professional Liability Kevin Shook - President, Eastern Alliance Conference Call Participants Mark Hughes - Truist Paul Newsome - Piper Sandler Robert Farnam - Janney Matt Carletti - JMP Operator Good morning, everyone, and welcome to ProAssurance's Conference Call to discuss the company's Second Quarter 202 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Commission File Number: 0-16533 ProAssurance Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of Delaware 63-1261433 incorporation or organization) (I.R.S. Employer Identification No.) 100 Brookwood Place, Birmingham, AL 35209 (Address of principal executive offices) (Zip Code) (205) 877-4400 (Registrant's telephone number, including area code) (Former ...

Financial Data and Key Metrics Changes - The company reported a net loss of $6.2 million or $0.11 per share and an operating loss of $8 million or $0.15 per share for Q1 2023, reflecting a challenging operating environment [18][19] - Gross premiums written decreased to $316 million, primarily due to declines in the Specialty P&C segment [19][28] - The consolidated combined ratio increased by 7 percentage points from Q1 2022, driven mostly by changes in prior accident year reserve development [19][21] - Net investment income grew nearly 50% to $30 million, benefiting from higher reinvestment rates [22][23] Business Line Data and Key Metrics Changes - The Specialty P&C segment experienced an operating loss in Q1 2023, with a current accident year loss ratio of 87.2%, unchanged from the previous year [9][19] - The Workers' Compensation Insurance segment saw gross written premium increase by $1 million, with a current accident year loss ratio of 72.6%, slightly higher than last year [14][15] - The segregated portfolio sale reinsurance segment posted a profit of just under $1 million for the quarter [18] Market Data and Key Metrics Changes - Gross written premium in the Specialty P&C segment decreased by 7% year-over-year due to competitive market conditions [12] - Premium retention improved to 85% in the Specialty P&C segment, despite losing a large hospital account [12] - Renewal pricing in the Workers' Compensation segment was down 6%, reflecting competitive pressures [14] Company Strategy and Development Direction - The company continues to focus on securing quality new business opportunities and retaining profitable accounts [15] - Management emphasized the importance of driving rates and maintaining a disciplined underwriting approach [36] - The company is investing heavily in data analytics to improve underwriting and risk assessment [53] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging claims environment for medical professional liability carriers, with increasing social inflation and larger verdicts [7][8] - The company is cautious about future trends and will likely be slow to adjust reserves based on improved results [58] - Management expressed confidence in the adequacy of current pricing despite ongoing challenges in the market [54] Other Important Information - The company reported a book value per share of $21.07, up 3% from year-end, driven by after-tax holding gains [28] - The company renegotiated and extended its $250 million revolving credit agreement, which includes a $125 million delayed draw term loan [29][30] Q&A Session Summary Question: Is there any geographic trend in excess verdicts? - Management indicated that excess verdicts can occur in surprising places, with no specific geographic pattern identified [36] Question: How is the company adjusting pricing in response to market conditions? - Management stated that they are driving rates effectively and have been selective in the risks they choose to underwrite [36][40] Question: What is the outlook for the Specialty segments given the decline in top line? - Management clarified that the decline is due to losing some business and not market pressure on rates, emphasizing continued positive rate gains [40] Question: How does the company view the adequacy of the 6% rate increase? - Management believes the rate increase is adequate, considering the compounded rate gains over the past few years [54] Question: Is the company more conservatively reserved compared to the industry? - Management acknowledged that they may be more cautious in their reserving practices, which could lead to higher loss ratios compared to the industry [63][64]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Commission File Number: 0-16533 ProAssurance Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of Delaware 63-1261433 (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- ...