ProAssurance reports Q4 EPS (5c), consensus 6c

Reports Q4 net premiums earned $247.33M, total revenues $296.96M, consensus $233.09M. Reports book value per share of $21.82 as of December 31, 2023 improved 7%, driven by $88 million of after-tax unrealized holding gains from fixed maturity portfolio. “We continue to manage our business with a focus on returning to underwriting profitability. We are drawing on our decades of successful underwriting, effective claims management and superior service delivery to counter the twin effects of challenging market conditions and worsening litigation trends. We continue to add new business which we believe will perform better overall than business that we are non-renewing. At the same time, we continue to walk away from business that fails to meet our pricing goals or underwriting standards and retain existing insureds at renewal pricing that we believe reflects the current market realitiesOur experience in medical professional liability and workers’ compensation, the two highly cyclical lines of insurance in which we operate, has shown that our operating discipline and the long-term strategic improvements we’ve been implementing will ultimately ensure our success.” said Ned Rand, President and Chief Executive Officer of ProAssurance.