ProAssurance misses on Q1 earnings as reported CR increases to 115.6%
By David Bull
May 6 - (The Insurer) - ProAssurance reported operating income per diluted share of $0.13 for the first quarter that was below analysts’ consensus forecast of $0.22 a share as its reported combined ratio deteriorated from 111.6% to 115.6%.
The medical professional liability specialist carrier’s non-GAAP combined ratio, which excludes certain items it says are not indicative of the performance of its ongoing core operations, showed a 30 basis points improvement to 112.2% compared to the prior-year period.
Gross premiums written (GPW) were down 2.4% to $303.8 million for the quarter, with net premiums written (NPW) down 2.3% for the quarter.
ProAssurance’s specialty P&C segment generated a combined ratio of 109.0%, which was stable compared to the 109.1% reported in Q1 2024.
GPW in specialty P&C were down 2.0% to $234.0 million, with NPW down 2.3% to $213.7 million.
Segment results were a $13.9 million deficit, a 4.4% decline from the $13.3 million loss reported in the prior-year period.
At the group level, ProAssurance reported a net loss of $5.8 million for the quarter, compared to a net profit of $4.6 million in Q1 2024.
During the quarter it was announced that The Doctors Company is set to acquire ProAssurance for $25.00 in cash.
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