BUZZ-ProAssurance jumps after quarterly profit beats expectations

Shares of specialty insurer ProAssurance PRA.N jump as much as 18.6%; last up 14.8% at $16.20

PRA late Monday posted Q4 adjusted operating income of 36 cents/shr, beating Wall Street expectations of 17 cents, according to data compiled by LSEG

Citizens JMP Securities says the beat was driven by higher favorable reserve development, which came in at $11.3 million vs its estimates of $4.4 million

Brokerage says PRA is in a stronger and more stable position than it was just a year ago

Adds that the stock trades at a significant discount to its adjusted book value even as the outlook brightens for PRA

As of the last close, PRA stock down 11.3% YTD