ProAssurance Corporation (N:PRA)
Business Focus: Property & Casualty Insurance
| Sector: Financials | Industry: Property & Casualty Insurance |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 100 Brookwood Pl BIRMINGHAM AL 35209-6811 |
| Tel: | 1-800-2826242 |
| Website: | https://www.proassurance.com |
| IR: | See website |
| Key People | ||
| Edward Lewis Rand President, Chief Executive Officer, Director | Dana S. Hendricks Chief Financial Officer, Executive Vice President, Treasurer | Kevin Merrick Shook President, Workers Compensation Insurance and Eastern Subsidiary |
| Noreen L. Dishart Chief Human Resources Officer, Executive Vice President | Jeffrey P. Lisenby Executive Vice President, General Counsel, Corporate Secretary, Head of the Corporate Legal Department | |
| Business Overview |
| ProAssurance Corporation is a specialty insurer with expertise in healthcare professional liability, products liability for medical technology and life sciences, legal professional liability, and workers' compensation insurance. The Company's segments include Specialty P&C, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance and Corporate. The Specialty Property and Casualty (Specialty P&C) segment is focused on professional liability insurance and medical technology liability insurance. Professional liability insurance is offered to healthcare providers and institutions and, to a lesser extent, to attorneys and their firms. The Workers' Compensation Insurance segment offers workers' compensation products in approximately 19 states in the East, South and Midwest regions of the continental United States. The Segregated Portfolio Cell Reinsurance segment includes the results of SPCs at Inova Re and Eastern Re, the Company's Cayman Islands SPC operations. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, ProAssurance Corporation revenues increased 3% to $1.13B. Net loss increased from $402K to $38.6M. Revenues reflect Net Investment Income increase of 34% to $128.4M. Higher net loss reflects Expense Ratio -%- Cell Reinsurance increase of 14% to 33.2%, Interest Expense increase of 14% to $23.2M (expense), Impairment losses increase of 76% to $3.1M (expense). |
| Employees: | 1,094 as of Dec 31, 2023 |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $1,117M as of Dec 31, 2023 |
| Annual revenue (TTM): | $1,134M as of Dec 31, 2023 |
| EBITDA (TTM): | $191.50M as of Dec 31, 2023 |
| Net annual income (TTM): | -$38.60M as of Dec 31, 2023 |
| Free cash flow (TTM): | -$55.26M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | $361.24M as of Dec 31, 2023 |
| Shares outstanding: | 28,306,025 as of Apr 12, 2024 |
| Index Membership: | S&P 600 Small Cap |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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