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Jun 30, 2020
ProAssurance Q2 2020 Earnings Report
ProAssurance reported a net loss for Q2 2020 due to the COVID-19 pandemic and large national healthcare account policy expiration, but showed underlying improvements in core businesses.
Key Takeaways
ProAssurance reported a net loss of $18.1 million for the second quarter of 2020, primarily due to the non-renewal of a large national healthcare account and the establishment of a $10 million reserve for pandemic-related losses. However, the company saw incremental improvements in its underlying current accident year loss ratio, rate gains in healthcare professional liability, efficiency gains in its expense model, and continued profitability in its Workers’ Compensation Insurance and Segregated Portfolio Cell Reinsurance segments.
Reported a net loss of $18.1 million, or $0.34 per share, and an operating loss of $32.4 million, or $0.60 per share.
Experienced incremental improvements in the underlying current accident year loss ratio due to re-underwriting efforts in the Specialty P&C segment.
Rate gains in Healthcare Professional Liability lines, efficiency gains in the expense model, and continued profitability in Workers’ Compensation Insurance and SPCR segments.
Issued a tail policy associated with a LNHA's claims-made coverage which resulted in a net underwriting loss of $45.7 million
Revenue by Segment
Forward Guidance
ProAssurance anticipates booking approximately $1.4 million in pandemic-related losses, net of reinsurance, in the third quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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