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Sep 30, 2023
ProAssurance Q3 2023 Earnings Report
ProAssurance reported a net loss and an operating loss for the third quarter of 2023, impacted by unfavorable prior accident year reserve development and market headwinds.
Key Takeaways
ProAssurance Corporation reported a net loss of $49.4 million, or $0.95 per diluted share, and an operating loss of $3.7 million, or $0.07 per diluted share, for the three months ended September 30, 2023. The results were affected by unfavorable prior accident year reserve development in the Workers’ Compensation Insurance segment and challenging market conditions.
Gross premiums written increased by 4% to $320 million.
New business written saw a significant increase of 82% to $29 million.
Unfavorable prior accident year reserve development of $8 million related to Workers’ Compensation Insurance business.
Net investment income improved by 32% to $33 million.
Revenue by Segment
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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