ProAssurance Corporation reported a net income of $14.3 million, or $0.27 per share, and Non-GAAP operating income of approximately $3.3 million, or $0.06 per share, for the quarter ended December 31, 2020. The results reflect improvements in underwriting results and strong performance from investments in LPs/LLCs.
Reported net income of approximately $14.3 million, or $0.27 per share, and Non-GAAP operating income of approximately $3.3 million, or $0.06 per share.
Non-GAAP operating income included strong performance from investments in LPs/LLCs and improvement in underwriting results from the re-underwriting and rate strengthening efforts in the Specialty Property & Casualty segment, and the restructuring efforts in the Specialty P&C and Workers’ Compensation Insurance segments.
Quarter-over-quarter improvement in consolidated results is also attributable to a lower net loss ratio in the Segregated Portfolio Cell Reinsurance segment, partially offset by a higher combined ratio in the Lloyd’s Syndicates segment driven by adverse prior year reserve development related to certain natural catastrophe losses.
Consolidated gross premiums written in the current quarter decreased due to strategy to strengthen rate levels in the Specialty P&C segment, decreased participation in Syndicate 1729, and competitive market conditions in the Workers’ Compensation Insurance and SPCR segments.
Management expects to close the NORCAL transaction in the second quarter of 2021, assuming all conditions are met.
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