May 2024 Investor Presentation
Investor Update
First quarter 2024 Accurate as of
ProAssurance Overview
Mission,
We Protect Others.
Corporate Values
Integrity | Leadership | Relationships | Enthusiasm
Our Brand Promise
We will honor these values in the execution of treated fairly to
perform our mission and realize our vision.
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ProAssurance Investor Briefing | |
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At a Glance
Healthcare-centric specialty insurance writer
Specialty Property & Casualty
Medical Professional Liability (MPL)
Life Sciences and Medical Technology Liability
Lloyd's of London Syndicates
Segregated Portfolio Cell (SPC) Reinsurance
Total Assets:
Shareholders' Equity:
Claims-Paying Ratings
Fitch: "A-" (Strong)
19 locations, with operations in three countries
1,094 employees as of
Writing in 50 states & DC
All employee and financial data as of
Business Unit
Medical Professional Liability
Medmarc
Eastern
PRA Corporate
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Principal |
Employees |
Lines of Business |
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Offices |
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9 |
704 |
Healthcare professional |
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liability |
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1 |
34 |
Medical technology liability |
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7 |
254 |
Workers' Compensation & |
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captive facilities (all lines) |
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1 |
102 |
Corporate functions |
Lloyds
Underwriting Offices
Claims Offices
Claims/Underwriting Offices
Corporate Headquarters
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Executive Vice President & |
President |
Executive Vice President |
Executive Vice President |
President |
President, Workers' |
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Chief Human Resources Officer |
Healthcare Professional Liability |
& Chief Financial Officer |
& General Counsel |
Life Sciences |
Compensation & Segregated |
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Portfolio Cell Reinsurance |
Executive Team bios available on our website at Investor.ProAssurance.com/OD
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ProAssurance Investor Briefing | |
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ProAssurance Board of Directors
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A - Audit Committee C- Compensation Committee |
E - Executive Committee |
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N/C - Nominating/Corporate Governance Committee |
Underlined- Chair |
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Independent Chair |
A |
A |
A, N/C |
C, E |
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E |
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C |
C |
E |
N/C |
N/C |
Committee assignments effective
Director bios available on our website at Investor.ProAssurance.com/OD
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ProAssurance Investor Briefing | |
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ProAssurance Brand Profile
Specialty P&C
Medical Professional Liability
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Medical Technology & |
Legal Professional Liability |
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Life Sciences Products Liability |
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Workers' Comp
Alternative Risk Transfer
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ProAssurance Investor Briefing | |
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Significant Positives in First Quarter 2024 Results
Operating earnings in the first quarter of
We remain focused on driving underwriting improvement, which can be seen in the three-point improvement in our current accident year loss ratio and two-point improvement in the consolidated combined ratio over last year's first quarter
Markets in which
We are focused on achieving pricing levels that help move us toward our long-term profitability goals and believe we are continuing to obtain rate beyond loss cost trends
We continue to forego new business - and non-renew existing business - that does not meet our underwriting criteria
Specialty P&C segment current accident year net loss ratio improved almost five points compared to last year's first quarter
Gross premiums written declined
We retained 86% of policies eligible for renewal, maintaining our disciplined underwriting and pricing criteria to achieve an average rate increase of 7% in addition to
Workers' Comp segment first-quarter accident year loss ratio was below full-year 2023, although higher than last year's first quarter due to the medical cost trends
Caution about the current claims environment and our focus on operational discipline is beginning to be reflected in results, with no change in prior accident year reserve estimates in the first quarter of 2024 for this segment
All prior period segment information has been recast to conform with our current segment reporting structure
Comparisons to first quarter 2023 unless otherwise noted
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ProAssurance Investor Briefing | |
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ProAssurance Reports Financial Results in Four Segments
Specialty
Property & Casualty
EasteAlliance
Workers'
Compensation
Inova Re/EasteRe
SPC Reinsurance
Corporate
- Medical Professional Liability (MPL) insures healthcare providers and facilities, including E&S coverages
- The Small Business Unit insures podiatrists, chiropractors, dentists, and lawyers
- Medmarc insures medical technology and life sciences companies that manufacture or distribute products and those conducting clinical trials
- Includes the underwriting results from our participation in Lloyd's of London Syndicate 1729 and 6131
- Specialty underwriter of workers' compensation products and services
- Focused in the East, South, and Midwest regions of
the United States - Guaranteed cost, policyholder dividend, retro-rated, deductible, and alternative solutions policies available
Segregated Portfolio Company structure- Workers' compensation and healthcare professional liability coverage in a Cayman-based captive
- Industries include healthcare, forestry, staffing, construction, petroleum, marine and recreation, and social services
- Reports our investment results, interest expense, and
U.S. income taxes - Includes corporate expenses and includes non-premium revenues generated outside of our insurance entities
- Company-wideadministrative departments reside in ProAssurance Corporate
Includes Investment results and assets solely allocated to our Lloyd's Syndicate operations, net ofU.K. income tax expense
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ProAssurance Investor Briefing | |
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Specialty Property & Casualty
Deep expertise and broad product spectrum in healthcare and related sciences
Consolidation in MPL→demand for comprehensive insurance solutions
Life Sciences → offer liability solutions to companies that develop, test, and deliver healthcare products in the
ProAssurance Specialty Property & Casualty Premiums
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Life Sciences |
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Standard |
Specialty |
Podiatry, Chiropractic, |
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Physicians |
Healthcare |
Dental |
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Gross Premiums Written
for the 12 months ended
Tail & Other Coverages
Lloyd's
Syndicates
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ProAssurance Investor Briefing | |
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Attachments
Disclaimer
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