BIRMINGHAM, Ala. (AP) _ ProAssurance Corp. (PRA) on Thursday reported a third-quarter loss of $150 million, after reporting a profit in the same period a year earlier.
The Birmingham, Alabama-based company said it had a loss of $2.78 per share. Earnings, adjusted for investment costs, came to 5 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.
The medical professional liability insurer posted revenue of $226.9 million in the period. Its adjusted revenue was $213.2 million, which met Street forecasts.
ProAssurance shares have declined 58% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $15.31, a drop of 61% in the last 12 months.
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