ProAssurance Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 02:50 am IST
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ProAssurance Corporation reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 275.75 million compared to USD 273.08 million a year ago. Net loss was USD 49.43 million compared to USD 9.13 million a year ago. Basic loss per share from continuing operations was USD 0.95 compared to USD 0.17 a year ago. Diluted loss per share from continuing operations was USD 0.95 compared to USD 0.17 a year ago.
For the nine months, revenue was USD 840.25 million compared to USD 811.98 million a year ago. Net loss was USD 44.98 million compared to USD 14.34 million a year ago. Basic loss per share from continuing operations was USD 0.85 compared to USD 0.27 a year ago. Diluted loss per share from continuing operations was USD 0.85 compared to USD 0.27 a year ago.
ProAssurance Corporation is a specialty insurer with expertise in healthcare professional liability, products liability for medical technology and life sciences, legal professional liability, and workers' compensation insurance. The Company's segments include Specialty P&C, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance and Corporate. The Specialty Property and Casualty (Specialty P&C) segment is focused on professional liability insurance and medical technology liability insurance. Professional liability insurance is offered to healthcare providers and institutions and, to a lesser extent, to attorneys and their firms. The Workers' Compensation Insurance segment offers workers' compensation products in approximately 19 states in the East, South and Midwest regions of the continental United States. The Segregated Portfolio Cell Reinsurance segment includes the results of SPCs at Inova Re and Eastern Re, the Company's Cayman Islands SPC operations.