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Proassurance Corp (PRA) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

SEC Filings

Proassurance Corp

CIK: 1127703 Ticker: PRA


NEWS RELEASE
For More Information:
Ken McEwen
Investor Relations Manager
800-282-6242 • 205-439-7903 • KenMcEwen@ProAssurance.com
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ProAssurance Reports Results for Third Quarter 2019
BIRMINGHAM, AL – (BUSINESSWIRE) – November 5, 2019 – ProAssurance Corporation (NYSE: PRA) reports the following results for the three and nine months ended September 30, 2019:
CONSOLIDATED INCOME STATEMENT HIGHLIGHTS
 
Three Months Ended September 30
 
Nine Months Ended September 30
($ in thousands, except per share data)
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written*
$
265,483

 
$
259,704

 
2.2
%
 
$
766,655

 
$
745,614

 
2.8
%
Net premiums written
$
228,058

 
$
229,329

 
(0.6
%)
 
$
663,784

 
$
652,230

 
1.8
%
Net premiums earned
$
215,788

 
$
206,070

 
4.7
%
 
$
633,086

 
$
616,819

 
2.6
%
Net investment income
$
23,681

 
$
23,266

 
1.8
%
 
$
70,038

 
$
67,677

 
3.5
%
Equity in earnings (loss) of unconsolidated subsidiaries
$
(1,277
)
 
$
5,228

 
(124.4
%)
 
$
(7,240
)
 
$
12,247

 
(159.1
%)
Net realized investment gains (losses)
$
1,134

 
$
12,373

 
(90.8
%)
 
$
47,064

 
$
2,651

 
1,675.3
%
Other income (expense)*
$
2,548

 
$
2,388

 
6.7
%
 
$
7,419

 
$
7,155

 
3.7
%
Total revenues*
$
241,874

 
$
249,325

 
(3.0
%)
 
$
750,367

 
$
706,549

 
6.2
%
Expenses
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss adjustment expenses
$
161,614

 
$
147,605

 
9.5
%
 
$
489,808

 
$
439,120

 
11.5
%
Underwriting, policy acquisition and operating expenses*
$
61,861

 
$
61,844

 
%
 
$
185,960

 
$
178,812

 
4.0
%
Segregated portfolio cells dividend expense (income)
$
3,621

 
$
5,255

 
(31.1
%)
 
$
1,375

 
$
9,787

 
(86.0
%)
Total expenses*
$
231,370

 
$
218,303

 
6.0
%
 
$
689,993

 
$
638,981

 
8.0
%
Income tax expense (benefit)
$
(6,689
)
 
$
(206
)
 
3,147.1
%
 
$
(4
)
 
$
(3,939
)
 
(99.9
%)
Net income (loss)
$
17,193

 
$
31,228

 
(44.9
%)
 
$
60,378

 
$
71,507

 
(15.6
%)
Non-GAAP operating income
$
16,269

 
$
22,417

 
(27.4
%)
 
$
24,567

 
$
69,858

 
(64.8
%)
Weighted average number of common shares outstanding
 
 
 
 
 
 
 
 
 
 
 
Diluted
53,856

 
53,773

 
0.2
%
 
53,831

 
53,735

 
0.2
%
Earnings per share
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) per diluted share
$
0.32

 
$
0.58

 
(44.8
%)
 
$
1.12

 
$
1.33

 
(15.8
%)
Non-GAAP operating income per diluted share
$
0.30

 
$
0.42

 
(28.6
%)
 
$
0.46

 
$
1.30

 
(64.6
%)
* Consolidated totals include inter-segment eliminations. The eliminations affect individual line items only and have no effect on net income (loss). See Note 14 of the Notes to Condensed Consolidated Financial Statements in the September 30, 2019 Form 10-Q for amounts by line item.

- more -    Page: 1

The following information was filed by Proassurance Corp (PRA) on Tuesday, November 5, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Proassurance Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Capital (Unaudited)
Condensed Consolidated Statements Of Income And Comprehensive Income (Unaudited)
Basis Of Presentation
Basis Of Presentation (Narrative) (Details)
Basis Of Presentation (Other Liabilities) (Details)
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Details)
Debt (Tables)
Derivatives
Derivatives (Narrative) (Details)
Derivatives (Pre-Tax Impact Of Change In Fair Value) (Details)
Derivatives (Tables)
Derivatives (Volume And Fair Value) (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurement
Fair Value Measurement (Assets Measured At Fair Value) (Details)
Fair Value Measurement (Financial Instruments Not Measured At Fair Value) (Details)
Fair Value Measurement (Investments In Llcs And Limited Partnerships Footnote) (Details)
Fair Value Measurement (Investments In Llcs And Limited Partnerships) (Details)
Fair Value Measurement (Level 3 Assets) (Details)
Fair Value Measurement (Narrative) (Details)
Fair Value Measurement (Quantitative Information Regarding Level 3 Valuations) (Details)
Fair Value Measurement (Tables)
Income Taxes
Income Taxes (Details)
Investments
Investments (Available-For-Sale Fixed Maturities) (Details)
Investments (Available-For-Sale Securities By Contractual Maturity) (Details)
Investments (Credit Losses Recorded In Earnings) (Details)
Investments (Equity In Earnings (Loss) Of Unconsolidated Subsidiaries) (Details)
Investments (Investments Held In A Loss Position) (Details)
Investments (Narrative) (Details)
Investments (Net Investment Income) (Details)
Investments (Net Realized Investment Gains (Losses)) (Details)
Investments (Sales And Purchases Of Available-For-Sale Securities) (Details)
Investments (Tables)
Investments (Unconsolidated Subsidiaries) (Details)
Leases
Leases (Future Minimum Lease Payments) (Details)
Leases (Lease Cost) (Details)
Leases (Narrative) (Details)
Leases (Supplemental Lease Information) (Details)
Leases (Tables)
Reserve For Losses And Loss Adjustment Expenses
Reserve For Losses And Loss Adjustment Expenses (Details)
Reserve For Losses And Loss Adjustment Expenses (Tables)
Retroactive Insurance Contracts
Retroactive Insurance Contracts (Details)
Retroactive Insurance Contracts R (Tables)
Segment Information
Segment Information (Financial Data By Segment) (Details)
Segment Information (Gross Premiums Earned And Reconciliation To Net Premiums) (Details)
Segment Information (Narrative) (Details)
Segment Information (Tables)
Shareholders' Equity
Shareholders' Equity (Aoci Reclassification) (Details)
Shareholders' Equity (Narrative) (Details)
Shareholders' Equity (Share-Based Compensation Expense And Related Tax Benefits) (Details)
Shareholders' Equity (Tables)
Variable Interest Entities
Variable Interest Entities (Details)
Ticker: PRA
CIK: 1127703
Form Type: 10-Q Quarterly Report
Accession Number: 0001706397-19-000013
Submitted to the SEC: Tue Nov 05 2019 11:30:40 AM EST
Accepted by the SEC: Tue Nov 05 2019
Period: Monday, September 30, 2019
Industry: Fire Marine And Casualty Insurance

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