ProAssurance Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>ProAssurance Corp. has filed its annual 10-K report for the fiscal year 2023, detailing its financial performance and operations in the insurance sector.</b>

AI Summary

PROASSURANCE CORP (PRA) filed a Annual Report (10-K) with the SEC on February 27, 2024. ProAssurance Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is Fire, Marine & Casualty Insurance. The filing was submitted on February 27, 2024. The company is incorporated in Delaware and headquartered in Birmingham, AL.

Why It Matters

For investors and stakeholders tracking PROASSURANCE CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of ProAssurance's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and future outlook. The detailed financial statements and disclosures within the report are essential for understanding the company's position in the Fire, Marine & Casualty Insurance industry and its compliance with regulatory requirements.

Risk Assessment

Risk Level: medium — PROASSURANCE CORP shows moderate risk based on this filing. The company operates in the highly regulated insurance industry, facing potential market and operational risks that could impact financial performance, as indicated by the nature of its business and the need for detailed SEC filings.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand ProAssurance's performance and potential challenges in the insurance market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-02-27 — Filing Date (Date filed)
• 6331 — SIC Code (Standard Industrial Classification)
• 001-16533 — SEC File Number (SEC file number)

Key Players & Entities

• PROASSURANCE CORP (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-27 (date) — Filing date
• FIRE, MARINE & CASUALTY INSURANCE (industry) — Standard Industrial Classification
• DE (location) — State of incorporation
• BIRMINGHAM, AL (location) — Business address city and state
• 2058774400 (phone) — Business phone number
• 1934 Act (regulation) — SEC Act

FAQ

Risk Factors

• Regulatory Environment [medium — regulatory]: The company operates under extensive state and federal regulations governing the insurance industry, which can impact operations and profitability.
• Market Competition [medium — market]: The insurance market is highly competitive, with pricing pressures and the need for continuous innovation to maintain market share.
• Operational Risks [medium — operational]: Risks related to underwriting, claims processing, and investment management can affect financial results.
• Financial Market Volatility [medium — financial]: Fluctuations in interest rates and investment values can impact the company's investment income and overall financial stability.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-27: 10-K Filing Date — Date ProAssurance Corp. submitted its annual report.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share PRA New York Stock Exchange
• $18 million — inal borrowing amounts of approximately $18 million and approximately $23 million, each ent
• $23 m — oximately $18 million and approximately $23 million, each entered into by a subsidiar
• $250 million — volving Credit Agreement ProAssurance's $250 million revolving credit agreement ROE Return
• $125 million — H.R.1 of 2017 Term Loan ProAssurance's $125 million delayed draw term loan TRIA Federal Te
• $1.0 b — 2023, our net premiums written totaled $1.0 billion, and at December 31, 2023 we had
• $5.6 billion — ecember 31, 2023 we had total assets of $5.6 billion and $1.1 billion of shareholders' equit
• $1.1 billion — we had total assets of $5.6 billion and $1.1 billion of shareholders' equity. Our Mission
• $38.1 million — segment, we had net written premium of $38.1 million in 2023, $39.2 million in 2022 and $37.
• $39.2 million — itten premium of $38.1 million in 2023, $39.2 million in 2022 and $37.5 million in 2021 assoc
• $37.5 million — lion in 2023, $39.2 million in 2022 and $37.5 million in 2021 associated with international i

Filing Documents

• pra-20231231.htm (10-K) — 6796KB
• pra-20231231xex211.htm (EX-21.1) — 13KB
• pra-20231231xex231.htm (EX-23.1) — 6KB
• pra-20231231xex311.htm (EX-31) — 7KB
• pra-20231231xex312.htm (EX-31.2) — 7KB
• pra-20231231xex321.htm (EX-32.1) — 4KB
• pra-20231231xex322.htm (EX-32.2) — 4KB
• pra-20231231xex971.htm (EX-97.1) — 2KB
• incentivecompensationclawb.jpg (GRAPHIC) — 198KB
• incentivecompensationclawba.jpg (GRAPHIC) — 216KB
• incentivecompensationclawbb.jpg (GRAPHIC) — 144KB
• pra-20231231_g1.jpg (GRAPHIC) — 43KB
• pra-20231231_g2.jpg (GRAPHIC) — 32KB
• 0001875246-24-000009.txt (&nbsp;) — 29473KB
• pra-20231231.xsd (EX-101.SCH) — 108KB
• pra-20231231_cal.xml (EX-101.CAL) — 184KB
• pra-20231231_def.xml (EX-101.DEF) — 703KB
• pra-20231231_lab.xml (EX-101.LAB) — 1511KB
• pra-20231231_pre.xml (EX-101.PRE) — 1106KB
• pra-20231231_htm.xml (XML) — 6568KB

Business

Business 8 Item 1A.

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 33 Item 1C . C ybersecurity 33 Item 2.

Properties

Properties 35 Item 3.

Legal Proceedings

Legal Proceedings 35 Item 4. Mine Safety Disclosures 37 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 113 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 116 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 116 Item 9A.

Controls and Procedures

Controls and Procedures 116 Item 9B. Other Information 116 PART III Item 10. Directors, Executive Officers and Corporate Governance of the Registrant 118 Item 11.

Executive Compensation

Executive Compensation 118 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 118 Item 13. Certain Relationships and Related Transactions, and Director Independence 118 Item 14. Principal Accountant Fees and Services 118 PART IV Item 15. Exhibits and Financial Statement Schedules 119 5 Table of Contents General Information Throughout this report, references to "ProAssurance," "PRA," "Company," "organization," "we," "us" and "our" refer to ProAssurance Corporation and its consolidated subsidiaries. Because ProAssurance is an insurance holding company and certain terms and phrases common to the insurance industry are used in this report that carry special and specific meanings, we encourage you to read the Glossary of Selected Insurance and Related Financial Terms posted on our website on the Investor Relations page (investor.proassurance.com) under Other Information. In addition, throughout this discussion we use certain terms and abbreviations, which can be found in the Glossary of Terms and Acronyms provided at the beginning of this report. Caution Regarding Forward-Looking Statements Any statements in this Form 10-K that are not historical facts or explicitly stated as an opinion are specifically identified as forward-looking statements. These statements are based upon our estimates and anticipation of future events and are subject to significant risks, assumptions and uncertainties that could cause actual results to vary materially from the expected results described in the forward-looking statements. Forward-looking statements are identified by words such as, but not limited to, "anticipate," "believe," "estimate," "expect," "hope," "hopeful," "intend," "likely," "may," "optimistic," "possible," "potential," "preliminary," "project," "should," "will" and other analogous expressions. There are numerous factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sent

BUSINESS

ITEM 1. BUSINESS Overview ProAssurance Corporation is a holding company for property and casualty insurance companies. For the year ended December 31, 2023, our net premiums written totaled $1.0 billion, and at December 31, 2023 we had total assets of $5.6 billion and $1.1 billion of shareholders' equity. Our Mission We Protect Others Our Vision We will be the best in the world at understanding and providing solutions for the risks our customers encounter as healers, innovators, employers and professionals. Through an integrated family of specialty companies, products and services, we will be a trusted partner enabling those we serve to focus on their vital work. As the employer of choice, we embrace every day as a singular opportunity to reach for extraordinary outcomes, build and deepen superior relationships, advance diversity, equity and inclusion, and accomplish our mission with infectious enthusiasm and unbending integrity. Our Values Integrity, Leadership, Relationships, Enthusiasm ProAssurance is a U.S. based specialty property and casualty and workers' compensation insurance carrier. Our specialty property and casualty insurance products primarily include professional liability insurance and liability insurance for medical technology and life sciences risks. Our executive offices are located at 100 Brookwood Place, Birmingham, Alabama 35209 and our telephone number is (205) 877-4400. Our stock trades on the NYSE under the symbol "PRA." Our website is www.proassurancegroup.com, and we maintain a dedicated Investor Relations section on that website (investor.proassurance.com) to provide resources for investors and others seeking to learn more about us. As part of our disclosure, through the Investor Relations section of our website, we provide access to our annual report on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K and all other public SEC filings as soon as reasonably practicable after the report is electron

View Full Filing

View this 10-K filing on SEC EDGAR