ProAssurance Corp. Files Q2 2024 10-Q Report

Ticker: PRA · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 1127703

Proassurance Corp 10-Q Filing Summary
FieldDetail
CompanyProassurance Corp (PRA)
Form Type10-Q
Filed DateAug 8, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $250 million, $125 million
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, insurance

TL;DR

PROASSURANCE CORP Q2 2024 10-Q FILED. CHECK FINANCIALS.

AI Summary

ProAssurance Corp. reported its Q2 2024 results on August 8, 2024. The company's filing covers the period ending June 30, 2024. Key financial details and operational updates for the second quarter are detailed within this 10-Q filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational insights for ProAssurance Corp., crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks beyond those typically associated with public company reporting.

Key Players & Entities

  • PROASSURANCE CORP (company) — Filer of the 10-Q
  • 20240630 (date) — End of the reporting period
  • 20240808 (date) — Filing date
  • 0001127703 (company) — Central Index Key for ProAssurance Corp.

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended June 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed with the SEC on August 8, 2024.

What is ProAssurance Corp.'s Standard Industrial Classification code?

ProAssurance Corp.'s Standard Industrial Classification code is 6331, for Fire, Marine & Casualty Insurance.

What is the company's state of incorporation?

ProAssurance Corp. is incorporated in Delaware (DE).

What is the business address listed for ProAssurance Corp.?

The business address listed is 100 Brookwood Place, Birmingham, AL 35209.

Filing Stats: 4,517 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-08-08 16:21:29

Key Financial Figures

  • $0.01 — ich registered Common Stock, par value $0.01 per share PRA New York Stock Exchange
  • $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 U.K. United Kin

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - JUNE 30, 2024 AND DECEMBER 31, 2023 7 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (UNAUDITED) - THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 8 CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - THREE AND SIX MONTHS ENDED JUNE 30 2024 AND 2023 9 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - SIX MONTHS ENDED JUNE 30, 2024 AND 2023 10 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 12 BASIS OF PRESENTATION 12 FAIR VALUE MEASUREMENT 13 INVESTMENTS 21 INCOME TAXES 28 RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES 28 COMMITMENTS AND CONTINGENCIES 29 DEBT 30 DERIVATIVES 30 SHAREHOLDERS' EQUITY 32 VARIABLE INTEREST ENTITIES 33 EARNINGS (LOSS) PER SHARE 34 SEGMENT INFORMATION 34 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 39 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 84 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 86

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 86 ITEM 1A.

RISK FACTORS

RISK FACTORS 86 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 87 ITEM 5. OTHER INFORMATION 87 ITEM 6. EXHIBITS 88 SIGNATURE 88 6 Table of Contents ProAssurance Corporation and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share data) June 30, 2024 December 31, 2023 Assets Investments Fixed maturities, available-for-sale, at fair value (amortized cost, $ 3,852,408 and $ 3,758,720 , respectively; allowance for expected credit losses, $ 1,602 as of June 30, 2024 and $ 555 as of December 31, 2023) $ 3,583,505 $ 3,493,597 Fixed maturities, trading, at fair value (cost, $ 51,939 and $ 48,449 , respectively) 51,782 48,324 Equity investments, at fair value (cost, $ 145,032 and $ 164,262 , respectively) 128,860 151,295 Short-term investments 219,600 235,785 Business owned life insurance 79,191 78,205 Investment in unconsolidated subsidiaries 283,037 276,756 Other investments (at fair value, $ 2,224 and $ 62,604 , respectively, otherwise at cost or amortized cost) 6,288 65,819 Total Investments 4,352,263 4,349,781 Cash and cash equivalents 36,877 65,898 Premiums receivable, net (allowance for expected credit losses, $ 8,120 as of June 30, 2024 and $ 7,809 as of December 31, 2023) 248,372 235,569 Receivable from reinsurers on paid losses and loss adjustment expenses 7,518 21,122 Receivable from reinsurers on unpaid losses and loss adjustment expenses 447,866 445,573 Prepaid reinsurance premiums 33,517 31,149 Deferred policy acquisition costs 61,041 60,336 Deferred tax asset, net 183,164 186,164 Real estate, net 30,016 29,757 Operating lease ROU assets 16,799 16,275 Intangible assets, net 57,131 60,308 Goodwill 5,500 5,500 Other assets 134,900 124,493 Total Assets $ 5,614,964 $ 5,631,925 Liabilities and Shareholders' Equity Liabilities Policy liabilities and accruals Reserve for losses and loss adjustment expenses $ 3,367,540 $ 3,401,281 Unearned premiums 437

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