ProAssurance Corp Q3 2024: Investment Income and Capital Update

TL;DR

ProAssurance Q3: $137.3M investment income YTD, capital details updated.

AI Summary

ProAssurance Corp. reported its third-quarter 2024 results, with net investment income of $137.3 million for the nine months ended September 30, 2024. The company's financial statements reflect gains and losses on investments and other comprehensive income, with specific figures for common stock and additional paid-in capital as of June 30, 2024.

Why It Matters

This filing provides insight into ProAssurance's investment performance and capital structure, which are key indicators for its financial health and ability to underwrite insurance policies.

Risk Assessment

Risk Level: medium — The filing details financial performance and capital structure, which are crucial for assessing the company's stability and future prospects in the insurance industry.

Key Numbers

• $137.3M — Net Investment Income (Nine months ended September 30, 2024)
• 2024-09-30 — Reporting Period End (Third Quarter 2024)
• 2024-11-07 — Filing Date (Date of submission)

Key Players & Entities

• PROASSURANCE CORP (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241107 (date) — Filing Date
• 137.3 million (dollar_amount) — Net Investment Income for nine months ended September 30, 2024

FAQ

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 — dicate 1729. Term Loan ProAssurance's $125 million delayed draw term loan U.K. United Kin

Filing Documents

• pra-20240930.htm (10-Q) — 4270KB
• pra-20240930xex311.htm (EX-31.1) — 7KB
• pra-20240930xex312.htm (EX-31.2) — 7KB
• pra-20240930xex321.htm (EX-32.1) — 4KB
• pra-20240930xex322.htm (EX-32.2) — 4KB
• pra-20240930_g1.jpg (GRAPHIC) — 34KB
• pra-20240930_g2.jpg (GRAPHIC) — 32KB
• pra-20240930_g3.jpg (GRAPHIC) — 116KB
• 0001875246-24-000056.txt ( ) — 16340KB
• pra-20240930.xsd (EX-101.SCH) — 58KB
• pra-20240930_cal.xml (EX-101.CAL) — 99KB
• pra-20240930_def.xml (EX-101.DEF) — 367KB
• pra-20240930_lab.xml (EX-101.LAB) — 813KB
• pra-20240930_pre.xml (EX-101.PRE) — 590KB
• pra-20240930_htm.xml (XML) — 3500KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - SEPTEMBER 30, 2024 AND DECEMBER 31, 2023 7 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (UNAUDITED) - THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 8 CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 9 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - NINE MONTHS ENDED SEPTEMBER 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 GOODWILL 28 RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES 29 COMMITMENTS AND CONTINGENCIES 31 DEBT 32 DERIVATIVES 32 SHAREHOLDERS' EQUITY 33 VARIABLE INTEREST ENTITIES 35 EARNINGS (LOSS) PER SHARE 35 SEGMENT INFORMATION 36 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 40 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 78 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 81

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 81 ITEM 1A.

RISK FACTORS

RISK FACTORS 81 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 81 ITEM 5. OTHER INFORMATION 81 ITEM 6. EXHIBITS 82 SIGNATURE 82 6 Table of Contents ProAssurance Corporation and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share data) September 30, 2024 December 31, 2023 Assets Investments Fixed maturities, available-for-sale, at fair value (amortized cost, $ 3,849,715 and $ 3,758,720 , respectively; allowance for expected credit losses, $ 3,403 as of September 30, 2024 and $ 555 as of December 31, 2023) $ 3,686,132 $ 3,493,597 Fixed maturities, trading, at fair value (cost, $ 51,947 and $ 48,449 , respectively) 51,774 48,324 Equity investments, at fair value (cost, $ 145,891 and $ 164,262 , respectively) 134,693 151,295 Short-term investments 230,575 235,785 Business owned life insurance 80,292 78,205 Investment in unconsolidated subsidiaries 271,490 276,756 Other investments (at fair value, $ 2,084 and $ 62,604 , respectively, otherwise at cost or amortized cost) 6,160 65,819 Total Investments 4,461,116 4,349,781 Cash and cash equivalents 45,298 65,898 Premiums receivable, net (allowance for expected credit losses, $ 8,177 as of September 30, 2024 and $ 7,809 as of December 31, 2023) 264,981 235,569 Receivable from reinsurers on paid losses and loss adjustment expenses 6,477 21,122 Receivable from reinsurers on unpaid losses and loss adjustment expenses 461,302 445,573 Prepaid reinsurance premiums 37,248 31,149 Deferred policy acquisition costs 63,827 60,336 Deferred tax asset, net 157,026 186,164 Real estate, net 29,778 29,757 Operating lease ROU assets 17,241 16,275 Intangible assets, net 55,669 60,308 Goodwill 5,500 5,500 Other assets 126,909 124,493 Total Assets $ 5,732,372 $ 5,631,925 Liabilities and Shareholders' Equity Liabilities Policy liabilities and accruals Reserve for losses and loss adjustment expenses $ 3,339,683 $ 3,401,281 Unearn

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