ProAssurance reports Q1 adjusted EPS 8c, consensus 6c

Reports Q1 revenue $284.7M, consensus $318.84M. “Operating earnings this quarter reflected improved results in our Specialty P&C segment and a 12 percent increase in investment income. We are encouraged by the sequential improvement in the current accident year loss ratio across all operating segments. We continue to focus on disciplined underwriting, gaining rate where appropriate and managing claims in a loss environment that continues to be challenging. We are also retaining existing insureds and selectively adding new business at pricing levels that, while reflecting market realities, also helps us make progress toward our sustained profitability goals. We continue to forgo renewal and new business opportunities that we believe do not meet our expectation of rate adequacy in the current loss environment,” said Ned Rand, President and Chief Executive Officer of ProAssurance. He added, “We have not wavered from our belief that our ultimate success in our core lines of insurance – medical professional liability and workers’ compensation – will come about through the conservative strategies we have and continue to implement.”