Proassurance Group
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Company shares opened at $12.33 on Friday, down nearly 50% from their 52-week high of $24.50. -
With social inflation increasing since Covid, ProAssurance’s recent announcements could be the tip of the iceberg for older claims in the industry.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Two of the verdicts were around $15mn and two were between $40mn and $45mn.
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The specialty P&C segment’s underlying loss reflected claims severity trends, largely from prior accident years, which adversely impacted the calendar year loss ratio.
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The firm booked a Q4 $5mn reserve release that represented a favorable effect on its results of 2%, down from 6.7% in Q4 2021.
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The deterioration of combined ratios in the specialty P&C and Lloyd's syndicates segments was offset by the improved results in workers' compensation.
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The chief executive added that his company will continue to take a conservative approach to reserving, as the process remains less consistent amid Covid’s enduring impact on closing patterns.
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The increased combined ratios in the reinsurance segments were offset by the improved results in the company's workers' compensation segment.
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Ned Rand said that while the ruling opens up exposure for physicians and hospital operators, he anticipates more criminal exposure than medmal exposure.
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