0001127703false00011277032024-08-082024-08-08

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 8, 2024
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ProAssurance Corporation
(Exact name of registrant as specified in its charter)
Delaware001-1653363-1261433
(State of Incorporation)
(Commission File No.)
(IRS Employer I.D. No.)
100 Brookwood Place,Birmingham, AL35209
(Address of Principal Executive Office )(Zip code)
Registrant’s telephone number, including area code:
(205)
877-4400
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-(c) under the Exchange Act
(17CFR 240.13e-(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per sharePRANew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
          Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
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ITEM 2.02 RESULTS OF OPERATION AND FINANCIAL CONDITION
On August 8, 2024 we issued a news release reporting the results of our operations for the quarter and six months ended June 30, 2024. The text of the release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
ITEM 7.01 REGULATION FD DISCLOSURES
We are furnishing investor presentation materials to be used starting May 8, 2024 as Exhibit 99.2. The presentation is available under Presentations under the News & Presentation Materials tab of the Investor Relations section of our website (http://investor.proassurance.com/).
We also have updated our online disclosure of our entire investment portfolio to provide details of our holdings through June 30, 2024. The disclosure is available under Quarterly Investment Supplements under the Financial Information section of the Investor Relations section of our website.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
The information we are furnishing under Items 7.01 and 9.01 of this Current Report on Form 8K, including Exhibits 99.1and 99.2, are not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) as amended, or otherwise subject to the liability of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.
SIGNATURE
Pursuant to the requirements of the Securities Exchange act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 8, 2024
PROASSURANCE CORPORATION
by: /s/ Jeffrey P. Lisenby
-----------------------------------------------------
Jeffrey P. Lisenby
General Counsel

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NEWS RELEASE
For More Information:
Heather J. Wietzel • SVP, Investor Relations
800-282-6242 • 205-776-3028 • InvestorRelations@ProAssurance.com
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ProAssurance Reports Results for Second Quarter 2024
BIRMINGHAM, AL – August 8, 2024 – ProAssurance Corporation (NYSE: PRA), an industry-leading specialty insurer with extensive expertise in medical professional liability and a core small-cap value equity in the financials sector, today reported net income of $15.5 million, or $0.30 per diluted share, and operating income(1) of $11.5 million, or $0.23 per diluted share, for the three months ended June 30, 2024.
Second Quarter 2024(2)
•Insurance underwriting results, including 9% renewal pricing increases in Medical Professional Liability (MPL) business, illustrate management’s ongoing actions to achieve sustained profitability
•Net investment income increased 16% as we take advantage of the higher interest rate environment as our portfolio matures
•Earnings benefited from strong returns from our limited partnership investments (reported as equity in earnings of unconsolidated subsidiaries)
•Book value per share was $22.15 at June 30, 2024, while non-GAAP adjusted book value per share(1) was $26.18
(1) Represents a Non-GAAP financial measure. See a reconciliation to its GAAP counterpart under the heading “Non-GAAP Financial Measures” that follows.
(2) Comparisons are to the second quarter of 2023 unless otherwise noted.
Management Commentary & Results of Operations
“Operating earnings for the second quarter reflected strong net investment income and an improved - although not yet satisfactory - net loss ratio in our Specialty P&C segment,” said Ned Rand, President and Chief Executive Officer of ProAssurance. He added, “In this segment, which is largely made up of our Medical Professional Liability line of business and represents more than 75% of total earned premium, renewal pricing increases of 9% are part of the cumulative +65% premium change we have implemented since 2018.”
“We believe we are ahead of many in the space in achieving rate levels in medical professional liability that outpace severity trends. We continue to forgo renewal and new business opportunities that we believe do not meet our expectation of rate adequacy in the current loss environment, although retention for the Specialty P&C segment remained a solid 84%. We continue to focus on disciplined underwriting and managing claims in a loss environment that we have recognized as challenging for some time.”
Rand added, “Our long history in the insurance markets we serve makes us confident that these cyclical lines will respond to our focused efforts. However, current market conditions are a headwind that make it prudent to shrink in some markets to help us reach our target for long-term sustained profitability, before turning our focus to growth.”
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CONSOLIDATED INCOME STATEMENT HIGHLIGHTS
Selected consolidated financial data for each period is summarized in the table below.
Three Months Ended June 30Six Months Ended June 30
($ in thousands, except per share data)20242023Change20242023Change
Revenues
Gross premiums written(1)
$223,921 $237,928 (5.9 %)$535,262 $553,722 (3.3 %)
Net premiums written$202,911 $214,046 (5.2 %)$485,584 $498,955 (2.7 %)
Net premiums earned$239,867 $247,862 (3.2 %)$484,017 $487,649 (0.7 %)
Net investment income36,558 31,650 15.5 %70,455 61,960 13.7 %
Equity in earnings (loss) of unconsolidated subsidiaries8,652 6,632 30.5 %11,616 5,511 110.8 %
Net investment gains (losses)(2)
3,163 2,946 7.4 %2,895 5,858 (50.6 %)
Other income (loss)(1)
2,115 2,741 (22.8 %)6,070 3,528 72.1 %
Total revenues(1)
290,355 291,831 (0.5 %)575,053 564,506 1.9 %
Expenses
Net losses and loss adjustment expenses186,000 191,058 (2.6 %)380,694 396,354 (4.0 %)
Underwriting, policy acquisition and operating expenses(1)
80,017 76,976 4.0 %158,023 144,764 9.2 %
SPC U.S. federal income tax expense (benefit)249 994 (74.9 %)666 1,526 (56.4 %)
SPC dividend expense (income)512 3,747 (86.3 %)1,119 5,689 (80.3 %)
Interest expense5,648 5,502 2.7 %11,305 10,965 3.1 %
Total expenses(1)
272,426 278,277 (2.1 %)551,807 559,298 (1.3 %)
Income (loss) before income taxes17,929 13,554 32.3 %23,246 5,208 346.4 %
Income tax expense (benefit)2,421 2,927 (17.3 %)3,112 755 312.2 %
Net income (loss)$15,508 $10,627 45.9 %$20,134 $4,453 352.1 %
Non-GAAP operating income (loss)$11,527 $7,713 49.4 %$15,704 $294 5,241.5 %
Weighted average number of common shares outstanding
Basic51,060 53,815 51,036 53,900 
Diluted51,225 53,918 51,187 54,017 
Earnings (loss) per share
Net income (loss) per diluted share$0.30 $0.20 $0.10 $0.39 $0.08 $0.31 
Non-GAAP operating income (loss) per diluted share$0.23 $0.14 $0.09 $0.31 $0.01 $0.30 
(1) Consolidated totals include inter-segment eliminations. The eliminations affect individual line items only and have no effect on net income (loss). See Note 12 of the Notes to Condensed Consolidated Financial Statements in our June 30, 2024 report on Form 10-Q for amounts by line item.
(2) This line item typically includes both realized and unrealized investment gains and losses, investment impairments losses, and the change in the fair value of the contingent consideration in relation to the NORCAL acquisition. Detailed information regarding the components of net investment gains (losses) are included in Note 3 of the Notes to Condensed Consolidated Financial Statements in our June 30, 2024 report on Form 10-Q.
The abbreviation “nm” indicates that the information or the percentage change is not meaningful.
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BALANCE SHEET HIGHLIGHTS
($ in thousands, except per share data)June 30, 2024December 31, 2023
Total investments
$4,352,263 $4,349,781 
Total assets
$5,614,964 $5,631,925 
Total liabilities
$4,482,536 $4,519,945 
Common shares (par value $0.01)
$637 $636 
Retained earnings
$1,402,115 $1,381,981 
Treasury shares
$(469,702)$(469,702)
Shareholders’ equity
$1,132,428 $1,111,980 
Book value per share
$22.15 $21.82 
Non-GAAP adjusted book value per share(1)
$26.18 $25.83 
(1) Adjusted book value per share is a Non-GAAP financial measure. See a reconciliation of book value per share to Non-GAAP adjusted book value per share under the heading “Non-GAAP Financial Measures” that follows.
CONSOLIDATED KEY RATIOS
Three Months Ended June 30Six Months Ended June 30
2024202320242023
Current accident year net loss ratio
80.3 %79.6 %80.1 %81.1 %
Effect of prior accident years’ reserve development
(2.8 %)(2.5 %)(1.4 %)0.2 %
Net loss ratio77.5 %77.1 %78.7 %81.3 %
Underwriting expense ratio33.4 %31.1 %32.6 %29.7 %
Combined ratio110.9 %108.2 %111.3 %111.0 %
Operating ratio95.7 %95.4 %96.7 %98.3 %
Return on equity(1)
5.5 %3.8 %3.6 %0.8 %
Non-GAAP operating return on equity(1)(2)
4.1 %2.7 %2.8 %0.1 %
(1) Annualized. Refer to our June 30, 2024 report on Form 10-Q under the heading “Non-GAAP Operating ROE” in the Executive Summary of Operations section for details on our calculation.
(2) See a reconciliation of ROE to Non-GAAP operating ROE under the heading “Non-GAAP Financial Measures” that follows.
We operate in four segments: Specialty P&C, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance, and Corporate. Our investment operations, excluding those reported in the Segregated Portfolio Cell Reinsurance segment, are included in the Corporate segment. Additional information on ProAssurance's four segments is included in Note 12 of the Notes to Condensed Consolidated Financial Statements in our June 30, 2024 report on Form 10-Q and in the Segment Results sections below.
Contingent Consideration: As disclosed further in our June 30, 2024 report on Form 10-Q, the independent actuarial consulting firm completed its estimate of NORCAL’s reserves for accident years 2020 and prior, and based on that estimate no additional consideration is due. The review committee appointed by NORCAL prior to the close of the transaction concurred, therefore, the $6.5 million liability was fully reduced in the quarter. This gain was recognized as a component of net investment gains (losses) and was not included in segment or operating results.

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SPECIALTY P&C SEGMENT RESULTS
Three Months Ended June 30Six Months Ended June 30
 ($ in thousands)
20242023% Change20242023% Change
Gross premiums written$163,176 $175,171 (6.8 %)$401,894 $417,535 (3.7 %)
Net premiums written$149,020 $148,666 0.2 %$367,719 $366,056 0.5 %
Net premiums earned$184,546 $182,750 1.0 %$373,433 $366,434 1.9 %
Other income
1,023 1,026 (0.3 %)2,377 2,016 17.9 %
Total revenues185,569 183,776 1.0 %375,810 368,450 2.0 %
Net losses and loss adjustment expenses(145,234)(147,480)(1.5 %)(298,227)(313,510)(4.9 %)
Underwriting, policy acquisition and operating expenses(50,871)(48,873)4.1 %(101,922)(91,554)11.3 %
Total expenses(196,105)(196,353)(0.1 %)(400,149)(405,064)(1.2 %)
Segment results$(10,536)$(12,577)16.2 %$(24,339)$(36,614)33.5 %
SPECIALTY P&C SEGMENT KEY RATIOS
Three Months Ended June 30Six Months Ended June 30
2024202320242023
Current accident year net loss ratio82.0 %83.4 %81.9 %84.9 %
Effect of prior accident years’ reserve development(3.3 %)(2.7 %)(2.0 %)0.7 %
Net loss ratio78.7 %80.7 %79.9 %85.6 %
Underwriting expense ratio27.6 %26.7 %27.3 %25.0 %
Combined ratio106.3 %107.4 %107.2 %110.6 %
ProAssurance is a leader in the competitive Medical Professional Liability market, which made up almost 90% of Specialty P&C segment gross written premiums for the year ended December 31, 2023.
For the quarter, the segment’s combined ratio improved 1.1 percentage points compared to last year’s second quarter, primarily due to a lower net loss ratio that reflected our continued focus on price adequacy and cautious underwriting as well as our ability to target segments within healthcare where there are opportunities to write business profitability.
•Premiums: Renewal pricing was up 9% for the segment compared with 7% in the first quarter of 2024. Retention was a solid 84% while new business declined to $5.0 million as we focus on pricing levels that help us make progress toward our profitability targets.
•Net loss ratio: Current accident year net loss ratio improved 1.4 percentage points over last year, primarily due to our underwriting actions and pricing we have achieved over the course of the past year. Net favorable prior accident year reserve development was $6.2 million, favorably impacting the net loss ratio by 3.3 percentage points, largely related to favorable development in the Medical Professional Liability and Medical Technology Liability lines of business for accident years 2017 and prior.
•Underwriting expense ratio: Year-over-year increase of just under 1 percentage point, largely due to higher amortization of deferred policy acquisition costs as last year’s expense ratio benefited from higher ceding commission income associated with a large tail policy, which is an offset to expense.

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WORKERS’ COMPENSATION INSURANCE SEGMENT RESULTS
Three Months Ended June 30Six Months Ended June 30
($ in thousands)20242023% Change20242023% Change
Gross premiums written
$60,745 $62,757 (3.2 %)$133,360 $136,187 (2.1 %)
Net premiums written
$39,993 $42,323 (5.5 %)$90,346 $89,894 0.5 %
Net premiums earned$41,770 $41,018 1.8 %$82,864 $81,821 1.3 %
Other income469 651 (28.0 %)946 1,232 (23.2 %)
Total revenues42,239 41,669 1.4 %83,810 83,053 0.9 %
Net losses and loss adjustment expenses
(32,149)(29,762)8.0 %(63,786)(60,606)5.2 %
Underwriting, policy acquisition and operating expenses(15,139)(14,400)5.1 %(29,628)(27,379)8.2 %
Total expenses
(47,288)(44,162)7.1 %(93,414)(87,985)6.2 %
Segment results$(5,049)$(2,493)(102.5 %)$(9,604)$(4,932)(94.7 %)

WORKERS’ COMPENSATION INSURANCE SEGMENT KEY RATIOS
Three Months Ended June 30Six Months Ended June 30
2024202320242023
Current accident year net loss ratio77.0 %72.6 %77.0 %72.6 %
Effect of prior accident years’ reserve development— %— %— %1.5 %
Net loss ratio77.0 %72.6 %77.0 %74.1 %
Underwriting expense ratio36.2 %35.1 %35.8 %33.5 %
Combined ratio113.2 %107.7 %112.8 %107.6 %
ProAssurance is a specialty regional underwriter of workers’ compensation products and services. Due to underwriting actions taken over the past 12 months and a slight improvement in loss trends, the second quarter 2024 combined ratio for the Workers’ Compensation Insurance segment was improved from the full-year 2023 segment combined ratio by 8 percentage points. However, the ratio was above last year’s second quarter as we began to observe the higher loss trends related to rising medical costs per claim in the second half of 2023.
•Premiums: Our underwriting appetite remains constrained due to market conditions with new business of $4.5 million, down from $7.1 million in last year's second quarter.
•Net loss ratio: Current accident year net loss ratio was 77.0% compared with 81.3% for full-year 2023, as our caution in the current claims environment and focus on operational discipline is being reflected in results. While we continue to reflect higher loss trends, the average cost per claim has improved slightly from the elevated levels initially seen in the second half of 2023 and reported claim frequency continues to trend below historical levels. There was no change in prior accident year reserves for this segment in the second quarter.
•Underwriting expense ratio: Year-over-year increase of 1.1 percentage point was largely due to higher compensation-related costs.


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SEGREGATED PORTFOLIO CELL REINSURANCE SEGMENT RESULTS
Three Months Ended June 30Six Months Ended June 30
($ in thousands)20242023% Change20242023% Change
Gross premiums written$15,883 $25,113 (36.8 %)$31,817 $47,994 (33.7 %)
Net premiums written$13,898 $23,057 (39.7 %)$27,519 $43,005 (36.0 %)
Net premiums earned$13,551 $24,094 (43.8 %)$27,720 $39,394 (29.6 %)
Net investment income985 603 63.3 %1,678 1,024 63.9 %
Net investment gains (losses)258 1,194 (78.4 %)1,728 2,355 (26.6 %)
Other income (expense)
1 1— %— 1 nm
Net losses and loss adjustment expenses(8,617)(13,816)(37.6 %)(18,681)(22,238)(16.0 %)
Underwriting, policy acquisition and operating expenses(5,250)(6,538)(19.7 %)(9,961)(11,575)(13.9 %)
SPC U.S. federal income tax (expense) benefit(1)
(249)(994)(74.9 %)(666)(1,526)(56.4 %)
SPC net results679 4,544 (85.1 %)1,818 7,435 (75.5 %)
SPC dividend (expense) income (2)
(512)(3,747)(86.3 %)(1,119)(5,689)(80.3 %)
Segment results (3)
$167 $797 (79.0 %)$699 $1,746 (60.0 %)
(1) Represents the provision for U.S. federal income taxes for SPCs at Inova Re, which have elected to be taxed as a U.S. corporation under Section 953(d) of the Internal Revenue Code. U.S. federal income taxes are included in the total SPC net results and are paid by the individual SPCs.
(2) Represents the net (profit) loss attributable to external cell participants.
(3) Represents our share of the net profit (loss) and OCI of the SPCs in which we participate.
SEGREGATED PORTFOLIO CELL REINSURANCE SEGMENT KEY RATIOS
Three Months Ended June 30Six Months Ended June 30
2024202320242023
Current accident year net loss ratio
66.1 %62.9 %65.6 %63.7 %
Effect of prior accident years’ reserve development
(2.5 %)(5.6 %)1.8 %(7.2 %)
Net loss ratio
63.6 %57.3 %67.4 %56.5 %
Underwriting expense ratio38.7 %27.1 %35.9 %29.4 %
Combined ratio102.3 %84.4 %103.3 %85.9 %
Segregated Portfolio Cell Reinsurance segment results include underwriting profit or loss plus investment results, net of U.S. federal income taxes of SPCs. For the second quarter, the segment reported a profit of $167,000 compared to $797,000 in last year’s second quarter. The change largely was due to elevated reported loss activity, lower favorable prior accident year development, and an increase in the allowance for credit losses on a lower earned premium base.

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CORPORATE SEGMENT
Three Months Ended June 30Six Months Ended June 30
($ in thousands)20242023% Change20242023% Change
Net investment income$35,573 $31,047 14.6 %$68,777 $60,936 12.9 %
Equity in earnings (loss) of unconsolidated subsidiaries:
All other investments, primarily investment fund LPs/LLCs8,261 8,143 1.4 %11,328 7,376 53.6 %
Tax credit partnerships391 (1,511)125.9 %288 (1,865)115.4 %
Total equity in earnings (loss) of unconsolidated subsidiaries:8,652 6,632 30.5 %11,616 5,511 110.8 %
Net investment gains (losses)(3,835)(248)(1446.4 %)(5,573)503 (1208.0 %)
Other income (expense)
1,968 2,173 (9.4 %)5,028 2,500 101.1 %
Operating expenses(9,783)(8,275)18.2 %(18,473)(16,477)12.1 %
Interest expense(5,648)(5,502)2.7 %(11,305)(10,965)3.1 %
Income tax (expense) benefit(2,488)(2,927)(15.0 %)(3,179)(755)321.1 %
Segment results$24,439 $22,900 6.7 %$46,891 $41,253 13.7 %
Consolidated effective tax rate13.5%21.6%13.4%14.5%
The Corporate segment, which includes investment results for our Specialty P&C and Workers’ Compensation Insurance segments, reported a 6.7% increase in earnings for the quarter.
•Net investment income: The current interest rate environment continues to benefit our net investment income, which increased again in the quarter, driven by higher average book yields on our fixed maturity investments. During the quarter, we reinvested at an average new money rate of approximately 6%, exceeding the rate on maturing assets and our average book yield of 3.5%.
•Equity in earnings of unconsolidated subsidiaries: Our investments in limited partnerships, typically reported to us on a one-quarter lag, continued to produce strong returns in the quarter. Our tax credit partnership investments are nearing the end of their lifecycle, and amortization of partnership operating losses and associated tax benefits are expected to be nominal. However, in the second quarter we benefited from a decrease in our estimate of our allocable share of partnership operating losses versus increasing this estimate last year.
•Corporate expenses: The $1.5 million year-over-year increase in expenses in the quarter reflected higher compensation-related costs.
•Net investment losses: While not included in our operating results, net investment losses in the quarter largely related to unrealized losses from our equity investments.
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NON-GAAP FINANCIAL MEASURES
Non-GAAP Operating Income (Loss)
Non-GAAP operating income (loss) is a financial measure that is widely used to evaluate performance within the insurance sector. In calculating Non-GAAP operating income (loss), we have excluded the effects of the items listed in the following table that do not reflect normal results. We believe Non-GAAP operating income (loss) presents a useful view of the performance of our insurance operations; however, it should be considered in conjunction with net income (loss) computed in accordance with GAAP. The following table reconciles net income (loss) to Non-GAAP operating income (loss):
RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP OPERATING INCOME (LOSS)
Three Months Ended June 30Six Months Ended June 30
($ in thousands, except per share data)
2024202320242023
Net income (loss)$15,508 $10,627 $20,134 $4,453 
Items excluded in the calculation of Non-GAAP operating income (loss):
Net investment (gains) losses (1)
(3,163)(2,946)(2,895)(5,858)
Net investment gains (losses) attributable to SPCs which no profit/loss is retained (2)
175 939 1,327 1,852 
Transaction-related costs (3)
320 — 320 — 
Foreign currency exchange rate (gains) losses (4)
(511)387 (2,440)1,214 
Non-operating income (5)
— (1,462)— (1,462)
Guaranty fund assessments (recoupments)(59)1 28 (74)
Pre-tax effect of exclusions(3,238)(3,081)(3,660)(4,328)
Tax effect, at 21% (6)
(743)167 (770)169 
After-tax effect of exclusions(3,981)(2,914)(4,430)(4,159)
Non-GAAP operating income (loss)$11,527 $7,713 $15,704 $294 
Per diluted common share:
Net income (loss)$0.30 $0.20 $0.39 $0.08 
Effect of exclusions(0.07)(0.06)(0.08)(0.07)
Non-GAAP operating income (loss) per diluted common share$0.23 $0.14 $0.31 $0.01 
(1) Net investment gains (losses) for the three and six months ended June 30, 2024 include the $6.5 million decrease to the contingent consideration liability. In addition, net investment gains (losses) during the three and six months ended June 30, 2023, includes a gain of $2.0 million and $3.0 million, respectively, related to the remeasurement of the contingent consideration liability to fair value. We have excluded these adjustments as they do not reflect normal operating results. See further discussion around the contingent consideration in Notes 2 and 6 of the Notes to Condensed Consolidated Financial Statements of our June 30, 2024 report on From 10-Q.
(2) Net investment gains (losses) on investments related to SPCs are recognized in our Segregated Portfolio Cell Reinsurance segment. SPC results, including any net investment gain or loss, that are attributable to external cell participants are reflected in the SPC dividend expense (income). To be consistent with our exclusion of net investment gains (losses) recognized in earnings, we are excluding the portion of net investment gains (losses) that is included in the SPC dividend expense (income) which is attributable to the external cell participants.
(3) Transaction-related costs are attributable to actuarial consulting fees paid during the second quarter of 2024 in relation to the final determination of contingent consideration associated with the NORCAL acquisition. See additional discussion under the heading "Contingent Consideration" in the Financing Activities and Related Cash Flows section in our June 30, 2024 report on From 10-Q. We are excluding these costs as they do not reflect normal operating results and are unique and non-recurring in nature.
(4) Foreign currency exchange rate gains (losses) relate to the impact of foreign exchange rate movements on foreign currency denominated loss reserves predominately associated with premium assumed from an international medical professional liability insured in our Specialty P&C segment. Our participation in this program has grown in recent years which has led to greater volatility in our results of operations even with nominal movements in exchange rates given the size of the reserve. We mitigate foreign exchange rate exposure on our Consolidated Balance Sheet by generally matching the currency and duration of associated investments to the corresponding loss reserves. In accordance with GAAP, the impact on the market value of available-for-sale fixed maturities due to changes in foreign currency exchange rates is reflected as a part of OCI. Conversely, the impact of changes in foreign currency exchange rates on loss reserves is reflected through net income (loss) as a component of other income. Therefore, we believe foreign currency exchange rate gains (losses) in our Consolidated Statements of Income and Comprehensive Income in isolation are not indicative of our operating performance.
(5) Proceeds associated with the sale of a portion of our ownership interest in the underwriting and operations entity associated with Syndicate 1729 to an unrelated third party recognized in other income in our Corporate segment. We are excluding these costs as they do not reflect normal operating results and are unique and non-recurring in nature.
(6) The 21% rate is the annual expected statutory tax rate associated with the taxable or tax deductible items listed above. We utilized the estimated annual effective tax rate method for the three and six months ended June 30, 2024 and 2023. See further discussion on this method in the Critical Accounting Estimates section under the heading "Estimation of Taxes" and in Note 4 of the Notes to Condensed Consolidated Financial Statements in our June 30, 2024 report on Form 10-Q. For the 2024 and 2023 periods, our effective tax rate was applied to these items in calculating net income (loss), excluding net investment gains (losses) and related adjustments which were treated as discrete items and were tax effected at the annual
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NEWS RELEASE CONTINUES
expected statutory tax rate (21%) in the period they were included in our consolidated tax provision and net income (loss). Changes related to the fair value of the contingent consideration were non-taxable and therefore had no associated income tax impact. The taxes associated with the net investment gains (losses) related to SPCs in our Segregated Portfolio Cell Reinsurance segment are paid by the individual SPCs and are not included in our consolidated tax provision or net income (loss); therefore, both the net investment gains (losses) from our Segregated Portfolio Cell Reinsurance segment and the adjustment to exclude the portion of net investment gains (losses) included in the SPC dividend expense (income) in the table above are not tax effected.

Non-GAAP Operating ROE
The following table is a reconciliation of ROE to Non-GAAP operating ROE for the three and six months ended June 30, 2024 and 2023:
Three Months Ended
June 30		Six Months Ended
June 30
2024202320242023
ROE(1)
5.5 %3.8 %3.6 %0.8 %
Pre-tax effect of items excluded in the calculation of Non-GAAP operating ROE(1.1 %)(1.2 %)(0.7 %)(0.7 %)
Tax effect, at 21%(2)
(0.3 %)0.1 %(0.1 %)— %
Non-GAAP operating ROE4.1 %2.7 %2.8 %0.1 %
(1) Annualized. Refer to our June 30, 2024 report on Form 10-Q under the heading “Non-GAAP Operating ROE” in the Executive Summary of Operations section for details on our calculation.
(2) The 21% rate is the statutory tax rate associated with the taxable or tax deductible items. See further discussion in footnote 6 in this section under the heading "Non-GAAP Operating Income.”
Non-GAAP Adjusted Book Value per Share
The following table is a reconciliation of our book value per share to Non-GAAP adjusted book value per share at June 30, 2024 and December 31, 2023:
Book Value Per Share
Book Value Per Share at December 31, 2023
$21.82 
Less: AOCI Per Share(1)
(4.01)
Non-GAAP Adjusted Book Value Per Share at December 31, 2023
25.83
Increase (decrease) to Non-GAAP Adjusted Book Value Per Share during the six months ended June 30, 2024 attributable to:
Net income (loss)
0.39 
Other(2)
(0.04)
Non-GAAP Adjusted Book Value Per Share at June 30, 2024
26.18 
Add: AOCI Per Share(1)
(4.03)
Book Value Per Share at June 30, 2024
$22.15 
(1) Primarily the impact of accumulated unrealized investment gains (losses) on our available-for-sale fixed maturity investments. See Note 9 of the Notes to Condensed Consolidated Financial Statements in our June 30, 2024 report on Form 10-Q for additional information.
(2) Includes the impact of share-based compensation.
Conference Call Information
ProAssurance management will discuss second quarter 2024 results during a conference call at 10:30 a.m. ET on Friday, August 9, 2024. Preregistration for the call is available at https://www.netroadshow.com/events/login?show=2353dfd9&confId=68501. The dial-in numbers are (833) 470-1428 (toll free) or (404) 975-4839, access code 120351.
Investors are encouraged to listen to the live audio webcast of the call that can also be accessed at https://events.q4inc.com/attendee/584574041. A replay of the call will be available at the same link later in the day on August 9.
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About ProAssurance
ProAssurance Corporation is an industry-leading specialty insurer with extensive expertise in medical professional liability, products liability for medical technology and life sciences, legal professional liability, and workers’ compensation. ProAssurance Group is rated “A” (Excellent) by AM Best.
For the latest on ProAssurance and its industry-leading suite of products and services, cutting-edge risk management and practice enhancement programs, follow @ProAssurance on X (formerly Twitter) or LinkedIn. ProAssurance’s YouTube channel regularly presents thought-provoking, insightful videos that communicate effective practice management, patient safety and risk management strategies.
Caution Regarding Forward-Looking Statements
Any statements in this news release 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 differ 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.
Although it is not possible to identify all of these risks and factors, they include, among others, the following: inadequate loss reserves to cover the Company's actual losses; inherent uncertainty of models resulting in actual losses that are materially different than the Company's estimates; adverse economic factors; a decline in the Company's financial strength rating; loss of one or more key executives; loss of a group of agents or brokers that generate significant portions of the Company's business; failure of any of the loss limitations or exclusions the Company employs, or change in other claims or coverage issues; adverse performance of the Company's investment portfolio; adverse market conditions that affect its excess and surplus lines insurance operations; and other risks described in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and the Company does not undertake and specifically declines any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

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©2024 ProAssurance • All rights reserved. 1 Investor Update Accurate as of August 8, 2024 Second Quarter 2024 Investor Update Learn more: • News release issued August 8 • 10-Q filed August 8 • Quarterly investor call August 9

 
©2024 ProAssurance • All rights reserved. 2 Our Shared 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 Core Values • Unbending Integrity • Leadership That Works • Superior Relationships • Infectious Enthusiasm The ProAssurance Mission: We protect others. Over 1,000 Team Members Serving Insureds in 50 states and Washington, D.C. 2023 Net Earned Premium $977M Total Assets at Year-end 2023 $5.6B Shareholders’ Equity at Year-end 2023 $1.1B A.M. Best “A” (Excellent)

 
©2024 ProAssurance • All rights reserved. 3 ProAssurance Corporation (SNL P&C Group) 2023 Reported: MPL Direct Premiums Written > $45 million $25-45 million $15-25 million $5-$15 million < $5 million Fourth largest Medical Professional Liability (MPL) carrier in 2023 with $683 million of net earned premium and 5.8% market share; total segment net earned premiums of $756 million Specialty Property & Casualty Segment Contributes 77% of ProAssurance 2023 Net Earned Premiums • Medical Professional Liability business primarily insuring physicians and other healthcare providers and facilities • Segment includes Medical Technology Liability (life sciences), which contributed $32 million to 2023 net earned premium • Strategic initiatives over the past five years have solidified ProAssurance’s position as carrier of choice for medical professional liability coverages, leading to improved retention among smaller customers and improving accident year loss ratio.

 
4 ©2024 ProAssurance • All rights reserved. Remainder of ProAssurance Premiums from Workers’ Compensation Insurance and Segregated Portfolio Cell Reinsurance Segments ProAssurance Corporate Segment • Reports investment results except those in Segregated Portfolio Cell Reinsurance segment, interest expense, U.S. and U.K. income taxes. • Includes corporate expenses and non-premium revenues generated outside of insurance entities. 2023 Net Earned Premiums of $977 Million (Financial results reported in four segments) $160 Million Workers’ Compensation Insurance (Eastern Insurance) Specialty regional underwriter of workers’ compensation products and services; addressing market challenges with innovation initiatives to enhance profitability. $62 Million Segregated Portfolio Cell Reinsurance (Inova Re) Segregated Portfolio Cell Company structure offering both workers’ compensation and healthcare professional liability coverage in a Cayman- based captive, generating fee income for ProAssurance.

 
©2024 ProAssurance • All rights reserved. 5 Operational Discipline Designed for Success in Competitive Markets

 
©2024 ProAssurance • All rights reserved. 6 Operations – Insurance underwriting results for the second quarter of 2024, including 9% renewal pricing increases in medical professional liability business, illustrate management’s ongoing actions to achieve sustained profitability • Our expertise in medical professional liability and workers’ compensation means we identified loss trends ahead of peers and have responded appropriately ▪ MPL market challenging due to rising severity that reflects social inflation and eroding tort reform ▪ WC market challenged by rising medical costs per claim ▪ We will not grow for growth’s sake - better to shrink to improved profitability; we are not afraid to walk away from underpriced business ▪ New and renewal business is being written at rates we believe will ultimately perform better than the business we are non-renewing Corporate – Non-GAAP adjusted book value per share was $26.18 at June 30 • There is embedded value in ProAssurance and we will consider repurchasing shares opportunistically ▪ Very strong balance sheet with high quality investment portfolio with over 90% in investment grade fixed maturities and adequate liquidity ▪ Financial leverage stable at 25% ▪ Strong net investment income growth reflects higher new purchase yields and supports return to sustained profitability ▪ Repurchased $50.5 million of common stock in 2023 with $56 million remaining in authorization Returning to Long-Term Sustained Profitability is Our Highest Priority

 
©2024 ProAssurance • All rights reserved. 7 Specialty Property & Casualty – Restore profitability and support appropriate growth • Obtain rate beyond loss cost trend • Distinguish ProAssurance as carrier of choice for medical professional liability coverages ▪ Use technology to support superior customer experiences for our distribution partners and policyholders ▪ Prioritize needs of more profitable small to mid-size accounts ▪ Launch state-of-the-art workflow solution and online portal ▪ Implement straight-through processing technologies to reduce costs • Invest in innovation solutions that enhance risk selection, pricing accuracy and workflows ▪ Leverage our data science and predictive analytics capabilities to support growth in appropriate markets and subsectors • Assist insureds with strategies to mitigate future losses Corporate – Provide strong net investment income stream to bolster underwriting contribution • Leverage higher interest rate environment to increase portfolio yield • Consolidate statutory entities to maximize efficiency and capital utilization • Manage talent-acquisition and retention strategies to maximize value of work force Workers’ Compensation – Minimize impact of medical inflation • Improve efficiency with newly implemented integrated policy, claims, risk management, and billing systems • Reduce loss costs by managing selection of providers and implementing cost management programs • Leverage investments in InsurTech underwriting, AI and claims data analytics to: ▪ Improve penetration in more profitable small account market segment ▪ Improve efficiency by expanding use of AI in underwriting and claims Strategic Initiatives - Addressing Challenging Markets

 
©2024 ProAssurance • All rights reserved. 8 • Operating earnings benefited from 16% increase in net investment income as we take advantage of the higher interest rate environment as our portfolio matures ▪ Earnings also benefited from strong returns from our limited partnership and LLC investments (reported as equity in earnings of unconsolidated subsidiaries) • Specialty P&C segment combined ratio improved 1.1 percentage points ▪ Current accident year net loss ratio improved 1.4 percentage points over last year, primarily due to our underwriting actions and pricing we have achieved over the course of the past year. Net favorable prior accident year reserve development was $6.2 million. ▪ Renewal pricing was up 9% compared with 7% in the first quarter of 2024. Retention was a solid 84% while new business declined to $5.0 million. We believe we are ahead of many of our peers in achieving rate levels in medical professional liability that outpace severity trends. 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. • Workers’ Compensation Insurance segment combined ratio improved 8 percentage points over full-year 2023, although higher than prior year due to rising medical costs per claim ▪ Current accident year net loss ratio was 77.0% as our caution in the current claims environment and focus on operational discipline is being reflected in results. The average cost per claim has improved slightly from the elevated levels initially seen in the second half of 2023 and reported claims frequency continues to trend below historical levels. There was no change in prior accident year reserves for this segment in the second quarter. ▪ Underwriting appetite remains constrained due to market conditions with new business well below last year. Second quarter operating EPS of 23 cents vs. 14 cents a year ago Comparisons to second quarter 2023 unless otherwise noted .

 
©2024 ProAssurance • All rights reserved. 9 ProAssurance Overview

 
©2024 ProAssurance • All rights reserved. 10 A Foundation in Excellence SUPERIOR BRAND IDENTITY AND REPUTATION IN THE MARKET SCOPE & SCALE Regional hubs combined with local knowledge of market dynamics and regulatory environments HISTORY OF SUCCESSFUL MERGERS & ACQUISITIONS Selective M&A with best-in-class partners, and nearly 20 transactions in our 47-year history EXPERIENCED & COLLABORATIVE LEADERSHIP Average executive leadership tenure of 20 years with PRA or subsidiaries SPECIALIZATION Deep expertise and commitment to our customers throughout the insurance cycles enable us to outperform our peers over time “Our long history in our markets makes us confident that the cyclical lines of insurance where we do business will respond to our focused efforts” -Ned Rand President & CEO

 
©2024 ProAssurance • All rights reserved. 11 • Deep expertise and broad product spectrum in healthcare and related sciences • Consolidation in MPL → demand for comprehensive insurance solutions • Life Sciences → offer liability solutions to companies that develop, test, and deliver healthcare products in the U.S. and worldwide Specialty Property & Casualty Segment $ in millions Medical Professional Liability Coverages Accounted for almost 90% of the Segment’s $835 Million of Gross Written Premiums in 2023

 
©2024 ProAssurance • All rights reserved. 12 Cumulative +65% premium change since 2018 2019 2020 2021 2022 2023 2024 • Medical professional liability market facing increasingly unfavorable legal environment • ProAssurance focus on underwriting discipline has constrained growth as market cycle has shifted ▪ Select competitors have been operating with capital levels that have allowed them to compete with pricing and underwriting standards that we believe are unsustainable ▪ ProAssurance has maintained retention levels in the mid-80s over the past five years, despite the competitive environment • Continue to rely on claims management expertise honed over nearly 50 years in this market ▪ We spend more on defense preparation than other carriers Annual premium change 8.9% 11.9% 7.7% 7.2% 7.8% 9.6% Reflects early recognition of shift in Medical Professional Liability market cycle 8.9% 21.9% 31.3% 40.7% 51.6% 66.1% Annual premium changes with benefit of cumulative prior year actions

 
©2024 ProAssurance • All rights reserved. 13 Managing Risk While Enhancing Competitive Posture • Limit growth except in appropriate markets and subsectors ▪ Consider specialty and venue severity when establishing underwriting appetite ▪ Continue strategic shift toward small to midsize accounts; hospitals now represent less than 7% of premiums • Bring data science, predictive analytics, workflow solutions and other tools on line • Utilize data analytics to establish multi-tier risk models and improve retention of higher performing business • Focus on ease of doing business to improve competitive posture; price is not the only criteria ▪ Full revision of physician form and underwriting manuals for about 50% of business base will improve engagement and improve efficiency Improved Technology and Processes in Risk Management Deliver Faster Support Through the Helpline V en u e r is k Specialty risk X

 
©2024 ProAssurance • All rights reserved. 14 • Proactive claim-closing strategies key to being recognized as a short-tail writer of workers’ compensation ▪ Between 2013 and 2022, averaged approximately 40% faster claims closure rate than industry ▪ 36 claims open from 2016 and prior, net of reinsurance ▪ Pharmacy spend as a percent of medical payments of 3.4% compared to the industry average of 7% • Value-added risk management services and claims/underwriting expertise build brand loyalty Payroll Exposure by Market Segment Demonstrations Diversification of Workers’ Compensation Insurance Segment Business Serving over 32 Market Segments, Primarily in Rural Territories (as of 12/31/2023) *Excludes alternative markets business ceded to the Segregated Portfolio Cell Reinsurance segment $ in millions

 
©2024 ProAssurance • All rights reserved. 15 Workers’ Compensation Insurance Segment Addressing Market Challenges With Innovation Initiatives • Implemented new integrated policy, claims, risk management and billing systems, paving the way for innovation initiatives • Expand use of data analytics to guide and support operational decisions in underwriting and claims, focusing on improving ease of doing business for agency partners and insureds • Capitalize on InsurTech investments, including AI, underwriting and claims data analytics, to enhance profitability, productivity and efficiency ▪ Adopting Clara Analytics AI Platform to lower medical costs and achieve better outcomes ▪ Implementing GuideWire for underwriting of more profitable small account business ▪ Adding Roots Automation “digital co-workers” capabilities to improve efficiency and effectiveness of underwriting and claims teams Use cases for Clara Analytics, a real-time augmented intelligence partner with workers’ comp expertise focused on providing optimal insurance claims outcomes, include: • Lower medical and indemnity costs with the best providers • Predict severity and balance adjuster caseload at first notice of loss • Gain insights and save expense by collating, searching and analyzing claim medical bills and records with treatment timelines and smart alerts • Grading defense and plaintiff attorneys on their outcomes in past similar claims

 
©2024 ProAssurance • All rights reserved. 16 Agency group or association establishes a cell SERVICES INCLUDE • Underwriting • Claims Administration • Risk Management • Reinsurance • Audit • Asset Management Services + Cell Rental Fees + Participation in profits/losses of selected cells Fee Income to PRA • Strategic partnerships with select independent agencies looking to manage controllable expenses • Alternative market solutions are in high demand • Value-added risk management services and claims/underwriting expertise Individually capitalized cells (companies) exist within the Inova Re structure. Assets and liabilities of each are segregated from others. Workers’ Comp and Medical Professional Liability businesses participate in select cells. PROASSURANCE FRONTING ARRANGEMENT Segregated Portfolio Cell Reinsurance Segment • Medical professional liability and workers’ compensation captive insurance solutions through Inova Re (Cayman Islands) • Segregated portfolio cells generate fee income with low capital requirements 2023 gross premiums written: $70 million ▪ Workers’ Compensation Insurance: $64 million ▪ Medical Professional Liability: $6 million ▪ 23 active cells

 
©2024 ProAssurance • All rights reserved. 17 AAA 14% AA+ 20% AA 6% AA- 5% A+ 8% A 12%A- 11% BBB+ 5% BBB 8% BBB- 4% Below IG or Not Rated, 7% Details of our investment portfolio are available on our website at https://investor.proassurance.com/financial-information/quarterly- investment-supplements/default.aspx 92% of Fixed Maturity Portfolio in Investment Grade Bonds • New money yield of 6% in second quarter • Effective stewardship of capital ensures a position of financial strength through turbulent market cycles • Optimizing our allocations for better risk-adjusted returns. Ensures non- correlation of returns • Ongoing analysis of holdings to ensure lasting quality and profitability Total Investments of $4.35 Billion (full-year 2023) Portfolio Statistics 2Q24 2Q23 Average Income Yield 3.5% 3.0% Weighted Average Duration 3.22 3.34 Fixed Maturity Credit Quality (at year-end 2023) Asset-backed Securities 24% BOLI 2% Common Stock- Trading 4% Corporate 40% Fixed Maturities Trading 1% Other Invested Assets 2% Short term 5% State/Muni 10% Unconsolidated Subs 6% US Govt/Agency 6%

 
©2024 ProAssurance • All rights reserved. 18 Contribution of Net Investment Result Rose 22% Year-To-Date ($ in millions) 2024 Beginning Equity $1,112 Employee Stock Transactions 1,862 Earnings 20,134 OCI (1,548) Total Equity $1,132 Net Investment Income ($ in millions) 6/30/2024 6/30/2023 Change Fixed maturities $65,058 $55,278 $9,780 Equities 2,056 1,912 144 Short-term investments including Other 6,551 7,384 (833) BOLI 986 1,116 (130) Investment fees and expenses (4,196) (3,730) 466 Net investment income 70,455 61,960 8,495 Equity in earnings (loss) of unconsolidated subsidiaries 11,616 5,511 6,104 Net investment result $82,071 $67,471 $14,600

 
©2024 ProAssurance • All rights reserved. 19 0.59 0.63 0.72 0.75 0.79 16% 24% 24% 25% 25% 2020 2021 2022 2023 At 6/30/24 Premiums to Equity (excluding AOCI) Debt to Capital • ProAssurance maintains a balance sheet that ensures stability and security for our customers ▪ Targeted Premiums to Equity ratio is 0.75X • Our reserving philosophy enables success over the insurance cycles ▪ Net loss reserves of $3.4 billion at June 30, 2024 • $429 million total debt principal at June 30 ▪ $180 million of Contribution Certificates from NORCAL acquisition ▪ $123 million Term Loan ▪ $125 million Revolving Credit Agreement Financial and Operating Leverage Appropriate for Current Business Mix and Ratings AM Best Affirmed “A” (Excellent) Financial Strength Rating of Insurance Subsidies in June 2023

 
©2024 ProAssurance • All rights reserved. 20 Appendix

 
21 ©2024 ProAssurance • All rights reserved. ProAssurance Executive Leadership Executive Team bios available on our website at Investor.ProAssurance.com/OD Ned Rand - President & Chief Executive Officer Mr. Rand became President and CEO in 2019, after serving as COO, CFO, Executive VP, and Senior VP of Finance at ProAssurance since joining the company in 2004. Prior to joining ProAssurance, he served in a number of financial roles for insurance companies. Mr. Rand is a CPA and graduate of Davidson College (B.A., Economics) Dana Hendricks Executive Vice President & Chief Financial Officer Jeff Lisenby Executive Vice President & General Counsel Rob Francis President Medical Professional Liability Kevin Shook President, Workers’ Compensation & Segregated Portfolio Cell Reinsurance Karen Murphy President Life Sciences Insurance Noreen Dishart Executive Vice President & Chief Human Resources Officer

 
22 ©2024 ProAssurance • All rights reserved. ProAssurance Board of Directors Director bios available on our website at Investor.ProAssurance.com/OD Maye Head Frei Compensation Committee Chair Katisha T. Vance, MD Nominating/Corporate Governance Committee Chair Samuel A. Di Piazza, Jr Compensation Committee and Executive Committee Kedrick D. Adkins, Jr Audit Committee Chair Bruce D. Angiolillo , J.D. Independent Chair Executive Committee Chair Scott C. Syphax Nominating/Corporate Governance Committee Fabiola Cobarrubias, MD Audit Committee and Nominating/Corporate Governance Committee Edward L. Rand, Jr Executive Committee Richard J. Bielen Audit Committee Staci M. Pierce, J.D. Compensation Committee

 
23 ©2024 ProAssurance • All rights reserved. ProAssurance Group Brands ALTERNATIVE RISK TRANSFER WORKERS’ COMPENSATIONSPECIALTY PROPERTY & CASUALTY MEDICAL PROFESSIONAL LIABILITY INSURANCE FOR ANESTHESIOLOGISTS MEDICAL PROFESSIONAL LIABILITY INSURANCE FOR ASCENSION PROGRAM PARTICIPANTS

 
©2024 ProAssurance • All rights reserved. 24 Forward Looking Statements This presentation contains Forward Looking Statements and other information designed to convey our projections and expectations regarding future results. There are a number of factors which could cause our actual results to vary materially from those projected in this presentation. The principal risk factors that may cause these differences are described in various documents we file with the Securities and Exchange Commission, such as our Current Reports on Form 8-K, and our regular reports on Forms 10-Q and 10-K, particularly in “Item 1A, Risk Factors.” Please review this presentation in conjunction with a thorough reading and understanding of these risk factors. Non-GAAP Measures This presentation contains Non-GAAP measures, and we may reference Non-GAAP measures in our remarks and discussions with investors. The primary Non-GAAP measure we reference is Non-GAAP operating income (loss), a Non-GAAP financial measure that is widely used to evaluate performance within the insurance sector. In calculating Non-GAAP operating income (loss), we have excluded the after-tax effects of net realized investment gains or losses, foreign currency exchange gains or losses and guaranty fund assessments or recoupments that do not reflect normal operating results. We believe Non-GAAP operating income presents a useful view of the performance of our insurance operations, but should be considered in conjunction with net income (loss) computed in accordance with GAAP. A reconciliation of these measures to GAAP measures is available in our regular reports on Forms 10-Q and 10-K and in our latest quarterly news release, all of which are available in the Investor Relations section of our website, Investor.ProAssurance.com. Important Safe Harbor and Non-GAAP Notices

 
©2024 ProAssurance • All rights reserved. 25 CONTACT: Heather J. Wietzel SVP, Investor Relations 205-776-3028 InvestorRelations@ProAssurance.com MAILING ADDRESS: ProAssurance Corporation 100 Brookwood Place Birmingham, AL 35209

 
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