C
PROASSURANCE SPECIALTY INSURANCE COM
Rating Date
December 2023
NAIC
Classification
Risk Adjusted
Capital Ratio #1
Risk Adjusted
Capital Ratio #2
Loss
Ratio
Total
Assets
Capital
Net
Premiums
Net
Income
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Major Rating Factors: Fair reserve development (4.4 on a scale of 0 to 10) as reserves have generally been sufficient to cover claims. Fair profitability index (3.7). Excellent expense controls. Return on equity has been fair, averaging 7.4% over the past five years.
Other Rating Factors: Fair overall results on stability tests (3.3) including fair financial strength of affiliated ProAssurance Corp, weak results on operational trends and negative cash flow from operations for 2022. The largest net exposure for one risk is high at 4.5% of capital. Good liquidity (6.7) with sufficient resources (cash flows and marketable investments) to handle a spike in claims. Strong long-term capitalization index (9.8) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels.
Stability Factors: F - Negative cash flow. R - Concerns about the financial strength of its reinsurers. T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business: Med mal (67.8%), product liab. (27.1%), other (5.1%)
Licensed in: All states except PR
Principal Investments: Investment grade bonds (97.0%), other (3.0%)
Ratios
Premium to Surplus
Reserve to Surplus
1-Year Reserve Development
2-Year Reserve Development
Expense Ratio
Combined Ratio
Cash From Underwriting
Net Premium Growth
Investments in Affiliates
Corporate Info
Group Affiliation
ProAssurance Corp
Investment Rating
PRA
Company Address
One Church Street
BURLINGTON, VT 5401
Phone Number
(414) 369-5033
NAIC Number
17400
Largest Affiliates
C
San Francisco, CA - P&C
B
B
BIRMINGHAM, AL - P&C
D
LANCASTER, PA - P&C
C
Springfield, IL - P&C
Weiss Ratings