Proassurance Group

The deterioration of combined ratios in the specialty P&C and Lloyd's syndicates segments was offset by the improved results in workers' compensation.

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.

The increased combined ratios in the reinsurance segments were offset by the improved results in the company's workers' compensation segment.

Ned Rand said that while the ruling opens up exposure for physicians and hospital operators, he anticipates more criminal exposure than medmal exposure.

Social inflation an increasing concern for the specialty P&C and workers comp carrier as courts resolve pandemic overhang of cases.

The insurer has seen claims frequency decline but is still cautious in translating it to reserving and pricing.

The insurer maintained its cautious stance on fully accepting a lower claim frequency trend.

Stancil Starnes will serve his remaining term as a director and an executive chairman, which ends on May 24.

The insurer’s Q4 loss ratio decreased to 72.2% from 74.9% and its expense ratio declined to 24.8% from 30.9% a year earlier.

Labor shortages and post-pandemic anxiety contribute to rise in severity of claims in ProAssurance’s workers comp business, even as frequency falls.

The insurer’s top line grew as a result of its acquisition of California mutual Norcal earlier this year.

ProAssurance executives say Norcal acquisition played a big role in the swing to Q2 profit, and the integration is expected to produce expense savings.