ProAssurance Corporation is a holding company for property and casualty insurance
companies. Our mission is to 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,
and accomplish our mission with infectious enthusiasm and unbending integrity.
Our wholly owned insurance subsidiaries provide professional liability insurance
for healthcare professionals and facilities, professional liability insurance
for attorneys, liability insurance for medical technology and life sciences
risks, workers compensation insurance, and we are the majority capital provider
for Lloyds of London Syndicate 1729, which writes a range of property and casualty
insurance and reinsurance lines.
Our executive offices are located at 100 Brookwood Place, Birmingham, Alabama
35209 and our telephone number is (205) 877-4400. Our stock trades on the NYSE
under the symbol “PRA.” Our website is www.ProAssurance.com and
we maintain a dedicated Investor Relations section on that website (Investor.ProAssurance.com)
to provide specialized resources for investors and others seeking to learn more
about us.
Our business objectives are to generate attractive returns on equity and book
value per share growth for our shareholders. The basic components of our strategy
for achieving these objectives are as follows:
Serve a broad spectrum of the healthcare market, providing specialized expertise
to meet evolving demands. In addition to providing traditional products to healthcare
providers in a number of professions, we are also leveraging our reach, expertise
and financial strength to provide innovative and customized products to meet
the risk management needs of larger organizations or groups.
Effectively manage capital. We carefully monitor use of our capital and consider
various options for capital deployment, such as business expansion by our existing
subsidiaries, opportunities that arise for mergers or acquisitions, share repurchases
and payment of dividends.
Pursue profitable underwriting opportunities. We emphasize profitability, not
market share. Key elements of our approach are prudent risk selection using
established underwriting guidelines, appropriate pricing and adjusting our business
mix as appropriate to effectively utilize capital and achieve market synergies.
Emphasize risk management. We seek to reduce risk at the corporate level by
actively managing our enterprise risk and by maintaining strong internal controls.
We also emphasize the importance of risk management to our insureds and offer
training in the use of risk reduction tools and techniques.
Manage claims effectively. Our experienced claims teams have industry and insurance
expertise that, with our extensive local knowledge, allows us to resolve claims
in an effective manner, considering the circumstances of each claim. When practical,
we utilize formalized claims management processes and protocols as a means of
reducing claim costs.
Provide superior customer service. Our mission statement, We Exist to Protect
Others, goes hand-in-hand with our corporate motto, "Treated Fairly."
Our employees demonstrate our core values of integrity, relationships, leadership
and enthusiasm every day and are focused on meeting the needs of our customers.
Maintain a conservative investment strategy. We believe that we follow a conservative
investment strategy designed to emphasize the preservation of our capital and
provide adequate liquidity for the prompt payment of claims. Our investment
portfolio consists primarily of investment-grade, fixed-maturity securities
of short-to medium-term duration.
Maintain financial stability. We are committed to maintaining claims paying
ratings of "A" or better.
We operate through multiple insurance organizations and report our operating
results in four segments, as follows:
Specialty Property and Casualty Segment - This segment includes our professional
liability business and our medical technology and life sciences business.
Workers Compensation Segment - This segment includes our workers compensation
business which we provide for employers, groups and associations.
Lloyds Syndicate Segment - This segment includes operating results from our
participation in Lloyds Syndicate 1729.
Corporate Segment - This segment includes our investing operations managed at
the corporate level, non-premium revenues generated outside of our insurance
entities, and corporate expenses, including interest and U.S. income taxes
%
0.48%