ProAssurance Group
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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.
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The insurer maintained its cautious stance on fully accepting a lower claim frequency trend.
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Stancil Starnes will serve his remaining term as a director and an executive chairman, which ends on May 24.
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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.
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Labor shortages and post-pandemic anxiety contribute to rise in severity of claims in ProAssurance’s workers comp business, even as frequency falls.
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The insurer’s top line grew as a result of its acquisition of California mutual Norcal earlier this year.
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ProAssurance executives say Norcal acquisition played a big role in the swing to Q2 profit, and the integration is expected to produce expense savings.
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The specialty insurer records a boost from its recent acquisition as it posts its fourth straight operating profit.
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New CEOs were not able to consistently create higher book value growth than their predecessors, and any growth achieved wasn’t maintained after five years.
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