May 6, 2021
byProAssurance Corp. announced its acquisition of NORCAL Mutual Insurance Co. was completed May 5, 2021. NORCAL’s members approved the transaction at a special meeting on April 26. Under terms of a previously announced agreement, NORCAL became part of ProAssurance following its demutualization. Through its tender offer to NORCAL policyholders who… Continue reading...
March 17, 2021
byAM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a+" of the members of ProAssurance Group. The outlook of the FSR is stable while the outlook of the Long-Term ICR is negative. Concurrently, AM Best has affirmed the Long-Term… Continue reading...
March 5, 2021
byThe board of directors for NORCAL Mutual has begun solicitation of policyholders to vote on NORCAL’s plan to convert from a mutual company to a stock company and to elect the form of payment they wish to receive if the conversion occurs. On Feb. 20, 2020, ProAssurance Corp. and NORCAL… Continue reading...
December 3, 2020
byThe Board of Directors of ProAssurance Corp. has declared a cash dividend of $0.05 per common share, payable on Jan. 7, 2021, to shareholders who own its stock as of Dec. 22, 2020. For 2020, ProAssurance’s dividend policy anticipates a total annual dividend of $0.72 per share. On an annualized basis… Continue reading...
June 17, 2020
byThe Portnoy Law Firm published a press release today advising investors that a class action lawsuit has been filed on behalf of ProAssurance Corporation investors that acquired ProAssurance securities between April 26, 2019 and May 7, 2020, inclusive (the “Class Period”). The complaint filed in this lawsuit alleges that: •… Continue reading...
February 26, 2020
byAM Best has downgraded the Financial Strength Rating (FSR) to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a+” from “aa-” for the members of ProAssurance Group. The outlook of the FSR has been revised to stable from negative whilst the outlook for the… Continue reading...
February 26, 2020
byAM Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a-” from “a” for the members of NORCAL Group (NORCAL). Concurrently, AM Best has maintained the under review status on these Credit Ratings (ratings) and revised… Continue reading...
February 20, 2020
byProAssurance Corp. and NORCAL Group announced today the signing of a definitive agreement under which NORCAL would become a part of ProAssurance in a $450 million transaction following the demutualization of NORCAL Mutual Insurance Company (NORCAL Mutual), NORCAL's ultimate controlling party. The demutualization and the acquisition agreement are mutually contingent,… Continue reading...
January 22, 2020
byProAssurance Corp. today reported a preliminary estimate of $37 million of adverse development in our prior accident year loss reserves in the fourth quarter of 2019 in our Specialty Property & Casualty segment. This adverse development is in response to deteriorating loss experience, driven by a large national healthcare account… Continue reading...
December 10, 2019
byThe Board of Directors of ProAssurance Corp. declared a cash dividend of $0.31 per common share, payable on Jan. 14, 2020, to shareholders who own our stock as of Dec. 27, 2019. “The dividend declared today reflects our ongoing commitment to our customers and shareholders,” said Edward L. Rand, Jr.,… Continue reading...