A Brief History of ProAssurance Corporation (PRA)

ProAssurance Corporation (PRA) is a leading medical professional liability insurance company in the United States. The company was founded in 1976 as Medical Assurance and went public in 2001.

Over the years, ProAssurance has grown through a series of strategic acquisitions, enabling it to expand its product offerings and geographic reach. One of the most significant acquisitions was the purchase of The PICA Group in 2014, which solidified ProAssurance's position as one of the top providers of medical professional liability insurance.

• In 2007, ProAssurance acquired American Physicians Capital, Inc., further strengthening its presence in the medical professional liability insurance market.
• In 2010, ProAssurance expanded its reach by acquiring Redonda Insurance Company and creating ProAssurance Indemnity Company, Inc.
• In 2013, ProAssurance acquired Medmarc Insurance Group, a leading provider of products liability insurance for medical technology and life sciences companies.

Today, ProAssurance Corporation is a trusted partner for healthcare professionals, offering a range of insurance products and risk management services to help protect against potential liabilities. The company continues to innovate and adapt to the changing healthcare landscape, ensuring that it remains at the forefront of the medical professional liability insurance industry.

Who Owns ProAssurance Corporation (PRA)

ProAssurance Corporation (PRA) is a publicly traded company, which means it is owned by its shareholders. As of the latest available information, the largest shareholders of ProAssurance Corporation are institutional investors, including mutual funds, pension funds, and hedge funds.

Some of the major institutional shareholders of ProAssurance Corporation include Vanguard Group Inc., BlackRock Inc., and Dimensional Fund Advisors LP. These institutions hold significant stakes in the company and play a key role in its ownership structure.

• Vanguard Group Inc.: Vanguard Group Inc. is one of the largest asset management companies in the world and is known for its low-cost index funds. They own a substantial portion of ProAssurance Corporation's stock.
• BlackRock Inc.: BlackRock Inc. is another major institutional investor in ProAssurance Corporation. As a global investment management corporation, BlackRock holds a significant stake in the company.
• Dimensional Fund Advisors LP: Dimensional Fund Advisors LP is a prominent investment firm that focuses on quantitative investing. They are also among the top institutional shareholders of ProAssurance Corporation.

Overall, the ownership of ProAssurance Corporation is diversified among a wide range of institutional investors, each playing a role in shaping the direction and performance of the company.

ProAssurance Corporation (PRA) Mission Statement

At ProAssurance Corporation, our mission is to deliver innovative insurance solutions that provide peace of mind to our policyholders. We are committed to protecting healthcare professionals and their practices with superior coverage and exceptional service.

Our core values guide us in achieving our mission:

• Integrity: We uphold the highest ethical standards in all that we do.
• Excellence: We strive for excellence in our products, services, and interactions.
• Innovation: We continually seek out new and better ways to meet the needs of our policyholders.
• Commitment: We are dedicated to providing reliable protection and support to healthcare professionals.

By focusing on these values, we aim to be the insurance provider of choice for healthcare professionals across the country, offering peace of mind and financial security in an ever-changing healthcare landscape.

How ProAssurance Corporation (PRA) Works

ProAssurance Corporation (PRA) is a leading provider of medical professional liability insurance. The company operates by offering insurance products and services to healthcare providers, including physicians, hospitals, and other healthcare facilities.

ProAssurance Corporation works by assessing the risks associated with providing medical care and developing insurance policies that protect healthcare providers from potential liability claims. The company has a team of underwriters who evaluate the risks of each healthcare provider and determine the appropriate coverage and pricing.

• Underwriting: ProAssurance Corporation underwrites insurance policies for healthcare providers, taking into account factors such as the provider's specialty, location, and claims history.
• Claims Management: The company provides claims management services to healthcare providers, assisting them in handling and resolving liability claims brought against them.
• Risk Management: ProAssurance Corporation also offers risk management services to help healthcare providers reduce the likelihood of facing liability claims. This includes providing education and training on best practices for patient safety and communication.
• Financial Stability: As a publicly traded company, ProAssurance Corporation focuses on maintaining financial stability to ensure it can fulfill its obligations to policyholders. The company carefully manages its investments and reserves to support its insurance operations.

How ProAssurance Corporation (PRA) Makes Money

ProAssurance Corporation (PRA) primarily makes money through its insurance business, offering professional liability insurance products to healthcare professionals, medical facilities, and other businesses. Here are some key ways in which the company generates revenue:

• Premiums: ProAssurance earns a significant portion of its revenue from premiums paid by policyholders in exchange for insurance coverage. These premiums are based on the level of risk associated with insuring the policyholder.
• Investments: The company also generates revenue through its investment activities. ProAssurance invests the premiums it receives in a variety of assets, such as stocks, bonds, and real estate, to generate returns that contribute to its overall profitability.
• Claims settlement: ProAssurance earns revenue through the settlement of claims made by policyholders. The company uses its financial resources to pay out claims in a timely manner, helping to maintain its reputation and attract new business.
• Reinsurance: ProAssurance may also participate in reinsurance arrangements, where it transfers a portion of its risk to other insurance companies in exchange for a fee. This allows the company to limit its exposure to large losses and diversify its risk.
• Other services: In addition to its core insurance business, ProAssurance may offer additional services such as risk management consulting, training programs, and other value-added services to its policyholders for an additional fee.