ProAssurance (PRA)
Market Price (6/22/2026): $24.62 | Market Cap: $1.3 BilSector: Financials | Industry: Property & Casualty Insurance
ProAssurance (PRA)
Market Price (6/22/2026): $24.62Market Cap: $1.3 BilSector: FinancialsIndustry: Property & Casualty Insurance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -278% Low stock price volatilityVol 12M is 6.2% Megatrend and thematic driversMegatrends include Future of Insurance. Themes include Specialty Risk Management. | Trading close to highsDist 52W High is -0.4%, Dist 3Y High is -0.4% Weak multi-year price returns3Y Excs Rtn is -3.1% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8%, Rev Chg QQuarterly Revenue Change % is -2.3% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.6% Key risksPRA key risks include [1] deteriorating loss experience and adverse reserve development within its Specialty P&C segment, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -278% |
| Low stock price volatilityVol 12M is 6.2% |
| Megatrend and thematic driversMegatrends include Future of Insurance. Themes include Specialty Risk Management. |
| Trading close to highsDist 52W High is -0.4%, Dist 3Y High is -0.4% |
| Weak multi-year price returns3Y Excs Rtn is -3.1% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8%, Rev Chg QQuarterly Revenue Change % is -2.3% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.6% |
| Key risksPRA key risks include [1] deteriorating loss experience and adverse reserve development within its Specialty P&C segment, Show more. |
Qualitative Assessment
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ProAssurance (PRA) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Stock Price Anchored to Acquisition Price with a Discount.
ProAssurance is scheduled to be acquired by The Doctors Company in an all-cash merger for $25.00 per share, with the deal anticipated to close by June 30, 2026. The stock's trading price is largely influenced by this set acquisition price, which tends to cap upward movement. The closing price of $23.83 on June 1, 2026, represents a discount to the $25.00 merger price, a common occurrence that accounts for the remaining time until closing, any perceived risks of the deal not finalizing, or the time value of money. This inherent cap and slight discount contribute to the observed trend.
2. Mixed Q1 2026 Financial Results and Underwriting Profitability Concerns.
For the first quarter of 2026, ProAssurance reported a return to net income of $8.5 million and operating income of $12.7 million. However, its consolidated net premiums written decreased by 6.3% year-over-year to $258.6 million. Furthermore, the Non-GAAP combined ratio, while improving to 109.9%, remained above 100%, indicating that the company's core underwriting operations were not yet generating sustainable standalone profits. This mixed performance and lingering underwriting profitability concerns likely contributed to investor hesitation and the stock's trading behavior.
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ProAssurance (PRA) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Stock Price Anchored to Acquisition Price with a Discount.
ProAssurance is scheduled to be acquired by The Doctors Company in an all-cash merger for $25.00 per share, with the deal anticipated to close by June 30, 2026. The stock's trading price is largely influenced by this set acquisition price, which tends to cap upward movement. The closing price of $23.83 on June 1, 2026, represents a discount to the $25.00 merger price, a common occurrence that accounts for the remaining time until closing, any perceived risks of the deal not finalizing, or the time value of money. This inherent cap and slight discount contribute to the observed trend.
2. Mixed Q1 2026 Financial Results and Underwriting Profitability Concerns.
For the first quarter of 2026, ProAssurance reported a return to net income of $8.5 million and operating income of $12.7 million. However, its consolidated net premiums written decreased by 6.3% year-over-year to $258.6 million. Furthermore, the Non-GAAP combined ratio, while improving to 109.9%, remained above 100%, indicating that the company's core underwriting operations were not yet generating sustainable standalone profits. This mixed performance and lingering underwriting profitability concerns likely contributed to investor hesitation and the stock's trading behavior.
3. Negative Long-Term Outlook on Revenue and Earnings.
Analyst forecasts project a decline in ProAssurance's revenue by approximately 3.8% annually and earnings by about 4.8% annually over the next three years. This pessimistic outlook on the company's future financial performance, beyond the immediate merger, can create downward pressure on the stock, particularly given its premium valuation (P/E of 19.4x compared to peers at 8.5x and the industry average of 11.5x).
4. Decline in Book Value Per Share.
ProAssurance's book value per share saw a decline, decreasing by $0.30 from $26.24 at year-end 2025 to $25.94 as of March 31, 2026. This reduction in intrinsic value was primarily attributed to changes in the market value of long-term investments. A decrease in book value can negatively influence investor sentiment and contribute to a stock's modest decline.
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Stock Movement Drivers
Fundamental Drivers
The 0.4% change in PRA stock from 2/28/2026 to 6/21/2026 was primarily driven by a 28.8% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.55 | 24.65 | 0.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,080 | 1,073 | -0.6% |
| Net Income Margin (%) | 4.7% | 6.1% | 28.8% |
| P/E Multiple | 24.8 | 19.5 | -21.5% |
| Shares Outstanding (Mil) | 51 | 51 | -0.2% |
| Cumulative Contribution | 0.4% |
Market Drivers
2/28/2026 to 6/21/2026| Return | Correlation | |
|---|---|---|
| PRA | 0.4% | |
| Market (SPY) | 9.2% | -6.9% |
| Sector (XLF) | 4.7% | 12.8% |
Fundamental Drivers
The 2.4% change in PRA stock from 11/30/2025 to 6/21/2026 was primarily driven by a 97.7% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.08 | 24.65 | 2.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,097 | 1,073 | -2.2% |
| Net Income Margin (%) | 3.1% | 6.1% | 97.7% |
| P/E Multiple | 36.7 | 19.5 | -47.0% |
| Shares Outstanding (Mil) | 51 | 51 | -0.1% |
| Cumulative Contribution | 2.4% |
Market Drivers
11/30/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| PRA | 2.4% | |
| Market (SPY) | 9.9% | -9.1% |
| Sector (XLF) | 1.3% | 10.9% |
Fundamental Drivers
The 6.3% change in PRA stock from 5/31/2025 to 6/21/2026 was primarily driven by a 59.7% change in the company's Net Income Margin (%).| (LTM values as of) | 5312025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.19 | 24.65 | 6.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,112 | 1,073 | -3.5% |
| Net Income Margin (%) | 3.8% | 6.1% | 59.7% |
| P/E Multiple | 28.1 | 19.5 | -30.6% |
| Shares Outstanding (Mil) | 51 | 51 | -0.6% |
| Cumulative Contribution | 6.3% |
Market Drivers
5/31/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| PRA | 6.3% | |
| Market (SPY) | 28.1% | -4.2% |
| Sector (XLF) | 6.7% | 11.4% |
Fundamental Drivers
The 102.9% change in PRA stock from 5/31/2023 to 6/21/2026 was primarily driven by a 98.3% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.15 | 24.65 | 102.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,100 | 1,073 | -2.4% |
| P/S Multiple | 0.6 | 1.2 | 98.3% |
| Shares Outstanding (Mil) | 54 | 51 | 4.8% |
| Cumulative Contribution | 102.9% |
Market Drivers
5/31/2023 to 6/21/2026| Return | Correlation | |
|---|---|---|
| PRA | 102.9% | |
| Market (SPY) | 85.7% | 12.1% |
| Sector (XLF) | 77.0% | 22.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PRA Return | 43% | -30% | -21% | 15% | 52% | 2% | 41% |
| Peers Return | 26% | 18% | 5% | 29% | 19% | 1% | 141% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| PRA Win Rate | 50% | 33% | 58% | 58% | 58% | 67% | |
| Peers Win Rate | 55% | 55% | 62% | 68% | 62% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PRA Max Drawdown | -29% | -37% | -39% | -28% | -12% | -4% | |
| Peers Max Drawdown | -12% | -19% | -19% | -12% | -13% | -11% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WRB, CNA, TRV, HIG, CB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | PRA | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.2% | -9.5% |
| % Gain to Breakeven | 33.7% | 10.5% |
| Time to Breakeven | 344 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -37.4% | -6.7% |
| % Gain to Breakeven | 59.7% | 7.1% |
| Time to Breakeven | 664 days | 31 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.9% | -19.2% |
| % Gain to Breakeven | 20.3% | 23.8% |
| Time to Breakeven | 57 days | 105 days |
| 2013 Taper Tantrum | ||
| % Loss | -12.0% | -0.2% |
| % Gain to Breakeven | 13.6% | 0.2% |
| Time to Breakeven | 58 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -28.8% | -53.4% |
| % Gain to Breakeven | 40.4% | 114.4% |
| Time to Breakeven | 367 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -12.2% | -8.6% |
| % Gain to Breakeven | 13.9% | 9.5% |
| Time to Breakeven | 14 days | 47 days |
In The Past
ProAssurance's stock fell -2.6% during the 2025 US Tariff Shock. Such a loss loss requires a 2.7% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | PRA | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.2% | -9.5% |
| % Gain to Breakeven | 33.7% | 10.5% |
| Time to Breakeven | 344 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -37.4% | -6.7% |
| % Gain to Breakeven | 59.7% | 7.1% |
| Time to Breakeven | 664 days | 31 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -28.8% | -53.4% |
| % Gain to Breakeven | 40.4% | 114.4% |
| Time to Breakeven | 367 days | 1085 days |
In The Past
ProAssurance's stock fell -2.6% during the 2025 US Tariff Shock. Such a loss loss requires a 2.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About ProAssurance (PRA)
ProAssurance Corporation (PRA) is an insurance holding company that provides a range of property and casualty insurance and reinsurance products primarily across the United States. The company operates through several key segments, including specialty property and casualty, workers' compensation insurance, segregated portfolio cell reinsurance, and also participates in the global insurance market through a Lloyd's of London Syndicate.
The Specialty Property and Casualty segment focuses on offering professional liability insurance specifically designed for healthcare providers, medical institutions, and attorneys, as well as liability coverage for medical technology and life sciences companies. Its Workers' Compensation Insurance segment provides various policy types, such as guaranteed cost and retrospectively rated policies, alongside alternative market solutions like program design and claims administration, serving a broad spectrum of individual companies, agencies, groups, and associations.
Beyond traditional insurance, ProAssurance offers Segregated Portfolio Cell Reinsurance services, providing flexible risk management solutions for its clients. The company also expands its market reach by participating in Lloyd's of London Syndicate 1729, which underwrites a diverse portfolio of property and casualty insurance and reinsurance globally. ProAssurance distributes its products through a combination of independent agencies, brokers, and its own internal sales force, catering to specialized professional groups and general businesses seeking comprehensive insurance and risk transfer solutions.
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Here are 1-2 brief analogies for ProAssurance:
The Geico or Progressive for malpractice insurance and workers' compensation.
A specialized Travelers, insuring doctors, lawyers, and businesses for workplace risks.
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- Professional Liability Insurance: Provides coverage for healthcare providers, institutions, attorneys, medical technology, and life sciences risks.
- Workers' Compensation Insurance: Offers various policy types to cover employee injuries and occupational diseases.
- Reinsurance Products: Provides coverage to other insurance companies for their risks.
- Property and Casualty Insurance: Underwrites a range of property and casualty risks, including through its participation in Lloyd's Syndicate 1729.
- Alternative Market Solutions: Offers a suite of services including program design, fronting, claims administration, and risk management for self-insured entities and groups.
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ProAssurance (PRA) primarily sells its insurance and reinsurance products to other companies and professional organizations, rather than individual consumers. Based on the company description, its major customer categories are:
- Healthcare Providers and Institutions: This includes a wide range of entities such as hospitals, clinics, physician groups, and individual healthcare professionals who purchase professional liability insurance. It also extends to companies in the medical technology and life sciences sectors requiring liability coverage.
- Law Firms and Attorneys: Professional liability insurance is offered to legal practices and individual attorneys.
- General Businesses, Agencies, Groups, and Associations: For workers' compensation insurance and alternative market solutions (like program design, fronting, and risk management services), ProAssurance serves a broad client base of various companies, agencies, groups, and associations across different industries.
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Edward L. Rand, Jr. President and Chief Executive Officer
Mr. Rand assumed the role of President and Chief Executive Officer of ProAssurance Corporation on July 1, 2019, having been elected to the Board of Directors that same year. He previously held various leadership positions within ProAssurance since joining in November 2004, including Chief Operating Officer, Chief Financial Officer, Executive Vice President, and Senior Vice President of Finance. Before his tenure at ProAssurance, Mr. Rand was the Chief Accounting Officer and Head of Corporate Finance for PartnerRe Ltd. from 2000 to 2004. He also served as the Chief Financial Officer of Atlantic American Corporation from 1996 to 2000 and Controller of United Capitol Insurance Company from 1992 to 1996. Earlier in his career, he spent four years with Coopers & Lybrand (now PricewaterhouseCoopers LLP).
Dana Hendricks Executive Vice President, Chief Financial Officer, and Treasurer
Ms. Hendricks became the Chief Financial Officer and Treasurer of ProAssurance Corporation in September 2018. Prior to this, she served as the Senior Vice President of Business Operations for Podiatry Insurance Company of America (PICA), a ProAssurance subsidiary, a position she held since joining PICA in 2001. She has extensive experience in finance and accounting across both public and non-public companies.
Jeffrey Lisenby Executive Vice President, General Counsel, and Corporate Secretary
Mr. Lisenby is an Executive Vice President, General Counsel, and Corporate Secretary for ProAssurance Corporation. He joined Medical Assurance, a precursor to ProAssurance, in 2001 and led the corporate Legal department. His background includes private legal practice and serving as a judicial clerk for the United States District Court for the Northern District of Alabama.
Robert Francis President, Healthcare Professional Liability
Mr. Francis serves as the President of ProAssurance's Medical Professional Liability Insurance division. He rejoined ProAssurance in 2019 after working as the Chief Operating Officer of The Doctor's Company. Mr. Francis has a long history with ProAssurance, having been previously employed with the company for 20 years, during which he held various roles including Chief Underwriting Officer.
Kevin Shook President, Workers' Compensation Insurance
Mr. Shook is the President of Eastern Alliance, which is ProAssurance Group's workers' compensation insurance operation division. He has been with the Eastern Alliance organization for over 20 years and possesses more than three decades of experience in the insurance industry, including a decade spent with PricewaterhouseCoopers LLP in Philadelphia.
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The key risks to ProAssurance's business operations and financial performance include escalating claims costs due to social inflation, intense competition within the insurance market, and exposure to market volatility through its investment portfolio.
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Social Inflation, Rising Claims Severity, and Legal Costs: ProAssurance, particularly through its medical professional liability insurance business, is significantly exposed to social inflation, which refers to the increase in liability claims costs above general economic inflation. This trend is driven by factors such as larger jury awards (often termed "nuclear verdicts"), changing societal attitudes towards corporations, and increased litigation expenses. This rise in claims severity and legal costs directly impacts ProAssurance's loss adjustment expenses, making accurate pricing for long-tail liability insurance challenging and potentially eroding profit margins. Despite efforts to achieve rate levels that outpace these severity trends through renewal premium increases and re-underwriting initiatives, the challenging environment persists.
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Intense Competition and Cyclical Underwriting Market: The insurance industry in which ProAssurance operates is highly competitive, characterized by numerous players vying for market share. This intense competition can lead to pricing pressures, a softening underwriting cycle, and the threat of competitors offering more attractive terms, potentially resulting in a loss of clients or reduced margins for ProAssurance. ProAssurance has strategically chosen to forgo some renewal and new business opportunities that do not meet its expectations for rate adequacy, which, while aimed at improving profitability, can put pressure on premium retention and overall revenue. The cyclical nature of the property and casualty insurance business can also lead to periods of intense price competition and reduced underwriting profits.
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Market Volatility and Investment Portfolio Risks: ProAssurance's financial results are susceptible to market volatility, which can negatively affect its investment returns and, consequently, its overall financial performance and profitability. The company manages a diverse investment portfolio, including various securities, and is exposed to interest rate risk, credit risk, and equity market risk. Significant fluctuations in asset values within this portfolio, particularly those assets valued using less observable inputs (Level 3 assets), could introduce higher volatility and uncertainty, impacting reported earnings and book value.
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ProAssurance (PRA) anticipates several key drivers for future revenue growth over the next two to three years:
- Sustained Renewal Premium Increases: The company is actively focused on achieving rate adequacy and has successfully implemented renewal premium increases across its Specialty Property and Casualty and Workers' Compensation segments. For instance, in Q1 2024, the Specialty P&C segment achieved an average rate increase of 7% while retaining a high percentage of existing policies. For the full year 2024, renewal premiums increased by 10% for standard medical professional liability and 13% for the specialty portion of the business. This disciplined approach to pricing is expected to continue enhancing revenue.
- Selective New Business Generation in Profitable Segments: ProAssurance is strategically pursuing new business opportunities that meet its rigorous underwriting standards and pricing goals, even while exiting less profitable ventures. The company reported generating $10.4 million of new business in Q1 2024, priced to align with long-term profitability objectives. This selective growth in its customer base within targeted markets is a key revenue driver.
- Growth in Net Investment Income: Leveraging the current interest rate environment, ProAssurance has seen and expects continued increases in its net investment income. The company has actively reinvested at higher rates, with new purchase yields in Q1 2024 reaching 5.6%, significantly above its average book yield. This focus on optimizing its investment portfolio provides a substantial contribution to its overall revenue.
- Strategic Growth and Enhanced Client Acquisition within Specialty P&C, Supported by Technology: ProAssurance is concentrating on disciplined underwriting and claims management within its core targeted healthcare market segments, including medical professional liability, products liability for medical technology and life sciences, and legal professional liability. Furthermore, the company is implementing innovative tools, including AI, to improve risk selection, refine pricing decisions, and streamline workflows. These technological advancements are aimed at enhancing the customer experience, which is anticipated to bolster revenue through improved client retention and new client acquisition.
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Share Repurchases
- ProAssurance did not repurchase any common shares in 2025.
- As of December 31, 2025, a remaining capacity of $55.9 million was authorized for future common share repurchases or retirement of outstanding debt.
- Historically, ProAssurance has demonstrated a willingness to return capital to investors through share repurchases.
Share Issuance
- The number of shares outstanding for ProAssurance was approximately 51.41 million at the end of 2025, with slight fluctuations from 53.98 million in 2021.
- The company utilizes share-based compensation plans, which include vesting rights for award grants at 33.33% and can impact future earnings through stock-based compensation expenses.
Inbound Investments
- ProAssurance is being acquired by The Doctors Company in a definitive agreement announced in March 2025, with a transaction value of approximately $1.3 billion.
- Under the terms, ProAssurance stockholders will receive $25.00 in cash per share.
- The transaction is expected to close in the first half of 2026, contingent on regulatory approvals.
Outbound Investments
- ProAssurance manages a diversified investment portfolio encompassing US Treasury securities, government-sponsored enterprise debt, state and municipal bonds, corporate debt, mortgage-backed securities, asset-backed securities, equity securities, and short-term investments.
- The company holds investments in unconsolidated subsidiaries, including various private debt funds, long/short equity funds, private equity funds, structured credit funds, and strategy-focused funds.
- Net investment income increased by 8.3% in 2025 due to higher average book yields, though earnings from limited partnership investments decreased due to lower market valuations for two holdings.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can ProAssurance Stock Really Go? | 10/17/2025 | |
| PRA Dip Buy Analysis | 07/10/2025 | |
| Why You Shouldn Not Be Buying ProAssurance Stock | 05/16/2025 | |
| ProAssurance Total Shareholder Return (TSR): 15.4% in 2024 and -13.1% 3-yr compounded annual returns (below peer average) | 03/07/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 97.72 |
| Mkt Cap | 30.9 |
| Rev LTM | 21,635 |
| Op Inc LTM | - |
| FCF LTM | 4,586 |
| FCF 3Y Avg | 4,297 |
| CFO LTM | 4,744 |
| CFO 3Y Avg | 4,440 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 8.6% |
| Rev Chg Q | 3.3% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 22.2% |
| CFO/Rev 3Y Avg | 20.3% |
| FCF/Rev LTM | 21.5% |
| FCF/Rev 3Y Avg | 20.0% |
Segment Financials
Revenue by Segment| $ Mil | 2004 | 2003 |
|---|---|---|
| Professional Liability Lines | 562 | 527 |
| Personal Lines | 216 | 183 |
| Corporate Investment Income | 0 | |
| Total | 778 | 710 |
| $ Mil | 2004 | 2003 |
|---|---|---|
| Personal Lines | 41 | 23 |
| Corporate Investment Income | -2 | |
| Professional Liability Lines | 18 | |
| Total | 41 | 39 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate | 72 | 93 | 90 | 17 | 91 |
| Specialty Property and Casualty (P&C) | 11 | -28 | -60 | -27 | -4 |
| Segregated Portfolio Cell Reinsurance | 4 | 2 | 3 | -0 | 2 |
| Inter-segment Eliminations | 0 | 0 | 0 | 0 | |
| Workers' Compensation Insurance | -21 | -21 | -32 | 2 | -0 |
| Contingent consideration | 5 | 9 | |||
| Transaction-related costs, net | -44 | -1 | -23 | ||
| Gain on bargain purchase | 74 | ||||
| Lloyd's Syndicate | 4 | ||||
| Total | 66 | 46 | -39 | -0 | 144 |
| $ Mil | 2003 |
|---|---|
| Professional Liability Lines | 2,413 |
| Personal Lines | 431 |
| Corporate Investment Income | 35 |
| Total | 2,879 |
Price Behavior
| Market Price | $24.65 | |
| Market Cap ($ Bil) | 1.3 | |
| First Trading Date | 09/04/1991 | |
| Distance from 52W High | -0.4% | |
| 50 Days | 200 Days | |
| DMA Price | $24.57 | $24.27 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 0.3% | 1.6% |
| 3M | 1YR | |
| Volatility | 8.5% | 6.3% |
| Downside Capture | -16.17 | -6.17 |
| Upside Capture | -7.55 | 4.17 |
| Correlation (SPY) | -10.9% | -3.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.06 | -0.02 | 0.03 | -0.01 | 0.00 | 0.35 |
| Up Beta | -0.05 | 0.09 | 0.12 | 0.06 | 0.09 | 0.26 |
| Down Beta | 0.13 | 0.25 | 0.14 | 0.02 | 0.03 | 0.42 |
| Up Capture | -29% | -15% | -7% | -3% | -1% | 19% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 7 | 19 | 28 | 55 | 113 | 357 |
| Down Capture | 19% | -7% | 0% | -5% | -10% | 54% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 11 | 20 | 32 | 61 | 112 | 352 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRA | |
|---|---|---|---|---|
| PRA | 4.6% | 5.5% | 0.09 | - |
| Sector ETF (XLF) | 8.3% | 14.6% | 0.33 | 17.0% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | -0.2% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | -10.8% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -10.9% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 19.8% |
| Bitcoin (BTCUSD) | -40.0% | 42.4% | -1.08 | -0.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRA | |
|---|---|---|---|---|
| PRA | 0.0% | 39.6% | 0.10 | - |
| Sector ETF (XLF) | 9.3% | 18.6% | 0.37 | 29.4% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 19.1% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 1.4% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 4.0% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 25.1% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 5.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRA | |
|---|---|---|---|---|
| PRA | -4.6% | 38.4% | -0.01 | - |
| Sector ETF (XLF) | 13.0% | 22.2% | 0.54 | 43.6% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 32.7% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | -2.3% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 10.7% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 33.8% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 8.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -0.2% | -0.2% | -0.5% |
| 2/23/2026 | 0.3% | 0.5% | 1.2% |
| 11/4/2025 | 0.0% | 0.0% | -0.5% |
| 11/7/2024 | 4.2% | 3.1% | 3.2% |
| 8/8/2024 | 16.3% | 17.2% | 12.8% |
| 5/6/2024 | 9.7% | 4.9% | 0.7% |
| 2/27/2024 | -5.3% | -5.5% | -2.4% |
| 11/8/2023 | -21.3% | -24.5% | -26.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 10 |
| # Negative | 8 | 9 | 8 |
| Median Positive | 3.4% | 4.9% | 5.2% |
| Median Negative | -4.5% | -5.5% | -7.4% |
| Max Positive | 16.3% | 18.7% | 23.9% |
| Max Negative | -21.3% | -24.5% | -26.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -0.2% | -0.2% | -0.5% |
| 2/23/2026 | 0.3% | 0.5% | 1.2% |
| 11/4/2025 | 0.0% | 0.0% | -0.5% |
| 11/7/2024 | 4.2% | 3.1% | 3.2% |
| 8/8/2024 | 16.3% | 17.2% | 12.8% |
| 5/6/2024 | 9.7% | 4.9% | 0.7% |
| 2/27/2024 | -5.3% | -5.5% | -2.4% |
| 11/8/2023 | -21.3% | -24.5% | -26.9% |
| 8/8/2023 | 8.2% | 6.6% | 3.7% |
| 5/30/2023 | -1.2% | 5.5% | 23.9% |
| 5/9/2022 | -12.3% | -16.2% | -7.5% |
| 2/22/2022 | 1.1% | -1.7% | 5.5% |
| 11/8/2021 | -2.1% | -3.9% | -7.4% |
| 8/5/2021 | 3.8% | 18.7% | 21.8% |
| 5/5/2021 | 0.5% | -8.6% | -7.4% |
| 2/22/2021 | 3.0% | 4.3% | 10.6% |
| 11/5/2020 | -11.2% | -1.0% | 4.9% |
| 8/10/2020 | -3.7% | -8.3% | -13.6% |
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 10 |
| # Negative | 8 | 9 | 8 |
| Median Positive | 3.4% | 4.9% | 5.2% |
| Median Negative | -4.5% | -5.5% | -7.4% |
| Max Positive | 16.3% | 18.7% | 23.9% |
| Max Negative | -21.3% | -24.5% | -26.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
| 06/30/2019 | 08/07/2019 | 10-Q |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Property & Casualty Insurance Resources |
| Insurance Journal |
| Business Insurance |
| PropertyCasualty360 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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