ProAssurance (PRA)
Market Price (2/16/2026): $24.5 | Market Cap: $1.3 BilSector: Financials | Industry: Property & Casualty Insurance
ProAssurance (PRA)
Market Price (2/16/2026): $24.5Market Cap: $1.3 BilSector: FinancialsIndustry: Property & Casualty Insurance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| 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 -285% | Trading close to highsDist 52W High is -0.2%, Dist 3Y High is -0.2% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 37x |
| Megatrend and thematic driversMegatrends include Future of Insurance. Themes include Specialty Risk Management. | Weak multi-year price returns3Y Excs Rtn is -40% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1%, Rev Chg QQuarterly Revenue Change % is -2.0% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.31, Short 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 12% | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.7% | |
| Key risksPRA key risks include [1] deteriorating loss experience and adverse reserve development within its Specialty P&C segment, Show more. |
| 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 -285% |
| Megatrend and thematic driversMegatrends include Future of Insurance. Themes include Specialty Risk Management. |
| Trading close to highsDist 52W High is -0.2%, Dist 3Y High is -0.2% |
| Weak multi-year price returns3Y Excs Rtn is -40% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.31, Short 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 12% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 37x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1%, Rev Chg QQuarterly Revenue Change % is -2.0% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.7% |
| 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 10/31/2025 because of the following key factors:
1. Acquisition Price as a Cap: ProAssurance is currently in the process of being acquired by The Doctors Company for approximately $1.3 billion, at a cash price of $25 per share. This acquisition, announced in March 2025 and expected to finalize in the first half of 2026, has largely anchored the stock price around this $25 valuation. With the stock trading near this price (around $24.26 to $24.51 as of early February 2026), there is limited incentive for the stock to move significantly higher unless a revised offer is anticipated.
2. Mixed Quarterly Earnings Report: ProAssurance's third-quarter 2025 earnings, reported on November 4, 2025, presented a mixed picture. While the company's revenue of $279.55 million surpassed analyst expectations, its reported earnings per share (EPS) of $0.15 fell short of the consensus estimate of $0.28. This combination of exceeding revenue expectations but missing EPS forecasts likely created a balanced sentiment among investors, preventing drastic upward or downward stock movement.
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1. Acquisition Price as a Cap: ProAssurance is currently in the process of being acquired by The Doctors Company for approximately $1.3 billion, at a cash price of $25 per share. This acquisition, announced in March 2025 and expected to finalize in the first half of 2026, has largely anchored the stock price around this $25 valuation. With the stock trading near this price (around $24.26 to $24.51 as of early February 2026), there is limited incentive for the stock to move significantly higher unless a revised offer is anticipated.
2. Mixed Quarterly Earnings Report: ProAssurance's third-quarter 2025 earnings, reported on November 4, 2025, presented a mixed picture. While the company's revenue of $279.55 million surpassed analyst expectations, its reported earnings per share (EPS) of $0.15 fell short of the consensus estimate of $0.28. This combination of exceeding revenue expectations but missing EPS forecasts likely created a balanced sentiment among investors, preventing drastic upward or downward stock movement.
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Stock Movement Drivers
Fundamental Drivers
The 2.3% change in PRA stock from 10/31/2025 to 2/15/2026 was primarily driven by a 47.9% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.95 | 24.49 | 2.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,105 | 1,099 | -0.5% |
| Net Income Margin (%) | 4.4% | 3.1% | -30.4% |
| P/E Multiple | 25.2 | 37.3 | 47.9% |
| Shares Outstanding (Mil) | 51 | 51 | -0.1% |
| Cumulative Contribution | 2.3% |
Market Drivers
10/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| PRA | 2.3% | |
| Market (SPY) | -0.0% | -22.1% |
| Sector (XLF) | -1.4% | 7.0% |
Fundamental Drivers
The 3.1% change in PRA stock from 7/31/2025 to 2/15/2026 was primarily driven by a 29.9% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.76 | 24.49 | 3.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,115 | 1,099 | -1.4% |
| Net Income Margin (%) | 3.8% | 3.1% | -19.2% |
| P/E Multiple | 28.8 | 37.3 | 29.9% |
| Shares Outstanding (Mil) | 51 | 51 | -0.4% |
| Cumulative Contribution | 3.1% |
Market Drivers
7/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| PRA | 3.1% | |
| Market (SPY) | 8.2% | 3.5% |
| Sector (XLF) | -1.1% | 22.3% |
Fundamental Drivers
The 63.7% change in PRA stock from 1/31/2025 to 2/15/2026 was primarily driven by a 109.6% change in the company's P/E Multiple.| (LTM values as of) | 1312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.96 | 24.49 | 63.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,140 | 1,099 | -3.5% |
| Net Income Margin (%) | 3.8% | 3.1% | -18.6% |
| P/E Multiple | 17.8 | 37.3 | 109.6% |
| Shares Outstanding (Mil) | 51 | 51 | -0.5% |
| Cumulative Contribution | 63.7% |
Market Drivers
1/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| PRA | 63.7% | |
| Market (SPY) | 14.3% | 0.9% |
| Sector (XLF) | 1.4% | 5.6% |
Fundamental Drivers
The 26.7% change in PRA stock from 1/31/2023 to 2/15/2026 was primarily driven by a 90.3% change in the company's Net Income Margin (%).| (LTM values as of) | 1312023 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.34 | 24.49 | 26.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,104 | 1,099 | -0.4% |
| Net Income Margin (%) | 1.6% | 3.1% | 90.3% |
| P/E Multiple | 58.7 | 37.3 | -36.3% |
| Shares Outstanding (Mil) | 54 | 51 | 5.0% |
| Cumulative Contribution | 26.7% |
Market Drivers
1/31/2023 to 2/15/2026| Return | Correlation | |
|---|---|---|
| PRA | 26.7% | |
| Market (SPY) | 74.0% | 13.4% |
| Sector (XLF) | 47.7% | 24.5% |
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% | 3% | 147% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| PRA Win Rate | 50% | 33% | 58% | 58% | 58% | 100% | |
| Peers Win Rate | 55% | 55% | 62% | 68% | 62% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PRA Max Drawdown | 0% | -32% | -30% | -21% | -12% | -1% | |
| Peers Max Drawdown | -4% | -7% | -15% | -0% | -4% | -5% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[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 2/13/2026 (YTD)
How Low Can It Go
| Event | PRA | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -57.5% | -25.4% |
| % Gain to Breakeven | 135.1% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -65.1% | -33.9% |
| % Gain to Breakeven | 186.9% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -43.9% | -19.8% |
| % Gain to Breakeven | 78.2% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -37.3% | -56.8% |
| % Gain to Breakeven | 59.5% | 131.3% |
| Time to Breakeven | 780 days | 1,480 days |
Compare to WRB, CNA, TRV, HIG, CB
In The Past
ProAssurance's stock fell -57.5% during the 2022 Inflation Shock from a high on 3/17/2021. A -57.5% loss requires a 135.1% gain to breakeven.
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About ProAssurance (PRA)
ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. The company operates through Specialty Property and Casualty, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance, and Lloyd's Syndicate segments. It offers professional liability insurance for healthcare providers and institutions, and attorneys; liability insurance for medical technology and life sciences risks; and workers' compensation insurance, such as guaranteed cost policies, policyholder dividend policies, retrospectively rated policies, and deductible policies, as well as alternative market solutions that include program design, fronting, claims administration, risk management, SPC rental, asset management, and SPC management services for individual companies, agencies, groups, and associations. The company also participates in Lloyd's of London Syndicate 1729, which underwrites property and casualty insurance, and reinsurance. It markets its products through independent agencies and brokers, as well as an internal sales force. The company was founded in 1976 and is headquartered in Birmingham, Alabama.
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Here are 1-3 brief analogies for ProAssurance (PRA):
- ProAssurance is like Chubb for medical malpractice insurance.
- ProAssurance is like AIG for doctors and hospitals seeking professional liability coverage.
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- Medical Professional Liability Insurance: Provides coverage to healthcare professionals and facilities against claims of medical malpractice.
- Workers' Compensation Insurance: Offers coverage to employers for employees' injuries or illnesses sustained during employment.
- Specialty Professional Liability Insurance (Non-Medical): Provides professional liability coverage for various other professionals, including attorneys.
- Assumed Reinsurance: Engages in assuming a portion of risk from other insurance companies for a premium.
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ProAssurance (symbol: PRA) is an insurance company that provides professional liability and workers' compensation insurance. Due to the nature of its business as an insurer with a broad and diversified client base, ProAssurance does not disclose specific major customer companies. Instead, its customers are primarily professional entities and individuals across various industries. ProAssurance serves the following major categories of customers:- Healthcare Organizations and Facilities: This category includes hospitals, large medical groups, and other healthcare facilities such as long-term care providers. These are business entities that purchase professional liability insurance for their operations and staff.
- Individual Healthcare Professionals and Small Practices: This includes individual physicians, dentists, and advanced practice providers (e.g., nurse practitioners, physician assistants), as well as small and medium-sized physician practices. These customers purchase professional liability coverage to protect themselves against malpractice claims.
- Legal Professionals and Firms: ProAssurance provides professional liability insurance specifically tailored for attorneys and law firms of various sizes.
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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. He was first elected to the Board of Directors in 2019. Prior to this, he served as Chief Operating Officer, Chief Financial Officer, Executive Vice President, and Senior Vice President of Finance since joining ProAssurance in November 2004. Before his tenure at ProAssurance, Mr. Rand was Chief Accounting Officer and Head of Corporate Finance for PartnerRe Ltd. from 2000 to 2004. He also held positions as 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 was employed by Coopers & Lybrand (now PricewaterhouseCoopers LLP) for four years.
Dana S. Hendricks Executive Vice President, Chief Financial Officer, and Treasurer
Ms. Hendricks became the Chief Financial Officer, Executive Vice President, and Treasurer of ProAssurance Corporation in September 2018. She joined Podiatry Insurance Company of America (PICA), a ProAssurance subsidiary, in 2001 and held several executive-level positions, including Senior Vice President of Business Operations and Vice President of Finance and Corporate Controller. Before joining PICA, Ms. Hendricks gained experience in finance and data analysis at American General Life & Accident Insurance Company, as well as holding various finance and accounting positions in both public and non-public companies.
Jeffrey P. Lisenby Executive Vice President, General Counsel, and Corporate Secretary
Mr. Lisenby serves as an Executive Vice President, General Counsel, and Corporate Secretary of ProAssurance Corporation. He joined Medical Assurance, the precursor to ProAssurance, in 2001 and has since led the corporate Legal department. His prior experience includes private law practice and serving as a judicial clerk for the United States District Court for the Northern District of Alabama.
Noreen Dishart Executive Vice President & Chief Human Resources Officer
Ms. Dishart is the Executive Vice President and Chief Human Resources Officer of ProAssurance Corporation. She joined ProAssurance in April 2015 as Chief Human Resources Officer and was promoted to Executive Vice President in April 2020. Before joining ProAssurance, Ms. Dishart served as the Vice President of Human Resources for Eastern Insurance and as a Manager of Human Resources at Johnson & Johnson.
Rob Francis President, Healthcare Professional Liability
Mr. Francis is the President of ProAssurance's Medical Professional Liability Insurance division. He rejoined ProAssurance in 2019 after serving as the Chief Operating Officer of The Doctor's Company. Mr. Francis was previously employed at ProAssurance for 20 years, where he held a number of positions, including Chief Underwriting Officer.
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The key risks to ProAssurance's business include deteriorating loss experience in its core insurance segments, intense competitive and market pressures, and the potential impact of regulatory and legislative changes.
- Deteriorating Loss Experience and Increased Loss Adjustment Expenses: ProAssurance has faced significant challenges due to deteriorating loss experience and increasing loss adjustment expenses, particularly within its Specialty Property & Casualty segment, which includes medical professional liability insurance. This has been driven by factors such as weakening litigation trends and higher claim frequencies or severities. The company reported adverse development in prior accident year loss reserves and a higher current accident year net loss ratio in its Specialty P&C segment, notably from a large national healthcare account. These increased costs have directly impacted the company's underwriting results and profitability, leading to declining net income. ProAssurance has been implementing re-underwriting efforts and strategic initiatives to address these trends.
- Competitive Pressures and Market Volatility: The insurance industry in which ProAssurance operates is highly competitive. The company faces ongoing pressure from competitors who may offer more attractive pricing or innovative products, potentially leading to a loss of clients or reduced profit margins. Additionally, market volatility, influenced by economic fluctuations and regulatory changes, can negatively affect ProAssurance's investment returns and underwriting profitability. These competitive and market dynamics contribute to pricing pressures and can impact the company's overall financial performance.
- Regulatory and Legislative Actions: As an insurance provider, ProAssurance is subject to regulatory changes and legislative actions, which can introduce uncertainty and affect its business operations and financial results. For instance, legislative proposals to broaden coverage for workers' compensation claims could impact the company's workers' compensation segment. Adherence to evolving compliance requirements and regulatory oversight frameworks is essential for the company's operational resilience and alignment with professional standards.
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ProAssurance (PRA) operates in several key insurance markets. Their main products and services include medical professional liability, legal professional liability, and workers' compensation insurance. The addressable markets for these products and services are:- Medical Professional Liability Insurance: The global market for medical professional liability insurance was valued at approximately $16.4 billion in 2024 and is projected to reach $46 billion by 2034. In the U.S. alone, this market was valued at $6.4 billion in 2024.
- Legal Professional Liability Insurance: The global market size for lawyer liability (legal professional liability) was reported at $18.2 billion, with the U.S. market accounting for $10.6 billion, in 2024.
- Workers' Compensation Insurance: In the U.S., the total direct premiums written in the workers' compensation market were approximately $57.48 billion in 2024. Another estimate for annual premiums in the U.S. workers' compensation market is between $55 billion and $60 billion.
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ProAssurance (PRA) anticipates several key drivers for future revenue growth over the next two to three years:
- Renewal Premium Increases: The company has consistently achieved significant renewal premium increases in its Specialty Property & Casualty (P&C) segment, particularly within Medical Professional Liability (MPL). In the fourth quarter of 2024, Specialty P&C renewal premiums increased by 8%, with a 10% rise for standard MPL and an 8% increase for the specialty portion of the MPL book. This contributes to a cumulative premium change of over 65% since 2018. In the third quarter of 2025, Specialty P&C renewal premiums again increased by 8%, contributing to a cumulative premium change of over 80% in the MPL market since 2018, indicating a continued focus on pricing discipline.
- Growth in Net Investment Income: ProAssurance has seen a consistent increase in its net investment income, driven by favorable interest rate environments and higher yields on new investments. Net investment income rose by 14% in the third quarter of 2024, 9% in the fourth quarter of 2024, and 8.5% in the third quarter of 2025, demonstrating this as a sustained driver of revenue.
- Strategic Merger with The Doctors Company: The company is optimistic about its impending merger with The Doctors Company, which is expected to enhance its scale and capabilities in serving healthcare providers. This transaction is projected to close by June 30, 2026, and is anticipated to drive future revenue growth through expanded market reach and service offerings.
- Focus on Targeted Healthcare Market Segments and Disciplined Underwriting: Management emphasizes a strategic focus on disciplined claims management and underwriting within targeted healthcare market segments. While the company is willing to forgo new business or renewals that do not meet its rate adequacy expectations, this disciplined approach aims to foster profitable growth within specific niches where market conditions are favorable.
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Share Repurchases
- ProAssurance had $55.9 million remaining authorized for common share repurchases or retirement of outstanding debt as of September 30, 2025, and June 30, 2025.
- No common shares were repurchased during the three and nine months ended September 30, 2025, or in the second quarter of 2025.
- A share buyback program, initiated in 2011, which led to the repurchase of 12,758,534 shares (22.5% of outstanding shares) for $490.42 million, was completed.
Inbound Investments
- The Doctors Company announced an agreement on March 19, 2025, to acquire ProAssurance for $25.00 per share in cash.
- ProAssurance stockholders overwhelmingly approved the proposed acquisition by The Doctors Company on June 24, 2025.
- Based on approximately 51,156,821 shares outstanding as of February 20, 2025, the transaction value for the acquisition is approximately $1.28 billion.
Outbound Investments
- ProAssurance acquired NORCAL Insurance Company on May 5, 2021, marking a significant growth through acquisition.
- The company reduced its participation in Lloyd's Syndicate 1729 from 61% to 29% for the 2020 underwriting year, and further from 29% to 5% for the 2021 underwriting year.
- Participation for Syndicate 6131 was reduced from 100% to 50% for the 2021 underwriting year.
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 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 105.47 |
| Mkt Cap | 33.7 |
| Rev LTM | 21,202 |
| Op Inc LTM | - |
| FCF LTM | 4,597 |
| FCF 3Y Avg | 4,088 |
| CFO LTM | 4,693 |
| CFO 3Y Avg | 4,220 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.0% |
| Rev Chg 3Y Avg | 9.2% |
| Rev Chg Q | 5.2% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 21.7% |
| CFO/Rev 3Y Avg | 19.8% |
| FCF/Rev LTM | 21.5% |
| FCF/Rev 3Y Avg | 19.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 33.7 |
| P/S | 1.4 |
| P/EBIT | 9.2 |
| P/E | 12.2 |
| P/CFO | 6.4 |
| Total Yield | 9.6% |
| Dividend Yield | 1.3% |
| FCF Yield 3Y Avg | 14.8% |
| D/E | 0.1 |
| Net D/E | -0.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 6.5% |
| 3M Rtn | 4.4% |
| 6M Rtn | 6.6% |
| 12M Rtn | 25.0% |
| 3Y Rtn | 65.3% |
| 1M Excs Rtn | 7.6% |
| 3M Excs Rtn | 5.3% |
| 6M Excs Rtn | 0.6% |
| 12M Excs Rtn | 11.3% |
| 3Y Excs Rtn | -5.6% |
Segment Financials
Net Income by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Corporate | 90 | 17 | 91 | 71 | 130 |
| Contingent consideration | 5 | 9 | |||
| Segregated Portfolio Cell Reinsurance | 3 | -0 | 2 | 4 | 3 |
| Inter-segment Eliminations | 0 | 0 | 0 | ||
| Workers' Compensation Insurance | -32 | 2 | -0 | 6 | 12 |
| Transaction-related costs, net | -44 | -1 | -23 | ||
| Specialty Property and Casualty (P&C) | -60 | -27 | -4 | -98 | -148 |
| Gain on bargain purchase | 74 | ||||
| Lloyd's Syndicate | 4 | 2 | 3 | ||
| Goodwill impairment | -161 | ||||
| Total | -39 | -0 | 144 | -176 | 1 |
Price Behavior
Price Behavior
| Market Price | $24.49 | |
| Market Cap ($ Bil) | 1.3 | |
| First Trading Date | 09/04/1991 | |
| Distance from 52W High | -0.2% | |
| 50 Days | 200 Days | |
| DMA Price | $24.17 | $23.78 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 1.3% | 3.0% |
| 3M | 1YR | |
| Volatility | 4.6% | 51.4% |
| Downside Capture | -13.35 | -55.75 |
| Upside Capture | -0.70 | 5.78 |
| Correlation (SPY) | -23.4% | 0.5% |
PRA Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.00 | -0.07 | -0.05 | 0.03 | 0.03 | 0.41 |
| Up Beta | 0.16 | 0.07 | -0.04 | 0.17 | 0.10 | 0.32 |
| Down Beta | 0.01 | -0.10 | -0.08 | 0.02 | 0.35 | 0.49 |
| Up Capture | -2% | -2% | 0% | 3% | 4% | 16% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 7 | 18 | 28 | 61 | 113 | 355 |
| Down Capture | -9% | -16% | -7% | -5% | -91% | 69% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 10 | 18 | 27 | 51 | 108 | 357 |
[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 | 64.1% | 51.1% | 1.09 | - |
| Sector ETF (XLF) | 1.6% | 19.3% | -0.04 | 5.2% |
| Equity (SPY) | 14.0% | 19.4% | 0.55 | 0.7% |
| Gold (GLD) | 74.3% | 25.3% | 2.17 | -2.9% |
| Commodities (DBC) | 7.0% | 16.7% | 0.24 | -0.5% |
| Real Estate (VNQ) | 7.9% | 16.6% | 0.28 | 5.8% |
| Bitcoin (BTCUSD) | -29.8% | 44.9% | -0.65 | -7.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRA | |
|---|---|---|---|---|
| PRA | 3.5% | 40.3% | 0.19 | - |
| Sector ETF (XLF) | 12.4% | 18.7% | 0.54 | 31.2% |
| Equity (SPY) | 13.3% | 17.0% | 0.62 | 20.0% |
| Gold (GLD) | 22.1% | 17.0% | 1.06 | 1.8% |
| Commodities (DBC) | 10.5% | 18.9% | 0.44 | 5.3% |
| Real Estate (VNQ) | 5.2% | 18.8% | 0.18 | 25.4% |
| Bitcoin (BTCUSD) | 8.3% | 57.2% | 0.37 | 5.8% |
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 | -3.9% | 38.5% | 0.01 | - |
| Sector ETF (XLF) | 13.8% | 22.2% | 0.57 | 44.0% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 33.3% |
| Gold (GLD) | 15.3% | 15.6% | 0.82 | -2.8% |
| Commodities (DBC) | 8.1% | 17.6% | 0.38 | 10.9% |
| Real Estate (VNQ) | 6.4% | 20.7% | 0.27 | 34.1% |
| Bitcoin (BTCUSD) | 67.9% | 66.7% | 1.07 | 8.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 7 | 8 |
| # Negative | 8 | 10 | 9 |
| Median Positive | 3.0% | 5.5% | 8.0% |
| Median Negative | -8.2% | -8.4% | -7.5% |
| Max Positive | 16.3% | 18.7% | 23.9% |
| Max Negative | -21.5% | -35.6% | -26.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
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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