Q3 2023 ProAssurance Corp Earnings Call
Good morning, everyone welcome to private insurance as conference call to discuss the company's third quarter 2023 results I would like to remind you that the call is being recorded and there will be time for questions. After the conclusion. After pat's remarks, now I will turn the call over to Frank O'neil do we keep hearing.
One day on the limited engagement.
Thank you David and good morning, everyone. We reported on third quarter results in our news release issued November eight 2023, and our quarterly report on Form 10-Q, which was also filed on November eight 2023.
Included in those documents were cautionary statements about the significant risks uncertainties and other factors that are out of the company's control and could affect pro assurance business and after expected results.
Please review those statements carefully.
This morning, our management team will discuss selected aspects of their quarterly results on this call and investors should review the filing on Form 10-Q, and accompanying press release for full and complete information, we expect to make statements on this call dealing with projections estimates and expectations and explicitly identify these as <unk>.
Forward looking statements within the meaning of the U S Federal securities laws and subject to applicable safe Harbor protections.
All of this the content of this call is accurate only on November nine 2023, and as except as required by law or regulation Pro assurance will not undertake and expressly disclaims any obligation to update or alter information disclosed as part of these forward looking statements.
Our management team also expects to reference non-GAAP items during today's call. The company's recent news release provides a reconciliation of these non-GAAP numbers to their GAAP counterparts.
On the call with me today will be Ned Rand, President and CEO Dana Hendricks, our Chief Financial Officer also joining are the exact executive leadership team members, Rob Francis Kevin Sure Ross Todman, and Kieran Murphy now im going to turn the call over to Nick.
Thank you Frank and it's nice to have you back thanks for coming out of retirement briefly while we try to fill a vacancy in our IR role I really appreciate that and good morning to everybody.
In reporting our results for the third quarter, both the realities of current market conditions and our resolve to respond appropriately.
Dan and I look forward to providing insights into the evolving market.
I wanted to address the <unk> <unk> per share operating loss upfront unfavorable development in our workers compensation book of business is the primary reason for the loss.
And while disappointing our actions are consistent with our historical practice of recognizing negative trends as they present themselves.
While that reserve development resulted in the headline loss number. It also masked positive trends I think point to better results ahead.
Gross written premiums were up 4% quarter every quarter and.
New business was significantly higher.
While retention remained strong this.
This signals not only an appreciation for the quality of the service and strength, we provide to our insurers but.
But it is a testament to the dedication and effectiveness of our team members and distribution partners, who are helping us earn new business.
Retaining insureds in these extremely competitive market conditions.
I suppose all legitimate question would be why are we growing given current market conditions.
Our strategy in both lines of business.
The strength, we provide to our insurers.
But it is a testament to the dedicated.
As a testament to the dedication and strength, we provide to our insurers.
But it is a testament to the dedicated business and retaining insureds in these extremely competitive market conditions.
I suppose all legitimate question would be why are we growing given current market conditions.
Our strategy in both lines of business.
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But it is a testament to the dedication and strength, we provide to our insureds.
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But it is a testament to the dedication and strength, we provide to our insureds.
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Strength, we provide to our insurers.
But it is a testament to the dedicated business and retaining insureds in these extremely competitive market conditions.
As opposed to legitimate question would be why are we growing given current market conditions.
Our strategy in both lines of business.
Strength, we provide to our insurers.
But it is a testament to the dedication and strength, we provide to our insureds.
But it is a testament to the dedicated.
Strength, we provide to our insurers.
But it is a testament to the dedication and strength, we provide to our insureds.
It is a testament to the dedicated.
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But it is a testament to the dedication and strength, we provide to our insureds.
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But it is a testament to the dedication and strength, we provide to our insureds.
It is a testament to the dedication and strength, we provide to our insurers.
But it is a testament to the dedication and strength, we provide to our insureds.
But it is a testament to the dedication and strength, we provide to our insureds.
But it is a testament to the dedication and strength, we provide to our insurers.
But it is a testament to the dedication and strength, we provide to our insureds.
But it is a testament to the dedication and strength, we provide to our insureds.
But it is a testament to the dedicated.
Strength, we provide to our insureds.
But it is a testament to the dedicated business and retaining insurers in these extremely competitive market conditions.
As opposed to legitimate question would be why are we growing given current market conditions.
Our strategy in both lines of business and strength, we provide to our insurers.
But it is a testament to the dedication and strength, we provide to our insureds.
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But it is a testament to the dedication and strength, we provide to our insurers.
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But it is a testament to the dedicated.
Strength, we provide to our insureds.
Speaker 1: but as a testament to the dedication and strength we provide to our insurance.
But it is a testament to the dedication and strength, we provide to our insureds.
Speaker 1: but as a testament to the dedication and strength we provide to our insurance.
It is a testament to the dedicated.
Strength, we provide to our insurers.
Speaker 1: But as a testament to the dedicated business and retaining insurgents in these extremely competitive market conditions.
But it is a testament to the dedicated business and retaining insureds in these extremely competitive market conditions.
Speaker 1: As opposed to a legitimate question, would be why are we growing given current market conditions?
As opposed to legitimate question would be why are we growing given current market conditions.
Speaker 1: Our strategy in both lines of business and strength we provide to our insurance.
Our strategy in both lines of business.
Strength, we provide to our insureds.
Speaker 1: but as a testament to the dedication and strength we provide to our insurance.
But it is a testament to the dedication and strength, we provide to our insureds.
Speaker 1: but as a testament to the dedicated business and retaining insurgents in these extremely competitive market conditions.
But it is a testament to the dedicated business and retaining insureds in these extremely competitive market conditions.
Speaker 1: As opposed to a legitimate question would be why are we growing given current market conditions?
As opposed to legitimate question would be why are we growing given current market conditions.
Speaker 1: Our strategy in both lines of business and strength we provide to our insurance.
Our strategy in both lines of business.
The strength, we provide to our insurers.
Speaker 1: but as a testament to the dedication and strength we provide to our insurance.
But it is a testament to the dedication and strength, we provide to our insureds.
Speaker 1: but as a testament to the dedication and strength we provide to our insurance.
But it is a testament to the dedication and strength, we provide to our insureds.
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But it is a testament to the dedication and strength, we provide to our insureds.
Speaker 1: but as a testament to the dedication and strength we provide to our insurance.
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Speaker 1: As opposed to a legitimate question, would be, why are we growing given current market conditions?
As opposed to legitimate question would be why are we growing given current market conditions.
Speaker 1: Our strategy in both lines of business and strength we provide to our insurance.
Our strategy in both lines of business and the strength, we provide to our insurers.
Speaker 1: but as a testament to the dedicated business in retaining insurgent these extremely competitive market conditions.
But it is a testament to the dedicated business, we're retaining insureds in these extremely competitive market conditions.
Speaker 1: As opposed to a legitimate question would be why are we growing given current market conditions?
As opposed to legitimate question would be why are we growing given current market conditions.
Speaker 1: Our strategy in both lines of business and strength we provide to our insurance.
Our strategy in both lines of business.
Strength, we provide to our insureds.
Speaker 1: But as a testament to the dedicated business and retaining insurgents in these extremely competitive market conditions.
But it is a testament to the dedicated business and retaining insureds in these extremely competitive market conditions.
Speaker 1: As opposed to a legitimate question, would be, why are we growing given current market conditions?
As opposed to legitimate question would be why are we growing given current market conditions.
Speaker 1: Our strategy in both lines of business and retaining insurgent these extremely competitive market conditions.
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Speaker 1: As opposed to a legitimate question, would be, why are we growing given current market conditions?
As opposed to legitimate question would be why are we growing given current market conditions.
Speaker 1: Our strategy in both lines of business and strength we provide to our insurance.
Our strategy in both lines of business.
The strength, we provide to our insureds.
Speaker 1: But as a testament to the dedicated business and retaining insurgents in these extremely competitive market conditions.
But it is a testament to the dedicated business and retaining insureds in these extremely competitive market conditions.
Speaker 1: As opposed to a legitimate question would be why are we growing given current market conditions?
As opposed to legitimate question would be why are we growing given current market conditions.
Speaker 1: Our strategy in both lines of business and retaining insurgent these extremely competitive market conditions.
Our strategy in both lines of business and retaining insureds in these extremely competitive market conditions.
Speaker 1: As opposed to a legitimate question, would be why are we growing given current market conditions?
As opposed to legitimate question would be why are we growing given current market conditions.
Speaker 1: Our strategy in both lines of business and strength we provide to our insurance.
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As opposed to legitimate question would be why are we growing given current market conditions.
Speaker 1: Our strategy in both lines of business and strength we provide to our insurance.
Our strategy in both lines of business and the strength, we provide to our insurers.
Speaker 1: but as a testament to the dedication and strength we provide to our insurance.
But it is a testament to the dedication and strength, we provide to our insureds.
Speaker 1: but as a testament to the dedication and strength we provide to our insurance.
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But it is a testament to the dedicated business and retaining insureds in these extremely competitive market conditions.
Speaker 1: As opposed to a legitimate question, would be, why are we growing given current market conditions?
As opposed to legitimate question would be why are we growing given current market conditions.
Speaker 1: Our strategy in both lines of business and strength we provide to our insurance.
Our strategy in both lines of business and the strength, we provide to our insurers.
Speaker 1: but as a testament to the dedication and strength we provide to our insurance.
But it is a testament to the dedicated some strength we provide to our insureds.
Speaker 1: but as a testament to the dedication and strength we provide to our insurance.
But it is a testament to the dedication and strength, we provide to our insureds.
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Speaker 2: I think we recognize a lot of these trends faster because we close claims faster. And so we know what the final cost is and the final resolution of a claim is, within a couple of years. And I don't think that's true for the rest of the industry, or at least a lot of the rest of the industry. And so how they ultimately build that inflation into the payments that they're gonna have to make in the future on claims that they hold open today, I can't-
<unk>, we recognized a lot of these trends faster because we closed claims faster.
And so we know what the final cost is in the final resolution of a claim is.
Within a couple of years and I don't think that's true for the rest of the industry or at least a lot of the rest of the industry and so.
How they ultimately build that inflation into the payments that we're going to have to make in the future on claims that they hold open today I can't.
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