Q4 2023 ProAssurance Corp Earnings Call

Good morning, everyone welcome to assurances conference call to discuss the company's fourth quarter 2023 results.

I'd like to remind you that the call is being recorded and there'll be a time for questions. After the conclusion of the prepared remarks.

Now I'll turn the call over to Frank I know please go ahead.

Good morning, everyone. We reported on our fourth quarter results in the news release issued February 27, 2024 and in our report on Form 10-K, which was also filed yesterday on February 27th 2024 included in those documents were cautionary statements about significant risks.

Uncertainties and other factors that are out of the company's control and could affect pro assurance business and alter expected results.

Please review those statements.

This morning, our management team will be discussing selected aspects of the quarterly results on this call and investors should review the filing on Form 10-K, and accompanying press releases for a full and complete information.

We expect to make statements on this call dealing with projections estimates and expectations and we explicitly identify these as forward looking statements within the meaning of the U S. Federal Securities law and subject to applicable State Harbor Safe Harbor protections. The content of this call is accurate only on February two.

Thousand eight 2024.

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 Chief Financial Officer.

Also joining today, our executive leadership team members, Rob Francis Kevin Shook and Kieran Murphy.

I'm going to turn the call over to Ned.

Thank you Frank and good morning, everyone.

I wanted to address the headline number upfront.

Our per share operating loss was five in the quarter, primarily reflecting the continuation of significant increases in losses in our workers compensation book of business.

The results are disappointing, but are a direct result of our commitment to protecting our balance sheet and our insureds.

<unk> remains committed to a long term strategy that we believe will ultimately create sustained profitability.

At the same time, we have to recognize the headwinds presented by the current difficult market conditions in a very challenging litigation climate.

Our experience has shown us that responding with pricing actions and a focus on underwriting discipline.

While adapting to the evolution of our target markets will propel us on a positive trajectory.

While we remain confident that the strategies, we have implemented will return approach arens to acceptable levels of profitability, we have to acknowledge that it is taking longer than we anticipated.

The reality on the ground today as a loss environment that continues to worsen and.

And as presented prevented us from making as much progress as we would like.

Our financial performance. Unfortunately, masked the tremendous progress we have made within our organic.