BIRMINGHAM, Ala., Oct. 2, 2017 /PRNewswire/ -- ProAssurance Corporation (NYSE: PRA) today reported preliminary loss estimates in connection with Hurricanes Harvey, Irma and Maria, which affected Texas, several states in the southeast United States and islands in the Caribbean.

We estimate ProAssurance's net pre-tax losses from these storms will be approximately $7.5 million and are net of reinsurance and reinstatement premiums. The losses are within our Lloyds Syndicate segment and result from ProAssurance's 58% participation in the business written by Lloyd's Syndicate 1729.

Results of our participation in Syndicate 1729 are normally reported on a one-quarter lag. However, we will accelerate our reporting of these storm-related losses in the third quarter of 2017.

About ProAssurance
 ProAssurance Corporation is an industry-leading specialty insurer with extensive expertise in healthcare professional liability, products liability for medical technology and life sciences, legal professional liability, and workers' compensation insurance. The Company is recognized as one of the top performing insurance companies in America by virtue of our inclusion in the Ward's 50 for eleven straight years. ProAssurance Group is rated "A+" (Superior) by A.M. Best; ProAssurance and its operating subsidiaries are rated "A" (Strong) by Fitch Ratings. For the latest on ProAssurance and its industry-leading suite of products and services, cutting-edge risk management and practice enhancement programs, follow @ProAssurance on Twitter or LinkedIn. ProAssurance's YouTube channel regularly presents thought provoking, insightful videos that communicate effective practice management, patient safety and risk management strategies.

Caution Regarding Forward-Looking Statements
 Statements in this news release that are not historical fact or that convey our view of future business, events or trends are specifically identified as forward-looking statements. Forward-looking statements are based upon our estimates and anticipation of future events and highlight significant risks, assumptions and uncertainties that could cause actual results to vary materially from our expected results. We expressly claim the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, for any forward-looking statements in this news release. Forward-looking statements represent our outlook only as of the date of this news release. Except as required by law or regulation, we do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Forward-looking statements are generally identified by words such as, but not limited to, "anticipate," "believe," "estimate," "expect," "hope," "hopeful," "intend," "likely," "may," "optimistic," "possible," "potential," "preliminary," "project," "should," "will," and other analogous expressions. When we address topics such as liquidity and capital requirements, the value of our investments, return on equity, financial ratios, net income, premiums, losses and loss reserves, premium rates and retention of current business, competition and market conditions, the expansion of product lines, the development or acquisition of business in new geographical areas, the availability of acceptable reinsurance, actions by regulators and rating agencies, court actions, legislative actions, payment or performance of obligations under indebtedness, payment of dividends, and other similar matters, we are making forward-looking statements.

These forward-looking statements are subject to significant risks, assumptions, and uncertainties, including, among other things, the following factors that could affect the actual outcome of future events:


    --  changes in general economic conditions, including the impact of
        inflation or deflation and unemployment;
    --  our ability to maintain our dividend payments;
    --  regulatory, legislative and judicial actions or decisions that could
        affect our business plans or operations;
    --  the enactment or repeal of tort reforms;
    --  formation or dissolution of state-sponsored insurance entities providing
        coverages now offered by ProAssurance which could remove or add sizable
        numbers of insureds from or to the private insurance market;
    --  changes in the interest and tax rate environment;
    --  changes in U.S. laws or government regulations regarding financial
        markets or market activity that may affect the U.S. economy and our
        business;
    --  changes in the ability of the U.S. government to meet its obligations
        that may affect the U.S. economy and our business;
    --  performance of financial markets affecting the fair value of our
        investments or making it difficult to determine the value of our
        investments;
    --  changes in requirements or accounting policies and practices that may be
        adopted by our regulatory agencies, the FASB, the SEC, the PCAOB or the
        NYSE that may affect our business;
    --  changes in laws or government regulations affecting the financial
        services industry, the property and casualty insurance industry or
        particular insurance lines underwritten by our subsidiaries;
    --  the effect on our insureds, particularly the insurance needs of our
        insureds, and our loss costs, of changes in the healthcare delivery
        system and/or changes in the U.S. political climate that may affect
        healthcare policy or our business;
    --  consolidation of our insureds into or under larger entities which may be
        insured by competitors, or may not have a risk profile that meets our
        underwriting criteria or which may not use external providers for
        insuring or otherwise managing substantial portions of their liability
        risk;
    --  uncertainties inherent in the estimate of our loss and loss adjustment
        expense reserve and reinsurance recoverable;
    --  changes in the availability, cost, quality or collectability of
        insurance/reinsurance;
    --  the results of litigation, including pre- or post-trial motions, trials
        and/or appeals we undertake;
    --  effects on our claims costs from mass tort litigation that are different
        from that anticipated by us;
    --  allegations of bad faith which may arise from our handling of any
        particular claim, including failure to settle;
    --  loss or consolidation of independent agents, agencies, brokers or
        brokerage firms;
    --  changes in our organization, compensation and benefit plans;
    --  changes in the business or competitive environment may limit the
        effectiveness of our business strategy and impact our revenues;
    --  our ability to retain and recruit senior management;
    --  the availability, integrity and security of our technology
        infrastructure or that of our third-party providers of technology
        infrastructure, including any susceptibility to cyber-attacks which
        might result in a loss of information or operating capability;
    --  the impact of a catastrophic event, as it relates to both our operations
        and our insured risks;
    --  the impact of acts of terrorism and acts of war;
    --  the effects of terrorism-related insurance legislation and laws;
    --  guaranty funds and other state assessments;
    --  our ability to achieve continued growth through expansion into new
        markets or through acquisitions or business combinations;
    --  changes to the ratings assigned by rating agencies to our insurance
        subsidiaries, individually or as a group;
    --  provisions in our charter documents, Delaware law and state insurance
        laws may impede attempts to replace or remove management or may impede a
        takeover;
    --  state insurance restrictions may prohibit assets held by our insurance
        subsidiaries, including cash and investment securities, from being used
        for general corporate purposes;
    --  taxing authorities can take exception to our tax positions and cause us
        to incur significant amounts of legal and accounting costs and, if our
        defense is not successful, additional tax costs, including interest and
        penalties; and

    --  expected benefits from completed and proposed acquisitions may not be
        achieved or may be delayed longer than expected due to business
        disruption; loss of customers, employees or key agents; increased
        operating costs or inability to achieve cost savings; and assumption of
        greater than expected liabilities, among other reasons.

Additional risks, assumptions and uncertainties that could arise from our membership in the Lloyd's of London market and our participation in Syndicate 1729 include, but are not limited to, the following:


    --  members of Lloyd's are subject to levies by the Council of Lloyd's based
        on a percentage of the member's underwriting capacity, currently a
        maximum of 3%, but can be increased by Lloyd's;
    --  Syndicate operating results can be affected by decisions made by the
        Council of Lloyd's which the management of Syndicate 1729 has little
        ability to control, such as a decision to not approve the business plan
        of Syndicate 1729, or a decision to increase the capital required to
        continue operations, and by our obligation to pay levies to Lloyd's;
    --  Lloyd's insurance and reinsurance relationships and distribution
        channels could be disrupted or Lloyd's trading licenses could be revoked
        making it more difficult for Syndicate 1729 to distribute and market its
        products;
    --  rating agencies could downgrade their ratings of Lloyd's as a whole; and
    --  Syndicate 1729 operations are dependent on a small, specialized
        management team and the loss of their services could adversely affect
        the Syndicate's business. The inability to identify, hire and retain
        other highly qualified personnel in the future, could adversely affect
        the quality and profitability of Syndicate 1729's business.

Our results may differ materially from those we expect and discuss in any forward-looking statements. The principal risk factors that may cause these differences are described in "Item 1A, Risk Factors" in our Form 10-K and other documents we file with the Securities and Exchange Commission, such as our current reports on Form 8-K, and our regular reports on Form 10-Q. We caution readers not to place undue reliance on any such forward-looking statements, which are based upon conditions existing only as of the date made, and advise readers that these factors could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. Except as required by law or regulations, we do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

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SOURCE ProAssurance Corporation