ProAssurance Corporation

PRA

US74267C1062

Property & Casualty Insurance

Market Closed - Nyse Other stock markets 04:00:01 2024-04-26 pm EDT			5-day change	1st Jan Change
13.17 ^USD	-3.52%		-1.64%	-4.50%

Mar. 04	Piper Sandler Trims Price Target on ProAssurance to $15 From $16, Maintains Overweight Rating	MT
Feb. 29	Truist Securities Trims Price Target on ProAssurance to $14 From $15, Maintains Hold Rating	MT

ProAssurance : "Preferred Physicians Medical RRG","PNC-AS","2023-12-31" Annual Statutory Statement

February 27, 2024

ANNUAL STATEMENT FOR THE YEAR 2023 OF THE Preferred Physicians Medical Risk Retention Group, a Mutual

Insurance Company

ASSETS

				Current Year		Prior Year
			1	2	3	4
					Net Admitted Assets	Net Admitted
			Assets	Nonadmitted Assets	(Cols. 1 - 2)	Assets
1.	Bonds (Schedule D)	11,273,336	11,273,336	11,340,254
2.	Stocks (Schedule D):
	2.1	Preferred stocks		0	0	0
	2.2	Common stocks		0	0	0

3. Mortgage loans on real estate (Schedule B):

3.1	First liens	0	0
3.2	Other than first liens	0	0

4. Real estate (Schedule A):

4.1 Properties occupied by the company (less

	$	0	encumbrances)			0	0
	4.2 Properties held for the production of income
	(less $		0 encumbrances)			0	0
	4.3 Properties held for sale (less
	$	0	encumbrances)			0	0
5.	Cash ($	(304,931) , Schedule E-Part 1), cash equivalents
	($	6,032,667 , Schedule E-Part 2) and short-term
	investments ($		0 , Schedule DA)	5,727,736		5,727,736	5,431,707
6.	Contract loans (including $	premium notes)			0	0
7.	Derivatives (Schedule DB)		0		0	0
8.	Other invested assets (Schedule BA)	0	0	0	0
9.	Receivables for securities				0	0
10.	Securities lending reinvested collateral assets (Schedule DL)			0	0
11.	Aggregate write-ins for invested assets	0	0	0	0
12.	Subtotals, cash and invested assets (Lines 1 to 11)	17,001,072	0	17,001,072	16,771,961
13.	Title plants less $		charged off (for Title insurers
	only)					0	0
14.	Investment income due and accrued	30,450		30,450	33,041

15. Premiums and considerations:

	15.1	Uncollected premiums and agents' balances in the course of
	collection	10,996,867	10,996,867	11,657,346
	15.2	Deferred premiums, agents' balances and installments booked but
	deferred and not yet due (including $	earned
	but unbilled premiums)		0	0
	15.3 Accrued retrospective premiums ($	) and
	contracts subject to redetermination ($	)	0	0
16.	Reinsurance:
	16.1	Amounts recoverable from reinsurers	303,991	303,991	573,375
	16.2	Funds held by or deposited with reinsured companies		0	0
	16.3	Other amounts receivable under reinsurance contracts		0	0
17.	Amounts receivable relating to uninsured plans		0	0
18.1	Current federal and foreign income tax recoverable and interest thereon	0	99,817
18.2	Net deferred tax asset		0	0
19.	Guaranty funds receivable or on deposit		0	0
20.	Electronic data processing equipment and software		0	0

21. Furniture and equipment, including health care delivery assets

	($	)			0
22.	Net adjustment in assets and liabilities due to foreign exchange rates			0
23.	Receivables from parent, subsidiaries and affiliates			0
24.	Health care ($	) and other amounts receivable			0
25.	Aggregate write-ins for other-than-invested assets	14,985	14,985	0

26. Total assets excluding Separate Accounts, Segregated Accounts and

Protected Cell Accounts (Lines 12 to 25)

28,347,365

14,985

28,332,380

29,135,540

27. From Separate Accounts, Segregated Accounts and Protected

	Cell Accounts			0	0
28.	Total (Lines 26 and 27)	28,347,365	14,985	28,332,380	29,135,540
DETAILS OF WRITE-INS
1101.
1102.
1103.
1198.	Summary of remaining write-ins for Line 11 from overflow page	0	0	0	0
1199.	Totals (Lines 1101 through 1103 plus 1198) (Line 11 above)	0	0	0	0
2501.				0	0
2502.	Deposits	14,985	14,985	0	0
2503.
2598.	Summary of remaining write-ins for Line 25 from overflow page	0	0	0	0
2599.	Totals (Lines 2501 through 2503 plus 2598) (Line 25 above)	14,985	14,985	0	0

ANNUAL STATEMENT FOR THE YEAR 2023 OF THE Preferred Physicians Medical Risk Retention Group, a Mutual

Insurance Company

LIABILITIES, SURPLUS AND OTHER FUNDS

							1	2
							Current Year	Prior Year
1.	Losses (Part 2A, Line 35, Column 8)				0	0
2.	Reinsurance payable on paid losses and loss adjustment expenses (Schedule F, Part 1, Column 6)		0
3.	Loss adjustment expenses (Part 2A, Line 35, Column 9)				3,200,561	3,200,561
4.	Commissions payable, contingent commissions and other similar charges				0
5.	Other expenses (excluding taxes, licenses and fees)				1,566,401	1,841,230
6.	Taxes, licenses and fees (excluding federal and foreign income taxes)			407,100	763,462
7.1	Current federal and foreign income taxes (including $			on realized capital gains (losses))		0
7.2	Net deferred tax liability						0
8.	Borrowed money $	and interest thereon $				0
9.	Unearned premiums (Part 1A, Line 38, Column 5) (after deducting unearned premiums for ceded reinsurance of
	$	25,844,000	and including warranty reserves of $			and accrued accident and
	health experience rating refunds including $	for medical loss ratio rebate per the Public Health
	Service Act)						0	0
10.	Advance premium					737,775	632,314
11.	Dividends declared and unpaid:
	11.1 Stockholders						0
	11.2 Policyholders						0
12.	Ceded reinsurance premiums payable (net of ceding commissions)			16,085,148	16,567,481
13.	Funds held by company under reinsurance treaties (Schedule F, Part 3, Column 20)		0
14.	Amounts withheld or retained by company for account of others				258,974	363,710
15.	Remittances and items not allocated					0
16.	Provision for reinsurance (including $	certified) (Schedule F, Part 3, Column 78)		0
17.	Net adjustments in assets and liabilities due to foreign exchange rates				0
18.	Drafts outstanding						0
19.	Payable to parent, subsidiaries and affiliates				1,076,421	766,782
20.	Derivatives						0	0
21.	Payable for securities						0
22.	Payable for securities lending					0
23.	Liability for amounts held	under uninsured plans					0
24.	Capital notes $	and interest thereon $				0
25.	Aggregate write-ins for liabilities				0	0
26.	Total liabilities excluding protected cell liabilities (Lines 1 through 25)			23,332,380	24,135,540
27.	Protected cell liabilities						0
28.	Total liabilities (Lines 26 and 27)				23,332,380	24,135,540
29.	Aggregate write-ins for special surplus funds				0	0
30.	Common capital stock						0
31.	Preferred capital stock						0
32.	Aggregate write-ins for other-than-special surplus funds				0	0
33.	Surplus notes						5,000,000	5,000,000
34.	Gross paid in and contributed surplus					0
35.	Unassigned funds (surplus)					0
36.	Less treasury stock, at cost:
	36.1		shares common (value included in Line 30	$	)		0
	36.2		shares preferred (value included in Line 31	$	)		0
37.	Surplus as regards policyholders (Lines 29 to 35, less 36) (Page 4, Line 39)			5,000,000	5,000,000
38.	Totals (Page 2, Line 28, Col. 3)				28,332,380	29,135,540
DETAILS OF WRITE-INS
2501.
2502.
2503.
2598.	Summary of remaining write-ins for Line 25 from overflow page				0	0
2599.	Totals (Lines 2501 through 2503 plus 2598) (Line 25 above)				0	0
2901.
2902.
2903.
2998.	Summary of remaining write-ins for Line 29 from overflow page				0	0
2999.	Totals (Lines 2901 through 2903 plus 2998) (Line 29 above)				0	0
3201.
3202.
3203.
3298.	Summary of remaining write-ins for Line 32 from overflow page				0	0
3299.	Totals (Lines 3201 through 3203 plus 3298) (Line 32 above)				0	0

ANNUAL STATEMENT FOR THE YEAR 2023 OF THE Preferred Physicians Medical Risk Retention Group, a Mutual

Insurance Company

STATEMENT OF INCOME

					1	2
					Current Year	Prior Year
1.		UNDERWRITING INCOME
Premiums earned (Part 1, Line 35, Column 4)			0	0
	DEDUCTIONS:
2.	Losses incurred (Part 2, Line 35, Column 7)			0	0
3.	Loss adjustment expenses incurred (Part 3, Line 25, Column 1)			2,037,396	2,067,819
4.	Other underwriting expenses incurred (Part 3, Line 25, Column 2)			(1,472,924)	(1,894,130)
5.	Aggregate write-ins for underwriting deductions			0	0
6.	Total underwriting deductions (Lines 2 through 5)			564,472	173,689
7.	Net income of protected cells					0
8.	Net underwriting gain (loss) (Line 1 minus Line 6 plus Line 7)			(564,472)	(173,689)
		INVESTMENT INCOME
9.	Net investment income earned (Exhibit of Net Investment Income, Line 17)			508,672	71,146
10.	Net realized capital gains (losses) less capital gains tax of $	(Exhibit of Capital Gains (Losses))		0
11.	Net investment gain (loss) (Lines 9 + 10)			508,672	71,146
		OTHER INCOME
12.	Net gain (loss) from agents' or premium balances charged off (amount recovered $		amount
	charged off $	)				(5,429)
13.	Finance and service charges not included in premiums				0
14.	Aggregate write-ins for miscellaneous income			74,608	0
15.	Total other income (Lines 12 through 14)			74,608	(5,429)
16.	Net income before dividends to policyholders, after capital gains tax and before all other federal and foreign income taxes
	(Lines 8 + 11 + 15)				18,808	(107,972)
17.	Dividends to policyholders					0
18.	Net income, after dividends to policyholders, after capital gains tax and before all other federal and foreign income taxes
	(Line 16 minus Line 17)				18,808	(107,972)
19.	Federal and foreign income taxes incurred			18,808	(107,972)
20.	Net income (Line 18 minus Line 19) (to Line 22)			0	0
		CAPITAL AND SURPLUS ACCOUNT
21.	Surplus as regards policyholders, December 31 prior year (Page 4, Line 39, Column 2)		5,000,000	5,000,000
22.	Net income (from Line 20)				0	0
23.	Net transfers (to) from Protected Cell accounts				0
24.	Change in net unrealized capital gains or (losses) less capital gains tax of $				0
25.	Change in net unrealized foreign exchange capital gain (loss)				0
26.	Change in net deferred income tax					0
27.	Change in nonadmitted assets (Exhibit of Nonadmitted Assets, Line 28, Col. 3)				0
28.	Change in provision for reinsurance (Page 3, Line 16, Column 2 minus Column 1)			0	0
29.	Change in surplus notes					0
30.	Surplus (contributed to) withdrawn from protected cells				0
31.	Cumulative effect of changes in accounting principles				0
32.	Capital changes:
	32.1 Paid in					0
	32.2 Transferred from surplus (Stock Dividend)				0
	32.3 Transferred to surplus					0
33.	Surplus adjustments:
	33.1 Paid in					0
	33.2 Transferred to capital (Stock Dividend)				0
	33.3 Transferred from capital					0
34.	Net remittances from or (to) Home Office				0
35.	Dividends to stockholders					0
36.	Change in treasury stock (Page 3, Lines 36.1 and 36.2, Column 2 minus Column 1)			0	0
37.	Aggregate write-ins for gains and losses in surplus			0	0
38.	Change in surplus as regards policyholders for the year (Lines 22 through 37)			0	0
39.	Surplus as regards policyholders, December 31 current year (Line 21 plus Line 38) (Page 3, Line 37)		5,000,000	5,000,000
DETAILS OF WRITE-INS
0501.
0502.
0503.
0598.	Summary of remaining write-ins for Line 5 from overflow page			0	0
0599.	Totals (Lines 0501 through 0503 plus 0598) (Line 5 above)			0	0
1401.	MIscellaneous Income				74,608
1402.
1403.
1498.	Summary of remaining write-ins for Line 14 from overflow page			0	0
1499.	Totals (Lines 1401 through 1403 plus 1498) (Line 14 above)			74,608	0
3701.
3702.
3703.
3798.	Summary of remaining write-ins for Line 37 from overflow page			0	0
3799.	Totals (Lines 3701 through 3703 plus 3798) (Line 37 above)			0	0

ANNUAL STATEMENT FOR THE YEAR 2023 OF THE Preferred Physicians Medical Risk Retention Group, a Mutual

Insurance Company

CASH FLOW

				1	2
				Current Year	Prior Year
1.		Cash from Operations
Premiums collected net of reinsurance		283,606	1,914,168
2.	Net investment income		578,180	32,975
3.	Miscellaneous income		74,608	(5,429)
4.	Total (Lines 1 through 3)		936,394	1,941,714
5.	Benefit and loss related payments		(269,384)	497,837
6.	Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	0	0
7.	Commissions, expenses paid and aggregate write-ins for deductions		990,759	(421,858)
8.	Dividends paid to policyholders		0	0
9.	Federal and foreign income taxes paid (recovered) net of $	tax on capital gains (losses)	(81,009)	(8,155)
10.	Total (Lines 5 through 9)		640,366	67,824
11.	Net cash from operations (Line 4 minus Line 10)		296,028	1,873,890
12.		Cash from Investments
Proceeds from investments sold, matured or repaid:
	12.1	Bonds		0	0
	12.2	Stocks		0	0
	12.3	Mortgage loans		0	0
	12.4	Real estate		0	0
	12.5	Other invested assets		0	0
	12.6	Net gains or (losses) on cash, cash equivalents and short-term investments		0	0
	12.7	Miscellaneous proceeds		0	0
13.	12.8	Total investment proceeds (Lines 12.1 to 12.7)		0	0
Cost of investments acquired (long-term only):
	13.1	Bonds		0	0
	13.2	Stocks		0	0
	13.3	Mortgage loans		0	0
	13.4	Real estate		0	0
	13.5	Other invested assets		0	0
	13.6	Miscellaneous applications		0	0
14.	13.7	Total investments acquired (Lines 13.1 to 13.6)		0	0
Net increase/(decrease) in contract loans and premium notes		0	0
15.	Net cash from investments (Line 12.8 minus Line 13.7 minus Line 14)		0	0
16.		Cash from Financing and Miscellaneous Sources
Cash provided (applied):
	16.1	Surplus notes, capital notes		0	0
	16.2	Capital and paid in surplus, less treasury stock		0	0
	16.3	Borrowed funds		0	0
	16.4	Net deposits on deposit-type contracts and other insurance liabilities			0
	16.5	Dividends to stockholders		0	0
17.	16.6	Other cash provided (applied)			(2,144,508)
Net cash from financing and miscellaneous sources (Lines 16.1 to 16.4 minus Line 16.5 plus Line 16.6)	0	(2,144,508)
18.		RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)	296,028	(270,618)
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year		5,431,707	5,702,325
	19.2	End of year (Line 18 plus Line 19.1)		5,727,735	5,431,707

ANNUAL STATEMENT FOR THE YEAR 2023 OF THE Preferred Physicians Medical Risk Retention Group, a Mutual

Insurance Company

Part 1 - Premiums Earned

NONE

Part 1A - Recapitulation of All Premiums

NONE

6, 7

ANNUAL STATEMENT FOR THE YEAR 2023 OF THE Preferred Physicians Medical Risk Retention Group, a Mutual

Insurance Company

UNDERWRITING AND INVESTMENT EXHIBIT

PART 1B - PREMIUMS WRITTEN

		1	Reinsurance Assumed	Reinsurance Ceded	6
		Direct	2	3	4	5	Net Premiums
	Line of Business	Business	From	From	To	To	Written Cols.
	(a)	Affiliates	Non-Affiliates	Affiliates	Non-Affiliates	1+2+3-4-5
1.	Fire						0
2.1	Allied lines						0
2.2	Multiple peril crop						0
2.3	Federal flood						0
2.4	Private crop						0
2.5	Private flood						0
3.	Farmowners multiple peril						0
4.	Homeowners multiple peril						0
5.1	Commercial multiple peril (non-liability portion)						0
5.2	Commercial multiple peril (liability portion)						0
6.	Mortgage guaranty						0
8.	Ocean marine						0
9.	Inland marine						0
10.	Financial guaranty						0
11.1	Medical professional liability-occurrence	3,288,375			3,288,375		0
11.2	Medical professional liability-claims-made	28,768,791			28,768,791		0
12.	Earthquake						0
13.1	Comprehensive (hospital and medical) individual						0
13.2	Comprehensive (hospital and medical) group						0
14.	Credit accident and health (group and individual)						0
15.1	Vision only						0
15.2	Dental only						0
15.3	Disability income						0
15.4	Medicare supplement						0
15.5	Medicaid Title XIX						0
15.6	Medicare Title XVIII						0
15.7	Long-term care						0
15.8	Federal employees health benefits plan						0
15.9	Other health						0
16.	Workers' compensation						0
17.1	Other liability-occurrence						0
17.2	Other liability-claims-made						0
17.3	Excess workers' compensation						0
18.1	Products liability-occurrence						0
18.2	Products liability-claims-made						0
19.1	Private passenger auto no-fault (personal injury protection)						0
19.2	Other private passenger auto liability						0
19.3	Commercial auto no-fault (personal injury protection)						0
19.4	Other commercial auto liability						0
21.1	Private passenger auto physical						0
21.2	Commercial auto physical damage						0
22.	Aircraft (all perils)						0
23.	Fidelity						0
24.	Surety						0
26.	Burglary and theft						0
27.	Boiler and machinery						0
28.	Credit						0
29.	International						0
30.	Warranty						0
31.	Reinsurance-nonproportional assumed property	XXX					0
32.	Reinsurance-nonproportional assumed liability	XXX					0
33.	Reinsurance-nonproportional assumed financial lines	XXX					0
34.	Aggregate write-ins for other lines of business	0	0	0	0	0	0
35.	TOTALS	32,057,166	0	0	32,057,166	0	0
DETAILS OF WRITE-INS
3401.
3402.
3403.
3498.	Sum. Of remaining write-ins for Line 34 from overflow page	0	0	0	0	0	0
3499.	Totals (Lines 3401 through 3403 plus 3498) (Line 34 above)	0	0	0	0	0	0

(a) Does the company's direct premiums written include premiums recorded on an installment basis? Yes [ ] No [ X ] If yes: 1. The amount of such installment premiums $

2. Amount at which such installment premiums would have been reported had they been recorded on an annualized basis $

ANNUAL STATEMENT FOR THE YEAR 2023 OF THE Preferred Physicians Medical Risk Retention Group, a Mutual Insurance Company

UNDERWRITING AND INVESTMENT EXHIBIT

PART 2 - LOSSES PAID AND INCURRED

			Losses Paid Less Salvage		5	6	7	8
		1	2	3	4				Percentage of Losses
						Net Losses			Incurred
						Unpaid	Net Losses	Losses Incurred	(Col. 7, Part 2)
			Reinsurance	Reinsurance	Net Payments	Current Year	Unpaid	Current Year	to Premiums Earned
	Line of Business	Direct Business	Assumed	Recovered	(Cols. 1 + 2 - 3)	(Part 2A, Col. 8)	Prior Year	(Cols. 4 + 5 - 6)	(Col. 4, Part 1)
1.	Fire				0	0	0	0	0.0
2.1	Allied lines				0	0	0	0	0.0
2.2	Multiple peril crop				0	0	0	0	0.0
2.3	Federal flood				0	0	0	0	0.0
2.4	Private crop				0	0	0	0	0.0
2.5	Private flood				0	0	0	0	0.0
3.	Farmowners multiple peril				0	0	0	0	0.0
4.	Homeowners multiple peril				0	0	0	0	0.0
5.1	Commercial multiple peril (non-liability portion)				0	0	0	0	0.0
5.2	Commercial multiple peril (liability portion)				0	0	0	0	0.0
6.	Mortgage guaranty				0	0	0	0	0.0
8.	Ocean marine				0	0	0	0	0.0
9.	Inland marine				0	0	0	0	0.0
10.	Financial guaranty				0	0	0	0	0.0
11.1	Medical professional liability-occurrence	1,300,000		1,300,000	0	0	0	0	0.0
11.2	Medical professional liability-claims-made	6,527,500		6,527,500	0	0	0	0	0.0
12.	Earthquake				0	0	0	0	0.0
13.1.	Comprehensive (hospital and medical) individual				0	0	0	0	0.0
13.2.	Comprehensive (hospital and medical) group				0	0	0	0	0.0
14.	Credit accident and health (group and individual)				0	0	0	0	0.0
15.1.	Vision only				0	0	0	0	0.0
15.2.	Dental only				0	0	0	0	0.0
15.3.	Disability income				0	0	0	0	0.0
15.4.	Medicare supplement				0	0	0	0	0.0
15.5.	Medicaid Title XIX				0	0	0	0	0.0
15.6.	Medicare Title XVIII				0	0	0	0	0.0
15.7.	Long-term care				0	0	0	0	0.0
15.8.	Federal employees health benefits plan				0	0	0	0	0.0
15.9.	Other health				0	0	0	0	0.0
16.	Workers' compensation				0	0	0	0	0.0
17.1	Other liability-occurrence				0	0	0	0	0.0
17.2	Other liability-claims-made				0	0	0	0	0.0
17.3	Excess workers' compensation				0	0	0	0	0.0
18.1	Products liability-occurrence				0	0	0	0	0.0
18.2	Products liability-claims-made				0	0	0	0	0.0
19.1	Private passenger auto no-fault (personal injury protection)				0	0	0	0	0.0
19.2	Other private passenger auto liability				0	0	0	0	0.0
19.3	Commercial auto no-fault (personal injury protection)				0	0	0	0	0.0
19.4	Other commercial auto liability				0	0	0	0	0.0
21.1	Private passenger auto physical damage				0	0	0	0	0.0
21.2	Commercial auto physical damage				0	0	0	0	0.0
22.	Aircraft (all perils)				0	0	0	0	0.0
23.	Fidelity				0	0	0	0	0.0
24.	Surety				0	0	0	0	0.0
26.	Burglary and theft				0	0	0	0	0.0
27.	Boiler and machinery				0	0	0	0	0.0
28.	Credit				0	0	0	0	0.0
29.	International				0	0	0	0	0.0
30.	Warranty				0	0	0	0	0.0
31.	Reinsurance-nonproportional assumed property	XXX			0	0	0	0	0.0
32.	Reinsurance-nonproportional assumed liability	XXX			0	0	0	0	0.0
33.	Reinsurance-nonproportional assumed financial lines	XXX			0	0	0	0	0.0
34.	Aggregate write-ins for other lines of business	0	0	0	0	0	0	0	0.0
35.	TOTALS	7,827,500	0	7,827,500	0	0	0	0	0.0
DETAILS OF WRITE-INS
3401.
3402.
3403.
3498.	Sum. of remaining write-ins for Line 34 from overflow page	0	0	0	0	0	0	0	0.0
3499.	Totals (Lines 3401 through 3403 + 3498) (Line 34 above)	0	0	0	0	0	0	0	0.0

ANNUAL STATEMENT FOR THE YEAR 2023 OF THE Preferred Physicians Medical Risk Retention Group, a Mutual Insurance Company

UNDERWRITING AND INVESTMENT EXHIBIT

PART 2A - UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES

			Reported Losses			Incurred But Not Reported		8		9
		1	2		3	4	5	6	7
						Net Losses Excl. Incurred				Net Losses		Net Unpaid Loss
	Line of Business		Reinsurance		Deduct Reinsurance	But Not Reported		Reinsurance	Reinsurance	Unpaid		Adjustment
	Direct	Assumed		Recoverable	(Cols. 1+2-3)	Direct	Assumed	Ceded	(Cols. 4+5+6-7)		Expenses
1.	Fire					0					0
2.1	Allied lines					0					0
2.2	Multiple peril crop					0					0
2.3	Federal flood					0					0
2.4	Private crop					0					0
2.5	Private flood					0					0
3.	Farmowners multiple peril					0					0
4.	Homeowners multiple peril					0					0
5.1	Commercial multiple peril (non-liability portion)					0					0
5.2	Commercial multiple peril (liability portion)					0					0
6.	Mortgage guaranty					0					0
8.	Ocean marine					0					0
9.	Inland marine					0					0
10.	Financial guaranty					0					0
11.1	Medical professional liability-occurrence	4,411,500			4,411,500	0	2,927,272		2,927,272		0	261,726
11.2	Medical professional liability-claims-made	59,808,200			59,808,200	0	4,367,696		4,367,696		0	2,938,663
12.	Earthquake					0					0
13.1	Comprehensive (hospital and medical) individual					0				(a)	0
13.2	Comprehensive (hospital and medical) group					0				(a)	0
14.	Credit accident and health (group and individual)					0					0
15.1	Vision only					0				(a)	0
15.2	Dental only					0				(a)	0
15.3	Disability income					0				(a)	0
15.4	Medicare supplement					0				(a)	0
15.5	Medicaid Title XIX					0				(a)	0
15.6	Medicare Title XVIII					0				(a)	0
15.7	Long-term care					0				(a)	0
15.8	Federal employees health benefits plan					0				(a)	0
15.9	Other health					0				(a)	0
16.	Workers' compensation					0					0
17.1	Other liability-occurrence					0					0
17.2	Other liability-claims-made					0					0
17.3	Excess workers' compensation					0					0
18.1	Products liability-occurrence					0					0
18.2	Products liability-claims-made					0					0
19.1	Private passenger auto no-fault (personal injury protection)					0					0
19.2	Other private passenger auto liability					0					0
19.3	Commercial auto no-fault (personal injury protection)					0					0
19.4	Other commercial auto liability					0					0
21.1	Private passenger auto physical damage					0					0
21.2	Commercial auto physical damage					0					0
22.	Aircraft (all perils)					0					0
23.	Fidelity					0					0
24.	Surety					0					0
26.	Burglary and theft					0					0
27.	Boiler and machinery					0					0
28.	Credit					0					0
29.	International					0					0
30.	Warranty					0					0
31.	Reinsurance-nonproportional assumed property	XXX				0	XXX				0
32.	Reinsurance-nonproportional assumed liability	XXX				0	XXX				0
33.	Reinsurance-nonproportional assumed financial lines	XXX				0	XXX				0
34.	Aggregate write-ins for other lines of business	0		0	0	0	0	0	0		0	0
35.	TOTALS	64,219,700		0	64,219,700	0	7,294,967	0	7,294,967		0	3,200,389
DETAILS OF WRITE-INS
3401.
3402.
3403.
3498.	Sum. of remaining write-ins for Line 34 from overflow page	0		0	0	0	0	0	0		0	0
3499.	Totals (Lines 3401 through 3403 + 3498) (Line 34 above)	0		0	0	0	0	0	0		0	0

(a) Including $

0 for present value of life indemnity claims reported in lines 13 and 15.

ANNUAL STATEMENT FOR THE YEAR 2023 OF THE Preferred Physicians Medical Risk Retention Group, a Mutual

Insurance Company

UNDERWRITING AND INVESTMENT EXHIBIT

PART 3 - EXPENSES

					1		2	3		4
					Loss Adjustment		Other Underwriting	Investment
					Expenses		Expenses	Expenses		Total
1.	Claim adjustment services:
	1.1	Direct			489,226					489,226
	1.2	Reinsurance assumed								0
	1.3	Reinsurance ceded			489,226					489,226
	1.4	Net claim adjustment services (1.1 + 1.2 - 1.3)		0		0	0		0
2.	Commission and brokerage:
	2.1	Direct, excluding contingent					658,657			658,657
	2.2	Reinsurance assumed, excluding contingent								0
	2.3	Reinsurance ceded, excluding contingent					7,494,309			7,494,309
	2.4	Contingent-direct								0
	2.5	Contingent-reinsurance assumed								0
	2.6	Contingent-reinsurance ceded								0
	2.7	Policy and membership fees								0
	2.8	Net commission and brokerage (2.1 + 2.2 - 2.3 + 2.4 + 2.5 - 2.6 + 2.7)	0		(6,835,652)	0		(6,835,652)
3.	Allowances to manager and agents								0
4.	Advertising					103,955			103,955
5.	Boards, bureaus and associations					4,390			4,390
6.	Surveys and underwriting reports					2,609			2,609
7.	Audit of assureds' records								0
8.	Salary and related items:
	8.1	Salaries			1,115,882		1,497,242			2,613,124
	8.2	Payroll taxes			82,107		93,727			175,834
9.	Employee relations and welfare			168,493		167,562			336,055
10.	Insurance			37,896		223,331			261,227
11.	Directors' fees			10,391		61,609			72,000
12.	Travel and travel items			110,631		106,572			217,203
13.	Rent and rent items			31,172		168,387			199,559
14.	Equipment			153,008		223,370			376,378
15.	Cost or depreciation of EDP equipment and software		134,876		1,489,913			1,624,789
16.	Printing and stationery					83,292			83,292
17.	Postage, telephone and telegraph, exchange and express	4,279		24,307			28,586
18.	Legal and auditing			188,663		276,325	16,240		481,228
19.	Totals (Lines 3 to 18)			2,037,398		4,526,591	16,240		6,580,229
20.	Taxes, licenses and fees:
	20.1 State and local insurance taxes deducting guaranty association
	credits of $					785,131			785,131
	20.2 Insurance department licenses and fees					38,890			38,890
	20.3 Gross guaranty association assessments								0
	20.4 All other (excluding federal and foreign income and real estate)						0
	20.5 Total taxes, licenses and fees (20.1 + 20.2 + 20.3 + 20.4)	0		824,021	0		824,021
21.	Real estate expenses								0
22.	Real estate taxes								0
23.	Reimbursements by uninsured plans								0
24.	Aggregate write-ins for miscellaneous expenses			0		12,115	0		12,115
25.	Total expenses incurred			2,037,398		(1,472,925)	16,240	(a)	580,713
26.	Less unpaid expenses-current year			3,200,561		1,973,501			5,174,062
27.	Add unpaid expenses-prior year			3,200,561		2,604,692	0		5,805,253
28.	Amounts receivable relating to uninsured plans, prior year	0		0	0		0
29.	Amounts receivable relating to uninsured plans, current year						0
30.	TOTAL EXPENSES PAID (Lines 25 - 26 + 27 - 28 + 29)		2,037,398		(841,734)	16,240		1,211,904
DETAILS OF WRITE-INS
2401.	Miscellaneous Expenses					12,115			12,115
2402.										0
2403.										0
2498.	Summary of remaining write-ins for Line 24 from overflow page	0		0	0		0
2499.	Totals (Lines 2401 through 2403 plus 2498) (Line 24 above)	0		12,115	0		12,115
(a) Includes management fees of $	0	to affiliates and $		0 to non-affiliates.

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ProAssurance Corporation published this content on 28 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 March 2024 08:40:03 UTC.

Latest news about ProAssurance Corporation

Piper Sandler Trims Price Target on ProAssurance to $15 From $16, Maintains Overweight Rating	Mar. 04	MT
Truist Securities Trims Price Target on ProAssurance to $14 From $15, Maintains Hold Rating	Feb. 29	MT
Transcript : ProAssurance Corporation, Q4 2023 Earnings Call, Feb 28, 2024	Feb. 28
Earnings Flash (PRA) PROASSURANCE CORPORATION Posts Q4 Revenue $297M, vs. Street Est of $279.7M	Feb. 27	MT
Tranche Update on ProAssurance Corporation's Equity Buyback Plan announced on February 24, 2011.	Feb. 27	CI
ProAssurance Corporation Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	Feb. 27	CI
Piper Sandler Trims Price Target on ProAssurance to $16 From $19, Maintains Overweight Rating	Nov. 20	MT
Truist Adjusts Price Target on ProAssurance to $15 From $20, Maintains Hold Rating	Nov. 10	MT
Transcript : ProAssurance Corporation, Q3 2023 Earnings Call, Nov 09, 2023	Nov. 09
Earnings Flash (PRA) PROASSURANCE CORPORATION Posts Q3 Revenue $275.7M, vs. Street Est of $279.4M	Nov. 08	MT
Tranche Update on ProAssurance Corporation's Equity Buyback Plan announced on February 24, 2011.	Nov. 08	CI
ProAssurance Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	Nov. 08	CI
Piper Sandler Adjusts Price Target on ProAssurance to $19 From $20, Keeps Overweight Rating	23-10-06	MT
Most Insurers Delivered Beats in Q2 Earnings Season, Janney Says	23-08-18	MT
PICA Group Announces Executive Changes	23-08-16	CI
Transcript : ProAssurance Corporation, Q2 2023 Earnings Call, Aug 09, 2023	23-08-09
Earnings Flash (PRA) PROASSURANCE CORPORATION Reports Q2 EPS $0.16, vs. Street Est of $0.12	23-08-08	MT
Earnings Flash (PRA) PROASSURANCE CORPORATION Reports Q2 Revenue $291.8M, vs. Street Est of $271.9M	23-08-08	MT
Tranche Update on ProAssurance Corporation's Equity Buyback Plan announced on February 24, 2011.	23-08-08	CI
ProAssurance Corporation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023	23-08-08	CI
JMP Securities Trims Price Target on ProAssurance to $25 From $30, Maintains Market Outperform Rating	23-07-12	MT
Piper Sandler Adjusts Price Target on ProAssurance to $16 From $15, Maintains Overweight Rating	23-07-06	MT
ProAssurance Corporation(NYSE:PRA) dropped from Russell 2000 Dynamic Index	23-06-23	CI
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Piper Sandler Trims Price Target on ProAssurance to $15 From $17, Maintains Overweight Rating	23-05-30	MT

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Company Profile

ProAssurance Corporation is a specialty insurer with expertise in healthcare professional liability, products liability for medical technology and life sciences, legal professional liability, and workers' compensation insurance. The Company's segments include Specialty P&C, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance and Corporate. The Specialty Property and Casualty (Specialty P&C) segment is focused on professional liability insurance and medical technology liability insurance. Professional liability insurance is offered to healthcare providers and institutions and, to a lesser extent, to attorneys and their firms. The Workers' Compensation Insurance segment offers workers' compensation products in approximately 19 states in the East, South and Midwest regions of the continental United States. The Segregated Portfolio Cell Reinsurance segment includes the results of SPCs at Inova Re and Eastern Re, the Company's Cayman Islands SPC operations.

Sector

Property & Casualty Insurance

Calendar

2024-05-06 - Q1 2024 Earnings Release

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Sell

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Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

13.17 USD

Average target price

16.25 USD

Spread / Average Target

+23.39%

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US74267C1062

Property & Casualty Insurance

ProAssurance : "Preferred Physicians Medical RRG","PNC-AS","2023-12-31" Annual Statutory Statement

EPS Revisions