Quarterly ResultMay 5, 2026, 04:23 PM
ProAssurance Q1 Net Income $8.5M; Operating Income $12.7M
AI Summary
ProAssurance Corporation reported Q1 2026 net income of $8.5 million, or $0.16 per diluted share, and non-GAAP operating income of $12.7 million, or $0.25 per diluted share. The company achieved an improved consolidated non-GAAP combined ratio of 109.9% and a 6% increase in Specialty P&C renewal premiums, despite a 6.3% decline in consolidated net premiums written. The proposed merger with The Doctors Company continues to progress, with regulatory approvals pending in California and Pennsylvania, and is still expected to close by June 30, 2026.
Key Highlights
- Q1 2026 net income was $8.5 million, or $0.16 per diluted share.
- Non-GAAP operating income reached $12.7 million, or $0.25 per diluted share.
- Consolidated net premiums written were $258.6 million, a 6.3% decrease YoY.
- Consolidated Non-GAAP combined ratio improved 2.3 points to 109.9%.
- Specialty P&C segment renewal premiums increased by 6% for the quarter.
- Book value per share was $25.94; Non-GAAP adjusted book value per share was $27.86.
- Merger with The Doctors Company awaits regulatory approval in California and Pennsylvania.
- The merger is still anticipated to close by June 30, 2026.