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PRA

ProAssurance Corporation

PRA

ProAssurance Corporation • NYSE
$24.08 ▲ 0.21% (+0.05)
Market Cap $1.24 B
52w High $24.22
52w Low $13.90
Dividend Yield 0%
P/E 37.05
Volume 297.42K
Outstanding Shares 51.41M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $274.823M ▲ $49.654M ▼ $1.446M ▼ 0.526% ▼ $0.03 ▼ $12.913M ▼
Q2-2025 $272.169M ▲ $53.03M ▲ $21.921M ▲ 8.054% ▲ $0.43 ▲ $36.2M ▲
Q1-2025 $268.064M ▼ $52.055M ▲ $-5.822M ▼ -2.172% ▼ $-0.11 ▼ $2.65M ▼
Q4-2024 $284.28M ▲ $47.571M ▼ $16.169M ▼ 5.688% ▼ $0.32 $28.177M ▼
Q3-2024 $280.486M $50.704M $16.441M 5.862% $0.32 $30.676M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.025B ▲ $5.552B ▲ $4.248B ▲ $1.304B ▲
Q2-2025 $3.959B ▲ $5.486B ▼ $4.21B ▼ $1.275B ▲
Q1-2025 $3.951B ▲ $5.526B ▼ $4.292B ▼ $1.234B ▲
Q4-2024 $3.892B ▼ $5.574B ▼ $4.373B ▼ $1.202B ▼
Q3-2024 $3.962B $5.732B $4.501B $1.231B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.446M ▼ $27.198M ▲ $-13.368M ▼ $-978K ▲ $12.852M ▲ $24.043M ▲
Q2-2025 $21.921M ▲ $-28.065M ▼ $30.123M ▲ $-3.994M ▼ $-1.936M ▲ $-27.715M ▼
Q1-2025 $-5.822M ▼ $-11.609M ▼ $4.11M ▼ $-3.841M ▲ $-11.34M ▼ $-11.959M ▼
Q4-2024 $16.169M ▼ $-238K ▼ $16.396M ▲ $-6.575M ▼ $9.583M ▲ $-2.599M ▼
Q3-2024 $16.441M $14.022M $-3.754M $-1.847M $8.421M $10.071M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been relatively steady over the past several years, with only modest growth. Profitability, however, has been choppy: the company moved from losses a few years ago to a clear but still modest profit more recently. Margins are thin, and earnings have swung from negative to positive multiple times, which is typical for specialty insurers but still worth noting. The recent year shows a healthier bottom line than the prior few years, suggesting some operational improvement, but the track record points to ongoing earnings volatility rather than smooth, predictable growth.

Balance Sheet

Balance Sheet The balance sheet looks generally stable, with assets and equity drifting slightly lower from their earlier peak but not showing any signs of stress. Debt has stayed fairly steady relative to the company’s size, suggesting a measured use of leverage rather than aggressive borrowing. Cash on hand has trended down from earlier years and now sits at a low level, which is common for insurers that invest premiums but still means they rely heavily on their investment portfolio and ongoing cash inflows. Overall, financial strength appears adequate, but not overly conservative.

Cash Flow

Cash Flow Cash generation has been a weak spot. Despite reporting a profit recently, operating cash flow has been slightly negative for several years in a row, and free cash flow mirrors that pattern. Capital spending is very light, so this is more about the timing of insurance cash flows and reserve movements than big investments. Still, it means reported earnings are not consistently backed by cash. For an insurer, short-term cash flow noise is not unusual, but a multi‑year stretch of negative free cash flow deserves attention as a sign that underlying cash economics are tighter than the income statement suggests.

Competitive Edge

Competitive Edge ProAssurance operates in a focused niche: medical professional liability and related specialty lines. Its long history, specialized expertise, and well-regarded risk management services give it a meaningful position with healthcare providers who value tailored coverage and support. Financial strength ratings add credibility, which is critical when buyers are trusting an insurer with long‑tail risks. At the same time, the market is competitive, claims can be large and unpredictable, and consolidation in healthcare can shift bargaining power to large systems. The pending acquisition by The Doctors Company, if completed, would significantly increase scale and could enhance its standing, but also introduces integration and regulatory uncertainties.

Innovation and R&D

Innovation and R&D The company is not a tech firm, but it is clearly trying to modernize. It is rolling out AI tools in workers’ compensation claims, experimenting with predictive underwriting, and building improved online portals and workflow systems. These efforts aim to sharpen risk selection, improve claim outcomes, and cut expenses. The upside is a potential structural improvement in profitability and service quality over time. The risk is that benefits may take longer than expected to show up, or that competitors move just as quickly, limiting any edge. Execution—getting these tools widely adopted and well-integrated into daily operations—will be the key factor to watch.

Summary

ProAssurance looks like a specialized insurer emerging from a rough patch into a more stable, but still fragile, profitability phase. Earnings have improved, yet remain volatile and not fully supported by strong cash flows. The balance sheet appears sound with moderate leverage, though cash levels are lean. Its real strengths lie in niche expertise, strong risk management offerings, and solid financial ratings, all in a complex medical liability market where reputation and specialization matter. The company is investing in technology and analytics to reinforce that position, and the planned merger with The Doctors Company could be a major turning point if it proceeds as expected. Overall, this is a focused, niche player with improving but uneven financial performance, operating in a challenging line of business where both risk management and execution on innovation will likely determine its future trajectory.

NEWS

November 4, 2025 · 4:15 PM UTC

ProAssurance Reports Results for Third Quarter 2025

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