ProAssurance Corporation (NYSE:PRA) Q1 2023 Earnings Conference Call May 10, 2023 10:00 AM ET
Company Participants
Jason Gingerich - Investor Relations
Ned Rand - President and Chief Executive Officer
Dana Hendricks - Chief Financial Officer
Conference Call Participants
Greg Peters - Raymond James
Mark Hughes - Truist
Paul Newsome - Piper Sandler
Jason Gingerich
Welcome to ProAssurance’s Conference Call to discuss the company’s First Quarter 2023 Results. These results were reported in a news release issued May 9, 2023 and in the company’s quarterly report on Form 10-Q, which was also filed on May 9, 2023. Included in those documents were cautionary statements about the significant risks, uncertainties and other factors that are out of the company’s control and could affect ProAssurance’s business and alter expected results. Please review those statements.
Management expects to make statements on this call dealing with projections, estimates and expectations and explicitly identifies these as forward-looking statements within the meaning of the U.S. federal securities laws and subject to applicable Safe Harbor protections. The content of this call is accurate only on May 10, 2023. And except as required by law or regulation, ProAssurance will not undertake and expressly disclaims any obligation to update or alter information disclosed as part of these forward-looking statements. The management team of ProAssurance 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. I would like to remind you that the call is being recorded, and there will be a time for questions after the conclusion of prepared remarks. This morning, we will discuss selected aspects of our quarterly results and remind investors that they should review our filing on Form 10-Q and accompanying press release for full and complete information.
Speakers on the call today will be Ned Rand, President and CEO; and Dana Hendricks, Chief Financial Officer. Also joining on the call today are executive leadership team members, Rob Francis; Kevin Shook; Ross Taubman and Karen Murphy. Ned, will you start us off, please?
Ned Rand
Thank you, Jason, and good morning. Today, Dana and I are looking forward to giving you some insight into the first quarter numbers that we released last night and outlining some of the challenges in the medical professional liability and workers’ compensation markets. I’ll talk about the market dynamics that we’re seeing, and then Dana will provide the consolidated results and key drivers are investment results and book value.