ProAssurance Corporation (NYSE:PRA) Q1 2024 Earnings Conference Call May 7, 2024 10:00 AM ET

Company Participants

Heather Wietzel - Senior Vice President, Investor Relations
Edward Rand - President and Chief Executive Officer
Dana Hendricks - Executive Vice President, Chief Financial Officer, and Treasurer
Robert Francis - President, Healthcare Professional Liability
Kevin Shook - President, Workers' Compensation Insurance

Conference Call Participants

Matthew Carletti - JMP
Sidney Schultz - Raymond James
Robert Farnam - Janney Montgomery Scott LLC
Mark Hughes - Truist Securities

Operator

Good morning, everyone. Welcome to ProAssurance's conference call to discuss the company's first quarter 2024 results. 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.

Now I will turn the call over to Heather Wietzel.

Heather Wietzel

Good morning, everyone. It's a pleasure to be here today. ProAssurance issued both its news release and report on Form 10Q and first quarter results yesterday, May 6, 2024. 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.

This morning, our management team will discuss selected aspects of the results on this call, and investors should review the 10-Q and news release for full and complete information. We expect to make statements on this call dealing with projections, estimates and expectations and explicitly identify 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 7, 2024, and is 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. We also expect 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.

On the call with me today are Ned Rand, President and CEO; and Dana Hendricks, Chief Financial Officer. Also joining on the call today are executive leadership team members, Robert Francis, Kevin Shook and Karen Murphy.

Now I'll turn the call over to Ned.

Edward Rand

Thank you. And I'd like to start by welcoming everyone to our call and welcoming Heather to ProAssurance. We reported operating earnings in the first quarter of $0.08 per share, benefiting from a 6-point improvement in the calendar year loss ratio and a 12% increase in investment income.