ProAssurance Corporation (NYSE:PRA) Q2 2024 Earnings Conference Call August 9, 2024 10:30 AM ET

Company Participants

Heather Wietzel - SVP, IR
Edward Rand - President and CEO
Dana Hendricks - EVP, CFO and Treasurer
Kevin Shook - President, Workers' Compensation Insurance

Conference Call Participants

Matt Carletti - JMP
Paul Newsome - Piper Sandler
Gregory Peters - Raymond James
Mark Hughes - Truist
Bob Farnam - Janney

Operator

Good morning, everyone. Welcome to ProAssurance's conference call to discuss the company's Second Quarter 2024 Results. I would like to remind you that the call is being recorded and there will be time for questions after the conclusion of the prepared remarks.

Now I will turn the call over to Heather Wietzel to begin. Heather, please go ahead.

Heather Wietzel

Good morning, everyone. ProAssurance issued its news release, investor presentation and report on Form 10-Q and second quarter results yesterday, August 8. 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 protection. The content of this call is accurate only on August 9th, 2024 and except as required by law or regulation, ProAssurance will not undertake and expressly disclaim 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 Rob Francis, Kevin Shook and Karen Murphy.

Now I will turn the call over to Ned.

Edward Rand

Thank you. And I'd like to start by welcoming everyone to our call.

We reported operating earnings in the second quarter of $0.23 per share benefiting from a 16% increase in net investment income as we continue to take advantage of the higher interest rate environment. Our underwriting results, particularly in the Specialty P&C segment, which includes our Medical Professional Liability line of business are beginning to reflect our actions to achieve long-term sustained profitability in the face of market conditions that remain challenging.