BIRMINGHAM, Ala.--(BUSINESS WIRE)--
The ProAssurance Corporation (NYSE: PRA) Board of Directors today
declared a special dividend of $0.50 per share and a regular dividend of
$0.31 per share. Both will be paid on January 9, 2019 to shareholders
who own our stock as of December 21, 2018.
“The special dividend declared today affirms our ongoing commitment to
manage our capital effectively and efficiently, while safeguarding the
unquestioned strength of our balance sheet. We believe the evolving loss
trends in the broader medical professional liability business may create
strategic opportunities for growth, which could require us to maintain a
higher level of capital. Further, given our concern about those evolving
loss trends, we are being conservative in our view of the capital needed
to support our operations,” said W. Stancil Starnes, our Chairman and
Chief Executive Officer.
Including the dividends declared today, ProAssurance will have returned
approximately $2.1 billion to shareholders in the past eleven years
through a combination of share repurchases and regular and special
dividends. During that time we have also successfully deployed
approximately $750 million in strategic acquisitions to position the
company for the future. We have accomplished this while increasing
shareholders’ equity from $1.3 billion to $1.6 billion, all while
building a balance sheet that provides unquestioned financial security
for our insureds.
Our dividend policy anticipates a total annual regular dividend of $1.24
per share, to be paid in equal quarterly installments. That policy also
considers the irregular payment of special dividends, which may or may
not occur in the future. Any decision to pay future cash dividends,
either regular or special, will be subject to the Board’s final
determination after a comprehensive review of the company’s financial
performance, future expectations and other factors deemed relevant by
the Board.
Today our Board also set May 22, 2019 as the date of the 2019 Annual
Meeting of Shareholders to be held at our headquarters in Birmingham,
Alabama. The record date for the meeting is March 29, 2019.
About ProAssurance
ProAssurance Corporation is an industry-leading specialty insurer with
extensive expertise in healthcare professional liability, products
liability for medical technology and life sciences, legal professional
liability, and workers’ compensation insurance. The company is
recognized as one of the top performing insurance companies in America
by virtue of our inclusion in the Ward’s 50 for the past twelve years.
ProAssurance Group is rated “A+” (Superior) by A.M. Best; ProAssurance
and its operating subsidiaries are rated “A” (Strong) by Fitch Ratings.
For the latest on ProAssurance and its industry leading suite of
products and services, cutting edge risk management and practice
enhancement programs, follow @ProAssurance
on Twitter or LinkedIn. ProAssurance’s YouTube channel regularly
presents thought provoking, insightful videos that communicate effective
practice management, patient safety and risk management strategies.
Caution Regarding Forward-Looking Statements
Statements in this news release that are not historical fact or that
convey our view of future business, events or trends are specifically
identified as forward-looking statements. Forward-looking statements are
based upon our estimates and anticipation of future events and highlight
certain risks and uncertainties that could cause actual results to vary
materially from our expected results. We expressly claim the safe harbor
provisions of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, for any
forward-looking statements in this news release. Forward-looking
statements represent our outlook only as of the date of this news
release. Except as required by law or regulation, we do not undertake
and specifically decline any obligation to publicly release the result
of any revisions that may be made to any forward-looking statements to
reflect events or circumstances after the date of such statements or to
reflect the occurrence of anticipated or unanticipated events. There are
a number of risk factors that may cause outcomes that differ from our
expectations or projections. These are described in detail in various
documents filed by ProAssurance Corporation with the Securities and
Exchange Commission, such as current reports on Form 8-K, and regular
reports on Forms 10-Q and 10-K, particularly in “Item 1A, Risk Factors.”
View source version on businesswire.com: https://www.businesswire.com/news/home/20181128005689/en/
Frank B. O’Neil, IRC
Sr. Vice President, Corporate Communications &
Investor Relations
800-282-6242 • 205-877-4461 • FrankONeil@ProAssurance.com
Source: ProAssurance