ProAssurance Points to Acquisition of Eastern to Explain 45.1% Drop in Q3 Net Income

ProAssurance Corp. posted a 45.1% reduction in net income in the third quarter of 2014, chalking up most of the shrinkage to its acquisition of workers' compensation insurer Eastern Alliance Insurance Group. ProAssurance's net income for the third quarter of 2014 was $34.8 million, down from $63.4 million in the same period in 2013, according to a Wednesday press release. While the company marked a 12.3% growth in revenue from $185.5 million to $203.8 million, its expenses increased 64.2% from $95.3 million to $156.5 million. The statement attributed most of the increased e...