ProAssurance Profit Dips in Q3; Comp Segment Faces 'Intense Competition'

ProAssurance Corp. has reported third-quarter net income of $28.9 million, a 14% decrease from $33.8 million in the third quarter of 2016. For the nine months ending Sept. 30, net income was $89.9 million, down from $96.2 million in the same period last year. Gross premiums written increased 5.8% in the third quarter, to $246 million. Gross premiums written in the workers' compensation segment were flat at $60 million, “reflecting the intense competition in that line of business,” the company said. Net favorable development was $32.3 million in the third quarter, c...