Comp Results Help Boost ProAssurance Profit by 115% in Q1

ProAssurance Corp. has reported a net income for the first quarter of $41.4 million, a 115% increase from $19.3 million in the first quarter of 2016. Gross premiums written were up 4.9% in the quarter, to $231 million. That included a 7.9% increase in the workers’ compensation segment. ProAssurance reported net favorable development of $28.8 million in the quarter, reflecting a lower-than-anticipated claims severity trend for accident years 2009 through 2014. In the workers’ compensation segment, net favorable development was $2.4 million. The combined ratio for the workers&rsqu...