ProAssurance Profit Dips 71% in Q1

ProAssurance Corp. has reported net income of $11.8 million for the first quarter, a 71% drop from $41.4 million in the first quarter of 2017. In the workers’ compensation segment, gross premiums written increased 8.5% in the first quarter, to $91.3 million. The increase was “driven by growth in new business writings, partially offset by renewal rate decreases of 2.6% in a very competitive workers' compensation pricing market,” the company said in a news release. In September, ProAssurance subsidiary Eastern Alliance Insurance Co. finalized its purchase of the renewal r...