ProAssurance Corporation (PRA) provides property and casualty insurance and reinsurance products in the United States.
Q4 2020 hedge fund letters, conferences and more
The company has struggled over the past few years to create value for its shareholders. Rising losses throughout 2018, 2019, and 2020 all but wiped out profitability. Meanwhile, book value per share has decreased from $33.80 in 2016 to $25 on a trailing 12-month basis.
Several challenges
There are several reasons why the company appears to have struggled over the past five years. For a start, rising losses have impacted profitability and eaten away at last reserves. On top of this, company expenses have increased, compounding increasing underwriting...
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