PRA - Earnings call transcript Q1 2022 | ProAssurance Corporation

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Operator

Welcome to the ProAssurance First Quarter 2022 Earnings Conference Call. My name is Ruby, and I will be your moderator for today’s call. [Operator Instructions] I will now hand over to our host Jason Gingerich, VP of Investor Relations, to begin.

Jason Gingerich

Thank you, Ruby. Good morning, everyone. call the conference XXXX first ProAssurance’s results. to to company’s discuss quarter Welcome reported issued Form news XXXX, results X, in These were release also on the quarter XXXX. was and company’s on report which on XX-Q, filed May in X, May those could about significant Included and expected affect and ProAssurance’s documents risks, the of cautionary are results. that businesses factors out were company’s uncertainties statements in the other control and alter those statements. review Please expectations and expects the with and Management make projections, statements forward-looking this statements U.S. of identify dealing call explicitly within to on meaning as these estimates the safe federal protections. securities law and subject to applicable harbor The or content by XX, law is information of part alter any undertake statements. only required XXXX, ProAssurance regulation, on disclaim will not disclosed as of May this forward-looking call or and these as update and to except expressly accurate obligation The also management non-GAAP today’s call. to items during reference team ProAssurance expects of counterparts. their news The numbers non-GAAP company’s a and these recent reconciliation of release GAAP provides recorded, I would will remind the time you be remarks. that like is to questions the prepared conclusion and a of there for after being call and accompanying This release selected on our today’s on Form results our investors aspects and should and morning remind XX-Q the discuss quarterly call that full filing of for they will complete we information. review press operations. and we Lines; President Kevin Michael Hendricks, Chief Shook, Boguski, On of have Financial Ned our Casualty and President call Worker’s Officer; Property Specialty, President today, Rand, CEO; Insurance Compensation and Dana of our our off, please? start us will Ned, you

Ned Rand

Group. and Thank X-year brought NORCAL history as ProAssurance we team family of the of you, of our policyholders Jason. in Thursday acquisition the Last marked the members largest closing anniversary into the the

process of culmination hard for. diligence, and the also the planning beginning spent of year integration closing a it the work of hard much work of which over due While transaction that marked the the we’ve was

companies the back of pleased of the seeing accomplished attractive our investment while how that taking experience what joined brought insurance to look place. to the into great an are market insights Dana and and yields discuss worker’s I book. the I’m nationwide and these we are and at to The efficiency in integrate a care navigate market in signs from the improved leverage increased organization those to to will are are business leading appropriately to both overall ProAssurance opportunity the The through benefit as continues that NORCAL and being results conditions. actions competitive will actions diversification for in legacy the income. seen the in more health acquired liability business providing making Mike take we improvements in and core you investment professional and fixed The operations income to operations to team business transaction respond financial ProAssurance proud the Kevin provide our the continue from we of are provide results. compensation detail on members and talent footprint, has passed, around teams NORCAL and pandemic’s both with including organization, physicians with deal that business has the also the insureds. much our operations broader, am X increase I the and wealth country. a greater impact year of scale assets and continuing the reputation the ProAssurance that to operational As benefits by a history our of a NORCAL recognized additional our the portfolio and many has the also

of the and the Best outlook Group companies credit rating long-term just and pleased strong AM family also our to the of acquisition We indicative stable. of upgraded of rating strength financial NORCAL. members month excellent We’re affirmed the believe last following issuer financial the report to of capitalization this a flexibility of ProAssurance is

successfully note we office to that implemented plan March. return in I’ll our Finally,

our office what full our to others. cadence regular we best, more to do a keep establishes attention we on eager this As environment, protecting are

I’ll Dana? Dana the to quarter. for Now ask results share

Dana Hendricks

good morning, And Ned. everyone. Thanks,

$X.XX million between and the impact the operating of the and loss operating was $X.X net net discuss the loss or income which of per difference our touching share of of share. a investment income on quarter first core $X.XX reported per in main environment I’ll For results. course The further quarter after or $X.X the current million operating

results, premiums almost net improvement of operating the Our due quarter expense NORCAL reflected investment to XX% growth production in the acquisition base. income. in synergies gross from of the From income and written underwriting and increased the NORCAL the a addition premium benefit standpoint,

P&C excluding XXXX underwriting segment. to beginning specialty From in Excluding segment results NORCAL, ratio XXXX disciplined with and from by dedication our our our in of reflecting and X impact an lower improved underwriting underwriting P&C prior the driven year line the our cost participation our X Syndicate combined point transaction-related almost the ratio points improvement top combined an in declined, specialty Lloyd’s over consolidated just perspective our the quarter year.

contributed our insurance of that all to compensation excluding worker’s segments operating However, result.

ULAE X.X results. combined components in estimate expense of Before integrating discussing our loss in We adjustments offsetting operating and net That the our P&C with decrease change decreased ratio, to substantially the ULAE ratio of or unallocated incorporate impact consolidated our our combined had equal our the expenses briefly in touch specialty expense the a into our in resulted Note, loss NORCAL after the point ratio segment total operations. on in or expenses, as no our I’ll to model changes estimate an quarter. change to to ratio. segment’s increase change of consolidated the

was lower of net estimate. current consolidated about higher claims carries a of impact in book favorable place our were loss the current driven ratios our segment also standard accident net our continuation physician ratio Excluding and ratio NORCAL rate compensation the the market reflected by which point book, renewal loss in partially average the The loss decreases, impact muted addition year offset change of ratio. higher by in resulting by a worker’s the on current year of ULAE, trend our X the intense insurance higher competition loss as ratio consolidated year accident loss

$X just of our in of P&C segment. accident over insurance it quarter, we’ve As specialty from development relates compensation majority million prior came and the which worker’s to recognized favorable years, the

the both change acquisition our net of the as well our benefit perspective, prior improved consolidated leverage X ratio grew ULAE, From from investment portfolio. NORCAL’s and income restructuring. points, as NORCAL investments expense in with expense improved addition an realized on almost the reflecting base operating investment Excluding results synergies from the organizational

equity strong result. from earnings portfolio a LLC very Our the and quarter, LT and our in $XX million produced

result LLC investments are in LP market on and of However, as our impact a we be the anticipate quarter’s current reflected quarter reported lag. volatility X to next

operating I These as Net primarily recognized bond previously the of this to to of related for was of investment As that the an input stretch most a other in to rate weighed current increases approach losses unrealized million income environment mentioned, equity. $XXX portfolio. which The bond losses cash through prices. securities equity. until losses a earnings interest most our funds our through were rate environment value. go loss holding investment net quarter flows have like to Accounting also changes fair strong led net are These of on holds loss that leading the led quarter. directly comprehensive our million increases investment in on I unrealized to interest the rate $XX of losses to value as investment fixed after-tax classified and the maturity. challenge decline history interest we

opportunity reinvest We’re with decline a higher trade temporary yield. the to happy to fixed income price

the results of are NORCAL the rates the XXX reinvestment yields approximately to to for underwriting leverage improvement points bond of show current results Jason. With reported with see we fact, quarterly a operating In operational pleased XXX to benefit Overall, our in higher over back as turn quarter. we’re that, it than and I’ll the transaction. average both continue basis

Jason Gingerich

Thanks, Dana.

Michael to casualty Now property we’re the Mike? commentary on specialty segments. going and Boguski for to pivot

Michael Boguski

NORCAL the Thank you, reflected included in of line integration. $XXX the in This quarter, early point efforts ratio as segment operating from in contribution the The the well million reorganizational top first in the a of and segment. as of of X NORCAL a prior significant written improvement XXXX. gross positive combine benefits to the in the success premium growth Jason. the year-over-year continued quarter The the re-underwriting momentum

price written in across written competitive premiums in reflected quarter Premium retention retention pricing to million a XX% $X a was XX% segment, performance. this account premium strong, gross results marketplace. were underwriting care continue our quarter retention X physician million year-over-year due loss year-over-year XX%. millions XX% million of remain of improvements quarter as $XXX of average in focused the of $XX in increases premium we were We be the the Specialty large and Importantly, in the Overall, representing both NORCAL of and of XX% comparable large book. increases of $X health increase XX% accounts decrease a space. in of disciplined business to to on new bottom was line writings. the of the the standard

a changes by relatively year underwriting ratio in the by experienced Dana, was average ratio. business, our a resulting ratio previously current a This ULAE book strategies. loss X-point execution of higher loss we of result ProAssurance the reduction the loss a offset year-over-year flat accident Excluding legacy outlined as the on NORCAL of in

court Due frequency book. bringing care points long-tail ULAE to restructuring course, to ratios NORCAL the period synergies ratio. attribute percentage in Exclusive from date, the initial expense incurred as And remain we This recognized X be uncertainty organizational with accident in from expenses of have and efforts our management health the the we strategies in our We loss NORCAL during systems our expense underwriting legacy synergies favorable professional with recognizing current which and book $XX in are continued the through efforts achieved we business, declined restructuring, of our prior to business, savings. by included the in the ProAssurance million disruption proactive in We line cautious expense to the million disruptions in the lines $XX.X expense acquisition. efforts. our transaction. year loss improvement an continue and nonrecurring historical The than were liability established We transaction the lower current of to year-over-year. benefit annual of of frequency by the encouraged COVID-XX in of underwriting million plan these achieve related changes, ratio driver’s to the pleased segment the on nature of efforts. on focus trends the reductions we the largest $X.X

competitive future describe perspectives, from growth the line Overall, We and including integration Jason? ahead improvements re-underwriting integration schedule NORCAL of is would position. of continue has our synergies. in to is and with performance. We NORCAL expectation the top numerous exceeding operations, be our combination improved expense pleased operating the efforts, our and the companies ongoing

Jason Gingerich

bring insurance Thanks, Mike. workers’ and you segregated on portfolio the cell compensation the to Kevin, will date us segments? up reinsurance

Kevin Shook

quarter I the combined compensation million ongoing intangible Thank of income $X a you. an the XX% fee asset segment March ratio, business XX, the workers’ of The management indicator XXXX. performance. XX%, of ratio insurance The excluding and corporate for will, ended combined amortization Jason. produced was our of and results

quarter, essentially booked During flat the XXXX. the compared of to the written, segment premiums million gross of first $XX quarter first

in to of compared renewal in XXXX focusing traditional in was business particularly in first adequate this compensation. and XXXX XXXX, Renewal book XX% exercise We in exposure, on of XX% in retention continue for environment prudence quarter X% pricing X% price versus the highly premium rate underwriting, decreases in workers’ were XXXX. competitive to for our

our New in We of business EBUB, of our our after made $X but adjustment Audit million the in traditional audit otherwise to premium, increased lifting were earned pandemic to XXXX. no the writings compared about first payroll in of million underwriting premium quarter. million indicative business book known the as rebound in XXXX $X for unbilled territories. restrictions quarter-over-quarter $X

audit $X year accident XXXX, XXXX loss the experienced accident We XX% a of improved in to business both The current ratio of a increasing we million and decrease real to year year discussed loss asset ratio to XXXX, will activity of we to quarter and the the by shortage. year claims in model. related quarters, ratio current XX% but renewal compared EBUB year the X in to this the to activity these loss XX%. the wages Favorable return rate prior ago, the driven point accident labor business operation ratio, the of in claim partially XXXX future reflecting higher Compensation quarter slightly increase the our asset year marketplace. continue XXXX in throughout compared the view and our The The first to the the XXXX. first on the impact and increased our model calendar us was increased of process nature loss first monitor while development to higher short-tail in Early XXXX time. remain full to by compared year of in conservative of currently. of XXXX recognized and and nature reflects offset closed decreases loss full XX% of enabled quarter recognize employment of favorable trends competitive our ratio impact indicative during The trends, claims Workers’ XXXX short-tailed ratio

Wrapping in and expenses. XX% up from due to in XX% the first the to Turning business-related termination from a higher member with a increased XXXX included investment general in $XXX,XXX expenses early for of underwriting XXXX, segment lease. $XXX,XXX Segregated The than expense quarter was offset Jason? real all renewed ratio compensation, of travel the the We renewal team losses. estate of to we income during market that available Portfolio programs alternative that loss quarter, Cell reported underwriting the segment, quarter. of the by which were for more Reinsurance largely

Jason Gingerich

Thank you, Kevin.

turn results Lloyds. the of from I’ll back a Ned review Now for to Ned?

Ned Rand

quarter profit Thanks, significantly a first first reported and in quarter of segment improved combined to compared Lloyd’s Jason. The ratio XXXX. a the the

consolidated That review For Syndicate year, XXXX. and on will our segment XXXX Syndicate Syndicate by continuing the for quarter. the we underwriting in of up Also at XXXX, basis within underwriting a with applicable the the retained year, results participation and for share ceased Syndicate XXXX its quota XXXX underwriting business be XXXX. X% wraps are

Executive like members, of Before would turning CEO over offer and of the May ProAssurance longtime done my as to the Chairman Stan to of our Executive Chairman, personally for on and have back Directors for all over, years thank heartfelt XX Stan, who team Starnes, I partners. call be support past for that XX. insureds gratitude Board and will you me you the your our retiring

for on You you very have you influence do all lasting and community you. wish around the left that the and we ProAssurance, a to best continue

Now or aspects answer our results you our of our to business. have team would happy other questions what about be

Jason Gingerich

Thank Ruby. concludes That prepared our you, remarks. Ned.

ready We are questions. for

Operator

question first Our James. is Instructions] [Operator Peters Greg from of Raymond

Greg Peters

information and on more looking I’m question, first on there guess benefit line to specialty excluding what about in you I my was And retention NORCAL, us the was around like going from a focus color the I top helpful. the for it just So I’m know more And that premium. decline Specialty on looks going in in health could PC. the you slight there. results, provided would if for Also, what color give be us care, XX% some is

Michael Boguski

Mike. it’s Greg,

is NORCAL. really a about on disciplined exclusive over that lost, retention side comment the to X accounts that representing drove the quarter, account in premium We writings accounts the of premium premium the was strategy profit decline have large that the That last it by decisions. XX% the our $XX much rate those to of driven meet in we NORCAL $XX very in not Just large quarters, number exclusive on had of and A of premium expectations million space. made design of roughly X specialty. large and really been we’ve disciplined really million that be which

Greg Peters

settling further your is going point? that book disruptions out guess, anticipate the think underwriting forward, sense. actions? you I Well, makes Or do And do you some on this at based

Michael Boguski

account will a there as through going efforts. volatility of taken for The account to is at account that and of ProAssurance has we look largest or out I’ll what loss organization. have news legacy, NORCAL third we of The a lower. of activity, re-underwriting and we the the efforts on large will re-underwriting Greg, through to that all really premium just lot great million large Greg, our back once $X our at And we you be quarter minute, front, XXXX, outline is now, space, is been get that

accounts $X million kind $XX longer books the we million have in no that range. on of So to

perspective So go a from we retention that helpful a volatility forward. should loss and as perspective be

Greg Peters

Makes it. Got sense.

moving second investment investment color equity us some just could income And my you then because losses And your in at the with is up some Okay. little benefit provide a and if a bit earnings Dana, pieces to behind gains be point, unconsolidated there’s going understand but income fixed the more that’s I was still was and pivoting investment bump I’m I with your sure XX%. rates, up issues to income. to and question wondering portfolio.

Dana Hendricks

do to Happy Sure. Sure. that.

-- about portfolio current average the average XXX with lower that the rates, That about as points said, yield was the the our XXX our of the maturity in yield. for reinvestment in about fixed points, than was it, average think to interest our So higher is prior quarter rate quarter slightly I first yield X.X year. rise income basis than

So while average And composed XX% portfolio is our with primarily of investment duration income like being high-quality fixed weighted years. securities than effective more X.X around our fixed grade. income is

we’d So years between X. expect completely portfolio re-price X the and to

the to So interest environment. forward that looking rising of rate aspect

Greg Peters

I if was of or reserving claims guess I’d didn’t because growing a be seemingly courts remiss closed The of there ask were backlog maybe COVID. question. a just I

in last Just question. my process. that you curious where That’s are

Ned Rand

as Yes. to And It’s good where I systems are. it’s Greg. question, kind really state a the think of specific court

are to While backlogs in work big court right stating the having opened way systems their pretty that through. systems court you’re that have up there are largely,

would of picking have certainly would to, up the we So kind seen. we’re It is say, the I up. not activity historically that

beginning what’s we’re that cautious. don’t very horizon. Mike to I to claims we’re of I claim causes limitations reserving what how COVID certainly statute again, in claim about going reductions, arise a overly mentioned anticipate the or begin as a approach as know One where statute time don’t see want that to but it’s industry that flood in not of in to regards to and all end uncertainties really we’re enthusiastic potential buying because a yet is we thing that saw whether And COVID might standpoint, to reserving know for but respond around we that, what both the into forward. that claims and reluctant think uncertain don’t we the remarks over and his the price the be also is will approaches. we be from our run. the we’ll that we decline us from that frequency frequency, means

Operator

Our of next Mark question Truist. is Hughes from

Mark Hughes

Ned, -- make once your Mike, pricing, physician when you those you again, but claims you decline How do when or up and great to pricing about you in pushing whether about then Ned still it’s think need the are if XX%. you you’re judgments see the frequency falling?

Michael Boguski

Mike. it’s Mark,

XXXX in Just a trends. similar Those trends health care at little levels. on the levels our was liability professional in significantly than lower color outlook, remain which pre-pandemic frequency

So that’s kind of the good news.

need it come systems and what pipe really I from our that the sure pricing outlined. later court relates back Ned make the is back to the the pension, years. We if in year or adequate think to future just in

I in NORCAL level we’re the There’s premium book the a physician the want start encouraged that we had business, just Part was sure year. the that. uncertainty. retention exposure. the think able pricing quarter. At we’re that plus standard pricing increase. half of to do very make million, with segment’s particularly book So to increases, of we $XXX XX% that our for by They great in the which reason to XX% were on

with that So we’re result. pleased

Mark Hughes

from NORCAL, million last their quarter was written year? in what this premium The $XXX

Ned Rand

first of renewed don’t front of NORCAL. We had got the I us. business for if retention a we’ve right quarter in in about know the that XX% that

Mark Hughes

or the parts, this moving losses. a ratio there Yes, on ratio health point in rate combined think we A increases, the and should your out conservatism lot be in target? for I normalized -- is yes. understand combined care X Is years booking pushing of kind the there a the basis, what a at around year business? If of

Ned Rand

in for a to XX-year and the of the XXX to we at points combined by need of the organization. when Mark, achieve business, treasury ratio target high look to kind in we varies basis those And we mid-XX%s order write over for overall it that objectives. lines individual continue line, return but

Mark Hughes

a as organization the whole? for that’s And

Ned Rand

duration you Yes. It’s line, varied by kind of particular you of line leverage liabilities X business. or depending need that the and of for point of a kind the feel the that on

business We is But So duration XX% Specialty volatility levered the slightly business. we of X it’s mid-XX%s loss XX%, health basis a the because health those it’s ratio more from it’s of write or that P&C than a that we do and lower comp the ratio and than for achieve the all XX%, care we hit of liabilities the the that. can think our -- them, care need on business, but targets. to in to order high combined swing be to in call X-point going it, work that

Mark Hughes

and that. quick equity me broader Dana, on you presumably, in that that will correlated on weakness market just How impact is there could lag that. the that the sensitivities final $XX that’s with drive other question. equity QX one million that result? are If the out and this equity you Then the refresh earnings, markets, reported point

Dana Hendricks

in broader LPs LLCs literal tie equity sort and directionally. It’s the to on market. not Sure. directionally They’re track are what’s be to going going going of related. a It’s to the

So just more generally.

sort we in -- movement to of those saw million certainly quarter, significantly in quarter. than from see we -- the So we’re LLCs the market going we income on quarter $XX second if to less fourth of first something LPs based in that the and look

Operator

is question Matt Carletti Our of next Securities. JMP from

Matt Carletti

Dana, quick just a one.

off ratio or that Or the is loss in trading kind ratio of up guess that the to the any persistency commentary on good the and there ongoing I Just onetime? down expense ratio. UA on the guy Is on of loss around kind the the movement? a

Dana Hendricks

Yes.

will loss It and will -- ratio. in was is higher So accident said. event. not -- That’s It it Matt, it’s ratio year direct then resulted expense you lower a persist. the reverse it onetime current a It persist. what and a of

Matt Carletti

Okay.

Just kind bar of reset going forward? the

Dana Hendricks

That’s correct.

You got it.

Matt Carletti

with that the I or a geography kind they’re ProAssurance Or commentary a deeper little around higher? And runs NORCAL of NORCAL. improvement it a the then know targets the Ned in why if in is historically? markets a you ProAssurance’s just on is legacy kind it and offsetting Mike, and it in? just of just just the do in don’t dig portfolio X points targets Is where little to kind anything have NORCAL versus of difference corporate been Can

Michael Boguski

Yes.

Just strategy. good A states worked double-digit work, them really states, a re-underwriting profitability on increase nice to increase. us of getting forward. lot maybe a price as and a start couple job, of we X brought good started go comments business board, re-underwriting deemphasize business our on work at and NORCAL did that. about our Yes. It’s higher in moved point. in and on we loss having which ‘XX news mind, ratio starting average core and We really, good And year to with writings on improves a of to line keep book NORCAL efforts off years I job underwriters had basis. NORCAL. into our the really which We just an accelerated on they think, on the The is good loss at ratios accident also of continue did legacy in in improve we really point in that efforts, done those a the nice to some XXXX, state noncore ‘XX. We’ve really helped as prior

the it’s a XX increases just just out next of that from it premium line. the So months process through XX and earning rate over bringing those to working in

Ned Rand

Yes.

to -- Mike would with Matt, agree add X said. everything The just I things other I thing that,

this was we ProAssurance quarter, earning that at time place a in. So acquisition. of still a in business premium It’s have, as the of part the underwrite in we unearned didn’t

think it. I that’s aspect of So one

The to with has it with familiarity do the I think other just book.

the NORCAL of book still business. We are learning

reserves set We’re familiarity, causes pleased with as be about initial that as that well. think, learn cautious us to But lack we I on it. that all we of

Operator

Our Ransom next Gary Partners. Dowling is from of & question

Gary Ransom

it I from If allocation had sounds differently a the was NORCAL on too. an correctly? expense you. there ULAE allocating I question else? issue was there Am persists, just follow-up somehow ULAE Or something that was it and reading that like

Ned Rand

accounting operating No, is your the of your of various that guess so time on different an claims your the there of that organization of I are claims aspects spend ULAE folks adjudication general to the fact and kind expenses operations, to Gary, process of allocation claims. essentially, reflect losses the aspects professionals, and

in of to so portion we of in, of our allocation efforts allocate reevaluation the we reduced those years last And the losses. Bringing to over couple should be what of done we that all NORCAL allocating a losses. reorganizational we’ve expenses kind expenses that quarter. led a the of to percent And

operating that So allocation you within get a of expenses more consequentially operating smaller general number. of that retained those expense general are kind expenses into losses and

a just change reflective of changes it’s that the of we’ve in made the some and an allocation in allocation So organization.

Gary Ransom

also was And ULAE mean bigger it because getting this that was reserve so that was quarter, a bit a there would little reallocated? that

Ned Rand

Yes.

of and carry reserve. to ULAE ULAE So not This reserve, this does ULAE do that expenses impact has off the operating expenses book solely reserve current tries this estimate to do with running in quarter. claims. ULAE of the has the -- a or We the operating

Gary Ransom

Okay.

understood now. I think I that

over course year? there another completely schedule the you that procedural remind you follow? some on Do reserves Or is them every review Can of review Just quarter? the you the us issue. you how

Ned Rand

good It’s Yes. question. a

the that actuarial We lot that’s nature every them and But deeper a the any comprehensive is review long-tail on review quarter. especially fourth quarters. recognizing, second is the businesses quarter. deeper for those a review. happens in But do write, we on there we not quarter in dives X little There go analysis just the every a other comprehensive done given a quarter. So of quarter, do we

Gary Ransom

in was because I recent up-and-down reserve? a sort right. bit -- quarterly where releases the there All reserve of almost a quarters, -- little was an there complete the to asking big of pattern

Ned Rand

We the of to business, just different to additional moves the to I good a opposed of got -- -- it’s when any Gary, get make quarter. that big of nature reflective And a our Very we of as just than and months kind we’ve data. is analysis. fact think days and quarter, we second given Yes. data really that X based more the decisions of [indiscernible]. XX on that observation, hesitate you’ve again, big got in-depth

Gary Ransom

on question Right. Absolutely. And then another metrics.

As themselves patients. least ‘XX into that down talking be of get that’s insight up. flow about does recognize -- how the to doctors are you all that at for went Do trying you cautious for? what can that about watch kind are any inform metrics? so Presumably, of see of how -- declining the frequency you the terms you during maybe that. at what and non-COVID building And seeing or to you were have that patients and to -- if do see those you in Does

Ned Rand

the So right, of during especially summer reduced kind provision kind you’re the ‘XX, services absolutely and saw of you of things COVID-related emergency room dramatically. of outside of

from comes horizon. a kind XX report the business would frequency. some book reduction X result to month And kind matters reduction in services provision I’d a in is a to by the that historically, expectation point time us. of -- say writing in one of there’s in so that physician that claims-made of that that anywhere would reporting And at community when claim And be lag and we through of

that here we could in certainly for is don’t it of part we decline sit the if So today, be. frequency, the as reason know

again, I nothing peaks, increases are different when be to an may provision exceptions and And telehealth like large, slows large, and XXXX. things as procedures I of the capacity, back through provision of instances, than full by are elective services the I of you that again, through, down was and the think there be example. capacity by Omnicom to it of in full pre-pandemic. kind physicians’ might we get And a think, but saw offices those lower, today more came lot it variant think with through more as in

of But pre-COVID not kind rates, today people closer coming of the if can offices a the way back. maybe kind all business not as So many the bit of different. doctor’s being to we’re into flow

Gary Ransom

Right.

Okay.

this question were been last And last helpful. to more anything read rates. have that? Is comp I maybe they workers’ noticed of into where down there they That’s Okay. on one year. versus most quarter in

Ned Rand

There’s not. competitive very, It’s marketplace. a very just

profitable good have long. keeping very for made risks our We’re us that on so focused

rate, -- read if with that, to back we So into of that but points if than have few to it, a get we’re there’s really more we’re nothing Gary. okay

Gary Ransom

And relatively comp favorable? you are far workers’ still the see, loss as can trends as

Ned Rand

shortage and least to at lot -- employment XXXX. that decline. kind byproducts the quarter Yes, And year, Last for pandemic. the this the year, a they X we the certainly for the return labor seeing first of at months on of of we’re talked about least first of

remain does relatively favorable, it yes. So

Operator

no further We have questions.

So, I back Jason. host, will hand to our

Jason Gingerich

speaking today. joined look in everyone thanks Ruby, We Have XXXX. day. to and a Thanks, with us forward that again to you good

Operator

This concludes for you today’s joining. Thank call.

your disconnect now may You line.

ProAssurance (PRA) 14 May 222022 Q1 Earnings call transcript