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ProAssurance Reports Year-End and Fourth Quarter 2009 Results
Date:2/24/2010

  • Our retention of existing business in our historical medical liability book increased from 88% in 2008 to 89% in 2009. The PICA Group's (PICA) retention rate for their medical professional liability business remained steady at 93% for full year 2009.
  • The premium rate on policies we renewed in our historical medical liability book declined an average of four percent in 2009, as our pricing reflects the overall improvement in loss trends for the past few years. Premium rates on renewing business at PICA were essentially unchanged in 2009.
  • We wrote $28 million of new premium, not attributable to acquisitions, in our historical book of professional liability business in 2009. Acquisitions accounted for a total of $95 million of new business, led by The PICA Group, which contributed $77 million of new premium to ProAssurance after PICA became part of the company on April 1, 2009.
  • We had favorable net loss reserve development of $109.3 million in the fourth quarter, bringing year-to-date favorable net loss reserve development to $207.3 million, compared to $185.3 million in 2008. The favorable development in 2009 is principally the result of a reduction in expected loss costs, primarily from accident years 2003 through 2007.


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