8-K
Proassurance Corp (PRA)
| UNITED STATES | |||||||
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| SECURITIES AND EXCHANGE COMMISSION | |||||||
| Washington, D.C. 20549 | |||||||
| FORM | 8-K | ||||||
| CURRENT REPORT | |||||||
| Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 | |||||||
| Date of Report (Date of earliest event reported): December 2, 2020 | |||||||
| ProAssurance Corporation | |||||||
| (Exact name of registrant as specified in its charter) | Delaware | 001-16533 | 63-1261433 | ||||
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| (State of Incorporation) | (Commission File No.) | (IRS Employer I.D. No.) | 100 Brookwood Place, | Birmingham, | AL | 35209 | |
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| (Address of Principal Executive Office ) | (Zip code) | Registrant’s telephone number, including area code: | (205) | 877-4400 | |||
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| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||||
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| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12) | ||||||
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act <br>(17CFR 240.14d-2(b)) | ||||||
| ☐ | Pre-commencement communications pursuant to Rule 13e-(c) under the Exchange Act <br>(17CFR 240.13e-(c)) | Securities registered pursuant to Section 12(b) of the Act: | |||||
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| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||
| Common Stock, par value $0.01 per share | PRA | New York Stock Exchange | Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | ||||
| --- | --- | ||||||
| Emerging growth company | ☐ | ||||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ |
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ITEM 7.01 REGULATION FD DISCLOSURES
Attached as Exhibit 99.1 and incorporated into this Item 7.01 by reference is our news release relating to the dividend referred to in Item 8.01 below.
Additionally, at its regular meeting today, our Board of Directors set May 25, 2021 as the date of the 2021 Annual Meeting of Shareholders to be held at our headquarters in Birmingham, Alabama. The record date for the meeting is March 29, 2021.
ITEM 8.01 OTHER EVENTS
On December 2, 2020, our Board of Directors declared a regular dividend of $0.05 per common share payable on January 7, 2021 to shareholders of record as of December 22, 2020. For 2020, our dividend policy anticipates a total annual dividend payment of $0.72 per share. On an annualized basis going forward, our policy anticipates annual dividends of $0.20 per share. That policy also considers the irregular payment of special dividends, which may or may not occur in the future. Any decision to pay future cash dividends will be subject to the Board's final determination after a comprehensive review of the company's financial performance, future expectations and other factors deemed relevant by the Board.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
SIGNATURE
Pursuant to the requirements of the Securities Exchange act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: December 2, 2020
| PROASSURANCE CORPORATION |
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| by: /s/ Jeffrey P. Lisenby |
| ----------------------------------------------------- |
| Jeffrey P. Lisenby<br><br>General Counsel |
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Exhibit
| NEWS RELEASE<br><br>For More Information:<br><br>Ken McEwen<br><br>Manager, Investor Relations<br><br>800-282-6242 • 205-439-7903 • KenMcEwen@ProAssurance.com |
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ProAssurance Declares Quarterly Dividend
BIRMINGHAM, AL – (BUSINESSWIRE) – December 2, 2020 - The Board of Directors of ProAssurance Corporation (NYSE:PRA) has declared a cash dividend of $0.05 per common share, payable on January 7, 2021 to shareholders who own our stock as of December 22, 2020.
For 2020, our dividend policy anticipates a total annual dividend of $0.72 per share. On an annualized basis going forward, our policy anticipates annual dividends of $0.20 per share to be paid in equal quarterly installments. However, any decision to pay future cash dividends will be subject to the Board’s final determination after a comprehensive review of the company’s financial performance, future expectations, and other factors deemed relevant by the Board.
Today our Board also set May 25, 2021 as the date of the 2021 Annual Meeting of Shareholders to be held at our headquarters in Birmingham, Alabama. The record date for the meeting is March 29, 2021.
About ProAssurance
ProAssurance Corporation is an industry-leading specialty insurer with extensive expertise in healthcare professional liability, products liability for medical technology and life sciences, legal professional liability, and workers’ compensation insurance. ProAssurance Group is rated “A” (Excellent) by AM Best; ProAssurance and its operating subsidiaries are rated “A-” (Strong) by Fitch Ratings. For the latest on ProAssurance and its industry-leading suite of products and services, cutting-edge risk management and practice enhancement programs, follow @ProAssurance on Twitter or LinkedIn. ProAssurance’s YouTube channel regularly presents thought provoking, insightful videos that communicate effective practice management, patient safety and risk management strategies.
Caution Regarding Forward-Looking Statements
Statements in this news release that are not historical fact or that convey our view of future business, events or trends are specifically identified as forward-looking statements. Forward-looking statements are based upon our estimates and anticipation of future events and highlight certain risks and uncertainties that could cause actual results to vary materially from our expected results. We expressly claim the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, for any forward-looking statements in this news release. Forward-looking statements represent our outlook only as of the date of this news release. Except as required by law or regulation, we do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
There are a number of risk factors that may cause outcomes that differ from our expectations or projections. These are described in detail in various documents filed by ProAssurance Corporation with the Securities and Exchange Commission, such as current reports on Form 8-K, and regular reports on Forms 10-Q and 10-K, particularly in “Item 1A, Risk Factors.”