Document
false0001127703 0001127703 2020-08-12 2020-08-12
UNITED STATES
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): August 12, 2020
 
ProAssurance Corporation
(Exact name of registrant as specified in its charter)
Delaware
001-16533
63-1261433
(State of Incorporation)
(Commission File No.)
(IRS Employer I.D. No.)
100 Brookwood Place,
Birmingham,
AL
35209
(Address of Principal Executive Office )
(Zip code)
Registrant’s telephone number, including area code:
(205)
877-4400
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:
☐
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
(17CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-(c) under the Exchange Act
(17CFR 240.13e-(c))
Securities registered pursuant to Section 12(b) of the Act:
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 8.01 OTHER EVENTS
On August 10, 2020, ProAssurance Corporation (the "Company") filed its Quarterly Report on Form 10-Q for the period ended June 30, 2020 (the "Form 10-Q"). Subsequent to filing its Form 10-Q, the Company identified a typographical error in its Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations, in the Segment Operating Results - Specialty Property & Casualty section under the heading "Gross Premiums Written." In the table on page 80 of the Form 10-Q, twelve month term Standard Physician premium should be $39,392 and $96,309 for the three and six months ended June 30, 2020, respectively, and $43,371 and $102,904 for the three and six months ended June 30, 2019, respectively.
The corrected table is set forth below:
 
Three Months Ended June 30
 
Six Months Ended June 30
($ in thousands)
2020
 
2019
 
Change
 
2020
 
2019
 
Change
Professional Liability
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HCPL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Standard Physician(1)(9)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Twelve month term
$
39,392

 
$
43,371

 
$
(3,979
)
 
(9.2
%)
 
$
96,309

 
$
102,904

 
$
(6,595
)
 
(6.4
%)
Twenty-four month term
947

 
10,081

 
(9,134
)
 
(90.6
%)
 
8,314

 
16,867

 
(8,553
)
 
(50.7
%)
Total Standard physician
40,339

 
53,452

 
(13,113
)
 
(24.5
%)
 
104,623

 
119,771

 
(15,148
)
 
(12.6
%)
Specialty
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Custom Physician(2)(9)
5,696

 
17,420

 
(11,724
)
 
(67.3
%)
 
36,442

 
51,795

 
(15,353
)
 
(29.6
%)
Hospitals and Facilities(3)(9)
9,662

 
11,340

 
(1,678
)
 
(14.8
%)
 
25,933

 
27,496

 
(1,563
)
 
(5.7
%)
Senior Care(4)(9)
480

 
3,625

 
(3,145
)
 
(86.8
%)
 
4,104

 
11,784

 
(7,680
)
 
(65.2
%)
Reinsurance (assumed)
2,477

 
2,517

 
(40
)
 
(1.6
%)
 
7,266

 
7,178

 
88

 
1.2
%
Total Specialty
18,315

 
34,902

 
(16,587
)
 
(47.5
%)
 
73,745

 
98,253

 
(24,508
)
 
(24.9
%)
Total HCPL
58,654

 
88,354

 
(29,700
)
 
(33.6
%)
 
178,368

 
218,024

 
(39,656
)
 
(18.2
%)
Small Business Unit(5)
20,505

 
23,180

 
(2,675
)
 
(11.5
%)
 
43,405

 
48,144

 
(4,739
)
 
(9.8
%)
Tail Coverages(6)
17,818

 
4,752

 
13,066

 
275.0
%
 
24,007

 
9,181

 
14,826

 
161.5
%
Total Professional Liability
96,977

 
116,286

 
(19,309
)
 
(16.6
%)
 
245,780

 
275,349

 
(29,569
)
 
(10.7
%)
Medical Technology Liability(7)
9,885

 
9,937

 
(52
)
 
(0.5
%)
 
16,104

 
17,140

 
(1,036
)
 
(6.0
%)
Other(8)
203

 
1,678

 
(1,475
)
 
(87.9
%)
 
561

 
1,844

 
(1,283
)
 
(69.6
%)
Total
$
107,065

 
$
127,901

 
$
(20,836
)
 
(16.3
%)
 
$
262,445

 
$
294,333

 
$
(31,888
)
 
(10.8
%)
The correction in this Current Report on Form 8-K does not change any other previously reported financial results of operations or any other disclosure contained in the Form 10-Q.
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: August 12, 2020
PROASSURANCE CORPORATION
by: /s/ Jeffrey P. Lisenby
-----------------------------------------------------
Jeffrey P. Lisenby
General Counsel

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