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Private company

PROASSURANCE CORP

PROASSURANCE CORP is a holding company for property and casualty insurance companies.1 It is headquartered in Birmingham, Alabama.1

Last updated Oct 21, 2026.

Overview

  • IndustryFire, Marine & Casualty Insurance1
  • HeadquartersBirmingham, Alabama1
  • Incorporated inDE2
  • Business address100 Brookwood Place, Birmingham, Al 352092
  • Filer categoryLarge accelerated filer2

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ProAssurance Corporation is a holding company for property and casualty insurance companies. For the year ended December 31, 2025, our net premiums written totaled $0.9 billion, and at December 31, 2025 we had total assets of $5.4 billion and $1.3 billion of shareholders' equity.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

4.6%Net margin5
-4.6%Revenue growth, 20255
3.8%Return on equity5
0.31×Debt to equity5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs93¢$1.0B
  • Income tax2¢$21.2M
  • Profit5¢$50.9M

Out of $1.1B in revenue.5

Financial statements

Revenue67895$1.1B in 2025+10% since 2019
0$500.0M$1.0B$1.5B2019: $999.8M$999.8M20192020: $874.9M$874.9M2020−12%2021: $1.1B$1.1B2021+29%2022: $1.1B$1.1B2022−2%2023: $1.1B$1.1B2023+3%2024: $1.2B$1.2B2024+1%2025: $1.1B$1.1B2025−5%
Net income67895$50.9M in 2025+4971% since 2019
-$200.0M-$100.0M0$100.0M$200.0M2019: $1.0M$1.0M20192020: -$175.7M-$175.7M20202021: $144.1M$144.1M20212022: -$402.0K-$402.0K20222023: -$38.6M-$38.6M2023+9503%2024: $52.7M$52.7M20242025: $50.9M$50.9M2025−3%
Fiscal year2019202020212022202320242025
Revenue$999.8M6$874.9M7$1.1B8$1.1B9$1.1B5$1.2B5$1.1B5
Interest$16.6M6$15.5M7$19.7M8$20.4M8$23.1M8
Income before tax$146.6M8-$6.2M9-$39.1M5$63.1M5$72.1M5
Income tax-$29.8M6-$41.3M7$2.5M8-$5.8M9-$545.0K5$10.3M5$21.2M5
Net income$1.0M6-$175.7M7$144.1M8-$402.0K9-$38.6M5$52.7M5$50.9M5
Earnings per share$0.026-$3.267$2.678-$0.019-$0.735$1.035$0.995
Earnings per share (diluted)$0.026-$3.267$2.678-$0.019-$0.735$1.035$0.995
Shares (weighted, basic)54.0M shares854.0M shares952.6M shares551.1M shares551.3M shares5
Shares (weighted, diluted)54.1M shares854.1M shares952.8M shares551.3M shares551.7M shares5

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Corporate structure

PROASSURANCE CORP sits at the top of its group. 19 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of PROASSURANCE CORP

  • PROASSURANCE CORP Birmingham, Alabama
    • (8) Effective July 18, 2024, FD Insurance Company was redomiciled from Florida to Subsidiary · Alabama, United States
    • Allied Eastern Indemnity Company Subsidiary · Pennsylvania, United States
    • Eastern Advantage Assurance Company Subsidiary · Pennsylvania, United States
    • Eastern Alliance Insurance Company Subsidiary · Pennsylvania, United States
    • Eastern Insurance Holdings, Inc. Subsidiary · Pennsylvania, United States
    • Eastern Re Ltd, S.P.C. Subsidiary · Cayman Islands
    • IAO, Inc. Subsidiary · Alabama, United States
    • Inova Re Ltd, S.P.C. Subsidiary · Cayman Islands
    • Medicus Insurance Company Subsidiary · Texas, United States
    • Medmarc Casualty Insurance Company Subsidiary · Vermont, United States
    • NORCAL Specialty Insurance Company Subsidiary · Texas, United States
    • PPM Insurance Services, Inc. Subsidiary · Missouri, United States
    • PRA Corporate Capital Limited Subsidiary · United Kingdom
    • PRA Services Corporation Subsidiary · Michigan, United States
    • PRACCL Limited Subsidiary · United Kingdom
    • ProAssurance Group Services Corporation Subsidiary · Alabama, United States
    • ProAssurance Insurance Company of America Subsidiary · Illinois, United States
    • ProAssurance Specialty Insurance Company Subsidiary · Vermont, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What PROASSURANCE CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$13.1M5 Dec 31, 2025$29.6M5 Dec 31, 2024−55.9%
Operating-lease assets (leased space)$13.8M5 Dec 31, 2025$16.5M5 Dec 31, 2024−16.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$36.5M5 Dec 31, 2025$54.9M5 Dec 31, 2024−33.5%
Debt securities available for sale$3.7B5 Dec 31, 2025$3.6B5 Dec 31, 2024+2.9%
Equity securities at fair value$107.0M5 Dec 31, 2025$130.2M5 Dec 31, 2024−17.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$5.5M5 Dec 31, 2025$5.5M5 Dec 31, 20240%
Indefinite-lived intangibles (excluding goodwill)$38.2M5 Dec 31, 2025$38.2M5 Dec 31, 20240%
Finite-lived intangibles, gross$100.3M5 Dec 31, 2025$100.3M5 Dec 31, 20240%
Accumulated amortization$90.0M5 Dec 31, 2025$84.3M5 Dec 31, 2024+6.8%

Properties, in its own words

We own two office properties, both of which are unencumbered:

Square Footage of Properties

The rest of Item 2

Property Location · Occupied byProAssurance · Leased or Availablefor Lease · Total

Birmingham, AL(1)(2) · 120,000 · 45,000 · 165,000

Okemos, MI · 53,000 · — · 53,000

(1) Corporate Headquarters

(2) In December 2025, ProAssurance entered into a LOI for the sale of the Birmingham, AL property to a third party. The LOI is subject to a number of customary closing conditions.

Item 2 of the 10-K filed Feb 23, 2026.4

Leadership

Who has led PROASSURANCE CORP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. William Stancil Starnes2007–2008
  2. Edward Lewis Rand Jr.2019–now

Chair

  1. Victor T. Adamo2006–2013
  2. A. Derrill Crowe Md.2006–2008
  3. Paul R. Butrus2006–2007
  4. William Stancil Starnes2009–2022

President

  1. Edward Lewis Rand Jr.2006–2009
  2. Victor T. Adamo2006–2012
  3. Jerry Dee Brant2009–2012
  4. Mary Todd Peterson2014–2016
  5. Michael Leonard Boguski2014–2023
  6. Howard H. Friedman2014–2019
  7. Kevin Merrick Shook2019–2023
  8. Jeffrey Patton Lisenby2023–now

Chief financial officer

  1. Dana S. Hendricks2018–now
2010201520202025
Board members and other officers (31)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • (8) Effective July 18, 2024, FD Insurance Company was redomiciled from Florida to Alabama.3
  • Allied Eastern Indemnity Company Pennsylvania3
  • Eastern Advantage Assurance Company Pennsylvania3
  • Eastern Alliance Insurance Company Pennsylvania3
  • Eastern Insurance Holdings, Inc. Pennsylvania3
  • Eastern Re Ltd, S.P.C. Cayman Islands3
  • IAO, Inc. Alabama3
  • Inova Re Ltd, S.P.C. Cayman Islands3
  • Medicus Insurance Company Texas3
  • Medmarc Casualty Insurance Company Vermont3
  • NORCAL Specialty Insurance Company Texas3
  • PPM Insurance Services, Inc. Missouri3
  • PRA Corporate Capital Limited United Kingdom3
  • PRA Services Corporation Michigan3
  • PRACCL Limited United Kingdom3
  • ProAssurance Group Services Corporation Alabama3
  • ProAssurance Insurance Company of America Illinois3
  • ProAssurance Specialty Insurance Company Vermont3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Jun 26, 20268-K Ended a material agreement; Completed an acquisition or sale; Listing notice or transfer58
  2. Jun 23, 20268-K Other events59
  3. Jun 2, 20268-K Other events60
  4. May 5, 20268-K Results of operations61
  5. Feb 23, 20268-K Results of operations62
  6. Dec 8, 20258-K Executive or director change63
  7. Nov 4, 20258-K Results of operations; Regulation FD disclosure64
  8. Aug 5, 20258-K Regulation FD disclosure65
  9. Jul 7, 20258-K Other events66
  10. Jun 24, 20258-K Shareholder vote; Other events67
  11. May 21, 20258-K Executive or director change; Shareholder vote68
  12. May 6, 20258-K Regulation FD disclosure69
  13. Oct 7, 2019New chief executive Edward Lewis Rand Jr. becomes CEO14
  14. Jul 2, 2007New chief executive William Stancil Starnes becomes CEO15

Calendar

When it reported results

  1. May 5, 2026Reported quarterly or annual results61
  2. Feb 23, 2026Reported quarterly or annual results62
  3. Nov 4, 2025Reported quarterly or annual results64
  4. Nov 7, 2024Reported quarterly or annual results70
  5. Aug 8, 2024Reported quarterly or annual results71
  6. May 6, 2024Reported quarterly or annual results72
  7. Feb 27, 2024Reported quarterly or annual results73
  8. Nov 8, 2023Reported quarterly or annual results74

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

324 filings to the SEC since October 2021: 6 annual reports, 14 quarterly reports, 54 major events, 202 insider forms, 23 large holders, 25 other. The latest 20:

  1. Jul 8, 202615-12G/A EDGAR
  2. Jul 6, 202615-12G EDGAR
  3. Jun 30, 2026SCHEDULE 13D/A EDGAR
  4. Jun 26, 20264 EDGAR
  5. Jun 26, 20264 EDGAR
  6. Jun 26, 20264 EDGAR
  7. Jun 26, 20264 EDGAR
  8. Jun 26, 20264 EDGAR
  9. Jun 26, 20264 EDGAR
  10. Jun 26, 20264 EDGAR
  11. Jun 26, 20264 EDGAR
  12. Jun 26, 20264 EDGAR
  13. Jun 26, 20264 EDGAR
  14. Jun 26, 20264 EDGAR
  15. Jun 26, 20264 EDGAR
  16. Jun 26, 20264 EDGAR
  17. Jun 26, 20264 EDGAR
  18. Jun 26, 2026S-8 POS EDGAR
  19. Jun 26, 2026S-3/A EDGAR
  20. Jun 26, 20268-K EDGAR

The 324 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Edward L. RandJr.$1.0M$6.2M85
2024Robert D. Francis$604.8K$2.4M85
2024Jeffrey P. Lisenby$526.4K$2.1M85
2024Dana S. Hendricks$507.1K$2.0M85
2024Kevin M. Shook$479.9K$1.8M85
2023Chief Executive Officer and President$1.0M$3.7M85
2023Executive Vice PresidentCorporate Secretary and General Counsel$513.7K$1.2M85
2023PresidentEastern Alliance Insurance Group$468.4K$1.2M85
2023Chief Financial OfficerTreasurer and Executive Vice President$485.4K$1.2M85
2022Chief Executive Officer and President$987.5K$4.4M85
2022Executive Vice PresidentCorporate Secretary and General Counsel$508.1K$1.5M85
2022Chief Financial OfficerTreasurer and Executive Vice President$471.4K$1.4M85
2022PresidentEastern Alliance Insurance Group$463.6K$1.4M85

SEC filer profile

How PROASSURANCE CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPROASSURANCE CORP1
  • CIK0001127703
  • Employer ID (EIN)63-12614334
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6331 Fire, Marine & Casualty Insurance1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address100 Brookwood Place, Birmingham, AL 352091
  • Phone20587744001
  • Shares outstanding51,607,726 as of May 1, 202612
  • Public float$1.2B as of Jun 30, 20254
  • AuditorErnst & Young LLP, Birmingham, Alabama PCAOB ID 42; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceNov 6, 20001
  • Filings2,046 in all: 4 (1,117), 8-K (449), 10-Q (75), SC 13G/A (69), 425 (42), 4/A (36), 3 (30), 10-K (25)1
    All 51 form types

    DEF 14A (24), DEFA14A (20), SC 13G (17), UPLOAD (15), ARS (14), 8-K/A (10), CORRESP (10), S-8 (8), POS AM (7), 5 (6), S-8 POS (6), 10-K/A (5), S-3ASR (5), S-4/A (5), SCHEDULE 13G/A (5), EFFECT (4), S-3/A (4), 424B3 (3), S-3 (3), S-4 (3), SCHEDULE 13G (3), 10-Q/A (2), 3/A (2), POSASR (2), SC 13D/A (2), 15-12G (1), 15-12G/A (1), 25-NSE (1), 424B2 (1), 424B4 (1), 424B5 (1), 6-K (1), 8-A12B (1), DEFM14A (1), FWP (1), PREM14A (1), RW (1), S-4 POS (1), SC 13D (1), SC TO-T (1), SC TO-T/A (1), SCHEDULE 13D (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Feb 23, 2026
    Quarterly report (10-Q) May 5, 2026
    Proxy statement (DEF 14A) Apr 11, 2025
    Latest 8-K (8-K) Jun 26, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per sharePRANew York Stock Exchange

From the cover page of the 10-K filed Feb 23, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks PROASSURANCE CORP names in Item 1A of its 10-K filed Feb 23, 2026: 35 risks under these headings, as written.4

  • Insurance market conditions may alter or limit the effectiveness of our current business strategy and impact our revenues.
  • The cyclicality in the property and casualty insurance industry could have a material adverse effect on our ability to improve or maintain underwriting profits or to grow or maintain premium volume.
  • The Company's results of operations could be adversely impacted by catastrophes, both natural and man-made, pandemics, severe weather conditions, climate change or closely related series of events.
  • Our results of operations and financial condition may be affected if actual insured losses differ from our loss reserves or if actual amounts recoverable under reinsurance agreements differ from our estimated recoverables.
  • We use analytical models to assist our decision-making in key areas such as pricing and reserving and may be adversely affected if actual results differ materially from the model outputs and related analyses.
  • We are exposed to and may face adverse developments involving mass tort claims arising from coverages provided to our insureds.
  • If market conditions cause reinsurance to be more costly or unavailable, we may be required to bear increased risk or reduce the level of our underwriting commitments.
  • Our claims handling could result in a bad faith claim against us.
  • If we are unable to maintain a favorable financial strength rating, it may be more difficult for us to write new business or renew our existing business.
  • Our business could be adversely affected by the loss or consolidation of independent agents, agencies, brokers or brokerage firms.
  • As a member of the Lloyd's market and a participant in open underwriting years in certain Lloyd's Syndicates we are subject to certain risks which could affect us.
  • We cannot guarantee that our reinsurers will pay in a timely fashion or at all, and as a result, we could experience losses.
The other 23 risks
  • If our businesses do not perform well, we may be required to recognize an impairment of our indefinite lived intangible assets or long-lived assets, which could have a material adverse effect on our results of operations and financial condition.
  • Our investment results may be impacted by changes in interest rates, U.S. monetary and fiscal policies as well as broader economic conditions.
  • Our investments are subject to credit, prepayment and other risks.
  • In a period of market illiquidity and instability, the fair values of our investments are more difficult to assess, and our assessments may prove to be greater or less than amounts received in actual transactions.
  • Our ability to issue debt or letters of credit or other types of indebtedness on terms consistent with current debt is subject to market conditions, economic conditions at the time of proposed issuance, result of rating review and the inclusion in certain bond indices of past and future issues. Also, certain of our current debt agreements include financial covenants, and the issuance of debt by one of our insurance subsidiaries requires regulatory approval, both of which may limit or prohibit the issuance of additional debt.
  • Our outstanding debt is exposed to fluctuations in interest rates, which could adversely impact our results. We utilize cash flow hedge instruments to mitigate this risk, however our hedge instruments could be ineffective.
  • We are exposed to fluctuations in foreign currency exchange rates, which could have an adverse effect on our results of operations and financial condition.
  • Our provision for income taxes, our recorded tax liabilities and net deferred tax assets, including any valuation allowances, are recorded based on estimates and actual tax amounts may be different than we have estimated, both with regard to amounts recognized and the timing of recognition. Such differences could affect our results of operations or cash flows.
  • Regulatory and Compliance
  • Changes due to financial reform legislation could have a material effect on our operations.
  • The passage of tort reform or other legislation, and the subsequent review of such laws by the courts, could have a material impact on our operations.
  • Regulatory requirements or changes to regulatory requirements could have a material effect on our operations.
  • Given the current uncertainty surrounding Environmental, Social and Governance and other similar environmental and public policy matters, we cannot predict whether there will be legislation and regulation that will ultimately affect our financial condition, operating performance and ability to compete.
  • The assessments that we are required to pay to state associations may increase or our participation in mandatory risk retention pools could be expanded and our results of operations and financial condition could suffer as a result.
  • Provisions in our charter documents, Delaware law and state insurance laws may impede attempts to replace or remove management or may impede a takeover, which could adversely affect the value of our common stock.
  • We are subject to numerous NYSE and SEC regulations including insider trading regulations, Regulation FD and regulations requiring timely and accurate reporting of our operating results as well as certain events and transactions. Noncompliance with these regulations could subject us to enforcement actions by the NYSE or the SEC and could affect the value of our shares and our ability to raise additional capital.
  • Our performance is dependent on the business, economic, regulatory and legislative conditions of states where we have a significant amount of business.
  • There are numerous risks and uncertainties associated with the proposed acquisition by The Doctors Company.
  • We are a holding company and are dependent on dividends and other payments from our operating subsidiaries, which may be subject to dividend restrictions.
  • A natural disaster or pandemic event, or closely related series of events, could cause loss of lives or a substantial loss of property or operational ability at one or more of the Company's facilities.
  • Our business could be affected by the loss of one or more of our senior executives or other qualified personnel.
  • If we fail to maintain proper and effective internal controls over financial reporting, our operating results and our ability to operate our business could be harmed.
  • Technology, Data Security and Privacy
  • The operations of the Company are dependent upon the security, integrity and availability of our internal technology infrastructure and that of certain third parties including, but not limited to, the use of cloud-based technology. Any significant disruption of these infrastructures could result in unauthorized access to Company data, reduce our ability to conduct business effectively, or cause economic harm to the Company in the form of lost time, lost business opportunity, actual monetary loss or loss of investor confidence.
  • The development and use of artificial intelligence presents risks and challenges that can impact our business including, but not limited to, posing security risks to our confidential information, proprietary information, and personal data and could damage our reputation or otherwise materially harm our business.

Legal proceedings

Our insurance subsidiaries are involved in various legal actions, a substantial number of which arise from claims made under insurance policies. While the outcome of all legal actions is not presently determinable, management and its legal counsel are of the opinion that these actions will not have a material adverse effect on our financial position or results of operations. See Note 7 of the Notes to Consolidated Financial Statements included herein.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

The executive officers of ProAssurance Corporation serve at the pleasure of the Board. We have a knowledgeable and experienced management team with established track records in building and managing successful insurance operations. Following is a brief description of each executive officer of ProAssurance, including their principal occupation, and relevant background with ProAssurance and former employers.

We have adopted a Code of Ethics and Conduct that applies to our directors and executive officers, including but not limited to our principal executive officer and principal financial officer. We also have share ownership guidelines in place to ensure that management maintains a significant portion of their personal investments in the stock of ProAssurance. Both our Code of Ethics and Conduct and our Share Ownership Guidelines are available on the Corporate Information section of our website. Printed copies of these documents may be obtained from our Investor Relations department by email at InvestorRelations@ProAssurance.com, by mail at P.O. Box 590009, Birmingham, Alabama 35259-0009, or by telephone at (205) 776-3028 or (800) 282-6242.

The opening of Item 3, Legal Proceedings.4

Sources

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