ProAssurance To Incur $7.5M Catastrophe Loss From Hurricanes
Zacks Investment Research | Oct 02, 2017 09:43PM ET
Specialty insurer ProAssurance Corporation (NYSE:PRA) expects to incur catastrophe (cat) loss of $7.5 million (net of reinsurance and reinstatement premiums) for the third quarter.
These losses are from hurricanes Harvey, Irma and Maria, which created havoc in Texas, several states in the southeast United States and islands in the Caribbean.
The loss will be incurred in the company’s Lloyds (LON:LLOY) Syndicate segment (which contributed nearly 7% of the gross premium in the first half of 2017) and is attributed to its 58% participation in business written by Lloyd's Syndicate 1729.
The expected loss is likely to weigh on the segment’s loss ratio, which deteriorated 1320 basis points year over year in the first six months of 2017. The segment reported a 11.4% increase in revenues in the first half of 2017.
Year to date, the stock has lost 2.1%, underperforming the Zacks Investment Research
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