Slide 1: Fourth Quarter and Full Year 2024 Investor Update
Investor Update Accurate as of February 24, 2025 Fourth Quarter and Full Year 2024 Investor Update Learn more: • News release issued February 24 • 10-K filed February 24 • Quarterly investor call February 25
Slide 2: Our Shared Vision
©2025 ProAssurance • All rights reserved. 2 Our Shared Vision We will be the best in the world at understanding and providing solutions for the risks our customers encounter as healers, innovators, employers, and professionals. Through an integrated family of specialty companies, products, and servi
Slide 3: Specialty Property & Casualty Segment
©2025 ProAssurance • All rights reserved. 3 ProAssurance Corporation (SNL P&C Group) 2024 Reported: MPL Direct Premiums Written > $45 million $25-45 million $15-25 million $5-$15 million < $5 million Top-four* Medical Professional Liability (MPL) carrier with $684 million of net earned premiums in 2
Slide 4: Remainder of Premiums from Workers' Compensation and Segregated Portfolio Cell Reinsurance
©2025 ProAssurance • All rights reserved. 4 Remainder of ProAssurance Premiums from Workers’ Compensation Insurance and Segregated Portfolio Cell Reinsurance Segments 2024 Net Earned Premiums of $968 million $168 Million Workers’ Compensation Insurance (Eastern Insurance) Specialty regional underwri
Slide 5: Operational Discipline Designed for Success in Competitive Markets
©2024 ProAssurance • All rights reserved. 5 Operational Discipline Designed for Success in Competitive Markets
Slide 6: Operations and Corporate Results Summary for Fourth Quarter 2024
©2025 ProAssurance • All rights reserved. 6 Operations – Insurance underwriting results for the fourth quarter of 2024 illustrate management’s ongoing actions to achieve sustained profitability • Our expertise in medical professional liability and workers’ compensation means we identified loss trend
Slide 7: Strategic Initiatives
©2025 ProAssurance • All rights reserved. 7 Corporate Provide strong net investment income stream to bolster underwriting contribution • Leverage current interest rate environment to increase portfolio yield • Consolidate statutory entities to maximize efficiency and capital utilization • Manage tal
Slide 8: Specialty P&C Combined Ratio Improvement
©2025 ProAssurance • All rights reserved. 8 Specialty P&C segment combined ratio from ongoing core operations improved 3.9 percentage points* compared to last year’s fourth quarter, while the full-year combined ratio improved 4.8 percentage points*. We are benefiting from our continued focus on pric
Slide 9: ProAssurance Overview
©2024 ProAssurance • All rights reserved. 9 ProAssurance Overview
Slide 10: A Foundation in Excellence
©2025 ProAssurance • All rights reserved. 10 A Foundation in Excellence SUPERIOR BRAND IDENTITY AND REPUTATION IN THE MARKET SCOPE & SCALE Regional hubs combined with local knowledge of market dynamics and regulatory environments HISTORY OF SUCCESSFUL MERGERS & ACQUISITIONS Selective M&A with best-i
Slide 11: Specialty Property & Casualty Segment Business Mix
©2025 ProAssurance • All rights reserved. 11 • Deep expertise and broad product spectrum in healthcare and related sciences • Consolidation in MPL → demand for comprehensive insurance solutions • Life Sciences → offer liability solutions to companies that develop, test, and deliver healthcare produc
Slide 12: Renewal Pricing Change Since 2018
©2025 ProAssurance • All rights reserved. 12 2019 2020 2021 2022 2023 2024 Cumulative +65% Renewal Pricing* Change Since 2018 • Medical professional liability market facing increasingly unfavorable legal environment exacerbated by legal system abuse • ProAssurance focus on underwriting discipline ha
Slide 13: Managing Risk While Enhancing Competitive Posture
©2025 ProAssurance • All rights reserved. 13 Managing Risk While Enhancing Competitive Posture • Limit growth except in appropriate markets and subsectors ▪ Consider specialty and venue severity when establishing underwriting appetite ▪ Continue strategic shift toward small to midsize accounts and l
Slide 14: Payroll Exposure by Market Segment in Workers' Compensation
©2025 ProAssurance • All rights reserved. 14 Payroll Exposure by Market Segment Demonstrates Diversification of Workers’ Compensation Insurance Segment Business Serving over 32 Market Segments, Primarily in Rural Territories as of 12/31/2024 *Excludes alternative markets business ceded to the Segreg
Slide 15: Workers' Compensation Segment Innovation Initiatives
©2025 ProAssurance • All rights reserved. 15 Workers’ Compensation Insurance Segment Addressing Market Challenges With Innovation Initiatives • Implemented new integrated policy, claims, risk management and billing systems, paving the way for innovation initiatives • Expand use of data analytics to
Slide 16: Segregated Portfolio Cell Reinsurance (Inova Re)
©2025 ProAssurance • All rights reserved. 16 Agency group or association establishes a cell SERVICES INCLUDE • Underwriting • Claims Administration • Risk Management • Reinsurance • Audit • Asset Management Services + Cell Rental Fees + Participation in profits/losses of selected cells Fee Income to
Slide 17: Investment Portfolio
©2025 ProAssurance • All rights reserved. 17 Details of our investment portfolio are available on our website at https://investor.proassurance.com/financial-information/quarterly-investment-supplements More than 90% Fixed Maturity Portfolio in Investment Grade Bonds • New money yield of 5.8% in four
Slide 18: Contribution of Net Investment Results Rose 23% in 2024
©2025 ProAssurance • All rights reserved. 18 Contribution of Net Investment Results Rose 23% in 2024 ($ in thousands) 2024 Beginning Equity $ 1,111,980 Employee Stock Transactions 4,927 Earnings 52,744 OCI 32,098 Total Equity $ 1,201,749 Net Investment Income ($ in millions) 12/31/2024 12/31/2023 Ch
Slide 19: Balance Sheet Stability and Leverage
©2025 ProAssurance • All rights reserved. 19 • ProAssurance maintains a balance sheet that ensures stability and security for our customers ▪ Targeted Premiums to Equity ratio is 0.75X • Our reserving philosophy enables success over the insurance cycles ▪ Net loss reserves of $3.3 billion at Decembe
Slide 20: Appendix
©2024 ProAssurance • All rights reserved. 20 Appendix
Slide 21: ProAssurance Executive Leadership
©2025 ProAssurance • All rights reserved. 21 ProAssurance Executive Leadership Executive Team bios available on our website at Investor.ProAssurance.com/OD Ned Rand - President & Chief Executive Officer Mr. Rand became President and CEO in 2019, after serving as COO, CFO, Executive VP, and Senior VP
Slide 22: ProAssurance Board of Directors
©2025 ProAssurance • All rights reserved. 22 ProAssurance Board of Directors Director bios available on our website at Investor.ProAssurance.com/OD Maye Head Frei Compensation Committee Chair Katisha T. Vance, MD Nominating/Corporate Governance Committee Chair Samuel A. Di Piazza, Jr Compensation Co
Slide 23: ProAssurance Group Brands
©2025 ProAssurance • All rights reserved. 23 ProAssurance Group Brands Alternative Risk Transfer Workers’ CompensationSpecialty Property & Casualty MEDICAL PROFESSIONAL LIABILITY INSURANCE FOR ANESTHESIOLOGISTS
Slide 24: Forward Looking Statements
©2025 ProAssurance • All rights reserved. 24 Forward Looking Statements This presentation contains Forward Looking Statements and other information designed to convey our projections and expectations regarding future results. There are a number of factors which could cause our actual results to vary
Slide 25: Contact
25 Contact: Heather J. Wietzel SVP, Investor Relations 205-776-3028 InvestorRelations@ProAssurance.com Investor.ProAssurance.com Mailing Address: ProAssurance Corporation 100 Brookwood Place Birmingham, AL 35209