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PRA > SEC Filings for PRA > Form 8-K/A on 21-Feb-2014All Recent SEC Filings

Show all filings for PROASSURANCE CORP

Form 8-K/A for PROASSURANCE CORP


21-Feb-2014

Results of Operations and Financial Condition


ITEM 2.02 RESULTS OF OPERATION AND FINANCIAL CONDITION
On February 20, 2014 we issued a news release reporting the results of our operations for the year and quarter ended December 31, 2013. Subsequent to the filing of the release we determined there was a calculation error that resulted in the reporting of an incorrect number in the section dealing with Loss and Loss Adjustment Expenses.

This amendment revises only the percentage by which the current accident year loss ratio was affected by a decrease in net earned premium. We originally reported the effect as 6.4 percentage points, the correct number is 15 percentage points.

Our original disclosure in this section read as follows; the incorrect number is underlined:

Our current accident year loss ratio was 90.2% for the quarter and 84.8% for the year-to-date, compared to 76.8% and 82.1% for the respective year-ago periods. The increase in the current accident year loss ratio is attributable in part to the decrease in net earned premium, driven by the change in the swing-rated component of ceded premiums, which accounted for 6.4 percentage points of the quarter increase and almost all of the year-over-year increase.

The correct disclosure is presented below, with the correct number underlined:

Our current accident year loss ratio was 90.2% for the quarter and 84.8% for the year-to-date, compared to 76.8% and 82.1% for the respective year-ago periods. The increase in the current accident year loss ratio is attributable in part to the decrease in net earned premium, driven by the change in the swing-rated component of ceded premiums, which accounted for 15 percentage points of the quarter increase and almost all of the year-over-year increase.

In addition to the filing of the Amendment to our prior 8K filing, we are correcting the press release issued on February 20, 2014 and have provided a copy of the corrected release as Exhibit 99.1 to this Current Report on Form 8K. The information we are furnishing under Item 2.02 of this Current Report on Form 8K, including Exhibit 99.1, is not be deemed to be "filed" for the purposes of
Section 18 of the Securities and Exchange Act of 1934 (the "Exchange Act") as amended, or otherwise subject to the liability of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.


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