Short answer
PROASSURANCE CORP (PRA) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $1.1B (−4.6% year over year) and net income of $51M.
- Top risk flagged: Regulatory risk: expiration of Terrorism Risk Insurance Act (TRIA) at end of 2027 could increase terrorism loss exposure and raise premium costs
FY2025 key financial metrics · XBRL
- Revenue
- $1.1B
- −4.6% YoY
- Net income
- $51M
- −3.5% YoY
- EPS (diluted)
- $0.99
- −3.9% YoY
- ROE
- 3.8%
- −0.6 pp YoY
- Operating cash flow
- −$26M
- −139.1% YoY
Source: XBRL data from the PROASSURANCE CORP (PRA) FY2025 10-K on SEC EDGAR. USD.
PROASSURANCE CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Specialty property and casualty (P&C) insurance, with focus on medical professional liability (MPL) and workers' compensation segments
- New 100% quota share reinsurance agreement in Q2 2025 for legal professional liability policies, impacting ceded premiums ratio
- Strategic emphasis on improving profitability via proactive premium volume management, ceasing Syndicate 1729 participation for 2024
- Notable quantitative: Net favorable reserve development $79.8 million in 2025, up 116% from $36.9 million in 2024
- Unusual: Incorporation of podiatric and chiropractic policies into MPL treaty effective October 1, 2024, expanding risk coverage
Management Discussion & Analysis
- Revenue details not explicitly disclosed in MD&A provided; gross premiums by product: Specialty P&C 71%, Workers' Compensation 23% of consolidated gross premiums written in 2025
- No explicit profit/margin % figures given; focus on combined ratio, underwriting profitability and ROE targeting 700 bps above 10-year US Treasury of 11.2% (approx. 18.2% target ROE)
- Best performing segment: Specialty P&C (largest, 71% of premiums, 86% of reserve gross losses); Worst pressure in Workers’ Compensation with rate pressure and loss cost declines
- Forward outlook: Merger with The Doctors Company expected by June 30, 2026 with regulatory approvals pending; risks include healthcare market consolidation, social inflation, tort reform erosion, and regulatory timing uncertainties
Risk Factors
- Regulatory risk: expiration of Terrorism Risk Insurance Act (TRIA) at end of 2027 could increase terrorism loss exposure and raise premium costs
- Geopolitical risk: ongoing exposure to aviation losses linked to Russia’s invasion of Ukraine in open Lloyd’s Syndicate 6131 2021 underwriting year
- Operational risk: reliance on independent agents and brokers whose loss or consolidation could adversely impact new business acquisition and retention
- Competitive risk: intensified competition in medical professional liability market from mutual insurers with lower ROE and aggressive multistate entities
- Financial risk: $335 million reinsurance receivable on unpaid losses subject to reinsurer credit and payment timing uncertainties potentially affecting liquidity
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.