Matthew Carletti's questions to ProAssurance Corp (PRA) leadership • Q1 2024
Question
Matthew Carletti of JMP Securities asked for an update on the competitive environment in medical professional liability over the past year, following the resurgence of social inflation and severity trends.
Answer
President and CEO Edward Rand described the competitive landscape as inconsistent, noting that some mutual competitors, buoyed by strong investment income, are writing policies at levels ProAssurance deems inappropriate. Executive Robert Francis added that while larger carriers show better discipline, many mutuals are still operating as if it were a few years ago, though some rational pricing is returning on a territory-by-territory basis.