Pending Case

ProAssurance Corp.

NYSE: PRA

SHAREHOLDER ALERT: Block & Leviton LLP Announces that a Lawsuit Has Been Filed Against ProAssurance Corp. for Securities Fraud; Investors Who Lost Money Should Contact the Firm

Contact us to learn more about this lawsuit.

Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, announces that a class action lawsuit on behalf of shareholders has been filed against ProAssurance Corp. (NYSE: PRA) and certain of its officers for securities fraud. The lead plaintiff deadline is August 17, 2020. Investors who purchased ProAssurance shares between April 26, 2019 and May 7, 2020 are encouraged to contact the firm for a free case evaluation.

ProAssurance provides medical liability insurance to providers in the United States. Its most important division is its Specialty Property and Casualty (“Specialty P&C”) segment, which has consistently accounted for at least 60% of ProAssurance’s gross premiums written since 2015.

The lawsuit, filed in the Northern District of Alabama, alleges that ProAssurance misrepresented its underwriting and reserve standards and failed to adequately reserve for losses. Specifically, the suit alleges that ProAssurance underwrote one very large healthcare account in 2016 on terms that were very detrimental to the Company. On January 22, 2020, ProAssurance announced that because of a deteriorating losses experience relating to that account, it was estimating a $37 million adverse development in its Specialty P&C loss reserves. On this news, the stock fell approximately 11%, to close at $33.40 per share.

Then on February 20, 2020, ProAssurance announced that the related adverse development charge would be $51.5 million. Then on May 8, 2020, ProAssurance announced that the one large healthcare client would likely not renew its policy and instead would likely exercise an option for tail coverage that would result in an additional $50 million in losses for the second quarter of 2020. On this news, ProAssurance’s stock price plunged another 22%, to close at just $15.95 on May 8, 2020.

If you purchased or acquired shares of ProAssurance and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockesq.com, or at https://shareholder.law/proassurance.

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.

Contact us to learn more about this lawsuit.

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