ProSight Global Inc. (PROS) Misses Q1 EPS by 12c

ProSight Global Inc. (NYSE: PROS) reported Q1 EPS of $0.15, $0.12 worse than the analyst estimate of $0.27.

"Our thoughts are with all of those affected by the COVID-19 outbreak, as well as healthcare professionals, first responders and those who sacrifice for others on a daily basis. I am proud of our team's leadership and initiative, having transitioned successfully to a 100% remote work environment that balanced the health and safety of our employees with our obligations to our customers and distribution partners. Our colleagues continue to work closely with our insureds and distribution partners as we navigate what will likely be one of the largest insured events in history.

"I am pleased with our strong underwriting results in the quarter and the early outreach to our insureds which resulted in helpful solutions for those most impacted by COVID-19. We reacted quickly as the impact of COVID-19 became apparent and worked with our affected insureds, niche by niche, to right size their on-going premiums to reflect what was happening in real time to their exposure.

"On the asset side of our balance sheet, our investment portfolio is high quality and liquid, with no exposure to public equity, private equity, CLO equity, or venture capital. Over the last two quarters we repositioned the portfolio to a higher average credit quality. While our first quarter results reflect the dislocation in the fixed income markets, they do not reflect the benefits of spread tightening that has taken place so far in the second quarter."

For earnings history and earnings-related data on ProSight Global Inc. (PROS) click here.

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