ProAssurance (NYSE: PRA) reported Q4 EPS of ($1.27), $0.29 better than the analyst estimate of ($1.56).

“2019 was a consequential year for ProAssurance,” said Ned Rand, President and Chief Executive Officer of ProAssurance. “In the span of twelve months, we restructured the majority of our executive team, consolidated our Specialty Property & Casualty operations under Mike Boguski’s leadership, reduced our Lloyd’s participation, and, with the planned acquisition of NORCAL Group announced earlier today, negotiated the largest single transaction in our company’s history.

“There is much more to do in 2020. Our results for 2019 were not acceptable. While I believe our accomplishments in the past year position ProAssurance well for the next chapter in the company’s story, the evolving property & casualty landscape remains challenging in the near term. In our estimation, the market is beginning to harden in the healthcare professional liability line, but only time will tell the exact duration and course of this new cycle. As we continue to navigate the challenges presented by large and complex medical groups, our core physicians book of business continues to perform as expected, and our Workers’ Compensation Insurance segment reported strong results despite a highly competitive marketplace.”

Rand continued, “2020 has only just begun, and already it has the potential to be a transformative year with our announcement of the NORCAL transaction. As we take the steps necessary to ensure the integrity of our balance sheet, become a more efficient and effective organization, and grow the ProAssurance family of companies, I am excited for what the future will bring.”

For earnings history and earnings-related data on ProAssurance (PRA) click here.