ProAssurance turns into a loss in the third quarter

(RTTNews) – ProAssurance Corp. (PRA) turned into a loss in the third quarter. Total revenue also fell 8% and is below street view.

The company reported a net loss of $9.1 million, or $0.17 per diluted share in the third quarter, compared to net income of $12.2 million or $0.23 per share in the same period l last year.

Net investment income climbed 28% to $24.7 million from $19.3 million a year ago. Total revenue fell 8% to $273 million from $309.7 million last year.

On average, 5 analysts polled by Thomson Reuters expected the company to post earnings of $0.2 per share on revenue of $307.4 million a year ago.

Net premiums earned also fell to $258.4 million from $272.2 million in the same quarter last year.

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