ProAssurance Corporation (NYSE:PRA) Q1 2018 Earnings Conference Call - Preliminary Transcript
May 04, 2018 • 10:00 am ET
Good morning, everyone. Welcome to the Conference Call to discuss ProAssurance's Results for the First Quarter 2018. These results were reported in the news release, issued on May 3, 2018 and in the Company's quarterly report on Form 10-Q, which was also filed on May 3. These documents are intended to provide you with important information about the significant risks, uncertainties and other factors that are out of the company's control and could affect ProAssurance's business and alter expected results. We also caution you that management expects to make statements on this call dealing with projections, estimates and expectations and explicitly identifies these as forward-looking statements within the meaning of the US Federal Securities Laws and subject to applicable Safe Harbor protections.
The content of this call is accurate only on May 3, 2018 and except as required by law or regulation, ProAssurance will not undertake and expressly disclaims any obligation to update or alter information disclosed as part of these forward-looking statements. The management team of ProAssurance also expects to reference non-GAAP items during today's call. The Company's recent news release provides a reconciliation of these non-GAAP numbers to their GAAP counterparts. (Operator instructions)
Now, as I turn the call over to Mr. Frank O'Neil, I would like to remind you that the call is being recorded and there will be a time for questions after the conclusion of prepared remarks.
Thank you, Drew. On our call today, we have Chairman and CEO, Stan Starnes; our Chief Operating Officer and Chief Financial Officer, Ned Rand; and Howard Friedman, and Mike Boguski, the President of our Healthcare Professional Liability and Workers Compensation operations. Stan, will you start us off?
Thank you, Frank. As I said in our news release, the trends that we discuss at link with you during our February year-end conference call are continuing into 2018. And that bolsters our optimism for the future. I do not believe anyone with any knowledge of healthcare professional liability, getting nor the back that the business climate is starting to change, and we stand to benefit over the long-term, because of our superior financial strength, keen understanding of the market and our ability to meet the liability needs that our competitors cannot address.
In Workers Compensation Eastern's differentiated products and specialized underwriting are producing profitable results in a market that is as competitive as anyone could remember. I know that 2008 is a source of concern for some investors and we'll discuss our continuing confidence into value Syndicate 1729 is creating for the organization. We'll start with a brief overview of the consolidated financial results from Ned.
Thank you, Stan. We saw a 5% increase in gross premium written in the quarter. Workers compensation by the way with an 8.5% increase, which highlights the success of our Great Falls renewal rates transaction in New England late last year. Premiums and Specialty P&C were up 2.7%. However, both segments were somewhat offset by a 2.8% decline in gross premiums written in our Lloyd's