\n| \n (1)<\/sup><\/p>\n<\/td>\n| \n \nRepresents a Non-GAAP financial measure. See a reconciliation to its GAAP counterpart under the heading \u201cNon-GAAP Financial Measures\u201d that follows.<\/p>\n<\/td>\n<\/tr>\n | \n| \n (2)<\/sup><\/p>\n<\/td>\n| \n \nComparisons are to the first quarter of 2022.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Management Commentary & Results of Operations<\/b><\/p>\n \nOur first quarter results for 2023 highlight the challenging market dynamics in our core operating segments. The medical professional liability market faces cost pressures driven by social inflation, reinsurance costs, and the weakening of tort reform. These pressures led to a higher net loss ratio in our Specialty P&C segment this quarter and resulted in unfavorable development of prior accident years in the segment.<\/p>\n \nIn the Workers\u2019 Compensation Insurance and Segregated Portfolio Cell Reinsurance segments, competition and lower expected claim costs pressured workers\u2019 compensation rates. Our retention in the Workers\u2019 Compensation Insurance segment declined, though higher new business activity and an increase in audit premium led to higher premium in the segment compared to last year. Unfavorable development on an older claim led to a decline in results compared to last year.<\/p>\n \nNed Rand, President and Chief Executive Officer of ProAssurance, commented on the environment: \u201cIn this time of uncertainty for medical professionals, it is more important than ever that they have a professional liability carrier who will stand behind them and assist in finding solutions to the challenges they face. At ProAssurance, we are working to develop those solutions and to play a critical role in addressing the issues. Our data science and predictive analytics strategy is one of the areas we will focus on to uncover solutions.\u201d<\/p>\n \nRand continued: \u201cThe results for the quarter reflect our continued caution in assessing reserves in prior years; in our loss ratio selections for the current year; and in reserve increases on a handful of claims, some of which resulted from excess verdicts against our insureds in the quarter. MPL carriers and their insureds are facing an environment in which in large verdicts are too commonly rendered without regard to the facts of the case regarding liability or a reasonable assessment of damages.\u201d<\/p>\n \nNet investment income showed substantial growth this quarter, increasing by 48% to $30 million. This continues a trend of higher investment income as a result of higher interest rates. We expect this trend to continue, as reinvestment rates are now considerably higher than the average book yield of maturing investments. In addition, bond prices strengthened over the quarter, leading to an increase in book value.<\/p>\n \nOur book value per share at quarter end was $21.07, up 3% from the December 31, 2022 book value of $20.46. Adjusted book value per share, which excludes Accumulated Other Comprehensive Income (AOCI), is $25.81 as of March 31, 2023, compared to $25.99 as of December 31, 2022.<\/p>\n \n\n| \n CONSOLIDATED INCOME STATEMENT HIGHLIGHTS<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nSelected consolidated financial data for each period is summarized in the table below.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended March 31<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n($ in thousands, except per share data)<\/p>\n<\/td>\n | \n 2023<\/span><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2022<\/span><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Change<\/span><\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Revenues<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGross premiums written(1)<\/sup><\/p>\n<\/td>\n| \n $<\/b><\/p>\n<\/td>\n | \n 315,794<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n335,607<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (5.9<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet premiums written<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 284,909<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n310,915<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (8.4<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet premiums earned<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 239,787<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n265,711<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (9.8<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet investment income<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 30,310<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20,443<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 48.3<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nEquity in earnings (loss) of unconsolidated subsidiaries<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1,121<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7,620<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (114.7<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet investment gains (losses)(2)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 2,912<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(13,506<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 121.6<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nOther income (loss)(1)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 787<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,804<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (71.9<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nTotal revenues(1)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 272,675<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n283,072<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (3.7<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Expenses<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet losses and loss adjustment expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 205,296<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n209,423<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (2.0<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nUnderwriting, policy acquisition and operating expenses(1)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 67,788<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n71,776<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (5.6<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nSPC U.S. federal income tax expense<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 532<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n642<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (17.1<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nSPC dividend expense (income)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 1,942<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,367<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (18.0<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nInterest expense<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 5,463<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,441<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 23.0<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nTotal expenses(1)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 281,021<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n288,649<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (2.6<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nIncome (loss) before income taxes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (8,346<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,577<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (49.7<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nIncome tax expense (benefit)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (2,172<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,017<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (7.7<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet income (loss)<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (6,174<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(3,560<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (73.4<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNon-GAAP operating income (loss)<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (8,071<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n7,683<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (205.1<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Weighted average number of common shares outstanding<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBasic<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 53,987<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n54,012<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiluted<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 54,117<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n54,143<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Earnings (loss) per share<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet income (loss) per diluted share<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (0.11<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(0.07<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/i><\/p>\n<\/td>\n | \n (0.04<\/i><\/p>\n<\/td>\n | \n )<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNon-GAAP operating income (loss) per diluted share<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (0.15<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.14<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/i><\/p>\n<\/td>\n | \n (0.29<\/i><\/p>\n<\/td>\n | \n )<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n (1)<\/sup><\/p>\n<\/td>\n| \n \nConsolidated totals include inter-segment eliminations. The eliminations affect individual line items only and have no effect on net income (loss). See Note 11 of the Notes to Condensed Consolidated Financial Statements in our March 31, 2023 report on Form 10-Q for amounts by line item.<\/p>\n<\/td>\n<\/tr>\n | \n| \n (2)<\/sup><\/p>\n<\/td>\n| \n \nThis line item typically includes both realized and unrealized investment gains and losses, investment impairments losses, and, for the current period, the change in the fair value of the contingent consideration in relation to the NORCAL acquisition. Detailed information regarding the components of net investment gains (losses) are included in Note 3 of the Notes to Condensed Consolidated Financial Statements in our March 31, 2023 report on Form 10-Q.<\/p>\n<\/td>\n<\/tr>\n | \nThe abbreviation \u201cnm<\/i>\u201d indicates that the information or the percentage change is not meaningful.<\/td>\n<\/tr>\n<\/table>\n\n\n| \n BALANCE SHEET HIGHLIGHTS<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n($ in thousands, except per share data)<\/p>\n<\/td>\n | \n March 31, 2023<\/span><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31, 2022<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n \nTotal investments<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 4,381,648<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n4,387,683<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal assets<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 5,747,863<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n5,699,999<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal liabilities<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 4,609,573<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n4,595,981<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCommon shares (par value $0.01)<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 635<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n634<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRetained earnings<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 1,414,411<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,423,286<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTreasury shares<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n (419,214<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(419,214<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShareholders\u2019 equity<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 1,138,290<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,104,018<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBook value per share<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 21.07<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n20.46<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP adjusted book value per share(1)<\/sup><\/p>\n<\/td>\n| \n $<\/b><\/p>\n<\/td>\n | \n 25.81<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n25.99<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n (1)<\/sup><\/p>\n<\/td>\n| \n \nAdjusted book value per share is a Non-GAAP financial measure. See a reconciliation of book value per share to Non-GAAP adjusted book value per share under the heading \u201cNon-GAAP Financial Measures\u201d that follows.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n CONSOLIDATED KEY RATIOS<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended March 31<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/span><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2022<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n \nCurrent accident year net loss ratio<\/p>\n<\/td>\n | \n 82.7<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n80.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEffect of prior accident years\u2019 reserve development<\/p>\n<\/td>\n | \n 2.9<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2.0<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet loss ratio<\/p>\n<\/td>\n | \n 85.6<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n78.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnderwriting expense ratio(2)<\/sup><\/p>\n<\/td>\n| \n 28.3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n27.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCombined ratio<\/p>\n<\/td>\n | \n 113.9<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n105.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating ratio<\/p>\n<\/td>\n | \n 101.3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n98.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nReturn on equity(1)<\/sup><\/p>\n<\/td>\n| \n (2.5<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.8<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP operating return on equity(1)(2)<\/sup><\/p>\n<\/td>\n| \n (2.9<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCombined ratio, excluding transaction-related costs(3)<\/sup><\/p>\n<\/td>\n| \n 113.9<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n105.4<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n (1)<\/sup><\/p>\n<\/td>\n| \n \nQuarterly amounts are annualized. Refer to our March 31, 2023 report on Form 10-Q under the heading \u201cNon-GAAP Operating ROE\u201d in the Executive Summary of Operations section for details on our calculation.<\/p>\n<\/td>\n<\/tr>\n | \n| \n (2)<\/sup><\/p>\n<\/td>\n| \n \nSee a reconciliation of ROE to Non-GAAP operating ROE under the heading \u201cNon-GAAP Financial Measures\u201d that follows.<\/p>\n<\/td>\n<\/tr>\n | \n| \n (3)<\/sup><\/p>\n<\/td>\n| \n \nOur consolidated underwriting expense ratio for the quarter ended March 31, 2022 includes $1.2 million of transaction-related costs included in consolidated operating expenses associated with our acquisition of NORCAL. These costs do not reflect normal operating results.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n SPECIALTY P&C SEGMENT RESULTS<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Three Months Ended March 31<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n($ in thousands)<\/p>\n<\/td>\n | \n 2023<\/span><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2022<\/span><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n % Change<\/span><\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nGross premiums written<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 238,874<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n257,672<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (7.3<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet premiums written<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 214,065<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n234,838<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (8.8<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet premiums earned<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 179,344<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n197,967<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (9.4<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nOther income<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 993<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,019<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (2.6<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nTotal revenues<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 180,337<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n198,986<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (9.4<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet losses and loss adjustment expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (164,051<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(165,958<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1.1<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nUnderwriting, policy acquisition and operating expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (40,961<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(42,878<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (4.5<\/i><\/p>\n<\/td>\n | \n %)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nTotal expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |