S&P ups ProAssurance outlook to positive

Standard & Poor's said it revised its outlook on ProAssurance Corp. to positive from stable.

At the same time, the agency said it affirmed its BBB- counterparty credit rating on the company.

"The outlook revision reflects its view of ProAssurance's improved financial leverage and operating performance that have been bolstered by strong fixed-charge and interest coverage metrics and a low leverage ratio," said S&P credit analyst Damien Magarelli.

The counterparty credit rating on ProAssurance reflects the company's strong competitive position, which has improved further after the acquisitions of PICA Group, Mid-Continent General Agency Inc. and Georgia Lawyers Insurance Co., as well as strong operating performance, though premiums and prices continue to decline, the agency noted.

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