Moody’s affirms ProAssurance

Moody's Investors Service said it affirmed the Baa2 senior unsecured debt rating of ProAssurance Corp.

The outlook is stable.

“The rating affirmations reflect the group's established track record and solid competitive market position as a specialist underwriter of U.S. healthcare (medical) professional liability (HCPL) insurance along with its strong operating profitability and claim handling capabilities,” the agency said in a news release.

“The group maintains a conservative financial profile including low operational leverage, sound reserves and moderate financial leverage.

“These strengths are tempered by the group's high product risk given the company's primary focus on HCPL, which has over time exhibited among the most significant levels of volatility in underwriting results and liability claim trends.”

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