ProAssurance Corporation

Good morning, everyone. Welcome to ProAssurance's conference call to discuss the company's fourth quarter and year-end 2020 results. These results were reported in a news release issued on February 22, 2021. Please review that document. 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 U.S. federal securities laws and subject to applicable safe harbor protections. The content of this call is accurate only on February 23, 2021, and except as required by law or regulation, Pro Assurance 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. Now as I turn the call over to Mr. Ken McEwen, I would like to remind you that this call is being recorded and there will be a time for questions after the conclusion of prepared remarks. Mr. McEwen, please go ahead.

Thank you, Tom, and good morning, everyone. On our call today, we have Ned Rand, President and CEO, Dana Hendricks, Chief Financial Officer, Mike Bogusky, President of our Specialty Property and Casualty Alliance, and Kevin Shook, President of our Workers' Compensation Insurance Operation. Ned, I'll turn it over to you.

Thanks, Ken. There have been countless attempts to summarize all that was 2020, and I won't add to those efforts here. Suffice it to say, 2020 was a year we are all glad to put behind us. However, it was not one we should hurry to forget. For all the challenges 2020 brought, it ought to be defined instead by our response to those challenges and our determination in taking the steps needed to accomplish our objectives. None of this could have been accomplished without the dedicated and remarkable work of all the employees at ProAssurance, and I want to thank them for all they have done. The organizational and strategic changes we have made beginning in 2019 and throughout 2020 have had a meaningful impact on our operations and are having a positive effect on our performance. You'll hear some of the details of those improvements momentarily, and one obvious impact of those efforts has been to our top line. Our top line contracted in 2020 as we took a hard look at some of the business we'd written in recent years. However, this does not mean we don't intend to grow. We do intend to grow. We just want to make sure we're doing it profitably. The recent dip in our top line is a result of that strategy. Though the lost environment is challenging at this stage of the cycle, we're not hunkering down to weather the storm. Rather, we are taking a moment to consult the map before moving through it. Now I'll turn the call over to Dana to take us through the results of the quarter and year. Dana?