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ProAssurance Corporation
5/6/2021
Good morning, everyone. Welcome to ProAssurance's conference call to discuss the company's first quarter 2021 results. These results were reported in a news release issued on May 5, 2021. Please review the document. Management expects to make statements in 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 protection. The content of this call is accurate on May 5, 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 this overview statement. This 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 McKeeven, I would like to remind you that the call is being recorded. There will be a timer for questions after the conclusion of preparing months. Mr. McKeeven, please go ahead.
Thank you, Francesca, 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 lines, and Kevin Shook, president of our workers' compensation insurance operations. Ned, I'll turn it over to you.
Thanks, Ken. The landscape looks much different than it did at this point in 2020, and not just regarding the pandemic. This time last year, we were looking at a very challenging quarter and a long road ahead in pursuit of our planned acquisition of the NorCal Group. Today, however, I'm pleased to say we've made outstanding progress in both areas. For the quarter, we got off to a strong start in 2021, as each of our major segments recorded improved results. This represents the continued benefit of the work we've completed over the past two years, and we'll look to build upon this momentum through the remainder of the year. At least as exciting as the improvement in our results, however, is the latest news from the NorCal transaction. I'm pleased to announce that after over two years of discussions, planning, and playing hard work on behalf of employees at both companies, we closed the acquisition of NorCal yesterday afternoon. This is a major milestone for ProAssurance and NorCal, and we're excited for the opportunities the deal delivers for our customers and our shareholders. We're excited about the close of the transaction and the strategic value it presents. However, we know the true measure of our success will be the successful integration of the organizations and executing on our strategies to deliver on our short and long-term goals. To our new colleagues at NorCal, welcome. I cannot overstate how pleased I am to add your many contributions to our business and culture. Now I'd like to turn the call over to Dana so she can lead us into the results for the quarter. Dana?
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