ProAssurance Corporation

Ladies and gentlemen, good morning and thank you for attending today's ProAssurance third quarter 2022 earnings call. My name is Amber and I will be your operator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad at any time. And it's now my pleasure to hand the conference over to our host, Jason Gingrich with ProAssurance. Jason, please proceed.

Thank you, Amber. Good morning, everyone. Welcome to ProAssurance's conference call to discuss the company's third quarter 2022 results. These results were reported in a news release issued on November 8, 2022, and in the company's quarterly report on Form 10-Q, which was also filed on November 8, 2022. Included in those documents were cautionary statements about the significant risks, uncertainties, and other factors that are out of the company's control and could affect ProAssurance's business and alter expected results. Please review those statements. 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 November 9, 2022, 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. I would like to remind you that the call is being recorded, and there will be a time for questions after the conclusion of prepared remarks. 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, will you start us off, please?

Thank you, Jason, and good morning. The team here at ProAssurance is pleased to discuss the quarter's results with you and to provide an opportunity to hear from our line of business leaders on the progress we're making and challenges we're addressing. This quarter's results for ProAssurance continue to reflect several trends that have been in place throughout the year. First is ongoing improvement in both our core businesses, specialty P&C and in workers' compensation. Loss ratios are improving as we are seeing the results of re-underwriting in the healthcare line and prompt reaction to industry trends in the workers' compensation business. We are also pleased to see increases in policyholder retention across the board in the components of our specialty P&C business, which Mike will detail for you shortly. It's been a couple of years of change for all of us, And we believe that the reliability and customer focus of our operational teams, coupled with a longstanding reputation for excellence, make pro assurance an appealing choice for our insurers in a competitive marketplace. Finally, the steady progression higher in interest rates and the effects of these rates will have on our investment, excuse me, the effects of these rates have on investment markets and the economy continues to play a large role in our results. You will see the positive impact of just a couple quarters of higher interest rates and the level of income that our portfolio produces. As more of our portfolio turns over and is reinvested, we'll continue to see that income grow and impact our bottom line. Dana is prepared to take you through those numbers as she shares the results of the quarter and highlights the major drivers of our results. Dana?