PROASSURANCE CORP Form 8-K Current Event Report Filed 2021-08

SECURITIES AND EXCHANGE COMMISSION

FORM 8-K Current report filing

Filing Date: 2021-08-17 | Period of Report: 2021-08-17 SEC Accession No. 0001777343-21-000042

(HTML Version on secdatabase.com)

FORM 8-K CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 17, 2021

ProAssurance Corporation (Exact name of registrant as specified in its charter)

Delaware 001-16533 63-1261433 (State of Incorporation) (Commission File No.) (IRS Employer I.D. No.)

100 Brookwood Place, Birmingham, AL 35209 (Address of Principal Executive Office ) (Zip code)

Registrant’s telephone number, including area code: (205) 877-4400

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-(c) under the Exchange Act (17CFR 240.13e-(c))

Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share PRA New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ITEM 7.01 REGULATION FID DISCLOSURES In this Current Report on Form 8-K we are furnishing materials from which we will begin using information during meetings and presentations starting on August 17, 2021. These materials are presented in Exhibit 99.1.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS 99.1 Materials which we will begin using during meetings and presentations starting August 17, 2021.

We are furnishing Exhibit 99.1 to this Current Report on Form 8-K in accordance with Item 7.01, Regulation FD Disclosure. This exhibit shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.

SIGNATURE Pursuant to the requirements of the Securities Exchange act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 17, 2021 PROASSURANCE CORPORATION by: /s/ Jeffrey P. Lisenby ------Jeffrey P. Lisenby General Counsel

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 3 Mission, Vision, & Values The ProAssurance Mission We exist to Protect Others. Our Shared Vision We will be the best in the world at understanding and providing solutions for the risks our customers encounter as healers, innovators, employers, and professionals. Through an integrated family of companies, products, and services, we will be a trusted partner enabling those we serve to focus on their vital work. As the employer of choice, we embrace every day as a singular opportunity to reach for extraordinary outcomes, build and deepen superior relationships, and accomplish our mission with infectious enthusiasm and unbending integrity. Corporate Values Integrity | Leadership | Relationships | Enthusiasm

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 4ProAssurance Investor Briefing | August 2021 At a Glance All data as of 6/30/21. Office locations and employee counts include NORCAL. Business Unit Principal Offices Employees Lines of Business HCPL 11 608 Healthcare Professional Liability Medmarc 1 27 Medical Technology Liability Innovative Specialty Team 1 101 Professional Liability for Podiatrists, Chiropractors, & Dentists, and LawyerCare Eastern 9 234 Workers’ Compensation & Captive Facilities (all lines) PRA Corporate 1 117 Corporate functions (Accounting, Legal, etc.) • Healthcare-centric specialty insurance writer ◦ Specialty Property & Casualty ▪ Healthcare Professional Liability (HCPL) ▪ Life Sciences and Medical Technology Liability ▪ Innovative Specialty Team ◦ Workers' Compensation Insurance ◦ Segregated Portfolio Cell (SPC) Reinsurance ◦ Lloyd's of London Syndicates (1729 & 6131) • Total Assets: $6.4 billion • Shareholders' Equity: $1.4 billion • Claims-Paying Ratings ◦ A.M. Best: “A” (Excellent) ◦ Fitch: “A-” (Strong) • 21 locations, with operations in three countries ◦ 1,087 employees • Writing in 50 states & DC Corporate Headquarters Claims Offices Claims/Underwriting Offices Underwriting Offices Cayman Islands Lloyds

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 5 ProAssurance Executive Leadership Ned Rand - President & Chief Executive Officer Mr. Rand, who assumed this position at ProAssurance on July 1, 2019, was formerly Chief Operating Officer, and has served as Chief Financial Officer, Executive Vice President, and Senior Vice President of Finance since joining ProAssurance in November of 2004. Prior to joining ProAssurance, Mr. Rand was Chief Accounting Officer and Head of Corporate Finance for PartnerRe Ltd. from 2000 - 2004. He also served as the Chief Financial Officer of Atlantic American Corporation from 1996 - 2000 and Controller of United Capitol Insurance Company from 1992 - 1996. Prior to that time, Mr. Rand was employed by Coopers & Lybrand (now PriceWaterhouseCoopers) for four years. Mr. Rand is a certified public accountant and is a graduate of Davidson College where he majored in Economics. Mike Boguski President Specialty P&C Noreen Dishart Executive Vice President & Chief Human Resources Officer Dana Hendricks Executive Vice President & Chief Financial Officer Jeff Lisenby Executive Vice President & General Counsel Kevin Shook President Workers’ Compensation & Segregated Portfolio Cell Reinsurance Executive Team bios available on our website at Investor.ProAssurance.com/OD

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 6 ProAssurance Board of Directors Director bios available on our website at Investor.ProAssurance.com/OD Maye Head Frei C M. James Gorrie N/C Ziad R. Haydar, MD C Edward L. Rand, Jr E Frank A. Spinosa, DPM N/C Katisha T. Vance, MD N/C A ‐ Audit Committee C ‐ Compensation Committee E ‐ Executive Committee N/C ‐ Nominating/Corporate Governance Committee Underlined ‐ Chair Scott C. Syphax C Samuel A. Di Piazza, Jr A Fabiola Cobarrubias, MD A Bruce D. Angiolillo A, C Kedrick D. Adkins, Jr A Thomas A.S. Wilson, Jr, MD Lead Director E, N/C W. Stancil Starnes Executive Chairman E

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 7 ProAssurance Brand Profile Specialty P&C Healthcare Professional Liability Workers’ Comp Alternative Risk Transfer Medical Technology & Life Sciences Products Liability Legal Professional Liability

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 8 ProAssurance Specialty Property & Casualty Specialty P&C is comprised of three major divisions. Healthcare Professional Liability (HCPL) offers coverage to healthcare providers and facilities. Excess and surplus coverage and alternative risk solutions (including reinsurance and loss portfolio transfers) are also included in HCPL. The Innovative Specialty Team (IST) provides coverage for a variety of professional specialties—podiatrists, chiropractors, dentists, and lawyers. Medmarc provides coverage for medical technology and life sciences companies that manufacture or distribute products. This segment includes business acquired through the NORCAL transaction completed May 5, 2021. Eastern Alliance Workers’ Compensation Eastern Alliance Insurance Group is a specialty underwriter of workers’ compensation products and services for businesses and organizations located in the East, South, and Midwest regions of the United States. Eastern individually underwrites 13,000+ policies across 500+ types of business with premium sized up to $2 million+. Products include guaranteed cost policies, policyholder dividend policies, retrospectively‐rated policies, deductible policies, and alternative insurance solutions. Inova Re/Eastern Re SPC Reinsurance Inova Re/Eastern Re is an alternative insurance solution offering a stable, secure insurance environment with its Segregated Portfolio Company structure. Based in the Cayman Islands, Inova offers captive programs for both workers’ compensation and healthcare professional liability insurance in a variety of industries including, healthcare, forestry, staffing, construction/contracting, petroleum, marine and recreation, and social services. Lloyd’s Syndicates 1729 and 6131 This segment includes the results from our participation in Lloyd's of London Syndicate 1729 and Syndicate 6131. Syndicate 6131 is an SPA that underwrites on a quota share basis with Syndicate 1729. Syndicate 1729 underwrites risks over a wide range of property and casualty insurance and reinsurance lines while Syndicate 6131 focuses on contingency and specialty property business. ProAssurance Corporate This segment reports our investment operations, including the investment operations of NORCAL since the date of acquisition, and excludes those reported in our Segregated Portfolio Cell Reinsurance and Lloyd's Syndicates segments, interest expense, and U.S. income taxes. This segment also

includes non‐premium revenues generated outside of our insurance entities and corporate expenses. Company‐wide administrative departments reside in ProAssurance Corporate. ProAssurance Reports Financial Results in Five Segments

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 9ProAssurance Investor Briefing | August 2021 • Deep expertise and broad product spectrum in healthcare and related sciences • Consolidation in HCPL → demand for comprehensive insurance solutions • Innovative Specialty Team (Small Business Unit) → strategy to deliver product and related services efficiently to the small business healthcare community and related businesses • Standard and Specialty Markets include NORCAL’s results between the date of acquisition (May 5, 2021) and June 30, 2021 Specialty Property & Casualty Core Physicians Podiatrists Chiropractors Dentists Lawyers HCPL Standard Market Standard Physicians $118.7M HCPL Specialty Market Large/Complex Physician Groups Hospitals & Facilities Reinsurance & Captives Senior Care $73.2M Innovative Specialty Team Podiatrists Chiropractors Dentists Lawyers $45.9M Tail Coverages & Other $24.3M Medmarc Medical Tech Liability Excess Insurance $18.2M Lines of Business & Gross Premiums Written (YTD as of 6/30/2021)

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 10ProAssurance Investor Briefing | August 2021 Disciplined individual account underwriting with focus on rate adequacy in rural territories • Guaranteed Cost Policies • Loss-Sensitive Dividend Plans • Deductible Plans • Retrospective Rating Plans • ParallelPay–“Pay as you Go” • Specialty Risk (high hazard) • Claims Administration and Risk Management Workers’ Compensation Insurance • Wide diversification – over 600 class codes and 32 market segments, primarily in rural territories • Opportunity for organic growth outside of Pennsylvania (40% of premium) and Indiana (11% of premium) • Proactive claim-closing strategies key to being recognized as a short-tail writer of workers’ compensation o No claims open from 2004 and earlier, net of reinsurance, and 29 net claims open from 2014 and prior o Pharmacy spend as a percent of medical payments of 3.6% compared to the industry average of 14% • Value-added risk management services and claims/underwriting expertise cement brand loyalty Elderly Residential Facilities Banks Restaurants Outside Sales Auto Dealers Hospitals Retirement & Life Care Community Physicians & Dentists Colleges & Schools Clerical & Office 0% 2% 4% 6% 8% 10% 12% 14% 16% *Excludes alternative markets business ceded to the Segregated Portfolio Cell Reinsurance segment Dedicated to effective claims management and returning injured workers to wellness Healthcare Related Non-Healthcare 6/30/2021 Top 10 Classes of Business by Payroll Exposure (Traditional Business*)

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 11ProAssurance Investor Briefing | August 2021 Segregated Portfolio Cell Reinsurance ProAssurance Fronting Arrangement Agency Group or Association establishes/funds a cell Underwriting Claims Administration Risk Management Reinsurance Audit Asset Management Services + Cell Rental Fees + Participation in profits/losses of carefully selected cells Fee Income to PRA • HCPL and workers’ compensation captive insurance solutions provided through Inova Re (Cayman Islands) • SPCs are a high ROE product with favorable retention results • Low capital requirement • Strategic partnerships with select independent agencies looking to manage controllable expenses • Alternative market solutions are in high demand • Value-added risk management services and claims/underwriting expertise Inova Re Services As of 6/30/2021 • Gross premiums written: $41.2M o Workers’ Compensation Insurance: $34.6M o Healthcare Professional Liability: $6.6M • 27 active cells (3 inactive) Individually capitalized cells (companies) exist within the Inova Re structure. Assets of each are segregated from others. ProAssurance/Eastern participates in select cells

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 12ProAssurance Investor Briefing | August 2021 Lloyd’s of London Syndicates ProAssurance Funds at Lloyd’s (FAL) $72.3 Million 1 Property Insurance (All Other - Mainly US) 25% Casualty (Mainly US) 28% Specialty 16% Catastrophe Reinsurance (Excess of Loss) 10% Facility (US) 8% General Liability (US) 6% Contingency 4% All Other Reinsurance (Mainly US) 3% Dale Underwriting Partners Independent, Owner‐Managed Syndicate at Lloyd’s Syndicate 1729 6131 PRA Participation 5% 50% PRA share of 2021 Underwriting Capacity $13M $14M • Opportunity to invest alongside a recognized leader in Duncan Dale • Lloyd’s provides universal distribution and licensures • Westernization of international healthcare professional liability provides opportunities in new markets 1 Comprised of investment securities, cash, and cash equivalents deposited with Lloyd's as of 6/30/2021

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 13 Specialty P&C 60% Workers' Comp 35% Specialty P&C 89% Workers' Comp 11% Standard Physicians 49% Specialty 15% Medical Technology Liability 1% Tail Coverages + Reinsurance <1% Small Business Unit 23% Segregated Portfolio Cell Reinsurance 2% Workers' Compensation Insurance 9% Standard Physicians 25% ($118.7M) Specialty 15% ($73.2M) Small Business Unit 10% ($45.9M) Tail Coverages + Other 5% ($24.3M) Medical Technology Liability 4% ($18.2M) Segregated Portfolio Cell Reinsurance 9% ($41.2M) Workers' Compensation Insurance 27% ($130.2M) Lloyd's 5% ($22.7M) Premium allocated by line does not reflect inter-segment eliminations, and thus will not agree to total 2021 gross premiums written Consolidated Premiums, Policyholders & Distribution for 2021 Our Distribution Sources HCPL LPL Life Sciences Workers’ Comp Agent/Broker 76% 100% 100% 100% Direct 24% ------YTD 2021 Gross Premium: $433.2M Inforce 2021 Policyholder Count: 122,435* All Data as of 6/30/2021, subject to rounding *Excludes Lloyd’s of London

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 14ProAssurance Investor Briefing | August 2021 • ProAssurance is recognized for our financial strength by top rating agencies • We maintain a balance sheet that ensures stability and security for our customers • Our conservative reserving philosophy enables success over the insurance cycles Financial Ratings & Balance Sheet Highlights Balance Sheet Highlights 6/30/2021 Total Assets $6,358,187 Total Investments $4,871,850 Net Loss Reserves $3,621,831 Total Debt (less Issuance Costs) $458,863 Shareholders’ Equity $1,424,040 Book Value per Share $26.38 Rating Agency Financial Strength Rating Date AM Best “A” 3/23/2021 Fitch “A-” 5/6/2021 Moody’s “A3” 10/7/2020 $ in thousands, except per share data

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 15ProAssurance Investor Briefing | August 2021 • $459 million debt at 6/30/2021 o Includes $175 million of Contribution Certificates related to NORCAL acquisition o $250 million 10-year notes due 11/15/2023 . 5.30% Coupon • $250 million revolving credit facility, $50 million "accordion" option o 5/6/2021 – borrowed $15 million to pay certain NORCAL transaction-related expenses, fully paid off on 8/6/2021 ProAssurance Leverage Update Ten-Year Premiums to EquityTen-Year Debt to Capital • Our minimum target is 0.75:1 • Committed to enhancing shareholder value through effective capital management o Retaining capital needed as the market turns, and supporting current loss reserve estimates Financial Leverage Operating Leverage 2% 5% 9% 10% 15% 20% 21% 16% 16% 16% 24% $- $0.8 $1.6 $2.4 YTD 2021 2020201920182017201620152014201320122011 $ in billions Debt Capital Debt to Capital 0.3 0.2 0.2 0.4 0.4 0.5 0.5 0.5 0.6 0.6 0.5 $- $0.8 $1.6 $2.4 YTD 2021 2020201920182017201620152014201320122011 $ in billions Net Premiums Written Equity Premiums to Equity

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 16ProAssurance Investor Briefing | August 2021 Corporate 50% Asset Backed 28% State & Muni 14% Govt & Agency 7% Fixed Trading 1% • We maintain a conservative, highly-liquid investment philosophy • Effective stewardship of capital ensures a position of financial strength through turbulent market cycles Fixed Income 78% Equities & Equity Substitutes 13% Short Term (excluding cash) 7% BOLI 2% Investment Philosophy & Portfolio Overall Portfolio $4.87 Billion Fixed Income Portfolio $3.78 Billion 6/30/2021 Subject to rounding Details of our entire investment portfolio are available on our website at Investor.ProAssurance.com/CustomPage/Index?KeyGenPage=305596 31% 13% 8%8% 8% 8% 7% 6% 6% 3% 2% Fixed Maturity Securities Quality AAA A A+ BBB+ Below Investment Grade or Not Rated BBB A‐ AA‐ AA AA+ BBB‐

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 17ProAssurance Investor Briefing | August 2021 COVID-19 and the Markets We Serve • Healthcare Professional Liability (HCPL) ◦ Primary exposures in broader markets: misdiagnoses, complications from delayed elective procedures, and failure to prevent infection in Senior Care settings . May be mitigated by support at state and federal levels for liability immunity for healthcare professionals doing their best in extraordinary circumstances ◦ Pre-tax $10 million IBNR reserve for COVID-19 established in the second quarter of 2020, no adjustments to date ◦ Claims frequency reduction observed in 2020 has continued into 2021 • Workers’ Compensation Insurance ◦ Primary exposures in broader markets: healthcare professionals ◦ Our rural underwriting strategy mitigates exposure to COVID-19 claims as compared to larger metro areas ◦ The majority of workers showing symptoms are able to return to work after two or three weeks ◦ Claim activity rising as workers return to full employment ◦ Fewer experienced workers being hired as unemployment benefits are greater than what some skilled workers can earn • Segregated Portfolio Cell Reinsurance (SPCR) ◦ Primary exposures in broader markets: consistent with HCPL and Workers’ Compensation, on a smaller scale . SPCR business is ceded from the HCPL and Workers’ Compensation Insurance segments • Lloyd’s of London ◦ Primary exposures in broader markets: event cancellation, business interruption ◦ Most business interruption policies specifically exclude pandemics and other market-wide triggers. However, in January 2021, the Supreme Court of the United Kingdom ruled in favor of policyholders contesting denied business interruption coverage from insurers, despite policy language expressly excluding viral or disease events. The ruling has broad implications for insurers writing business interruption insurance, and for interpretation of contractual language. For more details, and for policyholder resources, visit our dedicated websites: ProAssurance.com/Covid‐19/ and EasternAlliance.com/Coronavirus_and_Workers_Comp/

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 19ProAssurance Investor Briefing | August 2021 A Foundation in Excellence “From our earliest days, we have operated with a strategy both responsive to near‐term challenges and proactive to long‐term opportunity.” ‐Ned Rand President & CEO Superior brand identity and reputation in the market Specialization •Deep expertise and commitment to our customers throughout the insurance cycles enable us to outperform our peers over time Experienced & Collaborative Leadership •Average executive leadership tenure of 19 years with PRA or subsidiaries History of Successful M&A •Selective M&A with best‐in‐class partners, and nearly 20 transactions in our 45 year history Scope & Scale •Regional hubs combined with local knowledge of market dynamics and regulatory environments

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 20ProAssurance Investor Briefing | August 2021 In 2020, We… Fo cu se d on U nd er w rit in g • Specialty Property & Casualty: o Completed the re‐underwriting of our HCPL Specialty book of business o Enhanced organizational structure and leadership . Added new Senior Executive underwriting and actuarial leaders to our existing, experienced organization . Established interdepartmental participation in complex and large account underwriting . Delivered an enhanced HCPL underwriting structure focused on Standard Physicians and HCPL Specialty business . Launched the Innovative Specialty Team to efficiently deliver our Small Business products o Implemented disciplined state strategy process for HCPL o Reduced exposure to volatile product lines, which have had an outsized effect on recent results . Impact of re‐underwriting and enhanced risk selection on volatile classes: • Year‐over‐year, Senior Care premium levels reduced by 82%, and Correctional Healthcare premium levels reduced by 52% o Reduced current accident year net loss ratio for the year ended December 31, 2020 by 6.3 percentage points compared to year‐end 2019* as a result of re‐underwriting efforts • Workers’ Compensation Insurance: o Strong underwriting leadership with average management team tenure of over twenty years o Demonstrated ability to underwrite profitably throughout the evolving insurance and economic cycles o Rural underwriting strategy mitigated exposure to COVID‐19 claims as compared to larger metro areas All data as of 12/31/2020 *Excludes effects of the large national healthcare account (see previous disclosures) in 2019 and 2020, and the pre-tax $10M IBNR COVID-19 reserve in 2Q of 2020 We seek constantly to be more efficient and effective as an organization Here’s how we’re doing it

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 21ProAssurance Investor Briefing | August 2021 In 2020, We… • Specialty Property & Casualty o Achieved renewal rate gains outpacing severity o Improved product structure, terms, and conditions for complex risks o Secured average renewal pricing increases of: . +10% in Specialty in 4Q, +15% full year 2020 . +10% in Standard Physicians in 4Q, +11% full year 2020 • Workers’ Compensation Insurance o Maintained profitable pricing levels in a soft Workers’ Compensation Insurance market o Achieved average renewal pricing decrease of 4% in both 4Q and the full year 2020 in a competitive marketplace All data as of 12/31/2020 Ac hi ev ed S tr on g Ra te G ai ns We seek constantly to be more efficient and effective as an organization Here’s how we’re doing it

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 22ProAssurance Investor Briefing | August 2021 In 2020, We… • Implemented adjustments to our business model, including regional operating structure and staffing assignments o Streamlined organizational structure by reducing number of field offices by 50% in Specialty P&C (since July 2019) . Executed a “spans and layers” overhaul to create a four‐region structure, leveraging regional expertise and promoting collaboration, with beneficial effects to policyholder and shareholder value creation. Added fifth region upon closure of NORCAL acquisition. . Demarcated healthcare professional liability into Standard Physicians, Specialty Healthcare, and the Innovative Specialty Team, with specialized talent in each . Restructured or terminated underperforming technology partnerships with vendors o In the third quarter of 2020, the Workers’ Compensation Insurance segment: . Repositioned from five regions to three for more effective management of underwriting, risk management, and claims processing while maintaining our local service teams . Integrated small business and underwriting support functions into one unit for each with dedicated leadership, improving submission turnaround time while continuing our individual account underwriting philosophy . Realigned our previously stand‐alone captive team into our regional structure to improve accountability . Streamlined marketing operations to extend more agency management responsibilities to decision makers in the underwriting process • Made use of technology to streamline operations and eliminate redundancies • Achieved approximately $22 million in expected pro‐forma annual expense reductions as compared to 2019 o $16 million in Specialty P&C o $5 million in Workers’ Compensation Insurance o $1 million in Corporate St re ng th en ed O ur O pe ra tio na l St ru ct ur e We seek constantly to be more efficient and effective as an organization Here’s how we’re doing it

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 23ProAssurance Investor Briefing | August 2021 To date in 2021… W e co nt in ue to e xe cu te o ur co m pr eh en siv e st ra te gy We seek constantly to be more efficient and effective as an organization Here’s how we’re doing it *NAIC Data †NAIC before purchase accounting All data as of 6/30/2021 • Specialty Property & Casualty: o Closed our acquisition of the NORCAL Group . Added ~$300 million* of business to our Standard Physicians line . Added ~$1.6 billion† to our investment portfolio . Expands market share in profitable territories o Reduced our combined ratio by 27.2 points YTD . Reflects improvement in the net loss ratio and expense ratio, primarily driven by the impacts of the NORCAL acquisition o Improved retention in all lines of business YTD o Secured average renewal rate increases of 8% YTD (10% in the quarter) . Standard Physicians: 9% YTD (11% in the quarter) . Specialty Healthcare: 9% YTD (10% in the quarter) • Workers’ Compensation Insurance: o Reduced our combined ratio by 0.8 points YTD . Reflects improvement in the underwriting expense ratio . Reduced general expenses by 9.5% YTD o Closed 15.4% of 2020 and prior claims during the second quarter o Closed over 95% of all 2020 and 2021 reported COVID claims

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 24ProAssurance Investor Briefing | August 2021 Cyclicality in Insurance Loss Trends Decelerate Market Softens Loss Trends Accelerate Market Hardens CatalystAvailability crisis Mergers & acquisitions Tort reform Competitors withdraw Underwriting criteria tightens Prices increase Pricing outpaces losses Combined ratios improve Favorable reserve development Competitors enter the market Prices decrease Underwriting criteria loosens Losses outpace pricing Combined ratios worsen Unfavorable reserve development For over forty years, ProAssurance and its predecessors have successfully navigated the peaks and valleys of the long cycles characteristic of our businesses.

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 26 Physicians $647.3M Other HCP $98.3M Hospitals $46.2M Facilities $4.3M Physicians $299.5M Other HCP $89.4M Hospitals $45.8M Facilities $1.5M Physicians $347.8M Other HCP $8.9M Hospitals $0.4M Facilities $2.8M Source: 2020 NAIC filings for all MPL lines, figures subject to rounding $436.7M $359.8M $796.1M2020 DPW: Acquisition Created the #3 HCPL Insurer in the U.S.

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 27 Combination with NORCAL Creates the #3 HCPL Insurer in the U.S. Source: 2020 NAIC filings for all MPL lines Top Ten Market Share by DPW ($ in millions) • Ability to attract and retain key talent • Specialized products focused on healthcare professionals • Competitive pricing through lower costs • Claim efficiencies and disciplined underwriting • NORCAL target market complements ProAssurance’s existing HCPL footprint, especially in the California market • NORCAL has a consistent track record of new business generation and very high retention rates Note: PRA premiums only reflect MPL business, as of 2020 1 Pro forma for the merger of TDC and Hospitals Ins. (closed in 2019) $1,714 16.3% $962 1 9.2% $796 7.6% $609 5.8% $523 5.0% $436 4.2% $425 4.0% $369 3.5% $360 3.4% $263 2.5% $170 1.6% $‐ $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 28 MPL Market Position Ranked in Top 3 (17 States, 7 new) Alabama Alaska Arizona California Delaware Illinois Indiana Kentucky Maryland Michigan Nevada Pennsylvania Tennessee Texas West Virginia Wisconsin Washington DC Ranked in Top Ten (29 states) Arkansas Connecticut Florida Georgia Hawaii Idaho Iowa Kansas Louisiana Maine Massachusetts Minnesota Mississippi Missouri Montana Nebraska New Hampshire New Jersey New Mexico New York North Carolina Ohio Oklahoma Oregon Rhode Island South Carolina Utah Virginia Wyoming Outside Top Ten Source: 2020 NAIC filings for all MPL Lines ProAssurance + NORCAL Competitive Position

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 29 Overview of NORCAL Insurance Company NORCAL Overview NORCAL Brands • NORCAL is one of the leading providers of medical professional insurance companies in the country with ~33,000 insured physicians • Created during California’s medical malpractice crisis in 1975, NORCAL has been committed to healthcare providers and their insurance needs for 46 years • Licensed in 49 states and D.C., with the ability to write in New York through PPM RRG • Headquartered in San Francisco, CA with four regional offices (FL, KS, PA & TX) Employees ~300 Insured Physicians ~33,000 MPL Premiums Written By Geography MPL Premiums By Line of Business Total 2020 DPW: $359.9M Data as of 6/30/2021 unless otherwise stated Source: Company website, 2020 NAIC filings for all MPL lines Physicians $347.8M Other HCP $8.9M Hospitals $0.4M Facilities $2.8M CA 29.9% FL 12.3% PA 9.4% IL 10.6% TX 5.2% Other 32.5% Established in 1975 as a policyholder-owned and physician directed medical professional liability insurance carrier. Upon demutualization, became NORCAL Insurance Company Surplus lines carrier, focusing on providing flexible coverage options that address the unique needs of complex accounts PPM is the only anesthesia-specific medical professional liability insurance carrier in the nation. Established in 1987, PPM insures anesthesiologists in 40 states

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 30 Enhanced Scale and Capabilities1 • Positions company as #3 writer of MPL insurance in the industry • Enhances ProAssurance’s HCPL business: adds additional scale, capabilities and strong California presence • Ability to underwrite larger risks from integrated systems with national footprint Conservatively Priced and Financed Transaction3 • Attractive purchase price; modest impact to tangible book value per share • Additional consideration contingent on favorable reserve development relative to our expectation • Funded with a combination of cash on hand and contribution certificates Value Creation for Customers and All Key Stakeholders4 • Scaled platform to produce strong results driven by disciplined underwriting • Clear path to achieving identified expense synergies • Facilitates EPS and ROE accretive transaction as results / synergies are phased-in, with meaningful accretion thereafter Strong Strategic Alignment and Rationale5 • A shared commitment to the HCPL industry, provision of affordable coverage and the defense of physicians • Best in class talent supporting true nationwide platform • Adds attractive customer base and distribution at a time when the HCPL market is beginning to harden Product, Customer, & Geographic Diversification2 • Premier HCPL insurer with nationwide presence • Expanded product capabilities with broader geographic scale and efficiencies to address varying client needs (e.g. SPC / ART) • High touch model that drives retention using common distribution channels ProAssurance + NORCAL = A Stronger, Better Positioned HCPL Specialty Insurer

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 31ProAssurance Investor Briefing | August 2021 Integration Goals & Objectives • Build a true national platform and enhance state market leadership • Provide best in class service • Improve overall business quality and profitability • Improve bench strength by retaining the best talent • Establish an effective regional/field operating matrix • Enhance our data advantage • Drive a high performing, unified culture

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 32 HCPL Regional Structure Note: Overland Park, KS is PPM Office Regional Office Satellite Office Five Regions Northeast Mechanicsburg, PA (Hub) Midwest Greenwood, IN (Hub) Okemos, MI Madison, WI Southeast Birmingham, AL (Hub) Jacksonville, FL Mobile, AL Southwest Austin, TX (Hub) West San Francisco, CA (Hub)

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 33 ProAssurance’s Proven History of Successful Acquisitions & 1995 Acquisition 1996 Acquisition OHiC 1994 Acquisition 1998 Demutualization/Merger Forms ProNational 1995 Acquisitions 1996 Acquisition 1999 Acquisition 2004 Hospital Renewal Rights Purchase 2005 Acquisition 2006 Acquisition 2008 Acquisition 2008 Acquisition 2009 Acquisition 2010 Acquisition 2012 Acquisition 2013 Acquisition 2014 Acquisition & 2001 ProNational & Medical Assurance Merge to Form ProAssurance 2021 Acquisition

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 35 Income Statement Highlights (6/30/21) Three Months Ended Six Months Ended June 30 2021 2020 2021 2020 Gross Premiums Written $ 208.5 $ 185.0 $ 433.2 $ 447.5 Net Premiums Earned $ 239.0 $ 207.3 $ 426.4 $ 411.1 Net Investment Result $ 29.3 $ (7.2)$ 51.1 $ 12.0 Net Realized Investment Gains (Losses) $ 10.8 $ 20.0 $ 19.7 $ (8.7) Total Revenues $ 281.6 $ 221.7 $ 501.6 $ 418.4 Net Losses and Loss Adjustment Expenses $ 181.9 $ 211.0 $ 331.6 $ 375.8 Underwriting, Policy Acquisition & Operating Expenses $ 77.2 $ 58.7 $ 133.6 $ 120.7 Gain on bargain burchase $ 74.4 $ — $ 74.4 $ — Net Income (Loss) (Includes Realized Investment Gains & Losses) $ 92.1 $ (18.1)$ 99.8 $ (40.1) Non-GAAP Operating Income (Loss) $ 26.6 $ (32.4)$ 28.7 $ (33.6) Non-GAAP Operating Income (Loss) per Diluted Share $ 0.49 $ (0.60)$ 0.53 $ (0.62) In millions, except per share data | Subject to rounding

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 36ProAssurance Investor Briefing | August 2021 Corporate Segment Financial Highlights (6/30/21) Three Months Ended Six Months Ended June 30 2021 2020 2021 2020 Net investment income $ 16.7 $ 16.7 $ 30.8 $ 36.1 Equity in earnings (loss) of unconsolidated subsidiaries $ 11.9 $ (25.4)$ 18.7 $ (26.9) Net realized investment gains (losses) $ 9.2 $ 16.9 $ 17.1 $ (8.7) Operating expenses $ 5.9 $ 7.8 $ 12.2 $ 12.6 Interest expense $ 5.2 $ 3.7 $ 8.4 $ 7.8 Income tax expense / (benefit) $ 0.2 $ (38.7)$ 1.2 $ (50.7) Segment results $ 26.8 $ 35.8 $ 47.1 $ 31.8 In millions | Subject to rounding

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 37 Current Accident Year Net Loss Ratio 89.4 % 137.7 % 89.6 % 116.5 % Effect of Prior Accident Year Reserve Development (6.3%) (12.2%) (4.7 %) (7.2 %) Net Loss Ratio 83.1 % 125.5 % 84.9 % 109.3 % Underwriting Expense Ratio 17.1 % 19.9 % 19.4 % 22.2 % Combined Ratio 100.2 % 145.4 % 104.3 % 131.5 % Specialty P&C Financial Highlights (6/30/21) Three Months Ended Six Months Ended June 30 2021 2020 2021 2020 Gross Premiums Written $ 142.0 $ 107.1 $ 280.3 $ 262.4 Net Premiums Earned $ 168.6 $ 127.1 $ 284.2 $ 247.5 Total Revenues $ 170.1 $ 128.2 $ 286.2 $ 250.2 Net Losses & Loss Adjustment Expenses $ (140.2)$ (159.6)$ (241.4)$ (270.5) Underwriting, Policy Acquisition & Operating Expenses $ (28.9)$ (25.2)$ (55.2)$ (54.8) Segment Results $ 1.0 $ (56.6)$ (10.4)$ (75.1) In millions, except ratios | Subject to rounding

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 38 Workers’ Compensation Insurance Financial Highlights (6/30/21) Three Months Ended Six Months Ended June 30 2021 2020 2021 2020 Gross Premiums Written $ 57.8 $ 57.2 $ 130.2 $ 136.5 Net Premiums Earned $ 40.6 $ 42.4 $ 80.6 $ 86.9 Total Revenues $ 41.5 $ 42.9 $ 81.9 $ 88.2 Net Losses & Loss Adjustment Expenses $ (27.8) $ (28.4) $ (54.0) $ (58.2) Underwriting, Policy Acquisition & Operating Expenses $ (12.7) $ (13.5) $ (25.0) $ (27.6) Segment Results $ 1.1 $ 1.0 $ 3.0 $ 2.4 Current Accident Year Net Loss Ratio 73.0 % 70.6 % 72.0 % 70.4 % Effect of Prior Accident Year Reserve Development (4.7%) (3.6 %) (5.1%) (3.5 %) Net Loss Ratio 68.3 % 67.0 % 66.9 % 66.9 % Underwriting Expense Ratio 31.3 % 31.7 % 31.0 % 31.8 % Combined Ratio 99.6 % 98.7 % 97.9 % 98.7 % In millions, except ratios | Subject to rounding

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 39 Segregated Portfolio Cell Reinsurance Financial Highlights (6/30/21) Three Months Ended Six Months Ended June 30 2021 2020 2021 2020 Gross Premiums Written $ 16,060 $ 14,996 $ 41,211 $ 42,135 Net Premiums Earned $ 16,272 $ 16,748 $ 32,156 $ 33,728 Net Investment Income $ 206 $ 305 $ 427 $ 559 Net Realized Gains (Losses) $ 1,580 $ 2,606 $ 2,568 $ (601) Other Income (Loss) $ 1 $ 55 $ 2 $ 191 Net Losses & Loss Adjustment Expenses $ (8,443) $ (7,680) $ (17,867) $ (17,032) Underwriting, Policy Acquisition & Operating Expenses $ (5,293) $ (5,360) $ (10,320) $ (10,439) SPC U.S. Federal Income Tax Expense $ (504) $ (480) $ (860) $ (702) SPC Net Results $ 3,819 $ 6,194 $ 6,106 $ 5,704 Segregated Portfolio Cell Dividend (Expense)/Income $ (2,864) $ (4,642) $ (4,606) $ (4,134) Segment Results $ 955 $ 1,552 $ 1,500 $ 1,570 In thousands, except ratios Subject to rounding Current Accident Year Net Loss Ratio 62.9 % 57.0 % 65.8 % 61.4 % Effect of Prior Accident Year Reserve Development (11.0%) (11.1 %) (10.2%) (10.9%) Net Loss Ratio 51.9 % 45.9 % 55.6 % 50.5 % Underwriting Expense Ratio 32.5 % 32.0 % 32.1 % 31.0 % Combined Ratio 84.4 % 77.9 % 87.7 % 81.5 %

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 40 Lloyd’s Segment Financial Highlights (6/30/21) Three Months Ended Six Months Ended June 30 2021 2020 2021 2020 Gross Premiums Written $ 8.6 $ 20.7 $ 22.7 $ 48.6 Net Premiums Earned $ 13.5 $ 21.0 $ 29.3 $ 43.0 Total Revenues $ 14.4 $ 22.7 $ 31.1 $ 45.7 Net Losses & Loss Adjustment Expenses $ (5.4)$ (15.3)$ (18.4)$ (30.1) Underwriting, Policy Acquisition & Operating Expenses $ (4.7)$ (7.3)$ (11.3)$ (16.4) Segment Results $ 4.3 $ 0.1 $ 1.4 $ (0.8) Current Accident Year Net Loss Ratio 37.2 % 64.7 % 56.1 % 66.8 % Effect of Prior Accident Year Reserve Development 3.2 % 8.2 % 6.7 % 3.2 % Net Loss Ratio 40.4 % 72.9 % 62.8 % 70.0 % Underwriting Expense Ratio 35.1 % 34.7 % 38.6 % 38.2 % Combined Ratio 75.5 % 107.6 % 101.4 % 108.2 % In millions, except ratios | Subject to rounding

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 41 Subject to rounding (1) All other reinsurance arrangements primarily represent alternative market business ceded under a 100% quota share reinsurance agreement, net of a ceding commission, to SPCs in our Segregated Portfolio Cell Reinsurance segment. (2) All other reinsurance arrangements includes alternative market premium, net of reinsurance, which all or a portion of the premium is ceded to certain SPCs in our Segregated Portfolio Cell Reinsurance segment. (3) All Lloyd’s reinsurance premium is shown in the “all other reinsurance arrangements” line. (4) Includes $67K contributed by NORCAL since the date of acquisition. The NORCAL premium is primarily related to cyber liability coverages. The majority of ceded premiums for NORCAL's excess of loss reinsurance arrangements were recorded before the acquisition by NORCAL in their first quarter 2021 results, and will continue to be expensed pro rata over the remainder of the year. Ceded Premiums Written (6/30/21) ($ in millions) Specialty P&C Workers’ Compensation Insurance (1) Segregated Portfolio Cell Reinsurance Lloyd’s (3) HCPL including Podiatry(2) Products Lawyers 6/30/21 6/30/20 6/30/21 6/30/20 6/30/21 6/30/20 6/30/21 6/30/20 6/30/21 6/30/20 6/30/21 6/30/20 Gross premiums written $ 245.9 $ 230.6 $ 18.6 $ 16.4 $ 15.9 $ 15.5 $ 130.2 $ 136.5 $ 41.2 $ 42.1 $ 22.7 $ 48.6 Ceded premiums written(4) 26.0 31.9 4.6 5.0 1.0 1.6 42.5 45.8 4.8 4.9 5.1 8.4 Net premiums written $ 219.9 $ 198.7 $ 14.0 $ 11.4 $ 14.9 $ 13.9 $ 87.7 $ 90.7 $ 36.4 $ 37.2 $ 17.6 $ 40.2 Ceded Premium Components: Primary reinsurance arrangement, current accident year $ 10.5 $ 10.2 $ 4.6 $ 5.0 $ 1.0 $ 1.6 $ 5.3 $ 6.1 $ 4.8 $ 4.9 $ — $ — All other reinsurance arrangements 15.5 21.7 — — — — 37.7 39.7 — — 5.1 8.4 Ceded premiums, current accident year 26.0 31.9 4.6 5.0 1.0 1.6 43.0 45.8 4.8 4.9 5.1 8.4 Reduction in premiums owed under reinsurance agreements — — — — — — (0.5) — — — — — Total ceded premiums written, current accident year $ 26.0 $ 31.9 $ 4.6 $ 5.0 $ 1.0 $ 1.6 $ 42.5 $ 45.8 $ 4.8 $ 4.9 $ 5.1 $ 8.4 Ceded premiums ratio, current accident year 10.6% 13.8% 24.6% 30.8% 6.1% 10.1% 33.0% 33.6% 11.7% 11.6% 22.5% 17.3%

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 42ProAssurance Investor Briefing | August 2021 Investment Strategy and 2021 Outlook • Duration management remains paramount ◦ We will not extend duration in search of incremental yield • Optimizing our allocations for better risk-adjusted returns ◦ Ensures non-correlation of returns • Effective stewardship of capital ensures a position of financial strength through turbulent market cycles • Ongoing analysis of holdings to ensure lasting quality and profitability • Re-balancing NORCAL investment portfolio to align with ProAssurance allocations

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 43ProAssurance Investor Briefing | August 2021 ($ in millions) 6/30/2021 6/30/2020 Change Net Investment Income Fixed maturities $ 33,848 $ 35,961 $ (2,113) Equities 1,142 2,892 (1,750) Short-term investments including Other 952 1,981 (1,029) BOLI 1,130 913 217 Investment fees and expenses (4,638) (2,793) (1,845) Net investment income 32,434 38,954 (6,520) Equity in Earnings (Loss) of Unconsolidated Subsidiaries All other investments, primarily investment fund LPs/LLCs 26,654 (15,479) 42,133 Tax credit partnerships (7,939) (11,438) 3,499 Equity in earnings (loss) 18,715 (26,917) 45,632 Net investment result $ 51,149 $ 12,037 $ 39,112 YTD 2021 Net Investment Result • Income from fixed maturities is down YTD due to lower yields from our corporate debt securities, partially offset by higher average investment balances • Income from equities is down due to a decrease in our allocation to this asset category • Income yield is 2.0% (2.0% tax equivalent) for 2021 and 3.2% (3.3% tax equivalent) for 2020 • Includes Lloyd’s Syndicates investment income of $1.2M for 2021 and $2.3M for 2020 and SPC Reinsurance investment income of $0.4M for 2021 and $0.6M for 2020 • Equity in earnings (loss) results are to due to higher reported earnings from our LPs/LLC investment portfolio and the prior year effect of the disruption in global financial markets during the first quarter of 2020 due to COVID-19. Excluding Capital Gains / (Losses)

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 44ProAssurance Investor Briefing | August 2021 ProAssurance Recent Investment Performance Contribution to Returns 2017-2021 / PRA vs Benchmarks 2021 2020 2019 2018 2017 % of Assets PRA Benchmark % of Assets PRA Benchmark % of Assets PRA Benchmark % of Assets PRA Benchmark % of Assets PRA Benchmark Core Fixed 81% 0.16% -0.25% 80% 3.94% 3.82% 67% 3.92% 4.14% 67% 1.08% 0.75% 72% 2.33% 2.24% Alternative Fixed 10% 0.40% 0.24% 10% 0.57% 0.40% 12% 0.97% 0.89% 12% 0.09% 0.02% 11% 0.58% 0.46% Tax Credits 1% 0.00% -0.01% 1% 0.03% 0.08% 2% 0.10% 0.12% 3% 0.16% 0.03% 3% 0.09% 0.09% Private Equity 4% 0.36% 0.82% 4% 0.46% 0.40% 3% -0.03% 0.27% 3% 0.55% 0.48% 3% 0.59% 0.59% Equity 3% 0.13% 0.18% 2% -0.03% -1.18% 9% 1.85% 2.07% 9% -0.50% -0.65% 9% 0.96% 1.01% Real Estate 1% 0.09% 0.01% 1% 0.08% 0.02% 1% 0.06% 0.06% 1% 0.19% 0.09% 1% 0.07% 0.07% Other 1% 0.05% -0.05% 2% -0.19% -0.03% 6% 0.45% 0.30% 5% 0.08% -0.07% 1% 0.31% 0.25% Total 1.19% 0.95% 4.86% 3.51% 7.32% 7.86% 1.64% 0.65% 4.95% 4.72% Total Portfolio Outperformance 0.24% 1.35% -0.54% 0.99% 0.23% 0% 2% 4% 6% 8% 2021 2020 2019 2018 2017 PRA Performance Over Benchmark PRA Benchmark As of 6/30/2021. Management reporting item which is ‘tax equivalent,’ unaudited, and non GIPS, may not equal 100% due to rounding

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 45ProAssurance Investor Briefing | August 2021 Utilities /Energy 10% Non US Sovrgn & Gov't 2% Basic Materials 3% Other 2% Technology 5% Communications 8% Consumer Oriented 22% Financials 40% Industrials 8% 6/30/2021 Subject to Rounding ProAssurance Portfolio Detail Corporate: $1.9 Billion (50% of Fixed Assets / 39% of Invested Assets) Weighted Average Rating: A- Cash/Equities/Bonds 91% LPs (Secondary Liquidity) 6% HFs/Privates 30‐90 DAYS 1% BOLI SIX MONTHS 2% Sources of Liquidity

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 46ProAssurance Investor Briefing | August 2021 6/30/2021 Subject to rounding ProAssurance Portfolio Detail: Asset Backed Weighted Average Rating: “AA+” Asset-Backed Securities: $1 Billion (28% of Fixed Income / 22% of Invested Assets) RMBS 45% Student Loans 2% Auto 9% Credit Cards 2% CLOs 3% Other 26% CMBS 14%

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 47ProAssurance Investor Briefing | August 2021 6/30/2021 Subject to rounding ProAssurance Portfolio Detail: Fixed-Trading Weighted Average Rating: “AA” Fixed Maturities: $46 Million (1% of Fixed Income / 1% of Invested Assets) All Fixed Trading Securities are owned by Lloyd’s Syndicate 1729 ABS & Other 2% Consumer Oriented 13% Financial 26% Government 47% Industrial 6% Technology 2% Utilities/Energy 4%

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 48ProAssurance Investor Briefing | August 2021 General Obligation 14% Pre-refunded 6% Special Revenue 80% 6/30/2021 Subject to rounding ProAssurance Portfolio Detail: Municipals Municipals: $513 Million (14% of Fixed Income / 11% Invested Assets) Weighted Average Rating: AA Top 10 Municipal Holdings in millions New York City Transitional $15 New York, NY $12 Houston Tx Utility System $10 Connecticut St Housing $9 New York State Urban Development $9 Illinois State Finance Authority $8 Oregon State $7 Miami-Dade County Florida Water and Sewer $7 Salt Lake City Utah Arpt Revenue $6 Connecticut State Health and Edu $6

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 49ProAssurance Investor Briefing | February 2021 6/30/2021 Subject to Rounding ProAssurance Portfolio: Equities & Other Common Equities 1% Private Equity 24% Private Credit 14% Real Estate LP 6% Other 1% Bond Funds 35% Convertible Bonds 15% Tax Credits 3% Equities & Other: $659 Million (14% of Invested Assets)

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 50 Combined Tax Credits Portfolio Detail & Projections Year Capital Contributions GAAP Income/(Loss) from Operations, Disposition & Impairment Total Credits Tax Provision after Operating Losses/Impairments and Tax Credits Impact on Earnings 2021 $ 124,829 (15,555,614) (13,294,519) (16,561,198) 1,005,584 2022 $ 311,047 (7,447,141) (4,816,920) (6,380,821) (1,066,319) 2023 $ 51,338 (3,257,107) (167,210) (851,199) (2,405,908) 2024 $ 51,338 (1,910,214) (37,982) (439,128) (1,471,086) 2025 $ 41,159 (1,114,830) (22,205) (256,319) (858,511) 2026 $ 25,734 (154,259) (3,054) (35,449) (118,810) 2027 $ - 131,220 (79) 27,477 103,742 2028 $ - 4 - 1 3 This column represents our current estimated schedule of tax credits that we expect to receive from our tax credit partnerships. The actual amounts of credits provided by the tax credit partnerships may prove to be different than our estimates. These tax credits are included in our Tax Expense (Benefit) on our Income Statement (below the line) and result in a Tax Receivable (or a reduction to a Tax Liability) on our Balance Sheet.

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 51 Change in Capital: 2011 ‒ Q2 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 2021 Beginning Equity* $1,856 $2,164 $2,271 $2,394 $2,158 $1,958 $1,799 $1,595 $1,523 $1,512 $1,349 Cumulative-effect adjustments — — — — — — 149 8,334 (444) (4,076) — Employee Stock Transactions 6,167 7,780 9,261 11,246 8,221 12,857 8,058 2,368 1,154 3,600 2,599 Earnings 287,096 275,470 297,523 196,565 116,197 151,081 107,264 47,057 1,004 (175,727)1 99,7852 Dividends (15,269) (192,466) (64,777) (220,464) (119,866) (315,028) (316,890) (94,314) (66,669) (24,772) (5,399) Treasury Stock (20,317) — (32,054) (222,360) (169,793) (2,106) — — — — — Unrealized G/L 50,913 15,343 (85,719) (1,457) (34,349) (6,456) (2,488) (35,238) 53,866 38,272 (22,155) Total Equity* $2,164 $2,271 $2,394 $2,158 $1,958 $1,799 $1,595 $1,523 $1,512 $1,349 $1,424 1. 2020 earnings includes a pre-tax net underwriting loss of $45.7 million associated with a large national healthcare account tail policy and a pre-tax $10 million IBNR pandemic-related reserve, both of which were recorded in 2Q 2020, and a $161 million goodwill impairment charge recorded in 3Q 2020. 2. 2021 earnings includes $74.4 million gain on bargain purchase related to closing the acquisition of NORCAL * Equity shown in millions; all other data shown in thousands

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ProAssurance Investor Briefing | August 2021 52 Forward Looking Statements Non-GAAP Measures This presentation contains Forward Looking Statements and other information designed to convey our projections and expectations regarding future results. There are a number of factors which could cause our actual results to vary materially from those projected in this presentation. The principal risk factors that may cause these differences are described in various documents we file with the Securities and Exchange Commission, such as our Current Reports on Form 8-K, and our regular reports on Forms 10-Q and 10-K, particularly in “Item 1A, Risk Factors.” Please review this presentation in conjunction with a thorough reading and understanding of these risk factors. This presentation contains Non-GAAP measures, and we may reference Non-GAAP measures in our remarks and discussions with investors. The primary Non-GAAP measure we reference is Non-GAAP operating income, a Non-GAAP financial measure that is widely used to evaluate performance within the insurance sector . In calculating Non-GAAP operating income, we have excluded the after-tax effects of net realized investment gains or losses and guaranty fund assessments or recoupments that do not reflect normal operating results. We believe Non-GAAP operating income presents a useful view of the performance of our insurance operations, but should be considered in conjunction with net income computed in accordance with GAAP. A reconciliation of these measures to GAAP measures is available in our regular reports on Forms 10-Q and 10-K and in our latest quarterly news release, all of which are available in the Investor Relations section of our website, Investor.ProAssurance.com. IMPORTANT SAFE HARBOR & NON-GAAP NOTICES

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document © ProAssurance Corporation. All rights reserved. MAILING ADDRESS: ProAssurance Corporation 100 Brookwood Place Birmingham, AL 35209 CONTACT: Ken McEwen Investor Relations Manager 205.439.7903 [email protected]

Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Document and Entity Nov. 05, 2020 Information Document Cover [Abstract] Document Type 8-K Document Period End Date Aug. 17, 2021 Entity Registrant Name ProAssurance Corporation Entity Incorporation, State or Country Code DE Entity File Number 001-16533 Entity Tax Identification Number 63-1261433 Entity Central Index Key 0001127703 Amendment Flag false Entity Address, Address Line One 100 Brookwood Place, Entity Address, City or Town Birmingham, Entity Address, State or Province AL Entity Address, Postal Zip Code 35209 City Area Code (205) Local Phone Number 877-4400 Written Communications false Soliciting Material false Pre-commencement Tender Offer false Pre-commencement Issuer Tender Offer false Title of 12(b) Security Common Stock, par value $0.01 per share Trading Symbol PRA Security Exchange Name NYSE Entity Emerging Growth Company false

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