Birmingham, AL – The ProAssurance Corporation (NYSE: PRA) Board of Directors recently declared a special dividend of $4.69 per share and a regular dividend of $0.31 per share. Both will be paid on January 10, 2018 to shareholders who own our stock as of December 21, 2017.
“The special dividend declared today underscores our unwavering commitment to both effective capital management and disciplined underwriting. While our preference would be to deploy capital in a prudent manner in our business, current market conditions limit our ability to write profitable business. Thus, we believe this special dividend balances the best interests of our shareholders with the flexibility to deploy our remaining capital effectively when the right business opportunities arise,” said W. Stancil Starnes, our Chairman and Chief Executive Officer.
Including the dividends just declared, ProAssurance will have returned approximately $2.0 billion to shareholders in the past eleven years through a combination of share repurchase and regular and special dividends. During that time we have also successfully deployed approximately $750 million in strategic acquisitions to position the company for the future. We have accomplished this while increasing shareholders’ equity from $1.3 billion to $1.9 billion, all while building a balance sheet that provides unquestioned financial security for our insureds.
Our dividend policy anticipates a total annual regular dividend of $1.24 per share, to be paid in equal quarterly installments. That policy also considers the irregular payment of special dividends, which may or may not occur in the future. Any decision to pay future cash dividends, either regular or special, will be subject to the Board’s final determination after a comprehensive review of the company’s financial performance, future expectations and other factors deemed relevant by the Board.
The Board also set May 23, 2018 as the date of the 2018 Annual Meeting of Shareholders to be held at our headquarters in Birmingham, Alabama. The record date for the meeting is March 23, 2018.