Birmingham, AL – ProAssurance Corporation (NYSE: PRA) recently announced that it has promoted Edward L. “Ned” Rand, Jr. to Chief Operating Officer. In this newly created position Mr. Rand will be responsible for the day-to-day operations of ProAssurance, reporting directly to Stan Starnes, Chairman and Chief Executive Officer. Mr. Rand has served for 13 years as the Chief Financial Officer for ProAssurance and he will continue in that role for the near future.
Mr. Starnes said, “We are excited that Ned will be moving in to this new position, allowing me to focus my time and energy on the company’s strategic priorities and long-term business development. I have great confidence in Ned, who has been instrumental to the success of ProAssurance during his 13 year tenure. He is a skilled executive, a trusted adviser and someone who exemplifies the ProAssurance Way. Ned and I will work closely together as we continue creating value for our employees, customers and shareholders.”
ProAssurance’s line of business leaders will report directly to Mr. Rand and through him to Mr. Starnes, and each line of business leader will continue to exercise broad responsibilities for the success of their respective line of business.
Mr. Starnes was frank in addressing any concerns about his future at ProAssurance. He said, “As ProAssurance continues to evolve as a healthcare-centric specialty insurer, our management structure must also evolve. I am committed to maintaining my current position for the foreseeable future, which is why I signed an extension of my five-year employment contract in June 2017. In my discussions with the Board on this matter, we agreed this was a means of extending, not limiting, my career at ProAssurance.”