Day on Torts
ProAssurance, a nationwide medical malpractice insurer with 57,000 insureds that is based in Birmingham, has a growing presence in Tennessee. It has done very well the last few years.
In 2005 it had pre-tax income of $109M, about 17% of revenues. In 2009 pre-tax income was $319M, about 52% of revenues. Not bad. Not bad at all. Read more here.
The return on equity in 2009 was 14.2%, and shareholder book value has grown by 278% in the last ten years.
What about 2010? There is a webcast on February 24 and I guess we will find out then. As of the end of the 3rd quarter, profits were only about 40% of revenues, but last year the 4th quarter was the most profitable quarter of the year.