Fitch raises ProAssurance outlook to positive

Fitch Ratings said it has affirmed the A- insurer financial strength ratings of ProAssurance Corp.'s primary insurance operating companies and has revised the outlook to positive from stable. Fitch said it also has assigned an A- insurer financial strength rating to recently acquired National Capital Reciprocal Insurance Co. Its outlook also is positive.

Fitch said it also has affirmed the BBB- long-term issuer rating assigned to ProAssurance's debt obligations and has revised the outlook on that rating to positive from stable.

Other ratings for ProAssurance Corp. include senior debt affirmed at BBB- and $105 million 3.9% convertible debt due June 30, 2023 affirmed at BBB-. The insurer financial strength ratings of Michigan Educators Employee Mutual Insurance Co., Medical Assurance Co., Inc. and Pronational Insurance Co. were affirmed at A-.

ProAssurance Corp.'s ratings are based on the solid financial condition of its operating subsidiaries, above-average profitability relative to peers, financial and operating flexibility and highly experienced management team, Fitch said.

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