ProAssurance Names Edward L. Rand, Jr. Chief Executive Officer and W. Stancil Starnes Executive Chairman

BIRMINGHAM, Ala.–(BUSINESS WIRE)–ProAssurance Corporation (NYSE:PRA) announced today that the Board of
Directors has elected Edward L.(Ned) Rand, Jr., the Company’s President
and Chief Operating Officer, to succeed W. Stancil (Stan) Starnes as
Chief Executive Officer effective July 1, 2019. On that date, Mr.
Starnes will have completed his twelfth year as Chief Executive Officer
and will transition solely into the role of Executive Chairman of the
Board.


Today’s announcement marks the final step in an orderly, deliberate
process initiated by Mr. Starnes and the Board over 18 months ago and
will complete the transition to the next generation of experienced,
successful leaders across the organization.

Mr. Starnes said, “Ned Rand stands out as one of the most talented
business executives with whom I have ever worked. He has been
instrumental in developing the strategic vision for ProAssurance. His
grasp of our business, his engagement with our workforce and
distribution partners, and his vision for the Company’s long-term
success gives me great confidence in the future of ProAssurance. I look
forward to working with him and the Board, and seeing the new heights to
which ProAssurance will ascend.”

“I am honored to succeed Stan as CEO,” said Mr. Rand. He added, “With
the strong foundation that has been built under Stan’s leadership,
ProAssurance is extremely well positioned for success. I look forward to
working with Stan and everyone at ProAssurance as we deliver on the
promise of Treated Fairly and continue with the legacy that Stan has
established.”

Under Mr. Starnes’ leadership ProAssurance has made the successful
transition from a regional, monoline insurer into a specialty insurer
with business in all 50 states and two international operations. The
Company has created unparalleled value for shareholders—returning more
than $2 billion in capital to our owners while increasing shareholders’
equity by 24%. ProAssurance has also been named one of the top 50
property casualty insurers in America by the Ward Group in every year of
his tenure.

The Company also announced that Thomas A. S. Wilson, M.D. will continue
to serve as the independent lead director for the Board, strengthening
the Company’s dedication to sound governance.

About ProAssurance

ProAssurance Corporation is an industry-leading specialty insurer with
extensive expertise in healthcare professional liability, products
liability for medical technology and life sciences, legal professional
liability, and workers’ compensation insurance. The Company is
recognized as one of the top performing insurance companies in America
by virtue of our inclusion in the Ward’s 50 for twelve straight years. ProAssurance
Group is rated “A+” (Superior) by A.M. Best
; ProAssurance and its
operating subsidiaries are rated “A”
(Strong) by Fitch Ratings
. For the latest on ProAssurance and its
industry-leading suite of products and services, cutting edge risk
management and practice enhancement programs, follow @ProAssurance
on Twitter
or LinkedIn.
ProAssurance’s
YouTube channel
regularly presents thought provoking, insightful
videos that communicate effective practice management, patient safety
and risk management strategies.

Caution Regarding Forward-Looking Statements

Statements in this news release that are not historical fact or that
convey our view of future business, events or trends are specifically
identified as forward-looking statements. Forward-looking statements are
based upon our estimates and anticipation of future events and highlight
certain risks and uncertainties that could cause actual results to vary
materially from our expected results. We expressly claim the safe harbor
provisions of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, for any
forward-looking statements in this news release. Forward-looking
statements represent our outlook only as of the date of this news
release. Except as required by law or regulation, we do

not undertake and specifically decline any obligation to publicly
release the result of any revisions that may be made to any
forward-looking statements to reflect events or circumstances after the
date of such statements or to reflect the occurrence of anticipated or
unanticipated events. There are a number of risk factors that may cause
outcomes that differ from our expectations or projections. These are
described in detail in various documents filed by ProAssurance
Corporation with the Securities and Exchange Commission, such as current
reports on Form 8-K, and regular reports on Forms 10-Q and 10-K,
particularly in “Item 1A, Risk Factors.”

Contacts

Frank B. O’Neil
Senior Vice President
800-282-6242 •
205-877-4461 • [email protected]

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