We are investigating ProAssurance Corporation (PRA) (“ProAssurance” or the “Company”) for potential violations of the federal securities laws. On January 22, 2020, ProAssurance announced that due to a deteriorating loss experience related mainly to one large healthcare account underwritten in 2016, the Company estimated a $37 million adverse development in its Specialty P&C loss reserves for the fourth quarter of 2019. ProAssurance further stated that since mid-2019 it had been executing a “comprehensive underwriting strategy in response to emerging trends and changing conditions in healthcare professional liability.” On these disclosures, ProAssurance’s stock price fell $4.18 per share, or 11.12%, to close at $33.40 per share on January 23, 2020. Then, on February 20, 2020, ProAssurance announced its 2019 fourth quarter and full year results. The Company revealed that the adverse development from this one large healthcare account was actually $51.5 million, much larger than the initial estimate of $37 million announced only a month prior. The Company disclosed that “[i]n the span of twelve months, we restructured the majority of our executive team [and] consolidated our Specialty P&C operations” under new leadership. Then, on May 8, 2020, ProAssurance announced that the large healthcare client at issue would likely not renew its policy and instead would likely exercise an option for tail coverage that would result in an additional $50 million in losses in the second quarter of 2020. This loss, combined with the $51.5 million adverse development, meant that the Company would suffer over $100 million in losses from a single account. On these disclosures, ProAssurance’s stock price fell $4.38 per share, or 21.54%, to close at $15.95 per share on May 8, 2020.