ProAssurance Corporation has announced that its shareholders elected Richard J Bielen, CPA (pictured above, left), and Staci M Pierce, JD (pictured above, right), as new directors at its annual meeting on May 22.
Shareholders also re-elected directors Bruce D Angiolillo, JD (chairman), and Samuel A Di Piazza, Jr, CPA, for three-year terms expiring at the company's 2027 annual meeting. The board of directors now consists of 10 members, down from the previous 12.
Bielen is the president and chief executive officer of Protective Life Corporation and has over 35 years of experience in various executive roles in the financial services industry.
Pierce, meanwhile, is the chief executive officer at Action Resources, a transportation and environmental services company based in Birmingham, Alabama. She has more than eight years of experience in executive and leadership roles in the transportation and environmental services industries, along with five years of experience as a practicing attorney.
In addition to the appointments, shareholders approved the ProAssurance Corporation 2024 Equity Incentive Plan and ratified the selection of Ernst & Young, LLP as the independent auditing firm for the fiscal year ending December 31, 2024.
Additionally, shareholders approved, on an advisory basis, the compensation of the named executive officers. All proposals on the ballot received a substantial supermajority of votes cast.
“ProAssurance looks to its board of directors for a diversity of viewpoints, backgrounds, and experience, among other skills,” president and chief executive officer Ned Rand said. “With the addition of Rich and Staci, our board is even better positioned as a resource as we work to achieve our objectives in our core lines of insurance - medical professional liability and workers’ compensation.”
Elsewhere, the specialty insurer announced that it took a hit in 2023, suffering a $38.6 million net loss for the year. During the fourth quarter, the company posted a net income worth $6.4 million.
“We continue to manage our business with a focus on returning to underwriting profitability. We are drawing on our decades of successful underwriting, effective claims management, and superior service delivery to counter the twin effects of challenging market conditions and worsening litigation trends,” Rand said.
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