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ProAssurance Q1 net income down

ProAssurance, a property and casualty insurance service provider, has reported net income of $35.87 million for the first quarter of 2008, compared to $36.09 million for the same quarter of 2007.

The company has reported total revenues of $159.63 million for the first quarter of 2008, compared to $178.88 million for the first quarter of 2007.

Gross premiums declined year-over-year from $185.30 million in the first quarter of 2007 to $160.26 million in the first quarter of 2008 due to the effect of lower loss costs on rates, and the effects of a competitive pricing environment.

Stancil Starnes, CEO of ProAssurance said: We have adjusted our rates downward in some markets to reflect the current loss climate, but we do not chase growth with undisciplined pricing or less stringent underwriting. Overall we were pleased with our underwriting and claims results for the first quarter.