ProAssurance Announces Special Dividend; Hikes Dividend

(RTTNews) - ProAssurance Corp. (PRA) Board has authorized a special dividend of $2.65 per common share and an increased regular quarterly dividend of $0.31 per common share. Both dividends will be paid on January 9, 2015 to shareholders who own our stock as of December 30, 2014.

The Board also authorized an additional $100 million to be used for share repurchase or debt retirement. This brings the outstanding authorization to $198 million.

The company noted that its dividend policy now anticipates a total annual dividend of $1.24 per common share, to be paid in equal quarterly installments. However, any decision to pay future cash dividends will be subject to the Board's final determination after a comprehensive review of the company's financial performance, future expectations and other factors deemed relevant by the Board.

The share purchase authorization announced today is effective immediately.

The Board also set May 27, 2015 as the date of the 2015 Annual Meeting of Shareholders to be held at headquarters in Birmingham, Alabama. The record date for the meeting is March 31, 2015.