BIRMINGHAM, Ala. (AP) _ ProAssurance Corp. (PRA) on Wednesday reported second-quarter net income of $11.5 million.
The Birmingham, Alabama-based company said it had net income of 21 cents per share. Earnings, adjusted for investment gains, were 8 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share.
The medical professional liability insurer posted revenue of $239.6 million in the period. Its adjusted revenue was $235.5 million, which also missed Street forecasts. Three analysts surveyed by Zacks expected $240.9 million.
ProAssurance shares have dropped slightly more than 6% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $37.95, a fall of 10% in the last 12 months.