What caused PRA's Q4 earnings to fall short of forecasts?

ProAssurance's Q4 earnings fell short of forecasts due to a combination of factors: 1. **Lloyd's Syndicate Reserve Increase**: There was a net income impact of $5.3 million, or $0.10 per share, due to an increase in Lloyd's syndicate reserves. This indicates that ProAssurance had to set aside more funds to cover potential future claims, which directly affected the net income for the quarter. 2. **State-Mandated Loss Cost Decreases**: The Workers' Compensation segment faced challenges with state-mandated loss cost decreases, impacting rate adequacy. This suggests that ProAssurance had to deal with lower premium rates mandated by the states, which likely affected the overall profitability of the segment. In summary, ProAssurance's Q4 earnings were lower than expected due to increased reserves for Lloyd's syndicates and the impact of state-mandated loss cost decreases in Workers' Compensation. These factors collectively contributed to the company's financial results not meeting the forecasted expectations.