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MORRISTOWN, N.J., Aug.10, 2020 /PRNewswire/ -- ProSight Global, Inc. (NYSE: PROS) (ProSight) today reported results for the second quarter of 2020. Highlights for the three months ended June 30, 2020 include: Record net income from continuing operations of $17.3 million and adjusted operating income(1) of $16.9 million with annualized return on equity ("ROE") of 12.9% and adjusted operating ROE (2) of 12.6%. Record diluted book value per share ("BVPS") of $12.84 compared to $10.73 as of March 31, 2020. Book value per share was $12.01 as of December 31, 2019. Rate execution of 10.5% excluding workers comp and 8.8% including workers comp with acceleration throughout the quarter. Combined ratio of 99.6% compared to 98.1% for the second quarter of 2019, representing the tenth consecutive quarter of underwriting profit at ProSight. Loss ratio of 61.9% compared to 62.8% (61.7% adjusted for the effect of WAQS (3)) for the second quarter of 2019. The current quarter includes 2.0 points of catastrophe losses from civil unrest vs 1.5 points in the second quarter of 2019. Expense ratio of 37.7% compared to 35.3% (36.4% adjusted for the effect of WAQS (3)) for the second quarter of 2019. The current quarter includes $1.5 million, or 83 basis points, of COVID-19-related allowance for bad debt and reflects reduced earned premium associated with the impact of COVID-19. Excluding the $1.5 million allowance for bad debt, total general and administrative expenses were down 4.2% compared to the second quarter of 2019. Gross written premiums ("GWP") for our customer segments (4) decreased in line with our expectations by 19.9% to $184.2 million compared to the second quarter of 2019, due to the impact of COVID-19 on several of our niches. Closed on new credit facility that will refinance our existing debt on favorable terms upon maturity in November 2020. From CEO & President Larry Hannon: "Our thoughts are with all of those struggling from the ongoing impact of COVID-19 and we continue tostand withour Black friends, colleagues, and members of our community that are fighting for justice and equality. AtProSight, we are thankful for the outstanding effort of our employees, and the support of our customers and distribution partners during these difficult times. "This was a strong quarter.We produced an underwriting profit, generated a double-digit ROE, achieved a new milestone in book value per share,closed on a new credit facility which will refinance our debt on attractive terms, and made progress on several initiatives that we expect will accelerate our growth and profitability in 2021.Our rate execution was excellent in the quarter and the trend has continued into the third quarter. "Our underwriting, risk selection andexpense managementallowed us toremain solidly profitable and grow our book value per share. Weare executing well and expect to have a solid second half of the year with an improvement in our gross written premium versus the second quarter." Updated Outlook: "Looking at the third quarter and balance of 2020, we have somewhat greater visibility into our near-term operating results. This update represents our best estimates as of today for the full year: Customer Segment Gross Written Premium: 5-10% decline from 2019 versus the 10-20% communicated at the end of the first quarter. This excludes the decline from the previously announced exit from excess workers compensation. Net Loss Ratio: Potential for 0 to 1.5-point increase from COVID-19 related claims and expenses in the current accident year loss ratio versus the up-to-3-point increase we communicated at the end of the first quarter. Expenses: Continued higher costs from bad debt provisioning given state-mandated deferrals of collections and cancellations coupled with the economic impact of COVID-19 on some of our insureds. Net Investment Income: We expect our fixed income portfolio, excluding limited partnerships, to yield approximately 3% for 2020, consistent with the 3% we communicated at the end of the first quarter. Net investment income volatility for the remainder of 2020 remains possible from our limited partnership investments." Results of Operations for the three months ended June 30, 2020: Net income from continuing operations was$17.3 million,or $0.39 per diluted share, for the second quarter of 2020 compared to $8.7 million,or $0.22per diluted share, for the second quarter of 2019.Adjusted operating income(1)was $16.9 million, or $0.39 per diluted share, for the second quarter of 2020 compared to $14.2 million, or $0.36 per diluted share, for the second quarter of 2019. GWP including Other(3), decreased 20.7% for the second quarter of 2020 when compared to the second quarter of 2019. GWP(3)from customer segments was$184.2 millionfor the second quarter of 2020 compared to$230.0 millionfor the second quarter of 2019, a decrease of 19.9%, primarily due to the impact of COVID-19 on our Transportation and Media & Entertainment customer segments. Other GWP(3)were $2.2million for the second quarter of 2020 compared to $5.0 million for the second quarter of 2019, the decrease driven by the timing ofourexit from excess workers' compensation. Underwriting income(1)was$0.7 millionfor the second quarter of 2020 compared to$3.8 millionfor the second quarter of 2019. The combined ratio for the second quarter of 2020 was 99.6% compared to 98.1% for the second quarter of 2019. The decrease in underwriting income(1)was due to reduced earned premium and bad debt expense attributable to COVID-19: The expense ratio was 37.7% for the second quarter of 2020 compared to 35.3% in the second quarter of 2019, with the increase driven by reduced earned premium,an increase in our allowance for bad debt attributable to COVID-19, and a cedingcommission benefit from our Whole Account Quota Share ("WAQS")reinsurance agreementsin the second quarter of 2019.The policy acquisition expense ratio was 23.1% in the second quarter of 2020 compared to 22.5% in the second quarter of 2019. The general & administrative expense ratio, which includes the bad debt allowance, was 14.6% in the second quarter of 2020 compared to 12.8% in the second quarter of 2019. The loss ratio was 61.9% for the secondquarterof 2020 compared to 62.8% for the second quarter of 2019. Thecurrent accident yearloss ratio, excluding catastrophe losses and prior year development,for the second quarter of 2020was59.8% compared to62.6% in the second quarter of 2019. The current accident year loss ratio for the second quarter of 2020 includes $3.6 million (2.0 percentage points) of catastrophe losses due to civil unrest. The current accident year loss ratio for the second quarter of 2019 includes $3.0 million (1.5 percentage points) of catastrophe losses due to weather events. The loss ratio for the second quarter of 2020 included $0.3 million (0.1 percentage points) of unfavorable prior accident year loss development compared to $2.7 million (1.3 percentage points) of favorable prior accident year loss development in the second quarter of 2019. Net investment income increased by 36.7% to$23.8 millionfor the second quarter of 2020, compared to$17.4 million for the second quarter of 2019. The increase in net investment income was driven byunrealized gains from our limited partnerships and growth in the book value ofthe investmentportfolio of 12.7% to $2.3 billion, partially offset by a decline in investment yields on fixed maturity securities. Realized investment gains, net of realized losses, for the secondquarterof 2020 were $1.9 million compared to $0.1 million for the secondquarterof 2019 and include an increase to our credit loss allowance of $1.5 million. Total stockholders' equity was$586.1 million as of June 30, 2020, compared to $543.0 million as of December 31, 2019. Tangible stockholders' equity(5)was$556.9 million as of June 30, 2020, compared to $513.8 millionas of December 31, 2019. The increases in total stockholders' equity and tangible stockholders' equity(5)were driven by $24.6 million of net income in the first six months of 2020 and an increase in other comprehensiveincome of $15.3 million, driven by net unrealized gains on investment securities during the second quarter of 2020. Fully diluted book value per sharegrew by 6.9% to $12.84atJune 30, 2020, compared to $12.01 at December 31, 2019. Fully diluted tangible book value per share(5)increased by 7.4% to $12.21atJune 30, 2020, compared to $11.37atDecember 31, 2019. (1) Adjusted operating income and underwriting income are non-GAAP measures. See "Reconciliation of Non-GAAP Measures". (2) Return on equity is net income from continuing operations expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period. Adjusted operating return on equity is a non-GAAP measure. Adjusted operating return on equity is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period. (3)In connection with the divestment of our U.K. business, New York Marine as reinsured entered into the whole account quota share reinsurance agreements ("WAQS") with third party reinsurers to maintain reasonable underwriting leverage within New York Marine and its subsidiary insurance companies during a transition period following the U.K. divestment. The effective date of the WAQS was April 1, 2017.During 2018 and following the transition of the U.S. business back to New York Marine, the WAQS were terminated. Effective January 1, 2020, the WAQS was commuted at an amount equal to ceded reserves.The effect of the WAQS on our results of operations is primarily reflected in our ceded written premiums, losses and LAE, as well as our underwriting, acquisition and insurance expenses. (4)Total GWP for the second quarter of 2020 including Other were $186.4 million.Other includes GWP from certain niches that are no longer part of our customer segments. "Other" includes GWP from (i) primary and excess workers' compensation coverage for exited Self-Insured Groups (ii) niches exited prior to 2019, many with a concentration in commercial auto, (iii) certain fronting arrangements in which all premium written is ceded to a third party, (iv) participation in industry pools, and (v) emerging new business. (5) Tangible stockholders' equity and fully diluted tangible book value per share are non-GAAP measures.Tangible stockholders' equity is total stockholders' equity excluding the value of goodwill and other intangible assets. Fully diluted tangible book value per share is total stockholders' equity excludingthevalue of goodwill and other intangible assets divided by the number of commonshares outstanding, unvested restrictedshares and vested not issued shares. See "Reconciliation of Non-GAAP Measures". Conference Call As previously announced, on Tuesday, August 11, 2020at10:00 a.m. EST, ProSight senior management will host a conference call to discuss second quarter 2020 financial results. The call will be available via webcast at https://investors.prosightspecialty.com/or by accessing the online registration link here. A replay of the call will be available at 1:00 p.m. on Tuesday, August 11, 2020, until 11:59 p.m. Tuesday, August 18, 2020, and can be accessed by dialing (800) 585-8367 or (416) 621-4642. The webcast will be available one hour after the call concludes and will be archived on our website for one year. About ProSight Founded in 2009 and headquartered in Morristown, New Jersey, ProSight Global, Inc. is an innovative property and casualty insurance company that designs unique insurance solutions to help customers improve their business and realize value from their insurance purchasing decision. The company focuses on select niche industries, deploying differentiated underwriting and claims expertise with the goal of enhancing each customer's operating performance. ProSight's products are sold through a limited and select group of retail and wholesale distribution partners. Each of ProSight's regulated insurance company subsidiaries are rated "A-" (Excellent) by A.M. Best. ProSight's shares trade on the New York Stock Exchange ("NYSE") under the ticker symbol PROS. To learn more about ProSight visit www.prosightspecialty.com. Forward-Looking Statements This release contains forward-looking statements. Forward-looking statements include statements relating to future developments in ProSight's business or expectations for ProSight's future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "should," "seek," "continue," and other words and terms of similar meaning. ProSight's management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Except as required by law, ProSight undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to known and unknown risks and uncertainties, including without limitation, the following: performance of, and our relationships with, third-party agents and vendors on which we rely to distribute certain business on our behalf, adequacy of our loss reserves including as a result of changes in the legal, regulatory, and economic environments in which the Company operates or the impacts of COVID-19, judicial, legislative, regulatory and other governmental developments, including in response to COVID-19, litigation tactics and developments, the effects of natural and man-made catastrophic events, the availability and affordability of reinsurance, changes in the business, financial condition or results of operations of the entities in which we invest, infection rates and severity and duration of pandemics, includingCOVID-19,and their direct and indirect effects on our investments, business operations, customers (including claims activity) and third parties, as well as management's response to these factors. ProSight cautions you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this release. For a discussion of some of the risks and important factors that could affect ProSight's future results and financial condition, see our filings with the U.S. Securities and Exchange Commission ("SEC"), including, but not limited to, the risks and uncertainties included under the captions "Risk Factors" in ProSight's Annual Report on Form 10-K/A for the period ended December 31, 2019 filed on March 10, 2020, as updated by ProSight's Quarterly Reports on Form 10-Q and its other periodic filings with the SEC. References to "we," "us," "our," the "Company" and "ProSight", refer to ProSight Global, Inc. and its consolidated subsidiaries. Reorganization ProSight was incorporated in Delaware in 2010. Prior to July 25, 2019, ProSight was a wholly owned subsidiary of ProSight Global Holdings Limited ("PGHL"), a Bermuda holding company. Effective July 25, 2019, PGHL merged with and into ProSight, with ProSight surviving the merger. As a result of the merger, all shares of PGHL then outstanding were converted into the right to receive, without interest, 6.46 shares of ProSight for each share of PGHL. The historical share and per share figures contained in this release relating to periods prior to and including June 30, 2019have been restated to give effect to this conversion, including reclassifying an amount equal to the change in value of common stock to additional paid-in capital, as of the stated period or date. Further details regarding this merger and related reorganization transactions are included in ProSight's Annual Report on Form 10-K/A for the period ended December 31, 2019 filed on March 10, 2020. Non-GAAP Financial Measures In presentingProSight Global, Inc.'s results, management has included financial measures that are not calculated under standards or rules that comprise of U.S. generally accepted accounting principles ("GAAP"). Such measures, including underwriting income, adjusted operating income, adjusted operating return on equity, adjusted operating return on tangible equity, adjusted loss excluding WAQS, adjusted expense ratio excluding WAQS, adjusted combined ratio excluding WAQS, tangible stockholders' equity, tangible book value per share and fully diluted tangible book value per share are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. These measures should not be viewed as a substitute for those measures determined in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the most comparable GAAP figures are included at the end of this press release. Inquiries: Joe Hathaway [emailprotected] 973.532.1706 PROSIGHT GLOBAL,INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) ($ in thousands, except per share amounts) June30 December31 2020 2019 Assets Investments: Fixed maturity securities, available-for-sale at fair value (amortized cost $2,102,989 in 2020 and $1,999,403 in 2019, allowance for credit losses $(1,985) in 2020 and $0 in 2019) $ 2,162,780 $ 2,040,682 Commercial levered loans at amortized cost (fair value $12,628 in 2020 and $13,950 in 2019) 13,463 14,069 Non-redeemable preferred stock securities at fair value (amortized cost $11,670 in 2020 and $0 in 2019) 11,785 Limited partnerships and limited liability companies at fair value (cost $74,019 in 2020 and $62,226 in 2019) 79,717 66,660 Short-term investments 496 43,873 Total investments 2,268,241 2,165,284 Cash and cash equivalents 50,637 17,284 Restricted cash 9,966 10,213 Accrued investment income 14,119 13,610 Premiums and other receivables, net 143,519 190,004 Receivable from reinsurers on paid losses, net 2,497 3,481 Reinsurance receivables on unpaid losses, net 141,427 193,952 Deferred policy acquisition costs 94,587 98,812 Prepaid reinsurance premiums 47,837 42,861 Net deferred income taxes 4,803 Goodwill and net intangible assets 29,174 29,189 Fixed assets and capitalized software, net 35,630 37,167 Funds withheld related to sale of affiliate 19,529 19,453 Other assets 34,218 29,537 Assets of discontinued operations 23,171 21,584 Total assets $ 2,914,552 $ 2,877,234 Liabilities Reserve for unpaid losses and loss adjustment expenses $ 1,544,123 $ 1,521,648 Reserve for unearned premiums 450,934 483,223 Ceded reinsurance payable 20,324 17,768 Notes payable, net of debt issuance costs 164,862 164,693 Secured loans payable, net of issuance costs 24,997 Funds held under reinsurance agreements 22,858 58,855 Net deferred income taxes 75 Other liabilities 66,762 56,438 Liabilities of discontinued operations 33,517 31,578 Total liabilities 2,328,452 2,334,203 Stockholders' equity Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued or outstanding Common stock, $0.01 par value; 200,000,000 shares authorized; 43,355,319 and 43,071,186 shares issued, 43,342,399 and 43,058,266 shares outstanding in 2020 and 2019, respectively 433 431 Paid-in capital 664,895 661,761 Accumulated other comprehensive income 52,756 37,453 Retained deficit (131,784) (156,414) Treasury shares - at cost (12,920 shares) (200) (200) Total stockholders' equity 586,100 543,031 Total liabilities and stockholders' equity $ 2,914,552 $ 2,877,234 PROSIGHT GLOBAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) ($ in thousands) Three Months Ended June30 Six Months Ended June30 2020 2019 2020 2019 Gross written premiums $ 186,394 $ 235,032 $ 400,178 $ 490,870 Revenues: Net earned premiums 181,629 202,480 387,291 398,088 Net investment income 23,791 17,398 32,606 34,556 Realized investment gains, net 1,891 137 2,123 250 Other income 101 97 213 190 Total revenues 207,412 220,112 422,233 433,084 Expenses: Net losses and loss adjustment expenses incurred 112,473 127,115 240,030 245,448 Policy acquisition expenses 42,033 45,533 89,019 92,106 General and administrative expenses 26,415 26,028 53,052 53,222 Interest expense 3,067 3,147 6,172 6,509 Other expense 1,390 7,170 3,127 7,170 Total expenses 185,378 208,993 391,400 404,455 Income from continuing operations before income taxes 22,034 11,119 30,833 28,629 Income tax provision: Current 4,116 82 5,747 223 Deferred 635 2,341 992 6,015 Total income tax expense 4,751 2,423 6,739 6,238 Net income from continuing operations 17,283 8,696 24,094 22,391 Discontinued operations: Net income (loss) from discontinued operations 279 (78) 536 (333) Net income $ 17,562 $ 8,618 $ 24,630 $ 22,058 Return on equity (1) 12.9 % 7.9 % 8.5 % 10.6 % Adjusted operating income (2) $ 16,890 $ 14,228 $ 24,879 $ 27,858 Adjusted operating return on equity (3) 12.6 % 12.8 % 8.8 % 13.1 % (1) Return on equity is net income from continuing operations expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period. (2) Adjusted operating income is a non-GAAP measure. See "Reconciliation of Non-GAAP Measures". (3) Adjusted operating return on equity is a non-GAAP measure. Adjusted operating return on equity is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period. PROSIGHT GLOBAL, INC. FACTORS AFFECTING THE RESULTS OF OPERATIONS (WAQS) (UNAUDITED) ($ in thousands) Three Months Ended June30,2020 Three Months Ended June30,2019 Including Effectof Excluding Including Effectof Excluding WAQS WAQS WAQS WAQS WAQS WAQS Gross written premiums $ 186,394 $ $ 186,394 $ 235,032 $ $ 235,032 Ceded written premiums (29,771) (29,771) (24,464) (24,464) Net written premiums $ 156,623 $ $ 156,623 $ 210,568 $ $ 210,568 Net retention(1) 84.0 % 84.0 % 89.6 % 89.6 % Net earned premiums $ 181,629 $ $ 181,629 $ 202,480 $ $ 202,480 Losses and LAE 112,473 112,473 127,115 2,255 124,860 Underwriting, acquisition and insurance expenses 68,448 68,448 71,561 (2,255) 73,816 Underwriting income (2) $ 708 $ $ 708 $ 3,804 $ $ 3,804 Loss and LAE ratio 61.9 % 62.8 % Expense ratio 37.7 % 35.3 % Combined ratio 99.6 % 98.1 % Adjusted loss and LAE ratio(3) 61.9 % 61.7 % Adjusted expense ratio(3) 37.7 % 36.4 % Adjusted combined ratio(3) 99.6 % 98.1 % Effect of prior year reserve development unfavorable/(favorable) (4) $ 310 $ $ 310 $ (2,733) $ 2,255 $ (4,988) Six Months Ended June30,2020 Six Months Ended June30,2019 Including Effectof Excluding Including Effectof Excluding WAQS WAQS WAQS WAQS WAQS WAQS Gross written premiums $ 400,178 $ $ 400,178 $ 490,870 $ $ 490,870 Ceded written premiums (53,372) (53,372) (70,400) 3 (70,403) Net written premiums $ 346,806 $ $ 346,806 $ 420,470 $ 3 $ 420,467 Net retention(1) 86.7 % 86.7 % 85.7 % 85.7 % Net earned premiums $ 387,291 $ $ 387,291 $ 398,088 $ 3 $ 398,085 Losses and LAE 240,030 240,030 245,448 2,207 243,241 Underwriting, acquisition and insurance expenses 142,071 142,071 145,328 (2,205) 147,533 Underwriting income (2) $ 5,190 $ $ 5,190 $ 7,312 $ 1 $ 7,311 Loss and LAE ratio 62.0 % 61.7 % Expense ratio 36.7 % 36.5 % Combined ratio 98.7 % 98.2 % Adjusted loss and LAE ratio(3) 62.0 % 61.1 % Adjusted expense ratio(3) 36.7 % 37.1 % Adjusted combined ratio(3) 98.7 % 98.2 % Effect of prior year development unfavorable/(favorable) (4) $ 508 $ $ 508 $ (3,128) $ 2,207 $ (5,335) (1) Net retention is a non-GAAP measure. We define net retention as the ratio of net written premiums to gross written premiums. (2) Underwriting income is a non-GAAP measure. See "Reconciliation of Non-GAAP Financial Measures". (3) Adjusted loss ratio and adjusted expense ratio are non-GAAP financial measures. We define adjusted loss ratio and adjusted expense ratio as the corresponding ratio excluding the effects of the WAQS. We use these adjusted ratios as internal performance measures in the management of our operations because we believe they give our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Our adjusted loss and LAE ratio, adjusted expense ratio and adjusted combined ratio should not be viewed as substitutes for our loss and LAE ratio, expense ratio and combined ratio, respectively. (4) The effect of prior year reserve development is included within losses and LAE. PROSIGHT GLOBAL, INC. SUPPLEMENTARY UNDERWRITING INFORMATION (EXCLUDING WAQS) (UNAUDITED) ($ in thousands) Three Months Ended June30 Six Months Ended June30 2020 2019 2020 2019 Gross written premiums $ 186,394 $ 235,032 $ 400,178 $ 490,870 Net written premiums 156,623 210,568 346,806 420,470 Net earned premiums 181,629 202,480 387,291 398,085 Net losses and LAE 112,473 124,860 240,030 243,241 Catastrophe loss and LAE 3,633 3,000 3,633 3,000 Unfavorable/(favorable) prior year reserve development 310 (4,988) 508 (5,335) Underwriting, acquisition, and insurance expenses 68,448 73,816 142,071 147,533 Policy acquisition expenses 42,033 47,788 89,019 94,311 General and administrative expenses 26,415 26,028 53,052 53,222 Underwriting income $ 708 $ 3,804 $ 5,190 $ 7,311 Adjusted Underwriting ratios Ex-cat current accident year loss and LAE ratio 59.8 % 62.6 % 60.9 % 61.7 % Catastrophe loss and LAE ratio 2.0 % 1.5 % 0.9 % 0.8 % Unfavorable/(favorable) prior year reserve development ratio 0.1 % (2.4) % 0.2 % (1.4) % Adjusted Loss and LAE ratio 61.9 % 61.7 % 62.0 % 61.1 % Policy acquisition expense ratio 23.1 % 23.6 % 23.0 % 23.7 % General and administrative expense ratio 14.6 % 12.8 % 13.7 % 13.4 % Adjusted Expense ratio 37.7 % 36.4 % 36.7 % 37.1 % Adjusted Combined ratio 99.6 % 98.1 % 98.7 % 98.2 % PROSIGHT GLOBAL, INC. SUPPLEMENTARY UNDERWRITING INFORMATION (UNAUDITED) ($ in thousands) Three Months Ended June30 Six Months Ended June30 2020 2019 2020 2019 Gross written premiums $ 186,394 $ 235,032 $ 400,178 $ 490,870 Net written premiums 156,623 210,568 346,806 420,470 Net earned premiums 181,629 202,480 387,291 398,088 Net losses and LAE 112,473 127,115 240,030 245,448 Catastrophe loss and LAE 3,633 3,000 3,633 3,000 Unfavorable/(favorable) prior year reserve development 310 (2,733) 508 (3,128) Underwriting, acquisition, and insurance expenses 68,448 71,561 142,071 145,328 Policy acquisition expenses 42,033 45,533 89,019 92,106 General and administrative expenses 26,415 26,028 53,052 53,222 Underwriting income $ 708 $ 3,804 $ 5,190 $ 7,312 Underwriting ratios Ex-cat current accident year loss and LAE ratio 59.8 % 62.6 % 60.9 % 61.7 % Catastrophe loss and LAE ratio 2.0 % 1.5 % 0.9 % 0.8 % Unfavorable/(favorable) prior year reserve development ratio 0.1 % (1.3) % 0.2 % (0.8) % Loss and LAE ratio 61.9 % 62.8 % 62.0 % 61.7 % Policy acquisition expense ratio 23.1 % 22.5 % 23.0 % 23.1 % General and administrative expense ratio 14.6 % 12.8 % 13.7 % 13.4 % Expense ratio 37.7 % 35.3 % 36.7 % 36.5 % Combined ratio 99.6 % 98.1 % 98.7 % 98.2 % PROSIGHT GLOBAL, INC. SHARE AND PER SHARE INFORMATION (UNAUDITED) June30 December31 2020 2019 Shares outstanding 43,342,399 43,058,266 Fully diluted shares outstanding 45,629,697 45,196,716 Book value per share(1) $ 13.52 $ 12.61 Book value per share (fully diluted)(1) $ 12.84 $ 12.01 Tangible book value per share(1) $ 12.85 $ 11.93 Tangible book value per share (fully diluted)(1) $ 12.21 $ 11.37 Three Months Ended June30 Six Months Ended June30 (share amounts in thousands) 2020 2019 2020 2019 Weighted average basic shares outstanding 43,810 38,851 43,866 38,851 Weighted average diluted shares outstanding 43,827 39,455 44,056 39,455 Earnings per share - basic: Net income from continuing operations $ 0.39 $ 0.22 $ 0.55 $ 0.58 Adjusted operating income(2) $ 0.39 $ 0.37 $ 0.57 $ 0.72 Earnings per share - diluted: Net income from continuing operations $ 0.39 $ 0.22 $ 0.55 $ 0.57 Adjusted operating income(2) $ 0.39 $ 0.36 $ 0.56 $ 0.71 Adjusted operating return on equity ("ROE") (3) 12.6 % 12.8 % 8.8 % 13.1 % Adjusted operating return on tangible equity ("ROTE")(3) 13.3 % 13.8 % 9.3 % 14.1 % (1) Book value per share is total stockholders' equity divided by the number of common shares outstanding. Fully diluted book value per share is total stockholders' equity divided by the number of common shares outstanding, unvested restricted shares and vested non issued shares. Tangible book value per share and fully diluted tangible book value per share are non-GAAP measures. Tangible book value per share is total stockholders' equity excluding the value of goodwill and other intangible assets divided by the number of common shares outstanding. Fully diluted tangible book value per share is total stockholders' equity excluding the value of goodwill and other intangible assets divided by the number of commonshares outstanding, unvested restrictedshares, and vested non-issued shares. See "Reconciliation of Non-GAAP Financial Measures". (2) Adjusted operating income is a non-GAAP measure. See "Reconciliation of Non-GAAP Financial Measures". (3) Adjusted operating return on equity and adjusted operating return on tangible equity are non-GAAP measures. Adjusted operating return on equity is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period. Adjusted operating return on tangible equity is adjusted operating income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity, excluding goodwill and other intangible assets, during the period. PROSIGHT GLOBAL, INC. GROSS WRITTEN PREMIUM BY CUSTOMER SEGMENT (UNAUDITED) ($ in millions) Three Months Ended June30 Six Months Ended June30 2020 2019 %Change 2020 2019 %Change Construction $ 27.7 $ 32.5 (14.8) % $ 52.2 $ 55.8 (6.5) % Consumer Services 40.7 37.9 7.4 71.3 65.4 9.0 Marine and Energy 26.8 25.6 4.7 59.6 45.5 31.0 Media and Entertainment 17.4 32.4 (46.3) 47.9 62.1 (22.9) Professional Services 31.9 29.1 9.6 61.6 58.7 4.9 Real Estate 47.3 46.6 1.5 80.5 75.3 6.9 Sports 4.7 6.9 (31.9) 14.3 14.7 (2.7) Transportation (12.3) 19.0 (164.7) 9.1 49.7 (81.7) Customer segments subtotal 184.2 230.0 (19.9) 396.5 427.2 (7.2) Other 2.2 5.0 (56.0) 3.7 63.7 (94.2) Total $ 186.4 $ 235.0 (20.7) % $ 400.2 $ 490.9 (18.5) % Reconciliation of Non-GAAP Financial Measures Underwriting income is a non-GAAP financial measure that we believe is useful in evaluating our underwriting performance without regard to investment income. Underwriting income represents the pre-tax profitability of our insurance operations and is derived by subtracting losses and LAE, and underwriting, acquisition and insurance expenses from net earned premiums. We use underwriting income as an internal performance measure in the management of our operations because we believe it gives us and users of our financial information useful insight into our results of operations and our underlying business performance. Underwriting income should not be considered in isolation or viewed as a substitute for net income calculated in accordance with GAAP. Other companies may calculate underwriting income differently. Net income for the three months and six months ended June 30, 2020 and 2019 reconciles to underwriting income as follows: Three Months Ended June30 Six Months Ended June30 ($ in thousands) 2020 2019 2020 2019 Net income from continuing operations $ 17,283 $ 8,696 $ 24,094 $ 22,391 Income tax expense 4,751 2,423 6,739 6,238 Income from continuing operations before taxes 22,034 11,119 30,833 28,629 Net investment income 23,791 17,398 32,606 34,556 Realized investment gains, net 1,891 137 2,123 250 Interest and other expense, net 4,356 10,220 9,086 13,489 Underwriting income $ 708 $ 3,804 $ 5,190 $ 7,312 Adjusted operating income is a non-GAAP financial measure that we use as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and underlying business performance, by excluding items that are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future. Adjusted operating income should not be considered in isolation or viewed as a substitute for net income calculated in accordance with GAAP. Other companies may calculate adjusted operating income differently. Net income for the three months and six months ended June 30, 2020 and 2019 reconciles to adjusted operating income as follows: Three Months Ended June30 Six Months Ended June30 ($ in thousands) 2020 2019 2020 2019 Net income from continuing operations $ 17,283 $ 8,696 $ 24,094 $ 22,391 Income tax expense 4,751 2,423 6,739 6,238 Income from continuing operations before taxes 22,034 11,119 30,833 28,629 Other expense (1) 1,390 7,170 3,127 7,170 Realized investment gains, net (1,891) (137) (2,123) (250) Adjusted operating income before taxes 21,533 18,152 31,837 35,549 Less: income tax expense on adjusted operating income 4,643 3,924 6,958 7,691 Adjusted operating income $ 16,890 $ 14,228 $ 24,879 $ 27,858 (1) Other expense within the adjusted operating income includes non-recurring grants of restricted stock units in connection with the initial public offering and costs associated with the transition of our former Chief Executive Officer. Tangible stockholders' equity is a non-GAAP financial measure that we use as an internal performance measure to evaluate the strength of our balance sheet and to compare returns relative to this measure. We define tangible stockholders' equity as stockholders' equity less goodwill and net intangible assets. Tangible stockholders' equity should not be considered in isolation or viewed as a substitute for stockholders' equity calculated in accordance with GAAP. Other companies may calculate tangible stockholders' equity differently. Stockholders' equity at June 30, 2020 and December 31, 2019 reconciles to tangible stockholders' equity as follows: June 30, 2020 December 31, 2019 ($ in thousands except per share amounts) Stockholders' equity $ 586,100 $ 543,031 Less: goodwill and net intangible assets 29,174 29,189 Tangible stockholders' equity $ 556,926 $ 513,842 Book value per share $ 13.52 $ 12.61 Book value per share (fully diluted) $ 12.84 $ 12.01 Tangible book value per share $ 12.85 $ 11.93 Tangible book value per share(fully diluted) $ 12.21 $ 11.37 SOURCE ProSight Global, Inc. Related Links http://www.prosightspecialty.com

Answer: ProSight Reports 2020 Second Quarter Results Second Quarter Net Income from Continuing Operations of $17.3 million, $0.39 per Diluted Share and Adjusted Operating Income(1) of $16.9 million, $0.39 per Diluted Share.