For over 40 years, ProAssurance and its predecessors have navigated the peaks and valleys of the long-cycle characteristics of our businesses.
Given this reserve strengthening, we reported a net loss of $59.4 million for the quarter or a loss of $1.10 per share, and net income of $1 million for the year or net income of $0.02 per share.
Our consolidated operating loss was $68.3 million for the quarter or a loss of $1.27 per share.
For the year, we reported a consolidated operating loss of $43.8 million or a loss of $0.81 per share.
For the quarter, our consolidated current accident year net loss ratio increased by 20.4 percentage points to 109% and the full-year ratio was 90.3%, an increase of 6.6 percentage points.
Excluding the reserve adjustments related to the large national healthcare account, these ratios were 93.5% and 86.4% respectively.
We experienced unfavorable development in our prior accident year reserves of $30.4 million for the quarter, which drove the calendar year net loss ratio to 123.2%.
However, for the full year, we recorded favorable development of $11.8 million and our calendar year net loss ratio was 89%.
Our underwriting expense ratio was 31.5% for the fourth quarter and 29.9% for the year.
This brings us to a combined ratio of 154.7% for the quarter and 118.9% for the year.
In our Corporate segment, we reported net investment income of $21.6 million in the quarter and $87.1 million for the full year.
Due to the reserve adjustments recorded in the fourth quarter, we recognized a consolidated pre-tax loss for the year, which resulted in the recognition of $21.9 million tax benefit from tax credits, which was the primary driver of the total tax benefit of $29.8 million for both the full year, as well as the current quarter.
The Specialty P&C segment recorded year-end 2019 operating loss of $147.9 million.
I want to be clear that the Specialty P&C segment has favorable loss reserve development of $45.8 million exclusive of the large national account during 2019.
We established four operating regions with regional hubs and reduced the number of offices from 20 to 10 across our operating territories.
Gross premiums written were essentially unchanged as compared to 2018, finishing 2019 at $577.7 million.
Premium retention for the segment was 86% for the year, 3 percentage points lower than the prior year, reflecting our focus on underwriting discipline and our willingness to walk away from business that does not fit our risk appetite or longer-term profit objectives.
As a result, premium retention in our healthcare facilities business was 62% for the year and 47% for the quarter.
Exclusive of the facilities, business premium retention was 88% in each of our physicians, medical technology and legal liability businesses for the year.
We are also encouraged by renewal rate increases of 14% in our healthcare facilities and 6% in physicians, our largest portfolio business.
We wrote $42.6 million of new business in 2019 compared to $47.9 million in 2018, reflecting our disciplined underwriting evaluation of the business presented to us.
Our physician new business was a driver at $25.1 million of writings during 2019.
The increase in the current accident year loss ratio to 105.5% was due to the previously mentioned underwriting loss for a large national account, and to a lesser degree, adverse loss trends in our excess and surplus lines of business.
For 2019, the prior-year adverse loss development related to the large national account was $51.5 million, which was entirely responsible for the $5.7 million of adverse development recorded in the segment for 2019.
As previously stated in my opening comments, excluding the impact of the large national account, loss reserves developed favorably by $45.8 million.
The Workers' Compensation Insurance segment produced operating income of $12.5 million and a combined ratio of 94.7% for the 2019 year in a highly competitive marketplace.
During 2019, gross premiums written, which includes traditional and alternative market business ceded to the SPC Reinsurance segment, decreased 5% to $278.4 million, compared to $293.2 million for 2018.
Correspondingly, new business writings for 2019 were $30.8 million, compared to $51.5 million in 2018.
However, it's important to note that 2018 includes $11.7 million of new business related to the Great Falls renewal rights transaction.
Audit premium was $5.7 million in 2019, compared to $5.9 million in 2018.
Renewal price decreases were 4% and premium renewal retention was 83% for the 2019 year.
The increase in the calendar year loss ratio reflected an increase in the current accident year loss ratio from 68% in 2018 to 68.4% in 2019.
Net favorable reserve development was $7.8 million for the year.
The claims operation enclosed 65.7% of 2018 and prior claims during 2019, the best claim closing result in Eastern's history and indicative of the short-tail strategy embedded in our Workers' Compensation business model.
The full-year 2019 underwriting expense ratio increased to 30.4%, compared to 29.9% in 2018, primarily due to an increase in policy acquisition and employee benefit-related costs.
The Segregated Portfolio Cell Reinsurance segment operating result was $3.5 million for the 2019 year, which represents our share of the net operating profit of the Segregated Portfolio Cell captive programs, in which we participate to varying degrees.
Gross written premium in the SPC Reinsurance segment increased to $87.1 million for 2019, from $85.1 million in 2018.
This includes premium renewal retention in 2019 of 91%, new business writings of $3.8 million, and audit premium of $2 million, offset slightly by renewal rate decreases of 5%.
The 2019 calendar and accident year loss ratios were impacted by $10 million reserve recorded in the second quarter of 2019 for an errors and omissions liability policy assumed by one of Eastern Re's Segregated Portfolio Cells.
Year-over-year, the SPC Reinsurance 2019 calendar year loss ratio increased to 54.4% excluding the impact of the $10 million E&O reserve driven by an increase in the current accident year loss ratio, partially offset by net favorable loss reserve development of $10.1 million in 2019, compared to $9.0 million in 2018.
And as a result, we have decreased our participation in Syndicate 1729's operating results for the 2020 underwriting year from 61% to 29%.
Although in NORCAL will not follow its year-end 2019 annual statutory statements for its group of companies with the California Department of Insurance until March 1, it maybe helpful for you to know that when they do, we expect it will show consolidated statutory surplus of approximately $575 million as of December 31, 2019.
We expect this transaction to deliver multiple strategic and financial benefits, including enhancements to our scale and capabilities, expanded access to the high quality California physician market, and an expected $18 million in pre-tax synergies.
With this transaction, ProAssurance gains a truly national platform in healthcare professional liability with operations in all 50 states.

Summary:
Given this reserve strengthening, we reported a net loss of $59.4 million for the quarter or a loss of $1.10 per share, and net income of $1 million for the year or net income of $0.02 per share.
Our consolidated operating loss was $68.3 million for the quarter or a loss of $1.27 per share.
And as a result, we have decreased our participation in Syndicate 1729's operating results for the 2020 underwriting year from 61% to 29%.