Form 4: ProAssurance Director Bruce D. Angiolillo Reports Acquisition of Shares

Director Bruce D. Angiolillo reports acquisition of 13,988 shares of ProAssurance Corp common stock at $15.57 per share.

Summary

• Bruce D. Angiolillo, a director of ProAssurance Corp, filed a Form 4 with the SEC on May 23, 2024.
• The report indicates that Mr. Angiolillo acquired 13,988 shares of common stock on May 23, 2024, at a price of $15.57 per share.
• Following the transaction, Mr. Angiolillo directly owns 31,551 shares of ProAssurance Corp.
• The shares were awarded under the ProAssurance Corporation Director Deferred Stock Compensation Plan and are exempt under Rule 16b-3.
• The stock compensation grant was for shares having a value not to exceed $95,000.
• The number of whole shares was determined using the closing price of a share of stock on the New York Stock Exchange (NYSE) on the day following the Board of Directors meeting following the Annual Meeting of Shareholders.
• The NYSE closing price on May 23, 2024 was $14.57, resulting in a distribution to each non-management director of 6,520 shares.
• The remaining 7,468 shares represent compensation for services to the Board for the preceding twelve months.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The director's acquisition of shares suggests confidence, but it's part of a standard compensation plan.

Positives

• A director's increased stake in the company can be seen as a positive signal, indicating confidence in the company's future prospects.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders. They are closely watched by investors for signals about management's view of the company's prospects.

Comparison to Industry Standards

• Director compensation packages, including stock grants, are common across publicly traded companies.
• The size and structure of the grant are typical for director compensation in similarly sized companies in the insurance industry.
• Companies like The Travelers Companies Inc. and Chubb Limited also utilize stock-based compensation for their directors.

Stakeholder Impact

• The transaction could have a minor positive impact on shareholder sentiment due to the director's increased stake.

Key Dates