ProAssurance

PRA • NYSE

ProAssurance is a insurance - property & casualty company in the financial services sector on NYSE, led by Edward L. Rand, Jr., with a market cap of $1.2B. As of Q3 2025, 97% of shares are held by 196 institutional investors, with BlackRock, Inc. as the largest holder at 14.07%.

Chief Executive OfficerEdward L. Rand, Jr.

Market Cap$1.2B

Insurance - Property & Casualty

Financial Services

Employees1.1K

Websiteproassurance.com

Country

United States of America

Overview

Overview of institutional ownership in PRA as of Q3 2025 with a market cap of $1.2B

All Institutions

Institutions: 196
Value Held: $1.2B
Shares Held: 50.0M
Avg Position: $6.1M
Median Position: $566.2K

Hedge Funds

Hedge Funds: 25
Value Held: $261.3M
Shares Held: 10.9M
Avg Position: $10.5M
Median Position: $4.6M

Ownership Breakdown

Institutional (non-HF)

76.09%

$938.6M

Hedge Funds

21.19%

$261.3M

Retail & Other

2.72%

$33.5M

Based on market cap of $1.2B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in PRA as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$173.6M 0.00% of portfolio	14.07% 7.2M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$129.1M 0.00% of portfolio	10.47% 5.4M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
Magnetar Financial LLC Hedge Fund•Multi-Strategy	David Jay Snyderman CEO	$72.6M 0.47% of portfolio	5.89% 3.0M shares	Q1 2025 Held for 8 months	$15.4B
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$65.8M 0.01% of portfolio	5.33% 2.7M shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
ALLIANCEBERNSTEIN L.P. Long Only Manager	Seth Perry Bernstein CEO	$65.1M 0.02% of portfolio	5.27% 2.7M shares	≤ Q2 2013 Held for 12y 5m+	$317.45B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$46.6M 0.00% of portfolio	3.78% 1.9M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
Westchester Capital Management, LLC Hedge Fund•Merger Arb	George Robert Aylward CEO	$42.3M 2.32% of portfolio	3.43% 1.8M shares	Q1 2025 Held for 8 months	$1.8B
Q Qube Research & Technologies Ltd Institution	-	$35.0M 0.05% of portfolio	2.84% 1.5M shares	Q2 2024 Held for 1y 5m	$70.6B
HENDERSON GROUP PLC Institution	Ali Dibadj CEO	$32.3M 0.01% of portfolio	2.62% 1.3M shares	Q4 2021 Held for 3y 11m	$218.74B
HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P. Institution	Dustin David Norris President	$31.9M 2.86% of portfolio	2.58% 1.3M shares	Q3 2025 Held for 2 months	$1.1B

Net Capital Flow

Institutional buying and selling activity for PRA in Q3 2025

Traded: +$97.9M
Buyers: 91
Sellers: 97
Total Bought: +$183.8M
Total Sold: −$86.0M
Avg Position: $5.4M

Biggest Buyers

Institution	Net Bought	Current Position
HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P. Institution	+$31.9M +1.3M shares	$31.9M 1.3M shares
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy	+$24.4M +1.0M shares	$24.4M 1.0M shares
ALLIANCEBERNSTEIN L.P. Long Only Manager	+$19.1M +796.1K shares	$65.1M 2.7M shares
M Man Group plc Institution	+$17.1M +711.1K shares	$17.1M 711.1K shares
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	+$12.6M +525.0K shares	$13.8M 575.0K shares
F FIL Ltd Institution	+$12.2M +509.0K shares	$12.2M 509.0K shares
ALPINE ASSOCIATES MANAGEMENT INC. Hedge Fund•Merger Arb	+$9.7M +403.8K shares	$22.9M 952.5K shares
Marshall Wace LLP Institution	+$7.9M +329.2K shares	$18.5M 772.3K shares
G GARDNER LEWIS ASSET MANAGEMENT L P Hedge Fund•Multi-Strategy	+$7.0M +292.1K shares	$7.0M 292.1K shares
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	+$4.1M +170.9K shares	$6.2M 257.9K shares

Biggest Sellers

Institution	Net Sold	Current Position
A ADAGE CAPITAL PARTNERS GP LLC Institution	−$11.2M −492.6K shares	Sold Off 0 shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$9.0M −373.6K shares	$4.0M 164.9K shares
WATER ISLAND CAPITAL LLC Hedge Fund•Event Driven	−$8.1M −336.9K shares	$5.0M 210.5K shares
S Squarepoint Ops LLC Hedge Fund•Quant	−$6.6M −289.2K shares	Sold Off 0 shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$6.4M −266.8K shares	$7.8M 323.7K shares
VANGUARD GROUP INC Institution	−$4.6M −190.1K shares	$129.1M 5.4M shares
TIG Advisors, LLC Hedge Fund•Multi-Strategy	−$4.1M −170.7K shares	$11.7M 489.0K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$2.8M −115.9K shares	$5.4M 226.1K shares
B BlackRock, Inc. Institution	−$2.4M −101.5K shares	$173.6M 7.2M shares
E Eisler Capital Management Ltd. Institution	−$2.3M −100.9K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited PRA in Q3 2025

New Positions: 13
New Value: $66.6M
Exited Positions: 25
Exited Value: $31.1M

New Positions

Institution	Position Value
HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P. Institution	$31.9M 1.3M shares
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy	$24.4M 1.0M shares
G GARDNER LEWIS ASSET MANAGEMENT L P Hedge Fund•Multi-Strategy	$7.0M 292.1K shares
Morningstar Investment Management LLC Long Only Manager	$1.6M 66.1K shares
C CANTOR FITZGERALD, L. P. Institution	$920.7K 38.4K shares
Optimize Financial Inc RIA/Wealth	$455.4K 19.0K shares
Bleakley Financial Group, LLC RIA/Wealth	$315.9K 13.2K shares
S Salomon & Ludwin, LLC Institution	$7.5K 312.0 shares
O Optiver Holding B.V. Institution	$5.3K 222.0 shares
B BRYN MAWR TRUST CO/PA Institution	$3.0K 125.0 shares

Exited Positions

Institution	Previous Position
A ADAGE CAPITAL PARTNERS GP LLC Institution	$11.2M 492.6K shares
S Squarepoint Ops LLC Hedge Fund•Quant	$6.6M 289.2K shares
E Eisler Capital Management Ltd. Institution	$2.3M 100.9K shares
Brandywine Global Investment Management, LLC Long Only Manager	$2.2M 96.3K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.6M 71.2K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$929.1K 40.7K shares
N NOMURA HOLDINGS INC Institution	$913.2K 40.0K shares
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC Hedge Fund•Distressed	$803.2K 35.2K shares
R ROYCE & ASSOCIATES LLC Institution	$704.3K 30.8K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	$657.8K 28.8K shares

Options Activity

Institutions with the largest Call and Put options positions in PRA as of Q3 2025

Call Positions: 2
Call Value: $215.9K
Put Positions: 2
Put Value: $405.4K

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$215.9K 90.0 contracts
Decagon Asset Management LLP Hedge Fund•Event Driven	- - contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$405.4K 169.0 contracts
W WOLVERINE TRADING, LLC Institution	- - contracts

Most Committed Institutions

Institutions with PRA as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
K Keebeck Alpha, LP Hedge Fund	Thong Huy Nguyen CIO	3.51% $2.5M	0.20% 105.2K shares	Q1 2025 Held for 8 months	$71.9M
HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P. Institution	Dustin David Norris President	2.86% $31.9M	2.58% 1.3M shares	Q3 2025 Held for 2 months	$1.1B
Westchester Capital Management, LLC Hedge Fund•Merger Arb	George Robert Aylward CEO	2.32% $42.3M	3.43% 1.8M shares	Q1 2025 Held for 8 months	$1.8B
G GARDNER LEWIS ASSET MANAGEMENT L P Hedge Fund•Multi-Strategy	William Whitfield Gardner Partner	1.84% $7.0M	0.57% 292.1K shares	Q3 2025 Held for 2 months	$381.3M
THIRD AVENUE MANAGEMENT LLC Long Only Manager	Michael Anthony Buono CFO	1.64% $8.7M	0.71% 364.0K shares	Q4 2020 Held for 4y 11m	$532.7M
B BCK CAPITAL MANAGEMENT LP Hedge Fund•Event Driven	Wayne Wei-Yin Yu CEO	1.56% $1.4M	0.11% 56.6K shares	Q1 2025 Held for 8 months	$86.9M
ALPINE ASSOCIATES MANAGEMENT INC. Hedge Fund•Merger Arb	Robert Emil Zoellner CEO	1.39% $22.9M	1.85% 952.5K shares	Q1 2025 Held for 8 months	$1.6B
C CREDIT INDUSTRIEL ET COMMERCIAL Institution	-	1.37% $6.1M	0.49% 252.3K shares	Q2 2025 Held for 5 months	$440.6M
GLAZER CAPITAL, LLC Hedge Fund•Multi-Strategy	Paul Jay Glazer CEO	1.11% $24.4M	1.98% 1.0M shares	Q3 2025 Held for 2 months	$2.2B
S Smith Thornton Advisors LLC RIA/Wealth	William Patrick Smith Managing Partner	0.86% $1.6M	0.13% 66.8K shares	Q2 2024 Held for 1y 5m	$187.2M

Hedge Fund Spotlight

Discover hedge funds investing in PRA

ARP AMERICAS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerLudger (Nmn) Hentschel

Portfolio Value: $544.4M
Positions: 607
Last Reported: Q3 2025

Sector Allocation

Position in ProAssurance

Market Value: $2.1M
Shares Held: 86.6K
Portfolio Weight: 0.38%
Owned Since: 2024-Q4

Top Holding	Sector	Market Value	Weight
1 Merus N.V. MRUS	Biotechnology Healthcare	$18.7M	3.44%
2 Potbelly Corporation PBPB	Restaurants Consumer Cyclical	$18.0M	3.31%
3 Steelcase SCS	Business Equipment & Supplies Industrials	$15.5M	2.84%