ProAssurance Corporation (PRA) will cut its quarterly dividend by 83.9 percent from 31 cents to 5 cents per share in 2020. The insurer last hiked its dividend in 2014 but did pay special dividends in 2018, 2017, 2016 and 2015.

The next dividend will be payable on July 8, 2020 to shareholders of record as of June 11, 2020. A new annual dividend rate of 20 cents per share yields 1.3% at a stock price 15.95.

On May 7 the company reported results for the first quarter 2020 and declared the lower dividend. In this press release ProAssurance explains that given its current earnings profile, the effects that underlying conditions in the broader insurance marketplace continue to have on the company's results, and the uncertainties introduced by the COVID-19 pandemic, ProAssurance is making the decision to reduce our quarterly dividend.

ProAssurance Corporation is an insurer specialized in healthcare professional liability, products liability for medical technology and life sciences, legal professional liability, and workers' compensation insurance. ProAssurance Corporation has been paying a dividend to shareholders every year since 2011.