1. September 24, 2015 Alabama Association of Financial Professionals Edward L. Rand, Jr. Executive Vice President & Chief Financial Officer

2. Forward Looking Statements 2 This presentation contains Forward Looking Statements and other information designed to convey our projections and expectations regarding future results. There are a number of factors which could cause our actual results to vary materially from those projected in this presentation. The principal risk factors that may cause these differences are described in various documents we file with the Securities and Exchange Commission, such as our Current Reports on Form 8-K, and our regular reports on Forms 10-Q and 10-K, particularly in “Item 1A, Risk Factors.” Please review this presentation in conjunction with a thorough reading and understanding of these risk factors. This presentation contains Non-GAAP measures, and we may reference Non-GAAP measures in our remarks and discussions. A reconciliation of these measures to GAAP measures is included in this presentation and is also available in our latest quarterly news release, which is available in the Investor Relations section of our website, www.ProAssurance.com, and in the related Current Report on Form 8K disclosing that release. Non-GAAP Measures

3. Our Objectives for Today Background on ProAssurance Basics of Insurance – What we do Measuring Performance

4. Mission, Vision and Values 4 Mission We exist to protect others Vision We will be the best in the world at understanding and providing solutions for the risks our customers encounter as healers, innovators, employers, and professionals. Through an integrated family of specialty companies, products, and services, we will be a trusted partner enabling those we serve to focus on their vital work. As the employer of choice, we embrace every day as a singular opportunity to reach for extraordinary outcomes, build and deepen superior relationships, and accomplish our mission with infectious enthusiasm and unbending integrity Values IntegrityRelationshipsLeadershipEnthusiasm

5. Mission, Vision and Values 5 Mission We exist to protect others Vision We will be the best in the world at understanding and providing solutions for the risks our customers encounter as healers, innovators, employers, and professionals. Through an integrated family of specialty companies, products, and services, we will be a trusted partner enabling those we serve to focus on their vital work. As the employer of choice, we embrace every day as a singular opportunity to reach for extraordinary outcomes, build and deepen superior relationships, and accomplish our mission with infectious enthusiasm and unbending integrity Values IntegrityRelationshipsLeadershipEnthusiasm

6. Mission, Vision and Values 6 Mission We exist to protect others Vision We will be the best in the world at understanding and providing solutions for the risks our customers encounter as healers, innovators, employers, and professionals. Through an integrated family of specialty companies, products, and services, we will be a trusted partner enabling those we serve to focus on their vital work. As the employer of choice, we embrace every day as a singular opportunity to reach for extraordinary outcomes, build and deepen superior relationships, and accomplish our mission with infectious enthusiasm and unbending integrity Values IntegrityRelationshipsLeadershipEnthusiasm

7. Mission, Vision and Values 7 Mission We exist to protect others Vision We will be the best in the world at understanding and providing solutions for the risks our customers encounter as healers, innovators, employers, and professionals. Through an integrated family of specialty companies, products, and services, we will be a trusted partner enabling those we serve to focus on their vital work. As the employer of choice, we embrace every day as a singular opportunity to reach for extraordinary outcomes, build and deepen superior relationships, and accomplish our mission with infectious enthusiasm and unbending integrity Values IntegrityRelationshipsLeadershipEnthusiasm

9. ProAssurance Corporate Profile Healthcare-centric specialty insurance writer Healthcare Professional Liability (HCPL) Only public company writing predominately HCPL Life sciences and medical device liability Workers' compensation Legal professional liability Alternative Risk Transfer Market Cap: $2.5 billion Shareholders’ Equity: $2.1 billion 40 locations in three countries 978 employees Writing in 50 states & DC Emerging international business 9 Corporate Headquarters Claims Offices Claims / Underwriting Offices Underwriting Offices Cayman Islands Lloyds Business Unit Principal Offices EmployeesLines of Business HCPL 18463Healthcare Professional Liability PRA Corporate181 Corporate functions (Accounting, Legal, etc.) PICA1102 Professional Liability for Podiatry & Chiropractic Eastern7256 Workers’ Compensation Captive Facilities (all lines) Medmarc273 Products Liability Legal Professional Liability PRA Risk Solutions13Alternative Risk Transfer June 30, 2015

10. ProAssurance Brand Profile 10 Specialty P&C Workers’ Comp Healthcare Professional Liability Medical Technology & Life Sciences Products Liability Legal Professional Liability Alternative Risk Transfer

11. How do we make money?

12. Inside ProAssurance’s Income Statement - YTD 12 6/30/15

14. Premiums – Our Revenue 14

15. Operating Expenses – Our Overhead 15

16. Losses – Our Cost of Goods Sold 16

17. What’s Missing 17

18. Investment Income – The Other Revenue 18

19. Inside ProAssurance’s Balance Sheet 6/30/15 19

20. The Other Revenue Generator 20

21. 6/30/15 ProAssurance: Q2 2015 Investment Profile $3.9 Billion Overall Portfolio$3.0 Billion Fixed Income Portfolio Average duration: 3.6 years Unchanged since year-end 2014 Average tax-equivalent income yield: 4.0% Investment grade: 93% Weighted average: A+ Full portfolio disclosure on our website: www.proassurance.com/investorrelations/supplemental.aspx www.proassurance.com/investorrelations/supplemental.aspx 21 Sources of Liquidity

22. ProAssurance Portfolio Detail: Asset Backed 6/30/15 Subject to Rounding Asset Backed: $427 Million Weighted Average Rating: “AAA” 22

23. ProAssurance Portfolio Detail: Corporate Corporates: $1.4 Billion Weighted Average Rating: A- 6/30/15 23

24. ProAssurance Portfolio Detail: Energy Exposure Energy Related Exposure: $256 Million 6/30/15 24 $147 million is investment grade with a $4.03 million net unrealized gain 3.8% of invested assets $42 million of bonds with an unrealized loss of $5.5 million 1% of invested assets

25. ProAssurance Portfolio Detail: Municipals Municipals: $1.0 Billion Investment policy has always required investment grade rating prior to applying the effect of insurance Weighted Average Rating: AA 3/31/15 25

26. ProAssurance Portfolio: Equities & Other 3/31/15 Equities & Other: $690 Million Book 5.9% TE Book Yield 13% TE IRR 26

27. How do we measure success?

28. Finding the Right Balance

29. Combined Ratio Operating Ratio Return on Equity Book Value per Share

30. Measuring Performance – Combined Ratio Incurred Losses # /Net Earned Premium + Expenses/Net Earned Premium = Combined Ratio # Incurred Losses includes paid losses, change in reserves including IBNR and ALAE and ULAE

31. Inside ProAssurance’s Income Statement - YTD 31 6/30/15

32. Combined Ratio 32

33. How the Math Really Works

34. Inside ProAssurance’s Income Statement - YTD 34 6/30/15

35. Investment Income – The Other Revenue 35

36. Inside ProAssurance’s Income Statement - YTD 36

37. Operating Ratio Reflects the impact of investment earnings on the Combined Ratio, a key consideration given the long tail nature of our business. Incurred Losses/Net Earned Premium + Expenses/Net Earned Premium = Combined Ratio + Investment Income/Net Earned Premium = Operating Ratio

38. Reflects the impact of investment earnings on the Combined Ratio, a key consideration given the long tail nature of our business. Incurred Losses/Net Earned Premium + Expenses/Net Earned Premium = Combined Ratio - Investment Income/Net Earned Premium = Operating Ratio

39. Return on Equity Often calculated using Operating Earnings Net Income or Operating Earnings Average Shareholders Equity Or as a quick check Net Income # or Operating Earnings Per Share Average Book Value Per Share # Using Basic EPS Calculation

40. Inside ProAssurance’s Income Statement - YTD 40 6/30/15

41. Inside ProAssurance’s Income Statement - YTD 41

42. Return on Equity How does this relate to the Combined Ratio and Operating Ratio? (1-Operating Ratio) x Premium to Equity Ratio = Pre-tax Return on Equity

43. Return on Equity The Math – for the actuaries ROE = net income/equity Net income = Premiums - Losses-Expenses + Investment Income Net income = Premiums*(1-Losses/Premiums – Expenses/Premiums + Investment Income/Premiums) Net income = Premiums*[1-(Loss Ratio + Expense Ratio- Investment Income/Premiums)] Net income = Premiums*(1-Operating Ratio) ROE = Premiums*(1-Operating Ratio)/equity ROE = (1-Operating Ratio)*Premiums/equity

44. More for the Actuaries

45. Book Value Per Share Book value is often seen as the best measure of intrinsic value Equity Total Shares Outstanding

46. Are you lost yet?

47. Levers Increase the “R” Decrease the “E”

48. Increase the “R” – Generating More Return Write more profitable business Reduce expenses Get more return out of investments Deploy capital in strategic investments

49. Decrease the “E” – Leverage our Equity Annual dividends Special dividends Share buybacks

50. Capital Growth and Total Capital Return 50 A superb track record under the current senior management team (Q2 2007 to Q1 2015) Shareholders Equity grown from $1.15 billion to $2.13 billion (84%) Additionally, $1.2 billion returned to shareholders in the form of share repurchase and dividends Additionally, $754 million deployed in key strategic acquisitions to transform ProAssurance $ in 000’s Dividends Declared Share RepurchaseAcquisitionTotal 2007 ̶ $54,201 ̶ 2008 ̶ 87,561 ̶ 2009 ̶ 52,045$137,800189,845 2010 ̶ 106,346233,000339,346 2011 $15,26921,013 ̶ 36,282 2012 192,466 ̶ 24,000216,466 2013 64,77732,454153,700250,931 2014 220,464222,360205,244648,068 YTD 15* 34,084100,240 ̶ 134,324 Total$527,060$676,203$753,744$1,957,024 *Based on 5/31/15 Share Count Through 5/31/15

51. Historical Book Value Per Share + Dividends Split Adjusted Dividends Shown in the Year Declared The Payoff: Consistent Book Value Growth Growth in Book Value + Dividends captures our focus on long-term excellence Inception to 3/31/1510-Year (2005 -2014) CAGR: 15%CAGR: 15% Cumulative: 2,461%Cumulative: 344% Reflects all stock splits and includes all dividends in the year declared Inception to 3/15/1510-Year (2005 -2014) CAGR: 13%CAGR: 9% Cumulative: 1652%Cumulative: 131% Historical Share Price Split Adjusted 51