** Shares of specialty insurer ProAssurance PRA.N jump as much as 18.6%; last up 14.8% at $16.20
** PRA late Monday posted Q4 adjusted operating income of 36 cents/shr, beating Wall Street expectations of 17 cents, according to data compiled by LSEG
** Citizens JMP Securities says the beat was driven by higher favorable reserve development, which came in at $11.3 million vs its estimates of $4.4 million
** Brokerage says PRA is in a stronger and more stable position than it was just a year ago
** Adds that the stock trades at a significant discount to its adjusted book value even as the outlook brightens for PRA
** As of the last close, PRA stock down 11.3% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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