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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024 or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to                          
Commission File Number: 0-16533
ProAssurance Corporation
(Exact name of registrant as specified in its charter)
Delaware63-1261433
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
100 Brookwood Place,Birmingham,AL35209
(Address of principal executive offices)(Zip Code)
(205)877-4400
(Registrant’s telephone number,
including area code)
(Former name, former address and former
fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per sharePRANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer 
Non-accelerated filerSmaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes     No  
As of May 1, 2024, there were 51,012,066 shares of the registrant’s common stock outstanding.


Glossary of Terms and Acronyms

When the following terms and acronyms appear in the text of this report, they have the meanings indicated below.
TermMeaning
AADAnnual aggregate deductible
AOCIAccumulated other comprehensive income (loss)
BoardBoard of Directors of ProAssurance Corporation
BOLIBusiness owned life insurance
CARES ActCoronavirus Aid, Relief and Economic Security Act
Council of Lloyd'sThe governing body for Lloyd's of London
CODMChief Operating Decision Maker
DDRDeath, disability and retirement
DPACDeferred policy acquisition costs
Eastern ReEastern Re, LTD, S.P.C.
EBUBEarned but unbilled premium
ECO/XPLExtra-contractual obligations/excess of policy limit claims
ERCEmployee Retention Credit
FALFunds at Lloyd's
FASBFinancial Accounting Standards Board
FHLBFederal Home Loan Bank
FHLMCFederal Home Loan Mortgage Corporation
FNMAFederal National Mortgage Association
FSMAFinancial Services and Markets Act
GAAPGenerally accepted accounting principles in the United States of America
GNMAGovernment National Mortgage Association
IBNRIncurred but not reported
Inova ReInova Re, LTD, S.P.C.
Interest Rate SwapsProAssurance's two forward-starting interest rate swap agreements associated with its Revolving Credit Agreement and Term Loan
IRSInternal Revenue Service
LLCLimited liability company
Lloyd'sLloyd's of London market
LPLimited partnership
MPLMedical professional liability
Medical Technology LiabilityMedical technology and life sciences products liability
NAVNet asset value
NOLNet operating loss
NORCALNORCAL Insurance Company, formerly known as NORCAL Mutual Insurance Company
NRSRONationally recognized statistical rating organization
NYSENew York Stock Exchange
OCIOther comprehensive income (loss)
PCAOBPublic Company Accounting Oversight Board
PPM RRGPreferred Physicians Medical Risk Retention Group, a Mutual Insurance Company
Revolving Credit AgreementProAssurance's $250 million revolving credit agreement
ROEReturn on equity
ROURight-of-use
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
SPCSegregated portfolio cell
Specialty P&CSpecialty Property and Casualty
2

TermMeaning
Syndicate 1729Lloyd's of London Syndicate 1729
Syndicate 6131Lloyd's of London Syndicate 6131 was a Special Purpose Arrangement with Lloyd's of London Syndicate 1729.
TCJATax Cuts and Jobs Act H.R.1 of 2017
Term LoanProAssurance's $125 million delayed draw term loan
U.K.United Kingdom of Great Britain and Northern Ireland
ULAEUnallocated loss adjustment expenses
VIEVariable interest entity
VOBAValue of business acquired

3

Caution Regarding Forward-Looking Statements
Any statements in this Form 10-Q that are not historical facts or explicitly stated as an opinion are specifically identified as forward-looking statements. These statements are based upon our estimates and anticipation of future events and are subject to significant risks, assumptions and uncertainties that could cause actual results to vary materially from the expected results described in the forward-looking statements. Forward-looking statements are identified by words such as, but not limited to, "anticipate," "believe," "estimate," "expect," "hope," "hopeful," "intend," "likely," "may," "optimistic," "possible," "potential," "preliminary," "project," "should," "will" and other analogous expressions. There are numerous factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sentences and phrases that we use to convey our view of future events and trends are expressly designated as forward-looking statements as are sections of this Form 10-Q that are identified as giving our outlook on future business.
Forward-looking statements relating to our business include among other things: statements concerning future liquidity and capital requirements, investment valuation and performance, return on equity, financial ratios, net income, premiums, losses and loss reserve, premium rates and retention of current business, competition and market conditions, the expansion of product lines, the development or acquisition of business in new geographical areas, the pricing or availability of acceptable reinsurance, actions by regulators and rating agencies, court actions, legislative actions, payment or performance of obligations under indebtedness, payment of dividends and other matters.
These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following factors that could affect the actual outcome of future events:
lchanges in general economic conditions, including the impact of inflation, including medical and social inflation, and unemployment;
lregulatory, legislative and judicial actions or decisions that could affect our business plans or operations;
lthe enactment or repeal of tort reforms;
lformation or dissolution of state-sponsored insurance entities providing coverages now offered by ProAssurance which could remove or add sizable numbers of insureds from or to the private insurance market;
lchanges in the interest and tax rate environment;
lresolution of uncertain tax matters and changes in tax laws;
lchanges in laws or government regulations regarding financial markets or market activity that may affect our business;
lchanges in the ability, or perception thereof, of the U.S. government to meet its obligations that may affect the U.S. economy and our business;
lperformance of financial markets affecting the fair value of our investments or making it difficult to determine the value of our investments;
lchanges in requirements or accounting policies and practices that may be adopted by our regulatory agencies, the governments of states in which we are domiciled, the FASB, the SEC, the PCAOB or the NYSE that may affect our business;
lchanges in laws or government regulations affecting the financial services industry, the property and casualty insurance industry, the workers' compensation insurance industry or particular insurance lines underwritten by our subsidiaries;
lthe effect on our insureds, particularly the insurance needs of our insureds, and our loss costs, of changes in the healthcare delivery system and/or changes in the U.S. political climate that may affect healthcare policy or our business;
lconsolidation of our insureds into or under larger entities which may be insured by competitors, or may not have a risk profile that meets our underwriting criteria or which may not use external providers for insuring or otherwise managing substantial portions of their liability risk;
lthe effect of cyclical insurance industry trends on our underwriting, including demand and pricing in the insurance and reinsurance markets in which we operate;
luncertainties inherent in the estimate of our loss and loss adjustment expense reserve and reinsurance recoverable;
lchanges in the availability, cost, quality or collectability of insurance/reinsurance;
lthe results of litigation, including pre- or post-trial motions, trials and/or appeals we undertake;
leffects on our claims costs from mass tort litigation that are different from that anticipated by us;
lallegations of bad faith which may arise from our handling of any particular claim, including failure to settle;
lloss or consolidation of independent agents, agencies, brokers or brokerage firms;
lchanges in our organization, compensation and benefit plans;
4

lchanges in the business or competitive environment may alter or limit the effectiveness of our business strategy and impact our revenues;
lour ability to retain and recruit senior management and other qualified personnel;
lthe availability, integrity and security of our technology infrastructure and that of our third-party providers, including any susceptibility to cyber-attacks which might result in a loss of information, operating capability or actual monetary loss;
lthe impact of new systems or systems consolidation on our information technology infrastructure;
lthe impact of machine learning and artificial intelligence on the insurance industry as well as on our insureds and certain risks we insure;
lthe impact of a catastrophe, natural or man-made, including a pandemic event, as it relates to our business and insurance operations, investment results and our insured risks;
lthe impact of a catastrophic man-made event, such as acts of terrorism, acts of war and civil and political unrest;
lthe effects of terrorism-related insurance legislation and laws;
lguaranty funds and other state assessments;
lchanges to the ratings assigned by rating agencies to our holding company or insurance subsidiaries, individually or as a group;
lprovisions in our charter documents, Delaware law and state insurance laws may impede attempts to replace or remove management or may impede a takeover;
lstate insurance restrictions may prohibit assets held by our insurance subsidiaries, including cash and investment securities, from being used for general corporate purposes; and
ltaxing authorities can take exception to our tax positions and cause us to incur significant amounts of legal and accounting costs and, if our defense is not successful, additional tax costs, including interest and penalties.
Our results may differ materially from those we expect and discuss in any forward-looking statements. The principal risk factors that may cause these material differences are described in "Item 1A, Risk Factors" in our December 31, 2023 report on Form 10-K and other documents we file with the SEC, such as our quarterly reports on Form 10-Q.
We caution readers not to place undue reliance on any such forward-looking statements, which are based upon conditions existing only as of the date made, and advise readers that these factors could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. Except as required by law or regulations, we do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
5

TABLE OF CONTENTS

6

ProAssurance Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)
March 31,
2024
December 31,
2023
Assets
Investments
Fixed maturities, available-for-sale, at fair value (amortized cost, $3,813,857 and $3,758,720, respectively; allowance for expected credit losses, $1,137 as of March 31, 2024 and $555 as of December 31, 2023)
$3,544,137 $3,493,597 
Fixed maturities, trading, at fair value (cost, $49,409 and $48,449, respectively)
50,106 48,324 
Equity investments, at fair value (cost, $150,099 and $164,262, respectively)
137,914 151,295 
Short-term investments184,001 235,785 
Business owned life insurance78,657 78,205 
Investment in unconsolidated subsidiaries278,931 276,756 
Other investments (at fair value, $55,732 and $62,604, respectively, otherwise at cost or amortized cost)
59,796 65,819 
Total Investments4,333,542 4,349,781 
Cash and cash equivalents65,400 65,898 
Premiums receivable, net (allowance for expected credit losses, $8,072 as of March 31, 2024 and $7,809 as of December 31, 2023)
262,270 235,569 
Receivable from reinsurers on paid losses and loss adjustment expenses9,387 21,122 
Receivable from reinsurers on unpaid losses and loss adjustment expenses447,157 445,573 
Prepaid reinsurance premiums35,808 31,149 
Deferred policy acquisition costs63,619 60,336 
Deferred tax asset, net184,897 186,164 
Real estate, net29,523 29,757 
Operating lease ROU assets17,530 16,275 
Intangible assets, net58,676 60,308 
Goodwill5,500 5,500 
Other assets136,727 124,493 
Total Assets$5,650,036 $5,631,925 
Liabilities and Shareholders' Equity
Liabilities
Policy liabilities and accruals
Reserve for losses and loss adjustment expenses$3,382,512 $3,401,281 
Unearned premiums476,941 433,715 
Reinsurance premiums payable29,435 24,019 
Total Policy Liabilities and Accruals3,888,888 3,859,015 
Operating lease liabilities18,517 17,179 
Other liabilities201,792 216,618 
Debt less unamortized debt issuance costs
427,774 427,133 
Total Liabilities4,536,971 4,519,945 
Shareholders' Equity
Common shares (par value $0.01 per share, 100,000,000 shares authorized, 63,616,659 and 63,576,932 shares issued, respectively)
636 636 
Additional paid-in capital402,485 403,554 
Accumulated other comprehensive income (loss) (net of deferred tax expense (benefit) of ($55,743) and ($55,738), respectively)
(206,961)(204,489)
Retained earnings1,386,607 1,381,981 
Treasury shares, at cost (12,606,968 shares as of each respective period end)
(469,702)(469,702)
Total Shareholders' Equity1,113,065 1,111,980 
Total Liabilities and Shareholders' Equity$5,650,036 $5,631,925 
See accompanying notes.
7

ProAssurance Corporation and Subsidiaries
Condensed Consolidated Statements of Changes in Capital (Unaudited)
(In thousands)

Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal
Balance at December 31, 2023$636 $403,554 $(204,489)$1,381,981 $(469,702)$1,111,980 
Common shares issued for compensation(1)(1,044)   (1,045)
Share-based compensation 945    945 
Net effect of restricted and performance shares issued1 (970)   (969)
Other comprehensive income (loss)  (2,472)  (2,472)
Net income (loss)   4,626  4,626 
Balance at March 31, 2024$636 $402,485 $(206,961)$1,386,607 $(469,702)$1,113,065 
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal
Balance at December 31, 2022$634 $397,919 $(298,607)$1,423,286 $(419,214)$1,104,018 
Common shares issued for compensation — 10 — — — 10 
Share-based compensation— 1,146 — — — 1,146 
Net effect of restricted and performance shares issued1 (639)— — — (638)
Dividends to shareholders— — — (2,701)— (2,701)
Other comprehensive income (loss)— — 42,629 — — 42,629 
Net income (loss)— — — (6,174)— (6,174)
Balance at March 31, 2023$635 $398,436 $(255,978)$1,414,411 $(419,214)$1,138,290 
See accompanying notes.
8

ProAssurance Corporation and Subsidiaries
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
(In thousands, except per share data)
Three Months Ended March 31
 
20242023
Revenues
Net premiums earned$244,150 $239,787 
Net investment income33,897 30,310 
Equity in earnings (loss) of unconsolidated subsidiaries2,963 (1,121)
Net investment gains (losses):
Impairment losses(1,510)(2,933)
Portion of impairment losses recognized in other comprehensive income (loss) before taxes576  
Net impairment losses recognized in earnings(934)(2,933)
Other net investment gains (losses)666 5,845 
Total net investment gains (losses)(268)2,912 
Other income3,955 787 
Total revenues284,697 272,675 
Expenses
Net losses and loss adjustment expenses194,694 205,296 
Underwriting, policy acquisition and operating expenses:
Operating expense44,311 35,084 
DPAC amortization33,694 32,704 
SPC U.S. federal income tax expense (benefit)416 532 
SPC dividend expense (income)607 1,942 
Interest expense5,657 5,463 
Total expenses279,379 281,021 
Income (loss) before income taxes5,318 (8,346)
Provision for income taxes:
Current expense (benefit)(561)458 
Deferred expense (benefit)1,253 (2,630)
Total income tax expense (benefit)692 (2,172)
Net income (loss)4,626 (6,174)
Other comprehensive income (loss), after tax, net of reclassification adjustments(2,472)42,629 
Comprehensive income (loss)$2,154 $36,455 
Earnings (loss) per share:
Basic$0.09 $(0.11)
Diluted$0.09 $(0.11)
Weighted average number of common shares outstanding:
Basic51,013 53,987 
Diluted51,149 54,117 
Cash dividends declared per common share$ $0.05 
See accompanying notes.
9

ProAssurance Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Three Months Ended March 31
 20242023
Operating Activities
Net income (loss)$4,626 $(6,174)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization, net of accretion5,332 7,677 
(Increase) decrease in cash surrender value of BOLI(452)(656)
Net investment (gains) losses268 (2,912)
Share-based compensation945 1,146 
Deferred income tax expense (benefit)1,253 (2,630)
Policy acquisition costs, net of amortization (net deferral)(3,283)(5,830)
Equity in (earnings) loss of unconsolidated subsidiaries(2,963)1,121 
Distributed earnings from unconsolidated subsidiaries1,778 3,176 
Other, net(962)(35)
Change in:
Premiums receivable(26,701)(20,537)
Reinsurance related assets and liabilities10,908 (22,547)
Other assets(2,183)163 
Reserve for losses and loss adjustment expenses(18,769)(1,868)
Unearned premiums43,226 50,746 
Other liabilities(24,672)(30,683)
Net cash provided (used) by operating activities(11,649)(29,843)
Investing Activities
Purchases of:
Fixed maturities, available-for-sale(230,549)(68,755)
Equity investments(80)(170)
Other investments(17,381)(11,749)
Investment in unconsolidated subsidiaries(7,871)(9,381)
Proceeds from sales or maturities of:
Fixed maturities, available-for-sale167,762 119,447 
Equity investments14,016 868 
Other investments24,068 18,338 
Net sales or (purchases) of fixed maturities, trading (1,553)(1,395)
Return of invested capital from unconsolidated subsidiaries6,882 12,756 
Net sales or maturities (purchases) of short-term investments54,710 (5,432)
Unsettled security transactions, net change3,077 3,407 
Purchases of capital assets(961)(930)
Other 2,659 
Net cash provided (used) by investing activities12,120 59,663 
Continued on the following page.
10

Three Months Ended March 31
 20242023
Continued from the previous page.
Financing Activities
Dividends to shareholders (2,688)
Capital contribution received from (return of capital to) external segregated portfolio cell participants (18)
Other(969)(639)
Net cash provided (used) by financing activities(969)(3,345)
Increase (decrease) in cash and cash equivalents(498)26,475 
Cash and cash equivalents at beginning of period65,898 29,959 
Cash and cash equivalents at end of period$65,400 $56,434 
Significant Non-Cash Transactions
Dividends declared and not yet paid$ $2,701 
Operating lease liabilities arising from obtaining ROU assets$1,988 $ 
Increase (decrease) in fair value of contingent consideration issued in NORCAL acquisition$ $(2,000)
See accompanying notes.
11

ProAssurance Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 2024

1. Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of ProAssurance Corporation, its wholly owned subsidiaries and VIEs in which ProAssurance is the primary beneficiary (ProAssurance, PRA or the Company). See Note 10 for more information on ProAssurance's VIE interests. The financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation, consisting of normal recurring adjustments, have been included. ProAssurance’s results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes contained in ProAssurance’s December 31, 2023 report on Form 10-K.
Beginning in the third quarter of 2023, ProAssurance operates in four reportable segments as follows: Specialty P&C, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance and Corporate. For more information on the Company's segment reporting, including the nature of products and services provided and financial information by segment, refer to Note 12.
Reclassifications
As a result of the third quarter 2023 segment reorganization, prior period segment information in Note 12 has been recast to conform to the Company's current segment reporting.
Accounting Policies
The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosures related to these amounts at the date of the financial statements. The Company evaluates these estimates and assumptions on an ongoing basis based on current and historical developments, market conditions, industry trends and other information that the Company believes to be reasonable under the circumstances. The Company can make no assurance that actual results will conform to its estimates and assumptions; reported results of operations may be materially affected by changes in these estimates and assumptions.
The significant accounting policies followed by ProAssurance in making estimates that materially affect financial reporting are summarized in Note 1 of the Notes to Consolidated Financial Statements in ProAssurance’s December 31, 2023 report on Form 10-K.
Accounting Changes Adopted
The Company did not adopt any new accounting standards during the three months ended March 31, 2024.
Accounting Changes Not Yet Adopted
Disclosure Improvements (ASU 2023-06)
In October 2023, the FASB amended guidance to clarify or improve disclosure and presentation requirements of a variety of topics, which will allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements and align the requirements in the Codification with the SEC's regulations. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X becomes effective, with early adoption prohibited. ProAssurance is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.
Improvements to Reportable Segment Disclosures (ASU 2023-07)
Effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and requiring retrospective application to all prior periods presented in the financial statements, the FASB amended disclosure requirements for segment reporting by modifying and adding disclosure requirements, primarily related to significant segment expenses which are regularly provided to the Company’s CODM. ProAssurance is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.
12

ProAssurance Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 2024
Improvements to Income Tax Disclosures (ASU 2023-09)
Effective for fiscal years beginning after December 31, 2024, the FASB amended disclosure requirements to provide greater transparency on income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. ProAssurance is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.

2. Fair Value Measurement
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three level hierarchy has been established for valuing assets and liabilities based on how transparent (observable) the inputs are that are used to determine fair value, with the inputs considered most observable categorized as Level 1 and those that are the least observable categorized as Level 3. Hierarchy levels are defined as follows:
 Level 1:quoted (unadjusted) market prices in active markets for identical assets and liabilities. For ProAssurance, Level 1 inputs are generally quotes for securities actively traded in exchange or over-the-counter markets.
 Level 2:market data obtained from sources independent of the reporting entity (observable inputs). For ProAssurance, Level 2 inputs generally include quoted prices in markets that are not active, quoted prices for similar assets or liabilities, and results from pricing models that use observable inputs such as interest rates and yield curves that are generally available at commonly quoted intervals.
 Level 3:the reporting entity’s own assumptions about market participant assumptions based on the best information available in the circumstances (non-observable inputs). For ProAssurance, Level 3 inputs are used in situations where little or no Level 1 or 2 inputs are available or are inappropriate given the particular circumstances. Level 3 inputs include results from pricing models for which some or all of the inputs are not observable, discounted cash flow methodologies, single non-binding broker quotes and adjustments to externally quoted prices that are based on management judgment or estimation.
Fair values of assets measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 are shown in the following tables. Where applicable, the tables also indicate the fair value hierarchy of the valuation techniques utilized to determine those fair values. For some assets, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. When this is the case, the asset is categorized based on the level of the most significant input to the fair value measurement. Assessments of the significance of a particular input to the fair value measurement require judgment and consideration of factors specific to the assets being valued. For more information on the valuation methodologies used regarding securities in the Level 2 and Level 3 categories, see Note 2 of the Notes to Consolidated Financial Statements in ProAssurance’s December 31, 2023 report on Form 10-K.
13

ProAssurance Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 2024
March 31, 2024
Fair Value Measurements UsingTotal
(In thousands)Level 1Level 2Level 3Fair Value
Assets:
Fixed maturities, available-for-sale
U.S. Treasury obligations$ $240,889 $ $240,889 
U.S. Government-sponsored enterprise obligations 18,927  18,927 
State and municipal bonds 474,265  474,265 
Corporate debt, multiple observable inputs 1,647,844  1,647,844 
Corporate debt, limited observable inputs  66,208 66,208 
Residential mortgage-backed securities 450,052  450,052 
Agency commercial mortgage-backed securities 7,950  7,950 
Other commercial mortgage-backed securities 229,029  229,029 
Other asset-backed securities 406,832 2,141 408,973 
Fixed maturities, trading 50,106  50,106 
Equity investments
Financial9,750 2,270 288 12,308 
Utilities/Energy1,258   1,258 
Industrial  4,946 4,946 
Bond funds101,571   101,571 
All other17,831   17,831 
Short-term investments102,675 81,326  184,001 
Other investments 54,990 742 55,732 
Other assets 7,674  7,674 
Total assets categorized within the fair value hierarchy$233,085 $3,672,154 $74,325 3,979,564 
Assets carried at NAV, which approximates fair value and which are not categorized within the fair value hierarchy, reported as a part of:
Investment in unconsolidated subsidiaries246,143 
Total assets at fair value$4,225,707 
Liabilities:
Other liabilities$9,050 $ $6,500 $15,550 
Total liabilities categorized within the fair value hierarchy$9,050 $ $6,500 $15,550 
14

ProAssurance Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 2024
December 31, 2023
Fair Value Measurements UsingTotal
(In thousands)Level 1Level 2Level 3Fair Value
Assets:
Fixed maturities, available-for-sale
U.S. Treasury obligations$ $243,525 $ $243,525 
U.S. Government-sponsored enterprise obligations 18,724  18,724 
State and municipal bonds 454,381  454,381 
Corporate debt, multiple observable inputs 1,668,197  1,668,197 
Corporate debt, limited observable inputs  82,377 82,377 
Residential mortgage-backed securities 429,883 254 430,137 
Agency commercial mortgage-backed securities 8,387  8,387 
Other commercial mortgage-backed securities 188,464 1,010 189,474 
Other asset-backed securities 395,245 3,150 398,395 
Fixed maturities, trading 48,324  48,324 
Equity investments
Financial9,464 2,287 291 12,042 
Utilities/Energy1,256   1,256 
Industrial  4,946 4,946 
Bond funds114,901   114,901 
All other18,150   18,150 
Short-term investments163,499 72,286  235,785 
Other investments 57,478 5,126 62,604 
Other assets 3,876  3,876 
Total assets categorized within the fair value hierarchy$307,270 $3,591,057 $97,154 3,995,481 
Assets carried at NAV, which approximates fair value and which are not categorized within the fair value hierarchy, reported as a part of:
Investment in unconsolidated subsidiaries245,455 
Total assets at fair value$4,240,936 
Liabilities:
Other liabilities$4,030 $ $6,500 $10,530 
Total liabilities categorized within the fair value hierarchy$4,030 $ $6,500 $10,530 
15

ProAssurance Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 2024
Level 3 Valuations
See Note 2 of the Notes to Consolidated Financial Statements in ProAssurance’s December 31, 2023 report on Form 10-K for a summary description of the valuation methodologies used regarding securities in the Level 3 category, by security type.
Quantitative Information Regarding Level 3 Valuations
Below is quantitative information regarding securities in the Level 3 category, by security type:
Fair Value at
($ in thousands)March 31, 2024December 31, 2023Valuation TechniqueUnobservable InputRange
(Weighted Average)
Assets:
Corporate debt, limited observable inputs$66,208$82,377Market Comparable
Securities
Comparability Adjustment
0% - 5% (2.5%)
Discounted Cash FlowsComparability Adjustment
0% - 5% (2.5%)
Residential mortgage-backed, other commercial mortgage-backed and other asset-backed securities$2,141$4,414Market Comparable
Securities
Comparability Adjustment
0% - 5% (2.5%)
Discounted Cash FlowsComparability Adjustment
0% - 5% (2.5%)
Equity investments$5,234$5,237Discounted Cash FlowsComparability Adjustment
0% - 10% (5%)
Other investments$742$5,126Discounted Cash FlowsComparability Adjustment
0% - 10% (5%)
Liabilities:
Other liabilities$6,500$6,500Stochastic Model/Discounted Cash FlowsWeighted Average Cost of Capital
0% - 10% (8%)
The significant unobservable inputs used in the fair value measurement of the above listed securities were the valuations of comparable securities with similar issuers, credit quality and maturity. Changes in the availability of comparable securities could result in changes in the fair value measurements.
16

ProAssurance Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 2024
Fair Value Measurements - Level 3 Assets & Liabilities
The following tables present summary information regarding changes in the fair value of assets and liabilities measured using Level 3 inputs.
 March 31, 2024
 Level 3 Fair Value Measurements
AssetsLiabilities
(In thousands)Corporate DebtAsset-backed SecuritiesEquity InvestmentsOther InvestmentsTotal AssetsOther LiabilitiesTotal Liabilities
Balance, December 31, 2023$82,377 $4,414 $5,237 $5,126 $97,154 $(6,500)$(6,500)
Total gains (losses) realized and unrealized:
Included in earnings, as a part of:
Net investment gains (losses)  (3)88 85   
Included in other comprehensive income (loss)(171)(28)  (199)  
Purchases2,201 1,200   3,401   
Sales(702)   (702)  
Transfers in       
Transfers out(17,497)(3,445) (4,472)(25,414)  
Balance, March 31, 2024$66,208 $2,141 $5,234 $742 $74,325 $(6,500)$(6,500)
Change in unrealized gains (losses) included in earnings for the above period for Level 3 assets and liabilities held at period-end$ $ $(3)$88 $85 $ $ 

 March 31, 2023
 Level 3 Fair Value Measurements
AssetsLiabilities
(In thousands)Corporate DebtAsset-backed SecuritiesEquity InvestmentsOther InvestmentsTotal AssetsOther LiabilitiesTotal Liabilities
Balance, December 31, 2022$63,973 $2,954 $2,803 $1,783 $71,513 $(15,000)$(15,000)
Total gains (losses) realized and unrealized:
Included in earnings, as a part of:
Net investment gains (losses)16  (3) 13 1,000 1,000 
Operating expense
     1,000 1,000 
Included in other comprehensive income (loss)209 39   248   
Purchases6,322 1,863   8,185   
Sales(432)   (432)  
Transfers in11,220 1,779   12,999   
Transfers out(5,151)(1,581) (1,283)(8,015)  
Balance, March 31, 2023$76,157 $5,054 $2,800 $500 $84,511 $(13,000)$(13,000)
Change in unrealized gains (losses) included in earnings for the above period for Level 3 assets and liabilities held at period-end$ $ $(3)$ $(3)$ $ 

17

ProAssurance Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 2024
Transfers
Transfers shown in the preceding Level 3 tables were as of the end of the period in which the transfer occurred. All transfers were to or from Level 2.
All transfers in and out of Level 3 during the three months ended March 31, 2024 and 2023 related to securities held for which the level of market activity for identical or nearly identical securities varies from period to period. The securities were valued using multiple observable inputs when those inputs were available; otherwise the securities were valued using limited observable inputs.
Fair Values Not Categorized
At March 31, 2024 and December 31, 2023, certain LPs/LLCs and investment funds measure fund assets at fair value on a recurring basis and provide a NAV for ProAssurance's interest. The carrying value of these interests is based on the NAV provided and was considered to approximate the fair value of the interests. For investment in unconsolidated subsidiaries, ProAssurance recognizes any changes in the NAV of its interests in equity in earnings (loss) of unconsolidated subsidiaries during the period of change. In accordance with GAAP, the fair value of these investments was not classified within the fair value hierarchy. The amount of ProAssurance's unfunded contractual commitments related to these investments as of March 31, 2024 and fair values of these investments as of March 31, 2024 and December 31, 2023 were as follows:
 Unfunded
Contractual Commitments
Fair Value
(In thousands)March 31,
2024
March 31,
2024
December 31,
2023
Investment in unconsolidated subsidiaries:
Private debt funds (1)
$4,565$16,768 $19,886 
Long/short equity funds (2)
None4,243 4,497 
Non-public equity funds (3)
$38,970115,421 111,251 
Credit funds (4)
$31,55256,595 55,740 
Strategy focused funds (5)
$50,42753,116 54,081 
Total investments carried at NAV$246,143 $245,455 
Below is additional information regarding each of the investments listed in the table above as of March 31, 2024.
(1)This investment is comprised of interests in two unrelated LP funds that are structured to provide interest distributions primarily through diversified portfolios of private debt instruments. One LP allows redemption by special consent, while the other does not permit redemption. Income and capital are to be periodically distributed at the discretion of the LPs over an anticipated time frame that spans from three to eight years.
(2)This investment is comprised of one LP fund, which holds long and short publicly traded securities that will passively generate income. Redemptions are permitted with 30 days written notice if outside of a lock-up period.
(3)This investment is comprised of interests in multiple unrelated LP funds, each structured to provide capital appreciation through diversified investments in private equity, which can include investments in buyout, venture capital, debt including senior, second lien and mezzanine, distressed debt, collateralized loan obligations and other private equity-oriented LPs. Two of the LPs allow redemption by terms set forth in the LP agreements; the others do not permit redemption. Income and capital are to be periodically distributed at the discretion of the LP over time frames that are anticipated to span up to ten years.
(4)This investment is comprised of multiple unrelated LP funds. Two funds seek to obtain superior risk-adjusted absolute returns through a diversified portfolio of debt securities, including bonds, loans and other asset-backed instruments. The remaining funds focus on private middle market company mezzanine and senior secured loans, opportunities across the credit spectrum, mortgage backed-loans, as well as various types of loan-backed investments. One fund allows redemptions at any quarter-end with prior notice requirements of 180 days, while two other funds allow for redemptions with consent of the General Partner. The remaining funds do not allow redemptions. For the funds that do not allow redemptions, income and capital are to be periodically distributed at the discretion of the LP over time frames throughout the remaining life of the funds.
(5)This investment is comprised of multiple unrelated LPs/LLCs funds. One fund is an LLC focused on investing in North American consumer products companies, comprised of equity and equity-related securities, as well as debt instruments. A second fund is focused on aircraft investments, along with components and assets related to aircrafts. A
18

ProAssurance Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 2024
third fund is an LLC focused on acquiring ownership stakes in insurance agencies. For all three funds, redemptions are not permitted. The remaining funds are real estate focused LPs, two of which allow for redemption with prior notice.
ProAssurance may not sell, transfer or assign its interest in any of the above LPs/LLCs without special consent from the LPs/LLCs.
Nonrecurring Fair Value Measurement
ProAssurance did not have any assets or liabilities that were measured at fair value on a nonrecurring basis at March 31, 2024 or December 31, 2023.
Financial Instruments - Methodologies Other Than Fair Value
The following table provides the estimated fair value of the Company's financial instruments that, in accordance with GAAP for the type of investment, are measured using a methodology other than fair value. Fair values provided primarily fall within the Level 3 fair value category.
 March 31, 2024December 31, 2023
(In thousands)Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Financial assets:
BOLI$78,657 $78,657 $78,205 $78,205 
Other investments$4,064 $4,064 $3,215 $3,215 
Other assets$34,824 $34,824 $33,231 $33,221 
Financial liabilities: