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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 September 30, 2022 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 November 2, 2022, there were 53,963,556 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
COVID-19Coronavirus Disease 2019
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
FALFunds at Lloyd's
FASBFinancial Accounting Standards Board
FHLBFederal Home Loan Bank
FHLMCFederal Home Loan Mortgage Corporation
FNMAFederal National Mortgage Association
GAAPGenerally accepted accounting principles in the United States of America
GNMAGovernment National Mortgage Association
HCPLHealthcare professional liability
IBNRIncurred but not reported
Inova ReInova Re, LTD, S.P.C.
IRSInternal Revenue Service
LIBORLondon Interbank Offered Rate
LLCLimited liability company
Lloyd'sLloyd's of London market
LPLimited partnership
Medical Technology LiabilityMedical technology and life sciences products liability
Mortgage LoansTwo ten-year mortgage loans with original borrowing amounts of approximately $18 million and approximately $23 million, each entered into by a subsidiary of ProAssurance
NAVNet asset value
NOLNet operating loss
NORCALNORCAL Insurance Company, formally 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
SPCSegregated portfolio cell
Specialty P&CSpecialty Property and Casualty
Syndicate 1729Lloyd's of London Syndicate 1729
2

TermMeaning
Syndicate 6131Lloyd's of London Syndicate 6131, a Special Purpose Arrangement with Lloyd's of London Syndicate 1729
Syndicate Credit AgreementUnconditional revolving credit agreement with the Premium Trust Fund of Syndicate 1729
TCJATax Cuts and Jobs Act H.R.1 of 2017
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 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 or deflation and unemployment;
lour ability to maintain our dividend payments;
lregulatory, legislative and judicial actions or decisions that could affect our business plans or operations, including changes in interpretations of certain coverages as a result of COVID-19;
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, including the impact of the CARES Act;
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 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 or particular insurance lines underwritten by our subsidiaries or by Syndicate 1729;
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 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 a catastrophic event, including the COVID-19 pandemic, as it relates to our business and insurance operations, investment results, Lloyd's Syndicates and our insured risks;
lthe impact of the ongoing COVID-19 pandemic on our premium volume, loss reserves, investment portfolio, asset valuations, business operations and workforce;
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;
lour ability to achieve continued growth through expansion into new markets or through acquisitions or business combinations;
lfailure to successfully integrate NORCAL to achieve expected results or synergies;
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;
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; and
lexpected benefits from completed acquisitions may not be achieved or may be delayed longer than expected due to business disruption; loss of customers, employees or key agents; increased operating costs or inability to achieve cost savings and synergies; and assumption of greater than expected liabilities, among other reasons.
Additional risks, assumptions and uncertainties that could arise from our membership in the Lloyd's market and our participation in certain Lloyd's Syndicates include, but are not limited to, the following:
lmembers of Lloyd's are subject to levies by the Council of Lloyd's based on a percentage of the member's underwriting capacity, currently a maximum of 5%, but can be increased by Lloyd's;
lSyndicate results can be affected by decisions made by the Council of Lloyd's which the management of Syndicate 1729 has little ability to control, such as a decision to not approve the business plan of Syndicate 1729, or a decision to increase the capital required to continue operations, and by our obligation to pay levies to Lloyd's;
lLloyd's insurance and reinsurance relationships and distribution channels could be disrupted or Lloyd's trading licenses could be revoked, making it more difficult for a Lloyd's Syndicate to distribute and market its products;
lrating agencies could downgrade their ratings of Lloyd's as a whole; and
lSyndicate operations are dependent on a small, specialized management team, and the loss of their services could adversely affect the Syndicate’s business. The inability to identify, hire and retain other highly qualified personnel in the future could adversely affect the quality and profitability of Syndicate 1729’s business.
Our results may differ materially from those we expect and discuss in any forward-looking statements. The principal risk factors that may cause these differences are described in "Item 1A, Risk Factors" in our December 31, 2021 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.
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TABLE OF CONTENTS

6

ProAssurance Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share data)
September 30,
2022
December 31,
2021
Assets
Investments
Fixed maturities, available-for-sale, at fair value (amortized cost, $3,843,041 and $3,814,847, respectively; allowance for expected credit losses, $553 as of September 30, 2022 and none as of December 31, 2021)
$3,431,143 $3,833,722 
Fixed maturities, trading, at fair value (cost, $44,703 and $43,914, respectively)
43,451 43,670 
Equity investments, at fair value (cost, $162,838 and $211,356, respectively)
142,254 214,807 
Short-term investments288,927 216,987 
Business owned life insurance81,239 81,767 
Investment in unconsolidated subsidiaries305,184 335,576 
Other investments (at fair value, $90,003 and $98,611, respectively, otherwise at cost or amortized cost)
93,309 101,794 
Total Investments4,385,507 4,828,323 
Cash and cash equivalents41,372 143,602 
Premiums receivable (allowance for expected credit losses, $7,999 as of September 30, 2022 and $7,436 as of December 31, 2021)
271,917 241,095 
Receivable from reinsurers on paid losses and loss adjustment expenses11,252 14,599 
Receivable from reinsurers on unpaid losses and loss adjustment expenses466,483 451,741 
Prepaid reinsurance premiums35,314 24,571 
Deferred policy acquisition costs65,017 58,940 
Deferred tax asset, net217,734 117,613 
Real estate, net30,197 30,342 
Operating lease ROU assets19,735 19,595 
Intangible assets, net68,466 73,336 
Goodwill49,610 49,610 
Other assets120,715 138,110 
Total Assets$5,783,319 $6,191,477 
Liabilities and Shareholders' Equity
Liabilities
Policy liabilities and accruals
Reserve for losses and loss adjustment expenses$3,544,928 $3,579,940 
Unearned premiums476,270 433,961 
Reinsurance premiums payable38,232 22,627 
Total Policy Liabilities and Accruals4,059,430 4,036,528 
Operating lease liabilities20,803 20,844 
Other liabilities210,654 280,732 
Debt less unamortized debt issuance costs
426,436 424,986 
Total Liabilities4,717,323 4,763,090 
Shareholders' Equity
Common shares (par value $0.01 per share, 100,000,000 shares authorized, 63,427,243 and 63,308,741 shares issued, respectively)
634 633 
Additional paid-in capital396,775 392,941 
Accumulated other comprehensive income (loss) (net of deferred tax expense (benefit) of ($87,742) and $4,423, respectively)
(324,241)16,284 
Retained earnings1,412,042 1,434,491 
Treasury shares, at cost (9,464,160 and 9,325,180 shares, respectively)
(419,214)(415,962)
Total Shareholders' Equity1,065,996 1,428,387 
Total Liabilities and Shareholders' Equity$5,783,319 $6,191,477 
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 July 1, 2022$634 $395,540 $(234,188)$1,423,865 $(415,962)$1,169,889 
Common shares reacquired    (3,252)(3,252)
Share-based compensation 1,291    1,291 
Net effect of restricted and performance shares issued (56)   (56)
Dividends to shareholders   (2,698) (2,698)
Other comprehensive income (loss)  (90,053)  (90,053)
Net income (loss)   (9,125) (9,125)
Balance at September 30, 2022$634 $396,775 $(324,241)$1,412,042 $(419,214)$1,065,996 
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal
Balance at December 31, 2021$633 $392,941 $16,284 $1,434,491 $(415,962)$1,428,387 
Common shares reacquired    (3,252)(3,252)
Common shares issued for compensation and effect of shares reissued to stock purchase plan 1,068    1,068 
Share-based compensation 3,681    3,681 
Net effect of restricted and performance shares issued1 (915)   (914)
Dividends to shareholders   (8,105) (8,105)
Other comprehensive income (loss)  (340,525)  (340,525)
Net income (loss)   (14,344) (14,344)
Balance at September 30, 2022$634 $396,775 $(324,241)$1,412,042 $(419,214)$1,065,996 
Continued on the following page.

8

Continued from the previous page.
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal
Balance at July 1, 2021$633 $390,748 $53,072 $1,395,549 $(415,962)$1,424,040 
Common shares issued for compensation and effect of shares reissued to stock purchase plan— 7 — — — 7 
Share-based compensation— 1,132 — — — 1,132 
Net effect of restricted and performance shares issued— (12)— — — (12)
Dividends to shareholders— — — (2,700)— (2,700)
Other comprehensive income (loss)— — (11,565)— — (11,565)
Net income (loss)— — — 12,200 — 12,200 
Balance at September 30, 2021$633 $391,875 $41,507 $1,405,049 $(415,962)$1,423,102 
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal
Balance at December 31, 2020$632 $388,150 $75,227 $1,301,163 $(415,962)$1,349,210 
Common shares issued for compensation and effect of shares reissued to stock purchase plan— 693 — — — 693 
Share-based compensation— 3,309 — — — 3,309 
Net effect of restricted and performance shares issued1 (277)— — — (276)
Dividends to shareholders— — — (8,098)— (8,098)
Other comprehensive income (loss)— — (33,720)— — (33,720)
Net income (loss)— — — 111,984 — 111,984 
Balance at September 30, 2021$633 $391,875 $41,507 $1,405,049 $(415,962)$1,423,102 
See accompanying notes.
9

ProAssurance Corporation and Subsidiaries
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
(In thousands, except per share data)
Three Months Ended September 30Nine Months Ended September 30
 
2022202120222021
Revenues
Net premiums earned$258,355 $272,248 $771,337 $698,598 
Net investment income24,745 19,278 67,132 51,713 
Equity in earnings (loss) of unconsolidated subsidiaries(6,852)15,244 5,948 33,959 
Net investment gains (losses):
Impairment losses  (972) 
Portion of impairment losses recognized in other comprehensive income (loss) before taxes  419  
Net impairment losses recognized in earnings  (553) 
Other net investment gains (losses)(8,262)530 (45,099)20,212 
Total net investment gains (losses)(8,262)530 (45,652)20,212 
Other income5,097 2,400 13,215 6,862 
Total revenues273,083 309,700 811,980 811,344 
Expenses
Net losses and loss adjustment expenses198,073 223,393 585,166 555,030 
Underwriting, policy acquisition and operating expenses:
Operating expense45,847 38,659 127,595 120,721 
DPAC amortization34,832 28,153 102,193 79,729 
SPC U.S. federal income tax expense433 431 1,424 1,291 
SPC dividend expense (income)183 1,320 1,697 5,926 
Interest expense5,513 5,814 14,872 14,203 
Total expenses284,881 297,770 832,947 776,900 
Gain on bargain purchase   74,408 
Income (loss) before income taxes(11,798)11,930 (20,967)108,852 
Provision for income taxes:
Current expense (benefit)1,953 3,692 1,411 2,643 
Deferred expense (benefit)(4,626)(3,962)(8,034)(5,775)
Total income tax expense (benefit)(2,673)(270)(6,623)(3,132)
Net income (loss)(9,125)12,200 (14,344)111,984 
Other comprehensive income (loss), after tax, net of reclassification adjustments(90,053)(11,565)(340,525)(33,720)
Comprehensive income (loss)$(99,178)$635 $(354,869)$78,264 
Earnings (loss) per share:
Basic$(0.17)$0.23 $(0.27)$2.08 
Diluted$(0.17)$0.23 $(0.27)$2.07 
Weighted average number of common shares outstanding:
Basic53,990 53,982 54,023 53,955 
Diluted54,124 54,078 54,151 54,042 
Cash dividends declared per common share$0.05 $0.05 $0.15 $0.15 
See accompanying notes.
10

ProAssurance Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Nine Months Ended September 30
 20222021
Operating Activities
Net income (loss)$(14,344)$111,984 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on bargain purchase (74,408)
Depreciation and amortization, net of accretion30,046 26,566 
(Increase) decrease in cash surrender value of BOLI528 (393)
Net investment (gains) losses45,652 (20,212)
Share-based compensation3,681 3,318 
Deferred income tax expense (benefit)(8,034)(5,775)
Policy acquisition costs, net of amortization (net deferral)(6,077)(10,733)
Equity in (earnings) loss of unconsolidated subsidiaries(5,948)(33,959)
Distributed earnings from unconsolidated subsidiaries28,500 20,921 
Other, net(534)(194)
Change in:
Premiums receivable(30,822)23,482 
Reinsurance related assets and liabilities(6,533)(4,791)
Other assets16,506 21,358 
Reserve for losses and loss adjustment expenses(35,012)33,062 
Unearned premiums42,309 (30,630)
Other liabilities(53,245)9,767 
Net cash provided (used) by operating activities6,673 69,363 
Investing Activities
Purchases of:
Fixed maturities, available-for-sale(486,130)(1,169,582)
Equity investments(34,815)(140,550)
Other investments(27,576)(61,104)
Investment in unconsolidated subsidiaries(25,445)(15,316)
Proceeds from sales or maturities of:
Fixed maturities, available-for-sale433,423 777,783 
Equity investments77,952 425,039 
Other investments22,333 35,087 
Net sales or (purchases) of fixed maturities, trading (756)2,935 
Return of invested capital from unconsolidated subsidiaries33,284 47,963 
Net sales or maturities (purchases) of short-term investments(72,495)247,085 
Unsettled security transactions, net change(5,588)49,905 
Purchases of capital assets(3,484)(3,200)
Cash paid for acquisitions, net of cash acquired (221,576)
Other(2,452) 
Net cash provided (used) by investing activities(91,749)(25,531)
Continued on the following page.
11

Nine Months Ended September 30
 20222021
Continued from the previous page.
Financing Activities
Repayments of Mortgage Loans (36,113)
Repurchase of common stock(3,252) 
Dividends to shareholders(8,080)(8,067)
Capital contribution received from (return of capital to) external segregated portfolio cell participants(6,978)(9,114)
Purchase of non-controlling interest (3,089)
Other1,156 (278)
Net cash provided (used) by financing activities(17,154)(56,661)
Increase (decrease) in cash and cash equivalents(102,230)(12,829)
Cash and cash equivalents at beginning of period143,602 215,782 
Cash and cash equivalents at end of period$41,372 $202,953 
Significant Non-Cash Transactions
Dividends declared and not yet paid$2,698 $2,700 
Operating ROU assets obtained in exchange for operating lease liabilities$3,133 $5,275 
Fair value of Contribution Certificates issued in NORCAL acquisition$ $174,999 
Fair value of contingent consideration in NORCAL acquisition$