Debt

9 Months Ended

Sep. 30, 2025

ProAssurance’s outstanding debt consisted of the following:


($ in thousands)	September 30, 2025		December 31, 2024

Contribution Certificates due 2031, interest at 3.0% (effective interest rate at 3.88%) paid annually in April	$	182,158	$	181,163
Revolving Credit Agreement, outstanding borrowings are not permitted to exceed $300 million aggregately, including a $50 million accordion feature; Revolving Credit Agreement expires in 2028. The effective interest rate was 5.98% as of September 30, 2025	125,000		125,000
Term Loan, principal repayments in quarterly installments began June 30, 2024; Term Loan expires in 2028. The effective interest rate was 6.10% as of September 30, 2025	115,625		120,313
Total principal	422,783		426,476
Less unamortized debt issuance costs	1,260		1,603
Debt less unamortized debt issuance costs	$	421,523	$	424,873

Covenant Compliance

There are no financial covenants associated with the Contribution Certificates due 2031.

The Revolving Credit Agreement contains customary representations, covenants and events constituting default, and remedies for default. As of September 30, 2025, ProAssurance is in compliance with all covenants of the Revolving Credit Agreement.

Additional Information

For additional information regarding ProAssurance's debt, see Note 10 of the Notes to Consolidated Financial Statements included in ProAssurance's December 31, 2024 report on Form 10-K.