Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Components of AOCI, Net of Tax

The changes in the balance of each component of AOCI for the three and nine months ended September 30, 2025 and 2024 were as follows:


(In thousands)	Unrealized Investment Gains (Losses)		Cash Flow Hedging Gains (Losses) (1)		Non-credit Impairments		Unrecognized Change in Defined Benefit Plan Liabilities		Accumulated Other Comprehensive Income (Loss)
Balance, July 1, 2025	$	(116,675)	$	952	$	(11)	$	(822)	$	(116,556)
OCI, before reclassifications, net of tax	25,604		158		(478)		—		25,284
Amounts reclassified from AOCI, net of tax	966		(535)		—		—		431
Net OCI, current period	26,570		(377)		(478)		—		25,715
Balance, September 30, 2025	$	(90,105)	$	575	$	(489)	$	(822)	$	(90,841)









(In thousands)	Unrealized Investment Gains (Losses)		Cash Flow Hedging Gains (Losses) (1)		Non-credit Impairments		Unrecognized Change in Defined Benefit Plan Liabilities		Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2024	$	(176,053)	$	4,576	$	(92)	$	(822)	$	(172,391)
OCI, before reclassifications, net of tax	81,855		(2,381)		(478)		—		78,996
Amounts reclassified from AOCI, net of tax	4,093		(1,620)		81		—		2,554
Net OCI, current period	85,948		(4,001)		(397)		—		81,550
Balance, September 30, 2025	$	(90,105)	$	575	$	(489)	$	(822)	$	(90,841)


(In thousands)	Unrealized Investment Gains (Losses)		Cash Flow Hedging Gains (Losses) (1)		Non-credit Impairments		Unrecognized Change in Defined Benefit Plan Liabilities		Accumulated Other Comprehensive Income (Loss)
Balance, July 1, 2024	$	(211,070)	$	6,302	$	(92)	$	(1,177)	$	(206,037)
OCI, before reclassifications, net of tax	84,305		(4,619)		—		—		79,686
Amounts reclassified from AOCI, net of tax	2,311		(1,068)		—		—		1,243
Net OCI, current period	86,616		(5,687)		—		—		80,929
Balance, September 30, 2024	$	(124,454)	$	615	$	(92)	$	(1,177)	$	(125,108)









(In thousands)	Unrealized Investment Gains (Losses)		Cash Flow Hedging Gains (Losses) (1)		Non-credit Impairments		Unrecognized Change in Defined Benefit Plan Liabilities		Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2023	$	(206,327)	$	3,026	$	(11)	$	(1,177)	$	(204,489)
OCI, before reclassifications, net of tax	77,369		781		(455)		—		77,695
Amounts reclassified from AOCI, net of tax	4,504		(3,192)		374		—		1,686
Net OCI, current period	81,873		(2,411)		(81)		—		79,381
Balance, September 30, 2024	$	(124,454)	$	615	$	(92)	$	(1,177)	$	(125,108)

(1) ProAssurance's Interest Rate Swaps are designated and qualify as highly effective cash flow hedges. See Note 8 for additional information on the Interest Rate Swaps.