
	June 30, 2024
(In thousands)	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturities, available-for-sale
U.S. Treasury obligations	$	257,840	$	—	$	43	$	16,891	$	240,992
U.S. Government-sponsored enterprise obligations	19,953		—		—		942		19,011
State and municipal bonds	484,607		—		1,346		29,839		456,114
Corporate debt	1,862,233		1,210		2,073		135,273		1,727,823
Residential mortgage-backed securities	526,512		203		1,473		60,626		467,156
Agency commercial mortgage-backed securities	8,575		—		—		964		7,611
Other commercial mortgage-backed securities	257,338		—		179		19,262		238,255
Other asset-backed securities	435,350		189		870		9,488		426,543
	$	3,852,408	$	1,602	$	5,984	$	273,285	$	3,583,505


	December 31, 2023
(In thousands)	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturities, available-for-sale
U.S. Treasury obligations	$	259,834	$	—	$	165	$	16,474	$	243,525
U.S. Government-sponsored enterprise obligations	19,752		—		2		1,030		18,724
State and municipal bonds	482,367		—		1,885		29,871		454,381
Corporate debt	1,883,308		—		4,025		136,759		1,750,574
Residential mortgage-backed securities	481,267		211		2,876		53,795		430,137
Agency commercial mortgage-backed securities	9,369		—		5		987		8,387
Other commercial mortgage-backed securities	210,469		151		60		20,904		189,474
Other asset-backed securities	412,354		193		1,104		14,870		398,395
	$	3,758,720	$	555	$	10,122	$	274,690	$	3,493,597


(In thousands)	Amortized Cost		Due in one year or less		Due after one year through five years		Due after five years through ten years		Due after ten years		Total Fair Value
Fixed maturities, available-for-sale
U.S. Treasury obligations	$	257,840	$	35,067	$	175,615	$	27,758	$	2,552	$	240,992
U.S. Government-sponsored enterprise obligations	19,953		6,896		9,645		501		1,969		19,011
State and municipal bonds	484,607		33,991		155,611		152,740		113,772		456,114
Corporate debt	1,862,233		178,112		899,775		553,557		96,379		1,727,823
Residential mortgage-backed securities	526,512										467,156
Agency commercial mortgage-backed securities	8,575										7,611
Other commercial mortgage-backed securities	257,338										238,255
Other asset-backed securities	435,350										426,543
	$	3,852,408									$	3,583,505

Cash and securities with a carrying value of $51.9 million at June 30, 2024 were on deposit with various state insurance departments to meet regulatory requirements. ProAssurance also held securities with a carrying value of $69.2 million at June 30, 2024 that are pledged as collateral security for advances under the Company's borrowing relationships with FHLBs.

As a member of Lloyd's, ProAssurance is required to maintain capital at Lloyd's, referred to as FAL, to support the Company's previous participation in underwriting years that remain open at Syndicate 1729. At June 30, 2024, the fair value of ProAssurance's FAL investments was $16.9 million and were comprised of investment securities, primarily short-term investments, and cash and cash equivalents on deposit with Lloyd's, in order to satisfy these FAL requirements. During the second quarter of 2024, the Company received a return of approximately $5.2 million of cash from its FAL balances due to lower capital requirements for the 2023 underwriting year.


	June 30, 2024
	Total				Less than 12 months				12 months or longer
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In thousands)	Value		Loss		Value		Loss		Value		Loss
Fixed maturities, available-for-sale
U.S. Treasury obligations	$	227,781	$	16,891	$	45,217	$	1,329	$	182,564	$	15,562
U.S. Government-sponsored enterprise obligations	19,011		942		7,375		225		11,636		717
State and municipal bonds	370,653		29,839		86,490		4,416		284,163		25,423
Corporate debt	1,501,075		135,273		477,006		34,389		1,024,069		100,884
Residential mortgage-backed securities	375,776		60,626		171,829		17,320		203,947		43,306
Agency commercial mortgage-backed securities	7,611		964		2,556		332		5,055		632
Other commercial mortgage-backed securities	219,756		19,262		99,039		7,258		120,717		12,004
Other asset-backed securities	262,488		9,488		152,069		3,344		110,419		6,144
	$	2,984,151	$	273,285	$	1,041,581	$	68,613	$	1,942,570	$	204,672


	December 31, 2023
	Total				Less than 12 months				12 months or longer
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In thousands)	Value		Loss		Value		Loss		Value		Loss
Fixed maturities, available-for-sale
U.S. Treasury obligations	$	213,634	$	16,474	$	32,925	$	1,364	$	180,709	$	15,110
U.S. Government-sponsored enterprise obligations	18,428		1,030		4,128		242		14,300		788
State and municipal bonds	378,313		29,871		48,960		2,287		329,353		27,584
Corporate debt	1,524,940		136,759		84,221		5,054		1,440,719		131,705
Residential mortgage-backed securities	313,082		53,795		74,463		10,271		238,619		43,524
Agency commercial mortgage-backed securities	7,955		987		212		1		7,743		986
Other commercial mortgage-backed securities	184,416		20,904		18,092		1,140		166,324		19,764
Other asset-backed securities	293,447		14,870		30,115		867		263,332		14,003
	$	2,934,215	$	274,690	$	293,116	$	21,226	$	2,641,099	$	253,464

As of June 30, 2024, excluding U.S. Government or U.S. Government-sponsored enterprise obligations, there were 2,565 debt securities (64.2% of all available-for-sale fixed maturity securities held) in an unrealized loss position representing 1,322 issuers. The greatest and second greatest unrealized loss positions among those securities were approximately $5.4 million and $3.4 million, respectively. The securities were evaluated for impairment as of June 30, 2024.

As of December 31, 2023, excluding U.S. Government or U.S. Government-sponsored enterprise obligations, there were 2,531 debt securities (65.6% of all available-for-sale fixed maturity securities held) in an unrealized loss position representing 1,319 issuers. The greatest and second greatest unrealized loss positions among those securities were approximately $5.0 million and $3.2 million, respectively. The securities were evaluated for impairment as of December 31, 2023.

Each quarter, ProAssurance performs a detailed analysis for the purpose of assessing whether any of the securities it holds in an unrealized loss position has suffered an impairment due to credit or non-credit factors. A detailed discussion of the factors considered in the assessment is included in Note 1 of the Notes to Consolidated Financial Statements in ProAssurance's December 31, 2023 report on Form 10-K.

Fixed maturity securities held in an unrealized loss position at June 30, 2024, excluding asset-backed securities, have paid all scheduled contractual payments and are expected to continue. Expected future cash flows of asset-backed securities, excluding those issued by GNMA, FNMA and FHLMC, held in an unrealized loss position were estimated as part of the June 30, 2024 impairment evaluation using the most recently available six-month historical performance data for the collateral (loans) underlying the security or, if historical data was not available, sector based assumptions, and equaled or exceeded the current amortized cost basis of the security.


	Three Months Ended June 30, 2024
(In thousands)	Corporate Debt		Residential mortgage-backed securities		Other asset-backed securities		Total
Balance, at April 1, 2024	$	740	$	207	$	190	$	1,137
Additional credit losses related to securities for which:

An allowance for credit losses was recorded in a previous period	470		—		—		470

Reductions related to:
Securities sold during the period	—		(4)		(1)		(5)



Balance, at June 30, 2024	$	1,210	$	203	$	189	$	1,602


	Six Months Ended June 30, 2024
(In thousands)	Corporate Debt		Residential mortgage-backed securities		Other commercial mortgage-backed securities		Other asset-backed securities		Total
Balance, at December 31, 2023	$	—	$	211	$	151	$	193	$	555
Additional credit losses related to securities for which:
No allowance for credit losses has been previously recognized	740		—		—		—		740
An allowance for credit losses was recorded in a previous period	470		—		—		—		470

Reductions related to:
Securities sold during the period	—		(8)		(151)		(4)		(163)



Balance, at June 30, 2024	$	1,210	$	203	$	—	$	189	$	1,602


	Three Months Ended June 30				Six Months Ended June 30
(In thousands)	2024		2023		2024		2023
Fixed maturities	$	33,607	$	27,951	$	65,058	$	55,278
Equities	1,164		1,105		2,056		1,912
Short-term investments, including Other	3,140		4,034		6,551		7,384
BOLI	534		459		986		1,116
Investment fees and expenses	(1,887)		(1,899)		(4,196)		(3,730)
Net investment income	$	36,558	$	31,650	$	70,455	$	61,960

Qualified affordable housing project tax credit partnership interests held by ProAssurance generate investment returns by providing tax benefits to fund investors in the form of tax credits and project operating losses. The carrying value of these investments reflects ProAssurance's total commitments (both funded and unfunded) to the partnerships, less any amortization. At June 30, 2024 and December 31, 2023, ProAssurance did not have an ownership percentage greater than 20% in any tax credit partnership interests. Since ProAssurance has the ability to exert influence over the partnerships but does not control them, all are accounted for using the equity method. See further discussion of the entities in which ProAssurance holds passive interests in Note 10.

ProAssurance holds interests in investment fund LPs/LLCs and other equity method investments and LPs/LLCs which are not considered to be investment funds. ProAssurance's ownership percentage relative to four of the LPs/LLCs is greater than 25% at June 30, 2024 and December 31, 2023 which is likely to be reduced as the funds mature and other investors participate in the funds; these investments had a carrying value of $24.0 million at June 30, 2024 and $23.0 million at December 31, 2023. ProAssurance's ownership percentage relative to the remaining investments and LPs/LLCs is less than 25%; these interests had a carrying value of $258.3 million at June 30, 2024 and $253.1 million at December 31, 2023. ProAssurance does not have the ability to exert control over any of these funds.

Equity in earnings (loss) of unconsolidated subsidiaries included losses from qualified affordable housing project tax credit partnerships and a historic tax credit partnership. Investment results recorded reflect ProAssurance's allocable portion of partnership operating results. Tax credits reduce income tax expense in the period they are utilized. The results recorded and tax credits recognized related to ProAssurance's tax credit partnership investments were as follows:

ProAssurance accounts for its tax credit partnership investments under the equity method of accounting and records its allocable portion of the operating losses of the underlying properties based on estimates provided by the partnerships. For the Company's qualified affordable housing project tax credit partnerships, it adjusts its estimates of their allocable portion of operating losses periodically as actual operating results of the underlying properties become available. The primary benefits of tax credits and tax-deductible operating losses from the historic tax credit partnerships are earned in a short period with potential for additional cash flows extending over several years. For the three and six months ended June 30, 2024 and 2023, the Company generated a nominal amount of tax credits from its tax credit partnership investments, which were deferred and are expected to be utilized in future periods. As of June 30, 2024, the Company had approximately $52.7 million of available tax credit carryforwards generated from its investments in tax credit partnerships which they expect to utilize in future periods.


	Three Months Ended June 30				Six Months Ended June 30
(In thousands)	2024		2023		2024		2023
Total impairment losses:


Corporate debt	$	4	$	(48)	$	(1,312)	$	(2,984)

Asset-backed securities	5		5		(189)		8
Portion of impairment losses recognized in other comprehensive income before taxes:
Corporate debt	(474)		—		102		—



Net impairment losses recognized in earnings	(465)		(43)		(1,399)		(2,976)
Gross realized gains, available-for-sale fixed maturities	306		460		672		539
Gross realized (losses), available-for-sale fixed maturities	(970)		(767)		(2,069)		(1,224)

Net realized gains (losses), trading fixed maturities	(2)		2		13		(106)
Net realized gains (losses), equity investments	2,195		17		1,939		101
Net realized gains (losses), other investments	(2,357)		(2,115)		(581)		(1,886)
Change in unrealized holding gains (losses), trading fixed maturities	(44)		54		170		151
Change in unrealized holding gains (losses), equity investments	(3,991)		(1,130)		(3,217)		2,616
Change in unrealized holding gains (losses), convertible securities, carried at fair value	1,725		2,929		606		4,061

Other(1)	6,766		3,539		6,761		4,582
Net investment gains (losses)	$	3,163	$	2,946	$	2,895	$	5,858
(1) Includes a gain of $6.5 million related to the decrease in the contingent consideration liability during the 2024 three- and six-month periods. For the 2023 three- and six-month periods, includes a gain of $2.0 million and $3.0 million, respectively, related to the decrease in the contingent consideration liability. See further discussion on the contingent consideration in Note 2 and Note 6 and discussion on the Company's accounting policy in Note 1 in its December 31, 2023 report on Form 10-K.

For the three and six months ended June 30, 2024, ProAssurance recognized $0.5 million and $1.4 million of credit-related impairment losses in earnings, respectively. For the three months ended June 30, 2024, the Company recognized a reversal of non-credit impairment losses in OCI of $0.5 million due to changes in projected future cash flows related to a corporate bond in the consumer sector. For the three and six months ended June 30, 2023, ProAssurance recognized a nominal amount and $3.0 million of credit-related impairment losses in earnings, respectively, related to two corporate bonds in the financial sector. The Company did not recognize any non-credit impairment losses in OCI during the three and six months ended June 30, 2023.


	Three Months Ended June 30				Six Months Ended June 30
(In thousands)	2024		2023		2024		2023
Balance beginning of period	$	797	$	57	$	57	$	57
Additional credit losses recognized during the period, related to securities for which:
No impairment has been previously recognized	—		—		740		—
Impairment has been previously recognized	470		—		470		—




Balance June 30	$	1,267	$	57	$	1,267	$	57