XML 45 R16.htm IDEA: XBRL DOCUMENT v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
ProAssurance is involved in a number of operating leases that are primarily for office facilities. Office facility leases have remaining lease terms ranging from one year to seven years; some of which include options to extend the leases for up to ten years, and some of which include an option to terminate the lease within one year. ProAssurance subleases certain office facilities to third parties and classifies these leases as operating leases.
The following table provides a summary of the components of net lease expense as well as the reporting location in the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2024, 2023 and 2022.
(In thousands)Location in the Consolidated Statements of Income and Comprehensive IncomeYear Ended December 31
202420232022
Operating lease expense (1)
Operating expense$3,636 $4,546 $5,395 
Sublease income (2)
Other income(288)(396)(469)
Net lease expense$3,348 $4,150 $4,926 
(1) Includes short-term lease costs and variable lease costs, if applicable. For the years ended December 31, 2024 and 2022, no short-term lease costs were recognized and variable lease costs were nominal in amount. We recognized a nominal amount of short-term lease costs and variable lease costs for the year ended December 31, 2023.
(2) Sublease income excludes rental income from owned properties of $2.8 million for each of the years ended December 31, 2024 and 2023 and $2.6 million during the year ended December 31, 2022 which is included in other income. See “Item 2. Properties” for a listing of currently owned properties.
The following table provides supplemental lease information for operating leases on the Consolidated Balance Sheet as of December 31, 2024 and December 31, 2023.
Year Ended December 31
($ in thousands)20242023
Operating lease ROU assets$16,514 $16,275 
Operating lease liabilities$17,390 $17,179 
Weighted-average remaining lease term6.25 years7.17 years
Weighted-average discount rate3.57 %3.42 %
The following table provides supplemental lease information for the Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022.
Year Ended December 31
(In thousands)202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$3,564 $4,573 $5,574 
The following table is a schedule of remaining future minimum lease payments for operating leases that had an initial or remaining non-cancellable lease term in excess of one year as of December 31, 2024. Operating lease payments exclude $1.2 million of total future minimum lease payments for a lease signed but not yet commenced as of December 31, 2024. This lease will commence in the second quarter of 2025 with a lease term of approximately five years.
(In thousands)
2025$3,307 
20263,241 
20273,274 
20282,910 
20292,474 
Thereafter
4,209 
Total future minimum lease payments
19,415 
Less: Imputed interest
2,025 
Total operating lease liabilities
$17,390