Schedule II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule II - Condensed Financial Information of Registrant

	December 31, 2024		December 31, 2023
Assets
Investment in subsidiaries, at equity	$	1,325,710	$	1,287,347
Fixed maturities available for sale, at fair value	19,998		20,044
Short-term investments	59,356		16,495
Investment in unconsolidated subsidiaries	945		945
Cash and cash equivalents	6,928		17,731
Due from subsidiaries	25,943		11,190
Other assets	12,528		17,732
Total Assets	$	1,451,408	$	1,371,484
Liabilities and Shareholders’ Equity
Liabilities:
Other liabilities	$	5,949	$	11,758
Debt less debt issuance costs	243,710		247,746
Total Liabilities	249,659		259,504
Shareholders’ Equity:
Common stock	638		636
Other shareholders’ equity, including unrealized gains (losses) on securities of subsidiaries	1,201,111		1,111,344
Total Shareholders’ Equity	1,201,749		1,111,980
Total Liabilities and Shareholders’ Equity	$	1,451,408	$	1,371,484

	Year Ended December 31
	2024		2023		2022
Revenues
Net investment income (loss)	$	33	$	762	$	(663)
Equity in earnings (loss) of unconsolidated subsidiaries	—		30		—
Net investment gains (losses)	(285)		(22)		—
Other income (loss)	6,891		3,955		1,970
Total revenues	6,639		4,725		1,307
Expenses
Interest expense	14,825		15,583		14,445
Other expenses	36,245		30,357		32,513
Total expenses	51,070		45,940		46,958
Income (loss) before income tax expense (benefit) and equity in net income (loss) of consolidated subsidiaries	(44,431)		(41,215)		(45,651)
Income tax expense (benefit)	(11,092)		(6,001)		(7,994)
Income (loss) before equity in net income (loss) of consolidated subsidiaries	(33,339)		(35,214)		(37,657)
Equity in net income (loss) of consolidated subsidiaries	86,083		(3,390)		37,255
Net income (loss)	52,744		(38,604)		(402)
Other comprehensive income (loss)	32,098		94,118		(314,891)
Comprehensive income (loss)	$	84,842	$	55,514	$	(315,293)

	Year Ended December 31
	2024		2023		2022
Net cash provided (used) by operating activities	$	10,333	$	(23,313)	$	(25,862)
Investing activities
Proceeds from sales or maturities of:
Fixed maturities, available for sale	19,837		9,289		5,800
Net decrease (increase) in short-term investments	(42,861)		22,624		4,151
Return of invested capital from subsidiaries	17		28,060		8,756
Contribution of capital to subsidiaries	—		(93)		(58)
Funds (advanced) repaid for Lloyd's FAL deposit	9,116		4,106		11,131
Other	—		140		14
Net cash provided (used) by investing activities	(13,891)		64,126		29,794
Financing activities
Borrowings (repayments) under Revolving Credit Agreement	(4,687)		250,000		—
Borrowing (repayments) of Senior Notes	—		(250,000)		—
Repurchase of common stock	8		(20,188)		(3,252)
Subsidiary payments for common shares and share-based compensation awarded to subsidiary employees	(1,282)		(657)		(928)
Dividends to shareholders	—		(5,403)		(10,768)
Other	(1,284)		(2,956)		(977)
Net cash provided (used) by financing activities	(7,245)		(29,204)		(15,925)
Increase (decrease) in cash and cash equivalents	(10,803)		11,609		(11,993)
Cash and cash equivalents at beginning of period	17,731		6,122		18,115
Cash and cash equivalents at end of period	$	6,928	$	17,731	$	6,122
Supplemental disclosure of cash flow information:
Cash paid (refunded) during the year for income taxes, net	$	(3,866)	$	(14,983)	$	(6,081)
Cash paid during the year for interest	$	16,996	$	16,522	$	14,071
Significant non-cash transactions:
Dividends declared and not yet paid	$	—	$	—	$	2,698
Securities transferred at fair value as dividends from subsidiaries	$	20,908	$	3,022	$	32,512
Operating ROU assets obtained in exchange for operating lease liabilities	$	—	$	—	$	3,133

Basis of Presentation

The registrant-only financial statements should be read in conjunction with ProAssurance Corporation’s Consolidated Financial Statements and Notes thereto.

At December 31, 2024 and 2023, PRA investment in subsidiaries is stated at the initial consolidation value plus equity in the undistributed earnings of subsidiaries since the date of acquisition.

ProAssurance Corporation has a management agreement with its domestic operating subsidiaries whereby ProAssurance Corporation charges the operating subsidiaries a management fee for various management services provided to the subsidiary. Under the arrangement, the expenses associated with such services remain as expenses of ProAssurance Corporation and the management fee charged is reported as an offset to ProAssurance Corporation expenses.