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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~March~~June 3130, 2025 or


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 0-16533

ProAssurance Corporation

(Exact name of registrant as specified in its charter)

Delaware

63-1261433

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer Identification No.)

100 Brookwood Place,

Birmingham,

35209

(Address of principal executive offices)

(Zip Code)

(205)

877-4400

(Registrant’s telephone number,
including area code)

(Former name, former address and former
fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	PRA	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~May~~July 131, 2025, there were 51,~~292~~413,~~333~~643 shares of the registrant’s common stock outstanding.

Table of Contents

Glossary of Terms and Acronyms

When the following terms and acronyms appear in the text of this report, they have the meanings indicated below.

Term			Meaning
AAD			Annual aggregate deductible
AOCI			Accumulated other comprehensive income (loss)
ASU			Accounting Standards Update
Board			Board of Directors of ProAssurance Corporation
BOLI			Business owned life insurance
CARES Act			Coronavirus Aid, Relief and Economic Security Act
CODM			Chief Operating Decision Maker
DDR			Death, disability and retirement
DPAC			Deferred policy acquisition costs
Eastern Re			Eastern Re, LTD, S.P.C.
EBUB			Earned but unbilled premium
ERC			Employee Retention Credit
FAL			Funds at Lloyd's
FASB			Financial Accounting Standards Board
FHLB			Federal Home Loan Bank
FHLMC			Federal Home Loan Mortgage Corporation
FNMA			Federal National Mortgage Association
GAAP			Generally accepted accounting principles in the United States of America
GNMA			Government National Mortgage Association
IBNR			Incurred but not reported
Inova Re			Inova Re, LTD, S.P.C.
Interest Rate Swaps			ProAssurance's two forward-starting interest rate swap agreements associated with its Revolving Credit Agreement and Term Loan
IRS			Internal Revenue Service
LLC			Limited liability company
Lloyd's			Lloyd's of London market
LP			Limited partnership
MPL			Medical Professional Liability
Medical Technology Liability			Medical technology and life sciences products liability
NAV			Net asset value
NOL			Net operating loss
NORCAL			NORCAL Insurance Company, formerly known as NORCAL Mutual Insurance Company
NRSRO			Nationally recognized statistical rating organization
NYSE			New York Stock Exchange
OBBBA			One Big Beautiful Bill Act H.R.1 of 2025
OCI			Other comprehensive income (loss)
PCAOB			Public Company Accounting Oversight Board
PPM RRG			Preferred Physicians Medical Risk Retention Group, a Mutual Insurance Company
Revolving Credit Agreement			ProAssurance's $250 million revolving credit agreement
ROE			Return on equity
ROU			Right-of-use
SEC			Securities and Exchange Commission
SOFR			Secured Overnight Financing Rate
SPC			Segregated portfolio cell
Specialty P&C			Specialty Property and Casualty
Syndicate 1729			Lloyd's of London Syndicate 1729

Table of Contents

Term			Meaning
Syndicate 6131			Lloyd's of London Syndicate 6131 was a Special Purpose Arrangement with Lloyd's of London Syndicate 1729.
TCJA			Tax Cuts and Jobs Act H.R.1 of 2017
Term Loan			ProAssurance's $125 million delayed draw term loan
U.K.			United Kingdom of Great Britain and Northern Ireland
ULAE			Unallocated loss adjustment expenses
VIE			Variable interest entity
VOBA			Value of business acquired

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Caution Regarding Forward-Looking Statements

Any statements in this Form 10-Q that are not historical facts or explicitly stated as an opinion are specifically identified as forward-looking statements. These statements are based upon our estimates and anticipation of future events and are subject to significant risks, assumptions and uncertainties that could cause actual results to vary materially from the expected results described in the forward-looking statements. Forward-looking statements are identified by words such as, but not limited to, "anticipate," "believe," "continue," "could," "estimate," "expect," "hope," "hopeful," "intend," "likely," "may," "optimistic," "plan," "possible," "potential," "preliminary," "project," "should," "will," "would" and other analogous expressions. There are numerous factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sentences and phrases that we use to convey our view of future events and trends are expressly designated as forward-looking statements as are sections of this Form 10-Q that are identified as giving our outlook on future business.

Forward-looking statements relating to our business include among other things: statements concerning future liquidity and capital requirements, investment valuation and performance, return on equity, financial ratios, net income, premiums, losses and loss reserve, premium rates and retention of current business, competition and market conditions, the expansion of product lines, the development or acquisition of business in new geographical areas, the pricing or availability of acceptable reinsurance, actions by regulators and rating agencies, court actions, legislative actions, payment or performance of obligations under indebtedness, payment of dividends and other matters.

These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following factors that could affect the actual outcome of future events:


l			changes in general economic conditions, including the impact of inflation, including medical and social inflation, and unemployment;

l			regulatory, legislative and judicial actions or decisions that could affect our business plans or operations;
l			the enactment or repeal of tort reforms;
l			formation or dissolution of state-sponsored insurance entities providing coverages now offered by ProAssurance which could remove or add sizable numbers of insureds from or to the private insurance market;
l			changes in the interest, tax and foreign currency exchange rate environment;
l			resolution of uncertain tax matters and changes in tax laws;
l			changes in laws or government regulations regarding financial markets or market activity that may affect our business;
l			changes in the ability, or perception thereof, of the U.S. government to meet its obligations that may affect the U.S. economy and our business;
l			performance of financial markets affecting the fair value of our investments or making it difficult to determine the value of our investments;
l			changes in requirements or accounting policies and practices that may be adopted by our regulatory agencies, the governments of states in which we are domiciled, the FASB, the SEC, the PCAOB or the NYSE that may affect our business;
l			changes in laws or government regulations affecting the financial services industry, the property and casualty insurance industry, the workers' compensation insurance industry or particular insurance lines underwritten by our subsidiaries;
l			the effect on our insureds, particularly the insurance needs of our insureds, and our loss costs, of changes in the healthcare delivery system and/or changes in the U.S. political climate that may affect healthcare policy or our business;
l			consolidation of our insureds into or under larger entities which may be insured by competitors, or may not have a risk profile that meets our underwriting criteria or which may not use external providers for insuring or otherwise managing substantial portions of their liability risk;
l			the effect of cyclical insurance industry trends on our underwriting, including demand and pricing in the insurance and reinsurance markets in which we operate;
l			uncertainties inherent in the estimate of our loss and loss adjustment expense reserve and reinsurance recoverable;
l			changes in the availability, cost, quality or collectability of insurance/reinsurance;
l			the results of litigation, including pre- or post-trial motions, trials and/or appeals we undertake;
l			effects on our claims costs from mass tort litigation that are different from that anticipated by us;
l			allegations of bad faith which may arise from our handling of any particular claim, including failure to settle;
l			loss or consolidation of independent agents, agencies, brokers or brokerage firms;
l			changes in our organization, compensation and benefit plans;

Table of Contents


l			changes in the business or competitive environment may alter or limit the effectiveness of our business strategy and impact our revenues;
l			our ability to retain and recruit senior management and other qualified personnel;
l			the availability, integrity and security of our technology infrastructure and that of our third-party providers, including any susceptibility to cyber-attacks which might result in a loss of information, operating capability or actual monetary loss;
l			the impact of new systems or systems consolidation on our information technology infrastructure;
l			the impact of machine learning and artificial intelligence on the insurance industry as well as on our insureds and risks we insure;
l			the impact of a catastrophe, natural or man-made, including a pandemic event, as it relates to our business and insurance operations, investment results as well as on our insureds' operations and the risks for which we insure;


l			the impact of a catastrophic man-made event, such as acts of terrorism, acts of war and civil and political unrest;
l			the effects of terrorism-related insurance legislation and laws;
l			the impact of guaranty funds and other state assessments;


l			changes to the ratings assigned by a rating agency to our holding company or insurance subsidiaries, individually or as a group;
l			provisions in our charter documents, Delaware law and state insurance laws may impede attempts to replace or remove management or may impede a takeover;
l			state insurance restrictions may prohibit assets held by our insurance subsidiaries, including cash and investment securities, from being used for general corporate purposes;
l			taxing authorities can take exception to our tax positions and cause us to incur significant amounts of legal and accounting costs and, if our defense is not successful, additional tax costs, including interest and penalties;
l			the risk that a condition for completion of the proposed merger transaction between ProAssurance Corporation and The Doctors Company, including the required regulatory approvals, may not be satisfied in a timely manner or at all;
l			the effects on our business and financial condition that may result if the proposed merger transaction with The Doctors Company is terminated prior to completion; and
l			our ability to retain customers, agents or management and other key personnel as a result of the proposed merger transaction with The Doctors Company.

Our results may differ materially from those we expect and discuss in any forward-looking statements. The principal risk factors that may cause these material differences are described in "Item 1A, Risk Factors" in our December 31, 2024 report on Form 10-K and other documents we file with the SEC, such as our quarterly reports on Form 10-Q. Other than as described under the heading "Item 1A, Risk Factors" herein, there have been no material changes to the "Risk Factors" disclosed in Part 1, Item 1A of ProAssurance's December 31, 2024 report on Form 10-K.

We caution readers not to place undue reliance on any such forward-looking statements, which are based upon conditions existing only as of the date made, and advise readers that these factors could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. Except as required by law or regulations, we do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Table of Contents

	TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS
	CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - MARCH 31, 2025 AND DECEMBER 31, 2024	7
	CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - JUNE 30, 2025 AND DECEMBER 31, 2024	7
	CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (UNAUDITED) - THREE MONTHS ENDED MARCH 31, 2025 AND 2024	8
	CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (UNAUDITED) - THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024	8
	CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - THREE MONTHS ENDED MARCH 31, 2025 AND 2024	9
	CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024	9
	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - THREE MONTHS ENDED MARCH 31, 2025 AND 2024	10
	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - SIX MONTHS ENDED JUNE 30, 2025 AND 2024	10
	NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	12
	BASIS OF PRESENTATION	12
	FAIR VALUE MEASUREMENT	14
	INVESTMENTS	2021
	INCOME TAXES	2628
	RESERVE FOR LOSSES AND LOSS ADJUSTMENT EXPENSES	2628
	COMMITMENTS AND CONTINGENCIES	2830
	DEBT	2830
	DERIVATIVES	2831
	SHAREHOLDERS' EQUITY	3032
	VARIABLE INTEREST ENTITIES	3133
	EARNINGS (LOSS) PER SHARE	3134
	SEGMENT INFORMATION	3234
ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	3540
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	6977
ITEM 4.	CONTROLS AND PROCEDURES	7280
PART II. OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	7280
ITEM 1A.	RISK FACTORS	7280
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	7381
ITEM 5.	OTHER INFORMATION	7381
ITEM 6.	EXHIBITS	7482
SIGNATURE		7482

Table of Contents

ProAssurance Corporation and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except share data)

	March 31,2025		December 31,2024
	June 30,2025		December 31,2024
Assets
Investments
Fixed maturities, available-for-sale, at fair value (amortized cost, $3,840,973 and $3,803,835, respectively; allowance for expected credit losses, $3,656 and $3,399, respectively)	$	3,663,483	$	3,582,207
Fixed maturities, available-for-sale, at fair value (amortized cost, $3,810,930 and $3,803,835, respectively; allowance for expected credit losses, $2,774 and $3,399, respectively)	$	3,659,830	$	3,582,207
Fixed maturities, trading, at fair value (cost, $16,147 and $52,493, respectively)	16,182		53,157
Fixed maturities, trading, at fair value (cost, $12,971 and $52,493, respectively)	13,048		53,157
Equity investments, at fair value (cost, $134,110 and $145,411, respectively)	120,072		130,158
Equity investments, at fair value (cost, $120,602 and $145,411, respectively)	108,758		130,158
Short-term investments	~~244~~257,~~041~~268		254,922
Business owned life insurance	8081,~~797~~418		80,179
Investment in unconsolidated subsidiaries	~~256~~251,~~606~~198		259,538
Other investments (at fair value, $2,559 and $2,077, respectively, otherwise at cost or amortized cost)	7,801		7,266
Other investments (at fair value, $2,546 and $2,077, respectively, otherwise at cost or amortized cost)	7,807		7,266
Total Investments	4,~~388~~379,~~982~~327		4,367,427
Cash and cash equivalents	4341,~~541~~605		54,881
Premiums receivable, net (allowance for expected credit losses, $8,265 and $8,141, respectively)	247,002		228,900
Premiums receivable, net (allowance for expected credit losses, $8,049 and $8,141, respectively)	252,473		228,900
Receivable from reinsurers on paid losses and loss adjustment expenses	1817,~~120~~863		18,226
Receivable from reinsurers on unpaid losses and loss adjustment expenses	~~369~~361,~~413~~278		409,069
Prepaid reinsurance premiums	3534,~~686~~276		30,623
Deferred policy acquisition costs	6159,~~241~~879		59,026
Deferred tax asset, net	~~153~~142,~~932~~694		163,928
Real estate, net	1514,~~082~~981		29,581
Operating lease ROU assets	15,~~819~~153		16,514
Intangible assets, net	5251,~~746~~284		54,208
Goodwill	5,500		5,500
Other assets	~~118~~109,~~956~~290		136,390
Total Assets	$	5,~~526~~485,~~020~~603	$	5,574,273
Liabilities and Shareholders' Equity
Liabilities
Policy liabilities and accruals
Reserve for losses and loss adjustment expenses	$	3,~~180~~134,~~767~~904	$	3,257,696
Unearned premiums	~~463~~425,~~694~~551		418,756
Reinsurance premiums payable	22,~~166~~005		27,289
Total Policy Liabilities and Accruals	3,~~666~~582,~~627~~460		3,703,741
Operating lease liabilities	1615,~~671~~954		17,390
Other liabilities	~~185~~189,~~353~~306		226,520
Debt less unamortized debt issuance costs	~~423~~422,~~749~~633		424,873
Total Liabilities	4,~~292~~210,~~400~~353		4,372,524
Shareholders' Equity
Common shares (par value $0.01 per share, 100,000,000 shares authorized, 63,898,971 and 63,763,789 shares issued, respectively)	639		638
Common shares (par value $0.01 per share, 100,000,000 shares authorized, 64,020,611 and 63,763,789 shares issued, respectively)	640		638
Additional paid-in capital	~~408~~410,~~630~~036		408,471
Accumulated other comprehensive income (loss) (net of deferred tax expense (benefit) of ($36,776) and ($46,681), respectively)	(134,858)		(172,391)
Accumulated other comprehensive income (loss) (net of deferred tax expense (benefit) of ($31,587) and ($46,681), respectively)	(116,556)		(172,391)
Retained earnings	1,~~428~~450,~~903~~824		1,434,725
Treasury shares, at cost (12,606,968 shares as of each respective period end)	(469,694)		(469,694)
Total Shareholders' Equity	1,~~233~~275,~~620~~250		1,201,749
Total Liabilities and Shareholders' Equity	$	5,~~526~~485,~~020~~603	$	5,574,273

See accompanying notes.

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ProAssurance Corporation and Subsidiaries

Condensed Consolidated Statements of Changes in Capital (Unaudited)

(In thousands)

	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Total
Balance at December 31, 2024	$	638	$	408,471	$	(172,391)	$	1,434,725	$	(469,694)	$	1,201,749
Balance at April 1, 2025	$	639	$	408,630	$	(134,858)	$	1,428,903	$	(469,694)	$	1,233,620
Share-based compensation	—		12,~~575~~638		—		—		—		12,~~575~~638
Net effect of restricted and performance shares issued	1		(1,~~416~~232)		—		—		—		(1,~~415~~231)
Other comprehensive income (loss)	—		—		3718,~~533~~302		—		—		3718,~~533~~302
Net income (loss)	—		—		—		(521,~~822)~~921		—		(521,~~822)~~921
Balance at March 31, 2025	$	639	$	408,630	$	(134,858)	$	1,428,903	$	(469,694)	$	1,233,620
Balance at June 30, 2025	$	640	$	410,036	$	(116,556)	$	1,450,824	$	(469,694)	$	1,275,250

	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Total
Balance at December 31, 2023	$	636	$	403,554	$	(204,489)	$	1,381,981	$	(469,702)	$	1,111,980
Balance at December 31, 2024	$	638	$	408,471	$	(172,391)	$	1,434,725	$	(469,694)	$	1,201,749
Common shares issued for compensation	(1)		(1,044)		—		—		—		(1,045)
Share-based compensation	—		4,213		—		—		—		4,213
Share-based compensation	—		945		—		—		—		945
Net effect of restricted and performance shares issued	2		(2,648)		—		—		—		(2,646)
Net effect of restricted and performance shares issued	1		(970)		—		—		—		(969)
Other comprehensive income (loss)	—		—		55,835		—		—		55,835
Other comprehensive income (loss)	—		—		(2,472)		—		—		(2,472)
Net income (loss)	—		—		—		16,099		—		16,099
Net income (loss)	—		—		—		4,626		—		4,626
Balance at June 30, 2025	$	640	$	410,036	$	(116,556)	$	1,450,824	$	(469,694)	$	1,275,250
Balance at March 31, 2024	$	636	$	402,485	$	(206,961)	$	1,386,607	$	(469,702)	$	1,113,065


	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Total
Balance at April 1, 2024	$	636	$	402,485	$	(206,961)	$	1,386,607	$	(469,702)	$	1,113,065

Common shares issued for compensation	1		1,616		—		—		—		1,617
Share-based compensation	—		1,334		—		—		—		1,334
Net effect of restricted and performance shares issued	—		(20)		—		—		—		(20)

Other comprehensive income (loss)	—		—		924		—		—		924
Net income (loss)	—		—		—		15,508		—		15,508
Balance at June 30, 2024	$	637	$	405,415	$	(206,037)	$	1,402,115	$	(469,702)	$	1,132,428













	Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Total
Balance at December 31, 2023	$	636	$	403,554	$	(204,489)	$	1,381,981	$	(469,702)	$	1,111,980


Common shares issued for compensation	—		570		—		—		—		570
Share-based compensation	—		2,280		—		—		—		2,280
Net effect of restricted and performance shares issued	1		(989)		—		—		—		(988)

Other comprehensive income (loss)	—		—		(1,548)		—		—		(1,548)
Net income (loss)	—		—		—		20,134		—		20,134
Balance at June 30, 2024	$	637	$	405,415	$	(206,037)	$	1,402,115	$	(469,702)	$	1,132,428

See accompanying notes.

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ProAssurance Corporation and Subsidiaries

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)

(In thousands, except per share data)

			Three Months Ended March 31
	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
Revenues
Net premiums earned	$	232,407	$	239,867	$	~~236~~468,~~275~~682	$	~~244~~484,~~150~~017
Net investment income	38,933		36,558		3675,~~951~~883		3370,~~897~~455
Equity in earnings (loss) of unconsolidated subsidiaries	4,584		8,652		48,~~015~~599		211,~~963~~616
Net investment gains (losses):
Impairment losses	882		9		~~(155)~~727		(1,~~510~~501)
Portion of impairment losses recognized in other comprehensive income (loss) before taxes	—		(474)		(102)		~~576~~102
Net impairment losses recognized in earnings	882		(465)		~~(257)~~625		(~~934~~1,399)
Other net investment gains (losses)	(655)		3,628		(12,~~436~~091)		~~666~~4,294
Total net investment gains (losses)	227		3,163		(1,~~693~~466)		~~(268)~~2,895
Other income (expense)	602		2,115		(32,~~469~~867)		36,~~955~~070
Total revenues	276,753		290,355		~~272~~548,~~079~~831		~~284~~575,~~697~~053
Expenses
Net losses and loss adjustment expenses	159,937		186,000		~~189~~349,~~960~~898		~~194~~380,694
Underwriting, policy acquisition and operating expenses:
Operating expense	49,148		46,199		5099,~~810~~955		4490,~~311~~512
DPAC amortization	31,767		33,818		3264,~~381~~148		3367,~~694~~511
SPC U.S. federal income tax expense (benefit)	906		249		~~348~~1,255		~~416~~666
SPC dividend expense (income)	2,336		512		~~(248)~~2,088		~~607~~1,119
Interest expense	5,224		5,648		510,~~160~~384		511,~~657~~305
Total expenses	249,318		272,426		~~278~~527,~~411~~728		~~279~~551,~~379~~807
Income (loss) before income taxes	27,435		17,929		(621,~~332)~~103		523,~~318~~246
Provision for income taxes:
Current expense (benefit)	(478)		581		(~~520~~998)		~~(561)~~18
Deferred expense (benefit)	5,992		1,840		106,002		13,~~253~~094
Total income tax expense (benefit)	5,514		2,421		~~(510)~~5,004		~~692~~3,112
Net income (loss)	21,921		15,508		(516,~~822)~~099		420,~~626~~134
Other comprehensive income (loss), after tax, net of reclassification adjustments	18,302		924		3755,~~533~~835		(21,~~472~~548)
Comprehensive income (loss)	$	40,223	$	16,432	$	3171,~~711~~934	$	218,~~154~~586
Earnings (loss) per share:
Basic	$	0.43	$	0.30	$	(0.~~11)~~31	$	0.0939
Diluted	$	0.42	$	0.30	$	(0.~~11)~~31	$	0.0939
Weighted average number of common shares outstanding:
Basic	51,345		51,060		51,~~188~~267		51,~~013~~036
Diluted	51,677		51,225		51,~~445~~562		51,~~149~~187

See accompanying notes.

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ProAssurance Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	Three Months Ended March 31
	Six Months Ended June 30
	2025		2024
Operating Activities
Net income (loss)	$	(516,~~822)~~099	$	420,~~626~~134
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization, net of accretion	37,~~822~~363		59,~~332~~765
(Increase) decrease in cash surrender value of BOLI	(~~618~~1,239)		(~~452~~986)
(Gain) loss on sale of property	(2,212)		—
Gain on sale of intangible assets	(950)		—
Net investment (gains) losses	1,693		268
Gain on sale of capital assets	(2,212)		—
Share-based compensation	1,788		945
Net investment (gains) losses	1,466		(2,895)
Deferred income tax expense (benefit)	10		1,253
Share-based compensation	3,865		2,280
Policy acquisition costs, net of amortization (net deferral)	(2,100)		(3,283)
Deferred income tax expense (benefit)	6,002		3,094
Equity in (earnings) loss of unconsolidated subsidiaries	(4,015)		(2,963)
Policy acquisition costs, net of amortization (net deferral)	(738)		(705)
Distributed earnings from unconsolidated subsidiaries	4,867		1,778
Equity in (earnings) loss of unconsolidated subsidiaries	(8,599)		(11,616)
Other, net	1,421		(962)
Distributed earnings from unconsolidated subsidiaries	8,797		6,121
Other, net	(560)		625
Change in:
Premiums receivable	(1824,~~640~~111)		(2612,~~701~~803)
Reinsurance related assets and liabilities	817,~~181~~822		1013,~~908~~415
Other assets	1113,~~966~~532		(24,~~183~~253)
Reserve for losses and loss adjustment expenses	(349,~~362~~225)		(1833,~~769~~741)
Unearned premiums	446,~~892~~749		433,~~226~~976
Other liabilities	(5333,~~480~~735)		(2416,~~672~~910)
Net cash provided (used) by operating activities	(1139,~~609~~674)		(1124,~~649~~499)
Investing Activities
Purchases of:
Fixed maturities, available-for-sale	(~~314~~475,~~842~~583)		(~~230~~464,~~549~~055)
Equity investments	(1,~~052~~795)		(80440)
Other investments	(~~563~~570)		(1718,~~381~~543)
Investment in unconsolidated subsidiaries	(812,~~443~~062)		(715,~~871~~963)
Proceeds from sales or maturities of:
Fixed maturities, available-for-sale	~~281~~469,~~626~~789		~~167~~360,~~762~~157
Equity investments	1125,~~754~~062		1421,~~016~~630
Other investments	—17		2478,~~068~~123
Net sales or (purchases) of fixed maturities, trading	~~(294)~~2,929		(13,~~553~~274)
Return of invested capital from unconsolidated subsidiaries	1020,~~523~~204		615,~~882~~177
Net sales or maturities (purchases) of short-term investments	11(1,~~132~~430)		5419,~~710~~869
Unsettled security transactions, net change	12(1,~~007~~121)		38,~~077~~053
Purchases of capital assets	(~~350~~381)		(~~961~~2,704)
Proceeds from sale of capital assets	19,308		—
Proceeds from sale of intangible assets	950		—
Net cash impact of deconsolidation of closed years of account from Lloyd's Syndicates operations	(11,102)		—
Other	~~(5,594)~~18		—
Net cash provided (used) by investing activities	434,~~110~~233		12(1,~~120~~970)
Continued on the following page.

Table of Contents

	Three Months Ended March 31
	Six Months Ended June 30
	2025		2024
Continued from the previous page.
Financing Activities
Borrowings (repayments) under Revolving Credit Agreement	(13,~~563~~125)		—(1,562)
Capital contribution received from (return of capital to) external segregated portfolio cell participants	(~~863~~2,064)		—
Other	(12,~~415~~646)		(~~969~~990)
Net cash provided (used) by financing activities	(37,~~841~~835)		(~~969~~2,552)
Increase (decrease) in cash and cash equivalents	(1113,~~340~~276)		(~~498~~29,021)
Cash and cash equivalents at beginning of period	54,881		65,898
Cash and cash equivalents at end of period	$	4341,~~541~~605	$	6536,~~400~~877
Significant Non-Cash Transactions
Operating lease liabilities arising from obtaining ROU assets	$	—	$	1,988
Increase (decrease) in fair value of contingent consideration issued in NORCAL acquisition	$	—	$	(6,500)

See accompanying notes.

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

1. Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of ProAssurance Corporation, its wholly owned subsidiaries and VIEs in which ProAssurance is the primary beneficiary (ProAssurance, ProAssurance Group, PRA or the Company). See Note 10 for more information on ProAssurance's VIE interests. The financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation, consisting of normal recurring adjustments, have been included. ProAssurance’s results for the ~~three~~six months ended ~~March~~June 3130, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes contained in ProAssurance’s December 31, 2024 report on Form 10-K.

ProAssurance operates in four reportable segments as follows: Specialty P&C, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance and Corporate. For more information on the Company's segment reporting, including the nature of products and services provided and financial information by segment, refer to Note 12.

Reclassifications

As a result of the segment reorganization in the first quarter of 2025, prior period segment information in Note 12 has been recast to conform to the Company's current segment reporting (see Note 12 for further information).

Accounting Policies

The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosures related to these amounts at the date of the financial statements. The Company evaluates these estimates and assumptions on an ongoing basis based on current and historical developments, market conditions, industry trends and other information that the Company believes to be reasonable under the circumstances. The Company can make no assurance that actual results will conform to its estimates and assumptions; reported results of operations may be materially affected by changes in these estimates and assumptions.

The significant accounting policies followed by ProAssurance in making estimates that materially affect financial reporting are summarized in Note 1 of the Notes to Consolidated Financial Statements in ProAssurance’s December 31, 2024 report on Form 10-K.

Accounting Changes Adopted

The Company did not adopt any new accounting standards during the ~~three~~six months ended ~~March~~June 3130, 2025.

Accounting Changes Not Yet Adopted

Disclosure Improvements (ASU 2023-06)

In October 2023, the FASB amended guidance to clarify or improve disclosure and presentation requirements of a variety of topics, which will allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements and align the requirements in the Codification with the SEC's regulations. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X becomes effective, with early adoption prohibited. ProAssurance is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.

Improvements to Income Tax Disclosures (ASU 2023-09)

Effective for fiscal years beginning after December 15, 2024, the FASB amended disclosure requirements to provide greater transparency on income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. ProAssurance is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures. Since these new requirements only impact disclosures, there will be no impact on the Company's results of operations, financial position or cash flows.

Disaggregation of Income Statement Expenses (ASU 2024-03)

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

~~about~~Disaggregation ~~certain expenses (employee compensation, depreciation and intangible asset amortization) included within the Condensed Consolidated Statement~~ of Income ~~and~~Statement ~~Comprehensive~~Expenses ~~Income~~(ASU ~~captions. ProAssurance is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.~~2024-03)

Effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, the FASB issued guidance to improve disclosures about the Company’s expenses by requiring more detailed information about certain expenses (employee compensation, depreciation and intangible asset amortization) included within the Condensed Consolidated Statement of Income and Comprehensive Income captions. ProAssurance is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.

Business Combinations and Consolidation (ASU 2025-03)

Effective for fiscal years beginning after December 15, 2026, the FASB issued guidance to establish more consistent requirements for determining the accounting acquirer in the acquisition of a VIE. ProAssurance is currently evaluating the effect the updated guidance will have on the Company's results of operations, financial position and cash flows.

Agreement and Plan of Merger

On March 19, 2025, ProAssurance entered into an Agreement and Plan of Merger (the “Merger Agreement”) with The Doctors Company, a California-domiciled reciprocal inter-insurance exchange, and Jackson Acquisition Corporation, a Delaware corporation and a wholly owned subsidiary of The Doctors Company (“Merger Sub”), entered into an Agreement and Plan of Merger, pursuant to which, on the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into ProAssurance (the “Merger”), with ProAssurance continuing as the surviving corporation in the Merger as a wholly owned subsidiary of The Doctors Company. The Board has approved the Merger Agreement and the transactions contemplated thereby, including the Merger. ~~The Agreement and Plan of Merger is included as Exhibit 2.1 of this report.~~

On the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), and as a result of the Merger, each share of common stock, $0.01 par value, of ProAssurance (“ProAssurance common stock”) that is issued and outstanding immediately prior to the Effective Time (other than Excluded Shares (as defined in the Merger Agreement)) will be converted into the right to receive $25.00 in cash per share (the “Merger Consideration”).

In addition, pursuant to the Merger Agreement, as of the Effective Time, (i) each restricted stock unit payable in shares of ProAssurance common stock that is issued and outstanding immediately prior to the Effective Time will automatically vest and be converted into the right to receive an amount in cash (less any applicable withholding taxes payable in respect thereto) equal to the Merger Consideration, (ii) each outstanding performance share payable in shares of ProAssurance common stock (determined based on deemed target level performance) will automatically vest and be converted into the right to receive an amount of cash (less any applicable withholding taxes payable in respect thereto) equal to the Merger Consideration and (iii) all amounts held in deferred compensation accounts representing awarded shares of ProAssurance common stock that are deferred under ProAssurance’s Director Deferred Stock Compensation Plan and any accrued dividend equivalents in such deferred compensation accounts that have been converted into such shares, will automatically convert into the right to receive an amount of cash equal to the Merger Consideration for each such share.

In connection with the Merger, the Company expects to incur significant expenses. However, an estimate of those expenses cannot be made at this time. During the three and six months ended ~~March 31~~June 30, 2025, pre-tax transaction-related costs of approximately $74.15 million and $11.6 million, respectively, were included as a component of consolidated operating expense on the Condensed Consolidated Statements of Income and Comprehensive Income.

~~The~~On ~~closing~~June 24, 2025, ProAssurance held a special meeting of stockholders (the ~~proposed~~“ProAssurance ~~Merger~~Special isMeeting”) ~~subject~~at which holders of ProAssurance’s common stock approved each of the proposals voted on at the ProAssurance Special Meeting relating to ~~certain~~the ~~conditions~~transactions contemplated by the Merger Agreement. On July 2, ~~including~~2025, the ~~adoption~~U.S. Federal Trade Commission granted early termination of the ~~Merger~~waiting ~~Agreement~~period byunder ~~stockholders~~the ~~representing~~Hart-Scott aRodino ~~majority~~Antitrust Improvements Act of 1976 with respect to the ~~outstanding~~Merger. ~~shares~~The closing of ~~ProAssurance~~the ~~common~~proposed ~~stock entitled~~Merger remains subject to ~~vote~~other ~~thereon and~~customary closing conditions, including the receipt of ~~required~~remaining regulatory approvals., ~~The~~and ~~proposed Merger~~ is expected to close in the first half of 2026.

Disposal of Long-Lived Asset

During the first quarter of 2025, ProAssurance sold the Franklin, TN property to an unrelated third party, recognizing a gain of $2.2 million in the Condensed Consolidated Statements of Income and Comprehensive Income as a component of other income (expense). Proceeds, net of closing costs, of $19.3 million from the sale of the property are included in investing activities on the Condensed Consolidated Statements of Cash Flows for the ~~three~~six months ended ~~March~~June 3130, 2025. In accordance with ASC 360, depreciation was not recorded for the Franklin, TN property during the first quarter of 2025 once the asset was classified as held for sale. See Note 1 of the Notes to Consolidated Financial Statements in ProAssurance’s December 31, 2024 report on Form 10-K for the Company's accounting policy regarding real estate.

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

classified as held for sale. See Note 1 of the Notes to Consolidated Financial Statements in ProAssurance’s December 31, 2024 report on Form 10-K for the Company's accounting policy regarding real estate.

2. Fair Value Measurement

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three level hierarchy has been established for valuing assets and liabilities based on how transparent (observable) the inputs are that are used to determine fair value, with the inputs considered most observable categorized as Level 1 and those that are the least observable categorized as Level 3. Hierarchy levels are defined as follows:


			Level 1:			quoted (unadjusted) market prices in active markets for identical assets and liabilities. For ProAssurance, Level 1 inputs are generally quotes for securities actively traded in exchange or over-the-counter markets.


			Level 2:			market data obtained from sources independent of the reporting entity (observable inputs). For ProAssurance, Level 2 inputs generally include quoted prices in markets that are not active, quoted prices for similar assets or liabilities, and results from pricing models that use observable inputs such as interest rates and yield curves that are generally available at commonly quoted intervals.


			Level 3:			the reporting entity’s own assumptions about market participant assumptions based on the best information available in the circumstances (non-observable inputs). For ProAssurance, Level 3 inputs are used in situations where little or no Level 1 or 2 inputs are available or are inappropriate given the particular circumstances. Level 3 inputs include results from pricing models for which some or all of the inputs are not observable, discounted cash flow methodologies, single non-binding broker quotes and adjustments to externally quoted prices that are based on management judgment or estimation.

Fair values of assets measured at fair value on a recurring basis as of ~~March~~June 3130, 2025 and December 31, 2024 are shown in the following tables. Where applicable, the tables also indicate the fair value hierarchy of the valuation techniques utilized to determine those fair values. For some assets, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. When this is the case, the asset is categorized based on the level of the most significant input to the fair value measurement. Assessments of the significance of a particular input to the fair value measurement require judgment and consideration of factors specific to the assets being valued.

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

March 31, 2025

June 30, 2025

Fair Value Measurements Using

Total

(In thousands)

Level 1

Level 2

Level 3

Fair Value

Assets:

Fixed maturities, available-for-sale

U.S. Treasury obligations

—

~~250~~246,~~362~~070

—

~~250~~246,~~362~~070

U.S. Government-sponsored enterprise obligations

—

1312,~~090~~434

—

1312,~~090~~434

State and municipal bonds

—

~~474~~470,~~238~~552

—

~~474~~470,~~238~~552

Corporate debt, multiple observable inputs

—

1,~~690~~669,~~307~~112

—

1,~~690~~669,~~307~~112

Corporate debt, limited observable inputs

—

6880,~~947~~344

Residential mortgage-backed securities

—

~~505~~517,~~990~~973

—

~~505~~517,~~990~~973

Agency commercial mortgage-backed securities

—

65,~~301~~478

—

65,~~301~~478

Other commercial mortgage-backed securities

—

~~206~~205,~~531~~906

—

~~206~~205,~~531~~906

Other asset-backed securities

—

~~443~~442,~~144~~512

49,~~573~~449

~~447~~451,~~717~~961

Fixed maturities, trading

—

1613,~~182~~048

—

1613,~~182~~048

Equity investments

Financial

9,~~224~~024

2,~~329~~340

~~291~~—

11,~~844~~364

Utilities/Energy

~~812~~869

—

~~812~~869

Industrial

—

4,526

Bond funds

9280,~~309~~145

—

9280,~~309~~145

All other

1011,~~581~~854

—

1011,~~581~~854

Short-term investments

~~131~~180,~~887~~161

~~112~~77,~~154~~107

—

~~244~~257,~~041~~268

Other investments

—

1,~~538~~525

1,021

2,~~559~~546

Other assets

—

32,~~035~~750

—

32,~~035~~750

Total assets categorized within the fair value hierarchy

~~244~~282,~~813~~053

3,~~725~~666,~~201~~807

7995,~~358~~340

4,~~049~~044,~~372~~200

Assets carried at NAV, which approximates fair value and which are not categorized within the fair value hierarchy, reported as a part of:

Investment in unconsolidated subsidiaries

~~223~~218,~~317~~452

Total assets at fair value

4,~~272~~262,~~689~~652

Liabilities:

Other liabilities

31,~~710~~930

~~1,446~~—

—

51,~~156~~930

Total liabilities categorized within the fair value hierarchy

31,~~710~~930

~~1,446~~—

—

51,~~156~~930

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025


	December 31, 2024
	Fair Value Measurements Using						Total
(In thousands)	Level 1		Level 2		Level 3		Fair Value
Assets:
Fixed maturities, available-for-sale
U.S. Treasury obligations	$	—	$	243,903	$	—	$	243,903
U.S. Government-sponsored enterprise obligations	—		14,894		—		14,894
State and municipal bonds	—		446,601		—		446,601
Corporate debt, multiple observable inputs	—		1,646,713		—		1,646,713
Corporate debt, limited observable inputs	—		—		81,062		81,062

Residential mortgage-backed securities	—		478,799		—		478,799
Agency commercial mortgage-backed securities	—		6,727		—		6,727
Other commercial mortgage-backed securities	—		201,786		—		201,786
Other asset-backed securities	—		457,948		3,774		461,722
Fixed maturities, trading	—		53,157		—		53,157
Equity investments
Financial	9,006		2,310		273		11,589
Utilities/Energy	724		—		—		724

Industrial	—		—		5,233		5,233
Bond funds	101,243		—		—		101,243
All other	11,369		—		—		11,369
Short-term investments	185,492		69,430		—		254,922
Other investments	—		1,577		500		2,077
Other assets	—		6,094		—		6,094
Total assets categorized within the fair value hierarchy	$	307,834	$	3,629,939	$	90,842	4,028,615
Assets carried at NAV, which approximates fair value and which are not categorized within the fair value hierarchy, reported as a part of:

Investment in unconsolidated subsidiaries							226,269
Total assets at fair value							$	4,254,884

Liabilities:
Other liabilities	$	6,680	$	—	$	—	$	6,680
Total liabilities categorized within the fair value hierarchy	$	6,680	$	—	$	—	$	6,680

Level 2 Valuations

Other than as described below, see Note 2 of the Notes to Consolidated Financial Statements in ProAssurance’s December 31, 2024 report on Form 10-K for a summary description of the valuation methodologies used regarding securities in the Level 2 category, by security type.

Level 2 Valuation Methodologies

Other ~~liabilities~~assets consisted of foreign currency forward contract derivative instruments, which are discussed in Note 8, valued using a model which considers the forward yield curves and volatilities from other instruments with similar maturities, strike prices and durations.

Level 3 Valuations

See Note 2 of the Notes to Consolidated Financial Statements in ProAssurance’s December 31, 2024 report on Form 10-K for a summary description of the valuation methodologies used regarding securities in the Level 3 category, by security type.

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

Quantitative Information Regarding Level 3 Valuations

Below is quantitative information regarding securities in the Level 3 category, by security type:

Fair Value at

($ in thousands)

~~March~~June 3130, 2025

December 31, 2024

Valuation Technique

Unobservable Input

Range(Weighted Average)

Assets:

Corporate debt, limited observable inputs

$6880,~~947~~344

$81,062

Market ComparableSecurities

Comparability Adjustment

0% - 5% (2.5%)

Discounted Cash Flows

Comparability Adjustment

0% - 5% (2.5%)

Residential mortgage-backed, other commercial mortgage-backed and other asset-backed securities

$49,~~573~~449

$3,774

Market ComparableSecurities

Comparability Adjustment

0% - 5% (2.5%)

Discounted Cash Flows

Comparability Adjustment

0% - 5% (2.5%)

Equity investments

$4,~~817~~526

$5,506

Discounted Cash Flows

Comparability Adjustment

0% - 10% (5%)

Other investments

$1,021

$500

Discounted Cash Flows

Comparability Adjustment

0% - 10% (5%)

The significant unobservable inputs used in the fair value measurement of the above listed securities were the valuations of comparable securities with similar issuers, credit quality and maturity. Changes in the availability of comparable securities could result in changes in the fair value measurements.

Fair Value Measurements - Level 3 Assets & Liabilities

The following tables present summary information regarding changes in the fair value of assets and liabilities measured using Level 3 inputs.

	March 31, 2025
	June 30, 2025
	Level 3 Fair Value Measurements
	Level 3 Fair Value Measurements – Assets
	Assets
(In thousands)	Corporate Debt		Asset-backed Securities		Equity Investments		Other Investments		Total
(In thousands)	Corporate Debt		Asset-backed Securities		Equity Investments		Other Investments		Total Assets
Balance, March 31, 2025	$	68,947	$	4,573	$	4,817	$	1,021	$	79,358
Balance, December 31, 2024	$	81,062	$	3,774	$	5,506	$	500	$	90,842
Total gains (losses) realized and unrealized:
Included in earnings, as a part of:
Net investment gains (losses)	~~(1,727)~~—		—		(~~689~~291)		—		(~~2,416~~291)
Included in other comprehensive income (loss)	~~417~~51		(209)		—		—		~~397~~42
Purchases	~~683~~9,116		~~866~~3,955		—		~~521~~—		213,~~070~~071
Sales	(21,~~538~~849)		—(267)		—		—		(2,~~538~~116)
Transfers in	14,~~988~~079		1,~~001~~197		—		—		25,~~989~~276
Transfers out	(10,938)		(1,048)		—		—		(11,986)
Balance, June 30, 2025	$	80,344	$	9,449	$	4,526	$	1,021	$	95,340
Balance, March 31, 2025	$	68,947	$	4,573	$	4,817	$	1,021	$	79,358
Change in unrealized gains (losses) included in earnings for the above period for Level 3 assets held at period-end	$	—	$	—	$	—	$	—	$	—
Change in unrealized gains (losses) included in earnings for the above period for Level 3 assets held at period-end	$	—	$	—	$	(689)	$	—	$	(689)

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

	March 31, 2024
	June 30, 2025
	Level 3 Fair Value Measurements
	Level 3 Fair Value Measurements - Assets
	Assets										Liabilities
(In thousands)	Corporate Debt		Asset-backed Securities		Equity Investments		Other Investments		Total Assets
(In thousands)	Corporate Debt		Asset-backed Securities		Equity Investments		Other Investments		Total Assets		Other Liabilities		Total Liabilities
Balance, December 31, 2024	$	81,062	$	3,774	$	5,506	$	500	$	90,842
Balance, December 31, 2023	$	82,377	$	4,414	$	5,237	$	5,126	$	97,154	$	(6,500)	$	(6,500)
Total gains (losses) realized and unrealized:
Total gains (losses) realized and unrealized:
Included in earnings, as a part of:
Included in earnings, as a part of:
Net investment gains (losses)	(1,727)		—		(980)		—		(2,707)
Net investment gains (losses)	—		—		(3)		88		85		—		—
Included in other comprehensive income (loss)	468		(29)		—		—		439
Included in other comprehensive income (loss)	(171)		(28)		—		—		(199)		—		—
Purchases	9,799		4,821		—		521		15,141
Purchases	2,201		1,200		—		—		3,401		—		—
Sales	(4,387)		(267)		—		—		(4,654)
Sales	(702)		—		—		—		(702)		—		—
Transfers in	6,067		2,198		—		—		8,265
Transfers in	—		—		—		—		—		—		—
Transfers out	(10,938)		(1,048)		—		—		(11,986)
Transfers out	(17,497)		(3,445)		—		(4,472)		(25,414)		—		—
Balance, June 30, 2025	$	80,344	$	9,449	$	4,526	$	1,021	$	95,340
Balance, March 31, 2024	$	66,208	$	2,141	$	5,234	$	742	$	74,325	$	(6,500)	$	(6,500)
Change in unrealized gains (losses) included in earnings for the above period for Level 3 assets held at period-end	$	—	$	—	$	(689)	$	—	$	(689)
Change in unrealized gains (losses) included in earnings for the above period for Level 3 assets and liabilities held at period-end	$	—	$	—	$	(3)	$	88	$	85	$	—	$	—


	June 30, 2024
	Level 3 Fair Value Measurements – Assets										Liabilities
(In thousands)	Corporate Debt		Asset-backed Securities		Equity Investments		Other Investments		Total Assets		Other Liabilities		Total Liabilities
Balance, March 31, 2024	$	66,208	$	2,141	$	5,234	$	742	$	74,325	$	(6,500)	$	(6,500)
Total gains (losses) realized and unrealized:
Included in earnings, as a part of:


Net investment gains (losses)	—		—		(996)		10		(986)		6,500		6,500

Included in other comprehensive income (loss)	27		6		—		—		33		—		—
Purchases	4,567		—		—		—		4,567		—		—
Sales	(837)		(217)		—		(252)		(1,306)				—
Transfers in	—		—		—		—		—		—		—
Transfers out	(3,014)		(1,206)		—		—		(4,220)		—		—
Balance, June 30, 2024	$	66,951	$	724	$	4,238	$	500	$	72,413	$	—	$	—
Change in unrealized gains (losses) included in earnings for the above period for Level 3 assets and liabilities held at period-end	$	—	$	—	$	(996)	$	—	$	(996)	$	—	$	—

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

June 30, 2025


	June 30, 2024
	Level 3 Fair Value Measurements
	Assets										Liabilities
(In thousands)	Corporate Debt		Asset-backed Securities		Equity Investments		Other Investments		Total Assets		Other Liabilities		Total Liabilities
Balance, December 31, 2023	$	82,377	$	4,414	$	5,237	$	5,126	$	97,154	$	(6,500)	$	(6,500)
Total gains (losses) realized and unrealized:
Included in earnings, as a part of:


Net investment gains (losses)	—		—		(999)		98		(901)		6,500		6,500

Included in other comprehensive income (loss)	(144)		(22)		—		—		(166)		—		—
Purchases	6,768		1,200		—		—		7,968		—		—
Sales	(1,539)		(217)		—		(252)		(2,008)		—		—
Transfers in	—		—		—		—		—		—		—
Transfers out	(20,511)		(4,651)		—		(4,472)		(29,634)		—		—
Balance, June 30, 2024	$	66,951	$	724	$	4,238	$	500	$	72,413	$	—	$	—
Change in unrealized gains (losses) included in earnings for the above period for Level 3 assets and liabilities held at period-end	$	—	$	—	$	(999)	$	88	$	(911)	$	—	$	—

Transfers

Transfers shown in the preceding Level 3 tables were as of the end of the period in which the transfer occurred. All transfers were to or from Level 2.

All transfers in and out of Level 3 during the three and six months ended ~~March~~June 3130, 2025 and 2024 related to securities held for which the level of market activity for identical or nearly identical securities varies from period to period. The securities were valued using multiple observable inputs when those inputs were available; otherwise the securities were valued using limited observable inputs.

Fair Values Not Categorized

At ~~March~~June 3130, 2025 and December 31, 2024, certain LPs/LLCs and investment funds measure fund assets at fair value on a recurring basis and provide a NAV for ProAssurance's interest. The carrying value of these interests is based on the NAV provided and was considered to approximate the fair value of the interests. For investment in unconsolidated subsidiaries, ProAssurance recognizes any changes in the NAV of its interests in equity in earnings (loss) of unconsolidated subsidiaries during the period of change. In accordance with GAAP, the fair value of these investments was not classified within the fair value hierarchy. The amount of ProAssurance's unfunded contractual commitments related to these investments as of ~~March~~June 3130, 2025 and fair values of these investments as of ~~March~~June 3130, 2025 and December 31, 2024 were as follows:

UnfundedContractual Commitments

Fair Value

(In thousands)

~~March~~June 3130,2025

December 31,2024

Investment in unconsolidated subsidiaries:

Private debt funds (1)

$3,~~911~~854

1411,~~149~~687

14,190

Long/short equity funds (2)

None

~~603~~275

4,246

Non-public equity funds (3)

$3231,~~074~~295

~~110~~105,~~110~~261

111,441

Credit funds (4)

$3058,~~093~~017

4750,~~107~~516

45,134

Strategy focused funds (5)

$6564,~~783~~998

5150,~~348~~713

51,258

Total investments carried at NAV

~~223~~218,~~317~~452

226,269

1819

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

Below is additional information regarding each of the investments listed in the table above as of ~~March~~June 3130, 2025.

(1)This investment is comprised of interests in two unrelated LP funds that are structured to provide interest distributions primarily through diversified portfolios of private debt instruments. One LP allows redemption by special consent, while the other does not permit redemption. Income and capital are to be periodically distributed at the discretion of the LPs over an anticipated time frame that spans from three to eight years.

(2)This investment is comprised of one LP fund, which holds long and short publicly traded securities that will passively generate income. Redemptions are permitted with 30 days written notice if outside of a lock-up period.

(3)This investment is comprised of interests in multiple unrelated LP funds, each structured to provide capital appreciation through diversified investments in private equity, which can include investments in buyout, venture capital, debt including senior, second lien and mezzanine, distressed debt, collateralized loan obligations and other private equity-oriented LPs. Two of the LPs allow redemption by terms set forth in the LP agreements; the others do not permit redemption. Income and capital are to be periodically distributed at the discretion of the LP over time frames that are anticipated to span up to ten years.

(4)This investment is comprised of multiple unrelated LP funds. Three funds seek to obtain superior risk-adjusted absolute returns through a diversified portfolio of debt securities, including bonds, loans and other asset-backed instruments. The remaining funds focus on private middle market company mezzanine and senior secured loans, opportunities across the credit spectrum, mortgage backed-loans, as well as various types of loan-backed investments. One fund allows redemptions at any quarter-end with prior notice requirements of 180 days, while another fund allows for redemptions with consent of the General Partner. The remaining funds do not allow redemptions. For the funds that do not allow redemptions, income and capital are to be periodically distributed at the discretion of the LP over time frames throughout the remaining life of the funds.

(5)This investment is comprised of multiple unrelated LPs/LLCs funds. One fund is an LLC focused on investing in North American consumer products companies, comprised of equity and equity-related securities, as well as debt instruments. A second fund is focused on aircraft investments, along with components and assets related to aircrafts. A third fund is an LLC focused on acquiring ownership stakes in insurance agencies. For all three funds, redemptions are not permitted. The remaining funds are real estate focused LPs, three of which allow for redemption with prior notice.

ProAssurance may not sell, transfer or assign its interest in any of the above LPs/LLCs without special consent from the LPs/LLCs.

Nonrecurring Fair Value Measurement

ProAssurance did not have any assets or liabilities that were measured at fair value on a nonrecurring basis at ~~March~~June 3130, 2025 or December 31, 2024.

Financial Instruments - Methodologies Other Than Fair Value

The following table provides the estimated fair value of the Company's financial instruments that, in accordance with GAAP for the type of investment, are measured using a methodology other than fair value. Fair values provided primarily fall within the Level 3 fair value category.

	March 31, 2025				December 31, 2024
	June 30, 2025				December 31, 2024
(In thousands)	CarryingValue		FairValue		CarryingValue		FairValue
Financial assets:
BOLI	$	8081,~~797~~418	$	8081,~~797~~418	$	80,179	$	80,179
Other investments	$	5,~~242~~261	$	5,~~242~~261	$	5,189	$	5,189
Other assets	$	2728,~~057~~181	$	2728,~~057~~181	$	34,793	$	34,793
Financial liabilities:
Revolving Credit Agreement*	$	125,000	$	125,000	$	125,000	$	125,000
Term Loan*	$	~~118~~117,~~750~~188	$	~~118~~117,~~750~~188	$	120,313	$	120,313
Contribution Certificates	$	181,~~488~~820	$	~~152~~160,~~573~~602	$	181,163	$	152,564
Other liabilities	$	2527,~~771~~483	$	2527,~~771~~483	$	33,793	$	33,793
* Carrying value excludes unamortized debt issuance costs.

The fair value of the BOLI was equal to the cash surrender value associated with the policies on the valuation date.

1920

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ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

Other investments listed in the table above include FHLB common stock carried at cost and an annuity investment carried at amortized cost. Two of ProAssurance's insurance subsidiaries are members of an FHLB. The estimated fair value of the FHLB common stock was based on the amount the subsidiaries would receive if their memberships were canceled, as the memberships cannot be sold. The fair value of the annuity represents the present value of the expected future cash flows discounted using a rate available in active markets for similarly structured instruments.

Other assets and other liabilities primarily consisted of related investment assets and liabilities associated with funded deferred compensation agreements. The fair value of the funded deferred compensation assets was based upon quoted market prices, which is categorized as a Level 1 valuation, and had a fair value of $2628.41 million and $34.1 million at ~~March~~June 3130, 2025 and December 31, 2024, respectively. Other assets also included an unsecured note receivable. The fair value of the note receivable was based on the present value of expected cash flows from the note receivable, discounted at market rates on the valuation date for receivables with similar credit standings and similar payment structures. Other liabilities consisted of liabilities associated with funded deferred compensation agreements. The reported balance is determined based on the amount of elective deferrals and employer contributions adjusted for periodic changes in the fair value of the participant balances based on the performance of the funds selected by the participants and had a fair value of $2527.85 million and $33.8 million at ~~March~~June 3130, 2025 and December 31, 2024, respectively.

The fair value of the debt was estimated based on the present value of expected future cash outflows, discounted at rates available on the valuation date for similar debt issued by entities with a similar credit standing to ProAssurance.

3. Investments

Available-for-sale fixed maturities at ~~March~~June 3130, 2025 and December 31, 2024 included the following:

March 31, 2025

June 30, 2025

(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~~253,~~819~~693

—

~~530~~720

98,~~987~~343

~~250~~246,~~362~~070

U.S. Government-sponsored enterprise obligations

1312,~~596~~850

—

—3

~~506~~419

1312,~~090~~434

State and municipal bonds

~~491~~484,~~093~~985

—

3,~~610~~778

2018,~~465~~211

~~474~~470,~~238~~552

Corporate debt

1,~~846~~817,~~009~~137

32,~~125~~250

610,~~290~~311

8975,~~920~~742

1,~~759~~749,~~254~~456

Residential mortgage-backed securities

~~554~~565,~~549~~604

~~192~~188

3,~~179~~166

5150,~~546~~609

~~505~~517,~~990~~973

Agency commercial mortgage-backed securities

76,~~080~~224

—

~~782~~753

65,~~301~~478

Other commercial mortgage-backed securities

~~216~~214,~~289~~514

~~512~~695

109,~~208~~241

~~206~~205,~~531~~906

Other asset-backed securities

~~452~~455,~~538~~923

~~277~~274

23,~~616~~076

76,~~160~~764

~~447~~451,~~717~~961

3,~~840~~810,~~973~~930

32,~~656~~774

1621,~~740~~756

~~190~~170,~~574~~082

3,~~663~~659,~~483~~830


	December 31, 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	$	256,939	$	—	$	107	$	13,143	$	243,903
U.S. Government-sponsored enterprise obligations	15,586		—		—		692		14,894
State and municipal bonds	470,974		—		1,135		25,508		446,601
Corporate debt	1,833,207		2,608		4,241		107,065		1,727,775
Residential mortgage-backed securities	536,194		197		1,628		58,826		478,799
Agency commercial mortgage-backed securities	7,600		—		—		873		6,727
Other commercial mortgage-backed securities	214,019		406		439		12,266		201,786
Other asset-backed securities	469,316		188		1,725		9,131		461,722
	$	3,803,835	$	3,399	$	9,275	$	227,504	$	3,582,207

2021

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

The recorded cost basis and estimated fair value of available-for-sale fixed maturities at ~~March~~June 3130, 2025, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

(In thousands)

AmortizedCost

Due in oneyear or less

Due afterone yearthroughfive years

Due afterfive yearsthroughten years

Due afterten years

Total FairValue

Fixed maturities, available-for-sale

U.S. Treasury obligations

~~259~~253,~~819~~693

8998,~~774~~107

~~122~~111,~~103~~796

3533,~~867~~603

2,~~618~~564

~~250~~246,~~362~~070

U.S. Government-sponsored enterprise obligations

1312,~~596~~850

43,~~529~~456

6,~~077~~258

~~512~~750

1,~~972~~970

1312,~~090~~434

State and municipal bonds

~~491~~484,~~093~~985

4542,~~930~~346

~~145~~151,~~184~~359

~~150~~148,~~585~~001

~~132~~128,~~539~~846

~~474~~470,~~238~~552

Corporate debt

1,~~846~~817,~~009~~137

~~193~~190,~~857~~704

~~863~~860,~~707~~202

~~551~~552,~~900~~145

~~149~~146,~~790~~405

1,~~759~~749,~~254~~456

Residential mortgage-backed securities

~~554~~565,~~549~~604

~~505~~517,~~990~~973

Agency commercial mortgage-backed securities

76,~~080~~224

65,~~301~~478

Other commercial mortgage-backed securities

~~216~~214,~~289~~514

~~206~~205,~~531~~906

Other asset-backed securities

~~452~~455,~~538~~923

~~447~~451,~~717~~961

3,~~840~~810,~~973~~930

3,~~663~~659,~~483~~830

Excluding obligations of the U.S. Government, U.S. Government-sponsored enterprises and a U.S. Government obligations money market fund, no investment in any entity or its affiliates exceeded 10% of shareholders’ equity at ~~March~~June 3130, 2025.

Cash and securities with a carrying value of $5253.42 million at ~~March~~June 3130, 2025 were on deposit with various state insurance departments to meet regulatory requirements. ProAssurance also held securities with a carrying value of $69.01 million at ~~March~~June 3130, 2025 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 ~~March~~June 3130, 2025, the fair value of ProAssurance's FAL investments was $14.31 million and were comprised of cash and cash equivalents and, to a lesser extent, investment securities, primarily available-for-sale fixed maturities, on deposit with Lloyd's, in order to satisfy these FAL requirements.

2122

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ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

Investments Held in a Loss Position

The following tables provide summarized information with respect to investments held in an unrealized loss position at ~~March~~June 3130, 2025 and December 31, 2024, including the length of time the investment had been held in a continuous unrealized loss position.

March 31, 2025

June 30, 2025

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

~~198~~197,~~828~~328

98,~~987~~343

2723,~~762~~672

~~1,239~~490

~~171~~173,~~066~~656

87,~~748~~853

U.S. Government-sponsored enterprise obligations

1311,~~090~~759

~~506~~419

2,~~641~~319

109,~~449~~440

~~474~~387

State and municipal bonds

~~323~~315,~~410~~851

2018,~~465~~211

5042,~~638~~908

21,~~405~~714

272,~~772~~943

1816,~~060~~497

Corporate debt

1,~~272~~158,~~952~~926

8975,~~920~~742

~~285~~194,~~718~~454

1512,~~225~~031

~~987~~964,~~234~~472

7463,~~695~~711

Residential mortgage-backed securities

~~334~~325,~~887~~380

5150,~~546~~609

9688,~~302~~491

65,~~205~~144

~~238~~236,~~585~~889

45,~~341~~465

Agency commercial mortgage-backed securities

5,~~862~~034

~~782~~753

~~1,013~~906

~~131~~127

4,~~849~~128

~~651~~626

Other commercial mortgage-backed securities

~~154~~136,~~297~~638

109,~~208~~241

3725,~~055~~085

~~442~~445

~~117~~111,~~242~~553

98,~~766~~796

Other asset-backed securities

~~185~~155,~~769~~680

76,~~160~~764

8158,~~399~~057

~~560~~644

~~104~~97,~~370~~623

6,~~600~~120

2,~~489~~306,~~095~~596

~~190~~170,~~574~~082

~~582~~435,~~528~~892

2620,~~239~~627

1,~~906~~870,~~567~~704

~~164~~149,~~335~~455


	December 31, 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	$	213,505	$	13,143	$	33,822	$	1,561	$	179,683	$	11,582
U.S. Government-sponsored enterprise obligations	14,894		692		2,603		69		12,291		623
State and municipal bonds	378,425		25,508		82,312		2,261		296,113		23,247
Corporate debt	1,350,139		107,065		222,614		9,593		1,127,525		97,472
Residential mortgage-backed securities	378,461		58,826		118,908		3,810		259,553		55,016
Agency commercial mortgage-backed securities	6,727		873		426		8		6,301		865
Other commercial mortgage-backed securities	151,386		12,266		17,337		188		134,049		12,078
Other asset-backed securities	202,517		9,131		65,870		560		136,647		8,571
	$	2,696,054	$	227,504	$	543,892	$	18,050	$	2,152,162	$	209,454

As of ~~March~~June 3130, 2025, excluding U.S. Government or U.S. Government-sponsored enterprise obligations, there were 21,~~167~~961 debt securities (5348.74% of all available-for-sale fixed maturity securities held) in an unrealized loss position representing 1,~~186~~122 issuers. The greatest and second greatest unrealized loss positions among those securities were approximately $4.78 million and $3.0 million, respectively. The securities were evaluated for impairment as of ~~March~~June 3130, 2025.

As of December 31, 2024, excluding U.S. Government or U.S. Government-sponsored enterprise obligations, there were 2,350 debt securities (58.7% of all available-for-sale fixed maturity securities held) in an unrealized loss position representing 1,235 issuers. The greatest and second greatest unrealized loss positions among those securities were approximately $5.2 million and $3.4 million, respectively. The securities were evaluated for impairment as of December 31, 2024.

2223

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

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, 2024 report on Form 10-K.

Fixed maturity securities held in an unrealized loss position at ~~March~~June 3130, 2025, 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 ~~March~~June 3130, 2025 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.

The following tables present a roll forward of the allowance for expected credit losses on available-for-sale fixed maturities for the three and six months ended ~~March~~June 3130, 2025 and 2024.

	Three Months Ended March 31, 2025
	Three Months Ended June 30, 2025
(In thousands)	Corporate Debt		Residential mortgage-backed securities		Other commercial mortgage-backed securities		Other asset-backed securities		Total
Balance, at December 31, 2024	$	2,608	$	197	$	406	$	188	$	3,399
Balance, at April 1, 2025	$	3,125	$	192	$	62	$	277	$	3,656
Additional credit losses related to securities for which:
No allowance for credit losses has been previously recognized	—		—		62		91		153
An allowance for credit losses was recorded in a previous period	1,727		—		—		—		1,727
Reductions related to:
Securities sold during the period	(~~1,210~~875)		(54)		~~(406)~~—		(23)		(~~1,623~~882)
Balance, at March 31, 2025	$	3,125	$	192	$	62	$	277	$	3,656
Balance, at June 30, 2025	$	2,250	$	188	$	62	$	274	$	2,774

	Three Months Ended March 31, 2024
	Six Months Ended June 30, 2025
(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
Balance, at December 31, 2024	$	2,608	$	197	$	406	$	188	$	3,399
Additional credit losses related to securities for which:
No allowance for credit losses has been previously recognized	~~740~~—		—		—62		—91		~~740~~153
An allowance for credit losses was recorded in a previous period	1,727		—		—		—		1,727
Reductions related to:
Securities sold during the period	—(2,085)		(49)		(~~151~~406)		(35)		(~~158~~2,505)
Balance, at March 31, 2024	$	740	$	207	$	—	$	190	$	1,137
Balance, at June 30, 2025	$	2,250	$	188	$	62	$	274	$	2,774

Other information regarding sales and purchases of fixed maturity available-for-sale securities is as follows:


	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

	Three Months Ended March 31
(In millions)		2025		2024
Proceeds from sales (exclusive of maturities and paydowns)		$	138.2	$	17.1
Purchases		$	314.8	$	230.5

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025


	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

Other information regarding sales and purchases of fixed maturity available-for-sale securities is as follows:


	Three Months Ended June 30				Six Months Ended June 30
(In millions)	2025		2024		2025		2024
Proceeds from sales (exclusive of maturities and paydowns)	$	23.9	$	41.2	$	162.1	$	58.3
Purchases	$	160.8	$	233.6	$	475.6	$	464.1

Net Investment Income

Net investment income (loss) by investment category was as follows:

			Three Months EndedMarch 31
	Three Months EndedJune 30				Six Months EndedJune 30
(In thousands)	2025		2024		2025		2024
Fixed maturities	$	36,594	$	33,607	$	3571,~~033~~627	$	3165,~~451~~058
Equities	1,237		1,164		~~878~~2,115		~~892~~2,056
Short-term investments, including Other	2,482		3,140		25,~~574~~056		36,~~411~~551
BOLI	621		534		~~618~~1,239		~~452~~986
Investment fees and expenses	(2,001)		(1,887)		(24,~~152~~154)		(24,~~309~~196)
Net investment income	$	38,933	$	36,558	$	3675,~~951~~883	$	3370,~~897~~455

Investment in Unconsolidated Subsidiaries

ProAssurance's investment in unconsolidated subsidiaries ~~were~~was as follows:

March 31, 2025

Carrying Value

June 30, 2025

Carrying Value

(In thousands)

PercentageOwnership

~~March~~June 3130,2025

December 31,2024

Qualified affordable housing project tax credit partnerships

See below

~~192~~147

247

All other investments, primarily investment fund LPs/LLCs

See below

~~256~~251,~~414~~051

259,291

~~256~~251,~~606~~198

259,538

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 ~~March~~June 3130, 2025 and December 31, 2024, 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 five of the LPs/LLCs is greater than 25% at March 31, 2025 and December 31, 2024, which is likely to be reduced as the funds mature and other investors participate in the funds; these investments had a carrying value of $21.0 million at March 31, 2025 and $18.0 million at December 31, 2024. ProAssurance's ownership percentage relative to the remaining investments and LPs/LLCs is less than 25%; these interests had a carrying value of $235.4 million at March 31, 2025 and $241.3 million at December 31, 2024. ProAssurance does not have the ability to exert control over any of these funds.

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

June 30, 2025

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 six and five of the LPs/LLCs is greater than 25% at June 30, 2025 and December 31, 2024, respectively, which is likely to be reduced as the funds mature and other investors participate in the funds; these investments had a carrying value of $22.0 million at June 30, 2025 and $18.0 million at December 31, 2024. ProAssurance's ownership percentage relative to the remaining investments and LPs/LLCs is less than 25%; these interests had a carrying value of $229.1 million at June 30, 2025 and $241.3 million at December 31, 2024. ProAssurance does not have the ability to exert control over any of these funds.

Equity in Earnings (Loss) of Unconsolidated Subsidiaries

Equity in earnings (loss) of unconsolidated subsidiaries included losses from tax credit partnerships. 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:

			Three Months EndedMarch 31
	Three Months EndedJune 30				Six Months EndedJune 30
(In thousands)	2025		2024		2025		2024
Qualified affordable housing project tax credit partnerships
Losses (gains) recorded	$	(60)	$	(391)	$	55(5)	$	~~103~~(288)
Tax credits recognized	$	6	$	8	$	511	$	816

24ProAssurance 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, 2025 and 2024, 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. Not included in the table above is $0.3 million of tax credits that were earned in 2019, utilized in 2024 and expected to be recaptured during 2025 as a result of the carryback of the Company’s estimated NOL for 2025 to the 2024 tax year. As of June 30, 2025, the Company had approximately $47.1 million of available tax credit carryforwards generated from its investments in tax credit partnerships which they expect to utilize in future periods.

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

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 months ended March 31, 2025 and 2024, 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. Not included in the table above is $1.7 million of tax credits that were earned in 2019, utilized in 2024 and expected to be recaptured during 2025 as a result of the carryback of the Company’s estimated NOL for 2025 to the 2024 tax year. As of March 31, 2025, the Company had approximately $48.6 million of available tax credit carryforwards generated from its investments in tax credit partnerships which they expect to utilize in future periods.

Net Investment Gains (Losses)

Realized investment gains and losses are recognized on the first-in, first-out basis. The following table provides detailed information regarding net investment gains (losses):

			Three Months EndedMarch 31
	Three Months EndedJune 30				Six Months EndedJune 30
(In thousands)	2025		2024		2025		2024
Total impairment losses:
Corporate debt	$	875	$	4	$	~~(415)~~460	$	(1,~~316~~312)
Asset-backed securities	7		5		~~260~~267		(~~194~~189)
Portion of impairment losses recognized in other comprehensive income before taxes:
Corporate debt	—		(474)		(102)		~~576~~102
Net impairment losses recognized in earnings	882		(465)		~~(257)~~625		(~~934~~1,399)
Gross realized gains, available-for-sale fixed maturities	330		306		~~774~~1,104		~~366~~672
Gross realized (losses), available-for-sale fixed maturities	(2,331)		(970)		(24,~~609~~940)		(12,~~099~~069)
Net realized gains (losses), trading fixed maturities	3		(2)		912		1513
Net realized gains (losses), equity investments	(960)		2,195		(~~598~~1,558)		~~(256)~~1,939
Net realized gains (losses), other investments	(158)		(2,357)		—(158)		~~1,776~~(581)
Change in unrealized holding gains (losses), trading fixed maturities	86		(44)		(~~188~~102)		~~214~~170
Change in unrealized holding gains (losses), equity investments	2,210		(3,991)		13,~~216~~426		~~774~~(3,217)
Change in unrealized holding gains (losses), convertible securities, carried at fair value	164		1,725		~~(40)~~124		~~(1,119)~~606
Other					—		(5)
Other(1)	1		6,766		1		6,761
Net investment gains (losses)	$	227	$	3,163	$	(1,~~693~~466)	$	~~(268)~~2,895
(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. See further discussion on the contingent consideration in Note 2 and Note 8 of the Notes to Consolidated Financial Statements in ProAssurance’s December 31, 2024 report on Form 10-K.

For the three and six months ended ~~March~~June 3130, 2025, ProAssurance recognized a reversal of $0.39 million and $0.6 million of credit-related impairment losses in earnings, respectively, and, for the 2025 six-month period, a reversal of a nominal amount of non-credit impairment losses in OCI. The reversal of credit-related impairment losses in earnings for the three and six months ended ~~March~~June 3130, 2025 primarily related to ~~four~~the sale of two corporate bonds, one in the real estate sector, ~~partially~~during ~~offset by~~ the ~~reversal~~second ofquarter ~~credit-related~~and ~~impairment~~one ~~losses~~ in ~~earnings due to~~ the ~~sale~~consumer ofsector aduring ~~corporate bond in~~ the ~~consumer~~first ~~sector~~quarter. For the three and six months ended ~~March~~June 3130, 2024, ProAssurance recognized $0.95 million and $1.4 million of credit-related impairment losses in earnings, ~~related~~respectively. toFor ~~a corporate bond in~~ the ~~consumer~~three ~~sector~~months asended ~~well~~June 30, as2024, anthe ~~asset-backed~~Company ~~security.~~recognized ~~The~~a ~~Company~~reversal ~~recognized~~of non-credit impairment losses in OCI of $0.65 million due to changes in projected future cash flows related to a corporate bond ~~during~~in the ~~three~~consumer ~~months ended March 31, 2024~~sector.

25The following table presents a roll forward of cumulative credit losses recorded in earnings related to impaired debt securities for which a portion of the impairment was recorded in OCI.


	Three Months Ended June 30				Six Months Ended June 30
(In thousands)	2025		2024		2025		2024
Balance beginning of period	$	57	$	797	$	1,267	$	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
Reductions due to:
Securities sold during the period	—		—		(1,210)		—


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

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

The following table presents a roll forward of cumulative credit losses recorded in earnings related to impaired debt securities for which a portion of the impairment was recorded in OCI.

	Three Months EndedMarch 31
(In thousands)		2025		2024
Balance beginning of period		$	1,267	$	57
Additional credit losses recognized during the period, related to securities for which:
No impairment has been previously recognized		—		740
Reductions due to:
Securities sold during the period		(1,210)		—
Balance March 31		$	57	$	797

4. Income Taxes

For interim periods, ProAssurance generally utilizes the estimated annual effective tax rate method under which the Company determines its provision (benefit) for income taxes based on the current estimate of its annual effective tax rate. For the three and six months ended ~~March~~June 3130, 2025 and 2024, the Company utilized the estimated annual effective tax rate method. Under this method, items which are unusual, infrequent, or that cannot be reliably estimated are considered in the effective tax rate in the period in which the item is included in income and are referred to as discrete items.

For the three and six months ended ~~March~~June 3130, 2025, the provision for income taxes is different from that which would be obtained by applying the statutory federal income tax rate to income (loss) before income taxes primarily due to the amount of executive compensation that is in excess of the statutory limitation, non-deductible transaction-related costs associated with the proposed merger transaction with The Doctors Company, and the change in uncertain tax positions. For the three and six months ended ~~March~~June 3130, 2024, the provision for income taxes is different from that which would be obtained by applying the statutory federal income tax rate to income (loss) before income taxes primarily due to the ~~estimated~~decrease ~~tax~~in ~~rate~~the ~~differential~~contingent ~~between~~consideration liability related to the ~~Company's~~NORCAL ~~actual~~acquisition, ~~effective~~all ~~tax~~of ~~rate~~which ~~and~~was ~~its~~non-taxable. ~~projected~~See ~~annual~~further ~~effective~~discussion ~~tax~~on ~~rate~~the ascontingent ~~calculated~~consideration ~~under~~in Note 2 and Note 8 of the ~~estimated~~Notes ~~annual~~to ~~effective~~Consolidated ~~tax~~Financial ~~rate~~Statements ~~method.~~in ProAssurance's December 31, 2024 report on Form 10-K.

ProAssurance had a ~~nominal~~ receivable for U.S. federal and U.K. income taxes carried as a part of other assets of $2.4 million as of ~~March~~June 3130, 2025 and a liability for U.S. federal and U.K. income taxes carried as a part of other liabilities of $1.0 million as of December 31, 2024. The liability for unrecognized tax benefits, which is included in the total receivable for U.S. federal and U.K. income taxes at March 31, 2025 and the total liability for U.S. federal and U.K. income taxes at December 31, 2024, was $0.3 million in each period, which included a nominal accrued liability for interest in each period.

5. Reserve for Losses and Loss Adjustment Expenses

The reserve for losses is established based on estimates of individual claims and actuarially determined estimates of future losses based on ProAssurance’s past loss experience, available industry data and projections as to future claims frequency, severity, inflationary trends and settlement patterns. Estimating the reserve, particularly the reserve appropriate for liability exposures, is a complex process. For a high proportion of the risks insured or reinsured by ProAssurance, claims may be resolved over an extended period of time, often five years or more, and may be subject to litigation. Estimating losses requires ProAssurance to make and revise judgments and assessments regarding multiple uncertainties over an extended period of time. As a result, the reserve estimate may vary considerably from the eventual outcome. The assumptions used in establishing ProAssurance’s reserve are regularly reviewed and updated by management as new data becomes available. Changes to estimates of previously established reserves are included in earnings in the period in which the estimate is changed. For additional information regarding ProAssurance's reserve for losses, see Note 1 and Note 7 of the Notes to Consolidated Financial Statements included in ProAssurance's December 31, 2024 report on Form 10-K.

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ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

Activity in the reserve for losses and loss adjustment expenses is summarized as follows:

(In thousands)	~~Three~~Six Months Ended ~~March~~June 3130, 2025		~~Three~~Six Months Ended ~~March~~June 3130, 2024		Year Ended December 31, 2024
Balance, beginning of year	$	3,257,696	$	3,401,281	$	3,401,281
Less reinsurance recoverables on unpaid losses and loss adjustment expenses	409,069		445,573		445,573
Net balance, beginning of year	2,848,627		2,955,708		2,955,708
Net losses:
Current year	~~190~~376,~~852~~405		~~195~~387,~~110~~630		779,650
(Favorable) unfavorable development of reserves established in prior years, net(1)	(892)		(416)		(40,215)
(Favorable) unfavorable development of reserves established in prior years, net (1)	(26,507)		(6,936)		(40,215)
Total	~~189~~349,~~960~~898		~~194~~380,694		739,435
Paid related to:
Current year	(530,~~253~~133)		(1230,~~867~~834)		(~~113~~106,~~268~~443)
Prior years	(~~221~~410,~~980~~575)		(~~202~~383,~~180~~292)		(733,248)
Total paid	(~~227~~440,~~233~~708)		(~~215~~414,~~047~~126)		(~~846~~839,~~516~~691)
Net balance, end of period	2,811,354		2,935,355		2,848,627
Foreign currency exchange rate (gains) losses (2)	15,809		(2,602)		(6,825)
Plus reinsurance recoverables on unpaid losses and loss adjustment expenses	369,413		447,157		409,069
Net balance, end of period	2,773,626		2,919,674		2,848,627
Balance, end of period	$	3,180,767	$	3,382,512	$	3,257,696
Plus reinsurance recoverables on unpaid losses and loss adjustment expenses	361,278		447,866		409,069
Balance, end of period	$	3,134,904	$	3,367,540	$	3,257,696

(1) Net prior year reserve development recognized for the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024 as well as the year ended December 31, 2024 included $12.0 million, $13.73 million and $5.3 million, respectively, of amortization of the purchase accounting fair value adjustment on NORCAL's assumed net reserve and amortization of the negative VOBA associated with NORCAL's DDR reserve which is recorded as a reduction to prior accident year net losses and loss adjustment expenses.

(2) Foreign currency exchange rate (gains) losses are related to foreign currency denominated loss reserves associated with international insurance exposures in the Specialty P&C segment, primarily related to a strategic partnership with an international medical professional liability insured. Foreign currency exchange rate (gains) losses on foreign currency denominated loss reserves are reflected through net income (loss) as a component of other income (expense) in the Condensed Consolidated Statements of Income and Comprehensive Income and reported in the Corporate segment.

Estimating liability reserves is complex and requires the use of many assumptions. As time passes and ultimate losses for prior years are either known or become subject to a more precise estimation, ProAssurance increases or decreases the reserve estimates established in prior periods.

The consolidated net favorable prior year reserve development recognized for the ~~three~~six months ended ~~March~~June 3130, 2025 primarily reflected:

•Net favorable development of $122.8 million recognized in the Specialty P&C segment driven by $20.0 million of net favorable development in the ~~Workers~~segment's ~~Compensation~~MPL ~~Insurance~~line ~~segment~~of ~~reflecting~~business, aprincipally ~~large~~related ~~claim~~to ~~reserve~~accident ~~reduction~~years ~~from~~2018 through 2022, $2.0 million related to the ~~2021~~Medical Technology Liability line of business, principally related to accident ~~year~~years 2022 and 2023, ~~which~~and ~~had~~$2.0 million ~~previously~~related ~~exceeded~~to purchase accounting amortization (see previous discussion in footnote 1 in the ~~per~~table ~~person~~above). ~~maximum~~The ~~limit~~net ~~under~~favorable development in the ~~reinsurance~~Specialty ~~contract~~P&C segment was partially offset by $1.2 million of unfavorable development attributable to the Company's Lloyd’s Syndicates operations, primarily catastrophe related losses.

•Consolidated net favorable ~~loss~~ development recognized during the ~~three~~six months ended ~~March~~June 3130, 2025 also included net favorable development of $01.40 million in the ~~Segregated~~Workers' ~~Portfolio~~Compensation ~~Cell~~Insurance ~~Reinsurance~~ segment ~~related to workers' compensation business of $0.5 million,~~ reflecting ~~favorable~~a ~~trends~~large in claim ~~closing~~reserve ~~patterns~~reduction ~~primarily~~from ~~in accident years 2022 through 2024. Partially offsetting~~ the ~~favorable~~2021 ~~development~~accident isyear, awhich ~~nominal~~had ~~amount~~previously ofexceeded ~~net unfavorable development related to medical professional liability business related to one program in which~~ the ~~Company~~per ~~does~~person ~~not~~maximum ~~participate~~limit inunder the ~~underwriting~~reinsurance ~~results~~contract.

•Consolidated net favorable loss development recognized during the ~~three~~six months ended ~~March~~June 3130, 2025 ~~was~~also ~~partially~~included ~~offset by~~ net ~~unfavorable~~favorable ~~prior year reserve~~ development ~~recognized in the Specialty P&C segment~~ of $02.57 million ~~driven~~in bythe ~~$1.5 million~~Segregated ofPortfolio ~~net~~Cell ~~unfavorable~~Reinsurance ~~development~~segment ~~attributable~~related to ~~the Company~~workers's ~~Lloyd’s~~compensation ~~Syndicates~~business ~~operations, primarily catastrophe related losses, partially offset by net favorable development~~ of $12.08 million, ~~related~~reflecting tofavorable ~~purchase~~trends ~~accounting~~in ~~amortization~~claim ~~(see~~closing ~~previous~~patterns ~~discussion~~primarily in ~~footnote~~accident 1years ~~in the table above).~~

For additional information regarding ProAssurance's prior year reserve development recognized for the three months ended March 31, 2024 and the year ended December 31, 2024, see Note 5 of the Notes to Condensed Consolidated Financial Statements included in ProAssurance's March 31, 2024 report on Form 10-Q and Note 7 of the Notes to Consolidated Financial Statements included in ProAssurance's December 31, 2024 report on Form 10-K, respectively.29

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ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

2021 through 2024. Partially offsetting the favorable development is a nominal amount of unfavorable development related to medical professional liability business related to one program in which the Company does not participate in the underwriting results.

For additional information regarding ProAssurance's prior year reserve development recognized for the six months ended June 30, 2024 and the year ended December 31, 2024, see Note 5 of the Notes to Condensed Consolidated Financial Statements included in ProAssurance's June 30, 2024 report on Form 10-Q and Note 7 of the Notes to Consolidated Financial Statements included in ProAssurance's December 31, 2024 report on Form 10-K.

6. Commitments and Contingencies

ProAssurance is involved in various legal actions related to insurance policies and claims handling including, but not limited to, claims asserted by policyholders. These types of legal actions arise in the Company's ordinary course of business and, in accordance with GAAP for insurance entities, are considered as a part of the Company's loss reserving process, which is described in detail under the heading "Losses and Loss Adjustment Expenses" in the Accounting Policies section in Note 1 of the Notes to Consolidated Financial Statements in ProAssurance's December 31, 2024 report on Form 10-K. ProAssurance also has other direct actions against the Company unrelated to its claims activity which are evaluated and accounted for as a part of other liabilities. For these corporate legal actions, the Company evaluates each case separately and establishes what it believes is an appropriate reserve based on GAAP guidance related to contingent liabilities. As of ~~March~~June 3130, 2025, there were no material reserves established for corporate legal actions.

As of ~~March~~June 3130, 2025, ProAssurance has funding commitments primarily related to non-public investment entities totaling approximately $~~222~~213.46 million.

7. Debt

ProAssurance’s outstanding debt consisted of the following:

($ in thousands)	~~March~~June 3130,2025		December 31,2024
Contribution Certificates due 2031, interest at 3.0% (effective interest rate at 3.88%) paid annually in April	$	181,~~488~~820	$	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 6.27% as of March 31, 2025	125,000		125,000
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 6.27% as of June 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 6.40% as of March 31, 2025	118,750		120,313
Term Loan, principal repayments in quarterly installments began June 30, 2024; Term Loan expires in 2028. The effective interest rate was 6.40% as of June 30, 2025	117,188		120,313
Total principal	~~425~~424,~~238~~008		426,476
Less unamortized debt issuance costs	1,~~489~~375		1,603
Debt less unamortized debt issuance costs	$	~~423~~422,~~749~~633	$	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 previously discussed~~. As of ~~March~~June 3130, 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.

~~8. Derivatives~~30

ProAssurance is exposed to certain risks relating to its ongoing business and investment activities. ProAssurance utilizes derivative instruments as part of its risk management strategy to reduce the market risk related to fluctuations in future interest rates associated with a portion of its variable-rate debt. ProAssurance also uses derivative instruments to mitigate foreign exchange exposure related to fluctuations in exchange rates associated with foreign currency denominated loss reserves. See Note 1 of the Notes to Consolidated Financial Statements included in ProAssurance's December 31, 2024 report on Form 10-K for the Company's accounting policy regarding derivative instruments.

To manage the Company's exposure to variability in cash flows of forecasted interest payments attributable to variability in the selected base rates on borrowings under both the Revolving Credit Agreement and Term Loan, ProAssurance entered into two forward-starting interest rate swap agreements ("Interest Rate Swaps"), each with an effective date of December 29, 2023 and a maturity date of March 31, 2028. As ProAssurance's Interest Rate Swaps are designated and qualify as highly effective cash flow hedges, changes in the fair value of the Interest Rate Swaps are recorded in AOCI, net of tax, and are reclassified into earnings when the hedged cash flows impact earnings. The Interest Rate Swap hedging the variability in cash flows associated

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

with interest payments on the Revolving Credit Agreement will have a constant $125 million notional amount throughout the term of the swap, while the Interest Rate Swap hedging the variability in cash flows associated with interest payments on the Term Loan will have an amortizing $125 million notional amount, which is designed to match the outstanding principal on the Term Loan throughout the term of the swap8. Borrowings under the Revolving Credit Agreement and Term Loan will accrue interest at a selected base rate, adjusted by a margin. The Interest Rate Swaps effectively fix the base rate on borrowings under the Revolving Credit Agreement and Term Loan to 3.187% and 3.207%, respectively. The margin component of the interest rate, which can vary from 0% to 2.375%, will remain variable and is based on ProAssurance’s debt to capitalization ratio. As of March 31, 2025, the margin component of the interest rate on the outstanding borrowings under the Revolving Credit Agreement and Term Loan was 1.98% and 2.10%, respectively, based on ProAssurance's debt to capitalization ratio as of December 31, 2024 resulting in a total interest rate of 5.17% and 5.31%, respectively, including the effect of the Interest Rate Swaps on the base rate. Additional information regarding the Company's Revolving Credit Agreement and Term Loan is provided in Note 10 of the Notes to Consolidated Financial Statements included in ProAssurance's December 31, 2024 report on Form 10-K.Derivatives

ProAssurance ~~received~~is ~~cash~~exposed ~~collateral~~to ~~from~~certain ~~the~~risks ~~counterparty~~relating to ~~secure~~its ~~the~~ongoing ~~net~~business ~~present~~and ~~value~~investment activities. ProAssurance utilizes derivative instruments as part of ~~future~~its ~~cash~~risk ~~flows~~management ~~associated~~strategy ~~with~~to reduce the ~~Interest~~market ~~Rate~~risk ~~Swaps~~related ~~which~~to isfluctuations ~~reflected~~in asfuture interest rates associated with a ~~component~~portion of ~~other~~its ~~liabilities~~variable-rate ondebt. ~~the~~ProAssurance ~~Condensed~~also ~~Consolidated~~uses ~~Balance~~derivative ~~Sheet.~~instruments ~~Those~~to ~~cash~~mitigate ~~collateral~~foreign ~~balances~~exchange ~~were~~exposure ~~$3.7~~related ~~million~~to ~~and~~fluctuations $6in exchange rates associated with foreign currency denominated loss reserves.~~7 million~~ atSee ~~March 31,~~Note ~~2025~~1 ~~and~~of the Notes to Consolidated Financial Statements included in ProAssurance's December 31, 2024, ~~respectively~~report on Form 10-K for the Company's accounting policy regarding derivative instruments.

To manage the Company's exposure to variability in cash flows of forecasted interest payments attributable to variability in the selected base rates on borrowings under both the Revolving Credit Agreement and Term Loan, ProAssurance ~~utilizes~~entered ~~foreign~~into ~~currency~~two forward-starting ~~contracts~~interest rate swap agreements ("Interest Rate Swaps"), each with an effective date of December 29, 2023 and a maturity date of March 31, 2028. As ProAssurance's Interest Rate Swaps are designated and qualify as highly effective cash flow hedges, changes in the ~~objective~~fair value of ~~offsetting~~the ~~fluctuations~~Interest Rate Swaps are recorded in ~~exchange~~AOCI, ~~rates~~net ~~related~~of totax, ~~foreign~~and ~~currency~~are ~~denominated~~reclassified ~~loss~~into ~~reserves~~earnings when the hedged cash flows impact earnings. The Interest Rate Swap hedging the variability in cash flows associated with interest payments on the ~~Company's~~Revolving ~~strategic~~Credit ~~partnership~~Agreement will have a constant $125 million notional amount throughout the term of the swap, while the Interest Rate Swap hedging the variability in cash flows associated with interest payments on the Term Loan will have an ~~international~~amortizing ~~medical~~$125 million ~~professional~~notional ~~liability~~amount, ~~insurer.~~which ~~ProAssurance~~is ~~enters~~designed ~~into~~to ~~short-~~match the outstanding principal on the Term Loan throughout the term ~~forward~~of ~~contracts~~the ~~with~~swap. aBorrowings ~~maturity~~under the Revolving Credit Agreement and Term Loan will accrue interest at ~~inception~~a ofselected ~~less~~base ~~than~~rate, ~~three~~adjusted ~~months~~by a margin. The Interest Rate Swaps effectively fix the base rate on borrowings under the Revolving Credit Agreement and Term Loan to ~~mitigate~~3.187% ~~these~~and ~~foreign~~3.207%, ~~exchange~~respectively. ~~exposures~~The margin component of the interest rate, which can vary from 0% to 2.375%, ~~ProAssurance~~will ~~has~~remain ~~designated~~variable ~~these~~and ~~foreign~~is ~~currency~~based ~~forwards~~on asProAssurance’s andebt ~~economic~~to ~~hedge~~capitalization ~~(non-hedging~~ratio. ~~instrument)~~As of ~~foreign~~June 30, ~~currency~~2025, ~~exchange~~the margin component of the interest rate ~~risk~~on the outstanding borrowings under the Revolving Credit Agreement and ~~any~~Term ~~change~~Loan was 1.98% and 2.10%, respectively, based on ProAssurance's debt to capitalization ratio as of March 31, 2025 resulting in ~~fair~~a ~~value~~total interest rate of ~~these~~5.17% ~~derivatives~~and 5.31%, respectively, including the effect of the Interest Rate Swaps on the base rate. Additional information regarding the Company's Revolving Credit Agreement and Term Loan is ~~recognized~~provided in ~~earnings~~Note ~~during~~10 of the ~~period~~Notes ofto ~~change~~Consolidated Financial Statements included in ProAssurance's December 31, 2024 report on Form 10-K.

~~The~~ProAssurance ~~following~~received ~~table~~cash ~~provides~~collateral afrom ~~summary~~the ofcounterparty ~~the~~to ~~volume~~secure ~~and~~the ~~fair~~net present value ~~position~~ of future cash flows associated with the ~~Company's~~Interest ~~derivative~~Rate ~~instruments~~Swaps aswhich ~~well~~is reflected as ~~the~~a ~~reporting~~component ~~location~~of inother liabilities on the Condensed Consolidated Balance Sheet. asThose ofcash ~~March~~collateral balances were $1.9 million and $6.7 31million at June 30, 2025 and December 31, 2024, respectively.

($ in thousands)		March 31, 2025			December 31, 2024
Derivative Instruments	Location in the Condensed Consolidated Balance Sheets	Number of Instruments	Aggregate Notional Amount(1)	Estimated Fair Value(2)	Number of Instruments	Aggregate Notional Amount(1)	Estimated Fair Value(2)
Cash Flow Hedge- Interest Rate Swaps	Other Assets	2	$243,750	$3,035	2	$245,313	$5,801
Foreign Currency Forwards	Other Assets (Liabilities)	3	$100,953	$(1,446)	1	$5,470	$293

ProAssurance utilizes foreign currency forward contracts with the objective of offsetting fluctuations in exchange rates related to foreign currency denominated balances associated with the Company's strategic partnership with an international medical professional liability insurer. ProAssurance enters into short-term forward contracts with a maturity at inception of less than three months to mitigate these foreign exchange exposures. ProAssurance has designated these foreign currency forwards as an economic hedge (non-hedging instrument) of foreign currency exchange rate risk and any change in fair value of these derivatives is recognized in earnings during the period of change.

The following table provides a summary of the volume and fair value position of the Company's derivative instruments as well as the reporting location in the Condensed Consolidated Balance Sheet as of June 30, 2025 and December 31, 2024.


($ in thousands)		June 30, 2025			December 31, 2024
Derivative Instruments	Location in the Condensed Consolidated Balance Sheets	Number of Instruments	Aggregate Notional Amount(1)	Estimated Fair Value(2)	Number of Instruments	Aggregate Notional Amount(1)	Estimated Fair Value(2)
Cash Flow Hedge- Interest Rate Swaps	Other Assets	2	$242,188	$1,214	2	$245,313	$5,801
Foreign Currency Forwards	Other Assets	1	$106,904	$1,536	1	$5,470	$293

(1) Volume is represented by the derivative instruments' notional amount.

(2) Additional information regarding the fair value of the Company's Interest Rate Swaps and foreign currency forwards is provided in Note 2.

~~For the three months ended March~~ 31~~, 2025 and 2024, ProAssurance reclassified a gain on the Interest Rate Swaps from AOCI, net of tax, into earnings as shown in the table below:~~

Qualifying Cash Flow Hedges - Gains (Losses) Reclassified from AOCI, net of tax, to Earnings

(In thousands)

Three Months Ended March 31

Derivatives Designated as Hedging Instruments

Location in the Condensed Consolidated Statements of Income and Comprehensive Income

2025

2024

Cash Flow Hedge- Interest Rate Swaps

Interest Expense

$548

$1,073

At March 31, 2025, management estimates that it will reclassify approximately $1.8 million of pre-tax net gains on the Interest Rate Swaps from AOCI to earnings over the next twelve months, which will be recorded to interest expense. See additional information on gains or losses related to the Interest Rate Swaps reported as a component of AOCI in Note 9.

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

~~The~~For ~~following table presents~~ the ~~pre-tax~~three ~~impact~~and ofsix ~~the~~months ~~change~~ended inJune 30, ~~the~~2025 ~~fair~~and ~~value~~2024, ofProAssurance ~~the~~reclassified ~~foreign~~a ~~currency~~gain ~~forwards~~on ~~and~~ the ~~reporting~~Interest ~~location~~Rate inSwaps ~~the~~from ~~Condensed~~AOCI, ~~Consolidated~~net ~~Statements~~ of ~~Income~~tax, ~~and~~into ~~Comprehensive~~earnings ~~Income~~as ~~for~~shown in the ~~three~~table ~~months ended March 31, 2025.~~below:

(In thousands)		Three Months Ended March 31
		Qualifying Cash Flow Hedges - Gains (Losses) Reclassified from AOCI, net of tax, to Earnings
Derivatives not Designated as Hedging Instruments	Location in the Consolidated Statements of Income and Comprehensive Income	2025		2024
(In thousands)		Three Months Ended June 30				Six Months Ended June 30
Foreign Currency Forwards	Other Income (Expense)	$	(1,426)	$	—
Derivatives Designated as Hedging Instruments	Location in the Condensed Consolidated Statements of Income and Comprehensive Income	2025		2024		2025	2024
Cash Flow Hedge- Interest Rate Swaps	Interest Expense	$537		$1,051		$1,085	$2,124

AsAt aJune 30, ~~result of the utilization of derivative instruments~~2025, ~~ProAssurance~~management isestimates ~~exposed to risk~~ that ~~the~~it ~~counterparties~~ will ~~fail~~reclassify toapproximately ~~meet their contractual obligations~~$1.5 Tomillion ~~mitigate~~of ~~this~~pre-tax ~~counterparty~~net ~~credit~~gains ~~risk,~~on ~~ProAssurance~~the ~~only~~Interest ~~enters~~Rate ~~into~~Swaps ~~derivative~~from ~~contracts~~AOCI ~~with~~to ~~carefully~~earnings ~~selected~~over ~~major~~the ~~financial~~next ~~institutions~~twelve ~~based~~months, ~~upon~~which ~~their~~will ~~credit~~be ~~ratings~~recorded ~~and~~to ~~monitors~~interest ~~their creditworthiness~~expense. AsSee ofadditional ~~March 31,~~information ~~2025,~~on ~~the~~gains ~~counterparty~~or ~~involved~~losses ~~with~~related to the Interest Rate Swaps ~~had~~reported anas ~~investment~~a ~~grade~~component ~~rating~~ of AAOCI ~~and the counterparty involved with the foreign currency forwards had an investment grade rating of BBB. Each counterparty has performed~~ in ~~accordance~~Note ~~with their contractual obligations~~9.

The following table presents the pre-tax impact of the change in the fair value of the foreign currency forwards and the reporting location in the Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2025.



(In thousands)		Three Months Ended June 30				Six Months Ended June 30
Derivatives not Designated as Hedging Instruments	Location in the Consolidated Statements of Income and Comprehensive Income	2025		2024		2025		2024
Foreign Currency Forwards	Other Income (Expense)	$	8,750	$	—	$	7,324	$	—

As a result of the utilization of derivative instruments, ProAssurance is exposed to risk that the counterparties will fail to meet their contractual obligations. To mitigate this counterparty credit risk, ProAssurance only enters into derivative contracts with carefully selected major financial institutions based upon their credit ratings and monitors their creditworthiness. As of June 30, 2025, the counterparty involved with the Interest Rate Swaps had an investment grade rating of A and the counterparty involved with the foreign currency forwards had an investment grade rating of BBB. Each counterparty has performed in accordance with their contractual obligations.

9. Shareholders’ Equity

At ~~March~~June 3130, 2025 and December 31, 2024, ProAssurance had 100 million shares of authorized common stock and 50 million shares of authorized preferred stock. The Board has the authority to determine provisions for the issuance of preferred shares, including the number of shares to be issued, the designations, powers, preferences and rights, and the qualifications, limitations or restrictions of such shares.

At ~~March~~June 3130, 2025, Board authorizations for the repurchase of common shares or the retirement of outstanding debt of $55.9 million remained available for use. ProAssurance did not repurchase any common shares during the three and six months ended ~~March~~June 3130, 2025 or 2024.

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)

The following tables provide a detailed breakout of the components of AOCI and the amounts reclassified from AOCI to net income (loss). The tax effects of all amounts in the tables below, except for an immaterial amount of unrealized gains and losses on available-for-sale securities held at the Company's U.K. subsidiary, were computed using the enacted U.S. federal corporate tax rate of 21%. OCI included a deferred tax expense of $95.92 million and a$15.1 ~~nominal~~million ~~tax benefit~~ for the three and six months ended ~~March~~June 3130, 2025, respectively, and ~~2024~~a deferred tax benefit of $0.2 million for the three and six months ended June 30, ~~respectively~~2024.

~~The changes in the balance of each component of AOCI for the three months ended March 31, 2025 and 2024 were as follows:~~32

(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	37,212		(1,637)		—		—		35,575
Amounts reclassified from AOCI, net of tax	2,425		(548)		81		—		1,958
Net OCI, current period	39,637		(2,185)		81		—		37,533
Balance, March 31, 2025	$	(136,416)	$	2,391	$	(11)	$	(822)	$	(134,858)

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

(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	(6,339)		4,074		(455)		—		(2,720)
Amounts reclassified from AOCI, net of tax	1,321		(1,073)		—		—		248
Net OCI, current period	(5,018)		3,001		(455)		—		(2,472)
Balance, March 31, 2024	$	(211,345)	$	6,027	$	(466)	$	(1,177)	$	(206,961)

The changes in the balance of each component of AOCI for the three and six months ended June 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, April 1, 2025	$	(136,416)	$	2,391	$	(11)	$	(822)	$	(134,858)
OCI, before reclassifications, net of tax	19,036		(902)		—		—		18,134
Amounts reclassified from AOCI, net of tax	705		(537)		—		—		168
Net OCI, current period	19,741		(1,439)		—		—		18,302
Balance, June 30, 2025	$	(116,675)	$	952	$	(11)	$	(822)	$	(116,556)









(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	56,251		(2,539)		—		—		53,712
Amounts reclassified from AOCI, net of tax	3,127		(1,085)		81		—		2,123
Net OCI, current period	59,378		(3,624)		81		—		55,835
Balance, June 30, 2025	$	(116,675)	$	952	$	(11)	$	(822)	$	(116,556)


(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, April 1, 2024	$	(211,345)	$	6,027	$	(466)	$	(1,177)	$	(206,961)
OCI, before reclassifications, net of tax	(597)		1,326		—		—		729
Amounts reclassified from AOCI, net of tax	872		(1,051)		374		—		195
Net OCI, current period	275		275		374		—		924
Balance, June 30, 2024	$	(211,070)	$	6,302	$	(92)	$	(1,177)	$	(206,037)









(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	(6,936)		5,400		(455)		—		(1,991)
Amounts reclassified from AOCI, net of tax	2,193		(2,124)		374		—		443
Net OCI, current period	(4,743)		3,276		(81)		—		(1,548)
Balance, June 30, 2024	$	(211,070)	$	6,302	$	(92)	$	(1,177)	$	(206,037)

(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.

10. Variable Interest Entities

ProAssurance holds passive interests in a number of entities that are considered to be VIEs under GAAP guidance. ProAssurance's VIE interests principally consist of interests in LPs/LLCs formed for the purpose of achieving diversified equity and debt returns. ProAssurance's VIE interests, carried as a part of investment in unconsolidated subsidiaries, totaled $~~231~~228.83 million at ~~March~~June 3130, 2025 and $234.4 million at December 31, 2024. ProAssurance does not have power over the activities that most significantly impact the economic performance of these VIEs and thus is not the primary beneficiary. Investments in entities where ProAssurance holds a greater than minor interest but does not hold a controlling interest are accounted for using the equity method. Therefore, ProAssurance has not consolidated these VIEs. ProAssurance’s involvement with each of these VIEs is limited to its direct ownership interest in the VIE. Except for the funding commitments disclosed in Note 6, ProAssurance has no arrangements with any of these VIEs to provide other financial support to or on behalf of the VIE. At March 31, 2025, ProAssurance’s maximum loss exposure relative to these investments was limited to the carrying value of ProAssurance’s investment in the VIE.

ProAssurance is the primary beneficiary of PPM RRG. While there is no direct ownership of PPM RRG by ProAssurance, it manages the business operations of PPM RRG through its management services agreement and has effective control of the PPM RRG's Board of Directors through an irrevocable voting proxy. The management services agreement allows ProAssurance to provide management and oversight services to PPM RRG, which includes the ability to make business decisions impacting the operations of PPM RRG. PPM RRG has a $5 million surplus note to NORCAL which is its only source of capital. At March 31, 2025 and December 31, 2024, approximately $139 million of ProAssurance's assets and approximately $139 million of its liabilities included on the Condensed Consolidated Balance Sheet were related to PPM RRG for each period.33

11. Earnings (Loss) Per Share

Diluted weighted average shares is calculated as basic weighted average shares plus the effect, calculated using the treasury stock method, of assuming that restricted share units and performance share units have vested. The following table provides a reconciliation between the Company's basic weighted average number of common shares outstanding to its diluted weighted average number of common shares outstanding:

(In thousands, except per share data)	Three Months EndedMarch 31
		2025		2024
Weighted average number of common shares outstanding, basic		51,188		51,013
Dilutive effect of securities:
Restricted Share Units		188		112
Performance Share Units		69		24
Weighted average number of common shares outstanding, diluted		51,445		51,149
Effect of dilutive shares on earnings (loss) per share		$	—	$	—

There were no antidilutive common share equivalents for the three months ended March 31, 2025. The diluted weighted average number of common shares outstanding for the three months ended March 31, 2024 excluded approximately 251,000 of common share equivalents issuable under the Company's stock compensation plans, as their effect would have been antidilutive.

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

~~Dilutive~~entities ~~common~~where ~~share~~ProAssurance ~~equivalents~~holds a greater than minor interest but does not hold a controlling interest are ~~reflected~~accounted infor using the ~~earnings~~equity ~~(loss)~~method. ~~per~~Therefore, ~~share~~ProAssurance ~~calculation~~has ~~while~~not ~~antidilutive~~consolidated ~~common~~these ~~share~~VIEs. ~~equivalents~~ProAssurance’s ~~are~~involvement ~~not~~with ~~reflected~~each inof ~~the~~these ~~earnings~~VIEs ~~(loss)~~is ~~per~~limited ~~share~~to ~~calculation~~its direct ownership interest in the VIE. ~~For~~Except for the ~~three~~funding ~~months~~commitments ~~ended~~disclosed ~~March 31,~~in ~~2025~~Note 6, ~~all~~ProAssurance ~~incremental~~has ~~common~~no ~~share~~arrangements ~~equivalents~~with ~~were~~any ~~not~~of ~~included~~these inVIEs ~~the~~to ~~computation~~provide other financial support to or on behalf of ~~diluted~~the VIE. At June 30, 2025, ProAssurance’s maximum loss ~~per~~exposure ~~share~~relative ~~because~~to these investments was limited to dothe socarrying ~~would~~value ~~have~~of ~~been~~ProAssurance’s ~~antidilutive~~investment in the VIE.

ProAssurance is the primary beneficiary of PPM RRG. While there is no direct ownership of PPM RRG by ProAssurance, it manages the business operations of PPM RRG through its management services agreement and has effective control of the PPM RRG's Board of Directors through an irrevocable voting proxy. The management services agreement allows ProAssurance to provide management and oversight services to PPM RRG, which includes the ability to make business decisions impacting the operations of PPM RRG. PPM RRG has a $5 million surplus note to NORCAL which is its only source of capital. At both June 30, 2025 and December 31, 2024, approximately $139 million of ProAssurance's assets and approximately $139 million of its liabilities included on the Condensed Consolidated Balance Sheet were related to PPM RRG.

11. Earnings (Loss) Per Share


(In thousands, except per share data)	Three Months Ended June 30				Six Months Ended June 30
	2025		2024		2025		2024
Weighted average number of common shares outstanding, basic	51,345		51,060		51,267		51,036
Dilutive effect of securities:
Restricted Share Units	211		128		200		120
Performance Share Units	121		37		95		31


Weighted average number of common shares outstanding, diluted	51,677		51,225		51,562		51,187
Effect of dilutive shares on earnings (loss) per share	$	(0.01)	$	—	$	—	$	—

There were no antidilutive common share equivalents for the three and six months ended June 30, 2025. The diluted weighted average number of common shares outstanding for the three and six months ended June 30, 2024 excluded approximately 143,000 and 197,000, respectively, of common share equivalents issuable under the Company's stock compensation plans, as their effect would have been antidilutive.

Dilutive common share equivalents are reflected in the earnings (loss) per share calculation while antidilutive common share equivalents are not reflected in the earnings (loss) per share calculation.

12. Segment Information

ProAssurance's segments are based on the Company's internal management reporting structure for which financial results are regularly evaluated by the Company's CODM to determine resource allocation and assess operating performance. The Company continually assesses its internal management reporting structure and information evaluated by its CODM to determine whether any changes have occurred that would impact its segment reporting structure.

Segment Reorganization

During the first quarter of 2025, ProAssurance altered its internal management reporting structure and the financial results evaluated by its CODM; therefore, ProAssurance changed the composition of its operating and reportable segments to align with how the CODM currently oversees the business, allocates resources and evaluates operating performance. As a result, ProAssurance now reports the financial results of ~~coverage~~its ~~processed~~subsidiary ~~through~~ IAO, Inc. d/b/a ProAssurance Agency in the Specialty P&C segment which were previously reported in the Corporate segment. All prior period segment information has been recast to conform to the current period presentation. The change in presentation had no impact on previously reported consolidated financial results.

Table of Contents

ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

June 30, 2025

The Company operates in four segments: Specialty P&C, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance and Corporate. Additional information regarding ProAssurance's segments is included in Note 16 of the Notes to Consolidated Financial Statements in ProAssurance’s December 31, 2024 report on Form 10-K. A description of each of ProAssurance's four operating and reportable segments follows.

•Specialty P&C includes medical professional liability insurance and medical technology liability insurance. The Specialty P&C segment also includes non-premium revenues generated outside of the Company's insurance entities and the underwriting results from ProAssurance's previous participation in Lloyd's of London Syndicate 1729 and Syndicate 6131, which is currently in runoff.

•Workers' Compensation Insurance includes workers' compensation insurance products which are provided primarily to employers with 1,000 or fewer employees.

•Segregated Portfolio Cell Reinsurance includes the results (underwriting profit or loss, plus investment results, net of U.S. federal income taxes) of SPCs at Inova Re and Eastern Re, the Company's Cayman Islands SPC operations.

•Corporate includes ProAssurance's investment operations excluding those reported in the Company's Segregated Portfolio Cell Reinsurance segment. In addition, this segment includes corporate expenses, interest expense, U.S. and U.K. income taxes and foreign currency exchange rate gains and losses.

The accounting policies of the segments are described in Note 1 of the Notes to Consolidated Financial Statements in ProAssurance’s December 31, 2024 report on Form 10-K. The CODM evaluates the performance of the Specialty P&C and Workers' Compensation Insurance segments based on before tax underwriting profit or loss. The CODM also evaluates the Specialty P&C and Workers' Compensation Insurance segment's net loss and underwriting expense ratios in assessing each segment's financial performance. The net loss ratio is calculated as the segment's net losses and loss adjustment expenses incurred divided by net premiums earned. The underwriting expense ratio is calculated as the segment's underwriting, policy acquisition and operating expenses incurred divided by net premiums earned. The CODM evaluates the performance of the Segregated Portfolio Cell Reinsurance segment based on operating profit or loss, which includes investment results of investment assets solely allocated to SPC operations, net of U.S. federal income taxes. Performance of the Corporate segment is evaluated by the CODM based on its contribution to consolidated after-tax results. The CODM also evaluates the contribution of the Corporate segment to the consolidated underwriting expense ratio (Corporate operating expenses divided by consolidated net premiums earned) in assessing the segment's financial performance. ProAssurance accounts for inter-segment transactions as if the transactions were to third parties at current market prices. Assets are not allocated to segments because investments, other than the investments discussed above that are solely allocated to the Segregated Portfolio Cell Reinsurance segment, and other assets are not managed at the segment level.

The tabular information that follows shows the financial results of the Company's reportable segments reconciled to results reflected in the Condensed Consolidated Statements of Income and Comprehensive Income. The CODM does not consider goodwill or intangible asset impairments, changes in the fair value of contingent consideration or transaction-related costs for proposed or completed business combinations, including any related tax impacts, in assessing the financial performance of its operating and reportable segments, and thus are included in the reconciliation of segment results to consolidated results.

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ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

performance of its operating and reportable segments, and thus are included in the reconciliation of segment results to consolidated results.

Financial results by segment were as follows:

	Three Months Ended March 31, 2025
	Three Months Ended June 30, 2025
(In thousands)	Specialty P&C		Workers' Compensation Insurance		Segregated Portfolio Cell Reinsurance		Corporate		Inter-segment Eliminations		Consolidated
Net premiums earned	$	~~183~~179,~~254~~308	$	41,~~524~~543	$	11,~~497~~556	$	—	$	—	$	~~236~~232,~~275~~407
Net investment income	—		—		~~816~~902		3638,~~135~~031		—		3638,~~951~~933
Equity in earnings (loss) of unconsolidated subsidiaries	—		—		—		4,~~015~~584		—		4,~~015~~584
Net investment gains (losses)	—		—		~~(335)~~1,318		(1,~~358~~091)		—		~~(1,693)~~227
Other income (expense)(1)	32,~~766~~141		~~390~~434		~~(1)~~18		(71,~~283~~754)		(~~341~~237)		~~(3,469)~~602
Net losses and loss adjustment expenses(2)	(~~152~~123,~~247~~746)		(3031,~~153~~148)		(75,~~560~~043)		—		—		(~~189~~159,~~960~~937)
Operating expenses(1)(2)(3)	(24,~~102~~629)		(1110,~~081~~751)		(~~531~~363)		(8,~~102~~869)		632		(4344,~~753~~610)
Deferred policy acquisition costs amortization(2)	(24,533)		(4,522)		(3,604)		—		278		(32,381)
Deferred policy acquisition costs(2)	(22,380)		(6,037)		(3,585)		—		235		(31,767)
SPC U.S. federal income tax benefit (expense)(4)	—		—		(~~348~~906)		—		—		(~~348~~906)
SPC dividend (expense) income	—		—		~~248~~(2,336)		—		—		~~248~~(2,336)
Interest expense	—		—		—		(5,~~160~~224)		—		(5,~~160~~224)
Income tax benefit (expense)	—		—		—		(~~229~~5,844)		—		(~~229~~5,844)
Segment results	$	~~(13~~10,~~862)~~694	$	(35,~~842~~959)	$	~~182~~1,561	$	1819,~~018~~833	$	—	~~496~~26,129
Reconciliation of segments to consolidated results:
Transaction-related costs, net(5)											(64,~~318~~208)
Net income (loss)											$	(521,~~822)~~921
Significant non-cash items:
Depreciation and amortization, net of accretion	$	2,~~168~~062	$	1,~~271~~262	$	(~~450~~454)	$	~~833~~671	$	—	$	3,~~822~~541

	Three Months Ended March 31, 2024
	Six Months Ended June 30, 2025
(In thousands)	Specialty P&C		Workers' Compensation Insurance		Segregated Portfolio Cell Reinsurance		Corporate		Inter-segment Eliminations		Consolidated
Net premiums earned	$	~~188~~362,~~888~~564	$	4183,~~094~~066	$	1423,~~168~~052	$	—	$	—	$	~~244~~468,~~150~~682
Net investment income	—		—		~~693~~1,718		3374,~~204~~165		—		3375,~~897~~883
Equity in earnings (loss) of unconsolidated subsidiaries	—		—		—		28,~~963~~599		—		28,~~963~~599
Net investment gains (losses)	—		—		~~1,471~~983		(12,~~739~~449)		—		(~~268~~1,466)
Other income (expense)(1)	25,~~160~~908		~~477~~823		~~(1)~~17		1(9,~~999~~037)		(~~680~~578)		3(2,~~955~~867)
Net losses and loss adjustment expenses(2)	(~~152~~275,~~994~~995)		(3161,~~636~~300)		(1012,~~064~~603)		—		—		(~~194~~349,~~694~~898)
Operating expenses(1)(2)(3)	(2548,~~489~~731)		(1021,~~596~~831)		(~~409~~892)		(816,~~150~~971)		~~333~~64		(4488,~~311~~361)
Deferred policy acquisition costs amortization(2)	(2546,~~843~~914)		(310,~~894~~559)		(47,~~304~~189)		—		~~347~~514		(3364,~~694~~148)
SPC U.S. federal income tax benefit (expense)(4)	—		—		(~~416~~1,255)		—		—		(~~416~~1,255)
SPC dividend (expense) income	—		—		(~~607~~2,088)		—		—		(~~607~~2,088)
Interest expense	—		—		—		(510,~~657~~384)		—		(510,~~657~~384)
Income tax benefit (expense)	—		—		—		(~~692~~6,073)		—		(~~692~~6,073)
Segment results	$	(133,~~278~~168)	$	(49,~~555~~801)	$	~~531~~1,743	$	2137,~~928~~850	$	—	426,~~626~~624
Net income (loss)											$	4,626
Reconciliation of segments to consolidated results:
Transaction-related costs, net(5)											(10,525)
Net income (loss)											$	16,099
Significant non-cash items:
Depreciation and amortization, net of accretion	$	24,~~429~~230	$	12,~~164~~533	$	(~~370~~904)	$	21,~~109~~504	$	—	$	57,~~332~~363
(1) Includes certain fees for services provided by the Workers' Compensation Insurance segment to the SPCs at Inova Re and Eastern Re which are recorded as expenses within the Segregated Portfolio Cell Reinsurance segment and as other income within the Workers' Compensation Insurance segment. These fees are primarily SPC rental fees and are eliminated between segments in consolidation.
(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3) Primarily includes compensation-related costs, professional fees, software and equipment costs and management fees in the Specialty P&C, Workers' Compensation Insurance and Corporate segments. Operating expenses in the Segregated Portfolio Cell Reinsurance segment primarily include bank fees, professional fees, changes in the allowance for expected credit losses and policyholder dividend expense. The remaining operating expenses were comprised of individually insignificant components.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

~~March~~June 3130, 2025

(4) Represents the provision for U.S. federal income taxes for SPCs at Inova Re, which have elected to be taxed as a U.S. corporation under Section 953(d) of the Internal Revenue Code. U.S. federal income taxes are included in the total SPC net results and are paid by the individual SPCs. (5) Represents the transaction-related costs, after-tax, associated with the proposed merger transaction between ProAssurance and The Doctors Company. For the three months ended March 31, 2025 pre-tax transaction-related costs of approximately $7.1 million were included as a component of consolidated operating expense and the associated income tax benefit of approximately $0.7 million was included as a component of consolidated income tax benefit (expense) on the Condensed Consolidated Statements of Income and Comprehensive Income.


	Three Months Ended June 30, 2024
(In thousands)	Specialty P&C		Workers' Compensation Insurance		Segregated Portfolio Cell Reinsurance		Corporate		Inter-segment Eliminations		Consolidated
Net premiums earned	$	184,546	$	41,770	$	13,551	$	—	$	—	$	239,867
Net investment income	—		—		985		35,573		—		36,558
Equity in earnings (loss) of unconsolidated subsidiaries	—		—		—		8,652		—		8,652
Net investment gains (losses)	—		—		258		(3,835)		—		(3,577)
Other income (expense)(1)	1,427		469		1		511		(293)		2,115
Net losses and loss adjustment expenses(2)	(145,234)		(32,149)		(8,617)		—		—		(186,000)
Operating expenses(1)(2)(3)	(25,198)		(11,078)		(958)		(8,645)		—		(45,879)
Deferred policy acquisition costs(2)	(25,758)		(4,061)		(4,292)		—		293		(33,818)
SPC U.S. federal income tax benefit (expense)(4)	—		—		(249)		—		—		(249)
SPC dividend (expense) income	—		—		(512)		—		—		(512)
Interest expense	—		—		—		(5,648)		—		(5,648)
Income tax benefit (expense)	—		—		—		(2,488)		—		(2,488)
Segment results	$	(10,217)	$	(5,049)	$	167	$	24,120	$	—	9,021
Reconciliation of segments to consolidated results:
Contingent Consideration(6)											6,740


Transaction-related costs, net(5)											(253)
Net income (loss)											$	15,508
Significant non-cash items:

Depreciation and amortization, net of accretion	$	2,290	$	1,313	$	(620)	$	1,450	$	—	$	4,433

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ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

June 30, 2025


	Six Months Ended June 30, 2024
(In thousands)	Specialty P&C		Workers' Compensation Insurance		Segregated Portfolio Cell Reinsurance		Corporate		Inter-segment Eliminations		Consolidated
Net premiums earned	$	373,433	$	82,864	$	27,720	$	—	$	—	$	484,017
Net investment income	—		—		1,678		68,777		—		70,455
Equity in earnings (loss) of unconsolidated subsidiaries	—		—		—		11,616		—		11,616
Net investment gains (losses)	—		—		1,728		(5,573)		—		(3,845)
Other income (expense)(1)	3,589		946		—		2,510		(975)		6,070
Net losses and loss adjustment expenses(2)	(298,227)		(63,786)		(18,681)		—		—		(380,694)
Operating expenses(1)(2)(3)	(50,692)		(21,674)		(1,364)		(16,797)		335		(90,192)
Deferred policy acquisition costs amortization(2)	(51,600)		(7,954)		(8,597)		—		640		(67,511)
SPC U.S. federal income tax benefit (expense)(4)	—		—		(666)		—		—		(666)
SPC dividend (expense) income	—		—		(1,119)		—		—		(1,119)
Interest expense	—		—		—		(11,305)		—		(11,305)
Income tax benefit (expense)	—		—		—		(3,179)		—		(3,179)
Segment results	$	(23,497)	$	(9,604)	$	699	$	46,049	$	—	13,647
Reconciliation of segments to consolidated results:

Contingent Consideration(6)											6,740


Transaction-related costs, net(5)											(253)
Net income (loss)											$	20,134
Significant non-cash items:

Depreciation and amortization, net of accretion	$	4,719	$	2,477	$	(990)	$	3,559	$	—	$	9,765


(1) Includes certain fees for services provided by the Workers' Compensation Insurance segment to the SPCs at Inova Re and Eastern Re which are recorded as expenses within the Segregated Portfolio Cell Reinsurance segment and as other income within the Workers' Compensation Insurance segment. These fees are primarily SPC rental fees and are eliminated between segments in consolidation.
(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3) Primarily includes compensation-related costs, professional fees, software and equipment costs and management fees in the Specialty P&C, Workers' Compensation Insurance and Corporate segments. Operating expenses in the Segregated Portfolio Cell Reinsurance segment primarily include bank fees, professional fees, changes in the allowance for expected credit losses and policyholder dividend expense. The remaining operating expenses were comprised of individually insignificant components.
(4) Represents the provision for U.S. federal income taxes for SPCs at Inova Re, which have elected to be taxed as a U.S. corporation under Section 953(d) of the Internal Revenue Code. U.S. federal income taxes are included in the total SPC net results and are paid by the individual SPCs.
(5) Represents the transaction-related costs, after-tax, associated with the proposed merger transaction between ProAssurance and The Doctors Company for the three and six months ended June 30, 2025 and actuarial consulting fees paid during the second quarter of 2024 in connection with the final determination of contingent consideration associated with the acquisition of NORCAL. For the three and six months ended June 30, 2025, pre-tax transaction-related costs of approximately $4.5 million and $11.6 million, respectively, were included as a component of consolidated operating expenses as compared to $0.3 million for the same periods of 2024. For the three and six months ended June 30, 2025 the associated income tax benefit was approximately $0.3 million and $1.1 million, respectively, and was included as a component of consolidated income tax benefit (expense) on the Condensed Consolidated Statements of Income and Comprehensive Income as compared to a nominal amount for the same periods of 2024.
(6) Represents the change in the fair value of contingent consideration issued in connection with the NORCAL acquisition and the reversal of a nominal amount of associated contingent investment banker fees accrued during purchase accounting, all of which were included as a component of consolidated net investment gains (losses) on the Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2024. See further discussion on the contingent consideration in Note 2 of the Notes to Consolidated Financial Statements in ProAssurance's December 31, 2024 report on Form 10-K.

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ProAssurance Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

June 30, 2025

The following table provides detailed information regarding ProAssurance's gross premiums earned by product as well as a reconciliation to net premiums earned. All gross premiums earned are from external customers except as noted. ProAssurance's insured risks are primarily within the U.S.

			Three Months Ended March 31
	Three Months Ended June 30				Six Months Ended June 30
(In thousands)	2025		2024		2025		2024
Specialty P&C Segment
Gross premiums earned:
MPL	$	179,982	$	180,671	$	~~184~~364,~~671~~653	$	~~184~~365,~~744~~415
Medical Technology Liability	10,908		10,996		1021,~~763~~671		1021,~~938~~934
Lloyd's Syndicates	326		4,425		1,~~084~~410		49,~~934~~359
Other	3,956		5,601		48,~~408~~364		611,~~011~~612
Ceded premiums earned	(15,864)		(17,147)		(1733,~~672~~534)		(1734,~~739~~887)
Segment net premiums earned	179,308		184,546		~~183~~362,~~254~~564		~~188~~373,~~888~~433
Workers' Compensation Insurance Segment
Gross premiums earned:
Traditional business	45,481		45,786		4389,~~627~~108		4490,~~376~~162
Alternative market business	14,385		16,293		1428,~~349~~734		1733,~~163~~456
Ceded premiums earned	(18,323)		(20,309)		(1634,~~452~~776)		(2040,~~445~~754)
Segment net premiums earned	41,543		41,770		4183,~~524~~066		4182,~~094~~864
Segregated Portfolio Cell Reinsurance Segment
Gross premiums earned:
Workers' compensation(1)	12,799		14,805		1225,~~694~~493		1530,~~867~~672
MPL(2)	684		821		~~649~~1,333		~~543~~1,364
Ceded premiums earned	(1,927)		(2,075)		(13,~~846~~774)		(24,~~242~~316)
Segment net premiums earned	11,556		13,551		1123,~~497~~052		1427,~~168~~720
Consolidated net premiums earned	$	232,407	$	239,867	$	~~236~~468,~~275~~682	$	~~244~~484,~~150~~017

(1) Premium for all periods is assumed from the Workers' Compensation Insurance segment.

(2) Premium for all periods is assumed from the Specialty P&C segment.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements and Notes to those statements which accompany this report. Throughout the discussion we use certain terms and abbreviations, which can be found in the Glossary of Terms and Acronyms at the beginning of this report. In addition, a glossary of insurance terms and phrases is available on the investor section of our website. Throughout the discussion, references to "ProAssurance," "ProAssurance Group," "PRA," "Company," "we," "us" and "our" refer to ProAssurance Corporation and its consolidated subsidiaries. The discussion contains certain forward-looking information that involves significant risks, assumptions and uncertainties. As discussed under the heading "Caution Regarding Forward-Looking Statements," our actual financial condition and results of operations could differ significantly from these forward-looking statements.

ProAssurance Overview

ProAssurance Corporation is a holding company for property and casualty insurance companies. Our insurance subsidiaries provide medical professional liability insurance, liability insurance for medical technology and life sciences risks and workers' compensation insurance.

During the first quarter of 2025, we altered our internal management reporting structure and the financial results evaluated by our CODM; therefore, we changed the composition of our operating and reportable segments to align with how the CODM currently oversees the business, allocates resources and evaluates operating performance. As a result, we now report the financial results of ~~coverage~~our ~~processed~~subsidiary ~~through~~ IAO, Inc. d/b/a ProAssurance Agency in the Specialty P&C segment which were previously reported in the Corporate segment. We operate in four segments: Specialty P&C, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance and Corporate. All prior period segment information has been recast to conform to the current period presentation. The change in presentation had no impact on previously reported consolidated financial results.

Additional information on ProAssurance's four operating and reportable segments is included in Note 12 of the Notes to Condensed Consolidated Financial Statements, Note 16 of the Notes to Consolidated Financial Statements in our December 31, 2024 report on Form 10-K and in the Segment Results sections herein that follow.

Critical Accounting Estimates

Our Condensed Consolidated Financial Statements are prepared in conformity with GAAP. Preparation of these financial statements requires us to make estimates and assumptions that affect the amounts we report on those statements. We evaluate these estimates and assumptions on an ongoing basis based on current and historical developments, market conditions, industry trends and other information that we believe to be reasonable under the circumstances. We can make no assurance that actual results will conform to our estimates and assumptions; reported results of operations may be materially affected by changes in these estimates and assumptions. A detailed discussion of our critical accounting estimates is included in our Critical Accounting Estimates section in Item 7 of our December 31, 2024 report on Form 10-K.

Management considers the following accounting estimates to be critical because they involve significant judgment by management and those judgments could result in a material effect on our financial statements:

•Reserve for losses and loss adjustment expenses

•Reinsurance

•Valuation of investments and impairment of securities

•Income taxes

Estimation of Taxes

For interim periods, we generally utilize the estimated annual effective tax rate method under which we determine our provision (benefit) for income taxes based on the current estimate of our annual effective tax rate. For the three and six months ended ~~March~~June 3130, 2025 and ~~March~~June 3130, 2024, we utilized the estimated annual effective tax rate method. Under this method, items which are unusual, infrequent or that cannot be reliably estimated are considered in the effective tax rate in the period in which the item is included in income and are referred to as discrete items. See further discussion on this method in Note 4 of the Notes to Condensed Consolidated Financial Statements.

U.S. Tax Legislation

The OBBBA was signed into law on July 4, 2025 and included extensions and modifications to various domestic and international tax provisions that were originally enacted under the TCJA. Under current accounting guidance, the effects of changes in tax law are accounted for in the period of enactment or the date the President signs the bill. These changes will be considered a discrete component of the income tax provision beginning in the third quarter of 2025. We are currently evaluating the financial impact of the change in tax law on our current and deferred taxes.

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Liquidity and Capital Resources and Financial Condition

Overview

ProAssurance Corporation is a holding company and is a legal entity separate and distinct from its subsidiaries. As a holding company, our principal source of external revenue is our investment revenues. In addition, dividends from our operating subsidiaries represent another source of funds for our obligations, including debt service. We also charge our core domestic operating subsidiaries within our Specialty P&C and ~~shareholder~~Workers' ~~dividends~~Compensation Insurance segments a management fee based on the extent to which services are provided to the subsidiary and the amount of gross premium written by the subsidiary. At June 30, 2025, we held cash and liquid investments of approximately $83 million outside our insurance subsidiaries that were available for use without regulatory approval or other restriction. As of July 31, 2025, we also have an additional $125 million in permitted borrowings available under our Revolving Credit Agreement as well as the possibility of a $50 million accordion feature, if successfully subscribed, as discussed in this section under the heading "Debt."

35To date during 2025, our operating subsidiaries have paid dividends to us of approximately $12 million. In the aggregate, our insurance subsidiaries are permitted to pay dividends of approximately $145 million over the remainder of 2025 without prior approval of state insurance regulators. However, the payment of any dividend requires prior notice to the insurance regulator in the state of domicile, and the regulator may reduce or prevent the dividend if, in its judgment, payment of the dividend would have an adverse effect on the surplus of the insurance subsidiary. We make the decision to pay dividends from an insurance subsidiary based on the capital needs of that subsidiary and may pay less than the permitted dividend or may also request permission to pay an additional amount (an extraordinary dividend).

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declared. We also charge our core domestic operating subsidiaries within our Specialty P&C and Workers' Compensation Insurance segments a management fee based on the extent to which services are provided to the subsidiary and the amount of gross premium written by the subsidiary. At March 31, 2025, we held cash and liquid investments of approximately $86 million outside our insurance subsidiaries that were available for use without regulatory approval or other restriction. As of May 1, 2025, we also have an additional $125 million in permitted borrowings available under our Revolving Credit Agreement as well as the possibility of a $50 million accordion feature, if successfully subscribed, as discussed in this section under the heading "Debt."

Our operating subsidiaries have not paid us any dividends during 2025. In the aggregate, our insurance subsidiaries are permitted to pay dividends of approximately $145 million over the remainder of 2025 without prior approval of state insurance regulators. However, the payment of any dividend requires prior notice to the insurance regulator in the state of domicile, and the regulator may reduce or prevent the dividend if, in its judgment, payment of the dividend would have an adverse effect on the surplus of the insurance subsidiary. We make the decision to pay dividends from an insurance subsidiary based on the capital needs of that subsidiary and may pay less than the permitted dividend or may also request permission to pay an additional amount (an extraordinary dividend).

Cash Flows

Cash flows between periods compare as follows:

Three Months Ended March 31

Six Months Ended June 30

(In thousands)

2025

2024

Change

Net cash provided (used) by:

Operating activities

(1139,~~609~~674)

(1124,~~649~~499)

40(15,175)

Investing activities

434,~~110~~233

12(1,~~120~~970)

(836,~~010)~~203

Financing activities

(37,~~841~~835)

(~~969~~2,552)

(25,~~872~~283)

Increase (decrease) in cash and cash equivalents

(1113,~~340~~276)

(~~498~~29,021)

~~(10~~15,~~842)~~745

The principal components of our operating cash flows are the excess of premiums collected and net investment income over losses paid and operating costs, including income taxes. Timing delays exist between the collection of premiums and the payment of losses associated with the premiums. Premiums are generally collected within the twelve-month period after the policy is written, while our claim payments are generally paid over a more extended period of time. Likewise, timing delays exist between the payment of claims and the collection of any associated reinsurance recoveries.

Operating cash flows ~~remained~~decreased ~~relatively unchanged~~ for the ~~three~~six months ended ~~March~~June 3130, 2025 as compared to the ~~three~~six months ended ~~March~~June 3130, 2024. The change in operating cash flows was primarily due to:

•An increase in ~~net~~cash ~~premium~~paid ~~receipts~~for operating expenses of $1220.2 million ~~primarily~~ driven by ~~tail~~higher ~~coverage~~incentive ~~premium~~based compensation and ~~reinsurance~~transaction-related ~~assumed~~costs associated with ~~two~~the ~~new~~proposed ~~reinsurance~~merger ~~arrangements~~transaction inwith ~~our~~The ~~Specialty~~Doctors ~~P&C~~Company ~~segment,~~(see ~~partially~~Note ~~offset~~1 byof the ~~proactive~~Notes ~~actions~~to wethe ~~have~~Condensed ~~taken~~Consolidated inFinancial ~~certain lines of business to improve profitability~~Statements).

•A decrease in ~~paid~~net ~~losses~~premium receipts of $911.19 million primarily driven by ~~our Specialty P&C segment which reflected~~ a lower ~~number~~volume of ~~claims~~written ~~resolved~~premium ~~with~~due ~~large indemnity payments as compared~~ to the ~~prior~~proactive ~~year~~actions ~~period~~we ~~and~~have antaken ~~increase~~ in ~~cash~~certain ~~received~~lines ~~from reinsurance recoveries related to four large claims. Claim costs in our MPL line~~ of business ~~continue~~ to beimprove ~~pressured~~profitability, bypartially ~~social~~offset ~~inflation~~by ~~and~~a ~~higher~~decrease ~~than~~in ~~anticipated~~premiums ~~loss~~paid ~~severity~~for ~~trends~~reinsurance.

~~•An~~The ~~increase~~decrease in operating cash ~~received~~flows ~~from~~was ~~investment~~partially ~~income~~offset ~~of $4.3 million driven~~ by an increase in distributed earnings and redemptions from our portfolio of investments in LPs/LLCs and higher average book yields as we take advantage of the current interest rate environment as our portfolio matures.:

•A decrease in paid net losses of $27.29 million ~~gain~~driven onby ~~the~~our ~~sale~~Specialty ofP&C ~~our~~segment ~~Franklin,~~which TNreflected ~~property~~an increase in cash received from reinsurance recoveries related to anfour ~~unrelated~~large ~~third~~claims ~~party~~and, ~~during~~to ~~the~~a ~~first~~lesser ~~quarter~~extent, a lower number of ~~2025~~claims resolved with large indemnity payments as compared to the prior year period.

•~~The~~An increase in ~~operating~~ cash ~~flows~~received ~~was~~from ~~partially~~investment ~~offset~~income ~~by an increase in cash paid for operating expenses~~ of $277.93 million driven by ~~higher~~an ~~incentive~~increase ~~based~~in ~~compensation~~distributed earnings and ~~transaction-related~~redemptions ~~costs~~from ~~associated~~our ~~with~~portfolio ~~the~~of ~~proposed~~investments ~~merger~~in ~~transaction~~LPs/LLCs ~~with~~and ~~The~~higher ~~Doctors~~average ~~Company~~book ~~(see~~yields ~~Note~~as 1we take advantage of the ~~Notes~~current tointerest ~~the~~rate ~~Condensed~~environment ~~Consolidated~~as ~~Financial~~our ~~Statements)~~portfolio matures.

The remaining variance in operating cash flows for the ~~three~~six months ended ~~March~~June 3130, 2025 as compared to the same period of 2024 was composed of individually insignificant components.

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We manage our investing cash flows to ensure that we will have sufficient liquidity to meet our obligations, taking into consideration the timing of cash flows from our investments, including interest payments, dividends and principal payments, as well as the expected cash flows to be generated by our operations as discussed in this section under the heading "Investing Activities and Related Cash Flows."

Our financing cash flows are primarily comprised of repayment of debt as well as capital contributions received from or return of capital to external SPC participants. See further discussion of debt in this section under the heading "Financing Activities and Related Cash Flows."

Operating Activities and Related Cash Flows

Reinsurance

Within our Specialty P&C segment, we use insurance and reinsurance (collectively, “reinsurance”) to provide capacity to write larger limits of liability, to provide reimbursement for losses incurred under the higher limit coverages we offer and to provide protection against losses in excess of policy limits. Within our Workers' Compensation Insurance segment, we use reinsurance to reduce our net liability on individual risks, to mitigate the effect of significant loss occurrences (including catastrophic events), to stabilize underwriting results and to increase underwriting capacity by decreasing leverage. In both our Specialty P&C and Workers' Compensation Insurance segments, we use reinsurance in risk sharing arrangements to align our objectives with those of our strategic business partners and to provide custom insurance solutions for large customer groups. The discussion in our Liquidity section under the same heading in Item 7 of our December 31, 2024 report on Form 10-K includes additional information regarding our reinsurance agreements.

Excess of Loss Reinsurance Agreements

Our Medical Professional Liability and Medical Technology Liability treaties renew annually on October 1 and our workers' compensation treaty renews annually on May 1. Our traditional workers' compensation treaty renewed May 1, 2025 at a lower contract rate than the previous treaty. All other material terms were consistent with the expiring treaty. The significant coverages provided by our current excess of loss reinsurance agreements are depicted in the following table.

Current Excess of Loss Reinsurance Agreements

Medical Professional Liability

Medical Technology & Life Sciences Products

Workers' Compensation - Traditional

(1) Effective October 1, 2020, one prepaid limit reinstatement of $21M and a second limit reinstatement of up to $21M for the second layer, subject to reinstatement premium, which attaches after the first ~~reinstatement has been completely exhausted. All limit reinstatements thereafter require no additional premium. Effective October 1, 2021, limits can be reinstated a maximum of four times.~~

~~(2) Prior to October 1, 2020, retention was $1M.~~42

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reinstatement has been completely exhausted. All limit reinstatements thereafter require no additional premium. Effective October 1, 2021, limits can be reinstated a maximum of four times.

(2) Prior to October 1, 2020, retention was $1M.

(3) Historically, retention has ranged from 0% to 32.5%.

(4) Historically, retention has ranged from $1M to $2M.

(5) Subject to a limit of $20M per individual claimant. If an individual loss were to exceed this level the Company would retain this excess exposure. Historically, the limit per individual claimant has ranged from $15M to $20M.

(6) Historically, retention has ranged from $0.5M to $0.75M.

Other Reinsurance Arrangements

For the workers' compensation business ceded to Inova Re; each SPC has in place its own reinsurance arrangements, which are illustrated in the following table.

Segregated Portfolio Cell Reinsurance


Per Occurrence Coverage						Aggregate Coverage

(1) The attachment point is based on a percentage of written premium within individual cells, ranges from 85% to 94%, and varies by cell.

Taxes

We are subject to the tax laws and regulations of the U.S., Cayman Islands and U.K. We file a consolidated U.S. federal income tax return that includes the parent company and its U.S. subsidiaries, except for ProAssurance American Mutual, A Risk Retention Group. Our filing obligations include a requirement to make quarterly payments of estimated taxes to the IRS using the corporate tax rate effective for the tax year. We did not make any quarterly estimated tax payments during the three and six months ended ~~March 31~~June 30, 2025 or 2024; however, ~~estimated~~we ~~taxable~~made an income ~~after consideration of NOL carryforwards and previously deferred~~ tax ~~credits from our tax credit partnership investments as of December 31, 2024, indicates that an~~ extension payment of $2.8 million ~~will be necessary~~ during the second quarter of 2025 for the 2024 tax year.

The CARES Act that was signed into law on March 27, 2020 included the initial version of the ERC which was extended and expanded in December 2020 and March 2021. See further discussion of the ERC in Note 1 of the Notes to Consolidated Financial Statements in our December 31, 2024 report on Form 10-K. As an eligible employer under the provisions of the CARES Act, NORCAL filed a claim for a payroll tax refund during the second quarter of 2023, based on eligible wages paid ~~during 2020, that resulted in a tax refund of $4.4 million, including $0.6 million of related interest accrued, which was received in April 2025.~~

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Asduring a2020, ~~result~~that ofresulted ~~the~~in ~~NORCAL~~a ~~acquisition,~~tax werefund ~~have~~of U$4.S.4 ~~federal NOL carryforwards~~million, ~~which~~including ~~were approximately~~ $180.96 million as of ~~March 31,~~related ~~2025.~~interest ~~These~~accrued, ~~NOL~~which ~~carryforwards~~was ~~are~~received ~~subject to limitation by Internal Revenue Code Section 382 and will begin to expire~~ in ~~2041~~April 2025.

As a result of the NORCAL acquisition, we have U.S. federal NOL carryforwards, which were approximately $18.9 million as of June 30, 2025. These NOL carryforwards are subject to limitation by Internal Revenue Code Section 382 and will begin to expire in 2035.

Investing Activities and Related Cash Flows

Our investments at ~~March~~June 3130, 2025 and December 31, 2024 are comprised as follows:

	March 31, 2025				December 31, 2024
	June 30, 2025				December 31, 2024
($ in thousands)	CarryingValue		% of Total Investment		CarryingValue		% of Total Investment
Fixed maturities, available-for-sale
U.S. Treasury obligations	$	~~250~~246,~~362~~070	5	%	$	243,903	5	%
U.S. Government-sponsored enterprise obligations	1312,~~090~~434		1	%	14,894		1	%
State and municipal bonds	~~474~~470,~~238~~552		11	%	446,601		10	%
Corporate debt	1,~~759~~749,~~254~~456		40	%	1,727,775		40	%
Residential mortgage-backed securities	~~505~~517,~~990~~973		11	%	478,799		11	%
Commercial mortgage-backed securities	~~212~~211,~~832~~384		5	%	208,513		5	%
Other asset-backed securities	~~447~~451,~~717~~961		10	%	461,722		10	%
Total fixed maturities, available-for-sale	3,~~663~~659,~~483~~830		83	%	3,582,207		82	%
Fixed maturities, trading	1613,~~182~~048		1	%	53,157		1	%
Total fixed maturities	3,~~679~~672,~~665~~878		84	%	3,635,364		83	%
Equity investments(1)	~~120~~108,~~072~~758		2	%	130,158		3	%
Short-term investments	~~244~~257,~~041~~268		56	%	254,922		5	%
BOLI	8081,~~797~~418		21	%	80,179		2	%
Investment in unconsolidated subsidiaries	~~256~~251,~~606~~198		6	%	259,538		6	%
Other investments	7,~~801~~807		1	%	7,266		1	%
Total investments	$	4,~~388~~379,~~982~~327	100	%	$	4,367,427	100	%
(1) Includes $92.3 million and $101.2 million of investment grade bond funds as of March 31, 2025 and December 31, 2024, respectively, which are not subject to significant equity price risk.
(1) Includes $80.1 million and $101.2 million of investment grade bond funds as of June 30, 2025 and December 31, 2024, respectively, which are not subject to significant equity price risk.

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At ~~March~~June 3130, 2025, 99% of our investments in available-for-sale fixed maturity securities were rated and the average rating was A+. The distribution of our investments in available-for-sale fixed maturity securities by rating were as follows:

	March 31, 2025				December 31, 2024
	June 30, 2025				December 31, 2024
($ in thousands)	CarryingValue		% of Total Investment		CarryingValue		% of Total Investment
Rating*
AAA	$	~~567~~563,~~555~~512	15	%	$	571,139	16	%
AA+	~~732~~733,~~666~~849		20	%	710,841		20	%
AA	~~193~~195,~~587~~508		5	%	208,986		6	%
AA-	~~176~~178,~~150~~339		5	%	174,349		5	%
A+	~~247~~239,~~576~~507		76	%	248,353		7	%
A	408,~~064~~368		11	%	413,259		11	%
A-	~~409~~424,~~176~~294		11	%	381,746		11	%
BBB+	~~209~~205,~~366~~010		6	%	197,142		5	%
BBB	~~323~~314,~~770~~413		9	%	297,266		8	%
BBB-	~~150~~148,~~984~~538		4	%	138,693		4	%
Below investment grade	~~243~~247,~~142~~633		67	%	239,577		6	%
Not rated	~~1,447~~859		1	%	856		1	%
Total	$	3,~~663~~659,~~483~~830	100	%	$	3,582,207	100	%
*Average of three NRSRO sources, presented as an S&P equivalent. Source: S&P, Copyright ©2025, S&P Global Market Intelligence

A detailed listing of our investment holdings as of ~~March~~June 3130, 2025 is located under the Financials heading on the Investor Relations page of our website which can be reached directly at https://investor.proassurance.com/financial-information/quarterly-investment-supplements/default.aspx or through links from the Investor Relations section of our website, https://investor.proassurance.com/corporate-profile/default.aspx.

We manage our investments to ensure that we will have sufficient liquidity to meet our obligations, taking into consideration the timing of cash flows from our investments, including interest payments, dividends and principal payments, as well as the expected cash flows to be generated or used by our operations. In addition to the interest and dividends we will receive from our investments, we anticipate that between $~~110~~70 million and $~~140~~180 million of our portfolio will mature (or be paid down) each quarter over the next twelve months and become available, if needed, to meet our cash flow requirements. Our reinvestment rate of cash flows compared to recent years is more intermittent due to anticipated higher severity and paid loss trends in our MPL line of business and our Workers' Compensation Insurance segment. From time to time our cash balances will fluctuate depending on the actual timing of paid losses. The primary outflow of cash at our insurance subsidiaries is related to paid losses and operating costs, including income taxes. The payment of individual claims cannot be predicted with certainty; therefore, we rely upon the history of paid claims in estimating the timing of future claims payments with consideration given to current and anticipated industry trends and macroeconomic conditions. To the extent that we may have an unanticipated shortfall in cash, we may either liquidate securities or borrow funds under existing borrowing arrangements through our Revolving Credit Agreement and the FHLB system. As of ~~May~~July 131, 2025, $175 million could be made available for use through our Revolving Credit Agreement, as discussed in this section under the heading "Debt." Given the duration of our investments, we do not foresee a shortfall that would require us to meet operating cash needs through additional borrowings. Additional information regarding our Revolving Credit Agreement is detailed in Note 7 of the Notes to Condensed Consolidated Financial Statements.

At ~~March~~June 3130, 2025, our FAL was comprised of cash and cash equivalents and investment securities deposited with Lloyd's which had a fair value of $14.31 million. During the first quarter of 2025, we increased our FAL in order to support accumulated losses from prior years, stemming primarily from aviation and catastrophe related losses. Additional information regarding our FAL is detailed in Note 3 of the Notes to Condensed Consolidated Financial Statements.

Our investment portfolio continues to be primarily composed of high quality fixed income securities with approximately 9392% of our fixed maturities being investment grade securities as determined by national rating agencies. The weighted average effective duration of our fixed maturity securities at ~~March~~June 3130, 2025 was 3.3538 years; the weighted average effective duration of our fixed maturity securities combined with our short-term securities was 3.1416 years.

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The carrying value and unfunded commitments for certain of our investments were as follows:

	Carrying Value				~~March~~June 3130, 2025
($ in thousands, except expected funding period)	~~March~~June 3130, 2025		December 31, 2024		Unfunded Commitment		Expected funding period in years
Qualified affordable housing project tax credit partnerships (1)	$	~~192~~147	$	247	$	6730	2
All other investments, primarily investment fund LPs/LLCs	~~256~~251,~~414~~051		259,291		~~222~~213,~~297~~600		5
Total	$	~~256~~251,~~606~~198	$	259,538	$	~~222~~213,~~364~~630
(1) The carrying value reflects our total commitments (both funded and unfunded) to the partnerships, less any amortization, since our initial investment. We fund these investments based on funding schedules maintained by the partnerships.

Investment fund LPs/LLCs are by nature less liquid and may involve more risk than other investments. We manage our risk through diversification of asset class and geographic location. At ~~March~~June 3130, 2025, we had investments in 3436 separate investment funds with a total carrying value of $~~256~~251.41 million which represented approximately 6% of our total investments. Our investment fund LPs/LLCs generate earnings from trading portfolios, secured debt, debt securities, multi-strategy funds and private equity investments, and the performance of these LPs/LLCs is affected by the volatility of equity and credit markets. For our investments in LPs/LLCs, we record our allocable portion of the partnership operating income or loss as the results of the LPs/LLCs become available, typically following the end of a reporting period. As of ~~March~~June 3130, 2025, our total funding commitments legally outstanding related to our investments in LPs/LLCs were approximately $~~222~~213.36 million; however, we anticipate capital of approximately $~~154~~136 million to be drawn based on our current estimates.

Financing Activities and Related Cash Flows

Debt

Our outstanding debt consisted of the following:

($ in thousands)	~~March~~June 3130,2025		December 31,2024
Contribution Certificates	$	181,~~488~~820	$	181,163
Revolving Credit Agreement	125,000		125,000
Term Loan	~~118~~117,~~750~~188		120,313
Total principal	~~425~~424,~~238~~008		426,476
Less unamortized debt issuance costs	1,~~489~~375		1,603
Debt less unamortized debt issuance costs	$	~~423~~422,~~749~~633	$	424,873

Additional information regarding our debt is provided in Note 7 of the Notes to Condensed Consolidated Financial Statements and Note 10 of the Notes to Consolidated Financial Statements in our December 31, 2024 report on Form 10-K.

To manage our exposure to interest rate risk due to variability in the base rate on borrowings under the Revolving Credit Agreement and Term Loan, we entered into two forward-starting interest rate swap agreements ("Interest Rate Swaps"). Additional information regarding our Interest Rate Swaps is provided in Note 8 of the Notes to Condensed Consolidated Financial Statements.

Two of our insurance subsidiaries are members of an FHLB. Through membership, those subsidiaries have access to secured cash advances which can be used for liquidity purposes or other operational needs. In order for us to use FHLB proceeds, regulatory approvals may be required depending on the nature of the transaction. To date, those subsidiaries have not materially utilized their membership for borrowing purposes.

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Results of Operations – Three and Six Months Ended ~~March~~June 3130, 2025 Compared to Three and Six Months Ended ~~March~~June 3130, 2024

Selected consolidated financial data for each period is summarized in the table below.

							Three Months Ended March 31
	Three Months Ended June 30									Six Months Ended June 30
($ in thousands, except per share data)	2025			2024			Change			2025			2024			Change
Revenues:
Net premiums written	$	195,640		$	202,911		$	(7,271)		$	~~276~~471,~~051~~691		$	~~282~~485,~~673~~584		$	(613,~~622~~893)
Net premiums earned	$	232,407		$	239,867		$	(7,460)		$	~~236~~468,~~275~~682		$	~~244~~484,~~150~~017		$	(715,~~875~~335)
Net investment result	43,517			45,210			(1,693)			4084,~~966~~482			3682,~~860~~071			42,~~106~~411
Net investment gains (losses)	227			3,163			(2,936)			(1,~~693~~466)			~~(268)~~2,895			(14,~~425~~361)
Other income (expense)	602			2,115			(1,513)			(32,~~469~~867)			36,~~955~~070			(78,~~424~~937)
Total revenues	276,753			290,355			(13,602)			~~272~~548,~~079~~831			~~284~~575,~~697~~053			(1226,~~618~~222)
Expenses:
Net losses and loss adjustment expenses	159,937			186,000			(26,063)			~~189~~349,~~960~~898			~~194~~380,694			(430,~~734~~796)
Underwriting, policy acquisition and operating expenses	80,915			80,017			898			83164,~~191~~103			78158,~~005~~023			56,~~186~~080
SPC U.S. federal income tax expense (benefit)	906			249			657			~~348~~1,255			~~416~~666			~~(68)~~589
SPC dividend expense (income)	2,336			512			1,824			~~(248)~~2,088			~~607~~1,119			~~(855)~~969
Interest expense	5,224			5,648			(424)			510,~~160~~384			511,~~657~~305			(~~497~~921)
Total expenses	249,318			272,426			(23,108)			~~278~~527,~~411~~728			~~279~~551,~~379~~807			(~~968~~24,079)
Income (loss) before income taxes	27,435			17,929			9,506			(621,~~332)~~103			523,~~318~~246			(112,~~650~~143)
Income tax expense (benefit)	5,514			2,421			3,093			~~(510)~~5,004			~~692~~3,112			(1,~~202)~~892
Net income (loss)	$	21,921		$	15,508		$	6,413		$	(516,~~822)~~099		$	420,~~626~~134		$	(104,~~448~~035)
Non-GAAP operating income (loss)	$	26,768		$	10,939		$	15,829		$	633,~~812~~577		$	313,~~034~~972		$	319,~~778~~605
Earnings (loss) per share:
Basic	$	0.43		$	0.30		$	0.13		$	(0.~~11)~~31		$	0.0939		$	(0.2008)
Diluted	$	0.42		$	0.30		$	0.12		$	(0.~~11)~~31		$	0.0939		$	(0.2008)
Non-GAAP operating income (loss) per share:
Basic	$	0.52		$	0.21		$	0.31		$	0.1365		$	0.0627		$	0.0738
Diluted	$	0.52		$	0.21		$	0.31		$	0.1365		$	0.0627		$	0.0738
Net loss ratio	68.8		%	77.5		%	(8.7		pts)	8074.47		%	7978.7		%	0(4.70		pts)
Underwriting expense ratio	34.8		%	33.4		%	1.4		pts	35.20		%	3132.96		%	32.34		pts
Combined ratio	103.6		%	110.9		%	(7.3		pts)	~~115~~109.67		%	111.63		%	4(1.06		pts)
Non-GAAP combined ratio (1)	101.8		%	111.3		%	(9.5		pts)	~~112~~107.21		%	~~112~~111.59		%	(04.38		pts)
Operating ratio	86.8		%	95.7		%	(8.9		pts)	~~100~~93.05		%	9796.7		%	2.(3.2		pts)
Non-GAAP operating ratio (1)	84.9		%	95.6		%	(10.7		pts)	9690.48		%	9896.29		%	(16.81		pts)
Effective tax rate	20.1		%	13.5		%	6.6		pts	823.17		%	13.04		%	(410.93		pts)
Return on equity (2)	7.0		%	5.5		%	1.5		pts	(12.96		%)	13.76		%	(31.60		pts)
Non-GAAP operating return on equity (2)	8.5		%	3.9		%	4.6		pts	25.24		%	12.15		%	12.19		pts
(1) Refer to the Executive Summary of Operations section under the heading "Non-GAAP Adjusted Key Ratios" for a reconciliation of our key ratios to Non-GAAP adjusted key ratios.
(2) Annualized. See further discussion on this calculation in the Executive Summary of Operations section under the heading "Non-GAAP Operating ROE."
In all tables that follow, the abbreviation "nm" indicates that the information or the percentage change is not meaningful.

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Executive Summary of Operations

The following sections provide an overview of our consolidated and segment results of operations for the three and six months ended ~~March~~June 3130, 2025 as compared to the three and six months ended ~~March~~June 3130, 2024. See the Segment Results sections that follow for additional information regarding each segment's results.

Revenues

The following table shows our consolidated and segment net premiums earned:

			Three Months Ended March 31
	Three Months Ended June 30								Six Months Ended June 30
($ in thousands)	2025		2024		Change		~~2025~~		~~2024~~2025		~~Change~~2024		Change
Net premiums earned
Specialty P&C	$	179,308	$	184,546	$	(5,238)	(2.8	%)	$	~~183~~362,~~254~~564	$	~~188~~373,~~888~~433	$	(510,~~634~~869)	(32.09	%)
Workers' Compensation Insurance	41,543		41,770		(227)		(0.5	%)	4183,~~524~~066		4182,~~094~~864		~~430~~202		1.0.2	%
Segregated Portfolio Cell Reinsurance	11,556		13,551		(1,995)		(14.7	%)	1123,~~497~~052		1427,~~168~~720		(24,~~671~~668)		(1816.98	%)
Consolidated total	$	232,407	$	239,867	$	(7,460)	(3.1	%)	$	~~236~~468,~~275~~682	$	~~244~~484,~~150~~017	$	(715,~~875~~335)	(3.2	%)

For the three and six months ended ~~March~~June 3130, 2025, consolidated net premiums earned decreased $7.95 million and $15.3 million, respectively, as compared to the same ~~period~~respective periods of 2024.

•For our Specialty P&C segment, net premiums earned decreased during the 2025 three- and six-month ~~period~~periods as compared to the same ~~period~~respective periods of 2024 driven by our ceased participation in Syndicate 1729 for the 2024 underwriting year and, to a lesser extent, the pro rata effect of a decrease in the volume of premium written during the preceding twelve months, primarily due to proactive actions taken in certain lines to improve profitability.

•For our Workers' Compensation Insurance segment, net premiums earned ~~increased~~ for the 2025 three- and six-month ~~period~~periods as compared to the same ~~period~~respective periods of 2024 ~~driven~~reflected bythe ~~lower~~pro ~~ceded~~rata ~~premium~~effect ~~related~~of to a ~~$1.4~~decrease ~~million~~in ~~reduction~~the involume ~~reinstatement~~of written premium, ~~partially~~during ~~offset~~the bypreceding ~~the~~twelve ~~pro~~months, ~~rata~~the ~~effect~~impact of awhich ~~decrease~~was inmore ~~the~~than ~~volume~~offset ofby ~~written~~a $1.4 million reduction in reinstatement premium during the ~~preceding~~2025 ~~twelve~~six-month ~~months~~period.

•Net premiums earned in our Segregated Portfolio Cell Reinsurance segment decreased for the 2025 three- and six-month ~~period~~periods as compared to the same ~~period~~respective periods of 2024 reflecting the non-renewal of three SPCs during 2024 and the non-renewal of two SPCs effective January 1, 2025. The decrease in net premiums earned during the six months ended June 30, 2025 also reflected a decrease in audit premium.

The following table shows our consolidated net investment result:

Three Months Ended March 31

Filing Compare · PROASSURANCE CORP