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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of deferred tax assets and liabilities

Significant components of ProAssurance’s deferred tax assets and liabilities were as follows:

(In thousands)	2015				2014
Deferred tax assets
Unpaid loss discount	$	44,886			$	44,002
Unearned premium adjustment	22,889				23,972
Compensation related	18,130				18,623
Intangibles	1,435				1,957
Total deferred tax assets	87,340				88,554
Deferred tax liabilities
Deferred acquisition costs	9,287				9,180
Unrealized gains on investments, net	13,933				31,342
Fixed assets	3,401				3,689
Basis differentials–investments	17,492				31,657
Intangibles	24,644				27,294
Other	3,486				4,210
Total deferred tax liabilities	72,243				107,372
Net deferred tax assets (liabilities)	$	15,097			$	(18,818	)

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits for 2015, 2014 and 2013, was as follows:

(In thousands)		2015				2014				2013
Balance at January 1		$	577			$	4,823			$	4,823
Increase for tax position acquired as result of a business combination		—				414				—
Increases for tax positions taken during the current year		7,618				163				—
(Decreases) for tax positions taken during the current year		—				(4,823		)		—
Balance at December 31		$	8,195			$	577			$	4,823

Reconciliation of expected income tax expense to actual income tax expense

A reconciliation of “expected” income tax expense (35% of income before income taxes) to actual income tax expense for each of the years ended December 31, 2015, 2014 and 2013 were as follows:

(In thousands)		2015				2014				2013
Computed “expected” tax expense		$	45,099			$	91,702			$	139,005
Tax-exempt income		(12,913		)		(13,250		)		(14,509		)
Tax credits		(22,407		)		(17,918		)		(17,888		)
Non-taxable gain on acquisition		—				—				(11,310		)
Non-U.S. Loss		1,806				1,741				—
Other		1,073				3,165				4,338
Income tax expense		$	12,658			$	65,440			$	99,636

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

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