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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 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 2016 Form 10-K. ProAssurance has funding commitments primarily related to non-public investment entities totaling approximately $138.4 million, expected to be paid as follows: $55.3 million in 2017, $52.8 million in 2018 and 2019 combined, $25.4 million in 2020 and 2021 combined and $4.9 million thereafter. Of these funding commitments, $1.4 million are related to qualified affordable housing project tax credit investments and are expected to be paid as follows: $0.3 million in 2017, $0.3 million in 2018 and 2019 combined, $0.3 million in 2020 and 2021 combined and $0.5 million thereafter. As a member of Lloyd's we are required to provide capital to support Syndicate 1729 through 2022 of up to $200 million, referred to as FAL. At March 31, 2017, ProAssurance is satisfying the FAL requirement with investment securities on deposit with Lloyd's with a carrying value of $97.7 million (see Note 3 of the Notes to Condensed Consolidated Financial Statements). ProAssurance has issued an unconditional revolving credit agreement to the Premium Trust Fund of Syndicate 1729 for the purpose of providing working capital. Permitted borrowings are £20.0 million under an amended Syndicate Credit Agreement executed in April 2016. Under the amended Syndicate Credit Agreement advances bear interest at 3.8% annually, and may be repaid at any time but are repayable upon demand after December 31, 2019. As of March 31, 2017, the unused commitment under the Syndicate Credit Agreement approximated £12.4 million (approximately $15.6 million as of March 31, 2017). In conjunction with a strategic business partnership ProAssurance entered into during the third quarter of 2016, ProAssurance issued a line of credit of up to $9.0 million for the purpose of funding the entity's operations. The line of credit is non-interest bearing and may be repaid at any time but is repayable upon demand on or before August 31, 2017. As of March 31, 2017, the unused commitment under the line of credit approximated $4.9 million.

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