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Benefit Plans
 6 Months Ended
Jun. 30, 2022
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
ProAssurance assumed a defined benefit pension plan on May 5, 2021 as a result of its acquisition of NORCAL, which covers substantially all NORCAL employees (except those that were previous employees of Medicus Insurance Company and FD Insurance Company, employees of PPM RRG as well as new hires after December 31, 2013). Benefits are based on years of service and the employee’s average of the highest five years of annual compensation. Annual contributions to the defined benefit pension plan are not less than the minimum funding standards outlined in the Employee Retirement Income Security Act of 1974, as amended. ProAssurance makes contributions to the defined benefit pension plan with the goal of ensuring that it is adequately funded to meet its future obligations. ProAssurance did not make any contributions to the pension plan during the three and six months ended June 30, 2022 and does not anticipate making any contributions for the remainder of 2022. The defined benefit pension plan no longer has future service accruals or compensation increases because this plan was frozen effective December 31, 2015. See Notes 2 and 19 of the Notes to Consolidated Financial Statements in ProAssurance's December 31, 2021 report on Form 10-K for more information regarding ProAssurance's acquisition of NORCAL and the defined benefit pension plan, respectively.
The components of the net periodic benefit cost (income) for the three and six months ended June 30, 2022 and 2021 were as follows:
($ in thousands)Three Months Ended
June 30		Six Months Ended
June 30
2022202120222021
Components of net periodic benefit cost (income):
Interest cost$720 $474 $1,431 $474 
Expected return on Plan assets(1,001)(642)(1,990)(642)
Total net periodic benefit cost (income)*$(281)$(168)$(559)$(168)
*Net periodic benefit cost (income) is included as a component of operating expense on the Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2022 and 2021.