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Benefit Plans
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
ProAssurance sponsors a defined benefit pension plan 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 above 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 nine months ended September 30, 2023 and does not anticipate making any contributions for the remainder of 2023. The defined benefit pension plan no longer has future service accruals or compensation increases because this plan was frozen effective December 31, 2015. See Note 17 of the Notes to Consolidated Financial Statements in ProAssurance's December 31, 2022 report on Form 10-K for more information regarding the defined benefit pension plan.
The components of the net periodic benefit cost (income) for the three and nine months ended September 30, 2023 and 2022 were as follows:
($ in thousands)Three Months Ended
September 30		Nine Months Ended
September 30
2023202220232022
Components of net periodic benefit cost (income):
Interest cost$924 $727 $2,742 $2,158 
Expected return on Plan assets(893)(1,011)(2,651)(3,001)
Total net periodic benefit cost (income)*$31 $(284)$91 $(843)
*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 nine months ended September 30, 2023 and 2022.