Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Components of AOCI, Net of Tax

The changes in the balance of each component of AOCI for the three and nine months ended September 30, 2023 and 2022 were as follows:


(In thousands)	Unrealized Investment Gains (Losses) on Securities		Cash Flow Hedging Gains (Losses) (1)		Non-credit Impairments		Unrecognized Change in Defined Benefit Plan Liabilities		Accumulated Other Comprehensive Income (Loss)
Balance, July 1, 2023	$	(270,325)	$	4,310	$	(11)	$	(1,454)	$	(267,480)
OCI, before reclassifications, net of tax	(33,371)		3,879		—		—		(29,492)
Amounts reclassified from AOCI, net of tax	133		—		—		—		133
Net OCI, current period	(33,238)		3,879		—		—		(29,359)
Balance, at September 30, 2023	$	(303,563)	$	8,189	$	(11)	$	(1,454)	$	(296,839)









(In thousands)	Unrealized Investment Gains (Losses) on Securities		Cash Flow Hedging Gains (Losses) (1)		Non-credit Impairments		Unrecognized Change in Defined Benefit Plan Liabilities		Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2022	$	(297,142)	$	—	$	(11)	$	(1,454)	$	(298,607)
OCI, before reclassifications, net of tax	(9,437)		8,189		—		—		(1,248)
Amounts reclassified from AOCI, net of tax	3,016		—		—		—		3,016
Net OCI, current period	(6,421)		8,189		—		—		1,768
Balance, September 30, 2023	$	(303,563)	$	8,189	$	(11)	$	(1,454)	$	(296,839)


(In thousands)	Unrealized Investment Gains (Losses) on Securities		Non-credit Impairments		Unrecognized Change in Defined Benefit Plan Liabilities		Accumulated Other Comprehensive Income (Loss)
Balance, July 1, 2022	$	(235,045)	$	(331)	$	1,188	$	(234,188)
OCI, before reclassifications, net of tax	(90,233)		—		—		(90,233)
Amounts reclassified from AOCI, net of tax	194		—		(14)		180
Net OCI, current period	(90,039)		—		(14)		(90,053)
Balance, at September 30, 2022	$	(325,084)	$	(331)	$	1,174	$	(324,241)









(In thousands)	Unrealized Investment Gains (Losses) on Securities		Non-credit Impairments		Unrecognized Change in Defined Benefit Plan Liabilities		Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2021	$	14,929	$	—	$	1,355	$	16,284
OCI, before reclassifications, net of tax	(341,232)		(331)		—		(341,563)
Amounts reclassified from AOCI, net of tax	1,219		—		(181)		1,038
Net OCI, current period	(340,013)		(331)		(181)		(340,525)
Balance, September 30, 2022	$	(325,084)	$	(331)	$	1,174	$	(324,241)

(1) ProAssurance entered into two forward-starting interest rate swap agreements ("Interest Rate Swaps") on May 2, 2023, each of which are designated and qualify as a cash flow hedge. See Note 9 for additional information on the Interest Rate Swaps.