XML 27 R13.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
Debt | Debt ProAssurance’s outstanding debt consisted of the following:
($ in thousands) | March 31, 2024 |  | December 31, 2023
Contribution Certificates due 2031, interest at 3.0% (effective interest rate at 4.35%) paid annually in April | $ | 179,865 |  |  | $ | 179,387 |
Revolving Credit Agreement, outstanding borrowings are not permitted to exceed $300 million aggregately, including a $50 million accordion feature; Revolving Credit Agreement expires in 2028. The effective interest rate was 7.53% as of March 31, 2024 | 125,000 |  |  | 125,000 |
Term Loan, principal repayments in quarterly installments beginning June 30, 2024; Term Loan expires in 2028. The effective interest rate was 7.65% as of March 31, 2024 | 125,000 |  |  | 125,000 |
Total principal | 429,865 |  |  | 429,387 |
Less unamortized debt issuance costs | 2,091 |  |  | 2,254 |
Debt less unamortized debt issuance costs | $ | 427,774 |  |  | $ | 427,133 |
Covenant Compliance There are no financial covenants associated with the Contribution Certificates due 2031. The Revolving Credit Agreement contains customary representations, covenants and events constituting default, and remedies for default, as previously discussed. As of March 31, 2024, ProAssurance is in compliance with all covenants of the Revolving Credit Agreement. Additional Information For additional information regarding ProAssurance's debt, see Note 10 of the Notes to Consolidated Financial Statements included in ProAssurance's December 31, 2023 report on Form 10-K.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration