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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The tabular information that follows shows the financial results of the Company's reportable segments reconciled to results reflected in the Condensed Consolidated Statements of Income and Comprehensive Income. ProAssurance does not consider goodwill or intangible asset impairments, changes in the fair value of contingent consideration or transaction-related costs for completed business combinations, including any related tax impacts, in assessing the financial performance of its operating and reportable segments, and thus are included in the reconciliation of segment results to consolidated results. Financial results by segment were as follows:
| Three Months Ended March 31, 2024
(In thousands) | Specialty P&C |  | Workers' Compensation Insurance |  | Segregated Portfolio Cell Reinsurance |  | Corporate |  | Inter-segment Eliminations |  | Consolidated
Net premiums earned | $ | 188,888 |  |  | $ | 41,094 |  |  | $ | 14,168 |  |  | $ | — |  |  | $ | — |  |  | $ | 244,150 |
Net investment income | — |  |  | — |  |  | 693 |  |  | 33,204 |  |  | — |  |  | 33,897 |
Equity in earnings (loss) of unconsolidated subsidiaries | — |  |  | — |  |  | — |  |  | 2,963 |  |  | — |  |  | 2,963 |
Net investment gains (losses) | — |  |  | — |  |  | 1,471 |  |  | (1,739) |  |  | — |  |  | (268) |
Other income (expense)(1) | 1,353 |  |  | 477 |  |  | (1) |  |  | 3,061 |  |  | (935) |  |  | 3,955 |
Net losses and loss adjustment expenses | (152,994) |  |  | (31,636) |  |  | (10,064) |  |  | — |  |  | — |  |  | (194,694) |
Underwriting, policy acquisition and operating expenses(1) | (51,049) |  |  | (14,490) |  |  | (4,713) |  |  | (8,688) |  |  | 935 |  |  | (78,005) |
SPC U.S. federal income tax benefit (expense)(2) | — |  |  | — |  |  | (416) |  |  | — |  |  | — |  |  | (416) |
SPC dividend (expense) income | — |  |  | — |  |  | (607) |  |  | — |  |  | — |  |  | (607) |
Interest expense | — |  |  | — |  |  | — |  |  | (5,657) |  |  | — |  |  | (5,657) |
Income tax benefit (expense) | — |  |  | — |  |  | — |  |  | (692) |  |  | — |  |  | (692) |
Segment results | $ | (13,802) |  |  | $ | (4,555) |  |  | $ | 531 |  |  | $ | 22,452 |  |  | $ | — |  |  | 4,626 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  | $ | 4,626 |
Significant non-cash items: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization, net of accretion | $ | 2,429 |  |  | $ | 1,164 |  |  | $ | (370) |  |  | $ | 2,109 |  |  | $ | — |  |  | $ | 5,332 |
| Three Months Ended March 31, 2023
(In thousands) | Specialty P&C |  | Workers' Compensation Insurance |  | Segregated Portfolio Cell Reinsurance |  | Corporate |  | Inter-segment Eliminations |  | Consolidated
Net premiums earned | $ | 183,684 |  |  | $ | 40,803 |  |  | $ | 15,300 |  |  | $ | — |  |  | $ | — |  |  | $ | 239,787 |
Net investment income | — |  |  | — |  |  | 420 |  |  | 29,890 |  |  | — |  |  | 30,310 |
Equity in earnings (loss) of unconsolidated subsidiaries | — |  |  | — |  |  | — |  |  | (1,121) |  |  | — |  |  | (1,121) |
Net investment gains (losses) | — |  |  | — |  |  | 1,160 |  |  | 752 |  |  | — |  |  | 1,912 |
Other income (expense)(1) | 990 |  |  | 581 |  |  | 1 |  |  | 327 |  |  | (1,112) |  |  | 787 |
Net losses and loss adjustment expenses | (166,029) |  |  | (30,844) |  |  | (8,423) |  |  | — |  |  | — |  |  | (205,296) |
Underwriting, policy acquisition and operating expenses(1) | (42,681) |  |  | (12,980) |  |  | (5,035) |  |  | (8,204) |  |  | 1,112 |  |  | (67,788) |
SPC U.S. federal income tax benefit (expense)(2) | — |  |  | — |  |  | (532) |  |  | — |  |  | — |  |  | (532) |
SPC dividend (expense) income | — |  |  | — |  |  | (1,942) |  |  | — |  |  | — |  |  | (1,942) |
Interest expense | — |  |  | — |  |  | — |  |  | (5,463) |  |  | — |  |  | (5,463) |
Income tax benefit (expense) | — |  |  | — |  |  | — |  |  | 2,172 |  |  | — |  |  | 2,172 |
Segment results | $ | (24,036) |  |  | $ | (2,440) |  |  | $ | 949 |  |  | $ | 18,353 |  |  | $ | — |  |  | (7,174) |
Reconciliation of segments to consolidated results: |  |  |  |  |  |  |  |  |  |  |
Contingent Consideration(3) |  |  |  |  |  |  |  |  |  |  | 1,000 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  | $ | (6,174) |
Significant non-cash items: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization, net of accretion | $ | 2,640 |  |  | $ | 869 |  |  | $ | 64 |  |  | $ | 4,104 |  |  | $ | — |  |  | $ | 7,677 |
(1) Includes certain fees for services provided by the Workers' Compensation Insurance segment to the SPCs at Inova Re and Eastern Re which are recorded as expenses within the Segregated Portfolio Cell Reinsurance segment and as other income within the Workers' Compensation Insurance segment. These fees are primarily SPC rental fees and are eliminated between segments in consolidation.
(2) Represents the provision for U.S. federal income taxes for SPCs at Inova Re, which have elected to be taxed as a U.S. corporation under Section 953(d) of the Internal Revenue Code. U.S. federal income taxes are included in the total SPC net results and are paid by the individual SPCs.
(3) Represents the change in the fair value of contingent consideration issued in connection with the NORCAL acquisition included as a component of consolidated net investment gains (losses) on the Condensed Consolidated Statements of Income and Comprehensive Income. See further discussion on the contingent consideration in Note 2.
Schedule of Gross Premiums by Product | The following table provides detailed information regarding ProAssurance's gross premiums earned by product as well as a reconciliation to net premiums earned. All gross premiums earned are from external customers except as noted. ProAssurance's insured risks are primarily within the U.S.
|  |  | Three Months Ended March 31
(In thousands) |  |  |  |  | 2024 |  | 2023
Specialty P&C Segment |  |  |  |  |  |  |
Gross premiums earned: |  |  |  |  |  |  |
MPL |  |  |  |  | $ | 184,744 |  |  | $ | 181,800 |
Medical Technology Liability |  |  |  |  | 10,938 |  |  | 10,546 |
Lloyd's Syndicates |  |  |  |  | 4,934 |  |  | 5,046 |
Other |  |  |  |  | 6,011 |  |  | 6,661 |
Ceded premiums earned |  |  |  |  | (17,739) |  |  | (20,369) |
Segment net premiums earned |  |  |  |  | 188,888 |  |  | 183,684 |
Workers' Compensation Insurance Segment |  |  |  |  |  |  |
Gross premiums earned: |  |  |  |  |  |  |
Traditional business |  |  |  |  | 44,376 |  |  | 43,540 |
Alternative market business |  |  |  |  | 17,163 |  |  | 17,626 |
Ceded premiums earned |  |  |  |  | (20,445) |  |  | (20,363) |
Segment net premiums earned |  |  |  |  | 41,094 |  |  | 40,803 |
Segregated Portfolio Cell Reinsurance Segment |  |  |  |  |  |  |
Gross premiums earned: |  |  |  |  |  |  |
Workers' compensation(1) |  |  |  |  | 15,867 |  |  | 16,304 |
MPL(2) |  |  |  |  | 543 |  |  | 1,299 |
Ceded premiums earned |  |  |  |  | (2,242) |  |  | (2,303) |
Segment net premiums earned |  |  |  |  | 14,168 |  |  | 15,300 |
Consolidated net premiums earned |  |  |  |  | $ | 244,150 |  |  | $ | 239,787 |
(1) Premium for all periods is assumed from the Workers' Compensation Insurance segment. (2) Premium for all periods is assumed from the Specialty P&C segment.

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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 + Details
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