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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-For-Sale Fixed Maturities
Available-for-sale fixed maturities at March 31, 2024 and December 31, 2023 included the following:
March 31, 2024
(In thousands)Amortized
Cost		Allowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Fixed maturities, available-for-sale
U.S. Treasury obligations$258,462 $— $24 $17,597 $240,889 
U.S. Government-sponsored enterprise obligations19,957 — — 1,030 18,927 
State and municipal bonds502,549 — 1,736 30,020 474,265 
Corporate debt1,849,162 740 2,421 136,791 1,714,052 
Residential mortgage-backed securities507,312 207 2,020 59,073 450,052 
Agency commercial mortgage-backed securities8,964 — — 1,014 7,950 
Other commercial mortgage-backed securities248,756 — 221 19,948 229,029 
Other asset-backed securities418,695 190 921 10,453 408,973 
$3,813,857 $1,137 $7,343 $275,926 $3,544,137 
 December 31, 2023
(In thousands)Amortized
Cost		Allowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Fixed maturities, available-for-sale
U.S. Treasury obligations$259,834 $— $165 $16,474 $243,525 
U.S. Government-sponsored enterprise obligations19,752 — 2 1,030 18,724 
State and municipal bonds482,367 — 1,885 29,871 454,381 
Corporate debt1,883,308 — 4,025 136,759 1,750,574 
Residential mortgage-backed securities481,267 211 2,876 53,795 430,137 
Agency commercial mortgage-backed securities9,369 — 5 987 8,387 
Other commercial mortgage-backed securities210,469 151 60 20,904 189,474 
Other asset-backed securities412,354 193 1,104 14,870 398,395 
$3,758,720 $555 $10,122 $274,690 $3,493,597 
Schedule of Available-For-Sale Securities by Contractual Maturity
The recorded cost basis and estimated fair value of available-for-sale fixed maturities at March 31, 2024, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
(In thousands)Amortized
Cost		Due in one
year or less		Due after
one year
through
five years		Due after
five years
through
ten years		Due after
ten years		Total Fair
Value
Fixed maturities, available-for-sale
U.S. Treasury obligations$258,462 $36,249 $169,651 $32,387 $2,602 $240,889 
U.S. Government-sponsored enterprise obligations19,957 4,790 11,653 505 1,979 18,927 
State and municipal bonds502,549 30,409 157,707 161,274 124,875 474,265 
Corporate debt1,849,162 179,206 886,529 569,033 79,284 1,714,052 
Residential mortgage-backed securities507,312 450,052 
Agency commercial mortgage-backed securities8,964 7,950 
Other commercial mortgage-backed securities248,756 229,029 
Other asset-backed securities418,695 408,973 
$3,813,857 $3,544,137 
Schedule of Investments Held in an Unrealized Loss Position
The following tables provide summarized information with respect to investments held in an unrealized loss position at March 31, 2024 and December 31, 2023, including the length of time the investment had been held in a continuous unrealized loss position.
March 31, 2024
 TotalLess than 12 months12 months or longer
 FairUnrealizedFairUnrealizedFairUnrealized
(In thousands)ValueLossValueLossValueLoss
Fixed maturities, available-for-sale
U.S. Treasury obligations$226,103 $17,597 $40,747 $1,412 $185,356 $16,185 
U.S. Government-sponsored enterprise obligations18,928 1,030 10,631 486 8,297 544 
State and municipal bonds389,539 30,020 98,395 5,941 291,144 24,079 
Corporate debt1,498,062 136,791 459,157 38,451 1,038,905 98,340 
Residential mortgage-backed securities335,297 59,073 130,058 16,800 205,239 42,273 
Agency commercial mortgage-backed securities7,950 1,014 2,652 344 5,298 670 
Other commercial mortgage-backed securities214,030 19,948 90,586 8,120 123,444 11,828 
Other asset-backed securities252,384 10,453 125,871 3,746 126,513 6,707 
$2,942,293 $275,926 $958,097 $75,300 $1,984,196 $200,626 

December 31, 2023
 TotalLess than 12 months12 months or longer
 FairUnrealizedFairUnrealizedFairUnrealized
(In thousands)ValueLossValueLossValueLoss
Fixed maturities, available-for-sale
U.S. Treasury obligations$213,634 $16,474 $32,925 $1,364 $180,709 $15,110 
U.S. Government-sponsored enterprise obligations18,428 1,030 4,128 242 14,300 788 
State and municipal bonds378,313 29,871 48,960 2,287 329,353 27,584 
Corporate debt1,524,940 136,759 84,221 5,054 1,440,719 131,705 
Residential mortgage-backed securities313,082 53,795 74,463 10,271 238,619 43,524 
Agency commercial mortgage-backed securities7,955 987 212 1 7,743 986 
Other commercial mortgage-backed securities184,416 20,904 18,092 1,140 166,324 19,764 
Other asset-backed securities293,447 14,870 30,115 867 263,332 14,003 
$2,934,215 $274,690 $293,116 $21,226 $2,641,099 $253,464 
Schedule of a Roll Forward of Cumulative Credit Losses Recorded in Earnings Related to Impaired Debt Securities
The following tables present a roll forward of the allowance for expected credit losses on available-for-sale fixed maturities for the three months ended March 31, 2024 and 2023.
Three Months Ended March 31, 2024
(In thousands)Corporate DebtResidential mortgage-backed securitiesOther commercial mortgage-backed securitiesOther asset-backed securitiesTotal
Balance, at December 31, 2023$— $211 $151 $193 $555 
Additional credit losses related to securities for which:
No allowance for credit losses has been previously recognized740 — — — 740 
Reductions related to:
Securities sold during the period— (4)(151)(3)(158)
Balance, at March 31, 2024$740 $207 $— $190 $1,137 
Three Months Ended March 31, 2023
(In thousands)Residential mortgage-backed securitiesOther asset-backed securitiesTotal
Balance, at December 31, 2022$229 $198 $427 
Reductions related to:
Securities sold during the period(2)(1)(3)
Balance, at March 31, 2023$227 $197 $424 
The following table presents a roll forward of cumulative credit losses recorded in earnings related to impaired debt securities for which a portion of the impairment was recorded in OCI.
Three Months Ended
March 31
(In thousands)20242023
Balance beginning of period$57 $57 
Additional credit losses recognized during the period, related to securities for which:
No impairment has been previously recognized740 — 
Balance March 31
$797 $57 
Schedule of Other Information Regarding Available-For-Sale Securities
Other information regarding sales and purchases of fixed maturity available-for-sale securities is as follows:
Three Months Ended March 31
(In millions)20242023
Proceeds from sales (exclusive of maturities and paydowns)$17.1 $3.8 
Purchases$230.5 $68.8 
Schedule of Net Investment Income
Net investment income (loss) by investment category was as follows:
Three Months Ended
March 31
(In thousands)20242023
Fixed maturities$31,451 $27,327 
Equities892 807 
Short-term investments, including Other3,411 3,350 
BOLI452 657 
Investment fees and expenses(2,309)(1,831)
Net investment income$33,897 $30,310 
Schedule of Investment in Unconsolidated Subsidiaries
ProAssurance's investment in unconsolidated subsidiaries were as follows:
 March 31, 2024Carrying Value
(In thousands)Percentage
Ownership		March 31,
2024		December 31,
2023
Qualified affordable housing project tax credit partnershipsSee below$562 $666 
All other investments, primarily investment fund LPs/LLCs
See below278,369 276,090 
$278,931 $276,756 
Schedule of Equity Method Investments The results recorded and tax credits recognized related to ProAssurance's tax credit partnership investments were as follows:
Three Months Ended
March 31
(In thousands)20242023
Qualified affordable housing project tax credit partnerships
Losses recorded$103 $354 
Tax credits recognized$8 $43 
Schedule of Net Realized Investment Gains (Losses)
Realized investment gains and losses are recognized on the first-in, first-out basis. The following table provides detailed information regarding net investment gains (losses):
Three Months Ended
March 31
(In thousands)20242023
Total impairment losses:
Corporate debt$(1,316)$(2,936)
Asset-backed securities(194)3 
Portion of impairment losses recognized in other comprehensive income before taxes:
Corporate debt576 — 
Net impairment losses recognized in earnings
(934)(2,933)
Gross realized gains, available-for-sale fixed maturities366 79 
Gross realized (losses), available-for-sale fixed maturities(1,099)(457)
Net realized gains (losses), trading fixed maturities15 (108)
Net realized gains (losses), equity investments(256)84 
Net realized gains (losses), other investments1,776 229 
Change in unrealized holding gains (losses), trading fixed maturities 214 97 
Change in unrealized holding gains (losses), equity investments774 3,746 
Change in unrealized holding gains (losses), convertible securities, carried at fair value (1,119)1,132 
Other(1)
(5)1,043 
Net investment gains (losses)$(268)$2,912 
(1) Includes a gain of $1.0 million recognized during the 2023 three-month period related to the change in the fair value of contingent consideration issued in connection with the NORCAL acquisition. See further discussion on the contingent consideration in Note 2 and Note 6 and discussion on the Company's accounting policy in Note 1 in its December 31, 2023 report on Form 10-K.