Debt (Tables)

3 Months Ended

Mar. 31, 2024

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

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details