Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Components of AOCI, Net of Tax

The changes in the balance of each component of AOCI for the three months ended March 31, 2024 and 2023 were as follows:









(In thousands)	Unrealized Investment Gains (Losses)		Cash Flow Hedging Gains (Losses) (1)		Non-credit Impairments		Unrecognized Change in Defined Benefit Plan Liabilities		Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2023	$	(206,327)	$	3,026	$	(11)	$	(1,177)	$	(204,489)
OCI, before reclassifications, net of tax	(6,339)		4,074		(455)		—		(2,720)
Amounts reclassified from AOCI, net of tax	1,321		(1,073)		—		—		248
Net OCI, current period	(5,018)		3,001		(455)		—		(2,472)
Balance, March 31, 2024	$	(211,345)	$	6,027	$	(466)	$	(1,177)	$	(206,961)









(In thousands)	Unrealized Investment Gains (Losses)		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	40,007		—		—		40,007
Amounts reclassified from AOCI, net of tax	2,622		—		—		2,622
Net OCI, current period	42,629		—		—		42,629
Balance, March 31, 2023	$	(254,513)	$	(11)	$	(1,454)	$	(255,978)

(1) ProAssurance entered into two forward-starting interest rate swap agreements ("Interest Rate Swaps") on May 2, 2023, which are designated and qualify as highly effective cash flow hedges. See Note 8 for additional information on the Interest Rate Swaps.