v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
ProAssurance’s outstanding debt consisted of the following:
($ in thousands)March 31,
2026		December 31,
2025
Contribution Certificates due 2031, interest at 3.0% (effective interest rate at 3.88%) paid annually in April
$182,838 $182,500 
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 5.67% as of March 31, 2026
125,000 125,000 
Term Loan, principal repayments in quarterly installments; Term Loan expires in 2028. The effective interest rate was 5.80% as of March 31, 2026
112,500 114,063 
Total principal420,338 421,563 
Less unamortized debt issuance costs1,032 1,146 
Debt less unamortized debt issuance costs$419,306 $420,417 
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 of March 31, 2026, ProAssurance is in compliance with all covenants of the Revolving Credit Agreement.
Additional Information
For additional information regarding ProAssurance's debt, see Note 9 of the Notes to Consolidated Financial Statements included in ProAssurance's December 31, 2025 report on Form 10-K.