v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
At March 31, 2026 and December 31, 2025, ProAssurance had 100 million shares of authorized common stock and 50 million shares of authorized preferred stock. The Board has the authority to determine provisions for the issuance of preferred shares, including the number of shares to be issued, the designations, powers, preferences and rights, and the qualifications, limitations or restrictions of such shares.
At March 31, 2026, Board authorizations for the repurchase of common shares or the retirement of outstanding debt of $55.9 million remained available for use. ProAssurance did not repurchase any common shares during the three months ended March 31, 2026 or 2025.
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)
The following tables provide a detailed breakout of the components of AOCI and the amounts reclassified from AOCI to net income (loss). The tax effects of all amounts in the tables below, except for an immaterial amount of unrealized gains and losses on available-for-sale securities held at the Company's U.K. subsidiary for the three months ended March 31, 2025, were computed using the enacted U.S. federal corporate tax rate of 21%. OCI included a deferred tax benefit of $5.0 million and deferred tax expense of $9.9 million for the three months ended March 31, 2026 and 2025, respectively.
The changes in the balance of each component of AOCI for the three months ended March 31, 2026 and 2025 were as follows:
(In thousands)
Unrealized Investment Gains (Losses)
Cash Flow Hedging Gains (Losses)(1)
Non-credit ImpairmentsUnrecognized Change in Defined Benefit Plan LiabilitiesAccumulated Other Comprehensive Income (Loss)
Balance, December 31, 2025$(81,392)$312 $(375)$409 $(81,046)
OCI, before reclassifications, net of tax(20,921)1,304 — — (19,617)
Amounts reclassified from AOCI, net of tax1,905 (224)— — 1,681 
Net OCI, current period(19,016)1,080 — — (17,936)
Balance, March 31, 2026$(100,408)$1,392 $(375)$409 $(98,982)
(In thousands)Unrealized Investment Gains (Losses)
Cash Flow Hedging Gains (Losses)(1)
Non-credit ImpairmentsUnrecognized Change in Defined Benefit Plan LiabilitiesAccumulated Other Comprehensive Income (Loss)
Balance, December 31, 2024$(176,053)$4,576 $(92)$(822)$(172,391)
OCI, before reclassifications, net of tax37,212 (1,637)— — 35,575 
Amounts reclassified from AOCI, net of tax2,425 (548)81 — 1,958 
Net OCI, current period39,637 (2,185)81 — 37,533 
Balance, March 31, 2025$(136,416)$2,391 $(11)$(822)$(134,858)
(1) ProAssurance's Interest Rate Swaps are designated and qualify as highly effective cash flow hedges. See Note 8 for additional information on the Interest Rate Swaps.