v3.24.3
Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
ProAssurance’s outstanding debt consisted of the following:
($ in thousands)September 30,
2024		December 31,
2023
Contribution Certificates due 2031, interest at 3.0% (effective interest rate at 4.35%) paid annually in April
$180,834 $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 6.58% as of September 30, 2024
125,000 125,000 
Term Loan, principal repayments in quarterly installments began June 30, 2024; Term Loan expires in 2028. The effective interest rate was 6.70% as of September 30, 2024
121,875 125,000 
Total principal427,709 429,387 
Less unamortized debt issuance costs1,765 2,254 
Debt less unamortized debt issuance costs$425,944 $427,133 
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 previously discussed. As of September 30, 2024, ProAssurance is in compliance with all covenants of the Revolving Credit Agreement.
Additional Information
For additional information regarding ProAssurance's debt, see Note 10 of the Notes to Consolidated Financial Statements included in ProAssurance's December 31, 2023 report on Form 10-K.