Debt (Tables)

9 Months Ended

Sep. 30, 2024

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 principal	427,709		429,387
Less unamortized debt issuance costs	1,765		2,254
Debt less unamortized debt issuance costs	$	425,944	$	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.

+ References

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+ Details