Debt (Tables)

9 Months Ended

Sep. 30, 2021

ProAssurance’s outstanding debt consisted of the following:


($ in thousands)	September 30, 2021		December 31, 2020
Senior Notes due 2023, unsecured, interest at 5.3% annually	$	250,000	$	250,000
Contribution Certificates due 2031, interest at 3.0% (effective interest rate at 4.35%) annually beginning April 2022	175,766		—
Mortgage Loans, outstanding borrowings were secured by first priority liens on two office buildings, and bore an interest rate of three-month LIBOR plus 1.325% (1.58% at December 31, 2020) determined quarterly	—		36,113

Total principal	425,766		286,113
Less unamortized debt issuance costs	1,008		1,400
Debt less unamortized debt issuance costs	$	424,758	$	284,713

- 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.

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+ Details