"Proassurance Indemnity Company Inc","PNC AS","2024 03 31" Annual Statutory Statement

STATEMENT AS OF MARCH 31, 2024 OF THE PROASSURANCE INDEMNITY COMPANY, INC.

ASSETS

	Current Statement Date		4
1	2	3	December 31

		Net Admitted Assets	Prior Year Net
Assets	Nonadmitted Assets	(Cols. 1 - 2)	Admitted Assets

1.	Bonds	1,689,850,799	1,689,850,799	1,617,705,821
2.	Stocks:
	2.1	Preferred stocks	18,935,541	18,935,541	18,708,898
	2.2	Common stocks	8,743,585	8,743,585	11,727,500

Mortgage loans on real estate:
1. First liens
2. Other than first liens
Real estate:
1. Properties occupied by the company (less

	$	0	encumbrances)		15,385,159	15,385,159	15,345,281
	4.2 Properties held for the production of income
	(less $		0	encumbrances)
	4.3 Properties held for sale (less
	$	0	encumbrances)
5.	Cash ($	19,832,426	),
	cash equivalents ($			16,565,907 )
	and short-term investments ($	6,903,088	)	43,301,421	43,301,421	90,446,940
6.	Contract loans (including $		0	premium notes)
7.	Derivatives
8.	Other invested assets				150,352,522	150,352,522	149,582,110
9.	Receivables for securities				2,893,842	2,893,842	689,564

Securities lending reinvested collateral assets
Aggregate write-ins for invested assets

12.	Subtotals, cash and invested assets (Lines 1 to 11)	1,929,462,869		1,929,462,869	1,904,206,114
13.	Title plants less $	0	charged off (for Title insurers
	only)
14.	Investment income due and accrued			12,795,344		12,795,344	12,259,676
15.	Premiums and considerations:
	15.1	Uncollected premiums and agents' balances in the course of
	collection			34,780,383	1,388,718	33,391,665	29,883,596
	15.2	Deferred premiums, agents' balances and installments booked but
	deferred and not yet due (including $		0 earned
	but unbilled premiums)			52,972,953		52,972,953	63,502,282
	15.3 Accrued retrospective premiums	($	1,663,656	) and
	contracts subject to redetermination ($	0 )	1,663,656	166,366	1,497,290	2,625,884
16.	Reinsurance:
	16.1	Amounts recoverable from reinsurers		5,642,688		5,642,688	14,721,140
	16.2	Funds held by or deposited with reinsured companies	15,000,000		15,000,000	15,000,000

16.3 Other amounts receivable under reinsurance contracts

17. Amounts receivable relating to uninsured plans

18.1 Current federal and foreign income tax recoverable and interest thereon
18.2 Net deferred tax asset			83,384,562	31,000,076	52,384,486	52,481,624
19.	Guaranty funds receivable or on deposit	587		587	6,250
20.	Electronic data processing equipment and software	10,009,766	9,178,483	831,283	780,519
21.	Furniture and equipment, including health care delivery assets
	($	0	)	779,450	779,450
22.	Net adjustment in assets and liabilities due to foreign exchange rates
23.	Receivables from parent, subsidiaries and affiliates	1,932,399	270,281	1,662,118	1,070,988
24.	Health care ($		0 ) and other amounts receivable
25.	Aggregate write-ins for other-than-invested assets	69,681,422	2,043,755	67,637,667	66,746,105
26.	Total assets excluding Separate Accounts, Segregated Accounts and
	Protected Cell Accounts (Lines 12 to 25)	2,218,106,079	44,827,129	2,173,278,950	2,163,284,178
27.	From Separate Accounts, Segregated Accounts and Protected
	Cell Accounts
28.	Total (Lines 26 and 27)			2,218,106,079	44,827,129	2,173,278,950	2,163,284,178
	DETAILS OF WRITE-INS
1101.
1102.
1103.
1198.	Summary of remaining write-ins for Line 11 from overflow page
1199.	Totals (Lines 1101 through 1103 plus 1198) (Line 11 above)
2501.	Prepaid Expenses			2,043,755	2,043,755
2502.	Cash Surrender Value of Business Owned Life Insurance	65,928,029		65,928,029	65,474,166
2503.	State Premium Tax Recoverable	853,060		853,060	411,867
2598.	Summary of remaining write-ins for Line 25 from overflow page	856,578		856,578	860,072
2599.	Totals (Lines 2501 through 2503 plus 2598) (Line 25 above)	69,681,422	2,043,755	67,637,667	66,746,105

STATEMENT AS OF MARCH 31, 2024 OF THE PROASSURANCE INDEMNITY COMPANY, INC.

LIABILITIES, SURPLUS AND OTHER FUNDS

					1	2
					Current	December 31,
					Statement Date	Prior Year
1.	Losses (current accident year $	40,281,768	)		770,621,003	782,509,129
2.	Reinsurance payable on paid losses and loss adjustment expenses		20,360,025	17,274,143
3.	Loss adjustment expenses				545,664,246	542,394,495
4.	Commissions payable, contingent commissions and other similar charges		632,720	1,435,715
5.	Other expenses (excluding taxes, licenses and fees)			6,849,753	5,783,052
6.	Taxes, licenses and fees (excluding federal and foreign income taxes)		716,956	705,968
7.1Current federal and foreign income taxes (including $	0	on realized capital gains (losses))	2,033,229	1,593,353
7.2 Net deferred tax liability
8.	Borrowed money $	0 and interest thereon $	0
9.	Unearned premiums (after deducting unearned premiums for ceded reinsurance of $	15,605,022 and
	including warranty reserves of $		0 and accrued accident and health experience rating refunds
	including $	0 for medical loss ratio rebate per the Public Health Service Act)	204,860,833	203,039,342
10.	Advance premium				3,782,594	5,069,270

11. Dividends declared and unpaid:

Stockholders
Policyholders

12.	Ceded reinsurance premiums payable (net of ceding commissions)	3,511,031	4,198,839
13.	Funds held by company under reinsurance treaties		3,075,084	3,046,058
14.	Amounts withheld or retained by company for account of others	138,801	139,489
15.	Remittances and items not allocated
16.	Provision for reinsurance (including $	0 certified)	15,918,000	15,918,000

Net adjustments in assets and liabilities due to foreign exchange rates
Drafts outstanding

19.	Payable to parent, subsidiaries and affiliates	3,989,868	12,238,185
20.	Derivatives
21.	Payable for securities	8,154,294	118,231

Payable for securities lending
Liability for amounts held under uninsured plans

24.	Capital notes $	0 and interest thereon $	0
25.	Aggregate write-ins for liabilities		8,549,512	4,624,105
26.	Total liabilities excluding protected cell liabilities (Lines 1 through 25)	1,598,857,949	1,600,087,374
27.	Protected cell liabilities
28.	Total liabilities (Lines 26 and 27)		1,598,857,949	1,600,087,374
29.	Aggregate write-ins for special surplus funds	(10,698,863)	(6,698,863)
30.	Common capital stock		12,034,574	12,034,574

Preferred capital stock
Aggregate write-ins for other than special surplus funds

33.	Surplus notes					10,093,603	10,093,603
34.	Gross paid in and contributed surplus			493,399,995	493,399,995
35.	Unassigned funds (surplus)				69,591,692	54,367,495
36.	Less treasury stock, at cost:
	36.1	0	shares common (value included in Line 30	$	0	)
	36.2	0	shares preferred (value included in Line 31	$	0	)
37.	Surplus as regards policyholders (Lines 29 to 35, less 36)				574,421,001	563,196,804
38.	Totals (Page 2, Line 28, Col. 3)			2,173,278,950	2,163,284,178
	DETAILS OF WRITE-INS
2501.	Retroactive insurance reserve assumed			8,549,512	4,624,105
2502.
2503.
2598.	Summary of remaining write-ins for Line 25 from overflow page
2599.	Totals (Lines 2501 through 2503 plus 2598) (Line 25 above)			8,549,512	4,624,105
2901.	Retroactive insurance surplus adjustments			(10,698,863)	(6,698,863)
2902.
2903.
2998.	Summary of remaining write-ins for Line 29 from overflow page
2999.	Totals (Lines 2901 through 2903 plus 2998) (Line 29 above)			(10,698,863)	(6,698,863)
3201.
3202.
3203.
3298.	Summary of remaining write-ins for Line 32 from overflow page
3299.	Totals (Lines 3201 through 3203 plus 3298) (Line 32 above)

STATEMENT AS OF MARCH 31, 2024 OF THE PROASSURANCE INDEMNITY COMPANY, INC.

STATEMENT OF INCOME

						1	2	3
						Current Year	Prior Year	Prior Year Ended
						to Date	to Date	December 31
1.	Premiums earned:	UNDERWRITING INCOME

	1.1	Direct (written $	55,952,844	)		61,254,563	64,108,168	252,041,464
	1.2	Assumed (written $	51,301,429 )		43,223,590	41,591,282	166,353,718
	1.3	Ceded (written $	11,141,592	)		10,186,962	12,777,910	41,090,423
	1.4	Net (written $	96,112,681	)		94,291,191	92,921,540	377,304,759
2.		DEDUCTIONS:
Losses incurred (current accident year $	41,275,854 ):
	2.1 Direct				28,112,317	36,616,863	159,544,359
	2.2 Assumed				21,190,662	23,192,771	134,693,110
	2.3 Ceded				7,090,311	12,278,487	80,373,773
3.	2.4 Net				42,212,668	47,531,147	213,863,696
Loss adjustment expenses incurred			32,045,517	38,071,429	121,047,476
4.	Other underwriting expenses incurred			22,010,383	24,152,772	110,736,259
5.	Aggregate write-ins for underwriting deductions
6.	Total underwriting deductions (Lines 2 through 5)		96,268,568	109,755,348	445,647,431
7.	Net income of protected cells
8.	Net underwriting gain (loss) (Line 1 minus Line 6 + Line 7)		(1,977,377)	(16,833,808)	(68,342,672)
9.	Net investment income earned	INVESTMENT INCOME		17,790,756	14,690,853	63,295,091

10.	Net realized capital gains (losses) less capital gains tax of $	(50,272)	(2,047,366)	(2,237,643)	(2,981,264)
11.	Net investment gain (loss) (Lines 9 + 10)			15,743,390	12,453,210	60,313,827
12.			OTHER INCOME
Net gain or (loss) from agents' or premium balances charged off
13.	(amount recovered $	15	amount charged off $	843 )	(828)	(95,118)	(108,971)
Finance and service charges not included in premiums
14.	Aggregate write-ins for miscellaneous income		(3,507,091)	442,156	5,774,325
15.	Total other income (Lines 12 through 14)			(3,507,919)	347,038	5,665,354
16.	Net income before dividends to policyholders, after capital gains tax and before all other federal
	and foreign income taxes (Lines 8 + 11 + 15)		10,258,094	(4,033,560)	(2,363,491)

Dividends to policyholders
Net income, after dividends to policyholders, after capital gains tax and before all other federal

19.	and foreign income taxes (Line 16 minus Line 17)	10,258,094	(4,033,560)	(2,363,491)
Federal and foreign income taxes incurred	490,148	(326,140)	1,410,720
20.	Net income (Line 18 minus Line 19)(to Line 22)	9,767,946	(3,707,420)	(3,774,211)
21.	CAPITAL AND SURPLUS ACCOUNT
Surplus as regards policyholders, December 31 prior year	563,196,804	510,233,141	510,233,141
22.	Net income (from Line 20)	9,767,946	(3,707,420)	(3,774,211)

Net transfers (to) from Protected Cell accounts
Change in net unrealized capital gains or (losses) less capital gains tax of

25.	$	683,677	(1,252,788)	(812,719)	(86,322)
Change in net unrealized foreign exchange capital gain (loss)	(143,995)	149,851	(398,137)
26.	Change in net deferred income tax	(1,329,923)	(1,978,046)	31,322,264
27.	Change in nonadmitted assets	4,182,957	5,796,756	6,733,068
28.	Change in provision for reinsurance		7,096,000	19,167,000

Change in surplus notes
Surplus (contributed to) withdrawn from protected cells
Cumulative effect of changes in accounting principles
Capital changes:
1. Paid in
2. Transferred from surplus (Stock Dividend)
3. Transferred to surplus
Surplus adjustments:
1. Paid in
2. Transferred to capital (Stock Dividend)
3. Transferred from capital
Net remittances from or (to) Home Office
Dividends to stockholders
Change in treasury stock
Aggregate write-ins for gains and losses in surplus

38.	Change in surplus as regards policyholders (Lines 22 through 37)	11,224,197	6,544,422	52,963,662
39.	Surplus as regards policyholders, as of statement date (Lines 21 plus 38)	574,421,001	516,777,563	563,196,804
0501.	DETAILS OF WRITE-INS

0502.
0503.
0598.	Summary of remaining write-ins for Line 5 from overflow page
0599.	TOTALS (Lines 0501 through 0503 plus 0598) (Line 5 above)
1401.	Miscellaneous income	39,046	66,231	416,285
1402.	Increase in cash surrender value of business owned life insurance	453,863	375,925	5,358,040
1403.	Loss portfolio transfers	(4,000,000)
1498.	Summary of remaining write-ins for Line 14 from overflow page
1499.	TOTALS (Lines 1401 through 1403 plus 1498) (Line 14 above)	(3,507,091)	442,156	5,774,325
3701.
3702.
3703.
3798.	Summary of remaining write-ins for Line 37 from overflow page
3799.	TOTALS (Lines 3701 through 3703 plus 3798) (Line 37 above)

STATEMENT AS OF MARCH 31, 2024 OF THE PROASSURANCE INDEMNITY COMPANY, INC.

CASH FLOW

				1	2	3
				Current Year	Prior Year	Prior Year Ended
				To Date	To Date	December 31
1.		Cash from Operations
Premiums collected net of reinsurance		101,904,353	101,326,531	373,746,225
2.	Net investment income		18,928,442	16,546,209	63,160,564
3.	Miscellaneous income		(3,651,914)	496,891	5,267,217
4.	Total (Lines 1 to 3)		117,180,881	118,369,631	442,174,006
5.	Benefit and loss related payments		38,011,052	59,550,532	212,795,084
6.	Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts
7.	Commissions, expenses paid and aggregate write-ins for deductions		57,488,422	58,848,060	197,514,633
8.	Dividends paid to policyholders
9.	Federal and foreign income taxes paid (recovered) net of $	0 tax on capital
10.	gains (losses)		50,273	(7,219,419)	(11,494,190)
Total (Lines 5 through 9)		95,549,747	111,179,173	398,815,527
11.	Net cash from operations (Line 4 minus Line 10)		21,631,134	7,190,458	43,358,479
12.		Cash from Investments
Proceeds from investments sold, matured or repaid:
	12.1	Bonds		64,463,462	58,715,677	209,741,815
	12.2	Stocks			5,000	705,000
	12.3	Mortgage loans
	12.4	Real estate
	12.5	Other invested assets		4,115,111	5,004,445	27,632,322
	12.6	Net gains or (losses) on cash, cash equivalents and short-term investments
	12.7	Miscellaneous proceeds		(2,204,276)	(1,157,780)	(637,344)
13.	12.8	Total investment proceeds (Lines 12.1 to 12.7)		66,374,297	62,567,342	237,441,793
Cost of investments acquired (long-term only):
	13.1	Bonds		138,207,732	43,703,159	221,670,653
	13.2	Stocks		920,800		14,725,464
	13.3	Mortgage loans
	13.4	Real estate		160,488	512,548	868,328
	13.5	Other invested assets		3,897,992	1,639,413	21,556,727
	13.6	Miscellaneous applications		(8,036,062)	(366,644)	1,589,147
14.	13.7	Total investments acquired (Lines 13.1 to 13.6)		135,150,950	45,488,476	260,410,319
Net increase/(decrease) in contract loans and premium notes
15.	Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)		(68,776,653)	17,078,866	(22,968,526)
16.		Cash from Financing and Miscellaneous Sources
Cash provided (applied):
	16.1	Surplus notes, capital notes
	16.2	Capital and paid in surplus, less treasury stock
	16.3	Borrowed funds
	16.4	Net deposits on deposit-type contracts and other insurance liabilities
	16.5	Dividends to stockholders
	16.6	Other cash provided (applied)			9,964
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5
	plus Line 16.6)			9,964
18.		RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)	(47,145,519)	24,279,288	20,389,953
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year		90,446,940	70,056,987	70,056,987
	19.2	End of period (Line 18 plus Line 19.1)		43,301,421	94,336,275	90,446,940

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Note 1 - Summary of Significant Accounting Policies and Going Concern

Accounting practices
The financial statements of ProAssurance Indemnity Company, Inc. (the Company) are presented on the basis of accounting practices prescribed or permitted by the Alabama Department of Insurance (ALDOI).
The ALDOI recognizes only statutory accounting practices prescribed or permitted by the State of Alabama for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under the Alabama Insurance Code. The National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual has been adopted as a component of prescribed or permitted practices by the State of Alabama.
The Alabama Insurance Code generally requires domestic insurance companies to maintain their assets within the State of Alabama. This requirement can thereby preclude the use of out-of-state banks. On October 4, 2006, the Company received a Permitted Practice from the ALDOI that allows the Company to make use of out-of-state banks. This practice is not at variance with any NAIC statutory accounting practices and procedures (SAP). The Company does not employ any accounting practices prescribed or permitted by the State of Alabama that depart from NAIC SAP, as shown in the following table:

						Year-to-date period ended
NET INCOME	SSAP	F/S	F/S		March 31,	December 31,
#	Page	Line #		2024		2023
(1)	State basis (Page 4, Line 20, Columns 1 & 3)	XXX	XXX	XXX	$	9,767,946	$	(3,774,211)
(2)	State Prescribed Practices that are an increase/					-		-
(decrease) from NAIC SAP:
(3)	State Permitted Practices that are an increase/					-		-
(decrease) from NAIC SAP:
(4)	NAIC SAP (1-2-3=4)	XXX	XXX	XXX	$	9,767,946	$	(3,774,211)
SURPLUS

(5)	State basis (Page 3, Line 37, Columns 1 & 2)	XXX	XXX	XXX	$	574,421,001	$	563,196,804
(6)	State Prescribed Practices that are an increase/					-		-
(decrease) from NAIC SAP:
(7)	State Permitted Practices that are an increase/					-		-
(decrease) from NAIC SAP:
(8)	NAIC SAP (5-6-7=8)	XXX	XXX	XXX	$	574,421,001	$	563,196,804

The term "none" or "no significant change" is used in the following notes to indicate that the Company does not have any items requiring disclosure under the respective note.

Use of estimates in the preparation of the financial statements - No significant change. C. Accounting policy
1. - (5) No significant change.

1. Loan-backedsecurities are reported at amortized cost provided that the SVO's designation is 1 or 2. If the SVO's designation is 3 or greater, the security is reported at the lower of amortized cost or fair value. The Company uses the prospective method to make valuation adjustments when necessary.
2. - (13) No significant change.
Going Concern
Management has concluded that there is no doubt regarding the Company's ability to continue as a going concern.

Note 2 - Accounting Changes and Corrections of Errors- None.

Note 3 - Business Combinations and Goodwill- None.

Note 4 - Discontinued Operations- None.

Note 5 - Investments

Mortgage loans, including mezzanine real estate loans - None.
Debt restructuring - None.
Reverse mortgages - None.

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Loan-backedsecurities
1. Prepayment assumptions for single-class and multi-classmortgage-backed/asset-backed securities were obtained from broker dealer survey values or internal estimates.
2. The Company has recognized the following other-than-temporary impairments of loan-backed securities for intent to sell or for inability to hold to recovery as of March 31, 2024:

			(1)		(2)		(3)
		Amortized Cost		Other-Than-
			Basis Before		Temporary
			Other-Than-		Impairment
			Temporary	Recognized in	Fair Value 1 - 2
			Impairment		Loss
OTTI recognized 1st Quarter
a.	Intent to sell	$	500,000	$	351,250	$	148,750
b.	Inability or lack of intent to retain the investment
	in the security for a period of time sufficient to		-		-		-
	recover the amortized cost basis
c.	Total 1st Quarter (a+b)	$	500,000	$	351,250	$	148,750

The following loan-backed securities, held as of March 31, 2024, have incurred other-than-temporary impairments recognized in earnings based on the fact that the present value of projected cash flows expected to be collected was less than the amortized cost of the securities.

(1)		(2)		(3)		(4)		(5)		(6)	(7)
		Book/Adjusted				Recognized		Amortized
		Carrying Value	Present Value			Cost After			Date of Financial
	Amortized Cost		Other-Than-		Other-Than-	Fair Value at
CUSIP		Before Current		of Projected		Temporary		Temporary	Statement Where
	Period OTTI		Cash Flows		Impairment		Impairment		time of OTTI	Reported
36167RAE3	$	500,000	$	148,750	$	(351,250)	$	148,750	$	148,750	3/31/2024
				Total:	$	(351,250)

For all loan-backed securities held at March 31, 2024 for which fair value is less than cost, but which have had no other-than-temporary impairment recognized in earnings, the following table displays balances, according to duration of the loss position:
a. The aggregate amount of unrealized losses:

1.	Less than 12 Months	$	(613,089)
2.	12 Months or Longer	$	(33,796,910)

The aggregate related fair value of securities with unrealized losses:

1.	Less than 12 Months	$ 77,453,352
2.	12 Months or Longer	$278,227,873

1. The Company used pricing services in determining the fair value of its loan-backed securities. In determining that a security is not other-than-temporarily impaired, securities are analyzed for future cash flows by using current and expected losses, historical and expected prepayment speeds (based on Bloomberg and broker dealer survey values), and assumptions about recoveries relative to the seniority or subordination in the capital structure. If the results indicate that the Company will be able to maintain the current book yield, no other-than-temporary impairment is warranted.
Dollar repurchase agreements and/or securities lending transactions - None.
Repurchase agreements transactions accounted for as secured borrowing - None.
Reverse repurchase agreements transactions accounted for as secured borrowing - None.
Repurchase agreements transactions accounted for as a sale - None.
Reverse repurchase agreements transactions accounted for as a sale - None.
Real estate - None.
Low-incomehousing tax credits (LIHTC)
The Company has invested in limited partnerships whose primary benefits are derived through the utilization of tax credits and losses related to Section 42 of the Internal Revenue Code, commonly referred to as Low Income Housing Tax Credits (LIHTC). The average remaining period of unexpired tax credits is less than a year and the average remaining required holding period is approximately 4 years. The Company has recognized a tax benefit of $193,942 during 2024. As of March 31, 2024, the balance of LIHTCs recognized in the statement of financial position is $3,469,893.

6.1

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Restricted assets
1. Restricted assets (including pledged)

				Gross (Admitted & Nonadmitted) Restricted							Current Year
					Current Year													Percentage
		1		2		3		4		5		6		7		8		9	10	11
				G/A		Total	Protected
						Cell												Admitted
		Total	Supporting	Protected		Account										Total	Gross
		Protected		Cell		Assets					Increase/		Total		Restricted
Restricted Asset Category		General		Cell		Account	Supporting		Total	Total From			Admitted	Restricted	to Total
	Account		Account	Restricted		G/A		(Decrease)	Nonadmitted	Restricted	to Total	Admitted
		(G/A)	Activity (a)		Assets	Activity (b)		(1 plus 3)	Prior Year	(5 minus 6)		Restricted	(5 minus 8)	Assets (c)	Assets (d)
a. Subject to contractual
obligation for which
liability is not shown	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	-	-
b. Collateral held under
security lending
agreements		-		-		-		-		-		-		-		-	$	-	-	-
c. Subject to repurchase
agreements		-		-		-		-		-		-		-		-	$	-	-	-
d. Subject to reverse
repurchase agreements		-		-		-		-		-		-		-		-	$	-	-	-
e. Subject to dollar
repurchase agreements		-		-		-		-		-		-		-		-	$	-	-	-
f. Subject to dollar
reverse repurchase		-		-		-		-		-		-		-		-	$	-	-	-
agreements
g. Placed under option
contracts		-		-		-		-		-		-		-		-	$	-	-	-
h. Letter stock or
securities restricted as
to sale - excluding FHLB
capital stock		-		-		-		-		-		-		-		-	$	-	-	-
i. FHLB capital stock		2,677,000		-		-		-		2,677,000		1,836,200		840,800		-	$	2,677,000	0.1 %	0.1 %
j. On deposit with states		9,019,207		-		-		-		9,019,207	10,506,426	(1,487,219)		-	$	9,019,207	0.4 %	0.4 %
k. On deposit with other
regulatory bodies		-		-		-		-		-		-		-		-	$	-	-	-
l. Pledged as collateral
to FHLB (including
assets backing funding
agreements)		-		-		-		-		-		-		-		-	$	-	-	-
m. Pledged as collateral
not captured in other
categories		-		-		-		-		-		-		-		-	$	-	-	-
n. Other restricted		-		-		-		-		-		-		-		-	$	-	-	-
assets
o. Total Restricted	$	11,696,207	$	-	$	-	$	-	$11,696,207	$12,342,626	$	(646,419)	$	-	$	11,696,207	0.5 %	0.5 %
Assets

Subset of column 1
Subset of column 3
Column 5 divided by Asset Page, Column 1 Line 28
Column 9 divided by Asset Page, Column 3, Line 28
1. Detail of assets pledged as collateral not captured in other categories - None.
2. Detail of other restricted assets - None.
3. Collateral received and reflected as assets within the reporting entity's financial statements - None.

Working capital finance investments - None.
Offsetting and netting of assets and liabilities - None.
5GI Securities - None.
Short sales - None.
Prepayment penalty and acceleration fees - No Significant Change
Reporting entity's share of cash pool by asset type - None.

Note 6 - Joint Ventures, Partnerships and Limited Liability Companies

Detail for those greater than 10% of admitted assets - None.
Write-downsfor impairments - None.

6.2

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127(672),1$1&,$/67$7(0(176

Note 7 - Investment Income

Accrued investment income - None.
Amounts nonadmitted - None.
The gross, nonadmitted and admitted amounts for interest income due and accrued.

Interest Income Due and Accrued		Amount
1.	Gross	$	12,795,344
2.	Nonadmitted	$	-
3.	Admitted	$	12,795,344

The aggregate deferred interest - None.
The cumulative amounts of paid-in-kind (PIK) interest included in the current principal balance - None.

Note 8 - Derivative Instruments- None.

Note 9 - Income Taxes
A. The components of the net deferred tax asset/(liability) at March 31 are as follows:
1.
				3/31/2024
			(1)		(2)		(3)
							(Col 1+2)
			Ordinary		Capital		Total
(a)	Gross Deferred Tax Assets	$	84,438,677	$	8,438,761	$	92,877,438
(b)	Statutory Valuation Allowance Adjustments		-		4,886,430		4,886,430
(c)	Adjusted Gross Deferred Tax Assets (1a - 1b)		84,438,677		3,552,331		87,991,008
(d)	Deferred Tax Assets Nonadmitted		27,975,419		3,024,657		31,000,076
(e)	Subtotal Net Admitted Deferred Tax Asset (1c - 1d)		56,463,258		527,674		56,990,932
(f)	Deferred Tax Liabilities		4,078,772		527,674		4,606,446
(g)	Net Admitted Deferred Tax Asset/(Net Deferred Tax	$	52,384,486	$	-	$	52,384,486
	Liability)(1e-1f)

				12/31/2023
			(4)		(5)		(6)
							(Col 4+5)
			Ordinary		Capital		Total
(a)	Gross Deferred Tax Assets	$	86,533,855	$	9,340,041	$	95,873,896
(b)	Statutory Valuation Allowance Adjustments		-		5,486,808		5,486,808
(c)	Adjusted Gross Deferred Tax Assets (1a - 1b)		86,533,855		3,853,233		90,387,088
(d)	Deferred Tax Assets Nonadmitted		29,659,953		3,256,585		32,916,538
(e)	Subtotal Net Admitted Deferred Tax Asset (1c - 1d)		56,873,902		596,648		57,470,550
(f)	Deferred Tax Liabilities		4,392,278		596,648		4,988,926
(g)	Net Admitted Deferred Tax Asset/(Net Deferred Tax	$	52,481,624	$	-	$	52,481,624
	Liability)(1e-1f)

					Change
			(7)		(8)		(9)
			(Col 1-4)		(Col 2-5)		(Col 7+8)
			Ordinary		Capital		Total
(a)	Gross Deferred Tax Assets	$	(2,095,178)	$	(901,280)	$	(2,996,458)
(b)	Statutory Valuation Allowance Adjustments		-		(600,378)		(600,378)
(c)	Adjusted Gross Deferred Tax Assets (1a - 1b)		(2,095,178)		(300,902)		(2,396,080)
(d)	Deferred Tax Assets Nonadmitted		(1,684,534)		(231,928)		(1,916,462)
(e)	Subtotal Net Admitted Deferred Tax Asset (1c - 1d)		(410,644)		(68,974)		(479,618)
(f)	Deferred Tax Liabilities		(313,506)		(68,974)		(382,480)
(g)	Net Admitted Deferred Tax Asset/(Net Deferred Tax	$	(97,138)	$	-	$	(97,138)
	Liability)(1e-1f)

6.3

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ProAssurance Corporation published this content on 03 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 June 2024 20:02:19 UTC.

"Proassurance Indemnity Company Inc","PNC AS","2024 03 31" Annual Statutory Statement

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