Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Activities
Net income (loss)	$ 8,461	$ (5,822)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization, net of accretion	2,912	3,822
(Increase) decrease in cash surrender value of BOLI	(454)	(618)
Gain on sale of capital assets	0	(2,212)
Net investment (gains) losses	3,425	1,693
Share-based compensation	2,271	1,788
Deferred income tax expense (benefit)	832	10
Policy acquisition costs, net of amortization (net deferral)	(2,938)	(2,100)
Equity in (earnings) loss of unconsolidated subsidiaries	(2,938)	(4,015)
Distributed earnings from unconsolidated subsidiaries	5,235	4,867
Other, net	(199)	1,421
Change in:
Premiums receivable	(9,754)	(18,640)
Reinsurance related assets and liabilities	3,951	8,181
Other assets	911	11,966
Reserve for losses and loss adjustment expenses	(38,118)	(3,362)
Unearned premiums	40,352	44,892
Other liabilities	(35,272)	(53,480)
Net cash provided by (used in) operating activities	(21,323)	(11,609)
Purchases of:
Fixed maturities, available-for-sale	(220,106)	(314,842)
Equity investments	(247)	(1,052)
Other investments	(10)	(563)
Investment in unconsolidated subsidiaries	(2,042)	(8,443)
Proceeds from sales or maturities of:
Fixed maturities, available-for-sale	234,761	281,626
Equity investments	491	11,754
Other investments	1,228	0
Net sales or (purchases) of fixed maturities, trading	760	(294)
Return of invested capital from unconsolidated subsidiaries	4,806	10,523
Net sales or maturities (purchases) of short-term investments	(23,418)	11,132
Unsettled security transactions, net change	8,382	12,007
Purchases of capital assets	(214)	(350)
Proceeds from sale of capital assets	0	19,308
Net cash impact of deconsolidation of closed years of account from Lloyd's Syndicates operations	0	(11,102)
Other	0	(5,594)
Net cash provided by (used in) investing activities	4,391	4,110
Financing Activities
Borrowings (repayments) under Revolving Credit Agreement	(1,563)	(1,563)
Capital contribution received from (return of capital to) external segregated portfolio cell participants	(785)	(863)
Net effect of restricted and performance shares issued	(3,160)	(1,415)
Net cash provided by (used in) financing activities	(5,508)	(3,841)
Increase (decrease) in cash and cash equivalents	(22,440)	(11,340)
Cash and cash equivalents at beginning of period	36,494	54,881
Cash and cash equivalents at end of period	$ 14,054	$ 43,541

PROASSURANCE CORP 10-Q