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EXECUTION VERSION AMENDMENT NO. 5 TO CREDIT AGREEMENT THIS AMENDMENT NO. 5 (this
“Amendment”) is made as of November 7, 2017 (the “Effective Date”) by and among
PROASSURANCE CORPORATION (the “Borrower”), the lenders listed on the signature
pages hereto (the “Lenders”) and U.S. BANK NATIONAL ASSOCIATION, as
Administrative Agent (in such capacity, the "Administrative Agent"), under that
certain Credit Agreement, dated as of April 15, 2011 (as amended, supplemented
or otherwise modified from time to time, the "Credit Agreement"), by and among
the Borrower, the Lenders and the Administrative Agent. Capitalized terms used
herein and not otherwise defined herein shall have the respective meanings set
forth in the Credit Agreement. WHEREAS, the Borrower has requested that the
Lenders and the Administrative Agent agree to make certain modifications to the
Credit Agreement; and WHEREAS, the Borrower, the Lenders and the Administrative
Agent have so agreed on the terms and conditions set forth herein; NOW,
THEREFORE, in consideration of the premises set forth above, the terms and
conditions contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Borrower, the
Lenders and the Administrative Agent hereby agree as follows. ARTICLE I -
AMENDMENT Effective as of the Effective Date but subject to the satisfaction of
the conditions precedent set forth in Article III below, clause (xiii) of
Section 6.16 of the Credit Agreement is hereby amended to (1) delete the
reference to “clause (x)” therein and insert “clause (xiii)” in place thereof
and (2) delete the reference to “$25,000,000” contained therein and insert
“$75,000,000” in place thereof. ARTICLE II- REPRESENTATIONS AND WARRANTIES The
Borrower hereby represents and warrants as follows: 2.1 This Amendment and the
Credit Agreement, as amended hereby, constitute legal, valid and binding
obligations of the Borrower and are enforceable against the Borrower in
accordance with their terms, except as enforceability may be limited by
bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’
rights generally. 2.2 As of the date hereof and after giving effect to the terms
of this Amendment, (i) no Default or Event of Default shall have occurred and be
continuing and (ii) the representations and warranties of the Borrower set forth
in the Credit Agreement, as amended hereby, are (x) with respect to any
representations or warranties that contain a materiality qualifier, true and
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2 correct in all respects as of the date hereof except to the extent any such
representation or warranty is stated to relate solely to an earlier date, in
which case such representation or warranty shall have been true and correct in
all respects on and as of such earlier date and (y) with respect to any
representations or warranties that do not contain a materiality qualifier, true
and correct in all material respects as of the date hereof except to the extent
any such representation or warranty is stated to relate solely to an earlier
date, in which case such representation or warranty shall have been true and
correct in all material respects on and as of such earlier date. ARTICLE III-
CONDITIONS PRECEDENT This Amendment shall become effective on the Effective
Date; provided, however, that the effectiveness of this Amendment is subject to
the satisfaction of each of the following conditions precedent: 3.1 The
Administrative Agent shall have received counterparts of this Amendment duly
executed by the Borrower, the Administrative Agent and the Lenders. 3.2 All of
the Administrative Agent’s accrued costs, fees and expenses through the date
hereof shall be fully paid. ARTICLE IV- GENERAL 4.1 Expenses. The Borrower
agrees to reimburse the Administrative Agent upon demand for all reasonable
out-of-pocket expenses paid or incurred by the Administrative Agent, including,
without limitation, reasonable fees, charges and disbursements of outside
counsel to the Administrative Agent incurred in connection with preparation,
negotiation and execution of this Amendment and any other document required to
be furnished herewith. 4.2 Counterparts. This Amendment may be executed in
counterparts (and by different parties hereto in different counterparts), each
of which shall constitute an original, but all of which when taken together
shall constitute a single contract. Delivery of an executed counterpart of a
signature page of this Amendment by telecopy or other electronic transmission
shall be effective as delivery of a manually executed counterpart of this
Amendment. 4.3 Severability. Any provision in this Amendment that is held to be
inoperative, unenforceable, or invalid in any jurisdiction shall, as to that
jurisdiction, be inoperative, unenforceable, or invalid without affecting the
remaining provisions in that jurisdiction or the operation, enforceability, or
validity of that provision in any other jurisdiction, and to this end the
provisions of this Amendment are declared to be severable. 4.4 Governing Law.
This Amendment shall be construed in accordance with the internal laws (without
regard to the conflict of law provisions) of the State of Delaware, but giving
effect to federal laws applicable to national banks. 4.5 Successors;
Enforceability. The terms and provisions of this Amendment shall be binding upon
the Borrower, the Administrative Agent and the Lenders and their respective

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3 successors and assigns, and shall inure to the benefit of the Borrower, the
Administrative Agent and the Lenders and the successors and assigns of the
Administrative Agent and the Lenders. 4.6 Reference to and Effect on the Credit
Agreement. a. Upon the effectiveness of this Amendment, on and after the date
hereof, each reference in the Credit Agreement to “this Agreement,” “hereunder,”
“hereof,” “herein” or words of like import shall mean and be a reference to the
Credit Agreement, as amended and modified hereby. b. Except as specifically
amended above, the Credit Agreement and all other documents, instruments and
agreements executed and/or delivered in connection therewith (including, without
limitation, all of the Loan Documents) shall remain in full force and effect and
are hereby ratified and confirmed. c. The execution, delivery and effectiveness
of this Amendment shall not operate as a waiver of any right, power or remedy of
the Administrative Agent or the Lenders, nor constitute a waiver of any
provision of the Credit Agreement or any other documents, instruments and
agreements executed and/or delivered in connection therewith. 4.7 Headings.
Section headings in this Amendment are for convenience of reference only, and
shall not govern the interpretation of any of the provisions of this Amendment.
(signature pages follow)

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