Document:

EX-10.3

 Exhibit 10.3 

PLEDGE AND SECURITY AGREEMENT 

THIS PLEDGE AND SECURITY AGREEMENT (as the same may be amended, restated, supplemented or otherwise modified from time to time, this
“Security Agreement”) is entered into as of November 8, 2013 by and among PROASSURANCE CORPORATION (the “Grantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, including without limitation any of its foreign or
domestic branches (the “Lender”). 
 PRELIMINARY STATEMENT 

PRA Corporate Capital Limited, a private limited company organized under the laws of England and Wales and an indirect wholly-owned subsidiary
of the Pledgor (the “Applicant”), has entered into a Standby Letter of Credit Agreement dated the date hereof with the Lender (as amended, restated, supplemented or otherwise modified from time to time, the “Letter of Credit
Agreement”), pursuant to which the Applicant has requested the Lender (acting through its London branch) to issue in favor of The Society and Council of Lloyd’s an irrevocable standby letter of credit in the stated amount of
£41,860,800 (the “Letter of Credit”). 
 As a condition to the issuance of the Letter of Credit, the Grantor has
entered into a Parent Guaranty, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), pursuant to which the Grantor has guaranteed to the Lender the payment in full
of the Obligations of the Applicant under the Letter of Credit Agreement. The Grantor is entering into this Security Agreement in order to secure its obligations under the Guaranty and to induce the Lender to issue the Letter of Credit. The Grantor
will derive substantial direct and indirect benefits from the issuance of the Letter of Credit pursuant to the Letter of Credit Agreement, which benefits are hereby acknowledged, and, accordingly, desire to execute and deliver this Agreement. 

ACCORDINGLY, the Grantor and the Lender hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

1.1. Terms Defined in the Letter of Credit Agreement or Guaranty. All capitalized definitional terms used herein and not otherwise
defined shall have the meanings assigned to such terms in the Letter of Credit Agreement or the Guaranty, as the case may be. 
 1.2.
Terms Defined in New York UCC. Terms defined in the New York UCC which are not otherwise defined in this Security Agreement are used herein as defined in the New York UCC. 

 1.3. Definitions of Certain Terms Used Herein. As used in this Security Agreement, in
addition to the terms defined in the Preliminary Statement, the following terms shall have the following meanings: 

“Account” means deposit account number 20000-19335874 maintained with the Lender. 

“Article” means a numbered article of this Security Agreement, unless another document or the New York UCC is specifically
referenced. 
 “Collateral” means the Account and all cash, amounts, funds and items on deposit in or credited thereto, in
each case together with all proceeds thereof. 
 “Default” means an event described in Section 5.1 hereof. 

“Exhibit” refers to a specific exhibit to this Security Agreement, unless another document is specifically referenced. 

“New York UCC” means the New York Uniform Commercial Code as in effect from time to time. 

“Permitted Encumbrances” means (i) Liens in favor of the Lender and (ii) Liens of the type described in clause
(i) of Section 6.16 of the Senior Credit Agreement. 
 “Section” means a numbered section of this Security
Agreement, unless another document is specifically referenced. 
 “Secured Obligations” means all liabilities and
obligations of the Grantor under the Guaranty, this Agreement and the other Credit Documents, including all fees, costs and expenses payable by the Grantor hereunder or thereunder, in each case whether now existing or hereafter created or arising
and whether direct or indirect, absolute or contingent, due or to become due; provided that the aggregate principal amount of the Secured Obligations shall not exceed £75,000,000; and provided further for the sake of
clarity that, for purposes of this Agreement, the term “Secured Obligations” shall not include any liabilities or obligations of any Credit Party under any Treasury Management Agreements. 

The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms. 

ARTICLE II 
 GRANT OF SECURITY
INTEREST 
 The Grantor hereby pledges, assigns and grants to the Lender a security interest in all of the Grantor’s right, title and
interest, whether now owned or hereafter acquired, in and to the Collateral to secure the prompt and complete payment and performance of the Secured Obligations. 

  
 2 

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

The Grantor represents and warrants on the date of this Agreement and on any date on which representations or warranties are made or re-made
under the Letter of Credit Agreement to the Lender, that: 
 3.1. Title, Authorization, Validity and Enforceability. The Grantor has
good and valid rights in or the power to transfer the Collateral owned by it and title to such owned Collateral with respect to which it has purported to grant a security interest hereunder, free of all Liens except for Permitted Encumbrances, and
has full corporate power and authority to grant to the Lender the security interest in such Collateral pursuant hereto. The execution and delivery by the Grantor of this Security Agreement have been duly authorized by proper corporate proceedings,
and this Security Agreement constitutes a legal, valid and binding obligation of the Grantor and creates a security interest which is enforceable against the Grantor in all Collateral it now owns or hereafter acquires, except as enforceability may
be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. 
 3.2. Conflicting
Laws and Contracts. Neither the execution and delivery by the Grantor of this Security Agreement, the creation and perfection of the security interest in the Collateral granted hereunder, nor compliance with the terms and provisions hereof will
violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the Grantor, or (ii) the Grantor’s certificate of incorporation or by-laws, or (iii) the provisions of any indenture, instrument or
agreement to which the Grantor is a party or is subject, or by which it, or its property is bound, or conflict with or constitute a default thereunder, or result in or require the creation or imposition of any Lien in, of or on the property of the
Grantor pursuant to the terms of any such indenture, instrument or agreement (other than any Lien of the Lender). 
 3.3. Principal
Location. The Grantor’s mailing address and the location of its place of business (if it has only one) or its chief executive office (if it has more than one place of business), is disclosed in Exhibit “A”; the Grantor has
no other places of business except those set forth in Exhibit “A”. 
 3.4. No Other Names; Etc. Within the last five
(5) years, the Grantor has not conducted business under any legal name, changed its jurisdiction of formation, merged with or into or consolidated with any other corporation, except as disclosed in Exhibit “A”. The name in
which the Grantor has executed this Security Agreement is the exact name as it appears in the Grantor’s certificate of incorporation as filed with the Delaware Secretary of State as of the date hereof. 

3.5. No Default. No Default or Event of Default exists. 

3.6. Filing Requirements. None of the Collateral owned by the Grantor is of a type for which security interests or liens may be
perfected by filing under any federal statute. 
 3.7. No Financing Statements. No valid financing statement describing all or any
portion of the Collateral which has not lapsed or been terminated naming the Grantor as debtor has been filed in any proper jurisdiction except financing statements naming the Lender as the secured party. 

  
 3 

 3.8. Federal Employer Identification Number; State Organization Number; Jurisdiction of
Organization. The Grantor’s federal employer identification number, State of organization, type of organization and State of organization identification number is as follows: 

 

									
	 Grantor
	  	 Federal Employer

Identification

Number
	  	 Type of

Organization
	  	 State of

Organization or

Incorporation
	  	 State

Organization

Number

	 ProAssurance

Corporation
	  	63-1261433	  	corporation	  	Delaware	  	3282779

 ARTICLE IV 

COVENANTS 
 From the date of this
Security Agreement and thereafter until this Security Agreement is terminated, the Grantor agrees: 
 4.1. General. 

4.1.1 Inspection. The Grantor will permit the Lender, by its representatives and agents (i) to inspect the
Collateral, (ii) to examine and make copies of the books of accounts and other financial records of the Grantor relating to the Collateral and (iii) to discuss the Collateral and the related records of the Grantor with, and to be advised
as to the same by, the Grantor’s officers, at such reasonable times and intervals as the Lender may designate. 
 4.1.2
Taxes. The Grantor will timely file complete and correct United States federal and applicable foreign, state and local tax returns required by law and pay when due all taxes, assessments and governmental charges and levies upon the Collateral
owned by the Grantor, except those which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been set aside in accordance with GAAP. 

4.1.3 Records and Reports; Notification of Default. The Grantor shall keep proper books of record and account in which
full, true and correct entries are made with respect to the Collateral, and furnish to the Lender such reports relating to the Collateral as the Lender shall from time to time reasonably request. The Grantor will give prompt notice in writing to the
Lender of the occurrence of any Default. 
 4.1.4 Financing Statements and Other Actions; Defense of Title. The
Grantor hereby authorizes the Lender to file, and if requested will execute and deliver to the Lender, all financing statements describing the Collateral and other documents and take such other actions as may from time to time reasonably be
requested by the Lender in 

  
 4 

 
order to grant or maintain a first perfected security interest in and, if applicable, control (within the meaning of the Uniform Commercial Code in any applicable jurisdiction) of, the
Collateral, subject to Permitted Encumbrances. Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as
the Lender may determine, in its reasonable discretion, is necessary, advisable or prudent to ensure the perfection of the security interest in the Collateral granted to the Lender herein. The Grantor will take any and all actions necessary to
defend title to the Collateral against all persons and to defend the security interest of the Lender in the Collateral and the priority thereof against any Lien not expressly permitted hereunder. 

4.1.5 Disposition of Collateral. The Grantor will not sell, lease, withdraw, transfer or otherwise dispose of the
Collateral; provided, however, that so long as (i) the Required Balance is maintained in the Account and (ii) no Event of Default has occurred and is continuing, the Grantor may withdraw and transfer funds from the Account.

 4.1.6 Liens. The Grantor will not create, incur, or suffer to exist any Lien on the Collateral except Permitted
Encumbrances. 
 4.1.7 Change in Corporate Existence, Type or Jurisdiction of Organization, Location, Name. The
Grantor will (except as otherwise permitted hereunder or under the Guaranty): 
  

	 	(i)	preserve its existence in effect on the date hereof; 

  

	 	(ii)	not change its jurisdiction of organization; 

  

	 	(iii)	not maintain its place of business (if it has only one) or its chief executive office (if it has more than one place of business) at a location other than a location specified on Exhibit “A;” and

  

	 	(iv)	not (i) change its name or taxpayer identification number or (ii) change its mailing address, 

unless, in each such case, the Grantor shall have given the Lender not less than 30 days’ prior written notice of such event or occurrence
and the Lender shall have either (x) reasonably determined that such event or occurrence will not adversely affect the validity, perfection or priority of the Lender’s security interest in the Collateral, or (y) taken such steps (with
the cooperation of the Grantor to the extent necessary or advisable) as are necessary or advisable to properly maintain the validity, perfection and priority of the Lender’s security interest in the Collateral. 

4.1.8 Other Financing Statements. The Grantor will not suffer to exist or authorize the filing of any valid financing
statement naming it as debtor covering all or any portion of the Collateral, except any financing statement authorized under Section 4.1.4 hereof. 

  
 5 

 4.2. Instruments. Upon the Lender’s request, after the occurrence and during the
continuance of an Event of Default, the Grantor will deliver to the Lender (and thereafter hold in trust for the Lender upon receipt and immediately deliver to the Lender) the originals of all instruments constituting Collateral, marked with such
legends and assigned as the Lender shall specify. The rights of the Lender under any allonge delivered in connection with any instrument constituting Collateral shall be exercised only upon the occurrence and during the continuance of an Event of
Default. 
 4.3. Updating of Exhibits to Security Agreement. The Grantor will provide to the Lender, concurrently with the delivery
of the certificate of a financial officer of the Grantor as required by Section 6.1 (ii) of the Senior Credit Agreement (as incorporated in the Guaranty), updated versions, as necessary, of the Exhibits to this Security Agreement. The
Grantor, in its discretion, may also from time to time provide additional updates to the Exhibits to this Security Agreement. Updated versions of Exhibits shall replace the prior versions thereof being updated. For the avoidance of doubt, the
receipt of such updated Exhibits by the Lender shall not be understood to permit any action prohibited hereunder or constitute a waiver of any provision contained herein. 

ARTICLE V 
 EVENTS OF DEFAULT 

5.1. The occurrence of any one or more of the following events shall constitute an Event of Default: 

5.1.1 Any representation or warranty made or deemed made by the Grantor herein or which is contained in any certificate,
document or financial or other statement furnished by the Grantor at any time under or in connection with this Security Agreement shall prove to have been incorrect, false or misleading in any material respect on or as of the date made or deemed
made. 
 5.1.2 The breach by the Grantor of any of the terms or provisions of Sections 4.1.5 or 4.1.6 or
Article VII. 
 5.1.3 The breach by the Grantor (other than a breach which constitutes an Event of Default under
Section 5.1.1 or 5.1.2 hereof) of any of the terms or provisions of this Security Agreement which is not remedied within 30 days after the giving of written notice to the Grantor by the Lender. 

5.1.4 Any material portion of the Collateral shall be transferred or otherwise disposed of, in any manner not permitted by
Section 4.1.5 or 8.6 hereof. 
 5.1.5 The occurrence of any “Event of Default” under, and as
defined in, the Letter of Credit Agreement. 

  
 6 

 5.2. Remedies. Upon the occurrence and during the continuance of any Event of Default, the
Lender may exercise any or all of the following rights and remedies: 
 5.2.1 Those rights and remedies provided in this
Security Agreement, the Letter of Credit Agreement, or any other Credit Document, provided that this Section 5.2.1 shall not be understood to limit any rights or remedies available to the Lender prior to an Event of Default. 

5.2.2 Those rights and remedies available to a secured party under the New York UCC (whether or not the New York UCC applies to
the affected Collateral) or under any other applicable law (including, without limitation, any law governing the exercise of a bank’s right of setoff or bankers’ lien) when a debtor is in default under a security agreement. 

5.2.3 Without notice except as specifically provided in Section 8.1 hereof or elsewhere herein, sell, lease,
assign, grant an option or options to purchase or otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale, for cash, on credit or for future delivery, and upon such other terms as the Lender may deem
commercially reasonable. 
 The Lender may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral,
and such compliance will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 
 5.3.
Grantor’s Obligations Upon Event of Default. Upon the request of the Lender after the occurrence and during the continuance of an Event of Default, the Grantor will: 

5.3.1 Assembly of Collateral. Assemble and make available to the Lender the Collateral and all records relating thereto
at any place or places specified by the Lender. 
 5.3.2 Secured Party Access. Permit the Lender, by the Lender’s
representatives and agents, to enter any premises where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral and to remove all or any part of the
Collateral. 
 ARTICLE VI 

WAIVERS, AMENDMENTS AND REMEDIES 

No delay or omission of the Lender to exercise any right or remedy granted under this Security Agreement shall impair such right or remedy or
be construed to be a waiver of any default or Event of Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or further exercise thereof or the exercise of any other right or
remedy. No waiver, amendment or other variation of the terms, conditions or provisions of this Security Agreement whatsoever shall be valid unless in writing signed by the Lender and the Grantor, and then only to the extent in such writing
specifically set forth. All rights and remedies contained in this Security Agreement or by law afforded shall be cumulative and all shall be available to the Lender until the termination of this Agreement as provided in Section 8.11.

  
 7 

 ARTICLE VII 

PROCEEDS 
 7.1. Special
Collateral Account. At any time after the occurrence and during the continuance of an Event of Default, the Lender may require all cash proceeds of the Collateral (or cash comprising Collateral) to be deposited in a special non-interest bearing
cash collateral account with the Lender and held there as security for the Secured Obligations. The Grantor shall not have any control whatsoever over said cash collateral account. The Lender shall apply the collected balances in said cash
collateral account promptly to the payment of the Secured Obligations whether or not the Secured Obligations shall then be due. All proceeds of the Collateral (including any cash comprising Collateral) may be applied to the Secured Obligations in
such order and manner as the Lender shall determine in its sole discretion. 
 ARTICLE VIII 

GENERAL PROVISIONS 
 8.1.
Notice of Disposition of Collateral; Condition of Collateral. The Grantor hereby waives notice of the time and place of any public sale occurring during the continuance of an Event of Default or the time after which any private sale or other
disposition of all or any part of the Collateral may be made during the continuance of an Event of Default. To the extent such notice may not be waived under applicable law, any notice made shall be deemed reasonable if sent to the Grantor,
addressed as set forth in Article IX hereof, at least ten days prior to (i) the date of any such public sale or (ii) the time after which any such private sale or other disposition may be made. The Lender shall have no obligation to
clean-up or otherwise prepare the Collateral for sale. 
 8.2. Secured Party Performance of Grantor’s Obligations. Without
having any obligation to do so, the Lender may perform or pay any obligation which the Grantor has agreed to (and failed to) perform or pay in this Security Agreement and the Grantor shall reimburse the Lender for any reasonable amounts paid by the
Lender pursuant to this Section 8.2. The Grantor’s obligation to reimburse the Lender pursuant to the preceding sentence shall be a Secured Obligation payable on demand. 

8.3. Authorization for Secured Party to Take Certain Action. The Grantor irrevocably authorizes the Lender at any time and from time to
time in the sole discretion of the Lender and appoints the Lender as its attorney-in-fact (i) to execute on behalf of the Grantor as debtor and to file financing statements necessary or desirable in the Lender’s sole discretion to perfect
and to maintain the perfection and priority of the Lender’s security interest in the Collateral, (ii) to indorse and collect any cash proceeds of the Collateral, (iii) to file a carbon, photographic or other reproduction of this
Security Agreement or any financing statement with respect to the Collateral as a financing statement and to file any other financing statement or amendment of a financing statement (which does not add new collateral or add a debtor) in such offices
as the Lender in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the Lender’s security interest in the Collateral, (iv) subject to the terms of Section 4.1.5 hereof, to
enforce payment of the instruments in the name of the Lender or the 

  
 8 

 
Grantor, (v) to apply the proceeds of any Collateral received by the Lender to the Secured Obligations as provided in Article VII and (vi) to discharge past due taxes,
assessments, charges, fees or Liens on the Collateral (except for such Liens as are specifically permitted hereunder or under any other Credit Document or which are being contested in good faith pursuant to any other Credit Document), and the
Grantor agrees to reimburse the Lender on demand for any reasonable payment made or any reasonable expense incurred by the Lender in connection therewith, provided that this authorization shall not relieve any Grantor of any of its
obligations under this Security Agreement or under any other Credit Document. 
 8.4. Specific Performance of Certain Covenants. The
Grantor acknowledges and agrees that a breach of any of the covenants contained in Sections 4.1.5, 4.1.6, 4.2, 5.3, or 8.6 or in Article VII hereof will cause irreparable injury to the Lender, that the
Lender has no adequate remedy at law in respect of such breaches and therefore agrees, without limiting the right of the Lender to seek and obtain specific performance of other obligations of the Grantor contained in this Security Agreement, that
the covenants of the Grantor contained in the Sections referred to in this Section 8.4 shall be specifically enforceable against the Grantor. 

8.5. Entry onto Certain Premises. Upon the occurrence and during the continuance of an Event of Default, the Lender shall be entitled,
in its reasonable discretion, to enter any premises owned or leased by the Grantor where any of the Collateral or any records relating to the Collateral are located until the Secured Obligations are paid or the Collateral or records relating thereto
are removed therefrom, whichever first occurs, without any obligation to pay the Grantor for such entry. 
 8.6. Dispositions Not
Authorized. The Grantor is not authorized to sell or otherwise dispose of the Collateral except as set forth in Section 4.1.5 hereof and notwithstanding any course of dealing between the Grantor and the Lender or other conduct of the
Lender, no authorization to sell or otherwise dispose of the Collateral (except as set forth in Section 4.1.5 hereof) shall be binding upon the Lender unless such authorization is in writing signed by the Lender. 

8.7. Benefit of Agreement. The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of the
Grantor and the Lender and their respective successors and permitted assigns, except that the Grantor shall not have the right to assign its rights or delegate its obligations under this Security Agreement or any interest herein, without the prior
written consent of the Lender. 
 8.8. Survival of Representations. All representations and warranties of the Grantor contained in
this Security Agreement shall survive the execution and delivery of this Security Agreement. 
 8.9. Taxes and Expenses. Taxes,
costs, fees and expenses in respect of this Security Agreement shall be paid by the Grantor as required by Section 2.01 of the Guaranty. Any and all costs and expenses incurred by the Grantor in the performance of actions required pursuant to
the terms hereof shall be borne solely by the Grantor. 

  
 9 

 8.10. Headings. The title of and section headings in this Security Agreement are for
convenience of reference only, and shall not govern the interpretation of any of the terms and provisions of this Security Agreement. 

8.11. Termination. Unless sooner terminated by reason of the election of the Unsecured Option pursuant to the Letter of Credit
Agreement, this Security Agreement shall continue in effect (notwithstanding the fact that from time to time there may be no Secured Obligations outstanding) until the latest of (y) the indefeasible payment in full in cash of the Secured
Obligations and all other amounts payable under this Agreement and the other Credit Documents (other than contingent indemnification obligations not then due and payable) and (z) the date of cancellation or expiration of the Letter of Credit.
Upon the effectiveness of election of the Unsecured Option pursuant to the Letter of Credit Agreement, this Agreement shall automatically terminate. 

8.12. Entire Agreement. This Security Agreement embodies the entire agreement and understanding between the Grantor and the Lender
relating to the Collateral and supersedes all prior agreements and understandings between the Grantor and the Lender relating to the Collateral. 

8.13. Choice of Law; Submission to Jurisdiction; Waiver of Venue; Service of Process; Waiver of Jury Trial. 

8.13.1 Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of
New York (including Sections 5-1401 and 5- 1402 of the New York General Obligations Law, but excluding all other choice of law and conflicts of law rules). 

8.13.2 Submission to Jurisdiction. The Grantor irrevocably and unconditionally agrees that it will not commence any
action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Lender or any Related Party thereof in any way relating to this Agreement or any other Credit Document or
the transactions relating hereto or thereto, in any forum other than any New York State court or federal court of the United States of America sitting in New York City, and any appellate court from any thereof, and each of the parties hereto
irrevocably and unconditionally submits, for itself and its property, to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in any such New York State court
or, to the extent permitted by applicable law, in such federal court in New York City. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing herein or in any other Credit Document shall affect any right that the Lender may otherwise have to bring any action or proceeding relating to this Agreement or
any other Credit Document against the Grantor or its properties in the courts of any jurisdiction. 
 8.13.3 Waiver of
Venue. The Grantor irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or 

  
 10 

 
hereafter have to the laying of venue of any such suit, action or proceeding arising out of or relating to this Agreement in any New York State or federal court. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

8.13.4 Service of Process. Each party hereto irrevocably consents to the service of process in the manner provided for
notices in Section 6.05 of the Guaranty and agrees that nothing herein will affect the right of any party hereto to serve process in any other manner permitted by applicable law. 

8.13.5 Waiver of Jury Trial. EACH OF THE GRANTOR AND THE LENDER HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF THE LENDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF. 

8.14. Indemnity. The Grantor hereby agrees to indemnify the Lender and its Related Parties, and their respective successors and assigns
(the “Indemnified Parties”), from and against any and all liabilities, damages, penalties, suits, costs, and reasonable expenses of any kind and nature (including, without limitation, all reasonable expenses of litigation or
preparation therefor whether or not an Indemnified Party is a party thereto) imposed on, incurred by or asserted against an Indemnified Party arising out of this Security Agreement, or arising out of or relating to the manufacture, purchase,
acceptance, rejection, ownership, delivery, lease, possession, use, operation, condition, sale, return or other disposition of any Collateral (including, without limitation, latent and other defects, whether or not discoverable by an Indemnified
Party or the Grantor), provided that such indemnity shall not, as to any indemnitee, be available to the extent that such losses, claims, damages, penalties, liabilities or related expenses are determined by a court of competent jurisdiction
by final and nonappealable judgment to have resulted from the gross negligence, bad faith or willful misconduct of such indemnitee; provided further, that with respect to fees and expenses in respect of counsel for the Indemnified
Parties in connection with any of the foregoing, the Grantor shall only be required to pay for the reasonable fees and expenses of one outside counsel (and up to one local counsel in each applicable local jurisdiction and any applicable regulatory
counsel) for the Indemnified Parties, unless any Indemnified Party (or its counsel) determines that it would create actual or potential conflicts of interest to not have individual counsel, in which case such Indemnified Party may have its own
counsel which may be reimbursed in connection with the foregoing. The provisions of this Section 8.14 shall survive termination of this Agreement. 

8.15. [Reserved.] 
 8.16.
Severability. Any provision in this Security Agreement 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 Security Agreement are declared to be severable. 

  
 11 

 8.17. Counterparts. This Security Agreement 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 Security
Agreement by telecopy or electronic mail (PDF) shall be effective as delivery of a manually executed counterpart of this Security Agreement. 

8.18. Release of Collateral. Upon termination of this Agreement in accordance with Section 8.11. the Lender shall release
the Collateral from its Lien thereon. The Lender, at the Grantor’s sole cost and expense, shall deliver such documents and make such filings reasonably requested of it to further evidence such release. 

ARTICLE IX 
 NOTICES 

9.1. Sending Notices. Any notice required or permitted to be given under this Security Agreement shall be sent (and deemed received) in
the manner and to the addresses set forth in Section 6.05 of the Guaranty. 
 9.2. Change in Address for Notices. Each of the
Grantor and the Lender may change the address for service of notice upon it by a notice in writing to the other party in accordance with Section 9.1. 

[SIGNATURE PAGES TO FOLLOW] 

  
 12 

 IN WITNESS WHEREOF, each of the Grantor and the Lender has executed this Security Agreement as of
the date first above written. 
  

					
	PROASSURANCE CORPORATION, as Grantor
		
	By:	 	 /s/ Edward L. Rand, Jr.

		 	Name:	 	Edward L. Rand, Jr.
		 	Title:	 	Chief Financial Officer

  

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Lender
		
	By:	 	  

		 	Name:	 	Hans Sitarz, Jr.
		 	Title:	 	Senior Vice President

  
 [Pledge and Security
Agreement] 

 IN WITNESS WHEREOF, each of the Grantor and the Lender has executed this Security Agreement as of
the date first above written. 
  

					
	PROASSURANCE CORPORATION, as Grantor
		
	By:	 	  

		 	Name:	 	Edward L. Rand, Jr.
		 	Title:	 	Chief Financial Officer

  

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Lender
		
	By:	 	 /s/ Hans Sitarz, Jr.

		 	Name:	 	Hans Sitarz, Jr.
		 	Title:	 	Senior Vice President

  
 [Pledge and Security
Agreement] 

 EXHIBIT “A” 

(See Sections 3.3 and 3.4 of Security Agreement) 

Prior names, jurisdiction of formation, place of business (if Grantor has only one place of business), chief executive office (if Grantor has more than one
place of business), mergers and mailing address: 
 ProAssurance Corporation, a Delaware corporation 

100 Brookwood Place 
 Birmingham,
AL 35209 
 (w/mailing address of: 

P.O. Box 590009 
 Birmingham, AL
35259-0009)EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 

AMENDMENT NO. 2 TO CREDIT AGREEMENT 

THIS AMENDMENT NO. 2 (this “Amendment”) is made as of November 7, 2013 (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, the
Credit Agreement is hereby amended as follows: 
 1.1 The definition of “Eurocurrency Base Rate” appearing in Article I of the
Credit Agreement is hereby amended and restated in its entirety as follows: 
 “Eurocurrency Base Rate” means, with respect to a
Eurocurrency Advance for the relevant Interest Period, the applicable interest settlement rate for deposits in Dollar LIBOR appearing on Reuters Screen LIBOR 01 Page (or on any successor or substitute page of such screen) as of 11:00 a.m. (London
time) on the Quotation Date for such Interest Period, and having a maturity equal to such Interest Period, provided that, (i) if the Reuters Screen (or any successor or substitute page) is not available to the Administrative Agent for any
reason, the applicable Eurocurrency Base Rate for the relevant Interest Period shall instead be the applicable interest settlement rate for deposits in Dollar LIBOR as reported by any other generally recognized financial information service selected
by the Administrative Agent as of 11:00 a.m. (London time) on the Quotation Date for such Interest Period, and having a maturity equal to such Interest Period, provided that, if no such interest settlement rate is available to the
Administrative Agent, the applicable Eurocurrency Base Rate for the relevant Interest Period shall instead be the rate determined by the Administrative Agent to be the rate at which 

 
U.S. Bank or one of its Affiliate banks offers to place deposits in U.S. dollars with first-class banks in the interbank market at approximately 11:00 a.m. (London time) two Business Days prior
to the first day of such Interest Period, in the approximate amount of U.S. Bank’s relevant Eurocurrency Loan and having a maturity equal to such Interest Period. 

1.2 The definition of “Excluded Taxes” appearing in Article I of the Credit Agreement is hereby amended to insert “(i)”
before the clause beginning “taxes imposed on its overall net income,” and to insert the following clause at the end thereof: 

“, and (ii) any U.S. federal withholding Taxes imposed under FATCA.” 

1.3 The definition of “Taxes” appearing in Article I of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
 “Taxes” means any and all present or future taxes, duties, levies, imposts, deductions, assessments, fees, charges or
withholdings, and any and all liabilities with respect to the foregoing, but excluding Excluded Taxes and Other Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document. 

1.4 Article I of the Credit Agreement is hereby amended to add the following new defined terms in the proper alphabetical order: 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 

“Lloyd’s” means, as the context so requires, the Society incorporated by Lloyd’s Act 1871 by the name of Lloyd’s
and/or the Council of Lloyd’s established by Lloyd’s Act 1892. 
 “Lloyd’s Indebtedness” means the Indebtedness of
the Borrower in respect of that certain letter of credit in an aggregate principal amount up to Ł75,000,000 to be provided pursuant to that certain Standby Letter of Credit Agreement, to be dated on or about November 12, 2013 (as amended
or modified from time to time), by and between PRA and Wells Fargo Bank, National Association in support of the Lloyd’s Transaction. 

“Lloyd’s Transaction” means (i) the formation of each of PRA, PRACCL Limited, Dale Syndicate Services Limited and Dale
Partners Limited, (ii) the capital contribution by PRA to Lloyd’s Syndicate 1729 in exchange for an ownership interest therein, and (iii) the startup costs to be contributed by the Borrower with respect thereto. 

  
 2 

 “OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets
Control, and any successor thereto. 
 “PATRIOT Act” shall have the meaning set forth in Section 9.14. 

“PRA” means PRA Corporate Capital Limited, a private limited liability company organized under the laws of England and Wales. 

“Recipient” means (a) the Administrative Agent, and (b) any Lender, as applicable. 

“Sanctioned Country” means a country subject to a sanctions program identified on the list maintained by OFAC and available at
http://www.treas.gov/offices/enforcement/ ofac/sanctions/index.html, or as otherwise published from time to time. 
 “Sanctioned
Person” means (i) a Person named on the list of Specially Designated Nationals or Blocked Persons maintained by OFAC available at http://www.treas.gov/offices/ enforcement/ofac/sdn/index.html, or as otherwise published from time to time,
or (ii) (A) an agency of the government of a Sanctioned Country, (B) an organization controlled by a Sanctioned Country, or (C) a Person resident in a Sanctioned Country, to the extent subject to a sanctions program administered
by OFAC. 
 1.5 Section 3.1(a) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“(a) subjects any Recipient to any taxes, duties, levies, imposts, deductions, assessments, fees, charges or withholdings (other than
(A) Taxes, (B) Excluded Taxes and (C) Other Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, or” 

1.6 The remainder of the paragraph immediately following clause (c) of Section 3.1 is hereby amended and restated in its entirety as
follows: 
 “and the result of any of the foregoing is to increase the cost to such Lender, applicable Lending Installation or other
Recipient, as the case may be, of making or maintaining its Loans or Commitment or to reduce the return received by such Lender, applicable Lending Installation or other Recipient, as the case may be, in connection with such Loans or Commitment,
then, within 15 days of demand by such Lender or other Recipient, the Borrower shall pay such Lender or other Recipient such additional amount or amounts as will compensate such Lender or other Recipient for such increased cost or reduction in
amount received.” 

  
 3 

 1.7 The first sentence of Section 3.2 of the Credit Agreement is hereby amended to add the
phrase “or liquidity” (i) after the phrase “If a Lender determines the amount of capital” appearing therein, (ii) after the phrase “rate of return on the portion of such increased capital” appearing therein
and (iii) at the end of the parenthetical stating “(after taking into account such Lender’s policies as to capital adequacy)” appearing therein. 

1.8 The final paragraph of Section 3.2 of the Credit Agreement is hereby amended to replace each reference to “increased capital
requirements” appearing therein with “shortfall”. 
 1.9 Section 3.5(e) of the Credit Agreement is hereby amended to
replace each reference to “clause (iv)” appearing therein with “Section 3.5(d)”. 
 1.10 Section 3.5 of the Credit
Agreement is hereby amended to add the following clauses (h) and (i) at the end thereof: 
 “(h) If a payment made to a Lender
under any Loan Document would be subject to U.S. federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the
Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the
Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes
of this Section 3.5(h), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 (i) If any
party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified pursuant to this Section 3.5 (including by the payment of additional amounts
pursuant to this Section 3.5), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes and Other Taxes giving rise to such refund),
net of all out-of-pocket expenses (including Taxes and Other Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the
request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 3.5(i) (plus 

  
 4 

 
any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this Section 3.5(i), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 3.5(i) the payment of which would place the indemnified
party in a less favorable net after-tax position than the indemnified party would have been in if the Taxes and Other Taxes subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the
indemnification payments or additional amounts with respect to such Taxes or Other Taxes had never been paid. This paragraph shall not be construed to require any indemnified party to make available its tax returns (or any other information relating
to its taxes that it deems confidential) to the indemnifying party or any other Person.” 
 1.11 Article V of the Credit Agreement is
hereby amended to add the following new Section 5.21 at the end thereof: 
 “5.21 OFAC; Anti-Terrorism Laws. 

(i) Neither the Borrower nor any Subsidiary (i) is a Sanctioned Person, (ii) has assets in Sanctioned Countries, or
(iii) derives any operating income from investments in, or transactions with, Sanctioned Persons or Sanctioned Countries. No part of the proceeds of any Loan hereunder will be used directly or indirectly to fund any operations in, finance any
investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country. 
 (ii) Neither the making of the Loans
hereunder nor the use of the proceeds thereof will violate the PATRIOT Act, the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as
amended) or any enabling legislation or executive order relating thereto or successor statute thereto. The Borrower and its Subsidiaries are in compliance in all material respects with the PATRIOT Act.” 

1.12 Section 6.1 of the Credit Agreement is hereby amended to insert the following clause (xiv) immediately after clause
(xiii) therein, and to reorder the final clause therein as clause (xv): 
 “(xiv) Promptly upon delivery thereof to Wells Fargo
Bank, National Association, copies of all reporting provided pursuant to the letter of credit, credit agreement and related documentation evidencing the Lloyd’s Indebtedness, all guaranties thereof, and all Liens with respect thereto.”

  
 5 

 1.13 Section 6.11 of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
 “6.11 Subsidiary Indebtedness. The Borrower will not permit any Subsidiary to create, incur or suffer to exist any
Indebtedness, except (i) Subsidiary Indebtedness, provided that the aggregate amount of such Subsidiary Indebtedness does not exceed $30,000,000 at any time outstanding and (ii) incurrence by PRA of the Lloyd’s Indebtedness.”

 1.14 Section 6.14 of the Credit Agreement is hereby amended to insert the following clause (v) immediately after clause
(iv) therein, and to reorder the final clause therein as clause (vi): 
 “(v) The Lloyd’s Transaction.” 

1.15 Section 6.16 of the Credit Agreement is hereby amended to insert the following clauses (x), (xi) and (xii) immediately
after clause (ix) therein, and to reorder the final clause thereof as clause (xiii): 
 “(x) Liens created pursuant to any Loan
Document. 
 (xi) Liens granted to Wells Fargo Bank, National Association by the Borrower or PRA securing the Lloyd’s Indebtedness and
the Borrower’s guaranty thereof, provided that the aggregate principal amount of the Lloyd’s Indebtedness and guaranty thereof so secured does not exceed (without duplication) £75,000,000 at any time outstanding. 

(xii) Liens in favor of Lloyd’s restricting the use or withdrawal of PRA’s funds held by Lloyd’s.” 

1.16 Section 6.20 of the Credit Agreement is hereby amended to add the phrase “other than as required by (i) Lloyd’s in
support of the Lloyd’s Transaction and (ii) the letter of credit, credit agreement and related guaranty, pledge and security agreement evidencing the Lloyd’s Indebtedness,” at the beginning of clause (b) thereof. 

1.17 Article VI of the Credit Agreement is hereby amended to add the following Section 6.22 at the end thereof: 

“6.22 OFAC, PATRIOT Act Compliance. The Borrower shall, and shall cause each Subsidiary to, (i) refrain from doing business in
a Sanctioned Country or with a Sanctioned Person in violation of the economic sanctions of the United States administered by OFAC, and (ii) provide, to the extent commercially reasonable, such information and take such actions as are reasonably
requested by the Administrative Agent or any Lender in order to assist the Administrative Agent and the Lenders in maintaining compliance with the PATRIOT Act.” 

  
 6 

 1.18 Article VI of the Credit Agreement is hereby amended to add the following Section 6.23
at the end thereof: 
 “6.23 Lloyd’s Indebtedness Documents. The Borrower agrees to deliver fully-executed versions of each
of the letter of credit, credit agreement, guaranty, pledge and security agreement and all other documents evidencing the Lloyd’s Indebtedness, all guaranties thereof, and all Liens with respect thereto to the Administrative Agent no later than
thirty (30) days after the execution thereof.” 
 1.19 Section 7.5 of the Credit Agreement is hereby amended and restated in
its entirety as follows: 
 “7.5 (i) Failure of the Borrower or any of its Subsidiaries to pay when due any Material Indebtedness,
or (ii) any default by the Borrower or any of its Subsidiaries under the letter of credit, credit agreement and related guaranty, pledge and security agreement and other documents evidencing or relating to the Lloyd’s Indebtedness, or
(iii) the default by the Borrower or any of its Subsidiaries in the performance (beyond the applicable grace period with respect thereto, if any) of any term, provision or condition contained in any Material Indebtedness Agreement, or any other
event shall occur or condition exist, the effect of which default, event or condition in this clause (iii) is to cause, or to permit the holder(s) of such Material Indebtedness or the lender(s) under any Material Indebtedness Agreement to
cause, such Material Indebtedness to become due prior to its stated maturity or any commitment to lend under any Material Indebtedness Agreement to be terminated prior to its stated expiration date, or (iv) any Material Indebtedness of the
Borrower or any of its Subsidiaries shall be declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof, or (v) the Borrower or any of its
Subsidiaries shall not pay, or shall admit in writing its inability to pay, its debts generally as they become due.” 
 1.20
Section 9.14 of the Credit Agreement is hereby amended to delete the phrase “(the “Act”)” appearing therein, and replace it with the phrase “(the “PATRIOT Act”)”. 

1.21 Section 12.5 of the Credit Agreement is hereby amended to add the clause “and (h)” at the end 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. 

  
 7 

 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 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 date first set forth above, provided, however, that the effectiveness of this
Amendment is subject to the satisfaction of each of the following conditions precedent: 
 3.1 Documents. The Administrative Agent
shall have received counterparts of this Amendment duly executed by the Borrower, the Administrative Agent and the Lenders. 
 3.2
Fees. 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 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. 

  
 8 

 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 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) 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized as of the date first written above. 
  

			
	PROASSURANCE CORPORATION
		
	By:	 	

		 	  

	Name:	 	
	Title:	 	

  
 Signature Page to

 Amendment No. 2 to 

ProAssurance Credit Agreement 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	as a Lender and as Administrative Agent
		
	By:	 	/s/ Evan Glass
		 	  

	Name:	 	Evan Glass
	Title:	 	Vice President

  
 Signature Page to

 Amendment No. 2 to 

ProAssurance Credit Agreement 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Hans Sitarz, Jr.
		 	  

	Name:	 	Hans Sitarz, Jr.
	Title:	 	Senior Vice President

  
 Signature Page to

 Amendment No. 2 to 

ProAssurance Credit Agreement 

 
			
	FIRST TENNESSEE BANK, N.A., as a Lender
		
	By:	 	/s/ Cathy Wind
		 	  

	Name:	 	Cathy Wind
	Title:	 	SVP

  
 Signature Page to

 Amendment No. 2 to 

ProAssurance Credit Agreement 

 
			
	BRANCH BANKING AND TRUST COMPANY, as a Lender
		
	By:	 	/s/ Bradley B. Sands
		 	  

	Name:	 	Bradley B. Sands
	Title:	 	Assistant Vice President

  
 Signature Page to

 Amendment No. 2 to 

ProAssurance Credit Agreement 

 
			
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	/s/ Thomas A. Kiepura
		 	  

	Name:	 	Thomas A. Kiepura
	Title:	 	Sr Credit Executive

  
 Signature Page to

 Amendment No. 2 to 

ProAssurance Credit Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}]]