Safety Insurance (SAFT) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-50070
Entity Registrant Name	SAFETY INSURANCE GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-4181699
Entity Address, Address Line One	20 Custom House Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	617
Local Phone Number	951-0600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SAFT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,836,565
Entity Central Index Key	0001172052
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments:
Fixed maturities, available for sale, at fair value (amortized cost: $1,119,116 and $1,120,682, allowance for expected credit losses of $1,349 and $1,208)	$ 1,043,556	$ 1,052,145
Equity securities, at fair value (cost: $192,721 and $221,809)	216,598	238,022
Other invested assets	138,270	133,946
Total investments	1,398,424	1,424,113
Cash and cash equivalents	30,801	38,152
Accounts receivable, net of allowance for expected credit losses of $824 and $1,053	269,491	256,687
Receivable for securities sold	322	124
Accrued investment income	8,012	7,261
Taxes recoverable		623
Receivable from reinsurers related to paid loss and loss adjustment expenses	15,359	13,129
Receivable from reinsurers related to unpaid loss and loss adjustment expenses	121,504	112,623
Ceded unearned premiums	34,029	32,346
Deferred policy acquisition costs	93,711	91,917
Deferred income taxes	14,667	12,150
Equity and deposits in pools	36,410	35,247
Operating lease right-of-use-assets	19,078	19,756
Goodwill	17,093	17,093
Intangible assets	7,340	7,551
Other assets	27,198	25,232
Total assets	2,093,439	2,094,004
Liabilities
Loss and loss adjustment expense reserves	603,796	603,081
Unearned premium reserves	544,075	528,150
Accounts payable and accrued liabilities	60,615	64,235
Payable for securities purchased	6,434	1,863
Payable to reinsurers	12,496	15,941
Taxes payable	780
Short-term debt	30,000
Long-term debt		30,000
Operating lease liabilities	19,078	19,756
Other liabilities	9,094	26,711
Total liabilities	1,286,368	1,289,737
Commitments and contingencies (Note 8)
Shareholders' equity
Common stock: $0.01 par value; 30,000,000 shares authorized; 17,994,242 and 17,949,484 shares issued	180	179
Additional paid-in capital	227,820	226,380
Accumulated other comprehensive loss, net of taxes	(58,626)	(53,191)
Retained earnings	787,990	781,192
Treasury stock, at cost: 3,157,577 and 3,157,577 shares	(150,293)	(150,293)
Total shareholders' equity	807,071	804,267
Total liabilities and shareholders' equity	$ 2,093,439	$ 2,094,004

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Consolidated Balance Sheets
Fixed maturity securities, amortized cost	$ 1,119,116	$ 1,120,682
Fixed maturity securities, allowance for expected credit losses	1,349	1,208
Equity securities, at cost	192,721	221,809
Allowance for expected credit losses	$ 824	$ 1,053
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized	30,000,000	30,000,000
Common stock shares issued	17,994,242	17,949,484
Treasury stock shares	3,157,577	3,157,577

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Net earned premiums	$ 236,053	$ 191,735
Net investment income	15,231	13,654
Earnings from partnership investments	1,772	2,166
Net realized gains on investments	492	733
Change in net unrealized gains on equity securities	7,665	770
Credit loss expense	(142)	(922)
Commission income	1,808	1,483
Finance and other service income	5,354	4,140
Total revenue	268,233	213,759
Expenses
Losses and loss adjustment expenses	168,399	167,153
Underwriting, operating and related expenses	72,267	60,033
Other expense	1,837	1,670
Interest expense	123	210
Total expenses	242,626	229,066
Income (loss) before income taxes	25,607	(15,307)
Income tax expense (benefit)	5,529	(2,970)
Net income (loss)	$ 20,078	$ (12,337)
Earnings (loss) per weighted average common share:
Basic	$ 1.36	$ (0.84)
Diluted	1.36	(0.84)
Cash dividends paid per common share	$ 0.90	$ 0.90
Number of shares used in computing earnings per share:
Basic	14,667,107	14,682,507
Diluted	14,696,590	14,761,861

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
Net income (loss)	$ 20,078	$ (12,337)
Other comprehensive loss, net of tax:
Unrealized holding (losses) gains during the period, net of income tax benefit of ($1,341) and $4,209	(5,046)	15,834
Reclassification adjustment for net realized gains on investments included in net income, net of income tax benefit of ($103) and ($154).	(389)	(579)
Other comprehensive income (loss), net of tax:	(5,435)	15,255
Comprehensive income	$ 14,643	$ 2,918

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Consolidated Statements of Comprehensive Income (Loss).
Tax (benefit) expense on unrealized holding (losses) gains during the period	$ (1,341)	$ 4,209
Tax (expense) benefit on reclassification adjustment for (gains) losses included in net income	$ (103)	$ (154)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss), Net of Taxes	Retained Earnings	Treasury Stock	Total
Balance at Dec. 31, 2022	$ 179	$ 222,049	$ (80,538)	$ 815,309	$ (145,000)	$ 811,999
Net income (loss)				(12,337)		(12,337)
Unrealized gains on securities available for sale, net of deferred federal income taxes			15,255			15,255
Restricted share awards issued		522				522
Recognition of employee share-based compensation, net of deferred federal income taxes		733				733
Dividends paid and accrued				(13,247)		(13,247)
Balance at Mar. 31, 2023	179	223,304	(65,283)	789,725	(145,000)	802,925
Balance at Dec. 31, 2023	179	226,380	(53,191)	781,192	(150,293)	804,267
Net income (loss)				20,078		20,078
Unrealized gains on securities available for sale, net of deferred federal income taxes			(5,435)			(5,435)
Restricted share awards issued		599				599
Recognition of employee share-based compensation, net of deferred federal income taxes	1	841				842
Dividends paid and accrued				(13,280)		(13,280)
Balance at Mar. 31, 2024	$ 180	$ 227,820	$ (58,626)	$ 787,990	$ (150,293)	$ 807,071

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 20,078	$ (12,337)
Adjustments to reconcile net income to net cash used for operating activities:
Investment amortization, net	(41)	(69)
Fixed asset depreciation, net	2,260	1,686
Stock based compensation	1,440	1,255
Credit for deferred income taxes	(1,072)	(697)
Net realized gains on investments	(492)	(733)
Credit loss expense	142	922
Earnings from partnership investments	(226)	(2,166)
Change in net unrealized gains on equity securities	(7,665)	(770)
Changes in assets and liabilities:
Accounts receivable, net	(12,804)	(13,018)
Accrued investment income	(751)	496
Receivable from reinsurers	(11,111)	(542)
Ceded unearned premiums	(1,683)	(465)
Deferred policy acquisition costs	(1,794)	(1,337)
Taxes recoverable/payable	1,403	(6,564)
Other assets	(2,112)	434
Loss and loss adjustment expense reserves	715	20,541
Unearned premium reserves	15,925	11,615
Accounts payable and accrued liabilities	(3,285)	(20,123)
Payable to reinsurers	(3,445)	(1,549)
Other liabilities	(16,617)	10,529
Net cash used for operating activities	(21,135)	(12,892)
Cash flows from investing activities:
Fixed maturities purchased	(30,825)	(22,528)
Short term investments purchased		(79)
Equity securities purchased	(13,720)	(12,282)
Other invested assets purchased	(5,654)	(8,482)
Proceeds from sales and paydowns of fixed maturities	25,500	36,818
Proceeds from maturities, redemptions, and calls of fixed maturities	11,147	3,132
Proceed from sales of equity securities	43,435	8,310
Proceeds from other invested assets redeemed	1,583	2,301
Acquisition, net of cash received	(1,000)
Fixed assets purchased	(3,067)	(535)
Net cash provided by investing activities	27,399	6,655
Cash flows from financing activities:
Proceeds from FHLB loan		10,000
Dividends paid to shareholders	(13,615)	(13,747)
Net cash used for financing activities	(13,615)	(3,747)
Net increase (decrease) in cash and cash equivalents	(7,351)	(9,984)
Cash and cash equivalents at beginning of year	38,152	25,300
Cash and cash equivalents at end of period	$ 30,801	$ 15,316

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Basis of Presentation
Basis of Presentation	In this Form 10-Q, Notes to the Unaudited Consolidated Financial Statements, dollar amounts are presented in thousands, except per share data. ​ 1. Basis of Presentation ​ The consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. ​ The consolidated financial statements include Safety Insurance Group, Inc. and its subsidiaries (the “Company”). The subsidiaries consist of Safety Insurance Company, Safety Indemnity Insurance Company, Safety Property and Casualty Insurance Company, Safety Northeast Insurance Company, Safety Northeast Insurance Agency, Inc. (“SNIA”), and Safety Management Corporation (“SMC”), which is SNIA’s holding company. All intercompany transactions, including commission income and other expense, have been eliminated. Eliminated commission income totaled . ​ The financial information for the three months ended March 31, 2024 and 2023 is unaudited; however, in the opinion of the Company, the information includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial condition, results of operations, and cash flows for the periods. The financial information as of December 31, 2023 is derived from the audited consolidated financial statements included in the Company's 2023 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2024. ​ These unaudited interim consolidated financial statements may not be indicative of financial results for the full year and should be read in conjunction with the audited consolidated financial statements included in the Company’s 2023 Annual Report on Form 10-K filed with the SEC on February 28, 2024. ​ The Company is a leading provider of property and casualty insurance focused primarily on the Massachusetts market. The Company’s principal product line is automobile insurance. The Company primarily operates through its insurance company subsidiaries, Safety Insurance Company, Safety Indemnity Insurance Company, Safety Property and Casualty Insurance Company, and Safety Northeast Insurance Company (together referred to as the “Insurance Subsidiaries”). ​

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Recent Accounting Pronouncements
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements ​ In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ​ In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ​

Earnings per Weighted Average C

Earnings per Weighted Average Common Share	3 Months Ended
	Mar. 31, 2024
Earnings per Weighted Average Common Share
Earnings per Weighted Average Common share	3. Earnings per Weighted Average Common Share ​ Basic earnings per weighted average common share (“EPS”) are calculated by dividing net income by the weighted average number of basic common shares outstanding during the period. Diluted earnings per share amounts are based on the weighted average number of common shares including non-vested performance stock grants. ​ The following table sets forth the computation of basic and diluted EPS for the periods indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2023 Earnings attributable to common shareholders - basic and diluted: ​ ​ ​ ​ ​ ​ Net income (loss) from continuing operations ​ $ 20,078 ​ $ (12,337) Allocation of income for participating shares ​ ​ (88) ​ ​ — Net income (loss) from continuing operations attributed to common shareholders ​ $ 19,990 ​ $ (12,337) Earnings per share denominator - basic and diluted ​ ​ ​ ​ ​ ​ Total weighted average common shares outstanding, including participating shares ​ ​ 14,731,713 ​ ​ 14,748,357 Less: weighted average participating shares ​ ​ (64,606) ​ ​ (65,850) Basic earnings per share denominator ​ ​ 14,667,107 ​ ​ 14,682,507 Common equivalent shares- non-vested performance stock grants ​ 29,483 ​ 79,354 Diluted earnings per share denominator ​ 14,696,590 ​ 14,761,861 ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ 1.36 ​ $ (0.84) Diluted earnings per share ​ $ 1.36 ​ $ (0.84) ​ ​ ​ ​ ​ ​ ​ Undistributed earnings attributable to common shareholders - basic and diluted: ​ ​ ​ ​ ​ ​ Net income (loss) from continuing operations attributable to common shareholders -Basic ​ $ 1.36 ​ $ (0.84) Dividends declared ​ ​ (0.90) ​ ​ (0.90) Undistributed earnings ​ $ 0.46 ​ $ (1.74) ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations attributable to common shareholders -Diluted ​ $ 1.36 ​ $ (0.84) Dividends declared ​ ​ (0.90) ​ ​ (0.90) Undistributed earnings ​ $ 0.46 ​ $ (1.74) ​ ​

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Compensation
Share-Based Compensation	4. Share-Based Compensation ​ 2018 Long Term Incentive Plan ​ On March 24, 2022, the Company’s Board of Directors adopted the Amended and Restated Safety Insurance Group, Inc. 2018 Long-Term Incentive Plan (“the Amended 2018 Plan”), which was subsequently approved by our shareholders at the 2022 Annual Meeting of Shareholders. The Amended 2018 Plan increased the share pool limit by adding 350,000 common shares to the previously adopted Safety Insurance Group, Inc. 2018 Long-Term Incentive Plan. The Amended 2018 Plan enables the grant of stock awards, performance shares, cash-based performance units, other stock-based awards, stock options, stock appreciation rights, and stock unit awards, each of which may be granted separately or in tandem with other awards. Eligibility to participate includes officers, directors, employees and other individuals who provide bona fide services to the Company. The Amended 2018 Plan supersedes the Company’s 2002 Management Omnibus Incentive Plan (“the 2002 Incentive Plan”). ​ The Amended 2018 Plan establishes a pool of 700,000 shares of common stock available for issuance to our employees and other eligible participants. The Board of Directors and the Compensation Committee intend to issue awards under the Amended 2018 Plan in the future. ​ The maximum number of shares of common stock between both the Amended 2018 Plan and 2002 Incentive Plan with respect to which awards may be granted is 3,200,000. No further grants will be allowed under the 2002 Incentive Plan. At March 31, 2024, there were 366,422 shares available for future grant. ​ Accounting and Reporting for Stock-Based Awards ​ Accounting Standards Codification (“ASC”) 718, Compensation —Stock Compensation requires the Company to measure and recognize the cost of employee services received in exchange for an award of equity instruments. Under the provisions of ASC 718, share-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). ​ Restricted Stock ​ Service-based restricted stock awarded in the form of unvested shares is recorded at the market value of the Company’s common stock on the grant date and amortized ratably as compensation expense over the requisite service period. Service-based restricted stock awards generally vest over a second service period and independent directors’ stock awards which vest immediately. Our independent directors are subject to stock ownership guidelines, which require them to have a value four times their annual cash retainer. ​ In addition to service-based awards, the Company grants performance-based restricted shares to certain employees. These performance shares cliff vest after a three-year performance period provided certain performance measures are attained. A portion of these awards, which contain a market condition, vest according to the level of total shareholder return achieved by the Company compared to its property-casualty insurance peers over a three-year period. The remainder, which contain a performance condition, vest according to the level of Company’s combined ratio results compared to a target based on its property-casualty insurance peers. ​ Actual payouts can range from 0% to 200% of target shares awarded depending upon the level of achievement of the respective market and performance conditions during a three calendar-year performance period. Compensation expense for share awards with a performance condition is based on the probable number of awards expected to vest using the performance level most likely to be achieved at the end of the performance period. ​ Performance-based awards with market conditions are accounted for and measured differently from awards that have a performance or service condition. The effect of a market condition is reflected in the award’s fair value on the grant date. That fair value is recognized as compensation cost over the requisite service period regardless of whether the market-based performance objective has been satisfied. ​ All of the Company’s restricted stock awards are issued as incentive compensation and are equity classified. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares Weighted ​ Performance-based Weighted ​ ​ Under ​ Average ​ Shares Under ​ Average ​ ​ Restriction ​ Fair Value ​ Restriction ​ Fair Value Outstanding at beginning of year 66,929 ​ $ 81.58 ​ 78,991 ​ $ 81.40 Granted 38,221 ​ ​ 85.61 ​ 25,390 (1) ​ 85.61 Vested and unrestricted (38,686) ​ ​ 82.03 ​ (13,912) ​ ​ 79.27 Forfeited ​ (1,784) ​ ​ 80.11 ​ (17,169) ​ ​ 79.91 Outstanding at end of period 64,680 ​ $ 83.68 ​ 73,300 ​ $ 83.62 (1) Includes a true-up of previously awarded performance-based restricted share awards. The updated shares were calculated based on the attainment of pre-established performance objectives and granted under the Amended 2018 Plan. ​

Investments

Investments	3 Months Ended
	Mar. 31, 2024
Investments
Investments	5. Investments ​ The gross unrealized gains and losses on investments in fixed maturity securities, including redeemable preferred stocks that have characteristics of fixed maturities, short term investments, equity securities, including interests in mutual funds, and other invested assets were as follows for the periods indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost or Allowance for Gross Unrealized Estimated ​ ​ Amortized ​ Expected Credit ​ ​ ​ ​ ​ Fair ​ ​ Cost ​ Losses ​ Gains ​ Losses ​ Value U.S. Treasury securities ​ $ 2,420 ​ $ — ​ $ 4 ​ $ (122) ​ $ 2,302 Obligations of states and political subdivisions ​ 38,576 ​ — ​ 202 ​ (2,393) ​ 36,385 Residential mortgage-backed securities (1) ​ 266,625 ​ — ​ 982 ​ (25,445) ​ 242,162 Commercial mortgage-backed securities ​ 150,621 ​ — ​ 180 ​ (14,240) ​ 136,561 Other asset-backed securities ​ 59,192 ​ — ​ 145 ​ (2,488) ​ 56,849 Corporate and other securities ​ 601,682 ​ (1,349) ​ 2,783 ​ (33,819) ​ 569,297 Subtotal, fixed maturity securities ​ 1,119,116 ​ (1,349) ​ 4,296 ​ (78,507) ​ 1,043,556 Equity securities (2) ​ 192,721 ​ — ​ 30,729 ​ (6,852) ​ 216,598 Other invested assets (4) ​ 138,270 ​ — ​ — ​ — ​ 138,270 Totals ​ $ 1,450,107 ​ $ (1,349) ​ $ 35,025 ​ $ (85,359) ​ $ 1,398,424 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost or Allowance for Gross Unrealized Estimated ​ ​ Amortized ​ Expected Credit ​ ​ ​ ​ ​ Fair ​ ​ Cost ​ Losses ​ Gains ​ Losses ​ Value U.S. Treasury securities ​ $ 2,420 ​ $ — ​ $ 15 ​ $ (115) ​ $ 2,320 Obligations of states and political subdivisions ​ 38,682 ​ — ​ 262 ​ (2,421) ​ 36,523 Residential mortgage-backed securities (1) ​ 267,271 ​ — ​ 1,945 ​ (21,979) ​ 247,237 Commercial mortgage-backed securities ​ 153,923 ​ — ​ 200 ​ (14,273) ​ 139,850 Other asset-backed securities ​ 64,043 ​ — ​ 217 ​ (2,927) ​ 61,333 Corporate and other securities ​ 594,343 ​ (1,208) ​ 3,785 ​ (32,038) ​ 564,882 Subtotal, fixed maturity securities ​ 1,120,682 ​ (1,208) ​ 6,424 ​ (73,753) ​ 1,052,145 Equity securities (2) ​ 221,809 ​ — ​ 25,707 ​ (9,494) ​ 238,022 Other invested assets (4) ​ 133,946 ​ — ​ — ​ — ​ 133,946 Totals ​ $ 1,476,437 ​ $ (1,208) ​ $ 32,131 ​ $ (83,247) ​ $ 1,424,113 (1) Residential mortgage-backed securities consists primarily of obligations of U.S. Government agencies including collateralized mortgage obligations issued, guaranteed and/or insured by the following issuers: Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal National Mortgage Association (FNMA) and the Federal Home Loan Bank (FHLB). (2) Equity securities include common stock, preferred stock, mutual funds and interests in mutual funds held to fund the Company’s executive deferred compensation plan. (3) The Company’s investment portfolio included 855 and 861 securities in an unrealized loss position at March 31, 2024 and December 31, 2023, respectively. (4) Other invested assets are accounted for under the equity method which approximated fair value . ​ The amortized cost and the estimated fair value of fixed maturity securities, by maturity, are shown below for the period indicated. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ Amortized Estimated ​ ​ Cost ​ Fair Value Due in one year or less ​ $ 34,690 ​ $ 34,363 Due after one year through five years ​ 339,423 ​ 323,113 Due after five years through ten years ​ 244,223 ​ 227,648 Due after ten years through twenty years ​ 24,092 ​ 22,573 Due after twenty years ​ 250 ​ 288 Asset-backed securities ​ 476,438 ​ 435,571 Totals ​ $ 1,119,116 ​ $ 1,043,556 ​ The gross realized gains and losses on sales of investments were as follows for the periods indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Gross realized gains ​ ​ ​ ​ ​ ​ Fixed maturity securities ​ $ 230 ​ $ 539 Equity securities ​ 3,137 ​ 1,523 Gross realized losses ​ ​ ​ ​ ​ ​ Fixed maturity securities ​ (363) ​ (622) Equity securities ​ (2,512) ​ (707) Net realized gains on investments ​ $ 492 ​ $ 733 ​ ​ ​ ​ ​ ​ ​ ​ In the normal course of business, the Company enters into transactions involving various types of financial instruments, including investments in fixed maturities and equity securities. Investment transactions have credit exposure to the extent that a counter party may default on an obligation to the Company. Credit risk is a consequence of carrying, trading and investing in securities. To manage credit risk, the Company focuses on higher quality fixed income securities, reviews the credit strength of all companies in which it invests, limits its exposure in any one investment and monitors the portfolio quality, taking into account credit ratings assigned by recognized statistical rating organizations. ​ The following tables as of March 31, 2024 and December 31, 2023 present the gross unrealized losses included in the Company’s investment portfolio and the fair value of those securities aggregated by investment category. The tables also present the length of time that they have been in a continuous unrealized loss position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ ​ Less than 12 Months ​ 12 Months or More ​ Total ​ Estimated Unrealized Estimated Unrealized Estimated Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ Fair Value ​ Losses U.S. Treasury securities ​ $ — ​ $ — ​ $ 1,700 ​ $ 122 ​ $ 1,700 ​ $ 122 Obligations of states and political subdivisions ​ 3,443 ​ 10 ​ 29,243 ​ 2,383 ​ 32,686 ​ 2,393 Residential mortgage-backed securities ​ 25,451 ​ 299 ​ 179,261 ​ 25,146 ​ 204,712 ​ 25,445 Commercial mortgage-backed securities ​ 3,693 ​ 122 ​ 127,598 ​ 14,118 ​ 131,291 ​ 14,240 Other asset-backed securities ​ 23,328 ​ ​ 209 ​ ​ 24,231 ​ ​ 2,279 ​ ​ 47,559 ​ ​ 2,488 Corporate and other securities ​ 60,976 ​ 1,712 ​ 361,771 ​ 32,107 ​ 422,747 ​ 33,819 Subtotal, fixed maturity securities ​ 116,891 ​ 2,352 ​ 723,804 ​ 76,155 ​ 840,695 ​ 78,507 Equity securities ​ 24,912 ​ 2,095 ​ 27,805 ​ 4,757 ​ 52,717 ​ 6,852 Total temporarily impaired securities ​ $ 141,803 ​ $ 4,447 ​ $ 751,609 ​ $ 80,912 ​ $ 893,412 ​ $ 85,359 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ Less than 12 Months ​ 12 Months or More ​ Total ​ Estimated Unrealized Estimated Unrealized Estimated Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ Fair Value ​ Losses U.S. Treasury securities ​ $ — ​ $ — ​ $ 1,708 ​ $ 115 ​ $ 1,708 ​ $ 115 Obligations of states and political subdivisions ​ 403 ​ 17 ​ 28,893 ​ 2,404 ​ 29,296 ​ 2,421 Residential mortgage-backed securities ​ 11,248 ​ 167 ​ 182,794 ​ 21,812 ​ 194,042 ​ 21,979 Commercial mortgage-backed securities ​ 4,067 ​ 108 ​ 130,493 ​ 14,165 ​ 134,560 ​ 14,273 Other asset-backed securities ​ 5,973 ​ ​ 224 ​ ​ 46,600 ​ ​ 2,703 ​ 52,573 ​ 2,927 Corporate and other securities ​ 39,453 ​ 1,338 ​ 369,163 ​ 30,700 ​ 408,616 ​ 32,038 Subtotal, fixed maturity securities ​ 61,144 ​ 1,854 ​ 759,651 ​ 71,899 ​ 820,795 ​ 73,753 Equity securities ​ 34,272 ​ 3,079 ​ 45,797 ​ 6,415 ​ 80,069 ​ 9,494 Total temporarily impaired securities ​ $ 95,416 ​ $ 4,933 ​ $ 805,448 ​ $ 78,314 ​ $ 900,864 ​ $ 83,247 ​ ​ Impairments ​ For fixed maturities that the Company does not intend to sell or for which it is more likely than not that the Company would not be required to sell before an anticipated recovery in value, the Company separates the expected credit loss component of the impairment from the amount related to all other factors. The expected credit loss component is recognized as an allowance for expected credit losses. The allowance is adjusted for any additional credit losses and subsequent recoveries, which are booked in income as either credit loss expense or credit loss benefit, respectively. Upon recognizing a credit loss, the cost basis is not adjusted. The impairment related to all other factors (non-credit factors) is reported in other comprehensive income. ​ For fixed maturities where the Company records a credit loss, a determination is made as to the cause of the impairment and whether the Company expects a recovery in the value. For fixed maturities where the Company expects a recovery in value, the constant effective yield method is utilized, and the investment is amortized to par. ​ For fixed maturity investments the Company intends to sell or for which it is more likely than not that the Company will be required to sell before an anticipated recovery in value, the full amount of the impairment is included in credit loss expense. The new cost basis of the investment is the previous amortized cost basis less the impairment recognized in credit loss expense. The new cost basis is not adjusted for any subsequent recoveries in fair value. ​ ​ The Company uses a systematic methodology to evaluate declines in fair values below cost or amortized cost of our investments. Some of the factors considered in assessing impairment of fixed maturities due to credit losses include the extent to which the fair value is less than amortized cost, the financial condition of and the near and long-term prospects of the issuer, whether the debtor is current on its contractually obligated interest and principal payments, changes to the rating of the security by a rating agency, the historical volatility of the fair value of the security and whether it is more like than not that the Company will be required to sell the investment prior to an anticipated recovery in value. ​ As of March 31, 2024 and December 31, 2023, the Company concluded that $1,349 and $1,208 , respectively, of unrealized losses were due to credit factors and were recorded as an allowance for expected credit losses expense. The Company concluded that outside of the securities that were recognized as credit impaired, the unrealized losses recorded on the fixed maturity portfolio at March 31, 2024 and December 31, 2023 resulted from fluctuations in market interest rates and other temporary market conditions as opposed to fundamental changes in the credit quality of the issuers of such securities. Based upon the analysis performed, the Company’s decision to hold these securities, the Company’s current level of liquidity and our history of positive operating cash flows, management believes it is more likely than not that it will not be required to sell any of its securities before the anticipated recovery in the fair value to its amortized cost basis. ​ The following table represents a reconciliation of the beginning and ending balances of the allowance for expected credit losses on fixed maturities classified as available for sale. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2024 ​ ​ 2023 Beginning of period ​ $ 1,208 ​ $ 678 Credit losses on securities with no previously recorded credit losses ​ ​ — ​ ​ 354 Net increases (decreases) in allowance on previously impaired securities ​ 141 ​ ​ 568 Reduction due to sales ​ ​ — ​ ​ — Writeoffs charged against allowance ​ — ​ ​ — Recoveries of amounts previously written off ​ — ​ ​ — Ending balance of period ​ $ 1,349 ​ $ 1,600 ​ The Company holds no subprime mortgage debt securities. All of the Company’s holdings in mortgage-backed securities are either U.S. Government or Agency guaranteed or are rated investment grade by either Moody’s or Standard & Poor’s. ​ Net Investment Income ​ The components of net investment income were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Interest on fixed maturity securities ​ $ 12,948 ​ $ 11,744 ​ Dividends on equity securities ​ 1,667 ​ 1,610 ​ Equity in earnings of other invested assets ​ 1,407 ​ 1,086 ​ Interest on other assets ​ 82 ​ 31 ​ Total investment income ​ 16,104 ​ 14,471 ​ Investment expenses ​ 873 ​ 817 ​ Net investment income ​ $ 15,231 ​ $ 13,654 ​ ​ Fair Value of Financial Instruments ​ ASC 820, Fair Value Measurements and Disclosure unavailable (“unobservable inputs”). The fair value hierarchy in ASC 820 prioritizes fair value measurements into three levels based on the nature of the inputs as follows: ​ Level 1 — Valuations based on quoted prices in active markets for identical assets and liabilities; ​ Level 2 — Valuations based on observable inputs that do not meet the criteria for Level 1, including quoted prices in inactive markets and quoted prices in active markets for similar, but not identical instruments; and ​ Level 3 — Valuations based on unobservable inputs. ​ Fair values for the Company’s fixed maturity securities are based on prices provided by its custodian bank and its investment managers. Both the Company’s custodian bank and investment managers use a variety of independent, nationally recognized pricing services to determine market valuations. If the pricing service cannot provide fair value determinations, the Company obtains non-binding price quotes from broker-dealers. A minimum of two quoted prices is obtained for the majority of the Company’s available-for-sale fixed maturity securities in its investment portfolio. The Company uses a third-party pricing service as its primary provider of quoted prices from third-party pricing services and broker-dealers. To provide reasonable assurance of the validity of each price or quote, a secondary third-party pricing service or broker-dealer quote is obtained from the Company’s custodian or investment managers. An examination of the pricing data is then performed for each security. If the variance between the primary and secondary price quotes for a security is within an accepted tolerance level, the quoted price obtained from the Company’s primary source is used for the security. If the variance between the primary and secondary price quotes exceeds an accepted tolerance level, the Company obtains a quote from an alternative source, if possible, and documents and resolves any differences between the pricing sources. In addition, the Company may request that its investment managers and its traders provide input as to which vendor is providing prices that its traders believe are reflective of fair value for the security. Following this process, the Company may decide to value the security in its financial statements using the secondary or alternative source if it believes that pricing is more reflective of the security’s value than the primary pricing provided by its custodian bank. The Company analyzes market valuations received to verify reasonableness, to understand the key assumptions used and their sources, and to determine an appropriate ASC 820 fair value hierarchy level based upon trading activity and the observability of market inputs. Based on this evaluation and investment class analysis, each price is classified into Level 1, 2 or 3. ​ Fair values of instruments are based on (i) quoted prices in active markets for identical assets (Level 1), (ii) quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs are observable in active markets (Level 2) or (iii) valuations derived from valuation techniques in which one or more significant inputs are unobservable in the marketplace (Level 3). ​ The Company’s Level 1 securities consist of equity securities whose values are based on quoted prices in active markets for identical assets. The Company’s Level 2 securities are comprised of available-for-sale fixed maturity securities whose fair value was determined using observable market inputs. The Company’s Level 3 security consists of an investment in the FHLB-Boston related to Safety Insurance Company’s membership stock, which is not redeemable in a short-term time frame. Fair values for securities for which quoted market prices were unavailable were estimated based upon reference to observable inputs such as benchmark interest rates, market comparables, and other relevant inputs. Investments valued using these inputs include U.S. Treasury securities, obligations of states and political subdivisions, corporate and other securities, commercial and residential mortgage-backed securities, and other asset-backed securities. Inputs into the fair value application that are utilized by asset class include but are not limited to: ​ ● Obligations of states and political subdivisions ​ ● Corporate and other securities ​ ● Residential mortgage-backed securities U.S. agency pass-throughs, collateralized mortgage obligations (“CMOs”), non U.S. agency CMOs ​ ● Commercial mortgage-backed securities ​ ● Other asset-backed securities ​ ● Federal Home Loan Bank of Boston ​ In order to ensure the fair value determination is representative of an exit price (consistent with ASC 820), the Company’s procedures for validating quotes or prices obtained from third parties include, but are not limited to, obtaining a minimum of two price quotes for each fixed maturity security if possible, as discussed above, the periodic testing of sales activity to determine if there are any significant differences between the market price used to value the security as of the balance sheet date and the sales price of the security for sales that occurred around the balance sheet date, and the periodic review of reports provided by its external investment manager regarding those securities with ratings changes and securities placed on its “Watch List.” In addition, valuation techniques utilized by pricing services and prices obtained from external sources are reviewed by the Company’s external investment manager, whose investment professionals are familiar with the securities being priced and the markets in which they trade, to ensure the fair value determination is representative of an exit price (consistent with ASC 820). ​ All unadjusted estimates of fair value for our fixed maturities priced by the pricing services as described above are included in the amounts disclosed in Level 2. With the exception of the FHLB-Boston security, which is categorized as a Level 3 security, the Company’s entire portfolio was priced based upon quoted market prices or other observable inputs as of March 31, 2024. There were no significant changes to the valuation process during the three months ended March 31, 2024. As of March 31, 2024 and December 31, 2023, no quotes or prices obtained were adjusted by management. All broker quotes obtained were non-binding. ​ At March 31, 2024 and December 31, 2023, investments in fixed maturities classified as available-for-sale had a fair value which equaled carrying value of $1,043,556 and $1,052,145, respectively. The carrying values of cash and cash equivalents and investment income accrued approximated fair value. ​ ​ The following tables summarize the Company’s total fair value measurements for investments for the periods indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ Total Level 1 Inputs Level 2 Inputs Level 3 Inputs U.S. Treasury securities ​ $ 2,302 ​ $ — ​ $ 2,302 ​ $ — Obligations of states and political subdivisions ​ 36,385 ​ — ​ 36,385 ​ — Residential mortgage-backed securities ​ 242,160 ​ — ​ 242,160 ​ — Commercial mortgage-backed securities ​ 136,561 ​ — ​ 136,561 ​ — Other asset-backed securities ​ 56,850 ​ — ​ 56,850 ​ — Corporate and other securities ​ 569,298 ​ — ​ 569,298 ​ — Equity securities ​ 183,882 ​ 181,796 ​ — ​ 2,086 Total investment securities ​ $ 1,227,438 ​ $ 181,796 ​ $ 1,043,556 ​ $ 2,086 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ Total Level 1 Inputs Level 2 Inputs Level 3 Inputs U.S. Treasury securities ​ $ 2,320 ​ $ — ​ $ 2,320 ​ $ — Obligations of states and political subdivisions ​ 36,523 ​ — ​ 36,523 ​ — Residential mortgage-backed securities ​ 247,237 ​ — ​ 247,237 ​ — Commercial mortgage-backed securities ​ 139,850 ​ — ​ 139,850 ​ — Other asset-backed securities ​ 61,333 ​ — ​ 61,333 ​ — Corporate and other securities ​ 564,882 ​ — ​ 564,882 ​ — Equity securities ​ 204,849 ​ 202,763 ​ — ​ 2,086 Total investment securities ​ $ 1,256,994 ​ $ 202,763 ​ $ 1,052,145 ​ $ 2,086 ​ As of March 31, 2024 and December 31, 2023, there were approximately $32,716 and $33,173 , respectively, in a real estate investment trust (“REIT”). The REIT is excluded from the fair value hierarchy because the fair value is recorded using the net asset value per share practical expedient. The net asset value per share of this REIT is derived from member ownership in the capital venture to which a proportionate share of independently appraised net assets is attributed. The fair value was determined using the trust’s net asset value obtained from its financial statements. The Company is required to submit a request ​ There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2024 and 2023. ​ The following table summarizes the changes in the Company’s Level 3 fair value securities for the periods indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 ​ ​ Level 3 ​ Level 3 ​ ​ Fair Value ​ Fair Value ​ ​ Securities ​ Securities Balance at beginning of period ​ $ 2,086 ​ $ 2,255 ​ Net gains and losses included in earnings ​ — ​ — ​ Net gains included in other comprehensive income ​ — ​ — ​ Purchases ​ — ​ 680 ​ Sales ​ ​ — ​ ​ — ​ Transfers into Level 3 ​ ​ — ​ — ​ Transfers out of Level 3 ​ — ​ — ​ Balance at end of period ​ $ 2,086 ​ $ 2,935 ​ Amount of total losses included in earnings attributable to the change in unrealized losses related to assets still held at end of period ​ $ — ​ $ — ​ ​ Transfers in and out of Level 3 are attributable to changes in the ability to observe significant inputs in determining fair value exit pricing. As noted in the table above,

Allowance for Expected Credit L

Allowance for Expected Credit Losses	3 Months Ended
	Mar. 31, 2024
Allowance for Expected Credit Losses
Allowance for Expected Credit Losses	6. Allowance for Expected Credit Losses ​ The Company’s financial instruments measured at amortized cost include premiums and accounts receivable, and reinsurance recoverables. ​ Premiums and accounts receivable are reported net of an allowance for expected credit losses. The allowance is based upon the Company’s ongoing review of amounts outstanding, historical loss data, including delinquencies and write-offs, current and forecasted economic conditions and other relevant factors. Credit risk is partially mitigated by the Company’s ability to cancel the policy if the policyholder does not pay the premium and the Company writes off premiums receivable balances that are more than 90 days overdue. ​ The following table presents the balances of premiums receivable, net of the allowance for expected credit losses and changes in the allowance for expected credit losses for the three months ended March 31, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At and For the ​ ​ At and For the ​ ​ ​ Three Months Ended March 31, 2024 ​ ​ Three Months Ended March 31, 2023 ​ ​ Accounts Receivable Net of Allowance for Expected Credit Losses ​ ​ Allowance for Expected Credit Losses ​ ​ Accounts Receivable Net of Allowance for Expected Credit Losses ​ ​ Allowance for Expected Credit Losses Balance, beginning of period ​ $ 256,687 ​ $ 1,053 ​ $ 192,542 ​ $ 1,446 Current period change for expected credit losses ​ ​ ​ 637 ​ ​ ​ 484 Writeoffs of uncollectable accounts receivable ​ ​ ​ (866) ​ ​ ​ (686) Balance, end of period ​ $ 269,491 ​ $ 824 ​ $ 205,560 ​ $ 1,244 ​ Reinsurance recoverables include amounts due from reinsurers for both paid and unpaid losses. The Company cedes insurance to Commonwealth Automobile Reinsurers (“CAR”) and to other reinsurers. The Company has a property catastrophe excess of loss agreement and a casualty excess of loss agreement that qualify as reinsurance treaties and are designed to protect against large or unusual loss and loss adjustment expenses (“LAE”) activity. Reinsurance contracts do not relieve the Company from its obligations to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company evaluates the financial condition of its reinsurers and monitors economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. The Company reports its reinsurance recoverables net of an allowance for estimated uncollectable reinsurance. A probability-of-default methodology which reflects current and forecasted economic conditions is used to estimate the amount of uncollectible reinsurance due to credit-related factors and the estimate is reported in an allowance for estimated uncollectible reinsurance. Amounts deemed to be uncollectible, including amounts due from known insolvent reinsurers, are written off against the allowance. Changes in the allowance, as well as any subsequent collections of amounts previously written off, are reported as part of losses and loss adjustment expenses. ​ The majority of the Company’s reinsurance recoverable on paid and unpaid losses is a result of our participation as a servicing carrier in the CAR Commercial Automobile Program, which represents 94% of the total reinsurance recoverable on paid and unpaid losses at March 31, 2024 and December 31, 2023. The remaining 6% of amounts due from reinsurers are related to our other excess of loss and quota share contracts. For amounts due under these contracts, the Company utilizes updated A.M. Best credit ratings on a quarterly basis to determine the allowance for expected credit losses. As of March 31, 2024 and December 31, 2023, most reinsurers under these programs are rated “A” or better by A.M. Best. Certain of the Company's reinsurance recoverables are collateralized by letters of credit, funds held or trust agreements. The Company’s analysis concludes that there are no expected credit losses at March 31, 2024 or December 31, 2023.

Loss and Loss Adjustment Expens

Loss and Loss Adjustment Expense Reserves	3 Months Ended
	Mar. 31, 2024
Loss and Loss Adjustment Expense Reserves
Loss and Loss Adjustment Expense Reserves	7. Loss and Loss Adjustment Expense Reserves ​ The following table sets forth a reconciliation of beginning and ending reserves for losses and LAE, as shown in the Company’s consolidated financial statements for the periods indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Reserves for losses and LAE at beginning of year ​ $ 603,081 ​ $ 549,598 Less receivable from reinsurers related to unpaid losses and LAE ​ (112,623) ​ (93,394) Net reserves for losses and LAE at beginning of year ​ 490,458 ​ 456,204 Incurred losses and LAE, related to: ​ ​ ​ ​ ​ ​ Current year ​ 179,357 ​ 178,686 Prior years ​ (10,958) ​ (11,533) Total incurred losses and LAE ​ 168,399 ​ 167,153 Paid losses and LAE related to: ​ ​ ​ ​ ​ ​ Current year ​ 69,717 ​ 60,093 Prior years ​ 106,848 ​ 89,025 Total paid losses and LAE ​ 176,565 ​ 149,118 Net reserves for losses and LAE at end of period ​ 482,292 ​ 474,239 Plus receivable from reinsurers related to unpaid losses and LAE ​ 121,504 ​ 95,900 Reserves for losses and LAE at end of period ​ $ 603,796 ​ $ 570,139 ​ At the end of each period, the reserves were re-estimated for all prior accident years. The Company’s prior year reserves decreased by 31, 2024 and 2023, respectively, and resulted from re-estimations of prior years ultimate loss and LAE liabilities. The decreases in prior years reserves during the three months ended March 31, 2024 and 2023 are primarily composed of reductions in our retained automobile and retained homeowners lines reserves. ​ The Company's automobile lines of business reserves decreased for the three months ended March 31, 2024 and 2023, primarily due to fewer incurred but not yet reported claims than previously estimated and better than previously estimated severity on the Company’s established bodily injury and property damage case reserves. Due to the nature of the risks that the Company underwrites and has historically underwritten, management does not believe that it has an exposure to asbestos or environmental pollution liabilities.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies ​ Commitments ​ ​ Contingencies ​ ​ On October 19, 2021, the Supreme Judicial Court of Massachusetts (the “SJC”) unanimously ruled that property and casualty insurers must compensate third-party claimants under property damage coverage, part 4 of the standard Massachusetts automobile insurance policy, 2008 edition (standard policy), for the inherent diminished value (“IDV”) that occurs when their vehicles are damaged in a crash. This ruling overturned a previous decision by the Massachusetts Superior Court (the “Superior Court”), which found that a Massachusetts auto insurance policy did not provide property damage coverage for inherent diminished value damages for third-party claimants. The SJC placed the burden of proof on the individual claimant by explicitly specifying that the claimant must establish that the vehicle has suffered IDV damages and the amount of IDV damages at issue. The SJC further ruled that an insurer’s previous denial of coverage for such damages could not serve as the basis for a claim of unfair business practices. On June 20, 2023, the Superior Court denied a motion brought by the plaintiffs seeking class certification. The plaintiffs have since filed a motion to amend the complaint, seeking to address the concerns raised by the Superior Court in denying their motion for class certification; Safety has opposed the motion to amend the complaint, which has yet to be heard or ruled on by the Superior Court. Based on the SJC’s rulings, at this time the Company does not expect any claims for IDV damages to be material, and therefore has not accrued for a specific loss contingency. ​ Massachusetts law requires that insurers licensed to do business in Massachusetts participate in the Massachusetts Insurers Insolvency Fund (“Insolvency Fund”). Members of the Insolvency Fund are assessed a proportionate share of the obligations and expenses of the Insolvency Fund in connection with an insolvent insurer. It is anticipated that there will be additional assessments from time to time relating to various insolvencies. Although the timing and amounts of any future assessments are not known, based upon existing knowledge, management’s opinion is that such future assessments are not expected to have a material effect upon the financial position of the Company.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt
Debt	9. Debt ​ On August 10, 2023, the Company extended its Revolving Credit Agreement (the “Credit Agreement”) with Citizens Bank, N.A. (“Citizens Bank”) to a maturity date of August 10, 2028. The Credit Agreement provides a $30,000 revolving credit facility with an accordion feature allowing for future expansion of the committed amount up to $50,000 . Loans under the credit facility bear interest at the Company’s option at either the higher of Citizens Bank Interest only is payable prior to maturity. ​ The Company’s obligations under the credit facility are secured by pledges of its assets and the capital stock of its operating subsidiaries. The credit facility is guaranteed by the Company’s non-insurance company subsidiaries. The credit facility contains covenants including requirements to maintain minimum risk-based capital ratios and statutory surplus of Safety Insurance Company as well as limitations or restrictions on indebtedness, liens, and other matters. As of March 31, 2024, the Company was in compliance with all covenants. In addition, the credit facility includes customary events of default, including a cross-default provision permitting the lenders to accelerate the facility if the Company (i) defaults in any payment obligation under debt having a principal amount in excess of ​ The Company had no amounts outstanding on its credit facility at March 31, 2024 and December 31, 2023. The credit facility commitment fee included in interest expense was computed at a rate of ​ using eligible invested assets that would be used as collateral. ​ ​ ​ On March 7, 2023, the Company borrowed $15,000 from FHLB-Boston for a term of one-month, bearing an interest rate of 4.92%. The interest and principal was paid on the maturity date of April 5, 2023. ​ On June 29, 2023, the Company borrowed $5,000 from FHLB-Boston for a term of one-week ​ The Company estimates the fair value of the FHLB-Boston loans by discounting cash flows using the interest rate stated in the loan agreement, which is an observable input. As such, the loans are categorized as Level 2 within the fair value hierarchy. The fair value of the outstanding loans was $30,381 and $30,468 at March 31, 2024 and December 31, 2023, respectively. The loans are fully collateralized by specific U.S. Government residential mortgage-backed securities with a fair value of $51,180 and $53,503 at March 31, 2024 and December 31, 2023, respectively. The borrowing is outstanding from the FHLB-Boston at March 31, 2024 and December 31, 2023. ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Taxes
Income Taxes	10. Income Taxes ​ Federal income tax expense for the three months ended March 31, 2024 and 2023 has been computed using estimated effective tax rates. These rates are revised, if necessary, at the end of each successive interim period to reflect the current estimates of the annual effective tax rates. ​ The Company believes that the positions taken on its income tax returns for open tax years will be sustained upon examination by the Internal Revenue Service. Therefore, the Company has not recorded any liability for uncertain tax positions under ASC 740, Income Taxes ​ During the three months ended March 31, 2024, there were no material changes to the amount of the Company’s unrecognized tax benefits or to any assumptions regarding the amount of its ASC 740 liability. ​ ​ In the Company’s opinion, adequate tax liabilities have been established for all open years. However, the amount of these tax liabilities could be revised in the near term if estimates of the Company’s ultimate liability are revised. ​

Share Repurchase Program

Share Repurchase Program	3 Months Ended
	Mar. 31, 2024
Share Repurchase Program
Share Repurchase Program	11. Share Repurchase Program ​ On February 23, 2022, the Board of Directors approved a share repurchase program of up to $50,000 of the Company’s outstanding common shares. The Board of Directors has cumulatively authorized increases to the existing share repurchase program of up to $200,000 of its outstanding common shares. Under the program, the Company may repurchase shares of its common stock for cash in public or private transactions, in the open market or otherwise. The timing of such repurchases and actual number of shares repurchased will depend on a variety of factors including price, market conditions and applicable regulatory and corporate requirements. The program does not require the Company to repurchase any specific number of shares and it may be modified, suspended or terminated at any time without prior notice. ​ No share purchases were made by the Company under the program during the three months ended March 31, 2024 and 2023. As of December 31, 2023, the Company had purchased 3,215,690 shares at a cost of $155,240.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases
Leases	12. Leases ​ The Company has various non-cancelable, long-term operating leases, the largest of which are for office space including the corporate headquarters, VIP claims centers and law offices. Other operating leases consist of auto leases and various office equipment. The Company has no finance leases. Our leases have remaining lease terms of options to extend ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2024 ​ ​ 2023 Operating lease cost ​ $ 1,013 ​ $ 1,004 ​ ​ Other information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ ​ 2023 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 1,165 ​ $ 1,111 ​ Weighted average remaining lease term ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 4.58 Years ​ ​ 5.53 Years ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 2.48% ​ ​ 2.39% ​ ​ Maturities of lease liabilities were as follows: ​ ​ ​ ​ ​ ​ Operating Leases 2024 ​ $ 3,452 2025 ​ ​ 4,211 2026 ​ ​ 3,980 2027 ​ ​ 3,973 2028 ​ ​ 3,906 Thereafter ​ ​ — Total lease payments ​ ​ 19,522 Less imputed interest ​ ​ (444) Total ​ $ 19,078 ​

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events
Subsequent Events	​ ​ ​ 13. Subsequent Events ​ The Company has evaluated subsequent events for recognition or disclosure in the consolidated financial statements filed on Form 10-Q with the SEC and no events have occurred that require recognition or disclosure.

Earnings per Weighted Average_2

Earnings per Weighted Average Common Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings per Weighted Average Common Share
Computation of basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2023 Earnings attributable to common shareholders - basic and diluted: ​ ​ ​ ​ ​ ​ Net income (loss) from continuing operations ​ $ 20,078 ​ $ (12,337) Allocation of income for participating shares ​ ​ (88) ​ ​ — Net income (loss) from continuing operations attributed to common shareholders ​ $ 19,990 ​ $ (12,337) Earnings per share denominator - basic and diluted ​ ​ ​ ​ ​ ​ Total weighted average common shares outstanding, including participating shares ​ ​ 14,731,713 ​ ​ 14,748,357 Less: weighted average participating shares ​ ​ (64,606) ​ ​ (65,850) Basic earnings per share denominator ​ ​ 14,667,107 ​ ​ 14,682,507 Common equivalent shares- non-vested performance stock grants ​ 29,483 ​ 79,354 Diluted earnings per share denominator ​ 14,696,590 ​ 14,761,861 ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ 1.36 ​ $ (0.84) Diluted earnings per share ​ $ 1.36 ​ $ (0.84) ​ ​ ​ ​ ​ ​ ​ Undistributed earnings attributable to common shareholders - basic and diluted: ​ ​ ​ ​ ​ ​ Net income (loss) from continuing operations attributable to common shareholders -Basic ​ $ 1.36 ​ $ (0.84) Dividends declared ​ ​ (0.90) ​ ​ (0.90) Undistributed earnings ​ $ 0.46 ​ $ (1.74) ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations attributable to common shareholders -Diluted ​ $ 1.36 ​ $ (0.84) Dividends declared ​ ​ (0.90) ​ ​ (0.90) Undistributed earnings ​ $ 0.46 ​ $ (1.74)

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Compensation
Schedule of restricted stock and performance-based restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares Weighted ​ Performance-based Weighted ​ ​ Under ​ Average ​ Shares Under ​ Average ​ ​ Restriction ​ Fair Value ​ Restriction ​ Fair Value Outstanding at beginning of year 66,929 ​ $ 81.58 ​ 78,991 ​ $ 81.40 Granted 38,221 ​ ​ 85.61 ​ 25,390 (1) ​ 85.61 Vested and unrestricted (38,686) ​ ​ 82.03 ​ (13,912) ​ ​ 79.27 Forfeited ​ (1,784) ​ ​ 80.11 ​ (17,169) ​ ​ 79.91 Outstanding at end of period 64,680 ​ $ 83.68 ​ 73,300 ​ $ 83.62 (1) Includes a true-up of previously awarded performance-based restricted share awards. The updated shares were calculated based on the attainment of pre-established performance objectives and granted under the Amended 2018 Plan.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments
Gross unrealized gains and losses on investments in securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost or Allowance for Gross Unrealized Estimated ​ ​ Amortized ​ Expected Credit ​ ​ ​ ​ ​ Fair ​ ​ Cost ​ Losses ​ Gains ​ Losses ​ Value U.S. Treasury securities ​ $ 2,420 ​ $ — ​ $ 4 ​ $ (122) ​ $ 2,302 Obligations of states and political subdivisions ​ 38,576 ​ — ​ 202 ​ (2,393) ​ 36,385 Residential mortgage-backed securities (1) ​ 266,625 ​ — ​ 982 ​ (25,445) ​ 242,162 Commercial mortgage-backed securities ​ 150,621 ​ — ​ 180 ​ (14,240) ​ 136,561 Other asset-backed securities ​ 59,192 ​ — ​ 145 ​ (2,488) ​ 56,849 Corporate and other securities ​ 601,682 ​ (1,349) ​ 2,783 ​ (33,819) ​ 569,297 Subtotal, fixed maturity securities ​ 1,119,116 ​ (1,349) ​ 4,296 ​ (78,507) ​ 1,043,556 Equity securities (2) ​ 192,721 ​ — ​ 30,729 ​ (6,852) ​ 216,598 Other invested assets (4) ​ 138,270 ​ — ​ — ​ — ​ 138,270 Totals ​ $ 1,450,107 ​ $ (1,349) ​ $ 35,025 ​ $ (85,359) ​ $ 1,398,424 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost or Allowance for Gross Unrealized Estimated ​ ​ Amortized ​ Expected Credit ​ ​ ​ ​ ​ Fair ​ ​ Cost ​ Losses ​ Gains ​ Losses ​ Value U.S. Treasury securities ​ $ 2,420 ​ $ — ​ $ 15 ​ $ (115) ​ $ 2,320 Obligations of states and political subdivisions ​ 38,682 ​ — ​ 262 ​ (2,421) ​ 36,523 Residential mortgage-backed securities (1) ​ 267,271 ​ — ​ 1,945 ​ (21,979) ​ 247,237 Commercial mortgage-backed securities ​ 153,923 ​ — ​ 200 ​ (14,273) ​ 139,850 Other asset-backed securities ​ 64,043 ​ — ​ 217 ​ (2,927) ​ 61,333 Corporate and other securities ​ 594,343 ​ (1,208) ​ 3,785 ​ (32,038) ​ 564,882 Subtotal, fixed maturity securities ​ 1,120,682 ​ (1,208) ​ 6,424 ​ (73,753) ​ 1,052,145 Equity securities (2) ​ 221,809 ​ — ​ 25,707 ​ (9,494) ​ 238,022 Other invested assets (4) ​ 133,946 ​ — ​ — ​ — ​ 133,946 Totals ​ $ 1,476,437 ​ $ (1,208) ​ $ 32,131 ​ $ (83,247) ​ $ 1,424,113 (1) Residential mortgage-backed securities consists primarily of obligations of U.S. Government agencies including collateralized mortgage obligations issued, guaranteed and/or insured by the following issuers: Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal National Mortgage Association (FNMA) and the Federal Home Loan Bank (FHLB). (2) Equity securities include common stock, preferred stock, mutual funds and interests in mutual funds held to fund the Company’s executive deferred compensation plan. (3) The Company’s investment portfolio included 855 and 861 securities in an unrealized loss position at March 31, 2024 and December 31, 2023, respectively. (4) Other invested assets are accounted for under the equity method which approximated fair value .
Amortized cost and the estimated fair value of fixed maturity securities, by maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ Amortized Estimated ​ ​ Cost ​ Fair Value Due in one year or less ​ $ 34,690 ​ $ 34,363 Due after one year through five years ​ 339,423 ​ 323,113 Due after five years through ten years ​ 244,223 ​ 227,648 Due after ten years through twenty years ​ 24,092 ​ 22,573 Due after twenty years ​ 250 ​ 288 Asset-backed securities ​ 476,438 ​ 435,571 Totals ​ $ 1,119,116 ​ $ 1,043,556
Gross realized gains and losses on sales of investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Gross realized gains ​ ​ ​ ​ ​ ​ Fixed maturity securities ​ $ 230 ​ $ 539 Equity securities ​ 3,137 ​ 1,523 Gross realized losses ​ ​ ​ ​ ​ ​ Fixed maturity securities ​ (363) ​ (622) Equity securities ​ (2,512) ​ (707) Net realized gains on investments ​ $ 492 ​ $ 733 ​ ​ ​ ​ ​ ​ ​
Gross unrealized losses included in the Company's investment portfolio and the fair value of those securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ ​ Less than 12 Months ​ 12 Months or More ​ Total ​ Estimated Unrealized Estimated Unrealized Estimated Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ Fair Value ​ Losses U.S. Treasury securities ​ $ — ​ $ — ​ $ 1,700 ​ $ 122 ​ $ 1,700 ​ $ 122 Obligations of states and political subdivisions ​ 3,443 ​ 10 ​ 29,243 ​ 2,383 ​ 32,686 ​ 2,393 Residential mortgage-backed securities ​ 25,451 ​ 299 ​ 179,261 ​ 25,146 ​ 204,712 ​ 25,445 Commercial mortgage-backed securities ​ 3,693 ​ 122 ​ 127,598 ​ 14,118 ​ 131,291 ​ 14,240 Other asset-backed securities ​ 23,328 ​ ​ 209 ​ ​ 24,231 ​ ​ 2,279 ​ ​ 47,559 ​ ​ 2,488 Corporate and other securities ​ 60,976 ​ 1,712 ​ 361,771 ​ 32,107 ​ 422,747 ​ 33,819 Subtotal, fixed maturity securities ​ 116,891 ​ 2,352 ​ 723,804 ​ 76,155 ​ 840,695 ​ 78,507 Equity securities ​ 24,912 ​ 2,095 ​ 27,805 ​ 4,757 ​ 52,717 ​ 6,852 Total temporarily impaired securities ​ $ 141,803 ​ $ 4,447 ​ $ 751,609 ​ $ 80,912 ​ $ 893,412 ​ $ 85,359 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ Less than 12 Months ​ 12 Months or More ​ Total ​ Estimated Unrealized Estimated Unrealized Estimated Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ Fair Value ​ Losses U.S. Treasury securities ​ $ — ​ $ — ​ $ 1,708 ​ $ 115 ​ $ 1,708 ​ $ 115 Obligations of states and political subdivisions ​ 403 ​ 17 ​ 28,893 ​ 2,404 ​ 29,296 ​ 2,421 Residential mortgage-backed securities ​ 11,248 ​ 167 ​ 182,794 ​ 21,812 ​ 194,042 ​ 21,979 Commercial mortgage-backed securities ​ 4,067 ​ 108 ​ 130,493 ​ 14,165 ​ 134,560 ​ 14,273 Other asset-backed securities ​ 5,973 ​ ​ 224 ​ ​ 46,600 ​ ​ 2,703 ​ 52,573 ​ 2,927 Corporate and other securities ​ 39,453 ​ 1,338 ​ 369,163 ​ 30,700 ​ 408,616 ​ 32,038 Subtotal, fixed maturity securities ​ 61,144 ​ 1,854 ​ 759,651 ​ 71,899 ​ 820,795 ​ 73,753 Equity securities ​ 34,272 ​ 3,079 ​ 45,797 ​ 6,415 ​ 80,069 ​ 9,494 Total temporarily impaired securities ​ $ 95,416 ​ $ 4,933 ​ $ 805,448 ​ $ 78,314 ​ $ 900,864 ​ $ 83,247
Reconciliation of beginning and ending balances of allowance for expected credit losses on fixed maturities classified as available for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2024 ​ ​ 2023 Beginning of period ​ $ 1,208 ​ $ 678 Credit losses on securities with no previously recorded credit losses ​ ​ — ​ ​ 354 Net increases (decreases) in allowance on previously impaired securities ​ 141 ​ ​ 568 Reduction due to sales ​ ​ — ​ ​ — Writeoffs charged against allowance ​ — ​ ​ — Recoveries of amounts previously written off ​ — ​ ​ — Ending balance of period ​ $ 1,349 ​ $ 1,600
Components of net investment income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Interest on fixed maturity securities ​ $ 12,948 ​ $ 11,744 ​ Dividends on equity securities ​ 1,667 ​ 1,610 ​ Equity in earnings of other invested assets ​ 1,407 ​ 1,086 ​ Interest on other assets ​ 82 ​ 31 ​ Total investment income ​ 16,104 ​ 14,471 ​ Investment expenses ​ 873 ​ 817 ​ Net investment income ​ $ 15,231 ​ $ 13,654 ​
Fair value measurements for investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2024 ​ Total Level 1 Inputs Level 2 Inputs Level 3 Inputs U.S. Treasury securities ​ $ 2,302 ​ $ — ​ $ 2,302 ​ $ — Obligations of states and political subdivisions ​ 36,385 ​ — ​ 36,385 ​ — Residential mortgage-backed securities ​ 242,160 ​ — ​ 242,160 ​ — Commercial mortgage-backed securities ​ 136,561 ​ — ​ 136,561 ​ — Other asset-backed securities ​ 56,850 ​ — ​ 56,850 ​ — Corporate and other securities ​ 569,298 ​ — ​ 569,298 ​ — Equity securities ​ 183,882 ​ 181,796 ​ — ​ 2,086 Total investment securities ​ $ 1,227,438 ​ $ 181,796 ​ $ 1,043,556 ​ $ 2,086 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ Total Level 1 Inputs Level 2 Inputs Level 3 Inputs U.S. Treasury securities ​ $ 2,320 ​ $ — ​ $ 2,320 ​ $ — Obligations of states and political subdivisions ​ 36,523 ​ — ​ 36,523 ​ — Residential mortgage-backed securities ​ 247,237 ​ — ​ 247,237 ​ — Commercial mortgage-backed securities ​ 139,850 ​ — ​ 139,850 ​ — Other asset-backed securities ​ 61,333 ​ — ​ 61,333 ​ — Corporate and other securities ​ 564,882 ​ — ​ 564,882 ​ — Equity securities ​ 204,849 ​ 202,763 ​ — ​ 2,086 Total investment securities ​ $ 1,256,994 ​ $ 202,763 ​ $ 1,052,145 ​ $ 2,086
Changes in the Company's Level 3 fair value securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 ​ ​ Level 3 ​ Level 3 ​ ​ Fair Value ​ Fair Value ​ ​ Securities ​ Securities Balance at beginning of period ​ $ 2,086 ​ $ 2,255 ​ Net gains and losses included in earnings ​ — ​ — ​ Net gains included in other comprehensive income ​ — ​ — ​ Purchases ​ — ​ 680 ​ Sales ​ ​ — ​ ​ — ​ Transfers into Level 3 ​ ​ — ​ — ​ Transfers out of Level 3 ​ — ​ — ​ Balance at end of period ​ $ 2,086 ​ $ 2,935 ​ Amount of total losses included in earnings attributable to the change in unrealized losses related to assets still held at end of period ​ $ — ​ $ — ​

Allowance for Expected Credit_2

Allowance for Expected Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2024
Allowance for Expected Credit Losses
Accounts receivable, net of allowance for expected credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At and For the ​ ​ At and For the ​ ​ ​ Three Months Ended March 31, 2024 ​ ​ Three Months Ended March 31, 2023 ​ ​ Accounts Receivable Net of Allowance for Expected Credit Losses ​ ​ Allowance for Expected Credit Losses ​ ​ Accounts Receivable Net of Allowance for Expected Credit Losses ​ ​ Allowance for Expected Credit Losses Balance, beginning of period ​ $ 256,687 ​ $ 1,053 ​ $ 192,542 ​ $ 1,446 Current period change for expected credit losses ​ ​ ​ 637 ​ ​ ​ 484 Writeoffs of uncollectable accounts receivable ​ ​ ​ (866) ​ ​ ​ (686) Balance, end of period ​ $ 269,491 ​ $ 824 ​ $ 205,560 ​ $ 1,244 ​

Loss and Loss Adjustment Expe_2

Loss and Loss Adjustment Expense Reserves (Tables)	3 Months Ended
	Mar. 31, 2024
Loss and Loss Adjustment Expense Reserves
Schedule of reconciliation of beginning and ending reserves for losses and loss adjustment expenses (LAE)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Reserves for losses and LAE at beginning of year ​ $ 603,081 ​ $ 549,598 Less receivable from reinsurers related to unpaid losses and LAE ​ (112,623) ​ (93,394) Net reserves for losses and LAE at beginning of year ​ 490,458 ​ 456,204 Incurred losses and LAE, related to: ​ ​ ​ ​ ​ ​ Current year ​ 179,357 ​ 178,686 Prior years ​ (10,958) ​ (11,533) Total incurred losses and LAE ​ 168,399 ​ 167,153 Paid losses and LAE related to: ​ ​ ​ ​ ​ ​ Current year ​ 69,717 ​ 60,093 Prior years ​ 106,848 ​ 89,025 Total paid losses and LAE ​ 176,565 ​ 149,118 Net reserves for losses and LAE at end of period ​ 482,292 ​ 474,239 Plus receivable from reinsurers related to unpaid losses and LAE ​ 121,504 ​ 95,900 Reserves for losses and LAE at end of period ​ $ 603,796 ​ $ 570,139

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases
Schedule of operating lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2024 ​ ​ 2023 Operating lease cost ​ $ 1,013 ​ $ 1,004 ​
Schedule of other information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ ​ 2023 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 1,165 ​ $ 1,111 ​ Weighted average remaining lease term ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 4.58 Years ​ ​ 5.53 Years ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 2.48% ​ ​ 2.39% ​
Schedule of the maturities of lease liabilities	​ ​ ​ ​ ​ ​ Operating Leases 2024 ​ $ 3,452 2025 ​ ​ 4,211 2026 ​ ​ 3,980 2027 ​ ​ 3,973 2028 ​ ​ 3,906 Thereafter ​ ​ — Total lease payments ​ ​ 19,522 Less imputed interest ​ ​ (444) Total ​ $ 19,078 ​

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Eliminated commission income	$ 239	$ 180
Assets held by SNIA	2,093,439		$ 2,094,004
Fiduciary assets | Maximum
Assets held by SNIA	$ 200

Earnings per Weighted Average_3

Earnings per Weighted Average Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings per Weighted Average Common Share
Net Income (Loss)	$ 20,078	$ (12,337)
Allocation of income for participating shares	(88)
Net income (loss) from continuing operations attributed to common shareholders	$ 19,990	$ (12,337)
Total weighted average common shares outstanding, including participating shares	14,731,713	14,748,357
Less: weighted average participating shares	(64,606)	(65,850)
Basic earnings per share denominator	14,667,107	14,682,507
Common equivalent shares- non-vested performance stock grants	29,483	79,354
Diluted earnings per share denominator	14,696,590	14,761,861
Basic earnings per share (in dollars per share)	$ 1.36	$ (0.84)
Diluted earnings per share (in dollars per share)	1.36	(0.84)
Undistributed earnings attributable to common shareholders - basic and diluted:
Net income (loss) from continuing operations attributable to common shareholders -Basic	1.36	(0.84)
Dividends declared	(0.90)	(0.90)
Undistributed earnings	0.46	(1.74)
Undistributed earnings attributable to common shareholders - diluted
Net income from continuing operations attributable to common shareholders -Diluted	1.36	(0.84)
Dividends declared	(0.90)	(0.90)
Undistributed earnings	$ 0.46	$ (1.74)
Antidilutive common shares	0	0

Share-Based Compensation (Detai

Share-Based Compensation (Details) - shares	Mar. 31, 2024	Mar. 24, 2022
Maximum number of shares of common stock with respect to which awards may be granted	3,200,000
Number of shares available for future grant	366,422
The Incentive Plan
Number of shares available for future grant	0
The Amended 2018 Plan
Maximum number of shares of common stock with respect to which awards may be granted		700,000
Number of shares available for future grant		350,000

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Weighted Average Fair Value
Unrecognized compensation expense related to non-vested restricted stock awards	$ 7,776
Weighted average period expected for recognition of compensation expense related to non-vested restricted stock awards	1 year 10 months 24 days
Total fair value of the shares that were vested and unrestricted during the period	$ 4,276	$ 5,359
Compensation expense, net of tax	1,138	991
Income tax benefits from compensation expense	$ 302	$ 264
Performance-based Shares Under Restriction
Shares Under Restriction
Outstanding at beginning of year (in shares)	78,991
Granted (in shares)	25,390
Vested and unrestricted (in shares)	(13,912)
Forfeited (in shares)	(17,169)
Outstanding at end of period (in shares)	73,300
Weighted Average Fair Value
Outstanding at beginning of year (in dollars per share)	$ 81.40
Granted (in dollars per share)	85.61
Vested and unrestricted (in dollars per share)	79.27
Forfeited (in dollars per share)	79.91
Outstanding at end of period (in dollars per share)	$ 83.62
Performance-based Shares Under Restriction | Minimum
Share-Based Compensation
Actual Payouts (as a percent)	0%
Performance-based Shares Under Restriction | Maximum
Share-Based Compensation
Actual Payouts (as a percent)	200%
Restricted Stock
Share-Based Compensation
Vesting period	3 years
Shares Under Restriction
Outstanding at beginning of year (in shares)	66,929
Granted (in shares)	38,221
Vested and unrestricted (in shares)	(38,686)
Forfeited (in shares)	(1,784)
Outstanding at end of period (in shares)	64,680
Weighted Average Fair Value
Outstanding at beginning of year (in dollars per share)	$ 81.58
Granted (in dollars per share)	85.61
Vested and unrestricted (in dollars per share)	82.03
Forfeited (in dollars per share)	80.11
Outstanding at end of period (in dollars per share)	$ 83.68
Restricted Stock | Executives and non-executives (2018 and after)
Share-Based Compensation
Vesting period	5 years
Restricted Stock | First anniversary of grant date | Executives and non-executives (2018 and after)
Share-Based Compensation
Vesting percentage (as a percent)	30%
Restricted Stock | Second anniversary of grant date
Share-Based Compensation
Vesting percentage (as a percent)	30%
Restricted Stock | Third anniversary of grant date | Executives and non-executives (2018 and after)
Share-Based Compensation
Vesting percentage (as a percent)	40%

Investments (Details)

Investments (Details) $ in Thousands	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Marketable Securities
Fixed maturity securities, amortized cost	$ 1,119,116	$ 1,120,682
Fixed maturity securities, allowance for expected credit losses	(1,349)	(1,208)
Fixed maturity securities, Gross Unrealized Gains	4,296	6,424
Fixed maturity securities, Gross Unrealized Losses	(78,507)	(73,753)
Fixed maturity securities, Estimated Fair Value	1,043,556	1,052,145
Equity securities, Cost or Amortized Cost	192,721	221,809
Equity securities, Estimated Fair Value	216,598	238,022
Other invested assets	138,270	133,946
Cost or Amortized Cost	1,450,107	1,476,437
Gross Unrealized Gains	35,025	32,131
Gross Unrealized Losses	(85,359)	(83,247)
Estimated Fair Value	$ 1,398,424	$ 1,424,113
Number of securities in an unrealized loss position | security	855	861
Residential mortgage backed securities, fair value	$ 51,180
U.S. Treasury securities
Marketable Securities
Fixed maturity securities, amortized cost	2,420	$ 2,420
Fixed maturity securities, Gross Unrealized Gains	4	15
Fixed maturity securities, Gross Unrealized Losses	(122)	(115)
Fixed maturity securities, Estimated Fair Value	2,302	2,320
Obligations of states and political subdivisions
Marketable Securities
Fixed maturity securities, amortized cost	38,576	38,682
Fixed maturity securities, Gross Unrealized Gains	202	262
Fixed maturity securities, Gross Unrealized Losses	(2,393)	(2,421)
Fixed maturity securities, Estimated Fair Value	36,385	36,523
Residential mortgage-backed securities
Marketable Securities
Fixed maturity securities, amortized cost	266,625	267,271
Fixed maturity securities, Gross Unrealized Gains	982	1,945
Fixed maturity securities, Gross Unrealized Losses	(25,445)	(21,979)
Fixed maturity securities, Estimated Fair Value	242,162	247,237
Commercial mortgage-backed securities
Marketable Securities
Fixed maturity securities, amortized cost	150,621	153,923
Fixed maturity securities, Gross Unrealized Gains	180	200
Fixed maturity securities, Gross Unrealized Losses	(14,240)	(14,273)
Fixed maturity securities, Estimated Fair Value	136,561	139,850
Other asset-backed securities
Marketable Securities
Fixed maturity securities, amortized cost	59,192	64,043
Fixed maturity securities, Gross Unrealized Gains	145	217
Fixed maturity securities, Gross Unrealized Losses	(2,488)	(2,927)
Fixed maturity securities, Estimated Fair Value	56,849	61,333
Corporate and other securities
Marketable Securities
Fixed maturity securities, amortized cost	601,682	594,343
Fixed maturity securities, allowance for expected credit losses	(1,349)	(1,208)	$ (1,600)	$ (678)
Fixed maturity securities, Gross Unrealized Gains	2,783	3,785
Fixed maturity securities, Gross Unrealized Losses	(33,819)	(32,038)
Fixed maturity securities, Estimated Fair Value	569,297	564,882
Equity securities
Marketable Securities
Equity securities, Cost or Amortized Cost	192,721	221,809
Equity securities, Estimated Fair Value	216,598	238,022
Equity securities, Gross Unrealized Gains	30,729	25,707
Equity securities, Gross Unrealized Losses	(6,852)	(9,494)
Other invested assets
Marketable Securities
Other invested assets	138,270	133,946
Other invested assets, Estimated Fair Value	$ 138,270	$ 133,946

Investments - Amortized Cost an

Investments - Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less, Amortized Cost	$ 34,690
Due after one year through five years, Amortized Cost	339,423
Due after five years though ten years, Amortized Cost	244,223
Due after ten years through twenty years, Amortized Cost	24,092
Due after twenty years, Amortized Cost	250
Asset-backed securities, Amortized Cost	476,438
Totals, Amortized Cost	1,119,116	$ 1,120,682
Estimated Fair Value
Due in one year or less, Fair Value	34,363
Due after one year through five years, Fair Value	323,113
Due after five years through ten years, Fair Value	227,648
Due after ten years through twenty years, Fair Value	22,573
Due after twenty years, Fair Value	288
Asset-backed securities, Fair Value	435,571
Totals, Fair Value	$ 1,043,556	$ 1,052,145

Investments - Gross Realized Ga

Investments - Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments
Gross realized gains fixed maturity securities	$ 230	$ 539
Gross realized gains equity securities	3,137	1,523
Gross realized losses fixed maturities	(363)	(622)
Gross realized losses equity securities	(2,512)	(707)
Net realized gains on investments	$ 492	$ 733

Investments - Gross Unrealized

Investments - Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable Securities
Estimated Fair Value, Less than 12 Months	$ 141,803	$ 95,416
Estimated Fair Value, 12 Months or More	751,609	805,448
Estimated Fair Value, Total	893,412	900,864
Unrealized Losses, Less than 12 Months	4,447	4,933
Unrealized Losses, 12 Months or More	80,912	78,314
Unrealized Losses, Total	85,359	83,247
Subtotal, fixed maturity securities
Fixed Maturity Securities
Estimated Fair Value, Less than 12 Months	116,891	61,144
Estimated Fair Value, 12 Months or More	723,804	759,651
Estimated Fair Value, Total	840,695	820,795
Unrealized Losses, Less than 12 Months	2,352	1,854
Unrealized Losses, 12 Months or More	76,155	71,899
Unrealized Losses, Total	78,507	73,753
U.S. Treasury securities
Fixed Maturity Securities
Estimated Fair Value, 12 Months or More	1,700	1,708
Estimated Fair Value, Total	1,700	1,708
Unrealized Losses, 12 Months or More	122	115
Unrealized Losses, Total	122	115
Obligations of states and political subdivisions
Fixed Maturity Securities
Estimated Fair Value, Less than 12 Months	3,443	403
Estimated Fair Value, 12 Months or More	29,243	28,893
Estimated Fair Value, Total	32,686	29,296
Unrealized Losses, Less than 12 Months	10	17
Unrealized Losses, 12 Months or More	2,383	2,404
Unrealized Losses, Total	2,393	2,421
Residential mortgage-backed securities
Fixed Maturity Securities
Estimated Fair Value, Less than 12 Months	25,451	11,248
Estimated Fair Value, 12 Months or More	179,261	182,794
Estimated Fair Value, Total	204,712	194,042
Unrealized Losses, Less than 12 Months	299	167
Unrealized Losses, 12 Months or More	25,146	21,812
Unrealized Losses, Total	25,445	21,979
Commercial mortgage-backed securities
Fixed Maturity Securities
Estimated Fair Value, Less than 12 Months	3,693	4,067
Estimated Fair Value, 12 Months or More	127,598	130,493
Estimated Fair Value, Total	131,291	134,560
Unrealized Losses, Less than 12 Months	122	108
Unrealized Losses, 12 Months or More	14,118	14,165
Unrealized Losses, Total	14,240	14,273
Other asset-backed securities
Fixed Maturity Securities
Estimated Fair Value, Less than 12 Months	23,328	5,973
Estimated Fair Value, 12 Months or More	24,231	46,600
Estimated Fair Value, Total	47,559	52,573
Unrealized Losses, Less than 12 Months	209	224
Unrealized Losses, 12 Months or More	2,279	2,703
Unrealized Losses, Total	2,488	2,927
Corporate and other securities
Fixed Maturity Securities
Estimated Fair Value, Less than 12 Months	60,976	39,453
Estimated Fair Value, 12 Months or More	361,771	369,163
Estimated Fair Value, Total	422,747	408,616
Unrealized Losses, Less than 12 Months	1,712	1,338
Unrealized Losses, 12 Months or More	32,107	30,700
Unrealized Losses, Total	33,819	32,038
Equity securities
Equity Securities
Estimated Fair Value, Less than 12 Months	24,912	34,272
Estimated Fair Value, 12 Months or More	27,805	45,797
Estimated Fair Value, Total	52,717	80,069
Unrealized Losses, Less than 12 Months	2,095	3,079
Unrealized Losses, 12 Months or More	4,757	6,415
Unrealized Losses, Total	$ 6,852	$ 9,494

Investments - Allowance for Exp

Investments - Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Marketable Securities
Beginning of period	$ 1,208
Ending balance of period	1,349
Corporate and other securities
Marketable Securities
Beginning of period	1,208	$ 678
Credit losses on securities with no previously recorded credit losses		354
Net increases (decreases) in allowance on previously impaired securities	141	568
Ending balance of period	$ 1,349	$ 1,600

Investments - Components of Net

Investments - Components of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Components of net investment income
Interest on fixed maturity securities	$ 12,948	$ 11,744
Dividends on equity securities	1,667	1,610
Equity in earnings of other invested assets	1,407	1,086
Interest on other assets	82	31
Total Investment Income	16,104	14,471
Investment expenses	873	817
Net investment income	$ 15,231	$ 13,654

Investments - Other (Details)

Investments - Other (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Subprime mortgage debt securities
Marketable Securities [Line Items]
Securities held	$ 0

Investments - Fair Value Measur

Investments - Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair value of financial instruments
Available For Sale Securities including real estate investment trust	$ 1,043,556	$ 1,052,145
Fixed maturity securities, Estimated Fair Value	1,043,556	1,052,145
Equity securities, Estimated Fair Value	216,598	238,022
Level 1 Inputs
Fair value of financial instruments
Marketable Securities, Total	181,796	202,763
Level 1 Inputs | Equity securities
Fair value of financial instruments
Equity securities, Estimated Fair Value	181,796	202,763
Level 2 Inputs
Fair value of financial instruments
Marketable Securities, Total	1,043,556	1,052,145
Level 2 Inputs | U.S. Treasury securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	2,302	2,320
Level 2 Inputs | Obligations of states and political subdivisions
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	36,385	36,523
Level 2 Inputs | Residential mortgage-backed securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	242,160	247,237
Level 2 Inputs | Commercial mortgage-backed securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	136,561	139,850
Level 2 Inputs | Other asset-backed securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	56,850	61,333
Level 2 Inputs | Corporate and other securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	569,298	564,882
Level 3 Inputs
Fair value of financial instruments
Marketable Securities, Total	2,086	2,086
Level 3 Inputs | Equity securities
Fair value of financial instruments
Equity securities, Estimated Fair Value	2,086	2,086
Estimated Fair Value
Fair value of financial instruments
Marketable Securities, Total	1,227,438	1,256,994
Estimated Fair Value | U.S. Treasury securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	2,302	2,320
Estimated Fair Value | Obligations of states and political subdivisions
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	36,385	36,523
Estimated Fair Value | Residential mortgage-backed securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	242,160	247,237
Estimated Fair Value | Commercial mortgage-backed securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	136,561	139,850
Estimated Fair Value | Other asset-backed securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	56,850	61,333
Estimated Fair Value | Corporate and other securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	569,298	564,882
Estimated Fair Value | Equity securities
Fair value of financial instruments
Equity securities, Estimated Fair Value	$ 183,882	$ 204,849

Investments - Fair Value of Fin

Investments - Fair Value of Financial Instruments Transfers between Levels (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) item	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) item
Changes in the Company's Level 3 fair value securities
Alternative investments fair value	$ 32,716		$ 33,173
Period of advance notice before quarter end	45 days
Transfers from Level 1 to Level 2	$ 0	$ 0
Transfers from Level 2 to Level 1	0	0
Balance at beginning of period	2,086	2,255
Purchases		680
Transfers out of Level 3	0	0
Balance at end of period	$ 2,086	$ 2,935
Number of level 3 securities held | item	1		1

Allowance for Expected Credit_3

Allowance for Expected Credit Losses - Balances of Premiums Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable Net of Allowance for Expected Credit Losses
Balance, beginning of period	$ 256,687	$ 192,542
Balance, end of period	269,491	205,560
Allowance for Expected Credit Losses
Balance, beginning of period	1,053	1,446
Current period change for expected credit losses	637	484
Writeoffs of uncollectable accounts receivable	(866)	(686)
Balance, end of period	$ 824	$ 1,244

Allowance for Expected Credit_4

Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Expected credit losses	$ 0	$ 0
CAR Commercial Automobile Program and the Taxi/Limo Program
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of reinsurance recoverable	94%	94%
Other Contracts
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of reinsurance recoverable	6%	6%

Loss and Loss Adjustment Expe_3

Loss and Loss Adjustment Expense Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Loss and Loss Adjustment Expense Reserves
Reserves for losses and LAE at beginning of year	$ 603,081	$ 549,598	$ 549,598
Less receivable from reinsurers related to unpaid losses and LAE	(112,623)	(93,394)	(93,394)
Net reserves for losses and LAE at beginning of year	490,458	456,204	456,204
Incurred losses and LAE, related to:
Current year	179,357	178,686
Prior years	(10,958)	(11,533)	(11,533)
Total incurred losses and LAE	168,399	167,153
Paid losses and LAE related to:
Current year	69,717	60,093
Prior years	106,848	89,025
Total paid losses and LAE	176,565	149,118
Net reserves for losses and LAE at end of period	482,292	474,239	490,458
Plus receivable from reinsurers related to unpaid losses and LAE	121,504	95,900	112,623
Reserves for losses and LAE at end of period	603,796	570,139	603,081
Prior years	$ 10,958	$ 11,533	$ 11,533

Commitments and Contingencies (

Commitments and Contingencies (Details) - Limited partnership commitments $ in Thousands	Mar. 31, 2024 USD ($)
Commitments and Contingencies
Investment in limited partnership, committed amount	$ 170,000
Contribution made	138,984
Contributions to be made	$ 37,684

Debt (Details)

Debt (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 10, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jul. 29, 2023	Mar. 07, 2023	Dec. 29, 2022	Mar. 17, 2020
Debt
Interest Expense, Borrowings		$ 108	$ 155
Residential mortgage-backed securities
Debt
Fair value of loan		51,180		$ 53,503
Revolving Credit Agreement
Debt
Current borrowing capacity	$ 30,000
Variable interest rate basis	SOFR
Revolving Credit Agreement | Prime rate
Debt
Variable interest rate basis	prime rate
Revolving Credit Agreement | Federal Funds Effective Swap Rate
Debt
Spread on variable rate (as a percent)	1.25%
RBS Citizens | Revolving Credit Agreement
Debt
Current borrowing capacity		30,000	$ 30,000
Maximum borrowing capacity	$ 50,000
Default trigger, principal amount		10,000
Outstanding amount		$ 0		0
Commitment fee (as a percent)		0.20%	0.25%
RBS Citizens | Revolving Credit Agreement | Federal Funds Effective Swap Rate
Debt
Additional spread on variable rate (as a percent)	0.50%
F H L B Boston
Debt
Outstanding amount					$ 5,000	$ 15,000	$ 5,000	$ 30,000
Maximum borrowing capacity using eligible invested assets as collateral		$ 195,273
Advance term					7 days	1 month	1 month	5 years
F H L B Boston | Interest-bearing FHLB
Debt
Interest rate percentage					5.20%	4.92%	4.34%	1.42%
Level 2 Inputs | F H L B Boston
Debt
Fair value of loan		$ 30,381		$ 30,468

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023	Mar. 31, 2024	Feb. 23, 2022
Share Repurchase Program
Share Repurchase Program			$ 200,000	$ 50,000
Number of common shares purchased during period under the program	0
Treasury stock shares repurchased cumulative		3,215,690
Acquisition of treasury stock		$ 155,240

Leases (Details)

Leases (Details)	3 Months Ended
	Mar. 31, 2024
Leases
Operating lease, existence of option to extend	true
Operating lease, renewal term	5 years
Minimum
Leases
Operating lease, remaining lease term	1 year
Maximum
Leases
Operating lease, remaining lease term	8 years

Leases - Components of lease (D

Leases - Components of lease (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases
Operating lease cost	$ 1,013	$ 1,004
Operating cash flows from operating leases	$ 1,165	$ 1,111
Weighted average remaining lease term Operating leases	4 years 6 months 29 days	5 years 6 months 10 days
Weighted average discount rate Operating leases	2.48%	2.39%

Leases - Maturities (Details)

Leases - Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases
2024	$ 3,452
2025	4,211
2026	3,980
2027	3,973
2028	3,906
Total lease payments	19,522
Less imputed interest	(444)
Total	$ 19,078	$ 19,756

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 20,078	$ (12,337)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false