Safety Insurance (SAFT) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act 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		14,838,007
Entity Central Index Key	0001172052
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments:
Fixed maturities, available for sale, at fair value (amortized cost: $1,141,326 and $1,120,682, allowance for expected credit losses of $1,545 and $1,208)	$ 1,098,984	$ 1,052,145
Short term investments, at fair value (cost: $19,729 and $0)	19,729
Equity securities, at fair value (cost: $195,247 and $221,809)	226,340	238,022
Other invested assets, Cost or Amortized Cost	157,883	133,946
Total investments	1,502,936	1,424,113
Cash and cash equivalents	62,598	38,152
Accounts receivable, net of allowance for expected credit losses of $701 and $1,053	311,443	256,687
Receivable for securities sold	2	124
Accrued investment income	7,646	7,261
Taxes recoverable	2,233	623
Receivable from reinsurers related to paid loss and loss adjustment expenses	26,880	13,129
Receivable from reinsurers related to unpaid loss and loss adjustment expenses	131,596	112,623
Ceded unearned premiums	37,682	32,346
Deferred policy acquisition costs	106,517	91,917
Deferred income taxes	4,837	12,150
Equity and deposits in pools	9,691	35,247
Operating lease right-of-use-assets	16,845	19,756
Goodwill	17,093	17,093
Intangible assets	7,967	7,551
Other assets	24,672	25,232
Total assets	2,270,638	2,094,004
Liabilities
Loss and loss adjustment expense reserves	644,175	603,081
Unearned premium reserves	621,975	528,150
Accounts payable and accrued liabilities	69,039	64,235
Payable for securities purchased	6,867	1,863
Payable to reinsurers	30,296	15,941
Short-term debt	30,000
Long-term debt		30,000
Operating lease liabilities	16,845	19,756
Other liabilities		26,711
Total liabilities	1,419,197	1,289,737
Commitments and contingencies (Note 8)
Shareholders' equity
Common stock: $0.01 par value; 30,000,000 shares authorized; 17,995,584 and 17,949,484 shares issued	180	179
Additional paid-in capital	229,891	226,380
Accumulated other comprehensive loss, net of taxes	(32,230)	(53,191)
Retained earnings	803,893	781,192
Treasury stock, at cost: 3,157,577 shares	(150,293)	(150,293)
Total shareholders' equity	851,441	804,267
Total liabilities and shareholders' equity	$ 2,270,638	$ 2,094,004

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Consolidated Balance Sheets
Fixed maturity securities, Cost or Amortized Cost	$ 1,141,326	$ 1,120,682
Fixed maturity securities, allowance for expected credit losses	1,545	1,208
Short term investments, at cost	19,729	0
Equity securities, at cost	195,247	221,809
Allowance for expected credit losses	$ 701	$ 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	17,995,584	17,949,484
Treasury stock shares	3,157,577	3,157,577

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Net earned premiums	$ 258,657	$ 214,425	$ 741,654	$ 608,385
Net investment income	12,210	14,005	40,941	41,495
Earnings from partnership investments	4,345	2,427	8,597	5,146
Net realized gains on investments	1,314	270	4,521	1,111
Change in net unrealized gains on equity securities	10,698	(9,184)	14,880	(2,148)
Credit loss expense	(158)	403	(337)	(554)
Commission income	1,963	1,918	5,798	5,159
Finance and other service income	6,253	5,094	17,244	13,966
Total revenue	295,282	229,358	833,298	672,560
Expenses
Losses and loss adjustment expenses	182,489	159,521	523,630	470,197
Underwriting, operating and related expenses	77,868	65,217	224,056	187,832
Other expense	1,896	2,005	5,480	5,198
Interest expense	124	139	385	697
Total expenses	262,377	226,882	753,551	663,924
Income before income taxes	32,905	2,476	79,747	8,636
Income tax expense	7,016	527	17,144	2,023
Net income	$ 25,889	$ 1,949	$ 62,603	$ 6,613
Earnings per weighted average common share:
Basic	$ 1.74	$ 0.13	$ 4.24	$ 0.45
Diluted	1.73	0.13	4.24	0.45
Cash dividends paid per common share	$ 0.90	$ 0.90	$ 2.70	$ 2.70
Number of shares used in computing earnings per share:
Basic	14,838,584	14,645,988	14,689,025	14,669,709
Diluted	14,865,211	14,682,082	14,715,494	14,721,063

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Consolidated Statements of Comprehensive Income (Loss)
Net Income (Loss)	$ 25,889	$ 1,949	$ 62,603	$ 6,613
Other comprehensive income (loss), net of tax:
Unrealized holding (losses) gains during the period, net of income tax benefit (expense) of $7,616 , ($3,546), ($6,520) and ($1,647).	28,651	(13,339)	24,533	(6,191)
Reclassification adjustment for net realized gains on investments included in net income, net of income tax expense of ($276), ($57), ($950) and ($233).	(1,038)	(213)	(3,572)	(878)
Other comprehensive income (loss), net of tax:	27,613	(13,552)	20,961	(7,069)
Comprehensive income (loss)	$ 53,502	$ (11,603)	$ 83,564	$ (456)

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Consolidated Statements of Comprehensive Income (Loss)
Tax (benefit) expense on unrealized holding (losses) gains during the period	$ (7,616)	$ 3,546	$ (6,520)	$ 1,647
Tax expense on reclassification adjustment for net realized gains on investments included in net income	$ (276)	$ (57)	$ (950)	$ (233)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - 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, 2022	179	222,049	(80,538)	815,309	(145,000)	811,999
Net income (loss)						6,613
Balance at Sep. 30, 2023	179	225,301	(87,607)	782,169	(150,293)	769,749
Balance at Mar. 31, 2023	179	223,304	(65,283)	789,725	(145,000)	802,925
Net income (loss)				17,001		17,001
Unrealized gains on securities available for sale, net of deferred federal income taxes			(8,772)			(8,772)
Restricted share awards issued		72				72
Recognition of employee share-based compensation, net of deferred federal income taxes		1,100				1,100
Dividends paid and accrued				(13,283)		(13,283)
Acquisition of treasury stock					(5,293)	(5,293)
Balance at Jun. 30, 2023	179	224,476	(74,055)	793,443	(150,293)	793,750
Net income (loss)				1,949		1,949
Unrealized gains on securities available for sale, net of deferred federal income taxes			(13,552)			(13,552)
Recognition of employee share-based compensation, net of deferred federal income taxes		825				825
Dividends paid and accrued				(13,223)		(13,223)
Balance at Sep. 30, 2023	179	225,301	(87,607)	782,169	(150,293)	769,749
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
Balance at Dec. 31, 2023	179	226,380	(53,191)	781,192	(150,293)	804,267
Net income (loss)						62,603
Balance at Sep. 30, 2024	180	229,891	(32,230)	803,893	(150,293)	851,441
Balance at Mar. 31, 2024	180	227,820	(58,626)	787,990	(150,293)	807,071
Net income (loss)				16,636		16,636
Unrealized gains on securities available for sale, net of deferred federal income taxes			(1,217)			(1,217)
Recognition of employee share-based compensation, net of deferred federal income taxes		997				997
Dividends paid and accrued				(13,308)		(13,308)
Balance at Jun. 30, 2024	180	228,817	(59,843)	791,318	(150,293)	810,179
Net income (loss)				25,889		25,889
Unrealized gains on securities available for sale, net of deferred federal income taxes			27,613			27,613
Recognition of employee share-based compensation, net of deferred federal income taxes		1,074				1,074
Dividends paid and accrued				(13,314)		(13,314)
Balance at Sep. 30, 2024	$ 180	$ 229,891	$ (32,230)	$ 803,893	$ (150,293)	$ 851,441

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 62,603	$ 6,613
Adjustments to reconcile net income to net cash provided by operating activities:
Investment amortization, net	638	(219)
Fixed asset depreciation, net	7,008	5,104
Stock based compensation	3,511	3,252
Credit for deferred income taxes	1,741	1,647
Net realized gains on investments	(4,521)	(1,111)
Credit loss expense	337	554
Earnings from partnership investments	(6,354)	(4,830)
Change in net unrealized gains on equity securities	(14,880)	2,148
Changes in assets and liabilities:
Accounts receivable, net	(54,756)	(65,725)
Accrued investment income	(385)	524
Receivable from reinsurers	(32,724)	(30,332)
Ceded unearned premiums	(5,336)	(1,366)
Deferred policy acquisition costs	(14,600)	(16,031)
Taxes recoverable/payable	(1,610)	(9,068)
Other assets	9,039	(5,021)
Loss and loss adjustment expense reserves	41,094	34,577
Unearned premium reserves	93,825	91,922
Accounts payable and accrued liabilities	4,995	(11,759)
Payable to reinsurers	14,355	13,082
Other liabilities	(25,711)	3,102
Net cash provided by operating activities	78,269	17,063
Cash flows from investing activities:
Fixed maturities purchased	(168,094)	(59,685)
Short term investments purchased	(19,729)
Equity securities purchased	(39,719)	(34,243)
Other invested assets purchased	(9,796)	(14,075)
Proceeds from sales and paydowns of fixed maturities	105,264	84,198
Proceeds from maturities, redemptions, and calls of fixed maturities	45,978	9,879
Proceed from sales of equity securities	71,574	51,724
Proceeds from other invested assets redeemed	7,068	2,487
Acquisition, net of cash received	(2,065)
Fixed assets purchased	(4,211)	(1,402)
Net cash (used for) / provided by investing activities	(13,730)	38,883
Cash flows from financing activities:
Proceeds from FHLB loan	15,000	20,000
Payments on FHLB loan	(15,000)	(25,000)
Dividends paid to shareholders	(40,093)	(40,112)
Acquisition of treasury stock		(5,240)
Net cash used for financing activities	(40,093)	(50,352)
Net increase in cash and cash equivalents	24,446	5,594
Cash and cash equivalents at beginning of year	38,152	25,300
Cash and cash equivalents at end of period	$ 62,598	$ 30,894

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Basis of Presentation
Basis of Presentation	​ 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 commission transactions, including commission income and other expense, have been eliminated. Eliminated commission income totaled $290 and $821 for the three and nine months ended September 30, 2024, respectively. As of September 30, 2024, fiduciary assets held by SNIA were immaterial and less than $250. ​ The financial information for the three and nine months ended September 30, 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”). ​ Since 1998, the Company has been a member company of the Massachusetts Property Insurance Underwriting Association (“FAIR Plan”). The FAIR Plan is a residual market insurance association in which all companies writing basic property insurance in the Commonwealth of Massachusetts are required to participate with profits and losses shared among member companies on a written premium basis. On April 1, 2024, the Massachusetts Division of Insurance approved a restructuring of the FAIR Plan (“FAIR Plan Restructuring”), transforming it from a partnership that shares profit and losses with member companies to a stand-alone, risk bearing entity, and distributing the accumulated members’ equity.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 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. This ASU updated the required income tax disclosures to include disclosure of income taxes paid disaggregated by jurisdiction and greater disaggregation of information in the required rate reconciliation. This ASU is effective for fiscal years starting January 1, 2025, and will be applied on a prospective basis. The ASU will not have a material impact on the Company’s consolidated financial position, results of operations or cash flows, but the ASU will require additional disclosures for our annual 2025 consolidated financial statements. ​

Earnings per Weighted Average C

Earnings per Weighted Average Common Share	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Earnings attributable to common shareholders - basic and diluted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations ​ $ 25,889 ​ $ 1,949 ​ $ 62,603 ​ $ 6,613 Allocation of income for participating shares ​ ​ (111) ​ ​ (9) ​ ​ (275) ​ ​ (30) Net income from continuing operations attributed to common shareholders ​ $ 25,778 ​ $ 1,940 ​ $ 62,328 ​ $ 6,583 Earnings per share denominator - basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total weighted average common shares outstanding, including participating shares ​ ​ 14,902,079 ​ ​ 14,712,993 ​ ​ 14,753,224 ​ ​ 14,736,488 Less: weighted average participating shares ​ ​ (63,495) ​ ​ (67,005) ​ ​ (64,199) ​ ​ (66,779) Basic earnings per share denominator ​ ​ 14,838,584 ​ ​ 14,645,988 ​ ​ 14,689,025 ​ ​ 14,669,709 Common equivalent shares- non-vested performance stock grants ​ 26,627 ​ 36,094 ​ 26,469 ​ 51,354 Diluted earnings per share denominator ​ 14,865,211 ​ 14,682,082 ​ 14,715,494 ​ 14,721,063 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ 1.74 ​ $ 0.13 ​ $ 4.24 ​ $ 0.45 Diluted earnings per share ​ $ 1.73 ​ $ 0.13 ​ $ 4.24 ​ $ 0.45 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Undistributed earnings attributable to common shareholders - basic and diluted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations attributable to common shareholders -Basic ​ $ 1.74 ​ $ 0.13 ​ $ 4.24 ​ $ 0.45 Dividends declared ​ ​ (0.90) ​ ​ (0.90) ​ ​ (2.70) ​ ​ (2.70) Undistributed earnings (loss) ​ $ 0.84 ​ $ (0.77) ​ $ 1.54 ​ $ (2.25) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations attributable to common shareholders -Diluted ​ $ 1.73 ​ $ 0.13 ​ $ 4.24 ​ $ 0.45 Dividends declared ​ ​ (0.90) ​ ​ (0.90) ​ ​ (2.70) ​ ​ (2.70) Undistributed earnings (loss) ​ $ 0.83 ​ $ (0.77) ​ $ 1.54 ​ $ (2.25) ​ Diluted EPS excludes non-vested performance stock grants with exercise prices and exercise tax benefits greater than the average market price of the Company’s common stock during the period because their inclusion would be anti-dilutive. There were no anti-dilutive shares related to non-vested stock grants for the three months ended September 30, 2024 and 403 anti-dilutive shares related to non-vested stock grants for the three months ended September 30, 2023, respectively. There were no anti-dilutive shares related to non-vested stock grants for the nine months ended September 30, 2024 and 2023, respectively.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 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 September 30, 2024, there were 364,912 shares available for future grant. ​ Accounting and Reporting for Stock-Based Awards ​ Accounting Standards Codification (“ASC”) 718, Compensation — Stock Compensation, ​ 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 three-year period and vest 30% on the first and second ​ 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. ​ The following table summarizes restricted stock activity under the Amended 2018 Plan during the nine months ended September 30, 2024 assuming a target payout for the 2024 performance-based shares. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 39,731 ​ ​ 85.30 ​ 27,082 (1) ​ 85.11 Vested and unrestricted (41,259) ​ ​ 82.03 ​ (13,912) ​ ​ 79.27 Forfeited ​ (1,784) ​ ​ 81.93 ​ (18,929) ​ ​ 80.04 Outstanding at end of period 63,617 ​ $ 83.60 ​ 73,232 ​ $ 83.53 (1) Includes an update 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	9 Months Ended
	Sep. 30, 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 September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost or Allowance for Gross Unrealized Estimated ​ ​ Amortized ​ Expected Credit ​ ​ ​ ​ ​ Fair ​ ​ Cost ​ Losses ​ Gains ​ Losses ​ Value U.S. Treasury securities ​ $ 2,418 ​ $ — ​ $ 32 ​ $ (70) ​ $ 2,380 Obligations of states and political subdivisions ​ 25,703 ​ — ​ 247 ​ (1,875) ​ 24,075 Residential mortgage-backed securities (1) ​ 295,286 ​ — ​ 3,994 ​ (17,437) ​ 281,843 Commercial mortgage-backed securities ​ 141,528 ​ — ​ 303 ​ (9,510) ​ 132,321 Other asset-backed securities ​ 71,195 ​ — ​ 371 ​ (1,682) ​ 69,884 Corporate and other securities ​ 605,196 ​ (1,545) ​ 5,758 ​ (20,928) ​ 588,481 Subtotal, fixed maturity securities ​ 1,141,326 ​ (1,545) ​ 10,705 ​ (51,502) ​ 1,098,984 Short-term investments ​ 19,729 ​ — ​ — ​ — ​ 19,729 Equity securities (2) ​ 195,247 ​ — ​ 35,696 ​ (4,603) ​ 226,340 Other invested assets (4) ​ 157,883 ​ — ​ — ​ — ​ 157,883 Totals ​ $ 1,514,185 ​ $ (1,545) ​ $ 46,401 ​ $ (56,105) ​ $ 1,502,936 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost or Allowance for Gross Unrealized Estimated ​ ​ Amortized ​ Expected Credit ​ ​ ​ ​ ​ Fair ​ ​ Cost ​ Losses ​ Gains ​ Losses (3) ​ 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 consist 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 includes 785 and 861 securities in an unrealized loss position at September 30, 2024 and December 31, 2023, respectively. (4) Other invested assets are accounted for under the equity method which approximates 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 September 30, 2024 ​ Amortized Estimated ​ ​ Cost ​ Fair Value Due in one year or less ​ $ 44,751 ​ $ 43,500 Due after one year through five years ​ 319,878 ​ 310,448 Due after five years through ten years ​ 248,510 ​ 241,713 Due after ten years through twenty years ​ 19,843 ​ 18,903 Due after twenty years ​ 335 ​ 372 Asset-backed securities ​ 508,009 ​ 484,048 Totals ​ $ 1,141,326 ​ $ 1,098,984 ​ The gross realized gains and losses on sales of investments were as follows for the periods indicated. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ 2024 2023 2024 2023 Gross realized gains ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities ​ $ 213 ​ $ 436 ​ $ 519 ​ $ 1,275 Equity securities ​ 2,855 ​ 1,869 ​ 9,117 ​ 5,235 Gross realized losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities ​ (1,130) ​ (1,338) ​ (1,824) ​ (2,260) Equity securities ​ (624) ​ (697) ​ (3,291) ​ (3,139) Net realized gains on investments ​ $ 1,314 ​ $ 270 ​ $ 4,521 ​ $ 1,111 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, 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 September 30, 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 ​ $ — ​ $ — ​ $ 1,750 ​ $ 70 ​ $ 1,750 ​ $ 70 Obligations of states and political subdivisions ​ 647 ​ 28 ​ 19,683 ​ 1,847 ​ 20,330 ​ 1,875 Residential mortgage-backed securities ​ 5,558 ​ 125 ​ 175,230 ​ 17,312 ​ 180,788 ​ 17,437 Commercial mortgage-backed securities ​ — ​ — ​ 126,289 ​ 9,510 ​ 126,289 ​ 9,510 Other asset-backed securities ​ 6,857 ​ ​ 161 ​ ​ 23,019 ​ ​ 1,521 ​ ​ 29,876 ​ ​ 1,682 Corporate and other securities ​ 64,528 ​ 290 ​ 315,184 ​ 20,638 ​ 379,712 ​ 20,928 Subtotal, fixed maturity securities ​ 77,590 ​ 604 ​ 661,155 ​ 50,898 ​ 738,745 ​ 51,502 Equity securities ​ 15,442 ​ 969 ​ 23,235 ​ 3,634 ​ 38,677 ​ 4,603 Total temporarily impaired securities ​ $ 93,032 ​ $ 1,573 ​ $ 684,390 ​ $ 54,532 ​ $ 777,422 ​ $ 56,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ 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 September 30, 2024 and December 31, 2023, the Company concluded that $1,545 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 September 30, 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 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 September 30, ​ Nine Months Ended September 30, ​ ​ ​ 2024 ​ ​ 2023 ​ 2024 2023 Beginning of period ​ $ 1,387 ​ $ 1,635 ​ $ 1,208 ​ $ 678 Credit losses on securities with no previously recorded credit losses ​ ​ 510 ​ ​ 195 ​ ​ 551 ​ ​ 912 Net increases (decreases) in allowance on previously impaired securities ​ 40 ​ ​ (77) ​ 192 ​ 245 Reduction due to sales ​ (392) ​ ​ (522) ​ ​ (406) ​ ​ (604) Writeoffs charged against allowance ​ — ​ ​ — ​ — ​ — Recoveries of amounts previously written off ​ — ​ ​ — ​ — ​ — Ending balance of period ​ $ 1,545 ​ $ 1,231 ​ $ 1,545 ​ $ 1,231 ​ 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 September 30, Nine Months Ended September 30, ​ 2024 2023 2024 2023 Interest on fixed maturity securities ​ $ 10,831 ​ $ 12,101 ​ $ 34,933 ​ $ 35,805 Dividends on equity securities ​ 1,487 ​ 1,562 ​ 4,634 ​ 4,656 Equity in earnings of other invested assets ​ 644 ​ 1,425 ​ 3,701 ​ 3,705 Interest on other assets ​ 86 ​ 69 ​ 247 ​ 134 Total investment income ​ 13,048 ​ 15,157 ​ 43,515 ​ 44,300 Investment expenses ​ 838 ​ 1,152 ​ 2,574 ​ 2,805 Net investment income ​ $ 12,210 ​ $ 14,005 ​ $ 40,941 ​ $ 41,495 ​ 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. Short-term investments are comprised of U.S. Treasury 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 September 30, 2024. There were no significant changes to the valuation process during the nine months ended September 30, 2024. As of September 30, 2024 and December 31, 2023, no quotes or prices obtained were adjusted by management. All broker quotes obtained were non-binding. ​ At September 30, 2024 and December 31, 2023, investments in fixed maturities classified as available-for-sale had a fair value which equaled carrying value of $1,098,984 and $1,052,145, respectively. At September 30, 2024 and December 31, 2023, the Company held $19,729 and $0 short-term investments, 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 September 30, 2024 ​ Total Level 1 Inputs Level 2 Inputs Level 3 Inputs U.S. Treasury securities ​ $ 2,380 ​ $ — ​ $ 2,380 ​ $ — Obligations of states and political subdivisions ​ 24,075 ​ — ​ 24,075 ​ — Residential mortgage-backed securities ​ 281,843 ​ — ​ 281,843 ​ — Commercial mortgage-backed securities ​ 132,321 ​ — ​ 132,321 ​ — Other asset-backed securities ​ 69,884 ​ — ​ 69,884 ​ — Corporate and other securities ​ 588,481 ​ — ​ 588,481 ​ — Short-term investments ​ 19,729 ​ — ​ 19,729 ​ — Equity securities ​ 194,385 ​ 192,265 ​ — ​ 2,120 Total investment securities ​ $ 1,313,098 ​ $ 192,265 ​ $ 1,118,713 ​ $ 2,120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, 2024 and December 31, 2023, there were approximately $31,955 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 45 days before a quarter end to dispose of the security. ​ There were no transfers between Level 1 and Level 2 during the three and nine months ended September 30, 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 September 30, Nine Months Ended September 30, ​ 2024 2023 2024 2023 ​ ​ Level 3 ​ Level 3 Level 3 ​ Level 3 ​ ​ Fair Value ​ Fair Value Fair Value ​ Fair Value ​ ​ Securities ​ Securities Securities ​ Securities Balance at beginning of period ​ $ 2,120 ​ $ 2,292 ​ $ 2,086 ​ $ 2,255 Net gains and losses included in earnings ​ — ​ — ​ — ​ — Net gains included in other comprehensive income ​ — ​ — ​ — ​ — Purchases ​ — ​ — ​ 372 ​ 680 Sales ​ ​ — ​ ​ (206) ​ ​ (338) ​ ​ (849) Transfers into Level 3 ​ ​ — ​ — ​ — ​ — Transfers out of Level 3 ​ — ​ — ​ — ​ — Balance at end of period ​ $ 2,120 ​ $ 2,086 ​ $ 2,120 ​ $ 2,086 Amount of total losses included in earnings attributable to the change in unrealized losses related to assets still held at end of period ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ of income in earnings from partnership investments from its Investment in Fair Plan Trust.

Allowance for Expected Credit L

Allowance for Expected Credit Losses	9 Months Ended
	Sep. 30, 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 tables present 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 and nine months ended September 30, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At and For the ​ ​ At and For the ​ ​ ​ Three Months Ended September 30, 2024 ​ ​ Three Months Ended September 30, 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 ​ $ 312,361 ​ $ 939 ​ $ 238,563 ​ $ 996 Current period change for expected credit losses ​ ​ ​ 720 ​ ​ ​ 713 Writeoffs of uncollectable accounts receivable ​ ​ ​ (958) ​ ​ ​ (842) Balance, end of period ​ $ 311,443 ​ $ 701 ​ $ 258,267 ​ $ 867 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At and For the ​ ​ At and For the ​ ​ ​ Nine Months Ended September 30, 2024 ​ ​ Nine Months Ended September 30, 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 ​ ​ ​ 2,145 ​ ​ ​ 1,480 Writeoffs of uncollectable accounts receivable ​ ​ ​ (2,497) ​ ​ ​ (2,059) Balance, end of period ​ $ 311,443 ​ $ 701 ​ $ 258,267 ​ $ 867 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 92% and 94% of the total reinsurance recoverable on paid and unpaid losses at September 30, 2024 and December 31, 2023, respectively. The remaining 8% and 6%, respectively, 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 September 30, 2024 and December 31, 2023, most of the 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 September 30, 2024 or December 31, 2023.

Loss and Loss Adjustment Expens

Loss and Loss Adjustment Expense Reserves	9 Months Ended
	Sep. 30, 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 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 ​ 562,568 ​ 505,194 Prior years ​ (38,938) ​ (34,997) Total incurred losses and LAE ​ 523,630 ​ 470,197 Paid losses and LAE related to: ​ ​ ​ ​ ​ ​ Current year ​ 310,855 ​ 223,945 Prior years ​ 190,654 ​ 224,989 Total paid losses and LAE ​ 501,509 ​ 448,934 Net reserves for losses and LAE at end of period ​ 512,579 ​ 477,467 Plus receivable from reinsurers related to unpaid losses and LAE ​ 131,596 ​ 106,708 Reserves for losses and LAE at end of period ​ $ 644,175 ​ $ 584,175 ​ At the end of each period, the reserves were re-estimated for all prior accident years. The Company’s prior year reserves decreased by $38,938 and $34,997 for the nine months ended September 30, 2024 and 2023, respectively, and resulted from re-estimations of prior year’s ultimate loss and LAE liabilities. The decreases in prior years reserves during the nine months ended September 30, 2024 and 2023 are primarily composed of reductions in our retained automobile and retained homeowners lines reserves. ​ As of June 30, 2024, the Company carried $11,802 of reserves for losses and LAE related to participation in the FAIR Plan, and a total net asset of $13,254 representing its estimated share of members’ equity based on the estimated profitability of the FAIR Plan. As an element of the FAIR Plan Restructuring, the Company recognized an underwriting gain of $10,057 for the nine months ended September 30, 2024, through the release of prior and current years loss reserves (“FAIR Plan Development”), for the nine months ended September 30, 2024. ​ 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	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies ​ Commitments ​ As part of the Company’s investment activity, we have committed $170,000 to investments in limited partnerships. The Company has contributed $143,127 to these commitments as of September 30, 2024. As of September 30, 2024, the remaining committed capital that could be called is $35,540, which includes potential recallable capital distributions. ​ Contingencies ​ Various claims, generally incidental to the conduct of normal business, are pending or alleged against the Company from time to time. In the opinion of management, based in part on the advice of legal counsel, the ultimate resolution of such claims will not have a material adverse effect on the Company’s consolidated financial statements. However, if estimates of the ultimate resolutions of those proceedings are revised, liabilities related to those proceedings could be adjusted in the near term. ​ 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 also 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 had filed a motion to amend the complaint, seeking to address the concerns raised by the Superior Court in denying their motion for class certification, which Safety had opposed. The motion was denied thus at this point, there will not be a renewed motion for class certification. As such, Safety has not accrued for a specific loss contingency. ​

Debt

Debt	9 Months Ended
	Sep. 30, 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 the higher of the Citizens Bank prime rate, the daily SOFR rate plus 1.25% per annum, or 0.5% above the federal funds rate. 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 September 30, 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 $10,000 or (ii) fails to perform any other covenant permitting acceleration of all such debt. ​ The Company had no amounts outstanding on its credit facility at September 30, 2024 and December 31, 2023. The credit facility commitment fee included in interest expense was computed at a rate of 0.20% and 0.25% per annum on the $30,000 commitment at September 30, 2024 and 2023, respectively. ​ 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 ​ On April 8, 2024, the Company borrowed $10,000 from FHLB-Boston for a term of one-week ​ On April 15, 2024, the Company borrowed $5,000 from FHLB-Boston for a term of one-week ​ The Company estimates the fair value of the FHLB-Boston loan by discounting cash flows using the interest rate stated in the loan agreement, which is an observable input. As such, the loan is categorized as Level 2 within the fair value hierarchy. The fair value of the outstanding loan was $30,190 and $30,468 at September 30, 2024 and December 31, 2023, respectively. The loan is fully collateralized by specific U.S. Government residential mortgage-backed securities with a fair value of $50,986 and $53,503 at September 30, 2024 and December 31, 2023, respectively. The borrowing is outstanding from the FHLB-Boston at September 30, 2024 and December 31, 2023. ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Taxes
Income Taxes	10. Income Taxes ​ Federal income tax expense for the nine months ended September 30, 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 nine months ended September 30, 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. ​ All tax years prior to 2020 are closed. There are no current examinations ongoing. ​ 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2024. The Company purchased 74,213 shares at a cost of $5,240 during the nine months ended September 30, 2023. Included in the cost of treasury stock acquired during 2023 is the one percent excise tax imposed as part of the Inflation Reduction Act, which became effective January 1, 2023. As of September 30, 2024 and December 31, 2023, the Company had purchased 3,215,690 shares at a cost of $155,240.

Leases

Leases	9 Months Ended
	Sep. 30, 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2024 ​ ​ 2023 ​ 2024 ​ ​ 2023 ​ Operating lease cost ​ $ 993 ​ $ 1,038 ​ $ 3,012 ​ $ 3,089 ​ ​ Other information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2024 ​ ​ 2023 ​ 2024 ​ ​ 2023 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases $ 1,145 ​ $ 1,171 ​ $ 3,384 ​ $ 3,489 ​ Weighted average remaining lease term ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ ​ ​ 4.14 Years ​ ​ 5.07 Years ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ ​ ​ 2.48% ​ ​ 2.42% ​ ​ ​ ​ ​ ​ Maturities of lease liabilities were as follows: ​ ​ ​ ​ ​ ​ Operating Leases 2024 ​ $ 1,150 2025 ​ ​ 4,211 2026 ​ ​ 3,980 2027 ​ ​ 3,973 2028 ​ ​ 3,906 Thereafter ​ ​ — Total lease payments ​ ​ 17,220 Less imputed interest ​ ​ (375) Total ​ $ 16,845 ​

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 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. ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 25,889	$ 16,636	$ 20,078	$ 1,949	$ 17,001	$ (12,337)	$ 62,603	$ 6,613

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024 shares
George Murphy
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 12, 2024, George Murphy, the Company’s President and Chief Executive Officer, entered into a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”). Mr. Murphy’s 10b5-1 Plan provides for the potential sale of up to 4,791 shares of the Company’s common stock between February 22, 2025 and September 4, 2025. The potential sale is related to the expected share vesting in February 2025 and related to sell-to-cover transaction.
Name	George Murphy
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2024
Expiration Date	September 4, 2025
Aggregate Available	4,791
Paul Narciso
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 12, 2024, Paul Narciso, the Company’s Vice President of Claims, entered into a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”). Mr. Narciso’s 10b5-1 Plan provides for the potential sale of up to 1,926 shares of the Company’s common stock between February 22, 2025 and September 4, 2025. The potential sale is related to the expected share vesting in February 2025 and related to sell-to-cover transaction.
Name	Paul Narciso
Title	Vice President of Claims
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2024
Expiration Date	September 4, 2025
Aggregate Available	1,926
Brian Lam
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 12, 2024, Brian Lam, the Company’s Vice President of Insurance Operations, entered into a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”). Mr. Lam’s 10b5-1 Plan provides for the potential sale of up to 405 shares of the Company’s common stock between February 22, 2025 and September 4, 2025. The potential sale is related to the expected share vesting in February 2025 and related to sell-to-cover transaction.
Name	Brian Lam
Title	Vice President of Insurance Operations
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2024
Expiration Date	September 4, 2025
Aggregate Available	405
Christopher Whitford
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 16, 2024, Christopher Whitford, the Company’s Vice President, Chief Financial Officer, and Treasurer, entered into a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”). Mr. Whitford’s 10b5-1 Plan provides for the potential sale of up to 2,242 shares of the Company’s common stock between February 22, 2025 and September 4, 2025. The potential sale is related to the expected share vesting in February 2025 and related to sell-to-cover transaction.
Name	Christopher Whitford
Title	Vice President, Chief Financial Officer, and Treasurer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 16, 2024
Expiration Date	September 4, 2025
Aggregate Available	2,242
Stephen Varga
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 16, 2024, Stephen Varga, the Company’s Vice President of Management Information Systems, entered into a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”). Mr. Varga’s 10b5-1 Plan provides for the potential sale of up to 3,051 shares of the Company’s common stock between February 22, 2025 and September 4, 2025. The potential sale is related to the expected share vesting in February 2025 and related to sell-to-cover transaction.
Name	Stephen Varga
Title	Vice President of Management Information Systems
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 16, 2024
Expiration Date	September 4, 2025
Aggregate Available	3,051
Glenn Hiltpold
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 18, 2024, Glenn Hiltpold, the Company’s Vice President of Actuarial Services, entered into a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”). Mr. Hiltpold’s 10b5-1 Plan provides for the potential sale of up to 1,308 shares of the Company’s common stock between February 22, 2025 and September 4, 2025. The potential sale is related to the expected share vesting in February 2025 and related to sell-to-cover transaction.
Name	Glenn Hiltpold
Title	Vice President of Actuarial Services
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 18, 2024
Expiration Date	September 4, 2025
Aggregate Available	1,308
Mary McConnell
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 19, 2024, Mary McConnell, the Company’s Vice President of Underwriting, entered into a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”). Ms. McConnell’s 10b5-1 Plan provides for the potential sale of up to 406 shares of the Company’s common stock between February 22, 2025 and September 4, 2025. The potential sale is related to the expected share vesting in February 2025 and related to sell-to-cover transaction.
Name	Mary McConnell
Title	Vice President of Underwriting
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 19, 2024
Expiration Date	September 4, 2025
Aggregate Available	406
John Drago
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 20, 2024, John Drago, the Company’s Vice President of Marketing, entered into a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”). Mr. Drago’s 10b5-1 Plan provides for the potential sale of up to 1,707 shares of the Company’s common stock between February 22, 2025 and September 4, 2025. The potential sale is related to the expected share vesting in February 2025 and related to sell-to-cover transaction.
Name	John Drago
Title	Vice President of Marketing
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 20, 2024
Expiration Date	September 4, 2025
Aggregate Available	1,707

Earnings per Weighted Average_2

Earnings per Weighted Average Common Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings per Weighted Average Common Share
Computation of basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 Earnings attributable to common shareholders - basic and diluted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations ​ $ 25,889 ​ $ 1,949 ​ $ 62,603 ​ $ 6,613 Allocation of income for participating shares ​ ​ (111) ​ ​ (9) ​ ​ (275) ​ ​ (30) Net income from continuing operations attributed to common shareholders ​ $ 25,778 ​ $ 1,940 ​ $ 62,328 ​ $ 6,583 Earnings per share denominator - basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total weighted average common shares outstanding, including participating shares ​ ​ 14,902,079 ​ ​ 14,712,993 ​ ​ 14,753,224 ​ ​ 14,736,488 Less: weighted average participating shares ​ ​ (63,495) ​ ​ (67,005) ​ ​ (64,199) ​ ​ (66,779) Basic earnings per share denominator ​ ​ 14,838,584 ​ ​ 14,645,988 ​ ​ 14,689,025 ​ ​ 14,669,709 Common equivalent shares- non-vested performance stock grants ​ 26,627 ​ 36,094 ​ 26,469 ​ 51,354 Diluted earnings per share denominator ​ 14,865,211 ​ 14,682,082 ​ 14,715,494 ​ 14,721,063 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ 1.74 ​ $ 0.13 ​ $ 4.24 ​ $ 0.45 Diluted earnings per share ​ $ 1.73 ​ $ 0.13 ​ $ 4.24 ​ $ 0.45 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Undistributed earnings attributable to common shareholders - basic and diluted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations attributable to common shareholders -Basic ​ $ 1.74 ​ $ 0.13 ​ $ 4.24 ​ $ 0.45 Dividends declared ​ ​ (0.90) ​ ​ (0.90) ​ ​ (2.70) ​ ​ (2.70) Undistributed earnings (loss) ​ $ 0.84 ​ $ (0.77) ​ $ 1.54 ​ $ (2.25) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations attributable to common shareholders -Diluted ​ $ 1.73 ​ $ 0.13 ​ $ 4.24 ​ $ 0.45 Dividends declared ​ ​ (0.90) ​ ​ (0.90) ​ ​ (2.70) ​ ​ (2.70) Undistributed earnings (loss) ​ $ 0.83 ​ $ (0.77) ​ $ 1.54 ​ $ (2.25)

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 39,731 ​ ​ 85.30 ​ 27,082 (1) ​ 85.11 Vested and unrestricted (41,259) ​ ​ 82.03 ​ (13,912) ​ ​ 79.27 Forfeited ​ (1,784) ​ ​ 81.93 ​ (18,929) ​ ​ 80.04 Outstanding at end of period 63,617 ​ $ 83.60 ​ 73,232 ​ $ 83.53 (1) Includes an update 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)	9 Months Ended
	Sep. 30, 2024
Investments
Gross unrealized gains and losses on investments in securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost or Allowance for Gross Unrealized Estimated ​ ​ Amortized ​ Expected Credit ​ ​ ​ ​ ​ Fair ​ ​ Cost ​ Losses ​ Gains ​ Losses ​ Value U.S. Treasury securities ​ $ 2,418 ​ $ — ​ $ 32 ​ $ (70) ​ $ 2,380 Obligations of states and political subdivisions ​ 25,703 ​ — ​ 247 ​ (1,875) ​ 24,075 Residential mortgage-backed securities (1) ​ 295,286 ​ — ​ 3,994 ​ (17,437) ​ 281,843 Commercial mortgage-backed securities ​ 141,528 ​ — ​ 303 ​ (9,510) ​ 132,321 Other asset-backed securities ​ 71,195 ​ — ​ 371 ​ (1,682) ​ 69,884 Corporate and other securities ​ 605,196 ​ (1,545) ​ 5,758 ​ (20,928) ​ 588,481 Subtotal, fixed maturity securities ​ 1,141,326 ​ (1,545) ​ 10,705 ​ (51,502) ​ 1,098,984 Short-term investments ​ 19,729 ​ — ​ — ​ — ​ 19,729 Equity securities (2) ​ 195,247 ​ — ​ 35,696 ​ (4,603) ​ 226,340 Other invested assets (4) ​ 157,883 ​ — ​ — ​ — ​ 157,883 Totals ​ $ 1,514,185 ​ $ (1,545) ​ $ 46,401 ​ $ (56,105) ​ $ 1,502,936 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost or Allowance for Gross Unrealized Estimated ​ ​ Amortized ​ Expected Credit ​ ​ ​ ​ ​ Fair ​ ​ Cost ​ Losses ​ Gains ​ Losses (3) ​ 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 consist 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 includes 785 and 861 securities in an unrealized loss position at September 30, 2024 and December 31, 2023, respectively. (4) Other invested assets are accounted for under the equity method which approximates fair value.
Amortized cost and the estimated fair value of fixed maturity securities, by maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2024 ​ Amortized Estimated ​ ​ Cost ​ Fair Value Due in one year or less ​ $ 44,751 ​ $ 43,500 Due after one year through five years ​ 319,878 ​ 310,448 Due after five years through ten years ​ 248,510 ​ 241,713 Due after ten years through twenty years ​ 19,843 ​ 18,903 Due after twenty years ​ 335 ​ 372 Asset-backed securities ​ 508,009 ​ 484,048 Totals ​ $ 1,141,326 ​ $ 1,098,984
Gross realized gains and losses on sales of investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ 2024 2023 2024 2023 Gross realized gains ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities ​ $ 213 ​ $ 436 ​ $ 519 ​ $ 1,275 Equity securities ​ 2,855 ​ 1,869 ​ 9,117 ​ 5,235 Gross realized losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities ​ (1,130) ​ (1,338) ​ (1,824) ​ (2,260) Equity securities ​ (624) ​ (697) ​ (3,291) ​ (3,139) Net realized gains on investments ​ $ 1,314 ​ $ 270 ​ $ 4,521 ​ $ 1,111 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Gross unrealized losses included in the Company's investment portfolio and the fair value of those securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 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 ​ $ — ​ $ — ​ $ 1,750 ​ $ 70 ​ $ 1,750 ​ $ 70 Obligations of states and political subdivisions ​ 647 ​ 28 ​ 19,683 ​ 1,847 ​ 20,330 ​ 1,875 Residential mortgage-backed securities ​ 5,558 ​ 125 ​ 175,230 ​ 17,312 ​ 180,788 ​ 17,437 Commercial mortgage-backed securities ​ — ​ — ​ 126,289 ​ 9,510 ​ 126,289 ​ 9,510 Other asset-backed securities ​ 6,857 ​ ​ 161 ​ ​ 23,019 ​ ​ 1,521 ​ ​ 29,876 ​ ​ 1,682 Corporate and other securities ​ 64,528 ​ 290 ​ 315,184 ​ 20,638 ​ 379,712 ​ 20,928 Subtotal, fixed maturity securities ​ 77,590 ​ 604 ​ 661,155 ​ 50,898 ​ 738,745 ​ 51,502 Equity securities ​ 15,442 ​ 969 ​ 23,235 ​ 3,634 ​ 38,677 ​ 4,603 Total temporarily impaired securities ​ $ 93,032 ​ $ 1,573 ​ $ 684,390 ​ $ 54,532 ​ $ 777,422 ​ $ 56,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, ​ Nine Months Ended September 30, ​ ​ ​ 2024 ​ ​ 2023 ​ 2024 2023 Beginning of period ​ $ 1,387 ​ $ 1,635 ​ $ 1,208 ​ $ 678 Credit losses on securities with no previously recorded credit losses ​ ​ 510 ​ ​ 195 ​ ​ 551 ​ ​ 912 Net increases (decreases) in allowance on previously impaired securities ​ 40 ​ ​ (77) ​ 192 ​ 245 Reduction due to sales ​ (392) ​ ​ (522) ​ ​ (406) ​ ​ (604) Writeoffs charged against allowance ​ — ​ ​ — ​ — ​ — Recoveries of amounts previously written off ​ — ​ ​ — ​ — ​ — Ending balance of period ​ $ 1,545 ​ $ 1,231 ​ $ 1,545 ​ $ 1,231
Components of net investment income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ 2024 2023 2024 2023 Interest on fixed maturity securities ​ $ 10,831 ​ $ 12,101 ​ $ 34,933 ​ $ 35,805 Dividends on equity securities ​ 1,487 ​ 1,562 ​ 4,634 ​ 4,656 Equity in earnings of other invested assets ​ 644 ​ 1,425 ​ 3,701 ​ 3,705 Interest on other assets ​ 86 ​ 69 ​ 247 ​ 134 Total investment income ​ 13,048 ​ 15,157 ​ 43,515 ​ 44,300 Investment expenses ​ 838 ​ 1,152 ​ 2,574 ​ 2,805 Net investment income ​ $ 12,210 ​ $ 14,005 ​ $ 40,941 ​ $ 41,495
Fair value measurements for investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2024 ​ Total Level 1 Inputs Level 2 Inputs Level 3 Inputs U.S. Treasury securities ​ $ 2,380 ​ $ — ​ $ 2,380 ​ $ — Obligations of states and political subdivisions ​ 24,075 ​ — ​ 24,075 ​ — Residential mortgage-backed securities ​ 281,843 ​ — ​ 281,843 ​ — Commercial mortgage-backed securities ​ 132,321 ​ — ​ 132,321 ​ — Other asset-backed securities ​ 69,884 ​ — ​ 69,884 ​ — Corporate and other securities ​ 588,481 ​ — ​ 588,481 ​ — Short-term investments ​ 19,729 ​ — ​ 19,729 ​ — Equity securities ​ 194,385 ​ 192,265 ​ — ​ 2,120 Total investment securities ​ $ 1,313,098 ​ $ 192,265 ​ $ 1,118,713 ​ $ 2,120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, Nine Months Ended September 30, ​ 2024 2023 2024 2023 ​ ​ Level 3 ​ Level 3 Level 3 ​ Level 3 ​ ​ Fair Value ​ Fair Value Fair Value ​ Fair Value ​ ​ Securities ​ Securities Securities ​ Securities Balance at beginning of period ​ $ 2,120 ​ $ 2,292 ​ $ 2,086 ​ $ 2,255 Net gains and losses included in earnings ​ — ​ — ​ — ​ — Net gains included in other comprehensive income ​ — ​ — ​ — ​ — Purchases ​ — ​ — ​ 372 ​ 680 Sales ​ ​ — ​ ​ (206) ​ ​ (338) ​ ​ (849) Transfers into Level 3 ​ ​ — ​ — ​ — ​ — Transfers out of Level 3 ​ — ​ — ​ — ​ — Balance at end of period ​ $ 2,120 ​ $ 2,086 ​ $ 2,120 ​ $ 2,086 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)	9 Months Ended
	Sep. 30, 2024
Allowance for Expected Credit Losses
Schedule of accounts receivable, net of allowance for expected credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At and For the ​ ​ At and For the ​ ​ ​ Three Months Ended September 30, 2024 ​ ​ Three Months Ended September 30, 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 ​ $ 312,361 ​ $ 939 ​ $ 238,563 ​ $ 996 Current period change for expected credit losses ​ ​ ​ 720 ​ ​ ​ 713 Writeoffs of uncollectable accounts receivable ​ ​ ​ (958) ​ ​ ​ (842) Balance, end of period ​ $ 311,443 ​ $ 701 ​ $ 258,267 ​ $ 867 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At and For the ​ ​ At and For the ​ ​ ​ Nine Months Ended September 30, 2024 ​ ​ Nine Months Ended September 30, 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 ​ ​ ​ 2,145 ​ ​ ​ 1,480 Writeoffs of uncollectable accounts receivable ​ ​ ​ (2,497) ​ ​ ​ (2,059) Balance, end of period ​ $ 311,443 ​ $ 701 ​ $ 258,267 ​ $ 867 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Loss and Loss Adjustment Expe_2

Loss and Loss Adjustment Expense Reserves (Tables)	9 Months Ended
	Sep. 30, 2024
Loss and Loss Adjustment Expense Reserves
Schedule of reconciliation of beginning and ending reserves for losses and loss adjustment expenses (LAE)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 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 ​ 562,568 ​ 505,194 Prior years ​ (38,938) ​ (34,997) Total incurred losses and LAE ​ 523,630 ​ 470,197 Paid losses and LAE related to: ​ ​ ​ ​ ​ ​ Current year ​ 310,855 ​ 223,945 Prior years ​ 190,654 ​ 224,989 Total paid losses and LAE ​ 501,509 ​ 448,934 Net reserves for losses and LAE at end of period ​ 512,579 ​ 477,467 Plus receivable from reinsurers related to unpaid losses and LAE ​ 131,596 ​ 106,708 Reserves for losses and LAE at end of period ​ $ 644,175 ​ $ 584,175

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases
Schedule of operating lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2024 ​ ​ 2023 ​ 2024 ​ ​ 2023 ​ Operating lease cost ​ $ 993 ​ $ 1,038 ​ $ 3,012 ​ $ 3,089 ​
Schedule of other information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2024 ​ ​ 2023 ​ 2024 ​ ​ 2023 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases $ 1,145 ​ $ 1,171 ​ $ 3,384 ​ $ 3,489 ​ Weighted average remaining lease term ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ ​ ​ 4.14 Years ​ ​ 5.07 Years ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ ​ ​ ​ ​ 2.48% ​ ​ 2.42% ​
Schedule of the maturities of lease liabilities	​ ​ ​ ​ ​ ​ Operating Leases 2024 ​ $ 1,150 2025 ​ ​ 4,211 2026 ​ ​ 3,980 2027 ​ ​ 3,973 2028 ​ ​ 3,906 Thereafter ​ ​ — Total lease payments ​ ​ 17,220 Less imputed interest ​ ​ (375) Total ​ $ 16,845 ​

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Eliminated commission income	$ 290	$ 821
Assets held by SNIA	2,270,638	2,270,638	$ 2,094,004
Fiduciary assets | Maximum
Assets held by SNIA	$ 250	$ 250

Earnings per Weighted Average_3

Earnings per Weighted Average Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings per Weighted Average Common Share
Net income (loss)	$ 25,889	$ 16,636	$ 20,078	$ 1,949	$ 17,001	$ (12,337)	$ 62,603	$ 6,613
Allocation of income for participating shares	(111)			(9)			(275)	(30)
Net income from continuing operations attributed to common shareholders	$ 25,778			$ 1,940			$ 62,328	$ 6,583
Total weighted average common shares outstanding, including participating shares	14,902,079			14,712,993			14,753,224	14,736,488
Less: weighted average participating shares	(63,495)			(67,005)			(64,199)	(66,779)
Basic earnings per share denominator	14,838,584			14,645,988			14,689,025	14,669,709
Common equivalent shares- non-vested performance stock grants	26,627			36,094			26,469	51,354
Diluted earnings per share denominator	14,865,211			14,682,082			14,715,494	14,721,063
Basic earnings per share (in dollars per share)	$ 1.74			$ 0.13			$ 4.24	$ 0.45
Diluted earnings per share (in dollars per share)	1.73			0.13			4.24	0.45
Undistributed earnings attributable to common shareholders - basic and diluted:
Net income from continuing operations attributable to common shareholders -Basic	1.74			0.13			4.24	0.45
Dividends declared	(0.90)			(0.90)			(2.70)	(2.70)
Undistributed earnings (loss)	0.84			(0.77)			1.54	(2.25)
Undistributed earnings attributable to common shareholders - diluted
Net income from continuing operations attributable to common shareholders -Diluted	1.73			0.13			4.24	0.45
Dividends declared	(0.90)			(0.90)			(2.70)	(2.70)
Undistributed earnings (loss)	$ 0.83			$ (0.77)			$ 1.54	$ (2.25)
Antidilutive common shares	0			403			0	0

Share-Based Compensation (Detai

Share-Based Compensation (Details) - shares	Sep. 30, 2024	Mar. 24, 2022
Number of shares available for future grant	364,912
Maximum number of shares of common stock with respect to which awards may be granted	3,200,000
The Amended 2018 Plan
Number of shares available for future grant		350,000
Maximum number of shares of common stock with respect to which awards may be granted		700,000
The Incentive Plan
Number of shares available for future grant	0

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Weighted Average Fair Value
Unrecognized compensation expense related to non-vested restricted stock awards	$ 5,984
Weighted average period expected for recognition of compensation expense related to non-vested restricted stock awards	1 year 7 months 6 days
Total fair value of the shares that were vested and unrestricted during the period	$ 4,487	$ 5,456
Compensation expense, net of tax	2,774	2,569
Income tax benefits from compensation expense	$ 737	$ 683
Performance-based Shares Under Restriction
Shares Under Restriction
Outstanding at beginning of year (in shares)	78,991
Granted (in shares)	27,082
Vested and unrestricted (in shares)	(13,912)
Forfeited (in shares)	(18,929)
Outstanding at end of period (in shares)	73,232
Weighted Average Fair Value
Outstanding at beginning of year (in dollars per share)	$ 81.40
Granted (in dollars per share)	85.11
Vested and unrestricted (in dollars per share)	79.27
Forfeited (in dollars per share)	80.04
Outstanding at end of period (in dollars per share)	$ 83.53
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)	39,731
Vested and unrestricted (in shares)	(41,259)
Forfeited (in shares)	(1,784)
Outstanding at end of period (in shares)	63,617
Weighted Average Fair Value
Outstanding at beginning of year (in dollars per share)	$ 81.58
Granted (in dollars per share)	85.30
Vested and unrestricted (in dollars per share)	82.03
Forfeited (in dollars per share)	81.93
Outstanding at end of period (in dollars per share)	$ 83.60
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 | Executives and non-executives (2018 and after)
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	Sep. 30, 2024 USD ($) security	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) security	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Marketable Securities
Fixed maturity securities, Cost or Amortized Cost	$ 1,141,326		$ 1,120,682
Fixed maturity securities, Allowance for Expected Credit Losses	(1,545)		(1,208)
Fixed maturity securities, Gross Unrealized Gains	10,705		6,424
Fixed maturity securities, Gross Unrealized Losses	(51,502)		(73,753)
Fixed maturity securities, Estimated Fair Value	1,098,984		1,052,145
Short term investments, Cost or Amortized Cost	19,729		0
Short term investments, at fair value (cost: $19,729 and $0)	19,729
Equity securities, Cost or Amortized Cost	195,247		221,809
Equity securities, Estimated Fair Value	226,340		238,022
Other invested assets, Cost or Amortized Cost	157,883		133,946
Cost or Amortized Cost	1,514,185		1,476,437
Gross Unrealized Gains	46,401		32,131
Gross Unrealized Losses	(56,105)		(83,247)
Estimated Fair Value	$ 1,502,936		$ 1,424,113
Number of securities in an unrealized loss position | security	785		861
Estimated Fair Value
Marketable Securities
Short term investments, at fair value (cost: $19,729 and $0)	$ 19,729
U.S. Treasury securities
Marketable Securities
Fixed maturity securities, Cost or Amortized Cost	2,418		$ 2,420
Fixed maturity securities, Gross Unrealized Gains	32		15
Fixed maturity securities, Gross Unrealized Losses	(70)		(115)
Fixed maturity securities, Estimated Fair Value	2,380		2,320
Obligations of states and political subdivisions
Marketable Securities
Fixed maturity securities, Cost or Amortized Cost	25,703		38,682
Fixed maturity securities, Gross Unrealized Gains	247		262
Fixed maturity securities, Gross Unrealized Losses	(1,875)		(2,421)
Fixed maturity securities, Estimated Fair Value	24,075		36,523
Residential mortgage-backed securities
Marketable Securities
Fixed maturity securities, Cost or Amortized Cost	295,286		267,271
Fixed maturity securities, Gross Unrealized Gains	3,994		1,945
Fixed maturity securities, Gross Unrealized Losses	(17,437)		(21,979)
Fixed maturity securities, Estimated Fair Value	281,843		247,237
Commercial mortgage-backed securities
Marketable Securities
Fixed maturity securities, Cost or Amortized Cost	141,528		153,923
Fixed maturity securities, Gross Unrealized Gains	303		200
Fixed maturity securities, Gross Unrealized Losses	(9,510)		(14,273)
Fixed maturity securities, Estimated Fair Value	132,321		139,850
Other asset-backed securities
Marketable Securities
Fixed maturity securities, Cost or Amortized Cost	71,195		64,043
Fixed maturity securities, Gross Unrealized Gains	371		217
Fixed maturity securities, Gross Unrealized Losses	(1,682)		(2,927)
Fixed maturity securities, Estimated Fair Value	69,884		61,333
Corporate and other securities
Marketable Securities
Fixed maturity securities, Cost or Amortized Cost	605,196		594,343
Fixed maturity securities, Allowance for Expected Credit Losses	(1,545)	$ (1,387)	(1,208)	$ (1,231)	$ (1,635)	$ (678)
Fixed maturity securities, Gross Unrealized Gains	5,758		3,785
Fixed maturity securities, Gross Unrealized Losses	(20,928)		(32,038)
Fixed maturity securities, Estimated Fair Value	588,481		564,882
Equity securities
Marketable Securities
Equity securities, Cost or Amortized Cost	195,247		221,809
Equity securities, Gross Unrealized Gains	35,696		25,707
Equity securities, Gross Unrealized Losses	(4,603)		(9,494)
Equity securities, Estimated Fair Value	226,340		238,022
Other invested assets
Marketable Securities
Other invested assets, Cost or Amortized Cost	157,883		133,946
Other invested assets, Estimated Fair Value	$ 157,883		$ 133,946

Investments - Amortized Cost an

Investments - Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less, Amortized Cost	$ 44,751
Due after one year through five years, Amortized Cost	319,878
Due after five years though ten years, Amortized Cost	248,510
Due after ten years through twenty years, Amortized Cost	19,843
Due after twenty years, Amortized Cost	335
Asset-backed securities, Amortized Cost	508,009
Totals, Amortized Cost	1,141,326	$ 1,120,682
Estimated Fair Value
Due in one year or less, Estimated Fair Value	43,500
Due after one year through five years, Estimated Fair Value	310,448
Due after five years through ten years, Estimated Fair Value	241,713
Due after ten years through twenty years, Estimated Fair Value	18,903
Due after twenty years, Estimated Fair Value	372
Asset-backed securities, Estimated Fair Value	484,048
Totals, Estimated Fair Value	$ 1,098,984	$ 1,052,145

Investments - Gross Realized Ga

Investments - Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments
Gross realized gains fixed maturity securities	$ 213	$ 436	$ 519	$ 1,275
Gross realized gains equity securities	2,855	1,869	9,117	5,235
Gross realized losses fixed maturity securities	(1,130)	(1,338)	(1,824)	(2,260)
Gross realized losses equity securities	(624)	(697)	(3,291)	(3,139)
Net realized gains on investments	$ 1,314	$ 270	$ 4,521	$ 1,111

Investments - Gross Unrealized

Investments - Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities
Estimated Fair Value, Less than 12 Months	$ 93,032	$ 95,416
Estimated Fair Value, 12 Months or More	684,390	805,448
Estimated Fair Value, Total	777,422	900,864
Unrealized Losses, Less than 12 Months	1,573	4,933
Unrealized Losses, 12 Months or More	54,532	78,314
Unrealized Losses, Total	56,105	83,247
Residential mortgage backed securities, fair value	50,986
Subtotal, fixed maturity securities
Fixed Maturity Securities
Estimated Fair Value, Less than 12 Months	77,590	61,144
Estimated Fair Value, 12 Months or More	661,155	759,651
Estimated Fair Value, Total	738,745	820,795
Unrealized Losses, Less than 12 Months	604	1,854
Unrealized Losses, 12 Months or More	50,898	71,899
Unrealized Losses, Total	51,502	73,753
U.S. Treasury securities
Fixed Maturity Securities
Estimated Fair Value, 12 Months or More	1,750	1,708
Estimated Fair Value, Total	1,750	1,708
Unrealized Losses, 12 Months or More	70	115
Unrealized Losses, Total	70	115
Obligations of states and political subdivisions
Fixed Maturity Securities
Estimated Fair Value, Less than 12 Months	647	403
Estimated Fair Value, 12 Months or More	19,683	28,893
Estimated Fair Value, Total	20,330	29,296
Unrealized Losses, Less than 12 Months	28	17
Unrealized Losses, 12 Months or More	1,847	2,404
Unrealized Losses, Total	1,875	2,421
Residential mortgage-backed securities
Fixed Maturity Securities
Estimated Fair Value, Less than 12 Months	5,558	11,248
Estimated Fair Value, 12 Months or More	175,230	182,794
Estimated Fair Value, Total	180,788	194,042
Unrealized Losses, Less than 12 Months	125	167
Unrealized Losses, 12 Months or More	17,312	21,812
Unrealized Losses, Total	17,437	21,979
Commercial mortgage-backed securities
Fixed Maturity Securities
Estimated Fair Value, Less than 12 Months		4,067
Estimated Fair Value, 12 Months or More	126,289	130,493
Estimated Fair Value, Total	126,289	134,560
Unrealized Losses, Less than 12 Months		108
Unrealized Losses, 12 Months or More	9,510	14,165
Unrealized Losses, Total	9,510	14,273
Other asset-backed securities
Fixed Maturity Securities
Estimated Fair Value, Less than 12 Months	6,857	5,973
Estimated Fair Value, 12 Months or More	23,019	46,600
Estimated Fair Value, Total	29,876	52,573
Unrealized Losses, Less than 12 Months	161	224
Unrealized Losses, 12 Months or More	1,521	2,703
Unrealized Losses, Total	1,682	2,927
Corporate and other securities
Fixed Maturity Securities
Estimated Fair Value, Less than 12 Months	64,528	39,453
Estimated Fair Value, 12 Months or More	315,184	369,163
Estimated Fair Value, Total	379,712	408,616
Unrealized Losses, Less than 12 Months	290	1,338
Unrealized Losses, 12 Months or More	20,638	30,700
Unrealized Losses, Total	20,928	32,038
Equity securities
Equity Securities
Estimated Fair Value, Less than 12 Months	15,442	34,272
Estimated Fair Value, 12 Months or More	23,235	45,797
Estimated Fair Value, Total	38,677	80,069
Unrealized Losses, Less than 12 Months	969	3,079
Unrealized Losses, 12 Months or More	3,634	6,415
Unrealized Losses, Total	$ 4,603	$ 9,494

Investments - Allowance for Exp

Investments - Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Marketable Securities
Beginning of period			$ 1,208
Ending balance of period	$ 1,545		1,545
Corporate and other securities
Marketable Securities
Beginning of period	1,387	$ 1,635	1,208	$ 678
Credit losses on securities with no previously recorded credit losses	510	195	551	912
Net increases (decreases) in allowance on previously impaired securities	40	(77)	192	245
Reduction due to sales	(392)	(522)	(406)	(604)
Ending balance of period	$ 1,545	$ 1,231	$ 1,545	$ 1,231

Investments - Other (Details)

Investments - Other (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Subprime mortgage debt securities
Marketable Securities [Line Items]
Securities held	$ 0

Investments - Components of Net

Investments - Components of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Components of net investment income
Interest on fixed maturity securities	$ 10,831	$ 12,101	$ 34,933	$ 35,805
Dividends on equity securities	1,487	1,562	4,634	4,656
Equity in earnings of other invested assets	644	1,425	3,701	3,705
Interest on other assets	86	69	247	134
Total Investment Income	13,048	15,157	43,515	44,300
Investment expenses	838	1,152	2,574	2,805
Net investment income	$ 12,210	$ 14,005	$ 40,941	$ 41,495

Investments - Fair Value Measur

Investments - Fair Value Measurements (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair value of financial instruments
Available For Sale Securities including real estate investment trust	$ 1,098,984	$ 1,052,145
Short term investments, at fair value	19,729	0
Fixed maturity securities, Estimated Fair Value	1,098,984	1,052,145
Short term investments	19,729
Equity securities, Estimated Fair Value	226,340	238,022
Level 1 Inputs
Fair value of financial instruments
Total investment securities	192,265	202,763
Level 1 Inputs | Equity securities
Fair value of financial instruments
Equity securities, Estimated Fair Value	192,265	202,763
Level 2 Inputs
Fair value of financial instruments
Short term investments	19,729
Total investment securities	1,118,713	1,052,145
Level 2 Inputs | U.S. Treasury securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	2,380	2,320
Level 2 Inputs | Obligations of states and political subdivisions
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	24,075	36,523
Level 2 Inputs | Residential mortgage-backed securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	281,843	247,237
Level 2 Inputs | Commercial mortgage-backed securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	132,321	139,850
Level 2 Inputs | Other asset-backed securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	69,884	61,333
Level 2 Inputs | Corporate and other securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	588,481	564,882
Level 3 Inputs
Fair value of financial instruments
Total investment securities	2,120	2,086
Level 3 Inputs | Equity securities
Fair value of financial instruments
Equity securities, Estimated Fair Value	2,120	2,086
Estimated Fair Value
Fair value of financial instruments
Short term investments	19,729
Total investment securities	1,313,098	1,256,994
Estimated Fair Value | U.S. Treasury securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	2,380	2,320
Estimated Fair Value | Obligations of states and political subdivisions
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	24,075	36,523
Estimated Fair Value | Residential mortgage-backed securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	281,843	247,237
Estimated Fair Value | Commercial mortgage-backed securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	132,321	139,850
Estimated Fair Value | Other asset-backed securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	69,884	61,333
Estimated Fair Value | Corporate and other securities
Fair value of financial instruments
Fixed maturity securities, Estimated Fair Value	588,481	564,882
Estimated Fair Value | Equity securities
Fair value of financial instruments
Equity securities, Estimated Fair Value	$ 194,385	$ 204,849

Investments - Fair Value of Fin

Investments - Fair Value of Financial Instruments Transfers between Levels (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($) item	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($) item	Dec. 31, 2023 USD ($)
Changes in the Company's Level 3 fair value securities
Alternative investments fair value	$ 31,955		$ 31,955		$ 33,173
Period of advance notice before quarter end			45 days
Transfers from Level 1 to Level 2	0	$ 0	$ 0	$ 0
Transfers from Level 2 to Level 1	0	0	0	0
Balance at beginning of period	2,120	2,292	2,086	2,255
Purchases			372	680
Sales		(206)	(338)	(849)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance at end of period	$ 2,120	$ 2,086	$ 2,120	$ 2,086
Number of level 3 securities held | item	1	1	1	1

Investments - FAIR Plan Restruc

Investments - FAIR Plan Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Jul. 02, 2024
Net investment income	$ 12,210	$ 14,005		$ 40,941	$ 41,495
Fair Plan Restructuring
Fair Plan			$ 13,254
Fair Plan Trust, Investment	$ 15,157		14,929	15,157
Receivable			$ 8,046
Decrease in Investment receivable						$ 6,437
Net investment income				$ 228

Allowance for Expected Credit_3

Allowance for Expected Credit Losses - Balances of Premiums Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Balance, beginning of period	$ 312,361	$ 238,563	$ 256,687	$ 192,542
Balance, end of period	311,443	258,267	311,443	258,267
Allowance for Expected Credit Losses
Balance, beginning of period	939	996	1,053	1,446
Current period change for expected credit losses	720	713	2,145	1,480
Writeoffs of uncollectable accounts receivable	(958)	(842)	(2,497)	(2,059)
Balance, end of period	$ 701	$ 867	$ 701	$ 867

Allowance for Expected Credit_4

Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 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	92%	94%
Other Contracts
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of reinsurance recoverable	8%	6%

Loss and Loss Adjustment Expe_3

Loss and Loss Adjustment Expense Reserves (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 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	562,568	505,194
Prior years	(38,938)	(34,997)
Total incurred losses and LAE	523,630	470,197
Paid losses and LAE related to:
Current year	310,855	223,945
Prior years	190,654	224,989
Total paid losses and LAE	501,509	448,934
Net reserves for losses and LAE at end of period	512,579	477,467
Plus receivable from reinsurers related to unpaid losses and LAE	131,596	106,708		$ 112,623
Reserves for losses and LAE at end of period	644,175	584,175
Prior year accident reserves decrease	38,938	$ 34,997
Fair plan liability for claims and claims adjustment expense			$ 11,802
FAIR Plan, total net asset			$ 13,254
Fair Plan Restructuring
Paid losses and LAE related to:
FAIR Plan underwriting gain	$ 10,057

Commitments and Contingencies (

Commitments and Contingencies (Details) - Limited partnership commitments $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies
Investment in limited partnership, committed amount	$ 170,000
Contribution made	143,127
Contributions to be made	$ 35,540

Debt (Details)

Debt (Details) - USD ($) $ in Thousands

3 Months Ended

9 Months Ended

Aug. 10, 2023

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Apr. 15, 2024

Apr. 08, 2024

Dec. 31, 2023

Jun. 29, 2023

Mar. 07, 2023

Dec. 29, 2022

Mar. 17, 2020

Debt

Advance term

5 years

Interest expense, borrowings

$ 109

$ 119

$ 340

$ 634

Revolving Credit Agreement

Debt

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

$ 30,000

30,000

$ 30,000

Maximum borrowing capacity

$ 50,000

Default trigger, principal amount

10,000

10,000

Outstanding amount

0

$ 0

$ 0

Commitment fee (as a percent)

0.20%

0.25%

RBS Citizens | Revolving Credit Agreement | Federal Funds Effective Swap Rate

Debt

Spread on variable rate (as a percent)

0.50%

F H L B Boston

Debt

Outstanding amount

$ 5,000

$ 10,000

$ 5,000

$ 15,000

$ 5,000

$ 30,000

Maximum borrowing capacity using eligible invested assets as collateral

212,724

$ 212,724

Advance term

7 days

7 days

7 days

1 month

1 month

F H L B Boston | Residential mortgage-backed securities

Debt

Fair value of loan

50,986

50,986

53,503

F H L B Boston | Interest-bearing FHLB

Debt

Interest rate percentage

5.52%

5.50%

5.24%

4.92%

4.34%

1.42%

Level 2 Inputs | F H L B Boston

Debt

Fair value of loan

$ 30,190

$ 30,190

$ 30,468

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Feb. 23, 2022
Share Repurchase Program
Share Repurchase Program	$ 200,000	$ 200,000			$ 50,000
Number of common shares purchased during period under the program	0	0	74,213
Acquisition of treasury stock excluding excise tax			$ 5,240
Treasury stock shares repurchased cumulative	3,215,690	3,215,690
Treasury stock repurchased, at cost				$ 155,240

Leases (Details)

Leases (Details)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases
Operating lease cost	$ 993	$ 1,038	$ 3,012	$ 3,089
Operating cash flows from operating leases	$ 1,145	$ 1,171	$ 3,384	$ 3,489
Weighted average remaining lease term Operating leases	4 years 1 month 20 days	5 years 25 days	4 years 1 month 20 days	5 years 25 days
Weighted average discount rate Operating leases	2.48%	2.42%	2.48%	2.42%

Leases - Maturities (Details)

Leases - Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases
2024	$ 1,150
2025	4,211
2026	3,980
2027	3,973
2028	3,906
Total lease payments	17,220
Less imputed interest	(375)
Total	$ 16,845	$ 19,756