HCI (HCI) 10-Q 4 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 23, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	HCI
Entity Registrant Name	HCI Group, Inc.
Entity Central Index Key	1,400,810
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		10,890,921

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Fixed-maturity securities, available for sale, at fair value (amortized cost: $129,507 and $96,163, respectively)	$ 127,104	$ 97,084
Equity securities, available for sale, at fair value (cost: $54,743 and $45,387, respectively)	53,536	45,550
Limited partnership investments, at equity	22,162	2,550
Investment in joint venture, at equity	4,751	4,477
Real estate investments (inclusive of $62 and $0 of consolidated variable interest entities, respectively)	25,663	19,138
Total investments	233,216	168,799
Cash and cash equivalents (inclusive of $14 and $0 of consolidated variable interest entities, respectively)	331,542	314,416
Accrued interest and dividends receivable	1,505	1,059
Income taxes receivable		2,624
Premiums receivable	29,778	15,824
Prepaid reinsurance premiums	26,590	34,096
Deferred policy acquisition costs	23,532	15,014
Property and equipment, net	11,838	12,292
Deferred income taxes, net	6,421	2,499
Other assets (inclusive of $70 and $0 of consolidated variable interest entities, respectively)	38,440	35,587
Total assets	702,862	602,210
Liabilities and Stockholders' Equity
Losses and loss adjustment expenses	57,217	48,908
Unearned premiums	235,033	214,071
Advance premiums	11,087	4,380
Assumed reinsurance balances payable	415	218
Accrued expenses	13,854	4,826
Income taxes payable	2,261
Long-term debt	131,647	129,539
Other liabilities	22,208	17,683
Total liabilities	$ 473,722	$ 419,625
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock
Common stock (no par value, 40,000,000 shares authorized, 10,268,270 and 10,189,128 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively)	$ 0	$ 0
Additional paid-in capital	24,209	20,465
Retained income	207,148	161,454
Accumulated other comprehensive (loss) income, net of taxes	(2,217)	666
Total stockholders' equity	229,140	182,585
Total liabilities and stockholders' equity	$ 702,862	$ 602,210
7% Series A Cumulative Convertible Preferred Stock [Member]
Stockholders' equity:
Preferred stock
Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Available-for-sale Debt securities, Amortized cost	$ 129,507	$ 96,163
Real estate investments	25,663	19,138
Available-for-sale Equity securities, Amortized cost	54,743	45,387
Cash and cash equivalents	331,542	314,416
Other assets	$ 38,440	$ 35,587
Preferred stock, no par value
Preferred stock, authorized	18,100,000	18,100,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, no par value
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	10,268,270	10,189,128
Common stock, outstanding	10,268,270	10,189,128
7% Series A Cumulative Convertible Preferred Stock [Member]
Preferred stock, no par value
Preferred stock, authorized	1,500,000	1,500,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Series B Preferred Stock [Member]
Preferred stock, no par value
Preferred stock, authorized	400,000	400,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Variable Interest Entities [Member]
Real estate investments	$ 62	$ 0
Cash and cash equivalents	14	0
Other assets	$ 70	$ 0

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue
Gross premiums earned	$ 103,842,000	$ 88,944,000	$ 321,174,000	$ 274,053,000
Premiums ceded	(41,077,000)	(27,684,000)	(100,294,000)	(83,764,000)
Net premiums earned	62,765,000	61,260,000	220,880,000	190,289,000
Net investment (loss) income	(519,000)	1,213,000	2,685,000	3,753,000
Net realized investment (losses) gains	(296,000)	3,294,000	(563,000)	4,465,000
Net other-than-temporary impairment losses recognized in income:
Total other-than-temporary impairment losses	(2,482,000)		(4,465,000)
Portion of loss recognized in other comprehensive income, before taxes	596,000		596,000
Net other-than-temporary impairment losses	(1,886,000)	0	(3,869,000)	0
Policy fee income	994,000	931,000	2,477,000	1,826,000
Other	204,000	257,000	930,000	1,023,000
Total revenue	61,262,000	66,955,000	222,540,000	201,356,000
Expenses
Losses and loss adjustment expenses	26,200,000	21,991,000	65,804,000	58,939,000
Policy acquisition and other underwriting expenses	10,675,000	9,986,000	30,917,000	28,674,000
Salaries and wages	5,040,000	4,357,000	15,174,000	12,614,000
Interest expense	2,698,000	2,626,000	8,038,000	7,809,000
Other operating expenses	4,711,000	5,220,000	14,040,000	15,852,000
Total expenses	49,324,000	44,180,000	133,973,000	123,888,000
Income before income taxes	11,938,000	22,775,000	88,567,000	77,468,000
Income tax expense	4,567,000	8,723,000	33,796,000	29,366,000
Net income	7,371,000	14,052,000	54,771,000	48,102,000
Preferred stock dividends				4,000
Income available to common stockholders	$ 7,371,000	$ 14,052,000	$ 54,771,000	$ 48,106,000
Basic earnings per common share	$ 0.72	$ 1.34	$ 5.38	$ 4.48
Diluted earnings per common share	0.71	1.23	4.84	4.07
Dividends per common share	$ 0.30	$ 0.28	$ 0.90	$ 0.83

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 7,371,000	$ 14,052,000	$ 54,771,000	$ 48,102,000
Change in unrealized (losses) gains on investments:
Net unrealized (losses) gains arising during the period	(6,021,000)	(1,542,000)	(9,196,000)	4,305,000
Other-than-temporary impairment losses	1,886,000	0	3,869,000	0
Call and repayment losses charged to investment income	15,000	4,000	70,000	21,000
Reclassification adjustment for realized losses (gains)	296,000	(3,294,000)	563,000	(4,465,000)
Net change in unrealized losses	(3,824,000)	(4,832,000)	(4,694,000)	(139,000)
Deferred income taxes on above change	1,476,000	1,864,000	1,811,000	54,000
Total other comprehensive loss, net of income taxes	(2,348,000)	(2,968,000)	(2,883,000)	(85,000)
Comprehensive income	$ 5,023,000	$ 11,084,000	$ 51,888,000	$ 48,017,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 54,771,000	$ 48,102,000
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	4,047,000	6,600,000
Net amortization of premiums on investments in fixed-maturity securities	605,000	654,000
Depreciation and amortization	3,911,000	3,682,000
Deferred income tax benefits	(2,111,000)	(5,319,000)
Net realized investment losses (gains)	563,000	(4,465,000)
Other-than-temporary impairment losses	3,869,000	0
Income from real estate investments	(228,000)	(44,000)
(Income) loss from joint venture	(4,000)	22,000
Loss from limited partnership interest	2,862,000
Net loss on disposal of property and equipment	2,000
Net loss (gain) on disposal or sale of real estate investments	24,000	(1,000)
Foreign currency remeasurement loss	54,000	10,000
Changes in operating assets and liabilities:
Premiums receivable	(13,954,000)	(11,909,000)
Advance premiums	6,707,000	6,013,000
Prepaid reinsurance premiums	7,506,000	(2,899,000)
Accrued interest and dividends receivable	(446,000)	125,000
Other assets	(2,722,000)	(13,645,000)
Assumed reinsurance balances payable	197,000	(4,660,000)
Deferred policy acquisition costs	(8,518,000)	(6,101,000)
Losses and loss adjustment expenses	8,309,000	3,968,000
Unearned premiums	20,962,000	31,891,000
Income taxes	4,885,000	(2,539,000)
Accrued expenses and other liabilities	15,039,000	14,396,000
Net cash provided by operating activities	106,330,000	63,881,000
Cash flows from investing activities:
Investment in real estate under acquisition, development, and construction arrangement	(6,276,000)	(2,608,000)
Investments in limited partnership interests	(22,486,000)
Investment in joint venture	(270,000)	(4,500,000)
Purchase of property and equipment, net	(565,000)	(325,000)
Purchase of real estate investments	(293,000)	(352,000)
Purchase of fixed-maturity securities	(93,081,000)	(56,229,000)
Purchase of equity securities	(28,095,000)	(32,608,000)
Distribution from limited partnership interests	12,000
Proceeds from sales of fixed-maturity securities	51,510,000	67,519,000
Proceeds from calls, repayments and maturities of fixed-maturity securities	5,655,000	2,960,000
Proceeds from sales of equity securities	14,111,000	9,232,000
Proceeds from sales of real estate investments	5,000	1,000
Net cash used in investing activities	(79,773,000)	(16,910,000)
Cash flows from financing activities:
Proceeds from the exercise of common stock options	263,000	125,000
Cash dividends paid	(9,638,000)	(9,357,000)
Cash dividends received under share repurchase forward contract	561,000	514,000
Repurchases of common stock	(792,000)	(616,000)
Repurchases of common stock under share repurchase plan	(1,610,000)	(27,815,000)
Redemption of Series A preferred stock		(34,000)
Debt issuance costs		(234,000)
Tax benefits on stock-based compensation	1,836,000	1,384,000
Net cash used in financing activities	(9,380,000)	(36,033,000)
Effect of exchange rate changes on cash	(51,000)	(13,000)
Net increase in cash and cash equivalents	17,126,000	10,925,000
Cash and cash equivalents at beginning of period	314,416,000	293,098,000
Cash and cash equivalents at end of period	331,542,000	304,023,000
Supplemental disclosure of cash flow information:
Cash paid for income taxes	29,186,000	35,836,000
Cash paid for interest	6,406,000	5,453,000
Non-cash investing and financing activities:
Unrealized loss on investments in available-for-sale securities, net of tax	$ (2,883,000)	(85,000)
Series A Preferred Stock [Member]
Non-cash investing and financing activities:
Conversion of Series A Preferred Stock to common stock		$ 991,000

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Income [Member]	Accumulated Other Comprehensive (Loss) Income, Net of Tax [Member]	Share Repurchase Plan [Member]	Share Repurchase Plan [Member]Common Stock [Member]	Share Repurchase Plan [Member]Additional Paid-In Capital [Member]	Series A Preferred Stock [Member]
Beginning Balance at Dec. 31, 2013	$ 160,521		$ 48,966	$ 110,441	$ 1,114
Beginning Balance, shares at Dec. 31, 2013		10,939,268							110,684
Net income	48,102			48,102
Total other comprehensive loss, net of income taxes	(85)				(85)
Conversion of preferred stock to common stock, shares		107,298							(107,298)
Issuance of restricted stock	0	$ 0	0	0	0				$ 0
Issuance of restricted stock, shares		108,720
Exercise of common stock options, value	$ 125		125
Exercise of common stock options, shares	50,000	50,000
Forfeiture of restricted stock, value	$ 0	$ 0	0	0	0				$ 0
Forfeiture of restricted stock, shares		(8,485)
Repurchase and retirement of common stock, value	(616)		(616)			$ (27,815)		$ (27,815)
Repurchase and retirement of common stock, shares		(14,070)					(734,924)
Redemption of Series A preferred stock	(34)		(25)	(9)
Redemption of Series A preferred stock, shares									(3,386)
Deferred taxes on debt discount	215		215
Common stock dividends	(8,828)			(8,828)
Preferred stock dividends	4			4
Tax benefits on stock-based compensation	1,384		1,384
Stock-based compensation	6,600		6,600
Ending Balance at Sep. 30, 2014	179,573		28,834	149,710	1,029
Ending Balance, shares at Sep. 30, 2014		10,447,807
Beginning Balance at Dec. 31, 2014	182,585		20,465	161,454	666
Beginning Balance, shares at Dec. 31, 2014		10,189,128
Net income	54,771			54,771
Total other comprehensive loss, net of income taxes	(2,883)				(2,883)
Issuance of restricted stock	0	$ 0	0	0	0				$ 0
Issuance of restricted stock, shares		83,260
Exercise of common stock options, value	$ 263		263
Exercise of common stock options, shares	90,000	90,000
Forfeiture of restricted stock, value	$ 0	$ 0	0	0	0				$ 0
Forfeiture of restricted stock, shares		(38,756)
Repurchase and retirement of common stock, value	(792)		(792)			$ (1,610)		$ (1,610)
Repurchase and retirement of common stock, shares		(17,493)					(37,869)
Common stock dividends	(9,077)			(9,077)
Tax benefits on stock-based compensation	1,836		1,836
Stock-based compensation	4,047		4,047
Ending Balance at Sep. 30, 2015	$ 229,140		$ 24,209	$ 207,148	$ (2,217)
Ending Balance, shares at Sep. 30, 2015		10,268,270

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1 – Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited, consolidated financial statements for HCI Group, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and the Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. However, in the opinion of management, the accompanying consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the Company’s financial position as of September 30, 2015 and the results of operations and cash flows for the periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for any subsequent interim period or for the fiscal year ending December 31, 2015. The accompanying unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2014 included in the Company’s Form 10-K, which was filed with the SEC on March 10, 2015. In preparing the interim unaudited consolidated financial statements, management was required to make certain judgments, assumptions, and estimates that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the financial reporting date and throughout the periods being reported upon. Certain of the estimates result from judgments that can be subjective and complex and consequently actual results may differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term are related to the Company’s losses and loss adjustment expenses, which include amounts estimated for claims incurred but not yet reported. The Company uses various assumptions and actuarial data it believes to be reasonable under the circumstances to make these estimates. In addition, accounting policies for reinsurance contracts with retrospective provisions, deferred income taxes, and stock-based compensation expense involve significant judgments and estimates material to the Company’s consolidated financial statements. All significant intercompany balances and transactions have been eliminated. Statutory Accounting Practices The Company’s U.S. insurance subsidiaries comply with statutory accounting practices prescribed by the National Association of Insurance Commissioners. There are no state prescribed or permitted practices that have been adopted by the Company’s U.S. subsidiaries. In addition, the Company’s Bermuda insurance subsidiary prepares and files financial statements in accordance with the prescribed regulatory accounting practices of the Bermuda Monetary Authority. Reclassification Certain reclassifications of prior year amounts have been made to conform to the current year presentation.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 2 – Recent Accounting Pronouncements Accounting Standards Update No. 2014-09. Accounting Standards Update No. 2015-09. Accounting Standards Update No. 2015-03. Accounting Standards Update No. 2015-02. Accounting Standards Update No. 2015-01.

Investments

Investments	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investments	Note 3 – Investments Available-for-Sale Securities The Company holds investments in fixed-maturity securities and equity securities that are classified as available-for-sale. At September 30, 2015 and December 31, 2014, the cost or amortized cost, gross unrealized gains and losses, and estimated fair value of the Company’s available-for-sale securities by security type were as follows: Cost or Cost Gross Gain Gross Loss Estimated Value As of September 30, 2015 Fixed-maturity securities U.S. Treasury and U.S. government agencies $ 108 $ 7 $ — $ 115 Corporate bonds 43,881 93 (3,252 ) 40,722 State, municipalities, and political subdivisions 75,269 1,076 (309 ) 76,036 Redeemable preferred stock 10,249 254 (272 ) 10,231 Total 129,507 1,430 (3,833 ) 127,104 Equity securities 54,743 1,305 (2,512 ) 53,536 Total available-for-sale securities $ 184,250 $ 2,735 $ (6,345 ) $ 180,640 As of December 31, 2014 Fixed-maturity securities U.S. Treasury and U.S. government agencies $ 2,881 $ 5 $ (8 ) $ 2,878 Corporate bonds 23,645 57 (430 ) 23,272 Asset-backed securities 697 — — 697 Mortgage-backed securities 3,004 8 (3 ) 3,009 State, municipalities, and political subdivisions 56,336 1,205 (38 ) 57,503 Redeemable preferred stock 9,433 178 (54 ) 9,557 Other 167 1 — 168 Total 96,163 1,454 (533 ) 97,084 Equity securities 45,387 1,694 (1,531 ) 45,550 Total available-for-sale securities $ 141,550 $ 3,148 $ (2,064 ) $ 142,634 As of September 30, 2015 and December 31, 2014, $115 and $113, respectively, of U.S. Treasury securities relate to a statutory deposit held in trust for the Treasurer of Alabama. Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. The scheduled contractual maturities of fixed-maturity securities as of September 30, 2015 and December 31, 2014 are as follows: Amortized Cost Estimated Fair Value As of September 30, 2015 Available-for-sale Due in one year or less $ 4,490 $ 4,493 Due after one year through five years 30,955 30,991 Due after five years through ten years 73,942 71,210 Due after ten years 20,120 20,410 $ 129,507 $ 127,104 Amortized Cost Estimated Fair As of December 31, 2014 Available-for-sale Due in one year or less $ 715 $ 721 Due after one year through five years 25,973 26,093 Due after five years through ten years 56,448 56,847 Due after ten years 10,023 10,414 Mortgage-backed securities 3,004 3,009 $ 96,163 $ 97,084 Sales of Available-for-Sale Securities Proceeds received, and the gross realized gains and losses from sales of available-for-sale securities, for the three and nine months ended September 30, 2015 and 2014 were as follows: Proceeds Gross Gains Gross Losses Three months ended September 30, 2015 Fixed-maturity securities $ 48,225 $ 31 $ (436 ) Equity securities $ 6,117 $ 515 $ (406 ) Three months ended September 30, 2014 Fixed-maturity securities $ 47,557 $ 2,759 $ — Equity securities $ 3,302 $ 623 $ (88 ) Nine months ended September 30, 2015 Fixed-maturity securities $ 51,510 $ 90 $ (466 ) Equity securities $ 14,111 $ 844 $ (1,031 ) Nine months ended September 30, 2014 Fixed-maturity securities $ 67,519 $ 3,623 $ (9 ) Equity securities $ 9,232 $ 1,131 $ (280 ) Other-than-temporary Impairment The Company regularly reviews individual impaired investment securities for other-than-temporary impairment. The Company considers various factors in determining whether each individual security is other-than-temporarily impaired, including: • the financial condition and near-term prospects of the issuer, including any specific events that may affect its operations or earnings; • the length of time and the extent to which the market value of the security has been below its cost or amortized cost; • general market conditions and industry or sector specific factors; • nonpayment by the issuer of its contractually obligated interest and principal payments; and • the Company’s intent and ability to hold the investment for a period of time sufficient to allow for the recovery of costs. When reviewing the impaired fixed-maturity securities, the Company considers its ability and intent to hold these securities and whether it is probable that the Company will be required to sell these securities prior to their anticipated recovery or maturity. For the fixed-maturity securities that the Company intends to sell or it is probable that the Company will have to sell the fixed-maturity securities before recovery or maturity, the unrealized losses are recognized as other-than-temporary losses in income. In instances where there are credit related losses associated with the impaired fixed-maturity securities for which the Company asserts that it does not have the intent to sell, and it is probable that the Company will not be required to sell until a market price recovery or maturity, the amount of the other-than-temporary impairment loss related to credit losses is recognized in income, and the amount of the other-than-temporary impairment loss related to other non-credit factors such as changes in interest rates or market conditions is recorded as a component of other comprehensive income. When determining impairment due to a credit related loss, the Company carefully considers factors such as the issuer’s financial ratios and condition, the security’s current ratings and maturity date, and overall market conditions in estimating the cash flows expected to be collected. The expected cash flows discounted at the effective interest rate of the security implicit at the date of acquisition is then compared with the security’s amortized cost at the measurement date. A credit loss incurs when the present value of the expected cash flows is less than the security’s amortized cost. During the quarter ended September 30, 2015, the Company determined that two fixed-maturity securities the Company intends to hold until maturity had credit related losses. For the three and nine months ended September 30, 2015, the Company recorded $705 of impairment losses on these fixed-maturity securities, of which $109 was related to credit losses, with the remaining amount of $596 related to non-credit factors. The Company did not consider any of its fixed-maturity securities to be other-than-temporarily impaired at December 31, 2014. The following table presents a rollforward of the cumulative credit losses in other-than-temporary impairments recognized in income for available for sale fixed-maturity securities: Balance at July 1, 2015 $ — Credit impairments on securities during the period 109 Balance at September 30, 2015 $ 109 In determining whether equity securities are other than temporarily impaired, the Company considers its intent and ability to hold a security for a period of time sufficient to allow for the recovery of cost. In the three and nine months ended September 30, 2015, the Company determined that five and eight equity securities, respectively, were other-than-temporarily impaired after considering the length of time each security had been in an unrealized loss position, the extent of the decline and the near term prospect for recovery. As a result, the Company recognized impairment losses of $1,777 and $3,760 for the three and nine months, respectively, ended September 30, 2015. There were no impairment losses recorded in the three and nine months ended September 30, 2014. Securities with gross unrealized loss positions at September 30, 2015 and December 31, 2014, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows: Less Than Twelve Twelve Months or Total As of September 30, 2015 Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Fixed-maturity securities Corporate bonds $ (2,423 ) $ 25,437 $ (829 ) $ 2,242 $ (3,252 ) $ 27,679 State, municipalities, and political subdivisions (287 ) 18,552 (22 ) 414 (309 ) 18,966 Redeemable preferred stock (272 ) 2,909 — — (272 ) 2,909 Total fixed-maturity securities (2,982 ) 46,898 (851 ) 2,656 (3,833 ) 49,554 Equity securities (2,345 ) 28,596 (167 ) 2,650 (2,512 ) 31,246 Total available-for-sale securities $ (5,327 ) $ 75,494 $ (1,018 ) $ 5,306 $ (6,345 ) $ 80,800 At September 30, 2015, there were 123 securities in an unrealized loss position. Of these securities, ten securities had been in an unrealized loss position for 12 months or greater. The gross unrealized loss of corporate bonds in an unrealized loss position for twelve months or more included $588 of the other-than-temporary impairment loss related to non-credit factors. Less Than Twelve Twelve Months or Total As of December 31, 2014 Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Fixed-maturity securities U.S. Treasury and U.S. government agencies $ (8 ) $ 2,485 $ — $ — $ (8 ) $ 2,485 Corporate bonds (428 ) 12,720 (2 ) 998 (430 ) 13,718 Asset-backed securities — 209 — — — 209 Mortgage-backed securities (3 ) 1,018 — — (3 ) 1,018 State, municipalities, and political subdivisions (19 ) 3,144 (19 ) 202 (38 ) 3,346 Redeemable preferred stock (54 ) 2,586 — — (54 ) 2,586 Total fixed-maturity securities (512 ) 22,162 (21 ) 1,200 (533 ) 23,362 Equity securities (1,449 ) 18,848 (82 ) 4,619 (1,531 ) 23,467 Total available-for-sale securities $ (1,961 ) $ 41,010 $ (103 ) $ 5,819 $ (2,064 ) $ 46,829 At December 31, 2014, there were 94 securities in an unrealized loss position. Of these securities, nine securities had been in an unrealized loss position for 12 months or greater. Limited Partnership Investments The Company has interests in limited partnerships that are not registered under the United States Securities Act of 1933, as amended, the securities laws of any state or the securities laws of any other jurisdictions. These partnerships are private equity funds managed by general partners who make decisions with regard to financial policies and operations. As such, the Company is not the primary beneficiary and does not consolidate these partnerships. The following table provides information related to the Company’s investments in limited partnerships. September 30, 2015 December 31, 2014 Investment Strategy Carrying Value Unfunded Balance (%)(a) Carrying Value Unfunded Balance (%)(a) Primarily in senior secured loans and, to a limited extent, in other debt and equity securities of private U.S. lower-middle-market companies. (b)(c)(e) $ 4,621 $ 7,888 16.50 $ 2,550 $ 9,860 16.50 Value creation through active distressed debt investing primarily in bank loans, public and private corporate bonds, asset-backed securities, and equity securities received in connection with debt restructuring. (b)(d)(e) 3,605 4,320 0.65 — — — Maximum long-term capital appreciation through long and short positions in equity and/or debt securities of publicly traded U.S. and non-U.S. issuers, derivative instruments and certain other financial instruments. (f) 12,222 — 65.82 — — — High returns and long-term capital appreciation through investments in the power, utility and energy industries, and in the infrastructure sector. (b)(g)(h) 1,714 8,165 (i) — — — Total $ 22,162 $ 20,373 $ 2,550 $ 9,860 (a) Represents the Company’s percentage investment in the fund at the balance sheet date. (b) Except under certain circumstances, withdrawals from the funds or any assignments are not permitted. Distributions, except income from late admission of a new limited partner, will be received when underlying investments of the funds are liquidated. (c) Expected to have a 10-year term and the capital commitment is expected to expire on September 3, 2019. (d) Expected to have a three-year term from the end of the capital commitment period, which is March 31, 2018. (e) At the fund manager’s discretion, the term of the fund may be extended for up to two additional one-year periods. (f) Withdrawal is permitted upon at least 45 days’ written notice to the general partner, provided that the Company has been a limited partner for at least 12 months. (g) Expected to have a 10-year term and the capital commitment is expected to expire on June 30, 2020. (h) With the consent of a super majority, the term of the fund may be extended for up to three additional one-year periods. (i) The initial funding occurred in August 2015. The general partner reports quarterly information on a 45-day lag and, as such, had not yet provided the limited partners with their investment percentage as of September 30, 2015. The following is the aggregated summarized unaudited financial information of limited partnerships, which in certain cases is presented on a three-month lag due to the unavailability of information at the Company’s respective balance sheet dates. In applying the equity method of accounting, the Company uses the most recently available financial information provided by the general partner of each of these partnerships. The financial statements of these limited partnerships are audited annually. Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Operating results: Total income (loss) $ 82 $ (4,756 ) Total expenses 386 1,343 Net loss $ (304 ) $ (6,099 ) September 30, 2015 December 31, 2014 Balance Sheet: Total assets $ 250,353 $ 15,940 Total liabilities $ 19,280 $ 513 For the three and nine months ended September 30, 2015, the Company recognized net investment losses of $2,400 and $2,862, respectively, for these investments. At September 30, 2015 and December 31, 2014, the Company’s cumulative contributed capital to the partnerships totaled $25,126 and $2,640, respectively, and the Company’s maximum exposure to loss aggregated $22,162 and $2,550, respectively. There were no limited partnership investments in the nine months ended September 30, 2014. Investment in Joint Venture The Company has a 90% equity interest in FMKT Mel JV, LLC, a joint venture company that owns land on which a retail shopping center is being constructed for lease or for sale in Melbourne, Florida. In March 2015, the Company contributed additional cash of $270 to the joint venture. The joint venture used the additional funds in surveying additional land for development. In September 2015, part of the construction project was completed and leased to a regional supermarket chain. At September 30, 2015 and December 31, 2014, the Company’s maximum exposure to loss relating to the joint venture was $4,751 and $4,477, respectively, representing the carrying value of the investment. At September 30, 2015 and December 31, 2014, undistributed losses of $19 and $23, respectively, from this equity method investment were included in the Company’s consolidated retained income. The joint venture partners have received no distributions during 2015. The following tables provide summarized unaudited financial results for the three months and nine months ended September 30, 2015 and the unaudited financial positions of the joint venture at September 30, 2015 and December 31, 2014: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Operating results: Total revenues $ 17 $ 17 Total expenses (11 ) (12 ) Net income $ 6 $ 5 The Company’s share of net income* $ 5 $ 4 * Included in net investment income in the Company’s consolidated statements of income. September 30, 2015 December 31, 2014 Balance Sheet: Construction in progress – real estate $ 9,959 $ 3,612 Building 1,730 — Cash 502 1,323 Accounts receivable 18 — Other 368 40 Total assets $ 12,577 $ 4,975 Accounts payable $ 87 $ — Construction loan 7,176 — Other liabilities 35 — Members’ capital 5,279 4,975 Total liabilities and members’ capital $ 12,577 $ 4,975 Investment in joint venture, at equity $ 4,751 $ 4,477 Real Estate Investments The Company’s real estate investments include one Acquisition, Development and Construction Loan Arrangement (“ADC Arrangement”), office and retail space that is leased to tenants, wet and dry boat storage, one restaurant, and fuel services with respect to marina clients and recreational boaters. Real estate investments consisted of the following as of September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Land $ 11,476 $ 11,476 Land improvements 1,504 1,425 Buildings 3,116 3,097 Other 1,515 1,359 Total, at cost 17,611 17,357 Less: accumulated depreciation and amortization (1,340 ) (1,107 ) Real estate, net 16,271 16,250 ADC Arrangement classified as real estate investment 9,392 2,888 Real estate investments $ 25,663 $ 19,138 Depreciation and amortization expense related to real estate investments was $87 and $100 for the three months ended September 30, 2015 and 2014, respectively, and $280 and $298 for the nine months ended September 30, 2015 and 2014, respectively. ADC Arrangement During the first quarter of 2015, the Company amended the maximum loan amount under the ADC Arrangement from $9,785 to $10,200. The increased financing is intended for use in acquiring additional land. In September 2015, the Company provided the property developer with a $550 bridge loan in addition to the ADC Arrangement at an annual interest rate of 11% to finance its operations. The loan principal and interest is due and payable on or before January 31, 2016. At September 30, 2015 and December 31, 2014, the Company’s maximum exposure to loss relating to this variable interest was $9,392 and $2,888, respectively, representing the carrying value of the ADC Arrangement. Real Estate Development in Progress During the second quarter of 2015, the Company deposited a total of $70 to secure the right to purchase land in Riverview, Florida where a retail center will be constructed for lease or for sale. The land acquisition and the development project will be operated and managed through a joint venture in which the Company’s subsidiary, Greenleaf Essence LLC, has a controlling financial interest and of which it is the primary beneficiary. As such, the joint venture, a limited liability company, is consolidated with the Company’s operations. In addition, the assets of the consolidated joint venture are not permitted to be used to settle obligations of other entities within the consolidated group. In October 2015, the Company completed the acquisition of 2.32 acres of land for a total purchase price of $2,747. Net Investment Income Net investment (loss) income, by source, is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Available-for-sale securities: Fixed-maturity securities $ 1,123 $ 697 $ 3,000 $ 2,749 Equity securities 914 670 2,710 1,411 Investment expense (199 ) (120 ) (511 ) (329 ) Limited partnership investments (2,400 ) — (2,862 ) — Real estate investments (130 ) (253 ) (151 ) (656 ) Cash and cash equivalents 158 219 455 578 Other 15 — 44 — Net investment (loss) income $ (519 ) $ 1,213 $ 2,685 $ 3,753

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 4 – Fair Value Measurements The Company records and discloses certain financial assets at their estimated fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as follows: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Other inputs that are observable for the asset and liability, either directly or indirectly. Level 3 – Inputs that are unobservable. Assets Measured at Estimated Fair Value on a Recurring Basis The following table presents information about the Company’s financial assets measured at estimated fair value on a recurring basis. The table indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of September 30, 2015 and December 31, 2014: Fair Value Measurements Using Total (Level 1) (Level 2) (Level 3) As of September 30, 2015 Financial Assets: Cash and cash equivalents $ 331,542 $ — $ — $ 331,542 Fixed-maturity securities: U.S. Treasury and U.S. government agencies 115 — — 115 Corporate bonds 39,740 982 — 40,722 State, municipalities, and political subdivisions — 76,036 — 76,036 Redeemable preferred stock 10,231 — — 10,231 Total fixed-maturity securities 50,086 77,018 — 127,104 Equity securities 53,536 — — 53,536 Total available-for-sale securities 103,622 77,018 — 180,640 Total $ 435,164 $ 77,018 $ — $ 512,182 Fair Value Measurements Using Total (Level 1) (Level 2) (Level 3) As of December 31, 2014 Financial Assets: Cash and cash equivalents $ 314,416 $ — $ — $ 314,416 Fixed-maturity securities: U.S. Treasury and U.S. government agencies 1,069 1,809 — 2,878 Corporate bonds 22,274 998 — 23,272 Asset-backed securities — 697 — 697 Mortgage-backed securities — 3,009 — 3,009 State, municipalities, and political subdivisions — 57,503 — 57,503 Redeemable preferred stock 9,557 — — 9,557 Other — 168 — 168 Total fixed-maturity securities 32,900 64,184 — 97,084 Equity securities 45,550 — — 45,550 Total available-for-sale securities 78,450 64,184 — 142,634 Total $ 392,866 $ 64,184 $ — $ 457,050 Assets and Liabilities Carried at Other Than Fair Value The following tables present fair value information for assets and liabilities that are carried on the balance sheet at amounts other than fair value as of September 30, 2015 and December 31, 2014: Fair Value Measurements Using Total (Level 1) (Level 2) (Level 3) As of September 30, 2015 Financial Assets: Limited partnership investments (a) $ — $ — $ 22,162 $ 22,162 ADC Arrangement classified as real estate investment $ — $ — $ 8,995 $ 8,995 Financial Liabilities: Long-term debt: 8% Senior notes $ — $ 41,232 $ — $ 41,232 3.875% Convertible senior notes — — 92,213 92,213 Total long-term debt $ — $ 41,232 $ 92,213 $ 133,445 (a) Estimated fair value approximates carrying value of these funds, which use fair value accounting. Fair Value Measurements Using Total (Level 1) (Level 2) (Level 3) As of December 31, 2014 Financial Assets: ADC Arrangement classified as real estate investment $ — $ — $ 2,835 $ 2,835 Financial Liabilities: Long-term debt: 8% Senior notes $ — $ 42,955 $ — $ 42,955 3.875% Convertible senior notes — — 93,367 93,367 Total long-term debt $ — $ 42,955 $ 93,367 $ 136,322

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Note 5 – Other Assets The following table summarizes the Company’s other assets: September 30, 2015 December 31, 2014 Benefits receivable related to retrospective reinsurance contracts $ 31,101 $ 28,123 Deferred costs related to retrospective reinsurance contracts 735 473 Deferred offering costs on senior notes 3,131 3,653 Prepaid expenses 1,791 1,444 Restricted cash 300 300 Other 1,382 1,594 Total other assets $ 38,440 $ 35,587 In July 2015, the Company received $14,100 under the terms of one of the retrospective reinsurance contracts, which terminated May 31, 2015.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Note 6 – Long-Term Debt The following table summarizes the Company’s long-term debt: September 30, 2015 December 31, 2014 8% Senior Notes, due January 30, 2020 $ 40,250 $ 40,250 3.875% Convertible Senior Notes, due March 15, 2019* 91,397 89,289 Total long-term debt $ 131,647 $ 129,539 * net carrying value Under the terms of the 3.875% Convertible Senior Notes, the conversion rate is subject to adjustment upon the occurrence of certain events, one of which is the payment of a cash dividend on common stock that exceeds $0.275 per share. Since January 2015, the Company’s cash dividend on common stock has been above the referenced dividend per share, resulting in adjustments to the conversion rate. As of September 30, 2015, each $1 of notes would have been convertible into 16.0356 shares of common stock, which was the equivalent of approximately $62.36 per share. For the three months ended September 30, 2015 and 2014, interest expense included the contractual interest coupon, discount amortization and amortization of allocated issuance costs aggregating $2,698 and $2,626, respectively, the amounts of which included non-cash interest expense of $896 and $823, respectively. For the nine months ended September 30, 2015 and 2014, interest expense of $8,038 and $7,809, respectively, included non-cash interest expense of $2,630 and $2,411, respectively. As of September 30, 2015, the remaining amortization period of the debt discount was 3.5 years.

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2015
Insurance [Abstract]
Reinsurance	Note 7 – Reinsurance The Company cedes a portion of its homeowners’ insurance exposure to other entities under catastrophe excess of loss reinsurance treaties and one quota share arrangement. The Company remains liable for claims payments in the event that any reinsurer is unable to meet its obligations under the reinsurance agreements. 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 concentrations of credit risk arising from similar geographic regions, activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. The Company contracts with a number of reinsurers to secure its annual reinsurance coverage, which generally becomes effective June 1st each year. The Company purchases reinsurance each year taking into consideration probable maximum losses and reinsurance market conditions. The impact of the catastrophe excess of loss reinsurance treaties and one quota share arrangement on premiums written and earned is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Premiums Written: Direct $ 105,787 $ 86,257 $ 343,927 $ 307,199 Assumed (416 ) (172 ) (1,792 ) (1,255 ) Gross written 105,371 86,085 342,135 305,944 Ceded (41,077 ) (27,684 ) (100,294 ) (83,764 ) Net premiums written $ 64,294 $ 58,401 $ 241,841 $ 222,180 Premiums Earned: Direct $ 93,012 $ 85,357 $ 263,814 $ 245,638 Assumed 10,830 3,587 57,360 28,415 Gross earned 103,842 88,944 321,174 274,053 Ceded (41,077 ) (27,684 ) (100,294 ) (83,764 ) Net premiums earned $ 62,765 $ 61,260 $ 220,880 $ 190,289 During the three and nine months ended September 30, 2015 and 2014, there were no recoveries pertaining to reinsurance contracts that were deducted from losses incurred. At September 30, 2015 and December 31, 2014, there were 21 and 28, respectively, reinsurers participating in the Company’s reinsurance program. There were no amounts receivable with respect to reinsurers at September 30, 2015 and December 31, 2014. Thus, there were no concentrations of credit risk associated with reinsurance receivables as of September 30, 2015 and December 31, 2014. Certain of the reinsurance contracts include retrospective provisions that adjust premiums, increase the amount of future coverage, or result in profit commissions in the event losses are minimal or zero. These adjustments are reflected in the consolidated statements of income as net reductions in ceded premiums of $2,901 and $6,512 for the three months ended September 30, 2015 and 2014, respectively, and $15,515 and $17,052 for the nine months ended September 30, 2015 and 2014, respectively. At September 30, 2015 and December 31, 2014, other assets included $31,836 and $28,596, respectively, and prepaid reinsurance premiums included $4,158 and $5,983, respectively, related to these adjustments. Management believes the credit risk associated with the collectability of these accrued benefits is minimal based on available information about the individual reinsurer’s financial position.

Losses and Loss Adjustment Expe

Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2015
Insurance [Abstract]
Losses and Loss Adjustment Expenses	Note 8 – Losses and Loss Adjustment Expenses The liability for losses and loss adjustment expenses is determined on an individual case basis for all claims reported. The liability also includes amounts for unallocated expenses, anticipated future claim development and losses incurred, but not reported. Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance, beginning of period $ 54,329 $ 43,044 $ 48,908 $ 43,686 Incurred related to: Current period 24,419 21,643 63,473 59,205 Prior period 1,781 348 2,331 (266 ) Total incurred 26,200 21,991 65,804 58,939 Paid related to: Current period (16,059 ) (3,461 ) (31,111 ) (22,296 ) Prior period (7,253 ) (13,920 ) (26,384 ) (32,675 ) Total paid (23,312 ) (17,381 ) (57,495 ) (54,971 ) Balance, end of period $ 57,217 $ 47,654 $ 57,217 $ 47,654 The establishment of loss reserves is an inherently uncertain process and changes in loss reserve estimates are expected as these estimates are subject to the outcome of future events. Changes in estimates, or differences between estimates and amounts ultimately paid, are reflected in the operating results of the period during which such adjustments are made. During the three and nine months ended September 30, 2015, the Company experienced unfavorable development of $1,781 and $2,331, respectively, with respect to its net unpaid losses and loss adjustment expenses established as of June 30, 2015 and December 31, 2014. Factors attributable to this unfavorable development are the settlement and further development of older claims and a larger than anticipated number of late reported claims. The Company writes insurance in the state of Florida, which could be exposed to hurricanes or other natural catastrophes. The occurrence of a major catastrophe could have a significant effect on the Company’s monthly or quarterly results and cause a temporary disruption of the normal operations of the Company. The Company is unable to predict the frequency or severity of any such events that may occur in the near term or thereafter.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 9 – Income Taxes During the three months ended September 30, 2015 and 2014, the Company recorded approximately $4,567 and $8,723, respectively, of income taxes, which resulted in an effective tax rate of 38.3% in each of the three-month periods. During the nine months ended September 30, 2015 and 2014, the Company recorded approximately $33,796 and $29,366, respectively, of income taxes, which resulted in estimated annual effective tax rates of 38.2% and 37.9%, respectively. The increase in the 2015 effective tax rate was primarily attributable to an increase in overall income and a decrease in interest income earned on tax-exempt securities. The Company’s estimated annual effective tax rate differs from the statutory federal tax rate due to state and foreign income taxes as well as certain nondeductible and tax-exempt items.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Note 10 – Earnings Per Share U.S. GAAP requires the Company to use the two-class method in computing basic earnings per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities affect the computation of both basic and diluted earnings per share during periods of net income. A summary of the numerator and denominator of the basic and diluted earnings per common share is presented below (share amounts in thousands): Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Income (Numerator) Shares (Denominator) Per Share Amount Income (Numerator) Shares (Denominator) Per Share Amount Net income $ 7,371 $ 14,052 Less: Income attributable to participating securities (437 ) (1,024 ) Basic Earnings Per Share: Income allocated to common stockholders 6,934 9,635 $ 0.72 13,028 9,736 $ 1.34 Effect of Dilutive Securities: Stock options — 85 — 133 Convertible senior notes 1,132 1,651 1,090 1,649 Diluted Earnings Per Share: Income available to common stockholders and assumed conversions $ 8,066 11,371 $ 0.71 $ 14,118 11,518 $ 1.23 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Income (Numerator) Shares (Denominator) Per Share Amount Income (Numerator) Shares (Denominator) Per Share Amount Net income $ 54,771 $ 48,102 Less: Preferred stock dividends — 4 Less: Income attributable to participating securities (3,182 ) (3,415 ) Basic Earnings Per Share: Income allocated to common stockholders 51,589 9,585 $ 5.38 44,691 9,972 $ 4.48 Effect of Dilutive Securities: Stock options — 112 — 139 Convertible preferred stock — — (4 ) 27 Convertible senior notes 3,363 1,650 3,242 1,649 Diluted Earnings Per Share: Income available to common stockholders and assumed conversions $ 54,952 11,347 $ 4.84 $ 47,929 11,787 $ 4.07

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Stockholders' Equity	Note 11 – Stockholders’ Equity Common Stock In 2014, the Company’s Board of Directors authorized a plan to repurchase up to $40,000 of the Company’s common shares before commissions and fees. This repurchase plan expired March 31, 2015; therefore, there were no shares repurchased during the three months ended September 30, 2015. During the nine months ended September 30, 2015, the Company repurchased and retired a total of 37,869 shares at a weighted average price per share of $42.49. The total cost of shares repurchased, inclusive of fees and commissions, during the nine months ended September 30, 2015 was $1,610, or $42.51 per share. During the three and nine months ended September 30, 2014, the Company repurchased and retired a total of 246,578 and 734,924 shares, respectively, at a weighted average price per share of $40.56 and $37.83, respectively. The total costs of shares repurchased, inclusive of fees and commissions, during the three and nine months ended September 30, 2014 were $10,005, or $40.58 per share, and $27,815, or $37.85 per share, respectively. On October 16, 2015, the Company’s Board of Directors declared a quarterly dividend of $0.30 per common share. The dividends are payable on December 18, 2015 to shareholders of record on November 20, 2015.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Note 12 – Stock-Based Compensation Incentive Plans The Company currently has outstanding stock-based awards granted under the 2007 Stock Option and Incentive Plan and the 2012 Omnibus Incentive Plan. Only the 2012 Plan is active and available for future grants. At September 30, 2015, there were 4,201,966 shares available for grant under the 2012 Plan. Stock Options Stock options granted and outstanding under the incentive plans vest over periods ranging from immediately vested to five years and are exercisable over the contractual term of ten years. A summary of the stock option activity for the three and nine months ended September 30, 2015 and 2014 is as follows (option amounts not in thousands): Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2015 230,000 $ 3.00 3.0 years $ 9,256 Outstanding at March 31, 2015 230,000 $ 3.00 2.8 years $ 9,861 Exercised (80,000 ) $ 2.50 Outstanding at June 30, 2015 150,000 $ 3.26 2.9 years $ 6,142 Exercised (10,000 ) $ 6.30 Outstanding at September 30, 2015 140,000 $ 3.04 2.4 years $ 5,002 Exercisable at September 30, 2015 140,000 $ 3.04 2.4 years $ 5,002 Outstanding at January 1, 2014 280,000 $ 2.91 3.9 years $ 14,166 Exercised (50,000 ) $ 2.50 Outstanding at March 31, 2014 230,000 $ 3.00 3.8 years $ 7,683 Outstanding at June 30, 2014 230,000 $ 3.00 3.5 years $ 8,649 Outstanding at September 30, 2014 230,000 $ 3.00 3.3 years $ 7,589 Exercisable at September 30, 2014 230,000 $ 3.00 3.3 years $ 7,589 The following table summarizes information about options exercised for the three and nine months ended September 30, 2015 and 2014 (option amounts not in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Options exercised 10,000 — 90,000 50,000 Total intrinsic value of exercised options $ 320 — $ 3,508 $ 1,970 Fair value of vested stock options $ — — $ — $ 17 Tax benefits realized $ 117 — $ 1,309 $ 603 All outstanding stock options vested and their related compensation expense had been fully recognized prior to 2015. The Company recognized compensation expense related to stock options, which is included in other operating expenses, of approximately $0 and $6, respectively, for the three and nine months ended September 30, 2014. The associated deferred tax benefits were immaterial. Restricted Stock Awards From time to time, the Company has granted and may grant restricted stock awards to certain executive officers, other employees and nonemployee directors in connection with their service to the Company. The terms of the Company’s outstanding restricted stock grants may include service, performance and market-based conditions. The fair value of the awards with market-based conditions is determined using a Monte Carlo simulation method, which calculates many potential outcomes for an award and then establishes fair value based on the most likely outcome. The determination of fair value with respect to the awards with only performance or service-based conditions is based on the market value of the Company’s common stock on the grant date. Information with respect to the activity of unvested restricted stock awards during the three and nine months ended September 30, 2015 and 2014 is as follows (share amounts not in thousands): Number of Restricted Stock Awards Weighted Average Grant Date Fair Value Nonvested at January 1, 2015 639,705 $ 28.33 Vested (41,695 ) $ 36.15 Forfeited (1,088 ) $ 48.42 Nonvested at March 31, 2015 596,922 $ 27.75 Granted 83,260 $ 44.46 Vested (16,000 ) $ 13.48 Forfeited (33,324 ) $ 23.20 Nonvested at June 30, 2015 630,858 $ 30.55 Vested (2,000 ) $ 37.68 Forfeited (4,344 ) $ 45.52 Nonvested at September 30, 2015 624,514 $ 30.43 Nonvested at January 1, 2014 735,650 $ 25.48 Granted 98,720 $ 48.42 Vested (21,825 ) $ 21.56 Forfeited (505 ) $ 32.20 Nonvested at March 31, 2014 812,040 $ 28.37 Vested (32,000 ) $ 12.95 Forfeited (2,825 ) $ 43.43 Nonvested at June 30, 2014 777,215 $ 28.95 Granted 10,000 $ 37.28 Vested (2,000 ) $ 37.68 Forfeited (5,155 ) $ 39.85 Nonvested at September 30, 2014 780,060 $ 28.96 The Company recognized compensation expense related to restricted stock, which is included in other operating expenses, of $1,258 and $2,267 for the three months ended September 30, 2015 and 2014, respectively, and $4,047 and $6,594 for the nine months ended September 30, 2015 and 2014, respectively. At September 30, 2015 and 2014, there was approximately $8,986 and $11,947, respectively, of total unrecognized compensation expense related to nonvested restricted stock arrangements. The Company expects to recognize the remaining compensation expense over a weighted-average period of 24 months. The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to restricted stock awards and related paid dividends, and the fair value of vested restricted stock for the three and nine months ended September 30, 2015 and 2014: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Deferred tax benefits recognized $ 485 $ 875 $ 1,561 $ 2,544 Tax benefits realized for restricted stock and paid dividends $ 28 $ 80 $ 527 $ 781 Fair value of vested restricted stock $ 75 $ 75 $ 1,798 $ 960 During the three and nine months ended September 30, 2015, no performance-based awards were issued.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13 – Commitments and Contingencies Obligations under Multi-Year Reinsurance Contracts As of September 30, 2015, the Company had contractual obligations related to two-year and three-year reinsurance contracts. These contracts have effective dates of either June 1, 2013 or June 1, 2014 and may be cancelable only with the other party’s consent. The future minimum aggregate premiums payable to these reinsurers due in one year are $32,990. Lease Commitment The Company entered into a lease for 2,819 square feet of office space in Miami, Florida. The lease commenced February 15, 2015 and has an initial term of three years with monthly rental payments of approximately $5 plus applicable sales tax. The minimum future rental payments due during the twelve months ended September 30, 2016, 2017 and 2018 are $68, $70 and $17, respectively. Financing Commitment As described in Note 3 – “Investments” under ADC Arrangement Capital Commitment As described in Note 3 – “Investments” under Limited Partnership Investments Premium Tax In September 2013, the Company received a notice of intent to make audit adjustments from the Florida Department of Revenue in connection with the Department’s audit of the Company’s premium tax returns for the three-year period ended December 31, 2012. The auditor’s proposed adjustments primarily relate to the Department’s proposed disallowance of the entire amount of $1,754 in Florida salary credits applicable to that period. The proposed adjustment, which includes interest through September 10, 2013, approximates $1,913. The Company did not agree with the proposed adjustment and notified the Department of its intention to protest the Department’s position. While the Company remains confident in the merits of its position in claiming the Florida salary credits, management continued to hold discussions with Department staff throughout 2014 and during 2015. The Company believes it has reached an agreement in principle towards resolution of this matter. The pending resolution entails having certain subsidiaries individually file and pay state reemployment taxes plus interest covering the periods under audit through the second quarter of 2014. The Company believes the payroll of certain of these subsidiaries then will continue to qualify for substantially all of the salary tax credits claimed by the Company. The incremental reemployment taxes due to the Department as a result of the subsidiaries’ separate reemployment tax filings will be netted against amounts refundable to the parent for the same periods during which the parent filed and paid state reemployment taxes as a single payer. As of September 30, 2015, the Department’s review of the reemployment matter was substantially complete and the Department has indicated a net refund of reemployment tax is due to the Company. As such, and based on the current status and expected resolution, the Company reversed approximately $140 during the quarter ended September 30, 2015, which was the net amount accrued as of December 31, 2014 related to this contingency. Legal Proceedings The Company has received three letters dated July 29, 2014, December 10, 2014 and December 12, 2014, each sent by attorneys on behalf of one of three different shareholders, demanding that the Company’s board of directors take actions to rescind portions of compensation attributable to our chief executive officer and certain of our directors. As of September 30, 2015, the board of directors has not taken any of the demanded actions and no lawsuits have been filed in connection with those demands. The Company cannot predict with certainty the ultimate resolution of these demands or any legal proceedings that might arise in connection with them. The Company does not believe any such resolution will have a material adverse effect on its consolidated financial position, results of operations or cash flows.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Note 14 – Related Party Transactions Claddaugh Casualty Insurance Company, Ltd., the Company’s Bermuda domiciled captive reinsurer, has reinsurance treaties with Oxbridge Reinsurance Limited whereby a portion of the business assumed from the Company’s insurance subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc. (“HCPCI”), is ceded by Claddaugh to Oxbridge. With respect to the period from June 1, 2014 through May 31, 2015, Oxbridge assumed $17,800 of the total covered exposure for approximately $4,935 in premiums. With respect to the period from June 1, 2015 through May 31, 2016, Oxbridge assumed $11,600 of the total covered exposure for $3,340 in premiums. The premiums charged by Oxbridge are at rates which management believes to be competitive with market rates available to Claddaugh. Oxbridge has deposited funds into a trust account to satisfy certain collateral requirements under its reinsurance contract with Claddaugh. Trust assets may be withdrawn by HCPCI, the trust beneficiary, in the event amounts are due under the Oxbridge reinsurance agreements. Among the Oxbridge shareholders are Paresh Patel, the Company’s chief executive officer, who is also chairman of the board of directors for Oxbridge, and members of his immediate family and three of the Company’s non-employee directors including Sanjay Madhu who serves as Oxbridge’s president and chief executive officer. Prior to June 1, 2014, Claddaugh also had one reinsurance treaty with Moksha Re SPC Ltd. and multiple capital partners whereby a portion of the business assumed from HCPCI was ceded by Claddaugh to Moksha. With respect to the period from June 1, 2013 through May 31, 2014, Moksha assumed approximately $15,400 of the total covered exposure for approximately $4,300 in premiums, a rate which management believes to be competitive with market rates available to Claddaugh. The $4,300 premium was fully paid by Claddaugh on June 27, 2013. Moksha deposited funds into a trust account to satisfy certain collateral requirements under its reinsurance contract with Claddaugh. Among the Moksha capital partner participants are the Company’s chief executive officer, Paresh Patel, and certain of his immediate family members and Sanjay Madhu, one of the Company’s non-employee directors. This agreement terminated effective May 31, 2014 and has not been renewed.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited, consolidated financial statements for HCI Group, Inc. and its subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and the Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. However, in the opinion of management, the accompanying consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the Company’s financial position as of September 30, 2015 and the results of operations and cash flows for the periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for any subsequent interim period or for the fiscal year ending December 31, 2015. The accompanying unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2014 included in the Company’s Form 10-K, which was filed with the SEC on March 10, 2015. In preparing the interim unaudited consolidated financial statements, management was required to make certain judgments, assumptions, and estimates that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the financial reporting date and throughout the periods being reported upon. Certain of the estimates result from judgments that can be subjective and complex and consequently actual results may differ from these estimates. Material estimates that are particularly susceptible to significant change in the near term are related to the Company’s losses and loss adjustment expenses, which include amounts estimated for claims incurred but not yet reported. The Company uses various assumptions and actuarial data it believes to be reasonable under the circumstances to make these estimates. In addition, accounting policies for reinsurance contracts with retrospective provisions, deferred income taxes, and stock-based compensation expense involve significant judgments and estimates material to the Company’s consolidated financial statements. All significant intercompany balances and transactions have been eliminated.
Statutory Accounting Practices	Statutory Accounting Practices The Company’s U.S. insurance subsidiaries comply with statutory accounting practices prescribed by the National Association of Insurance Commissioners. There are no state prescribed or permitted practices that have been adopted by the Company’s U.S. subsidiaries. In addition, the Company’s Bermuda insurance subsidiary prepares and files financial statements in accordance with the prescribed regulatory accounting practices of the Bermuda Monetary Authority.
Reclassification	Reclassification Certain reclassifications of prior year amounts have been made to conform to the current year presentation.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Available-for-Sale Securities	At September 30, 2015 and December 31, 2014, the cost or amortized cost, gross unrealized gains and losses, and estimated fair value of the Company’s available-for-sale securities by security type were as follows: Cost or Cost Gross Gain Gross Loss Estimated Value As of September 30, 2015 Fixed-maturity securities U.S. Treasury and U.S. government agencies $ 108 $ 7 $ — $ 115 Corporate bonds 43,881 93 (3,252 ) 40,722 State, municipalities, and political subdivisions 75,269 1,076 (309 ) 76,036 Redeemable preferred stock 10,249 254 (272 ) 10,231 Total 129,507 1,430 (3,833 ) 127,104 Equity securities 54,743 1,305 (2,512 ) 53,536 Total available-for-sale securities $ 184,250 $ 2,735 $ (6,345 ) $ 180,640 As of December 31, 2014 Fixed-maturity securities U.S. Treasury and U.S. government agencies $ 2,881 $ 5 $ (8 ) $ 2,878 Corporate bonds 23,645 57 (430 ) 23,272 Asset-backed securities 697 — — 697 Mortgage-backed securities 3,004 8 (3 ) 3,009 State, municipalities, and political subdivisions 56,336 1,205 (38 ) 57,503 Redeemable preferred stock 9,433 178 (54 ) 9,557 Other 167 1 — 168 Total 96,163 1,454 (533 ) 97,084 Equity securities 45,387 1,694 (1,531 ) 45,550 Total available-for-sale securities $ 141,550 $ 3,148 $ (2,064 ) $ 142,634
Scheduled Contractual Maturities of Fixed-Maturity Securities	The scheduled contractual maturities of fixed-maturity securities as of September 30, 2015 and December 31, 2014 are as follows: Amortized Cost Estimated Fair Value As of September 30, 2015 Available-for-sale Due in one year or less $ 4,490 $ 4,493 Due after one year through five years 30,955 30,991 Due after five years through ten years 73,942 71,210 Due after ten years 20,120 20,410 $ 129,507 $ 127,104 Amortized Cost Estimated Fair As of December 31, 2014 Available-for-sale Due in one year or less $ 715 $ 721 Due after one year through five years 25,973 26,093 Due after five years through ten years 56,448 56,847 Due after ten years 10,023 10,414 Mortgage-backed securities 3,004 3,009 $ 96,163 $ 97,084
Summary of Proceeds Received and Gross Realized Gains and Losses from Sales of Available for Sale Securities	Proceeds received, and the gross realized gains and losses from sales of available-for-sale securities, for the three and nine months ended September 30, 2015 and 2014 were as follows: Proceeds Gross Gains Gross Losses Three months ended September 30, 2015 Fixed-maturity securities $ 48,225 $ 31 $ (436 ) Equity securities $ 6,117 $ 515 $ (406 ) Three months ended September 30, 2014 Fixed-maturity securities $ 47,557 $ 2,759 $ — Equity securities $ 3,302 $ 623 $ (88 ) Nine months ended September 30, 2015 Fixed-maturity securities $ 51,510 $ 90 $ (466 ) Equity securities $ 14,111 $ 844 $ (1,031 ) Nine months ended September 30, 2014 Fixed-maturity securities $ 67,519 $ 3,623 $ (9 ) Equity securities $ 9,232 $ 1,131 $ (280 )
Rollforward of Cumulative Credit Losses in Other-Than-Temporary Impairments Recognized in Income for Available for Sale Fixed-Maturity Securities	The following table presents a rollforward of the cumulative credit losses in other-than-temporary impairments recognized in income for available for sale fixed-maturity securities: Balance at July 1, 2015 $ — Credit impairments on securities during the period 109 Balance at September 30, 2015 $ 109
Summary of Securities with Gross Unrealized Loss Positions Aggregated by Investment Category	Securities with gross unrealized loss positions at September 30, 2015 and December 31, 2014, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows: Less Than Twelve Twelve Months or Total As of September 30, 2015 Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Fixed-maturity securities Corporate bonds $ (2,423 ) $ 25,437 $ (829 ) $ 2,242 $ (3,252 ) $ 27,679 State, municipalities, and political subdivisions (287 ) 18,552 (22 ) 414 (309 ) 18,966 Redeemable preferred stock (272 ) 2,909 — — (272 ) 2,909 Total fixed-maturity securities (2,982 ) 46,898 (851 ) 2,656 (3,833 ) 49,554 Equity securities (2,345 ) 28,596 (167 ) 2,650 (2,512 ) 31,246 Total available-for-sale securities $ (5,327 ) $ 75,494 $ (1,018 ) $ 5,306 $ (6,345 ) $ 80,800 At September 30, 2015, there were 123 securities in an unrealized loss position. Of these securities, ten securities had been in an unrealized loss position for 12 months or greater. The gross unrealized loss of corporate bonds in an unrealized loss position for twelve months or more included $588 of the other-than-temporary impairment loss related to non-credit factors. Less Than Twelve Twelve Months or Total As of December 31, 2014 Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Fixed-maturity securities U.S. Treasury and U.S. government agencies $ (8 ) $ 2,485 $ — $ — $ (8 ) $ 2,485 Corporate bonds (428 ) 12,720 (2 ) 998 (430 ) 13,718 Asset-backed securities — 209 — — — 209 Mortgage-backed securities (3 ) 1,018 — — (3 ) 1,018 State, municipalities, and political subdivisions (19 ) 3,144 (19 ) 202 (38 ) 3,346 Redeemable preferred stock (54 ) 2,586 — — (54 ) 2,586 Total fixed-maturity securities (512 ) 22,162 (21 ) 1,200 (533 ) 23,362 Equity securities (1,449 ) 18,848 (82 ) 4,619 (1,531 ) 23,467 Total available-for-sale securities $ (1,961 ) $ 41,010 $ (103 ) $ 5,819 $ (2,064 ) $ 46,829
Schedule of Company's Investments in Limited Partnerships	The following table provides information related to the Company’s investments in limited partnerships. September 30, 2015 December 31, 2014 Investment Strategy Carrying Value Unfunded Balance (%)(a) Carrying Value Unfunded Balance (%)(a) Primarily in senior secured loans and, to a limited extent, in other debt and equity securities of private U.S. lower-middle-market companies. (b)(c)(e) $ 4,621 $ 7,888 16.50 $ 2,550 $ 9,860 16.50 Value creation through active distressed debt investing primarily in bank loans, public and private corporate bonds, asset-backed securities, and equity securities received in connection with debt restructuring. (b)(d)(e) 3,605 4,320 0.65 — — — Maximum long-term capital appreciation through long and short positions in equity and/or debt securities of publicly traded U.S. and non-U.S. issuers, derivative instruments and certain other financial instruments. (f) 12,222 — 65.82 — — — High returns and long-term capital appreciation through investments in the power, utility and energy industries, and in the infrastructure sector. (b)(g)(h) 1,714 8,165 (i) — — — Total $ 22,162 $ 20,373 $ 2,550 $ 9,860 (a) Represents the Company’s percentage investment in the fund at the balance sheet date. (b) Except under certain circumstances, withdrawals from the funds or any assignments are not permitted. Distributions, except income from late admission of a new limited partner, will be received when underlying investments of the funds are liquidated. (c) Expected to have a 10-year term and the capital commitment is expected to expire on September 3, 2019. (d) Expected to have a three-year term from the end of the capital commitment period, which is March 31, 2018. (e) At the fund manager’s discretion, the term of the fund may be extended for up to two additional one-year periods. (f) Withdrawal is permitted upon at least 45 days’ written notice to the general partner, provided that the Company has been a limited partner for at least 12 months. (g) Expected to have a 10-year term and the capital commitment is expected to expire on June 30, 2020. (h) With the consent of a super majority, the term of the fund may be extended for up to three additional one-year periods. (i) The initial funding occurred in August 2015. The general partner reports quarterly information on a 45-day lag and, as such, had not yet provided the limited partners with their investment percentage as of September 30, 2015.
Summary of Unaudited Financial Information and Unaudited Financial Position	The joint venture partners have received no distributions during 2015. The following tables provide summarized unaudited financial results for the three months and nine months ended September 30, 2015 and the unaudited financial positions of the joint venture at September 30, 2015 and December 31, 2014: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Operating results: Total revenues $ 17 $ 17 Total expenses (11 ) (12 ) Net income $ 6 $ 5 The Company’s share of net income* $ 5 $ 4 * Included in net investment income in the Company’s consolidated statements of income. September 30, 2015 December 31, 2014 Balance Sheet: Construction in progress – real estate $ 9,959 $ 3,612 Building 1,730 — Cash 502 1,323 Accounts receivable 18 — Other 368 40 Total assets $ 12,577 $ 4,975 Accounts payable $ 87 $ — Construction loan 7,176 — Other liabilities 35 — Members’ capital 5,279 4,975 Total liabilities and members’ capital $ 12,577 $ 4,975 Investment in joint venture, at equity $ 4,751 $ 4,477
Summary of Real Estate Investment	Real estate investments consisted of the following as of September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Land $ 11,476 $ 11,476 Land improvements 1,504 1,425 Buildings 3,116 3,097 Other 1,515 1,359 Total, at cost 17,611 17,357 Less: accumulated depreciation and amortization (1,340 ) (1,107 ) Real estate, net 16,271 16,250 ADC Arrangement classified as real estate investment 9,392 2,888 Real estate investments $ 25,663 $ 19,138
Investment (Loss) Income Summarized	Net investment (loss) income, by source, is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Available-for-sale securities: Fixed-maturity securities $ 1,123 $ 697 $ 3,000 $ 2,749 Equity securities 914 670 2,710 1,411 Investment expense (199 ) (120 ) (511 ) (329 ) Limited partnership investments (2,400 ) — (2,862 ) — Real estate investments (130 ) (253 ) (151 ) (656 ) Cash and cash equivalents 158 219 455 578 Other 15 — 44 — Net investment (loss) income $ (519 ) $ 1,213 $ 2,685 $ 3,753
Limited Partnership [Member]
Summary of Unaudited Financial Information and Unaudited Financial Position	The following is the aggregated summarized unaudited financial information of limited partnerships, which in certain cases is presented on a three-month lag due to the unavailability of information at the Company’s respective balance sheet dates. In applying the equity method of accounting, the Company uses the most recently available financial information provided by the general partner of each of these partnerships. The financial statements of these limited partnerships are audited annually. Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Operating results: Total income (loss) $ 82 $ (4,756 ) Total expenses 386 1,343 Net loss $ (304 ) $ (6,099 ) September 30, 2015 December 31, 2014 Balance Sheet: Total assets $ 250,353 $ 15,940 Total liabilities $ 19,280 $ 513

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Assets Measured at Estimated Fair Value on a Recurring Basis	The following table presents information about the Company’s financial assets measured at estimated fair value on a recurring basis. The table indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of September 30, 2015 and December 31, 2014: Fair Value Measurements Using Total (Level 1) (Level 2) (Level 3) As of September 30, 2015 Financial Assets: Cash and cash equivalents $ 331,542 $ — $ — $ 331,542 Fixed-maturity securities: U.S. Treasury and U.S. government agencies 115 — — 115 Corporate bonds 39,740 982 — 40,722 State, municipalities, and political subdivisions — 76,036 — 76,036 Redeemable preferred stock 10,231 — — 10,231 Total fixed-maturity securities 50,086 77,018 — 127,104 Equity securities 53,536 — — 53,536 Total available-for-sale securities 103,622 77,018 — 180,640 Total $ 435,164 $ 77,018 $ — $ 512,182 Fair Value Measurements Using Total (Level 1) (Level 2) (Level 3) As of December 31, 2014 Financial Assets: Cash and cash equivalents $ 314,416 $ — $ — $ 314,416 Fixed-maturity securities: U.S. Treasury and U.S. government agencies 1,069 1,809 — 2,878 Corporate bonds 22,274 998 — 23,272 Asset-backed securities — 697 — 697 Mortgage-backed securities — 3,009 — 3,009 State, municipalities, and political subdivisions — 57,503 — 57,503 Redeemable preferred stock 9,557 — — 9,557 Other — 168 — 168 Total fixed-maturity securities 32,900 64,184 — 97,084 Equity securities 45,550 — — 45,550 Total available-for-sale securities 78,450 64,184 — 142,634 Total $ 392,866 $ 64,184 $ — $ 457,050
Schedule of Fair Value Information for Financial Assets and Liabilities Carried on Balance Sheet	The following tables present fair value information for assets and liabilities that are carried on the balance sheet at amounts other than fair value as of September 30, 2015 and December 31, 2014: Fair Value Measurements Using Total (Level 1) (Level 2) (Level 3) As of September 30, 2015 Financial Assets: Limited partnership investments (a) $ — $ — $ 22,162 $ 22,162 ADC Arrangement classified as real estate investment $ — $ — $ 8,995 $ 8,995 Financial Liabilities: Long-term debt: 8% Senior notes $ — $ 41,232 $ — $ 41,232 3.875% Convertible senior notes — — 92,213 92,213 Total long-term debt $ — $ 41,232 $ 92,213 $ 133,445 (a) Estimated fair value approximates carrying value of these funds, which use fair value accounting. Fair Value Measurements Using Total (Level 1) (Level 2) (Level 3) As of December 31, 2014 Financial Assets: ADC Arrangement classified as real estate investment $ — $ — $ 2,835 $ 2,835 Financial Liabilities: Long-term debt: 8% Senior notes $ — $ 42,955 $ — $ 42,955 3.875% Convertible senior notes — — 93,367 93,367 Total long-term debt $ — $ 42,955 $ 93,367 $ 136,322

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Assets	The following table summarizes the Company’s other assets: September 30, 2015 December 31, 2014 Benefits receivable related to retrospective reinsurance contracts $ 31,101 $ 28,123 Deferred costs related to retrospective reinsurance contracts 735 473 Deferred offering costs on senior notes 3,131 3,653 Prepaid expenses 1,791 1,444 Restricted cash 300 300 Other 1,382 1,594 Total other assets $ 38,440 $ 35,587

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Summary of Long-term Debt	The following table summarizes the Company’s long-term debt: September 30, 2015 December 31, 2014 8% Senior Notes, due January 30, 2020 $ 40,250 $ 40,250 3.875% Convertible Senior Notes, due March 15, 2019* 91,397 89,289 Total long-term debt $ 131,647 $ 129,539 * net carrying value

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2015
Insurance [Abstract]
Impact of Catastrophe Excess of Loss Reinsurance Treaties and One Quota Share Arrangement on Premiums Written and Earned	The impact of the catastrophe excess of loss reinsurance treaties and one quota share arrangement on premiums written and earned is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Premiums Written: Direct $ 105,787 $ 86,257 $ 343,927 $ 307,199 Assumed (416 ) (172 ) (1,792 ) (1,255 ) Gross written 105,371 86,085 342,135 305,944 Ceded (41,077 ) (27,684 ) (100,294 ) (83,764 ) Net premiums written $ 64,294 $ 58,401 $ 241,841 $ 222,180 Premiums Earned: Direct $ 93,012 $ 85,357 $ 263,814 $ 245,638 Assumed 10,830 3,587 57,360 28,415 Gross earned 103,842 88,944 321,174 274,053 Ceded (41,077 ) (27,684 ) (100,294 ) (83,764 ) Net premiums earned $ 62,765 $ 61,260 $ 220,880 $ 190,289

Losses and Loss Adjustment Ex28

Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2015
Insurance [Abstract]
Liability for Losses and Loss Adjustment Expenses	Activity in the liability for unpaid losses and loss adjustment expenses is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance, beginning of period $ 54,329 $ 43,044 $ 48,908 $ 43,686 Incurred related to: Current period 24,419 21,643 63,473 59,205 Prior period 1,781 348 2,331 (266 ) Total incurred 26,200 21,991 65,804 58,939 Paid related to: Current period (16,059 ) (3,461 ) (31,111 ) (22,296 ) Prior period (7,253 ) (13,920 ) (26,384 ) (32,675 ) Total paid (23,312 ) (17,381 ) (57,495 ) (54,971 ) Balance, end of period $ 57,217 $ 47,654 $ 57,217 $ 47,654

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Summary of Numerator and Denominator of Basic and Fully Diluted Earnings Per Common Share	A summary of the numerator and denominator of the basic and diluted earnings per common share is presented below (share amounts in thousands): Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Income (Numerator) Shares (Denominator) Per Share Amount Income (Numerator) Shares (Denominator) Per Share Amount Net income $ 7,371 $ 14,052 Less: Income attributable to participating securities (437 ) (1,024 ) Basic Earnings Per Share: Income allocated to common stockholders 6,934 9,635 $ 0.72 13,028 9,736 $ 1.34 Effect of Dilutive Securities: Stock options — 85 — 133 Convertible senior notes 1,132 1,651 1,090 1,649 Diluted Earnings Per Share: Income available to common stockholders and assumed conversions $ 8,066 11,371 $ 0.71 $ 14,118 11,518 $ 1.23 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Income (Numerator) Shares (Denominator) Per Share Amount Income (Numerator) Shares (Denominator) Per Share Amount Net income $ 54,771 $ 48,102 Less: Preferred stock dividends — 4 Less: Income attributable to participating securities (3,182 ) (3,415 ) Basic Earnings Per Share: Income allocated to common stockholders 51,589 9,585 $ 5.38 44,691 9,972 $ 4.48 Effect of Dilutive Securities: Stock options — 112 — 139 Convertible preferred stock — — (4 ) 27 Convertible senior notes 3,363 1,650 3,242 1,649 Diluted Earnings Per Share: Income available to common stockholders and assumed conversions $ 54,952 11,347 $ 4.84 $ 47,929 11,787 $ 4.07

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Company's Stock Option Plan Activity	A summary of the stock option activity for the three and nine months ended September 30, 2015 and 2014 is as follows (option amounts not in thousands): Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2015 230,000 $ 3.00 3.0 years $ 9,256 Outstanding at March 31, 2015 230,000 $ 3.00 2.8 years $ 9,861 Exercised (80,000 ) $ 2.50 Outstanding at June 30, 2015 150,000 $ 3.26 2.9 years $ 6,142 Exercised (10,000 ) $ 6.30 Outstanding at September 30, 2015 140,000 $ 3.04 2.4 years $ 5,002 Exercisable at September 30, 2015 140,000 $ 3.04 2.4 years $ 5,002 Outstanding at January 1, 2014 280,000 $ 2.91 3.9 years $ 14,166 Exercised (50,000 ) $ 2.50 Outstanding at March 31, 2014 230,000 $ 3.00 3.8 years $ 7,683 Outstanding at June 30, 2014 230,000 $ 3.00 3.5 years $ 8,649 Outstanding at September 30, 2014 230,000 $ 3.00 3.3 years $ 7,589 Exercisable at September 30, 2014 230,000 $ 3.00 3.3 years $ 7,589
Information about Options Exercised	The following table summarizes information about options exercised for the three and nine months ended September 30, 2015 and 2014 (option amounts not in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Options exercised 10,000 — 90,000 50,000 Total intrinsic value of exercised options $ 320 — $ 3,508 $ 1,970 Fair value of vested stock options $ — — $ — $ 17 Tax benefits realized $ 117 — $ 1,309 $ 603
Information with Respect to Unvested Restricted Stock Awards Stock Option and Incentive Plan	Information with respect to the activity of unvested restricted stock awards during the three and nine months ended September 30, 2015 and 2014 is as follows (share amounts not in thousands): Number of Restricted Stock Awards Weighted Average Grant Date Fair Value Nonvested at January 1, 2015 639,705 $ 28.33 Vested (41,695 ) $ 36.15 Forfeited (1,088 ) $ 48.42 Nonvested at March 31, 2015 596,922 $ 27.75 Granted 83,260 $ 44.46 Vested (16,000 ) $ 13.48 Forfeited (33,324 ) $ 23.20 Nonvested at June 30, 2015 630,858 $ 30.55 Vested (2,000 ) $ 37.68 Forfeited (4,344 ) $ 45.52 Nonvested at September 30, 2015 624,514 $ 30.43 Nonvested at January 1, 2014 735,650 $ 25.48 Granted 98,720 $ 48.42 Vested (21,825 ) $ 21.56 Forfeited (505 ) $ 32.20 Nonvested at March 31, 2014 812,040 $ 28.37 Vested (32,000 ) $ 12.95 Forfeited (2,825 ) $ 43.43 Nonvested at June 30, 2014 777,215 $ 28.95 Granted 10,000 $ 37.28 Vested (2,000 ) $ 37.68 Forfeited (5,155 ) $ 39.85 Nonvested at September 30, 2014 780,060 $ 28.96
Information about Deferred Tax Benefits Recognized Related to Restricted Stock Awards, Paid Dividends and the Fair Value of Vested Restricted Stock	The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to restricted stock awards and related paid dividends, and the fair value of vested restricted stock for the three and nine months ended September 30, 2015 and 2014: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Deferred tax benefits recognized $ 485 $ 875 $ 1,561 $ 2,544 Tax benefits realized for restricted stock and paid dividends $ 28 $ 80 $ 527 $ 781 Fair value of vested restricted stock $ 75 $ 75 $ 1,798 $ 960

Investments - Summary of Amorti

Investments - Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Fixed-maturity securities, Cost or Amortized Cost	$ 129,507	$ 96,163
Equity securities, Cost or Amortized Cost	54,743	45,387
Total available-for-sale securities, Cost or Amortized Cost	184,250	141,550
Total available-for-sale securities, Gross Unrealized Gain	1,430	1,454
Total available-for-sale securities, Gross Unrealized Gain	1,305	1,694
Total available-for-sale securities, Gross Unrealized Gain	2,735	3,148
Total available-for-sale securities, Gross Unrealized Loss	(3,833)	(533)
Total available-for-sale securities, Gross Unrealized Loss	(2,512)	(1,531)
Total available-for-sale securities, Gross Unrealized Loss	(6,345)	(2,064)
Fixed-maturity securities, Estimated Fair Value	127,104	97,084
Equity securities, Estimated Fair Value	53,536	45,550
Total available-for-sale securities, Estimated Fair Value	180,640	142,634
Fixed-Maturity Securities [Member] | U.S. Treasury and U.S. Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed-maturity securities, Cost or Amortized Cost	108	2,881
Total available-for-sale securities, Gross Unrealized Gain	7	5
Total available-for-sale securities, Gross Unrealized Loss		(8)
Fixed-maturity securities, Estimated Fair Value	115	2,878
Fixed-Maturity Securities [Member] | Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed-maturity securities, Cost or Amortized Cost	43,881	23,645
Total available-for-sale securities, Gross Unrealized Gain	93	57
Total available-for-sale securities, Gross Unrealized Loss	(3,252)	(430)
Fixed-maturity securities, Estimated Fair Value	40,722	23,272
Fixed-Maturity Securities [Member] | Asset-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed-maturity securities, Cost or Amortized Cost		697
Fixed-maturity securities, Estimated Fair Value		697
Fixed-Maturity Securities [Member] | Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed-maturity securities, Cost or Amortized Cost		3,004
Total available-for-sale securities, Gross Unrealized Gain		8
Total available-for-sale securities, Gross Unrealized Loss		(3)
Fixed-maturity securities, Estimated Fair Value		3,009
Fixed-Maturity Securities [Member] | State, Municipalities, and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed-maturity securities, Cost or Amortized Cost	75,269	56,336
Total available-for-sale securities, Gross Unrealized Gain	1,076	1,205
Total available-for-sale securities, Gross Unrealized Loss	(309)	(38)
Fixed-maturity securities, Estimated Fair Value	76,036	57,503
Fixed-Maturity Securities [Member] | Redeemable Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed-maturity securities, Cost or Amortized Cost	10,249	9,433
Total available-for-sale securities, Gross Unrealized Gain	254	178
Total available-for-sale securities, Gross Unrealized Loss	(272)	(54)
Fixed-maturity securities, Estimated Fair Value	$ 10,231	9,557
Fixed-Maturity Securities [Member] | Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed-maturity securities, Cost or Amortized Cost		167
Total available-for-sale securities, Gross Unrealized Gain		1
Fixed-maturity securities, Estimated Fair Value		$ 168

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
U.S. Treasury and U.S. Government Agencies [Member]
Schedule of Investments [Line Items]
Statutory deposit held in trust with Treasurer of Alabama	$ 115	$ 113

Investments - Scheduled Contrac

Investments - Scheduled Contractual Maturities of Fixed-Maturity Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Available-for-sale
Due in one year or less, Amortized Cost	$ 4,490	$ 715
Due after one year through five years, Amortized Cost	30,955	25,973
Due after five years through ten years, Amortized Cost	73,942	56,448
Due after ten years, Amortized Cost	20,120	10,023
Mortgage-backed securities, Amortized Cost		3,004
Fixed-maturity securities, Cost or Amortized Cost	129,507	96,163
Due in one year or less, Fair Value	4,493	721
Due after one year through five years, Fair Value	30,991	26,093
Due after five years through ten years, Fair Value	71,210	56,847
Due after ten years, Fair Value	20,410	10,414
Mortgage-backed securities, Fair Value		3,009
Fair Value Total	$ 127,104	$ 97,084

Investments - Summary of Procee

Investments - Summary of Proceeds Received and Gross Realized Gains and Losses from Sales of Available for Sale Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fixed-Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds	$ 48,225	$ 47,557	$ 51,510	$ 67,519
Gross Realized Gains	31	2,759	90	3,623
Gross Realized Losses	(436)		(466)	(9)
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds	6,117	3,302	14,111	9,232
Gross Realized Gains	515	623	844	1,131
Gross Realized Losses	$ (406)	$ (88)	$ (1,031)	$ (280)

Investments (Other-than-tempora

Investments (Other-than-temporary Impairment) - Additional Information (Detail)	Sep. 30, 2015USD ($)Securities	Sep. 30, 2015USD ($)Securities	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Securities	Sep. 30, 2014USD ($)	Dec. 31, 2014Securities
Schedule of Investments [Line Items]
Other-than-temporary impairment losses		$ 1,886,000	$ 0	$ 3,869,000	$ 0
Other-than-temporary impairment losses related to non-credit factors		$ 596,000		$ 596,000
Number of securities in an unrealized loss position | Securities	123	123		123		94
Number of securities had been in an unrealized loss position for 12 months or greater | Securities	10	10		10		9
Fixed-Maturity Securities [Member]
Schedule of Investments [Line Items]
Other-than-temporary impairment losses, number of securities | Securities		2
Other-than-temporary impairment losses		$ 705,000		$ 705,000
Other-than-temporary impairment losses related to credit losses		109,000		109,000
Other-than-temporary impairment losses related to non-credit factors		$ 596,000		$ 596,000
Corporate Bonds [Member]
Schedule of Investments [Line Items]
Other-than-temporary impairment losses related to non-credit factors	$ 588,000

Investments - Rollforward of Cu

Investments - Rollforward of Cumulative Credit Losses in Other-Than-Temporary Impairments Recognized in Income for Available for Sale Fixed-Maturity Securities (Detail) - Fixed-Maturity Securities [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Credit impairments on securities during the period	$ 109	$ 109
Available-for-Sale Securities [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Beginning Balance	0
Credit impairments on securities during the period	109
Ending Balance	$ 109	$ 109

Investments - Summary of Securi

Investments - Summary of Securities with Gross Unrealized Loss Positions Aggregated by Investment Category (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Loss, Less than Twelve Months	$ (5,327)	$ (1,961)
Fair Value, Less than Twelve Months	75,494	41,010
Gross Unrealized Loss, Twelve Months or Greater	(1,018)	(103)
Fair Value, Twelve Months or Greater	5,306	5,819
Gross Unrealized Loss, Total	(6,345)	(2,064)
Fair Value, Total	80,800	46,829
Fixed-Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Loss, Less than Twelve Months	(2,982)	(512)
Fair Value, Less than Twelve Months	46,898	22,162
Gross Unrealized Loss, Twelve Months or Greater	(851)	(21)
Fair Value, Twelve Months or Greater	2,656	1,200
Gross Unrealized Loss, Total	(3,833)	(533)
Fair Value, Total	49,554	23,362
Fixed-Maturity Securities [Member] | U.S. Treasury and U.S. Government Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Loss, Less than Twelve Months		(8)
Fair Value, Less than Twelve Months		2,485
Gross Unrealized Loss, Total		(8)
Fair Value, Total		2,485
Fixed-Maturity Securities [Member] | Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Loss, Less than Twelve Months	(2,423)	(428)
Fair Value, Less than Twelve Months	25,437	12,720
Gross Unrealized Loss, Twelve Months or Greater	(829)	(2)
Fair Value, Twelve Months or Greater	2,242	998
Gross Unrealized Loss, Total	(3,252)	(430)
Fair Value, Total	27,679	13,718
Fixed-Maturity Securities [Member] | Asset-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months		209
Fair Value, Total		209
Fixed-Maturity Securities [Member] | Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Loss, Less than Twelve Months		(3)
Fair Value, Less than Twelve Months		1,018
Gross Unrealized Loss, Total		(3)
Fair Value, Total		1,018
Fixed-Maturity Securities [Member] | State, Municipalities, and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Loss, Less than Twelve Months	(287)	(19)
Fair Value, Less than Twelve Months	18,552	3,144
Gross Unrealized Loss, Twelve Months or Greater	(22)	(19)
Fair Value, Twelve Months or Greater	414	202
Gross Unrealized Loss, Total	(309)	(38)
Fair Value, Total	18,966	3,346
Fixed-Maturity Securities [Member] | Redeemable Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Loss, Less than Twelve Months	(272)	(54)
Fair Value, Less than Twelve Months	2,909	2,586
Gross Unrealized Loss, Total	(272)	(54)
Fair Value, Total	2,909	2,586
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Loss, Less than Twelve Months	(2,345)	(1,449)
Fair Value, Less than Twelve Months	28,596	18,848
Gross Unrealized Loss, Twelve Months or Greater	(167)	(82)
Fair Value, Twelve Months or Greater	2,650	4,619
Gross Unrealized Loss, Total	(2,512)	(1,531)
Fair Value, Total	$ 31,246	$ 23,467

Investments - Schedule of Compa

Investments - Schedule of Company's Investments in Limited Partnerships (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Investment Securities [Line Items]
Carrying Value	$ 22,162	$ 2,550
Unfunded Balance	20,373	9,860
Private US Lower Middle Market Companies [Member]
Investment Securities [Line Items]
Carrying Value	4,621	2,550
Unfunded Balance	$ 7,888	$ 9,860
Percentage investment held by the entity	16.50%	16.50%
Bank Loans Public and Private Corporate Bonds Asset Backed Securities Equity and Debt Restructuring [Member]
Investment Securities [Line Items]
Carrying Value	$ 3,605
Unfunded Balance	$ 4,320
Percentage investment held by the entity	0.65%
Equity and Debt Securities Publicly Traded US and Non US Issuers [Member]
Investment Securities [Line Items]
Carrying Value	$ 12,222
Percentage investment held by the entity	65.82%
Power Utility and Energy Industries and Infrastructure [Member]
Investment Securities [Line Items]
Carrying Value	$ 1,714
Unfunded Balance	$ 8,165

Investments - Schedule of Com39

Investments - Schedule of Company's Investments in Limited Partnerships (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2015
Investment Securities [Line Items]
Number of days lag on reporting quarterly information	45 days
Private US Lower Middle Market Companies [Member]
Investment Securities [Line Items]
Expected term	10 years
Expiration date of capital commitment	Sep. 3, 2019
Investment additional maturity term	2 years
Bank Loans Public and Private Corporate Bonds Asset Backed Securities Equity and Debt Restructuring [Member]
Investment Securities [Line Items]
Expected term	3 years
Expiration date of capital commitment	Mar. 31, 2018
Investment additional maturity term	2 years
Equity and Debt Securities Publicly Traded US and Non US Issuers [Member]
Investment Securities [Line Items]
Written notice required for withdrawal to the general partner	45 days
Minimum Period To Withdrawal By Limited Partners	12 months
Power Utility and Energy Industries and Infrastructure [Member]
Investment Securities [Line Items]
Expected term	10 years
Expiration date of capital commitment	Jun. 30, 2020
Investment additional maturity term	3 years

Investments - Summary of Unaudi

Investments - Summary of Unaudited Financial Information and Unaudited Financial Position of Limited Partnerships (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Operating results:
Total income (loss)	$ 61,262	$ 66,955	$ 222,540	$ 201,356
Total expenses	49,324	$ 44,180	133,973	$ 123,888
Limited Partnership [Member]
Operating results:
Total income (loss)	82		(4,756)
Total expenses	386		1,343
Net income (loss)	(304)		(6,099)
Balance Sheet:
Total assets	250,353		250,353		$ 15,940
Total liabilities	$ 19,280		$ 19,280		$ 513

Investments (Limited Partnershi

Investments (Limited Partnership Investments) - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Recognized investment loss		$ (2,862)
Maximum exposure loss relating to VIE	$ 4,751	4,751	$ 4,477
Limited Partnership [Member]
Schedule of Investments [Line Items]
Recognized investment loss	2,400	2,862
Company's contributed capital to the partnership	25,126	25,126	2,640
Maximum exposure loss relating to VIE	$ 22,162	$ 22,162	$ 2,550

Investments (Investment in Join

Investments (Investment in Joint Venture) - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Maximum exposure loss relating to VIE		$ 4,751,000	$ 4,477,000
Undistributed loss from equity method investment		(19,000)	$ (23,000)
Distribution		$ 0
FMKT Mel JV, LLC [Member]
Schedule of Investments [Line Items]
Equity interest percentage		90.00%
Additional cash contribution to joint venture	$ 270,000

Investments - Summary of Unau43

Investments - Summary of Unaudited Financial Information and Unaudited Financial Position of Joint Venture (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Operating results:
Total expenses	$ (49,324)	$ (44,180)	$ (133,973)	$ (123,888)
The Company's share of net income	5		4	$ (22)
Balance Sheet:
Other	38,440		38,440		$ 35,587
Total assets	702,862		702,862		602,210
Other liabilities	22,208		22,208		17,683
Total liabilities and stockholders' equity	702,862		702,862		602,210
Investment in joint venture, at equity	4,751		4,751		4,477
Joint Venture [Member]
Operating results:
Total revenues	17		17
Total expenses	(11)		(12)
Net income (loss)	6		5
Balance Sheet:
Construction in progress - real estate	9,959		9,959		3,612
Building	1,730		1,730
Cash	502		502		1,323
Accounts receivable	18		18
Other	368		368		40
Total assets	12,577		12,577		4,975
Accounts payable	87		87
Construction loan	7,176		7,176
Other liabilities	35		35
Members' capital	5,279		5,279		4,975
Total liabilities and stockholders' equity	$ 12,577		$ 12,577		$ 4,975

Investments (Real Estate Invest

Investments (Real Estate Investments) - Additional Information (Detail) $ in Thousands	Dec. 31, 2014USD ($)Restaurant	Oct. 31, 2015USD ($)a	Sep. 30, 2015USD ($)Restaurant	Mar. 31, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Restaurant	Sep. 30, 2014USD ($)	Jun. 30, 2015USD ($)
Schedule of Investments [Line Items]
Bridge loan			$ 550			$ 550
Maximum exposure loss relating to VIE	$ 4,477		$ 4,751			$ 4,751
Bridge Loan [Member]
Schedule of Investments [Line Items]
Bridge loan, interest rate			11.00%			11.00%
Bridge loan, maturity date						Jan. 31, 2016
Real Estate Development [Member] | Subsequent Event [Member]
Schedule of Investments [Line Items]
Total purchase price of property		$ 2,747
Area of land | a		2.32
Real Estate Development [Member] | Riverview, Florida [Member]
Schedule of Investments [Line Items]
Deposit paid to secure right to purchase								$ 70
ADC Arrangement [Member]
Schedule of Investments [Line Items]
Loan amount	9,785			$ 10,200
Maximum exposure loss relating to VIE	$ 2,888		$ 9,392			$ 9,392
Real Estate Investments [Member]
Schedule of Investments [Line Items]
Number of restaurants | Restaurant	1		1			1
Depreciation and amortization expenses under real estate investments			$ 87		$ 100	$ 280	$ 298

Investments - Summary of Real E

Investments - Summary of Real Estate Investment (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real Estate [Abstract]
Land	$ 11,476	$ 11,476
Land improvements	1,504	1,425
Buildings	3,116	3,097
Other	1,515	1,359
Total, at cost	17,611	17,357
Less: accumulated depreciation and amortization	(1,340)	(1,107)
Real estate, net	16,271	16,250
ADC Arrangement classified as real estate investment	9,392	2,888
Real estate investments	$ 25,663	$ 19,138

Investments - Investment (Loss)

Investments - Investment (Loss) Income Summarized (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Available-for-sale Securities [Line Items]
Investment income			$ (2,862)
Net investment (loss) income	$ (519)	$ 1,213	2,685	$ 3,753
Limited Partnership Investment [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment income	(2,400)		(2,862)
Real Estate Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment expense	(130)	(253)	(151)	(656)
Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment income	158	219	455	578
Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment income	15		44
Available-for-Sale Securities [Member] | Fixed-Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment income	1,123	697	3,000	2,749
Available-for-Sale Securities [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment income	914	670	2,710	1,411
Available-for-Sale Securities [Member] | Investment Expense [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment expense	$ (199)	$ (120)	$ (511)	$ (329)

Fair Value Measurements - Avail

Fair Value Measurements - Available-for-Sale Securities Measured at Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Financial Assets:
Total fixed-maturity securities	$ 127,104	$ 97,084
Equity securities	53,536	45,550
Total available-for-sale securities	180,640	142,634
Fair Value, Measurements, Recurring [Member]
Financial Assets:
Cash and cash equivalents	331,542	314,416
Total fixed-maturity securities	127,104	97,084
Equity securities	53,536	45,550
Total available-for-sale securities	180,640	142,634
Total financial assets	512,182	457,050
Fair Value, Measurements, Recurring [Member] | (Level 1) [Member]
Financial Assets:
Cash and cash equivalents	331,542	314,416
Total fixed-maturity securities	50,086	32,900
Equity securities	53,536	45,550
Total available-for-sale securities	103,622	78,450
Total financial assets	435,164	392,866
Fair Value, Measurements, Recurring [Member] | (Level 2) [Member]
Financial Assets:
Total fixed-maturity securities	77,018	64,184
Total available-for-sale securities	77,018	64,184
Total financial assets	77,018	64,184
Fair Value, Measurements, Recurring [Member] | Fixed-Maturity Securities [Member] | U.S. Treasury and U.S. Government Agencies [Member]
Financial Assets:
Total fixed-maturity securities	115	2,878
Fair Value, Measurements, Recurring [Member] | Fixed-Maturity Securities [Member] | Corporate Bonds [Member]
Financial Assets:
Total fixed-maturity securities	40,722	23,272
Fair Value, Measurements, Recurring [Member] | Fixed-Maturity Securities [Member] | Asset-backed Securities [Member]
Financial Assets:
Total fixed-maturity securities		697
Fair Value, Measurements, Recurring [Member] | Fixed-Maturity Securities [Member] | Mortgage-Backed Securities [Member]
Financial Assets:
Total fixed-maturity securities		3,009
Fair Value, Measurements, Recurring [Member] | Fixed-Maturity Securities [Member] | State, Municipalities, and Political Subdivisions [Member]
Financial Assets:
Total fixed-maturity securities	76,036	57,503
Fair Value, Measurements, Recurring [Member] | Fixed-Maturity Securities [Member] | Redeemable Preferred Stock [Member]
Financial Assets:
Total fixed-maturity securities	10,231	9,557
Fair Value, Measurements, Recurring [Member] | Fixed-Maturity Securities [Member] | Other [Member]
Financial Assets:
Total fixed-maturity securities		168
Fair Value, Measurements, Recurring [Member] | Fixed-Maturity Securities [Member] | (Level 1) [Member] | U.S. Treasury and U.S. Government Agencies [Member]
Financial Assets:
Total fixed-maturity securities	115	1,069
Fair Value, Measurements, Recurring [Member] | Fixed-Maturity Securities [Member] | (Level 1) [Member] | Corporate Bonds [Member]
Financial Assets:
Total fixed-maturity securities	39,740	22,274
Fair Value, Measurements, Recurring [Member] | Fixed-Maturity Securities [Member] | (Level 1) [Member] | Redeemable Preferred Stock [Member]
Financial Assets:
Total fixed-maturity securities	10,231	9,557
Fair Value, Measurements, Recurring [Member] | Fixed-Maturity Securities [Member] | (Level 2) [Member] | U.S. Treasury and U.S. Government Agencies [Member]
Financial Assets:
Total fixed-maturity securities		1,809
Fair Value, Measurements, Recurring [Member] | Fixed-Maturity Securities [Member] | (Level 2) [Member] | Corporate Bonds [Member]
Financial Assets:
Total fixed-maturity securities	982	998
Fair Value, Measurements, Recurring [Member] | Fixed-Maturity Securities [Member] | (Level 2) [Member] | Asset-backed Securities [Member]
Financial Assets:
Total fixed-maturity securities		697
Fair Value, Measurements, Recurring [Member] | Fixed-Maturity Securities [Member] | (Level 2) [Member] | Mortgage-Backed Securities [Member]
Financial Assets:
Total fixed-maturity securities		3,009
Fair Value, Measurements, Recurring [Member] | Fixed-Maturity Securities [Member] | (Level 2) [Member] | State, Municipalities, and Political Subdivisions [Member]
Financial Assets:
Total fixed-maturity securities	$ 76,036	57,503
Fair Value, Measurements, Recurring [Member] | Fixed-Maturity Securities [Member] | (Level 2) [Member] | Other [Member]
Financial Assets:
Total fixed-maturity securities		$ 168

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Information for Financial Assets and Liabilities Carried on Balance Sheet (Detail) - Portion at Other than Fair Value Measurement [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Financial Assets:
Limited partnership investments	$ 22,162
ADC Arrangement classified as real estate investment	8,995	$ 2,835
Financial Liabilities:
Total long-term debt	133,445	136,322
Senior Notes [Member]
Financial Liabilities:
Total long-term debt	41,232	42,955
Convertible Senior Notes [Member]
Financial Liabilities:
Total long-term debt	92,213	93,367
(Level 2) [Member]
Financial Liabilities:
Total long-term debt	41,232	42,955
(Level 2) [Member] | Senior Notes [Member]
Financial Liabilities:
Total long-term debt	41,232	42,955
(Level 3) [Member]
Financial Assets:
Limited partnership investments	22,162
ADC Arrangement classified as real estate investment	8,995	2,835
Financial Liabilities:
Total long-term debt	92,213	93,367
(Level 3) [Member] | Convertible Senior Notes [Member]
Financial Liabilities:
Total long-term debt	$ 92,213	$ 93,367

Fair Value Measurements - Sch49

Fair Value Measurements - Schedule of Fair Value Information for Financial Assets and Liabilities Carried on Balance Sheet (Parenthetical) (Detail)	Sep. 30, 2015	Dec. 31, 2014
Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed annual rate of interest	8.00%
Convertible Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument stated interest rate	3.875%
Portion at Other than Fair Value Measurement [Member] | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed annual rate of interest	8.00%	8.00%
Portion at Other than Fair Value Measurement [Member] | Convertible Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument stated interest rate	3.875%	3.875%

Other Assets - Summary of Other

Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Benefits receivable related to retrospective reinsurance contracts	$ 31,101	$ 28,123
Deferred costs related to retrospective reinsurance contracts	735	473
Deferred offering costs on senior notes	3,131	3,653
Prepaid expenses	1,791	1,444
Restricted cash	300	300
Other	1,382	1,594
Total other assets	$ 38,440	$ 35,587

Other Assets - Additional Infor

Other Assets - Additional Information (Detail) $ in Thousands	1 Months Ended
	Jul. 31, 2015USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amount received from retrospective reinsurance contracts	$ 14,100

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total long-term debt	$ 131,647	$ 129,539
Senior Notes [Member]
Debt Instrument [Line Items]
Total long-term debt	40,250	40,250
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 91,397	$ 89,289

Long-Term Debt - Summary of L53

Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2015
Senior Notes [Member]
Debt Instrument [Line Items]
Fixed annual rate of interest	8.00%
Debt instrument, maturity date	Jan. 30, 2020
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument stated interest rate	3.875%
Debt instrument, maturity date	Mar. 15, 2019

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)$ / shares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)$ / shares	Sep. 30, 2014USD ($)
Debt Instrument [Line Items]
Convertible debt, conversion ratio			16.0356
Convertible debt, conversion price | $ / shares	$ 62.36		$ 62.36
Interest expense	$ 2,698	$ 2,626	$ 8,038	$ 7,809
Non-cash interest expense	$ 896	$ 823	$ 2,630	$ 2,411
Debt discount, remaining amortization period			3 years 6 months
Minimum [Member]
Debt Instrument [Line Items]
Cash dividends on common stock | $ / shares			$ 0.275

Reinsurance - Impact of Catastr

Reinsurance - Impact of Catastrophe Excess of Loss Reinsurance Treaties and One Quota Share Arrangement on Premiums Written and Earned (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Premiums Written:
Direct	$ 105,787	$ 86,257	$ 343,927	$ 307,199
Assumed	(416)	(172)	(1,792)	(1,255)
Gross written	105,371	86,085	342,135	305,944
Ceded	(41,077)	(27,684)	(100,294)	(83,764)
Net premiums written	64,294	58,401	241,841	222,180
Premiums Earned:
Direct	93,012	85,357	263,814	245,638
Assumed	10,830	3,587	57,360	28,415
Gross earned	103,842	88,944	321,174	274,053
Ceded	(41,077)	(27,684)	(100,294)	(83,764)
Net premiums earned	$ 62,765	$ 61,260	$ 220,880	$ 190,289

Reinsurance - Additional Inform

Reinsurance - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)Reinsurers	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Reinsurers	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)Reinsurers
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Number of reinsurers | Reinsurers	21		21		28
Reinsurance recoverable	$ 0		$ 0		$ 0
Credit risk associated with reinsurance receivables	0		0		0
Recoveries pertaining to reinsurance contracts	0	$ 0	0	$ 0
Net reduction in ceded premiums	2,901,000	$ 6,512,000	15,515,000	$ 17,052,000
Other assets	38,440,000		38,440,000		35,587,000
Prepaid reinsurance premiums	26,590,000		26,590,000		34,096,000
Reinsurance [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Other assets	31,836,000		31,836,000		28,596,000
Prepaid reinsurance premiums	$ 4,158,000		$ 4,158,000		$ 5,983,000

Losses and Loss Adjustment Ex57

Losses and Loss Adjustment Expenses - Liability for Unpaid Losses and Loss Adjustment Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance, beginning of period	$ 54,329	$ 43,044	$ 48,908	$ 43,686
Incurred related to:
Current period	24,419	21,643	63,473	59,205
Prior period	1,781	348	2,331	(266)
Total incurred	26,200	21,991	65,804	58,939
Paid related to:
Current period	(16,059)	(3,461)	(31,111)	(22,296)
Prior period	(7,253)	(13,920)	(26,384)	(32,675)
Total paid	(23,312)	(17,381)	(57,495)	(54,971)
Balance, end of period	$ 57,217	$ 47,654	$ 57,217	$ 47,654

Losses and Loss Adjustment Ex58

Losses and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Unpaid claims and claim adjustment expenses overall development	$ 1,781	$ 348	$ 2,331	$ (266)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,567	$ 8,723	$ 33,796	$ 29,366
Effective tax rates	38.30%	38.30%	38.20%	37.90%

Earnings Per Share - Summary of

Earnings Per Share - Summary of Numerator and Denominator of Basic and Fully Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 7,371	$ 14,052	$ 54,771	$ 48,102
Less: Preferred stock dividends				4
Less: Income attributable to participating securities	(437)	(1,024)	(3,182)	(3,415)
Basic Earnings Per Share:
Income allocated to common stockholders, Income (Numerator)	$ 6,934	$ 13,028	$ 51,589	$ 44,691
Income allocated to common stockholders, Shares (Denominator)	9,635	9,736	9,585	9,972
Income allocated to common stockholders, Per Share Amount	$ 0.72	$ 1.34	$ 5.38	$ 4.48
Diluted Earnings Per Share:
Income available to common stockholders and assumed conversions, Income (Numerator)	$ 8,066	$ 14,118	$ 54,952	$ 47,929
Income available to common stockholders and assumed conversions, Shares (Denominator)	11,371	11,518	11,347	11,787
Income available to common stockholders and assumed conversions, Per Share Amount	$ 0.71	$ 1.23	$ 4.84	$ 4.07
Convertible Senior Notes [Member]
Effect of Dilutive Securities:
Dilutive Securities, Income (Numerator)	$ 1,132	$ 1,090	$ 3,363	$ 3,242
Dilutive Securities, Shares (Denominator)	1,651	1,649	1,650	1,649
Convertible Preferred Stock [Member]
Effect of Dilutive Securities:
Dilutive Securities, Income (Numerator)				$ (4)
Dilutive Securities, Shares (Denominator)				27
Stock Options [Member]
Effect of Dilutive Securities:
Dilutive Securities, Shares (Denominator)	85	133	112	139

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Oct. 16, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Subsequent Event [Line Items]
Stock repurchased and retired, total costs				$ 792,000	$ 616,000
Dividends per common share		$ 0.30	$ 0.28	$ 0.90	$ 0.83
Common Stock [Member]
Subsequent Event [Line Items]
Repurchase and retirement of common stock, shares				17,493	14,070
Share Repurchase Plan [Member]
Subsequent Event [Line Items]
Common stock repurchase authorized amount						$ 40,000,000
Common stock repurchased and retired, weighted average price			$ 40.56	$ 42.49	$ 37.83
Stock repurchased and retired, total costs			$ 10,005,000	$ 1,610,000	$ 27,815,000
Fees and commissions average price repurchase common stock			$ 40.58	$ 42.51	$ 37.85
Time through the company is allowed to repurchase shares				Mar. 31, 2015
Share Repurchase Plan [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Repurchase and retirement of common stock, shares		0	246,578	37,869	734,924
Share Repurchase Plan [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends per common share	$ 0.30
Date of dividend payable	Dec. 18, 2015
Record date of dividend payable	Nov. 20, 2015

Stock-Based Compensation (Incen

Stock-Based Compensation (Incentive Plans) - Additional Information (Detail)	Sep. 30, 2015shares
Omnibus Incentive Plan New Plan 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares available for grant	4,201,966

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock Options) - Additional Information (Detail) - Stock Options [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option contractual term		10 years
Recognized compensation expenses	$ 0		$ 6
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options maximum vesting period		5 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Company's Stock Option Plan Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding Beginning, Number of Options	150,000	230,000	230,000	230,000	230,000	280,000	230,000	280,000	280,000
Outstanding, Weighted-Average Remaining Contractual Term	2 years 4 months 24 days	2 years 10 months 24 days	2 years 9 months 18 days	3 years 3 months 18 days	3 years 6 months	3 years 9 months 18 days			3 years	3 years 10 months 24 days
Exercised, Number of Options	(10,000)	(80,000)				(50,000)	(90,000)	(50,000)
Exercisable Ending, Weighted-Average Remaining Contractual Term	2 years 4 months 24 days			3 years 3 months 18 days
Outstanding Ending, Number of Options	140,000	150,000	230,000	230,000	230,000	230,000	140,000	230,000	230,000	280,000
Outstanding Beginning, Weighted Average Exercise Price	$ 3.26	$ 3	$ 3	$ 3	$ 3	$ 2.91	$ 3	$ 2.91	$ 2.91
Exercisable Ending, Number of Options	140,000			230,000			140,000	230,000
Exercised, Weighted-Average Exercise Price	$ 6.30	2.50				2.50
Outstanding Ending, Weighted-Average Exercise Price	$ 3.04	$ 3.26	$ 3	$ 3	$ 3	$ 3	$ 3.04	$ 3	$ 3	$ 2.91
Outstanding Beginning, Aggregate Intrinsic Value	$ 6,142	$ 9,861	$ 9,256	$ 8,649	$ 7,683	$ 14,166	$ 9,256	$ 14,166	$ 14,166
Exercisable Ending , Weighted-Average Exercise Price	$ 3.04			$ 3			$ 3.04	$ 3
Outstanding Ending, Aggregate Intrinsic Value	$ 5,002	$ 6,142	$ 9,861	$ 7,589	$ 8,649	$ 7,683	$ 5,002	$ 7,589	$ 9,256	$ 14,166
Exercisable Ending, Aggregate Intrinsic Value	$ 5,002			$ 7,589			$ 5,002	$ 7,589

Stock-Based Compensation - Info

Stock-Based Compensation - Information about Options Exercised (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Share Based Compensation Arrangement By Share Based Payment Award Options Activity [Abstract]
Options exercised	10,000	80,000	50,000	90,000	50,000
Total intrinsic value of exercised options	$ 320			$ 3,508	$ 1,970
Fair value of vested stock options					17
Tax benefits realized	$ 117			$ 1,309	$ 603

Stock Based Compensation - Info

Stock Based Compensation - Information with Respect to Unvested Restricted Stock Awards Stock Option and Incentive Plan (Detail) - Restricted Stock [Member] - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, shares	630,858	596,922	639,705	777,215	812,040	735,650	639,705
Granted, Number of Restricted Stock Awards		83,260		10,000		98,720
Vested, Number of Restricted Stock Awards	(2,000)	(16,000)	(41,695)	(2,000)	(32,000)	(21,825)
Forfeited, Number of Restricted Stock Awards	(4,344)	(33,324)	(1,088)	(5,155)	(2,825)	(505)
Ending balance, shares	624,514	630,858	596,922	780,060	777,215	812,040	624,514
Nonvested, Weighted-Average Grant Date Fair Value, Beginning balance	$ 30.55	$ 27.75	$ 28.33	$ 28.95	$ 28.37	$ 25.48	$ 28.33
Granted, Weighted-Average Grant Date Fair Value		44.46		37.28		48.42
Vested, Weighted-Average Grant Date Fair Value	37.68	13.48	36.15	37.68	12.95	21.56
Forfeited, Weighted-Average Grant Date Fair Value	45.52	23.20	48.42	39.85	43.43	32.20
Nonvested, Weighted-Average Grant Date Fair Value, Ending balance	$ 30.43	$ 30.55	$ 27.75	$ 28.96	$ 28.95	$ 28.37	$ 30.43

Stock-Based Compensation (Restr

Stock-Based Compensation (Restricted Stock Awards) - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized compensation expenses	$ 1,258		$ 2,267		$ 4,047	$ 6,594
Total unrecognized compensation expense, Nonvested restricted stock arrangements granted	$ 8,986		$ 11,947		$ 8,986	$ 11,947
Recognition of remaining compensation expense over a weighted-average period	24 months
Performance-based awards issued		83,260	10,000	98,720
Performance-Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based awards issued	0				0

Stock-Based Compensation - In68

Stock-Based Compensation - Information about Deferred Tax Benefits Recognized Related to Restricted Stock Awards, Paid Dividends and the Fair Value of Vested Restricted Stock (Detail) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred tax benefits recognized	$ 485	$ 875	$ 1,561	$ 2,544
Tax benefits realized for restricted stock and paid dividends	28	80	527	781
Fair value of vested restricted stock	$ 75	$ 75	$ 1,798	$ 960

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Sep. 10, 2013USD ($)	Sep. 30, 2015USD ($)ft²	Sep. 30, 2015USD ($)ft²	Dec. 31, 2014USD ($)
Commitment And Contingencies [Line Items]
Company agreement to lease | ft²		2,819	2,819
Minimum future rental payments due in 2015/2016		$ 68	$ 68
Minimum future rental payments due in 2016/2017		70	70
Minimum future rental payments due in 2017/2018		17	17
Commitment remained available to developer		1,120	1,120
Unfunded Balance		20,373	20,373	$ 9,860
Lease Commitments [Member]
Commitment And Contingencies [Line Items]
Operating lease monthly rental payment for five years			5
Reinsurance Contracts [Member]
Commitment And Contingencies [Line Items]
Minimum future rental payments due in 2015/2016		32,990	$ 32,990
Reinsurance Contract One [Member]
Commitment And Contingencies [Line Items]
Reinsurance contract period			2 years
Reinsurance Contract Two [Member]
Commitment And Contingencies [Line Items]
Reinsurance contract period			3 years
Premium Tax [Member]
Commitment And Contingencies [Line Items]
Loss contingency amount			$ 1,754
Proposed premium tax adjustment with interest	$ 1,913
Loss contingency related to credit disallowance			The auditor's proposed adjustments primarily relate to the Department's proposed disallowance of the entire amount of $1,754 in Florida salary credits applicable to that period.
Contingency accruals reversed during the period		$ 140
Accrued amount				$ 140

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) $ in Thousands	Jun. 27, 2013USD ($)	Sep. 30, 2015USD ($)Directors
Oxbridge [Member]
Related Party Transaction [Line Items]
Number of non-employee directors | Directors		3
Moksha [Member]
Related Party Transaction [Line Items]
Number of non-employee directors | Directors		1
Payment for related party transaction	$ 4,300
Period from June 1, 2014 through May 31, 2015 [Member] | Oxbridge [Member]
Related Party Transaction [Line Items]
Assumed total covered exposure		$ 17,800
Transaction amount		4,935
Period from June 1, 2015 through May 31, 2016 [Member] | Oxbridge [Member]
Related Party Transaction [Line Items]
Assumed total covered exposure		11,600
Transaction amount		3,340
Period from June 1, 2013 through May 31, 2014 [Member] | Moksha [Member]
Related Party Transaction [Line Items]
Assumed total covered exposure		15,400
Transaction amount		$ 4,300