Document & Entity Information D
Document & Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 28, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Public Float | $ 373,372,597 | ||
Document type | 10-K | ||
Amendment flag | false | ||
Document period end date | Dec. 31, 2017 | ||
Document fiscal period focus | FY | ||
Document fiscal year focus | 2,017 | ||
Trading symbol | UIHC | ||
Registrant name | United Insurance Holdings Corp. | ||
Central index key | 1,401,521 | ||
Filer category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Common stock outstanding | 42,745,937 | ||
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments available for sale, at fair value: | ||
Loans and Leases Receivable, Net Amount | $ 20,000 | $ 0 |
Total investments | 854,531 | 528,647 |
Cash and cash equivalents | 276,275 | 150,688 |
Accrued investment income | 5,577 | 3,735 |
Property, Plant and Equipment, Net | 17,291 | 17,860 |
Premiums receivable, net | 75,275 | 38,883 |
Reinsurance recoverable on paid and unpaid losses | 395,774 | 24,028 |
Prepaid reinsurance premiums | 201,904 | 132,564 |
Goodwill | 73,045 | 14,254 |
Deferred policy acquisition costs | 103,882 | 65,473 |
Intangible Assets, Net (Excluding Goodwill) | 45,271 | 12,371 |
Other Assets | 11,096 | 11,183 |
Total Assets | 2,059,921 | 999,686 |
Liabilities: | ||
Unpaid losses and loss adjustment expenses | 482,232 | 140,855 |
Unearned premiums | 555,873 | 372,223 |
Reinsurance payable | 149,117 | 99,891 |
Payments outstanding | 41,786 | 21,933 |
Accounts Payable | 46,594 | 26,124 |
Other Liabilities | 85,830 | 43,158 |
Notes payable | 161,364 | 54,175 |
Total Liabilities | 1,522,796 | 758,359 |
Commitments and contingencies (Note 12) | ||
Stockholders' Equity: | ||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock, $0.0001 par value; 50,000,000 shares authorized; 42,965,137 and 21,858,697 issued; 42,753,054 and 21,646,614 outstanding, respectively | 4 | 2 |
Additional Paid in Capital | 387,145 | 99,353 |
Treasury shares, at cost; 212,083 shares | (431) | (431) |
Accumulated other comprehensive income | 9,221 | 822 |
Retained Earnings (Accumulated Deficit) | 141,186 | 141,581 |
Total Stockholders' Equity | 537,125 | 241,327 |
Total Liabilities and Stockholders' Equity | 2,059,921 | 999,686 |
Fixed Maturities | ||
Investments available for sale, at fair value: | ||
Fixed maturities (amortized cost of $763,434 and $497,616, respectively) | 762,855 | 494,516 |
Equity Securities | ||
Investments available for sale, at fair value: | ||
Equity securities (adjusted cost of $50,996 and $24,074, respectively) | 63,295 | 28,398 |
Other Long-term Investments | ||
Investments available for sale, at fair value: | ||
Other investments (amortized cost of $8,057 and $5,493, respectively) | $ 8,381 | $ 5,733 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Amortized Cost Basis | $ 842,487 | |
Preferred Stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized shares | 0 | 1,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, authorized shares | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 42,965,137 | 21,858,697 |
Common stock, outstanding shares | 42,753,054 | 21,646,614 |
Treasury stock | 212,083 | 212,083 |
Fixed Maturities | ||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 763,434 | $ 497,616 |
Equity Securities | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 50,996 | 24,074 |
Other Long-term Investments | ||
Available-for-sale Securities, Amortized Cost Basis | $ 8,057 | $ 5,493 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUE: | |||
Gross premiums written | $ 1,040,848 | $ 708,156 | $ 569,736 |
Increase in gross unearned premiums | (54,825) | (41,327) | (65,521) |
Gross premiums earned | 986,023 | 666,829 | 504,215 |
Ceded Premiums Earned | (400,533) | (209,898) | (168,257) |
Net premiums earned | 585,490 | 456,931 | 335,958 |
Net investment income | 17,812 | 10,679 | 9,212 |
Net realized gains (losses) | 67 | 547 | 827 |
Other revenue | 51,051 | 18,960 | 11,572 |
Total revenue | 654,420 | 487,117 | 357,569 |
EXPENSES: | |||
Losses and loss adjustment expenses | 365,535 | 298,353 | 183,108 |
Deferred Policy Acquisition Costs, Amortization Expense | 175,444 | 117,658 | 87,401 |
Operating Expenses | 27,675 | 20,524 | 15,316 |
General and Administrative Expense | 81,762 | 42,956 | 29,852 |
Interest Expense | 3,247 | 723 | 326 |
Total expenses | 653,663 | 480,214 | 316,003 |
Income before other income | 757 | 6,903 | 41,566 |
Other Nonoperating Income (Expense) | 153 | 100 | 294 |
Income before income taxes | 910 | 7,003 | 41,860 |
Provision (benefit) for income taxes | (9,235) | 1,305 | 14,502 |
Net income | 10,145 | 5,698 | 27,358 |
OTHER COMPREHENSIVE INCOME: | |||
Change in net unrealized gain (loss) on investments | 10,647 | (629) | (3,070) |
Reclassification adjustment for net realized investment gains | (67) | (547) | (827) |
Income tax benefit (expense) related to items of other comprehensive income | (2,181) | 378 | 1,506 |
Total comprehensive income | $ 18,544 | $ 4,900 | $ 24,967 |
Weighted average shares outstanding | |||
Basic | 37,152,768 | 21,417,486 | 21,218,233 |
Diluted | 37,375,340 | 21,614,443 | 21,452,540 |
Earnings per share | |||
Earnings Per Share, Basic | $ 0.27 | $ 0.27 | $ 1.29 |
Earnings Per Share, Diluted | 0.27 | 0.26 | 1.28 |
Common Stock, Dividends, Per Share, Declared | $ 0.24 | $ 0.23 | $ 0.20 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Net Income (Loss) Attributable to Parent | $ 27,358,000 | |||||
Beginning balance (shares) at Dec. 31, 2014 | 20,904,414 | |||||
Beginning balance at Dec. 31, 2014 | 203,763,000 | $ 2,000 | $ 82,380,000 | $ (431,000) | $ 4,011,000 | $ 117,801,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Available to Common Stockholders, Basic | 27,358,000 | 0 | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (2,391,000) | $ 0 | 0 | 0 | (2,391,000) | 0 |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 116,077 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 1,789,000 | $ 0 | 1,789,000 | 0 | 0 | 0 |
Stock Issued During Period, Shares, New Issues | 503,857 | |||||
Stock Issued During Period, Value, New Issues | 12,994,000 | $ 0 | 12,994,000 | 0 | 0 | 0 |
Dividends, Common Stock, Cash | (4,302,000) | $ 0 | 0 | 0 | 0 | (4,302,000) |
Ending balance (shares) at Dec. 31, 2015 | 21,524,348 | |||||
Ending balance at Dec. 31, 2015 | 239,211,000 | $ 2,000 | 97,163,000 | (431,000) | 1,620,000 | 140,857,000 |
Net Income (Loss) Attributable to Parent | 5,698,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Available to Common Stockholders, Basic | 5,698,000 | 0 | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (798,000) | $ 0 | 0 | 0 | (798,000) | 0 |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 89,323 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 1,677,000 | $ 0 | 1,677,000 | 0 | 0 | 0 |
Stock Issued During Period, Shares, New Issues | 32,943 | |||||
Stock Issued During Period, Value, New Issues | 513,000 | $ 0 | 513,000 | 0 | 0 | 0 |
Dividends, Common Stock, Cash | $ (4,974,000) | $ 0 | 0 | 0 | 0 | (4,974,000) |
Ending balance (shares) at Dec. 31, 2016 | 21,646,614 | 21,646,614 | ||||
Ending balance at Dec. 31, 2016 | $ 241,327,000 | $ 2,000 | 99,353,000 | (431,000) | 822,000 | 141,581,000 |
Net Income (Loss) Attributable to Parent | 10,145,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) Available to Common Stockholders, Basic | 10,145,000 | 0 | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 6,850,000 | $ 0 | 0 | 0 | 6,850,000 | 0 |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 150,085 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 2,326,000 | $ 0 | 2,326,000 | 0 | 0 | 0 |
Stock Issued During Period, Shares, New Issues | 20,956,355 | |||||
Stock Issued During Period, Value, New Issues | 285,468,000 | $ 2,000 | 285,466,000 | 0 | 0 | 0 |
Dividends, Common Stock, Cash | $ (8,991,000) | $ 0 | 0 | 0 | 0 | (8,991,000) |
Ending balance (shares) at Dec. 31, 2017 | 42,753,054 | 42,753,054 | ||||
Ending balance at Dec. 31, 2017 | $ 537,125,000 | $ 4,000 | 387,145,000 | (431,000) | 9,221,000 | 141,186,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 1,549,000 | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2018-02 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,549,000 | $ (1,549,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Net income | $ 10,145 | $ 5,698 | $ 27,358 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 37,532 | 11,713 | 3,328 |
Accretion (Amortization) of Discounts and Premiums, Investments | (5,073) | (3,677) | (1,997) |
Gain (Loss) on Sale of Securities, Net | (67) | (547) | (827) |
Provision for uncollectible premiums/over and short | 494 | 64 | 272 |
Deferred income taxes, net | (8,584) | 2,210 | 2,305 |
Share-based Compensation | 2,613 | 1,947 | 1,974 |
Changes in operating assets and liabilities: | |||
Accrued investment income | (531) | (172) | (676) |
Premiums receivable | (5,447) | 5,409 | (8,577) |
Reinsurance recoverable on paid and unpaid losses | (351,516) | (18,459) | (893) |
Prepaid reinsurance premiums | (46,796) | (53,165) | (15,572) |
Deferred policy acquisition costs, net | (38,409) | (18,741) | (14,807) |
Other assets | 4,051 | (11,006) | (3,897) |
Unpaid losses and loss adjustment expenses | 280,848 | 39,096 | 19,966 |
Unearned premiums | 54,825 | 41,327 | 65,521 |
Reinsurance payable | 26,820 | 36,391 | 18,290 |
Payments outstanding | (1,386) | 0 | (218) |
Accounts payable | 15,905 | 8,005 | (1,837) |
Other Liabilities | 28,739 | 12,300 | 4,612 |
Net Cash Provided by (Used in) Operating Activities | 14,309 | 65,747 | 98,319 |
INVESTING ACTIVITIES | |||
Proceeds from sales and maturities of investments available for sale | 128,329 | 187,522 | 199,575 |
Purchases of investments available for sale | (205,720) | (201,234) | (270,141) |
Payments to Acquire Loans Receivable | (20,000) | 0 | 0 |
Cash Acquired from Acquisition | 95,284 | 0 | 14,467 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | (32,896) | 0 |
Payments to Acquire Property, Plant, and Equipment | (5,237) | (3,149) | (10,916) |
Net Cash Provided by (Used in) Investing Activities | (7,344) | (49,757) | (67,015) |
FINANCING ACTIVITIES | |||
Payments Related to Tax Withholding for Share-based Compensation | (287) | (270) | (185) |
Repayments of borrowings | (40,075) | (1,379) | (3,422) |
Proceeds from Issuance of Long-term Debt | 150,000 | 35,200 | 0 |
Payments of Debt Issuance Costs | (3,264) | (596) | 0 |
Payments of Dividends | (8,991) | (4,974) | (4,302) |
Bank overdrafts | (21,239) | (21,931) | 0 |
Net Cash Provided by (Used in) Financing Activities | 118,622 | 49,912 | (7,909) |
Increase (decrease) in cash | 125,587 | 65,902 | 23,395 |
Cash and cash equivalents at beginning of period | 150,688 | 84,786 | 61,391 |
Cash and cash equivalents at end of period | 276,275 | 150,688 | 84,786 |
Supplemental Cash Flows Information | |||
Interest paid | 3,407 | 285 | 296 |
Income taxes paid | 3,896 | 7,194 | 13,223 |
Stock Issued | $ 285,468 | $ 0 | $ 0 |
Organization, Consolidation and
Organization, Consolidation and Presentation | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation | ORGANIZATION, CONSOLIDATION AND PRESENTATION (a) Business United Insurance Holdings Corp. is a property and casualty insurance holding company that sources, writes, and services residential and commercial property and casualty insurance policies using a network of agents and four wholly-owned insurance subsidiaries. Our primary insurance subsidiary is United Property & Casualty Insurance Company (UPC), which was formed in Florida in 1999 and has operated continuously since that time. Our other three insurance subsidiaries are Family Security Insurance Company (FSIC), acquired via merger on February 3, 2015, Interboro Insurance Company (IIC), acquired via merger on April 29, 2016, and American Coastal Insurance Company (ACIC), acquired via merger on April 3, 2017. See Note 4 in our Notes to Consolidated Financial Statements for additional information regarding these acquisitions. Our other subsidiaries include United Insurance Management L.C. (UIM), the managing general agent that manages substantially all aspects of UPC’s business; Skyway Claims Services, LLC (our claims adjusting subsidiary) that provides services to our insurance subsidiaries; AmCo Holding Company (AmCo) and Family Security Holdings (FSH) (holding company subsidiaries) that consolidate their respective insurance companies; BlueLine Cayman Holdings (a reinsurance subsidiary) that reinsurers a portfolio of E&S policies; UPC Re (a reinsurance subsidiary) that provides a portion of the reinsurance protection purchased by our insurance subsidiaries; and Skyway Reinsurance Services (a reinsurance brokerage subsidiary) that provides reinsurance brokerage services for our insurance companies. Our primary product is homeowners’ insurance, which we currently offer in Connecticut, Florida, Georgia, Hawaii, Louisiana, Massachusetts, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Texas, under authorization from the insurance regulatory authorities in each state. We are also licensed to write property and casualty insurance in Alabama, Delaware, Maryland, Mississippi, New Hampshire, and Virginia; however, we have not commenced writing in these states. We conduct our operations under one business segment. (b) Consolidation and Presentation We prepare our consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP). While preparing our consolidated financial statements, we make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, as well as reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Reported amounts that require us to make extensive use of estimates include our reserves for unpaid losses and loss adjustment expenses, investments and goodwill. Except for the captions on our Consolidated Balance Sheets and Consolidated Statements of Comprehensive Income, we generally use the term loss(es) to collectively refer to both loss and loss adjustment expenses. We include all of our subsidiaries in our consolidated financial statements, eliminating intercompany balances and transactions during consolidation. We reclassified certain amounts in the 2016 and 2015 financial statements to conform to the 2016 presentation. These reclassifications had no impact on our results of operations or stockholders’ equity, as previously reported. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES (a) Cash and cash equivalents Our cash and cash equivalents include demand deposits with financial institutions and short-term, highly liquid instruments with original maturities of three months or less when purchased. (b) Investments We currently classify all of our investments in fixed maturities, equity securities, other investments and short-term investments as available-for-sale, and report them at fair value. Subsequent to our acquisition of available-for-sale securities, we record changes in value through the date of disposition as unrealized holding gains and losses, net of tax effects, and include them as a component of comprehensive income. We include realized gains and losses, which we calculate using the specific-identification method for determining the cost of securities sold, in net income. We amortize any premium or discount on fixed maturities over the remaining maturity period of the related securities using the effective interest method, and we report the amortization in net investment income. We recognize dividends and interest income when earned. Quarterly, we perform an assessment of our investments to determine if any are other-than-temporarily impaired. An investment is impaired when the fair value of the investment declines to an amount less than the cost or amortized cost of that investment. As part of our assessment process, we determine whether the impairment is temporary or other-than-temporary. We base our assessment on both quantitative criteria and qualitative information, considering a number of factors including, but not limited to: how long the security has been impaired; the amount of the impairment; whether, in the case of equity securities, we intend to hold, and have the ability to hold, the security for a period sufficient for us to recover our cost basis, or whether, in the case of debt securities, we intend to sell the security or it is more likely than not that we will have to sell the security before we recover the amortized cost; the financial condition and near-term prospects of the issuer; whether the issuer is current on contractually-obligated interest and principal payments; key corporate events pertaining to the issuer and whether the market decline was affected by macroeconomic conditions. If we determine that an equity security has incurred an other-than-temporary impairment, we permanently reduce the cost of the security to fair value and recognize an impairment charge in net income. If a debt security is impaired and we either intend to sell the security or it is more likely than not that we will have to sell the security before we are able to recover the amortized cost, then we record the full amount of the impairment in net income. If we determine that an impairment of a debt security is other-than-temporary and we neither intend to sell the security nor it is more likely than not that we will have to sell the security before we are able to recover its cost or amortized cost, then we separate the impairment into (a) the amount of impairment related to credit loss and (b) the amount of impairment related to all other factors. We record the amount of the impairment related to the credit loss as an impairment charge in net income, and we record the amount of the impairment related to all other factors in accumulated other comprehensive income. A large portion of our investment portfolio consists of fixed maturities, which may be adversely affected by changes in interest rates as a result of governmental monetary policies, domestic and international economic and political conditions and other factors beyond our control. A rise in interest rates would decrease the net unrealized holding gains of our investment portfolio, offset by our ability to earn higher rates of return on funds reinvested. Conversely, a decline in interest rates would increase the net unrealized holding gains of our investment portfolio, offset by lower rates of return on funds reinvested. (c) Fair Value See Note 3 in our Notes to Consolidated Financial Statements for a discussion regarding the fair value measurement of our investments at December 31, 2017 . (d) Premiums We recognize premiums as revenue, net of ceded reinsurance amounts, on a daily pro rata basis over the contract period of the related policies that are in force. For any portion of premiums not earned at the end of the reporting period, we record an unearned premium liability. Premiums receivable represents amounts due from our policyholders for billed premiums and related policy fees. We perform a policy-level evaluation to determine the extent to which the balance of premium receivable exceeds the balance of unearned premium. We then age any resulting exposure based on the last date the policy was billed to the policyholder, and we establish an allowance for credit losses for any amounts outstanding for more than 90 days. When we receive payments on amounts previously charged off, we credit bad debt expense in the period we receive the payment. The balances of our allowance for uncollectible premiums totaled $384,000 and $144,000 at December 31, 2017 and 2016 , respectively. When we receive premium payments from policyholders prior to the effective date of the related policy, we record an advance premiums liability. On the policy effective date, we reduce the advance premium liability and record the premiums as described above. (e) Policy Acquisition Costs We incur policy acquisition costs that vary with, and are directly related to, the production of new business. We capitalize policy acquisition costs to the extent recoverable, then we amortize those costs over the contract period of the related policy. At each reporting date, we determine whether we have a premium deficiency. A premium deficiency would result if the sum of our expected losses, deferred policy acquisition costs, and policy maintenance costs (such as costs to store records and costs incurred to collect premiums and pay commissions) exceeded our related unearned premiums plus investment income. Should we determine that a premium deficiency exists, we would write off the unrecoverable portion of deferred policy acquisition costs and record a liability to the extent the deficiency exceeded the deferred policy acquisition costs. We did not have a premium deficiency at December 31, 2017 and December 31, 2016. (f) Debt Issuance Costs We record our debt issuance costs associated with a recognized debt liability as a direct deduction from the carrying amount of the corresponding debt liability. These costs are then amortized over the life of the liability using the effective interest method. (g) Long-lived Assets i) Property and Equipment We record our property and equipment at cost less accumulated depreciation and amortization. We use the straight-line method of calculating depreciation over the estimated useful lives of the assets. We periodically review estimated useful lives and, where appropriate, we make changes prospectively. We charge maintenance and repair costs to expense as incurred. ii) Capitalized Software We capitalize certain direct development costs associated with internal-use software. We expect to amortize the capitalized software costs related to our data warehouse and policy administration system over its expected seven -year useful life. See Note 7 in our Notes to Consolidated Financial Statements for a discussion of our property, equipment and capitalized software that were held during 2017 and 2016 . iii) Impairment of Long-lived Assets We annually review our long-lived assets, including intangible assets, to determine if their carrying amounts are recoverable. If the non-discounted future cash flows expected to result from the use and eventual disposition of the assets are less than their carrying amounts, we reduce their carrying amounts to fair value and recognize an impairment loss. (h) Unpaid Losses and Loss Adjustment Expenses Our reserves for unpaid losses represent the estimated ultimate cost of settling all reported claims plus all claims we incurred related to insured events that have occurred as of the reporting date, but that policyholders have not yet reported to us. We estimate our reserves for unpaid losses using individual case-basis estimates for reported claims and actuarial estimates for incurred but not reported (IBNR) claims, and we continually review and adjust our estimated losses as necessary based on our historical experience and as we obtain new information. If our unpaid loss reserves prove to be deficient or redundant, we increase or decrease the liability in the period in which we identify the difference, thereby impacting net income. Though our estimate of the ultimate cost of settling all reported and unreported claims may change at any point in the future, a reasonable possibility exists that our estimate may vary significantly in the near term from the estimated amounts included in our consolidated financial statements. On our Consolidated Balance Sheets, we report our reserves for unpaid losses gross of the amounts related to unpaid losses recoverable from reinsurers. On our Consolidated Statements of Comprehensive Income, we report losses net of amounts ceded to reinsurers. We do not discount our loss reserves for financial statement purposes. (i) Managing General Agent Fees and Policy Fees Our policy fees consist of the managing general agent (MGA) fee and a pay-plan fee. We defer MGA fees as unearned revenue and recognize revenue on a pro rata basis over the term of the underlying policies. We record pay-plan fees, which are charged to all policyholders that pay premium in more than one installment, as income when collected. We report all policy-related fees as other revenue on our Consolidated Statements of Comprehensive Income. (j) Reinsurance We follow industry practice of reinsuring a portion of our risks. Reinsurance involves transferring, or “ceding”, all or a portion of the risk exposure on policies we write to another insurer, known as a reinsurer. To the extent that our reinsurers are unable to meet the obligations they assume under our reinsurance agreements, we remain liable for the entire insured loss. Our reinsurance agreements are short-term, prospective contracts. We record an asset, prepaid reinsurance premiums, and a liability, reinsurance payable, for the entire contract amount upon commencement of our new reinsurance agreements. We amortize our prepaid reinsurance premiums over the 12-month contract period. We also earn ceding commission on our quota share reinsurance contract, which is presented as other income with any excess unearned ceding commission recognized as unearned revenue in other liabilities. Ceding commission income is amortized over the contract period consistent with our deferred policy acquisition costs. We record amounts recoverable from our reinsurers on paid losses plus an estimate of amounts recoverable on unpaid losses. The estimate of amounts recoverable on unpaid losses is a function of our liability for unpaid losses associated with the reinsured policies; therefore, the amount changes in conjunction with any changes to our estimate of unpaid losses. Though our estimate of amounts recoverable from reinsurers on unpaid losses may change at any point in the future because of its relation to our reserves for unpaid losses, a reasonable possibility exists that our estimate may change significantly in the near term from the amounts included in our consolidated financial statements. We estimate uncollectible amounts receivable from reinsurers based on an assessment of factors including the creditworthiness of the reinsurers and the adequacy of collateral obtained, where applicable. We recorded no bad debt expense related to reinsurance during the years ended December 31, 2017 , 2016 or 2015 . (k) Assessments We record guaranty fund and other insurance-related assessments imposed upon us as an expense in the period the regulatory agency imposes the assessment. To recover Florida Insurance Guaranty Association (FIGA) assessments, we calculate and begin collecting a policy surcharge that will allow us to collect the entire assessment over a 12-month period, based on our estimate of the number of policies we expect to write. We then submit an information only filing, pursuant to Florida Statute 631.57(3)(h), to the insurance regulatory authority requesting formal approval of the policy FIGA surcharge. The process may be repeated in successive 12-month periods until we collect the entire assessment. We record the recoveries as revenue in the period that we collect the cash. While current regulations allow us to recover from policyholders the amount of assessments imposed upon us, our payment of the assessments and our recoveries may not offset each other in the same fiscal period in our consolidated financial statements. Where permitted by law or regulatory authority, we collect assessments imposed upon policyholders as a policy surcharge and we record the amounts collected as a liability until we remit the amounts to the regulatory agency that imposed the assessment. During 2017 , we did not receive any significant assessments from regulatory authorities in the states in which our insurance subsidiaries operate. (l) Income Taxes We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect to recover or settle those temporary differences. Should a change in tax rates occur, we recognize the effect on deferred tax assets and liabilities in operations in the period that includes the enactment date. For example, we reflected the impact of the Tax Cuts and Jobs Act (2017 Tax Act) in the fourth quarter of 2017, the period when the legislation was enacted. Refer to Note 13 for additional information. Realization of our deferred income tax assets depends upon our generation of sufficient future taxable income. We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant taxing authority. We record any income tax penalties and income-tax-related interest as income tax expense in the period incurred. We did not incur any material tax penalties or income-tax-related interest during the years ended December 31, 2017 , 2016 or 2015 . (m) Advertising Costs We expense all advertising costs when we incur those costs. For the years ended December 31, 2017 , 2016 and 2015 , we incurred advertising costs of $1,013,000 , $907,000 , and $2,630,000 , respectively. (n) Earnings Per Share We report both basic earnings per share and diluted earnings per share. To calculate basic earnings per share, we divide net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. We calculate diluted earnings per share by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock, common stock equivalents, and restricted shares outstanding during the period. (o) Concentrations of Risk Our current operations subject us to the following concentrations of risk: • a concentration of revenue because we write primarily homeowners policies; • a geographic concentration resulting from the fact that, though we now operate in 12 states, we still wrote approximately 52% of our gross written premium in Florida • a group concentration of credit risk with regard to our reinsurance recoverable, since all of our reinsurers engage in similar activities and have similar economic characteristics that could cause their ability to repay us to be similarly affected by changes in economic or other conditions; and • a concentration of credit risk with regard to our cash, because we choose to deposit all our cash at six financial institutions. We mitigate our geographic and group concentrations of risk by entering into reinsurance contracts with financially-stable reinsurers, and by securing irrevocable letters of credit from reinsurers when necessary. With regard to our cash balances held at financial institutions, we had $314,147,000 and $159,288,000 in excess of Federal Deposit Insurance Corporation (FDIC) insurance limits at December 31, 2017 and 2016 , respectively. The $154,859,000 increase in excess of FDIC insurance limits was the result of holding more cash and at the end of 2017 than we did in 2016. (p) Goodwill Goodwill is the excess of cost over the estimated fair value of net assets acquired. We attribute all goodwill associated with our acquisitions to one reporting unit. Goodwill is not amortized but is tested for impairment at least annually or more frequently if events or circumstances, such as adverse changes in the business climate, indicate that there may be justification for conducting an interim test. The goodwill impairment process requires a comparison of the estimated fair value of a reporting unit to its carrying value. We test goodwill for impairment by either performing a qualitative assessment or a two-step quantitative test. The qualitative assessment is an assessment of historical information and relevant events and circumstances to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. We may elect not to perform the qualitative assessment for our reporting unit and perform a two-step quantitative impairment test. In performing the two-step quantitative impairment test, we may use a market multiple valuation approach and a discounted cash flow valuation approach. The market multiple valuation approach utilizes market multiples of companies with similar businesses and the projected operating earnings of the reporting unit. The discounted cash flow valuation approach requires judgments about revenues, operating earnings projections, capital market assumptions and discount rates. The key inputs, judgments and assumptions necessary in determining estimated fair value of the reporting units include projected operating earnings, current book value, the level of economic capital required to support the mix of business, long-term growth rates, comparative market multiples, control premium, the account value of in-force business, projections of new and renewal business, as well as margins on such business, the level of interest rates, credit spreads, equity market levels, and the discount rate that we believe is appropriate for the respective reporting unit. When testing goodwill for impairment, we also consider our market capitalization in relation to the aggregate estimated fair value of our reporting unit. We apply significant judgment when determining the estimated fair value of our reporting unit and when assessing the relationship of market capitalization to the aggregate estimated fair value of our reporting unit. The valuation methodologies utilized are subject to key judgments and assumptions that are sensitive to change. Estimates of fair value are inherently uncertain and represent only management’s reasonable expectation regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based will, in all likelihood, differ in some respects from actual future results. Declines in the estimated fair value of our reporting unit could result in goodwill impairments in future periods which could materially adversely affect our results of operations or financial position. For the 2017 annual goodwill impairment test, we utilized the qualitative assessment and determined it was not more likely than not that the fair value of the reporting units tested using the qualitative assessment was less than their carrying amount and, therefore no further testing was needed for the reporting units. We determined that the fair values of the reporting units were in excess of the carrying value and, therefore goodwill was not impaired. (q) Intangible Assets Identifiable intangible assets that are amortized generally represent the cost of client relationships, trade names and agency agreements acquired. In valuing these assets, we make assumptions regarding useful lives and projected growth rates, and significant judgment is required. We periodically review identifiable intangibles for impairment as events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If the carrying amounts of the assets exceed their respective fair values, additional impairment tests are performed to measure the amount of the impairment loss, if any. Non-amortizing intangible assets generally represent the cost of insurance licenses acquired. Non-amortizing intangible assets are tested for impairment in the fourth quarter of each fiscal year by comparing the fair value of the licenses acquired to their carrying values. We established fair value for purposes of impairment testing using the income approach. If the carrying value of a license acquired exceeds its fair value, an impairment loss is recognized equal to that excess. For 2017, we determined that the fair values of the intangible assets were not impaired. (r) Portfolio Loans Loan receivables that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at the principal balance outstanding, net of the allowance for loan losses. (s) Accounting Pronouncements Recently Adopted Policies In February 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, Topic 220 (ASU 2018-02), which amends ASC Topic 220 and ASC Topic 740 by addressing the stranded amounts of AOCI which may result from the enactment of the 2017 Tax Act. Though AOCI is presented on a net-of-tax basis, ASC Topic 740 requires that the effects of new tax laws on items in AOCI be recognized without a corresponding adjustment to AOCI and instead recorded to income tax expense. ASU 2018-02 permits stranded amounts of AOCI specifically resulting from the 2017 Tax Act to be removed from AOCI and reclassified to retained earnings, if elected. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, including interim periods therein, and early adoption is permitted. We adopted the guidance as of year end and elected to recognize a $1,549,000 reclassification from retained earnings to AOCI in the consolidated financial statements for the year ended December 31, 2017, related to a revaluation of deferred income tax assets and liabilities for items in AOCI at the 2017 Tax Act federal tax rate which changed from 35% to 21%. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). This update was intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 became effective for annual periods beginning after December 15, 2016. The new guidance did not impact the way in which we account for share-based payment transactions, and therefore the adoption as of January 1, 2017 had no impact on our results of operations or financial position. Pending Policies We have evaluated recent accounting pronouncements that have had or may have a significant effect on our financial statements or on our disclosures. In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718)-Scope of Modification Accounting (ASU 2017-09). This update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted for certain requirements. We did not early adopt and are assessing the impact of adopting this new accounting standard on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). This update simplifies the manner in which an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. ASU 2017-07 is effective for annual periods beginning after December 15, 2019, including interim periods within those annual periods, with early adoption permitted for certain requirements. We do not intend to early adopt and are assessing the impact of adopting this new accounting standard on our consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09). Insurance contracts are excluded from the scope of this guidance. Under the standard, guidance is provided on revenue recognition for entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets. The transaction price is attributed to underlying performance obligations in the contract and revenue is recognized as the entity satisfies the performance obligation and transfers control of the good or service to the customer. ASU 2014-09 is effective for us beginning in the first quarter of 2018, with early adoption permitted. We do not intend to early adopt and note that the standard is not applicable to our insurance contracts or other revenue streams. The adoption of this new accounting standard does not have a material impact on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). This update is intended to replace existing lease guidance by requiring a lessee to recognize substantially all leases (whether operating or finance leases) on the balance sheet as a right-of-use asset and an associated least liability. Short-term leases of 12 months or less are excluded from this amendment. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We do not intend to early adopt and are assessing the impact of adopting this new accounting standard on our consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01). This update substantially revises standards for the recognition, measurement and presentation of financial instruments. This standard revises an entity's accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. ASU 2016-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted for certain requirements. We are assessing the impact of adopting this new accounting standard on our consolidated financial statements and related disclosures |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS The following table details fixed maturity and equity securities available for sale, by major investment category, at December 31, 2017 and 2016 : Cost or Adjusted/Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2017 U.S. government and agency securities $ 237,809 $ 275 $ 2,193 $ 235,891 Foreign governments 2,022 14 — 2,036 States, municipalities and political subdivisions 200,706 1,929 1,123 201,512 Public utilities 20,215 127 85 20,257 Corporate securities 287,025 1,746 1,209 287,562 Asset-backed securities 14,902 23 20 14,905 Redeemable preferred stocks 755 11 74 692 Total fixed maturities $ 763,434 $ 4,125 $ 4,704 $ 762,855 Mutual funds 29,079 2,845 — 31,924 Public utilities 1,343 359 — 1,702 Other common stocks 18,856 9,093 47 27,902 Nonredeemable preferred stocks 1,718 53 4 1,767 Total equity securities $ 50,996 $ 12,350 $ 51 $ 63,295 December 31, 2016 U.S. government and agency securities $ 151,656 $ 189 $ 1,893 $ 149,952 Foreign government 2,031 30 — 2,061 States, municipalities and political subdivisions 170,636 1,027 2,551 169,112 Public utilities 7,687 116 73 7,730 Corporate securities 164,424 1,238 1,126 164,536 Redeemable preferred stocks 1,182 5 62 1,125 Total fixed maturities $ 497,616 $ 2,605 $ 5,705 $ 494,516 Public utilities 1,343 164 — 1,507 Other common stocks 19,815 4,552 319 24,048 Nonredeemable preferred stocks 2,916 10 83 2,843 Total equity securities $ 24,074 $ 4,726 $ 402 $ 28,398 When we sell investments, we calculate the gain or loss realized on the sale by comparing the sales price (fair value) to the cost or adjusted/amortized cost of the security sold. We determine the cost or adjusted/amortized cost of the security sold using the specific-identification method. The following tables detail our realized gains (losses) by major investment category for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale Fixed maturities $ 268 $ 35,248 $ 1,811 $ 56,484 $ 727 $ 87,141 Equity securities 847 2,209 64 13,253 1,895 7,790 Total realized gains 1,115 37,457 1,875 69,737 2,622 94,931 Fixed maturities (890 ) 53,194 (1,136 ) 24,464 (595 ) 38,485 Equity securities (158 ) 1,749 (192 ) 37,790 (1,200 ) 4,172 Total realized losses (1,048 ) 54,943 (1,328 ) 62,254 (1,795 ) 42,657 Net realized investment gains (losses) $ 67 $ 92,400 $ 547 $ 131,991 $ 827 $ 137,588 The table below summarizes our fixed maturities at year end by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of those obligations. December 31, 2017 Cost or Amortized Cost Percent of Total Fair Value Percent of Total Due in one year or less $ 66,969 8.8 % $ 66,739 8.7 % Due after one year through five years 392,256 51.3 % 390,907 51.3 % Due after five years through ten years 260,758 34.2 % 261,919 34.3 % Due after ten years 28,549 3.7 % 28,385 3.7 % Asset and mortgage-backed securities 14,902 2.0 % 14,905 2.0 % Total $ 763,434 100.0 % $ 762,855 100.0 % The following table summarizes our net investment income by major investment category: Year Ended December 31, 2017 2016 2015 Fixed maturities $ 14,942 $ 9,170 $ 8,092 Equity securities 1,277 996 859 Cash and cash equivalents 626 141 25 Other investments 937 352 222 Other assets 30 20 14 Investment income $ 17,812 $ 10,679 $ 9,212 Investment expenses (686 ) (587 ) (267 ) Net investment income $ 17,126 $ 10,092 $ 8,945 Investment Portfolio monitoring We have a comprehensive portfolio monitoring process to identify and evaluate each fixed income and equity security whose carrying value may be other-than-temporarily impaired. For each fixed income security in an unrealized loss position, we determine if the loss is temporary or other-than-temporary. If our management decides to sell the security or determines that it is more likely than not that we will be required to sell the security before recovery of the cost or amortized cost basis for reasons such as liquidity needs, contractual or regulatory requirements, then the security’s decline in fair value is considered other-than-temporary and is recorded in earnings. If we have not made the decision to sell the fixed income security and it is not more likely than not that we will be required to sell the fixed income security before recovery of its amortized cost basis, we evaluate whether we expect the security to receive cash flows sufficient to recover the entire cost or amortized cost basis of the security. We calculate the estimated recovery value by discounting the best estimate of future cash flows at the security’s original or current effective rate, as appropriate, and compare this to the cost or amortized cost of the security. If we do not expect to receive cash flows sufficient to recover the entire cost or amortized cost basis of the fixed income security, the credit loss component of the impairment is recorded in earnings, with the remaining amount of the unrealized loss related to other factors recognized in other comprehensive income. For equity securities, we consider various factors, including whether we have the intent and ability to hold the equity security for a period of time sufficient to recover its cost basis. If we lack the intent and ability to hold to recovery, or if we believe the recovery period is extended, the equity security’s decline in fair value is considered other-than-temporary and is recorded in earnings. Our portfolio monitoring process includes a quarterly review of all securities to identify instances where the fair value of a security compared to its cost or amortized cost (for fixed income securities) or cost (for equity securities) is below established thresholds. The process also includes the monitoring of other impairment indicators such as ratings, ratings downgrades and payment defaults. The securities identified, in addition to other securities for which we may have a concern, are evaluated for potential other-than-temporary impairment using all reasonably available information relevant to the collectability or recovery of the security. Inherent in our evaluation of other-than-temporary impairment for these fixed income and equity securities are assumptions and estimates about the financial condition and future earnings potential of the issue or issuer. Some of the factors that may be considered in evaluating whether a decline in fair value is other-than-temporary are: (1) the financial condition, near-term and long-term prospects of the issue or issuer, including relevant industry specific market conditions and trends, geographic location and implications of rating agency actions and offering prices; (2) the specific reasons that a security is in an unrealized loss position, including overall market conditions which could affect liquidity; and (3) the length of time and extent to which the fair value has been less than amortized cost or cost. The following table presents an aging of our unrealized investment losses by investment class: Less Than Twelve Months Twelve Months or More Number of Securities* Gross Unrealized Losses Fair Value Number of Securities* Gross Unrealized Losses Fair Value December 31, 2017 U.S. government and agency securities 129 $ 641 $ 103,328 123 $ 1,552 $ 74,190 States, municipalities and political subdivisions 106 734 91,245 31 389 19,718 Public utilities 16 44 7,052 5 41 1,016 Corporate securities 263 871 134,755 52 338 16,476 Asset backed securities 18 20 11,682 — — — Redeemable preferred stocks — — — 3 74 303 Total fixed maturities 532 2,310 348,062 214 2,394 111,703 Mutual Funds 1 — 131 — — — Other common stocks 5 47 748 — — — Nonredeemable preferred stocks 4 4 87 — — — Total equity securities 10 51 966 — — — Total 542 $ 2,361 $ 349,028 214 $ 2,394 $ 111,703 December 31, 2016 U.S. government and agency securities 186 $ 1,893 $ 111,216 — $ — $ — States, municipalities and political subdivisions 201 2,551 136,360 — — — Public utilities 8 73 2,222 — — — Corporate securities 215 1,100 88,605 1 26 1,021 Redeemable preferred stocks 7 62 764 — — — Total fixed maturities 617 5,679 339,167 1 26 1,021 Other common stocks 16 140 2,450 17 179 1,732 Nonredeemable preferred stocks 12 52 1,830 7 31 369 Total equity securities 28 192 4,280 24 210 2,101 Other investments 1 $ 27 $ 987 — $ — $ — Total 646 $ 5,898 $ 344,434 25 $ 236 $ 3,122 * This amount represents the actual number of discrete securities, not the number of shares of those securities. The numbers are not presented in thousands. During our quarterly evaluations of our securities for impairment, we determined that none of our investments in debt and equity securities or limited partnership investments that reflected an unrealized loss position were other-than-temporarily impaired. The issuers of debt securities held by us continue to make interest payments on a timely basis. We do not intend to sell nor is it likely that we would be required to sell the debt securities before we recover our amortized cost basis. The near-term prospects of all the issuers of the equity securities we own indicate we could recover our cost basis, and we also do not intend to sell these securities until their value equals or exceeds their cost. The limited partnership was in an unrealized loss position at December 31, 2016, but was continuing to make interest payments on a timely basis and we did not intend to sell at that time. The investment was liquidated in 2017 and we recovered our amortized cost. During the years ended December 31, 2017 , 2016 and 2015 , we recorded no other-than-temporary impairment charges. Fair value measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The hierarchy for inputs used in determining fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Assets and liabilities recorded on the Consolidated Balance Sheets at fair value are categorized in the fair value hierarchy based on the observability of inputs to the valuation techniques as follows: Level 1: Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we can access. Level 2: Assets and liabilities whose values are based on the following: (a) Quoted prices for similar assets or liabilities in active markets; (b) Quoted prices for identical or similar assets or liabilities in markets that are not active; or (c) Valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability. Level 3: Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Unobservable inputs reflect our estimates of the assumptions that market participants would use in valuing the assets and liabilities. We estimate the fair value of our investments using the closing prices on the last business day of the reporting period, obtained from active markets such as the NYSE, Nasdaq, and NYSE MKT. For securities for which quoted prices in active markets are unavailable, we use a third-party pricing service that utilizes quoted prices in active markets for similar instruments, benchmark interest rates, broker quotes and other relevant inputs to estimate the fair value of those securities for which quoted prices are unavailable. Our estimates of fair value reflect the interest rate environment that existed as of the close of business on December 31, 2017 and 2016 . Changes in interest rates subsequent to December 31, 2017 may affect the fair value of our investments. The fair value for our fixed-maturities is initially calculated by a third-party pricing service. Valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources, and through the use of proprietary models, produce valuation information in the form of a single fair value for individual fixed income and other securities for which a fair value has been requested. The inputs used by the valuation service providers include, but are not limited to, market prices from recently completed transactions and transactions of comparable securities, interest rate yield curves, credit spreads, liquidity spreads, currency rates, and other information, as applicable. Credit and liquidity spreads are typically implied from completed transactions and transactions of comparable securities. Valuation service providers also use proprietary discounted cash flow models that are widely accepted in the financial services industry and similar to those used by other market participants to value the same financial information. The valuation models take into account, among other things, market observable information as of the measurement date, as described above, as well as the specific attributes of the security being valued including its term, interest rate, credit rating, industry sector, and where applicable, collateral quality and other issue or issuer specific information. Executing valuation models effectively requires seasoned professional judgment and experience. For our Level 3 assets, our internal pricing methods are primarily based on models using discounted cash flow methodologies that determine a single best estimate of fair value for individual financial instruments. In addition, our models use a discount rate and internally assigned credit ratings as inputs (which are generally consistent with any external ratings) and those we use to report our holdings by credit rating. Market related inputs used in these fair values, which we believe are representative of inputs other market participants would use to determine fair value of the same instruments include: interest rate yield curves, quoted market prices of comparable securities, credit spreads, and other applicable market data. As a result of the significance of non-market observable inputs, including internally assigned credit ratings as described above, judgment is required in developing these fair values. The fair value of these financial assets may differ from the amount actually received if we were to sell the asset. Moreover, the use of different valuation assumptions may have a material effect on the fair values on the financial assets. Any change in the estimated fair value of our securities would impact the amount of unrealized gain or loss we have recorded, which could change the amount we have recorded for our investments and other comprehensive income on our Consolidated Balance Sheets. The carrying amounts for the following financial instrument categories approximate their fair values at December 31, 2017 and 2016 because of their short-term nature: cash and cash equivalents, accrued investment income, premiums receivable, reinsurance recoverable, reinsurance payable, other assets, and other liabilities. The carrying amount of the notes payable to the Florida State Board of Administration, the Branch Banking & Trust Corporation (BB&T), and our $150,000,000 senior notes payable approximate fair value as the interest rates are variable. The following table presents the fair value of our financial instruments measured on a recurring basis by level at December 31, 2017 and December 31, 2016 : December 31, 2017 Total Level 1 Level 2 Level 3 U.S. government and agency securities $ 235,891 $ — $ 235,891 $ — Foreign governments 2,036 — 2,036 — States, municipalities and political subdivisions 201,512 — 201,512 — Public utilities 20,257 — 20,257 — Corporate securities 287,562 — 287,562 — Asset backed securities 14,905 — 14,905 — Redeemable preferred stocks 692 692 — — Total fixed maturities 762,855 692 762,163 — Mutual Funds 31,924 31,924 — — Public utilities 1,702 1,702 — — Other common stocks 27,902 27,902 — — Nonredeemable preferred stocks 1,767 1,767 — — Total equity securities 63,295 63,295 — — Other investments 8,381 300 7,447 634 Total recurring investments $ 834,531 $ 64,287 $ 769,610 $ 634 December 31, 2016 U.S. government and agency securities $ 149,952 $ — $ 149,952 $ — Foreign governments 2,061 — 2,061 — States, municipalities and political subdivisions 169,112 — 169,112 — Public utilities 7,730 — 7,730 — Corporate securities 164,536 — 164,536 — Redeemable preferred stocks 1,125 1,125 — — Total fixed maturities 494,516 1,125 493,391 — Public utilities 1,507 1,507 — — Other common stocks 24,048 24,048 — — Nonredeemable preferred stocks 2,843 2,843 — — Total equity securities 28,398 28,398 — — Other investments 5,733 300 3,735 1,698 Total recurring investments $ 528,647 $ 29,823 $ 497,126 $ 1,698 Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis; this is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table presents the fair value of our financial instruments measured on a non-recurring basis by level at December 31, 2017 : December 31, 2017 Total Level 1 Level 2 Level 3 Portfolio loans $ 20,000 $ — $ 20,000 $ — The table below presents the rollforward of our Level 3 investments held at fair value during the year ended December 31, 2017 : Other Investments December 31, 2016 $ 1,698 Transfers in — Transfer out (990 ) Partnership income 42 Return of capital (200 ) Unrealized gains in accumulated other comprehensive income 84 December 31, 2017 $ 634 We are responsible for the determination of fair value and the supporting assumptions and methodologies. We gain assurance on the overall reasonableness and consistent application of valuation methodologies and inputs and compliance with accounting standards through the execution of various processes and controls designed to provide assurance that our assets and liabilities are appropriately valued. For fair values received from third parties, our processes are designed to provide assurance that the valuation methodologies and inputs are appropriate and consistently applied, the assumptions are reasonable and consistent with the objective of determining fair value, and the fair values are accurately recorded. At the end of each quarter, we determine whether we need to transfer the fair values of any securities between levels of the fair value hierarchy and, if so, we report the transfer as of the end of the quarter. During 2017 , we transferred one investment from a Level 3 to a Level 2 investment, due to changes in the availability of market observable inputs. We used unobservable inputs to derive our estimated fair value for Level 3 investments and the unobservable inputs are significant to the overall fair value measurement. For our investments in U.S. government securities that do not have prices in active markets, agency securities, state and municipal governments, and corporate bonds, we obtain the fair values from our investment custodians which use a third-party valuation service. The valuation service calculates prices for our investments in the aforementioned security types on a month-end basis by using several matrix-pricing methodologies that incorporate inputs from various sources. The model the valuation service uses to price U.S. government securities and securities of states and municipalities incorporates inputs from active market makers and inter-dealer brokers. To price corporate bonds and agency securities, the valuation service calculates non-call yield spreads on all issuers, uses option-adjusted yield spreads to account for any early redemption features, then adds final spreads to the U.S. Treasury curve at 3 p.m. (ET) as of quarter end. Since the inputs the valuation service uses in their calculations are not quoted prices in active markets, but are observable inputs, they represent Level 2 inputs. Other investments We acquired investments in limited partnerships, recorded in the other investments line of our Consolidated Balance Sheets, that are currently being accounted for at fair value utilizing a discounted cash flow methodology. The estimated fair value of our investments in the limited partnership interests was $8,081,000 . We have fully funded two investments and are still obligated to fund an additional $1,365,000 for the remaining three investments. The information presented in the table below is as of December 31, 2017 . Book Value Unrealized Gain Unrealized Loss Fair Value Limited partnership investments $ 7,757 $ 324 $ — $ 8,081 Certificates of deposit 300 — — 300 Total other investments $ 8,057 $ 324 $ — $ 8,381 The following table summarizes the quantitative impact that the significant unobservable inputs used to estimate the fair value of our Level 3 investments has on the estimated fair value of our investments shown in the tables above. Those limited partnership investments being carried at cost are excluded from the table below. Our investment in DCR Mortgage Partners VI, L.P. (DCR VI) was valued using a duration of 60 months for both periods presented below. Our investment in RCH Mortgage Fund VI Investors, L.P. was valued using a duration of 60 months when held at December 31, 2016 . Fair Value Valuation Rate Impact Technique Unobservable Input Adjustment December 31, 2017 DCR VI $ (37 ) Discounted cash flow Discount rate based on D&B paydex scale 2.35% December 31, 2016 DCR VI $ (56 ) Discounted cash flow Discount rate based on D&B paydex scale 2.35% RCH $ (341 ) Discounted cash flow Discount rate based on D&B paydex scale 7.35% Portfolio Loans At December 31, 2017, we held commercial portfolio loans of $20,000,000 . We believe that making sound loans is a necessary and desirable means of employing funds available for investment. Recognizing our obligation to our stockholders, management is expected to seek to develop and make sound, profitable loans that resources permit and that opportunity affords. These are short-term collateralized loans (less than one year), which we expect to be repaid primarily from cash flows of the borrowers. We have not calculated an allowance for a loan loss at December 31, 2017. The allowance would represent an estimate of the amount of probable losses believed to be inherent in our portfolio. Due to the short-term nature of the loans, the projects being substantially complete and the fact that all loans are current with respect to their scheduled payments, we determined that an allowance for loan losses was not necessary, and therefore the related disclosures on the allowance for loan losses and past due loans have been omitted. We expect our loans to be repaid in full upon completion of the projects in March 2018. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions [Abstract] | |
Business Combination Disclosure | ACQUISITIONS We account for business acquisitions in accordance with the acquisition method of accounting, which requires, among other things, that most assets acquired, liabilities assumed, and earn-out consideration be recognized at their fair values as of the acquisition date. Measurement period adjustments to provisional purchase price allocations are recognized in the period in which they are determined as if the accounting had been competed on the acquisition date. AmCo Holding Company On April 3, 2017, the Company completed its acquisition of AmCo. The transaction was completed through a series of mergers that ultimately resulted in the Company issuing 20,956,355 shares of its common stock as merger consideration to the equity holders of RDX Holding, LLC, the former parent company of AmCo. As a result of the mergers, AmCo merged with and into a wholly-owned subsidiary of the Company. The acquisition of AmCo supported the Company's growth strategy and further strengthened the Company's overall position in the commercial property and casualty insurance market. Goodwill recorded in the transaction, which reflected the synergies expected from the acquisition and enhanced reinsurance opportunities, is not tax deductible. For the year ended December 31, 2017, AmCo recorded $134,386,000 of revenues and $12,579,000 of pre-tax net income. These amounts are included in our results of operations for the year ended December 31, 2017. The operations of AmCo are included in our Consolidated Statements of Comprehensive Income effective April 3, 2017. We have one year from the acquisition date to finalize the allocation of the purchase price of AmCo and its subsidiaries. The final purchase price allocation was as follows: Cash and cash equivalents $ 95,284 Investments 222,920 Premium and agents’ receivable 31,439 Reinsurance recoverable 20,230 Prepaid reinsurance premiums 22,544 Intangible assets 30,286 Insurance contract asset 33,812 Goodwill 59,475 Other assets 4,591 Unpaid losses and loss adjustment expenses (60,529 ) Unearned premiums (128,824 ) Reinsurance payable (22,406 ) Deferred taxes (17,093 ) Other liabilities (6,261 ) Total purchase price $ 285,468 The unaudited pro forma financial information below has been prepared as if the AmCo merger had taken place on January 1, 2016. The unaudited pro forma financial information is not necessarily indicative of the results that we would have achieved had the transaction taken place on January 1, 2016, and the unaudited pro forma information does not purport to be indicative of future financial operating results. Year Ended December 31, 2017 2016 As Pro Forma As Pro Forma Reported Adjustments Pro Forma Reported Adjustments Pro Forma Revenues $ 654,420 $ 38,096 $ 692,516 $ 487,117 $ 175,032 $ 662,149 Net income (loss) $ 10,145 $ 6,712 $ 16,857 $ 5,698 $ 31,960 $ 37,658 Diluted earnings per share $ 0.27 $ — $ 0.39 $ 0.26 $ — $ 0.88 As of April 3, 2017, the fair value of AmCo’s premium and agents’ receivables and reinsurance recoverables were $31,439,000 and $20,230,000 , respectively. The cash flows not expected to be collected of these acquired receivables were not material. In connection with the acquisition, we paid an investment advisory fee of $7,000,000 . This amount was included in general and administrative expenses on the Company’s Consolidated Statements of Operations during the year ended December 31, 2017. Interboro Insurance Company On April 29, 2016, we completed the acquisition of IIC. The purchase price for IIC consisted of $48,450,000 in cash, $8,550,000 in a note payable that matured during October 2017 and an accrued liability for $3,471,000 paid during July 2016. The acquisition of IIC supported the Company's growth strategy and further strengthened the Company's overall position in the property and casualty insurance market in the state of New York. For the year ended December 31, 2016, IIC recorded $28,573,000 of revenues and $14,202,000 of pre-tax net income. These amounts are included in our results of operations for the year ended December 31, 2016. The operations of IIC are included in our Consolidated Statements of Comprehensive Income effective April 29, 2016. The final purchase price allocation is as follows: Cash and cash equivalents $ 15,554 Investments 66,527 Premium and agents’ receivable 3,186 Reinsurance receivable 1,042 Intangible assets 5,877 Insurance contract asset 8,334 Goodwill 10,157 Other assets 3,980 Deferred taxes 575 Unpaid losses and loss adjustment expenses (24,967 ) Unearned premiums (26,243 ) Advanced premiums (1,472 ) Other liabilities (2,079 ) Total purchase price $ 60,471 The unaudited pro forma financial information for 2016 has been prepared as if the IIC acquisition had taken place on January 1, 2016. The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transaction taken place on January 1, 2016, and the unaudited pro forma information does not purport to be indicative of future financial operating results. For the Year Ended December 31, 2016 As Pro Forma Reported Adjustments (1) Pro Forma Revenues $ 487,117 $ 18,963 $ 506,080 Net income $ 5,698 $ 8,187 $ 13,885 Diluted earnings per share $ 0.26 $ 0.38 $ 0.64 (1) Adjustments are for the period from January 1, 2016 through April 29, 2016. As of April 26, 2016, the fair value of IIC’s premium and agents’ receivables and reinsurance receivables were $3,186,000 and $1,042,000 , respectively. The cash flows not expected to be collected of these acquired receivables were not material. In connection with the acquisition, we paid an investment advisory fee of $224,000 . This amount was included in general and administrative expenses on the Company’s Consolidated Statements of Operations during the year ended December 31, 2016. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share (EPS) is based on the weighted average number of shares of common stock outstanding for the period, excluding any dilutive common stock equivalents. Diluted EPS reflects the potential dilution resulting from vesting of restricted stock awards. The following table shows the computation of basic and diluted EPS for the years ended December 31, 2017 , 2016 and 2015 : Year Ended December 31, 2017 2016 2015 Numerator: Net income (loss) attributable to common stockholders $ 10,145 $ 5,698 $ 27,358 Denominator: Weighted-average shares outstanding 37,152,768 21,417,486 21,218,233 Effect of dilutive securities 222,572 196,957 234,307 Weighted-average diluted shares 37,375,340 21,614,443 21,452,540 Basic earnings per share $ 0.27 $ 0.27 $ 1.29 Diluted earnings per share $ 0.27 $ 0.26 $ 1.28 See Note 20 for additional information on the stock grants related to dilutive securities. |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Policy Acquisition Costs Disclosures [Abstract] | |
Deferred Policy Acquisition Costs | DEFERRED POLICY ACQUISITION COSTS We anticipate that our deferred policy acquisition costs will be fully recoverable in the near term. The table below depicts the activity with regard to deferred policy acquisition costs: 2017 2016 Balance at January 1 $ 65,473 $ 46,732 Policy acquisition costs deferred 210,324 134,588 Amortization (171,915 ) (115,847 ) Balance at December 31 $ 103,882 $ 65,473 |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: Year Ended December 31, 2017 2016 Land $ 2,114 $ 2,114 Building and building improvements 5,695 5,502 Computer hardware and software 18,985 14,699 Office furniture and equipment 3,413 2,652 Total, at cost 30,207 24,967 Less: accumulated depreciation and amortization (12,916 ) (7,107 ) Property and equipment, net $ 17,291 $ 17,860 Depreciation and amortization expense under property and equipment was $5,806,000 , $2,424,000 and $1,803,000 , respectively, for the years ended December 31, 2017 , 2016 and 2015 . During the year ended December 31, 2017, we incurred non-cash capitalized software impairment charges as a result of our decision to discontinue one of our software development projects. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill for the years ended December 31, 2017 and 2016 are as follows: December 31, 2017 2016 Balance at beginning of period $ 14,254 $ 3,413 Acquisitions 59,475 10,841 Adjustment to finalize purchase price allocation (684 ) — Impairment — — Balance at end of period $ 73,045 $ 14,254 We completed our most recent goodwill impairment testing during the fourth quarter of 2017 and determined that there was no impairment in the value of our assets as of December 31, 2017 . No impairment loss in the value of goodwill was recognized during the years ended December 31, 2017 and 2016 . Additionally, there was no accumulated impairment related to goodwill at December 31, 2017 or 2016 . Intangible Assets The following is a summary of intangible assets excluding goodwill recorded as other assets at December 31, 2017 and December 31, 2016 : December 31, 2017 December 31, 2016 Intangible assets subject to amortization $ 41,715 $ 9,064 Indefinite-lived intangible assets (1) 3,556 3,307 Total $ 45,271 $ 12,371 (1) Indefinite-lived intangible assets are comprised of state insurance and agent licenses, as well as perpetual software licenses. Intangible assets subject to amortization consisted of the following: Weighted-average remaining amortization period (in years) Gross carrying amount Accumulated amortization Net carrying amount 2017 Amortizing intangible assets Value of Business Acquired 0.3 $ 42,788 $ (34,335 ) $ 8,453 Agency agreements acquired 8.0 34,661 (6,669 ) 27,992 Trade names acquired 6.0 6,381 (1,111 ) 5,270 Total $ 83,830 $ (42,115 ) $ 41,715 2016 Amortizing intangible assets Value of Business Acquired 0.3 $ 8,975 $ (7,867 ) $ 1,108 Agency agreements acquired 3.8 10,284 (2,784 ) 7,500 Trade names acquired 2.1 720 (264 ) 456 Total $ 19,979 $ (10,915 ) $ 9,064 No impairment in the value of amortizing or non-amortizing intangible assets was recognized during the years ended December 31, 2017 and 2016 . Amortization expense of our intangible assets was $31,200,000 , $10,910,000 and $3,090,000 for the years ended December 31, 2017 , 2016 and 2015 , respectively. The large increase in amortization expense in 2017 was primarily due to the amortization of intangible assets and Value of Business Acquired acquired as part of the AmCo acquisition. Estimated amortization expense to be recognized by the Company over the next five years is as follows: Year ending December 31, Estimated Amortization Expense 2018 $ 13,920 2019 5,355 2020 4,267 2021 3,555 2022 3,246 |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2017 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | REINSURANCE Our reinsurance program is designed, utilizing our risk management methodology, to address our exposure to catastrophes. According to the Insurance Service Office (ISO), a catastrophe loss is defined as a single unpredictable incident or series of closely related incidents that result in $25,000,000 or more in U.S. industry-wide direct insured losses to property and that affect a significant number of policyholders and insurers (ISO catastrophes). In addition to ISO catastrophes, we also include as catastrophes those events (non-ISO catastrophes), which may include losses, that we believe are, or will be, material to our operations, either in amount or in number of claims made. Our program provides reinsurance protection for catastrophes including hurricanes, tropical storms, and tornadoes. These reinsurance agreements are part of our catastrophe management strategy, which is intended to provide our stockholders an acceptable return on the risks assumed in our property business, and to reduce variability of earnings, while providing protection to our policyholders. Effective June 1, 2017, UPC Insurance, through our wholly-owned insurance subsidiaries UPC, ACIC, FSIC and IIC, entered into reinsurance agreements with several private reinsurers and with the Florida State Board of Administration (SBA), which administers the Florida Hurricane Catastrophe Fund (FHCF). These agreements provide coverage for catastrophe losses from named or numbered windstorms and earthquakes in all states UPC Insurance operates except for the FHCF agreement, which only provides coverage in Florida against storms that the National Hurricane Center designates as hurricanes. Highlights of the coverage embedded in these contracts include: • More frequency and severity protection than in any prior year, with an overall program exhaustion point of $2,747,500,000 ; ◦ Sufficient coverage for a single 1-in-400-year event (AIR Touchstone v3.1 Standard Event Set); ◦ Sufficient coverage for a 1-in-100-year event followed by a 1-in-50-year event in the same season; • Group retention of $55,000,000 for a first event and $30,000,000 for a second and subsequent events including a $5,000,000 retention related to our captive reinsurer BlueLine Cayman Holding, which represents approximately 11% of group equity for a first event, lower than in any prior year for UPC Insurance; • Realized cost synergies by placing a combined program with AmCo that surpassed our previously stated goal of $20,000,000 annually; • Coverage from 43 reinsurers with 70% of the open market limit placed on a fully collateralized basis to mitigate credit risk, with carriers providing uncollateralized limit have minimum A.M. Best financial strength ratings of A-; • Approximately $87,500,000 of multi-year limit; and • Coverage expanded to include the entire life of a hurricane in lieu of an hours clause. For the FHCF reimbursement contracts effective June 1, 2017, UPC Insurance has elected a 45% coverage for all its insurance subsidiaries with Florida exposure. We estimate the mandatory FHCF layer will provide approximately $789,000,000 of aggregate coverage with varying retentions and limits among the three FHCF contracts that all inure to the benefit of the open market coverage secured from private reinsurers. The $1,928,000,000 of aggregate open market catastrophe reinsurance coverage is structured into multiple layers with a cascading feature that all layers drop down as layers below them are exhausted. Any remaining unused layer protection drops down for subsequent events until exhausted, ensuring there are no potential gaps in coverage up to the $2,747,500,000 program exhaustion point. UPC Insurance renewed our quota share reinsurance agreement (the “quota share agreement”) and our aggregate excess of loss reinsurance agreement (the “aggregate excess of loss agreement”) with private reinsurers. These agreements provide coverage for in-force, new and renewal business. The quota share agreement provides coverage only for UPC, while the aggregate excess of loss agreement provides coverage for UPC, ACIC, IIC, and FSIC. These new reinsurance programs are designed to work in conjunction with our catastrophe excess of loss reinsurance program to provide the Company broad risk transfer protection and to lessen financial volatility. Effective December 31, 2017, UPC Insurance, through our wholly-owned insurance subsidiary UPC, replaced our 15% quota share agreement that expired on November 30, 2017 and our 5% quota share agreement that was set to renew on December 1, 2017 with the quota share agreement with private reinsurers. The quota share agreement has a term of 12 months and a cession rate of 20% for all subject business. The quota share agreement provides coverage for all catastrophe perils and attritional losses. For all catastrophe perils, the quota share agreement provides ground-up protection effectively reducing our retention for catastrophe losses. Quota share reinsurers’ participation in paying attritional losses is subject to an attritional loss ratio cap. Effective January 1, 2018, UPC Insurance, through its wholly-owned insurance subsidiaries UPC, ACIC, IIC and FSIC, renewed the aggregate excess of loss agreement with a private reinsurer. The treaty provides coverage for all catastrophe perils other than hurricanes, tropical storms, tropical depressions and earthquakes. Under this agreement, we will retain, in the aggregate, 100% of those losses up to 4.75% of the covered companies’ gross earned premium. The reinsurer will then be liable for all losses in excess of 4.75% of the covered companies’ gross earned premium in the aggregate not to exceed $20,000,000 over the term of the treaty. Recoveries under this treaty will be calculated quarterly based on the cumulative gross earned premium. We amortize our prepaid reinsurance premiums over the annual agreement period, and we record that amortization in ceded premiums earned on our Consolidated Statements of Comprehensive Income. The table below summarizes the amounts of our ceded premiums written under the various types of agreements, as well as the amortization of prepaid reinsurance premiums: Year Ended 2017 2016 2015 Excess-of-loss $ (419,668 ) $ (235,236 ) $ (163,106 ) Equipment & identity theft (9,576 ) (8,313 ) (6,169 ) Novation of Auto Policies (1) — (2,396 ) — Flood (18,085 ) (16,395 ) (14,533 ) Ceded premiums written $ (447,329 ) $ (262,340 ) $ (183,808 ) Increase in ceded unearned premiums 46,796 52,442 15,551 Ceded premiums earned $ (400,533 ) $ (209,898 ) $ (168,257 ) (1) Reflects ceding of auto policy premiums to Maidstone Insurance Company as part of the settlement of the novation agreement entered into at the closing of the IIC transaction. Current year catastrophe losses by the event magnitude are shown in the following table. Number of Events Incurred Loss and Loss adjustment expense (LAE) (1) Combined Ratio Impact December 31, 2017 Current period catastrophe losses incurred Named and numbered storms 6 $ 84,226 14.4 % All other catastrophe loss events 16 32,198 5.5 % Total 22 $ 116,424 19.9 % December 31, 2016 Current period catastrophe losses incurred Named and numbered storms 4 $ 33,817 7.4 % All other catastrophe loss events 15 22,025 4.8 % Total 19 $ 55,842 12.2 % December 31, 2015 Current period catastrophe losses incurred Named and numbered storms 2 $ 1,167 0.3 % All other catastrophe loss events 12 27,398 8.2 % Total 14 $ 28,565 8.5 % (1) Incurred loss and LAE is equal to losses and LAE paid plus the change in case and incurred but not reported reserves. Shown net of losses ceded to reinsurers. Incurred loss and LAE and number of events includes the current year development on storms during the year in which it occurred. Reinsurance recoverable at the balance sheet dates consists of the following: December 31, 2017 2016 Reinsurance recoverable on unpaid losses and LAE $ 305,673 $ 18,724 Reinsurance recoverable on paid losses and LAE 90,101 5,304 Reinsurance recoverable $ 395,774 $ 24,028 During the years ended December 31, 2017 and December 31, 2016 , we realized recoveries under our reinsurance agreements totaling $186,104,000 and $18,412,000 , respectively. These recoveries were primarily related to losses from Hurricane Irma and Hurricane Harvey in 2017 and to Hurricane Matthew, Hurricane Hermine, Winter Storm Olympia, Tropical Storm Colin, tornadoes, thunderstorms, hail storms, and flooding in 2016. We write flood insurance under an agreement with the National Flood Insurance Program. We cede 100% of the premiums written and the related risk of loss to the federal government. We earn commissions for the issuance of flood policies based upon a fixed percentage of net written premiums and the processing of flood claims based upon a fixed percentage of incurred losses, and we can earn additional commissions by meeting certain growth targets for the number of in-force policies. We recognized commission revenue from our flood program of $1,255,000 , $1,056,000 , and $959,000 for the years ended December 31, 2017 , 2016 , and 2015 , respectively. The following table depicts written premiums, earned premiums and losses, showing the effects that our reinsurance transactions have on these components of our Consolidated Statements of Comprehensive Income: Year ended December 31, 2017 2016 2015 Premium written: Direct $ 989,525 $ 708,252 $ 548,916 Assumed 51,323 (96 ) 20,820 Ceded (447,329 ) (262,340 ) (183,808 ) Net premium written $ 593,519 $ 445,816 $ 385,928 Change in unearned premiums: Direct $ (49,386 ) $ (57,759 ) $ (65,300 ) Assumed (5,439 ) 16,432 (221 ) Ceded 46,796 52,442 15,551 Net decrease (increase) $ (8,029 ) $ 11,115 $ (49,970 ) Premiums earned: Direct $ 940,139 $ 650,493 $ 483,616 Assumed 45,884 16,336 20,599 Ceded (400,533 ) (209,898 ) (168,257 ) Net premiums earned $ 585,490 $ 456,931 $ 335,958 Losses and LAE incurred: Direct $ 863,928 $ 335,542 $ 188,270 Assumed 60,836 3,747 7,861 Ceded (559,229 ) (40,936 ) (13,023 ) Net losses and LAE incurred $ 365,535 $ 298,353 $ 183,108 Ceded losses incurred increased by $518,293,000 during the year ended December 31, 2017 , compared to the year ended December 31, 2016 , primarily because we incurred more ceded losses in 2017 than in 2016 as a result of Hurricanes Harvey and Irma which occurred during 2017. A portion of the losses we incurred in 2017 , 2016 and 2015 exceeded our retained loss thresholds; therefore, we received reinsurance recoveries for losses that we incurred on these storms and expect to receive additional recoveries during 2018. The following table highlights the effects that our reinsurance transactions have on unpaid losses and loss adjustment expenses and unearned premiums in our Consolidated Balance Sheets: December 31, 2017 2016 2015 Unpaid losses and LAE: Direct $ 441,355 $ 138,345 $ 72,373 Assumed 40,877 2,510 4,419 Gross unpaid losses and LAE 482,232 140,855 76,792 Ceded (305,673 ) (18,724 ) (2,114 ) Net unpaid losses and LAE $ 176,559 $ 122,131 $ 74,678 Unearned premiums: Direct $ 528,419 $ 371,149 $ 287,148 Assumed 27,454 1,074 17,506 Gross unearned premiums 555,873 372,223 304,654 Ceded (201,904 ) (132,564 ) (79,400 ) Net unearned premiums $ 353,969 $ 239,659 $ 225,254 |
Liability for Unpaid Losses and
Liability for Unpaid Losses and Loss Adjustment Expense | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure | LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSE (LAE) We generally use the term loss(es) to collectively refer to both loss and LAE. We establish reserves for both reported and unreported unpaid losses that have occurred at or before the balance sheet date for amounts we estimate we will be required to pay in the future. Our policy is to establish these loss reserves after considering all information known to us at each reporting period. At any given point in time, our loss reserve represents our best estimate of the ultimate settlement and administration cost of our insured claims incurred and unpaid. Since the process of estimating loss reserves requires significant judgment due to a number of variables, such as fluctuations in inflation, judicial decisions, legislative changes and changes in claims handling procedures, our ultimate liability will likely differ from these estimates. We revise our reserve for unpaid losses as additional information becomes available, and reflect adjustments, if any, in our earnings in the periods in which we determine the adjustments are necessary. General Discussion of the Loss Reserving Process Reserves for unpaid losses fall into two categories: case reserves and reserves for claims incurred but not reported. • Case reserves - When a claim is exported, we establish an automatic minimum case reserve for that claim type that represents our initial estimate of the losses that will ultimately be paid on the reported claim. Our initial estimate for each claim is based upon averages of loss payments for our prior closed claims made for that claim type. Then, our claims personnel perform an evaluation of the type of claim involved, the circumstances surrounding each claim and the policy provisions relating to the loss and adjust the reserve as necessary. As claims mature, we increase or decrease the reserve estimates as deemed necessary by our claims department based upon additional information we receive regarding the loss, the results of on-site reviews and any other information we gather while reviewing the claims. • Reserves for losses incurred but not reported (IBNR reserves) - Our IBNR reserves include true IBNR reserves plus “bulk” reserves. Bulk reserves represent additional amounts that cannot be allocated to particular claims, but which are necessary to estimate ultimate losses on reported and unreported claims. We estimate our IBNR reserves by projecting the ultimate losses using the methods discussed below and then deducting actual loss payments and case reserves from the projected ultimate losses. We review and adjust our IBNR reserves on a quarterly basis based on information available to us at the balance sheet date. When we establish our reserves, we analyze various factors such as our historical loss experience and that of the insurance industry, claims frequency and severity, our business mix, our claims processing procedures, legislative enactments, judicial decisions and legal developments in imposition of damages, and general economic conditions, including inflation. A change in any of these factors from the assumptions implicit in our estimates will cause our ultimate loss experience to be better or worse than indicated by our reserves, and the difference could be material. Due to the interaction of the aforementioned factors, there is no precise method for evaluating the impact of any one specific factor in isolation, and an element of judgment is ultimately required. Due to the uncertain nature of any projection of the future, the ultimate amount we will pay for losses will be different from the reserves we record. However, in our judgment, we employ techniques and assumptions that are appropriate, and the resulting reserve estimates are reasonable, given the information available at the balance sheet date. We determine our ultimate losses by using multiple actuarial methods to determine an actuarial estimate within a relevant range of indications that we calculate using generally accepted actuarial techniques. Our selection of the actuarial estimate is influenced by the analysis of our historical loss and claim experience. For each accident year, we estimate the ultimate incurred losses for both reported and unreported claims. In establishing this estimate, we review the results of various actuarial methods discussed below. Estimation of the Reserves for Unpaid Losses and Allocated LAE We calculate our estimate of ultimate losses by using the following actuarial methods. We separately calculate the methods using paid loss data and incurred loss data. In the versions of these methods based on incurred loss data, the incurred losses are defined as paid losses plus case reserves. For this discussion of our loss reserving process, the word “segment” refers to a subgrouping of our claims data, such as by geographic area and/or by particular line of business; it does not refer to operating segments. • Incurred Development Method - The incurred development method is based upon the assumption that the relative change in a given year’s incurred loss estimates from one evaluation point to the next is similar to the relative change in prior years’ reported loss estimates at similar evaluation points. In utilizing this method, actual annual historical incurred loss data is evaluated. Successive years can be arranged to form a triangle of data. Loss development factors (LDFs) are calculated to measure the change in cumulative incurred costs from one evaluation point to the next. These historical LDFs and comparable industry benchmark factors form the basis for selecting the LDFs used in projecting the current valuation of losses to an ultimate basis. This method’s implicit assumption is that the relative adequacy of case reserves has been consistent over time, and that there have been no material changes in the rate at which claims have been reported. The paid development method is similar to the incurred development method. While the paid development method has the disadvantage of not recognizing the information by current case reserves, it has the advantage of avoiding potential distortions in the data due to changes in case reserving methodology. The paid development method’s implicit assumption is that the rate of payment of claims has been relatively consistent over time. • Expected Loss Method - In the expected loss method, ultimate loss projections are based upon some prior measure of the anticipated losses, usually relative to some measure of exposure (e.g., earned house years). An expected loss cost is applied to the measure of exposure to determine estimated ultimate losses for each year. Actual losses are not considered in this calculation. This method has the advantage of stability over time, because the ultimate loss estimates do not change unless the exposures or loss costs change. However, this advantage of stability is offset by a lack of responsiveness, since this method does not consider actual loss experience as it emerges. This method is based on the assumption that the loss cost per unit of exposure is a good indication of ultimate losses. It can be entirely dependent on pricing assumptions (e.g., historical experience adjusted for loss trend). • Bornhuetter-Ferguson Method - The incurred Bornhuetter-Ferguson (B-F) method is essentially a blend of two other methods. The first method is the loss development method whereby actual incurred losses are multiplied by an expected LDF. For slow reporting coverages, the loss development method can lead to erratic and unreliable projections because a relatively small swing in early reporting can result in a large swing in ultimate projections. The second method is the expected loss method whereby the IBNR estimate equals the difference between a predetermined estimate of expected losses and actual incurred losses. The incurred B-F method combines these two methods by setting ultimate losses equal to actual incurred losses plus expected unreported losses. As an experience year matures and expected unreported losses become smaller, the initial expected loss assumption becomes gradually less important. Two parameters are needed to apply the B-F method: the initial expected loss cost and the expected reporting pattern. This method is often used for long-tail lines and in situations where the incurred loss experience is relatively immature or lacks sufficient credibility for the application of other methods. The paid B-F method is analogous to the incurred B-F method using paid losses and development patterns in place of incurred losses and patterns. • Paid-to-Paid Development Method - In addition to the aforementioned methods, we also rely upon the paid-to-paid development method to project ultimate unallocated loss adjustment expense (ULAE). Ratios of paid ULAE to paid loss and allocated loss adjustment expense (ALAE) are compiled by calendar year and a paid-to-paid ratio selection is made. The selected ratio is applied to the estimated IBNR amounts and one half of this ratio is applied to case reserves. This method is derived from rule of thumb that half of ULAE is incurred when a claim is opened and the other half is incurred over the remaining life of the claim. Reliance and Selection of Methods The various methods we use have strengths and weaknesses that depend upon the circumstances of the segment and the age of the claims experience we analyze. The nature of our book of business allows us to place substantial, but not exclusive, reliance on the loss development methods, and the selected LDFs, represent the most critical aspect of our loss reserving process. We use the same set of LDFs in the methods during our loss reserving process that we also use to calculate the premium necessary to pay expected ultimate losses. Reasonably-Likely Changes in Variables As previously noted, we evaluate several factors when exercising our judgment in the selection of the LDFs that ultimately drive the determination of our loss reserves. The process of establishing our reserves is complex and necessarily imprecise, as it involves using judgment that is affected by many variables. We believe a reasonably-likely change in almost any of these aforementioned factors could have an impact on our reported results, financial condition and liquidity. However, we do not believe any reasonably likely changes in the frequency or severity of claims would have a material impact on us. On an annual basis, our consulting actuary issues a statement of actuarial opinion that documents the actuary’s evaluation of the adequacy of our unpaid loss obligations under the terms of our policies. We review the analysis underlying the actuary’s opinion and compare the projected ultimate losses per the actuary’s analysis to our own projection of ultimate losses to ensure that our reserve for unpaid losses recorded at each annual balance sheet date is based upon our analysis of all internal and external factors related to known and unknown claims against us and to ensure our reserve is within guidelines promulgated by the National Association of Insurance Commissioners (NAIC). We maintain an in-house claims staff that monitors and directs all aspects of our claims process. We assign the fieldwork to our wholly-owned claims subsidiary, or to third-party claims adjusting companies, none of whom have the authority to settle or pay any claims on our behalf. The third-party claims adjusting companies conduct inspection of the damaged property and prepare initial estimates. We review the inspection reports and initial estimates to determine the amounts to be paid to the policyholder in accordance with the terms and conditions of the policy in effect at the time that the policyholder incurs the loss. We maintain strategic relationships with multiple claims adjusting companies that we can engage should we need additional non-catastrophe claims servicing capacity. We believe the combination of our internal resources and relationships with external claims servicing companies provide an adequate level of claims servicing in the event catastrophes affect our policyholders. The following is information about incurred claims development and paid claims development as of December 31, 2017 , net of reinsurance, as well as cumulative claim frequency and the total of IBNR liability plus expected development on reported claims included within the net incurred claims amounts. The incurred claims development and paid claims development data reflect the acquisitions of FSIC, IIC, and AmCo in February 2015, April 2016, and April 2017, respectively, on a retrospective basis (includes FSIC, IIC and AmCo data for years prior to our acquisition of the insurance affiliates). The information about incurred claims development and paid claims development for the years ended December 31, 2008 to 2015 is presented as supplementary information. Personal Homeowners’ Insurance $ In thousands (except number of reported claims) Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims For the Years Ended December 31, Unaudited Audited Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 $ 30,073 $ 28,126 $ 27,174 $ 27,161 $ 27,358 $ 27,597 $ 27,564 $ 27,468 $ 27,453 $ 27,463 $ — 3,220 2009 — 46,952 46,089 45,515 45,583 45,316 45,116 44,959 44,996 44,617 40 4,150 2010 — — 51,144 51,292 51,862 52,239 51,685 51,841 51,674 51,836 4 5,090 2011 — — — 53,878 56,840 57,670 58,047 59,517 60,215 60,288 (47 ) 6,217 2012 — — — — 65,112 69,438 68,923 68,388 69,000 69,064 18 11,025 2013 — — — — — 98,461 94,755 93,041 92,702 92,792 385 8,331 2014 — — — — — — 130,090 130,488 131,402 132,096 1,427 12,750 2015 — — — — — — — 181,609 195,902 195,864 3,359 18,914 2016 — — — — — — — — 249,276 250,774 10,112 29,705 2017 — — — — — — — — — 208,537 44,937 55,410 Total $ 1,133,331 Accident Year Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Unaudited Audited 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 $ 17,915 $ 23,806 $ 25,264 $ 26,360 $ 27,044 $ 27,358 $ 27,390 $ 27,445 $ 27,451 $ 27,461 2009 — 31,525 41,134 43,149 44,114 44,413 44,737 44,898 44,966 44,577 2010 — — 32,993 43,932 46,711 49,256 50,215 50,704 51,163 51,435 2011 — — — 36,419 48,558 52,412 55,532 58,069 59,461 59,806 2012 — — — — 42,699 60,640 64,675 66,739 68,337 68,655 2013 — — — — — 63,732 85,346 89,068 90,627 91,789 2014 — — — — — — 88,375 119,612 125,951 129,636 2015 — — — — — — — 123,888 174,993 188,199 2016 — — — — — — — — 170,527 232,266 2017 — — — — — — — — — 138,112 Total $ 1,031,936 All outstanding liabilities before 2008, net of reinsurance 149 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 101,544 The following is supplementary information about average historical claims duration as of December 31, 2017 . Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Unaudited Years 1 2 3 4 5 6 7 8 9 10 65.2 % 22.8 % 5.1 % 3.4 % 2.1 % 1.1 % 0.5 % 0.3 % (0.4 )% — % Commercial Residential Insurance $ In thousands (except number of reported claims) Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims For the Years Ended December 31, Unaudited Audited Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 $ 12,428 $ 3,844 $ 1,939 $ 2,137 $ 2,051 $ 2,045 $ 1,906 $ 1,905 $ 1,902 $ 1,899 $ — 261 2009 — 11,323 5,233 4,054 3,853 4,182 3,459 3,490 3,489 3,486 — 383 2010 — — 12,134 5,603 5,374 5,489 4,291 4,160 4,112 4,112 — 580 2011 — — — 12,702 11,280 10,197 8,972 9,142 9,030 8,985 52 758 2012 — — — — 11,404 9,540 9,690 9,771 8,671 12,615 40 803 2013 — — — — — 8,359 6,420 11,826 8,382 7,573 319 742 2014 — — — — — — 15,845 15,752 16,311 16,816 1,762 681 2015 — — — — — — — 16,554 20,434 24,568 2,168 849 2016 — — — — — — — — 38,632 25,599 6,249 1,223 2017 — — — — — — — — — 76,910 12,074 3,949 Total $ 182,563 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Unaudited Audited Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 $ 700 $ 1,619 $ 1,678 $ 1,665 $ 1,897 $ 1,927 $ 1,902 $ 1,902 $ 1,900 $ 1,899 2009 — 1,639 3,616 3,410 3,415 3,920 3,446 3,471 3,485 3,484 2010 — — 1,968 3,127 3,461 3,966 3,909 3,909 4,112 4,112 2011 — — — 3,541 6,241 7,605 7,846 8,825 8,851 8,933 2012 — — — — 4,583 6,942 6,893 7,543 8,552 12,575 2013 — — — — — 2,958 5,127 5,317 7,248 7,254 2014 — — — — — — 6,379 9,452 13,212 14,420 2015 — — — — — — — 10,188 17,139 20,645 2016 — — — — — — — — 10,917 16,687 2017 — — — — — — — — — 42,744 Total $ 132,753 All outstanding liabilities before 2008, net of reinsurance — Liabilities for claims and claim adjustment expenses, net of reinsurance $ 49,810 The following is supplementary information about average historical claims duration as of December 31, 2017 . Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Unaudited Years 1 2 3 4 5 6 7 8 9 10 42.0 % 30.7 % 7.0 % 7.5 % 7.4 % 4.0 % 1.3 % 0.1 % (0.1 )% (0.1 )% Remaining Product Lines $ In thousands (except number of reported claims) Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims For the Years Ended December 31, Unaudited Audited Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 $ 13,504 $ 12,871 $ 12,324 $ 11,833 $ 11,877 $ 12,661 $ 12,761 $ 12,885 $ 12,884 $ 12,883 $ — 1,173 2009 — 10,610 10,135 10,093 10,026 9,902 9,844 9,837 10,009 10,007 — 1,097 2010 — — 9,911 11,042 10,733 11,126 11,020 11,105 11,072 11,072 — 1,161 2011 — — — 11,126 11,022 10,896 10,630 10,575 10,740 10,741 — 1,217 2012 — — — — 10,760 9,651 9,350 9,412 9,147 9,138 12 1,063 2013 — — — — — 6,657 5,817 5,401 5,736 5,857 16 554 2014 — — — — — — 9,073 7,927 8,016 7,956 54 687 2015 — — — — — — — 19,669 19,723 19,352 151 1,382 2016 — — — — — — — — 17,053 17,898 564 84 2017 — — — — — — — — — 46,892 3,455 13 Total $ 151,796 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Unaudited Audited Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 $ 6,169 $ 9,309 $ 10,647 $ 11,104 $ 11,404 $ 12,360 $ 12,403 $ 12,557 $ 12,884 $ 12,883 2009 — 4,807 7,507 8,470 9,062 9,471 9,570 9,688 10,009 10,007 2010 — — 4,346 8,128 9,036 10,182 10,242 10,327 11,073 11,072 2011 — — — 4,587 8,013 9,444 9,837 10,128 10,740 10,741 2012 — — — — 5,112 7,631 8,242 8,626 9,124 9,126 2013 — — — — — 2,925 4,496 4,811 5,566 5,626 2014 — — — — — — 4,008 6,237 7,868 7,898 2015 — — — — — — — 11,104 18,129 18,817 2016 — — — — — — — — 12,432 16,116 2017 — — — — — — — — — 37,127 Total $ 139,413 All outstanding liabilities before 2008, net of reinsurance 1 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 12,384 The following is supplementary information about average historical claims duration as of December 31, 2017 . Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Unaudited Years 1 2 3 4 5 6 7 8 9 10 51.0 % 25.8 % 6.9 % 5.9 % 2.7 % 3.0 % 2.1 % 1.5 % 1.3 % — % The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows. December 31, 2017 2016 Net outstanding liabilities Personal Homeowners’ Only $ 101,544 $ 109,320 Commercial Residential Only 49,810 566 All other lines of business 12,384 6,031 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance $ 163,738 $ 115,917 Reinsurance recoverable on unpaid claims Personal Homeowners’ Only $ 131,581 $ 14,223 Commercial Residential Only 165,313 — All other lines of business 8,779 4,501 Total reinsurance recoverable on unpaid claims $ 305,673 $ 18,724 Unallocated claims adjustment expenses 12,821 6,214 Total gross liability for unpaid claims and claims adjustment expense $ 482,232 $ 140,855 The table below shows the analysis of our reserve for unpaid losses for each of our last three fiscal years on a GAAP basis: 2017 2016 2015 Balance at January 1 $ 140,855 $ 76,792 $ 54,436 Less: reinsurance recoverable on unpaid losses 18,724 2,114 1,252 Net balance at January 1 $ 122,131 $ 74,678 $ 53,184 Acquired reserves, net of recoverables (1) 40,299 22,576 2,390 Incurred related to: Current year 368,148 281,365 185,476 Prior years (2,613 ) 16,988 (2,368 ) Total incurred $ 365,535 $ 298,353 $ 183,108 Paid related to: Current year 256,134 210,970 127,306 Prior years 95,272 62,506 36,698 Total paid $ 351,406 $ 273,476 $ 164,004 Net balance at December 31 $ 176,559 $ 122,131 $ 74,678 Plus: reinsurance recoverable on unpaid losses 305,673 18,724 2,114 Balance at December 31 $ 482,232 $ 140,855 $ 76,792 Composition of reserve for unpaid losses and LAE: Case reserves $ 236,253 $ 83,447 $ 45,502 IBNR reserves 245,979 57,408 31,290 Balance at December 31 $ 482,232 $ 140,855 $ 76,792 (1) Acquired reserves, net of recoverables for 2017, 2016, and 2015 relate to our merges with AmCo, IIC, and FSH, respectively. Based upon our internal analysis and our review of the statement of actuarial opinion provided by our actuarial consultants, we believe that the reserve for unpaid losses reasonably represents the amount necessary to pay all claims and related expenses which may arise from incidents that have occurred as of the balance sheet date. As reflected by our losses incurred related to prior years, the favorable development experienced in 2017 was primarily the result of losses related to the 2016 and 2015 accident years coming in better than expected and the favorable development in 2015 was primarily the result of losses related to the 2014 and 2013 accident years coming in better than expected. During 2016, we had a reserve deficiency. Since we place substantial reliance on loss-development-based actuarial models when determining our estimate of ultimate losses, the deficiencies resulted from additional development on prior accident years which caused our ultimate losses to increase. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-term Debt | LONG-TERM DEBT Long-Term Debt The table below presents all long-term debt outstanding as of December 31, 2017 and December 31, 2016 : Effective Interest Rate Carrying Value at Maturity December 31, 2017 December 31, 2016 $150M Senior Notes Payable December 15, 2027 6.25% $ 150,000 $ — Florida State Board of Administration Note Payable July 1, 2026 2.31% 10,000 11,176 BB&T Term Note Payable May 26, 2031 3.00% 4,651 4,998 $30M Senior Notes Payable December 5, 2026 7.26% — 30,000 Interboro, LLC Promissory Note Payable October 29, 2017 6.00% — 8,550 Total long-term debt $ 164,651 $ 54,724 At December 31, 2017, the annual maturities of our long-term debt were as follows: Amount 2018 $ 1,523 2019 1,523 2020 1,523 2021 1,523 2022 1,523 Thereafter 157,036 Total debt $ 164,651 $150M Senior Notes Payable On December 13, 2017, we issued $150,000,000 of senior notes that will mature in 10 years and bear interest at a rate equal to 6.25% per annum payable semi-annually on each June 15 and December 15, commencing June 15, 2018. The notes are senior unsecured obligations of the Company. We may redeem the notes at our option, at any time and from time to time in whole or in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon from the date of redemption to September 15, 2027. Thereafter, we may redeem the notes at par. $30M Senior Notes Payable On December 5, 2016, we issued $30,000,000 of senior notes to private investors pursuant to an Indenture dated as of December 5, 2016, by and between the Company and the trustee. The notes bore interest at a floating rate equal to the three-month LIBOR plus 5.75% per annum, with interest payable quarterly in arrears. The notes were redeemed at par value on December 13, 2017 without a pre-payment penalty. Florida State Board of Administration Note Payable On September 22, 2006, we issued a $20,000,000 , 20 -year note payable to the Florida State Board of Administration (SBA note). For the first three years of the SBA note we were required to pay interest only. On October 1, 2009, we began to repay the principal in addition to interest. The SBA note bears an annual interest rate equivalent to the 10-year U.S. Treasury Bond rate. The rate will be adjusted quarterly for the term of the SBA note based on the 10-year Constant Maturity Treasury rate. Interboro, LLC Promissory Note Payable On April 29, 2016, we issued an $8,550,000 promissory note to Interboro, LLC, the former parent company of IIC, as part of the purchase price paid to acquire our insurance subsidiary. The note matured and was paid in October 2017. BB&T Term Note Payable On May 26, 2016, we issued a $5,200,000 , 15 -year term note payable to BB&T (the BB&T note) with the intent to use the funds to purchase, renovate, furnish and equip our home office. The note bears interest at 1.65% in excess of the one-month LIBOR. In the event of default, BB&T, may, among other things, declare its loan immediately due and payable, require us to pledge additional collateral to the bank, and take possession of and foreclose upon our home office which has been pledged to the bank as security for the loan. Financial Covenants The SBA note, BB&T note, and $150M senior notes contain representations and warranties, conditions and covenants. If these requirements are not met, all amounts outstanding or otherwise owed could become due and payable immediately and other limitations could be placed on our ability to use any available borrowing capacity. At December 31, 2017 , we were in compliance with all covenants as specified in the notes. Refer to Part II; Item 7 for additional information regarding financial covenants. Debt Issuance Costs The table below presents the rollforward of our debt issuance costs paid, in conjunction with the debt instruments described above, during the years ended December 31, 2017 and 2016 : 2017 2016 Balance at January 1, $ 549 $ — Additions 3,264 596 Amortization (526 ) (47 ) Balance at December 31, $ 3,287 $ 549 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The following table summarizes the provision for income taxes: Year Ended December 31, 2017 2016 2015 Federal: Current $ (1,147 ) $ (1,906 ) $ 10,143 Deferred (9,911 ) 1,920 2,103 (Benefit) provision for Federal income tax expense (11,058 ) 14 12,246 State: Current 496 1,001 2,054 Deferred 1,327 290 202 Provision for State income tax expense 1,823 1,291 2,256 (Benefit) provision for income taxes $ (9,235 ) $ 1,305 $ 14,502 The actual income tax expense differs from the expected income tax expense computed by applying the combined applicable effective federal and state tax rates to income before the provision for income taxes as follows: Year Ended December 31, 2017 2016 2015 Expected income tax expense at federal rate $ 319 $ 2,381 $ 14,671 State tax expense, net of federal deduction benefit 366 934 1,023 Dividend received deduction (294 ) (217 ) — Other permanent items 128 — — Prior period adjustment (791 ) — 42 Accrual adjustments (1,472 ) — — Section 847 payments — — (693 ) Municipal tax-exempt interest (1,398 ) (1,011 ) — Change in enacted tax rate (1) (6,777 ) — — Other, net 684 (782 ) (541 ) Reported income tax (benefit) expense $ (9,235 ) $ 1,305 $ 14,502 (1) Pursuant to the recently enacted 2017 Tax Act legislation. On December 22, 2017, the 2017 Tax Act was signed into law. One of the provisions of the 2017 Tax Act reduced the corporate federal income tax rate from 35% to 21% effective January 1, 2018. The SEC staff issued Staff Accounting Bulletin 118 (SAB 118), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 addresses situations where accounting for certain income tax effects of the Tax Act under ASC 740 may be incomplete upon issuance of an entity’s financial statements and provides a one-year measurement period from the enactment date to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the following: • Income tax effects of those aspects of the 2017 Tax Act for which accounting under ASC 740 is complete, • Provisional estimate of income tax effects of the 2017 Tax Act to the extent accounting is incomplete but a reasonable estimate is determinable and • If a provisional estimate cannot be determined, ASC 740 should still be applied on the basis of tax law provisions that were in effect immediately before the enactment of the 2017 Tax Act. We revalued all deferred tax assets and liabilities to recognize the tax rate that is expected to apply when the tax effects are ultimately recognized in future periods. The impact of revaluing the deferred tax assets and liabilities from 35% to 21% was a reduction to income tax expense of $6,777,000 , as disclosed in the table above. This revaluation adjustment included a $1,549,000 reduction related to the deferred tax liability associated with the net unrealized gains on our investment portfolio, which was originally recorded as a component of other comprehensive income and not through the tax provision. The remainder was associated with our other deferred tax assets and liabilities identified in the table below. Deferred income taxes, which are included in other assets or other liabilities as appropriate, reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. As noted above, the federal deferred tax assets and liabilities at December 31, 2017, have been revalued to reflect the new 21% federal corporate income tax rate under the 2017 Tax Act. The table below summarizes the significant components of our net deferred tax liability : December 31, 2017 2016 Deferred tax assets: Unearned premiums $ 17,459 $ 19,113 Tax-related discount on loss reserve 1,113 1,479 Bad debt expense 90 54 Other-than-temporary impairment 16 27 Investments 304 — AMT credit carryforward 226 — Other 89 507 Total deferred tax assets 19,297 21,180 Deferred tax liabilities: Unrealized gain (2,822 ) (642 ) Deferred acquisitions costs (21,549 ) (19,586 ) Capitalized software (204 ) (1,505 ) Intangible asset (10,883 ) (3,371 ) Prepaid expenses (535 ) — Investments (17 ) — Fixed assets (689 ) — Other (63 ) (895 ) Total deferred tax liabilities (36,762 ) (25,999 ) Net deferred tax liability $ (17,465 ) $ (4,819 ) In assessing the net realizable value of deferred tax assets, we consider whether it is more likely than not that we will not realize some portion or all of the deferred tax assets. The ultimate realization of deferred tax assets depends upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. The statute of limitations related to our consolidated Federal income tax returns and our Florida income tax returns expired for all tax years up to and including 2013; therefore, only the 2014 through 2017 tax years remain subject to examination by taxing authorities. No taxing authorities are currently examining any of our federal or state income tax returns. UPC Insurance’s reinsurance subsidiary, which is based in the Cayman Islands, made an irrevocable election under section 953(d) of the U.S. Internal Revenue Code of 1986, as amended, to be treated as a domestic insurance company for U.S. Federal income tax purposes. As a result of this election, our reinsurance subsidiary is subject to United States income tax on its worldwide income as if it were a U.S. corporation. As of December 31, 2017 , we have not taken any uncertain tax positions with regard to our tax returns. |
Statutory Accounting and Regula
Statutory Accounting and Regulation | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Statutory Accounting and Regulation | STATUTORY ACCOUNTING AND REGULATION The insurance industry is heavily-regulated. State laws and regulations, as well as national regulatory agency requirements, govern the operations of all insurers such as our insurance affiliates. The various laws and regulations require that insurers maintain minimum amounts of statutory surplus and risk-based capital, restrict insurers’ ability to pay dividends, specify allowable investment types and investment mixes, and subject insurers to assessments. Our insurance subsidiaries, UPC and ACIC, are domiciled in Florida, while FSIC and IIC are domiciled in Hawaii and New York, respectively. At December 31, 2017 , and during the year then ended, our insurance subsidiaries met all regulatory requirements of the states in which they operate, and they did not incur any material assessments. The NAIC has Risk-Based Capital (RBC) guidelines for insurance companies that are designed to assess capital adequacy and to raise the level of protection that statutory surplus provides for policyholders. Most states, including Florida, Hawaii and New York, have enacted statutory requirements adopting the NAIC RBC guidelines, and insurers having less statutory surplus than required will be subject to varying degrees of regulatory action, depending on the level of capital inadequacy. State insurance regulatory authorities could require an insurer to cease operations in the event the insurer fails to maintain the required statutory capital. The state laws of Florida, Hawaii and New York permit an insurer to pay dividends or make distributions out of that part of statutory surplus derived from net operating profit and net realized capital gains. The state laws further provide calculations to determine the amount of dividends or distributions that can be made without the prior approval of the insurance regulatory authorities in those states and the amount of dividends or distributions that would require prior approval of the insurance regulatory authorities in those states. Statutory RBC requirements may further restrict our insurance subsidiaries’ ability to pay dividends or make distributions if the amount of the intended dividend or distribution would cause statutory surplus to fall below minimum RBC requirements. Governmental agencies or certain quasi-governmental entities can levy assessments upon us in the states in which we write policies. See Note 2(k) for a description of how we recover assessments imposed upon us. We expense an assessment when the particular governmental agency or quasi-governmental entity levies it upon us; therefore, expected recoveries are not assets and we will record the amounts as income when collected from policyholders. Governmental agencies or certain quasi-governmental entities can also levy assessments upon policyholders, and we collect the amount of the assessments from policyholders as surcharges for the benefit of the assessing agency. We currently collect assessments levied upon policyholders on behalf of Citizens Property Insurance Corporation (Citizens) in the amount of 1.0% , and on behalf of FHCF in the amount of 1.3% . We multiply the premium written on each policy, except our flood policies, by these assessment percentages to determine the additional amount that we will collect from the policyholder and remit to the assessing agencies. Our insurance subsidiaries must maintain capital and surplus ratios or balances as determined by the regulatory authority of the states in which they are domiciled. The table below shows the minimum capital and surplus requirements, as well as the amount of surplus as regards policyholders for our regulated entities at December 31, 2017 and 2016 . Minimum Requirement December 31, 2017 December 31, 2016 UPC (1) $ 45,187,000 $ 164,281,000 $ 155,587,000 ACIC (1)(2) $ 16,565,000 $ 160,238,000 N/A FSIC $ 3,250,000 $ 22,038,000 $ 16,269,000 IIC $ 4,700,000 $ 42,827,000 $ 40,442,000 (1) UPC and ACIC are required to maintain capital and surplus equal to the greater of 10% of its total liabilities or $5,000,000 . (2) There is not a reportable value for ACIC at December 31, 2016 as we did not own the company until April 2017. The amount of restricted net assets of UPC, ACIC, FSIC, and IIC at December 31, 2017 was $144,526,000 , $162,234,000 , $26,027,000 , and $46,699,000 , respectively. NAIC law limits an insurer’s investment in equity instruments and also restricts investments in medium to low quality debt instruments. We were in compliance with all investment restrictions at December 31, 2017 and 2016 . The SBA note is considered a surplus note pursuant to statutory accounting principles. As a result, UPC is subject to the authority of the Insurance Commissioner of the State of Florida with regard to its ability to repay principal and interest on the SBA note. Any payment of principal or interest requires permission from the insurance regulatory authority. We have reported our insurance subsidiaries’ assets, liabilities and results of operations in accordance with GAAP, which varies from statutory accounting principles prescribed or permitted by state laws and regulations, as well as by general industry practices. The following items are principal differences between statutory accounting and GAAP: • Statutory accounting requires that we exclude certain assets, called non-admitted assets, from the balance sheet. • Statutory accounting requires us to expense policy acquisition costs when incurred, while GAAP allows us to defer to the extent realizable, and amortize policy acquisition costs over the estimated life of the policies. • Statutory accounting requires that surplus notes, also known as surplus debentures, be recorded in statutory surplus, while GAAP requires us to record surplus notes as a liability. • Statutory accounting allows certain investments to be carried at amortized cost or fair value based on the rating received from the Securities Valuation Office of the NAIC, while they are recorded at fair value for GAAP because the investments are held as available for sale. • Statutory accounting allows ceding commission income to be recognized when written if the cost of acquiring and renewing the associated business exceeds the ceding commissions, but under GAAP such income is deferred and recognized over the coverage period. • Statutory accounting requires that unearned premiums and loss reserves are presented net of related reinsurance rather than on a gross basis under GAAP. • Statutory accounting requires a provision for reinsurance liability be established for reinsurance recoverable on paid losses aged over ninety days and for unsecured amounts recoverable from unauthorized reinsurers. Under GAAP there is no charge for uncollateralized amounts ceded to a company not licensed in the insurance affiliate’s domiciliary state and a reserve for uncollectable reinsurance is charged through earnings rather than surplus or equity. • Statutory accounting requires an additional admissibility test and the change in deferred income tax is reported directly in capital and surplus, rather than being reported as a component of income tax expense under GAAP. Our insurance subsidiaries must file with the various insurance regulatory authorities an “Annual Statement” which reports, among other items, statutory net income (loss) and surplus as regards policyholders, which is called stockholders’ equity under GAAP. The table below reconciles our consolidated GAAP net income to the statutory net income of our insurance subsidiaries: Year Ended December 31, 2017 2016 2015 Consolidated GAAP net income $ 10,145 $ 5,698 $ 27,358 Increase (decrease) due to: Commissions 401 17,486 339 Deferred income taxes 9,413 (3,255 ) (2,518 ) Deferred policy acquisition costs (17,935 ) (6,342 ) (4,962 ) Allowance for doubtful accounts 240 (24 ) 97 Prepaid expenses 101 (538 ) 131 Premium tax (1,800 ) — — Investment PGAAP adjustments 1,148 — — Other, net (71 ) 166 — Operations of non-statutory subsidiaries (6,930 ) (10,621 ) (10,077 ) Statutory net income acquired (1) 6,120 3,513 152 Statutory net income of insurance subsidiaries $ 832 $ 6,083 $ 10,520 (1) Statutory net income acquired for 2017, 2016, and 2015 relates to the acquisitions of ACIC, IIC, and FSH, respectively. The table below reconciles our consolidated GAAP stockholders’ equity to the surplus as regards policyholders of our insurance subsidiaries: December 31, 2017 2016 Consolidated GAAP stockholders’ equity $ 537,125 $ 241,327 Increase (decrease) due to: Deferred policy acquisition costs (35,689 ) (15,373 ) Deferred income taxes 961 (3,338 ) Investments 955 1,386 Non-admitted assets 9 (623 ) Surplus debentures 10,000 11,176 Provision for reinsurance (3,583 ) (7,648 ) Equity of non-statutory subsidiaries (138,833 ) (32,615 ) Commissions 19,502 18,570 Prepaid expenses (468 ) (564 ) Other, net (595 ) — Statutory surplus as regards policyholders of insurance subsidiaries $ 389,384 $ 212,298 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES We are involved in claims-related legal actions arising in the ordinary course of business. We accrue amounts resulting from claims-related legal actions in unpaid losses and LAE during the period that we determine an unfavorable outcome becomes probable and we can estimate the amounts. Management makes revisions to our estimates based on its analysis of subsequent information that we receive regarding various factors, including: (i) per claim information; (ii) company and industry historical loss experience; (iii) judicial decisions and legal developments in the awarding of damages, and (iv) trends in general economic conditions, including the effects of inflation. At December 31, 2017 , we were not involved in any material non-claims-related legal actions. See Note 11 for information regarding commitments related to long-term debt, and Note 14 for commitments related to regulatory actions. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leases of Lessee Disclosure | LEASES We lease approximately 16,500 square feet of office space in Florida, New York, and Hawaii. These leases are generally short-term to medium-term leases of commercial office space. In addition to office space, we lease office equipment and a parking lot under operating leases. Lease expense amounted to $290,000 , $205,000 , and $922,000 for the years ended December 31, 2017 , 2016 , and 2015 , respectively. At December 31, 2017 , our minimum future lease payments under non-cancellable operating leases are: Amount 2018 $ 457 2019 275 2020 243 2021 187 2022 51 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS One of our executive officers, Ms. Salmon, is a former partner at the law firm of Groelle & Salmon, PA, where her spouse remains partner and co-owner. Groelle & Salmon, PA provides legal representation to us related to our claims litigation, and also provided representation to us for several years prior to Ms. Salmon joining UPC Insurance in 2014. During the years ended December 31, 2017 and 2016 , Groelle & Salmon, PA billed us approximately $3,188,000 and $2,892,000 , respectively. Ms. Salmon’s spouse has a 50% interest in these billings, or approximately $1,594,000 and $1,446,000 for the years ended December 31, 2017 and 2016 , respectively. AmRisc, LLC (AmRisc), a managing general agent, handles the underwriting, claims processing, premium collection and reinsurance review for AmCo. R. Daniel Peed, Vice Chairman of our Board of Directors, beneficially owns approximately 7.7% of AmRisc and is also the Chief Executive Officer of AmRisc. In accordance with the managing general agent underwriting contract with AmRisc, we recorded $220,150,000 of gross written premiums for the year ended December 31, 2017 , resulting in fees and commission (including a profit commission) of $60,016,000 due to AmRisc. Receivables are stated net of the fees and commission due under the contract. In addition to the direct premiums written, we recorded $3,564,000 in ceded premiums to AmRisc as a reinsurance intermediary for the year ended December 31, 2017 . We also incurred $25,000 during that period for rent under a sublease agreement with AmRisc. Net premiums receivable (net of commissions) of $29,913,000 were due from AmRisc as of December 31, 2017 . These premiums were paid by AmRisc to our premium trust account by wire transfer within 15 days of collection pursuant to the underwriting contract with AmRisc. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefit Plan [Abstract] | |
Pension and Other Postretirement Benefits Disclosure | EMPLOYEE BENEFIT PLAN We provide a 401(k) plan for substantially all of our employees. We match 100% of the first 5% of employees’ contributions to the plan. For the years ended December 31, 2017 , 2016 , and 2015 , our contributions to the plan on behalf of the participating employees were $604,000 , $444,000 , and $365,000 , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE INCOME We report changes in other comprehensive income items within comprehensive income on the Consolidated Statements of Comprehensive Income, and we include accumulated other comprehensive income as a component of stockholders’ equity on the Consolidated Balance Sheets. The table below details the components of accumulated other comprehensive income at year end: Pre-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount December 31, 2014 $ 6,537 $ (2,526 ) $ 4,011 Changes in net unrealized gain on investments (3,070 ) 1,187 (1,883 ) Reclassification adjustment for net realized gains (827 ) 319 (508 ) December 31, 2015 2,640 (1,020 ) 1,620 Changes in net unrealized gain on investments (629 ) 167 (462 ) Reclassification adjustment for net realized gains (547 ) 211 (336 ) December 31, 2016 1,464 (642 ) 822 Changes in net unrealized gain on investments 10,647 (3,747 ) 6,900 Reclassification adjustment for net realized gains (67 ) 17 (50 ) Reclassification due to adoption of ASU 2018-02 — 1,549 1,549 December 31, 2017 $ 12,044 $ (2,823 ) $ 9,221 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Our Board of Directors declared dividends on our outstanding shares of common stock as follows for the periods presented (in thousands, except per share amounts): Year Ended December 31, 2017 2016 2015 Per Share Amount Aggregate Amount Per Share Amount Aggregate Amount Per Share Amount Aggregate Amount First Quarter $ 0.06 $ 1,301 $ 0.05 $ 1,076 $ 0.05 $ 1,073 Second Quarter $ 0.06 $ 2,561 $ 0.06 $ 1,300 $ 0.05 $ 1,077 Third Quarter $ 0.06 $ 2,564 $ 0.06 $ 1,299 $ 0.05 $ 1,076 Fourth Quarter $ 0.06 $ 2,565 $ 0.06 $ 1,299 $ 0.05 $ 1,076 On April 3, 2017, we completed the acquisition of AmCo by issuing 20,956,355 shares of our common stock as consideration for the final purchase price. See Note 4 for additional information on this acquisition. On February 3, 2015, we completed the acquisition of FSH and its subsidiaries by issuing 503,857 shares of our common stock as consideration for the initial purchase price. In March 2016 we paid contingent consideration of 32,943 shares of common stock as part of the FSH acquisition. See Note 20 for information regarding the activity of our common stock and share-based compensation. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION We account for stock-based compensation under the fair value recognition provisions of ASC Topic 718 - Compensation - Stock Compensation . Stock-based compensation cost for restricted stock grants is measured based on the closing fair market value of our common stock on the date of grant. We recognize stock-based compensation cost over the award’s requisite service period on a straight-line basis for time-based restricted stock grants. We granted 167,622 shares of restricted common stock awards during the twelve months ended December 31, 2017 , which had a weighted-average grant date fair value of $15.62 per share. We granted 115,405 shares of restricted stock during the twelve months ended December 31, 2016 , which had a weighted-average grant date fair value of $16.90 per share. The following table presents certain information related to the activity of our non-vested common stock grants: Number of Restricted Shares Weighted Average Grant Date Fair Value Outstanding as of December 31, 2014 153,383 $ 10.91 Granted 130,442 20.38 Less: Forfeited 14,365 13.80 Less: Vested 90,277 12.71 Outstanding as of December 31, 2015 179,183 16.67 Granted 115,405 16.90 Less: Forfeited 26,082 17.44 Less: Vested 98,864 16.39 Outstanding as of December 31, 2016 169,642 16.87 Granted 167,622 15.62 Less: Forfeited 17,537 14.07 Less: Vested 107,633 16.24 Outstanding as of December 31, 2017 212,094 $ 16.44 We had approximately $1,140,000 of unrecognized stock compensation expense on December 31, 2017 related to non-vested stock-based compensation granted, that we expect to recognize over the next three years. We recognized $1,616,000 , $877,000 and $808,000 of stock-based compensation expense during the twelve months ended December 31, 2017 , 2016 and 2015 , respectively. We had approximately $343,000 of unrecognized director stock-based compensation expense at December 31, 2017 related to non-vested director stock-based compensation granted, which we expect to recognize ratably until the 2018 Annual Meeting of Stockholders. We recognized $996,000 , $1,070,000 and $1,166,000 of director stock-based compensation expense during the twelve months ended December 31, 2017 , 2016 and 2015 , respectively. |
Quaterly Results (Unaudited)
Quaterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | QUARTERLY RESULTS (UNAUDITED) Three Months Ended March 31, June 30, September 30, December 31, (In thousands, except per share data) 2017 Revenues $ 122,633 $ 178,073 $ 171,128 $ 182,586 Income before income taxes $ 5,938 $ 12,650 $ (45,487 ) $ 27,809 Net income $ 3,899 $ 7,257 $ (28,012 ) $ 27,001 Earnings per common share - Basic (1) $ 0.18 $ 0.17 $ (0.66 ) $ 0.63 Earnings per common share - Diluted (1) $ 0.18 $ 0.17 $ (0.66 ) $ 0.63 2016 Revenues $ 107,561 $ 120,921 $ 127,202 $ 131,433 Income before income taxes $ 4,330 $ 15,210 $ 5,041 $ (17,578 ) Net income $ 2,951 $ 9,841 $ 3,423 $ (10,517 ) Earnings per common share - Basic (1) $ 0.14 $ 0.46 $ 0.16 $ (0.49 ) Earnings per common share - Diluted (1) $ 0.14 $ 0.45 $ 0.16 $ (0.49 ) (1) The sum of the quarterly reported amounts may not equal the full year, as each is computed independently. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS We evaluate all subsequent events and transactions for potential recognition or disclosure in our financial statements. On February 21, 2018, our Board of Directors declared a $0.06 per share quarterly cash dividend payable on March 14, 2018 to stockholders of record on March 7, 2018. |
Schedule I - Summary of Investm
Schedule I - Summary of Investments | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Summary of Investments, Other than Investments in Related Parties | SCHEDULE I. SUMMARY OF INVESTMENTS December 31, 2017 Cost or Amortized Cost Fair Value Amount Shown in Consolidated Balance Sheet Bonds: U.S. government and agency securities $ 237,809 $ 235,891 $ 235,891 Foreign governments 2,022 2,036 2,036 States, municipalities and political subdivisions 200,706 201,512 201,512 Public utilities 20,215 20,257 20,257 Corporate securities 287,025 287,562 287,562 Asset backed securities 14,902 14,905 14,905 Redeemable preferred stocks 755 692 692 Total fixed maturities 763,434 762,855 762,855 Mutual funds 29,079 31,924 31,924 Common stocks: Public utilities 1,343 1,702 1,702 Other common stocks 18,856 27,902 27,902 Nonredeemable preferred stocks 1,718 1,767 1,767 Total equity securities 50,996 63,295 63,295 Other investments 8,057 8,381 8,381 Portfolio loans 20,000 20,000 20,000 Total investments $ 842,487 $ 854,531 $ 854,531 |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure | SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT Condensed Balance Sheets December 31, 2017 2016 Assets Fixed maturities, available for sale, at fair value $ 26,583 $ — Cash and cash equivalents 79,331 7,399 Investment in subsidiaries 579,313 263,712 Goodwill 10,157 10,841 Property and equipment, net 7,761 7,993 Other assets 12,439 11,337 Total Assets $ 715,584 $ 301,282 Liabilities Intercompany payable $ 26,128 $ 14,531 Accounts payable and accrued expenses 967 520 Other liabilities — 1,906 Long-term notes payable 151,364 42,998 Total Liabilities 178,459 59,955 Stockholders’ Equity Common stock 4 2 Additional paid-in capital 387,145 99,353 Treasury stock (431 ) (431 ) Accumulated other comprehensive income 9,221 822 Retained earnings 141,186 141,581 Total Stockholders’ Equity 537,125 241,327 Total Liabilities and Stockholders’ Equity $ 715,584 $ 301,282 SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT, CONTINUED Condensed Statements of Comprehensive Income Years Ended December 31, 2017 2016 2015 Revenues Net income from subsidiaries (equity method) $ 14,000 $ 13,296 $ 27,562 Net realized investment (loss) gain — (14 ) 951 Net investment income 53 88 239 Total revenues 14,053 13,370 28,752 Expenses Operating and underwriting 348 337 138 General and administrative 9,078 11,805 1,252 Interest expense 2,939 496 — Total expenses 12,365 12,638 1,390 Income before other income 1,688 732 27,362 Other income 75 60 245 Income before income taxes 1,763 792 27,607 Provision for income tax (benefit) expense (8,382 ) (4,906 ) 249 Net income $ 10,145 $ 5,698 $ 27,358 Unrealized gain (loss) on investments 10,647 (629 ) (3,070 ) Reclassification adjustments - losses (gains) (67 ) (547 ) (827 ) Income tax (expense) benefit related to other items of comprehensive income (2,181 ) 378 1,506 Total Comprehensive Income $ 18,544 $ 4,900 $ 24,967 SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT, CONTINUED Condensed Statements of Cash Flows Year Ended December 31, 2017 2016 2015 OPERATING ACTIVITIES Net income $ 10,145 $ 5,698 $ 27,358 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 1,208 682 74 Net realized investment gains — 14 (951 ) Deferred income taxes, net (777 ) 382 126 Stock based compensation 2,613 1,947 1,974 Changes in operating assets and liabilities: Accrued investment income — 3 (3 ) Other assets 359 (22,553 ) 450 Accounts payable and accrued expenses 447 — — Intercompany payable 11,597 5,874 2,557 Other liabilities (1,905 ) 1,969 918 Net cash provided by (used in) operating activities 23,687 (5,984 ) 32,503 INVESTING ACTIVITIES Proceeds from sales of investments available for sale — 34,551 19,633 Purchases of investments available for sale (26,584 ) (70 ) (53,212 ) Additional investment in subsidiaries (23,283 ) (68,563 ) 16,276 Cost of property and equipment acquired (449 ) (1,797 ) (3,255 ) Net cash used in investing activities (50,316 ) (35,879 ) (20,558 ) FINANCING ACTIVITIES Tax withholding payment related to net settlement of equity awards (287 ) (270 ) (185 ) Proceeds from borrowings 150,000 42,951 — Repayments of borrowings (38,897 ) — — Payments of debt issuance costs (3,264 ) — — Dividends (8,991 ) (4,974 ) (4,302 ) Net cash provided by (used in) financing activities 98,561 37,707 (4,487 ) Increase in cash 71,932 (4,156 ) 7,458 Cash and cash equivalents at beginning of period 7,399 11,555 4,097 Cash and cash equivalents at end of period $ 79,331 $ 7,399 $ 11,555 Notes to Condensed Financial Statements - Basis of Presentation The Company’s investment in subsidiaries is stated at cost plus equity in the undistributed earnings of subsidiaries since the date of acquisition. The Company’s share of net income of its subsidiaries is included in income using the equity method. These financial statements should be read in conjunction with UPC Insurance’s consolidated financial statements. |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies | SCHEDULE IV. REINSURANCE Property and Casualty Insurance Direct Premium Written Premiums Ceded to Other Companies Premiums Assumed from Other Companies Net Premiums Written Percentage of Premiums Assumed to Net Years Ended December 31, 2017 $ 989,525 $ 447,329 $ 51,323 $ 593,519 8.6 % 2016 708,252 262,340 (96 ) 445,816 — % 2015 548,916 183,808 20,820 385,928 5.4 % |
Schedule V - Valuation and Qual
Schedule V - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | SCHEDULE V. VALUATION AND QUALIFYING ACCOUNTS Uncollectible Premium Liability Balance at Beginning of Period Charged to Costs and Expenses Deductions Balance at End of Period Years Ended December 31, 2017 $ 144 $ 294 $ (54 ) $ 384 2016 132 356 (344 ) 144 2015 34 198 (100 ) 132 |
Significant Accounting Polici33
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Our cash and cash equivalents include demand deposits with financial institutions and short-term, highly liquid instruments with original maturities of three months or less when purchased. |
Investment, Policy [Policy Text Block] | Investments We currently classify all of our investments in fixed maturities, equity securities, other investments and short-term investments as available-for-sale, and report them at fair value. Subsequent to our acquisition of available-for-sale securities, we record changes in value through the date of disposition as unrealized holding gains and losses, net of tax effects, and include them as a component of comprehensive income. We include realized gains and losses, which we calculate using the specific-identification method for determining the cost of securities sold, in net income. We amortize any premium or discount on fixed maturities over the remaining maturity period of the related securities using the effective interest method, and we report the amortization in net investment income. We recognize dividends and interest income when earned. Quarterly, we perform an assessment of our investments to determine if any are other-than-temporarily impaired. An investment is impaired when the fair value of the investment declines to an amount less than the cost or amortized cost of that investment. As part of our assessment process, we determine whether the impairment is temporary or other-than-temporary. We base our assessment on both quantitative criteria and qualitative information, considering a number of factors including, but not limited to: how long the security has been impaired; the amount of the impairment; whether, in the case of equity securities, we intend to hold, and have the ability to hold, the security for a period sufficient for us to recover our cost basis, or whether, in the case of debt securities, we intend to sell the security or it is more likely than not that we will have to sell the security before we recover the amortized cost; the financial condition and near-term prospects of the issuer; whether the issuer is current on contractually-obligated interest and principal payments; key corporate events pertaining to the issuer and whether the market decline was affected by macroeconomic conditions. If we determine that an equity security has incurred an other-than-temporary impairment, we permanently reduce the cost of the security to fair value and recognize an impairment charge in net income. If a debt security is impaired and we either intend to sell the security or it is more likely than not that we will have to sell the security before we are able to recover the amortized cost, then we record the full amount of the impairment in net income. If we determine that an impairment of a debt security is other-than-temporary and we neither intend to sell the security nor it is more likely than not that we will have to sell the security before we are able to recover its cost or amortized cost, then we separate the impairment into (a) the amount of impairment related to credit loss and (b) the amount of impairment related to all other factors. We record the amount of the impairment related to the credit loss as an impairment charge in net income, and we record the amount of the impairment related to all other factors in accumulated other comprehensive income. A large portion of our investment portfolio consists of fixed maturities, which may be adversely affected by changes in interest rates as a result of governmental monetary policies, domestic and international economic and political conditions and other factors beyond our control. A rise in interest rates would decrease the net unrealized holding gains of our investment portfolio, offset by our ability to earn higher rates of return on funds reinvested. Conversely, a decline in interest rates would increase the net unrealized holding gains of our investment portfolio, offset by lower rates of return on funds reinvested. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value See Note 3 in our Notes to Consolidated Financial Statements for a discussion regarding the fair value measurement of our investments at December 31, 2017 . |
Premiums Receivable, Basis of Accounting, Policy [Policy Text Block] | Premiums We recognize premiums as revenue, net of ceded reinsurance amounts, on a daily pro rata basis over the contract period of the related policies that are in force. For any portion of premiums not earned at the end of the reporting period, we record an unearned premium liability. Premiums receivable represents amounts due from our policyholders for billed premiums and related policy fees. We perform a policy-level evaluation to determine the extent to which the balance of premium receivable exceeds the balance of unearned premium. We then age any resulting exposure based on the last date the policy was billed to the policyholder, and we establish an allowance for credit losses for any amounts outstanding for more than 90 days. When we receive payments on amounts previously charged off, we credit bad debt expense in the period we receive the payment. The balances of our allowance for uncollectible premiums totaled $384,000 and $144,000 at December 31, 2017 and 2016 , respectively. When we receive premium payments from policyholders prior to the effective date of the related policy, we record an advance premiums liability. On the policy effective date, we reduce the advance premium liability and record the premiums as described above. |
Deferred Policy Acquisition Costs, Policy [Policy Text Block] | Policy Acquisition Costs We incur policy acquisition costs that vary with, and are directly related to, the production of new business. We capitalize policy acquisition costs to the extent recoverable, then we amortize those costs over the contract period of the related policy. At each reporting date, we determine whether we have a premium deficiency. A premium deficiency would result if the sum of our expected losses, deferred policy acquisition costs, and policy maintenance costs (such as costs to store records and costs incurred to collect premiums and pay commissions) exceeded our related unearned premiums plus investment income. Should we determine that a premium deficiency exists, we would write off the unrecoverable portion of deferred policy acquisition costs and record a liability to the extent the deficiency exceeded the deferred policy acquisition costs. We did not have a premium deficiency at December 31, 2017 and December 31, 2016. |
Debt, Policy [Policy Text Block] | Debt Issuance Costs We record our debt issuance costs associated with a recognized debt liability as a direct deduction from the carrying amount of the corresponding debt liability. These costs are then amortized over the life of the liability using the effective interest method. |
Property, Plant and Equipment, Policy [Policy Text Block] | Long-lived Assets i) Property and Equipment We record our property and equipment at cost less accumulated depreciation and amortization. We use the straight-line method of calculating depreciation over the estimated useful lives of the assets. We periodically review estimated useful lives and, where appropriate, we make changes prospectively. We charge maintenance and repair costs to expense as incurred. |
Internal Use Software, Policy [Policy Text Block] | Capitalized Software We capitalize certain direct development costs associated with internal-use software. We expect to amortize the capitalized software costs related to our data warehouse and policy administration system over its expected seven -year useful life. See Note 7 in our Notes to Consolidated Financial Statements for a discussion of our property, equipment and capitalized software that were held during 2017 and 2016 . |
Property, Plant and Equipment, Impairment [Policy Text Block] | Impairment of Long-lived Assets We annually review our long-lived assets, including intangible assets, to determine if their carrying amounts are recoverable. If the non-discounted future cash flows expected to result from the use and eventual disposition of the assets are less than their carrying amounts, we reduce their carrying amounts to fair value and recognize an impairment loss. |
Unpaid Policy Claims and Claims Adjustment Expense, Policy [Policy Text Block] | Unpaid Losses and Loss Adjustment Expenses Our reserves for unpaid losses represent the estimated ultimate cost of settling all reported claims plus all claims we incurred related to insured events that have occurred as of the reporting date, but that policyholders have not yet reported to us. We estimate our reserves for unpaid losses using individual case-basis estimates for reported claims and actuarial estimates for incurred but not reported (IBNR) claims, and we continually review and adjust our estimated losses as necessary based on our historical experience and as we obtain new information. If our unpaid loss reserves prove to be deficient or redundant, we increase or decrease the liability in the period in which we identify the difference, thereby impacting net income. Though our estimate of the ultimate cost of settling all reported and unreported claims may change at any point in the future, a reasonable possibility exists that our estimate may vary significantly in the near term from the estimated amounts included in our consolidated financial statements. On our Consolidated Balance Sheets, we report our reserves for unpaid losses gross of the amounts related to unpaid losses recoverable from reinsurers. On our Consolidated Statements of Comprehensive Income, we report losses net of amounts ceded to reinsurers. We do not discount our loss reserves for financial statement purposes. |
Management Fees, Policy [Policy Text Block] | Managing General Agent Fees and Policy Fees Our policy fees consist of the managing general agent (MGA) fee and a pay-plan fee. We defer MGA fees as unearned revenue and recognize revenue on a pro rata basis over the term of the underlying policies. We record pay-plan fees, which are charged to all policyholders that pay premium in more than one installment, as income when collected. We report all policy-related fees as other revenue on our Consolidated Statements of Comprehensive Income. |
Reinsurance Accounting Policy [Policy Text Block] | Reinsurance We follow industry practice of reinsuring a portion of our risks. Reinsurance involves transferring, or “ceding”, all or a portion of the risk exposure on policies we write to another insurer, known as a reinsurer. To the extent that our reinsurers are unable to meet the obligations they assume under our reinsurance agreements, we remain liable for the entire insured loss. Our reinsurance agreements are short-term, prospective contracts. We record an asset, prepaid reinsurance premiums, and a liability, reinsurance payable, for the entire contract amount upon commencement of our new reinsurance agreements. We amortize our prepaid reinsurance premiums over the 12-month contract period. We also earn ceding commission on our quota share reinsurance contract, which is presented as other income with any excess unearned ceding commission recognized as unearned revenue in other liabilities. Ceding commission income is amortized over the contract period consistent with our deferred policy acquisition costs. We record amounts recoverable from our reinsurers on paid losses plus an estimate of amounts recoverable on unpaid losses. The estimate of amounts recoverable on unpaid losses is a function of our liability for unpaid losses associated with the reinsured policies; therefore, the amount changes in conjunction with any changes to our estimate of unpaid losses. Though our estimate of amounts recoverable from reinsurers on unpaid losses may change at any point in the future because of its relation to our reserves for unpaid losses, a reasonable possibility exists that our estimate may change significantly in the near term from the amounts included in our consolidated financial statements. We estimate uncollectible amounts receivable from reinsurers based on an assessment of factors including the creditworthiness of the reinsurers and the adequacy of collateral obtained, where applicable. We recorded no bad debt expense related to reinsurance during the years ended December 31, 2017 , 2016 or 2015 . |
Assessment [Policy Text Block] | Assessments We record guaranty fund and other insurance-related assessments imposed upon us as an expense in the period the regulatory agency imposes the assessment. To recover Florida Insurance Guaranty Association (FIGA) assessments, we calculate and begin collecting a policy surcharge that will allow us to collect the entire assessment over a 12-month period, based on our estimate of the number of policies we expect to write. We then submit an information only filing, pursuant to Florida Statute 631.57(3)(h), to the insurance regulatory authority requesting formal approval of the policy FIGA surcharge. The process may be repeated in successive 12-month periods until we collect the entire assessment. We record the recoveries as revenue in the period that we collect the cash. While current regulations allow us to recover from policyholders the amount of assessments imposed upon us, our payment of the assessments and our recoveries may not offset each other in the same fiscal period in our consolidated financial statements. Where permitted by law or regulatory authority, we collect assessments imposed upon policyholders as a policy surcharge and we record the amounts collected as a liability until we remit the amounts to the regulatory agency that imposed the assessment. During 2017 , we did not receive any significant assessments from regulatory authorities in the states in which our insurance subsidiaries operate. |
Income Tax, Policy [Policy Text Block] | Income Taxes We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect to recover or settle those temporary differences. Should a change in tax rates occur, we recognize the effect on deferred tax assets and liabilities in operations in the period that includes the enactment date. For example, we reflected the impact of the Tax Cuts and Jobs Act (2017 Tax Act) in the fourth quarter of 2017, the period when the legislation was enacted. Refer to Note 13 for additional information. Realization of our deferred income tax assets depends upon our generation of sufficient future taxable income. We recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant taxing authority. We record any income tax penalties and income-tax-related interest as income tax expense in the period incurred. We did not incur any material tax penalties or income-tax-related interest during the years ended December 31, 2017 , 2016 or 2015 . |
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | Advertising Costs We expense all advertising costs when we incur those costs. For the years ended December 31, 2017 , 2016 and 2015 , we incurred advertising costs of $1,013,000 , $907,000 , and $2,630,000 , respectively. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share We report both basic earnings per share and diluted earnings per share. To calculate basic earnings per share, we divide net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. We calculate diluted earnings per share by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock, common stock equivalents, and restricted shares outstanding during the period. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Risk Our current operations subject us to the following concentrations of risk: • a concentration of revenue because we write primarily homeowners policies; • a geographic concentration resulting from the fact that, though we now operate in 12 states, we still wrote approximately 52% of our gross written premium in Florida • a group concentration of credit risk with regard to our reinsurance recoverable, since all of our reinsurers engage in similar activities and have similar economic characteristics that could cause their ability to repay us to be similarly affected by changes in economic or other conditions; and • a concentration of credit risk with regard to our cash, because we choose to deposit all our cash at six financial institutions. We mitigate our geographic and group concentrations of risk by entering into reinsurance contracts with financially-stable reinsurers, and by securing irrevocable letters of credit from reinsurers when necessary. With regard to our cash balances held at financial institutions, we had $314,147,000 and $159,288,000 in excess of Federal Deposit Insurance Corporation (FDIC) insurance limits at December 31, 2017 and 2016 , respectively. The $154,859,000 increase in excess of FDIC insurance limits was the result of holding more cash and at the end of 2017 than we did in 2016. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill is the excess of cost over the estimated fair value of net assets acquired. We attribute all goodwill associated with our acquisitions to one reporting unit. Goodwill is not amortized but is tested for impairment at least annually or more frequently if events or circumstances, such as adverse changes in the business climate, indicate that there may be justification for conducting an interim test. The goodwill impairment process requires a comparison of the estimated fair value of a reporting unit to its carrying value. We test goodwill for impairment by either performing a qualitative assessment or a two-step quantitative test. The qualitative assessment is an assessment of historical information and relevant events and circumstances to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. We may elect not to perform the qualitative assessment for our reporting unit and perform a two-step quantitative impairment test. In performing the two-step quantitative impairment test, we may use a market multiple valuation approach and a discounted cash flow valuation approach. The market multiple valuation approach utilizes market multiples of companies with similar businesses and the projected operating earnings of the reporting unit. The discounted cash flow valuation approach requires judgments about revenues, operating earnings projections, capital market assumptions and discount rates. The key inputs, judgments and assumptions necessary in determining estimated fair value of the reporting units include projected operating earnings, current book value, the level of economic capital required to support the mix of business, long-term growth rates, comparative market multiples, control premium, the account value of in-force business, projections of new and renewal business, as well as margins on such business, the level of interest rates, credit spreads, equity market levels, and the discount rate that we believe is appropriate for the respective reporting unit. When testing goodwill for impairment, we also consider our market capitalization in relation to the aggregate estimated fair value of our reporting unit. We apply significant judgment when determining the estimated fair value of our reporting unit and when assessing the relationship of market capitalization to the aggregate estimated fair value of our reporting unit. The valuation methodologies utilized are subject to key judgments and assumptions that are sensitive to change. Estimates of fair value are inherently uncertain and represent only management’s reasonable expectation regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based will, in all likelihood, differ in some respects from actual future results. Declines in the estimated fair value of our reporting unit could result in goodwill impairments in future periods which could materially adversely affect our results of operations or financial position. For the 2017 annual goodwill impairment test, we utilized the qualitative assessment and determined it was not more likely than not that the fair value of the reporting units tested using the qualitative assessment was less than their carrying amount and, therefore no further testing was needed for the reporting units. We determined that the fair values of the reporting units were in excess of the carrying value and, therefore goodwill was not impaired. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Identifiable intangible assets that are amortized generally represent the cost of client relationships, trade names and agency agreements acquired. In valuing these assets, we make assumptions regarding useful lives and projected growth rates, and significant judgment is required. We periodically review identifiable intangibles for impairment as events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If the carrying amounts of the assets exceed their respective fair values, additional impairment tests are performed to measure the amount of the impairment loss, if any. Non-amortizing intangible assets generally represent the cost of insurance licenses acquired. Non-amortizing intangible assets are tested for impairment in the fourth quarter of each fiscal year by comparing the fair value of the licenses acquired to their carrying values. We established fair value for purposes of impairment testing using the income approach. If the carrying value of a license acquired exceeds its fair value, an impairment loss is recognized equal to that excess. For 2017, we determined that the fair values of the intangible assets were not impaired. |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Accounting Pronouncements Recently Adopted Policies In February 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, Topic 220 (ASU 2018-02), which amends ASC Topic 220 and ASC Topic 740 by addressing the stranded amounts of AOCI which may result from the enactment of the 2017 Tax Act. Though AOCI is presented on a net-of-tax basis, ASC Topic 740 requires that the effects of new tax laws on items in AOCI be recognized without a corresponding adjustment to AOCI and instead recorded to income tax expense. ASU 2018-02 permits stranded amounts of AOCI specifically resulting from the 2017 Tax Act to be removed from AOCI and reclassified to retained earnings, if elected. ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, including interim periods therein, and early adoption is permitted. We adopted the guidance as of year end and elected to recognize a $1,549,000 reclassification from retained earnings to AOCI in the consolidated financial statements for the year ended December 31, 2017, related to a revaluation of deferred income tax assets and liabilities for items in AOCI at the 2017 Tax Act federal tax rate which changed from 35% to 21%. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). This update was intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 became effective for annual periods beginning after December 15, 2016. The new guidance did not impact the way in which we account for share-based payment transactions, and therefore the adoption as of January 1, 2017 had no impact on our results of operations or financial position. Pending Policies We have evaluated recent accounting pronouncements that have had or may have a significant effect on our financial statements or on our disclosures. In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718)-Scope of Modification Accounting (ASU 2017-09). This update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted for certain requirements. We did not early adopt and are assessing the impact of adopting this new accounting standard on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). This update simplifies the manner in which an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. ASU 2017-07 is effective for annual periods beginning after December 15, 2019, including interim periods within those annual periods, with early adoption permitted for certain requirements. We do not intend to early adopt and are assessing the impact of adopting this new accounting standard on our consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09). Insurance contracts are excluded from the scope of this guidance. Under the standard, guidance is provided on revenue recognition for entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets. The transaction price is attributed to underlying performance obligations in the contract and revenue is recognized as the entity satisfies the performance obligation and transfers control of the good or service to the customer. ASU 2014-09 is effective for us beginning in the first quarter of 2018, with early adoption permitted. We do not intend to early adopt and note that the standard is not applicable to our insurance contracts or other revenue streams. The adoption of this new accounting standard does not have a material impact on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). This update is intended to replace existing lease guidance by requiring a lessee to recognize substantially all leases (whether operating or finance leases) on the balance sheet as a right-of-use asset and an associated least liability. Short-term leases of 12 months or less are excluded from this amendment. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We do not intend to early adopt and are assessing the impact of adopting this new accounting standard on our consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01). This update substantially revises standards for the recognition, measurement and presentation of financial instruments. This standard revises an entity's accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. ASU 2016-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted for certain requirements. We are assessing the impact of adopting this new accounting standard on our consolidated financial statements and related disclosures |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Portfolio Loans Loan receivables that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at the principal balance outstanding, net of the allowance for loan losses. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The following table details fixed maturity and equity securities available for sale, by major investment category, at December 31, 2017 and 2016 : Cost or Adjusted/Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2017 U.S. government and agency securities $ 237,809 $ 275 $ 2,193 $ 235,891 Foreign governments 2,022 14 — 2,036 States, municipalities and political subdivisions 200,706 1,929 1,123 201,512 Public utilities 20,215 127 85 20,257 Corporate securities 287,025 1,746 1,209 287,562 Asset-backed securities 14,902 23 20 14,905 Redeemable preferred stocks 755 11 74 692 Total fixed maturities $ 763,434 $ 4,125 $ 4,704 $ 762,855 Mutual funds 29,079 2,845 — 31,924 Public utilities 1,343 359 — 1,702 Other common stocks 18,856 9,093 47 27,902 Nonredeemable preferred stocks 1,718 53 4 1,767 Total equity securities $ 50,996 $ 12,350 $ 51 $ 63,295 December 31, 2016 U.S. government and agency securities $ 151,656 $ 189 $ 1,893 $ 149,952 Foreign government 2,031 30 — 2,061 States, municipalities and political subdivisions 170,636 1,027 2,551 169,112 Public utilities 7,687 116 73 7,730 Corporate securities 164,424 1,238 1,126 164,536 Redeemable preferred stocks 1,182 5 62 1,125 Total fixed maturities $ 497,616 $ 2,605 $ 5,705 $ 494,516 Public utilities 1,343 164 — 1,507 Other common stocks 19,815 4,552 319 24,048 Nonredeemable preferred stocks 2,916 10 83 2,843 Total equity securities $ 24,074 $ 4,726 $ 402 $ 28,398 |
Schedule of Realized Gain (Loss) | The following tables detail our realized gains (losses) by major investment category for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale Fixed maturities $ 268 $ 35,248 $ 1,811 $ 56,484 $ 727 $ 87,141 Equity securities 847 2,209 64 13,253 1,895 7,790 Total realized gains 1,115 37,457 1,875 69,737 2,622 94,931 Fixed maturities (890 ) 53,194 (1,136 ) 24,464 (595 ) 38,485 Equity securities (158 ) 1,749 (192 ) 37,790 (1,200 ) 4,172 Total realized losses (1,048 ) 54,943 (1,328 ) 62,254 (1,795 ) 42,657 Net realized investment gains (losses) $ 67 $ 92,400 $ 547 $ 131,991 $ 827 $ 137,588 |
Investments Classified by Contractual Maturity Date | The table below summarizes our fixed maturities at year end by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of those obligations. December 31, 2017 Cost or Amortized Cost Percent of Total Fair Value Percent of Total Due in one year or less $ 66,969 8.8 % $ 66,739 8.7 % Due after one year through five years 392,256 51.3 % 390,907 51.3 % Due after five years through ten years 260,758 34.2 % 261,919 34.3 % Due after ten years 28,549 3.7 % 28,385 3.7 % Asset and mortgage-backed securities 14,902 2.0 % 14,905 2.0 % Total $ 763,434 100.0 % $ 762,855 100.0 % |
Investment Income | The following table summarizes our net investment income by major investment category: Year Ended December 31, 2017 2016 2015 Fixed maturities $ 14,942 $ 9,170 $ 8,092 Equity securities 1,277 996 859 Cash and cash equivalents 626 141 25 Other investments 937 352 222 Other assets 30 20 14 Investment income $ 17,812 $ 10,679 $ 9,212 Investment expenses (686 ) (587 ) (267 ) Net investment income $ 17,126 $ 10,092 $ 8,945 |
Schedule of Unrealized Loss on Investments | The following table presents an aging of our unrealized investment losses by investment class: Less Than Twelve Months Twelve Months or More Number of Securities* Gross Unrealized Losses Fair Value Number of Securities* Gross Unrealized Losses Fair Value December 31, 2017 U.S. government and agency securities 129 $ 641 $ 103,328 123 $ 1,552 $ 74,190 States, municipalities and political subdivisions 106 734 91,245 31 389 19,718 Public utilities 16 44 7,052 5 41 1,016 Corporate securities 263 871 134,755 52 338 16,476 Asset backed securities 18 20 11,682 — — — Redeemable preferred stocks — — — 3 74 303 Total fixed maturities 532 2,310 348,062 214 2,394 111,703 Mutual Funds 1 — 131 — — — Other common stocks 5 47 748 — — — Nonredeemable preferred stocks 4 4 87 — — — Total equity securities 10 51 966 — — — Total 542 $ 2,361 $ 349,028 214 $ 2,394 $ 111,703 December 31, 2016 U.S. government and agency securities 186 $ 1,893 $ 111,216 — $ — $ — States, municipalities and political subdivisions 201 2,551 136,360 — — — Public utilities 8 73 2,222 — — — Corporate securities 215 1,100 88,605 1 26 1,021 Redeemable preferred stocks 7 62 764 — — — Total fixed maturities 617 5,679 339,167 1 26 1,021 Other common stocks 16 140 2,450 17 179 1,732 Nonredeemable preferred stocks 12 52 1,830 7 31 369 Total equity securities 28 192 4,280 24 210 2,101 Other investments 1 $ 27 $ 987 — $ — $ — Total 646 $ 5,898 $ 344,434 25 $ 236 $ 3,122 |
Fair Value, Measurement Inputs, Disclosure | The following table presents the fair value of our financial instruments measured on a recurring basis by level at December 31, 2017 and December 31, 2016 : December 31, 2017 Total Level 1 Level 2 Level 3 U.S. government and agency securities $ 235,891 $ — $ 235,891 $ — Foreign governments 2,036 — 2,036 — States, municipalities and political subdivisions 201,512 — 201,512 — Public utilities 20,257 — 20,257 — Corporate securities 287,562 — 287,562 — Asset backed securities 14,905 — 14,905 — Redeemable preferred stocks 692 692 — — Total fixed maturities 762,855 692 762,163 — Mutual Funds 31,924 31,924 — — Public utilities 1,702 1,702 — — Other common stocks 27,902 27,902 — — Nonredeemable preferred stocks 1,767 1,767 — — Total equity securities 63,295 63,295 — — Other investments 8,381 300 7,447 634 Total recurring investments $ 834,531 $ 64,287 $ 769,610 $ 634 December 31, 2016 U.S. government and agency securities $ 149,952 $ — $ 149,952 $ — Foreign governments 2,061 — 2,061 — States, municipalities and political subdivisions 169,112 — 169,112 — Public utilities 7,730 — 7,730 — Corporate securities 164,536 — 164,536 — Redeemable preferred stocks 1,125 1,125 — — Total fixed maturities 494,516 1,125 493,391 — Public utilities 1,507 1,507 — — Other common stocks 24,048 24,048 — — Nonredeemable preferred stocks 2,843 2,843 — — Total equity securities 28,398 28,398 — — Other investments 5,733 300 3,735 1,698 Total recurring investments $ 528,647 $ 29,823 $ 497,126 $ 1,698 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The table below presents the rollforward of our Level 3 investments held at fair value during the year ended December 31, 2017 : Other Investments December 31, 2016 $ 1,698 Transfers in — Transfer out (990 ) Partnership income 42 Return of capital (200 ) Unrealized gains in accumulated other comprehensive income 84 December 31, 2017 $ 634 |
Other Investments Not Readily Marketable [Table Text Block] | The information presented in the table below is as of December 31, 2017 . Book Value Unrealized Gain Unrealized Loss Fair Value Limited partnership investments $ 7,757 $ 324 $ — $ 8,081 Certificates of deposit 300 — — 300 Total other investments $ 8,057 $ 324 $ — $ 8,381 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Fair Value Valuation Rate Impact Technique Unobservable Input Adjustment December 31, 2017 DCR VI $ (37 ) Discounted cash flow Discount rate based on D&B paydex scale 2.35% December 31, 2016 DCR VI $ (56 ) Discounted cash flow Discount rate based on D&B paydex scale 2.35% RCH $ (341 ) Discounted cash flow Discount rate based on D&B paydex scale 7.35% |
Investments - Fair Value (Table
Investments - Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of nonrecurring basis investments [Abstract] | |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table presents the fair value of our financial instruments measured on a non-recurring basis by level at December 31, 2017 : December 31, 2017 Total Level 1 Level 2 Level 3 Portfolio loans $ 20,000 $ — $ 20,000 $ — |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Acquisitions [Abstract] | ||
Business Acquisition, Pro Forma Information | The unaudited pro forma financial information is not necessarily indicative of the results that we would have achieved had the transaction taken place on January 1, 2016, and the unaudited pro forma information does not purport to be indicative of future financial operating results. Year Ended December 31, 2017 2016 As Pro Forma As Pro Forma Reported Adjustments Pro Forma Reported Adjustments Pro Forma Revenues $ 654,420 $ 38,096 $ 692,516 $ 487,117 $ 175,032 $ 662,149 Net income (loss) $ 10,145 $ 6,712 $ 16,857 $ 5,698 $ 31,960 $ 37,658 Diluted earnings per share $ 0.27 $ — $ 0.39 $ 0.26 $ — $ 0.88 | The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transaction taken place on January 1, 2016, and the unaudited pro forma information does not purport to be indicative of future financial operating results. For the Year Ended December 31, 2016 As Pro Forma Reported Adjustments (1) Pro Forma Revenues $ 487,117 $ 18,963 $ 506,080 Net income $ 5,698 $ 8,187 $ 13,885 Diluted earnings per share $ 0.26 $ 0.38 $ 0.64 (1) Adjustments are for the period from January 1, 2016 through April 29, 2016. |
Schedule of Business Acquisitions, by Acquisition | The final purchase price allocation was as follows: Cash and cash equivalents $ 95,284 Investments 222,920 Premium and agents’ receivable 31,439 Reinsurance recoverable 20,230 Prepaid reinsurance premiums 22,544 Intangible assets 30,286 Insurance contract asset 33,812 Goodwill 59,475 Other assets 4,591 Unpaid losses and loss adjustment expenses (60,529 ) Unearned premiums (128,824 ) Reinsurance payable (22,406 ) Deferred taxes (17,093 ) Other liabilities (6,261 ) Total purchase price $ 285,468 | The final purchase price allocation is as follows: Cash and cash equivalents $ 15,554 Investments 66,527 Premium and agents’ receivable 3,186 Reinsurance receivable 1,042 Intangible assets 5,877 Insurance contract asset 8,334 Goodwill 10,157 Other assets 3,980 Deferred taxes 575 Unpaid losses and loss adjustment expenses (24,967 ) Unearned premiums (26,243 ) Advanced premiums (1,472 ) Other liabilities (2,079 ) Total purchase price $ 60,471 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table shows the computation of basic and diluted EPS for the years ended December 31, 2017 , 2016 and 2015 : Year Ended December 31, 2017 2016 2015 Numerator: Net income (loss) attributable to common stockholders $ 10,145 $ 5,698 $ 27,358 Denominator: Weighted-average shares outstanding 37,152,768 21,417,486 21,218,233 Effect of dilutive securities 222,572 196,957 234,307 Weighted-average diluted shares 37,375,340 21,614,443 21,452,540 Basic earnings per share $ 0.27 $ 0.27 $ 1.29 Diluted earnings per share $ 0.27 $ 0.26 $ 1.28 |
Deferred Policy Acquisition C38
Deferred Policy Acquisition Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Policy Acquisition Costs Disclosures [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | The table below depicts the activity with regard to deferred policy acquisition costs: 2017 2016 Balance at January 1 $ 65,473 $ 46,732 Policy acquisition costs deferred 210,324 134,588 Amortization (171,915 ) (115,847 ) Balance at December 31 $ 103,882 $ 65,473 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment, net consists of the following: Year Ended December 31, 2017 2016 Land $ 2,114 $ 2,114 Building and building improvements 5,695 5,502 Computer hardware and software 18,985 14,699 Office furniture and equipment 3,413 2,652 Total, at cost 30,207 24,967 Less: accumulated depreciation and amortization (12,916 ) (7,107 ) Property and equipment, net $ 17,291 $ 17,860 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill for the years ended December 31, 2017 and 2016 are as follows: December 31, 2017 2016 Balance at beginning of period $ 14,254 $ 3,413 Acquisitions 59,475 10,841 Adjustment to finalize purchase price allocation (684 ) — Impairment — — Balance at end of period $ 73,045 $ 14,254 |
Schedule of Intangible Assets and Goodwill | The following is a summary of intangible assets excluding goodwill recorded as other assets at December 31, 2017 and December 31, 2016 : December 31, 2017 December 31, 2016 Intangible assets subject to amortization $ 41,715 $ 9,064 Indefinite-lived intangible assets (1) 3,556 3,307 Total $ 45,271 $ 12,371 (1) Indefinite-lived intangible assets are comprised of state insurance and agent licenses, as well as perpetual software licenses. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense to be recognized by the Company over the next five years is as follows: Year ending December 31, Estimated Amortization Expense 2018 $ 13,920 2019 5,355 2020 4,267 2021 3,555 2022 3,246 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | Weighted-average remaining amortization period (in years) Gross carrying amount Accumulated amortization Net carrying amount 2017 Amortizing intangible assets Value of Business Acquired 0.3 $ 42,788 $ (34,335 ) $ 8,453 Agency agreements acquired 8.0 34,661 (6,669 ) 27,992 Trade names acquired 6.0 6,381 (1,111 ) 5,270 Total $ 83,830 $ (42,115 ) $ 41,715 2016 Amortizing intangible assets Value of Business Acquired 0.3 $ 8,975 $ (7,867 ) $ 1,108 Agency agreements acquired 3.8 10,284 (2,784 ) 7,500 Trade names acquired 2.1 720 (264 ) 456 Total $ 19,979 $ (10,915 ) $ 9,064 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Reinsurance Disclosures [Abstract] | |
Ceded Premiums Earned by type | The table below summarizes the amounts of our ceded premiums written under the various types of agreements, as well as the amortization of prepaid reinsurance premiums: Year Ended 2017 2016 2015 Excess-of-loss $ (419,668 ) $ (235,236 ) $ (163,106 ) Equipment & identity theft (9,576 ) (8,313 ) (6,169 ) Novation of Auto Policies (1) — (2,396 ) — Flood (18,085 ) (16,395 ) (14,533 ) Ceded premiums written $ (447,329 ) $ (262,340 ) $ (183,808 ) Increase in ceded unearned premiums 46,796 52,442 15,551 Ceded premiums earned $ (400,533 ) $ (209,898 ) $ (168,257 ) |
Liability for Catastrophe Claims Disclosure | Current year catastrophe losses by the event magnitude are shown in the following table. Number of Events Incurred Loss and Loss adjustment expense (LAE) (1) Combined Ratio Impact December 31, 2017 Current period catastrophe losses incurred Named and numbered storms 6 $ 84,226 14.4 % All other catastrophe loss events 16 32,198 5.5 % Total 22 $ 116,424 19.9 % December 31, 2016 Current period catastrophe losses incurred Named and numbered storms 4 $ 33,817 7.4 % All other catastrophe loss events 15 22,025 4.8 % Total 19 $ 55,842 12.2 % December 31, 2015 Current period catastrophe losses incurred Named and numbered storms 2 $ 1,167 0.3 % All other catastrophe loss events 12 27,398 8.2 % Total 14 $ 28,565 8.5 % (1) Incurred loss and LAE is equal to losses and LAE paid plus the change in case and incurred but not reported reserves. Shown net of losses ceded to reinsurers. Incurred loss and LAE and number of events includes the current year development on storms during the year in which it occurred. |
Reinsurance Recoverable | Reinsurance recoverable at the balance sheet dates consists of the following: December 31, 2017 2016 Reinsurance recoverable on unpaid losses and LAE $ 305,673 $ 18,724 Reinsurance recoverable on paid losses and LAE 90,101 5,304 Reinsurance recoverable $ 395,774 $ 24,028 |
Reinsurance, Effect on Operations | The following table depicts written premiums, earned premiums and losses, showing the effects that our reinsurance transactions have on these components of our Consolidated Statements of Comprehensive Income: Year ended December 31, 2017 2016 2015 Premium written: Direct $ 989,525 $ 708,252 $ 548,916 Assumed 51,323 (96 ) 20,820 Ceded (447,329 ) (262,340 ) (183,808 ) Net premium written $ 593,519 $ 445,816 $ 385,928 Change in unearned premiums: Direct $ (49,386 ) $ (57,759 ) $ (65,300 ) Assumed (5,439 ) 16,432 (221 ) Ceded 46,796 52,442 15,551 Net decrease (increase) $ (8,029 ) $ 11,115 $ (49,970 ) Premiums earned: Direct $ 940,139 $ 650,493 $ 483,616 Assumed 45,884 16,336 20,599 Ceded (400,533 ) (209,898 ) (168,257 ) Net premiums earned $ 585,490 $ 456,931 $ 335,958 Losses and LAE incurred: Direct $ 863,928 $ 335,542 $ 188,270 Assumed 60,836 3,747 7,861 Ceded (559,229 ) (40,936 ) (13,023 ) Net losses and LAE incurred $ 365,535 $ 298,353 $ 183,108 |
Reinsurance Effects On Unpaid Lossses, LAE and Unearned Premiums | The following table highlights the effects that our reinsurance transactions have on unpaid losses and loss adjustment expenses and unearned premiums in our Consolidated Balance Sheets: December 31, 2017 2016 2015 Unpaid losses and LAE: Direct $ 441,355 $ 138,345 $ 72,373 Assumed 40,877 2,510 4,419 Gross unpaid losses and LAE 482,232 140,855 76,792 Ceded (305,673 ) (18,724 ) (2,114 ) Net unpaid losses and LAE $ 176,559 $ 122,131 $ 74,678 Unearned premiums: Direct $ 528,419 $ 371,149 $ 287,148 Assumed 27,454 1,074 17,506 Gross unearned premiums 555,873 372,223 304,654 Ceded (201,904 ) (132,564 ) (79,400 ) Net unearned premiums $ 353,969 $ 239,659 $ 225,254 |
Liability for Unpaid Losses a42
Liability for Unpaid Losses and Loss Adjustment Expense (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Claims Development [Line Items] | |
Short-duration Insurance Contracts, Claims Development | Commercial Residential Insurance $ In thousands (except number of reported claims) Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims For the Years Ended December 31, Unaudited Audited Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 $ 12,428 $ 3,844 $ 1,939 $ 2,137 $ 2,051 $ 2,045 $ 1,906 $ 1,905 $ 1,902 $ 1,899 $ — 261 2009 — 11,323 5,233 4,054 3,853 4,182 3,459 3,490 3,489 3,486 — 383 2010 — — 12,134 5,603 5,374 5,489 4,291 4,160 4,112 4,112 — 580 2011 — — — 12,702 11,280 10,197 8,972 9,142 9,030 8,985 52 758 2012 — — — — 11,404 9,540 9,690 9,771 8,671 12,615 40 803 2013 — — — — — 8,359 6,420 11,826 8,382 7,573 319 742 2014 — — — — — — 15,845 15,752 16,311 16,816 1,762 681 2015 — — — — — — — 16,554 20,434 24,568 2,168 849 2016 — — — — — — — — 38,632 25,599 6,249 1,223 2017 — — — — — — — — — 76,910 12,074 3,949 Total $ 182,563 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Unaudited Audited Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 $ 700 $ 1,619 $ 1,678 $ 1,665 $ 1,897 $ 1,927 $ 1,902 $ 1,902 $ 1,900 $ 1,899 2009 — 1,639 3,616 3,410 3,415 3,920 3,446 3,471 3,485 3,484 2010 — — 1,968 3,127 3,461 3,966 3,909 3,909 4,112 4,112 2011 — — — 3,541 6,241 7,605 7,846 8,825 8,851 8,933 2012 — — — — 4,583 6,942 6,893 7,543 8,552 12,575 2013 — — — — — 2,958 5,127 5,317 7,248 7,254 2014 — — — — — — 6,379 9,452 13,212 14,420 2015 — — — — — — — 10,188 17,139 20,645 2016 — — — — — — — — 10,917 16,687 2017 — — — — — — — — — 42,744 Total $ 132,753 All outstanding liabilities before 2008, net of reinsurance — Liabilities for claims and claim adjustment expenses, net of reinsurance $ 49,810 Remaining Product Lines $ In thousands (except number of reported claims) Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims For the Years Ended December 31, Unaudited Audited Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 $ 13,504 $ 12,871 $ 12,324 $ 11,833 $ 11,877 $ 12,661 $ 12,761 $ 12,885 $ 12,884 $ 12,883 $ — 1,173 2009 — 10,610 10,135 10,093 10,026 9,902 9,844 9,837 10,009 10,007 — 1,097 2010 — — 9,911 11,042 10,733 11,126 11,020 11,105 11,072 11,072 — 1,161 2011 — — — 11,126 11,022 10,896 10,630 10,575 10,740 10,741 — 1,217 2012 — — — — 10,760 9,651 9,350 9,412 9,147 9,138 12 1,063 2013 — — — — — 6,657 5,817 5,401 5,736 5,857 16 554 2014 — — — — — — 9,073 7,927 8,016 7,956 54 687 2015 — — — — — — — 19,669 19,723 19,352 151 1,382 2016 — — — — — — — — 17,053 17,898 564 84 2017 — — — — — — — — — 46,892 3,455 13 Total $ 151,796 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Unaudited Audited Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 $ 6,169 $ 9,309 $ 10,647 $ 11,104 $ 11,404 $ 12,360 $ 12,403 $ 12,557 $ 12,884 $ 12,883 2009 — 4,807 7,507 8,470 9,062 9,471 9,570 9,688 10,009 10,007 2010 — — 4,346 8,128 9,036 10,182 10,242 10,327 11,073 11,072 2011 — — — 4,587 8,013 9,444 9,837 10,128 10,740 10,741 2012 — — — — 5,112 7,631 8,242 8,626 9,124 9,126 2013 — — — — — 2,925 4,496 4,811 5,566 5,626 2014 — — — — — — 4,008 6,237 7,868 7,898 2015 — — — — — — — 11,104 18,129 18,817 2016 — — — — — — — — 12,432 16,116 2017 — — — — — — — — — 37,127 Total $ 139,413 All outstanding liabilities before 2008, net of reinsurance 1 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 12,384 Homeowners’ Insurance $ In thousands (except number of reported claims) Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance As of December 31, 2017 Total of IBNR Liabilities Plus Expected Development on Reported Claims Cumulative Number of Reported Claims For the Years Ended December 31, Unaudited Audited Accident Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 $ 30,073 $ 28,126 $ 27,174 $ 27,161 $ 27,358 $ 27,597 $ 27,564 $ 27,468 $ 27,453 $ 27,463 $ — 3,220 2009 — 46,952 46,089 45,515 45,583 45,316 45,116 44,959 44,996 44,617 40 4,150 2010 — — 51,144 51,292 51,862 52,239 51,685 51,841 51,674 51,836 4 5,090 2011 — — — 53,878 56,840 57,670 58,047 59,517 60,215 60,288 (47 ) 6,217 2012 — — — — 65,112 69,438 68,923 68,388 69,000 69,064 18 11,025 2013 — — — — — 98,461 94,755 93,041 92,702 92,792 385 8,331 2014 — — — — — — 130,090 130,488 131,402 132,096 1,427 12,750 2015 — — — — — — — 181,609 195,902 195,864 3,359 18,914 2016 — — — — — — — — 249,276 250,774 10,112 29,705 2017 — — — — — — — — — 208,537 44,937 55,410 Total $ 1,133,331 Accident Year Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Unaudited Audited 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 $ 17,915 $ 23,806 $ 25,264 $ 26,360 $ 27,044 $ 27,358 $ 27,390 $ 27,445 $ 27,451 $ 27,461 2009 — 31,525 41,134 43,149 44,114 44,413 44,737 44,898 44,966 44,577 2010 — — 32,993 43,932 46,711 49,256 50,215 50,704 51,163 51,435 2011 — — — 36,419 48,558 52,412 55,532 58,069 59,461 59,806 2012 — — — — 42,699 60,640 64,675 66,739 68,337 68,655 2013 — — — — — 63,732 85,346 89,068 90,627 91,789 2014 — — — — — — 88,375 119,612 125,951 129,636 2015 — — — — — — — 123,888 174,993 188,199 2016 — — — — — — — — 170,527 232,266 2017 — — — — — — — — — 138,112 Total $ 1,031,936 All outstanding liabilities before 2008, net of reinsurance 149 Liabilities for claims and claim adjustment expenses, net of reinsurance $ 101,544 |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | The table below shows the analysis of our reserve for unpaid losses for each of our last three fiscal years on a GAAP basis: 2017 2016 2015 Balance at January 1 $ 140,855 $ 76,792 $ 54,436 Less: reinsurance recoverable on unpaid losses 18,724 2,114 1,252 Net balance at January 1 $ 122,131 $ 74,678 $ 53,184 Acquired reserves, net of recoverables (1) 40,299 22,576 2,390 Incurred related to: Current year 368,148 281,365 185,476 Prior years (2,613 ) 16,988 (2,368 ) Total incurred $ 365,535 $ 298,353 $ 183,108 Paid related to: Current year 256,134 210,970 127,306 Prior years 95,272 62,506 36,698 Total paid $ 351,406 $ 273,476 $ 164,004 Net balance at December 31 $ 176,559 $ 122,131 $ 74,678 Plus: reinsurance recoverable on unpaid losses 305,673 18,724 2,114 Balance at December 31 $ 482,232 $ 140,855 $ 76,792 Composition of reserve for unpaid losses and LAE: Case reserves $ 236,253 $ 83,447 $ 45,502 IBNR reserves 245,979 57,408 31,290 Balance at December 31 $ 482,232 $ 140,855 $ 76,792 |
Short-duration Insurance Contracts, Schedule of Historical Claims Duration | The following is supplementary information about average historical claims duration as of December 31, 2017 . Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Unaudited Years 1 2 3 4 5 6 7 8 9 10 65.2 % 22.8 % 5.1 % 3.4 % 2.1 % 1.1 % 0.5 % 0.3 % (0.4 )% — % The following is supplementary information about average historical claims duration as of December 31, 2017 . Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Unaudited Years 1 2 3 4 5 6 7 8 9 10 42.0 % 30.7 % 7.0 % 7.5 % 7.4 % 4.0 % 1.3 % 0.1 % (0.1 )% (0.1 )% The following is supplementary information about average historical claims duration as of December 31, 2017 . Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Unaudited Years 1 2 3 4 5 6 7 8 9 10 51.0 % 25.8 % 6.9 % 5.9 % 2.7 % 3.0 % 2.1 % 1.5 % 1.3 % — % |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability | The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated statement of financial position is as follows. December 31, 2017 2016 Net outstanding liabilities Personal Homeowners’ Only $ 101,544 $ 109,320 Commercial Residential Only 49,810 566 All other lines of business 12,384 6,031 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance $ 163,738 $ 115,917 Reinsurance recoverable on unpaid claims Personal Homeowners’ Only $ 131,581 $ 14,223 Commercial Residential Only 165,313 — All other lines of business 8,779 4,501 Total reinsurance recoverable on unpaid claims $ 305,673 $ 18,724 Unallocated claims adjustment expenses 12,821 6,214 Total gross liability for unpaid claims and claims adjustment expense $ 482,232 $ 140,855 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The table below presents all long-term debt outstanding as of December 31, 2017 and December 31, 2016 : Effective Interest Rate Carrying Value at Maturity December 31, 2017 December 31, 2016 $150M Senior Notes Payable December 15, 2027 6.25% $ 150,000 $ — Florida State Board of Administration Note Payable July 1, 2026 2.31% 10,000 11,176 BB&T Term Note Payable May 26, 2031 3.00% 4,651 4,998 $30M Senior Notes Payable December 5, 2026 7.26% — 30,000 Interboro, LLC Promissory Note Payable October 29, 2017 6.00% — 8,550 Total long-term debt $ 164,651 $ 54,724 |
Schedule of Maturities of Long-term Debt | At December 31, 2017, the annual maturities of our long-term debt were as follows: Amount 2018 $ 1,523 2019 1,523 2020 1,523 2021 1,523 2022 1,523 Thereafter 157,036 Total debt $ 164,651 |
Schedule of Debt | The table below presents the rollforward of our debt issuance costs paid, in conjunction with the debt instruments described above, during the years ended December 31, 2017 and 2016 : 2017 2016 Balance at January 1, $ 549 $ — Additions 3,264 596 Amortization (526 ) (47 ) Balance at December 31, $ 3,287 $ 549 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table summarizes the provision for income taxes: Year Ended December 31, 2017 2016 2015 Federal: Current $ (1,147 ) $ (1,906 ) $ 10,143 Deferred (9,911 ) 1,920 2,103 (Benefit) provision for Federal income tax expense (11,058 ) 14 12,246 State: Current 496 1,001 2,054 Deferred 1,327 290 202 Provision for State income tax expense 1,823 1,291 2,256 (Benefit) provision for income taxes $ (9,235 ) $ 1,305 $ 14,502 |
Tax Expense Reconciliation | The actual income tax expense differs from the expected income tax expense computed by applying the combined applicable effective federal and state tax rates to income before the provision for income taxes as follows: Year Ended December 31, 2017 2016 2015 Expected income tax expense at federal rate $ 319 $ 2,381 $ 14,671 State tax expense, net of federal deduction benefit 366 934 1,023 Dividend received deduction (294 ) (217 ) — Other permanent items 128 — — Prior period adjustment (791 ) — 42 Accrual adjustments (1,472 ) — — Section 847 payments — — (693 ) Municipal tax-exempt interest (1,398 ) (1,011 ) — Change in enacted tax rate (1) (6,777 ) — — Other, net 684 (782 ) (541 ) Reported income tax (benefit) expense $ (9,235 ) $ 1,305 $ 14,502 |
Schedule of Deferred Tax Assets and Liabilities | The table below summarizes the significant components of our net deferred tax liability : December 31, 2017 2016 Deferred tax assets: Unearned premiums $ 17,459 $ 19,113 Tax-related discount on loss reserve 1,113 1,479 Bad debt expense 90 54 Other-than-temporary impairment 16 27 Investments 304 — AMT credit carryforward 226 — Other 89 507 Total deferred tax assets 19,297 21,180 Deferred tax liabilities: Unrealized gain (2,822 ) (642 ) Deferred acquisitions costs (21,549 ) (19,586 ) Capitalized software (204 ) (1,505 ) Intangible asset (10,883 ) (3,371 ) Prepaid expenses (535 ) — Investments (17 ) — Fixed assets (689 ) — Other (63 ) (895 ) Total deferred tax liabilities (36,762 ) (25,999 ) Net deferred tax liability $ (17,465 ) $ (4,819 ) |
Statutory Accounting and Regu45
Statutory Accounting and Regulation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Statutory Accounting Practices, Statutory to GAAP Net Income Reconciliation | The table below reconciles our consolidated GAAP net income to the statutory net income of our insurance subsidiaries: Year Ended December 31, 2017 2016 2015 Consolidated GAAP net income $ 10,145 $ 5,698 $ 27,358 Increase (decrease) due to: Commissions 401 17,486 339 Deferred income taxes 9,413 (3,255 ) (2,518 ) Deferred policy acquisition costs (17,935 ) (6,342 ) (4,962 ) Allowance for doubtful accounts 240 (24 ) 97 Prepaid expenses 101 (538 ) 131 Premium tax (1,800 ) — — Investment PGAAP adjustments 1,148 — — Other, net (71 ) 166 — Operations of non-statutory subsidiaries (6,930 ) (10,621 ) (10,077 ) Statutory net income acquired (1) 6,120 3,513 152 Statutory net income of insurance subsidiaries $ 832 $ 6,083 $ 10,520 |
Statutory Accounting Practices, Statutory to GAAP, Stockholders' Equity Reconciliation | The table below reconciles our consolidated GAAP stockholders’ equity to the surplus as regards policyholders of our insurance subsidiaries: December 31, 2017 2016 Consolidated GAAP stockholders’ equity $ 537,125 $ 241,327 Increase (decrease) due to: Deferred policy acquisition costs (35,689 ) (15,373 ) Deferred income taxes 961 (3,338 ) Investments 955 1,386 Non-admitted assets 9 (623 ) Surplus debentures 10,000 11,176 Provision for reinsurance (3,583 ) (7,648 ) Equity of non-statutory subsidiaries (138,833 ) (32,615 ) Commissions 19,502 18,570 Prepaid expenses (468 ) (564 ) Other, net (595 ) — Statutory surplus as regards policyholders of insurance subsidiaries $ 389,384 $ 212,298 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | At December 31, 2017 , our minimum future lease payments under non-cancellable operating leases are: Amount 2018 $ 457 2019 275 2020 243 2021 187 2022 51 |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The table below details the components of accumulated other comprehensive income at year end: Pre-Tax Amount Tax (Expense) Benefit Net-of-Tax Amount December 31, 2014 $ 6,537 $ (2,526 ) $ 4,011 Changes in net unrealized gain on investments (3,070 ) 1,187 (1,883 ) Reclassification adjustment for net realized gains (827 ) 319 (508 ) December 31, 2015 2,640 (1,020 ) 1,620 Changes in net unrealized gain on investments (629 ) 167 (462 ) Reclassification adjustment for net realized gains (547 ) 211 (336 ) December 31, 2016 1,464 (642 ) 822 Changes in net unrealized gain on investments 10,647 (3,747 ) 6,900 Reclassification adjustment for net realized gains (67 ) 17 (50 ) Reclassification due to adoption of ASU 2018-02 — 1,549 1,549 December 31, 2017 $ 12,044 $ (2,823 ) $ 9,221 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Dividends Declared | Our Board of Directors declared dividends on our outstanding shares of common stock as follows for the periods presented (in thousands, except per share amounts): Year Ended December 31, 2017 2016 2015 Per Share Amount Aggregate Amount Per Share Amount Aggregate Amount Per Share Amount Aggregate Amount First Quarter $ 0.06 $ 1,301 $ 0.05 $ 1,076 $ 0.05 $ 1,073 Second Quarter $ 0.06 $ 2,561 $ 0.06 $ 1,300 $ 0.05 $ 1,077 Third Quarter $ 0.06 $ 2,564 $ 0.06 $ 1,299 $ 0.05 $ 1,076 Fourth Quarter $ 0.06 $ 2,565 $ 0.06 $ 1,299 $ 0.05 $ 1,076 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Nonvested Share Activity | The following table presents certain information related to the activity of our non-vested common stock grants: Number of Restricted Shares Weighted Average Grant Date Fair Value Outstanding as of December 31, 2014 153,383 $ 10.91 Granted 130,442 20.38 Less: Forfeited 14,365 13.80 Less: Vested 90,277 12.71 Outstanding as of December 31, 2015 179,183 16.67 Granted 115,405 16.90 Less: Forfeited 26,082 17.44 Less: Vested 98,864 16.39 Outstanding as of December 31, 2016 169,642 16.87 Granted 167,622 15.62 Less: Forfeited 17,537 14.07 Less: Vested 107,633 16.24 Outstanding as of December 31, 2017 212,094 $ 16.44 |
Significant Accounting Polici50
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Allowance for Uncollectible Premium | $ 384 | $ 144 | |
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Advertising Expense | $ 1,013 | 907 | $ 2,630 |
Concentration Risk, Percentage | 52.00% | ||
Cash, FDIC Insured Amount | $ 314,147 | $ 159,288 | |
Cash, FDIC Insured Amount, Period Increase (Decrease) | $ 154,859 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Investment Holdings [Line Items] | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | |
Fair Value of Limited Partnership Interest | 8,081 | |
Loans and Leases Receivable, Net Amount | 20,000 | $ 0 |
Other Long-term Investments | ||
Investment Holdings [Line Items] | ||
Other Long-term Investments | 8,381 | $ 5,733 |
Payments to Acquire Other Investments | $ 1,365 |
Investments Reconciliation, Inv
Investments Reconciliation, Investments by Category (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 842,487 | |
US Government and Government Agencies and Authorities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 237,809 | $ 151,656 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 275 | 189 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 2,193 | 1,893 |
Available-for-sale Securities, Debt Securities | 235,891 | 149,952 |
Foreign Government Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,022 | 2,031 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 14 | 30 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | 0 |
Available-for-sale Securities, Debt Securities | 2,036 | 2,061 |
US States and Political Subdivisions Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 200,706 | 170,636 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 1,929 | 1,027 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 1,123 | 2,551 |
Available-for-sale Securities, Debt Securities | 201,512 | 169,112 |
Public Utility, Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 20,215 | 7,687 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 127 | 116 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 85 | 73 |
Available-for-sale Securities, Debt Securities | 20,257 | 7,730 |
All Other Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 287,025 | 164,424 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 1,746 | 1,238 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 1,209 | 1,126 |
Available-for-sale Securities, Debt Securities | 287,562 | 164,536 |
Redeemable Preferred Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 755 | 1,182 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 11 | 5 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 74 | 62 |
Available-for-sale Securities, Debt Securities | 692 | 1,125 |
Fixed Maturities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 763,434 | 497,616 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 4,125 | 2,605 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 4,704 | 5,705 |
Available-for-sale Securities, Debt Securities | 762,855 | 494,516 |
Mutual Fund | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 29,079 | |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 2,845 | |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | |
Available-for-sale Securities, Equity Securities | 31,924 | |
Public Utility, Equities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 1,343 | 1,343 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 359 | 164 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | 0 |
Available-for-sale Securities, Equity Securities | 1,702 | 1,507 |
Other Common Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 18,856 | 19,815 |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 9,093 | |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 4,552 | |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 47 | 319 |
Available-for-sale Securities, Equity Securities | 27,902 | 24,048 |
Nonredeemable Preferred Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 1,718 | 2,916 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 53 | 10 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 4 | 83 |
Available-for-sale Securities, Equity Securities | 1,767 | 2,843 |
Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 50,996 | 24,074 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 12,350 | 4,726 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 51 | 402 |
Available-for-sale Securities, Equity Securities | 63,295 | $ 28,398 |
Asset-backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 14,902 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 23 | |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 20 | |
Available-for-sale Securities, Debt Securities | $ 14,905 |
Investments Gains and Losses by
Investments Gains and Losses by Security Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Gross Realized Gains | $ 1,115 | $ 1,875 | $ 2,622 |
Available-for-sale, Gross Realized Gains, Fair Value at Sale | 37,457 | 69,737 | 94,931 |
Available-for-sale Securities, Gross Realized Losses | (1,048) | (1,328) | (1,795) |
Available-for-sale, Gross Realized Losses, Fair Value at Sale | 54,943 | 62,254 | 42,657 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 67 | 547 | 827 |
Available-for-sale, Gross Realized Gains (Losses), Fair Value at Sale | 92,400 | 131,991 | 137,588 |
Fixed Maturities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Gross Realized Gains | 268 | 1,811 | 727 |
Available-for-sale, Gross Realized Gains, Fair Value at Sale | 35,248 | 56,484 | 87,141 |
Available-for-sale Securities, Gross Realized Losses | (890) | (1,136) | (595) |
Available-for-sale, Gross Realized Losses, Fair Value at Sale | 53,194 | 24,464 | 38,485 |
Equity Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Gross Realized Gains | 847 | 64 | 1,895 |
Available-for-sale, Gross Realized Gains, Fair Value at Sale | 2,209 | 13,253 | 7,790 |
Available-for-sale Securities, Gross Realized Losses | (158) | (192) | (1,200) |
Available-for-sale, Gross Realized Losses, Fair Value at Sale | $ 1,749 | $ 37,790 | $ 4,172 |
Investments Classified by Matur
Investments Classified by Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Debt Maturities, within One Year, Amortized Cost Basis, Percent of Total | 8.80% | |
Available-for-sale Securities, Debt Maturities, within One Year, Fair Value, Percent of Total | 8.70% | |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Amortized Cost Basis, Percent of Total | 51.30% | |
Available-for-sale Securities, Debt Maturities, after One Through Five Years, Fair Value, Percent of Total | 51.30% | |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Amortized Cost Basis, Percent of Total | 34.20% | |
Available-for-sale Securities, Debt Maturities, after Five Through Ten Years, Fair Value, Percent of Total | 34.30% | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis, Percent of Total | 3.70% | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value, Percent of Total | 3.70% | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Percent of Total | 100.00% | |
Available-for-sale Securities, Fair Value Disclosure, Percent of Total | 100.00% | |
Fixed Maturities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $ 66,969 | |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 66,739 | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 392,256 | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 390,907 | |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 260,758 | |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 261,919 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 28,549 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 28,385 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 763,434 | $ 497,616 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | $ 14,902 | |
Available-for-sale Securities, Debt Maturities, Without Single Maturity Date, Cost, Percent of Total | 2.00% | |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | $ 14,905 | |
Available-for-sale Securities, Debt Maturities, Without Single Maturity Date, Fair Value, Percent of Total | 2.00% | |
Available-for-sale Securities | $ 762,855 | $ 494,516 |
Investments Net Investment Inco
Investments Net Investment Income by Major Category (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Investment Income [Line Items] | |||
Net investment income | $ 17,812 | $ 10,679 | $ 9,212 |
Investment expenses | (686) | (587) | (267) |
Investment Income, Net | 17,126 | 10,092 | 8,945 |
Debt Securities | |||
Net Investment Income [Line Items] | |||
Net investment income | 14,942 | 9,170 | 8,092 |
Equity Securities | |||
Net Investment Income [Line Items] | |||
Net investment income | 1,277 | 996 | 859 |
Cash, Cash Equivalents And Short-Term Investments [Member] | |||
Net Investment Income [Line Items] | |||
Net investment income | 626 | 141 | 25 |
Partnership Interest [Member] | |||
Net Investment Income [Line Items] | |||
Net investment income | 937 | 352 | 222 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Net Investment Income [Line Items] | |||
Net investment income | $ 30 | $ 20 | $ 14 |
Investments Aging of Unrealized
Investments Aging of Unrealized Losses by Class (Details) $ in Thousands | Dec. 31, 2017USD ($)security | Dec. 31, 2016USD ($)security |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 542 | 646 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 2,361 | $ 5,898 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 349,028 | $ 344,434 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 214 | 25 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 2,394 | $ 236 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 111,703 | $ 3,122 |
US Government and Government Agencies and Authorities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 129 | 186 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 641 | $ 1,893 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 103,328 | $ 111,216 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 123 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 1,552 | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 74,190 | $ 0 |
US States and Political Subdivisions Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 106 | 201 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 734 | $ 2,551 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 91,245 | $ 136,360 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 31 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 389 | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 19,718 | $ 0 |
Public Utility, Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 16 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 44 | $ 73 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 7,052 | $ 2,222 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 5 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 41 | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 1,016 | $ 0 |
Corporate Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 263 | 215 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 871 | $ 1,100 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 134,755 | $ 88,605 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 52 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 338 | $ 26 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 16,476 | $ 1,021 |
Asset-backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 18 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 20 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 11,682 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | |
Redeemable Preferred Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 0 | 7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ 62 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 0 | $ 764 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 3 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 74 | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 303 | $ 0 |
Fixed Maturities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 532 | 617 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 2,310 | $ 5,679 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 348,062 | $ 339,167 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 214 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 2,394 | $ 26 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 111,703 | $ 1,021 |
Mutual Fund | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 131 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | |
Common Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 5 | 16 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 47 | $ 140 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 748 | $ 2,450 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 0 | 17 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | $ 179 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | $ 1,732 |
Nonredeemable Preferred Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 4 | 12 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 4 | $ 52 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 87 | $ 1,830 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 0 | 7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | $ 31 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | $ 369 |
Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 10 | 28 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 51 | $ 192 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 966 | $ 4,280 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 0 | 24 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | $ 210 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | $ 2,101 |
Other Long-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | security | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 27 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 987 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | security | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 |
Investments by Category and Lev
Investments by Category and Level (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
US Government and Government Agencies and Authorities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | $ 235,891 | $ 149,952 |
Foreign Government Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 2,036 | 2,061 |
US States and Political Subdivisions Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 201,512 | 169,112 |
Public Utility, Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 20,257 | 7,730 |
Corporate Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 287,562 | 164,536 |
Asset-backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 14,905 | |
Redeemable Preferred Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 692 | 1,125 |
Fixed Maturities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 762,855 | 494,516 |
Mutual Fund | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 31,924 | |
Public Utility, Equities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 1,702 | 1,507 |
Common Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 27,902 | 24,048 |
Nonredeemable Preferred Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 1,767 | 2,843 |
Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 63,295 | 28,398 |
Other Long-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 8,381 | 5,733 |
Level 1 | US Government and Government Agencies and Authorities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 1 | Foreign Government Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 1 | US States and Political Subdivisions Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 1 | Public Utility, Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 1 | Corporate Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 1 | Asset-backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | |
Level 1 | Redeemable Preferred Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 692 | 1,125 |
Level 1 | Fixed Maturities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 692 | 1,125 |
Level 1 | Mutual Fund | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 31,924 | |
Level 1 | Public Utility, Equities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 1,702 | 1,507 |
Level 1 | Common Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 27,902 | 24,048 |
Level 1 | Nonredeemable Preferred Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 1,767 | 2,843 |
Level 1 | Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 63,295 | 28,398 |
Level 1 | Other Long-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 300 | 300 |
Level 2 | US Government and Government Agencies and Authorities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 235,891 | 149,952 |
Level 2 | Foreign Government Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 2,036 | 2,061 |
Level 2 | US States and Political Subdivisions Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 201,512 | 169,112 |
Level 2 | Public Utility, Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 20,257 | 7,730 |
Level 2 | Corporate Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 287,562 | 164,536 |
Level 2 | Asset-backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 14,905 | |
Level 2 | Redeemable Preferred Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 2 | Fixed Maturities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 762,163 | 493,391 |
Level 2 | Mutual Fund | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | |
Level 2 | Public Utility, Equities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 2 | Common Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 2 | Nonredeemable Preferred Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 2 | Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 2 | Other Long-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 7,447 | 3,735 |
Level 3 | US Government and Government Agencies and Authorities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 3 | Foreign Government Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 3 | US States and Political Subdivisions Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 3 | Public Utility, Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 3 | Corporate Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 3 | Asset-backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | |
Level 3 | Redeemable Preferred Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 3 | Fixed Maturities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 3 | Mutual Fund | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | |
Level 3 | Public Utility, Equities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 3 | Common Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 3 | Nonredeemable Preferred Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 3 | Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 3 | Other Long-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | $ 634 | $ 1,698 |
Investments, Level 3 Rollforwar
Investments, Level 3 Rollforward (Details) - Other Long-term Investments - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Available-for-sale Securities | $ 8,381 | $ 5,733 |
Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,698 | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 | (990) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 42 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (200) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 84 | |
Available-for-sale Securities | $ 634 | $ 1,698 |
Investments, Other Investments
Investments, Other Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Cost-method Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 842,487 | |
Fair Value of Limited Partnership Interest | 8,081 | |
Limited Partner | ||
Schedule of Cost-method Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 7,757 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 324 | |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | |
Fair Value of Limited Partnership Interest | 8,081 | |
Certificates of Deposit | ||
Schedule of Cost-method Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 300 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | |
Certificates of Deposit, at Carrying Value | 300 | |
Other Long-term Investments | ||
Schedule of Cost-method Investments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 8,057 | $ 5,493 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 324 | |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | |
Other Long-term Investments | $ 8,381 | $ 5,733 |
Investments Fair Value Inputs,
Investments Fair Value Inputs, Assets, Quantitative Information (Details) - Discounted Cash Flow [Member] - Limited Partner - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
DCR Mortgage Fund VI, L.P. | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ (37) | $ (56) |
Fair Value Inputs, Discount Rate | 2.35% | 2.35% |
RCH Mortgage Fund VI, L.P. | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ (341) | |
Fair Value Inputs, Discount Rate | 7.35% |
Investments - Fair Value Nonrec
Investments - Fair Value Nonrecurring (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure, Nonrecurring | $ 20,000 |
Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure, Nonrecurring | 0 |
Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure, Nonrecurring | 20,000 |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, Fair Value Disclosure, Nonrecurring | $ 0 |
Acquisitions Narrative (Details
Acquisitions Narrative (Details) - USD ($) $ in Thousands | Apr. 29, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
AmCo Holding Company | |||
Business Acquisition [Line Items] | |||
Revenues | $ 134,386 | ||
Operating Income (Loss) | 12,579 | ||
Payments for Merger Related Costs | 7,000 | ||
Payments to Acquire Businesses, Gross | $ 285,468 | ||
Interboro Insurance Company | |||
Business Acquisition [Line Items] | |||
Notes Issued | $ 8,550 | ||
Accrued Liabilities | 3,471 | ||
Revenues | $ 28,573 | ||
Operating Income (Loss) | 14,202 | ||
Payments for Merger Related Costs | 224 | ||
Payments to Acquire Businesses, Gross | $ 48,450 | $ 60,471 |
Acquisitions Pro Forma (Details
Acquisitions Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Apr. 03, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Apr. 29, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||||
Revenues | $ 654,420 | $ 487,117 | $ 357,569 | ||||||||||
Net Income (Loss) Attributable to Parent | $ 27,001 | $ (28,012) | $ 7,257 | $ 3,899 | $ (10,517) | $ 3,423 | $ 9,841 | $ 2,951 | $ 10,145 | $ 5,698 | $ 27,358 | ||
Earnings Per Share, Diluted | $ 0.63 | $ (0.66) | $ 0.17 | $ 0.18 | $ (0.49) | $ 0.16 | $ 0.45 | $ 0.14 | $ 0.27 | $ 0.26 | $ 1.28 | ||
Interboro Insurance Company | |||||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||||
Revenues | $ 18,963 | ||||||||||||
Business Acquisition, Pro Forma Revenue | $ 506,080 | ||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 13,885 | ||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 0.64 | ||||||||||||
Net Income (Loss) Attributable to Parent | $ 8,187 | ||||||||||||
Earnings Per Share, Diluted | $ 0.38 | ||||||||||||
AmCo Holding Company | |||||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||||
Revenues | $ 38,096 | $ 175,032 | |||||||||||
Business Acquisition, Pro Forma Revenue | $ 692,516 | 662,149 | |||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 16,857 | $ 37,658 | |||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 0.39 | $ 0.88 | |||||||||||
Net Income (Loss) Attributable to Parent | $ 6,712 | $ 31,960 | |||||||||||
Earnings Per Share, Diluted | $ 0 | $ 0 |
Schedule of Business Acquisitio
Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands | Apr. 29, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Interboro Insurance Company | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 15,554 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 66,527 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 3,186 | ||
Business Combination, Assets Acquired and Liabilities Assumed, Reinsurance Receivable | 1,042 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 5,877 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 10,157 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 3,980 | ||
Business Combination, Assets Acquired and Liabilities Assumed, Loss Reserves | (24,967) | ||
Business Combination, Assets Acquired and Liabilities Assumed, Unearned Premiums | (26,243) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | (1,472) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 8,334 | ||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 575 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (2,079) | ||
Payments to Acquire Businesses, Gross | $ 48,450 | $ 60,471 | |
AmCo Holding Company | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 95,284 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 222,920 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 31,439 | ||
Business Combination, Assets Acquired and Liabilities Assumed, Reinsurance Receivable | 20,230 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Prepaid Reinsurance Premiums | 22,544 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 30,286 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 59,475 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 4,591 | ||
Business Combination, Assets Acquired and Liabilities Assumed, Loss Reserves | (60,529) | ||
Business Combination, Assets Acquired and Liabilities Assumed, Unearned Premiums | (128,824) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Reinsurance Payable | (22,406) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 33,812 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (17,093) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (6,261) | ||
Payments to Acquire Businesses, Gross | $ 285,468 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income (Loss) Attributable to Parent | $ 27,001 | $ (28,012) | $ 7,257 | $ 3,899 | $ (10,517) | $ 3,423 | $ 9,841 | $ 2,951 | $ 10,145 | $ 5,698 | $ 27,358 |
Weighted-average shares-basic | 37,152,768 | 21,417,486 | 21,218,233 | ||||||||
Restricted stock award | 222,572 | 196,957 | 234,307 | ||||||||
Weighted-average shares-diluted | 37,375,340 | 21,614,443 | 21,452,540 | ||||||||
Earnings Per Share, Basic | $ 0.63 | $ (0.66) | $ 0.17 | $ 0.18 | $ (0.49) | $ 0.16 | $ 0.46 | $ 0.14 | $ 0.27 | $ 0.27 | $ 1.29 |
Earnings Per Share, Diluted | $ 0.63 | $ (0.66) | $ 0.17 | $ 0.18 | $ (0.49) | $ 0.16 | $ 0.45 | $ 0.14 | $ 0.27 | $ 0.26 | $ 1.28 |
Deferred Policy Acquisition C66
Deferred Policy Acquisition Costs Deferred Costs, Capitalized, Prepaid, and Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Policy Acquisition Costs Disclosures [Abstract] | ||
Deferred policy acquisition costs, beg. balance | $ 65,473 | $ 46,732 |
Deferred Policy Acquisition Costs, Additions | 210,324 | 134,588 |
Amortization | (171,915) | (115,847) |
Deferred policy acquisition costs, end. balance | $ 103,882 | $ 65,473 |
Property and equipment - Narrat
Property and equipment - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation, Depletion and Amortization | $ 5,806,000 | $ 2,424,000 | $ 1,803,000 |
Property and equipment table (D
Property and equipment table (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 30,207 | $ 24,967 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (12,916) | (7,107) |
Property, Plant and Equipment, Net | 17,291 | 17,860 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,114 | 2,114 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 5,695 | 5,502 |
Computer Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 18,985 | 14,699 |
Office Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,413 | $ 2,652 |
Goodwill and Intangible Asset69
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 73,045 | $ 14,254 | $ 3,413 |
Goodwill, Acquired During Period | 59,475 | 10,841 | |
Goodwill, Other Increase (Decrease) | (684) | ||
Goodwill, Impairment Loss | 0 | $ 0 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 13,920 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5,355 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 4,267 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,555 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 3,246 |
Goowill and Intangible Assets -
Goowill and Intangible Assets - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 31,200,000 | $ 10,910,000 | $ 3,090,000 |
Goodwill and Intangible Asset71
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ (42,115) | $ (10,915) |
Finite-Lived Intangible Assets, Net | 41,715 | 9,064 |
Intangible Assets, Gross (Excluding Goodwill) | 83,830 | 19,979 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 3,556 | 3,307 |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 42,788 | 8,975 |
Finite-Lived Intangible Assets, Accumulated Amortization | (34,335) | (7,867) |
Finite-Lived Intangible Assets, Net | 8,453 | 1,108 |
Customer Relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 34,661 | 10,284 |
Finite-Lived Intangible Assets, Accumulated Amortization | (6,669) | (2,784) |
Finite-Lived Intangible Assets, Net | $ 27,992 | $ 7,500 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years | 3 years 8 months |
Trade Names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 6,381 | $ 720 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,111) | (264) |
Finite-Lived Intangible Assets, Net | $ 5,270 | $ 456 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years | 2 years 1 month |
Reinsurance - Narrative (Detail
Reinsurance - Narrative (Details) $ in Thousands | Jun. 01, 2017USD ($)reinsurer | Jun. 01, 2016USD ($) | Dec. 31, 2017USD ($)Rate | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 01, 2016Rate |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||
Prepaid Reinsurance Premiums | $ 201,904 | $ 132,564 | ||||
Policyholder Benefits and Claims Incurred, Assumed and Ceded | $ 186,104 | 18,412 | ||||
Percentage of Flood Premiums Ceded | 100.00% | |||||
Insurance Commissions and Fees, Flood Program | $ 1,255 | $ 1,056 | $ 959 | |||
Increase (Decrease) in Ceded Losses and LAE Incurred | $ (518,293) | |||||
Reinsurance cost synergies | $ 20,000 | |||||
Reinsurance Multi-Year Limit | 87,500 | |||||
Quota Share Agreement, Percent Share | Rate | 5.00% | |||||
Quota Share Agreement, Cession Rate | Rate | 20.00% | |||||
Minimum | ||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||
ISO Catastrophe Definition | $ 25,000 | |||||
Unaffiliated Private Reinsurers [Member] | ||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||
Reinsurance Retention Policy, Number Of Private Reinsurers | reinsurer | 43 | |||||
Unaffiliated Private Reinsurers [Member] | Maximum [Member] | ||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||
Aggregate Coverage for Covered Losses Under Reinsurance Contract | $ 1,928,000 | |||||
UPC, Subsidiary | ||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||
Quota Share Agreement, Percent Share | Rate | 15.00% | |||||
FLORIDA | Florida Hurricane Catastrophe Fund [Member] | ||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||
Reinsurance Retention Policy, Participation Rate | 45.00% | |||||
Aggregate Coverage for Covered Losses Under Reinsurance Contract | $ 789,000 | |||||
First Catastrophic Event [Member] | Maximum [Member] | ||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||
Reinsurance Retention Policy, Amount Retained | 55,000 | |||||
Second And Subsequent Catastrophic Events [Member] | Maximum [Member] | ||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||
Reinsurance Retention Policy, Excess Retention, Amount Reinsured | 2,747,500 | |||||
Reinsurance Retention Policy, Amount Retained | 30,000 | |||||
Second And Subsequent Catastrophic Events [Member] | BlueLine [Member] | ||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||
Reinsurance Retention Policy, Amount Retained | $ 5,000 |
Ceded Premiums Earned by type (
Ceded Premiums Earned by type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Ceded Premiums Earned by type [Line Items] | |||
Ceded Premiums Written | $ (447,329) | $ (262,340) | $ (183,808) |
Increase (Decrease) in Ceded Unearned Premiums | 46,796 | 52,442 | 15,551 |
Ceded Premiums Earned | (400,533) | (209,898) | (168,257) |
Excess of Loss Product Line | |||
Ceded Premiums Earned by type [Line Items] | |||
Ceded Premiums Written | (419,668) | (235,236) | (163,106) |
Equipment and Identity Theft Product Line | |||
Ceded Premiums Earned by type [Line Items] | |||
Ceded Premiums Written | (9,576) | (8,313) | (6,169) |
Flood Product Line | |||
Ceded Premiums Earned by type [Line Items] | |||
Ceded Premiums Written | (18,085) | (16,395) | (14,533) |
Novation of Auto Policies | |||
Ceded Premiums Earned by type [Line Items] | |||
Ceded Premiums Written | $ 0 | $ (2,396) | $ 0 |
Catastrophe Losses (Details)
Catastrophe Losses (Details) - Catastrophe $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)catastrophic_event | Dec. 31, 2016USD ($)catastrophic_event | Dec. 31, 2015USD ($)catastrophic_event | |
Liability for Catastrophe Claims [Line Items] | |||
Number of Catastrophic Events | catastrophic_event | 22 | 19 | 14 |
Catastrophic Event, Incurred Losses and Loss Adjustment Expense | $ | $ 116,424 | $ 55,842 | $ 28,565 |
Catastrophic Events, Impact on Combined Ratio | 19.90% | 12.20% | 8.50% |
Named and numbered storms [Member] | |||
Liability for Catastrophe Claims [Line Items] | |||
Number of Catastrophic Events | catastrophic_event | 6 | 4 | 2 |
Catastrophic Event, Incurred Losses and Loss Adjustment Expense | $ | $ 84,226 | $ 33,817 | $ 1,167 |
Catastrophic Events, Impact on Combined Ratio | 14.40% | 7.40% | 0.30% |
All other catastrophe loss events [Member] | |||
Liability for Catastrophe Claims [Line Items] | |||
Number of Catastrophic Events | catastrophic_event | 16 | 15 | 12 |
Catastrophic Event, Incurred Losses and Loss Adjustment Expense | $ | $ 32,198 | $ 22,025 | $ 27,398 |
Catastrophic Events, Impact on Combined Ratio | 5.50% | 4.80% | 8.20% |
Reinsurance Recoverables (Detai
Reinsurance Recoverables (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Reinsurance Disclosures [Abstract] | |||
Reinsurance Recoverables on Unpaid Losses | $ 305,673 | $ 18,724 | $ 2,114 |
Reinsurance Recoverables on Paid Losses | 90,101 | 5,304 | |
Reinsurance recoverable on paid and unpaid losses | $ 395,774 | $ 24,028 |
Effects of Reinsurance on Premi
Effects of Reinsurance on Premiums (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Insurance [Abstract] | |||
Direct Premiums Written | $ 989,525 | $ 708,252 | $ 548,916 |
Assumed Premiums Written | 51,323 | (96) | 20,820 |
Ceded Premiums Written | (447,329) | (262,340) | (183,808) |
Premiums Written, Net | 593,519 | 445,816 | 385,928 |
Increase (Decrease) in Direct Unearned Premiums | (49,386) | (57,759) | (65,300) |
Increase (Decrease) in Assumed Unearned Premiums | (5,439) | 16,432 | (221) |
Increase (Decrease) in Ceded Unearned Premiums | 46,796 | 52,442 | 15,551 |
Increase (Decrease) in Unearned Premiums | (8,029) | 11,115 | (49,970) |
Direct Premiums Earned, Property and Casualty | 940,139 | 650,493 | 483,616 |
Assumed Premiums Earned, Property and Casualty | 45,884 | 16,336 | 20,599 |
Ceded Premiums Earned | (400,533) | (209,898) | (168,257) |
Premiums Earned, Net | 585,490 | 456,931 | 335,958 |
Direct Losses and LAE Incurred | 863,928 | 335,542 | 188,270 |
Assumed Losses and LAE Incurred | 60,836 | 3,747 | 7,861 |
Ceded Losses and LAE Incurred | (559,229) | (40,936) | (13,023) |
Net Losses and LAE Incurred | $ 365,535 | $ 298,353 | $ 183,108 |
Effects of Reinsurance on Losse
Effects of Reinsurance on Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Insurance [Abstract] | ||||
Net Direct Unpaid Losses and LAE | $ 441,355 | $ 138,345 | $ 72,373 | |
Net Assumed Unpaid Losses and LAE | 40,877 | 2,510 | 4,419 | |
Unpaid losses and loss adjustment expenses | 482,232 | 140,855 | 76,792 | $ 54,436 |
Net Ceded Unpaid Losses and LAE | (305,673) | (18,724) | (2,114) | |
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 176,559 | 122,131 | 74,678 | |
Direct Unearned Premiums, Net | 528,419 | 371,149 | 287,148 | |
Assumed Unearned Premiums, Net | 27,454 | 1,074 | 17,506 | |
Unearned Premiums, Gross | 555,873 | 372,223 | 304,654 | |
Ceded Unearned Premiums, Net | (201,904) | (132,564) | (79,400) | |
Unearned Premiums, Net | $ 353,969 | $ 239,659 | $ 225,254 |
Liability for Unpaid Losses a78
Liability for Unpaid Losses and Loss Adjustment Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Current Year Claims and Claims Adjustment Expense | $ 368,148 | $ 281,365 | $ 185,476 | |
Prior Year Claims and Claims Adjustment Expense | (2,613) | 16,988 | (2,368) | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 365,535 | 298,353 | 183,108 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 256,134 | 210,970 | 127,306 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 95,272 | 62,506 | 36,698 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | 351,406 | 273,476 | 164,004 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Net | 176,559 | 122,131 | 74,678 | |
Reinsurance Recoverable on Unpaid Losses and LAE | 2,114 | $ 1,252 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Net, Including Acquisition | 122,131 | 74,678 | 53,184 | |
Unpaid losses and loss adjustment expenses | 482,232 | 140,855 | 76,792 | $ 54,436 |
Liability for Unpaid Claims and Claims Adjustment Expense, Reported Claims, Amount | 236,253 | 83,447 | 45,502 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred but Not Reported (IBNR) Claims, Amount | $ 245,979 | $ 57,408 | $ 31,290 |
Liability for Unpaid Losses a79
Liability for Unpaid Losses and Loss Adjustment Expense - Claims Development (Details) $ in Thousands | Dec. 31, 2017USD ($)claim | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2008USD ($) |
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | $ 163,738 | $ 115,917 | ||||||||
Other Short-duration Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 151,796 | |||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 12,384 | 6,031 | ||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 139,413 | |||||||||
Property and Casualty, Personal Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 1,133,331 | |||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 101,544 | 109,320 | ||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 1,031,936 | |||||||||
Property and Casualty, Commercial Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 182,563 | |||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 49,810 | 566 | ||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 132,753 | |||||||||
Short-duration Insurance Contracts, Accident Year 2007 | Other Short-duration Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 1 | |||||||||
Short-duration Insurance Contracts, Accident Year 2007 | Property and Casualty, Personal Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 149 | |||||||||
Short-duration Insurance Contracts, Accident Year 2007 | Property and Casualty, Commercial Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | 0 | |||||||||
Short-duration Insurance Contracts, Accident Year 2008 | Other Short-duration Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 12,883 | 12,884 | $ 12,885 | $ 12,761 | $ 12,661 | $ 11,877 | $ 11,833 | $ 12,324 | $ 12,871 | $ 13,504 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 0 | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 1,173 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 12,883 | 12,884 | 12,557 | 12,403 | 12,360 | 11,404 | 11,104 | 10,647 | 9,309 | 6,169 |
Short-duration Insurance Contracts, Accident Year 2008 | Property and Casualty, Personal Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 27,463 | 27,453 | 27,468 | 27,564 | 27,597 | 27,358 | 27,161 | 27,174 | 28,126 | 30,073 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 0 | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 3,220 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 27,461 | 27,451 | 27,445 | 27,390 | 27,358 | 27,044 | 26,360 | 25,264 | 23,806 | 17,915 |
Short-duration Insurance Contracts, Accident Year 2008 | Property and Casualty, Commercial Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 1,899 | 1,902 | 1,905 | 1,906 | 2,045 | 2,051 | 2,137 | 1,939 | 3,844 | 12,428 |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 0 | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 261 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 1,899 | 1,900 | 1,902 | 1,902 | 1,927 | 1,897 | 1,665 | 1,678 | 1,619 | $ 700 |
Short-duration Insurance Contracts, Accident Year 2009 | Other Short-duration Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 10,007 | 10,009 | 9,837 | 9,844 | 9,902 | 10,026 | 10,093 | 10,135 | 10,610 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 0 | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 1,097 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 10,007 | 10,009 | 9,688 | 9,570 | 9,471 | 9,062 | 8,470 | 7,507 | 4,807 | |
Short-duration Insurance Contracts, Accident Year 2009 | Property and Casualty, Personal Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 44,617 | 44,996 | 44,959 | 45,116 | 45,316 | 45,583 | 45,515 | 46,089 | 46,952 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (40) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 4,150 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 44,577 | 44,966 | 44,898 | 44,737 | 44,413 | 44,114 | 43,149 | 41,134 | 31,525 | |
Short-duration Insurance Contracts, Accident Year 2009 | Property and Casualty, Commercial Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 3,486 | 3,489 | 3,490 | 3,459 | 4,182 | 3,853 | 4,054 | 5,233 | 11,323 | |
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 0 | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 383 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 3,484 | 3,485 | 3,471 | 3,446 | 3,920 | 3,415 | 3,410 | 3,616 | $ 1,639 | |
Short-duration Insurance Contracts, Accident Year 2010 | Other Short-duration Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 11,072 | 11,072 | 11,105 | 11,020 | 11,126 | 10,733 | 11,042 | 9,911 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 0 | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 1,161 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 11,072 | 11,073 | 10,327 | 10,242 | 10,182 | 9,036 | 8,128 | 4,346 | ||
Short-duration Insurance Contracts, Accident Year 2010 | Property and Casualty, Personal Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 51,836 | 51,674 | 51,841 | 51,685 | 52,239 | 51,862 | 51,292 | 51,144 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (4) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 5,090 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 51,435 | 51,163 | 50,704 | 50,215 | 49,256 | 46,711 | 43,932 | 32,993 | ||
Short-duration Insurance Contracts, Accident Year 2010 | Property and Casualty, Commercial Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 4,112 | 4,112 | 4,160 | 4,291 | 5,489 | 5,374 | 5,603 | 12,134 | ||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 0 | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 580 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 4,112 | 4,112 | 3,909 | 3,909 | 3,966 | 3,461 | 3,127 | $ 1,968 | ||
Short-duration Insurance Contracts, Accident Year 2011 | Other Short-duration Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 10,741 | 10,740 | 10,575 | 10,630 | 10,896 | 11,022 | 11,126 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ 0 | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 1,217 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 10,741 | 10,740 | 10,128 | 9,837 | 9,444 | 8,013 | 4,587 | |||
Short-duration Insurance Contracts, Accident Year 2011 | Property and Casualty, Personal Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 60,288 | 60,215 | 59,517 | 58,047 | 57,670 | 56,840 | 53,878 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (47) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 6,217 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 59,806 | 59,461 | 58,069 | 55,532 | 52,412 | 48,558 | 36,419 | |||
Short-duration Insurance Contracts, Accident Year 2011 | Property and Casualty, Commercial Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 8,985 | 9,030 | 9,142 | 8,972 | 10,197 | 11,280 | 12,702 | |||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (52) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 758 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 8,933 | 8,851 | 8,825 | 7,846 | 7,605 | 6,241 | $ 3,541 | |||
Short-duration Insurance Contracts, Accident Year 2012 | Other Short-duration Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 9,138 | 9,147 | 9,412 | 9,350 | 9,651 | 10,760 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (12) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 1,063 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 9,126 | 9,124 | 8,626 | 8,242 | 7,631 | 5,112 | ||||
Short-duration Insurance Contracts, Accident Year 2012 | Property and Casualty, Personal Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 69,064 | 69,000 | 68,388 | 68,923 | 69,438 | 65,112 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (18) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 11,025 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 68,655 | 68,337 | 66,739 | 64,675 | 60,640 | 42,699 | ||||
Short-duration Insurance Contracts, Accident Year 2012 | Property and Casualty, Commercial Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 12,615 | 8,671 | 9,771 | 9,690 | 9,540 | 11,404 | ||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (40) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 803 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 12,575 | 8,552 | 7,543 | 6,893 | 6,942 | $ 4,583 | ||||
Short-duration Insurance Contracts, Accident Year 2013 | Other Short-duration Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 5,857 | 5,736 | 5,401 | 5,817 | 6,657 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (16) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 554 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 5,626 | 5,566 | 4,811 | 4,496 | 2,925 | |||||
Short-duration Insurance Contracts, Accident Year 2013 | Property and Casualty, Personal Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 92,792 | 92,702 | 93,041 | 94,755 | 98,461 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (385) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 8,331 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 91,789 | 90,627 | 89,068 | 85,346 | 63,732 | |||||
Short-duration Insurance Contracts, Accident Year 2013 | Property and Casualty, Commercial Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 7,573 | 8,382 | 11,826 | 6,420 | 8,359 | |||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (319) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 742 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 7,254 | 7,248 | 5,317 | 5,127 | $ 2,958 | |||||
Short-duration Insurance Contracts, Accident Year 2014 | Other Short-duration Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 7,956 | 8,016 | 7,927 | 9,073 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (54) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 687 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 7,898 | 7,868 | 6,237 | 4,008 | ||||||
Short-duration Insurance Contracts, Accident Year 2014 | Property and Casualty, Personal Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 132,096 | 131,402 | 130,488 | 130,090 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (1,427) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 12,750 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 129,636 | 125,951 | 119,612 | 88,375 | ||||||
Short-duration Insurance Contracts, Accident Year 2014 | Property and Casualty, Commercial Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 16,816 | 16,311 | 15,752 | 15,845 | ||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (1,762) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 681 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 14,420 | 13,212 | 9,452 | $ 6,379 | ||||||
Short-duration Insurance Contracts, Accident Year 2015 | Other Short-duration Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 19,352 | 19,723 | 19,669 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (151) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 1,382 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 18,817 | 18,129 | 11,104 | |||||||
Short-duration Insurance Contracts, Accident Year 2015 | Property and Casualty, Personal Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 195,864 | 195,902 | 181,609 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (3,359) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 18,914 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 188,199 | 174,993 | 123,888 | |||||||
Short-duration Insurance Contracts, Accident Year 2015 | Property and Casualty, Commercial Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 24,568 | 20,434 | 16,554 | |||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (2,168) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 849 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 20,645 | 17,139 | $ 10,188 | |||||||
Short-duration Insurance Contracts, Accident Year 2016 | Other Short-duration Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 17,898 | 17,053 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (564) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 84 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 16,116 | 12,432 | ||||||||
Short-duration Insurance Contracts, Accident Year 2016 | Property and Casualty, Personal Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 250,774 | 249,276 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (10,112) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 29,705 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 232,266 | 170,527 | ||||||||
Short-duration Insurance Contracts, Accident Year 2016 | Property and Casualty, Commercial Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 25,599 | 38,632 | ||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (6,249) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 1,223 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 16,687 | $ 10,917 | ||||||||
Short-duration Insurance Contracts, Accident Year 2017 | Other Short-duration Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 46,892 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (3,455) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 13 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 37,127 | |||||||||
Short-duration Insurance Contracts, Accident Year 2017 | Property and Casualty, Personal Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 208,537 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (44,937) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 55,410 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 138,112 | |||||||||
Short-duration Insurance Contracts, Accident Year 2017 | Property and Casualty, Commercial Insurance Product Line | ||||||||||
Claims Development [Line Items] | ||||||||||
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net | 76,910 | |||||||||
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net | $ (12,074) | |||||||||
Short-duration Insurance Contracts, Number of Reported Claims | claim | 3,949 | |||||||||
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net | $ 42,744 |
Liability for Unpaid Losses a80
Liability for Unpaid Losses and Loss Adjustment Expenses - Percentage Payout (Details) | Dec. 31, 2017Rate |
Property and Casualty, Personal Insurance Product Line | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 65.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 22.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 5.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 3.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 2.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 1.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 0.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | (0.40%) |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.00% |
Other Short-duration Insurance Product Line | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 51.01% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 25.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 6.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 5.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 2.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 3.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 2.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 1.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | (1.30%) |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | (0.00%) |
Property and Casualty, Commercial Insurance Product Line | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 42.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 30.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 7.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 7.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 7.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 4.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 1.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | (0.10%) |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | (0.10%) |
Liability for Unpaid Losses a81
Liability for Unpaid Losses and Loss Adjustment Expense - Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Reinsurance Recoverables on Unpaid Losses | $ 305,673 | $ 18,724 | $ 2,114 | |
Short-duration Insurance Contracts, Liability for Unpaid Claims and Claims Adjustment Expense, Accumulated Unallocated Claim Adjustment Expense | 12,821 | 6,214 | ||
Unpaid losses and loss adjustment expenses | 482,232 | 140,855 | $ 76,792 | $ 54,436 |
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 163,738 | 115,917 | ||
Other Short-duration Insurance Product Line | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Reinsurance Recoverables on Unpaid Losses | 8,779 | 4,501 | ||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 12,384 | 6,031 | ||
Property and Casualty, Commercial Insurance Product Line | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Reinsurance Recoverables on Unpaid Losses | 165,313 | 0 | ||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 49,810 | 566 | ||
Property and Casualty, Personal Insurance Product Line | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Reinsurance Recoverables on Unpaid Losses | 131,581 | 14,223 | ||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | $ 101,544 | $ 109,320 |
Long-Term Debt, Fiscal Year Mat
Long-Term Debt, Fiscal Year Maturity (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,018 | $ 1,523 |
2,019 | 1,523 |
2,020 | 1,523 |
2,021 | 1,523 |
2,022 | 1,523 |
Thereafter | 157,036 |
Total debt | $ 164,651 |
Long-Term Debt Long-term Debt -
Long-Term Debt Long-term Debt - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 05, 2016 | May 26, 2016 | Apr. 29, 2016 | Sep. 22, 2006 |
SBA Note Payable | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 20,000 | ||||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||
Debt Instrument, Face Amount | $ 30,000 | ||||
Interboro, LLC Promissory Note | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 8,550 | ||||
BB&T Term Note Payable | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.65% | ||||
Debt Instrument, Face Amount | $ 5,200 | ||||
150M Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ||||
Debt Instrument, Face Amount | $ 150,000 |
Long-Term Debt Long-Term Debt84
Long-Term Debt Long-Term Debt - Debt Issuance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |||
Debt Issuance Costs, Gross | $ 3,264 | $ 596 | |
Debt Issuance Costs, Net | 3,287 | 549 | $ 0 |
Amortization of Debt Issuance Costs | $ (526) | $ (47) |
Long-Term Debt Long-Term Debt85
Long-Term Debt Long-Term Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Long-term Debt, Fair Value | $ 164,651 | $ 54,724 |
150M Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Dec. 15, 2027 | |
Debt Instrument, Interest Rate, Effective Percentage | 6.30% | |
Long-term Debt, Fair Value | $ 150,000 | 0 |
SBA Note Payable | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jul. 1, 2026 | |
Debt Instrument, Interest Rate, Effective Percentage | 2.31% | |
Long-term Debt, Fair Value | $ 10,000 | 11,176 |
BB&T Term Note Payable | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | May 26, 2031 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.00% | |
Long-term Debt, Fair Value | $ 4,651 | 4,998 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Dec. 5, 2026 | |
Debt Instrument, Interest Rate, Effective Percentage | 7.26% | |
Long-term Debt, Fair Value | $ 0 | 30,000 |
Interboro, LLC Promissory Note | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Oct. 29, 2017 | |
Debt Instrument, Interest Rate, Effective Percentage | 6.00% | |
Long-term Debt, Fair Value | $ 0 | $ 8,550 |
Provision for Income Taxes (Det
Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Current Federal Tax Expense (Benefit) | $ (1,147) | $ (1,906) | $ 10,143 |
Deferred Federal Income Tax Expense (Benefit) | (9,911) | 1,920 | 2,103 |
Federal Income Tax Expense (Benefit), Continuing Operations | (11,058) | 14 | 12,246 |
Current State and Local Tax Expense (Benefit) | 496 | 1,001 | 2,054 |
Deferred State and Local Income Tax Expense (Benefit) | 1,327 | 290 | 202 |
State and Local Income Tax Expense (Benefit), Continuing Operations | 1,823 | 1,291 | 2,256 |
Income Tax Expense (Benefit) | (9,235) | 1,305 | $ 14,502 |
Deferred tax assets: | |||
Deferred Tax Asset, Unearned Premiums | 17,459 | 19,113 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities | 1,113 | 1,479 | |
Deferred Tax Asset, Bad Debt Expense | 90 | 54 | |
Deferred Tax Asset, Other-than-temporary-impairment | 16 | 27 | |
Deferred Tax Assets, Other | 89 | 507 | |
Deferred Tax Assets, Gross | 19,297 | 21,180 | |
Deferred tax liabilities: | |||
Deferred Tax Liability, Unrealized Gain | (2,822) | (642) | |
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost | (21,549) | (19,586) | |
Deferred Tax Liabilities, Intangible Assets | (10,883) | (3,371) | |
Deferred Tax Liabilities, Other | (63) | (895) | |
Deferred Tax Liabilities, Gross | 36,762 | 25,999 | |
Deferred Tax Liabilities, Property, Plant and Equipment | (689) | ||
Deferred Tax Assets, Net | $ 17,465 | $ 4,819 |
Tax Expense Reconciliation (Det
Tax Expense Reconciliation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 319,000 | $ 2,381,000 | $ 14,671,000 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 366,000 | 934,000 | 1,023,000 |
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | (294,000) | (217,000) | 0 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | 128,000 | ||
Effective Income Tax Rate Reconciliation, Tax Settlement, Other, Amount | (791,000) | 0 | 42,000 |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | 0 | 0 | (693,000) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (1,472,000) | ||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | 1,398,000 | 1,011,000 | 0 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (6,777,000) | ||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 684,000 | (782,000) | (541,000) |
Income Tax Expense (Benefit) | $ (9,235,000) | $ 1,305,000 | $ 14,502,000 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Asset, Unearned Premiums | $ 17,459 | $ 19,113 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities | 1,113 | 1,479 |
Deferred Tax Asset, Bad Debt Expense | 90 | 54 |
Deferred Tax Asset, Other-than-temporary-impairment | 16 | 27 |
Deferred Tax Assets, Investments | 304 | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 226 | |
Deferred Tax Assets, Other | 89 | 507 |
Deferred Tax Assets, Gross | 19,297 | 21,180 |
Deferred Tax Liability, Unrealized Gain | (2,822) | (642) |
Deferred Tax Liabilities, Deferred Expense, Deferred Policy Acquisition Cost | (21,549) | (19,586) |
Deferred Tax Liabilities, Other Finite-Lived Assets | (204) | (1,505) |
Deferred Tax Liabilities, Intangible Assets | (10,883) | (3,371) |
Deferred Tax Liabilities, Property, Plant and Equipment | (689) | |
Deferred Tax Liabilities, Prepaid Expenses | (535) | |
Deferred Tax Liabilities, Investments | (17) | |
Deferred Tax Liabilities, Property, Plant and Equipment | (689) | |
Deferred Tax Liabilities, Other | (63) | (895) |
Deferred Tax Liabilities, Gross | (36,762) | (25,999) |
Deferred Tax Assets, Net | $ (17,465) | $ (4,819) |
Statutory Accounting and Regu89
Statutory Accounting and Regulation - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statutory Accounting Practices [Line Items] | ||
Assessments levied, for Citizens | 1.00% | |
Assessments levied, for FHCF | 1.30% | |
Statutory Accounting Practices, Statutory Capital and Surplus Required, Percent of Total Liabilities | 10.00% | |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | $ 389,384 | $ 212,298 |
UPC, Subsidiary | ||
Statutory Accounting Practices [Line Items] | ||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 164,281 | 155,587 |
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | 144,526 | |
Family Security Holdings (FSH) | ||
Statutory Accounting Practices [Line Items] | ||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 22,038 | 16,269 |
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | 26,027 | |
Interboro Insurance Company | ||
Statutory Accounting Practices [Line Items] | ||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 42,827 | $ 40,442 |
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | 46,699 | |
Minimum | UPC, Subsidiary | ||
Statutory Accounting Practices [Line Items] | ||
Statutory Accounting Practices, Statutory Capital and Surplus Required | 45,187 | |
Minimum | Family Security Holdings (FSH) | ||
Statutory Accounting Practices [Line Items] | ||
Statutory Accounting Practices, Statutory Capital and Surplus Required | 3,250 | |
Minimum | Interboro Insurance Company | ||
Statutory Accounting Practices [Line Items] | ||
Statutory Accounting Practices, Statutory Capital and Surplus Required | $ 4,700 |
Statutory Accounting Practices
Statutory Accounting Practices Disclosure - Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Apr. 29, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statutory Accounting Practices [Line Items] | ||||||||||||
Net Income (Loss) Attributable to Parent | $ 27,001 | $ (28,012) | $ 7,257 | $ 3,899 | $ (10,517) | $ 3,423 | $ 9,841 | $ 2,951 | $ 10,145 | $ 5,698 | $ 27,358 | |
Statutory Accounting Practices, GAAP TO Statutory, Increase (Decrease) Due to Commissions | 401 | 17,486 | 339 | |||||||||
Statutory Accounting Practices, GAAP TO Statutory, Increase (Decrease) Due to Deferred Income Taxes | 9,413 | (3,255) | (2,518) | |||||||||
Statutory Accounting Practices, GAAP TO Statutory, Increase (Decrease) Due to Deferred Policy Acquisition Costs | (17,935) | (6,342) | (4,962) | |||||||||
Statutory Accounting Practices, GAAP TO Statutory, Increase (Decrease) Due to Allowance for Doubtful Accounts | 240 | (24) | 97 | |||||||||
Statutory Accounting Practices, GAAP TO Statutory, Increase (Decrease) Due to Prepaid Expenses | 101 | (538) | 131 | |||||||||
Statutory Accounting Practices, GAAP TO Statutory, Increase (Decrease) Due to Premium Deficiency Reserve | (1,800) | 0 | 0 | |||||||||
Statutory Accounting Practices, GAAP to Statutory, Increase (Decrease) Due to Investments | 1,148 | |||||||||||
Statutory Accounting Practices, GAAP to Statutory, Increase (Decrease) Due to Other, net | (71) | 166 | 0 | |||||||||
Statutory Accounting Practices, GAAP TO Statutory, Increase (Decrease) Due to Operations of Non-Statutory Subsidiaries | (6,930) | (10,621) | (10,077) | |||||||||
Statutory Accounting Practices, Statutory Net Income Amount | 832 | 6,083 | 10,520 | |||||||||
Family Security Holdings (FSH) | ||||||||||||
Statutory Accounting Practices [Line Items] | ||||||||||||
Statutory Accounting Practices, Statutory Net Income Amount | $ 152 | |||||||||||
Interboro Insurance Company | ||||||||||||
Statutory Accounting Practices [Line Items] | ||||||||||||
Net Income (Loss) Attributable to Parent | $ 8,187 | |||||||||||
Statutory Accounting Practices, Statutory Net Income Amount | $ 3,513 | |||||||||||
American Coastal Insurance Company | ||||||||||||
Statutory Accounting Practices [Line Items] | ||||||||||||
Statutory Accounting Practices, Statutory Net Income Amount | $ 6,120 |
Statutory Accounting and Regu91
Statutory Accounting and Regulation - Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, GAAP to Statutory, Increase (Decrease) Due to Investments | $ 1,148 | ||
Stockholders' Equity Attributable to Parent | 537,125 | $ 241,327 | |
Statutory Accounting Practices, GAAP to Statutory, Equity Increase (Decrease) Due to Deferred Policy Acquisition Costs | (35,689) | (15,373) | |
Statutory Accounting Practices, GAAP to Statutory, Equity Increase (Decrease) Due to Deferred Income Taxes | 961 | (3,338) | |
Statutory Accounting Practices, GAAP to Statutory, Equity Increase (Decrease) Due to Investments | 955 | 1,386 | |
Statutory Accounting Practices, GAAP to Statutory, Equity Increase (Decrease) Due to Non-admitted Assets | 9 | (623) | |
Statutory Accounting Practices, GAAP to Statutory, Equity Increase (Decrease) Due to Surplus Debentures | 10,000 | 11,176 | |
Statutory Accounting Practices, GAAP to Statutory, Equity Increase (Decrease) Due to Provision for Reinsurance | (3,583) | (7,648) | |
Statutory Accounting Practices, GAAP to Statutory, Equity Increase (Decrease) Due to Non-statutory Subsidiaries | (138,833) | (32,615) | |
Statutory Accounting Practices, GAAP to Statutory, Equity Increase (Decrease) Due to Commissions | 19,502 | 18,570 | |
Statutory Accounting Practices, GAAP to Statutory, Equity Increase (Decrease) Due to Prepaid Expenses | (468) | (564) | |
Statutory Accounting Practices, GAAP to Statutory, Equity Increase (Decrease) Due to Other | (595) | 0 | |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 389,384 | 212,298 | |
Statutory Accounting Practices, Statutory Net Income Amount | 832 | 6,083 | $ 10,520 |
Family Security Holdings (FSH) | |||
Statutory Accounting Practices [Line Items] | |||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | 26,027 | ||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 22,038 | 16,269 | |
Statutory Accounting Practices, Statutory Net Income Amount | $ 152 | ||
UPC, Subsidiary | |||
Statutory Accounting Practices [Line Items] | |||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | 144,526 | ||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 164,281 | 155,587 | |
Interboro Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | 46,699 | ||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 42,827 | 40,442 | |
Statutory Accounting Practices, Statutory Net Income Amount | $ 3,513 | ||
American Coastal Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | 162,234 | ||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 160,238 | ||
Statutory Accounting Practices, Statutory Net Income Amount | 6,120 | ||
Minimum | Family Security Holdings (FSH) | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus Required | 3,250 | ||
Minimum | UPC, Subsidiary | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus Required | 45,187 | ||
Minimum | Interboro Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus Required | 4,700 | ||
Minimum | American Coastal Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Capital and Surplus Required | $ 16,565 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 290 | $ 205 | $ 922 |
Schedule of Future Minimum Rent
Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
Operating Leases, Future Minimum Payments Receivable, Current | $ 457 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 275 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 243 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 187 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | $ 51 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Legal Fees | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $ 3,188 | $ 2,892 |
Spouse of Executive Officer | Legal Fees | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $ 1,594 | $ 1,446 |
Related interest in billings (percentage) | 50.00% | |
Director | ||
Related Party Transaction [Line Items] | ||
Related interest in billings (percentage) | 7.70% | |
Director | AmRisc gross written premiums | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $ 220,150 | |
Director | AmRisc Fees and Commission | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | 60,016 | |
Director | AmRisc ceded premiums written | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | 3,564 | |
Director | AmRisc Rent | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | 25 | |
Director | AmRisc net premiums receivable | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $ 29,913 |
Employee Benefit Plan - Narrati
Employee Benefit Plan - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Benefit Plan [Abstract] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent | 100.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 5.00% | ||
Defined Contribution Plan, Cost | $ 604 | $ 444 | $ 365 |
Accumulated Other Comprehensi96
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income and (Loss), Pre-Tax Amount, Beginning of period | $ 1,464 | $ 2,640 | $ 6,537 |
Change in net unrealized gain (loss) on investments, Pre-Tax Amount | 10,647 | (629) | (3,070) |
Reclassification adjustment for realized gains, Pre-Tax Amount | (67) | (547) | (827) |
Accumulated Other Comprehensive Income and (Loss), Pre-Tax Amount, End of period | 12,044 | 1,464 | 2,640 |
Accumulated Other Comprehensive Income (Loss), Tax (Expense) Benefit, Beginning of period | 642 | 1,020 | 2,526 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (3,747) | 167 | 1,187 |
Reclassification adjustment for realized losses, Tax (Expense) Benefit | 17 | 211 | 319 |
Accumulated Other Comprehensive Income (Loss), Tax (Expense) Benefit, End of period | 2,823 | 642 | 1,020 |
Accumulated Other Comprehensive Income (Loss), Net-of-Tax Amount, Beginning of period | 822 | 1,620 | 4,011 |
Change in net unrealized gain (loss) on investments, Net-of-Tax Amount | (462) | (1,883) | |
Reclassification adjustment for realized gains, Net-of-Tax Amount | (50) | (336) | (508) |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 6,900 | ||
Accumulated Other Comprehensive Income (Loss), Net-of-Tax Amount, End of period | 9,221 | $ 822 | $ 1,620 |
Cumulative Effect of New Accounting Principle in Period of Adoption | 1,549 | ||
Cumulative Effect of New Accounting Principle in Period of Adoption, Tax Benefit | $ 1,549 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - Common Stock - shares | Apr. 03, 2017 | Mar. 18, 2016 | Feb. 03, 2015 |
AmCo Holding Company | |||
Class of Stock [Line Items] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 20,956,355 | ||
Family Security Holdings (FSH) | |||
Class of Stock [Line Items] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 503,857 | ||
Weighted Average Number of Shares, Contingently Issuable | 32,943 |
Stockholders' Equity Dividends
Stockholders' Equity Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | |||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.24 | $ 0.23 | $ 0.20 |
Dividends, Common Stock, Cash | $ 2,565 | $ 2,564 | $ 2,561 | $ 1,301 | $ 1,299 | $ 1,299 | $ 1,300 | $ 1,076 | $ 1,076 | $ 1,076 | $ 1,077 | $ 1,073 | $ 8,991 | $ 4,974 | $ 4,302 |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock compensation expense | $ 1,140 | ||
Allocated Share-based Compensation Expense | 1,616 | $ 877 | $ 808 |
Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock compensation expense | 343 | ||
Allocated Share-based Compensation Expense | $ 996 | $ 1,070 | $ 1,166 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 167,622 | 115,405 | 130,442 |
Weighted average grant date fair value, Granted | $ 15.62 | $ 16.90 | $ 20.38 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares outstanding, Beginning balance | 169,642 | 179,183 | 153,383 |
Shares granted | 167,622 | 115,405 | 130,442 |
Shares vested | 107,633 | 98,864 | 90,277 |
Shares forfeited | 17,537 | 26,082 | 14,365 |
Shares outstanding, Ending balance | 212,094 | 169,642 | 179,183 |
Weighted average grant date fair value, Beginning of period | $ 16.87 | $ 16.67 | $ 10.91 |
Weighted average grant date fair value, Granted | 15.62 | 16.90 | 20.38 |
Weighted average grant date fair value, Vested | 16.24 | 16.39 | 12.71 |
Weighted average grant date fair value, Forfeited | 14.07 | 17.44 | 13.80 |
Weighted average grant date fair value, End of period | $ 16.44 | $ 16.87 | $ 16.67 |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue, Net | $ 182,586 | $ 171,128 | $ 178,073 | $ 122,633 | $ 131,433 | $ 127,202 | $ 120,921 | $ 107,561 | |||
Income (Loss) from Continuing Operations before Interest Expense, Interest Income, Income Taxes, Noncontrolling Interests, Net | 27,809 | (45,487) | 12,650 | 5,938 | (17,578) | 5,041 | 15,210 | 4,330 | |||
Net Income (Loss) Attributable to Parent | $ 27,001 | $ (28,012) | $ 7,257 | $ 3,899 | $ (10,517) | $ 3,423 | $ 9,841 | $ 2,951 | $ 10,145 | $ 5,698 | $ 27,358 |
Earnings Per Share, Basic | $ 0.63 | $ (0.66) | $ 0.17 | $ 0.18 | $ (0.49) | $ 0.16 | $ 0.46 | $ 0.14 | $ 0.27 | $ 0.27 | $ 1.29 |
Earnings Per Share, Diluted | $ 0.63 | $ (0.66) | $ 0.17 | $ 0.18 | $ (0.49) | $ 0.16 | $ 0.45 | $ 0.14 | $ 0.27 | $ 0.26 | $ 1.28 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - $ / shares | Feb. 21, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | ||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.24 | $ 0.23 | $ 0.20 | |
Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.06 |
Schedule I (Details)
Schedule I (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 842,487 | |
Investments | 854,531 | $ 528,647 |
Loans and Leases Receivable, Net Amount | 20,000 | 0 |
US Government and Government Agencies and Authorities | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 237,809 | 151,656 |
Available-for-sale Securities, Debt Securities | 235,891 | 149,952 |
Foreign Government Debt Securities | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 2,022 | 2,031 |
Available-for-sale Securities, Debt Securities | 2,036 | 2,061 |
US States and Political Subdivisions Debt Securities [Member] | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 200,706 | 170,636 |
Available-for-sale Securities, Debt Securities | 201,512 | 169,112 |
Public Utility, Bonds | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 20,215 | 7,687 |
Available-for-sale Securities, Debt Securities | 20,257 | 7,730 |
Asset-backed Securities | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 14,902 | |
Available-for-sale Securities, Debt Securities | 14,905 | |
All Other Corporate Bonds | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 287,025 | 164,424 |
Available-for-sale Securities, Debt Securities | 287,562 | 164,536 |
Redeemable Preferred Stock | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 755 | 1,182 |
Available-for-sale Securities, Debt Securities | 692 | 1,125 |
Debt Securities | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 763,434 | |
Fixed Maturities | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 763,434 | 497,616 |
Available-for-sale Securities, Debt Securities | 762,855 | 494,516 |
Mutual Fund | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 29,079 | |
Available-for-sale Securities, Equity Securities | 31,924 | |
Public Utility, Equities | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 1,343 | 1,343 |
Available-for-sale Securities, Equity Securities | 1,702 | 1,507 |
Other Common Stock | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 18,856 | 19,815 |
Available-for-sale Securities, Equity Securities | 27,902 | 24,048 |
Common Stock | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Securities, Equity Securities | 27,902 | |
Nonredeemable Preferred Stock | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 1,718 | 2,916 |
Available-for-sale Securities, Equity Securities | 1,767 | 2,843 |
Equity Securities | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 50,996 | 24,074 |
Available-for-sale Securities, Equity Securities | 63,295 | 28,398 |
Other Long-term Investments | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 8,057 | 5,493 |
Other Long-term Investments | $ 8,381 | $ 5,733 |
Schedule II Balance Sheet (Deta
Schedule II Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 276,275 | $ 150,688 | $ 84,786 | $ 61,391 |
Accrued investment income | 5,577 | 3,735 | ||
Goodwill | 73,045 | 14,254 | 3,413 | |
Property, Plant and Equipment, Net | 17,291 | 17,860 | ||
Other Assets | 11,096 | 11,183 | ||
Total Assets | 2,059,921 | 999,686 | ||
Accounts Payable | 46,594 | 26,124 | ||
Other Liabilities | 85,830 | 43,158 | ||
Notes payable | 161,364 | 54,175 | ||
Total Liabilities | 1,522,796 | 758,359 | ||
Common Stock, Value, Issued | 4 | 2 | ||
Additional Paid in Capital | 387,145 | 99,353 | ||
Treasury Stock, Value | (431) | (431) | ||
Accumulated other comprehensive income | 9,221 | 822 | 1,620 | 4,011 |
Retained Earnings (Accumulated Deficit) | 141,186 | 141,581 | ||
Total Stockholders' Equity | 537,125 | 241,327 | ||
Liabilities and Equity | 2,059,921 | 999,686 | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Fixed maturities (amortized cost of $763,434 and $497,616, respectively) | 26,583 | 0 | ||
Cash and cash equivalents | 79,331 | 7,399 | $ 11,555 | $ 4,097 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 579,313 | 263,712 | ||
Goodwill | 10,157 | 10,841 | ||
Property, Plant and Equipment, Net | 7,761 | 7,993 | ||
Other Assets | 12,439 | 11,337 | ||
Total Assets | 715,584 | 301,282 | ||
Due to Related Parties | 26,128 | 14,531 | ||
Accounts Payable | 967 | 520 | ||
Other Liabilities | 0 | 1,906 | ||
Notes payable | 151,364 | 42,998 | ||
Total Liabilities | 178,459 | 59,955 | ||
Common Stock, Value, Issued | 4 | 2 | ||
Additional Paid in Capital | 387,145 | 99,353 | ||
Treasury Stock, Value | (431) | (431) | ||
Accumulated other comprehensive income | 9,221 | 822 | ||
Retained Earnings (Accumulated Deficit) | 141,186 | 141,581 | ||
Total Stockholders' Equity | 537,125 | 241,327 | ||
Liabilities and Equity | $ 715,584 | $ 301,282 |
Schedule II Income Statement (D
Schedule II Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net investment income | $ 17,812 | $ 10,679 | $ 9,212 | ||||||||
Total revenue | 654,420 | 487,117 | 357,569 | ||||||||
Operating Expenses | 27,675 | 20,524 | 15,316 | ||||||||
General and Administrative Expense | 81,762 | 42,956 | 29,852 | ||||||||
Interest Expense | 3,247 | 723 | 326 | ||||||||
Total expenses | 653,663 | 480,214 | 316,003 | ||||||||
Operating Income (Loss) | 757 | 6,903 | 41,566 | ||||||||
Other Nonoperating Income (Expense) | 153 | 100 | 294 | ||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (910) | (7,003) | (41,860) | ||||||||
Income Tax Expense (Benefit) | (9,235) | 1,305 | 14,502 | ||||||||
Net income | $ 27,001 | $ (28,012) | $ 7,257 | $ 3,899 | $ (10,517) | $ 3,423 | $ 9,841 | $ 2,951 | 10,145 | 5,698 | 27,358 |
Change in net unrealized gain (loss) on investments | 10,647 | (629) | (3,070) | ||||||||
Reclassification adjustment for net realized investment gains | (67) | (547) | (827) | ||||||||
Income tax benefit (expense) related to items of other comprehensive income | (2,181) | 378 | 1,506 | ||||||||
Total comprehensive income | 18,544 | 4,900 | 24,967 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Income (Loss) from Subsidiaries, Net of Tax | 14,000 | 13,296 | 27,562 | ||||||||
Realized Investment Gains (Losses) | 0 | (14) | 951 | ||||||||
Net investment income | 53 | 88 | 239 | ||||||||
Total revenue | 14,053 | 13,370 | 28,752 | ||||||||
Operating Expenses | 348 | 337 | 138 | ||||||||
General and Administrative Expense | 9,078 | 11,805 | 1,252 | ||||||||
Interest Expense | 2,939 | 496 | 0 | ||||||||
Total expenses | 12,365 | 12,638 | 1,390 | ||||||||
Operating Income (Loss) | 1,688 | 732 | 27,362 | ||||||||
Other Nonoperating Income (Expense) | 75 | 60 | 245 | ||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (1,763) | (792) | (27,607) | ||||||||
Income Tax Expense (Benefit) | (8,382) | (4,906) | 249 | ||||||||
Net income | 10,145 | 5,698 | 27,358 | ||||||||
Change in net unrealized gain (loss) on investments | 10,647 | (629) | (3,070) | ||||||||
Reclassification adjustment for net realized investment gains | (67) | (547) | (827) | ||||||||
Income tax benefit (expense) related to items of other comprehensive income | (2,181) | 378 | 1,506 | ||||||||
Total comprehensive income | $ 18,544 | $ 4,900 | $ 24,967 |
Schedule II Statement of Cash F
Schedule II Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||
Net income | $ 27,001 | $ (28,012) | $ 7,257 | $ 3,899 | $ (10,517) | $ 3,423 | $ 9,841 | $ 2,951 | $ 10,145 | $ 5,698 | $ 27,358 | |
Depreciation and amortization | 37,532 | 11,713 | 3,328 | |||||||||
Gain (Loss) on Sale of Securities, Net | (67) | (547) | (827) | |||||||||
Increase (Decrease) in Deferred Income Taxes | (8,584) | 2,210 | 2,305 | |||||||||
Share-based Compensation | 2,613 | 1,947 | 1,974 | |||||||||
Increase (Decrease) in Accrued Investment Income Receivable | (531) | (172) | (676) | |||||||||
Increase (Decrease) in Other Operating Assets | 4,051 | (11,006) | (3,897) | |||||||||
Accounts payable | 15,905 | 8,005 | (1,837) | |||||||||
Increase (Decrease) in Other Operating Liabilities | 28,739 | 12,300 | 4,612 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 14,309 | 65,747 | 98,319 | |||||||||
Proceeds from sales and maturities of investments available for sale | 128,329 | 187,522 | 199,575 | |||||||||
Payments to Acquire Property, Plant, and Equipment | (5,237) | (3,149) | (10,916) | |||||||||
Net Cash Provided by (Used in) Investing Activities | (7,344) | (49,757) | (67,015) | |||||||||
Payments Related to Tax Withholding for Share-based Compensation | (287) | (270) | (185) | |||||||||
Repayments of Long-term Debt | 40,075 | 1,379 | 3,422 | |||||||||
Payments of Debt Issuance Costs | 3,264 | 596 | 0 | |||||||||
Payments of Dividends | 8,991 | 4,974 | 4,302 | |||||||||
Net Cash Provided by (Used in) Financing Activities | 118,622 | 49,912 | (7,909) | |||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 125,587 | 65,902 | 23,395 | |||||||||
Cash and Cash Equivalents, at Carrying Value | 276,275 | 150,688 | 276,275 | 150,688 | 84,786 | $ 61,391 | ||||||
Parent Company [Member] | ||||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||
Net income | 10,145 | 5,698 | 27,358 | |||||||||
Depreciation and amortization | 1,208 | 682 | 74 | |||||||||
Gain (Loss) on Sale of Securities, Net | 0 | 14 | (951) | |||||||||
Increase (Decrease) in Deferred Income Taxes | (777) | 382 | 126 | |||||||||
Share-based Compensation | 2,613 | 1,947 | 1,974 | |||||||||
Increase (Decrease) in Accrued Investment Income Receivable | 0 | 3 | (3) | |||||||||
Increase (Decrease) in Other Operating Assets | 359 | (22,553) | 450 | |||||||||
Accounts payable | 447 | |||||||||||
Increase (Decrease) in Notes Payable, Related Parties | 11,597 | 5,874 | 2,557 | |||||||||
Increase (Decrease) in Other Operating Liabilities | (1,905) | 1,969 | 918 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 23,687 | (5,984) | 32,503 | |||||||||
Proceeds from sales and maturities of investments available for sale | 0 | 34,551 | 19,633 | |||||||||
Payments to Acquire Investments | (26,584) | (70) | (53,212) | |||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | (23,283) | (68,563) | 16,276 | |||||||||
Payments to Acquire Property, Plant, and Equipment | (449) | (1,797) | (3,255) | |||||||||
Net Cash Provided by (Used in) Investing Activities | (50,316) | (35,879) | (20,558) | |||||||||
Payments Related to Tax Withholding for Share-based Compensation | (287) | (270) | (185) | |||||||||
Repayments of Long-term Debt | (38,897) | |||||||||||
Payments of Debt Issuance Costs | (3,264) | |||||||||||
Proceeds from Issuance of Debt | 150,000 | 42,951 | 0 | |||||||||
Payments of Dividends | 8,991 | 4,974 | 4,302 | |||||||||
Net Cash Provided by (Used in) Financing Activities | 98,561 | 37,707 | (4,487) | |||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 71,932 | (4,156) | 7,458 | |||||||||
Cash and Cash Equivalents, at Carrying Value | $ 79,331 | $ 7,399 | $ 79,331 | $ 7,399 | $ 11,555 | $ 4,097 |
Schedule IV (Details)
Schedule IV (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |||
Direct Premiums Written | $ 989,525 | $ 708,252 | $ 548,916 |
Ceded Premiums Written | 447,329 | 262,340 | 183,808 |
Assumed Premiums Written | 51,323 | (96) | 20,820 |
Premiums Written, Net | $ 593,519 | $ 445,816 | $ 385,928 |
premiums assumed as percentage of net premiums | 8.60% | 0.00% | 5.40% |
Schedule V (Details)
Schedule V (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Uncollectible Premium Liability, Beg. Balance | $ 144 | $ 132 | $ 34 |
Charged to Costs and Expenses | 294 | 356 | 198 |
Deductions | (54) | (344) | (100) |
Uncollectible Premium Liability, End. Balance | $ 384 | $ 144 | $ 132 |