Conifer (CNFR) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 10, 2023
Document Information [Line Items]
Document Type	10-Q
Entity Registrant Name	Conifer Holdings, Inc.
Entity Central Index Key	0001502292
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,222,881
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity File Number	001-37536
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	27-1298795
Entity Address, Address Line One	3001 West Big Beaver Road
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Troy
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48084
City Area Code	248
Local Phone Number	559-0840
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	CNFR
Security Exchange Name	NASDAQ
9.75% Senior Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	9.75% Senior Notes due 2028
Trading Symbol	CNFRZ
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investment securities:
Debt securities, at fair value (amortized cost of $119,499 and $127,119, respectively)	$ 101,745	$ 110,201
Equity securities, at fair value (cost of $2,387 and $1,905, respectively)	2,345	1,267
Short-term investments, at fair value	40,523	25,929
Total investments	144,613	137,397
Cash and cash equivalents	14,361	28,035
Premiums and agents' balances receivable, net	24,512	21,802
Reinsurance recoverables on unpaid losses	46,766	82,651
Reinsurance recoverables on paid losses	6,959	6,653
Prepaid reinsurance premiums	43,132	16,399
Deferred policy acquisition costs	5,737	10,290
Other assets	6,474	7,862
Total assets	293,443	312,350
Liabilities:
Unpaid losses and loss adjustment expenses	139,214	165,539
Unearned premiums	78,865	67,887
Reinsurance premiums payable	4,727	6,144
Debt	25,264	33,876
Funds held under reinsurance agreements	26,541	11,084
Accounts payable and accrued expenses	7,041	8,870
Total liabilities	281,652	293,400
Commitments and contingencies
Shareholders' equity:
Common stock, no par value (100,000,000 shares authorized; 12,222,881 and 12,215,849 issued and outstanding, respectively)	98,057	97,913
Accumulated deficit	(67,204)	(60,760)
Accumulated other comprehensive income (loss)	(19,062)	(18,203)
Total shareholders' equity	11,791	18,950
Total liabilities and shareholders' equity	293,443	312,350
Affiliated Entity
Investment securities:
Receivable from Affiliate	$ 889	$ 1,261

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Debt securities, amortized cost	$ 119,499	$ 127,119
Equity securities, amortized cost	$ 2,387	$ 1,905
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	12,222,881	12,215,849
Common stock, shares outstanding (in shares)	12,222,881	12,215,849

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue and Other Income
Gross earned premiums		$ 38,150	$ 34,401	$ 108,457	$ 100,947
Ceded earned premiums		(14,171)	(9,443)	(39,343)	(27,458)
Net earned premiums		23,979	24,958	69,114	73,489
Net investment income		1,450	860	4,111	1,931
Net realized investment gains (losses)		0	0	0	(1,505)
Change in fair value of equity securities		(87)	(151)	595	446
Gain from sale of renewal rights		2,335	0	2,335	0
Other gains (losses)		0	66	0	60
Other income		439	603	1,463	1,964
Total revenue and other income		28,116	26,336	77,618	76,385
Expenses
Losses and loss adjustment expenses, net		20,911	16,671	53,943	56,940
Policy acquisition costs		4,725	6,230	13,859	17,419
Operating expenses		4,403	4,380	13,796	13,010
Interest expense		855	778	2,361	2,216
Total expenses		30,894	28,059	83,959	89,585
Income (loss) before equity earnings in Affiliate and income taxes		(2,778)	(1,723)	(6,341)	(13,200)
Equity earnings (loss) in Affiliate, net of tax		72	199	(103)	368
Income tax expense (benefit)		0	(1)	0	(40)
Net income (loss)		$ (2,706)	$ (1,523)	$ (6,444)	$ (12,792)
Earnings (loss) per common share, basic		$ (0.22)	$ (0.14)	$ (0.53)	$ (1.26)
Earnings (loss) per common share, diluted		$ (0.22)	$ (0.14)	$ (0.53)	$ (1.26)
Weighted average common shares outstanding, basic	[1]	12,222,881	11,101,194	12,219,713	10,178,975
Weighted average common shares outstanding, diluted	[1]	12,222,881	11,101,194	12,219,713	10,178,975
[1] The non-vested shares of the restricted stock units and stock options were anti-dilutive as of September 30, 2023 and 2022. Therefore, the basic and diluted weighted average common shares are equal for the three and nine months ended September 30, 2023 and 2022 .

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (2,706)	$ (1,523)	$ (6,444)	$ (12,792)
Unrealized investment gains (losses):
Unrealized investment gains (losses) during the period	(2,404)	(4,347)	(859)	(16,641)
Income tax (benefit) expense	0	0	0	0
Unrealized investment gains (losses), net of tax	(2,404)	(4,347)	(859)	(16,641)
Less: reclassification adjustments to:
Net realized investment gains (losses) included in net income (loss)	0	0	0	70
Income tax (benefit) expense	0	0	0	0
Total reclassifications included in net income (loss), net of tax	0	0	0	70
Net other comprehensive income (loss)	(2,404)	(4,347)	(859)	(16,711)
Total comprehensive income (loss)	$ (5,110)	$ (5,870)	$ (7,303)	$ (29,503)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	No Par, Common Stock	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period at Dec. 31, 2021	$ 40,503	$ 92,692	$ (50,079)	$ (2,110)
Balance at beginning of period (in shares) at Dec. 31, 2021		9,707,817
Net income (loss)	(12,792)		(12,792)
Repurchase of common stock (in shares)		(1,493)
Repurchase of common stock	11	$ 11
Issuance of common stock private placement	5,000	$ 5,000
Issuance of common stock private placement (in shares)		2,500,000
Stock-based compensation expense, Shares		9,000
Stock-based compensation expense	154	$ 154
Other comprehensive income (loss)	(16,711)			(16,711)
Balance at end of period at Sep. 30, 2022	16,165	$ 97,857	(62,871)	(18,821)
Balance at ending of period (in shares) at Sep. 30, 2022		12,215,324
Balance at beginning of period at Jun. 30, 2022	16,977	$ 92,799	(61,348)	(14,474)
Balance at beginning of period (in shares) at Jun. 30, 2022		9,715,324
Net income (loss)	(1,523)		(1,523)
Issuance of common stock private placement	5,000	$ 5,000
Issuance of common stock private placement (in shares)		2,500,000
Stock-based compensation expense	58	$ 58
Other comprehensive income (loss)	(4,347)			(4,347)
Balance at end of period at Sep. 30, 2022	16,165	$ 97,857	(62,871)	(18,821)
Balance at ending of period (in shares) at Sep. 30, 2022		12,215,324
Balance at beginning of period at Dec. 31, 2022	18,950	$ 97,913	(60,760)	(18,203)
Balance at beginning of period (in shares) at Dec. 31, 2022		12,215,849
Net income (loss)	(6,444)		(6,444)
Repurchase of common stock (in shares)		(1,968)
Repurchase of common stock	(3)	$ (3)
Stock-based compensation expense, Shares		9,000
Stock-based compensation expense	147	$ 147
Other comprehensive income (loss)	(859)			(859)
Balance at end of period at Sep. 30, 2023	11,791	$ 98,057	(67,204)	(19,062)
Balance at ending of period (in shares) at Sep. 30, 2023		12,222,881
Balance at beginning of period at Jun. 30, 2023	16,857	$ 98,013	(64,498)	(16,658)
Balance at beginning of period (in shares) at Jun. 30, 2023		12,222,881
Net income (loss)	(2,706)		(2,706)
Stock-based compensation expense	44	$ 44
Other comprehensive income (loss)	(2,404)			(2,404)
Balance at end of period at Sep. 30, 2023	$ 11,791	$ 98,057	$ (67,204)	$ (19,062)
Balance at ending of period (in shares) at Sep. 30, 2023		12,222,881

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows From Operating Activities
Net income (loss)	$ (6,444)	$ (12,792)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Proceeds from sale of renewal rights	(2,500)
Depreciation and amortization	392	306
Amortization of bond premium and discount, net	(736)	292
Net realized investment (gains) losses		1,505
Change in fair value of equity securities	(595)	(446)
Stock-based compensation expenses	147	154
Equity loss (earnings) in Affiliate, net of tax	103	(368)
Other (gains) losses		93
(Increase) decrease in:
Premiums and agents' balances and other receivables	(2,534)	(737)
Reinsurance recoverables	35,579	(2,547)
Prepaid reinsurance premiums	(26,733)	(7,032)
Deferred policy acquisition costs	4,553	1,784
Other assets	241	(469)
Increase (decrease) in:
Unpaid losses and loss adjustment expenses	(26,325)	5,472
Unearned premiums	10,978	2,523
Reinsurance premiums payable	14,024	(1,966)
Accounts payable and other liabilities	(879)	137
Net cash provided by (used in) operating activities	(729)	(14,091)
Cash Flows From Investing Activities
Purchase of investments	(172,143)	(234,620)
Proceeds from maturities and redemptions of investments	7,467	17,638
Proceeds from sales of investments	159,070	237,062
Proceeds from sale of renewal rights	2,500
Obligation to SSU	(934)
Net cash provided by (used in) investing activities	(4,040)	20,080
Cash Flows From Financing Activities
Proceeds from issuance of common stock		5,000
Proceeds from issuance of long-term debt	6,727
Repurchase of common stock	(3)	11
Borrowings under line of credit		5,000
Borrowings under Federal Home Loan Bank of Indianapolis		14,500
Repayment of long-term debt	(13,721)
Repayment of borrowings under debt arrangements		(5,000)
Debt issuance costs	(1,908)
Net cash provided by (used in) financing activities	(8,905)	19,511
Net increase (decrease) in cash	(13,674)	25,500
Cash at beginning of period	28,035	9,913
Cash at end of period	14,361	35,413
Supplemental Disclosure of Cash Flow Information:
Interest paid	2,491	2,196
Income taxes paid (refunded), net	$ (17)	$ (12)

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Basis of Presentation and Management Representation The consolidated financial statements include accounts, after elimination of intercompany accounts and transactions, of Conifer Holdings, Inc. (the “Company” or “Conifer”), its wholly owned subsidiaries, Conifer Insurance Company ("CIC"), White Pine Insurance Company ("WPIC"), Red Cedar Insurance Company ("RCIC"), Conifer Insurance Services ("CIS") formerly known as Sycamore Insurance Agency, Inc. ("Sycamore"), and VSRM, Inc. ("VSRM"). CIC, WPIC, and RCIC are collectively referred to as the "Insurance Company Subsidiaries." On a stand-alone basis, Conifer Holdings, Inc. is referred to as the "Parent Company." VSRM owns a 50 % non-controlling interest in Sycamore Specialty Underwriters, LLC ("SSU" or "Affiliate"). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which differ from statutory accounting practices prescribed or permitted for insurance companies by regulatory authorities. The Company has applied the rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting and therefore the consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting of items of a normal recurring nature, necessary for a fair presentation of the consolidated interim financial statements, have been included. These consolidated financial statements and the notes thereto should be read in conjunction with the Company's audited consolidated financial statements and related notes included in its Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC. The results of operations for the nine months ended September 30, 2023, are not necessarily indicative of the results expected for the year ended December 31, 2023 . Business The Company is engaged in the sale of property and casualty insurance products and has organized its principal operations into three types of insurance businesses: commercial lines, personal lines, and agency business. The Company underwrites a variety of specialty insurance products, including property, general liability, liquor liability, automobile, and homeowners and dwelling policies. The Company markets and sells its insurance products through a network of independent agents, including managing general agents, whereby policies are written in all 50 states in the United States of America (“U.S.”). The Company’s corporate headquarters are located in Troy, Michigan with additional office facilities in Florida and Michigan. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes the amounts included in the consolidated financial statements reflect management's best estimates and assumptions, actual results may differ from these estimates. Cash, Cash Equivalents, and Short-term Investments Cash consists of cash deposits in banks, generally in operating accounts. Cash equivalents consist of money-market funds that are specifically used as overnight investments tied to cash deposit accounts. Short-term investments, consisting of money market funds, are classified as investments in the consolidated balance sheets as they relate to the Company’s investment activities. Recently Adopted Accounting Pronouncements Effective January 1, 2023, the Company adopted ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , as amended, which introduces a new process for recognizing credit losses on financial instruments based on expected credit losses. This new standard replaces the incurred loss methodology and the concept of Other-than-Temporary Impairment (or “OTTI”) with an expected credit loss methodology that is sometimes referred to as the Current Expected Credit Loss (CECL) methodology. The guidance applies to Conifer's reinsurance recoverables, premium receivable, and debt securities. Results for reporting periods beginning after January 1, 2023 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable U.S. GAAP. The adoption of ASC 326 did not have a material impact on the Company's financial statements. Among other updates which management deems to have no material impact, ASC 326 made changes to the accounting for available-for-sale debt securities. At each quarter-end, for available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For debt securities available-for-sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Recently Issued Accounting Guidance In January 2021, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) . This guidance provides optional expedients and exceptions that are intended to ease the burden of updating contracts to contain a new reference rate due to the discontinuation of the London Inter-Bank Offered Rate (LIBOR). This guidance is available immediately and may be implemented in any period prior to the guidance expiration on December 31, 2024. Management does not expect the new guidance to have a material impact on the Company’s consolidated financial statements. Liquidity and Management's Plans We conduct our business operations primarily through our Insurance Company Subsidiaries. Our ability to service debt, and pay administrative expenses is primarily reliant upon our intercompany service fees paid by the Insurance Company Subsidiaries to the holding company for management, administrative, and information technology services provided to the Insurance Company Subsidiaries by the Parent Company. The Parent Company may receive dividends from the Insurance Company Subsidiaries; however, this is not the primary means in which the holding company supports its funding as state insurance laws restrict the ability of our Insurance Company Subsidiaries to declare dividends to the Parent Company. Parent Company is required to pay certain intercompany obligations before December 31, 2023. In September 2023, the Company repaid its $ 24.4 million of senior public debt and funded it, in part, with issuing new public debt in the amount of $ 17.9 million. The Company also refinanced its subordinated debt into a senior secured note, paying down $ 500,000 of the debt resulting in a remaining $ 10.0 million of a senior secured note outstanding with a 12.5 % interest rate. The changes to the debt structure will result in $ 1.0 million per year of principal to be paid on the senior secured debt that previously was not required. Management is anticipating there will be a current potential cash short fall over the next several months. To alleviate any concern as to whether the Company will have enough funds to satisfy its near term obligations, a member of the Company’s board of directors has pledged to fund up to $ 6.0 million in capital which could be used to fund these obligations or other cash needs. The member’s funding was conditioned on 1) the contribution would be in the form of a preferred stock with a dividend equal to the prime rate plus 2 % , and is redeemable at the option of the company in 24 months with a redemption premium of $ 1.5 million. If the preferred is not redeemed, the preferred will convert into common stock at a price of $ 1.25 per share. And, 2) the member would have the right to nominate an additional board member. As a result of this additional capital commitment, management believes that the Parent Company will have adequate cash flow to fund operations, service debt and fund its other obligations going forward through at least November 2024.

Sale of Renewal Rights

Sale of Renewal Rights	9 Months Ended
	Sep. 30, 2023
Disclosure Text Block [Abstract]
Sale of Renewal Rights	2. Sale of Renewal Rights In September 2023, the Company sold the renewal rights of one of its insurance programs to another insurer for $ 2.5 million in cash. The program provided mostly liability insurance to the security guard and alarm installation industries. This program produced $ 41.0 million of gross earned premiums in 2022 and $ 41.4 million for the nine months ended September 30, 2023. The buyer began writing new and renewal policies for this program as of September 15, 2023. Under a related 100% quota share reinsurance agreement, the Company also ceded $ 30.9 million of its gross unearned premium in the program to the buyer on September 30, 2023, net of a 27 % ceding commission. The Company retained the $ 22.6 million of the net cash owed to the buyer under a funds withheld provision within the agreement which increased the funds held under reinsurance agreements on the Consolidated Balance Sheets as of September 30, 2023. The funds withheld balance is expected to be paid out over the next four quarters as the ceded unearned premium is earned. The Company incurred $ 135,000 in expense related to this transaction. As part of this transaction, five claims staff transferred employment to the buyer. The buyer will handle all of the Company’s run-off claims for this program under a related claims administration agreement. The buyer also participated in the Company’s issuance of new public debt by purchasing $ 5.0 million of the new debt.

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	3. Investments Results for reporting periods occurring before January 1, 2023 continue to be reported in accordance with previously applicable U.S. GAAP and note presented under ASC 326, which was adopted by the Company on January 1, 2023. The Company analyzed its investment portfolio in accordance with its credit loss review policy and determined it did not need to record a credit loss for the three and nine months ended September 30, 2023 . The Company holds only investment grade securities from high credit quality issuers. The gross unrealized losses of $ 17.8 million as of September 30, 2023, from the Company's available-for-sale securities are due to market conditions and interest rate changes. The cost or amortized cost, gross unrealized gains or losses, and estimated fair value of the investments in securities classified as available for sale at September 30, 2023 and December 31, 2022 were as follows (dollars in thousands): September 30, 2023 Cost or Gross Unrealized Estimated Amortized Cost Gains Losses Fair Value Debt Securities: U.S. Government $ 6,410 $ — $ ( 272 ) $ 6,138 State and local government 25,016 — ( 4,951 ) 20,065 Corporate debt 34,024 — ( 4,898 ) 29,126 Asset-backed securities 19,956 — ( 837 ) 19,119 Mortgage-backed securities 27,306 — ( 6,115 ) 21,191 Commercial mortgage-backed securities 3,386 — ( 138 ) 3,248 Collateralized mortgage obligations 3,401 — ( 543 ) 2,858 Total debt securities available for sale $ 119,499 $ — $ ( 17,754 ) $ 101,745 December 31, 2022 Cost or Gross Unrealized Estimated Amortized Cost Gains Losses Fair Value Debt Securities: U.S. Government $ 7,833 $ — $ ( 335 ) $ 7,498 State and local government 25,487 1 ( 4,672 ) 20,816 Corporate debt 35,347 — ( 4,788 ) 30,559 Asset-backed securities 21,742 — ( 1,246 ) 20,496 Mortgage-backed securities 29,194 — ( 5,157 ) 24,037 Commercial mortgage-backed securities 3,414 — ( 186 ) 3,228 Collateralized mortgage obligations 4,102 — ( 535 ) 3,567 Total debt securities available for sale $ 127,119 $ 1 $ ( 16,919 ) $ 110,201 The following table summarizes the aggregate fair value and gross unrealized losses, by security type, of the available-for-sale securities in unrealized loss positions. The table segregates the holdings based on the length of time that individual securities have been in a continuous unrealized loss position (dollars in thousands): September 30, 2023 Less than 12 months Greater than 12 months Total No. of Fair Value of Gross No. of Fair Value of Gross No. of Fair Value of Gross Debt Securities: U.S. Government 3 $ 1,808 $ ( 45 ) 10 $ 4,330 $ ( 227 ) 13 $ 6,138 $ ( 272 ) State and local government 3 1,179 ( 23 ) 117 18,686 ( 4,928 ) 120 19,865 ( 4,951 ) Corporate debt — — — 66 29,126 ( 4,898 ) 66 29,126 ( 4,898 ) Asset-backed securities — — — 24 19,119 ( 837 ) 24 19,119 ( 837 ) Mortgage-backed securities 6 39 ( 2 ) 63 21,152 ( 6,113 ) 69 21,191 ( 6,115 ) Commercial mortgage-backed securities — — — 4 3,248 ( 139 ) 4 3,248 ( 139 ) Collateralized mortgage obligations 2 14 — 31 2,844 ( 542 ) 33 2,858 ( 542 ) Total debt securities available for sale 14 $ 3,040 $ ( 70 ) 315 $ 98,505 $ ( 17,684 ) 329 $ 101,545 $ ( 17,754 ) December 31, 2022 Less than 12 months Greater than 12 months Total No. of Fair Value of Gross No. of Fair Value of Gross No. of Fair Value of Gross Debt Securities: U.S. Government 8 $ 3,534 $ ( 135 ) 5 $ 3,964 $ ( 200 ) 13 $ 7,498 $ ( 335 ) State and local government 77 12,966 ( 2,318 ) 45 7,147 ( 2,354 ) 122 20,113 ( 4,672 ) Corporate debt 27 10,069 ( 1,373 ) 42 20,890 ( 3,415 ) 69 30,959 ( 4,788 ) Asset-backed securities 6 3,188 ( 76 ) 20 17,308 ( 1,170 ) 26 20,496 ( 1,246 ) Mortgage-backed securities 57 4,006 ( 573 ) 12 20,031 ( 4,584 ) 69 24,037 ( 5,157 ) Commercial mortgage-backed securities 4 3,205 ( 186 ) — — — 4 3,205 ( 186 ) Collateralized mortgage obligations 26 1,789 ( 196 ) 9 1,802 ( 339 ) 35 3,591 ( 535 ) Total debt securities available for sale 205 $ 38,757 $ ( 4,857 ) 133 $ 71,142 $ ( 12,062 ) 338 $ 109,899 $ ( 16,919 ) The Company’s sources of net investment income and losses are as follows (dollars in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Debt securities $ 1,130 $ 636 $ 3,009 $ 1,814 Equity securities 9 3 27 41 Cash, cash equivalents and short-term investments 360 279 1,244 316 Total investment income 1,499 918 4,280 2,171 Investment expenses ( 49 ) ( 58 ) ( 169 ) ( 240 ) Net investment income $ 1,450 $ 860 $ 4,111 $ 1,931 The following table summarizes the gross realized gains and losses from sales, calls and maturities of available-for-sale debt and equity securities (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2023 2022 2023 2022 Debt securities: Gross realized gains $ — $ — $ — $ 6 Gross realized losses — — — ( 155 ) Total debt securities — — — ( 149 ) Equity securities: Gross realized gains $ — $ — $ — 375 Gross realized losses — — — ( 1,731 ) Total equity securities — — — ( 1,356 ) Total net realized investment gains (losses) $ — $ — $ — $ ( 1,505 ) Proceeds from available-for-sale debt securities were $ 86.1 million and $ 29.3 million for the nine months ended September 30, 2023 and 2022, respectively. There were no gross realized gains or losses from the sale of available-for-sale debt securities for the three and nine months ended September 30, 2023 . There were no gross realized gains and losses from the sale of available-for-sale debt securities for three months ended September 30, 2022. The gross realized gains and losses from the sale of available-for-sale debt securities for nine months ended September 30, 2022 , were $ 5,000 and $ 155,000 , respectively. As of September 30, 2023 and 2022 , there were $ 0 of payables from securities purchased, respectively. There were $ 0 of receivables from securities sold as of September 30, 2023, and 2022, respectively. The Company's gross unrealized gains related to its equity investments were $ 507,000 and $ 0 as of September 30, 2023 and December 31, 2022 , respectively. The Company’s gross unrealized losses related to its equity investments were $ 549,000 and $ 638,000 as of September 30, 2023 and December 31, 2022 , respectively. The Company also carries other equity investments that do not have a readily determinable fair value at cost, less impairment or observable changes in price. We review these investments for impairment during each reporting period. There were no impairments or observable changes in price recorded during 2023 and 2022 related to the Company's equity securities without readily determinable fair value. These investments are included in Other Assets in the Consolidated Balance Sheets and amounted to $ 1.4 million as of September 30, 2023 and $ 1.8 million as of December 31, 2022. The table below summarizes the amortized cost and fair value of available-for-sale debt securities by contractual maturity at September 30, 2023. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties (dollars in thousands): Amortized Estimated Due in one year or less $ 3,765 $ 3,712 Due after one year through five years 31,155 28,381 Due after five years through ten years 19,574 15,640 Due after ten years 10,956 7,596 Securities with contractual maturities 65,450 55,329 Asset-backed securities 19,956 19,119 Mortgage-backed securities 27,306 21,191 Commercial mortgage-backed securities 3,386 3,248 Collateralized mortgage obligations 3,401 2,858 Total debt securities $ 119,499 $ 101,745 At September 30, 2023 and December 31, 2022 , the Insurance Company Subsidiaries had $ 7.8 million and $ 8.0 million, respectively, on deposit in trust accounts to meet the deposit requirements of various state insurance departments. At September 30, 2023 and December 31, 2022 , the Company had $ 116.2 million and $ 95.7 million, respectively, held in trust accounts to meet collateral requirements with other third-party insurers, relating to various fronting arrangements. There are withdrawal and other restrictions on these deposits, including the type of investments that may be held, however, the Company may generally invest in high-grade bonds and short-term investments and earn interest on the funds.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The Company’s financial instruments include assets carried at fair value, as well as debt carried at face value, net of unamortized debt issuance costs, and are disclosed at fair value in this note. All fair values disclosed in this note are determined on a recurring basis other than the debt which is a non-recurring fair value measure. Fair value is defined as the price that would be received for an asset or paid to transfer a liability in the principal most advantageous market for the asset or liability in an orderly transaction between market participants. In determining fair value, the Company applies the market approach, which uses prices and other relevant data based on market transactions involving identical or comparable assets and liabilities. The inputs to valuation techniques used to measure fair value are prioritized into a three-level hierarchy. The hierarchy gives the highest priority to quoted prices from sources independent of the reporting entity (“observable inputs”) and the lowest priority to prices determined by the reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (“unobservable inputs”). The fair value hierarchy is as follows: Level 1 - Valuations that are based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - Valuations that are based on observable inputs (other than Level 1 prices) such as quoted prices for similar Level 3 - Unobservable inputs that are supported by little or no market activity. The unobservable inputs represent the Net Asset Value (NAV) - The fair values of investment company limited partnership investments and mutual funds are The following tables present the Company’s assets and liabilities measured at fair value, classified by the valuation hierarchy as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Debt Securities: U.S. Government $ 6,138 $ — $ 6,138 $ — State and local government 20,065 — 20,065 — Corporate debt 29,126 — 29,126 — Asset-backed securities 19,119 — 19,119 — Mortgage-backed securities 21,191 — 21,191 — Commercial mortgage-backed securities 3,248 — 3,248 — Collateralized mortgage obligations 2,858 — 2,858 — Total debt securities 101,745 — 101,745 — Equity Securities 883 126 757 — Short-term investments 40,523 40,523 — — Total marketable investments measured at fair value $ 143,151 $ 40,649 $ 102,502 $ — Investments measured at NAV: Investment in limited partnership 1,462 Total assets measured at fair value $ 144,613 Liabilities: Senior unsecured notes * $ 17,887 $ — $ 17,887 $ — Senior secured notes * 10,000 — — 10,000 Total Liabilities (non-recurring fair value measure) $ 27,887 $ — $ 17,887 $ 10,000 * Carried at face value of debt net of unamortized debt issuance costs on the consolidated balance sheets December 31, 2022 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Debt Securities: U.S. Government $ 7,498 $ — $ 7,498 $ — State and local government 20,816 — 20,816 — Corporate debt 30,559 — 30,559 — Asset-backed securities 20,496 — 20,496 — Mortgage-backed securities 24,037 — 24,037 — Commercial mortgage-backed securities 3,228 — 3,228 — Collateralized mortgage obligations 3,567 — 3,567 — Total debt securities 110,201 — 110,201 — Equity securities 917 160 757 — Short-term investments 25,929 25,929 — — Total marketable investments measured at fair value $ 137,047 $ 26,089 $ 110,958 $ — Investments measured at NAV: Investment in limited partnership 350 Total assets measured at fair value $ 137,397 Liabilities: Senior unsecured notes * $ 22,430 $ — $ 22,430 $ — Subordinated notes * 11,300 — — 11,300 Total Liabilities (non-recurring fair value measure) $ 33,730 $ — $ 22,430 $ 11,300 * Carried at face value of debt net of unamortized debt issuance costs on the consolidated balance sheets Level 1 investments consist of equity securities traded in an active exchange market. The Company uses unadjusted quoted prices for identical instruments to measure fair value. Level 1 also includes money market funds and other interest-bearing deposits at banks, which are reported as short-term investments. The fair value measurements that were based on Level 1 inputs comprise 28 % and 19 % of the fair value of the total marketable investments measured at fair value as of September 30, 2023 and December 31, 2022, respectively. Level 2 investments include debt securities and equity securities, which consist of U.S. government agency securities, state and local municipal bonds (including those held as restricted securities), corporate debt securities, mortgage-backed and asset-backed securities. The fair value of securities included in the Level 2 category were based on the market values obtained from a third-party pricing service that were evaluated using pricing models that vary by asset class and incorporate available trade, bid and other observable market information. The third-party pricing service monitors market indicators, as well as industry and economic events. The fair value measurements that were based on Level 2 inputs comprise 72 % and 81 % of the fair value of the total marketable investments measured at fair value as of September 30, 2023 and December 31, 2022, respectively. The Company obtains pricing for each security from independent pricing services, investment managers or consultants to assist in determining fair value for its Level 2 investments. To validate that these quoted prices are reasonable estimates of fair value, the Company performs various quantitative and qualitative procedures, such as (i) evaluation of the underlying methodologies, (ii) analysis of recent sales activity, (iii) analytical review of our fair values against current market prices and (iv) comparison of the pricing services’ fair value to other pricing services’ fair value for the same investment. No markets for the investments were determined to be inactive at period-ends. Based on these procedures, the Company did not adjust the prices or quotes provided from independent pricing services, investment managers or consultants. As of September 30, 2023 , the fair value of the senior secured notes was $ 10.0 million, which is equal to the face value of the senior secured notes that were issued on September 30, 2023. The senior secured notes were considered a Level 3 liability in the fair value hierarchy as of September 30, 2023. The Company determined the fair value of the senior secured notes based on the fact that the transaction occurred on the same day as the balance sheet date, in an arms-length transaction. The price at this time was deemed to be at fair value. As of December 31, 2022, the fair value of the subordinated debt reported at amortized cost was considered a Level 3 liability in the fair value hierarchy and is entirely comprised of the Company's Subordinated Notes. In determining the fair value of the Subordinated Notes at December 31, 2022, the security attributes (issue date, maturity, coupon, calls, etc.) and market rates on September 24, 2018 (the date of the restated and amended agreement which was repriced at that time) were entered into a valuation model. A lognormal trinomial interest rate lattice was created within the model to compute the option adjusted spread (“OAS”) which is the amount, in basis points, of interest rate required to be paid under the debt agreement over the risk-free U.S. Treasury rates. The OAS was then entered back into the model along with the December 31, 2022 U.S. Treasury rates, respectively. A new lattice was generated and the fair value was computed from the OAS. There were no changes in assumptions of credit risk from the issuance date. The Company's policy on recognizing transfers between hierarchies is applied at the end of each reporting period. There were no transfers in or o ut of Level 3 for the three and nine months ended September 30, 2023 and 2022 .

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	9 Months Ended
	Sep. 30, 2023
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Costs	5. Deferred Policy Acquisition Costs The Company defers costs incurred which are incremental and directly related to the successful acquisition of new or renewal insurance business, net of corresponding amounts of ceded reinsurance commissions. Net deferred policy acquisition costs are amortized and charged to expense in proportion to premium earned over the estimated policy term. The Company anticipates that its deferred policy acquisition costs will be fully recoverable and there were no premium deficiencies for the nine months ended September 30, 2023 and 2022 . The activity in deferred policy acquisition costs, net of reinsurance transactions, is as follows (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of period $ 9,500 $ 10,747 $ 10,290 $ 12,267 Deferred policy acquisition costs 4,292 5,966 12,636 15,635 Amortization of policy acquisition costs ( 3,752 ) ( 6,230 ) ( 12,886 ) ( 17,419 ) Impact from renewal rights sale ( 4,303 ) — ( 4,303 ) — Net change ( 3,763 ) ( 264 ) ( 4,553 ) ( 1,784 ) Balance at end of period $ 5,737 $ 10,483 $ 5,737 $ 10,483

Unpaid Losses and Loss Adjustme

Unpaid Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2023
Insurance Loss Reserves [Abstract]
Unpaid Losses and Loss Adjustment Expenses	. Unpaid Losses and Loss Adjustment Expenses The Company establishes reserves for unpaid losses and loss adjustment expenses ("LAE") which represent the estimated ultimate cost of all losses incurred that were both reported and unreported (i.e., incurred but not yet reported losses; or “IBNR”) and LAE incurred that remain unpaid at the balance sheet date. The Company’s reserving process takes into account known facts and interpretations of circumstances and factors including the Company’s experience with similar cases, actual claims paid, historical trends involving claim payment patterns and pending levels of unpaid claims, loss management programs, product mix and contractual terms, changes in law and regulation, judicial decisions, and economic conditions. In the normal course of business, the Company may also supplement its claims processes by utilizing third-party adjusters, appraisers, engineers, inspectors, and other professionals and information sources to assess and settle catastrophe and non-catastrophe related claims. The effects of inflation are implicitly considered in the reserving process. Reserves are estimates of unpaid portions of losses that have occurred, including IBNR losses; therefore, the establishment of appropriate reserves is an inherently uncertain and complex process. The ultimate cost of losses may vary materially from recorded amounts, which are based on management’s best estimates. The highest degree of uncertainty is associated with reserves for losses incurred in the current reporting period as it contains the greatest proportion of losses that have not been reported or settled. The Company regularly updates its reserve estimates as new information becomes available and as events unfold that may affect the resolution of unsettled claims. Changes in reserve estimates, which may be material, are reported in the results of operations in the period such changes are determined to be needed and recorded. Management believes that the reserve for losses and LAE is appropriately established in the aggregate and adequate to cover the ultimate net cost of reported and unreported claims arising from losses which had occurred by the date of the consolidated financial statements based on available facts and in accordance with applicable laws and regulations. The table below provides the changes in the reserves for losses and LAE, net of reinsurance recoverables, for the periods indicated as follows (dollars in thousands): Three months ended Nine months ended 2023 2022 2023 2022 Gross reserves - beginning of period $ 145,004 $ 140,996 $ 165,539 $ 139,085 Less: reinsurance recoverables on unpaid losses ( 56,505 ) ( 37,769 ) ( 82,651 ) ( 40,344 ) Net reserves - beginning of period 88,499 103,227 82,888 98,741 Add: incurred losses and LAE, net of reinsurance: Current period 17,281 13,541 51,004 38,765 Prior period 3,630 3,130 2,939 18,175 Total net incurred losses and LAE 20,911 16,671 53,943 56,940 Deduct: loss and LAE payments, net of reinsurance: Current period 9,194 5,634 18,635 13,313 Prior period 7,768 11,456 25,748 39,560 Total net loss and LAE payments 16,962 17,090 44,383 52,873 Net reserves - end of period 92,448 102,808 92,448 102,808 Plus: reinsurance recoverables on unpaid losses 46,766 41,749 46,766 41,749 Gross reserves - end of period $ 139,214 $ 144,557 $ 139,214 $ 144,557 Net losses and LAE increased by $ 4.2 million, or 25.4 %, to $ 20.9 million during the third quarter of 2023, compared to $ 16.7 million for the same period in 2022. The increase was attributable to a $ 3.7 million increase in current accident year losses during the third quarter of 2023, compared to the same period in 2022. There was $ 2.5 million of additional homeowners loss emergence in the third quarter related to the second quarter storm activity. The Company’s incurred losses during the three and nine months ended September 30, 2023 included prior-year adverse reserve development of $ 3.6 million and $ 2.9 million, respectively. For the quarter, the Company recognized $ 4.0 million of reserve development in the commercial liability lines of business relating to accident years 2020 through 2022, offset by $ 414,000 of favorable development in the personal lines segment. For the nine months ended September 30, 2023, the Company recognized $ 4.1 million of adverse development in the commercial liability lines of business, related to accident years 2020 through 2022, offset by $ 1.2 million of favorable development in the personal lines segment. The Company’s incurred losses during the three and nine months ended September 30, 2022 included prior-year adverse reserve development of $ 3.1 million and $ 18.2 million, respectively. Of the $ 3.1 million of adverse development, $ 2.3 million was related to 2019 and prior accident years and $ 1.8 million was related to the 2021 accident year. This was offset by $ 958,000 of favorable development experienced in the 2020 accident year. Of the $ 3.1 million of adverse development $ 2.7 million was related to the commercial lines of business, while $ 381,000 was related to the personal lines of business. Of the $ 18.2 million of adverse development for the nine months ended September 30, 2022, $ 14.3 million was related to 2019 and prior accident years, $ 2.2 million was related to 2020 accident year, and $ 1.7 million was related to the 2021 accident year. Of the $ 18.2 million of adverse development, $ 17.7 million was related to the commercial lines of business, while $ 430,000 came from the personal lines of business.

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2023
Reinsurance Disclosures [Abstract]
Reinsurance	7. Reinsurance In the normal course of business, the Company participates in reinsurance agreements in order to limit losses that may arise from catastrophes or other individually severe events. The Company ceded primarily all specific commercial liability risks in excess of $ 400,000 in 2023, and $ 340,000 in 2022. The Company ceded specific commercial property risks in excess of $ 400,000 in 2023, and $ 300,000 in 2022. The Company ceded homeowners specific risks in excess of $ 300,000 in both 2023 and 2022. A "treaty" is a reinsurance agreement in which coverage is provided for a class of risks and does not require policy by policy underwriting of the reinsurer. "Facultative" reinsurance is where a reinsurer negotiates an individual reinsurance agreement for every policy it will reinsure on a policy by policy basis. A loss is covered under a reinsurance contract if the loss occurs within the effective dates of the agreement notwithstanding when the loss is reported. Reinsurance does not discharge the direct insurer from liability to its policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company evaluates the financial condition of its reinsurers and monitors the concentration of credit risk arising from similar geographic regions, activities, or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. To date, the Company has not experienced any significant difficulties in collecting reinsurance recoverables. The Company assumes written premiums under a few fronting arrangements. The fronting arrangements are with unaffiliated insurers who write on behalf of the Company in markets that require a higher A.M. Best rating than the Company’s current rating, where the policies are written in a state where the Company is not licensed or for other strategic reasons. On September 30, 2023, the Company entered into a 100% quota share reinsurance agreement with the buyer of the renewal rights described in Note 2 ~ Sale of Renewal Rights. The Company ceded $ 30.9 million of its gross unearned premiums relating to the security guard and alarm installation program in exchange for a 27 % ceding commission. On November 1, 2022, the Company entered into a loss portfolio transfer (“LPT”) reinsurance agreement with Fleming Reinsurance Ltd (“Fleming Re”). Under the agreement, Fleming Re will cover an aggregate limit of $ 66.3 million of paid losses on $ 40.8 million of stated net reserves as of June 30, 2022, relating to accident years 2019 and prior. This covers substantially all of the commercial liability lines underwritten by the Company. Within the aggregate limit, there is a $ 5.5 million loss corridor in which the Company retains losses in excess of $ 40.8 million. Fleming Re is then responsible to cover paid losses in excess of $ 46.3 million up to $ 66.3 million. Accordingly, there is $ 20.0 million of adverse development cover for accident years 2019 and prior. Under the agreement, Fleming Re was compensated with $ 40.8 million for stated net reserves as of June 30, 2022, plus a one-time risk fee of $ 5.4 million. Recoverables due to the Company under this agreement are recorded as reinsurance recoverables. The agreement is between CIC and WPIC and Fleming Re. As of September 30, 2023, the Company has recorded losses through the $ 5.5 million corridor and $ 4.5 million into the $ 20.0 million layer. As of December 31, 2022, the Company recorded losses through the $ 5.5 million corridor and $ 644,000 into the $ 20.0 million layer. As of September 30, 2023, the Consolidated Balance Sheet included $ 3.5 million of reinsurance recoverables on paid losses related to the LPT, and $ 13.7 million of reinsurance recoverables on unpaid losses related to the LPT. As of December 31, 2022, the Consolidated Balance Sheet included $ 3.8 million of reinsurance recoverables on paid losses related to the LPT, and $ 25.9 million of reinsurance recoverables on unpaid losses related to the LPT. The following table presents the effects of reinsurance and assumption transactions on written premiums, earned premiums and losses and LAE (dollars in thousands): Three Months Ended Nine months ended 2023 2022 2023 2022 Written premiums: Direct $ 25,589 $ 22,682 $ 77,113 $ 73,789 Assumed 12,959 10,406 42,323 29,681 Ceded ( 32,859 ) ( 9,395 ) ( 66,077 ) ( 34,490 ) Net written premiums $ 5,689 $ 23,693 $ 53,359 $ 68,980 Earned premiums: Direct $ 24,725 $ 24,679 $ 71,637 $ 73,667 Assumed 13,425 9,722 36,820 27,280 Ceded ( 14,171 ) ( 9,443 ) ( 39,343 ) ( 27,458 ) Net earned premiums $ 23,979 $ 24,958 $ 69,114 $ 73,489 Losses and LAE: Direct $ 13,337 $ 15,837 $ 39,876 $ 46,375 Assumed 7,314 7,225 13,072 26,136 Ceded 260 ( 6,391 ) 995 ( 15,571 ) Net Losses and LAE $ 20,911 $ 16,671 $ 53,943 $ 56,940 Ceded losses and LAE for the three and nine months ended September 30, 2023, were negative due to a reduction in ceded IBNR during 2023.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	8. Debt As of September 30, 2023 , the Company's debt is comprised of two instruments: $ 17.9 million of publicly traded 9.75 % senior unsecured notes (the "new notes") which were issued during the third quarter of 2023, and $ 10.0 million of privately placed 12.5 % senior secured notes, which were issued on September 30, 2023. The new notes have substantially the same terms as the existing notes, except for the coupon. A summary of the Company's outstanding debt is as follows (dollars in thousands): As of September 30, 2023 As of December 31, 2022 Gross Debt Unamortized Net Debt Gross Debt Unamortized Net Debt Senior unsecured notes $ 17,887 $ 1,679 $ 16,208 $ 24,381 $ 195 $ 24,186 Senior secured notes 10,000 944 9,056 — — — Subordinated notes — — — 10,500 810 9,690 Total $ 27,887 $ 2,623 $ 25,264 $ 34,881 $ 1,005 $ 33,876 Note extinguishment and new issuance The Company extinguished all $ 24.4 million of its 6.75 % senior unsecured notes (the “old notes”) which matured on September 30, 2023, by paying off $ 13.2 million in cash and exchanging $ 11.2 million for the new notes. The new notes have substantially the same terms as the existing notes, except for the coupon. In August and September of 2023, the Company raised $ 6.7 million in cash under and S-1 registration statement for the new notes. Non-cash Exchange: The Company also raised $ 6.2 million under an S-4 registration statement exchange offering for the new notes and Company's lender of its subordinated notes also exchanged its $ 5.0 million holding of the Company's old notes for $ 5.0 million of the new notes under the S-1 registration statement. As such, there was a non-cash exchange of $ 11.2 million of old notes for new notes. The remaining $ 6.5 million of cash needed to pay down the old notes was provided with cash on hand. Senior unsecured notes The Company issued $ 17.9 million of new notes during the third quarter of 2023. The new notes bear an interest rate of 9.75 % per annum, payable quarterly at the end of March, June, September and December and mature on September 30, 2028 . The Company may redeem the new notes, in whole or in part, at face value at any time after September 30, 2025. Senior secured notes The Company paid down $ 500,000 of principal on its subordinated notes on September 29, 2023. The Company then restructured its existing $ 10.0 million of subordinated notes to senior secured notes with its lender as of September 30, 2023. The senior secured notes mature on September 30, 2028 . The senior secured notes bear an interest rate of 12.5 % per annum. Interest is payable quarterly at the end of March, June, September, and December. The senior secured notes require $ 250,000 of principal payments quarterly starting on December 31, 2023 through September 30, 2028. The Company may redeem the senor secured notes, in whole or in part, for a call premium of $ 1.8 million less 22 % of the interest payment amounts that were paid prior to the date of redemption. The Company accounted for this debt restructuring as a modification because there was no concession made to the lender. The Company incurred $ 173,000 of restructuring costs from the lender related to the senior secured notes. These costs were capitalized as debt issuance costs as of September 30, 2023. As of September 30, 2023 , the carrying value of the new notes and the senior secured notes are offset by $ 1.7 million and $ 944,000 , respectively, by capitalized debt issuance costs. The debt issuance costs will be amortized through interest expense over the life of the loans. The senior secured notes contain various restrictive financial debt covenants that relate to the Company’s minimum tangible net worth, minimum fixed-charge coverage ratios, dividend paying capacity, reinsurance retentions, and risk-based capital ratios. As of September 30, 2023, the Company was in compliance with all of its financial covenants. The senior secured notes also require that any net proceeds the Company receives from asset sales be used to pay down the principal. The following table shows the scheduled principal payments of the Company's debt as of September 30, 2023 (dollars in thousands): Year Senior unsecured notes Senior secured notes 2023 $ 250 $ — 2024 1,000 — 2025 1,000 — 2026 1,000 — 2027 1,000 — 2028 5,750 17,887 Total $ 10,000 $ 17,887

Shareholder's Equity

Shareholder's Equity	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Shareholder's Equity	. Shareholder’s Equity On August 10, 2022, the Company issued $ 5.0 million of equity through a private placement for 2,500,000 shares priced at $ 2.00 per share. The participants in the private placement consisted of members of the Company's Board of Directors. The Company used the proceeds for growth capital in the Company's specialty core business segments. For the three months ended September 30, 2023 and 2022 , the Company had no restricted stock units vest, and made no repurchases of stock related to the vesting of the Company's restricted stock units. For the nine months ended September 30, 2023 and 2022 , the Company had 1,968 and 1,493 shares of stock valued at approximately $ 3,000 and $ 3,000 , respectively. Upon the repurchase of the Company's shares, the shares remain authorized, but not issued or outstanding. As of September 30, 2023 and December 31, 2022 , the Company had 12,222,881 and 12,215,849 issued and outstanding shares of common stock, respectively. Holders of common stock are entitled to one vote per share and to receive dividends only when and if declared by the board of directors. The holders have no preemptive, conversion or subscription rights.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	. Earnings Per Share Basic and diluted earnings (loss) per share are computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. The following table presents the calculation of basic and diluted earnings (loss) per common share, as follows (dollars in thousands, except per share and share amounts): Three Months Ended Nine months ended 2023 2022 2023 2022 Net income (loss) $ ( 2,706 ) $ ( 1,523 ) $ ( 6,444 ) $ ( 12,792 ) Weighted average common shares, basic and diluted * 12,222,881 11,101,194 12,219,713 10,178,975 Earnings (loss) per common share, basic and diluted $ ( 0.22 ) $ ( 0.14 ) $ ( 0.53 ) $ ( 1.26 ) * The non-vested shares of the restricted stock units and stock options were anti-dilutive as of September 30, 2023 and 2022. Therefore, the basic and diluted weighted average common shares are equal for the three and nine months ended September 30, 2023 and 2022 .

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	11. Stock-based Compensation On March 8, 2022, the Company issued options to purchase 630,000 shares of the Company’s common stock to two named executive officers. The right to exercise the options will vest over a five-year period on a straight-line basis. The options have a strike price of $ 4.53 per share and will expire on March 8, 2032 . The estimated value of these options is $ 612,000 , which is being expensed ratably over the vesting period. A Black Scholes model was used to determine the fair value of the options at the time the options were issued, using the Company’s historical 5-year market price of its stock to determine volatility (equating to 65.04 %), an estimated 5-year term to exercise the options, a 5-year risk-free rate of return of 1.8 %, and the market price for the Company’s stock of $ 2.40 per share. On June 30, 2020, the Company issued options to purchase 280,000 shares of the Company’s common stock, to certain executive officers and other employees. The right to exercise the options will vest over a five-year period on a straight-line basis. The options have a strike price of $ 3.81 per share and expire on June 30, 2030 . The estimated value of these options is $ 290,000 , which is being expensed ratably over the vesting period. In 2016 and 2018, the Company issued 111,281 and 70,000 , respectively, of restricted stock units (“RSUs”) to various employees to be settled in shares of common stock, which were valued at $ 909,000 and $ 404,000 , respectively, on the dates of grant. The Company recorded $ 0 and $ 14,000 of compensation expense related to the RSUs for the three months ended September 30, 2023 and 2022, respectively. The Company recorded $ 17,000 and $ 43,000 of compensation expense related to the RSUs for the nine months ended September 30, 2023 and 2022 , respectively. There were no unvested RSUs remaining as of September 30, 2023. The Company recorded $ 44,000 of compensation expense related to the stock options for the three months ended September 30, 2023 and 2022. The Company recorded $ 130,000 and $ 111,000 of compensation expense related to the stock options for the nine months ended September 30, 2023 and 2022 , respectively. There were 604,000 unvested options as of September 30, 2023 , which will generate an estimated future expense of $ 508,000 through February 2027.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Legal proceedings The Company and its subsidiaries are subject at times to various claims, lawsuits and proceedings relating principally to alleged errors or omissions in the placement of insurance, claims administration, and other business transactions arising in the ordinary course of business. Where appropriate, the Company vigorously defends such claims, lawsuits and proceedings. Some of these claims, lawsuits and proceedings seek damages, including consequential, exemplary or punitive damages, in amounts that could, if awarded, be significant. Most of the claims, lawsuits and proceedings arising in the ordinary course of business are covered by the insurance policy at issue. We account for such activity through the establishment of unpaid losses and LAE reserves. In accordance with accounting guidance, if it is probable that a liability has been incurred as of the date of the financial statements and the amount of loss is reasonably estimable; then an accrual for the costs to resolve these claims is recorded by the Company in the accompanying consolidated financial statements. Periodic expenses related to the defense of such claims are included in the accompanying consolidated statements of operations. On the basis of current information, the Company does not believe that there is a reasonable possibility that any material loss exceeding amounts already accrued, if any, will result from any of the claims, lawsuits and proceedings to which the Company is subject to, either individually or in the aggregate.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	13. Segment Information The Company is engaged in the sale of property and casualty insurance products and has organized its business model around three classes of insurance businesses: commercial lines, personal lines, and wholesale agency business. Within these three businesses, the Company offers various insurance products and insurance agency services. Such insurance businesses are engaged in underwriting and marketing insurance coverages, and administering claims processing for such policies. The Company views the commercial and personal lines segments as underwriting business (business that takes on insurance underwriting risk). The wholesale agency business provides non-risk bearing revenue through commissions and policy fees. The wholesale agency business increases the product options to the Company’s independent retail agents by offering both insurance products from the Insurance Company Subsidiaries as well as products offered by other insurers. The Company defines its operating segments as components of the business where separate financial information is available and used by the co-chief operating decision makers in deciding how to allocate resources to its segments and in assessing its performance. In assessing performance of its operating segments, the Company’s co-chief operating decision makers, the Co-Chief Executive Officers, review a number of financial measures including gross written premiums, net earned premiums, losses and LAE, net of reinsurance recoveries, and other revenue and expenses. The primary measure used for making decisions about resources to be allocated to an operating segment and assessing its performance is segment underwriting gain or loss which is defined as segment revenues, consisting of net earned premiums and other income, less segment expenses, consisting of losses and LAE, policy acquisition costs and operating expenses of the operating segments. Operating expenses primarily include compensation and related benefits for personnel, policy issuance and claims systems, rent and utilities. The Company markets, distributes and sells its insurance products through its own insurance agencies and a network of independent agents. All of the Company’s insurance activities are conducted in the United States with a concentration of activity in Michigan, Texas, Oklahoma and California. For the nine months ended September 30, 2023 and 2022 , gross written premiums attributable to these four states were 56.6 % and 54.0 %, respectively, of the Company’s total gross written premiums. The Wholesale Agency business sells insurance products on behalf of the Company’s commercial and personal lines businesses as well as to third-party insurers. Certain acquisition costs incurred by the commercial and personal lines businesses are reflected as commission revenue for the Wholesale Agency business and are eliminated in the Eliminations category. In addition to the reportable operating segments, the Company maintains a Corporate category to reconcile segment results to the consolidated totals. The Corporate category includes: (i) corporate operating expenses such as salaries and related benefits of the Company’s executive management team and finance and information technology personnel, and other corporate headquarters expenses, (ii) interest expense on the Company’s debt obligations; (iii) depreciation and amortization on property and equipment, and (iv) all investment income activity. All investment income activity is reported within net investment income, net realized investment gains, and change in fair value of equity securities on the consolidated statements of operations. The Company’s assets on the consolidated balance sheet are not allocated to the reportable segments. The following tables present information by reportable operating segment (dollars in thousands): Three months ended Commercial Lines Personal Total Wholesale Corporate Eliminations Total Gross written premiums $ 28,492 $ 10,056 $ 38,548 $ — $ — $ — $ 38,548 Net written premiums $ ( 3,155 ) $ 8,844 $ 5,689 $ — $ — $ — $ 5,689 Net earned premiums $ 17,315 $ 6,664 $ 23,979 $ — $ — $ — $ 23,979 Other income 61 24 85 589 24 ( 259 ) 439 Segment revenue 17,376 6,688 24,064 589 24 ( 259 ) 24,418 Losses and LAE, net 15,424 5,487 20,911 — — — 20,911 Policy acquisition costs 2,583 1,813 4,396 606 — ( 277 ) 4,725 Operating expenses 2,928 845 3,773 310 320 — 4,403 Segment expenses 20,935 8,145 29,080 916 320 ( 277 ) 30,039 Segment gain (loss) $ ( 3,559 ) $ ( 1,457 ) $ ( 5,016 ) $ ( 327 ) $ ( 296 ) $ 18 $ ( 5,621 ) Investment income 1,450 1,450 Change in fair value of equity securities ( 87 ) ( 87 ) Gain from sale of renewal rights 2,335 2,335 Other gains (losses) — — Interest expense ( 855 ) ( 855 ) Income (loss) before equity earnings in Affiliate and income taxes $ ( 3,559 ) $ ( 1,457 ) $ ( 5,016 ) $ ( 327 ) $ 2,547 $ 18 $ ( 2,778 ) Three months ended Commercial Personal Total Wholesale Corporate Eliminations Total Gross written premiums $ 27,635 $ 5,453 $ 33,088 $ — $ — $ — $ 33,088 Net written premiums $ 18,730 $ 4,963 $ 23,693 $ — $ — $ — $ 23,693 Net earned premiums $ 20,789 $ 4,169 $ 24,958 $ — $ — $ — $ 24,958 Other income 57 26 83 793 113 ( 386 ) 603 Segment revenue 20,846 4,195 25,041 793 113 ( 386 ) 25,561 Losses and LAE, net 13,348 3,323 16,671 — — — 16,671 Policy acquisition costs 4,950 1,214 6,164 498 — ( 432 ) 6,230 Operating expenses 3,297 519 3,816 245 319 — 4,380 Segment expenses 21,595 5,056 26,651 743 319 ( 432 ) 27,281 Segment gain (loss) $ ( 749 ) $ ( 861 ) $ ( 1,610 ) $ 50 $ ( 206 ) $ 46 $ ( 1,720 ) Investment income 860 860 Change in fair value of equity securities ( 151 ) ( 151 ) Other gains (losses) 66 66 Interest expense ( 778 ) ( 778 ) Income (loss) before equity earnings in Affiliate and income taxes $ ( 749 ) $ ( 861 ) $ ( 1,610 ) $ 50 $ ( 209 ) $ 46 $ ( 1,723 ) Nine months ended Commercial Personal Total Wholesale Corporate Eliminations Total Gross written premiums $ 92,228 $ 27,208 $ 119,436 $ — $ — $ — $ 119,436 Net written premiums $ 29,571 $ 23,788 $ 53,359 $ — $ — $ — $ 53,359 Net earned premiums $ 51,925 $ 17,189 $ 69,114 $ — $ — $ — $ 69,114 Other income 169 70 239 2,062 170 ( 1,008 ) 1,463 Segment revenue 52,094 17,259 69,353 2,062 170 ( 1,008 ) 70,577 Losses and LAE, net 39,568 14,375 53,943 — — — 53,943 Policy acquisition costs 8,745 4,655 13,400 1,503 — ( 1,044 ) 13,859 Operating expenses 9,556 2,229 11,785 1,027 984 — 13,796 Segment expenses 57,869 21,259 79,128 2,530 984 ( 1,044 ) 81,598 Segment gain (loss) $ ( 5,775 ) $ ( 4,000 ) $ ( 9,775 ) $ ( 468 ) $ ( 814 ) $ 36 $ ( 11,021 ) Investment income 4,111 4,111 Change in fair value of equity securities 595 595 Gain from sale of renewal rights 2,335 2,335 Other gains (losses) — — Interest expense ( 2,361 ) ( 2,361 ) Income (loss) before equity earnings in Affiliate and income taxes $ ( 5,775 ) $ ( 4,000 ) $ ( 9,775 ) $ ( 468 ) $ 3,866 $ 36 $ ( 6,341 ) Nine months ended Commercial Personal Total Wholesale Corporate Eliminations Total Gross written premiums $ 88,297 $ 15,173 $ 103,470 $ — $ — $ — $ 103,470 Net written premiums $ 55,456 $ 13,524 $ 68,980 $ — $ — $ — $ 68,980 Net earned premiums $ 62,097 $ 11,392 $ 73,489 $ — $ — $ — $ 73,489 Other income 195 58 253 2,969 407 ( 1,665 ) 1,964 Segment revenue 62,292 11,450 73,742 2,969 407 ( 1,665 ) 75,453 Losses and LAE, net 49,864 7,076 56,940 — — — 56,940 Policy acquisition costs 13,717 3,530 17,247 2,026 — ( 1,854 ) 17,419 Operating expenses 9,966 1,405 11,371 811 828 — 13,010 Segment expenses 73,547 12,011 85,558 2,837 828 ( 1,854 ) 87,369 Segment gain (loss) $ ( 11,255 ) $ ( 561 ) $ ( 11,816 ) $ 132 $ ( 421 ) $ 189 $ ( 11,916 ) Investment income 1,931 1,931 Net realized investment gains (losses) ( 1,505 ) ( 1,505 ) Change in fair value of equity securities 446 446 Other gains (losses) 60 60 Interest expense ( 2,216 ) ( 2,216 ) Income (loss) before equity earnings in Affiliate and income taxes $ ( 11,255 ) $ ( 561 ) $ ( 11,816 ) $ 132 $ ( 1,705 ) $ 189 $ ( 13,200 )

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events The Company performed an evaluation of subsequent events through the date the financial statements were issued and determined there were no recognized or unrecognized subsequent events that would require an adjustment or additional disclosure in the condensed consolidated financial statements as of September 30, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Management Representation	Basis of Presentation and Management Representation The consolidated financial statements include accounts, after elimination of intercompany accounts and transactions, of Conifer Holdings, Inc. (the “Company” or “Conifer”), its wholly owned subsidiaries, Conifer Insurance Company ("CIC"), White Pine Insurance Company ("WPIC"), Red Cedar Insurance Company ("RCIC"), Conifer Insurance Services ("CIS") formerly known as Sycamore Insurance Agency, Inc. ("Sycamore"), and VSRM, Inc. ("VSRM"). CIC, WPIC, and RCIC are collectively referred to as the "Insurance Company Subsidiaries." On a stand-alone basis, Conifer Holdings, Inc. is referred to as the "Parent Company." VSRM owns a 50 % non-controlling interest in Sycamore Specialty Underwriters, LLC ("SSU" or "Affiliate"). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which differ from statutory accounting practices prescribed or permitted for insurance companies by regulatory authorities. The Company has applied the rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting and therefore the consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting of items of a normal recurring nature, necessary for a fair presentation of the consolidated interim financial statements, have been included. These consolidated financial statements and the notes thereto should be read in conjunction with the Company's audited consolidated financial statements and related notes included in its Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC. The results of operations for the nine months ended September 30, 2023, are not necessarily indicative of the results expected for the year ended December 31, 2023 .
Business	Business The Company is engaged in the sale of property and casualty insurance products and has organized its principal operations into three types of insurance businesses: commercial lines, personal lines, and agency business. The Company underwrites a variety of specialty insurance products, including property, general liability, liquor liability, automobile, and homeowners and dwelling policies. The Company markets and sells its insurance products through a network of independent agents, including managing general agents, whereby policies are written in all 50 states in the United States of America (“U.S.”). The Company’s corporate headquarters are located in Troy, Michigan with additional office facilities in Florida and Michigan.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes the amounts included in the consolidated financial statements reflect management's best estimates and assumptions, actual results may differ from these estimates.
Cash, Cash Equivalents, and Short-term Investments	Cash, Cash Equivalents, and Short-term Investments Cash consists of cash deposits in banks, generally in operating accounts. Cash equivalents consist of money-market funds that are specifically used as overnight investments tied to cash deposit accounts. Short-term investments, consisting of money market funds, are classified as investments in the consolidated balance sheets as they relate to the Company’s investment activities.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Effective January 1, 2023, the Company adopted ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , as amended, which introduces a new process for recognizing credit losses on financial instruments based on expected credit losses. This new standard replaces the incurred loss methodology and the concept of Other-than-Temporary Impairment (or “OTTI”) with an expected credit loss methodology that is sometimes referred to as the Current Expected Credit Loss (CECL) methodology. The guidance applies to Conifer's reinsurance recoverables, premium receivable, and debt securities. Results for reporting periods beginning after January 1, 2023 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable U.S. GAAP. The adoption of ASC 326 did not have a material impact on the Company's financial statements. Among other updates which management deems to have no material impact, ASC 326 made changes to the accounting for available-for-sale debt securities. At each quarter-end, for available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For debt securities available-for-sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Recently Issued Accounting Guidance In January 2021, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) . This guidance provides optional expedients and exceptions that are intended to ease the burden of updating contracts to contain a new reference rate due to the discontinuation of the London Inter-Bank Offered Rate (LIBOR). This guidance is available immediately and may be implemented in any period prior to the guidance expiration on December 31, 2024. Management does not expect the new guidance to have a material impact on the Company’s consolidated financial statements.
Liquidity and Management's Plans	Liquidity and Management's Plans We conduct our business operations primarily through our Insurance Company Subsidiaries. Our ability to service debt, and pay administrative expenses is primarily reliant upon our intercompany service fees paid by the Insurance Company Subsidiaries to the holding company for management, administrative, and information technology services provided to the Insurance Company Subsidiaries by the Parent Company. The Parent Company may receive dividends from the Insurance Company Subsidiaries; however, this is not the primary means in which the holding company supports its funding as state insurance laws restrict the ability of our Insurance Company Subsidiaries to declare dividends to the Parent Company. Parent Company is required to pay certain intercompany obligations before December 31, 2023. In September 2023, the Company repaid its $ 24.4 million of senior public debt and funded it, in part, with issuing new public debt in the amount of $ 17.9 million. The Company also refinanced its subordinated debt into a senior secured note, paying down $ 500,000 of the debt resulting in a remaining $ 10.0 million of a senior secured note outstanding with a 12.5 % interest rate. The changes to the debt structure will result in $ 1.0 million per year of principal to be paid on the senior secured debt that previously was not required. Management is anticipating there will be a current potential cash short fall over the next several months. To alleviate any concern as to whether the Company will have enough funds to satisfy its near term obligations, a member of the Company’s board of directors has pledged to fund up to $ 6.0 million in capital which could be used to fund these obligations or other cash needs. The member’s funding was conditioned on 1) the contribution would be in the form of a preferred stock with a dividend equal to the prime rate plus 2 % , and is redeemable at the option of the company in 24 months with a redemption premium of $ 1.5 million. If the preferred is not redeemed, the preferred will convert into common stock at a price of $ 1.25 per share. And, 2) the member would have the right to nominate an additional board member. As a result of this additional capital commitment, management believes that the Parent Company will have adequate cash flow to fund operations, service debt and fund its other obligations going forward through at least November 2024.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities	The cost or amortized cost, gross unrealized gains or losses, and estimated fair value of the investments in securities classified as available for sale at September 30, 2023 and December 31, 2022 were as follows (dollars in thousands): September 30, 2023 Cost or Gross Unrealized Estimated Amortized Cost Gains Losses Fair Value Debt Securities: U.S. Government $ 6,410 $ — $ ( 272 ) $ 6,138 State and local government 25,016 — ( 4,951 ) 20,065 Corporate debt 34,024 — ( 4,898 ) 29,126 Asset-backed securities 19,956 — ( 837 ) 19,119 Mortgage-backed securities 27,306 — ( 6,115 ) 21,191 Commercial mortgage-backed securities 3,386 — ( 138 ) 3,248 Collateralized mortgage obligations 3,401 — ( 543 ) 2,858 Total debt securities available for sale $ 119,499 $ — $ ( 17,754 ) $ 101,745 December 31, 2022 Cost or Gross Unrealized Estimated Amortized Cost Gains Losses Fair Value Debt Securities: U.S. Government $ 7,833 $ — $ ( 335 ) $ 7,498 State and local government 25,487 1 ( 4,672 ) 20,816 Corporate debt 35,347 — ( 4,788 ) 30,559 Asset-backed securities 21,742 — ( 1,246 ) 20,496 Mortgage-backed securities 29,194 — ( 5,157 ) 24,037 Commercial mortgage-backed securities 3,414 — ( 186 ) 3,228 Collateralized mortgage obligations 4,102 — ( 535 ) 3,567 Total debt securities available for sale $ 127,119 $ 1 $ ( 16,919 ) $ 110,201
Schedule Of Unrealized Loss On Investments	The following table summarizes the aggregate fair value and gross unrealized losses, by security type, of the available-for-sale securities in unrealized loss positions. The table segregates the holdings based on the length of time that individual securities have been in a continuous unrealized loss position (dollars in thousands): September 30, 2023 Less than 12 months Greater than 12 months Total No. of Fair Value of Gross No. of Fair Value of Gross No. of Fair Value of Gross Debt Securities: U.S. Government 3 $ 1,808 $ ( 45 ) 10 $ 4,330 $ ( 227 ) 13 $ 6,138 $ ( 272 ) State and local government 3 1,179 ( 23 ) 117 18,686 ( 4,928 ) 120 19,865 ( 4,951 ) Corporate debt — — — 66 29,126 ( 4,898 ) 66 29,126 ( 4,898 ) Asset-backed securities — — — 24 19,119 ( 837 ) 24 19,119 ( 837 ) Mortgage-backed securities 6 39 ( 2 ) 63 21,152 ( 6,113 ) 69 21,191 ( 6,115 ) Commercial mortgage-backed securities — — — 4 3,248 ( 139 ) 4 3,248 ( 139 ) Collateralized mortgage obligations 2 14 — 31 2,844 ( 542 ) 33 2,858 ( 542 ) Total debt securities available for sale 14 $ 3,040 $ ( 70 ) 315 $ 98,505 $ ( 17,684 ) 329 $ 101,545 $ ( 17,754 ) December 31, 2022 Less than 12 months Greater than 12 months Total No. of Fair Value of Gross No. of Fair Value of Gross No. of Fair Value of Gross Debt Securities: U.S. Government 8 $ 3,534 $ ( 135 ) 5 $ 3,964 $ ( 200 ) 13 $ 7,498 $ ( 335 ) State and local government 77 12,966 ( 2,318 ) 45 7,147 ( 2,354 ) 122 20,113 ( 4,672 ) Corporate debt 27 10,069 ( 1,373 ) 42 20,890 ( 3,415 ) 69 30,959 ( 4,788 ) Asset-backed securities 6 3,188 ( 76 ) 20 17,308 ( 1,170 ) 26 20,496 ( 1,246 ) Mortgage-backed securities 57 4,006 ( 573 ) 12 20,031 ( 4,584 ) 69 24,037 ( 5,157 ) Commercial mortgage-backed securities 4 3,205 ( 186 ) — — — 4 3,205 ( 186 ) Collateralized mortgage obligations 26 1,789 ( 196 ) 9 1,802 ( 339 ) 35 3,591 ( 535 ) Total debt securities available for sale 205 $ 38,757 $ ( 4,857 ) 133 $ 71,142 $ ( 12,062 ) 338 $ 109,899 $ ( 16,919 )
Schedule of Investment Income and Losses	The Company’s sources of net investment income and losses are as follows (dollars in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Debt securities $ 1,130 $ 636 $ 3,009 $ 1,814 Equity securities 9 3 27 41 Cash, cash equivalents and short-term investments 360 279 1,244 316 Total investment income 1,499 918 4,280 2,171 Investment expenses ( 49 ) ( 58 ) ( 169 ) ( 240 ) Net investment income $ 1,450 $ 860 $ 4,111 $ 1,931
Schedule of Gross Realized Gains and Losses on Securities	The following table summarizes the gross realized gains and losses from sales, calls and maturities of available-for-sale debt and equity securities (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2023 2022 2023 2022 Debt securities: Gross realized gains $ — $ — $ — $ 6 Gross realized losses — — — ( 155 ) Total debt securities — — — ( 149 ) Equity securities: Gross realized gains $ — $ — $ — 375 Gross realized losses — — — ( 1,731 ) Total equity securities — — — ( 1,356 ) Total net realized investment gains (losses) $ — $ — $ — $ ( 1,505 )
Summary of Amortized Cost and Fair Value of Securities	The table below summarizes the amortized cost and fair value of available-for-sale debt securities by contractual maturity at September 30, 2023. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties (dollars in thousands): Amortized Estimated Due in one year or less $ 3,765 $ 3,712 Due after one year through five years 31,155 28,381 Due after five years through ten years 19,574 15,640 Due after ten years 10,956 7,596 Securities with contractual maturities 65,450 55,329 Asset-backed securities 19,956 19,119 Mortgage-backed securities 27,306 21,191 Commercial mortgage-backed securities 3,386 3,248 Collateralized mortgage obligations 3,401 2,858 Total debt securities $ 119,499 $ 101,745

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value	The following tables present the Company’s assets and liabilities measured at fair value, classified by the valuation hierarchy as of September 30, 2023 and December 31, 2022 (dollars in thousands): September 30, 2023 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Debt Securities: U.S. Government $ 6,138 $ — $ 6,138 $ — State and local government 20,065 — 20,065 — Corporate debt 29,126 — 29,126 — Asset-backed securities 19,119 — 19,119 — Mortgage-backed securities 21,191 — 21,191 — Commercial mortgage-backed securities 3,248 — 3,248 — Collateralized mortgage obligations 2,858 — 2,858 — Total debt securities 101,745 — 101,745 — Equity Securities 883 126 757 — Short-term investments 40,523 40,523 — — Total marketable investments measured at fair value $ 143,151 $ 40,649 $ 102,502 $ — Investments measured at NAV: Investment in limited partnership 1,462 Total assets measured at fair value $ 144,613 Liabilities: Senior unsecured notes * $ 17,887 $ — $ 17,887 $ — Senior secured notes * 10,000 — — 10,000 Total Liabilities (non-recurring fair value measure) $ 27,887 $ — $ 17,887 $ 10,000 * Carried at face value of debt net of unamortized debt issuance costs on the consolidated balance sheets December 31, 2022 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Debt Securities: U.S. Government $ 7,498 $ — $ 7,498 $ — State and local government 20,816 — 20,816 — Corporate debt 30,559 — 30,559 — Asset-backed securities 20,496 — 20,496 — Mortgage-backed securities 24,037 — 24,037 — Commercial mortgage-backed securities 3,228 — 3,228 — Collateralized mortgage obligations 3,567 — 3,567 — Total debt securities 110,201 — 110,201 — Equity securities 917 160 757 — Short-term investments 25,929 25,929 — — Total marketable investments measured at fair value $ 137,047 $ 26,089 $ 110,958 $ — Investments measured at NAV: Investment in limited partnership 350 Total assets measured at fair value $ 137,397 Liabilities: Senior unsecured notes * $ 22,430 $ — $ 22,430 $ — Subordinated notes * 11,300 — — 11,300 Total Liabilities (non-recurring fair value measure) $ 33,730 $ — $ 22,430 $ 11,300 * Carried at face value of debt net of unamortized debt issuance costs on the consolidated balance sheets

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	9 Months Ended
	Sep. 30, 2023
Deferred Policy Acquisition Costs Disclosures [Abstract]
Summary of Deferred Policy Acquisition Costs	The activity in deferred policy acquisition costs, net of reinsurance transactions, is as follows (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of period $ 9,500 $ 10,747 $ 10,290 $ 12,267 Deferred policy acquisition costs 4,292 5,966 12,636 15,635 Amortization of policy acquisition costs ( 3,752 ) ( 6,230 ) ( 12,886 ) ( 17,419 ) Impact from renewal rights sale ( 4,303 ) — ( 4,303 ) — Net change ( 3,763 ) ( 264 ) ( 4,553 ) ( 1,784 ) Balance at end of period $ 5,737 $ 10,483 $ 5,737 $ 10,483

Unpaid Losses and Loss Adjust_2

Unpaid Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Insurance Loss Reserves [Abstract]
Schedule of the Changes in the Reserves for Losses and Loss Adjustment Expense	The table below provides the changes in the reserves for losses and LAE, net of reinsurance recoverables, for the periods indicated as follows (dollars in thousands): Three months ended Nine months ended 2023 2022 2023 2022 Gross reserves - beginning of period $ 145,004 $ 140,996 $ 165,539 $ 139,085 Less: reinsurance recoverables on unpaid losses ( 56,505 ) ( 37,769 ) ( 82,651 ) ( 40,344 ) Net reserves - beginning of period 88,499 103,227 82,888 98,741 Add: incurred losses and LAE, net of reinsurance: Current period 17,281 13,541 51,004 38,765 Prior period 3,630 3,130 2,939 18,175 Total net incurred losses and LAE 20,911 16,671 53,943 56,940 Deduct: loss and LAE payments, net of reinsurance: Current period 9,194 5,634 18,635 13,313 Prior period 7,768 11,456 25,748 39,560 Total net loss and LAE payments 16,962 17,090 44,383 52,873 Net reserves - end of period 92,448 102,808 92,448 102,808 Plus: reinsurance recoverables on unpaid losses 46,766 41,749 46,766 41,749 Gross reserves - end of period $ 139,214 $ 144,557 $ 139,214 $ 144,557

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2023
Reinsurance Disclosures [Abstract]
Summary of the Effects of Reinsurance	The following table presents the effects of reinsurance and assumption transactions on written premiums, earned premiums and losses and LAE (dollars in thousands): Three Months Ended Nine months ended 2023 2022 2023 2022 Written premiums: Direct $ 25,589 $ 22,682 $ 77,113 $ 73,789 Assumed 12,959 10,406 42,323 29,681 Ceded ( 32,859 ) ( 9,395 ) ( 66,077 ) ( 34,490 ) Net written premiums $ 5,689 $ 23,693 $ 53,359 $ 68,980 Earned premiums: Direct $ 24,725 $ 24,679 $ 71,637 $ 73,667 Assumed 13,425 9,722 36,820 27,280 Ceded ( 14,171 ) ( 9,443 ) ( 39,343 ) ( 27,458 ) Net earned premiums $ 23,979 $ 24,958 $ 69,114 $ 73,489 Losses and LAE: Direct $ 13,337 $ 15,837 $ 39,876 $ 46,375 Assumed 7,314 7,225 13,072 26,136 Ceded 260 ( 6,391 ) 995 ( 15,571 ) Net Losses and LAE $ 20,911 $ 16,671 $ 53,943 $ 56,940 Ceded losses and LAE for the three and nine months ended September 30, 2023, were negative due to a reduction in ceded IBNR during 2023.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Senior Debt	A summary of the Company's outstanding debt is as follows (dollars in thousands): As of September 30, 2023 As of December 31, 2022 Gross Debt Unamortized Net Debt Gross Debt Unamortized Net Debt Senior unsecured notes $ 17,887 $ 1,679 $ 16,208 $ 24,381 $ 195 $ 24,186 Senior secured notes 10,000 944 9,056 — — — Subordinated notes — — — 10,500 810 9,690 Total $ 27,887 $ 2,623 $ 25,264 $ 34,881 $ 1,005 $ 33,876
Summary of Scheduled Principal Payments of Company's Debt	The following table shows the scheduled principal payments of the Company's debt as of September 30, 2023 (dollars in thousands): Year Senior unsecured notes Senior secured notes 2023 $ 250 $ — 2024 1,000 — 2025 1,000 — 2026 1,000 — 2027 1,000 — 2028 5,750 17,887 Total $ 10,000 $ 17,887

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table presents the calculation of basic and diluted earnings (loss) per common share, as follows (dollars in thousands, except per share and share amounts): Three Months Ended Nine months ended 2023 2022 2023 2022 Net income (loss) $ ( 2,706 ) $ ( 1,523 ) $ ( 6,444 ) $ ( 12,792 ) Weighted average common shares, basic and diluted * 12,222,881 11,101,194 12,219,713 10,178,975 Earnings (loss) per common share, basic and diluted $ ( 0.22 ) $ ( 0.14 ) $ ( 0.53 ) $ ( 1.26 ) * The non-vested shares of the restricted stock units and stock options were anti-dilutive as of September 30, 2023 and 2022. Therefore, the basic and diluted weighted average common shares are equal for the three and nine months ended September 30, 2023 and 2022 .

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Information by Reportable Segment	The following tables present information by reportable operating segment (dollars in thousands): Three months ended Commercial Lines Personal Total Wholesale Corporate Eliminations Total Gross written premiums $ 28,492 $ 10,056 $ 38,548 $ — $ — $ — $ 38,548 Net written premiums $ ( 3,155 ) $ 8,844 $ 5,689 $ — $ — $ — $ 5,689 Net earned premiums $ 17,315 $ 6,664 $ 23,979 $ — $ — $ — $ 23,979 Other income 61 24 85 589 24 ( 259 ) 439 Segment revenue 17,376 6,688 24,064 589 24 ( 259 ) 24,418 Losses and LAE, net 15,424 5,487 20,911 — — — 20,911 Policy acquisition costs 2,583 1,813 4,396 606 — ( 277 ) 4,725 Operating expenses 2,928 845 3,773 310 320 — 4,403 Segment expenses 20,935 8,145 29,080 916 320 ( 277 ) 30,039 Segment gain (loss) $ ( 3,559 ) $ ( 1,457 ) $ ( 5,016 ) $ ( 327 ) $ ( 296 ) $ 18 $ ( 5,621 ) Investment income 1,450 1,450 Change in fair value of equity securities ( 87 ) ( 87 ) Gain from sale of renewal rights 2,335 2,335 Other gains (losses) — — Interest expense ( 855 ) ( 855 ) Income (loss) before equity earnings in Affiliate and income taxes $ ( 3,559 ) $ ( 1,457 ) $ ( 5,016 ) $ ( 327 ) $ 2,547 $ 18 $ ( 2,778 ) Three months ended Commercial Personal Total Wholesale Corporate Eliminations Total Gross written premiums $ 27,635 $ 5,453 $ 33,088 $ — $ — $ — $ 33,088 Net written premiums $ 18,730 $ 4,963 $ 23,693 $ — $ — $ — $ 23,693 Net earned premiums $ 20,789 $ 4,169 $ 24,958 $ — $ — $ — $ 24,958 Other income 57 26 83 793 113 ( 386 ) 603 Segment revenue 20,846 4,195 25,041 793 113 ( 386 ) 25,561 Losses and LAE, net 13,348 3,323 16,671 — — — 16,671 Policy acquisition costs 4,950 1,214 6,164 498 — ( 432 ) 6,230 Operating expenses 3,297 519 3,816 245 319 — 4,380 Segment expenses 21,595 5,056 26,651 743 319 ( 432 ) 27,281 Segment gain (loss) $ ( 749 ) $ ( 861 ) $ ( 1,610 ) $ 50 $ ( 206 ) $ 46 $ ( 1,720 ) Investment income 860 860 Change in fair value of equity securities ( 151 ) ( 151 ) Other gains (losses) 66 66 Interest expense ( 778 ) ( 778 ) Income (loss) before equity earnings in Affiliate and income taxes $ ( 749 ) $ ( 861 ) $ ( 1,610 ) $ 50 $ ( 209 ) $ 46 $ ( 1,723 ) Nine months ended Commercial Personal Total Wholesale Corporate Eliminations Total Gross written premiums $ 92,228 $ 27,208 $ 119,436 $ — $ — $ — $ 119,436 Net written premiums $ 29,571 $ 23,788 $ 53,359 $ — $ — $ — $ 53,359 Net earned premiums $ 51,925 $ 17,189 $ 69,114 $ — $ — $ — $ 69,114 Other income 169 70 239 2,062 170 ( 1,008 ) 1,463 Segment revenue 52,094 17,259 69,353 2,062 170 ( 1,008 ) 70,577 Losses and LAE, net 39,568 14,375 53,943 — — — 53,943 Policy acquisition costs 8,745 4,655 13,400 1,503 — ( 1,044 ) 13,859 Operating expenses 9,556 2,229 11,785 1,027 984 — 13,796 Segment expenses 57,869 21,259 79,128 2,530 984 ( 1,044 ) 81,598 Segment gain (loss) $ ( 5,775 ) $ ( 4,000 ) $ ( 9,775 ) $ ( 468 ) $ ( 814 ) $ 36 $ ( 11,021 ) Investment income 4,111 4,111 Change in fair value of equity securities 595 595 Gain from sale of renewal rights 2,335 2,335 Other gains (losses) — — Interest expense ( 2,361 ) ( 2,361 ) Income (loss) before equity earnings in Affiliate and income taxes $ ( 5,775 ) $ ( 4,000 ) $ ( 9,775 ) $ ( 468 ) $ 3,866 $ 36 $ ( 6,341 ) Nine months ended Commercial Personal Total Wholesale Corporate Eliminations Total Gross written premiums $ 88,297 $ 15,173 $ 103,470 $ — $ — $ — $ 103,470 Net written premiums $ 55,456 $ 13,524 $ 68,980 $ — $ — $ — $ 68,980 Net earned premiums $ 62,097 $ 11,392 $ 73,489 $ — $ — $ — $ 73,489 Other income 195 58 253 2,969 407 ( 1,665 ) 1,964 Segment revenue 62,292 11,450 73,742 2,969 407 ( 1,665 ) 75,453 Losses and LAE, net 49,864 7,076 56,940 — — — 56,940 Policy acquisition costs 13,717 3,530 17,247 2,026 — ( 1,854 ) 17,419 Operating expenses 9,966 1,405 11,371 811 828 — 13,010 Segment expenses 73,547 12,011 85,558 2,837 828 ( 1,854 ) 87,369 Segment gain (loss) $ ( 11,255 ) $ ( 561 ) $ ( 11,816 ) $ 132 $ ( 421 ) $ 189 $ ( 11,916 ) Investment income 1,931 1,931 Net realized investment gains (losses) ( 1,505 ) ( 1,505 ) Change in fair value of equity securities 446 446 Other gains (losses) 60 60 Interest expense ( 2,216 ) ( 2,216 ) Income (loss) before equity earnings in Affiliate and income taxes $ ( 11,255 ) $ ( 561 ) $ ( 11,816 ) $ 132 $ ( 1,705 ) $ 189 $ ( 13,200 )

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	1 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($) State $ / shares	Sep. 30, 2023 USD ($) Class_business State $ / shares
Accounting Policies [Line Items]
Non Controlling Interest	50%	50%
Number of types of business | Class_business		3
Number of states in which entity operates | State	50	50
Maximum amount of capital pledged	$ 6,000,000
Description of variable rate basis	prime rate plus 2%
Debt instrument, redemption period	24 months
Preferred stock conversion price per share | $ / shares	$ 1.25	$ 1.25
Redemption premiumn	$ 1,500,000
Prime Rate
Accounting Policies [Line Items]
Variable interest rate	2%
Senior Secured Notes
Accounting Policies [Line Items]
Repayment of debt	$ 24,400,000
Face amount of debt	$ 17,900,000	$ 17,900,000
Interest rate	12.50%	12.50%
Debt instrument remaining amount	$ 10,000,000
Annual principal payment	1,000,000	$ 1,000,000
Subordinated notes
Accounting Policies [Line Items]
Principal on subordinated notes paid down	$ 500,000

Sale of Renewal Rights - Additi

Sale of Renewal Rights - Additional Information (Details)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) Claim	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of renewal rights				$ 2,500,000
Gross earned premiums		$ 24,725,000	$ 24,679,000	71,637,000	$ 73,667,000
Ceded Premiums Written		$ 32,859,000	$ 9,395,000	66,077,000	$ 34,490,000
Number of claims staff transferred employment to buyer | Claim	5
100% Quota Share Reinsurance Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of renewal rights	$ 2,500,000
Gross earned premiums				$ 41,400,000		$ 41,000,000
Ceded Premiums Written	$ 30,900,000
Percentage of commission ceded, net	27%
Expense incurred for policies ceded	$ 135,000
Net cash owned by the buyer retained under funds withheld provision	22,600,000
New public debt purchased	$ 5,000,000

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Gross unrealized gain (loss) on available for sale securities			$ 17,800,000
Proceeds from available-for-sale debt securities				$ 86,100,000	$ 29,300,000
Gross realized gains from sales of available-for-sale debt securities					5,000
Gross realized losses from sales of available-for-sale debt securities					155,000
Gross realized gains or losses from sale of available-for-sale debt securities	$ 0	$ 0		0	(149,000)
Amount payable for securities purchased	0	0		0	0
Amount receivable for securities sold	0	$ 0		0	$ 0
Gross unrealized gains				507,000		$ 0
Gross unrealized losses				549,000		638,000
Other than temporary impairments losses, investments				0		0
Investments	1,400,000			1,400,000		1,800,000
Deposits held in trust accounts	7,800,000			7,800,000		8,000,000
Deposits, held in trust for collateral requirements	$ 116,200,000			$ 116,200,000		$ 95,700,000

Investments - Available-for-sal

Investments - Available-for-sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	$ 119,499	$ 127,119
Debt securities, Gross Unrealized Gain	0	1
Debt securities, Gross Unrealized Losses	(17,754)	(16,919)
Debt securities, Estimated Fair Value	101,745	110,201
U.S. Government
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	6,410	7,833
Debt securities, Gross Unrealized Gain	0	0
Debt securities, Gross Unrealized Losses	(272)	(335)
Debt securities, Estimated Fair Value	6,138	7,498
State and local government
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	25,016	25,487
Debt securities, Gross Unrealized Gain	0	1
Debt securities, Gross Unrealized Losses	(4,951)	(4,672)
Debt securities, Estimated Fair Value	20,065	20,816
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	34,024	35,347
Debt securities, Gross Unrealized Gain	0	0
Debt securities, Gross Unrealized Losses	(4,898)	(4,788)
Debt securities, Estimated Fair Value	29,126	30,559
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	19,956	21,742
Debt securities, Gross Unrealized Gain	0	0
Debt securities, Gross Unrealized Losses	(837)	(1,246)
Debt securities, Estimated Fair Value	19,119	20,496
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	27,306	29,194
Debt securities, Gross Unrealized Gain	0	0
Debt securities, Gross Unrealized Losses	(6,115)	(5,157)
Debt securities, Estimated Fair Value	21,191	24,037
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	3,386	3,414
Debt securities, Gross Unrealized Gain	0	0
Debt securities, Gross Unrealized Losses	(138)	(186)
Debt securities, Estimated Fair Value	3,248	3,228
Collateralized mortgage obligations
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	3,401	4,102
Debt securities, Gross Unrealized Gain	0	0
Debt securities, Gross Unrealized Losses	(543)	(535)
Debt securities, Estimated Fair Value	$ 2,858	$ 3,567

Investments - Available-for-s_2

Investments - Available-for-sale Securities in Unrealized Loss Positions (Details) $ in Thousands	Sep. 30, 2023 USD ($) Security	Dec. 31, 2022 USD ($) Security
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt securities, less than 12 months, number of issues | Security	14	205
Debt securities, greater than 12 months, number of issues | Security	315	133
Debt securities, number of issues | Security	329	338
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 3,040	$ 38,757
Debt securities, greater than 12 months, fair value	98,505	71,142
Debt securities, fair value	101,545	109,899
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	(70)	(4,857)
Debt securities, greater than 12 months, unrealized losses	(17,684)	(12,062)
Debt securities, total unrealized losses	$ (17,754)	$ (16,919)
U.S. Government
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt securities, less than 12 months, number of issues | Security	3	8
Debt securities, greater than 12 months, number of issues | Security	10	5
Debt securities, number of issues | Security	13	13
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 1,808	$ 3,534
Debt securities, greater than 12 months, fair value	4,330	3,964
Debt securities, fair value	6,138	7,498
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	(45)	(135)
Debt securities, greater than 12 months, unrealized losses	(227)	(200)
Debt securities, total unrealized losses	$ (272)	$ (335)
State and local government
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt securities, less than 12 months, number of issues | Security	3	77
Debt securities, greater than 12 months, number of issues | Security	117	45
Debt securities, number of issues | Security	120	122
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 1,179	$ 12,966
Debt securities, greater than 12 months, fair value	18,686	7,147
Debt securities, fair value	19,865	20,113
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	(23)	(2,318)
Debt securities, greater than 12 months, unrealized losses	(4,928)	(2,354)
Debt securities, total unrealized losses	$ (4,951)	$ (4,672)
Corporate debt
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt securities, less than 12 months, number of issues | Security	0	27
Debt securities, greater than 12 months, number of issues | Security	66	42
Debt securities, number of issues | Security	66	69
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 0	$ 10,069
Debt securities, greater than 12 months, fair value	29,126	20,890
Debt securities, fair value	29,126	30,959
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	0	(1,373)
Debt securities, greater than 12 months, unrealized losses	(4,898)	(3,415)
Debt securities, total unrealized losses	$ (4,898)	$ (4,788)
Asset-backed securities
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt securities, less than 12 months, number of issues | Security	0	6
Debt securities, greater than 12 months, number of issues | Security	24	20
Debt securities, number of issues | Security	24	26
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 0	$ 3,188
Debt securities, greater than 12 months, fair value	19,119	17,308
Debt securities, fair value	19,119	20,496
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	0	(76)
Debt securities, greater than 12 months, unrealized losses	(837)	(1,170)
Debt securities, total unrealized losses	$ (837)	$ (1,246)
Mortgage-backed securities
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt securities, less than 12 months, number of issues | Security	6	57
Debt securities, greater than 12 months, number of issues | Security	63	12
Debt securities, number of issues | Security	69	69
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 39	$ 4,006
Debt securities, greater than 12 months, fair value	21,152	20,031
Debt securities, fair value	21,191	24,037
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	(2)	(573)
Debt securities, greater than 12 months, unrealized losses	(6,113)	(4,584)
Debt securities, total unrealized losses	$ (6,115)	$ (5,157)
Commercial mortgage-backed securities
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt securities, less than 12 months, number of issues | Security	0	4
Debt securities, greater than 12 months, number of issues | Security	4	0
Debt securities, number of issues | Security	4	4
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 0	$ 3,205
Debt securities, greater than 12 months, fair value	3,248	0
Debt securities, fair value	3,248	3,205
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	0	(186)
Debt securities, greater than 12 months, unrealized losses	(139)	0
Debt securities, total unrealized losses	$ (139)	$ (186)
Collateralized mortgage obligations
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt securities, less than 12 months, number of issues | Security	2	26
Debt securities, greater than 12 months, number of issues | Security	31	9
Debt securities, number of issues | Security	33	35
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 14	$ 1,789
Debt securities, greater than 12 months, fair value	2,844	1,802
Debt securities, fair value	2,858	3,591
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	0	(196)
Debt securities, greater than 12 months, unrealized losses	(542)	(339)
Debt securities, total unrealized losses	$ (542)	$ (535)

Investments - Net Investment In

Investments - Net Investment Income and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Investment Income [Line Items]
Investment income	$ 1,499	$ 918	$ 4,280	$ 2,171
Investment expenses	(49)	(58)	(169)	(240)
Net investment income	1,450	860	4,111	1,931
Debt securities
Net Investment Income [Line Items]
Investment income	1,130	636	3,009	1,814
Equity securities
Net Investment Income [Line Items]
Investment income	9	3	27	41
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Investment income	$ 360	$ 279	$ 1,244	$ 316

Investments - Gross Realized Ga

Investments - Gross Realized Gains and Losses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt securities:
Gross realized gains	$ 0	$ 0	$ 0	$ 6,000
Gross realized losses	0	0	0	(155,000)
Total debt securities	0	0	0	(149,000)
Equity securities:
Gross realized gains	0	0	0	375,000
Gross realized losses	0	0	0	(1,731,000)
Total equity securities	0	0	0	(1,356,000)
Total net realized investment gains (losses)	$ 0	$ 0	$ 0	$ (1,505,000)

Investments - Available-for-s_3

Investments - Available-for-sale Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 3,765
Due after one year through five years	31,155
Due after five years through ten years	19,574
Due after ten years	10,956
Securities with contractual maturities	65,450
Total debt securities	119,499	$ 127,119
Estimated Fair Value
Due in one year or less	3,712
Due after one year through five years	28,381
Due after five years through ten years	15,640
Due after ten years	7,596
Securities with contractual maturities	55,329
Total debt securities	101,745	110,201
Asset-backed securities
Amortized Cost
Total debt securities	19,956	21,742
Estimated Fair Value
Total debt securities	19,119	20,496
Mortgage-backed securities
Amortized Cost
Total debt securities	27,306	29,194
Estimated Fair Value
Total debt securities	21,191	24,037
Commercial mortgage-backed securities
Amortized Cost
Total debt securities	3,386	3,414
Estimated Fair Value
Total debt securities	3,248	3,228
Collateralized mortgage obligations
Amortized Cost
Total debt securities	3,401	4,102
Estimated Fair Value
Total debt securities	$ 2,858	$ 3,567

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Total debt securities	$ 101,745	$ 110,201
Equity Securities	883	917
Short-term investments	40,523	25,929
Total marketable investments measured at fair value	143,151	137,047
Total assets measured at fair value	144,613	137,397
Liabilities:
Total Liabilities (non-recurring fair value measure)	27,887	33,730
U.S. Government
Assets:
Total debt securities	6,138	7,498
State and local government
Assets:
Total debt securities	20,065	20,816
Corporate debt
Assets:
Total debt securities	29,126	30,559
Asset-backed securities
Assets:
Total debt securities	19,119	20,496
Mortgage-backed securities
Assets:
Total debt securities	21,191	24,037
Commercial mortgage-backed securities
Assets:
Total debt securities	3,248	3,228
Collateralized mortgage obligations
Assets:
Total debt securities	2,858	3,567
Senior Unsecured Notes
Liabilities:
Debt	17,887	22,430
Senior Secured Notes
Liabilities:
Debt	10,000
Subordinated notes
Liabilities:
Debt		11,300
Partnership interest
Assets:
Investments measured at NAV	1,462	350
Level 1
Assets:
Total debt securities	0	0
Equity Securities	126	160
Short-term investments	40,523	25,929
Total marketable investments measured at fair value	40,649	26,089
Liabilities:
Total Liabilities (non-recurring fair value measure)	0	0
Level 1 | U.S. Government
Assets:
Total debt securities	0	0
Level 1 | State and local government
Assets:
Total debt securities	0	0
Level 1 | Corporate debt
Assets:
Total debt securities	0	0
Level 1 | Asset-backed securities
Assets:
Total debt securities	0	0
Level 1 | Mortgage-backed securities
Assets:
Total debt securities	0	0
Level 1 | Commercial mortgage-backed securities
Assets:
Total debt securities	0	0
Level 1 | Collateralized mortgage obligations
Assets:
Total debt securities	0	0
Level 1 | Senior Unsecured Notes
Liabilities:
Debt	0	0
Level 1 | Senior Secured Notes
Liabilities:
Debt	0
Level 1 | Subordinated notes
Liabilities:
Debt		0
Level 2
Assets:
Total debt securities	101,745	110,201
Equity Securities	757	757
Short-term investments	0	0
Total marketable investments measured at fair value	102,502	110,958
Liabilities:
Total Liabilities (non-recurring fair value measure)	17,887	22,430
Level 2 | U.S. Government
Assets:
Total debt securities	6,138	7,498
Level 2 | State and local government
Assets:
Total debt securities	20,065	20,816
Level 2 | Corporate debt
Assets:
Total debt securities	29,126	30,559
Level 2 | Asset-backed securities
Assets:
Total debt securities	19,119	20,496
Level 2 | Mortgage-backed securities
Assets:
Total debt securities	21,191	24,037
Level 2 | Commercial mortgage-backed securities
Assets:
Total debt securities	3,248	3,228
Level 2 | Collateralized mortgage obligations
Assets:
Total debt securities	2,858	3,567
Level 2 | Senior Unsecured Notes
Liabilities:
Debt	17,887	22,430
Level 2 | Senior Secured Notes
Liabilities:
Debt	0
Level 2 | Subordinated notes
Liabilities:
Debt		0
Level 3
Assets:
Total debt securities	0	0
Equity Securities	0	0
Short-term investments	0	0
Total marketable investments measured at fair value	0	0
Liabilities:
Total Liabilities (non-recurring fair value measure)	10,000	11,300
Level 3 | U.S. Government
Assets:
Total debt securities	0	0
Level 3 | State and local government
Assets:
Total debt securities	0	0
Level 3 | Corporate debt
Assets:
Total debt securities	0	0
Level 3 | Asset-backed securities
Assets:
Total debt securities	0	0
Level 3 | Mortgage-backed securities
Assets:
Total debt securities	0	0
Level 3 | Commercial mortgage-backed securities
Assets:
Total debt securities	0	0
Level 3 | Collateralized mortgage obligations
Assets:
Total debt securities	0	0
Level 3 | Senior Unsecured Notes
Liabilities:
Debt	0	0
Level 3 | Senior Secured Notes
Liabilities:
Debt	$ 10,000
Level 3 | Subordinated notes
Liabilities:
Debt		$ 11,300

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Transfers into level 3	$ 0	$ 0	$ 0	$ 0
Transfers out of Level 3	$ 0	$ 0	$ 0	$ 0
Level 1
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Marketable investment percentage	28%		28%		19%
Level 2
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Marketable investment percentage	72%		72%		81%
Senior Secured Notes
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Debt	$ 10,000,000		$ 10,000,000
Notes issued			10,000,000
Senior Secured Notes | Level 1
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Debt	0		0
Senior Secured Notes | Level 2
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Debt	0		0
Senior Secured Notes | Level 3
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Debt	$ 10,000,000		$ 10,000,000

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs - Activity in Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance at beginning of period	$ 9,500	$ 10,747	$ 10,290	$ 12,267
Deferred policy acquisition costs	4,292	5,966	12,636	15,635
Amortization of policy acquisition costs	(3,752)	(6,230)	(12,886)	(17,419)
Impact from renewal rights sale	4,303		4,303
Net change	3,763	264	(4,553)	(1,784)
Balance at end of period	$ 5,737	$ 10,483	$ 5,737	$ 10,483

Unpaid Losses and Loss Adjust_3

Unpaid Losses and Loss Adjustment Expenses - Changes in the Liability for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves - beginning of period	$ 145,004	$ 140,996	$ 165,539	$ 139,085	$ 139,085
Less: reinsurance recoverables on unpaid losses	(56,505)	(37,769)	(82,651)	(40,344)	(40,344)
Net reserves - beginning of period	88,499	103,227	82,888	98,741	98,741
Add: incurred losses and LAE, net of reinsurance:
Current period	17,281	13,541	51,004	38,765
Prior period	3,630	3,130	2,939	18,175
Total net incurred losses and LAE	20,911	16,671	53,943	56,940
Deduct: loss and LAE payments, net of reinsurance:
Current period	9,194	5,634	18,635	13,313
Prior period	7,768	11,456	25,748	39,560
Total net loss and LAE payments	16,962	17,090	44,383	52,873
Net reserves - end of period	92,448	102,808	92,448	102,808	82,888
Plus: reinsurance recoverables on unpaid losses	46,766	41,749	46,766	41,749	82,651
Gross reserves - end of period	$ 139,214	$ 144,557	$ 139,214	$ 144,557	$ 165,539

Unpaid Losses and Loss Adjust_4

Unpaid Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Increase in losses and loss adjustment expenses	$ 4,200,000
Increase in losses and loss adjustment expenses, percentage	25.40%
Losses and loss adjustment expenses, net	$ 20,911,000	$ 16,671,000	$ 53,943,000	$ 56,940,000
Prior year adjustments	3,630,000	3,130,000	2,939,000	18,175,000
Storm Activity
Liability for Claims and Claims Adjustment Expense [Line Items]
Increase in losses and loss adjustment expenses	2,500,000
Commercial Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year adjustments		2,700,000		17,700,000
Personal Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year adjustments		381,000		430,000
Accident Year 2019
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year adjustments		2,300,000		14,300,000
Accident Year 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year adjustments		1,800,000		1,700,000
Accident Year 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Losses and loss adjustment expenses, net		$ 958,000
Prior year adjustments				$ 2,200,000
Accident Year 2023
Liability for Claims and Claims Adjustment Expense [Line Items]
Increase in losses and loss adjustment expenses	3,700,000
Accident Year 2020 Through 2022 | Commercial Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year adjustments	4,000,000		4,100,000
Accident Year 2020 Through 2022 | Personal Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year adjustments	$ 414,000		$ 1,200,000

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 01, 2022	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021
Effects Of Reinsurance [Line Items]
Ceded premium written			$ 32,859,000	$ 9,395,000	$ 66,077,000	$ 34,490,000
Ceded premiums earned			14,171,000	9,443,000	39,343,000	27,458,000
Reinsurance recoverables on paid losses		$ 6,959,000	6,959,000		6,959,000		$ 6,653,000
Stated net reserves retained		92,448,000	92,448,000	102,808,000	92,448,000	102,808,000	82,888,000	$ 88,499,000	$ 103,227,000	$ 98,741,000
Losses and loss adjustment expenses, net			20,911,000	16,671,000	53,943,000	56,940,000
Prior period			3,630,000	3,130,000	2,939,000	18,175,000
Reinsurance recoverables on unpaid losses		46,766,000	46,766,000	41,749,000	46,766,000	41,749,000	82,651,000	$ 56,505,000	37,769,000	$ 40,344,000
Accident Year 2019
Effects Of Reinsurance [Line Items]
Prior period				$ 2,300,000		$ 14,300,000
Loss Portfolio Transfer (“LPT”) Reinsurance Agreement
Effects Of Reinsurance [Line Items]
Reinsurance recoverables on paid losses		3,500,000	3,500,000		3,500,000		3,800,000
Reinsurance recoverables on unpaid losses		13,700,000	$ 13,700,000		13,700,000		25,900,000
Loss Portfolio Transfer (“LPT”) Reinsurance Agreement | Minimum
Effects Of Reinsurance [Line Items]
Reinsurance recoverables on paid losses	$ 46,300,000
100% Quota Share Reinsurance Agreement
Effects Of Reinsurance [Line Items]
Ceded premium written		$ 30,900,000
Fleming Reinsurance Ltd | Loss Portfolio Transfer (“LPT”) Reinsurance Agreement
Effects Of Reinsurance [Line Items]
Stated net reserves retained									40,800,000
Losses and loss adjustment expenses, net	5,500,000
Amount reinsured	40,800,000
One-time risk fee retained									5,400,000
Fleming Reinsurance Ltd | Loss Portfolio Transfer (“LPT”) Reinsurance Agreement | Maximum
Effects Of Reinsurance [Line Items]
Reinsurance recoverables on paid losses	66,300,000
Fleming Reinsurance Ltd | Loss Portfolio Transfer (“LPT”) Reinsurance Agreement | Accident Year 2019
Effects Of Reinsurance [Line Items]
Reinsurance recoverables on paid losses									66,300,000
Stated net reserves retained									$ 40,800,000
Prior period	$ 20,000,000
100% Cede of Commercial Liability Risks In Excess of $400,000
Effects Of Reinsurance [Line Items]
Amount retained (excess of)					400,000		340,000
Corridor | Agreement Between Cic And Wpic And Fleming Re
Effects Of Reinsurance [Line Items]
Losses and loss adjustment expenses, net					5,500,000		5,500,000
Layer | Agreement Between Cic And Wpic And Fleming Re | Maximum
Effects Of Reinsurance [Line Items]
Losses and loss adjustment expenses, net					20,000,000		20,000,000
Layer | Agreement Between Cic And Wpic And Fleming Re | Minimum
Effects Of Reinsurance [Line Items]
Losses and loss adjustment expenses, net					4,500,000		644,000
Ceded Commercial Property Risks In Excess of $200,000
Effects Of Reinsurance [Line Items]
Amount retained (excess of)					400,000
Ceded Homeowners Specific Risks In Excess of $300,000
Effects Of Reinsurance [Line Items]
Amount retained (excess of)					$ 300,000		300,000
Ceded Commercial Property Risks In Excess of $400,000
Effects Of Reinsurance [Line Items]
Amount retained (excess of)							$ 300,000

Reinsurance - Effects of Reinsu

Reinsurance - Effects of Reinsurance and Assumption Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Written premiums:
Direct	$ 25,589	$ 22,682	$ 77,113	$ 73,789
Assumed	12,959	10,406	42,323	29,681
Ceded	(32,859)	(9,395)	(66,077)	(34,490)
Net written premiums	5,689	23,693	53,359	68,980
Earned premiums:
Direct	24,725	24,679	71,637	73,667
Assumed	13,425	9,722	36,820	27,280
Ceded	(14,171)	(9,443)	(39,343)	(27,458)
Net earned premiums	23,979	24,958	69,114	73,489
Losses and LAE:
Direct	13,337	15,837	39,876	46,375
Assumed	7,314	7,225	13,072	26,136
Ceded	(260)	(6,391)	995	(15,571)
Total net incurred losses and LAE	$ 20,911	$ 16,671	$ 53,943	$ 56,940

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		1 Months Ended	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
FHLB of Indianapolis
Debt Instrument [Line Items]
Debt issuance costs		$ 25,264,000	$ 25,264,000	$ 33,876,000
6.75 Senior Unsecured Notes Effective September 2023 (Existing Notes)
Debt Instrument [Line Items]
Face amount of debt		6,500,000	6,500,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Amount of new notes for which existing notes exchanged			5,000,000
Senior Unsecured Notes | FHLB of Indianapolis
Debt Instrument [Line Items]
Debt issuance costs		16,208,000	16,208,000	24,186,000
Senior Unsecured Notes | 9.75% Senior Unsecured Notes (New Notes))
Debt Instrument [Line Items]
Face amount of debt		$ 17,900,000	$ 17,900,000
Maturity date		Sep. 30, 2028	Sep. 30, 2028
Interest rate		9.75%	9.75%
Interest rate, payment terms			interest rate of 9.75% per annum, payable quarterly at the end of March, June, September and December
Debt issuance costs		$ 1,700,000	$ 1,700,000
Senior Unsecured Notes | 6.75 Senior Unsecured Notes Effective September 2023 (Existing Notes)
Debt Instrument [Line Items]
Face amount of debt		$ 11,200,000	11,200,000
Notes paid off			$ 13,200,000
Interest rate		6.75%	6.75%
Extinguishment of debt, amount			$ 24,400,000
Non-cash exchange of existing notes for new notes			11,200,000
Senior Secured Notes
Debt Instrument [Line Items]
Face amount of debt		$ 17,900,000	$ 17,900,000
Interest rate		12.50%	12.50%
Call premium			$ 1,800,000
Senior Secured Notes | FHLB of Indianapolis
Debt Instrument [Line Items]
Debt issuance costs		$ 9,056,000	9,056,000
Senior Secured Notes | Privately Placed 12.5% Senior Secured Notes
Debt Instrument [Line Items]
Face amount of debt		$ 10,000,000	$ 10,000,000
Maturity date		Sep. 30, 2028	Sep. 30, 2028
Interest rate		12.50%	12.50%
Interest rate, payment terms			Interest is payable quarterly at the end of March, June, September, and December.
Quarterly payment of principal			$ 250,000
Call premium percentage		22%	22%
Debt issuance costs		$ 944,000	$ 944,000
Restructuring costs incurred			173,000
Subordinated notes
Debt Instrument [Line Items]
Principal on subordinated notes paid down		500,000
Subordinated notes | FHLB of Indianapolis
Debt Instrument [Line Items]
Debt issuance costs				$ 9,690,000
Subordinated notes | 6.75 Senior Unsecured Notes Effective September 2023 (Existing Notes)
Debt Instrument [Line Items]
Amount of existing notes exchanged for new notes			5,000,000
Subordinated notes | Subordinated notes
Debt Instrument [Line Items]
Restructuring of existing subordinated notes to senior secured notes		10,000,000	10,000,000
Principal on subordinated notes paid down	$ 500,000
Exchange Offering
Debt Instrument [Line Items]
Face amount of debt		6,200,000	6,200,000
Offering to New Note | Senior Unsecured Notes August 2023
Debt Instrument [Line Items]
Face amount of debt		$ 6,700,000	$ 6,700,000

Debt - Outstanding Senior Debt

Debt - Outstanding Senior Debt (Details) - FHLB of Indianapolis - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Gross Debt	$ 27,887,000	$ 34,881,000
Unamortized Debt Issuance Costs	2,623,000	1,005,000
Debt Issuance Costs, Net, Total	25,264,000	33,876,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Gross Debt	17,887,000	24,381
Unamortized Debt Issuance Costs	1,679,000	195,000
Debt Issuance Costs, Net, Total	16,208,000	24,186,000
Senior Secured Notes
Debt Instrument [Line Items]
Gross Debt	10,000,000
Unamortized Debt Issuance Costs	944,000
Debt Issuance Costs, Net, Total	$ 9,056,000
Subordinated notes
Debt Instrument [Line Items]
Gross Debt		10,500,000
Unamortized Debt Issuance Costs		810,000
Debt Issuance Costs, Net, Total		$ 9,690,000

Debt - Scheduled Principal Paym

Debt - Scheduled Principal Payments of Company's Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total	$ 25,264	$ 33,876
Senior Unsecured Notes
Debt Instrument [Line Items]
2023	250
2024	1,000
2025	1,000
2026	1,000
2027	1,000
2028	5,750
Total	10,000
Senior Secured Notes
Debt Instrument [Line Items]
2028	17,887
Total	$ 17,887

Shareholder's Equity - Narrativ

Shareholder's Equity - Narrative (Details)		3 Months Ended		9 Months Ended
	Aug. 10, 2022 USD ($) $ / shares shares	Sep. 30, 2023 shares	Sep. 30, 2022 shares	Sep. 30, 2023 USD ($) Vote shares	Sep. 30, 2022 USD ($) shares	Dec. 31, 2022 shares
Equity Class Of Treasury Stock [Line Items]
Common stock, shares issued (in shares)		12,222,881		12,222,881		12,215,849
Common stock, shares outstanding (in shares)		12,222,881		12,222,881		12,215,849
Common stock voting rights, number of votes per share | Vote				1
Restricted Stock Units (RSUs)
Equity Class Of Treasury Stock [Line Items]
Shares repurchased (in shares)			0	1,968	1,493
Shares repurchased | $				$ 3,000	$ 3,000
Restricted stock units vested		0
Common stocks
Equity Class Of Treasury Stock [Line Items]
Common stock, shares issued (in shares)		12,222,881		12,222,881		12,215,849
Common stock, shares outstanding (in shares)		12,222,881		12,222,881		12,215,849
Private placement | Common stocks
Equity Class Of Treasury Stock [Line Items]
Common equity issued | $	$ 5,000,000
Common equity issued (in shares)	2,500,000
Offering price per share (in dollars per share) | $ / shares	$ 2

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss)		$ (2,706)	$ (1,523)	$ (6,444)	$ (12,792)
Weighted average common shares outstanding, basic	[1]	12,222,881	11,101,194	12,219,713	10,178,975
Weighted average common shares outstanding, diluted	[1]	12,222,881	11,101,194	12,219,713	10,178,975
Earnings (loss) per common share, basic		$ (0.22)	$ (0.14)	$ (0.53)	$ (1.26)
Earnings (loss) per common share, diluted		$ (0.22)	$ (0.14)	$ (0.53)	$ (1.26)
[1] The non-vested shares of the restricted stock units and stock options were anti-dilutive as of September 30, 2023 and 2022. Therefore, the basic and diluted weighted average common shares are equal for the three and nine months ended September 30, 2023 and 2022 .

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Mar. 08, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2020	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2018	Dec. 31, 2016
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued to purchase shares of common stock	630,000			280,000
Vesting period	5 years			5 years
Strike price	$ 4.53			$ 3.81
Expiration date	Mar. 08, 2032			Jun. 30, 2030
Estimated value of options issued to purchase shares of common stock	$ 612,000			$ 290,000
Share-based compensation expense		$ 44,000	$ 44,000		$ 130,000	$ 111,000
Share-based compensation expense not yet recognized		$ 508,000			$ 508,000
Share-based compensation nonvested shares		604,000			604,000
Stock options volatility rate	65.04%
Options exercisable term	5 years
Risk free interest rate term of options	5 years
Risk free interest rate of options	1.80%
Market value of stock	$ 2.4
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 0	$ 14,000		$ 17,000	$ 43,000
Restricted Stock Units (RSUs) | 2015 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)							70,000	111,281
Shares granted in period							$ 404,000	$ 909,000
Share-based compensation nonvested shares		0			0

Segment Information - Narrative

Segment Information - Narrative (Details) - Business	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Number of businesses	3
Gross Written Premiums | Geographic Concentration Risk | Michigan, Texas, Oklahoma and California
Segment Reporting Information [Line Items]
Concentration risk	56.60%	54%

Segment Information - Informati

Segment Information - Information by Reportable Operating Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Gross written premiums	$ 38,548	$ 33,088	$ 119,436	$ 103,470
Net written premiums	5,689	23,693	53,359	68,980
Net earned premiums	23,979	24,958	69,114	73,489
Other income	439	603	1,463	1,964
Segment revenue	24,418	25,561	70,577	75,453
Losses and LAE, net	20,911	16,671	53,943	56,940
Policy acquisition costs	4,725	6,230	13,859	17,419
Operating expenses	4,403	4,380	13,796	13,010
Segment expenses	30,039	27,281	81,598	87,369
Segment gain (loss)	(5,621)	(1,720)	(11,021)	(11,916)
Net investment income	1,450	860	4,111	1,931
Net realized investment gains (losses)	0	0	0	(1,505)
Change in fair value of equity securities	(87)	(151)	595	446
Gain from sale of renewal rights	2,335	0	2,335	0
Other gains (losses)	0	66	0	60
Interest expense	(855)	(778)	(2,361)	(2,216)
Income (loss) before equity earnings in Affiliate and income taxes	(2,778)	(1,723)	(6,341)	(13,200)
Operating Segments | Commercial Lines
Segment Reporting Information [Line Items]
Gross written premiums	28,492	27,635	92,228	88,297
Net written premiums	(3,155)	18,730	29,571	55,456
Net earned premiums	17,315	20,789	51,925	62,097
Other income	61	57	169	195
Segment revenue	17,376	20,846	52,094	62,292
Losses and LAE, net	15,424	13,348	39,568	49,864
Policy acquisition costs	2,583	4,950	8,745	13,717
Operating expenses	2,928	3,297	9,556	9,966
Segment expenses	20,935	21,595	57,869	73,547
Segment gain (loss)	(3,559)	(749)	(5,775)	(11,255)
Income (loss) before equity earnings in Affiliate and income taxes	(3,559)	(749)	(5,775)	(11,255)
Operating Segments | Personal Lines
Segment Reporting Information [Line Items]
Gross written premiums	10,056	5,453	27,208	15,173
Net written premiums	8,844	4,963	23,788	13,524
Net earned premiums	6,664	4,169	17,189	11,392
Other income	24	26	70	58
Segment revenue	6,688	4,195	17,259	11,450
Losses and LAE, net	5,487	3,323	14,375	7,076
Policy acquisition costs	1,813	1,214	4,655	3,530
Operating expenses	845	519	2,229	1,405
Segment expenses	8,145	5,056	21,259	12,011
Segment gain (loss)	(1,457)	(861)	(4,000)	(561)
Income (loss) before equity earnings in Affiliate and income taxes	(1,457)	(861)	(4,000)	(561)
Operating Segments | Total Underwriting
Segment Reporting Information [Line Items]
Gross written premiums	38,548	33,088	119,436	103,470
Net written premiums	5,689	23,693	53,359	68,980
Net earned premiums	23,979	24,958	69,114	73,489
Other income	85	83	239	253
Segment revenue	24,064	25,041	69,353	73,742
Losses and LAE, net	20,911	16,671	53,943	56,940
Policy acquisition costs	4,396	6,164	13,400	17,247
Operating expenses	3,773	3,816	11,785	11,371
Segment expenses	29,080	26,651	79,128	85,558
Segment gain (loss)	(5,016)	(1,610)	(9,775)	(11,816)
Income (loss) before equity earnings in Affiliate and income taxes	(5,016)	(1,610)	(9,775)	(11,816)
Operating Segments | Wholesale Agency
Segment Reporting Information [Line Items]
Other income	589	793	2,062	2,969
Segment revenue	589	793	2,062	2,969
Policy acquisition costs	606	498	1,503	2,026
Operating expenses	310	245	1,027	811
Segment expenses	916	743	2,530	2,837
Segment gain (loss)	(327)	50	(468)	132
Income (loss) before equity earnings in Affiliate and income taxes	(327)	50	(468)	132
Corporate
Segment Reporting Information [Line Items]
Other income	24	113	170	407
Segment revenue	24	113	170	407
Operating expenses	320	319	984	828
Segment expenses	320	319	984	828
Segment gain (loss)	(296)	(206)	(814)	(421)
Net investment income	1,450	860	4,111	1,931
Net realized investment gains (losses)				(1,505)
Change in fair value of equity securities	(87)	(151)	595	446
Gain from sale of renewal rights	2,335		2,335
Other gains (losses)		66		60
Interest expense	(855)	(778)	(2,361)	(2,216)
Income (loss) before equity earnings in Affiliate and income taxes	2,547	(209)	3,866	(1,705)
Eliminations
Segment Reporting Information [Line Items]
Other income	(259)	(386)	(1,008)	(1,665)
Segment revenue	(259)	(386)	(1,008)	(1,665)
Policy acquisition costs	(277)	(432)	(1,044)	(1,854)
Segment expenses	(277)	(432)	(1,044)	(1,854)
Segment gain (loss)	18	46	36	189
Income (loss) before equity earnings in Affiliate and income taxes	$ 18	$ 46	$ 36	$ 189