Conifer (CNFR) 10-Q 13 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 13, 2024
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	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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	Jun. 30, 2024	Dec. 31, 2023
Investment securities:
Debt securities, at fair value (amortized cost of $132,889 and $135,370, respectively)	$ 119,371	$ 122,113
Equity securities, at fair value (cost of $1,844 and $2,385, respectively)	1,660	2,354
Short-term investments, at fair value	23,339	20,838
Total investments	144,370	145,305
Cash and cash equivalents	9,697	11,125
Premiums and agents' balances receivable, net	30,583	29,369
Reinsurance recoverables on unpaid losses	74,358	70,807
Reinsurance recoverables on paid losses	8,614	12,619
Prepaid reinsurance premiums	13,494	28,908
Deferred policy acquisition costs	4,606	6,285
Other assets	6,038	6,339
Total assets	292,934	311,804
Liabilities:
Unpaid losses and loss adjustment expenses	174,786	174,612
Unearned premiums	44,820	65,150
Reinsurance premiums payable	1,408	246
Debt	24,832	25,061
Funds held under reinsurance agreements	23,602	24,550
Premiums payable to other insureds	19,299	13,986
Accounts payable and accrued expenses	5,352	5,310
Total liabilities	294,099	308,915
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value (10,000,000 shares authorized; 1,000 issued and outstanding, respectively)	6,000	6,000
Common stock, no par value (100,000,000 shares authorized; 12,222,881 issued and outstanding, respectively)	98,170	98,100
Accumulated deficit	(90,559)	(86,683)
Accumulated other comprehensive income (loss)	(14,776)	(14,528)
Total shareholders' equity	(1,165)	2,889
Total liabilities and shareholders' equity	292,934	311,804
Affiliated Entity
Investment securities:
Receivable from Affiliate	$ 1,174	$ 1,047

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Debt securities, amortized cost	$ 132,889	$ 135,370
Equity securities, amortized cost	$ 1,844	$ 2,385
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	1,000	1,000
Preferred stock, shares outstanding (in shares)	1,000	1,000
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	12,222,881
Common stock, shares outstanding (in shares)	12,222,881	12,222,881

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue and Other Income
Gross earned premiums		$ 29,381	$ 36,013	$ 63,613	$ 70,307
Ceded earned premiums		(12,715)	(12,830)	(30,060)	(25,172)
Net earned premiums		16,666	23,183	33,553	45,135
Net investment income		1,505	1,354	3,057	2,661
Net realized investment gains (losses)		(118)	0	(118)	0
Change in fair value of equity securities		(196)	(12)	(153)	682
Agency commission income		8,831	211	13,167	641
Other income		160	187	420	383
Total revenue and other income		26,848	24,923	49,926	49,502
Expenses
Losses and loss adjustment expenses, net		15,281	19,319	25,801	33,032
Policy acquisition costs		10,480	4,413	17,493	9,134
Operating expenses		4,256	5,114	8,751	9,393
Interest expense		869	820	1,746	1,506
Total expenses		30,886	29,666	53,791	53,065
Income (loss) before equity earnings in Affiliate and income taxes		(4,038)	(4,743)	(3,865)	(3,563)
Equity earnings (loss) in Affiliate, net of tax		228	4	286	(175)
Income tax expense (benefit)		(18)	0	(18)	0
Net income (loss)		(3,792)	(4,739)	(3,561)	(3,738)
Preferred stock dividends		158	0	315	0
Net income (loss) allocable to common shareholders		$ (3,950)	$ (4,739)	$ (3,876)	$ (3,738)
Earnings (loss) per common share, basic		$ (0.32)	$ (0.39)	$ (0.32)	$ (0.31)
Earnings (loss) per common share, diluted		$ (0.32)	$ (0.39)	$ (0.32)	$ (0.31)
Weighted average common shares outstanding, basic	[1]	12,222,881	12,220,331	12,222,881	12,218,102
Weighted average common shares outstanding, diluted	[1]	12,222,881	12,220,331	12,222,881	12,218,102
[1] The non-vested shares of the restricted stock units and stock options were anti-dilutive as of June 30, 2023. Therefore, the basic and diluted weighted average common shares are equal for the three and six months ended June 30, 2024 and 2023.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (3,792)	$ (4,739)	$ (3,561)	$ (3,738)
Unrealized investment gains (losses):
Unrealized investment gains (losses) during the period	188	(741)	(248)	1,545
Income tax (benefit) expense	0	0	0	0
Unrealized investment gains (losses), net of tax	188	(741)	(248)	1,545
Less: reclassification adjustments to:
Net realized investment gains (losses) included in net income (loss)	0	0	0	0
Income tax (benefit) expense	0	0	0	0
Total reclassifications included in net income (loss), net of tax	0	0	0	0
Net other comprehensive income (loss)	188	(741)	(248)	1,545
Total comprehensive income (loss)	$ (3,604)	$ (5,480)	$ (3,809)	$ (2,193)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	No Par, Preferred Stock	No Par, Common Stock	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
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)	(3,738)			(3,738)
Repurchase of common stock, Shares			(1,968)
Repurchase of common stock	(3)		$ (3)
Stock-based compensation expense, Shares			9,000
Stock-based compensation expense	103		$ 103
Other comprehensive income (loss)	1,545				1,545
Balance at end of period at Jun. 30, 2023	16,857		$ 98,013	(64,498)	(16,658)
Balance at ending of period (in shares) at Jun. 30, 2023			12,222,881
Balance at beginning of period at Mar. 31, 2023	22,292		$ 97,968	(59,759)	(15,917)
Balance at beginning of period (in shares) at Mar. 31, 2023			12,215,849
Net income (loss)	(4,739)			(4,739)
Repurchase of common stock, Shares			(1,968)
Repurchase of common stock	(3)		$ (3)
Stock-based compensation expense, Shares			9,000
Stock-based compensation expense	48		$ 48
Other comprehensive income (loss)	(741)				(741)
Balance at end of period at Jun. 30, 2023	16,857		$ 98,013	(64,498)	(16,658)
Balance at ending of period (in shares) at Jun. 30, 2023			12,222,881
Balance at beginning of period at Dec. 31, 2023	2,889	$ 6,000	$ 98,100	(86,683)	(14,528)
Balance at beginning of period (in shares) at Dec. 31, 2023		1,000	12,222,881
Net income (loss)	(3,561)			(3,561)
Stock-based compensation expense	70		$ 70
Dividends on preferred stock	(315)			(315)
Other comprehensive income (loss)	(248)				(248)
Balance at end of period at Jun. 30, 2024	(1,165)	$ 6,000	$ 98,170	(90,559)	(14,776)
Balance at ending of period (in shares) at Jun. 30, 2024		1,000	12,222,881
Balance at beginning of period at Mar. 31, 2024	2,559	$ 6,000	$ 98,132	(86,609)	(14,964)
Balance at beginning of period (in shares) at Mar. 31, 2024		1,000	12,222,881
Net income (loss)	(3,792)			(3,792)
Stock-based compensation expense	38		$ 38
Dividends on preferred stock	(158)			(158)
Other comprehensive income (loss)	188				188
Balance at end of period at Jun. 30, 2024	$ (1,165)	$ 6,000	$ 98,170	$ (90,559)	$ (14,776)
Balance at ending of period (in shares) at Jun. 30, 2024		1,000	12,222,881

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows From Operating Activities
Net income (loss)	$ (3,561)	$ (3,738)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	321	193
Amortization of bond premium and discount, net	(327)	(362)
Net realized investment (gains) losses	118
Change in fair value of equity securities	153	(682)
Stock-based compensation expenses	70	103
Equity loss (earnings) in Affiliate, net of tax	(286)	175
(Increase) decrease in:
Premiums and agents' balances and other receivables	(1,341)	(3,961)
Reinsurance recoverables	454	26,971
Prepaid reinsurance premiums	15,414	(8,045)
Deferred policy acquisition costs	1,679	790
Other assets	(78)	64
Increase (decrease) in:
Unpaid losses and loss adjustment expenses	174	(20,535)
Unearned premiums	(20,330)	10,581
Funds held under reinsurance agreements	(948)	(6,086)
Reinsurance premiums payable	1,162	5,879
Premiums payable to other insureds	5,313
Accounts payable and other liabilities	61	(2,794)
Net cash provided by (used in) operating activities	(1,952)	(1,447)
Cash Flows From Investing Activities
Purchase of investments	(97,960)	(120,578)
Proceeds from maturities and redemptions of investments	4,539	5,651
Proceeds from sales of investments	94,779	108,041
Obligation to SSU		(934)
Net cash provided by (used in) investing activities	1,358	(7,820)
Cash Flows From Financing Activities
Repurchase of common stock		(3)
Dividends paid to shareholders	(334)
Repayment of long-term debt	(500)
Net cash provided by (used in) financing activities	(834)	(3)
Net increase (decrease) in cash	(1,428)	(9,270)
Cash at beginning of period	11,125	28,035
Cash at end of period	9,697	18,765
Supplemental Disclosure of Cash Flow Information:
Interest paid	1,876	1,506
Income taxes paid (refunded), net	$ 0	$ (17)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,950)	$ (4,739)	$ (3,876)	$ (3,738)

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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"), which is our managing general agency ("MGA"), 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, 2023, as filed with the SEC. The results of operations for the six months ended June 30, 2024, are not necessarily indicative of the results expected for the year ended December 31, 2024 . 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 almost all 50 states in the United States of America (“U.S.”). The Company has been in the process of strategically shifting from mostly underwriting insurance products (generating revenues through premiums) to mostly producing, or selling, insurance products through its MGA. Utilizing its existing relationships with retail agencies and other agencies, in the first quarter of 2024, the Company began producing business that was directly underwritten by a third-party insurer. By the end of the second quarter, this shift was mostly complete with the expansion of having two third-party insurers to underwrite substantially all of the commercial lines business previously underwritten by the Insurance Company Subsidiaries. The Company is currently actively considering the sale of assets and of business operations in order to raise capital with which to repay debt and improve its financial position. 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. Accounting Guidance Not Yet Adopted 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. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). This guidance is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. ASU 2023-07 is effective for fiscal years beginning after December 31, 2024. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). ASU 2023-09 requires public business entities to disclose additional information with respect to the reconciliation of the effective tax rate to the statutory rate. Additionally, public business entities will need to disaggregate federal, state and foreign taxes paid in their financial statements. ASU 2023-09 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. Company Liquidity We conduct our business operations primarily through our Insurance Company Subsidiaries and MGA. Our ability to service debt, and pay administrative expenses has been primarily reliant upon our intercompany service fees paid by the Insurance Company Subsidiaries and MGA to the holding company for management, administrative, and information technology services provided to the Insurance Company Subsidiaries and MGA 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, and we do not anticipate any dividends being paid to us from our Insurance Company Subsidiaries during 2024 and 2025. The Parent Company may receive dividends from our MGA without regulatory restrictions. Due to significant losses in 2023, much of which was attributable to strengthening reserves and severe storm activity affecting the Oklahoma homeowners business, both Insurance Company Subsidiaries lack sufficient capital to continue to underwrite the volume of business they have historically written. Accordingly, in the first quarter of 2024, management implemented a strategic shift in which the Company began utilizing third-party insurers to mostly rely on commission revenues generated by our MGA to fund operations and service debt. Substantially all of our commercial lines business is no longer being written by our Insurance Company Subsidiaries as of June 30, 2024. However, we do plan to continue to write a limited amount of the personal lines on CIC. As of June 30, 2024, the Company no longer expects to write any additional business in WPIC. It is likely that the Company will need to contribute $ 3.0 million to $ 5.0 million of more capital into WPIC before the end of the year in order to maintain its licenses. The Company is currently actively considering the sale of assets and of business operations in order to raise capital with which to repay debt and improve its financial position. We expect to fund any needed contributions with existing cash and investments at the Parent Company or through additional cash obtained through the sale of assets or business operations or additional capital raised. The Company has executed multiple producer agreements that will underwrite a majority of the Company’s commercial lines business. We expect to continue to underwrite the existing personal lines business within our Insurance Company Subsidiaries. We believe that our existing cash, cash equivalents, short-term investments and investment securities balances in addition to any proceeds from the sale of any assets or business operations will be adequate to meet our capital and liquidity needs and the needs of our subsidiaries over the next twelve months.

Investments

Investments	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	2. Investments 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 six months ended June 30, 2024 . The Company holds only investment grade securities from high credit quality issuers. The gross unrealized losses of $ 13.6 million as of June 30, 2024, 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 June 30, 2024 and December 31, 2023 were as follows (dollars in thousands): June 30, 2024 Cost or Gross Unrealized Estimated Amortized Cost Gains Losses Fair Value Debt Securities: U.S. Government $ 5,848 $ — $ ( 155 ) $ 5,693 State and local government 23,972 — ( 3,846 ) 20,126 Corporate debt 33,708 — ( 3,602 ) 30,106 Asset-backed securities 37,223 126 ( 347 ) 37,002 Mortgage-backed securities 25,790 — ( 5,162 ) 20,628 Commercial mortgage-backed securities 3,301 — ( 105 ) 3,196 Collateralized mortgage obligations 3,047 — ( 427 ) 2,620 Total debt securities available for sale $ 132,889 $ 126 $ ( 13,644 ) $ 119,371 December 31, 2023 Cost or Gross Unrealized Estimated Amortized Cost Gains Losses Fair Value Debt Securities: U.S. Government $ 5,405 $ 3 $ ( 161 ) $ 5,247 State and local government 24,274 — ( 3,810 ) 20,464 Corporate debt 34,002 — ( 3,507 ) 30,495 Asset-backed securities 38,289 47 ( 584 ) 37,752 Mortgage-backed securities 26,768 — ( 4,641 ) 22,127 Commercial mortgage-backed securities 3,404 — ( 160 ) 3,244 Collateralized mortgage obligations 3,228 — ( 444 ) 2,784 Total debt securities available for sale $ 135,370 $ 50 $ ( 13,307 ) $ 122,113 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): June 30, 2024 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 4 $ 1,769 $ ( 14 ) 8 $ 3,614 $ ( 141 ) 12 $ 5,383 $ ( 155 ) State and local government 1 193 ( 7 ) 114 19,933 ( 3,839 ) 115 20,126 ( 3,846 ) Corporate debt 1 92 ( 8 ) 64 30,014 ( 3,594 ) 65 30,106 ( 3,602 ) Asset-backed securities 1 600 ( 1 ) 8 10,801 ( 346 ) 9 11,401 ( 347 ) Mortgage-backed securities — — — 67 20,628 ( 5,162 ) 67 20,628 ( 5,162 ) Commercial mortgage-backed securities — — — 4 3,196 ( 105 ) 4 3,196 ( 105 ) Collateralized mortgage obligations — — — 30 2,620 ( 427 ) 30 2,620 ( 427 ) Total debt securities available for sale 7 $ 2,654 $ ( 30 ) 295 $ 90,806 $ ( 13,614 ) 302 $ 93,460 $ ( 13,644 ) December 31, 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 1 $ 649 $ ( 7 ) 9 $ 3,400 $ ( 154 ) 10 $ 4,049 $ ( 161 ) State and local government 3 1,193 ( 7 ) 113 19,096 ( 3,803 ) 116 20,289 ( 3,810 ) Corporate debt — — — 66 30,495 ( 3,507 ) 66 30,495 ( 3,507 ) Asset-backed securities 1 1,090 ( 1 ) 21 16,270 ( 583 ) 22 17,360 ( 584 ) Mortgage-backed securities 4 11 ( 1 ) 64 22,116 ( 4,640 ) 68 22,127 ( 4,641 ) Commercial mortgage-backed securities — — — 4 3,225 ( 160 ) 4 3,225 ( 160 ) Collateralized mortgage obligations — — — 32 2,803 ( 444 ) 32 2,803 ( 444 ) Total debt securities available for sale 9 $ 2,943 $ ( 16 ) 309 $ 97,405 $ ( 13,291 ) 318 $ 100,348 $ ( 13,307 ) The Company’s sources of net investment income and losses are as follows (dollars in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Debt securities $ 1,196 $ 1,026 $ 2,421 $ 1,879 Equity securities 12 7 23 18 Cash, cash equivalents and short-term investments 348 381 725 884 Total investment income 1,556 1,414 3,169 2,781 Investment expenses ( 51 ) ( 60 ) ( 112 ) ( 120 ) Net investment income $ 1,505 $ 1,354 $ 3,057 $ 2,661 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 Six Months Ended June 30, 2024 2023 2024 2023 Debt securities: Gross realized gains $ — $ — $ — $ 0 Gross realized losses — — — — Total debt securities — — — — Equity securities: Gross realized gains $ — $ — $ — $ — Gross realized losses ( 118 ) — ( 118 ) — Total equity securities ( 118 ) — ( 118 ) — Total net realized investment gains (losses) $ ( 118 ) $ — $ ( 118 ) $ — There were no proceeds from sales of available-for-sale debt securities for the six months ended June 30, 2024 and 2023, respectively. There were no payables or receivables from securities purchased or sold as of June 30, 2024 and June 30, 2023, respectively. The Company's gross unrealized gains related to its equity investments were $ 354,000 and $ 505,000 as of June 30, 2024 and December 31, 2023 , respectively. The Company’s gross unrealized losses related to its equity investments were $ 537,000 and $ 535,000 as of June 30, 2024 and December 31, 2023, 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 for the three and six months ended June 30, 2024 and 2023 , respectively, related to the Company's other equity investments. These investments are included in Other Assets in the Consolidated Balance Sheets and amounted to $ 750,000 and $ 1.4 million as of June 30, 2024 and December 31, 2023, respectively. The table below summarizes the amortized cost and fair value of available-for-sale debt securities by contractual maturity at June 30, 2024. 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 $ 4,722 $ 4,661 Due after one year through five years 30,953 28,823 Due after five years through ten years 17,183 14,379 Due after ten years 10,670 8,062 Securities with contractual maturities 63,528 55,925 Asset-backed securities 37,223 37,002 Mortgage-backed securities 25,790 20,628 Commercial mortgage-backed securities 3,301 3,196 Collateralized mortgage obligations 3,047 2,620 Total debt securities $ 132,889 $ 119,371 At June 30, 2024 and December 31, 2023 , the Insurance Company Subsidiaries had $ 8.2 million on deposit in trust accounts to meet the deposit requirements of various state insurance departments. At June 30, 2024 and December 31, 2023 , the Company had $ 123.5 million, respectively, held in trust accounts to meet collateral requirements with other third-party insurers, relating to various fronting arrangements. Approximately $ 122.8 million of the trust account balances are for collateral of gross unearned premiums and gross loss reserves of the fronted business on the security guard and installation industries ("Security Program") and the quick service restaurant program. 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. As the unearned premiums run off to zero and loss reserves are paid on these programs, the remaining trust balances will be released and available for general use.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. 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 June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 2024 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Debt Securities: U.S. Government $ 5,693 $ — $ 5,693 $ — State and local government 20,126 — 20,126 — Corporate debt 30,106 — 30,106 — Asset-backed securities 37,002 — 37,002 — Mortgage-backed securities 20,628 — 20,628 — Commercial mortgage-backed securities 3,196 — 3,196 — Collateralized mortgage obligations 2,620 — 2,620 — Total debt securities 119,371 — 119,371 — Equity Securities 357 137 220 — Short-term investments 23,339 23,339 — — Total marketable investments measured at fair value $ 143,067 $ 23,476 $ 119,591 $ — Investments measured at NAV: Investment in limited partnership 1,303 Total assets measured at fair value $ 144,370 Liabilities: Senior unsecured notes * $ 17,887 $ — $ 17,887 $ — Senior secured notes * 9,310 — — 9,310 Total Liabilities (non-recurring fair value measure) $ 27,197 $ — $ 17,887 $ 9,310 * Carried at face value of debt net of unamortized debt issuance costs on the consolidated balance sheets December 31, 2023 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Debt Securities: U.S. Government $ 5,247 $ — $ 5,247 $ — State and local government 20,464 — 20,464 — Corporate debt 30,495 — 30,495 — Asset-backed securities 37,752 — 37,752 — Mortgage-backed securities 22,127 — 22,127 — Commercial mortgage-backed securities 3,244 — 3,244 — Collateralized mortgage obligations 2,784 — 2,784 — Total debt securities 122,113 — 122,113 — Equity securities 896 139 757 — Short-term investments 20,838 20,838 — — Total marketable investments measured at fair value $ 143,847 $ 20,977 $ 122,870 $ — Investments measured at NAV: Investment in limited partnership 1,458 Total assets measured at fair value $ 145,305 Liabilities: Senior unsecured notes * $ 11,791 $ — $ 11,791 $ — Subordinated notes * 9,965 — — 9,965 Total Liabilities (non-recurring fair value measure) $ 21,756 $ — $ 11,791 $ 9,965 * 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 16 % and 15 % of the fair value of the total marketable investments measured at fair value as of June 30, 2024 and December 31, 2023, 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 84 % and 85 % of the fair value of the total marketable investments measured at fair value as of June 30, 2024 and December 31, 2023, 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 June 30, 2024 and December 31, 2023, the fair value of the Senior Secured Notes reported at amortized cost was considered a Level 3 liability in the fair value hierarchy and is entirely comprised of the Company's Senior Secured Notes. In determining the fair value of the Senior Secured Notes outstanding at June 30, 2024 and December 31, 2023, the security attributes (issue date, maturity, coupon, calls, etc.) 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 June 30, 2024 and December 31, 2023 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 out of Level 3 as of June 30, 2024 and December 31, 2023.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	6 Months Ended
	Jun. 30, 2024
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Costs	4. 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 six months ended June 30, 2024 and 2023 . The activity in deferred policy acquisition costs, net of reinsurance transactions, is as follows (dollars in thousands): Three Months Ended Six Months Ended June 30, 2024 2023 2024 2023 Balance at beginning of period $ 5,663 $ 8,326 $ 6,285 $ 10,290 Deferred policy acquisition costs 414 5,587 6,805 8,344 Amortization of policy acquisition costs ( 1,471 ) ( 4,413 ) ( 8,484 ) ( 9,134 ) Net change ( 1,057 ) 1,174 ( 1,679 ) ( 790 ) Balance at end of period $ 4,606 $ 9,500 $ 4,606 $ 9,500

Unpaid Losses and Loss Adjustme

Unpaid Losses and Loss Adjustment Expenses	6 Months Ended
	Jun. 30, 2024
Insurance Loss Reserves [Abstract]
Unpaid Losses and Loss Adjustment Expenses	5. 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 Six months ended 2024 2023 2024 2023 Gross reserves - beginning of period $ 175,826 $ 145,362 $ 174,612 $ 165,539 Less: reinsurance recoverables on unpaid losses ( 73,807 ) ( 61,101 ) ( 70,807 ) ( 82,651 ) Net reserves - beginning of period 102,019 84,261 103,805 82,888 Add: incurred losses and LAE, net of reinsurance: Current period 12,481 18,797 23,462 33,723 Prior period 2,800 522 2,339 ( 691 ) Total net incurred losses and LAE 15,281 19,319 25,801 33,032 Deduct: loss and LAE payments, net of reinsurance: Current period 7,206 7,454 10,068 9,441 Prior period 9,666 7,627 19,110 17,980 Total net loss and LAE payments 16,872 15,081 29,178 27,421 Net reserves - end of period 100,428 88,499 100,428 88,499 Plus: reinsurance recoverables on unpaid losses 74,358 56,505 74,358 56,505 Gross reserves - end of period $ 174,786 $ 145,004 $ 174,786 $ 145,004 Net losses and LAE decreased by $ 4.0 million, or 20.9 %, to $ 15.3 million during the second quarter of 2024, compared to $ 19.3 million for the same period in 2023. The $ 6.3 million decrease in current accident year losses during the second quarter of 2024, compared to the same period in 2023, was mostly due to a significant reduction in net earned premiums described above. The Company’s incurred losses during the three months ended June 30, 2024 included prior-year adverse development of $ 2.8 million. Of the $ 2.8 million of adverse development experience during the second quarter of 2024, $ 2.1 million of adverse development was experienced in the Company's commercial lines of business, mostly related to emergence in the commercial liability lines in the Security Program in the 2021 and 2022 accident years. The remainder was attributed to $ 747,000 of adverse development occurring in the Company's personal lines of business, mostly related to a few high severity claims in the 2023 accident year. The Company had less-than-expected loss emergence during the second quarter of 2023, and recognized $ 411,000 of favorable development in its personal lines of business for accident year 2022. The decrease in net losses and LAE was offset by $ 1.0 million and $ 4.5 million of current accident year losses in the Company's commercial lines and personal lines losses, respectively, which were a result of storm activity in the southwest during the second quarter of 2023. As of June 30, 2024, the Company was $ 9.9 million into the $ 20.0 million layer provided by the adverse development cover of the LPT. There was $ 2.2 million of adverse development relating to 2019 and prior accident years that was covered under the Loss Portfolio Transfer ("LPT") during the second quarter of 2023, resulting in no net development. As of June 30, 2023, the Company was $ 4.6 million into the $ 20.0 million layer provided by the adverse development cover of the LPT.

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2024
Reinsurance Disclosures [Abstract]
Reinsurance	6. 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 2024 and 2023. The Company ceded specific commercial property risks in excess of $ 400,000 in 2024 and 2023. The Company ceded homeowners specific risks in excess of $ 400,000 and $ 300,000 in 2024 and 2023, respectively. 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 minimum A.M. Best rating, or 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 of the Security Program. The Company ceded $ 30.9 million of its gross unearned premiums relating to the Security Program in exchange for a 22 % - 27 % ceding commission. On November 1, 2022, the Company entered into a loss portfolio transfer (“LPT”) reinsurance agreement. As of June 30, 2024 , the Company has recorded losses through the $ 5.5 million corridor an d $ 9.9 million i nto the $ 20.0 million layer. As of December 31, 2023, the Company recorded losses through the $ 5.5 million corridor and $ 9.1 million into the $ 20.0 million layer. As of June 30, 2024 , the Consolidated Balance Sheets included $ 3.9 million and $ 6.0 million of reinsurance recoverables on paid and unpaid losses related to the LPT, respectively. As of December 31, 2023, the Consolidated Balance Sheets included $ 3.8 million and $ 10.9 million of reinsurance recoverables on paid and unpaid losses related to the LPT, respectively. 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 Six months ended 2024 2023 2024 2023 Written premiums: Direct $ 19,200 $ 27,183 $ 43,299 $ 51,524 Assumed ( 229 ) 17,491 ( 15 ) 29,364 Ceded ( 5,724 ) ( 15,346 ) ( 14,646 ) ( 33,218 ) Net written premiums $ 13,247 $ 29,328 $ 28,638 $ 47,670 Earned premiums: Direct $ 24,226 $ 23,597 $ 49,034 $ 46,912 Assumed 5,155 12,416 14,579 23,395 Ceded ( 12,715 ) ( 12,830 ) ( 30,060 ) ( 25,172 ) Net earned premiums $ 16,666 $ 23,183 $ 33,553 $ 45,135 Losses and LAE: Direct $ 8,850 $ 24,570 $ 30,832 $ 26,539 Assumed 14,249 4,261 10,985 5,758 Ceded ( 7,818 ) ( 9,512 ) ( 16,016 ) 735 Net Losses and LAE $ 15,281 $ 19,319 $ 25,801 $ 33,032

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	7. Debt As of June 30, 2024 , the Company’s debt was comprised of two instruments: $ 17.9 million of 9.75 % public senior unsecured notes (the "New Public Notes") which were issued during the third quarter of 2023, and $ 9.3 million of privately placed 12.5 % senior secured notes ("Senior Secured Notes"), which were issued on September 30, 2023. The New Public Notes have substantially the same terms as the 6.75 % public senior unsecured notes (the "Old Public Notes") which matured on September 30, 2023, except for the coupon. A summary of the Company's outstanding debt is as follows (dollars in thousands): As of June 30, 2024 As of December 31, 2023 Gross Debt Unamortized Net Debt Gross Debt Unamortized Net Debt Senior unsecured notes $ 17,887 $ 1,502 $ 16,385 $ 17,887 $ 1,679 $ 16,208 Senior secured notes 9,250 803 8,447 9,750 897 8,853 Total $ 27,137 $ 2,305 $ 24,832 $ 27,637 $ 2,576 $ 25,061 New Public Notes The Company issued $ 17.9 million of New Public 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 restructured its subordinated notes to Senior Secured Notes with its lender on September 30, 2023. The Senior Secured Notes mature on September 30, 2028 , and bear an interest rate of 12.5 % per annum. Interest is payable quarterly at the end of March, June, September, and December. Quarterly principal payments of $ 250,000 are required starting on December 31, 2023 through September 30, 2028. The Company may redeem the senior 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 restructuring as a debt modification because there was no concession made to the lender. The Company had $ 9.3 million of outstanding Senior Secured Notes as of June 30, 2024. Debt issuance costs 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 June 30, 2024 , the carrying value of the New Public Notes and Senior Secured Notes were offset by $ 1.5 million and $ 803,000 of capitalized costs, respectively. The debt issuance costs are amortized through interest expense over the life of the loans. Debt covenants 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. The Senior Secured Notes also require that any proceeds the Company receives from asset sales be used to pay down the principal. Debt covenants have been waived for violation of compliance as of December 31, 2023 and any potential future violations through May 31, 2025. The following table shows the scheduled principal payments of the Company's debt as of June 30, 2024 (dollars in thousands): Year Senior unsecured notes Senior secured notes 2024 500 — 2025 1,000 — 2026 1,000 — 2027 1,000 — 2028 5,750 17,887 Total $ 9,250 $ 17,887

Shareholder's Equity

Shareholder's Equity	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Shareholder's Equity	8. Shareholder’s Equity Preferred Stock On December 20, 2023, the Company issued $ 6.0 million of its newly designated Series A Preferred Stock (the "Preferred Stock"), no par value, through a private placement of 1,000 shares priced at $ 6,000 per share that matures on June 30, 2026 . The Preferred Stock was sold to Clarkston 91 West LLC (the "Purchaser"), an entity affiliated with Gerald and Jeffrey Hakala, members of the Board of Directors of the Company. Preferred Stock shareholders have no voting rights and optional redemption is only in the control of the Company. The Preferred Stock requires quarterly dividend payments. The Preferred Stock dividend rate is equal to the prime rate of Waterford Bank, N.A. ("Waterford Bank"), or 8.0 %, whichever is higher, plus 200 basis points. As of June 30, 2024 , this equated to an annualized rate of 10.5 %. The Company has the option to redeem the Preferred Stock at the end of any fiscal quarter, in whole or in part, at a price equal to issue price, plus the amount that would result in a 20.0 %, compounded annually, annualized return to the holder (inclusive of the dividends paid), on the portion being redeemed. On the maturity date, each outstanding share of the Preferred Stock, that has not otherwise been redeemed, shall, without any further action by the holders, automatically convert into 4,000 shares of the Company's common stock, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the common stock that occur after the initial issue date. As of June 30, 2024 and December 31, 2023 , the Company had 1,000 issued and outstanding shares of Preferred Stock, respectively. Common Stock As of June 30, 2024 and December 31, 2023 , the Company had 12,222,881 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	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	9. Earnings Per Share Basic and diluted earnings (loss) per share are computed by dividing net income allocable to common shareholders by the weighted average number of common shares outstanding during the period. The dividends on preferred stock are deducted from the net income to arrive at net income allocable to common shareholders. 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 Six months ended 2024 2023 2024 2023 Net income (loss) $ ( 3,792 ) $ ( 4,739 ) $ ( 3,561 ) $ ( 3,738 ) Preferred stock dividends 158 — $ 315 — Net income (loss) allocable to common shareholders $ ( 3,950 ) $ ( 4,739 ) $ ( 3,876 ) $ ( 3,738 ) Weighted average common shares, basic and diluted * 12,222,881 12,220,331 12,222,881 12,218,102 Earnings (loss) per common share, basic and diluted $ ( 0.32 ) $ ( 0.39 ) $ ( 0.32 ) $ ( 0.31 ) * The preferred shares that may be convertible into a total of 4,000,000 common shares were anti-dilutive and thus did not impact the diluted earnings per share calculation. There were no unvested restricted stock units as of June 30, 2024. The non-vested shares of stock options were anti-dilutive as of June 30, 2024. The non-vested shares of the restricted stock units and stock options were anti-dilutive as of June 30, 2023. Therefore, the basic and diluted weighted average common shares are equal for the three and six months ended June 30, 2024 and 2023.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	10. 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 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 grant date fair 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 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 grant date fair value of these options is $ 290,000 , which is being expensed ratably over the vesting period. In 2018, the Company issued 70,000 of restricted stock units (“RSUs”) to various employees to be settled in shares of common stock, which were valued at $ 404,000 on the date of the grant. The Company recorded $ 0 and $ 4,000 of compensation expense related to the RSUs for the three months ended June 30, 2024 and 2023 , respectively. The Company recorded $ 0 and $ 17,000 of compensation expense related to the RSUs for the six months ended June 30, 2024 and 2023 , respectively. There were no unvested RSUs remaining as of June 30, 2024. The Company recorded $ 38,000 and $ 44,000 of compensation expense for the three months ended June 30, 2024 and 2023 , respectively, related to the Company's stock options granted. The Company recorded $ 70,000 and $ 86,000 of compensation expense for the six months ended June 30, 2024 and 2023 , respectively, related to the Company's stock options granted. There were 424,000 options outstanding and unvested as of June 30, 2024 , which will generate an estimated future expense of $ 374,000 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. 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	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	12. 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 chief operating decision maker in deciding how to allocate resources to its segments and in assessing its performance. In assessing performance of its operating segments, the Company’s chief operating decision maker, the Chief Executive Officer, reviews 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 Texas, Michigan, Oklahoma and Indiana. For the six months ended June 30, 2024 and 2023 , gross written premiums attributable to these four states were 85.1 % and 47.1 %, 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 segments, the Company maintains a Corporate and Other category to reconcile segment results to the consolidated totals. The Corporate and Other category includes: (i) corporate operating expenses such as salaries and related benefits of the Company’s executive management team, some 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 $ 6,782 $ 12,189 $ 18,971 $ — $ — $ — $ 18,971 Net written premiums $ 4,285 $ 8,962 $ 13,247 $ — $ — $ — $ 13,247 Net earned premiums $ 8,681 $ 7,985 $ 16,666 $ — $ — $ — $ 16,666 Agency commission income — — — 13,688 — ( 4,857 ) 8,831 Other income 19 20 39 83 38 — 160 Segment revenue 8,700 8,005 16,705 13,771 38 ( 4,857 ) 25,657 Losses and LAE, net 6,906 8,375 15,281 — — — 15,281 Policy acquisition costs 1,155 2,236 3,391 11,005 — ( 3,916 ) 10,480 Operating expenses 1,050 926 1,976 2,046 234 — 4,256 Segment expenses 9,111 11,537 20,648 13,051 234 ( 3,916 ) 30,017 Segment gain (loss) $ ( 411 ) $ ( 3,532 ) $ ( 3,943 ) $ 720 $ ( 196 ) $ ( 941 ) $ ( 4,360 ) Investment income 1,505 1,505 Net realized investment gains (losses) ( 118 ) ( 118 ) Change in fair value of equity securities ( 196 ) ( 196 ) Interest expense ( 869 ) ( 869 ) Income (loss) before equity earnings in Affiliate and income taxes $ ( 411 ) $ ( 3,532 ) $ ( 3,943 ) $ 720 $ 126 $ ( 941 ) $ ( 4,038 ) Three months ended Commercial Personal Total Wholesale Corporate Eliminations Total Gross written premiums $ 34,761 $ 9,913 $ 44,674 $ — $ — $ — $ 44,674 Net written premiums $ 20,485 $ 8,843 $ 29,328 $ — $ — $ — $ 29,328 Net earned premiums $ 17,487 $ 5,696 $ 23,183 $ — $ — $ — $ 23,183 Agency commission income — — — 560 — ( 349 ) 211 Other income 56 23 79 34 74 — 187 Segment revenue 17,543 5,719 23,262 594 74 ( 349 ) 23,581 Losses and LAE, net 13,597 5,722 19,319 — — — 19,319 Policy acquisition costs 2,966 1,453 4,419 349 — ( 355 ) 4,413 Operating expenses 3,600 792 4,392 365 357 — 5,114 Segment expenses 20,163 7,967 28,130 714 357 ( 355 ) 28,846 Segment gain (loss) $ ( 2,620 ) $ ( 2,248 ) $ ( 4,868 ) $ ( 120 ) $ ( 283 ) $ 6 $ ( 5,265 ) Investment income 1,354 1,354 Change in fair value of equity securities ( 12 ) ( 12 ) Interest expense ( 820 ) ( 820 ) Income (loss) before equity earnings in Affiliate and income taxes $ ( 2,620 ) $ ( 2,248 ) $ ( 4,868 ) $ ( 120 ) $ 239 $ 6 $ ( 4,743 ) Six months ended Commercial Personal Total Wholesale Corporate Eliminations Total Gross written premiums $ 19,544 $ 23,740 $ 43,284 $ — $ — $ — $ 43,284 Net written premiums $ 12,572 $ 16,066 $ 28,638 $ — $ — $ — $ 28,638 Net earned premiums $ 17,478 $ 16,075 $ 33,553 $ — $ — $ — $ 33,553 Agency commission income $ — $ — $ — $ 24,282 $ — $ ( 11,115 ) $ 13,167 Other income 69 48 117 194 109 — 420 Segment revenue 17,547 16,123 33,670 24,476 109 ( 11,115 ) 47,140 Losses and LAE, net 13,672 12,129 25,801 — — — 25,801 Policy acquisition costs 2,302 4,249 6,551 20,124 — ( 9,182 ) 17,493 Operating expenses 2,798 1,897 4,695 3,679 377 — 8,751 Segment expenses 18,772 18,275 37,047 23,803 377 ( 9,182 ) 52,045 Segment gain (loss) $ ( 1,225 ) $ ( 2,152 ) $ ( 3,377 ) $ 673 $ ( 268 ) $ ( 1,933 ) $ ( 4,905 ) Investment income 3,057 3,057 Net realized investment gains (losses) ( 118 ) ( 118 ) Change in fair value of equity securities ( 153 ) ( 153 ) Interest expense ( 1,746 ) ( 1,746 ) Income (loss) before equity earnings in Affiliate and income taxes $ ( 1,225 ) $ ( 2,152 ) $ ( 3,377 ) $ 673 $ 772 $ ( 1,933 ) $ ( 3,865 ) Six months ended Commercial Personal Total Wholesale Corporate Eliminations Total Gross written premiums $ 63,736 $ 17,152 $ 80,888 $ — $ — $ — $ 80,888 Net written premiums $ 32,726 $ 14,944 $ 47,670 $ — $ — $ — $ 47,670 Net earned premiums $ 34,610 $ 10,525 $ 45,135 $ — $ — $ — $ 45,135 Agency commission income $ — $ — $ — $ 1,390 $ — $ ( 749 ) $ 641 Other income 108 46 154 83 146 — 383 Segment revenue 34,718 10,571 45,289 1,473 146 ( 749 ) 46,159 Losses and LAE, net 24,144 8,888 33,032 — — — 33,032 Policy acquisition costs 6,162 2,842 9,004 897 — ( 767 ) 9,134 Operating expenses 6,628 1,384 8,012 717 664 — 9,393 Segment expenses 36,934 13,114 50,048 1,614 664 ( 767 ) 51,559 Segment gain (loss) $ ( 2,216 ) $ ( 2,543 ) $ ( 4,759 ) $ ( 141 ) $ ( 518 ) $ 18 $ ( 5,400 ) Investment income 2,661 2,661 Change in fair value of equity securities 682 682 Interest expense ( 1,506 ) ( 1,506 ) Income (loss) before equity earnings in Affiliate and income taxes $ ( 2,216 ) $ ( 2,543 ) $ ( 4,759 ) $ ( 141 ) $ 1,319 $ 18 $ ( 3,563 )

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	13. 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 June 30, 2024 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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"), which is our managing general agency ("MGA"), 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, 2023, as filed with the SEC. The results of operations for the six months ended June 30, 2024, are not necessarily indicative of the results expected for the year ended December 31, 2024 .
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 almost all 50 states in the United States of America (“U.S.”). The Company has been in the process of strategically shifting from mostly underwriting insurance products (generating revenues through premiums) to mostly producing, or selling, insurance products through its MGA. Utilizing its existing relationships with retail agencies and other agencies, in the first quarter of 2024, the Company began producing business that was directly underwritten by a third-party insurer. By the end of the second quarter, this shift was mostly complete with the expansion of having two third-party insurers to underwrite substantially all of the commercial lines business previously underwritten by the Insurance Company Subsidiaries. The Company is currently actively considering the sale of assets and of business operations in order to raise capital with which to repay debt and improve its financial position. 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.
Accounting Guidance Not Yet Adopted	Accounting Guidance Not Yet Adopted 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. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). This guidance is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. ASU 2023-07 is effective for fiscal years beginning after December 31, 2024. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). ASU 2023-09 requires public business entities to disclose additional information with respect to the reconciliation of the effective tax rate to the statutory rate. Additionally, public business entities will need to disaggregate federal, state and foreign taxes paid in their financial statements. ASU 2023-09 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.
Company Liquidity	Company Liquidity We conduct our business operations primarily through our Insurance Company Subsidiaries and MGA. Our ability to service debt, and pay administrative expenses has been primarily reliant upon our intercompany service fees paid by the Insurance Company Subsidiaries and MGA to the holding company for management, administrative, and information technology services provided to the Insurance Company Subsidiaries and MGA 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, and we do not anticipate any dividends being paid to us from our Insurance Company Subsidiaries during 2024 and 2025. The Parent Company may receive dividends from our MGA without regulatory restrictions. Due to significant losses in 2023, much of which was attributable to strengthening reserves and severe storm activity affecting the Oklahoma homeowners business, both Insurance Company Subsidiaries lack sufficient capital to continue to underwrite the volume of business they have historically written. Accordingly, in the first quarter of 2024, management implemented a strategic shift in which the Company began utilizing third-party insurers to mostly rely on commission revenues generated by our MGA to fund operations and service debt. Substantially all of our commercial lines business is no longer being written by our Insurance Company Subsidiaries as of June 30, 2024. However, we do plan to continue to write a limited amount of the personal lines on CIC. As of June 30, 2024, the Company no longer expects to write any additional business in WPIC. It is likely that the Company will need to contribute $ 3.0 million to $ 5.0 million of more capital into WPIC before the end of the year in order to maintain its licenses. The Company is currently actively considering the sale of assets and of business operations in order to raise capital with which to repay debt and improve its financial position. We expect to fund any needed contributions with existing cash and investments at the Parent Company or through additional cash obtained through the sale of assets or business operations or additional capital raised. The Company has executed multiple producer agreements that will underwrite a majority of the Company’s commercial lines business. We expect to continue to underwrite the existing personal lines business within our Insurance Company Subsidiaries. We believe that our existing cash, cash equivalents, short-term investments and investment securities balances in addition to any proceeds from the sale of any assets or business operations will be adequate to meet our capital and liquidity needs and the needs of our subsidiaries over the next twelve months.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 were as follows (dollars in thousands): June 30, 2024 Cost or Gross Unrealized Estimated Amortized Cost Gains Losses Fair Value Debt Securities: U.S. Government $ 5,848 $ — $ ( 155 ) $ 5,693 State and local government 23,972 — ( 3,846 ) 20,126 Corporate debt 33,708 — ( 3,602 ) 30,106 Asset-backed securities 37,223 126 ( 347 ) 37,002 Mortgage-backed securities 25,790 — ( 5,162 ) 20,628 Commercial mortgage-backed securities 3,301 — ( 105 ) 3,196 Collateralized mortgage obligations 3,047 — ( 427 ) 2,620 Total debt securities available for sale $ 132,889 $ 126 $ ( 13,644 ) $ 119,371 December 31, 2023 Cost or Gross Unrealized Estimated Amortized Cost Gains Losses Fair Value Debt Securities: U.S. Government $ 5,405 $ 3 $ ( 161 ) $ 5,247 State and local government 24,274 — ( 3,810 ) 20,464 Corporate debt 34,002 — ( 3,507 ) 30,495 Asset-backed securities 38,289 47 ( 584 ) 37,752 Mortgage-backed securities 26,768 — ( 4,641 ) 22,127 Commercial mortgage-backed securities 3,404 — ( 160 ) 3,244 Collateralized mortgage obligations 3,228 — ( 444 ) 2,784 Total debt securities available for sale $ 135,370 $ 50 $ ( 13,307 ) $ 122,113
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): June 30, 2024 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 4 $ 1,769 $ ( 14 ) 8 $ 3,614 $ ( 141 ) 12 $ 5,383 $ ( 155 ) State and local government 1 193 ( 7 ) 114 19,933 ( 3,839 ) 115 20,126 ( 3,846 ) Corporate debt 1 92 ( 8 ) 64 30,014 ( 3,594 ) 65 30,106 ( 3,602 ) Asset-backed securities 1 600 ( 1 ) 8 10,801 ( 346 ) 9 11,401 ( 347 ) Mortgage-backed securities — — — 67 20,628 ( 5,162 ) 67 20,628 ( 5,162 ) Commercial mortgage-backed securities — — — 4 3,196 ( 105 ) 4 3,196 ( 105 ) Collateralized mortgage obligations — — — 30 2,620 ( 427 ) 30 2,620 ( 427 ) Total debt securities available for sale 7 $ 2,654 $ ( 30 ) 295 $ 90,806 $ ( 13,614 ) 302 $ 93,460 $ ( 13,644 ) December 31, 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 1 $ 649 $ ( 7 ) 9 $ 3,400 $ ( 154 ) 10 $ 4,049 $ ( 161 ) State and local government 3 1,193 ( 7 ) 113 19,096 ( 3,803 ) 116 20,289 ( 3,810 ) Corporate debt — — — 66 30,495 ( 3,507 ) 66 30,495 ( 3,507 ) Asset-backed securities 1 1,090 ( 1 ) 21 16,270 ( 583 ) 22 17,360 ( 584 ) Mortgage-backed securities 4 11 ( 1 ) 64 22,116 ( 4,640 ) 68 22,127 ( 4,641 ) Commercial mortgage-backed securities — — — 4 3,225 ( 160 ) 4 3,225 ( 160 ) Collateralized mortgage obligations — — — 32 2,803 ( 444 ) 32 2,803 ( 444 ) Total debt securities available for sale 9 $ 2,943 $ ( 16 ) 309 $ 97,405 $ ( 13,291 ) 318 $ 100,348 $ ( 13,307 )
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 Six Months Ended 2024 2023 2024 2023 Debt securities $ 1,196 $ 1,026 $ 2,421 $ 1,879 Equity securities 12 7 23 18 Cash, cash equivalents and short-term investments 348 381 725 884 Total investment income 1,556 1,414 3,169 2,781 Investment expenses ( 51 ) ( 60 ) ( 112 ) ( 120 ) Net investment income $ 1,505 $ 1,354 $ 3,057 $ 2,661
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 Six Months Ended June 30, 2024 2023 2024 2023 Debt securities: Gross realized gains $ — $ — $ — $ 0 Gross realized losses — — — — Total debt securities — — — — Equity securities: Gross realized gains $ — $ — $ — $ — Gross realized losses ( 118 ) — ( 118 ) — Total equity securities ( 118 ) — ( 118 ) — Total net realized investment gains (losses) $ ( 118 ) $ — $ ( 118 ) $ —
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 June 30, 2024. 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 $ 4,722 $ 4,661 Due after one year through five years 30,953 28,823 Due after five years through ten years 17,183 14,379 Due after ten years 10,670 8,062 Securities with contractual maturities 63,528 55,925 Asset-backed securities 37,223 37,002 Mortgage-backed securities 25,790 20,628 Commercial mortgage-backed securities 3,301 3,196 Collateralized mortgage obligations 3,047 2,620 Total debt securities $ 132,889 $ 119,371

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 2024 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Debt Securities: U.S. Government $ 5,693 $ — $ 5,693 $ — State and local government 20,126 — 20,126 — Corporate debt 30,106 — 30,106 — Asset-backed securities 37,002 — 37,002 — Mortgage-backed securities 20,628 — 20,628 — Commercial mortgage-backed securities 3,196 — 3,196 — Collateralized mortgage obligations 2,620 — 2,620 — Total debt securities 119,371 — 119,371 — Equity Securities 357 137 220 — Short-term investments 23,339 23,339 — — Total marketable investments measured at fair value $ 143,067 $ 23,476 $ 119,591 $ — Investments measured at NAV: Investment in limited partnership 1,303 Total assets measured at fair value $ 144,370 Liabilities: Senior unsecured notes * $ 17,887 $ — $ 17,887 $ — Senior secured notes * 9,310 — — 9,310 Total Liabilities (non-recurring fair value measure) $ 27,197 $ — $ 17,887 $ 9,310 * Carried at face value of debt net of unamortized debt issuance costs on the consolidated balance sheets December 31, 2023 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Debt Securities: U.S. Government $ 5,247 $ — $ 5,247 $ — State and local government 20,464 — 20,464 — Corporate debt 30,495 — 30,495 — Asset-backed securities 37,752 — 37,752 — Mortgage-backed securities 22,127 — 22,127 — Commercial mortgage-backed securities 3,244 — 3,244 — Collateralized mortgage obligations 2,784 — 2,784 — Total debt securities 122,113 — 122,113 — Equity securities 896 139 757 — Short-term investments 20,838 20,838 — — Total marketable investments measured at fair value $ 143,847 $ 20,977 $ 122,870 $ — Investments measured at NAV: Investment in limited partnership 1,458 Total assets measured at fair value $ 145,305 Liabilities: Senior unsecured notes * $ 11,791 $ — $ 11,791 $ — Subordinated notes * 9,965 — — 9,965 Total Liabilities (non-recurring fair value measure) $ 21,756 $ — $ 11,791 $ 9,965 * 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)	6 Months Ended
	Jun. 30, 2024
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 Six Months Ended June 30, 2024 2023 2024 2023 Balance at beginning of period $ 5,663 $ 8,326 $ 6,285 $ 10,290 Deferred policy acquisition costs 414 5,587 6,805 8,344 Amortization of policy acquisition costs ( 1,471 ) ( 4,413 ) ( 8,484 ) ( 9,134 ) Net change ( 1,057 ) 1,174 ( 1,679 ) ( 790 ) Balance at end of period $ 4,606 $ 9,500 $ 4,606 $ 9,500

Unpaid Losses and Loss Adjust_2

Unpaid Losses and Loss Adjustment Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
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 Six months ended 2024 2023 2024 2023 Gross reserves - beginning of period $ 175,826 $ 145,362 $ 174,612 $ 165,539 Less: reinsurance recoverables on unpaid losses ( 73,807 ) ( 61,101 ) ( 70,807 ) ( 82,651 ) Net reserves - beginning of period 102,019 84,261 103,805 82,888 Add: incurred losses and LAE, net of reinsurance: Current period 12,481 18,797 23,462 33,723 Prior period 2,800 522 2,339 ( 691 ) Total net incurred losses and LAE 15,281 19,319 25,801 33,032 Deduct: loss and LAE payments, net of reinsurance: Current period 7,206 7,454 10,068 9,441 Prior period 9,666 7,627 19,110 17,980 Total net loss and LAE payments 16,872 15,081 29,178 27,421 Net reserves - end of period 100,428 88,499 100,428 88,499 Plus: reinsurance recoverables on unpaid losses 74,358 56,505 74,358 56,505 Gross reserves - end of period $ 174,786 $ 145,004 $ 174,786 $ 145,004

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2024
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 Six months ended 2024 2023 2024 2023 Written premiums: Direct $ 19,200 $ 27,183 $ 43,299 $ 51,524 Assumed ( 229 ) 17,491 ( 15 ) 29,364 Ceded ( 5,724 ) ( 15,346 ) ( 14,646 ) ( 33,218 ) Net written premiums $ 13,247 $ 29,328 $ 28,638 $ 47,670 Earned premiums: Direct $ 24,226 $ 23,597 $ 49,034 $ 46,912 Assumed 5,155 12,416 14,579 23,395 Ceded ( 12,715 ) ( 12,830 ) ( 30,060 ) ( 25,172 ) Net earned premiums $ 16,666 $ 23,183 $ 33,553 $ 45,135 Losses and LAE: Direct $ 8,850 $ 24,570 $ 30,832 $ 26,539 Assumed 14,249 4,261 10,985 5,758 Ceded ( 7,818 ) ( 9,512 ) ( 16,016 ) 735 Net Losses and LAE $ 15,281 $ 19,319 $ 25,801 $ 33,032

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Senior Debt	A summary of the Company's outstanding debt is as follows (dollars in thousands): As of June 30, 2024 As of December 31, 2023 Gross Debt Unamortized Net Debt Gross Debt Unamortized Net Debt Senior unsecured notes $ 17,887 $ 1,502 $ 16,385 $ 17,887 $ 1,679 $ 16,208 Senior secured notes 9,250 803 8,447 9,750 897 8,853 Total $ 27,137 $ 2,305 $ 24,832 $ 27,637 $ 2,576 $ 25,061
Summary of Scheduled Principal Payments of Company's Debt	The following table shows the scheduled principal payments of the Company's debt as of June 30, 2024 (dollars in thousands): Year Senior unsecured notes Senior secured notes 2024 500 — 2025 1,000 — 2026 1,000 — 2027 1,000 — 2028 5,750 17,887 Total $ 9,250 $ 17,887

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
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 Six months ended 2024 2023 2024 2023 Net income (loss) $ ( 3,792 ) $ ( 4,739 ) $ ( 3,561 ) $ ( 3,738 ) Preferred stock dividends 158 — $ 315 — Net income (loss) allocable to common shareholders $ ( 3,950 ) $ ( 4,739 ) $ ( 3,876 ) $ ( 3,738 ) Weighted average common shares, basic and diluted * 12,222,881 12,220,331 12,222,881 12,218,102 Earnings (loss) per common share, basic and diluted $ ( 0.32 ) $ ( 0.39 ) $ ( 0.32 ) $ ( 0.31 ) * The preferred shares that may be convertible into a total of 4,000,000 common shares were anti-dilutive and thus did not impact the diluted earnings per share calculation. There were no unvested restricted stock units as of June 30, 2024. The non-vested shares of stock options were anti-dilutive as of June 30, 2024. The non-vested shares of the restricted stock units and stock options were anti-dilutive as of June 30, 2023. Therefore, the basic and diluted weighted average common shares are equal for the three and six months ended June 30, 2024 and 2023.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
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 $ 6,782 $ 12,189 $ 18,971 $ — $ — $ — $ 18,971 Net written premiums $ 4,285 $ 8,962 $ 13,247 $ — $ — $ — $ 13,247 Net earned premiums $ 8,681 $ 7,985 $ 16,666 $ — $ — $ — $ 16,666 Agency commission income — — — 13,688 — ( 4,857 ) 8,831 Other income 19 20 39 83 38 — 160 Segment revenue 8,700 8,005 16,705 13,771 38 ( 4,857 ) 25,657 Losses and LAE, net 6,906 8,375 15,281 — — — 15,281 Policy acquisition costs 1,155 2,236 3,391 11,005 — ( 3,916 ) 10,480 Operating expenses 1,050 926 1,976 2,046 234 — 4,256 Segment expenses 9,111 11,537 20,648 13,051 234 ( 3,916 ) 30,017 Segment gain (loss) $ ( 411 ) $ ( 3,532 ) $ ( 3,943 ) $ 720 $ ( 196 ) $ ( 941 ) $ ( 4,360 ) Investment income 1,505 1,505 Net realized investment gains (losses) ( 118 ) ( 118 ) Change in fair value of equity securities ( 196 ) ( 196 ) Interest expense ( 869 ) ( 869 ) Income (loss) before equity earnings in Affiliate and income taxes $ ( 411 ) $ ( 3,532 ) $ ( 3,943 ) $ 720 $ 126 $ ( 941 ) $ ( 4,038 ) Three months ended Commercial Personal Total Wholesale Corporate Eliminations Total Gross written premiums $ 34,761 $ 9,913 $ 44,674 $ — $ — $ — $ 44,674 Net written premiums $ 20,485 $ 8,843 $ 29,328 $ — $ — $ — $ 29,328 Net earned premiums $ 17,487 $ 5,696 $ 23,183 $ — $ — $ — $ 23,183 Agency commission income — — — 560 — ( 349 ) 211 Other income 56 23 79 34 74 — 187 Segment revenue 17,543 5,719 23,262 594 74 ( 349 ) 23,581 Losses and LAE, net 13,597 5,722 19,319 — — — 19,319 Policy acquisition costs 2,966 1,453 4,419 349 — ( 355 ) 4,413 Operating expenses 3,600 792 4,392 365 357 — 5,114 Segment expenses 20,163 7,967 28,130 714 357 ( 355 ) 28,846 Segment gain (loss) $ ( 2,620 ) $ ( 2,248 ) $ ( 4,868 ) $ ( 120 ) $ ( 283 ) $ 6 $ ( 5,265 ) Investment income 1,354 1,354 Change in fair value of equity securities ( 12 ) ( 12 ) Interest expense ( 820 ) ( 820 ) Income (loss) before equity earnings in Affiliate and income taxes $ ( 2,620 ) $ ( 2,248 ) $ ( 4,868 ) $ ( 120 ) $ 239 $ 6 $ ( 4,743 ) Six months ended Commercial Personal Total Wholesale Corporate Eliminations Total Gross written premiums $ 19,544 $ 23,740 $ 43,284 $ — $ — $ — $ 43,284 Net written premiums $ 12,572 $ 16,066 $ 28,638 $ — $ — $ — $ 28,638 Net earned premiums $ 17,478 $ 16,075 $ 33,553 $ — $ — $ — $ 33,553 Agency commission income $ — $ — $ — $ 24,282 $ — $ ( 11,115 ) $ 13,167 Other income 69 48 117 194 109 — 420 Segment revenue 17,547 16,123 33,670 24,476 109 ( 11,115 ) 47,140 Losses and LAE, net 13,672 12,129 25,801 — — — 25,801 Policy acquisition costs 2,302 4,249 6,551 20,124 — ( 9,182 ) 17,493 Operating expenses 2,798 1,897 4,695 3,679 377 — 8,751 Segment expenses 18,772 18,275 37,047 23,803 377 ( 9,182 ) 52,045 Segment gain (loss) $ ( 1,225 ) $ ( 2,152 ) $ ( 3,377 ) $ 673 $ ( 268 ) $ ( 1,933 ) $ ( 4,905 ) Investment income 3,057 3,057 Net realized investment gains (losses) ( 118 ) ( 118 ) Change in fair value of equity securities ( 153 ) ( 153 ) Interest expense ( 1,746 ) ( 1,746 ) Income (loss) before equity earnings in Affiliate and income taxes $ ( 1,225 ) $ ( 2,152 ) $ ( 3,377 ) $ 673 $ 772 $ ( 1,933 ) $ ( 3,865 ) Six months ended Commercial Personal Total Wholesale Corporate Eliminations Total Gross written premiums $ 63,736 $ 17,152 $ 80,888 $ — $ — $ — $ 80,888 Net written premiums $ 32,726 $ 14,944 $ 47,670 $ — $ — $ — $ 47,670 Net earned premiums $ 34,610 $ 10,525 $ 45,135 $ — $ — $ — $ 45,135 Agency commission income $ — $ — $ — $ 1,390 $ — $ ( 749 ) $ 641 Other income 108 46 154 83 146 — 383 Segment revenue 34,718 10,571 45,289 1,473 146 ( 749 ) 46,159 Losses and LAE, net 24,144 8,888 33,032 — — — 33,032 Policy acquisition costs 6,162 2,842 9,004 897 — ( 767 ) 9,134 Operating expenses 6,628 1,384 8,012 717 664 — 9,393 Segment expenses 36,934 13,114 50,048 1,614 664 ( 767 ) 51,559 Segment gain (loss) $ ( 2,216 ) $ ( 2,543 ) $ ( 4,759 ) $ ( 141 ) $ ( 518 ) $ 18 $ ( 5,400 ) Investment income 2,661 2,661 Change in fair value of equity securities 682 682 Interest expense ( 1,506 ) ( 1,506 ) Income (loss) before equity earnings in Affiliate and income taxes $ ( 2,216 ) $ ( 2,543 ) $ ( 4,759 ) $ ( 141 ) $ 1,319 $ 18 $ ( 3,563 )

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) Class_business State
Accounting Policies [Line Items]
Non Controlling Interest	50%
Number of types of business | Class_business	3
Number of states in which entity operates | State	50
Capital contribution to maintain licenses minimum	$ 3
Capital contribution to maintain licenses maximum	$ 5

Sale of Renewal Rights - Additi

Sale of Renewal Rights - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Gross earned premiums		$ 24,226	$ 23,597	$ 49,034	$ 46,912
Ceded Premiums Written		$ 5,724	$ 15,346	$ 14,646	$ 33,218
100% Quota Share Reinsurance Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ceded Premiums Written	$ 30,900

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Gross unrealized gain (loss) on available for sale securities			$ 13,600,000
Proceeds from sale of debt securities, available-for-sale			0	$ 0
Amount payable for securities purchased	$ 0	$ 0	0	0
Amount receivable for securities sold	0	0	0	$ 0
Gross unrealized gains			354,000		$ 505,000
Gross unrealized losses			537,000		535,000
Other than temporary impairments losses, investments	0	$ 0
Investments	750,000		750,000		1,400,000
Deposits held in trust accounts	8,200,000		8,200,000		8,200,000
Deposits, held in trust for collateral requirements	$ 123,500,000		123,500,000		$ 123,500,000
Collateral of gross unearned premiums and gross loss reserves			122,800,000
Unearned premiums run off			$ 0

Investments - Available-for-sal

Investments - Available-for-sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	$ 132,889	$ 135,370
Debt securities, Gross Unrealized Gain	126	50
Debt securities, Gross Unrealized Losses	(13,644)	(13,307)
Debt securities, Estimated Fair Value	119,371	122,113
U.S. Government
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	5,848	5,405
Debt securities, Gross Unrealized Gain	0	3
Debt securities, Gross Unrealized Losses	(155)	(161)
Debt securities, Estimated Fair Value	5,693	5,247
State and local government
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	23,972	24,274
Debt securities, Gross Unrealized Gain	0	0
Debt securities, Gross Unrealized Losses	(3,846)	(3,810)
Debt securities, Estimated Fair Value	20,126	20,464
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	33,708	34,002
Debt securities, Gross Unrealized Gain	0	0
Debt securities, Gross Unrealized Losses	(3,602)	(3,507)
Debt securities, Estimated Fair Value	30,106	30,495
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	37,223	38,289
Debt securities, Gross Unrealized Gain	126	47
Debt securities, Gross Unrealized Losses	(347)	(584)
Debt securities, Estimated Fair Value	37,002	37,752
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	25,790	26,768
Debt securities, Gross Unrealized Gain	0	0
Debt securities, Gross Unrealized Losses	(5,162)	(4,641)
Debt securities, Estimated Fair Value	20,628	22,127
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	3,301	3,404
Debt securities, Gross Unrealized Gain	0	0
Debt securities, Gross Unrealized Losses	(105)	(160)
Debt securities, Estimated Fair Value	3,196	3,244
Collateralized mortgage obligations
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	3,047	3,228
Debt securities, Gross Unrealized Gain	0	0
Debt securities, Gross Unrealized Losses	(427)	(444)
Debt securities, Estimated Fair Value	$ 2,620	$ 2,784

Investments - Available-for-s_2

Investments - Available-for-sale Securities in Unrealized Loss Positions (Details) $ in Thousands	Jun. 30, 2024 USD ($) Security	Dec. 31, 2023 USD ($) Security
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt securities, less than 12 months, number of issues | Security	7	9
Debt securities, greater than 12 months, number of issues | Security	295	309
Debt securities, number of issues | Security	302	318
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 2,654	$ 2,943
Debt securities, greater than 12 months, fair value	90,806	97,405
Debt securities, fair value	93,460	100,348
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	(30)	(16)
Debt securities, greater than 12 months, unrealized losses	(13,614)	(13,291)
Debt securities, total unrealized losses	$ (13,644)	$ (13,307)
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	4	1
Debt securities, greater than 12 months, number of issues | Security	8	9
Debt securities, number of issues | Security	12	10
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 1,769	$ 649
Debt securities, greater than 12 months, fair value	3,614	3,400
Debt securities, fair value	5,383	4,049
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	(14)	(7)
Debt securities, greater than 12 months, unrealized losses	(141)	(154)
Debt securities, total unrealized losses	$ (155)	$ (161)
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	1	3
Debt securities, greater than 12 months, number of issues | Security	114	113
Debt securities, number of issues | Security	115	116
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 193	$ 1,193
Debt securities, greater than 12 months, fair value	19,933	19,096
Debt securities, fair value	20,126	20,289
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	(7)	(7)
Debt securities, greater than 12 months, unrealized losses	(3,839)	(3,803)
Debt securities, total unrealized losses	$ (3,846)	$ (3,810)
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	1	0
Debt securities, greater than 12 months, number of issues | Security	64	66
Debt securities, number of issues | Security	65	66
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 92	$ 0
Debt securities, greater than 12 months, fair value	30,014	30,495
Debt securities, fair value	30,106	30,495
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	(8)	0
Debt securities, greater than 12 months, unrealized losses	(3,594)	(3,507)
Debt securities, total unrealized losses	$ (3,602)	$ (3,507)
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	1	1
Debt securities, greater than 12 months, number of issues | Security	8	21
Debt securities, number of issues | Security	9	22
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 600	$ 1,090
Debt securities, greater than 12 months, fair value	10,801	16,270
Debt securities, fair value	11,401	17,360
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	(1)	(1)
Debt securities, greater than 12 months, unrealized losses	(346)	(583)
Debt securities, total unrealized losses	$ (347)	$ (584)
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	67	64
Debt securities, number of issues | Security	67	68
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 0	$ 11
Debt securities, greater than 12 months, fair value	20,628	22,116
Debt securities, fair value	20,628	22,127
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	0	(1)
Debt securities, greater than 12 months, unrealized losses	(5,162)	(4,640)
Debt securities, total unrealized losses	$ (5,162)	$ (4,641)
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	0
Debt securities, greater than 12 months, number of issues | Security	4	4
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	$ 0
Debt securities, greater than 12 months, fair value	3,196	3,225
Debt securities, fair value	3,196	3,225
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	0	0
Debt securities, greater than 12 months, unrealized losses	(105)	(160)
Debt securities, total unrealized losses	$ (105)	$ (160)
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	0	0
Debt securities, greater than 12 months, number of issues | Security	30	32
Debt securities, number of issues | Security	30	32
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 0	$ 0
Debt securities, greater than 12 months, fair value	2,620	2,803
Debt securities, fair value	2,620	2,803
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	0	0
Debt securities, greater than 12 months, unrealized losses	(427)	(444)
Debt securities, total unrealized losses	$ (427)	$ (444)

Investments - Net Investment In

Investments - Net Investment Income and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Investment Income [Line Items]
Investment income	$ 1,556	$ 1,414	$ 3,169	$ 2,781
Investment expenses	(51)	(60)	(112)	(120)
Net investment income	1,505	1,354	3,057	2,661
Debt securities
Net Investment Income [Line Items]
Investment income	1,196	1,026	2,421	1,879
Equity securities
Net Investment Income [Line Items]
Investment income	12	7	23	18
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Investment income	$ 348	$ 381	$ 725	$ 884

Investments - Gross Realized Ga

Investments - Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt securities:
Gross realized gains	$ 0	$ 0	$ 0	$ 0
Gross realized losses	0	0	0	0
Total debt securities	0	0	0	0
Equity securities:
Gross realized gains	0	0	0	0
Gross realized losses	(118)	0	(118)	0
Total equity securities	(118)	0	(118)	0
Total net realized investment gains (losses)	$ (118)	$ 0	$ (118)	$ 0

Investments - Available-for-s_3

Investments - Available-for-sale Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 4,722
Due after one year through five years	30,953
Due after five years through ten years	17,183
Due after ten years	10,670
Securities with contractual maturities	63,528
Total debt securities	132,889	$ 135,370
Estimated Fair Value
Due in one year or less	4,661
Due after one year through five years	28,823
Due after five years through ten years	14,379
Due after ten years	8,062
Securities with contractual maturities	55,925
Total debt securities	119,371	122,113
Asset-backed securities
Amortized Cost
Total debt securities	37,223	38,289
Estimated Fair Value
Total debt securities	37,002	37,752
Mortgage-backed securities
Amortized Cost
Total debt securities	25,790	26,768
Estimated Fair Value
Total debt securities	20,628	22,127
Commercial mortgage-backed securities
Amortized Cost
Total debt securities	3,301	3,404
Estimated Fair Value
Total debt securities	3,196	3,244
Collateralized mortgage obligations
Amortized Cost
Total debt securities	3,047	3,228
Estimated Fair Value
Total debt securities	$ 2,620	$ 2,784

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Total debt securities	$ 119,371	$ 122,113
Equity Securities	357	896
Short-term investments	23,339	20,838
Total marketable investments measured at fair value	143,067	143,847
Total assets measured at fair value	144,370	145,305
Liabilities:
Total Liabilities (non-recurring fair value measure)	27,197	21,756
U.S. Government
Assets:
Total debt securities	5,693	5,247
State and local government
Assets:
Total debt securities	20,126	20,464
Corporate debt
Assets:
Total debt securities	30,106	30,495
Asset-backed securities
Assets:
Total debt securities	37,002	37,752
Mortgage-backed securities
Assets:
Total debt securities	20,628	22,127
Commercial mortgage-backed securities
Assets:
Total debt securities	3,196	3,244
Collateralized mortgage obligations
Assets:
Total debt securities	2,620	2,784
Senior Unsecured Notes
Liabilities:
Debt	17,887	11,791
Senior Secured Notes
Liabilities:
Debt	9,310
Subordinated notes
Liabilities:
Debt		9,965
Partnership interest
Assets:
Investments measured at NAV	1,303	1,458
Level 1
Assets:
Total debt securities	0	0
Equity Securities	137	139
Short-term investments	23,339	20,838
Total marketable investments measured at fair value	23,476	20,977
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	119,371	122,113
Equity Securities	220	757
Short-term investments	0	0
Total marketable investments measured at fair value	119,591	122,870
Liabilities:
Total Liabilities (non-recurring fair value measure)	17,887	11,791
Level 2 | U.S. Government
Assets:
Total debt securities	5,693	5,247
Level 2 | State and local government
Assets:
Total debt securities	20,126	20,464
Level 2 | Corporate debt
Assets:
Total debt securities	30,106	30,495
Level 2 | Asset-backed securities
Assets:
Total debt securities	37,002	37,752
Level 2 | Mortgage-backed securities
Assets:
Total debt securities	20,628	22,127
Level 2 | Commercial mortgage-backed securities
Assets:
Total debt securities	3,196	3,244
Level 2 | Collateralized mortgage obligations
Assets:
Total debt securities	2,620	2,784
Level 2 | Senior Unsecured Notes
Liabilities:
Debt	17,887	11,791
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)	9,310	9,965
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	$ 9,310
Level 3 | Subordinated notes
Liabilities:
Debt		$ 9,965

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Transfers into level 3	$ 0	$ 0
Transfers out of Level 3	$ 0	$ 0
Level 1
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Marketable investment percentage	16%	15%
Level 2
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Marketable investment percentage	84%	85%
Senior Secured Notes
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Debt	$ 9,310,000
Senior Secured Notes | Level 1
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Debt	0
Senior Secured Notes | Level 2
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Debt	0
Senior Secured Notes | Level 3
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Debt	$ 9,310,000

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs - Activity in Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance at beginning of period	$ 5,663	$ 8,326	$ 6,285	$ 10,290
Deferred policy acquisition costs	414	5,587	6,805	8,344
Amortization of policy acquisition costs	(1,471)	(4,413)	(8,484)	(9,134)
Net change	(1,057)	1,174	(1,679)	(790)
Balance at end of period	$ 4,606	$ 9,500	$ 4,606	$ 9,500

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		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves - beginning of period	$ 175,826	$ 145,362	$ 174,612	$ 165,539	$ 165,539
Less: reinsurance recoverables on unpaid losses	(73,807)	(61,101)	(70,807)	(82,651)	(82,651)
Net reserves - beginning of period	102,019	84,261	103,805	82,888	82,888
Add: incurred losses and LAE, net of reinsurance:
Current period	12,481	18,797	23,462	33,723
Prior period	2,800	522	2,339	(691)
Total net incurred losses and LAE	15,281	19,319	25,801	33,032
Deduct: loss and LAE payments, net of reinsurance:
Current period	7,206	7,454	10,068	9,441
Prior period	9,666	7,627	19,110	17,980
Total net loss and LAE payments	16,872	15,081	29,178	27,421
Net reserves - end of period	100,428	88,499	100,428	88,499	103,805
Plus: reinsurance recoverables on unpaid losses	74,358	56,505	74,358	56,505	70,807
Gross reserves - end of period	$ 174,786	$ 145,004	$ 174,786	$ 145,004	$ 174,612

Unpaid Losses and Loss Adjust_4

Unpaid Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Decrease in losses and loss adjustment expenses	$ 4,000,000
Decrease in losses and loss adjustment expenses, percentage	20.90%
Losses and loss adjustment expenses, net	$ 15,281,000	$ 19,319,000	$ 25,801,000	$ 33,032,000
Prior year adjustments	2,800,000	522,000	2,339,000	(691,000)
Development expenses, net	100,428,000	88,499,000	100,428,000	88,499,000	$ 102,019,000	$ 103,805,000	$ 84,261,000	$ 82,888,000
Prior year claims and claims adjustment expenses	9,900,000	4,600,000	9,900,000	4,600,000
Loss Portfolio Transfer (LPT)
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year claims and claims adjustment expenses	20,000,000	20,000,000	20,000,000	20,000,000
Accident Year 2022 | Personal Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year adjustments		411,000
Accident Year 2021 Through 2022 | Commercial Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year adjustments	2,100,000
Accident Year 2023 | Personal Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year adjustments			$ 747,000
Accident Year 2024
Liability for Claims and Claims Adjustment Expense [Line Items]
Decrease in losses and loss adjustment expenses	$ 6,300,000
Accident Year 2024 | Commercial Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Losses and loss adjustment expenses, net		1,000,000
Accident Year 2024 | Personal Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Losses and loss adjustment expenses, net		4,500,000
Accident Year 2019 and Prior Accident Years | Loss Portfolio Transfer (LPT)
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year adjustments		2,200,000
Development expenses, net		$ 0		$ 0

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022
Effects Of Reinsurance [Line Items]
Ceded premium written		$ 5,724,000	$ 15,346,000	$ 14,646,000	$ 33,218,000
Ceded premiums earned		12,715,000	12,830,000	30,060,000	25,172,000
Reinsurance recoverables on paid losses		8,614,000		8,614,000		$ 12,619,000
Stated net reserves retained		100,428,000	88,499,000	100,428,000	88,499,000	103,805,000	$ 102,019,000	$ 84,261,000	$ 82,888,000
Losses and loss adjustment expenses, net		15,281,000	19,319,000	25,801,000	33,032,000
Prior period		2,800,000	522,000	2,339,000	(691,000)
Reinsurance recoverables on unpaid losses		74,358,000	$ 56,505,000	74,358,000	56,505,000	70,807,000	$ 73,807,000	$ 61,101,000	$ 82,651,000
Loss Portfolio Transfer (“LPT”) Reinsurance Agreement
Effects Of Reinsurance [Line Items]
Reinsurance recoverables on paid losses		3,900,000		3,900,000		3,800,000
Reinsurance recoverables on unpaid losses		$ 6,000,000		6,000,000		10,900,000
100% Quota Share Reinsurance Agreement
Effects Of Reinsurance [Line Items]
Ceded premium written	$ 30,900,000
100% Quota Share Reinsurance Agreement | Maximum
Effects Of Reinsurance [Line Items]
Percentage of commission ceded, net	27%
100% Quota Share Reinsurance Agreement | Minimum
Effects Of Reinsurance [Line Items]
Percentage of commission ceded, net	22%
100% Cede of Commercial Liability Risks In Excess of $400,000
Effects Of Reinsurance [Line Items]
Amount retained (excess of)				400,000	400,000
Corridor | Loss Portfolio Transfer (“LPT”) Reinsurance Agreement
Effects Of Reinsurance [Line Items]
Losses and loss adjustment expenses, net				5,500,000		5,500,000
Layer | Loss Portfolio Transfer (“LPT”) Reinsurance Agreement | Maximum
Effects Of Reinsurance [Line Items]
Losses and loss adjustment expenses, net				20,000,000		20,000,000
Layer | Loss Portfolio Transfer (“LPT”) Reinsurance Agreement | Minimum
Effects Of Reinsurance [Line Items]
Losses and loss adjustment expenses, net				9,900,000		$ 9,100,000
Ceded Commercial Property Risks In Excess of $200,000
Effects Of Reinsurance [Line Items]
Amount retained (excess of)				400,000	400,000
Ceded Homeowners Specific Risks In Excess of $300,000
Effects Of Reinsurance [Line Items]
Amount retained (excess of)				$ 400,000	$ 300,000

Reinsurance - Effects of Reinsu

Reinsurance - Effects of Reinsurance and Assumption Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Written premiums:
Direct	$ 19,200	$ 27,183	$ 43,299	$ 51,524
Assumed	(229)	17,491	(15)	29,364
Ceded	(5,724)	(15,346)	(14,646)	(33,218)
Net written premiums	13,247	29,328	28,638	47,670
Earned premiums:
Direct	24,226	23,597	49,034	46,912
Assumed	5,155	12,416	14,579	23,395
Ceded	(12,715)	(12,830)	(30,060)	(25,172)
Net earned premiums	16,666	23,183	33,553	45,135
Losses and LAE:
Direct	8,850	24,570	30,832	26,539
Assumed	14,249	4,261	10,985	5,758
Ceded	(7,818)	(9,512)	(16,016)	735
Total net incurred losses and LAE	$ 15,281	$ 19,319	$ 25,801	$ 33,032

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
FHLB of Indianapolis
Debt Instrument [Line Items]
Debt issuance costs	$ 24,832,000	$ 25,061,000
Senior Unsecured Notes | FHLB of Indianapolis
Debt Instrument [Line Items]
Debt issuance costs	16,385,000	16,208,000
Senior Unsecured Notes | 9.75% Public Senior Unsecured Notes (New Public Notes)
Debt Instrument [Line Items]
Face amount of debt	$ 17,900,000		$ 17,900,000
Maturity date	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	$ 1,500,000
Senior Unsecured Notes | 6.75% Public Senior Unsecured notes (Old Public Notes)
Debt Instrument [Line Items]
Interest rate	6.75%
Senior Secured Notes
Debt Instrument [Line Items]
Call premium	$ 1,800,000
Outstanding debt	9,300,000
Senior Secured Notes | FHLB of Indianapolis
Debt Instrument [Line Items]
Debt issuance costs	8,447,000	8,853,000
Senior Secured Notes | Privately Placed 12.5% Senior Secured Notes
Debt Instrument [Line Items]
Face amount of debt	$ 9,300,000
Maturity date			Sep. 30, 2028
Interest rate	12.50%		12.50%
Quarterly payment of principal	$ 250,000
Call premium percentage	22%
Concession made to the lender	$ 0
Debt issuance costs		$ 803,000
Restructuring costs incurred	$ 173,000

Debt - Outstanding Senior Debt

Debt - Outstanding Senior Debt (Details) - FHLB of Indianapolis - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Gross Debt	$ 27,137	$ 27,637
Unamortized Debt Issuance Costs	2,305	2,576
Debt Issuance Costs, Net, Total	24,832	25,061
Senior Unsecured Notes
Debt Instrument [Line Items]
Gross Debt	17,887	17,887
Unamortized Debt Issuance Costs	1,502	1,679
Debt Issuance Costs, Net, Total	16,385	16,208
Senior Secured Notes
Debt Instrument [Line Items]
Gross Debt	9,250	9,750
Unamortized Debt Issuance Costs	803	897
Debt Issuance Costs, Net, Total	$ 8,447	$ 8,853

Debt - Scheduled Principal Paym

Debt - Scheduled Principal Payments of Company's Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 24,832	$ 25,061
Senior Unsecured Notes
Debt Instrument [Line Items]
2024	500
2025	1,000
2026	1,000
2027	1,000
2028	5,750
Total	9,250
Senior Secured Notes
Debt Instrument [Line Items]
2028	17,887
Total	$ 17,887

Shareholder's Equity - Narrativ

Shareholder's Equity - Narrative (Details) $ / shares in Units, $ in Millions		6 Months Ended
	Dec. 20, 2023 USD ($) Vote $ / shares shares	Jun. 30, 2024 Vote $ / shares shares	Dec. 31, 2023 $ / shares shares
Equity Class Of Treasury Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares		$ 0	$ 0
Preferred stock, shares issued		1,000	1,000
Preferred stock, shares outstanding		1,000	1,000
Common stock, shares issued (in shares)		12,222,881	12,222,881
Common stock, shares outstanding (in shares)		12,222,881	12,222,881
Common stock voting rights, number of votes per share | Vote		1
Preferred Stock
Equity Class Of Treasury Stock [Line Items]
Preferred stock dividend rate		8%
Preferred shares dividend basis point		2%
Preferred stock equated to an annualized rate		10.50%
Preferred stock redemption description		The Company has the option to redeem the Preferred Stock at the end of any fiscal quarter, in whole or in part, at a price equal to issue price, plus the amount that would result in a 20.0%, compounded annually, annualized return to the holder (inclusive of the dividends paid), on the portion being redeemed.
Preferred stock redemption percentage		20%
Conversion of preferred stock in to common stock		4,000
Preferred stock, shares issued		1,000	1,000
Preferred stock, shares outstanding		1,000	1,000
Preferred Stock | Series A Preferred Stock
Equity Class Of Treasury Stock [Line Items]
Preferred stock voting rights, number of votes per share | Vote	0
Common stocks
Equity Class Of Treasury Stock [Line Items]
Common stock, shares issued (in shares)		12,222,881	12,222,881
Common stock, shares outstanding (in shares)		12,222,881	12,222,881
Private placement | Preferred Stock | Series A Preferred Stock
Equity Class Of Treasury Stock [Line Items]
Shares issued | $	$ 6
Preferred stock, par value (in dollars per share) | $ / shares	$ 0
Shares issued (in shares)	1,000
Offering price per share (in dollars per share) | $ / shares	$ 6,000
Maturity date	Jun. 30, 2026

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		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income (loss)		$ (3,792)	$ (4,739)	$ (3,561)	$ (3,738)
Preferred stock dividends		158	0	315	0
Net income (loss) allocable to common shareholders		$ (3,950)	$ (4,739)	$ (3,876)	$ (3,738)
Weighted average common shares outstanding, basic	[1]	12,222,881	12,220,331	12,222,881	12,218,102
Weighted average common shares outstanding, diluted	[1]	12,222,881	12,220,331	12,222,881	12,218,102
Earnings (loss) per common share, basic		$ (0.32)	$ (0.39)	$ (0.32)	$ (0.31)
Earnings (loss) per common share, diluted		$ (0.32)	$ (0.39)	$ (0.32)	$ (0.31)
[1] The non-vested shares of the restricted stock units and stock options were anti-dilutive as of June 30, 2023. Therefore, the basic and diluted weighted average common shares are equal for the three and six months ended June 30, 2024 and 2023.

Earnings Per Share - Basic an_2

Earnings Per Share - Basic and Diluted Income (Loss) Per Common Share (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2024 shares
Earnings Per Share [Abstract]
Total of convertible preferred shares, antidilutive securities excluded from computation of earnings per share	4,000,000
Unvested restricted stock units	0

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended			12 Months Ended
	Mar. 08, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2020	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation nonvested shares		0		0
Employee 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
Estimated grant date fair value of options issued to purchase shares of common stock	$ 612,000					$ 290,000
Expiration date	Mar. 08, 2032					Jun. 30, 2030
Share-based compensation expense		$ 38,000	$ 44,000	$ 70,000	$ 86,000
Share-based compensation expense not yet recognized		$ 374,000		$ 374,000
Share-based compensation nonvested shares		424,000		424,000
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	$ 4,000	$ 0	$ 17,000
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
Shares granted in period							$ 404,000
Share-based compensation nonvested shares		0		0

Segment Information - Narrative

Segment Information - Narrative (Details) - Business	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Number of businesses	3
Gross Written Premiums | Geographic Concentration Risk | Texas, Michigan, Oklahoma and Indiana
Segment Reporting Information [Line Items]
Concentration risk	85.10%	47.10%

Segment Information - Informati

Segment Information - Information by Reportable Operating Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Gross written premiums	$ 18,971	$ 44,674	$ 43,284	$ 80,888
Net written premiums	13,247	29,328	28,638	47,670
Net earned premiums	16,666	23,183	33,553	45,135
Agency commission income	8,831	211	13,167	641
Other income	160	187	420	383
Segment revenue	25,657	23,581	47,140	46,159
Losses and LAE, net	15,281	19,319	25,801	33,032
Policy acquisition costs	10,480	4,413	17,493	9,134
Operating expenses	4,256	5,114	8,751	9,393
Segment expenses	30,017	28,846	52,045	51,559
Segment gain (loss)	(4,360)	(5,265)	(4,905)	(5,400)
Net investment income	1,505	1,354	3,057	2,661
Net realized investment gains (losses)	(118)	0	(118)	0
Change in fair value of equity securities	(196)	(12)	(153)	682
Interest expense	(869)	(820)	(1,746)	(1,506)
Income (loss) before equity earnings in Affiliate and income taxes	(4,038)	(4,743)	(3,865)	(3,563)
Operating Segments | Commercial Lines
Segment Reporting Information [Line Items]
Gross written premiums	6,782	34,761	19,544	63,736
Net written premiums	4,285	20,485	12,572	32,726
Net earned premiums	8,681	17,487	17,478	34,610
Other income	19	56	69	108
Segment revenue	8,700	17,543	17,547	34,718
Losses and LAE, net	6,906	13,597	13,672	24,144
Policy acquisition costs	1,155	2,966	2,302	6,162
Operating expenses	1,050	3,600	2,798	6,628
Segment expenses	9,111	20,163	18,772	36,934
Segment gain (loss)	(411)	(2,620)	(1,225)	(2,216)
Income (loss) before equity earnings in Affiliate and income taxes	(411)	(2,620)	(1,225)	(2,216)
Operating Segments | Personal Lines
Segment Reporting Information [Line Items]
Gross written premiums	12,189	9,913	23,740	17,152
Net written premiums	8,962	8,843	16,066	14,944
Net earned premiums	7,985	5,696	16,075	10,525
Other income	20	23	48	46
Segment revenue	8,005	5,719	16,123	10,571
Losses and LAE, net	8,375	5,722	12,129	8,888
Policy acquisition costs	2,236	1,453	4,249	2,842
Operating expenses	926	792	1,897	1,384
Segment expenses	11,537	7,967	18,275	13,114
Segment gain (loss)	(3,532)	(2,248)	(2,152)	(2,543)
Income (loss) before equity earnings in Affiliate and income taxes	(3,532)	(2,248)	(2,152)	(2,543)
Operating Segments | Total Underwriting
Segment Reporting Information [Line Items]
Gross written premiums	18,971	44,674	43,284	80,888
Net written premiums	13,247	29,328	28,638	47,670
Net earned premiums	16,666	23,183	33,553	45,135
Other income	39	79	117	154
Segment revenue	16,705	23,262	33,670	45,289
Losses and LAE, net	15,281	19,319	25,801	33,032
Policy acquisition costs	3,391	4,419	6,551	9,004
Operating expenses	1,976	4,392	4,695	8,012
Segment expenses	20,648	28,130	37,047	50,048
Segment gain (loss)	(3,943)	(4,868)	(3,377)	(4,759)
Income (loss) before equity earnings in Affiliate and income taxes	(3,943)	(4,868)	(3,377)	(4,759)
Operating Segments | Wholesale Agency
Segment Reporting Information [Line Items]
Agency commission income	13,688	560	24,282	1,390
Other income	83	34	194	83
Segment revenue	13,771	594	24,476	1,473
Policy acquisition costs	11,005	349	20,124	897
Operating expenses	2,046	365	3,679	717
Segment expenses	13,051	714	23,803	1,614
Segment gain (loss)	720	(120)	673	(141)
Income (loss) before equity earnings in Affiliate and income taxes	720	(120)	673	(141)
Corporate
Segment Reporting Information [Line Items]
Other income	38	74	109	146
Segment revenue	38	74	109	146
Operating expenses	234	357	377	664
Segment expenses	234	357	377	664
Segment gain (loss)	(196)	(283)	(268)	(518)
Net investment income	1,505	1,354	3,057	2,661
Net realized investment gains (losses)	(118)		(118)
Change in fair value of equity securities	(196)	(12)	(153)	682
Interest expense	(869)	(820)	(1,746)	(1,506)
Income (loss) before equity earnings in Affiliate and income taxes	126	239	772	1,319
Eliminations
Segment Reporting Information [Line Items]
Agency commission income	(4,857)	(349)	(11,115)	(749)
Other income	0	0	0	0
Segment revenue	(4,857)	(349)	(11,115)	(749)
Policy acquisition costs	(3,916)	(355)	(9,182)	(767)
Segment expenses	(3,916)	(355)	(9,182)	(767)
Segment gain (loss)	(941)	6	(1,933)	18
Income (loss) before equity earnings in Affiliate and income taxes	$ (941)	$ 6	$ (1,933)	$ 18