Conifer (CNFR) 10-Q 11 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 11, 2021
Cover [Abstract]
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		9,681,728
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	CNFR
Security Exchange Name	NASDAQ
Entity File Number	001-37536
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	27-1298795
Entity Address, Address Line One	550 West Merrill Street
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Birmingham
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48009
City Area Code	248
Local Phone Number	559-0840
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investment securities:
Debt securities, at fair value (amortized cost of $148,434 and $149,954, respectively)	$ 147,629	$ 151,999
Equity securities, at fair value (cost of $19,217 and $16,912, respectively)	19,638	17,891
Short-term investments, at fair value	12,710	13,317
Total investments	179,977	183,207
Cash and cash equivalents	4,429	8,193
Premiums and agents' balances receivable, net	19,328	20,162
Reinsurance recoverables on unpaid losses	26,559	24,218
Reinsurance recoverables on paid losses	3,923	2,138
Prepaid reinsurance premiums	3,653	1,316
Deferred policy acquisition costs	12,459	12,243
Other assets	9,359	10,120
Total assets	259,687	261,597
Liabilities:
Unpaid losses and loss adjustment expenses	118,676	111,270
Unearned premiums	58,350	56,224
Debt	39,075	40,997
Accounts payable and accrued expenses	6,610	8,693
Total liabilities	222,711	217,184
Commitments and contingencies	0	0
Shareholders' equity:
Common stock, no par value (100,000,000 shares authorized; 9,681,728 issued and outstanding, respectively)	92,552	92,486
Accumulated deficit	(53,621)	(48,985)
Accumulated other comprehensive income (loss)	(1,955)	912
Total shareholders' equity	36,976	44,413
Total liabilities and shareholders' equity	$ 259,687	$ 261,597

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Debt securities, amortized cost	$ 148,434	$ 149,954
Equity securities, amortized cost	$ 19,217	$ 16,912
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)	9,681,728	9,681,728
Common stock, shares outstanding (in shares)	9,681,728	9,681,728

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Revenue
Gross earned premiums		$ 28,247	$ 26,053
Ceded earned premiums		(5,412)	(4,036)
Net earned premiums		22,835	22,017
Net investment income		532	954
Net realized investment gains		2,924	928
Change in fair value of equity securities		(540)	(3,086)
Other gains			115
Other income		556	658
Total revenue		26,307	21,586
Expenses
Losses and loss adjustment expenses, net		19,362	14,269
Policy acquisition costs		6,750	6,303
Operating expenses		4,349	5,045
Interest expense		721	731
Total expenses		31,182	26,348
Income (loss) before equity earnings in Affiliate and income taxes		(4,875)	(4,762)
Equity earnings in Affiliate, net of tax		248	50
Income tax expense		9	13
Net income (loss)		$ (4,636)	$ (4,725)
Earnings (loss) per common share, basic and diluted		$ (0.48)	$ (0.49)
Weighted average common shares outstanding, basic and diluted	[1]	9,681,728	9,592,774
[1]	*The nonvested shares of the restricted stock units and stock options were anti-dilutive as of March 31, 2021 and 2020. Therefore, the basic and diluted weighted average common shares are equal for the three months ended March 31, 2021 and 2020

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (4,636)	$ (4,725)
Unrealized investment gains (losses):
Unrealized investment gains (losses) during the period	(1,924)	(1,315)
Income tax (benefit) expense	0	0
Unrealized investment gains (losses), net of tax	(1,924)	(1,315)
Less: reclassification adjustments to:
Net realized investment gains (losses) included in net income (loss)	943	384
Income tax (benefit) expense	0	0
Total reclassifications included in net income (loss), net of tax	943	384
Other comprehensive income (loss)	(2,867)	(1,699)
Total comprehensive income (loss)	$ (7,503)	$ (6,424)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	No Par, Common Stock	Retained Earnings (Accumulated)	Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period at Dec. 31, 2019	$ 42,725	$ 91,816	$ (49,580)	$ 489
Balance at beginning of period (in shares) at Dec. 31, 2019		9,592,861
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(4,725)		(4,725)
Repurchase of common stock	(2)	$ (2)
Repurchase of common stock (in shares)		(700)
Restricted stock unit expense, net	239	$ 239
Other comprehensive income (loss)	(1,699)			(1,699)
Balance at end of period at Mar. 31, 2020	36,538	$ 92,053	(54,305)	(1,210)
Balance at ending of period (in shares) at Mar. 31, 2020		9,592,161
Balance at beginning of period at Dec. 31, 2020	44,413	$ 92,486	(48,985)	912
Balance at beginning of period (in shares) at Dec. 31, 2020		9,681,728
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(4,636)		(4,636)
Stock-based compensation expense	66	$ 66
Other comprehensive income (loss)	(2,867)			(2,867)
Balance at end of period at Mar. 31, 2021	$ 36,976	$ 92,552	$ (53,621)	$ (1,955)
Balance at ending of period (in shares) at Mar. 31, 2021		9,681,728

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows From Operating Activities
Net income (loss)	$ (4,636)	$ (4,725)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	109	42
Amortization of bond premium and discount, net	120	127
Net realized investment (gains) losses	(2,924)	(928)
Change in fair value of equity securities	540	3,086
Stock based compensation expenses	66	239
Equity earnings in Affiliate, net of tax	(248)	(50)
(Increase) decrease in:
Premiums and agents' balances and other receivables	827	1,676
Reinsurance recoverables	(6,126)	1,966
Prepaid reinsurance premiums	(2,337)	253
Deferred policy acquisition costs	(216)	398
Other assets	197	(756)
Increase (decrease) in:
Unpaid losses and loss adjustment expenses	9,406	2,411
Unearned premiums	2,126	(969)
Reinsurance premiums payable	0	833
Accounts payable and other liabilities	(397)	412
Net cash provided by (used in) operating activities	(3,493)	4,015
Cash Flows From Investing Activities
Purchase of investments	(61,370)	(105,045)
Proceeds from maturities and redemptions of investments	5,416	6,216
Proceeds from sales of investments	57,703	94,742
Purchases of property and equipment	(20)	(46)
Net cash provided by (used in) investing activities	1,729	(4,133)
Cash Flows From Financing Activities
Repurchase of common stock	0	(2)
Repurchase of senior unsecured notes	0	(244)
Borrowings under debt arrangements	3,000	1,000
Repayment of borrowings under debt arrangements	(5,000)	0
Net cash provided by (used in) financing activities	(2,000)	754
Net increase (decrease) in cash	(3,764)	636
Cash at beginning of period	8,193	7,464
Cash at end of period	4,429	8,100
Supplemental Disclosure of Cash Flow Information:
Interest paid	$ 722	$ 643

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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"), and Sycamore Insurance Agency, Inc. ("SIA"). 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." 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, 2020, as filed with the SEC. The results of operations for the three months ended March 31, 2021, are not necessarily indicative of the results expected for the year ended December 31, 2021. In addition, there are risks and uncertainties associated with the novel coronavirus ("COVID-19") and the impact it may have on our business, results of operations and financial condition. The COVID-19 pandemic has negatively impacted the U.S. and global economies, created significant volatility and disruption in the capital markets, dramatically increased unemployment levels and has fueled concerns that it has led to a global recession. Depending on the duration and severity of the pandemic, we foresee the potential for adverse impacts related to, among other things: (i) sales results; (ii) insurance product margin; (iii) net investment income; (iv) invested assets; (v) regulatory capital; (vi) liabilities for insurance products; (vii) access to capital markets; and (viii) the present value of future profits. The full extent to which COVID-19 will impact our business, results of operations and financial condition remains uncertain. Business The Company is engaged in the sale of property and casualty insurance products and has organized its principal operations into three types of insurance businesses: commercial lines, personal lines, and agency business. The Company underwrites a variety of specialty insurance products, including property, general liability, liquor liability, automobile, and homeowners and dwelling policies. The Company markets and sells its insurance products through a network of independent agents, including managing general agents, whereby policies are written in all 50 states in the United States of America (“U.S.”). The Company’s corporate headquarters are located in Birmingham, Michigan with additional office facilities in Florida, Michigan and Pennsylvania. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes the amounts included in the consolidated financial statements reflect management's best estimates and assumptions, actual results may differ from these estimates. Cash, Cash Equivalents, and Short-term Investments Cash consists of cash deposits in banks, generally in operating accounts. Cash equivalents consist of money-market funds that are specifically used as overnight investments tied to cash deposit accounts. Short-term investments, consisting of money-market funds, are classified as investments in the consolidated balance sheets as they relate to the Company’s investment activities. Recently Issued Accounting Guidance In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting

Investments

Investments	3 Months Ended
	Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Investments	2. The cost or amortized cost, gross unrealized gain or loss, and estimated fair value of the investments in securities classified as available for sale at March 31, 2021 and December 31, 2020, were as follows (dollars in thousands): March 31, 2021 Cost or Gross Unrealized Estimated Amortized Cost Gains Losses Fair Value Debt Securities: U.S. Government $ 22,015 $ 172 $ (27 ) $ 22,160 State and local government 31,896 584 (601 ) 31,879 Corporate debt 16,379 172 (410 ) 16,141 Asset-backed securities 31,905 36 (118 ) 31,823 Mortgage-backed securities 36,724 184 (861 ) 36,047 Commercial mortgage-backed securities 1,849 40 (32 ) 1,857 Collateralized mortgage obligations 7,666 91 (35 ) 7,722 Total debt securities available for sale $ 148,434 $ 1,279 $ (2,084 ) $ 147,629 December 31, 2020 Cost or Gross Unrealized Estimated Amortized Cost Gains Losses Fair Value Debt Securities: U.S. Government $ 30,743 $ 225 $ (1 ) $ 30,967 State and local government 32,253 1,040 (28 ) 33,265 Corporate debt 19,015 311 (23 ) 19,303 Asset-backed securities 20,987 49 (73 ) 20,963 Mortgage-backed securities 38,512 345 (3 ) 38,854 Commercial mortgage-backed securities 2,083 65 (22 ) 2,126 Collateralized mortgage obligations 6,361 161 (1 ) 6,521 Total debt securities available for sale $ 149,954 $ 2,196 $ (151 ) $ 151,999 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): March 31, 2021 Less than 12 months Greater than 12 months Total No. of Issues Fair Value of Investments with Unrealized Losses Gross Unrealized Losses No. of Issues Fair Value of Investments with Unrealized Losses Gross Unrealized Losses No. of Issues Fair Value of Investments with Unrealized Losses Gross Unrealized Losses Debt Securities: U.S. Government 5 $ 7,664 $ (27 ) — $ — $ — 5 $ 7,664 $ (27 ) State and local government 70 14,758 (601 ) — — — 70 14,758 (601 ) Corporate debt 13 9,144 (410 ) — — — 13 9,144 (410 ) Asset-backed securities 14 17,644 (114 ) 7 4,578 (4 ) 21 22,222 (118 ) Mortgage-backed securities 9 28,941 (861 ) — — — 9 28,941 (861 ) Commercial mortgage-backed securities — — — 1 888 (32 ) 1 888 (32 ) Collateralized mortgage obligations 9 3,427 (34 ) 1 81 (1 ) 10 3,508 (35 ) Total debt securities available for sale 120 $ 81,578 $ (2,047 ) 9 $ 5,547 $ (37 ) 129 $ 87,125 $ (2,084 ) December 31, 2020 Less than 12 months Greater than 12 months Total No. of Issues Fair Value of Investments with Unrealized Losses Gross Unrealized Losses No. of Issues Fair Value of Investments with Unrealized Losses Gross Unrealized Losses No. of Issues Fair Value of Investments with Unrealized Losses Gross Unrealized Losses Debt Securities: U.S. Government 2 $ 6,764 $ (1 ) — $ — $ — 2 $ 6,764 $ (1 ) State and local government 16 3,905 (28 ) — — — 16 3,905 (28 ) Corporate debt 2 1,051 (23 ) — — — 2 1,051 (23 ) Asset-backed securities 7 6,050 (34 ) 11 6,551 (39 ) 18 12,601 (73 ) Mortgage-backed securities 2 1,652 (3 ) — — — 2 1,652 (3 ) Commercial mortgage-backed securities 1 899 (22 ) — — — 1 899 (22 ) Collateralized mortgage obligations 2 195 (1 ) — — — 2 195 (1 ) Total debt securities available for sale 32 $ 20,516 $ (112 ) 11 $ 6,551 $ (39 ) 43 $ 27,067 $ (151 ) The Company analyzed its investment portfolio in accordance with its other-than-temporary impairment ("OTTI") review procedures and determined the Company did not need to record a credit-related OTTI loss in net income, nor recognize a non-credit related OTTI loss in other comprehensive income for the three months ended March 31, 2021 and 2020. The Company’s sources of net investment income and losses are as follows (dollars in thousands): Three Months Ended March 31, 2021 2020 Debt securities $ 600 $ 867 Equity securities 48 55 Cash, cash equivalents and short-term investments 1 119 Total investment income 649 1,041 Investment expenses (117 ) (87 ) Net investment income $ 532 $ 954 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 March 31, 2021 2020 Debt securities: Gross realized gains $ 27 $ 720 Gross realized losses (6 ) (4 ) Total debt securities 21 716 Equity securities: Gross realized gains 2,903 344 Gross realized losses — (132 ) Total equity securities 2,903 212 Total net realized investment gains (losses) $ 2,924 $ 928 Proceeds from the sales of available-for-sale debt securities were $14.2 million and $23.2 million for the three months ended March 31, 2021 and 2020, respectively. The gross realized gains and losses from the sales of available-for-sale debt securities for the three months ended March 31, 2021, were $27,000 and $6,000, respectively. The gross realized gains and losses from the sales of available-for-sale debt securities for the three months ended March 31, 2020, were $719,000 and $0, respectively. As of March 31, 2021 and 2020, there were $0 and $6.5 million of payables from securities purchased, respectively. There were $3,000 and $7,000 of receivables from securities sold as of March 31, 2021, and 2020, respectively. The Company carries other equity investments that do not have a readily determinable fair value at cost, less impairment or observable changes in price. We review these investments for impairment during each reporting period. There were no impairments or observable changes in price recorded during 2021 related to the Company's equity securities without readily determinable fair value. These investments are included in Other Assets in the Consolidated Balance Sheets and amounted to $1.3 million and $1.2 million as of March 31, 2021 and December 31, 2020, respectively. The table below summarizes the amortized cost and fair value of available-for-sale debt securities by contractual maturity at March 31, 2021. 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 Cost Estimated Fair Value Due in one year or less $ 9,062 $ 9,175 Due after one year through five years 29,289 29,744 Due after five years through ten years 13,602 13,324 Due after ten years 18,337 17,937 Securities with contractual maturities 70,290 70,180 Asset-backed securities 31,905 31,823 Mortgage-backed securities 36,724 36,047 Commercial mortgage-backed securities 1,849 1,857 Collateralized mortgage obligations 7,666 7,722 Total debt securities $ 148,434 $ 147,629 At March 31, 2021 and December 31, 2020, the Insurance Company Subsidiaries had $8.8 million on deposit in trust accounts to meet the deposit requirements of various state insurance departments. At March 31, 2021 and December 31, 2020, the Company had $67.2 million and $67.6 million, respectively, held in trust accounts to meet collateral requirements with other third-party insurers, relating to various fronting arrangements. There are withdrawal and other restrictions on these deposits, including the type of investments that may be held, however, the Company may generally invest in high-grade bonds and short-term investments and earn interest on the funds.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. The Company’s financial instruments include assets and liabilities carried at fair value, as well as assets and liabilities carried at cost or amortized cost but disclosed at fair value in these consolidated financial statements. Fair value is defined as the price that would be received for an asset or paid to transfer a liability in the principally 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 assets or liabilities at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. The Level 2 financial instruments also include our line of credit and our Paycheck Protection Program loan. Level 3 —Unobservable inputs that are supported by little or no market activity. The unobservable inputs represent the Company’s best assumption of how market participants would price the assets or liabilities. Net Asset Value (NAV) —The fair values of investment company limited partnership investments are based on the capital account balances reported by the investment funds subject to their management review and adjustment. These capital account balances reflect the fair value of the investment funds. The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis, classified by the valuation hierarchy as of March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Debt Securities: U.S. Government $ 22,160 $ — $ 22,160 $ — State and local government 31,879 — 31,879 — Corporate debt 16,141 — 16,141 — Asset-backed securities 31,823 — 31,823 — Mortgage-backed securities 36,047 — 36,047 — Commercial mortgage-backed securities 1,857 — 1,857 — Collateralized mortgage obligations 7,722 — 7,722 — Total debt securities 147,629 — 147,629 — Equity Securities 19,086 18,803 283 — Short-term investments 12,710 12,710 — — Total marketable investments measured at fair value $ 179,425 $ 31,513 $ 147,912 $ — Investments measured at NAV: Investment in limited partnership 552 Total assets measured at fair value $ 179,977 Liabilities: Senior Unsecured Notes * $ 24,381 $ — $ 24,381 $ — Subordinated Notes * 11,593 — — 11,593 Line of credit * 3,000 — 3,000 — Paycheck Protection Program loan * 2,745 — 2,745 — Total Liabilities measured at fair value $ 41,719 $ — $ 30,126 $ 11,593 * Carried at face value of debt net of unamortized debt issuance costs on the consolidated balance sheets December 31, 2020 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Debt Securities: U.S. Government $ 30,967 $ — $ 30,967 $ — State and local government 33,265 — 33,265 — Corporate debt 19,303 — 19,303 — Asset-backed securities 20,963 — 20,963 — Mortgage-backed securities 38,854 — 38,854 — Commercial mortgage-backed securities 2,126 — 2,126 — Collateralized mortgage obligations 6,521 — 6,521 — Total debt securities 151,999 — 151,999 — Equity securities 17,336 17,053 283 — Short-term investments 13,317 13,317 — — Total marketable investments measured at fair value $ 182,652 $ 30,370 $ 152,282 $ — Investments measured at NAV: Investment in limited partnership 555 Total assets measured at fair value $ 183,207 Liabilities: Senior Unsecured Notes * $ 20,675 $ — $ 20,675 $ — Subordinated Notes * 11,616 — — 11,616 Line of Credit * 5,000 — 5,000 — Paycheck Protection Program loan * 2,745 — 2,745 — Total Liabilities measured at fair value $ 40,036 $ — $ 28,420 $ 11,616 * 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 17.5% of the fair value of the total investment portfolio as of March 31, 2021. Level 2 investments include debt 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 82.2% of the fair value of the total investment portfolio as of March 31, 2021. 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. The Level 2 financial instruments also include the Company's senior debt. The fair value of the borrowings under the senior revolving credit facility approximates its carrying amount because interest is based on a short-term, variable, market-based rate. As of March 31, 2021 and December 31, 2020, Level 3 is entirely comprised of the Company's subordinated debt. In determining the fair value of the subordinated debt outstanding at March 31, 2021 and December 31, 2020, the security attributes (issue date, maturity, coupon, calls, etc.) and market rates on September 24, 2018 (the date of the restated and amended agreement which was repriced at that time) were entered into a valuation model. A lognormal trinomial interest rate lattice was created within the model to compute the option adjusted spread (“OAS”) which is the amount, in basis points, of interest rate required to be paid under the debt agreement over the risk-free U.S. Treasury rates. The OAS was then fed back into the model along with the March 31, 2021 and December 31, 2020 U.S. Treasury rates. 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.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	3 Months Ended
	Mar. 31, 2021
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 three months ended March 31, 2021 and 2020. The activity in deferred policy acquisition costs, net of reinsurance transactions, is as follows (dollars in thousands): Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 12,243 $ 11,906 Deferred policy acquisition costs 6,966 5,905 Amortization of policy acquisition costs (6,750 ) (6,303 ) Net change 216 (398 ) Balance at end of period $ 12,459 $ 11,508

Unpaid Losses and Loss Adjustme

Unpaid Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2021
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, net of reinsurance recoverables, 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 March 31, 2021 2020 Gross reserves - beginning of period $ 111,270 $ 107,246 Less: reinsurance recoverables on unpaid losses (24,218 ) (22,579 ) Net reserves - beginning of period 87,052 84,667 Add: incurred losses and LAE, net of reinsurance: Current period 13,584 10,520 Prior period 5,778 3,749 Total net incurred losses and LAE 19,362 14,269 Deduct: loss and LAE payments, net of reinsurance: Current period 3,180 874 Prior period 11,117 10,427 Total net loss and LAE payments 14,297 11,301 Net reserves - end of period 92,117 87,635 Plus: reinsurance recoverables on unpaid losses 26,559 22,022 Gross reserves - end of period $ 118,676 $ 109,657 The Company’s incurred losses during the three months ended March 31, 2021 include prior-year adverse reserve development of $5.8 million. Of the $5.8 million of adverse development, $5.2 million was related to the Company’s commercial lines of business, while $612,000 was related to the Company’s personal lines of business. Of the $5.2 million of adverse development in the Company’s commercial lines of business, $2.7 million was experienced in the Company’s hospitality lines of business, while $2.5 million was experienced in the Company’s small business lines of business. The Company’s incurred losses during the three months ended March 31, 2020 included prior-year adverse reserve development of $3.7 million related to the Company’s commercial lines of business.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2021
Reinsurance Disclosures [Abstract]
Reinsurance	6. 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 primarily ceded all specific commercial liability risks in excess of $400,000 in 2021 and 2020. The Company ceded specific commercial property risks in excess of $200,000 in 2021. The Company ceded 40% of specific commercial property risks in excess of $400,000, and 60% in excess of $300,000 in 2020. The Company ceded homeowners specific risks in excess of $300,000 in both 2021 and 2020. A "treaty" is a reinsurance agreement in which coverage is provided for a class of risks and does not require policy by policy underwriting of the reinsurer. "Facultative" reinsurance is where a reinsurer negotiates an individual reinsurance agreement for every policy it will reinsure on a policy by policy basis. A loss is covered under a reinsurance contract if the loss occurs within the effective dates of the agreement notwithstanding when the loss is reported. Reinsurance does not discharge the direct insurer from liability to its policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company evaluates the financial condition of its reinsurers and monitors the concentration of credit risk arising from similar geographic regions, activities, or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. To date, the Company has not experienced any significant difficulties in collecting reinsurance recoverables. The Company assumes written premiums under a few fronting arrangements. The fronting arrangements are with unaffiliated insurers who write on behalf of the Company in markets that require a higher A.M. Best rating than the Company’s current rating, where the policies are written in a state where the Company is not licensed or for other strategic reasons. 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 March 31, 2021 2020 Written premiums: Direct $ 23,433 $ 19,629 Assumed 6,940 5,455 Ceded (5,890 ) (4,033 ) Net written premiums $ 24,483 $ 21,051 Earned premiums: Direct $ 20,990 $ 17,458 Assumed 7,257 8,595 Ceded (5,412 ) (4,036 ) Net earned premiums $ 22,835 $ 22,017 Losses and LAE: Direct $ 20,750 $ 12,326 Assumed 6,781 5,458 Ceded (8,169 ) (3,515 ) Net Losses and LAE $ 19,362 $ 14,269

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	7. The Company's debt is comprised of four instruments: $24.4 million of publicly traded senior unsecured notes which were issued in September and October of 2018, a $10.0 million line of credit which commenced in June 2018, $10.5 million of privately placed subordinated notes (the “Subordinated Notes”), and a $2.7 million Paycheck Protection Program loan (the “PPP loan”) issued as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. A summary of the Company's outstanding debt is as follows (dollars in thousands): March 31, 2021 December 31, 2020 Senior unsecured notes $ 23,731 $ 23,665 Subordinated notes 9,599 9,587 Line of credit 3,000 5,000 Paycheck Protection Program loan * 2,745 2,745 Total $ 39,075 $ 40,997 * The PPP loan was embedded into the line of credit facility. See below. Senior unsecured notes The Company issued $25.3 million of public senior unsecured notes (the "Notes") in 2018. The Notes bear an interest rate of 6.75% per annum, payable quarterly at the end of March, June, September and December and mature on September 30, 2023. The Company may redeem the Notes, in whole or in part, at face value at any time after September 30, 2021. The Company did not repurchase any of the Notes for the three months ended March 31, 2021. During the first quarter of 2020, the Company repurchased 9,761 units of the Notes in the public market with a face value of $244,000. The Notes were repurchased at a discount to face value, which resulted in a $115,000 gain on extinguishment. This gain is reflected in the Consolidated Statement of Operations as Other gains. Subordinated notes The Company also has outstanding $10.5 million of Subordinated Notes maturing on September 30, 2038. The Subordinated Notes bear an interest rate of 7.5% per annum until September 30, 2023, and 12.5% thereafter, and allow for four quarterly interest payment deferrals. Interest is payable quarterly at the end of March, June, September and December. Beginning September 30, 2021, the Company may redeem the Subordinated Notes, in whole or in part, for a call premium of $1.1 million. The call premium escalates each quarter to ultimately $1.75 million on September 30, 2023, then steps up to $3.05 million on December 31, 2023, and increases quarterly at a 12.5% per annum rate thereafter. As of March 31, 2021, the carrying value of the Notes and Subordinated Notes are offset by $650,000 and $900,000 of debt issuance costs, respectively. The debt issuance costs will be amortized through interest expense over the life of the loans. The Subordinated 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. At March 31, 2021, the Company was in compliance with all of its financial covenants. Line of credit The Company maintains a $10.0 million line of credit with a national bank (the “Lender”). The line of credit bears interest at the London Interbank rate ("LIBOR") plus 2.75% per annum, payable monthly. The agreement includes several financial debt covenants, including a minimum tangible net worth, a minimum fixed-charge coverage ratio, and minimum statutory risk-based capital levels. As of March 31, 2021, the Company had $5.7 million outstanding on the line of credit (including the PPP loan described below), and was in compliance with all of its financial debt covenants. On June 19, 2020, the line of credit was renewed with a maturity of June 18, 2021. Paycheck Protection Program loan On April 24, 2020, the Company received a $2,745,000 loan from the line of credit Lender pursuant to the Paycheck Protection Program of the CARES Act administered by the U.S. Small Business Administration (“SBA”). The PPP loan was incorporated into the existing line of credit facility and utilizes a portion of the line of credit’s limit. However, the PPP loan has a different maturity date (April 24, 2022) in accordance with the SBA requirements and bears interest at a rate of 1.0% per annum. The Company amended its $10.0 million line of credit facility with the Lender to incorporate this loan as a reduction of the available line of credit. The loan may be prepaid by the Company at any time prior to maturity with no prepayment penalties. This loan may be subject to forgiveness under the CARES Act provisions. The Company applied for forgiveness of the loan in 2020, at which point the principal and interest payments were deferred until the SBA remits the loan forgiveness amount to the Lender. As of March 31, 2021, the loan remains on the Company’s balance sheet as a liability.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders Equity Note [Abstract]
Shareholders' Equity	8. Shareholders’ Equity On December 5, 2018, the Company's Board of Directors authorized a stock repurchase program, under which the Company may repurchase up to one million shares of the Company's common stock. The Company did not repurchase any shares of stock for the three months ended March 31, 2021 related to the stock repurchase program. The Company repurchased 700 shares valued at approximately $2,000 related to the stock repurchase program for the three months ended March 31, 2020. For the three months ended March 31, 2021 and 2020, the Company did not repurchased any shares of stock related to the vesting of the Company’s restricted stock units. As of March 31, 2021 and December 31, 2020, the Company had 9,681,728 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.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	9. Accumulated Other Comprehensive Income (Loss) The following table presents changes in accumulated other comprehensive income (loss) for unrealized gains and losses on available-for-sale securities (dollars in thousands): Three months ended March 31, 2021 2020 Balance at beginning of period $ 912 $ 489 Other comprehensive income (loss) before reclassifications (1,924 ) (1,315 ) Less: amounts reclassified from accumulated other comprehensive income (loss) 943 384 Net other comprehensive income (loss) (2,867 ) (1,699 ) Balance at end of period $ (1,955 ) $ (1,210 )

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	10. Earnings Basic and diluted earnings (loss) per share are computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. The following table presents the calculation of basic and diluted earnings (loss) per common share, as follows (dollars in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Net income (loss) $ (4,636 ) $ (4,725 ) Weighted average common shares, basic and diluted * 9,681,728 9,592,774 Earnings (loss) per common share, basic and diluted $ (0.48 ) $ (0.49 ) * The nonvested shares of the restricted stock units and stock options were anti-dilutive as of March 31, 2021 and 2020. Therefore, the basic and diluted weighted average common shares are equal for the three months ended March 31, 2021 and 2020.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based Compensation	11. Stock-based Compensation On June 30, 2020, the Company issued options to purchase 280,000 shares of the Company’s common stock, to certain executive officers and other employees. The right to exercise the options will vest over a five-year period on a straight-line basis. The options have a strike price of $3.81 per share and expire on June 30, 2030. The estimated value of these options is $290,000, which will be expensed ratably over the vesting period. In 2015, 2016, and 2018, the Company issued 390,352, 111,281, and 70,000, respectively, of restricted stock units (“RSUs”) to various employees to be settled in shares of common stock, which were valued at $4.1 million, $909,000, and $404,000, respectively, on the dates of grant. The Company recorded $54,000 and $239,000 of compensation expense related to the RSUs for the three months ended March 31, 2021 and 2020, respectively. There were 51,941 unvested RSUs as of March 31, 2021, which will generate an estimated future expense of $204,000. The Company recorded $12,000 of compensation expense for the three months ended March 31, 2021 related to the stock options granted on June 30, 2020. There were 265,000 unvested options as of March 31, 2021, which will generate an estimated future expense of $233,000.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. 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 balance sheets. 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	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	13. 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 Michigan, Florida, Texas and California. For the three months ended March 31, 2021 and 2020 gross written premiums attributable to these four states were 53.5% and 52.6%, respectively, of the Company’s total gross written premiums. The 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 Agency business and are eliminated in the Eliminations category. In addition to the reportable operating segments, the Company maintains a Corporate category to reconcile segment results to the consolidated totals. The Corporate category includes: (i) corporate operating expenses such as salaries and related benefits of the Company’s executive management team and finance and information technology personnel, and other corporate headquarters expenses, (ii) interest expense on the Company’s debt obligations; (iii) depreciation and amortization on property and equipment, and (iv) all investment income activity. All investment income activity is reported within net investment income, net realized investment gains, and change in fair value of equity securities on the consolidated statements of operations. The Company’s assets on the consolidated balance sheet are not allocated to the reportable segments. The following tables present information by reportable operating segment (dollars in thousands): Three months ended March 31, 2021 Commercial Lines Personal Lines Total Underwriting Wholesale Agency Corporate Eliminations Total Gross written premiums $ 27,221 $ 3,152 $ 30,373 $ — $ — $ — $ 30,373 Net written premiums $ 21,557 $ 2,926 $ 24,483 $ — $ — $ — $ 24,483 Net earned premiums $ 20,706 $ 2,129 $ 22,835 $ — $ — $ — $ 22,835 Other income 56 40 96 1,726 43 (1,309 ) 556 Segment revenue 20,762 2,169 22,931 1,726 43 (1,309 ) 23,391 Losses and LAE, net 16,955 2,407 19,362 — — — 19,362 Policy acquisition costs 6,318 600 6,918 1,127 — (1,295 ) 6,750 Operating expenses 2,955 349 3,304 744 301 — 4,349 Segment expenses 26,228 3,356 29,584 1,871 301 (1,295 ) 30,461 Segment gain (loss) $ (5,466 ) $ (1,187 ) $ (6,653 ) $ (145 ) $ (258 ) $ (14 ) $ (7,070 ) Investment income 532 532 Net realized investment gains 2,924 2,924 Change in fair value of equity securities (540 ) (540 ) Other gains — — Interest expense (721 ) (721 ) Income (loss) before equity earnings in Affiliate and income taxes $ (5,466 ) $ (1,187 ) $ (6,653 ) $ (145 ) $ 1,937 $ (14 ) $ (4,875 ) Three months ended March 31, 2020 Commercial Lines Personal Lines Total Underwriting Wholesale Agency Corporate Eliminations Total Gross written premiums $ 23,444 $ 1,640 $ 25,084 $ — $ — $ — $ 25,084 Net written premiums $ 19,687 $ 1,364 $ 21,051 $ — $ — $ — $ 21,051 Net earned premiums $ 20,431 $ 1,586 $ 22,017 $ — $ — $ — $ 22,017 Other income 74 36 110 1,934 31 (1,417 ) 658 Segment revenue 20,505 1,622 22,127 1,934 31 (1,417 ) 22,675 Losses and LAE, net 13,461 808 14,269 — — — 14,269 Policy acquisition costs 6,164 489 6,653 1,208 — (1,558 ) 6,303 Operating expenses 3,503 275 3,778 905 362 — 5,045 Segment expenses 23,128 1,572 24,700 2,113 362 (1,558 ) 25,617 Segment gain (loss) $ (2,623 ) $ 50 $ (2,573 ) $ (179 ) $ (331 ) $ 141 $ (2,942 ) Investment income 954 954 Net realized investment gains 928 928 Change in fair value of equity securities (3,086 ) (3,086 ) Other gains 115 115 Interest expense (731 ) (731 ) Income (loss) before equity earnings in Affiliate and income taxes $ (2,623 ) $ 50 $ (2,573 ) $ (179 ) $ (2,151 ) $ 141 $ (4,762 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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"), and Sycamore Insurance Agency, Inc. ("SIA"). 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." 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, 2020, as filed with the SEC. The results of operations for the three months ended March 31, 2021, are not necessarily indicative of the results expected for the year ended December 31, 2021. In addition, there are risks and uncertainties associated with the novel coronavirus ("COVID-19") and the impact it may have on our business, results of operations and financial condition. The COVID-19 pandemic has negatively impacted the U.S. and global economies, created significant volatility and disruption in the capital markets, dramatically increased unemployment levels and has fueled concerns that it has led to a global recession. Depending on the duration and severity of the pandemic, we foresee the potential for adverse impacts related to, among other things: (i) sales results; (ii) insurance product margin; (iii) net investment income; (iv) invested assets; (v) regulatory capital; (vi) liabilities for insurance products; (vii) access to capital markets; and (viii) the present value of future profits. The full extent to which COVID-19 will impact our business, results of operations and financial condition remains uncertain.
Business	Business The Company is engaged in the sale of property and casualty insurance products and has organized its principal operations into three types of insurance businesses: commercial lines, personal lines, and agency business. The Company underwrites a variety of specialty insurance products, including property, general liability, liquor liability, automobile, and homeowners and dwelling policies. The Company markets and sells its insurance products through a network of independent agents, including managing general agents, whereby policies are written in all 50 states in the United States of America (“U.S.”). The Company’s corporate headquarters are located in Birmingham, Michigan with additional office facilities in Florida, Michigan and Pennsylvania.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes the amounts included in the consolidated financial statements reflect management's best estimates and assumptions, actual results may differ from these estimates.
Cash, Cash Equivalents, and Short-term Investments	Cash, Cash Equivalents, and Short-term Investments Cash consists of cash deposits in banks, generally in operating accounts. Cash equivalents consist of money-market funds that are specifically used as overnight investments tied to cash deposit accounts. Short-term investments, consisting of money-market funds, are classified as investments in the consolidated balance sheets as they relate to the Company’s investment activities.
Recently Issued Accounting Guidance	Recently Issued Accounting Guidance In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Schedule of Available-for-sale Securities	The cost or amortized cost, gross unrealized gain or loss, and estimated fair value of the investments in securities classified as available for sale at March 31, 2021 and December 31, 2020, were as follows (dollars in thousands): March 31, 2021 Cost or Gross Unrealized Estimated Amortized Cost Gains Losses Fair Value Debt Securities: U.S. Government $ 22,015 $ 172 $ (27 ) $ 22,160 State and local government 31,896 584 (601 ) 31,879 Corporate debt 16,379 172 (410 ) 16,141 Asset-backed securities 31,905 36 (118 ) 31,823 Mortgage-backed securities 36,724 184 (861 ) 36,047 Commercial mortgage-backed securities 1,849 40 (32 ) 1,857 Collateralized mortgage obligations 7,666 91 (35 ) 7,722 Total debt securities available for sale $ 148,434 $ 1,279 $ (2,084 ) $ 147,629 December 31, 2020 Cost or Gross Unrealized Estimated Amortized Cost Gains Losses Fair Value Debt Securities: U.S. Government $ 30,743 $ 225 $ (1 ) $ 30,967 State and local government 32,253 1,040 (28 ) 33,265 Corporate debt 19,015 311 (23 ) 19,303 Asset-backed securities 20,987 49 (73 ) 20,963 Mortgage-backed securities 38,512 345 (3 ) 38,854 Commercial mortgage-backed securities 2,083 65 (22 ) 2,126 Collateralized mortgage obligations 6,361 161 (1 ) 6,521 Total debt securities available for sale $ 149,954 $ 2,196 $ (151 ) $ 151,999
Schedule of Unrealized Loss Positions	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): March 31, 2021 Less than 12 months Greater than 12 months Total No. of Issues Fair Value of Investments with Unrealized Losses Gross Unrealized Losses No. of Issues Fair Value of Investments with Unrealized Losses Gross Unrealized Losses No. of Issues Fair Value of Investments with Unrealized Losses Gross Unrealized Losses Debt Securities: U.S. Government 5 $ 7,664 $ (27 ) — $ — $ — 5 $ 7,664 $ (27 ) State and local government 70 14,758 (601 ) — — — 70 14,758 (601 ) Corporate debt 13 9,144 (410 ) — — — 13 9,144 (410 ) Asset-backed securities 14 17,644 (114 ) 7 4,578 (4 ) 21 22,222 (118 ) Mortgage-backed securities 9 28,941 (861 ) — — — 9 28,941 (861 ) Commercial mortgage-backed securities — — — 1 888 (32 ) 1 888 (32 ) Collateralized mortgage obligations 9 3,427 (34 ) 1 81 (1 ) 10 3,508 (35 ) Total debt securities available for sale 120 $ 81,578 $ (2,047 ) 9 $ 5,547 $ (37 ) 129 $ 87,125 $ (2,084 ) December 31, 2020 Less than 12 months Greater than 12 months Total No. of Issues Fair Value of Investments with Unrealized Losses Gross Unrealized Losses No. of Issues Fair Value of Investments with Unrealized Losses Gross Unrealized Losses No. of Issues Fair Value of Investments with Unrealized Losses Gross Unrealized Losses Debt Securities: U.S. Government 2 $ 6,764 $ (1 ) — $ — $ — 2 $ 6,764 $ (1 ) State and local government 16 3,905 (28 ) — — — 16 3,905 (28 ) Corporate debt 2 1,051 (23 ) — — — 2 1,051 (23 ) Asset-backed securities 7 6,050 (34 ) 11 6,551 (39 ) 18 12,601 (73 ) Mortgage-backed securities 2 1,652 (3 ) — — — 2 1,652 (3 ) Commercial mortgage-backed securities 1 899 (22 ) — — — 1 899 (22 ) Collateralized mortgage obligations 2 195 (1 ) — — — 2 195 (1 ) Total debt securities available for sale 32 $ 20,516 $ (112 ) 11 $ 6,551 $ (39 ) 43 $ 27,067 $ (151 )
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 March 31, 2021 2020 Debt securities $ 600 $ 867 Equity securities 48 55 Cash, cash equivalents and short-term investments 1 119 Total investment income 649 1,041 Investment expenses (117 ) (87 ) Net investment income $ 532 $ 954
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 March 31, 2021 2020 Debt securities: Gross realized gains $ 27 $ 720 Gross realized losses (6 ) (4 ) Total debt securities 21 716 Equity securities: Gross realized gains 2,903 344 Gross realized losses — (132 ) Total equity securities 2,903 212 Total net realized investment gains (losses) $ 2,924 $ 928
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 March 31, 2021. 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 Cost Estimated Fair Value Due in one year or less $ 9,062 $ 9,175 Due after one year through five years 29,289 29,744 Due after five years through ten years 13,602 13,324 Due after ten years 18,337 17,937 Securities with contractual maturities 70,290 70,180 Asset-backed securities 31,905 31,823 Mortgage-backed securities 36,724 36,047 Commercial mortgage-backed securities 1,849 1,857 Collateralized mortgage obligations 7,666 7,722 Total debt securities $ 148,434 $ 147,629

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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 on a recurring basis, classified by the valuation hierarchy as of March 31, 2021 and December 31, 2020 (dollars in thousands): March 31, 2021 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Debt Securities: U.S. Government $ 22,160 $ — $ 22,160 $ — State and local government 31,879 — 31,879 — Corporate debt 16,141 — 16,141 — Asset-backed securities 31,823 — 31,823 — Mortgage-backed securities 36,047 — 36,047 — Commercial mortgage-backed securities 1,857 — 1,857 — Collateralized mortgage obligations 7,722 — 7,722 — Total debt securities 147,629 — 147,629 — Equity Securities 19,086 18,803 283 — Short-term investments 12,710 12,710 — — Total marketable investments measured at fair value $ 179,425 $ 31,513 $ 147,912 $ — Investments measured at NAV: Investment in limited partnership 552 Total assets measured at fair value $ 179,977 Liabilities: Senior Unsecured Notes * $ 24,381 $ — $ 24,381 $ — Subordinated Notes * 11,593 — — 11,593 Line of credit * 3,000 — 3,000 — Paycheck Protection Program loan * 2,745 — 2,745 — Total Liabilities measured at fair value $ 41,719 $ — $ 30,126 $ 11,593 * Carried at face value of debt net of unamortized debt issuance costs on the consolidated balance sheets December 31, 2020 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Debt Securities: U.S. Government $ 30,967 $ — $ 30,967 $ — State and local government 33,265 — 33,265 — Corporate debt 19,303 — 19,303 — Asset-backed securities 20,963 — 20,963 — Mortgage-backed securities 38,854 — 38,854 — Commercial mortgage-backed securities 2,126 — 2,126 — Collateralized mortgage obligations 6,521 — 6,521 — Total debt securities 151,999 — 151,999 — Equity securities 17,336 17,053 283 — Short-term investments 13,317 13,317 — — Total marketable investments measured at fair value $ 182,652 $ 30,370 $ 152,282 $ — Investments measured at NAV: Investment in limited partnership 555 Total assets measured at fair value $ 183,207 Liabilities: Senior Unsecured Notes * $ 20,675 $ — $ 20,675 $ — Subordinated Notes * 11,616 — — 11,616 Line of Credit * 5,000 — 5,000 — Paycheck Protection Program loan * 2,745 — 2,745 — Total Liabilities measured at fair value $ 40,036 $ — $ 28,420 $ 11,616 * 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)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 Balance at beginning of period $ 12,243 $ 11,906 Deferred policy acquisition costs 6,966 5,905 Amortization of policy acquisition costs (6,750 ) (6,303 ) Net change 216 (398 ) Balance at end of period $ 12,459 $ 11,508

Unpaid Losses and Loss Adjust_2

Unpaid Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 Gross reserves - beginning of period $ 111,270 $ 107,246 Less: reinsurance recoverables on unpaid losses (24,218 ) (22,579 ) Net reserves - beginning of period 87,052 84,667 Add: incurred losses and LAE, net of reinsurance: Current period 13,584 10,520 Prior period 5,778 3,749 Total net incurred losses and LAE 19,362 14,269 Deduct: loss and LAE payments, net of reinsurance: Current period 3,180 874 Prior period 11,117 10,427 Total net loss and LAE payments 14,297 11,301 Net reserves - end of period 92,117 87,635 Plus: reinsurance recoverables on unpaid losses 26,559 22,022 Gross reserves - end of period $ 118,676 $ 109,657

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 Written premiums: Direct $ 23,433 $ 19,629 Assumed 6,940 5,455 Ceded (5,890 ) (4,033 ) Net written premiums $ 24,483 $ 21,051 Earned premiums: Direct $ 20,990 $ 17,458 Assumed 7,257 8,595 Ceded (5,412 ) (4,036 ) Net earned premiums $ 22,835 $ 22,017 Losses and LAE: Direct $ 20,750 $ 12,326 Assumed 6,781 5,458 Ceded (8,169 ) (3,515 ) Net Losses and LAE $ 19,362 $ 14,269

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Outstanding Senior Debt	A summary of the Company's outstanding debt is as follows (dollars in thousands): March 31, 2021 December 31, 2020 Senior unsecured notes $ 23,731 $ 23,665 Subordinated notes 9,599 9,587 Line of credit 3,000 5,000 Paycheck Protection Program loan * 2,745 2,745 Total $ 39,075 $ 40,997 * The PPP loan was embedded into the line of credit facility. See below.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents changes in accumulated other comprehensive income (loss) for unrealized gains and losses on available-for-sale securities (dollars in thousands): Three months ended March 31, 2021 2020 Balance at beginning of period $ 912 $ 489 Other comprehensive income (loss) before reclassifications (1,924 ) (1,315 ) Less: amounts reclassified from accumulated other comprehensive income (loss) 943 384 Net other comprehensive income (loss) (2,867 ) (1,699 ) Balance at end of period $ (1,955 ) $ (1,210 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
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 amounts): Three Months Ended March 31, 2021 2020 Net income (loss) $ (4,636 ) $ (4,725 ) Weighted average common shares, basic and diluted * 9,681,728 9,592,774 Earnings (loss) per common share, basic and diluted $ (0.48 ) $ (0.49 ) * The nonvested shares of the restricted stock units and stock options were anti-dilutive as of March 31, 2021 and 2020. Therefore, the basic and diluted weighted average common shares are equal for the three months ended March 31, 2021 and 2020.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Information by Reportable Segment	The following tables present information by reportable operating segment (dollars in thousands): Three months ended March 31, 2021 Commercial Lines Personal Lines Total Underwriting Wholesale Agency Corporate Eliminations Total Gross written premiums $ 27,221 $ 3,152 $ 30,373 $ — $ — $ — $ 30,373 Net written premiums $ 21,557 $ 2,926 $ 24,483 $ — $ — $ — $ 24,483 Net earned premiums $ 20,706 $ 2,129 $ 22,835 $ — $ — $ — $ 22,835 Other income 56 40 96 1,726 43 (1,309 ) 556 Segment revenue 20,762 2,169 22,931 1,726 43 (1,309 ) 23,391 Losses and LAE, net 16,955 2,407 19,362 — — — 19,362 Policy acquisition costs 6,318 600 6,918 1,127 — (1,295 ) 6,750 Operating expenses 2,955 349 3,304 744 301 — 4,349 Segment expenses 26,228 3,356 29,584 1,871 301 (1,295 ) 30,461 Segment gain (loss) $ (5,466 ) $ (1,187 ) $ (6,653 ) $ (145 ) $ (258 ) $ (14 ) $ (7,070 ) Investment income 532 532 Net realized investment gains 2,924 2,924 Change in fair value of equity securities (540 ) (540 ) Other gains — — Interest expense (721 ) (721 ) Income (loss) before equity earnings in Affiliate and income taxes $ (5,466 ) $ (1,187 ) $ (6,653 ) $ (145 ) $ 1,937 $ (14 ) $ (4,875 ) Three months ended March 31, 2020 Commercial Lines Personal Lines Total Underwriting Wholesale Agency Corporate Eliminations Total Gross written premiums $ 23,444 $ 1,640 $ 25,084 $ — $ — $ — $ 25,084 Net written premiums $ 19,687 $ 1,364 $ 21,051 $ — $ — $ — $ 21,051 Net earned premiums $ 20,431 $ 1,586 $ 22,017 $ — $ — $ — $ 22,017 Other income 74 36 110 1,934 31 (1,417 ) 658 Segment revenue 20,505 1,622 22,127 1,934 31 (1,417 ) 22,675 Losses and LAE, net 13,461 808 14,269 — — — 14,269 Policy acquisition costs 6,164 489 6,653 1,208 — (1,558 ) 6,303 Operating expenses 3,503 275 3,778 905 362 — 5,045 Segment expenses 23,128 1,572 24,700 2,113 362 (1,558 ) 25,617 Segment gain (loss) $ (2,623 ) $ 50 $ (2,573 ) $ (179 ) $ (331 ) $ 141 $ (2,942 ) Investment income 954 954 Net realized investment gains 928 928 Change in fair value of equity securities (3,086 ) (3,086 ) Other gains 115 115 Interest expense (731 ) (731 ) Income (loss) before equity earnings in Affiliate and income taxes $ (2,623 ) $ 50 $ (2,573 ) $ (179 ) $ (2,151 ) $ 141 $ (4,762 )

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2021class_businessstate
Accounting Policies [Abstract]
Number of types of business | class_business	3
Number of states in which entity operates | state	50

Investments - Available-for-sal

Investments - Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	$ 148,434	$ 149,954
Debt securities, Gross Unrealized Gain	1,279	2,196
Debt securities, Gross Unrealized Losses	(2,084)	(151)
Debt securities, Estimated Fair Value	147,629	151,999
U.S. Government
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	22,015	30,743
Debt securities, Gross Unrealized Gain	172	225
Debt securities, Gross Unrealized Losses	(27)	(1)
Debt securities, Estimated Fair Value	22,160	30,967
State and local government
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	31,896	32,253
Debt securities, Gross Unrealized Gain	584	1,040
Debt securities, Gross Unrealized Losses	(601)	(28)
Debt securities, Estimated Fair Value	31,879	33,265
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	16,379	19,015
Debt securities, Gross Unrealized Gain	172	311
Debt securities, Gross Unrealized Losses	(410)	(23)
Debt securities, Estimated Fair Value	16,141	19,303
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	31,905	20,987
Debt securities, Gross Unrealized Gain	36	49
Debt securities, Gross Unrealized Losses	(118)	(73)
Debt securities, Estimated Fair Value	31,823	20,963
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	36,724	38,512
Debt securities, Gross Unrealized Gain	184	345
Debt securities, Gross Unrealized Losses	(861)	(3)
Debt securities, Estimated Fair Value	36,047	38,854
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	1,849	2,083
Debt securities, Gross Unrealized Gain	40	65
Debt securities, Gross Unrealized Losses	(32)	(22)
Debt securities, Estimated Fair Value	1,857	2,126
Collateralized mortgage obligations
Debt Securities, Available-for-sale [Line Items]
Debt securities, Cost or Amortized Cost	7,666	6,361
Debt securities, Gross Unrealized Gain	91	161
Debt securities, Gross Unrealized Losses	(35)	(1)
Debt securities, Estimated Fair Value	$ 7,722	$ 6,521

Investments - Available-for-s_2

Investments - Available-for-sale Securities in Unrealized Loss Positions (Details) $ in Thousands	Mar. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract]
Debt securities, less than 12 months, number of issues | security	120	32
Debt securities, greater than 12 months, number of issues | security	9	11
Debt securities, number of issues | security	129	43
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 81,578	$ 20,516
Debt securities, greater than 12 months, fair value	5,547	6,551
Debt securities, fair value	87,125	27,067
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	(2,047)	(112)
Debt securities, greater than 12 months, unrealized losses	(37)	(39)
Debt securities, total unrealized losses	$ (2,084)	$ (151)
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	5	2
Debt securities, greater than 12 months, number of issues | security	0	0
Debt securities, number of issues | security	5	2
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 7,664	$ 6,764
Debt securities, greater than 12 months, fair value	0	0
Debt securities, fair value	7,664	6,764
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	(27)	(1)
Debt securities, greater than 12 months, unrealized losses	0	0
Debt securities, total unrealized losses	$ (27)	$ (1)
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	70	16
Debt securities, greater than 12 months, number of issues | security	0	0
Debt securities, number of issues | security	70	16
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 14,758	$ 3,905
Debt securities, greater than 12 months, fair value	0	0
Debt securities, fair value	14,758	3,905
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	(601)	(28)
Debt securities, greater than 12 months, unrealized losses	0	0
Debt securities, total unrealized losses	$ (601)	$ (28)
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	13	2
Debt securities, greater than 12 months, number of issues | security	0	0
Debt securities, number of issues | security	13	2
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 9,144	$ 1,051
Debt securities, greater than 12 months, fair value	0	0
Debt securities, fair value	9,144	1,051
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	(410)	(23)
Debt securities, greater than 12 months, unrealized losses	0	0
Debt securities, total unrealized losses	$ (410)	$ (23)
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	14	7
Debt securities, greater than 12 months, number of issues | security	7	11
Debt securities, number of issues | security	21	18
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 17,644	$ 6,050
Debt securities, greater than 12 months, fair value	4,578	6,551
Debt securities, fair value	22,222	12,601
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	(114)	(34)
Debt securities, greater than 12 months, unrealized losses	(4)	(39)
Debt securities, total unrealized losses	$ (118)	$ (73)
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	9	2
Debt securities, greater than 12 months, number of issues | security	0	0
Debt securities, number of issues | security	9	2
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 28,941	$ 1,652
Debt securities, greater than 12 months, fair value	0	0
Debt securities, fair value	28,941	1,652
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	(861)	(3)
Debt securities, greater than 12 months, unrealized losses	0	0
Debt securities, total unrealized losses	$ (861)	$ (3)
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	1
Debt securities, greater than 12 months, number of issues | security	1	0
Debt securities, number of issues | security	1	1
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 0	$ 899
Debt securities, greater than 12 months, fair value	888	0
Debt securities, fair value	888	899
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	0	(22)
Debt securities, greater than 12 months, unrealized losses	(32)	0
Debt securities, total unrealized losses	$ (32)	$ (22)
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	9	2
Debt securities, greater than 12 months, number of issues | security	1	0
Debt securities, number of issues | security	10	2
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract]
Debt securities, less than 12 months, fair value	$ 3,427	$ 195
Debt securities, greater than 12 months, fair value	81	0
Debt securities, fair value	3,508	195
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract]
Debt securities, less than 12 months, unrealized losses	(34)	(1)
Debt securities, greater than 12 months, unrealized losses	(1)	0
Debt securities, total unrealized losses	$ (35)	$ (1)

Investments - Net Investment In

Investments - Net Investment Income and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Investment Income [Line Items]
Investment income	$ 649	$ 1,041
Investment expenses	(117)	(87)
Net investment income	532	954
Debt securities
Net Investment Income [Line Items]
Investment income	600	867
Equity securities
Net Investment Income [Line Items]
Investment income	48	55
Cash, cash equivalents and short-term investments
Net Investment Income [Line Items]
Investment income	$ 1	$ 119

Investments - Gross Realized Ga

Investments - Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt securities:
Gross realized gains	$ 27	$ 720
Gross realized losses	(6)	(4)
Total debt securities	21	716
Equity securities:
Gross realized gains	2,903	344
Gross realized losses		(132)
Total equity securities	2,903	212
Total net realized investment gains (losses)	$ 2,924	$ 928

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Proceeds from sale of available-for-sale debt securities	$ 14,200,000	$ 23,200,000
Gross realized gains from sales of available-for-sale debt securities	27,000	719,000
Gross realized losses from sales of available-for-sale debt securities	6,000	0
Amount payable for securities purchased	0	6,500,000
Amount receivable for securities sold	3,000	$ 7,000
Other than temporary impairments losses, investments	0
Investments	1,300		$ 1,200,000
Deposits held in trust accounts	8,800,000
Deposits, held in trust for collateral requirements	$ 67,200,000		$ 67,600,000

Investments - Available-for-s_3

Investments - Available-for-sale Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost
Due in one year or less	$ 9,062
Due after one year through five years	29,289
Due after five years through ten years	13,602
Due after ten years	18,337
Securities with contractual maturities	70,290
Total debt securities	148,434	$ 149,954
Estimated Fair Value
Due in one year or less	9,175
Due after one year through five years	29,744
Due after five years through ten years	13,324
Due after ten years	17,937
Securities with contractual maturities	70,180
Total debt securities	147,629	151,999
Asset-backed securities
Amortized Cost
Total debt securities	31,905	20,987
Estimated Fair Value
Total debt securities	31,823	20,963
Mortgage-backed securities
Amortized Cost
Total debt securities	36,724	38,512
Estimated Fair Value
Total debt securities	36,047	38,854
Commercial mortgage-backed securities
Amortized Cost
Total debt securities	1,849	2,083
Estimated Fair Value
Total debt securities	1,857	2,126
Collateralized mortgage obligations
Amortized Cost
Total debt securities	7,666	6,361
Estimated Fair Value
Total debt securities	$ 7,722	$ 6,521

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Apr. 24, 2020
Assets:
Total debt securities	$ 147,629,000	$ 151,999,000
Equity Securities	19,086,000	17,336,000
Short-term investments	12,710,000	13,317,000
Total marketable investments measured at fair value	179,425,000	182,652,000
Total assets measured at fair value	179,977,000	183,207,000
Liabilities:
Debt	39,075,000	40,997,000
Total Liabilities measured at fair value	41,719,000	40,036,000
Paycheck Protection Program
Liabilities:
Debt	2,745,000	2,745,000	$ 2,745,000
Line of credit
Liabilities:
Debt	3,000,000	5,000,000
U.S. Government
Assets:
Total debt securities	22,160,000	30,967,000
State and local government
Assets:
Total debt securities	31,879,000	33,265,000
Corporate debt
Assets:
Total debt securities	16,141,000	19,303,000
Asset-backed securities
Assets:
Total debt securities	31,823,000	20,963,000
Mortgage-backed securities
Assets:
Total debt securities	36,047,000	38,854,000
Commercial mortgage-backed securities
Assets:
Total debt securities	1,857,000	2,126,000
Collateralized mortgage obligations
Assets:
Total debt securities	7,722,000	6,521,000
Senior Unsecured Notes
Liabilities:
Debt	24,381,000	20,675,000
Subordinated notes
Liabilities:
Debt	11,593,000	11,616,000
Level 1
Assets:
Total debt securities	0	0
Equity Securities	18,803,000	17,053,000
Short-term investments	12,710,000	13,317,000
Total marketable investments measured at fair value	31,513,000	30,370,000
Liabilities:
Total Liabilities measured at fair value	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 | Subordinated notes
Liabilities:
Debt	0	0
Level 2
Assets:
Total debt securities	147,629,000	151,999,000
Equity Securities	283,000	283,000
Short-term investments	0	0
Total marketable investments measured at fair value	147,912,000	152,282,000
Liabilities:
Total Liabilities measured at fair value	30,126,000	28,420,000
Level 2 | Paycheck Protection Program
Liabilities:
Debt	2,745,000	2,745,000
Level 2 | Line of credit
Liabilities:
Debt	3,000,000	5,000,000
Level 2 | U.S. Government
Assets:
Total debt securities	22,160,000	30,967,000
Level 2 | State and local government
Assets:
Total debt securities	31,879,000	33,265,000
Level 2 | Corporate debt
Assets:
Total debt securities	16,141,000	19,303,000
Level 2 | Asset-backed securities
Assets:
Total debt securities	31,823,000	20,963,000
Level 2 | Mortgage-backed securities
Assets:
Total debt securities	36,047,000	38,854,000
Level 2 | Commercial mortgage-backed securities
Assets:
Total debt securities	1,857,000	2,126,000
Level 2 | Collateralized mortgage obligations
Assets:
Total debt securities	7,722,000	6,521,000
Level 2 | Senior Unsecured Notes
Liabilities:
Debt	24,381,000	20,675,000
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 measured at fair value	11,593,000	11,616,000
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 | Subordinated notes
Liabilities:
Debt	11,593,000	11,616,000
Partnership interest
Assets:
Investments measured at NAV	$ 552,000	$ 555,000

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	Mar. 31, 2021
Level 1
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Investment portfolio percentage	17.50%
Level 2
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Investment portfolio percentage	82.20%

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs - Activity in Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance at beginning of period	$ 12,243	$ 11,906
Deferred policy acquisition costs	6,966	5,905
Amortization of policy acquisition costs	(6,750)	(6,303)
Net change	216	(398)
Balance at end of period	$ 12,459	$ 11,508

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
	Mar. 31, 2021	Mar. 31, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves - beginning of period	$ 111,270	$ 107,246
Less: reinsurance recoverables on unpaid losses	(24,218)	(22,579)
Net reserves - beginning of period	87,052	84,667
Add: incurred losses and LAE, net of reinsurance:
Current period	13,584	10,520
Prior period	5,778	3,749
Total net incurred losses and LAE	19,362	14,269
Deduct: loss and LAE payments, net of reinsurance:
Current period	3,180	874
Prior period	11,117	10,427
Total net loss and LAE payments	14,297	11,301
Net reserves - end of period	92,117	87,635
Plus: reinsurance recoverables on unpaid losses	26,559	22,022
Gross reserves - end of period	$ 118,676	$ 109,657

Unpaid Losses and Loss Adjust_4

Unpaid Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year adjustments	$ 5,778,000	$ 3,749,000
Commercial Lines
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year adjustments	5,200,000	$ 3,700,000
Personal Lines
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year adjustments	612,000
Hospitality
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year adjustments	2,700,000
Small Business Lines
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year adjustments	$ 2,500,000

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Effects Of Reinsurance [Line Items]
Ceded premium written	$ 5,890,000	$ 4,033,000
Ceded premiums earned	$ 5,412,000	4,036,000
Minimum
Effects Of Reinsurance [Line Items]
Reinsurance retention policy, reinsured percentage	40.00%
Maximum
Effects Of Reinsurance [Line Items]
Reinsurance retention policy, reinsured percentage	60.00%
Maximum | Homeowners Lines
Effects Of Reinsurance [Line Items]
Amount retained (excess of)	$ 300,000	300,000
Property Risk
Effects Of Reinsurance [Line Items]
Amount retained (excess of)	200,000
Property Risk | Maximum
Effects Of Reinsurance [Line Items]
Amount retained (excess of)	400,000	300,000
Liability Risk | Maximum
Effects Of Reinsurance [Line Items]
Amount retained (excess of)	$ 400,000	$ 400,000

Reinsurance - Effects of Reinsu

Reinsurance - Effects of Reinsurance and Assumption Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Written premiums:
Direct	$ 23,433	$ 19,629
Assumed	6,940	5,455
Ceded	(5,890)	(4,033)
Net written premiums	24,483	21,051
Earned premiums:
Direct	20,990	17,458
Assumed	7,257	8,595
Ceded	(5,412)	(4,036)
Net earned premiums	22,835	22,017
Losses and LAE:
Direct	20,750	12,326
Assumed	6,781	5,458
Ceded	(8,169)	(3,515)
Total net incurred losses and LAE	$ 19,362	$ 14,269

Debt - Narrative (Details)

Debt - Narrative (Details)	Jun. 18, 2021USD ($)	Apr. 24, 2020USD ($)	Sep. 24, 2018USD ($)	Mar. 31, 2021USD ($)debt_instrumentshares	Mar. 31, 2020USD ($)shares	Dec. 31, 2020USD ($)	Oct. 31, 2018USD ($)
Debt Instrument [Line Items]
Number of debt instruments | debt_instrument				4
Paycheck Protection Program
Debt Instrument [Line Items]
Face amount of debt				$ 2,700,000
Interest rate		1.00%
Debt		$ 2,745,000		2,745,000		$ 2,745,000
Maturity of loan		Apr. 24, 2022
Debt instrument, description		The Company amended its $10.0 million line of credit facility with the Lender to incorporate this loan as a reduction of the available line of credit. The loan may be prepaid by the Company at any time prior to maturity with no prepayment penalties. This loan may be subject to forgiveness under the CARES Act provisions. The Company applied for forgiveness of the loan in 2020, at which point the principal and interest payments were deferred until the SBA remits the loan forgiveness amount to the Lender. As of March 31, 2021, the loan remains on the Company’s balance sheet as a liability.
Senior Unsecured Notes | Senior Unsecured Notes
Debt Instrument [Line Items]
Face amount of debt				$ 24,400,000			$ 25,300,000
Maturity date							Sep. 30, 2023
Interest rate							6.75%
Number of units repurchased | shares				0	9,761
Repurchased face value amount					$ 244,000,000
Gain on extinguishment of debt					$ 115,000,000
Debt issuance costs				$ 650,000
Subordinated notes | Subordinated notes
Debt Instrument [Line Items]
Face amount of debt			$ 10,500,000	$ 10,500,000
Maturity date			Sep. 30, 2038
Interest rate, payment terms				Interest is payable quarterly at the end of March, June, September and December.
Call premium percentage			12.50%
Debt issuance costs				$ 900,000
Subordinated notes | Subordinated notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Interest rate			7.50%
Call premium			$ 1,100,000
Subordinated notes | Subordinated notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Interest rate			12.50%
Call premium			$ 1,750,000
Subordinated notes | Subordinated notes | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Call premium			$ 3,050,000
Line of credit
Debt Instrument [Line Items]
Borrowing capacity	$ 10,000,000			10,000,000
Debt including PPP loan				$ 5,700,000
Line of credit | LIBOR
Debt Instrument [Line Items]
Variable interest rate	2.75%

Debt - Outstanding Senior Debt

Debt - Outstanding Senior Debt (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Apr. 24, 2020
Debt Instrument [Line Items]
Debt	$ 39,075,000	$ 40,997,000
Paycheck Protection Program
Debt Instrument [Line Items]
Debt	2,745,000	2,745,000	$ 2,745,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Debt	23,731,000	23,665,000
Subordinated notes
Debt Instrument [Line Items]
Debt	9,599,000	9,587,000
Line of credit
Debt Instrument [Line Items]
Debt	$ 3,000,000	$ 5,000,000

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details)	3 Months Ended
	Mar. 31, 2021voteshares	Mar. 31, 2020USD ($)shares	Dec. 31, 2020shares
Equity Class Of Treasury Stock [Line Items]
Common stock, shares issued (in shares)	9,681,728		9,681,728
Common stock, shares outstanding (in shares)	9,681,728		9,681,728
Common stock voting rights, number of votes per share | vote	1
Common stocks
Equity Class Of Treasury Stock [Line Items]
Common stock, shares issued (in shares)	9,681,728		9,681,728
Common stock, shares outstanding (in shares)	9,681,728		9,681,728
Restricted Stock Units (RSUs)
Equity Class Of Treasury Stock [Line Items]
Shares repurchased (in shares)	0	0
Stock Repurchase Program, December 2018
Equity Class Of Treasury Stock [Line Items]
Shares repurchased (in shares)	0	700
Shares repurchased | $		$ 2,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 44,413	$ 42,725
Other comprehensive income (loss)	(2,867)	(1,699)
Balance at end of period	36,976	36,538
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	912	489
Other comprehensive income (loss) before reclassifications	(1,924)	(1,315)
Less: amounts reclassified from accumulated other comprehensive income (loss)	943	384
Other comprehensive income (loss)	(2,867)	(1,699)
Balance at end of period	$ (1,955)	$ (1,210)

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
		Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income (loss)		$ (4,636)	$ (4,725)
Weighted average common shares outstanding, basic and diluted	[1]	9,681,728	9,592,774
Earnings (loss) per common share, basic and diluted		$ (0.48)	$ (0.49)
[1]	*The nonvested shares of the restricted stock units and stock options were anti-dilutive as of March 31, 2021 and 2020. Therefore, the basic and diluted weighted average common shares are equal for the three months ended March 31, 2021 and 2020

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2018	Dec. 31, 2016	Dec. 31, 2015
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued to purchase shares of common stock			280,000
Vesting period			5 years
Strike price			$ 3.81
Expiration date			Jun. 30, 2030
Estimated value of options issued to purchase shares of common stock			$ 290,000
Share-based compensation expense	$ 12,000
Share-based compensation expense not yet recognized	$ 233,000
Share-based compensation nonvested shares	265,000
2015 Omnibus Incentive Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)				70,000	111,281	390,352
Shares granted in period				$ 404,000	$ 909,000	$ 4,100,000
Share-based compensation expense	$ 54,000	$ 239,000
Share-based compensation expense not yet recognized	$ 204,000
Share-based compensation nonvested shares	51,941

Segment Information - Narrative

Segment Information - Narrative (Details) - business	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Number of businesses	3
Gross Written Premiums | Geographic Concentration Risk | Michigan, Florida, Texas and Pennsylvania
Segment Reporting Information [Line Items]
Concentration risk	53.50%	52.60%

Segment Information - Informati

Segment Information - Information by Reportable Operating Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Gross written premiums	$ 30,373	$ 25,084
Net written premiums	24,483	21,051
Net earned premiums	22,835	22,017
Other income	556	658
Segment revenue	23,391	22,675
Losses and loss adjustment expenses, net	19,362	14,269
Policy acquisition costs	6,750	6,303
Operating expenses	4,349	5,045
Segment expenses	30,461	25,617
Segment gain (loss)	(7,070)	(2,942)
Net investment income	532	954
Net realized investment gains	2,924	928
Change in fair value of equity securities	(540)	(3,086)
Other gains		115
Interest expense	(721)	(731)
Income (loss) before equity earnings in Affiliate and income taxes	(4,875)	(4,762)
Operating Segments | Commercial Lines
Segment Reporting Information [Line Items]
Gross written premiums	27,221	23,444
Net written premiums	21,557	19,687
Net earned premiums	20,706	20,431
Other income	56	74
Segment revenue	20,762	20,505
Losses and loss adjustment expenses, net	16,955	13,461
Policy acquisition costs	6,318	6,164
Operating expenses	2,955	3,503
Segment expenses	26,228	23,128
Segment gain (loss)	(5,466)	(2,623)
Income (loss) before equity earnings in Affiliate and income taxes	(5,466)	(2,623)
Operating Segments | Personal Lines
Segment Reporting Information [Line Items]
Gross written premiums	3,152	1,640
Net written premiums	2,926	1,364
Net earned premiums	2,129	1,586
Other income	40	36
Segment revenue	2,169	1,622
Losses and loss adjustment expenses, net	2,407	808
Policy acquisition costs	600	489
Operating expenses	349	275
Segment expenses	3,356	1,572
Segment gain (loss)	(1,187)	50
Income (loss) before equity earnings in Affiliate and income taxes	(1,187)	50
Operating Segments | Total Underwriting
Segment Reporting Information [Line Items]
Gross written premiums	30,373	25,084
Net written premiums	24,483	21,051
Net earned premiums	22,835	22,017
Other income	96	110
Segment revenue	22,931	22,127
Losses and loss adjustment expenses, net	19,362	14,269
Policy acquisition costs	6,918	6,653
Operating expenses	3,304	3,778
Segment expenses	29,584	24,700
Segment gain (loss)	(6,653)	(2,573)
Income (loss) before equity earnings in Affiliate and income taxes	(6,653)	(2,573)
Operating Segments | Wholesale Agency
Segment Reporting Information [Line Items]
Other income	1,726	1,934
Segment revenue	1,726	1,934
Policy acquisition costs	1,127	1,208
Operating expenses	744	905
Segment expenses	1,871	2,113
Segment gain (loss)	(145)	(179)
Income (loss) before equity earnings in Affiliate and income taxes	(145)	(179)
Corporate
Segment Reporting Information [Line Items]
Other income	43	31
Segment revenue	43	31
Operating expenses	301	362
Segment expenses	301	362
Segment gain (loss)	(258)	(331)
Net investment income	532	954
Net realized investment gains	2,924	928
Change in fair value of equity securities	(540)	(3,086)
Other gains		115
Interest expense	(721)	(731)
Income (loss) before equity earnings in Affiliate and income taxes	1,937	(2,151)
Eliminations
Segment Reporting Information [Line Items]
Other income	(1,309)	(1,417)
Segment revenue	(1,309)	(1,417)
Policy acquisition costs	(1,295)	(1,558)
Segment expenses	(1,295)	(1,558)
Segment gain (loss)	(14)	141
Income (loss) before equity earnings in Affiliate and income taxes	$ (14)	$ 141