Skyward Specialty Insurance (SKWD) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-41591
Entity Registrant Name	SKYWARD SPECIALTY INSURANCE GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	14-1957288
Entity Address, Address Line One	800 Gessner Road
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024-4284
City Area Code	713
Local Phone Number	935-4800
Title of 12(b) Security	Common stock, par value $0.01
Trading Symbol	SKWD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,677,586
Entity Central Index Key	0001519449
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturity securities, available-for-sale, at fair value (amortized cost of $942,841 and $662,616, respectively)	$ 874,864	$ 607,572
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $320 as of September 30, 2023)	44,437	52,467
Equity securities, at fair value	107,387	120,169
Mortgage loans (at fair value as of September 30, 2023; at amortized cost as of December 31, 2022)	59,318	51,859
Other long-term investments	115,823	129,142
Short-term investments, at fair value	194,049	121,158
Total investments	1,395,878	1,082,367
Cash and cash equivalents	53,730	45,438
Restricted cash	49,536	79,573
Premiums receivable, net	211,940	139,215
Reinsurance recoverables, net	615,675	581,359
Ceded unearned premium	218,784	157,645
Deferred policy acquisition costs	99,255	68,938
Deferred income taxes	35,006	36,188
Goodwill and intangible assets, net	88,808	89,870
Other assets	82,083	82,846
Total assets	2,850,695	2,363,439
Liabilities:
Reserves for losses and loss adjustment expenses	1,268,711	1,141,757
Unearned premiums	596,011	442,509
Deferred ceding commission	41,704	29,849
Reinsurance and premium payables	161,832	113,696
Funds held for others	53,963	36,858
Accounts payable and accrued liabilities	64,407	48,499
Notes payable	50,000	50,000
Subordinated debt, net of debt issuance costs	78,670	78,609
Total liabilities	2,315,298	1,941,777
Stockholders’ equity
Series A preferred stock, $0.01 par value; 10,000,000 and 2,000,000 shares authorized, 0 and 1,969,660 shares issued and outstanding, respectively	0	20
Common stock, $0.01 par value, 500,000,000 and 168,000,000 shares authorized, 37,677,521 and 16,832,955 shares issued, respectively	377	168
Treasury stock, $0.01 par value, 0 and 233,289 shares, respectively	0	(2)
Additional paid-in capital	645,292	577,289
Stock notes receivable	(5,625)	(6,911)
Accumulated other comprehensive loss	(53,673)	(43,485)
Accumulated deficit	(50,974)	(105,417)
Total stockholders’ equity	535,397	421,662
Total liabilities and stockholders’ equity	$ 2,850,695	$ 2,363,439

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Amortized cost	$ 942,841	$ 662,616
Allowance for credit losses	$ 320
Preferred stock, par value (in dollar per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	1,969,660
Preferred stock, shares outstanding (in shares)	0	1,969,660
Common stock, par value (in dollar per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	168,000,000
Common stock, shares issued (in shares)	37,677,521	16,832,955
Treasury stock, par value (in USD per share)	$ 0.01	$ 0.01
Treasury stock (in shares)	0	233,289

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Net earned premiums	$ 227,033	$ 158,048	$ 604,211	$ 445,851
Commission and fee income	2,085	1,362	5,817	3,652
Net investment income	13,089	5,988	26,318	31,667
Net investment (losses) gains	(2,984)	(7,305)	3,328	(26,117)
Total revenues	239,223	158,093	639,674	455,053
Expenses:
Losses and loss adjustment expenses	138,536	111,746	377,841	293,536
Underwriting, acquisition and insurance expenses	68,315	47,340	176,653	132,258
Interest expense	2,632	1,738	7,250	4,280
Amortization expense	463	387	1,336	1,160
Other expenses	1,482	0	4,061	0
Total expenses	211,428	161,211	567,141	431,234
Income (loss) before income taxes	27,795	(3,118)	72,533	23,819
Income tax expense (benefit)	6,084	(719)	15,814	4,842
Net income (loss)	21,711	(2,399)	56,719	18,977
Net income attributable to participating securities	0	0	1,492	9,124
Net income (loss) attributable to common stockholders	21,711	(2,399)	55,227	9,853
Comprehensive income (loss):
Net income	21,711	(2,399)	56,719	18,977
Unrealized gains and losses on investments:
Net change in unrealized losses on investments, net of tax	(8,722)	(17,806)	(5,309)	(49,308)
Reclassification adjustment for (losses) gains on securities no longer held, net of tax	(3,667)	31	(4,879)	362
Total other comprehensive loss	(12,389)	(17,775)	(10,188)	(48,946)
Comprehensive income (loss)	$ 9,322	$ (20,174)	$ 46,531	$ (29,969)
Per share data:
Basic earnings (loss) per share (in dollar per share)	$ 0.59	$ (0.15)	$ 1.56	$ 0.60
Diluted earnings (loss) per share (in dollar per share)	$ 0.57	$ (0.15)	$ 1.50	$ 0.58
Weighted-average common shares outstanding
Basic (in shares)	36,743,393	16,465,588	35,502,843	16,464,313
Diluted (in shares)	38,403,843	16,465,588	37,830,431	32,598,669

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Period of adoption, adjustment	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Stock Notes Receivable	Accumulated Other Comprehensive Loss	Accumulated Deficit	Accumulated Deficit Period of adoption, adjustment
Stockholders' equity beginning balance at Dec. 31, 2021	$ 426,080		$ 20	$ 168	$ (2)	$ 575,159	$ (9,092)	$ 4,640	$ (144,813)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee equity transactions	690					502	188
Reclassification of stock notes receivable to other assets	1,942						1,942
Net income (loss)	16,311								16,311
Other comprehensive income (loss), net of tax	(16,404)							(16,404)
Stockholders' equity ending balance at Mar. 31, 2022	428,619		20	168	(2)	575,661	(6,962)	(11,764)	(128,502)
Stockholders' equity beginning balance at Dec. 31, 2021	426,080		20	168	(2)	575,159	(9,092)	4,640	(144,813)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	18,977
Other comprehensive income (loss), net of tax	(48,946)
Stockholders' equity ending balance at Sep. 30, 2022	399,817		20	168	(2)	576,685	(6,912)	(44,306)	(125,836)
Stockholders' equity beginning balance at Dec. 31, 2021	426,080		20	168	(2)	575,159	(9,092)	4,640	(144,813)
Stockholders' equity ending balance at Dec. 31, 2022	$ 421,662	$ (2,276)	20	168	(2)	577,289	(6,911)	(43,485)	(105,417)	$ (2,276)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Stockholders' equity beginning balance at Mar. 31, 2022	$ 428,619		20	168	(2)	575,661	(6,962)	(11,764)	(128,502)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee equity transactions	690					670	20
Net income (loss)	5,065								5,065
Other comprehensive income (loss), net of tax	(14,767)							(14,767)
Stockholders' equity ending balance at Jun. 30, 2022	419,607		20	168	(2)	576,331	(6,942)	(26,531)	(123,437)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee equity transactions	384					354	30
Net income (loss)	(2,399)								(2,399)
Other comprehensive income (loss), net of tax	(17,775)							(17,775)
Stockholders' equity ending balance at Sep. 30, 2022	399,817		20	168	(2)	576,685	(6,912)	(44,306)	(125,836)
Stockholders' equity beginning balance at Dec. 31, 2022	421,662	(2,276)	20	168	(2)	577,289	(6,911)	(43,485)	(105,417)	(2,276)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee equity transactions	2,057					1,864	193
Preferred stock conversion to common shares	0		(20)	161	2	(143)
Proceeds from initial public offering, net	62,406			48		62,358
Net income (loss)	15,556								15,556
Other comprehensive income (loss), net of tax	7,741							7,741
Stockholders' equity ending balance at Mar. 31, 2023	507,146		0	377	0	641,368	(6,718)	(35,744)	(92,137)
Stockholders' equity beginning balance at Dec. 31, 2022	421,662	$ (2,276)	20	168	(2)	577,289	(6,911)	(43,485)	(105,417)	$ (2,276)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	56,719
Other comprehensive income (loss), net of tax	(10,188)
Stockholders' equity ending balance at Sep. 30, 2023	535,397		0	377	0	645,292	(5,625)	(53,673)	(50,974)
Stockholders' equity beginning balance at Mar. 31, 2023	507,146		0	377	0	641,368	(6,718)	(35,744)	(92,137)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee equity transactions	2,011					2,011
Proceeds from initial public offering, net	(391)					(391)
Net income (loss)	19,452								19,452
Other comprehensive income (loss), net of tax	(5,540)							(5,540)
Stockholders' equity ending balance at Jun. 30, 2023	522,678		0	377	0	642,988	(6,718)	(41,284)	(72,685)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee equity transactions	3,397					2,304	1,093
Net income (loss)	21,711								21,711
Other comprehensive income (loss), net of tax	(12,389)							(12,389)
Stockholders' equity ending balance at Sep. 30, 2023	$ 535,397		$ 0	$ 377	$ 0	$ 645,292	$ (5,625)	$ (53,673)	$ (50,974)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income	$ 56,719	$ 18,977
Adjustments to reconcile net income to net cash provided by operating activities	161,820	105,936
Net cash provided by operating activities	218,539	124,913
Cash flows from investing activities:
Purchase of fixed maturity securities, available-for-sale	(342,088)	(211,097)
Purchase of illiquid investments	(1,156)	(4,431)
Purchase of equity securities	(22,436)	(49,018)
Investment in direct and indirect loans	(3,313)	(13,134)
Sales and maturities of investment securities	110,695	76,765
Distributions from equity method investments	1,704	2,052
Change in short-term investments	(72,891)	59,363
Receivable for securities sold	14,442	3,273
Cash provided by deposit accounting	8,631	8,780
Other, net	1,421	834
Net cash used in investment activities	(307,833)	(128,281)
Cash flows from financing activities:
Employee share purchases	1,287	2,180
Draw on revolving line of credit	50,000	0
Repayment of term loan	(50,000)	0
Proceeds from initial public offering	66,262	0
Net cash provided by financing activities	67,549	2,180
Net decrease in cash and cash equivalents and restricted cash	(21,745)	(1,188)
Cash and cash equivalents and restricted cash at beginning of period	125,011	107,274
Cash and cash equivalents and restricted cash at end of period	103,266	106,086
Supplemental disclosure of cash flow information:
Cash paid for interest	8,503	3,860
Cash paid for federal income taxes	$ 10,000	$ 0

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements of Skyward Specialty Insurance Group, Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the disclosures required by GAAP for complete consolidated financial statements. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for a more complete description of the Company’s business and accounting policies. In the opinion of management, all adjustments necessary for a fair statement of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results of operations for the full year. The consolidated balance sheet as of December 31, 2022 was derived from the Company’s audited annual consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these estimates. Recent Accounting Standards Adopted In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires organizations to estimate credit losses on certain types of financial instruments, including receivables and fixed maturity securities, by introducing an approach based on expected losses. The expected loss approach required entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. The Company adopted ASU 2016-13 effective January 1, 2023 using the modified retrospective approach, by which a cumulative-effect adjustment was made to retained earnings as of the date of adoption. In connection with the adoption of ASU 2016-13, the Company elected the fair value option in accounting for mortgage loans effective January 1, 2023 as targeted transition relief. The adoption of ASU 2016-13 resulted in a $2.3 million increase in accumulated deficit, net of tax. Updates to Significant Accounting Policies The following accounting policies have been updated to reflect the Company's adoption of ASU 2016-13, Measurement of Credit Losses on Financial Instruments as described above. Investments Available-for-sale Investments in fixed maturities that are classified as available-for-sale are carried at fair value. For available-for-sale fixed maturities in an unrealized loss position, the Company first determines whether there is an intent to sell the security or if it is more likely than not that the Company will be required to sell the security before maturity or recovery of its cost basis. If either of these criteria were met, the amortized cost of the security is written down to fair value with the losses recognized in net investment (losses) gains on the consolidated statements of operations. If neither of the these criteria were met, the Company determines whether unrealized losses are due to credit-related factors. If the unrealized losses are due to credit-related factors, an allowance for credit losses is determined using a present value of cash flows compared to the amortized cost of the security. The allowance for credit losses is limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in net investment income on the consolidated statements of operations. Credit losses that are limited by the fair value of the security are recognized in stockholders’ equity, net of taxes, as a component of accumulated other comprehensive (loss) income. Unrealized losses that are not credit-related continue to be recognized in stockholders’ equity, net of taxes, as a component of accumulated other comprehensive (loss) income. Held-to-maturity Investments in fixed maturity securities that are held-to-maturity are carried at amortized cost net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate from Moody’s table of estimated multi-year cumulative loss rates for asset backed securities. This historical loss rate is adjusted for current conditions and reasonable and supportable forecasts. Changes in the allowance for credit losses are recognized in net investment income on the consolidated statements of operations. Mortgage loans The Company elected the fair value option in accounting for mortgage loans effective January 1, 2023 as targeted transition relief. Under the fair value option, mortgage loans are measured at fair value, and changes in unrealized gains and losses on mortgage loans are reported in net investment (losses) gains on the condensed consolidated statements of operations. Interest income and amortization continue to be recognized in net investment income on the consolidated statements of operations. Reinsurance Reinsurance Recoverables Reinsurance recoverables are carried net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate using the A.M. Best impairment rate and rating transition study which provides historical loss data of similarly rated reinsurance companies based on the expected duration of the receivables. This historical loss rate is adjusted for current conditions and reasonable and supportable forecasts and consideration of current economic conditions. Changes in the allowance for credit losses are recognized in underwriting, acquisition and insurance expenses on the consolidated statements of operations. Premiums Receivable Premiums receivable are carried net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate using historical write-offs and aging of receivables. This historical loss rate is adjusted for current conditions, reasonable and supportable forecasts and our ability to cancel coverage on a policy after premium is considered past due. Changes in the allowance for credit losses are recognized in underwriting, acquisition and insurance expenses on the consolidated statements of operations.

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The following tables set forth the amortized cost and the fair value by investment category at September 30, 2023 and December 31, 2022: ($ in thousands) Gross Gross Gross Allowance for Credit Losses Fair Value September 30, 2023 Fixed maturity securities, available-for-sale: U.S. government securities $ 47,778 $ — $ (1,396) $ — $ 46,382 Corporate securities and miscellaneous 357,652 228 (24,871) — 333,009 Municipal securities 93,489 8 (10,130) — 83,367 Residential mortgage-backed securities 255,083 36 (24,421) — 230,698 Commercial mortgage-backed securities 19,877 — (2,206) — 17,671 Asset-backed securities 168,962 201 (5,426) — 163,737 Total fixed maturity securities, available-for-sale $ 942,841 $ 473 $ (68,450) $ — $ 874,864 Fixed maturity securities, held-to-maturity: Asset-backed securities $ 44,757 $ — $ (3,668) $ (320) $ 40,769 Total fixed maturity securities, held-to-maturity $ 44,757 $ — $ (3,668) $ (320) $ 40,769 ($ in thousands) Gross Gross Gross Fair Value December 31, 2022 Fixed maturity securities, available-for-sale: U.S. government securities $ 50,416 $ 1 $ (1,876) $ 48,541 Corporate securities and miscellaneous 255,116 767 (20,754) 235,129 Municipal securities 65,836 24 (8,133) 57,727 Residential mortgage-backed securities 134,844 218 (15,206) 119,856 Commercial mortgage-backed securities 40,129 50 (3,684) 36,495 Asset-backed securities 116,275 91 (6,542) 109,824 Total fixed maturity securities, available-for-sale $ 662,616 $ 1,151 $ (56,195) $ 607,572 Fixed maturity securities, held-to-maturity: Asset-backed securities $ 52,467 $ — $ (5,696) $ 46,771 Total fixed maturity securities, held-to-maturity $ 52,467 $ — $ (5,696) $ 46,771 The following table sets forth the amortized cost and fair value of available-for-sale fixed maturity securities by contractual maturity at September 30, 2023: ($ in thousands) Amortized Fair Value Due in less than one year $ 29,963 $ 29,280 Due after one year through five years 256,015 240,868 Due after five years through ten years 130,724 118,893 Due after ten years 82,217 73,717 Mortgage-backed securities 274,960 248,369 Asset-backed securities 168,962 163,737 Total $ 942,841 $ 874,864 Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Also, changing interest rates, tax considerations or other factors may result in portfolio sales prior to maturity. The Company’s fixed maturity securities, held-to-maturity, at September 30, 2023 consisted entirely of asset backed securities that were not due at a single maturity date. The following tables set forth the gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities had been in a continuous unrealized loss position as of September 30, 2023 and December 31, 2022: Less than 12 Months 12 Months or More Total ($ in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses September 30, 2023 Fixed maturity securities, available-for-sale: U.S. government securities $ 24,001 $ (524) $ 22,381 $ (872) $ 46,382 $ (1,396) Corporate securities and miscellaneous 143,712 (5,181) 170,048 (19,690) 313,760 (24,871) Municipal securities 35,518 (1,667) 45,324 (8,463) 80,842 (10,130) Residential mortgage-backed securities 122,385 (4,506) 100,990 (19,915) 223,375 (24,421) Commercial mortgage-backed securities 7,648 (352) 10,023 (1,854) 17,671 (2,206) Asset-backed securities 81,952 (1,317) 65,329 (4,109) 147,281 (5,426) Total fixed maturity securities, available-for-sale 415,216 (13,547) 414,095 (54,903) 829,311 (68,450) Fixed maturity securities, held-to-maturity: Asset-backed securities — — 40,769 (3,668) 40,769 (3,668) Total fixed maturity securities, held-to-maturity: — — 40,769 (3,668) 40,769 (3,668) Total $ 415,216 $ (13,547) $ 454,864 $ (58,571) $ 870,080 $ (72,118) Less than 12 Months 12 Months or More Total ($ in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2022 Fixed maturity securities, available-for-sale: U.S. government securities $ 28,966 $ (603) $ 18,577 $ (1,273) $ 47,543 $ (1,876) Corporate securities and miscellaneous 171,506 (16,063) 34,283 (4,691) 205,789 (20,754) Municipal securities 51,701 (7,236) 3,689 (897) 55,390 (8,133) Residential mortgage-backed securities 56,246 (4,152) 52,778 (11,054) 109,024 (15,206) Commercial mortgage-backed securities 25,836 (1,488) 8,583 (2,196) 34,419 (3,684) Asset-backed securities 74,684 (3,351) 25,820 (3,191) 100,504 (6,542) Total fixed maturity securities, available-for-sale 408,939 (32,893) 143,730 (23,302) 552,669 (56,195) Fixed maturity securities, held-to-maturity: Asset-backed securities 46,771 (5,696) — — 46,771 (5,696) Total fixed maturity securities, held-to-maturity: 46,771 (5,696) — — 46,771 (5,696) Total $ 455,710 $ (38,589) $ 143,730 $ (23,302) $ 599,440 $ (61,891) The Company regularly monitors its available-for-sale fixed maturity securities that have fair values less than cost or amortized cost for signs of impairment, an assessment that requires significant management judgment regarding the evidence known. Such judgments could change in the future as more information becomes known, which could negatively impact the amounts reported. Among the factors that management considers for fixed maturity securities are the financial condition of the issuer including receipt of scheduled principal and interest cash flows, and intent to sell, including if it is more likely than not that the Company will be required to sell the investments before recovery. As of September 30, 2023, the Company had 869 lots of fixed maturity securities in an unrealized loss position. The Company does not have an intent to sell these securities and it is not more likely than not that the Company will be required to sell these securities before maturity or recovery of its cost basis. The Company determined that no credit impairment existed in the gross unrealized holding losses because the credit ratings of these securities were consistent with the credit ratings when purchased and/or at origination, there were no adverse changes in financial condition of the issuer and no adverse credit quality events in underlying assets. The Company attributed the unrealized losses to the changes in interest rates. The following table sets forth the components of net investment (losses) gains for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 Gross realized gains Fixed maturity securities, available-for sale $ 156 $ 64 $ 860 $ 174 Equity securities 3,959 605 6,000 3,481 Other — — 1 36 Total 4,115 669 6,861 3,691 Gross realized losses Fixed maturity securities, available-for sale (381) (288) (837) (781) Equity securities (245) (1,388) (5,006) (2,825) Other (82) (1) (84) (22) Total (708) (1,677) (5,927) (3,628) Net unrealized (losses) gains on investments Equity securities (6,417) (6,297) 2,367 (26,180) Mortgage loans 26 — 27 — Net investment (losses) gains $ (2,984) $ (7,305) $ 3,328 $ (26,117) The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the nine months ended September 30, 2023 and 2022: Nine months ended September 30, ($ in thousands) 2023 2022 Fixed maturity securities, available-for sale $ 25,465 $ 9,646 Equity securities 38,581 32,356 The following table sets forth the components of net investment income for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 Income: Fixed maturity securities, available-for sale $ 9,180 $ 4,912 $ 23,439 $ 12,103 Fixed maturity securities, held-to-maturity 1,067 805 3,321 4,147 Equity securities 769 912 2,539 2,650 Equity method investments (4) (3,861) (6,772) 7,615 Mortgage loans 1,249 1,275 3,997 3,109 Indirect loans (761) 3,104 (4,009) 7,783 Short-term investments and cash 3,165 505 8,140 716 Other (115) (135) (106) (153) Total investment income 14,550 7,517 30,549 37,970 Investment expenses (1,461) (1,529) (4,231) (6,303) Net investment income $ 13,089 $ 5,988 $ 26,318 $ 31,667 The following table sets forth the change in net unrealized losses on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive loss for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 Fixed maturity securities $ (15,706) $ (22,500) $ (12,933) $ (61,957) Deferred income taxes 3,317 4,725 2,745 13,011 Total $ (12,389) $ (17,775) $ (10,188) $ (48,946)

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements 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 its consolidated financial statements. In determining fair value, the market approach is generally applied, which uses prices and other relevant data based on market transactions involving identical or comparable assets and liabilities. The Company uses data primarily provided by third-party investment managers or pricing vendors to determine the fair value of its investments. Periodic analyses are performed on prices received from third parties to determine whether the prices are reasonable estimates of fair value. The analyses include a review of month-to-month price fluctuations and, as needed, a comparison of pricing services’ valuations to other pricing services’ valuations for the identical security. The Company classifies its financial instruments into the following three-level hierarchy: Level 1 - Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date. Level 2 - Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date. Level 3 - Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying consolidated financial statements and in these notes: U.S. government securities, mutual funds and common stock The Company uses unadjusted quoted prices for identical instruments in an active exchange to measure fair value which represent Level 1 inputs. Preferred stocks, municipal securities, corporate securities and miscellaneous The Company uses a pricing model that utilizes market-based inputs such as trades in an illiquid market for a particular security or trades in active markets for securities with similar characteristics. The model considers other inputs such as benchmark yields, issuer spreads, security terms and conditions, and other market data. These represent Level 2 fair value inputs. Commercial mortgage-backed securities, residential mortgage-backed securities and asset-backed securities The Company uses a pricing model that utilizes market-based inputs that may include dealer quotes, market spreads, and yield curves. It may evaluate individual tranches in a security by determining cash flows using the security’s terms and conditions, collateral performance, credit information benchmark yields and estimated prepayments. These represent Level 2 fair value inputs. Mortgage loans Mortgage loans have variable interest rates and are collateralized by real property. The Company determines fair value of mortgage loans using the income approach utilizing inputs that are observable and unobservable (Level 3). The unobservable input consists of the spread applied to a prime rate used to discount cash flows. The spread represents the incremental cost of capital based on the borrower’s ability to make future payments and the value of the collateral relative to the loan balance and is subject to judgement and uncertainty. The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of September 30, 2023: September 30, 2023 High 15.28 % Low 4.50 % Weighted average 6.82 % The following tables set forth the Company’s investments within the fair value hierarchy at September 30, 2023 and December 31, 2022: September 30, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale: U.S. government securities $ 46,382 $ — $ — $ 46,382 Corporate securities and miscellaneous — 333,009 — 333,009 Municipal securities — 83,367 — 83,367 Residential mortgage-backed securities — 230,698 — 230,698 Commercial mortgage-backed securities — 17,671 — 17,671 Asset-backed securities — 163,737 — 163,737 Total fixed maturity securities, available-for-sale 46,382 828,482 — 874,864 Fixed maturity securities, held-to-maturity: Asset-backed securities — — 40,769 40,769 Total fixed maturity securities, held-to-maturity — — 40,769 40,769 Common stocks: Consumer discretionary 1,687 — — 1,687 Consumer staples 13,345 — — 13,345 Energy 3,434 — — 3,434 Finance 21,556 — — 21,556 Industrial 10,681 — — 10,681 Information technology 3,974 — — 3,974 Materials 3,173 — — 3,173 Other 2,291 — — 2,291 Total common stocks 60,141 — — 60,141 Preferred stocks: Consumer staples — 404 — 404 Finance — 4,756 — 4,756 Industrial — 1,025 — 1,025 Other — 714 — 714 Total preferred stocks — 6,899 — 6,899 Mutual funds: Fixed income 5,197 — — 5,197 Equity 34,678 — — 34,678 Commodity 472 — — 472 Total mutual funds 40,347 — — 40,347 Total equity securities 100,488 6,899 — 107,387 Mortgage loans — — 59,318 59,318 Short-term investments 194,049 — — 194,049 Total investments $ 340,919 $ 835,381 $ 100,087 $ 1,276,387 December 31, 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale: U.S. government securities $ 48,541 $ — $ — $ 48,541 Corporate securities and miscellaneous — 235,129 — 235,129 Municipal securities — 57,727 — 57,727 Residential mortgage-backed securities — 119,856 — 119,856 Commercial mortgage-backed securities — 36,495 — 36,495 Asset-backed securities — 109,824 — 109,824 Total fixed maturity securities, available-for-sale 48,541 559,031 — 607,572 Fixed maturity securities, held-to-maturity: Asset-backed securities — — 46,771 46,771 Total fixed maturity securities, held-to-maturity: — — 46,771 46,771 Common stocks: Consumer discretionary 1,948 — — 1,948 Consumer staples 12,036 — — 12,036 Energy 3,241 — — 3,241 Finance 22,636 — — 22,636 Industrial 9,452 — — 9,452 Information technology 2,284 — — 2,284 Materials 2,820 — — 2,820 Other 1,579 — — 1,579 Total common stocks 55,996 — — 55,996 Preferred stocks: Consumer staples — 117 — 117 Finance — 7,085 — 7,085 Industrial — 1,020 — 1,020 Other — 549 — 549 Total preferred stocks — 8,771 — 8,771 Mutual funds: Fixed income 5,068 — — 5,068 Equity 49,773 — — 49,773 Commodity 561 — — 561 Total mutual funds 55,402 — — 55,402 Total equity securities 111,398 8,771 — 120,169 Mortgage loans — — 52,842 52,842 Short-term investments 121,158 — — 121,158 Total investments $ 281,097 $ 567,802 $ 99,613 $ 948,512 The following table sets forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the nine months ended September 30, 2023: ($ in thousands) Mortgage Loans Balance at December 31, 2022 $ 52,842 Total gains for the period recognized in net investment gains (losses) 22 Issuances 892 Settlements (11,421) Balance at March 31, 2023 $ 42,335 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ (14) Total gains for the period recognized in net investment gains (losses) (21) Issuances 30 Settlements (9,582) Balance at June 30, 2023 $ 32,762 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ 3 Total gains for the period recognized in net investment gains (losses) 26 Issuances 26,530 Settlements — Balance at September 30, 2023 $ 59,318 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ 26 The Company measures certain assets, including investments in indirect loans and loan collateral, equity method investments and other invested assets, at fair value on a nonrecurring basis only when they are deemed to be impaired. In addition to the preceding disclosures on assets and liabilities recorded at fair value in the consolidated balance sheets, the Company is also required to disclose the fair values of certain other financial instruments for which it is practicable to estimate fair value. Estimated fair value amounts, defined as the quoted market price of a financial instrument, have been determined using available market information and other appropriate valuation methodologies. However, considerable judgements are required in developing the estimates of fair value where quoted market prices are not available. Accordingly, these estimates are not necessarily indicative of the amounts that could be realized in a current market exchange. The use of different market assumptions or estimating methodologies may have an effect on the estimated fair value amounts. The following methods and assumptions were used in estimating the fair value disclosures of other financial instruments: Fixed maturity securities, held-to-maturity: Fixed maturity securities, held-to-maturity consists of senior and junior notes with target rates of return. As of September 30, 2023, the Company determined the fair value of these instruments using the income approach utilizing inputs that are unobservable (Level 3). Notes payable: The carrying value approximates the estimated fair value for notes payable as the notes payable accrue interest at current market rates plus a spread. The Company determines fair value using the income approach utilizing inputs that are observable (Level 2). Subordinated debt: Subordinated debt consists of two debt instruments, the Junior Subordinated Interest Debentures, due September 15, 2036, and Unsecured Subordinated Notes, due May 24, 2039. The carrying value of the Junior Subordinated Interest Debentures approximates the estimated fair value as the instrument accrues interest at current market rates plus a spread. Unsecured Subordinated Notes have a fixed interest rate. The Company determines the fair value of these instruments using the income approach utilizing inputs that are observable (Level 2). The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 ($ in thousands) Carrying Fair Carrying Fair Notes Payable Term loan, due December 31, 2024 $ — $ — $ 50,000 $ 50,000 Revolving credit facility 50,000 50,000 — — Notes payable $ 50,000 $ 50,000 $ 50,000 $ 50,000 Subordinated Debt Junior subordinated interest debentures $ 59,174 $ 59,794 $ 59,137 $ 59,794 Unsecured subordinated notes 19,496 19,326 19,472 18,934 Subordinated debt, net of debt issuance costs $ 78,670 $ 79,120 $ 78,609 $ 78,728

Mortgage Loans

Mortgage Loans	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Mortgage Loans	Mortgage Loans The Company has invested in Separately Managed Accounts (“SMA1” and “SMA2”), managed by Arena Investors, LP (“Arena”), which is affiliated with The Westaim Corporation (“Westaim”) who, directly and through Westaim HIIG LP (a limited partnership controlled by Westaim), is the Company’s largest stockholder. As of September 30, 2023 and December 31, 2022, the Company held direct investments in mortgage loans from various creditors through SMA1 and SMA2. The Company’s mortgage loan portfolios are primarily senior loans on real estate across the U.S. The loans earn interest at a fixed spread above a prime rate, mature in approximately 1 to 2 years from loan origination and the principal amounts of the loans range between 61% to 90% property’s appraised value at the time the loans were made. Mortgage loan participations are carried at fair value as of September 30, 2023 and cost adjusted for unamortized premiums, discounts, and loan fees as of December 31, 2022. The carrying value of the Company’s mortgage loans as of September 30, 2023 and December 31, 2022 were as follows: ($ in thousands) September 30, 2023 December 31, 2022 Commercial $ 16,469 $ 15,309 Retail 16,262 16,516 Hospitality 17,846 4,915 Industrial 6,117 6,329 Multi-family 2,624 5,593 Office — 3,197 $ 59,318 $ 51,859 The Company’s gross investment income for mortgage loans for the three and nine months ended September 30, 2023 and 2022 were as follows: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 Commercial $ 588 $ 320 $ 1,637 $ 707 Retail 364 337 1,375 846 Hospitality 204 116 497 264 Office — 84 203 306 Multi-family 93 237 285 553 Industrial — 181 — 433 $ 1,249 $ 1,275 $ 3,997 $ 3,109 The uncollectible amounts on loans, on an individual loan basis, are determined based upon consultations and advice from the Company’s specialized investment manager and consideration of any adverse situations that could affect the borrower’s ability to repay, the estimated value of underlying collateral, and other relevant factors. The Company writes off the uncollectible amount in the period it was determined to be uncollectible. There was no write-off for uncollectible amounts during the three and nine months ended September 30, 2023 and 2022. As of September 30, 2023 and December 31, 2022, approximately $6.7 million and $6.4 million of mortgage loans, respectively, were in the process of foreclosure. The carrying value of the mortgage loans in foreclosure is the lower of cost adjusted for unamortized premiums, discounts, and loan fees or the fair value of the collateral less costs to sell.

Other Long-Term investments

Other Long-Term investments	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Other Long-Term Investments	Other Long-Term Investments Equity Method Investments The Company’s ownership interests in most of its equity method investments range from approximately 3% to less than 50% where the Company has significant influence but not control. The carrying value of the Company’s equity method investments as of September 30, 2023 and December 31, 2022 were as follows: ($ in thousands) September 30, 2023 December 31, 2022 Arena Special Opportunities Fund, LP units $ 41,531 $ 44,504 JVM Funds LLC units 20,651 22,473 Arena SOP LP units 4,797 8,734 RISCOM 4,810 4,037 Hudson Ventures Fund 2 LP units 4,365 3,551 Dowling Capital Partners LP units 2,305 1,965 Universa Black Swan LP units — 1,325 Brewer Lane Ventures Fund II LP units 336 200 $ 78,795 $ 86,789 The following table sets forth the components of net investment (loss) income from equity method investments for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 Dowling Capital Partners LP units $ 172 $ (31) $ 777 $ 524 RISCOM 468 373 773 1,199 Brewer Lane Ventures Fund II LP (25) — (54) — Hudson Ventures Fund II LP units 551 (26) 138 371 JVM Funds LLC (252) 220 (893) (548) Universa Black Swan LP units (84) (812) (988) (2,362) Arena SOP LP units (1,160) (4,068) (3,938) 3,702 Arena Special Opportunities Fund, LP units 326 483 (2,587) 4,729 $ (4) $ (3,861) $ (6,772) $ 7,615 The following table sets forth the unfunded commitment of equity method investments as of September 30, 2023 and December 31, 2022: ($ in thousands) September 30, 2023 December 31, 2022 Brewer Lane Ventures Fund II LP units $ 4,610 $ 4,800 Hudson Ventures Fund 2 LP units 1,120 1,796 Dowling Capital Partners LP units 386 386 $ 6,116 $ 6,982 The difference between the cost of an investment and its proportionate share of the underlying equity in net assets is allocated to the various assets and liabilities of the equity method investment. The Company amortizes the difference in net assets over the same useful life of a similar asset as the underlying equity method investment. For investment in RISCOM, a similar asset would be agent relationships. The Company amortizes this difference over a 15-year useful life. The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of September 30, 2023 and December 31, 2022: ($ in thousands) September 30, 2023 December 31, 2022 Investment in RISCOM: Underlying equity $ 3,248 $ 2,292 Difference 1,562 1,745 Recorded investment balance $ 4,810 $ 4,037 The following table sets forth the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of September 30, 2023 and December 31, 2022: ($ in thousands) September 30, 2023 December 31, 2022 Investment in JVM Funds LLC: Underlying equity $ 19,856 $ 21,565 Difference 795 908 Recorded investment balance $ 20,651 $ 22,473 Investment in Indirect Loans and Loan Collateral As of September 30, 2023 and December 31, 2022, the Company held indirect investments in collateralized loans and loan collateral through SMA1 and SMA2. The carrying value and unfunded commitment of the SMA1 and SMA2 as of September 30, 2023 and December 31, 2022 were as follows: September 30, 2023 December 31, 2022 ($ in thousands) Carrying Value Unfunded Commitment Carrying Value Unfunded Commitment SMA1 $ 31,958 $ — $ 36,426 $ — SMA2 444 — 2,010 — Investment in indirect loans and loan collateral $ 32,402 $ — $ 38,436 $ — Investment in Trust

Allowance for Credit Losses

Allowance for Credit Losses	9 Months Ended
	Sep. 30, 2023
Credit Loss [Abstract]
Allowance for Credit Losses	Allowance for Credit Losses Premiums Receivable The following table sets forth the changes in the allowance for expected credit losses on premiums receivable for the nine months ended September 30, 2023. ($ in thousands) Allowance for Credit Losses Balance at December 31, 2022 $ 629 Cumulative effect of adoption of ASU 2016-13 at January 1, 2023 — Current period change for estimated uncollectible premiums 409 Write-offs of uncollectible premiums receivable (56) Balance at March 31, 2023 $ 982 Current period change for estimated uncollectible premiums 37 Write-offs of uncollectible premiums receivable (96) Recoveries of amounts previously written off 18 Balance at June 30, 2023 $ 941 Current period change for estimated uncollectible premiums 277 Write-offs of uncollectible premiums receivable (228) Recoveries of amounts previously written off 17 Balance at September 30, 2023 $ 1,007 Reinsurance Recoverables The Company analyzes the credit risk associated with its reinsurance recoverables by monitoring the financial strength rating of its reinsurers from A.M. Best, a widely recognized rating agency with an exclusive insurance industry focus. The Company assesses the financial strength rating annually and updated throughout the year as A.M. Best provides updates on ratings and outlooks. The Company assesses the adequacy of various forms of credit enhancements such as reinsurance payables, letters of credit and funds held. The Company’s reinsurance recoverables net of credit enhancements by A.M. Best rating as of September 30, 2023 was as follows: A.M. Best Rating September 30, 2023 A- and above 98.0 % B++ to B+ 2.0 Not rated — The Company considers reinsurance balances to be past due when they are 90 days past due. The following table sets forth the changes in the allowance for estimated uncollectible reinsurance for the nine months ended September 30, 2023: ($ in thousands) Allowance for Credit Losses Balance at December 31, 2022 $ — Cumulative effect of adoption of ASU 2016-13 at January 1, 2023 2,295 Current period change for estimated uncollectible reinsurance — Write-offs of uncollectible reinsurance recoverables — Balance at March 31, 2023 $ 2,295 Current period change for estimated uncollectible reinsurance — Write-offs of uncollectible reinsurance recoverables — Balance at June 30, 2023 $ 2,295 Current period change for estimated uncollectible reinsurance — Write-offs of uncollectible reinsurance recoverables — Balance at September 30, 2023 $ 2,295

Notes_Payable

Notes Payable	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Notes Payable	Notes Payable The Company entered into an agreement to obtain a new unsecured revolving credit facility (the “Revolving Credit Facility”) with a syndicate of participating banks during the first quarter of 2023. The Revolving Credit Facility provided the Company with up to a $150.0 million revolving credit facility, with an accordion that can increase the capacity by $50.0 million, and a letter of credit sub-facility of up to $30.0 million. During the nine months ended September 30, 2023, the Company drew $50.0 million on the Revolving Credit Facility and used the proceeds to pay off the principal on its existing term loan. The Company subsequently terminated the existing term loan and revolving line of credit. Interest on the Revolving Credit Facility is payable quarterly. The interest rate on the Revolving Credit Facility is the Secured Overnight Financing Rate (“SOFR”) plus a margin of between 150 and 190 basis points based on the ratio of debt to total capital and a credit spread adjustment of 10 basis points. At September 30, 2023, the six-month SOFR on the Revolving Credit Facility was 5.47%, plus a margin of 1.60%.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Reverse Stock Split On September 23, 2022, the Board of Directors approved a 4-for-1 reverse stock split of the Company’s common stock. The reverse stock split became effective January 3, 2023. All share and per share information included in the accompanying consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted to reflect the reverse stock split of common stock for all periods presented. Initial Public Offering On January 4, 2023, the Company announced the launch of its initial public offering (“IPO”) of its common stock. On January 12, 2023, the Company priced its IPO of 8,952,383 shares of its common stock, with 4,750,000 shares offered by the Company and 4,202,383 shares sold by selling stockholders, at a price of $15.00 per share. The shares began trading on January 13, 2023 on the Nasdaq Global Select Market under the ticker symbol “SKWD.” The Company completed its IPO on January 18, 2023. The underwriters exercised in full their option to purchase 1,342,857 additional shares of common stock from the selling stockholders, at a price per share of $15.00. The Company’s net proceeds from the IPO were approximately $62.0 million, after deducting underwriting discounts and specific incremental expenses directly attributable to the IPO. Upon the closing of its IPO, the Company filed an amended and restated certificate of incorporation which, among other things, increased the number of authorized shares consisting of 500,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share. Preferred Shares Conversion The Preferred Shares had preference in liquidation over common stock in the amount of the face value of $50.00 per share and any declared but unpaid dividends to related common shares at the applicable conversion rate. The Preferred Shares provided the holder the option at any time to convert the Preferred Shares into common stock based on the Option Conversion Rate. At December 31, 2022, the Company had 1,969,660 Preferred Shares that could be converted to 16,305,113 common shares based on a conversion price equal to $6.04 per common share. The Preferred Shares were subject to mandatory conversion upon the closing of an IPO at the Mandatory Conversion Rate. At December 31, 2022, the Mandatory Conversion Rate allowed the holder of the Preferred Shares the right to convert into common stock based on a conversion price equal to $6.04 per common share. On January 18, 2023, the 1,969,660 Preferred Shares converted to 16,305,113 shares of common stock upon the Company’s closing of its IPO.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table sets forth the Company’s income tax expense (benefit) and effective tax rates for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands 2023 2022 2023 2022 Income tax expense (benefit) $ 6,084 $ (719) $ 15,814 $ 4,842 Effective tax rate 21.9 % 23.1 % 21.8 % 20.3 % The effective tax rate will differ from the statutory rate of 21 percent due to permanent differences for disallowed expenses for tax and beneficial adjustments for tax-exempt income and dividends-received deduction. The Company paid federal income taxes of $10.0 million during the nine months ended September 30, 2023.

Losses and Loss Adjustment Expe

Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Losses and Loss Adjustment Expenses	Losses and Loss Adjustment Expenses The following table sets forth the reconciliation of unpaid losses and loss adjustment expenses (“LAE”) as reported in the condensed consolidated balance sheets as of and for the nine months ended September 30, 2023 and 2022: Nine months ended September 30, ($ in thousands) 2023 2022 Reserves for losses and LAE, beginning of period $ 1,141,757 $ 979,549 Less: reinsurance recoverable on unpaid claims, beginning of period (435,986) (381,338) Reserves for losses and LAE, beginning of period, net of reinsurance 705,771 598,211 Incurred, net of reinsurance, related to: Current period 378,811 284,265 Prior years — 14,385 Total incurred, net of reinsurance 378,811 298,650 Paid, net of reinsurance, related to: Current period 67,267 62,864 Prior years 187,256 158,749 Total paid 254,523 221,613 Net reserves for losses and LAE, end of period 830,059 675,248 Plus: reinsurance recoverable on unpaid claims, end of period 438,652 386,752 Reserves for losses and LAE, end of period $ 1,268,711 $ 1,062,000

Commission and Fee Income

Commission and Fee Income	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Commission and Fee Income	Commission and Fee Income Skyward Underwriters Agency, Inc. (“SUA”), a subsidiary of the Company, is a managing general insurance agent and reinsurance broker for property and casualty and accident and health risks in specialty niche markets. Commission and fee income is primarily generated from SUA for the placement of insurance policies on either a third-party insurance or reinsurance company. The following table sets forth the Company’s disaggregated revenues from contracts with customers for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 SUA commission revenue $ 1,357 $ 967 $ 3,599 $ 2,626 SUA fee income 672 280 1,933 785 Other 56 115 285 241 Total commission and fee income $ 2,085 $ 1,362 $ 5,817 $ 3,652 The Company’s contract assets from commission and fee income as of September 30, 2023 and December 31, 2022 were $2.3 million and $1.3 million, respectively. Contract assets were $1.7 million and $1.2 million as of September 30, 2022 and December 31, 2021, respectively.

Underwriting, Acquisition and I

Underwriting, Acquisition and Insurance Expenses	9 Months Ended
	Sep. 30, 2023
Other Income and Expenses [Abstract]
Underwriting, Acquisition and Insurance Expenses	Underwriting, Acquisition and Insurance Expenses The following table sets forth the components of underwriting, acquisition and insurance expenses for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 Amortization of policy acquisition costs $ 34,071 $ 17,379 $ 78,442 $ 45,514 Other operating and general expenses 34,244 29,961 98,211 86,744 Total underwriting, acquisition and insurance expenses $ 68,315 $ 47,340 $ 176,653 $ 132,258

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Reinsurance	Reinsurance Certain premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The reinsurance agreements provide the Company with increased capacity to write larger risks and maintain its exposure to loss within its capital resources. The Company remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations. The following table sets forth the effects of reinsurance on written and earned premiums and losses and loss adjustment expenses for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, 2023 2022 ($ in thousands) Written Earned Written Earned Direct premiums $ 308,215 $ 299,294 $ 246,339 $ 242,727 Assumed premiums 47,517 51,665 23,911 30,020 Ceded premiums (75,036) (123,926) (98,795) (114,699) Net premiums $ 280,696 $ 227,033 $ 171,455 $ 158,048 Ceded losses and LAE incurred $ 103,753 $ 60,878 Nine months ended September 30, 2023 2022 ($ in thousands) Written Earned Written Earned Direct premiums $ 947,977 $ 845,200 $ 771,668 $ 695,567 Assumed premiums 190,247 139,522 107,451 82,549 Ceded premiums (441,650) (380,511) (383,532) (332,265) Net premiums $ 696,574 $ 604,211 $ 495,587 $ 445,851 Ceded losses and LAE incurred $ 255,855 $ 190,465 The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of September 30, 2023 and December 31, 2022: ($ in thousands) September 30, 2023 December 31, 2022 Ceded unpaid losses and LAE $ 438,652 $ 435,986 Ceded paid losses and LAE 153,735 107,228 Loss portfolio transfer 25,583 38,145 Allowance for credit losses (2,295) — Reinsurance recoverables $ 615,675 $ 581,359 Ceded unearned premium $ 218,784 $ 157,645 The Company entered into agreements with several of its reinsurers, whereby the reinsurer established funded trust accounts with the Company as the sole beneficiary. These trust accounts provide the Company additional security to collect claim recoverables under reinsurance contracts and the Company does not carry these on the balance sheet because the Company will only have custody over these accounts upon the failure of the reinsurer to pay amounts due. At September 30, 2023, the market value of these accounts was approximately $137.4 million. The agreements provide that, as was customary in the past, the reinsurer will continue claim payment reimbursements without disturbing the trust balances. The trust amount will be adjusted periodically, by mutual agreement, based on loss reserve recoverables. Certain ceded reinsurance contracts that transfer only significant timing risk and do not transfer sufficient underwriting risk are accounted for using the deposit method of accounting. The Company’s deposit asset at September 30, 2023 and December 31, 2022 was $33.2 million and $41.8 million, respectively, and was included in other assets on the condensed consolidated balance sheets.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	Stock Based Compensation On September 23, 2022, the Compensation Committee of the Company’s Board of Directors (“Compensation Committee”) approved the Company’s 2022 Long-Term Incentive Plan (the “2022 Plan”), which became effective on January 12, 2023. The 2022 Plan provides for the granting of restricted stock, restricted stock units, performance stock units, stock options as well as cash-based performance awards, to select employees and non-employee directors of the Company. The 2022 Plan stated that 3,200,516 shares of common stock were available for issuance. On September 23, 2022, the Compensation Committee approved the Company’s 2022 Employee Stock Purchase Plan (the “ESPP”), which became effective on May 15, 2023. Under the ESPP, all employees of the Company may choose, at two different specified time intervals each year, to have a percentage of their annual base earnings withheld to purchase the Company’s common stock. The purchase price of the common stock is 85% of the lower of its beginning-of-interval or end-of-interval market price. As of September 30, 2023, 376,531 common stock were available for purchase under this plan. In December 2020, the Compensation Committee approved a Long Term Incentive Plan (the “2021 Plan”). The 2021 Plan provides for the granting of restricted stock, restricted stock units and performance stock units (collectively “restricted stock units” or “stock units”), as well as cash-based performance awards, to select employees and non-employee directors of the Company. The Compensation Committee granted 1,101,116 and 198,842 shares of restricted stock and restricted stock units during the nine months ended September 30, 2023 and 2022, under the 2022 Plan and 2021 Plan, respectively. Members of the Board of Directors were granted 22,742 and 15,196 shares of restricted stock during the nine months ended September 30, 2023 and 2022, respectively, with a service period of 1 year. The fair value of restricted stock and restricted stock units under the 2022 Plan for awards granted at the time of the Company’s IPO were granted at the IPO price of $15.00 per share. The fair value of subsequent grants were equal to the closing stock price on the date the restricted stock units were granted. The Compensation Committee granted 759,990 stock options during the nine months ended September 30, 2023. The grant date fair value of the options under the 2022 Plan was determined using the Black-Scholes model where the term was the contractual term of 10 years less the weighted average service period. The volatility was determined based on the historical volatility of comparable publicly traded insurance companies. The grant date fair value of options under the ESPP was determined using the Black-Scholes model where the term was the length of time between the grant date and the date the options are exercisable of 6 months. The volatility was determined based on the historical volatility of comparable publicly traded insurance companies. The restricted stock and restricted stock units granted to employees and the Board of Directors during the nine months ended September 30, 2023 and 2022 were valued at approximately $17.7 million and $2.6 million, respectively, based on the grant date fair value. The stock options granted to employees during the nine months ended September 30, 2023 were valued at approximately $4.4 million based on the grant date fair value. The following table sets forth the Company’s equity awards, target payout ranges and authorized target restricted stock and stock units for the nine months ended September 30, 2023 and 2022: Award Requisite Target Nine months ended September 30, 2023 Market condition awards 0%–150% 3 years 37,622 Performance condition awards 0%–150% 3 years 95,456 Service condition awards N/A 1–4 years 968,038 Stock options N/A 3–4 years 759,990 1,861,106 Nine months ended September 30, 2022 Market condition awards 0%–150% 3 years 28,495 Performance condition awards 0%–150% 3 years 26,210 Service condition awards N/A 1–3 years 144,137 198,842 The following table sets forth option activity for the nine months ended September 30, 2023: Weighted-Average Stock Outstanding at January 1, 2023 — Granted $ 15.00 759,990 Exercised — Forfeited — Outstanding at September 30, 2023 759,990 The intrinsic value of each option is determined based on the difference between the fair value of the underlying share and the exercise price of the underlying option. The aggregate intrinsic value of options outstanding at September 30, 2023 was $9.4 million. The weighted-average remaining contractual life of the options outstanding at September 30, 2023 was 9.3 years. The following table sets forth the Company’s restricted stock and restricted stock units activity for the nine months ended September 30, 2023 and 2022: Weighted-Average Stock and Stock Units Non-vested at January 1, 2023 $ 12.55 419,896 Granted 16.06 1,101,116 Vested 13.21 (35,954) Forfeited 15.30 (36,354) Non-vested at September 30, 2023 $ 15.12 1,448,704 Non-vested at January 1, 2022 $ 13.23 375,643 Granted 14.17 198,842 Vested 15.55 (126,978) Forfeited 12.51 (10,547) Non-vested at September 30, 2022 $ 12.54 436,960 The total fair value of shares vested at September 30, 2023 and 2022 were $1.0 million and $2.0 million, respectively. As of September 30, 2023 the total unrecognized compensation cost related to non-vested, stock-based compensation awards was $18.1 million and the weighted average period over which that cost is expected to be recognized is 1.7 years. For the three and nine months ended September 30, 2023, the Company recognized $2.3 million and $6.2 million of stock-based compensation expense, respectively. For the three and nine months ended September 30, 2022, the Company recognized $0.5 million and $1.7 million, of stock-based compensation expense, respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth a reconciliation of the numerator and denominator of basic and diluted earnings (loss) per share computations contained in the period-ended consolidated financial statements for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands, except for share and per share amounts) 2023 2022 2023 2022 Numerator Net income (loss) $ 21,711 $ (2,399) $ 56,719 $ 18,977 Less: Undistributed income allocated to participating securities — — (1,492) (9,124) Net income (loss) attributable to common stockholders (numerator for basic earnings per share) 21,711 (2,399) 55,227 9,853 Add back: Undistributed income allocated to participating securities — — 1,492 9,124 Net income (loss) (numerator for diluted earnings per share under the two-class method) $ 21,711 $ (2,399) $ 56,719 $ 18,977 Denominator Basic weighted-average common shares 36,743,393 16,465,588 35,502,843 16,464,313 Preferred shares (if converted method) — — 959,124 15,245,533 Contingently issuable instruments (treasury stock method) 706,794 — 684,017 518,727 Market condition awards (contingently issuable) 93,935 — 89,467 103,811 Performance awards (contingently issuable) 87,297 — 52,223 39,231 Restricted stock units (treasury stock method) 618,750 — 467,911 227,054 Options (treasury stock method) 153,674 — 74,846 — Diluted weighted-average common share equivalents 38,403,843 16,465,588 37,830,431 32,598,669 Basic earnings (loss) per share $ 0.59 $ (0.15) $ 1.56 $ 0.60 Diluted earnings (loss) per share $ 0.57 $ (0.15) $ 1.50 $ 0.58 The Company’s preferred shares participate in dividends and distributions with common stock on an as-converted basis and represent a participating security. Instruments awarded to employees that provide the holder the right to purchase common stock at a fixed price were included as potential common shares, weighted for the portion of the period they were granted, if dilutive. Anti-dilutive instruments are excluded from the calculation of diluted weighted-average common share equivalents as they would have an anti-dilutive impact. The following table sets forth the weighted-average instruments that were excluded from the calculation of diluted weighted-average common share equivalents during the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Preferred shares (if converted method) — 15,247,437 — — Contingently issuable instruments (treasury stock method) — 510,577 — 3,024 Market condition awards (contingently issuable) 1,881 112,454 1,488 — Performance awards (contingently issuable) 1,670 42,411 1,391 — Restricted stock units (treasury stock method) 1,518 252,180 1,667 — Options (treasury stock method) 2 — 364,714 — The Company’s common and preferred shares financed by stock notes are contingently issuable instruments where the holder must return, all or part of, the shares if the stock notes are not paid off. The following table sets forth common share equivalents of contingently issuable instruments (in shares) that were excluded from basic earnings (loss) per share for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Common shares 932,588 80,526 932,588 80,526 Preferred shares, if converted — 1,059,602 — 1,059,602 Total 932,588 1,140,128 932,588 1,140,128

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Westaim In July 2023, Westaim dissolved Westaim HIIG LP and obtained direct ownership of the Company’s common stock held by the partnership. As of September 30, 2023, Westaim owned 28.1% of the Company’s common stock. As of December 31, 2022, Westaim, including shares beneficially owned through Westaim HIIG LP, owned 44.5% of the Company’s common stock. The changes in ownership percentage were primarily due to the IPO, conversion of preferred stock to common stock, distribution of shares controlled by Westaim through a limited partnership, and secondary offering. The Company’s investment in Westaim was included in equity securities on the consolidated balance sheets. The unrealized loss on this investment as of September 30, 2023 and December 31, 2022 was $1.3 million and $2.3 million, respectively. Prior to the closing of the IPO, Westaim performed consulting and certain other services for the Company pursuant to a Management Services Agreement. This agreement terminated pursuant to its terms upon the closing of the IPO. RISCOM RISCOM provides the Company with wholesale brokerage services. RISCOM and the Company also have a managing general agency agreement. The Company holds a 20% ownership interest in RISCOM. Net earned premium and gross commission expense related to these agreements for the three and nine months ended September 30, 2023 and 2022 were as follows: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 Net earned premium $ 31,649 $ 23,712 $ 73,750 $ 67,239 Commissions 6,119 5,558 19,122 18,666 Premiums receivable as of September 30, 2023 and December 31, 2022 were $14.8 million and $9.9 million, respectively. Reinsurance The Company has reinsurance agreements with Everest Re, an affiliate of Mt. Whitney Securities, LLC, which was a limited partner of Westaim HIIG LP through November 30, 2022, and holder of preferred shares. During the nine months ended September 30, 2023, Mt. Whitney Securities divested their entire ownership of the Company’s equity securities. Reinsurance premiums ceded during the three and nine months ended September 30, 2022 related to the agreement were $11.0 million and $53.2 million, respectively. Reinsurance recoverable from Everest Re, net of premium payables at December 31, 2022 were $177.5 million. Other Advisory and professional services fees and expense reimbursements paid to various affiliated stockholders and directors for the three and nine months ended September 30, 2023 were $0.5 million and $3.1 million, respectively, compared to $0.6 million and $2.8 million for the three and nine months ended September 30, 2022, respectively.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is named as a defendant in various legal actions arising from claims made under insurance policies and contracts. Those actions are considered by the Company in estimating the losses and loss adjustment expense reserves. Also, from time to time, the Company is a defendant in various legal actions that relate to bad faith claims, disputes with third parties or that involve alleged errors and omissions. The Company records accruals for these items to the extent the losses are probable and reasonably estimable. Although the ultimate outcome of these matters cannot be determined at this time, based on present information, the availability of insurance coverage and advice received from outside legal counsel, the Company believes the resolution of any such matters will not, individually or in the aggregate, have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. Indemnification

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 21,711	$ 19,452	$ 15,556	$ (2,399)	$ 5,065	$ 16,311	$ 56,719	$ 18,977

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements of Skyward Specialty Insurance Group, Inc. (the “Company”) have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the disclosures required by GAAP for complete consolidated financial statements. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for a more complete description of the Company’s business and accounting policies. In the opinion of management, all adjustments necessary for a fair statement of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results of operations for the full year. The consolidated balance sheet as of December 31, 2022 was derived from the Company’s audited annual consolidated financial statements.
Use of Estimates	Use of EstimatesThe preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these estimates.
Recent Account Standards Adopted and Updates to Significant Accounting Policies	Recent Accounting Standards Adopted In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires organizations to estimate credit losses on certain types of financial instruments, including receivables and fixed maturity securities, by introducing an approach based on expected losses. The expected loss approach required entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. The Company adopted ASU 2016-13 effective January 1, 2023 using the modified retrospective approach, by which a cumulative-effect adjustment was made to retained earnings as of the date of adoption. In connection with the adoption of ASU 2016-13, the Company elected the fair value option in accounting for mortgage loans effective January 1, 2023 as targeted transition relief. The adoption of ASU 2016-13 resulted in a $2.3 million increase in accumulated deficit, net of tax. Updates to Significant Accounting Policies The following accounting policies have been updated to reflect the Company's adoption of ASU 2016-13, Measurement of Credit Losses on Financial Instruments as described above.
Investments	Investments Available-for-sale Investments in fixed maturities that are classified as available-for-sale are carried at fair value. For available-for-sale fixed maturities in an unrealized loss position, the Company first determines whether there is an intent to sell the security or if it is more likely than not that the Company will be required to sell the security before maturity or recovery of its cost basis. If either of these criteria were met, the amortized cost of the security is written down to fair value with the losses recognized in net investment (losses) gains on the consolidated statements of operations. If neither of the these criteria were met, the Company determines whether unrealized losses are due to credit-related factors. If the unrealized losses are due to credit-related factors, an allowance for credit losses is determined using a present value of cash flows compared to the amortized cost of the security. The allowance for credit losses is limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in net investment income on the consolidated statements of operations. Credit losses that are limited by the fair value of the security are recognized in stockholders’ equity, net of taxes, as a component of accumulated other comprehensive (loss) income. Unrealized losses that are not credit-related continue to be recognized in stockholders’ equity, net of taxes, as a component of accumulated other comprehensive (loss) income. Held-to-maturity Investments in fixed maturity securities that are held-to-maturity are carried at amortized cost net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate from Moody’s table of estimated multi-year cumulative loss rates for asset backed securities. This historical loss rate is adjusted for current conditions and reasonable and supportable forecasts. Changes in the allowance for credit losses are recognized in net investment income on the consolidated statements of operations. Mortgage loans
Reinsurance	Reinsurance Reinsurance Recoverables Reinsurance recoverables are carried net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate using the A.M. Best impairment rate and rating transition study which provides historical loss data of similarly rated reinsurance companies based on the expected duration of the receivables. This historical loss rate is adjusted for current conditions and reasonable and supportable forecasts and consideration of current economic conditions. Changes in the allowance for credit losses are recognized in underwriting, acquisition and insurance expenses on the consolidated statements of operations.
Premiums Receivable	Premiums Receivable Premiums receivable are carried net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate using historical write-offs and aging of receivables. This historical loss rate is adjusted for current conditions, reasonable and supportable forecasts and our ability to cancel coverage on a policy after premium is considered past due. Changes in the allowance for credit losses are recognized in underwriting, acquisition and insurance expenses on the consolidated statements of operations.
Fair Value	The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying consolidated financial statements and in these notes: U.S. government securities, mutual funds and common stock The Company uses unadjusted quoted prices for identical instruments in an active exchange to measure fair value which represent Level 1 inputs. Preferred stocks, municipal securities, corporate securities and miscellaneous The Company uses a pricing model that utilizes market-based inputs such as trades in an illiquid market for a particular security or trades in active markets for securities with similar characteristics. The model considers other inputs such as benchmark yields, issuer spreads, security terms and conditions, and other market data. These represent Level 2 fair value inputs. Commercial mortgage-backed securities, residential mortgage-backed securities and asset-backed securities The Company uses a pricing model that utilizes market-based inputs that may include dealer quotes, market spreads, and yield curves. It may evaluate individual tranches in a security by determining cash flows using the security’s terms and conditions, collateral performance, credit information benchmark yields and estimated prepayments. These represent Level 2 fair value inputs. Mortgage loans Mortgage loans have variable interest rates and are collateralized by real property. The Company determines fair value of mortgage loans using the income approach utilizing inputs that are observable and unobservable (Level 3). The unobservable input consists of the spread applied to a prime rate used to discount cash flows. The spread represents the incremental cost of capital based on the borrower’s ability to make future payments and the value of the collateral relative to the loan balance and is subject to judgement and uncertainty. The following methods and assumptions were used in estimating the fair value disclosures of other financial instruments: Fixed maturity securities, held-to-maturity: Fixed maturity securities, held-to-maturity consists of senior and junior notes with target rates of return. As of September 30, 2023, the Company determined the fair value of these instruments using the income approach utilizing inputs that are unobservable (Level 3). Notes payable: The carrying value approximates the estimated fair value for notes payable as the notes payable accrue interest at current market rates plus a spread. The Company determines fair value using the income approach utilizing inputs that are observable (Level 2).

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Trading, and Equity Securities, FV-NI	The following tables set forth the amortized cost and the fair value by investment category at September 30, 2023 and December 31, 2022: ($ in thousands) Gross Gross Gross Allowance for Credit Losses Fair Value September 30, 2023 Fixed maturity securities, available-for-sale: U.S. government securities $ 47,778 $ — $ (1,396) $ — $ 46,382 Corporate securities and miscellaneous 357,652 228 (24,871) — 333,009 Municipal securities 93,489 8 (10,130) — 83,367 Residential mortgage-backed securities 255,083 36 (24,421) — 230,698 Commercial mortgage-backed securities 19,877 — (2,206) — 17,671 Asset-backed securities 168,962 201 (5,426) — 163,737 Total fixed maturity securities, available-for-sale $ 942,841 $ 473 $ (68,450) $ — $ 874,864 Fixed maturity securities, held-to-maturity: Asset-backed securities $ 44,757 $ — $ (3,668) $ (320) $ 40,769 Total fixed maturity securities, held-to-maturity $ 44,757 $ — $ (3,668) $ (320) $ 40,769 ($ in thousands) Gross Gross Gross Fair Value December 31, 2022 Fixed maturity securities, available-for-sale: U.S. government securities $ 50,416 $ 1 $ (1,876) $ 48,541 Corporate securities and miscellaneous 255,116 767 (20,754) 235,129 Municipal securities 65,836 24 (8,133) 57,727 Residential mortgage-backed securities 134,844 218 (15,206) 119,856 Commercial mortgage-backed securities 40,129 50 (3,684) 36,495 Asset-backed securities 116,275 91 (6,542) 109,824 Total fixed maturity securities, available-for-sale $ 662,616 $ 1,151 $ (56,195) $ 607,572 Fixed maturity securities, held-to-maturity: Asset-backed securities $ 52,467 $ — $ (5,696) $ 46,771 Total fixed maturity securities, held-to-maturity $ 52,467 $ — $ (5,696) $ 46,771
Investments Classified by Contractual Maturity Date	The following table sets forth the amortized cost and fair value of available-for-sale fixed maturity securities by contractual maturity at September 30, 2023: ($ in thousands) Amortized Fair Value Due in less than one year $ 29,963 $ 29,280 Due after one year through five years 256,015 240,868 Due after five years through ten years 130,724 118,893 Due after ten years 82,217 73,717 Mortgage-backed securities 274,960 248,369 Asset-backed securities 168,962 163,737 Total $ 942,841 $ 874,864
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value	The following tables set forth the gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities had been in a continuous unrealized loss position as of September 30, 2023 and December 31, 2022: Less than 12 Months 12 Months or More Total ($ in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses September 30, 2023 Fixed maturity securities, available-for-sale: U.S. government securities $ 24,001 $ (524) $ 22,381 $ (872) $ 46,382 $ (1,396) Corporate securities and miscellaneous 143,712 (5,181) 170,048 (19,690) 313,760 (24,871) Municipal securities 35,518 (1,667) 45,324 (8,463) 80,842 (10,130) Residential mortgage-backed securities 122,385 (4,506) 100,990 (19,915) 223,375 (24,421) Commercial mortgage-backed securities 7,648 (352) 10,023 (1,854) 17,671 (2,206) Asset-backed securities 81,952 (1,317) 65,329 (4,109) 147,281 (5,426) Total fixed maturity securities, available-for-sale 415,216 (13,547) 414,095 (54,903) 829,311 (68,450) Fixed maturity securities, held-to-maturity: Asset-backed securities — — 40,769 (3,668) 40,769 (3,668) Total fixed maturity securities, held-to-maturity: — — 40,769 (3,668) 40,769 (3,668) Total $ 415,216 $ (13,547) $ 454,864 $ (58,571) $ 870,080 $ (72,118) Less than 12 Months 12 Months or More Total ($ in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2022 Fixed maturity securities, available-for-sale: U.S. government securities $ 28,966 $ (603) $ 18,577 $ (1,273) $ 47,543 $ (1,876) Corporate securities and miscellaneous 171,506 (16,063) 34,283 (4,691) 205,789 (20,754) Municipal securities 51,701 (7,236) 3,689 (897) 55,390 (8,133) Residential mortgage-backed securities 56,246 (4,152) 52,778 (11,054) 109,024 (15,206) Commercial mortgage-backed securities 25,836 (1,488) 8,583 (2,196) 34,419 (3,684) Asset-backed securities 74,684 (3,351) 25,820 (3,191) 100,504 (6,542) Total fixed maturity securities, available-for-sale 408,939 (32,893) 143,730 (23,302) 552,669 (56,195) Fixed maturity securities, held-to-maturity: Asset-backed securities 46,771 (5,696) — — 46,771 (5,696) Total fixed maturity securities, held-to-maturity: 46,771 (5,696) — — 46,771 (5,696) Total $ 455,710 $ (38,589) $ 143,730 $ (23,302) $ 599,440 $ (61,891)
Gain (Loss) on Securities	The following table sets forth the components of net investment (losses) gains for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 Gross realized gains Fixed maturity securities, available-for sale $ 156 $ 64 $ 860 $ 174 Equity securities 3,959 605 6,000 3,481 Other — — 1 36 Total 4,115 669 6,861 3,691 Gross realized losses Fixed maturity securities, available-for sale (381) (288) (837) (781) Equity securities (245) (1,388) (5,006) (2,825) Other (82) (1) (84) (22) Total (708) (1,677) (5,927) (3,628) Net unrealized (losses) gains on investments Equity securities (6,417) (6,297) 2,367 (26,180) Mortgage loans 26 — 27 — Net investment (losses) gains $ (2,984) $ (7,305) $ 3,328 $ (26,117)
Investment Income	The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the nine months ended September 30, 2023 and 2022: Nine months ended September 30, ($ in thousands) 2023 2022 Fixed maturity securities, available-for sale $ 25,465 $ 9,646 Equity securities 38,581 32,356 The following table sets forth the components of net investment income for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 Income: Fixed maturity securities, available-for sale $ 9,180 $ 4,912 $ 23,439 $ 12,103 Fixed maturity securities, held-to-maturity 1,067 805 3,321 4,147 Equity securities 769 912 2,539 2,650 Equity method investments (4) (3,861) (6,772) 7,615 Mortgage loans 1,249 1,275 3,997 3,109 Indirect loans (761) 3,104 (4,009) 7,783 Short-term investments and cash 3,165 505 8,140 716 Other (115) (135) (106) (153) Total investment income 14,550 7,517 30,549 37,970 Investment expenses (1,461) (1,529) (4,231) (6,303) Net investment income $ 13,089 $ 5,988 $ 26,318 $ 31,667 The Company’s gross investment income for mortgage loans for the three and nine months ended September 30, 2023 and 2022 were as follows: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 Commercial $ 588 $ 320 $ 1,637 $ 707 Retail 364 337 1,375 846 Hospitality 204 116 497 264 Office — 84 203 306 Multi-family 93 237 285 553 Industrial — 181 — 433 $ 1,249 $ 1,275 $ 3,997 $ 3,109
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table sets forth the change in net unrealized losses on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive loss for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 Fixed maturity securities $ (15,706) $ (22,500) $ (12,933) $ (61,957) Deferred income taxes 3,317 4,725 2,745 13,011 Total $ (12,389) $ (17,775) $ (10,188) $ (48,946)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement Inputs and Valuation Techniques	The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of September 30, 2023: September 30, 2023 High 15.28 % Low 4.50 % Weighted average 6.82 %
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables set forth the Company’s investments within the fair value hierarchy at September 30, 2023 and December 31, 2022: September 30, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale: U.S. government securities $ 46,382 $ — $ — $ 46,382 Corporate securities and miscellaneous — 333,009 — 333,009 Municipal securities — 83,367 — 83,367 Residential mortgage-backed securities — 230,698 — 230,698 Commercial mortgage-backed securities — 17,671 — 17,671 Asset-backed securities — 163,737 — 163,737 Total fixed maturity securities, available-for-sale 46,382 828,482 — 874,864 Fixed maturity securities, held-to-maturity: Asset-backed securities — — 40,769 40,769 Total fixed maturity securities, held-to-maturity — — 40,769 40,769 Common stocks: Consumer discretionary 1,687 — — 1,687 Consumer staples 13,345 — — 13,345 Energy 3,434 — — 3,434 Finance 21,556 — — 21,556 Industrial 10,681 — — 10,681 Information technology 3,974 — — 3,974 Materials 3,173 — — 3,173 Other 2,291 — — 2,291 Total common stocks 60,141 — — 60,141 Preferred stocks: Consumer staples — 404 — 404 Finance — 4,756 — 4,756 Industrial — 1,025 — 1,025 Other — 714 — 714 Total preferred stocks — 6,899 — 6,899 Mutual funds: Fixed income 5,197 — — 5,197 Equity 34,678 — — 34,678 Commodity 472 — — 472 Total mutual funds 40,347 — — 40,347 Total equity securities 100,488 6,899 — 107,387 Mortgage loans — — 59,318 59,318 Short-term investments 194,049 — — 194,049 Total investments $ 340,919 $ 835,381 $ 100,087 $ 1,276,387 December 31, 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale: U.S. government securities $ 48,541 $ — $ — $ 48,541 Corporate securities and miscellaneous — 235,129 — 235,129 Municipal securities — 57,727 — 57,727 Residential mortgage-backed securities — 119,856 — 119,856 Commercial mortgage-backed securities — 36,495 — 36,495 Asset-backed securities — 109,824 — 109,824 Total fixed maturity securities, available-for-sale 48,541 559,031 — 607,572 Fixed maturity securities, held-to-maturity: Asset-backed securities — — 46,771 46,771 Total fixed maturity securities, held-to-maturity: — — 46,771 46,771 Common stocks: Consumer discretionary 1,948 — — 1,948 Consumer staples 12,036 — — 12,036 Energy 3,241 — — 3,241 Finance 22,636 — — 22,636 Industrial 9,452 — — 9,452 Information technology 2,284 — — 2,284 Materials 2,820 — — 2,820 Other 1,579 — — 1,579 Total common stocks 55,996 — — 55,996 Preferred stocks: Consumer staples — 117 — 117 Finance — 7,085 — 7,085 Industrial — 1,020 — 1,020 Other — 549 — 549 Total preferred stocks — 8,771 — 8,771 Mutual funds: Fixed income 5,068 — — 5,068 Equity 49,773 — — 49,773 Commodity 561 — — 561 Total mutual funds 55,402 — — 55,402 Total equity securities 111,398 8,771 — 120,169 Mortgage loans — — 52,842 52,842 Short-term investments 121,158 — — 121,158 Total investments $ 281,097 $ 567,802 $ 99,613 $ 948,512
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table sets forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the nine months ended September 30, 2023: ($ in thousands) Mortgage Loans Balance at December 31, 2022 $ 52,842 Total gains for the period recognized in net investment gains (losses) 22 Issuances 892 Settlements (11,421) Balance at March 31, 2023 $ 42,335 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ (14) Total gains for the period recognized in net investment gains (losses) (21) Issuances 30 Settlements (9,582) Balance at June 30, 2023 $ 32,762 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ 3 Total gains for the period recognized in net investment gains (losses) 26 Issuances 26,530 Settlements — Balance at September 30, 2023 $ 59,318 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ 26
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table sets forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the nine months ended September 30, 2023: ($ in thousands) Mortgage Loans Balance at December 31, 2022 $ 52,842 Total gains for the period recognized in net investment gains (losses) 22 Issuances 892 Settlements (11,421) Balance at March 31, 2023 $ 42,335 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ (14) Total gains for the period recognized in net investment gains (losses) (21) Issuances 30 Settlements (9,582) Balance at June 30, 2023 $ 32,762 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ 3 Total gains for the period recognized in net investment gains (losses) 26 Issuances 26,530 Settlements — Balance at September 30, 2023 $ 59,318 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ 26
Summary of Subordinated Debt	The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 ($ in thousands) Carrying Fair Carrying Fair Notes Payable Term loan, due December 31, 2024 $ — $ — $ 50,000 $ 50,000 Revolving credit facility 50,000 50,000 — — Notes payable $ 50,000 $ 50,000 $ 50,000 $ 50,000 Subordinated Debt Junior subordinated interest debentures $ 59,174 $ 59,794 $ 59,137 $ 59,794 Unsecured subordinated notes 19,496 19,326 19,472 18,934 Subordinated debt, net of debt issuance costs $ 78,670 $ 79,120 $ 78,609 $ 78,728

Mortgage Loans (Tables)

Mortgage Loans (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The carrying value of the Company’s mortgage loans as of September 30, 2023 and December 31, 2022 were as follows: ($ in thousands) September 30, 2023 December 31, 2022 Commercial $ 16,469 $ 15,309 Retail 16,262 16,516 Hospitality 17,846 4,915 Industrial 6,117 6,329 Multi-family 2,624 5,593 Office — 3,197 $ 59,318 $ 51,859
Investment Income	The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the nine months ended September 30, 2023 and 2022: Nine months ended September 30, ($ in thousands) 2023 2022 Fixed maturity securities, available-for sale $ 25,465 $ 9,646 Equity securities 38,581 32,356 The following table sets forth the components of net investment income for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 Income: Fixed maturity securities, available-for sale $ 9,180 $ 4,912 $ 23,439 $ 12,103 Fixed maturity securities, held-to-maturity 1,067 805 3,321 4,147 Equity securities 769 912 2,539 2,650 Equity method investments (4) (3,861) (6,772) 7,615 Mortgage loans 1,249 1,275 3,997 3,109 Indirect loans (761) 3,104 (4,009) 7,783 Short-term investments and cash 3,165 505 8,140 716 Other (115) (135) (106) (153) Total investment income 14,550 7,517 30,549 37,970 Investment expenses (1,461) (1,529) (4,231) (6,303) Net investment income $ 13,089 $ 5,988 $ 26,318 $ 31,667 The Company’s gross investment income for mortgage loans for the three and nine months ended September 30, 2023 and 2022 were as follows: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 Commercial $ 588 $ 320 $ 1,637 $ 707 Retail 364 337 1,375 846 Hospitality 204 116 497 264 Office — 84 203 306 Multi-family 93 237 285 553 Industrial — 181 — 433 $ 1,249 $ 1,275 $ 3,997 $ 3,109

Other Long-Term Investments (Ta

Other Long-Term Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Carrying Value of Equity Method Investments	The carrying value of the Company’s equity method investments as of September 30, 2023 and December 31, 2022 were as follows: ($ in thousands) September 30, 2023 December 31, 2022 Arena Special Opportunities Fund, LP units $ 41,531 $ 44,504 JVM Funds LLC units 20,651 22,473 Arena SOP LP units 4,797 8,734 RISCOM 4,810 4,037 Hudson Ventures Fund 2 LP units 4,365 3,551 Dowling Capital Partners LP units 2,305 1,965 Universa Black Swan LP units — 1,325 Brewer Lane Ventures Fund II LP units 336 200 $ 78,795 $ 86,789 The following table sets forth the components of net investment (loss) income from equity method investments for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 Dowling Capital Partners LP units $ 172 $ (31) $ 777 $ 524 RISCOM 468 373 773 1,199 Brewer Lane Ventures Fund II LP (25) — (54) — Hudson Ventures Fund II LP units 551 (26) 138 371 JVM Funds LLC (252) 220 (893) (548) Universa Black Swan LP units (84) (812) (988) (2,362) Arena SOP LP units (1,160) (4,068) (3,938) 3,702 Arena Special Opportunities Fund, LP units 326 483 (2,587) 4,729 $ (4) $ (3,861) $ (6,772) $ 7,615 The following table sets forth the unfunded commitment of equity method investments as of September 30, 2023 and December 31, 2022: ($ in thousands) September 30, 2023 December 31, 2022 Brewer Lane Ventures Fund II LP units $ 4,610 $ 4,800 Hudson Ventures Fund 2 LP units 1,120 1,796 Dowling Capital Partners LP units 386 386 $ 6,116 $ 6,982 The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of September 30, 2023 and December 31, 2022: ($ in thousands) September 30, 2023 December 31, 2022 Investment in RISCOM: Underlying equity $ 3,248 $ 2,292 Difference 1,562 1,745 Recorded investment balance $ 4,810 $ 4,037 The following table sets forth the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of September 30, 2023 and December 31, 2022: ($ in thousands) September 30, 2023 December 31, 2022 Investment in JVM Funds LLC: Underlying equity $ 19,856 $ 21,565 Difference 795 908 Recorded investment balance $ 20,651 $ 22,473 The carrying value and unfunded commitment of the SMA1 and SMA2 as of September 30, 2023 and December 31, 2022 were as follows: September 30, 2023 December 31, 2022 ($ in thousands) Carrying Value Unfunded Commitment Carrying Value Unfunded Commitment SMA1 $ 31,958 $ — $ 36,426 $ — SMA2 444 — 2,010 — Investment in indirect loans and loan collateral $ 32,402 $ — $ 38,436 $ —

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2023
Credit Loss [Abstract]
Premium Receivable, Allowance for Credit Loss	The following table sets forth the changes in the allowance for expected credit losses on premiums receivable for the nine months ended September 30, 2023. ($ in thousands) Allowance for Credit Losses Balance at December 31, 2022 $ 629 Cumulative effect of adoption of ASU 2016-13 at January 1, 2023 — Current period change for estimated uncollectible premiums 409 Write-offs of uncollectible premiums receivable (56) Balance at March 31, 2023 $ 982 Current period change for estimated uncollectible premiums 37 Write-offs of uncollectible premiums receivable (96) Recoveries of amounts previously written off 18 Balance at June 30, 2023 $ 941 Current period change for estimated uncollectible premiums 277 Write-offs of uncollectible premiums receivable (228) Recoveries of amounts previously written off 17 Balance at September 30, 2023 $ 1,007
Reinsurance Recoverable, Credit Quality Indicator	The Company’s reinsurance recoverables net of credit enhancements by A.M. Best rating as of September 30, 2023 was as follows: A.M. Best Rating September 30, 2023 A- and above 98.0 % B++ to B+ 2.0 Not rated —
Reinsurance Recoverable, Allowance for Credit Loss	The following table sets forth the changes in the allowance for estimated uncollectible reinsurance for the nine months ended September 30, 2023: ($ in thousands) Allowance for Credit Losses Balance at December 31, 2022 $ — Cumulative effect of adoption of ASU 2016-13 at January 1, 2023 2,295 Current period change for estimated uncollectible reinsurance — Write-offs of uncollectible reinsurance recoverables — Balance at March 31, 2023 $ 2,295 Current period change for estimated uncollectible reinsurance — Write-offs of uncollectible reinsurance recoverables — Balance at June 30, 2023 $ 2,295 Current period change for estimated uncollectible reinsurance — Write-offs of uncollectible reinsurance recoverables — Balance at September 30, 2023 $ 2,295

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following table sets forth the Company’s income tax expense (benefit) and effective tax rates for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands 2023 2022 2023 2022 Income tax expense (benefit) $ 6,084 $ (719) $ 15,814 $ 4,842 Effective tax rate 21.9 % 23.1 % 21.8 % 20.3 %

Losses and Loss Adjustment Ex_2

Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The following table sets forth the reconciliation of unpaid losses and loss adjustment expenses (“LAE”) as reported in the condensed consolidated balance sheets as of and for the nine months ended September 30, 2023 and 2022: Nine months ended September 30, ($ in thousands) 2023 2022 Reserves for losses and LAE, beginning of period $ 1,141,757 $ 979,549 Less: reinsurance recoverable on unpaid claims, beginning of period (435,986) (381,338) Reserves for losses and LAE, beginning of period, net of reinsurance 705,771 598,211 Incurred, net of reinsurance, related to: Current period 378,811 284,265 Prior years — 14,385 Total incurred, net of reinsurance 378,811 298,650 Paid, net of reinsurance, related to: Current period 67,267 62,864 Prior years 187,256 158,749 Total paid 254,523 221,613 Net reserves for losses and LAE, end of period 830,059 675,248 Plus: reinsurance recoverable on unpaid claims, end of period 438,652 386,752 Reserves for losses and LAE, end of period $ 1,268,711 $ 1,062,000

Commission and Fee Income (Tabl

Commission and Fee Income (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table sets forth the Company’s disaggregated revenues from contracts with customers for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 SUA commission revenue $ 1,357 $ 967 $ 3,599 $ 2,626 SUA fee income 672 280 1,933 785 Other 56 115 285 241 Total commission and fee income $ 2,085 $ 1,362 $ 5,817 $ 3,652

Underwriting, Acquisition and_2

Underwriting, Acquisition and Insurance Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Other Income and Expenses [Abstract]
Schedule of Underwriting, Acquisition and Insurance Expenses	The following table sets forth the components of underwriting, acquisition and insurance expenses for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 Amortization of policy acquisition costs $ 34,071 $ 17,379 $ 78,442 $ 45,514 Other operating and general expenses 34,244 29,961 98,211 86,744 Total underwriting, acquisition and insurance expenses $ 68,315 $ 47,340 $ 176,653 $ 132,258

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Effects of Reinsurance	The following table sets forth the effects of reinsurance on written and earned premiums and losses and loss adjustment expenses for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, 2023 2022 ($ in thousands) Written Earned Written Earned Direct premiums $ 308,215 $ 299,294 $ 246,339 $ 242,727 Assumed premiums 47,517 51,665 23,911 30,020 Ceded premiums (75,036) (123,926) (98,795) (114,699) Net premiums $ 280,696 $ 227,033 $ 171,455 $ 158,048 Ceded losses and LAE incurred $ 103,753 $ 60,878 Nine months ended September 30, 2023 2022 ($ in thousands) Written Earned Written Earned Direct premiums $ 947,977 $ 845,200 $ 771,668 $ 695,567 Assumed premiums 190,247 139,522 107,451 82,549 Ceded premiums (441,650) (380,511) (383,532) (332,265) Net premiums $ 696,574 $ 604,211 $ 495,587 $ 445,851 Ceded losses and LAE incurred $ 255,855 $ 190,465
Ceded Credit Risk	The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of September 30, 2023 and December 31, 2022: ($ in thousands) September 30, 2023 December 31, 2022 Ceded unpaid losses and LAE $ 438,652 $ 435,986 Ceded paid losses and LAE 153,735 107,228 Loss portfolio transfer 25,583 38,145 Allowance for credit losses (2,295) — Reinsurance recoverables $ 615,675 $ 581,359 Ceded unearned premium $ 218,784 $ 157,645

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Equity Awards	The following table sets forth the Company’s equity awards, target payout ranges and authorized target restricted stock and stock units for the nine months ended September 30, 2023 and 2022: Award Requisite Target Nine months ended September 30, 2023 Market condition awards 0%–150% 3 years 37,622 Performance condition awards 0%–150% 3 years 95,456 Service condition awards N/A 1–4 years 968,038 Stock options N/A 3–4 years 759,990 1,861,106 Nine months ended September 30, 2022 Market condition awards 0%–150% 3 years 28,495 Performance condition awards 0%–150% 3 years 26,210 Service condition awards N/A 1–3 years 144,137 198,842 The following table sets forth option activity for the nine months ended September 30, 2023: Weighted-Average Stock Outstanding at January 1, 2023 — Granted $ 15.00 759,990 Exercised — Forfeited — Outstanding at September 30, 2023 759,990
Schedule of Nonvested Share Activity	The following table sets forth the Company’s restricted stock and restricted stock units activity for the nine months ended September 30, 2023 and 2022: Weighted-Average Stock and Stock Units Non-vested at January 1, 2023 $ 12.55 419,896 Granted 16.06 1,101,116 Vested 13.21 (35,954) Forfeited 15.30 (36,354) Non-vested at September 30, 2023 $ 15.12 1,448,704 Non-vested at January 1, 2022 $ 13.23 375,643 Granted 14.17 198,842 Vested 15.55 (126,978) Forfeited 12.51 (10,547) Non-vested at September 30, 2022 $ 12.54 436,960

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth a reconciliation of the numerator and denominator of basic and diluted earnings (loss) per share computations contained in the period-ended consolidated financial statements for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, ($ in thousands, except for share and per share amounts) 2023 2022 2023 2022 Numerator Net income (loss) $ 21,711 $ (2,399) $ 56,719 $ 18,977 Less: Undistributed income allocated to participating securities — — (1,492) (9,124) Net income (loss) attributable to common stockholders (numerator for basic earnings per share) 21,711 (2,399) 55,227 9,853 Add back: Undistributed income allocated to participating securities — — 1,492 9,124 Net income (loss) (numerator for diluted earnings per share under the two-class method) $ 21,711 $ (2,399) $ 56,719 $ 18,977 Denominator Basic weighted-average common shares 36,743,393 16,465,588 35,502,843 16,464,313 Preferred shares (if converted method) — — 959,124 15,245,533 Contingently issuable instruments (treasury stock method) 706,794 — 684,017 518,727 Market condition awards (contingently issuable) 93,935 — 89,467 103,811 Performance awards (contingently issuable) 87,297 — 52,223 39,231 Restricted stock units (treasury stock method) 618,750 — 467,911 227,054 Options (treasury stock method) 153,674 — 74,846 — Diluted weighted-average common share equivalents 38,403,843 16,465,588 37,830,431 32,598,669 Basic earnings (loss) per share $ 0.59 $ (0.15) $ 1.56 $ 0.60 Diluted earnings (loss) per share $ 0.57 $ (0.15) $ 1.50 $ 0.58
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table sets forth the weighted-average instruments that were excluded from the calculation of diluted weighted-average common share equivalents during the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Preferred shares (if converted method) — 15,247,437 — — Contingently issuable instruments (treasury stock method) — 510,577 — 3,024 Market condition awards (contingently issuable) 1,881 112,454 1,488 — Performance awards (contingently issuable) 1,670 42,411 1,391 — Restricted stock units (treasury stock method) 1,518 252,180 1,667 — Options (treasury stock method) 2 — 364,714 — Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Common shares 932,588 80,526 932,588 80,526 Preferred shares, if converted — 1,059,602 — 1,059,602 Total 932,588 1,140,128 932,588 1,140,128

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Net earned premium and gross commission expense related to these agreements for the three and nine months ended September 30, 2023 and 2022 were as follows: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2023 2022 2023 2022 Net earned premium $ 31,649 $ 23,712 $ 73,750 $ 67,239 Commissions 6,119 5,558 19,122 18,666

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders’ equity (accumulated deficit)	$ 535,397	$ 522,678	$ 507,146	$ 421,662	$ 399,817	$ 419,607	$ 428,619	$ 426,080
Period of adoption, adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders’ equity (accumulated deficit)				$ (2,276)

Investments - Debt Securities,

Investments - Debt Securities, Trading, and Equity Securities, FV-NI (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	$ 942,841	$ 662,616
Gross Unrealized Gains	473	1,151
Gross Unrealized Losses	(68,450)	(56,195)
Allowance for Credit Losses	0
Total fixed maturity securities, available-for-sale	874,864	607,572
Fixed maturity securities, held-to-maturity:
Gross Amortized Cost	44,757	52,467
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(3,668)	(5,696)
Allowance for Credit Losses	(320)
Total fixed maturity securities, held-to-maturity	40,769	46,771
U.S. government securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	47,778	50,416
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(1,396)	(1,876)
Allowance for Credit Losses	0
Total fixed maturity securities, available-for-sale	46,382	48,541
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	357,652	255,116
Gross Unrealized Gains	228	767
Gross Unrealized Losses	(24,871)	(20,754)
Allowance for Credit Losses	0
Total fixed maturity securities, available-for-sale	333,009	235,129
Municipal securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	93,489	65,836
Gross Unrealized Gains	8	24
Gross Unrealized Losses	(10,130)	(8,133)
Allowance for Credit Losses	0
Total fixed maturity securities, available-for-sale	83,367	57,727
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	255,083	134,844
Gross Unrealized Gains	36	218
Gross Unrealized Losses	(24,421)	(15,206)
Allowance for Credit Losses	0
Total fixed maturity securities, available-for-sale	230,698	119,856
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	19,877	40,129
Gross Unrealized Gains	0	50
Gross Unrealized Losses	(2,206)	(3,684)
Allowance for Credit Losses	0
Total fixed maturity securities, available-for-sale	17,671	36,495
Asset-backed securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	168,962	116,275
Gross Unrealized Gains	201	91
Gross Unrealized Losses	(5,426)	(6,542)
Allowance for Credit Losses	0
Total fixed maturity securities, available-for-sale	163,737	109,824
Fixed maturity securities, held-to-maturity:
Gross Amortized Cost	44,757	52,467
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(3,668)	(5,696)
Allowance for Credit Losses	(320)
Total fixed maturity securities, held-to-maturity	$ 40,769	$ 46,771

Investments - Investments Class

Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Amortized Cost
Due in less than one year	$ 29,963
Due after one year through five years	256,015
Due after five years through ten years	130,724
Due after ten years	82,217
Gross Amortized Cost	942,841	$ 662,616
Fair Value
Due in less than one year	29,280
Due after one year through five years	240,868
Due after five years through ten years	118,893
Due after ten years	73,717
Total	874,864	607,572
Mortgage-backed securities
Amortized Cost
Without single maturity date	274,960
Fair Value
Without single maturity date	248,369
Asset-backed securities
Amortized Cost
Without single maturity date	168,962
Fair Value
Without single maturity date	163,737
Total	$ 163,737	$ 109,824

Investments - Schedule of Unrea

Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Available for sale, fair value
Less than 12 Months	$ 415,216	$ 408,939
12 Months or More	414,095	143,730
Total	829,311	552,669
Available for sale, gross unrealized losses
Less than 12 Months	(13,547)	(32,893)
12 Months or More	(54,903)	(23,302)
Total	(68,450)	(56,195)
Held-to-maturity, fair value
Less than 12 Months	0	46,771
12 Months or More	40,769	0
Total	40,769	46,771
Held-to-maturity, gross unrealized losses
Less than 12 Months	0	(5,696)
12 Months or More	(3,668)	0
Total	(3,668)	(5,696)
Available-for-sale and held-to-maturity, fair value
Less than 12 Months	415,216	455,710
12 Months or More	454,864	143,730
Total	870,080	599,440
Available-for-sale and held-to-maturity, gross unrealized losses
Less than 12 Months	(13,547)	(38,589)
12 Months or More	(58,571)	(23,302)
Total	(72,118)	(61,891)
U.S. government securities
Available for sale, fair value
Less than 12 Months	24,001	28,966
12 Months or More	22,381	18,577
Total	46,382	47,543
Available for sale, gross unrealized losses
Less than 12 Months	(524)	(603)
12 Months or More	(872)	(1,273)
Total	(1,396)	(1,876)
Corporate securities and miscellaneous
Available for sale, fair value
Less than 12 Months	143,712	171,506
12 Months or More	170,048	34,283
Total	313,760	205,789
Available for sale, gross unrealized losses
Less than 12 Months	(5,181)	(16,063)
12 Months or More	(19,690)	(4,691)
Total	(24,871)	(20,754)
Municipal securities
Available for sale, fair value
Less than 12 Months	35,518	51,701
12 Months or More	45,324	3,689
Total	80,842	55,390
Available for sale, gross unrealized losses
Less than 12 Months	(1,667)	(7,236)
12 Months or More	(8,463)	(897)
Total	(10,130)	(8,133)
Residential mortgage-backed securities
Available for sale, fair value
Less than 12 Months	122,385	56,246
12 Months or More	100,990	52,778
Total	223,375	109,024
Available for sale, gross unrealized losses
Less than 12 Months	(4,506)	(4,152)
12 Months or More	(19,915)	(11,054)
Total	(24,421)	(15,206)
Commercial mortgage-backed securities
Available for sale, fair value
Less than 12 Months	7,648	25,836
12 Months or More	10,023	8,583
Total	17,671	34,419
Available for sale, gross unrealized losses
Less than 12 Months	(352)	(1,488)
12 Months or More	(1,854)	(2,196)
Total	(2,206)	(3,684)
Asset-backed securities
Available for sale, fair value
Less than 12 Months	81,952	74,684
12 Months or More	65,329	25,820
Total	147,281	100,504
Available for sale, gross unrealized losses
Less than 12 Months	(1,317)	(3,351)
12 Months or More	(4,109)	(3,191)
Total	(5,426)	(6,542)
Held-to-maturity, fair value
Less than 12 Months	0	46,771
12 Months or More	40,769	0
Total	40,769	46,771
Held-to-maturity, gross unrealized losses
Less than 12 Months	0	(5,696)
12 Months or More	(3,668)	0
Total	$ (3,668)	$ (5,696)

Investments - Narrative (Detail

Investments - Narrative (Details)	Sep. 30, 2023 lot
Investments, Debt and Equity Securities [Abstract]
Unrealized loss position aged over 12 months, number of positions	869

Investments - Gain (Loss) on Se

Investments - Gain (Loss) on Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Gross realized gains
Fixed maturity securities, available-for sale	$ 156	$ 64	$ 860	$ 174
Equity securities	3,959	605	6,000	3,481
Other	0	0	1	36
Total	4,115	669	6,861	3,691
Gross realized losses
Fixed maturity securities, available-for sale	(381)	(288)	(837)	(781)
Equity securities	(245)	(1,388)	(5,006)	(2,825)
Other	(82)	(1)	(84)	(22)
Total	(708)	(1,677)	(5,927)	(3,628)
Net unrealized (losses) gains on investments
Equity securities	(6,417)	(6,297)	2,367	(26,180)
Mortgage loans	26	0	27	0
Net investment (losses) gains	$ (2,984)	$ (7,305)	$ 3,328	$ (26,117)

Investments - Proceeds from Sal

Investments - Proceeds from Sales (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities, available-for sale	$ 25,465	$ 9,646
Equity securities	$ 38,581	$ 32,356

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Investment Income [Line Items]
Total investment income	$ 14,550	$ 7,517	$ 30,549	$ 37,970
Investment expenses	(1,461)	(1,529)	(4,231)	(6,303)
Net investment income	13,089	5,988	26,318	31,667
Fixed maturity securities, available-for sale
Net Investment Income [Line Items]
Total investment income	9,180	4,912	23,439	12,103
Fixed maturity securities, held-to-maturity
Net Investment Income [Line Items]
Total investment income	1,067	805	3,321	4,147
Equity securities
Net Investment Income [Line Items]
Total investment income	769	912	2,539	2,650
Equity method investments
Net Investment Income [Line Items]
Total investment income	(4)	(3,861)	(6,772)	7,615
Mortgage loans
Net Investment Income [Line Items]
Total investment income	1,249	1,275	3,997	3,109
Indirect loans
Net Investment Income [Line Items]
Total investment income	(761)	3,104	(4,009)	7,783
Short-term investments and cash
Net Investment Income [Line Items]
Total investment income	3,165	505	8,140	716
Other
Net Investment Income [Line Items]
Total investment income	$ (115)	$ (135)	$ (106)	$ (153)

Investments - Schedule of Accum

Investments - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities	$ (15,706)			$ (22,500)			$ (12,933)	$ (61,957)
Deferred income taxes	3,317			4,725			2,745	13,011
Total other comprehensive loss	$ (12,389)	$ (5,540)	$ 7,741	$ (17,775)	$ (14,767)	$ (16,404)	$ (10,188)	$ (48,946)

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3 - Measurement Input, Incremental Cost of Capital	Sep. 30, 2023
High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	15.28%
Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	4.50%
Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	6.82%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 874,864	$ 607,572
Total fixed maturity securities, held-to-maturity	40,769	46,771
Equity securities, at fair value	107,387	120,169
Mortgage loans	59,318	52,842
Short-term investments	194,049	121,158
Total investments	1,276,387	948,512
U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	46,382	48,541
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	333,009	235,129
Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	83,367	57,727
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	230,698	119,856
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	17,671	36,495
Asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	163,737	109,824
Total fixed maturity securities, held-to-maturity	40,769	46,771
Common stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	60,141	55,996
Common stocks: | Consumer discretionary
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	1,687	1,948
Common stocks: | Consumer staples
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	13,345	12,036
Common stocks: | Energy
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	3,434	3,241
Common stocks: | Finance
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	21,556	22,636
Common stocks: | Industrial
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	10,681	9,452
Common stocks: | Information technology
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	3,974	2,284
Common stocks: | Materials
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	3,173	2,820
Common stocks: | Other
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	2,291	1,579
Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	6,899	8,771
Preferred stocks: | Consumer staples
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	404	117
Preferred stocks: | Finance
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	4,756	7,085
Preferred stocks: | Industrial
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	1,025	1,020
Preferred stocks: | Other
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	714	549
Mutual funds:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	40,347	55,402
Mutual funds: | Fixed income
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	5,197	5,068
Mutual funds: | Equity
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	34,678	49,773
Mutual funds: | Commodity
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	472	561
Level 1
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	46,382	48,541
Total fixed maturity securities, held-to-maturity	0	0
Equity securities, at fair value	100,488	111,398
Mortgage loans	0	0
Short-term investments	194,049	121,158
Total investments	340,919	281,097
Level 1 | U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	46,382	48,541
Level 1 | Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 | Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 | Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 | Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 | Asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Total fixed maturity securities, held-to-maturity	0	0
Level 1 | Common stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	60,141	55,996
Level 1 | Common stocks: | Consumer discretionary
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	1,687	1,948
Level 1 | Common stocks: | Consumer staples
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	13,345	12,036
Level 1 | Common stocks: | Energy
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	3,434	3,241
Level 1 | Common stocks: | Finance
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	21,556	22,636
Level 1 | Common stocks: | Industrial
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	10,681	9,452
Level 1 | Common stocks: | Information technology
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	3,974	2,284
Level 1 | Common stocks: | Materials
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	3,173	2,820
Level 1 | Common stocks: | Other
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	2,291	1,579
Level 1 | Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 1 | Preferred stocks: | Consumer staples
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 1 | Preferred stocks: | Finance
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 1 | Preferred stocks: | Industrial
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 1 | Preferred stocks: | Other
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 1 | Mutual funds:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	40,347	55,402
Level 1 | Mutual funds: | Fixed income
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	5,197	5,068
Level 1 | Mutual funds: | Equity
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	34,678	49,773
Level 1 | Mutual funds: | Commodity
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	472	561
Level 2
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	828,482	559,031
Total fixed maturity securities, held-to-maturity	0	0
Equity securities, at fair value	6,899	8,771
Mortgage loans	0	0
Short-term investments	0	0
Total investments	835,381	567,802
Level 2 | U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 2 | Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	333,009	235,129
Level 2 | Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	83,367	57,727
Level 2 | Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	230,698	119,856
Level 2 | Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	17,671	36,495
Level 2 | Asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	163,737	109,824
Total fixed maturity securities, held-to-maturity	0	0
Level 2 | Common stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 2 | Common stocks: | Consumer discretionary
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 2 | Common stocks: | Consumer staples
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 2 | Common stocks: | Energy
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 2 | Common stocks: | Finance
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 2 | Common stocks: | Industrial
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 2 | Common stocks: | Information technology
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 2 | Common stocks: | Materials
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 2 | Common stocks: | Other
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 2 | Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	6,899	8,771
Level 2 | Preferred stocks: | Consumer staples
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	404	117
Level 2 | Preferred stocks: | Finance
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	4,756	7,085
Level 2 | Preferred stocks: | Industrial
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	1,025	1,020
Level 2 | Preferred stocks: | Other
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	714	549
Level 2 | Mutual funds:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 2 | Mutual funds: | Fixed income
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 2 | Mutual funds: | Equity
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 2 | Mutual funds: | Commodity
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Total fixed maturity securities, held-to-maturity	40,769	46,771
Equity securities, at fair value	0	0
Mortgage loans	59,318	52,842
Short-term investments	0	0
Total investments	100,087	99,613
Level 3 | U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 | Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 | Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 | Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 | Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 | Asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Total fixed maturity securities, held-to-maturity	40,769	46,771
Level 3 | Common stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Common stocks: | Consumer discretionary
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Common stocks: | Consumer staples
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Common stocks: | Energy
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Common stocks: | Finance
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Common stocks: | Industrial
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Common stocks: | Information technology
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Common stocks: | Materials
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Common stocks: | Other
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Preferred stocks: | Consumer staples
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Preferred stocks: | Finance
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Preferred stocks: | Industrial
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Preferred stocks: | Other
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Mutual funds:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Mutual funds: | Fixed income
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Mutual funds: | Equity
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 | Mutual funds: | Commodity
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	$ 0	$ 0

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value, Measure on Recurring Basis, Unobservable Input Reconciliation (Details) - Mortgage Loans - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 32,762	$ 42,335	$ 52,842
Total gains for the period recognized in net investment gains (losses)	26	(21)	22
Issuances	26,530	30	892
Settlements	0	(9,582)	(11,421)
Ending balance	59,318	32,762	42,335
Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$ 26	$ 3	$ (14)

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Subordinated Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Term loan, due December 31, 2024 | Carrying Value
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 50,000
Term loan, due December 31, 2024 | Fair Value
Debt Instrument [Line Items]
Long-term debt	0	50,000
Revolving credit facility | Carrying Value
Debt Instrument [Line Items]
Long-term debt	50,000	0
Revolving credit facility | Fair Value
Debt Instrument [Line Items]
Long-term debt	50,000	0
Notes payable | Carrying Value
Debt Instrument [Line Items]
Long-term debt	50,000	50,000
Notes payable | Fair Value
Debt Instrument [Line Items]
Long-term debt	50,000	50,000
Junior subordinated interest debentures | Carrying Value
Debt Instrument [Line Items]
Long-term debt	59,174	59,137
Junior subordinated interest debentures | Fair Value
Debt Instrument [Line Items]
Long-term debt	59,794	59,794
Unsecured subordinated notes | Carrying Value
Debt Instrument [Line Items]
Long-term debt	19,496	19,472
Unsecured subordinated notes | Fair Value
Debt Instrument [Line Items]
Long-term debt	19,326	18,934
Subordinated debt, net of debt issuance costs | Carrying Value
Debt Instrument [Line Items]
Long-term debt	78,670	78,609
Subordinated debt, net of debt issuance costs | Fair Value
Debt Instrument [Line Items]
Long-term debt	$ 79,120	$ 78,728

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans in foreclosure	$ 6.7	$ 6.4
Low
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, term	1 year
Percentage of property appraisal value	61%
High
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, term	2 years
Percentage of property appraisal value	90%

Mortgage Loans - Portfolios (De

Mortgage Loans - Portfolios (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	$ 59,318		$ 59,318		$ 51,859
Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	1,249	$ 1,275	3,997	$ 3,109
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	16,469		16,469		15,309
Commercial | Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	588	320	1,637	707
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	16,262		16,262		16,516
Retail | Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	364	337	1,375	846
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	17,846		17,846		4,915
Hospitality | Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	204	116	497	264
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	6,117		6,117		6,329
Industrial | Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	0	181	0	433
Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	2,624		2,624		5,593
Multi-family | Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	93	237	285	553
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	0		0		$ 3,197
Office | Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	$ 0	$ 84	$ 203	$ 306

Other Long-Term Investments - C

Other Long-Term Investments - Carrying Value of Equity Method Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 78,795	$ 86,789
Arena Special Opportunities Fund, LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	41,531	44,504
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	20,651	22,473
Arena SOP LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	4,797	8,734
RISCOM
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	4,810	4,037
Hudson Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	4,365	3,551
Dowling Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	2,305	1,965
Universa Black Swan LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	0	1,325
Brewer Lane Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 336	$ 200

Other Long-Term Investments - N

Other Long-Term Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Net investment income	$ 13,089	$ 5,988	$ 26,318	$ 31,667
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(4)	(3,861)	(6,772)	7,615
Dowling Capital Partners LP units | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	172	(31)	777	524
RISCOM | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	468	373	773	1,199
Brewer Lane Ventures Fund II LP | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(25)	0	(54)	0
Hudson Ventures Fund II LP units | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	551	(26)	138	371
JVM Funds LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(252)	220	(893)	(548)
Universa Black Swan LP units | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(84)	(812)	(988)	(2,362)
Arena SOP LP units | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(1,160)	(4,068)	(3,938)	3,702
Arena Special Opportunities Fund, LP units | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	$ 326	$ 483	$ (2,587)	$ 4,729

Other Long-Term Investments - U

Other Long-Term Investments - Unfunded Commitment of Equity Method Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Unfunded Commitment	$ 6,116	$ 6,982
Brewer Lane Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Unfunded Commitment	4,610	4,800
Hudson Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Unfunded Commitment	1,120	1,796
Dowling Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Unfunded Commitment	$ 386	$ 386

Other Long-Term Investments -_2

Other Long-Term Investments - Narrative (Details)	9 Months Ended
	Sep. 30, 2023
RISCOM
Schedule of Equity Method Investments [Line Items]
Useful life	15 years

Other Long-Term Investments - I

Other Long-Term Investments - Investment in RISCOM (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 78,795	$ 86,789
RISCOM
Schedule of Equity Method Investments [Line Items]
Underlying equity	3,248	2,292
Difference	1,562	1,745
Recorded investment balance	$ 4,810	$ 4,037

Other Long-Term Investments -_3

Other Long-Term Investments - Investment in JVN Funds (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 78,795	$ 86,789
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Underlying equity	19,856	21,565
Difference	795	908
Recorded investment balance	$ 20,651	$ 22,473

Other Long-Term Investments - S

Other Long-Term Investments - Schedule of Indirect Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 78,795	$ 86,789
Unfunded Commitment	6,116	6,982
Investment in indirect loans and loan collateral
Schedule of Equity Method Investments [Line Items]
Carrying Value	32,402	38,436
Unfunded Commitment	0	0
Investment in indirect loans and loan collateral | SMA1
Schedule of Equity Method Investments [Line Items]
Carrying Value	31,958	36,426
Unfunded Commitment	0	0
Investment in indirect loans and loan collateral | SMA2
Schedule of Equity Method Investments [Line Items]
Carrying Value	444	2,010
Unfunded Commitment	$ 0	$ 0

Allowance for Credit Losses - P

Allowance for Credit Losses - Premium Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 941	$ 982	$ 629
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023	1,007	941	982
Current period change for estimated uncollectible premiums	277	37	409
Write-offs of uncollectible premiums receivable	(228)	(96)	(56)
Recoveries of amounts previously written off	17	18
Ending balance	$ 1,007	$ 941	982
Period of adoption, adjustment
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ 0
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023

Allowance for Credit Losses- Re

Allowance for Credit Losses- Reinsurance Recoverable, Credit Quality Indicator (Details) - Reinsurer concentration risk - Reinsurance recoverable including reinsurance premium paid	9 Months Ended
	Sep. 30, 2023
A- and above
Ceded Credit Risk [Line Items]
Concentration risk, percentage	98%
B++ to B+
Ceded Credit Risk [Line Items]
Concentration risk, percentage	2%
Not rated
Ceded Credit Risk [Line Items]
Concentration risk, percentage	0%

Allowance for Credit Losses - R

Allowance for Credit Losses - Reinsurance Recoverable (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,295	$ 2,295	$ 0
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023	2,295	2,295	2,295
Current period change for estimated uncollectible reinsurance	0	0	0
Write-offs of uncollectible reinsurance recoverables	0	0	0
Ending balance	$ 2,295	$ 2,295	2,295
Period of adoption, adjustment
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ 2,295
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023

Notes_Payable - Narrative (Deta

Notes Payable - Narrative (Details) - Revolving credit facility - Line of Credit - USD ($)	9 Months Ended
	Sep. 30, 2023	Mar. 31, 2023
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 150,000,000
Accordion feature, increase limit		50,000,000
Proceeds from long-term debt	$ 50,000,000
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 30,000,000
Secured Overnight Financing Rate (SOFR) | Revolving credit facility
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Debt instrument, variable rate	5.47%
Secured Overnight Financing Rate (SOFR) | Revolving credit facility | Low
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Secured Overnight Financing Rate (SOFR) | Revolving credit facility | High
Debt Instrument [Line Items]
Basis spread on variable rate	1.90%
Credit Spread Adjustment | Revolving credit facility | Low
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands				9 Months Ended
	Jan. 18, 2023 USD ($) $ / shares shares	Jan. 12, 2023 $ / shares shares	Sep. 23, 2022	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Proceeds from initial public offering | $				$ 66,262	$ 0
Common stock, shares authorized (in shares)	500,000,000			500,000,000		168,000,000
Common stock, par value (in dollar per share) | $ / shares	$ 0.01			$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000			10,000,000		2,000,000
Preferred stock, par value (in dollar per share) | $ / shares	$ 0.01			$ 0.01		$ 0.01
Preferred stock, liquidation preference (in dollar per share) | $ / shares				$ 50
Preferred stock, shares outstanding (in shares)	1,969,660			0		1,969,660
Common shares upon conversion of preferred shares (in shares)						16,305,113
Preferred stock, convertible, conversion price (in dollar per share) | $ / shares						$ 6.04
Convertible preferred stock (in shares)	16,305,113
Equity conversion ratio			0.25
IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued (in shares)		8,952,383
Sale of stock, price per share (in dollar per share) | $ / shares		$ 15
Proceeds from initial public offering | $	$ 62,000
IPO - Shares From Company
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued (in shares)		4,750,000
IPO - Shares From Existing Shareholders
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued (in shares)		4,202,383
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued (in shares)	1,342,857

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 6,084	$ (719)	$ 15,814	$ 4,842
Effective tax rate	21.90%	23.10%	21.80%	20.30%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Cash paid for federal income taxes	$ 10,000	$ 0

Losses and Loss Adjustment Ex_3

Losses and Loss Adjustment Expenses - Schedule of Liability for Unpaid Claims and Claims Adjustment Expense (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reserves for losses and LAE, beginning of period	$ 1,141,757	$ 979,549
Less: reinsurance recoverable on unpaid claims, beginning of period	(435,986)	(381,338)
Reserves for losses and LAE, beginning of period, net of reinsurance	705,771	598,211
Incurred, net of reinsurance, related to:
Current period	378,811	284,265
Prior years	0	14,385
Total incurred, net of reinsurance	378,811	298,650
Paid, net of reinsurance, related to:
Current period	67,267	62,864
Prior years	187,256	158,749
Total paid	254,523	221,613
Net reserves for losses and LAE, end of period	830,059	675,248
Plus: reinsurance recoverable on unpaid claims, end of period	438,652	386,752
Reserves for losses and LAE, end of period	$ 1,268,711	$ 1,062,000

Commission and Fee Income - Dis

Commission and Fee Income - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total commission and fee income	$ 2,085	$ 1,362	$ 5,817	$ 3,652
SUA commission revenue
Disaggregation of Revenue [Line Items]
Total commission and fee income	1,357	967	3,599	2,626
SUA fee income
Disaggregation of Revenue [Line Items]
Total commission and fee income	672	280	1,933	785
Other
Disaggregation of Revenue [Line Items]
Total commission and fee income	$ 56	$ 115	$ 285	$ 241

Commission and Fee Income - Nar

Commission and Fee Income - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract asset after allowance for credit loss	$ 2.3	$ 1.3	$ 1.7	$ 1.2

Underwriting, Acquisition and_3

Underwriting, Acquisition and Insurance Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Amortization of policy acquisition costs	$ 34,071	$ 17,379	$ 78,442	$ 45,514
Other operating and general expenses	34,244	29,961	98,211	86,744
Total underwriting, acquisition and insurance expenses	$ 68,315	$ 47,340	$ 176,653	$ 132,258

Reinsurance - Schedule of Premi

Reinsurance - Schedule of Premiums Written and Earned (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Written
Direct premiums	$ 308,215	$ 246,339	$ 947,977	$ 771,668
Assumed premiums	47,517	23,911	190,247	107,451
Ceded premiums	(75,036)	(98,795)	(441,650)	(383,532)
Net premiums	280,696	171,455	696,574	495,587
Earned
Direct premiums	299,294	242,727	845,200	695,567
Assumed premiums	51,665	30,020	139,522	82,549
Ceded premiums	(123,926)	(114,699)	(380,511)	(332,265)
Net premiums	227,033	158,048	604,211	445,851
Ceded losses and LAE incurred	$ 103,753	$ 60,878	$ 255,855	$ 190,465

Reinsurance - Reinsurance Recov

Reinsurance - Reinsurance Recoverable and Ceded Premiums (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Insurance [Abstract]
Ceded unpaid losses and LAE	$ 438,652			$ 435,986	$ 386,752	$ 381,338
Ceded paid losses and LAE	153,735			107,228
Loss portfolio transfer	25,583			38,145
Allowance for credit losses	(2,295)	$ (2,295)	$ (2,295)	0
Reinsurance recoverables	615,675			581,359
Ceded unearned premium	$ 218,784			$ 157,645

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Insurance [Abstract]
Market value of trust funds	$ 137.4
Deposit asset	$ 33.2	$ 41.8

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jan. 12, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common share (in shares)					3,200,516
Options granted (in shares)			759,990
Aggregate intrinsic value of options	$ 9.4		$ 9.4
Weighted average remaining contractual life of options			9 years 3 months 18 days
Unrecognized compensation cost	18.1		$ 18.1
Unrecognized compensation cost, recognition period			1 year 8 months 12 days
Stock based compensation expense	$ 2.3	$ 0.5	$ 6.2	$ 1.7
IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Sale of stock, price per share (in dollar per share)					$ 15
Employee Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common share (in shares)	376,531		376,531
Purchase price of common stock, percent			85%
Restricted Stock Awards And Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)			1,101,116	198,842
Fair value of shares vested in period			$ 1	$ 2
Options (treasury stock method)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Contractual term			10 years
Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common share (in shares)	1,861,106	198,842	1,861,106	198,842
Stock options granted to employees			$ 4.4
Long Term Incentive Plan | Restricted Stock Awards And Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)			1,101,116	198,842
Shares granted, value			$ 17.7	$ 2.6
Long Term Incentive Plan | Options (treasury stock method)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common share (in shares)	759,990		759,990
Long Term Incentive Plan | Director | Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)			22,742	15,196
Requisite service period			1 year

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Equity Awards (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jan. 12, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Target Stock and Stock Units (in shares)			3,200,516
Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Target Stock and Stock Units (in shares)	1,861,106	198,842
Market condition awards | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period	3 years	3 years
Target Stock and Stock Units (in shares)	37,622	28,495
Market condition awards | Low | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Payout Range	0%	0%
Market condition awards | High | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Payout Range	150%	150%
Performance condition awards | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period	3 years	3 years
Target Stock and Stock Units (in shares)	95,456	26,210
Performance condition awards | Low | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Payout Range	0%	0%
Performance condition awards | High | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Payout Range	150%	150%
Service condition awards | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Target Stock and Stock Units (in shares)	968,038	144,137
Service condition awards | Low | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period	1 year	1 year
Service condition awards | High | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period	4 years	3 years
Options (treasury stock method) | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Target Stock and Stock Units (in shares)	759,990
Options (treasury stock method) | Low | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period	3 years
Options (treasury stock method) | High | Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period	4 years

Stock Based Compensation - Su_2

Stock Based Compensation - Summary of Options Activity (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Weighted-Average Exercise Price
Granted, weighted average exercise price (in dollar per share) | $ / shares	$ 15
Stock
Outstanding, beginning of period (in shares)	0
Granted (in shares)	759,990
Exercised (in shares)	0
Forfeited (in shares)	0
Outstanding, ending of period (in shares)	759,990

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Nonvested Share Activity (Details) - Restricted Stock Awards And Units - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Weighted-Average Grant-Date Fair Value
Non-vested, beginning period (in dollar per share)	$ 12.55	$ 13.23
Granted (in dollars per share)	16.06	14.17
Vested (in dollars per share)	13.21	15.55
Forfeited (in dollars per share)	15.30	12.51
Non-vested, ending period (in dollar per share)	$ 15.12	$ 12.54
Stock and Stock Units
Non-vested, beginning period (in shares)	419,896	375,643
Granted (in shares)	1,101,116	198,842
Vested (in shares)	(35,954)	(126,978)
Forfeited (in shares)	(36,354)	(10,547)
Non-vested, ending period (in shares)	1,448,704	436,960

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net income (loss)	$ 21,711	$ (2,399)	$ 56,719	$ 18,977
Less: Undistributed income allocated to participating securities	0	0	(1,492)	(9,124)
Net income (loss) attributable to common stockholders	21,711	(2,399)	55,227	9,853
Add back: Undistributed income allocated to participating securities	0	0	1,492	9,124
Net income (loss) (numerator for diluted earnings per share under the two-class method)	$ 21,711	$ (2,399)	$ 56,719	$ 18,977
Denominator
Basic weighted-average common shares (in shares)	36,743,393	16,465,588	35,502,843	16,464,313
Preferred shares (if converted method) (in shares)	0	0	959,124	15,245,533
Contingently issuable instruments (treasury stock method) (in shares)	706,794	0	684,017	518,727
Diluted weighted-average common share equivalents (in shares)	38,403,843	16,465,588	37,830,431	32,598,669
Basic earnings (loss) per share (in dollar per share)	$ 0.59	$ (0.15)	$ 1.56	$ 0.60
Diluted earnings (loss) per share (in dollar per share)	$ 0.57	$ (0.15)	$ 1.50	$ 0.58
Market condition awards
Denominator
Awards (in shares)	93,935	0	89,467	103,811
Performance condition awards
Denominator
Awards (in shares)	87,297	0	52,223	39,231
Stock options
Denominator
Awards (in shares)	618,750	0	467,911	227,054
Options (treasury stock method)
Denominator
Awards (in shares)	153,674	0	74,846	0

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Preferred shares (if converted method)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	15,247,437	0	0
Contingently issuable instruments (treasury stock method)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	510,577	0	3,024
Market condition awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,881	112,454	1,488	0
Performance condition awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,670	42,411	1,391	0
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,518	252,180	1,667	0
Options (treasury stock method)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2	0	364,714	0

Earnings Per Share - Schedule_3

Earnings Per Share - Schedule of Earnings Per Share, Excluded from Basic Earnings (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	932,588	1,140,128	932,588	1,140,128
Common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	932,588	80,526	932,588	80,526
Preferred shares, if converted
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	1,059,602	0	1,059,602

Related Party Transactions - We

Related Party Transactions - Westaim Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Unrealized gain (losses)	$ (6,417)	$ (6,297)	$ 2,367	$ (26,180)
Skyward Specialty Insurance Group | Westaim HIIG LP
Related Party Transaction [Line Items]
Ownership interest			28.10%		44.50%
Limited partner | Westaim
Related Party Transaction [Line Items]
Unrealized gain (losses)			$ (1,300)		$ (2,300)

Related Party Transactions - RI

Related Party Transactions - RISCOM Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2016	Dec. 31, 2022
Related Party Transaction [Line Items]
Net earned premium	$ 227,033	$ 158,048	$ 604,211	$ 445,851
Premiums receivable, net	211,940		211,940			$ 139,215
Affiliated entity | Agency agreement | RISCOM
Related Party Transaction [Line Items]
Agreement, ownership interest					20%
Net earned premium	31,649	23,712	73,750	67,239
Commissions	6,119	$ 5,558	19,122	$ 18,666
Premiums receivable, net	$ 14,800		$ 14,800			$ 9,900

Related Party Transactions - Re

Related Party Transactions - Reinsurance Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Ceded premiums earned	$ 123,926	$ 114,699	$ 380,511	$ 332,265
Reinsurance recoverable for paid and unpaid claims	$ 615,675		$ 615,675		$ 581,359
Everest Reinsurance Co | Reinsurance agreement | Affiliated entity
Related Party Transaction [Line Items]
Ceded premiums earned		$ 11,000		$ 53,200
Reinsurance recoverable for paid and unpaid claims					$ 177,500

Related Party Transactions - Ot

Related Party Transactions - Other Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Professional fees and reimbursements | Related Party
Related Party Transaction [Line Items]
Professional fees	$ 0.5	$ 0.6	$ 3.1	$ 2.8