Skyward Specialty Insurance (SKWD) 10-Q 3 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		39,995,027
Entity Central Index Key	0001519449
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments:
Fixed maturity securities, available-for-sale, at fair value (amortized cost of $1,102,190 and $1,047,713, respectively)	$ 1,065,175	$ 1,017,651
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $329)	42,700	42,986
Equity securities, at fair value	117,083	118,249
Mortgage loans, at fair value	44,309	50,070
Equity method investments	103,962	110,653
Other long-term investments	2,045	3,852
Short-term investments, at fair value	297,932	270,226
Total investments	1,673,206	1,613,687
Cash and cash equivalents	85,059	65,891
Restricted cash	30,210	34,445
Premiums receivable, net	273,410	179,235
Reinsurance recoverables, net	612,043	596,334
Ceded unearned premium	204,625	186,121
Deferred policy acquisition costs	104,697	91,955
Deferred income taxes	23,607	21,991
Goodwill and intangible assets, net	88,137	88,435
Other assets	92,063	75,341
Total assets	3,187,057	2,953,435
Liabilities:
Reserves for losses and loss adjustment expenses	1,376,946	1,314,501
Unearned premiums	621,794	552,532
Deferred ceding commission	41,062	37,057
Reinsurance and premium payables	193,760	150,156
Funds held for others	88,864	58,588
Accounts payable and accrued liabilities	53,443	50,880
Notes payable	100,000	50,000
Subordinated debt, net of debt issuance costs	18,916	78,690
Total liabilities	2,494,785	2,292,404
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 39,995,027 and 39,863,756 shares issued and outstanding, respectively	400	399
Additional paid-in capital	711,309	710,855
Stock notes receivable	(5,234)	(5,562)
Accumulated other comprehensive loss	(29,279)	(22,953)
Retained earnings (accumulated deficit)	15,076	(21,708)
Total stockholders’ equity	692,272	661,031
Total liabilities and stockholders’ equity	$ 3,187,057	$ 2,953,435

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Amortized cost	$ 1,102,190	$ 1,047,713
Allowance for credit losses	$ 329	$ 329
Common stock, par value (in dollar per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	39,995,027	39,995,027
Common stock, shares outstanding (in shares)	39,863,756	39,863,756

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Net earned premiums	$ 236,342	$ 182,831
Commission and fee income	2,026	1,492
Net investment income	18,297	4,646
Net investment gains	8,303	961
Total revenues	264,968	189,930
Expenses:
Losses and loss adjustment expenses	143,914	114,900
Underwriting, acquisition and insurance expenses	69,774	51,655
Interest expense	2,727	2,152
Amortization expense	388	387
Other expenses	1,188	1,114
Total expenses	217,991	170,208
Income before income taxes	46,977	19,722
Income tax expense	10,193	4,166
Net income	36,784	15,556
Net income attributable to participating securities	0	1,274
Net income attributable to common stockholders	36,784	14,282
Comprehensive income:
Net income	36,784	15,556
Unrealized gains and losses on investments:
Net change in unrealized (losses) gains on investments, net of tax	(5,418)	7,788
Reclassification adjustment for losses on securities no longer held, net of tax	(908)	(47)
Total other comprehensive (loss) income	(6,326)	7,741
Comprehensive income	$ 30,458	$ 23,297
Per share data:
Basic earnings (loss) per share (in dollar per share)	$ 0.94	$ 0.43
Diluted earnings (loss) per share (in dollar per share)	$ 0.90	$ 0.42
Weighted-average common shares outstanding
Basic (in shares)	39,108,351	32,848,243
Diluted (in shares)	41,085,136	36,952,073

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Preferred stock:	Common stock:	Treasury stock:	Additional paid-in capital:	Stock notes receivable:	Accumulated other comprehensive loss:	Retained earnings (accumulated deficit):	Retained earnings (accumulated deficit): Period of adoption, adjustment
Preferred shares balance at beginning of period (in shares) at Dec. 31, 2022		1,969,660
Common shares balance at beginning of period (in shares) at Dec. 31, 2022			16,599,666
Stockholders' equity beginning balance at Dec. 31, 2022		$ 20	$ 168	$ (2)	$ 577,289	$ (6,911)	$ (43,485)	$ (105,417)	$ (2,276)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)			4,753,332
Preferred stock conversion to common shares (in shares)		(1,969,660)	(16,305,113)
Preferred stock conversion to common shares		$ (20)	$ 161	2	(143)
Issuance of common stock			0		1,864	193
Proceeds from equity offerings, net			48		62,358
Other comprehensive (loss) income, net of tax	$ 7,741						7,741
Net income	15,556							15,556
Stockholders' equity ending balance at Mar. 31, 2023	507,146	$ 0	$ 377	0	641,368	(6,718)	(35,744)	(92,137)
Preferred shares balance at ending of period (in shares) at Mar. 31, 2023		0
Common shares balance at ending of period (in shares) at Mar. 31, 2023			37,658,111
Preferred shares balance at beginning of period (in shares) at Dec. 31, 2022		1,969,660
Common shares balance at beginning of period (in shares) at Dec. 31, 2022			16,599,666
Stockholders' equity beginning balance at Dec. 31, 2022		$ 20	$ 168	(2)	577,289	(6,911)	(43,485)	(105,417)	(2,276)
Stockholders' equity ending balance at Dec. 31, 2023	$ 661,031	$ 0	$ 399	0	710,855	(5,562)	(22,953)	(21,708)	$ 0
Preferred shares balance at ending of period (in shares) at Dec. 31, 2023		0
Common shares balance at ending of period (in shares) at Dec. 31, 2023	39,863,756		39,863,756
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Issuance of shares (in shares)			131,271
Preferred stock conversion to common shares (in shares)		0	0
Preferred stock conversion to common shares		$ 0	$ 0	0	0
Issuance of common stock			1		454	328
Proceeds from equity offerings, net			0		0
Other comprehensive (loss) income, net of tax	$ (6,326)						(6,326)
Net income	36,784							36,784
Stockholders' equity ending balance at Mar. 31, 2024	$ 692,272	$ 0	$ 400	$ 0	$ 711,309	$ (5,234)	$ (29,279)	$ 15,076
Preferred shares balance at ending of period (in shares) at Mar. 31, 2024		0
Common shares balance at ending of period (in shares) at Mar. 31, 2024	39,863,756		39,995,027

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income	$ 36,784	$ 15,556
Adjustments to reconcile net income to net cash provided by operating activities	57,481	91,651
Net cash provided by operating activities	94,265	107,207
Cash flows from investing activities:
Purchase of fixed maturity securities, available-for-sale	(97,426)	(72,466)
Purchase of equity securities	(2,035)	(12,889)
Purchase of equity method investments	(261)	(286)
Investment in direct and indirect loans	10,816	14,665
Purchase of property and equipment	(260)	(614)
Sales and maturities of investment securities	53,473	34,980
Proceeds from equity method and other long-term investments	4,871	355
Change in short-term investments	(27,706)	(166,193)
Change in receivable/payable for securities	(13,755)	3,984
Cash provided by deposit accounting	2,417	5,038
Net cash used in investment activities	(69,866)	(193,426)
Cash flows from financing activities:
Repayment of stock notes receivable	328	193
Draw on revolving line of credit	50,000	50,000
Repayment of term loan	0	(50,000)
Repayment of trust preferred	(59,794)	0
Proceeds from initial public offering	0	66,262
Net cash (used in) provided by financing activities	(9,466)	66,455
Net increase (decrease) in cash and cash equivalents and restricted cash	14,933	(19,764)
Cash and cash equivalents and restricted cash at beginning of period	100,336	125,011
Cash and cash equivalents and restricted cash at end of period	115,269	105,247
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 2,656	$ 3,145

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, 2023 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, 2023 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.

Investments

Investments	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The following tables set forth the amortized cost and the fair value by investment category at March 31, 2024 and December 31, 2023: ($ in thousands) Gross Gross Gross Allowance for Credit Losses Fair Value March 31, 2024 Fixed maturity securities, available-for-sale: U.S. government securities $ 36,109 $ 30 $ (573) $ — $ 35,566 Corporate securities and miscellaneous 428,985 4,016 (17,245) — 415,756 Municipal securities 101,697 586 (6,466) — 95,817 Residential mortgage-backed securities 297,164 2,446 (16,596) — 283,014 Commercial mortgage-backed securities 31,878 502 (1,854) — 30,526 Other asset-backed securities 206,357 1,416 (3,277) — 204,496 Total fixed maturity securities, available-for-sale $ 1,102,190 $ 8,996 $ (46,011) $ — $ 1,065,175 Fixed maturity securities, held-to-maturity: Other asset-backed securities $ 43,029 $ 25 $ (1,324) $ (329) $ 41,401 Total fixed maturity securities, held-to-maturity $ 43,029 $ 25 $ (1,324) $ (329) $ 41,401 ($ in thousands) Gross Gross Gross Allowance for Credit Losses Fair Value December 31, 2023 Fixed maturity securities, available-for-sale: U.S. government securities $ 44,685 $ 202 $ (721) $ — $ 44,166 Corporate securities and miscellaneous 392,773 6,408 (15,761) — 383,420 Municipal securities 98,266 655 (6,143) — 92,778 Residential mortgage-backed securities 292,568 3,556 (14,498) — 281,626 Commercial mortgage-backed securities 31,411 449 (1,926) — 29,934 Other asset-backed securities 188,010 1,221 (3,504) — 185,727 Total fixed maturity securities, available-for-sale $ 1,047,713 $ 12,491 $ (42,553) $ — $ 1,017,651 Fixed maturity securities, held-to-maturity: Other asset-backed securities $ 43,315 $ — $ (1,969) $ (329) $ 41,017 Total fixed maturity securities, held-to-maturity $ 43,315 $ — $ (1,969) $ (329) $ 41,017 The following table sets forth the amortized cost and fair value of available-for-sale fixed maturity securities by contractual maturity at March 31, 2024: ($ in thousands) Amortized Fair Value Due in less than one year $ 32,270 $ 31,793 Due after one year through five years 297,619 286,500 Due after five years through ten years 187,841 183,251 Due after ten years 49,061 45,595 Mortgage-backed securities 329,042 313,540 Other asset-backed securities 206,357 204,496 Total $ 1,102,190 $ 1,065,175 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 March 31, 2024 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 March 31, 2024 and December 31, 2023: 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 March 31, 2024 Fixed maturity securities, available-for-sale: U.S. government securities $ 19,473 $ (79) $ 11,240 $ (494) $ 30,713 $ (573) Corporate securities and miscellaneous 95,105 (1,049) 177,017 (16,196) 272,122 (17,245) Municipal securities 18,761 (369) 49,031 (6,097) 67,792 (6,466) Residential mortgage-backed securities 80,072 (1,351) 103,169 (15,245) 183,241 (16,596) Commercial mortgage-backed securities 3,765 (27) 15,426 (1,827) 19,191 (1,854) Other asset-backed securities 36,528 (258) 60,458 (3,019) 96,986 (3,277) Total fixed maturity securities, available-for-sale 253,704 (3,133) 416,341 (42,878) 670,045 (46,011) Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 39,371 (1,324) 39,371 (1,324) Total fixed maturity securities, held-to-maturity: — — 39,371 (1,324) 39,371 (1,324) Total $ 253,704 $ (3,133) $ 455,712 $ (44,202) $ 709,416 $ (47,335) 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, 2023 Fixed maturity securities, available-for-sale: U.S. government securities $ 7,342 $ (25) $ 25,604 $ (696) $ 32,946 $ (721) Corporate securities and miscellaneous 26,742 (570) 174,947 (15,191) 201,689 (15,761) Municipal securities 16,815 (290) 47,269 (5,853) 64,084 (6,143) Residential mortgage-backed securities 37,634 (602) 103,495 (13,896) 141,129 (14,498) Commercial mortgage-backed securities 4,942 (74) 15,290 (1,852) 20,232 (1,926) Other asset-backed securities 27,887 (106) 75,253 (3,398) 103,140 (3,504) Total fixed maturity securities, available-for-sale 121,362 (1,667) 441,858 (40,886) 563,220 (42,553) Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 41,017 (1,969) 41,017 (1,969) Total fixed maturity securities, held-to-maturity: — — 41,017 (1,969) 41,017 (1,969) Total $ 121,362 $ (1,667) $ 482,875 $ (42,855) $ 604,237 $ (44,522) 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 March 31, 2024, the Company had 692 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 gains for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Gross realized gains Fixed maturity securities, available-for sale $ 499 $ 493 Equity securities 1,081 1,227 Other 18 1 Total 1,598 1,721 Gross realized losses Fixed maturity securities, available-for sale (394) (237) Equity securities (1,874) (4,289) Other (18) (1) Total (2,286) (4,527) Net unrealized gains on investments Equity securities 8,020 3,745 Mortgage loans 971 22 Net investment gains $ 8,303 $ 961 The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Fixed maturity securities, available-for sale $ 12,093 $ 8,392 Equity securities 10,458 13,325 The following table sets forth the components of net investment income for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Income: Fixed maturity securities, available-for sale $ 12,231 $ 6,676 Fixed maturity securities, held-to-maturity 1,126 1,003 Equity securities 627 726 Equity method investments 1,098 (4,664) Mortgage loans 1,419 1,473 Indirect loans (1,694) (1,319) Short-term investments and cash 4,240 1,789 Other 869 (20) Total investment income 19,916 5,664 Investment expenses (1,619) (1,018) Net investment income $ 18,297 $ 4,646 The following table sets forth the change in net unrealized (losses)/gains on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive loss for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Fixed maturity securities $ (7,989) $ 9,786 Deferred income taxes 1,663 (2,045) Total $ (6,326) $ 7,741

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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 other 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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 High 9.75 % 9.50 % Low 4.27 % 3.25 % Weighted average 7.39 % 7.05 % The following tables set forth the Company’s investments within the fair value hierarchy at March 31, 2024 and December 31, 2023: March 31, 2024 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale: U.S. government securities $ 35,566 $ — $ — $ 35,566 Corporate securities and miscellaneous — 415,756 — 415,756 Municipal securities — 95,817 — 95,817 Residential mortgage-backed securities — 283,014 — 283,014 Commercial mortgage-backed securities — 30,526 — 30,526 Other asset-backed securities — 204,496 — 204,496 Total fixed maturity securities, available-for-sale 35,566 1,029,609 — 1,065,175 Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 41,401 41,401 Total fixed maturity securities, held-to-maturity — — 41,401 41,401 Equity securities: Common stocks 70,378 — — 70,378 Preferred stocks — 1,189 — 1,189 Mutual funds 45,516 — — 45,516 Total equity securities 115,894 1,189 — 117,083 Mortgage loans — — 44,309 44,309 Short-term investments 297,932 — — 297,932 Total $ 449,392 $ 1,030,798 $ 85,710 $ 1,565,900 December 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale: U.S. government securities $ 44,166 $ — $ — $ 44,166 Corporate securities and miscellaneous — 383,420 — 383,420 Municipal securities — 92,778 — 92,778 Residential mortgage-backed securities — 281,626 — 281,626 Commercial mortgage-backed securities — 29,934 — 29,934 Other asset-backed securities — 185,727 — 185,727 Total fixed maturity securities, available-for-sale 44,166 973,485 — 1,017,651 Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 41,017 41,017 Total fixed maturity securities, held-to-maturity: — — 41,017 41,017 Equity securities: Common stocks 67,425 — — 67,425 Preferred stocks — 7,358 — 7,358 Mutual funds 43,466 — — 43,466 Total equity securities 110,891 7,358 — 118,249 Mortgage loans — — 50,070 50,070 Short-term investments 270,226 — — 270,226 Total $ 425,283 $ 980,843 $ 91,087 $ 1,497,213 The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the three months ended March 31, 2024 and 2023: ($ in thousands) Mortgage Loans Balance at December 31, 2023 $ 50,070 Total gains for the period recognized in net investment gains (losses) 971 Issuances 187 Settlements (6,919) Balance at March 31, 2024 $ 44,309 Total gains 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 $ 952 ($ in thousands) Mortgage Loans Balance at December 31, 2022 $ 52,842 Total losses 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) 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 March 31, 2024, 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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 ($ in thousands) Carrying Fair Carrying Fair Notes payable Revolving credit facility 100,000 100,000 50,000 50,000 Notes payable $ 100,000 $ 100,000 $ 50,000 $ 50,000 Subordinated debt Junior subordinated interest debentures $ — $ — $ 59,186 $ 59,794 Unsecured subordinated notes 18,916 21,168 19,504 21,378 Subordinated debt, net of debt issuance costs $ 18,916 $ 21,168 $ 78,690 $ 81,172

Mortgage Loans

Mortgage Loans	3 Months Ended
	Mar. 31, 2024
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 GP Inc. (a general partnership controlled by Westaim), is the Company’s largest stockholder. As of March 31, 2024 and December 31, 2023, 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 year to 3 years from loan origination and the principal amounts of the loans range between 64% to 90% property’s appraised value at the time the loans were made. The carrying value of the Company’s mortgage loans as of March 31, 2024 and December 31, 2023 were as follows: ($ in thousands) March 31, 2024 December 31, 2023 Commercial $ 15,322 $ 14,469 Retail 14,123 16,072 Hospitality 7,928 12,744 Industrial 6,936 6,785 $ 44,309 $ 50,070 The following table sets forth the Company’s gross investment income for mortgage loans for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Commercial $ 458 $ 494 Retail 490 595 Hospitality 471 161 Office — 106 Multi-family — 117 $ 1,419 $ 1,473 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 months ended March 31, 2024 and 2023. As of March 31, 2024 and December 31, 2023, approximately $6.9 million and $7.1 million of mortgage loans, respectively, were in the process of foreclosure. As of March 31, 2024, $6.9 million of mortgage loans were not producing income for the previous 12 months.

Equity Method Investments and O

Equity Method Investments and Other	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Other	Equity Method Investments and Other The Company’s ownership interests in most of its equity method investments range from approximately 3% to less than 5% where the Company has significant influence but not control. The following table sets forth the carrying value of the Company’s equity method investments as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Arena Special Opportunities Fund, LP units $ 40,643 $ 41,046 JVM Funds LLC units 19,293 20,061 Arena SOP LP units 2,752 2,463 RISCOM 3,807 4,121 Hudson Ventures Fund 2 LP units 4,742 4,669 Dowling Capital Partners LP units 858 1,708 Brewer Lane Ventures Fund II LP units 663 560 $ 72,758 $ 74,628 The following table sets forth the components of net investment income (loss) from equity method investments for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Dowling Capital Partners LP units $ 1,342 $ 267 RISCOM 286 81 Brewer Lane Ventures Fund II LP (32) — Hudson Ventures Fund II LP units (52) (255) JVM Funds LLC (484) (420) Universa Black Swan LP units — (556) Arena SOP LP units 289 (2,051) Arena Special Opportunities Fund, LP units (251) (1,730) $ 1,098 $ (4,664) The following table sets forth the unfunded commitment of equity method investments as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Brewer Lane Ventures Fund II LP units $ 4,227 $ 4,610 Hudson Ventures Fund 2 LP units 722 848 Dowling Capital Partners LP units 386 386 $ 5,335 $ 5,844 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 March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Investment in RISCOM: Underlying equity $ 2,367 $ 2,620 Difference 1,440 1,501 Recorded investment balance $ 3,807 $ 4,121 The following table sets forth the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Investment in JVM Funds LLC: Underlying equity $ 18,574 $ 19,304 Difference 719 757 Recorded investment balance $ 19,293 $ 20,061 Investment in Indirect Loans and Loan Collateral As of March 31, 2024 and December 31, 2023, the Company held indirect investments in collateralized loans and loan collateral through SMA1 and SMA2. The carrying value of the SMA1 and SMA2 as of March 31, 2024 and December 31, 2023 were as follows: ($ in thousands) March 31, 2024 December 31, 2023 SMA1 $ 24,883 $ 30,816 SMA2 6,321 5,209 Investment in indirect loans and loan collateral $ 31,204 $ 36,025

Notes Payable & Subordinated De

Notes Payable & Subordinated Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Notes Payable & Subordinated Debt	Notes Payable & Subordinated Debt Revolving Credit Facility 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. As of December 31, 2023, the Company drew $50.0 million on the Revolving Credit Facility. During the three months ended March 31, 2024, the Company drew an additional $50.0 million on the Revolving Credit Facility and used the proceeds to pay off the principal on its existing Debentures (defined below). Interest on the Revolving Credit Facility is payable quarterly. The interest rate on the Revolving Credit Facility is the Secured Overnight Financing Rate (“SOFR”) plus a margin of between 150 and 190 basis points based on the ratio of debt to total capital and a credit spread adjustment of 10 basis points. The following table sets forth the outstanding draws on the Revolving Credit Facility as of March 31, 2024: ($ in thousands) March 31, 2024 Amount Margin Six-month SOFR Net interest rate March 15, 2024 $ 50,000 1.60 % 5.25 % 6.85 % March 29, 2023 $ 50,000 1.60 % 5.23 % 6.83 % The Company was subject to covenants on the Revolving Credit Facility based on minimum net worth, maximum debt to capital ratio, minimum A.M. Best Rating and minimum liquidity. As of March 31, 2024, the Company was in compliance with all covenants. Debentures In August 2006, the Company received $58.0 million of proceeds from a debenture offering through a statutory trust, Delos Capital Trust (the “Trust”). The sole asset of the Trust consists of Fixed/Floating Rate Junior Subordinated Deferrable Interest Debentures (the “Debentures”) with a principal amount of $59.8 million issued by the Company and cash of $1.8 million from the issuance of Trust common shares purchased by the Company equal to 3% of the Trust capitalization. On March 15, 2024, the Company redeemed the Debentures and paid $1.4 million of accrued interest.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table sets forth the Company’s income tax expense and effective tax rates for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Income tax expense $ 10,193 $ 4,166 Effective tax rate 21.7 % 21.1 % 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, dividends-received deduction and non-deductible expenses.

Losses and Loss Adjustment Expe

Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Reserves for losses and LAE, beginning of period $ 1,314,501 $ 1,141,757 Less: reinsurance recoverable on unpaid claims, beginning of period (455,484) (435,986) Reserves for losses and LAE, beginning of period, net of reinsurance 859,017 705,771 Incurred, net of reinsurance, related to: Current period 144,155 115,142 Prior years — — Total incurred, net of reinsurance 144,155 115,142 Paid, net of reinsurance, related to: Current period 11,805 8,744 Prior years 80,516 68,745 Total paid 92,321 77,489 Net reserves for losses and LAE, end of period 910,851 743,424 Plus: reinsurance recoverable on unpaid claims, end of period 466,095 429,752 Reserves for losses and LAE, end of period $ 1,376,946 $ 1,173,176

Commission and Fee Income

Commission and Fee Income	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 SUA commission revenue $ 990 $ 857 SUA fee income 846 456 Other 190 179 Total commission and fee income $ 2,026 $ 1,492 The Company’s contract assets from commission and fee income as of March 31, 2024 and December 31, 2023 were $1.5 million and $1.0 million, respectively. Contract assets were $1.3 million as of both March 31, 2023 and December 31, 2022.

Underwriting, Acquisition and I

Underwriting, Acquisition and Insurance Expenses	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Amortization of policy acquisition costs $ 31,977 $ 21,235 Other operating and general expenses 37,797 30,420 Total underwriting, acquisition and insurance expenses $ 69,774 $ 51,655

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 ($ in thousands) Written Earned Written Earned Direct premiums $ 366,796 $ 327,172 $ 308,213 $ 262,658 Assumed premiums 91,824 62,186 52,285 39,131 Ceded premiums (171,520) (153,016) (158,357) (118,958) Net premiums $ 287,100 $ 236,342 $ 202,141 $ 182,831 Ceded losses and LAE incurred $ 85,619 $ 64,794 The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Ceded unpaid losses and LAE $ 466,095 $ 455,484 Ceded paid losses and LAE 127,385 122,287 Loss portfolio transfer 20,858 20,858 Allowance for credit losses (2,295) (2,295) Reinsurance recoverables $ 612,043 $ 596,334 Ceded unearned premium $ 204,625 $ 186,121 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 March 31, 2024, the market value of these accounts was approximately $171.2 million. The trust amount will be adjusted periodically, by mutual agreement, based on claim payments and 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 March 31, 2024 and December 31, 2023 was $27.5 million and $29.9 million, respectively, and was included in other assets on the condensed consolidated balance sheets.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the compilation of basic and diluted net earnings per share for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands, except for share and per share amounts) 2024 2023 Numerator Net income $ 36,784 $ 15,556 Less: Undistributed income allocated to participating securities — (1,274) Net income attributable to common stockholders (numerator for basic earnings per share) 36,784 14,282 Add back: Undistributed income allocated to participating securities — 1,274 Net income (numerator for diluted earnings per share under the two-class method) $ 36,784 $ 15,556 Denominator Basic weighted-average common shares 39,108,351 32,848,243 Dilutive effect of preferred shares — 2,931,256 Dilutive effect of stock notes 711,752 708,746 Dilutive effect of stock units 935,890 444,612 Dilutive effect of options 329,143 19,216 Diluted weighted-average common share equivalents 41,085,136 36,952,073 Basic earnings per share $ 0.94 $ 0.43 Diluted earnings per share $ 0.90 $ 0.42 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. The following table presents anti-dilutive instruments that were excluded from the calculation of diluted weighted-average common share equivalents during the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 Stock units 70,671 443,951 Options 48 333,551 The following table presents common share equivalents of contingently issuable instruments that were excluded from basic earnings per share in the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 Common shares 866,428 1,054,510

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
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. Westaim subsequently transferred the direct ownership of the Company’s stock to the wholly owned general partnership, Westaim HIIG GP Inc. As of March 31, 2024 and December 31, 2023, Westaim, including shares beneficially owned through Westaim HIIG GP Inc., owned 17.5% of the Company’s common stock. 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 months ended March 31, 2024 and 2023 were as follows: Three months ended March 31, ($ in thousands) 2024 2023 Net earned premium $ 25,894 $ 22,185 Commissions 6,887 6,853 Premiums receivable as of March 31, 2024 and December 31, 2023 were $15.6 million and $10.6 million, respectively. Other Advisory and professional services fees and expense reimbursements paid to various affiliated stockholders and directors for the three months ended March 31, 2024 were $2.0 million, compared to $2.1 million for the three months ended March 31, 2023.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2024
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
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 36,784	$ 15,556

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2023 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, 2023 was derived from the Company’s audited annual consolidated financial statements.
Use of Estimates	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.
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 other 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 March 31, 2024, 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:

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: ($ in thousands) Gross Gross Gross Allowance for Credit Losses Fair Value March 31, 2024 Fixed maturity securities, available-for-sale: U.S. government securities $ 36,109 $ 30 $ (573) $ — $ 35,566 Corporate securities and miscellaneous 428,985 4,016 (17,245) — 415,756 Municipal securities 101,697 586 (6,466) — 95,817 Residential mortgage-backed securities 297,164 2,446 (16,596) — 283,014 Commercial mortgage-backed securities 31,878 502 (1,854) — 30,526 Other asset-backed securities 206,357 1,416 (3,277) — 204,496 Total fixed maturity securities, available-for-sale $ 1,102,190 $ 8,996 $ (46,011) $ — $ 1,065,175 Fixed maturity securities, held-to-maturity: Other asset-backed securities $ 43,029 $ 25 $ (1,324) $ (329) $ 41,401 Total fixed maturity securities, held-to-maturity $ 43,029 $ 25 $ (1,324) $ (329) $ 41,401 ($ in thousands) Gross Gross Gross Allowance for Credit Losses Fair Value December 31, 2023 Fixed maturity securities, available-for-sale: U.S. government securities $ 44,685 $ 202 $ (721) $ — $ 44,166 Corporate securities and miscellaneous 392,773 6,408 (15,761) — 383,420 Municipal securities 98,266 655 (6,143) — 92,778 Residential mortgage-backed securities 292,568 3,556 (14,498) — 281,626 Commercial mortgage-backed securities 31,411 449 (1,926) — 29,934 Other asset-backed securities 188,010 1,221 (3,504) — 185,727 Total fixed maturity securities, available-for-sale $ 1,047,713 $ 12,491 $ (42,553) $ — $ 1,017,651 Fixed maturity securities, held-to-maturity: Other asset-backed securities $ 43,315 $ — $ (1,969) $ (329) $ 41,017 Total fixed maturity securities, held-to-maturity $ 43,315 $ — $ (1,969) $ (329) $ 41,017
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 March 31, 2024: ($ in thousands) Amortized Fair Value Due in less than one year $ 32,270 $ 31,793 Due after one year through five years 297,619 286,500 Due after five years through ten years 187,841 183,251 Due after ten years 49,061 45,595 Mortgage-backed securities 329,042 313,540 Other asset-backed securities 206,357 204,496 Total $ 1,102,190 $ 1,065,175
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 March 31, 2024 and December 31, 2023: 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 March 31, 2024 Fixed maturity securities, available-for-sale: U.S. government securities $ 19,473 $ (79) $ 11,240 $ (494) $ 30,713 $ (573) Corporate securities and miscellaneous 95,105 (1,049) 177,017 (16,196) 272,122 (17,245) Municipal securities 18,761 (369) 49,031 (6,097) 67,792 (6,466) Residential mortgage-backed securities 80,072 (1,351) 103,169 (15,245) 183,241 (16,596) Commercial mortgage-backed securities 3,765 (27) 15,426 (1,827) 19,191 (1,854) Other asset-backed securities 36,528 (258) 60,458 (3,019) 96,986 (3,277) Total fixed maturity securities, available-for-sale 253,704 (3,133) 416,341 (42,878) 670,045 (46,011) Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 39,371 (1,324) 39,371 (1,324) Total fixed maturity securities, held-to-maturity: — — 39,371 (1,324) 39,371 (1,324) Total $ 253,704 $ (3,133) $ 455,712 $ (44,202) $ 709,416 $ (47,335) 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, 2023 Fixed maturity securities, available-for-sale: U.S. government securities $ 7,342 $ (25) $ 25,604 $ (696) $ 32,946 $ (721) Corporate securities and miscellaneous 26,742 (570) 174,947 (15,191) 201,689 (15,761) Municipal securities 16,815 (290) 47,269 (5,853) 64,084 (6,143) Residential mortgage-backed securities 37,634 (602) 103,495 (13,896) 141,129 (14,498) Commercial mortgage-backed securities 4,942 (74) 15,290 (1,852) 20,232 (1,926) Other asset-backed securities 27,887 (106) 75,253 (3,398) 103,140 (3,504) Total fixed maturity securities, available-for-sale 121,362 (1,667) 441,858 (40,886) 563,220 (42,553) Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 41,017 (1,969) 41,017 (1,969) Total fixed maturity securities, held-to-maturity: — — 41,017 (1,969) 41,017 (1,969) Total $ 121,362 $ (1,667) $ 482,875 $ (42,855) $ 604,237 $ (44,522)
Gain (Loss) on Securities	The following table sets forth the components of net investment gains for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Gross realized gains Fixed maturity securities, available-for sale $ 499 $ 493 Equity securities 1,081 1,227 Other 18 1 Total 1,598 1,721 Gross realized losses Fixed maturity securities, available-for sale (394) (237) Equity securities (1,874) (4,289) Other (18) (1) Total (2,286) (4,527) Net unrealized gains on investments Equity securities 8,020 3,745 Mortgage loans 971 22 Net investment gains $ 8,303 $ 961
Investment Income	The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Fixed maturity securities, available-for sale $ 12,093 $ 8,392 Equity securities 10,458 13,325 The following table sets forth the components of net investment income for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Income: Fixed maturity securities, available-for sale $ 12,231 $ 6,676 Fixed maturity securities, held-to-maturity 1,126 1,003 Equity securities 627 726 Equity method investments 1,098 (4,664) Mortgage loans 1,419 1,473 Indirect loans (1,694) (1,319) Short-term investments and cash 4,240 1,789 Other 869 (20) Total investment income 19,916 5,664 Investment expenses (1,619) (1,018) Net investment income $ 18,297 $ 4,646 The following table sets forth the Company’s gross investment income for mortgage loans for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Commercial $ 458 $ 494 Retail 490 595 Hospitality 471 161 Office — 106 Multi-family — 117 $ 1,419 $ 1,473
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table sets forth the change in net unrealized (losses)/gains on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive loss for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Fixed maturity securities $ (7,989) $ 9,786 Deferred income taxes 1,663 (2,045) Total $ (6,326) $ 7,741

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 High 9.75 % 9.50 % Low 4.27 % 3.25 % Weighted average 7.39 % 7.05 %
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 March 31, 2024 and December 31, 2023: March 31, 2024 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale: U.S. government securities $ 35,566 $ — $ — $ 35,566 Corporate securities and miscellaneous — 415,756 — 415,756 Municipal securities — 95,817 — 95,817 Residential mortgage-backed securities — 283,014 — 283,014 Commercial mortgage-backed securities — 30,526 — 30,526 Other asset-backed securities — 204,496 — 204,496 Total fixed maturity securities, available-for-sale 35,566 1,029,609 — 1,065,175 Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 41,401 41,401 Total fixed maturity securities, held-to-maturity — — 41,401 41,401 Equity securities: Common stocks 70,378 — — 70,378 Preferred stocks — 1,189 — 1,189 Mutual funds 45,516 — — 45,516 Total equity securities 115,894 1,189 — 117,083 Mortgage loans — — 44,309 44,309 Short-term investments 297,932 — — 297,932 Total $ 449,392 $ 1,030,798 $ 85,710 $ 1,565,900 December 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale: U.S. government securities $ 44,166 $ — $ — $ 44,166 Corporate securities and miscellaneous — 383,420 — 383,420 Municipal securities — 92,778 — 92,778 Residential mortgage-backed securities — 281,626 — 281,626 Commercial mortgage-backed securities — 29,934 — 29,934 Other asset-backed securities — 185,727 — 185,727 Total fixed maturity securities, available-for-sale 44,166 973,485 — 1,017,651 Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 41,017 41,017 Total fixed maturity securities, held-to-maturity: — — 41,017 41,017 Equity securities: Common stocks 67,425 — — 67,425 Preferred stocks — 7,358 — 7,358 Mutual funds 43,466 — — 43,466 Total equity securities 110,891 7,358 — 118,249 Mortgage loans — — 50,070 50,070 Short-term investments 270,226 — — 270,226 Total $ 425,283 $ 980,843 $ 91,087 $ 1,497,213
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the three months ended March 31, 2024 and 2023: ($ in thousands) Mortgage Loans Balance at December 31, 2023 $ 50,070 Total gains for the period recognized in net investment gains (losses) 971 Issuances 187 Settlements (6,919) Balance at March 31, 2024 $ 44,309 Total gains 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 $ 952 ($ in thousands) Mortgage Loans Balance at December 31, 2022 $ 52,842 Total losses 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)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the three months ended March 31, 2024 and 2023: ($ in thousands) Mortgage Loans Balance at December 31, 2023 $ 50,070 Total gains for the period recognized in net investment gains (losses) 971 Issuances 187 Settlements (6,919) Balance at March 31, 2024 $ 44,309 Total gains 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 $ 952 ($ in thousands) Mortgage Loans Balance at December 31, 2022 $ 52,842 Total losses 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)
Summary of Subordinated Debt	The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 ($ in thousands) Carrying Fair Carrying Fair Notes payable Revolving credit facility 100,000 100,000 50,000 50,000 Notes payable $ 100,000 $ 100,000 $ 50,000 $ 50,000 Subordinated debt Junior subordinated interest debentures $ — $ — $ 59,186 $ 59,794 Unsecured subordinated notes 18,916 21,168 19,504 21,378 Subordinated debt, net of debt issuance costs $ 18,916 $ 21,168 $ 78,690 $ 81,172 ($ in thousands) March 31, 2024 Amount Margin Six-month SOFR Net interest rate March 15, 2024 $ 50,000 1.60 % 5.25 % 6.85 % March 29, 2023 $ 50,000 1.60 % 5.23 % 6.83 %

Mortgage Loans (Tables)

Mortgage Loans (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The carrying value of the Company’s mortgage loans as of March 31, 2024 and December 31, 2023 were as follows: ($ in thousands) March 31, 2024 December 31, 2023 Commercial $ 15,322 $ 14,469 Retail 14,123 16,072 Hospitality 7,928 12,744 Industrial 6,936 6,785 $ 44,309 $ 50,070
Investment Income	The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Fixed maturity securities, available-for sale $ 12,093 $ 8,392 Equity securities 10,458 13,325 The following table sets forth the components of net investment income for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Income: Fixed maturity securities, available-for sale $ 12,231 $ 6,676 Fixed maturity securities, held-to-maturity 1,126 1,003 Equity securities 627 726 Equity method investments 1,098 (4,664) Mortgage loans 1,419 1,473 Indirect loans (1,694) (1,319) Short-term investments and cash 4,240 1,789 Other 869 (20) Total investment income 19,916 5,664 Investment expenses (1,619) (1,018) Net investment income $ 18,297 $ 4,646 The following table sets forth the Company’s gross investment income for mortgage loans for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Commercial $ 458 $ 494 Retail 490 595 Hospitality 471 161 Office — 106 Multi-family — 117 $ 1,419 $ 1,473

Equity Method Investments and_2

Equity Method Investments and Other (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Carrying Value of Equity Method Investments	The following table sets forth the carrying value of the Company’s equity method investments as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Arena Special Opportunities Fund, LP units $ 40,643 $ 41,046 JVM Funds LLC units 19,293 20,061 Arena SOP LP units 2,752 2,463 RISCOM 3,807 4,121 Hudson Ventures Fund 2 LP units 4,742 4,669 Dowling Capital Partners LP units 858 1,708 Brewer Lane Ventures Fund II LP units 663 560 $ 72,758 $ 74,628 The following table sets forth the components of net investment income (loss) from equity method investments for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Dowling Capital Partners LP units $ 1,342 $ 267 RISCOM 286 81 Brewer Lane Ventures Fund II LP (32) — Hudson Ventures Fund II LP units (52) (255) JVM Funds LLC (484) (420) Universa Black Swan LP units — (556) Arena SOP LP units 289 (2,051) Arena Special Opportunities Fund, LP units (251) (1,730) $ 1,098 $ (4,664) The following table sets forth the unfunded commitment of equity method investments as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Brewer Lane Ventures Fund II LP units $ 4,227 $ 4,610 Hudson Ventures Fund 2 LP units 722 848 Dowling Capital Partners LP units 386 386 $ 5,335 $ 5,844 The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Investment in RISCOM: Underlying equity $ 2,367 $ 2,620 Difference 1,440 1,501 Recorded investment balance $ 3,807 $ 4,121 The following table sets forth the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Investment in JVM Funds LLC: Underlying equity $ 18,574 $ 19,304 Difference 719 757 Recorded investment balance $ 19,293 $ 20,061 The carrying value of the SMA1 and SMA2 as of March 31, 2024 and December 31, 2023 were as follows: ($ in thousands) March 31, 2024 December 31, 2023 SMA1 $ 24,883 $ 30,816 SMA2 6,321 5,209 Investment in indirect loans and loan collateral $ 31,204 $ 36,025

Notes Payable & Subordinated _2

Notes Payable & Subordinated Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Summary of Subordinated Debt	The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 ($ in thousands) Carrying Fair Carrying Fair Notes payable Revolving credit facility 100,000 100,000 50,000 50,000 Notes payable $ 100,000 $ 100,000 $ 50,000 $ 50,000 Subordinated debt Junior subordinated interest debentures $ — $ — $ 59,186 $ 59,794 Unsecured subordinated notes 18,916 21,168 19,504 21,378 Subordinated debt, net of debt issuance costs $ 18,916 $ 21,168 $ 78,690 $ 81,172 ($ in thousands) March 31, 2024 Amount Margin Six-month SOFR Net interest rate March 15, 2024 $ 50,000 1.60 % 5.25 % 6.85 % March 29, 2023 $ 50,000 1.60 % 5.23 % 6.83 %

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following table sets forth the Company’s income tax expense and effective tax rates for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Income tax expense $ 10,193 $ 4,166 Effective tax rate 21.7 % 21.1 %

Losses and Loss Adjustment Ex_2

Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Reserves for losses and LAE, beginning of period $ 1,314,501 $ 1,141,757 Less: reinsurance recoverable on unpaid claims, beginning of period (455,484) (435,986) Reserves for losses and LAE, beginning of period, net of reinsurance 859,017 705,771 Incurred, net of reinsurance, related to: Current period 144,155 115,142 Prior years — — Total incurred, net of reinsurance 144,155 115,142 Paid, net of reinsurance, related to: Current period 11,805 8,744 Prior years 80,516 68,745 Total paid 92,321 77,489 Net reserves for losses and LAE, end of period 910,851 743,424 Plus: reinsurance recoverable on unpaid claims, end of period 466,095 429,752 Reserves for losses and LAE, end of period $ 1,376,946 $ 1,173,176

Commission and Fee Income (Tabl

Commission and Fee Income (Tables)	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 SUA commission revenue $ 990 $ 857 SUA fee income 846 456 Other 190 179 Total commission and fee income $ 2,026 $ 1,492

Underwriting, Acquisition and_2

Underwriting, Acquisition and Insurance Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands) 2024 2023 Amortization of policy acquisition costs $ 31,977 $ 21,235 Other operating and general expenses 37,797 30,420 Total underwriting, acquisition and insurance expenses $ 69,774 $ 51,655

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 ($ in thousands) Written Earned Written Earned Direct premiums $ 366,796 $ 327,172 $ 308,213 $ 262,658 Assumed premiums 91,824 62,186 52,285 39,131 Ceded premiums (171,520) (153,016) (158,357) (118,958) Net premiums $ 287,100 $ 236,342 $ 202,141 $ 182,831 Ceded losses and LAE incurred $ 85,619 $ 64,794
Ceded Credit Risk	The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Ceded unpaid losses and LAE $ 466,095 $ 455,484 Ceded paid losses and LAE 127,385 122,287 Loss portfolio transfer 20,858 20,858 Allowance for credit losses (2,295) (2,295) Reinsurance recoverables $ 612,043 $ 596,334 Ceded unearned premium $ 204,625 $ 186,121

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the compilation of basic and diluted net earnings per share for the three months ended March 31, 2024 and 2023: Three months ended March 31, ($ in thousands, except for share and per share amounts) 2024 2023 Numerator Net income $ 36,784 $ 15,556 Less: Undistributed income allocated to participating securities — (1,274) Net income attributable to common stockholders (numerator for basic earnings per share) 36,784 14,282 Add back: Undistributed income allocated to participating securities — 1,274 Net income (numerator for diluted earnings per share under the two-class method) $ 36,784 $ 15,556 Denominator Basic weighted-average common shares 39,108,351 32,848,243 Dilutive effect of preferred shares — 2,931,256 Dilutive effect of stock notes 711,752 708,746 Dilutive effect of stock units 935,890 444,612 Dilutive effect of options 329,143 19,216 Diluted weighted-average common share equivalents 41,085,136 36,952,073 Basic earnings per share $ 0.94 $ 0.43 Diluted earnings per share $ 0.90 $ 0.42
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents anti-dilutive instruments that were excluded from the calculation of diluted weighted-average common share equivalents during the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 Stock units 70,671 443,951 Options 48 333,551 The following table presents common share equivalents of contingently issuable instruments that were excluded from basic earnings per share in the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 Common shares 866,428 1,054,510

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Net earned premium and gross commission expense related to these agreements for the three months ended March 31, 2024 and 2023 were as follows: Three months ended March 31, ($ in thousands) 2024 2023 Net earned premium $ 25,894 $ 22,185 Commissions 6,887 6,853

Investments - Debt Securities,

Investments - Debt Securities, Trading, and Equity Securities, FV-NI (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	$ 1,102,190	$ 1,047,713
Gross Unrealized Gains	8,996	12,491
Gross Unrealized Losses	(46,011)	(42,553)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	1,065,175	1,017,651
Fixed maturity securities, held-to-maturity:
Gross Amortized Cost	43,029	43,315
Gross Unrealized Gains	25	0
Gross Unrealized Losses	(1,324)	(1,969)
Allowance for Credit Losses	(329)	(329)
Total fixed maturity securities, held-to-maturity	41,401	41,017
U.S. government securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	36,109	44,685
Gross Unrealized Gains	30	202
Gross Unrealized Losses	(573)	(721)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	35,566	44,166
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	428,985	392,773
Gross Unrealized Gains	4,016	6,408
Gross Unrealized Losses	(17,245)	(15,761)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	415,756	383,420
Municipal securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	101,697	98,266
Gross Unrealized Gains	586	655
Gross Unrealized Losses	(6,466)	(6,143)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	95,817	92,778
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	297,164	292,568
Gross Unrealized Gains	2,446	3,556
Gross Unrealized Losses	(16,596)	(14,498)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	283,014	281,626
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	31,878	31,411
Gross Unrealized Gains	502	449
Gross Unrealized Losses	(1,854)	(1,926)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	30,526	29,934
Other asset-backed securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	206,357	188,010
Gross Unrealized Gains	1,416	1,221
Gross Unrealized Losses	(3,277)	(3,504)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	204,496	185,727
Fixed maturity securities, held-to-maturity:
Gross Amortized Cost	43,029	43,315
Gross Unrealized Gains	25	0
Gross Unrealized Losses	(1,324)	(1,969)
Allowance for Credit Losses	(329)	(329)
Total fixed maturity securities, held-to-maturity	$ 41,401	$ 41,017

Investments - Investments Class

Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
Due in less than one year	$ 32,270
Due after one year through five years	297,619
Due after five years through ten years	187,841
Due after ten years	49,061
Gross Amortized Cost	1,102,190	$ 1,047,713
Fair Value
Due in less than one year	31,793
Due after one year through five years	286,500
Due after five years through ten years	183,251
Due after ten years	45,595
Total	1,065,175	1,017,651
Mortgage-backed securities
Amortized Cost
Without single maturity date	329,042
Fair Value
Without single maturity date	313,540
Other asset-backed securities
Amortized Cost
Without single maturity date	206,357
Fair Value
Without single maturity date	204,496
Total	$ 204,496	$ 185,727

Investments - Schedule of Unrea

Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Available for sale, fair value
Less than 12 Months	$ 253,704	$ 121,362
12 Months or More	416,341	441,858
Total	670,045	563,220
Available for sale, gross unrealized losses
Less than 12 Months	(3,133)	(1,667)
12 Months or More	(42,878)	(40,886)
Total	(46,011)	(42,553)
Held-to-maturity, fair value
Less than 12 Months	0	0
12 Months or More	39,371	41,017
Total	39,371	41,017
Held-to-maturity, gross unrealized losses
Less than 12 Months	0	0
12 Months or More	(1,324)	(1,969)
Total	(1,324)	(1,969)
Available-for-sale and held-to-maturity, fair value
Less than 12 Months	253,704	121,362
12 Months or More	455,712	482,875
Total	709,416	604,237
Available-for-sale and held-to-maturity, gross unrealized losses
Less than 12 Months	(3,133)	(1,667)
12 Months or More	(44,202)	(42,855)
Total	(47,335)	(44,522)
U.S. government securities
Available for sale, fair value
Less than 12 Months	19,473	7,342
12 Months or More	11,240	25,604
Total	30,713	32,946
Available for sale, gross unrealized losses
Less than 12 Months	(79)	(25)
12 Months or More	(494)	(696)
Total	(573)	(721)
Corporate securities and miscellaneous
Available for sale, fair value
Less than 12 Months	95,105	26,742
12 Months or More	177,017	174,947
Total	272,122	201,689
Available for sale, gross unrealized losses
Less than 12 Months	(1,049)	(570)
12 Months or More	(16,196)	(15,191)
Total	(17,245)	(15,761)
Municipal securities
Available for sale, fair value
Less than 12 Months	18,761	16,815
12 Months or More	49,031	47,269
Total	67,792	64,084
Available for sale, gross unrealized losses
Less than 12 Months	(369)	(290)
12 Months or More	(6,097)	(5,853)
Total	(6,466)	(6,143)
Residential mortgage-backed securities
Available for sale, fair value
Less than 12 Months	80,072	37,634
12 Months or More	103,169	103,495
Total	183,241	141,129
Available for sale, gross unrealized losses
Less than 12 Months	(1,351)	(602)
12 Months or More	(15,245)	(13,896)
Total	(16,596)	(14,498)
Commercial mortgage-backed securities
Available for sale, fair value
Less than 12 Months	3,765	4,942
12 Months or More	15,426	15,290
Total	19,191	20,232
Available for sale, gross unrealized losses
Less than 12 Months	(27)	(74)
12 Months or More	(1,827)	(1,852)
Total	(1,854)	(1,926)
Other asset-backed securities
Available for sale, fair value
Less than 12 Months	36,528	27,887
12 Months or More	60,458	75,253
Total	96,986	103,140
Available for sale, gross unrealized losses
Less than 12 Months	(258)	(106)
12 Months or More	(3,019)	(3,398)
Total	(3,277)	(3,504)
Held-to-maturity, fair value
Less than 12 Months	0	0
12 Months or More	39,371	41,017
Total	39,371	41,017
Held-to-maturity, gross unrealized losses
Less than 12 Months	0	0
12 Months or More	(1,324)	(1,969)
Total	$ (1,324)	$ (1,969)

Investments - Narrative (Detail

Investments - Narrative (Details)	Mar. 31, 2024 lot
Investments, Debt and Equity Securities [Abstract]
Unrealized loss position aged over 12 months, number of positions	692

Investments - Gain (Loss) on Se

Investments - Gain (Loss) on Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gross realized gains
Fixed maturity securities, available-for sale	$ 499	$ 493
Equity securities	1,081	1,227
Other	18	1
Total	1,598	1,721
Gross realized losses
Fixed maturity securities, available-for sale	(394)	(237)
Equity securities	(1,874)	(4,289)
Other	(18)	(1)
Total	(2,286)	(4,527)
Net unrealized gains on investments
Equity securities	8,020	3,745
Mortgage loans	971	22
Net investment gains	$ 8,303	$ 961

Investments - Proceeds from Sal

Investments - Proceeds from Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities, available-for sale	$ 12,093	$ 8,392
Equity securities	$ 10,458	$ 13,325

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Investment Income [Line Items]
Total investment income	$ 19,916	$ 5,664
Investment expenses	(1,619)	(1,018)
Net investment income	18,297	4,646
Fixed maturity securities, available-for sale
Net Investment Income [Line Items]
Total investment income	12,231	6,676
Fixed maturity securities, held-to-maturity
Net Investment Income [Line Items]
Total investment income	1,126	1,003
Equity securities
Net Investment Income [Line Items]
Total investment income	627	726
Equity method investments
Net Investment Income [Line Items]
Total investment income	1,098	(4,664)
Mortgage loans
Net Investment Income [Line Items]
Total investment income	1,419	1,473
Indirect loans
Net Investment Income [Line Items]
Total investment income	(1,694)	(1,319)
Short-term investments and cash
Net Investment Income [Line Items]
Total investment income	4,240	1,789
Other
Net Investment Income [Line Items]
Total investment income	$ 869	$ (20)

Investments - Schedule of Accum

Investments - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities	$ (7,989)	$ 9,786
Deferred income taxes	1,663	(2,045)
Total other comprehensive (loss) income	$ (6,326)	$ 7,741

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3 - Measurement Input, Incremental Cost of Capital	Mar. 31, 2024	Dec. 31, 2023
High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	9.75%	9.50%
Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	4.27%	3.25%
Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	7.39%	7.05%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 1,065,175	$ 1,017,651
Total fixed maturity securities, held-to-maturity	41,401	41,017
Equity securities, at fair value	117,083	118,249
Mortgage loans	44,309	50,070
Short-term investments	297,932	270,226
Total	1,565,900	1,497,213
U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	35,566	44,166
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	415,756	383,420
Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	95,817	92,778
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	283,014	281,626
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	30,526	29,934
Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	204,496	185,727
Total fixed maturity securities, held-to-maturity	41,401	41,017
Common stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	70,378	67,425
Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	1,189	7,358
Mutual funds:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	45,516	43,466
Level 1
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	35,566	44,166
Total fixed maturity securities, held-to-maturity	0	0
Equity securities, at fair value	115,894	110,891
Mortgage loans	0	0
Short-term investments	297,932	270,226
Total	449,392	425,283
Level 1 | U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	35,566	44,166
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 | Other 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	70,378	67,425
Level 1 | Preferred stocks:
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	45,516	43,466
Level 2
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,029,609	973,485
Total fixed maturity securities, held-to-maturity	0	0
Equity securities, at fair value	1,189	7,358
Mortgage loans	0	0
Short-term investments	0	0
Total	1,030,798	980,843
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	415,756	383,420
Level 2 | Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	95,817	92,778
Level 2 | Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	283,014	281,626
Level 2 | Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	30,526	29,934
Level 2 | Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	204,496	185,727
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 | Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	1,189	7,358
Level 2 | Mutual funds:
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	41,401	41,017
Equity securities, at fair value	0	0
Mortgage loans	44,309	50,070
Short-term investments	0	0
Total	85,710	91,087
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 | Other 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	41,401	41,017
Level 3 | Common stocks:
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 | Mutual funds:
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
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 50,070	$ 52,842
Total gains for the period recognized in net investment gains (losses)	971	22
Issuances	187	892
Settlements	(6,919)	(11,421)
Ending balance	44,309	42,335
Total gains 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	$ 952	$ (14)

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Subordinated Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revolving credit facility | Carrying Value
Debt Instrument [Line Items]
Long-term debt	$ 100,000	$ 50,000
Revolving credit facility | Fair Value
Debt Instrument [Line Items]
Long-term debt	100,000	50,000
Notes payable | Carrying Value
Debt Instrument [Line Items]
Long-term debt	100,000	50,000
Notes payable | Fair Value
Debt Instrument [Line Items]
Long-term debt	100,000	50,000
Junior subordinated interest debentures | Carrying Value
Debt Instrument [Line Items]
Long-term debt	0	59,186
Junior subordinated interest debentures | Fair Value
Debt Instrument [Line Items]
Long-term debt	0	59,794
Unsecured subordinated notes | Carrying Value
Debt Instrument [Line Items]
Long-term debt	18,916	19,504
Unsecured subordinated notes | Fair Value
Debt Instrument [Line Items]
Long-term debt	21,168	21,378
Subordinated debt, net of debt issuance costs | Carrying Value
Debt Instrument [Line Items]
Long-term debt	18,916	78,690
Subordinated debt, net of debt issuance costs | Fair Value
Debt Instrument [Line Items]
Long-term debt	$ 21,168	$ 81,172

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans in foreclosure	$ 6.9	$ 7.1
Mortgage loans not producing income	$ 6.9
Low
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, term	1 year
Percentage of property appraisal value	64%
High
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, term	3 years
Percentage of property appraisal value	90%

Mortgage Loans - Portfolios (De

Mortgage Loans - Portfolios (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	$ 44,309		$ 50,070
Total investment income	1,419	$ 1,473
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	15,322		14,469
Total investment income	458	494
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	14,123		16,072
Total investment income	490	595
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	7,928		12,744
Total investment income	471	161
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	6,936		$ 6,785
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	0	106
Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	$ 0	$ 117

Equity Method Investments and_3

Equity Method Investments and Other - Carrying Value of Equity Method Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 103,962	$ 110,653
Equity method investments
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	72,758	74,628
Arena Special Opportunities Fund, LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	40,643	41,046
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	19,293	20,061
Arena SOP LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	2,752	2,463
RISCOM
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	3,807	4,121
Hudson Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	4,742	4,669
Dowling Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	858	1,708
Brewer Lane Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 663	$ 560

Equity Method Investments and_4

Equity Method Investments and Other - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Net investment income	$ 18,297	$ 4,646
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	1,098	(4,664)
Dowling Capital Partners LP units | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	1,342	267
RISCOM | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	286	81
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	(32)	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	(52)	(255)
JVM Funds LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(484)	(420)
Universa Black Swan LP units | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	0	(556)
Arena SOP LP units | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	289	(2,051)
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	$ (251)	$ (1,730)

Equity Method Investments and_5

Equity Method Investments and Other - Unfunded Commitment of Equity Method Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	$ 5,335	$ 5,844
Brewer Lane Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	4,227	4,610
Hudson Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	722	848
Dowling Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	$ 386	$ 386

Equity Method Investments and_6

Equity Method Investments and Other - Narrative (Details)	3 Months Ended
	Mar. 31, 2024
RISCOM
Schedule of Equity Method Investments [Line Items]
Useful life	15 years

Equity Method Investments and_7

Equity Method Investments and Other - Investment in RISCOM (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 103,962	$ 110,653
RISCOM
Schedule of Equity Method Investments [Line Items]
Underlying equity	2,367	2,620
Difference	1,440	1,501
Recorded investment balance	$ 3,807	$ 4,121

Equity Method Investments and_8

Equity Method Investments and Other - Investment in JVN Funds (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 103,962	$ 110,653
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Underlying equity	18,574	19,304
Difference	719	757
Recorded investment balance	$ 19,293	$ 20,061

Equity Method Investments and_9

Equity Method Investments and Other - Schedule of Indirect Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 103,962	$ 110,653
Equity method investments, unfunded commitment	5,335	5,844
SMA1
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	24,883	30,816
SMA2
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	6,321	5,209
Investment in indirect loans and loan collateral
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 31,204	$ 36,025

Notes Payable & Subordinated _3

Notes Payable & Subordinated Debt - Narrative (Details) - USD ($)		3 Months Ended	12 Months Ended
	Mar. 15, 2024	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Aug. 31, 2006
Subordinated debt, net of debt issuance costs | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, increase, accrued interest	$ 1,400,000
Revolving credit facility | Line of Credit | 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	$ 50,000,000
Revolving credit facility | Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 30,000,000
Revolving credit facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Revolving credit facility
Debt Instrument [Line Items]
Proceeds from long-term debt		$ 50,000,000
Margin		1.60%
Revolving credit facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Revolving credit facility | Low
Debt Instrument [Line Items]
Margin		1.50%
Revolving credit facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Revolving credit facility | High
Debt Instrument [Line Items]
Margin		1.90%
Revolving credit facility | Line of Credit | Credit Spread Adjustment | Revolving credit facility | Low
Debt Instrument [Line Items]
Margin		0.10%
Junior Subordinated Notes Due 2036, Capital Securities | Subordinated debt, net of debt issuance costs
Debt Instrument [Line Items]
Face amount					$ 58,000,000
Junior Subordinated Notes Due 2036 [Member] | Subordinated debt, net of debt issuance costs
Debt Instrument [Line Items]
Face amount					59,800,000
Junior Subordinated Notes Due 2036, Common Stock | Subordinated debt, net of debt issuance costs
Debt Instrument [Line Items]
Face amount					$ 1,800,000
Capitalization of trust, percent					3%

Notes Payable & Subordinated _4

Notes Payable & Subordinated Debt - Summary of Subordinated Debt (Details) - Revolving credit facility - Line of Credit - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revolving Line Of Credit Due December 2024
Debt Instrument [Line Items]
Amount	$ 50,000		$ 50,000
Revolving Line Of Credit Due December 2024 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Amount	$ 50,000
Margin	1.60%
Six-month SOFR	5.25%
Net interest rate	6.85%
Revolving Line Of Credit Due December 2023 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Amount		$ 50,000
Margin		1.60%
Six-month SOFR	5.23%
Net interest rate	6.83%

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 10,193	$ 4,166
Effective tax rate	21.70%	21.10%

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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reserves for losses and LAE, beginning of period	$ 1,314,501	$ 1,141,757
Less: reinsurance recoverable on unpaid claims, beginning of period	(455,484)	(435,986)
Reserves for losses and LAE, beginning of period, net of reinsurance	859,017	705,771
Incurred, net of reinsurance, related to:
Current period	144,155	115,142
Prior years	0	0
Total incurred, net of reinsurance	144,155	115,142
Paid, net of reinsurance, related to:
Current period	11,805	8,744
Prior years	80,516	68,745
Total paid	92,321	77,489
Net reserves for losses and LAE, end of period	910,851	743,424
Plus: reinsurance recoverable on unpaid claims, end of period	466,095	429,752
Reserves for losses and LAE, end of period	$ 1,376,946	$ 1,173,176

Commission and Fee Income - Dis

Commission and Fee Income - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total commission and fee income	$ 2,026	$ 1,492
SUA commission revenue
Disaggregation of Revenue [Line Items]
Total commission and fee income	990	857
SUA fee income
Disaggregation of Revenue [Line Items]
Total commission and fee income	846	456
Other
Disaggregation of Revenue [Line Items]
Total commission and fee income	$ 190	$ 179

Commission and Fee Income - Nar

Commission and Fee Income - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract asset after allowance for credit loss	$ 1.5	$ 1	$ 1.3	$ 1.3

Underwriting, Acquisition and_3

Underwriting, Acquisition and Insurance Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Amortization of policy acquisition costs	$ 31,977	$ 21,235
Other operating and general expenses	37,797	30,420
Total underwriting, acquisition and insurance expenses	$ 69,774	$ 51,655

Reinsurance - Schedule of Premi

Reinsurance - Schedule of Premiums Written and Earned (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Written
Direct premiums	$ 366,796	$ 308,213
Assumed premiums	91,824	52,285
Ceded premiums	(171,520)	(158,357)
Net premiums	287,100	202,141
Earned
Direct premiums	327,172	262,658
Assumed premiums	62,186	39,131
Ceded premiums	(153,016)	(118,958)
Net premiums	236,342	182,831
Ceded losses and LAE incurred	$ 85,619	$ 64,794

Reinsurance - Reinsurance Recov

Reinsurance - Reinsurance Recoverable and Ceded Premiums (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Ceded unpaid losses and LAE	$ 466,095	$ 455,484	$ 429,752	$ 435,986
Ceded paid losses and LAE	127,385	122,287
Loss portfolio transfer	20,858	20,858
Allowance for credit losses	(2,295)	(2,295)
Reinsurance recoverables	612,043	596,334
Ceded unearned premium	$ 204,625	$ 186,121

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Insurance [Abstract]
Market value of trust funds	$ 171.2
Deposit asset	$ 27.5	$ 29.9

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
	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net income	$ 36,784	$ 15,556
Less: Undistributed income allocated to participating securities	0	(1,274)
Net income attributable to common stockholders	36,784	14,282
Add back: Undistributed income allocated to participating securities	0	1,274
Net income (numerator for diluted earnings per share under the two-class method)	$ 36,784	$ 15,556
Denominator
Basic weighted-average common shares (in shares)	39,108,351	32,848,243
Diluted effect of preferred shares (in shares)	0	2,931,256
Diluted effect of stock notes (in shares)	711,752	708,746
Diluted weighted-average common share equivalents (in shares)	41,085,136	36,952,073
Basic earnings (loss) per share (in dollar per share)	$ 0.94	$ 0.43
Diluted earnings (loss) per share (in dollar per share)	$ 0.90	$ 0.42
Stock units
Denominator
Diluted effect of awards (in shares)	935,890	444,612
Options
Denominator
Diluted effect of awards (in shares)	329,143	19,216

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	70,671	443,951
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	48	333,551

Earnings Per Share - Schedule_3

Earnings Per Share - Schedule of Earnings Per Share, Excluded from Basic Earnings (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	866,428	1,054,510

Related Party Transactions - We

Related Party Transactions - Westaim Transactions (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Skyward Specialty Insurance Group | Westaim HIIG LP
Related Party Transaction [Line Items]
Ownership interest	17.50%	17.50%

Related Party Transactions - RI

Related Party Transactions - RISCOM Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2016	Dec. 31, 2023
Related Party Transaction [Line Items]
Net earned premium	$ 236,342	$ 182,831
Premiums receivable, net	273,410			$ 179,235
Affiliated entity | Agency agreement | RISCOM
Related Party Transaction [Line Items]
Agreement, ownership interest			20%
Net earned premium	25,894	22,185
Commissions	6,887	$ 6,853
Premiums receivable, net	$ 15,600			$ 10,600

Related Party Transactions - Ot

Related Party Transactions - Other Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Professional fees and reimbursements | Related Party
Related Party Transaction [Line Items]
Professional fees	$ 2	$ 2.1