Skyward Specialty Insurance (SKWD) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		40,096,132
Entity Central Index Key	0001519449
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments:
Fixed maturity securities, available-for-sale, at fair value (amortized cost of $1,239,724 and $1,047,713, respectively)	$ 1,200,273	$ 1,017,651
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $225 and $329, respectively)	39,962	42,986
Equity securities, at fair value	112,823	118,249
Mortgage loans, at fair value	43,670	50,070
Equity method investments	101,903	110,653
Other long-term investments	2,665	3,852
Short-term investments, at fair value	215,041	270,226
Total investments	1,716,337	1,613,687
Cash and cash equivalents	72,989	65,891
Restricted cash	35,278	34,445
Premiums receivable, net	377,333	179,235
Reinsurance recoverables, net	667,837	596,334
Ceded unearned premium	255,138	186,121
Deferred policy acquisition costs	116,499	91,955
Deferred income taxes	25,107	21,991
Goodwill and intangible assets, net	87,868	88,435
Other assets	81,108	75,341
Total assets	3,435,494	2,953,435
Liabilities:
Reserves for losses and loss adjustment expenses	1,470,106	1,314,501
Unearned premiums	711,854	552,532
Deferred ceding commission	47,948	37,057
Reinsurance and premium payables	207,638	150,156
Funds held for others	95,596	58,588
Accounts payable and accrued liabilities	59,796	50,880
Notes payable	100,000	50,000
Subordinated debt, net of debt issuance costs	18,936	78,690
Total liabilities	2,711,874	2,292,404
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,096,132 and 39,863,756 shares issued and outstanding, respectively	401	399
Additional paid-in capital	713,542	710,855
Stock notes receivable	(5,233)	(5,562)
Accumulated other comprehensive loss	(31,136)	(22,953)
Retained earnings (accumulated deficit)	46,046	(21,708)
Total stockholders’ equity	723,620	661,031
Total liabilities and stockholders’ equity	$ 3,435,494	$ 2,953,435

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Amortized cost	$ 1,239,724	$ 1,047,713
Allowance for credit losses	$ 225	$ 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)	40,096,132	40,096,132
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Net earned premiums	$ 257,583	$ 194,347	$ 493,925	$ 377,178
Commission and fee income	2,053	2,240	4,079	3,732
Net investment income	22,138	8,583	40,435	13,229
Net investment (losses) gains	(1,825)	5,351	6,478	6,312
Other loss	(7)	0	(7)	0
Total revenues	279,942	210,521	544,910	400,451
Expenses:
Losses and loss adjustment expenses	159,054	124,405	302,968	239,305
Underwriting, acquisition and insurance expenses	76,679	56,683	146,453	108,338
Interest expense	2,449	2,466	5,176	4,618
Amortization expense	360	486	748	873
Other expenses	1,045	1,465	2,233	2,579
Total expenses	239,587	185,505	457,578	355,713
Income before income taxes	40,355	25,016	87,332	44,738
Income tax expense	9,385	5,564	19,578	9,730
Net income	30,970	19,452	67,754	35,008
Net income attributable to common stockholders	30,970	19,452	67,754	33,606
Comprehensive income
Net income	30,970	19,452	67,754	35,008
Unrealized gains and losses on investments:
Net change in unrealized (losses) gains on investments, net of tax	(1,451)	(4,375)	(6,869)	3,413
Reclassification adjustment for losses on securities no longer held, net of tax	(406)	(1,165)	(1,314)	(1,212)
Total other comprehensive (loss) income	(1,857)	(5,540)	(8,183)	2,201
Comprehensive income	$ 29,113	$ 13,912	$ 59,571	$ 37,209
Per share data:
Basic earnings (loss) per share (in dollar per share)	$ 0.79	$ 0.53	$ 1.73	$ 0.97
Diluted earnings (loss) per share (in dollar per share)	$ 0.75	$ 0.51	$ 1.65	$ 0.93
Weighted-average common shares outstanding
Basic (in shares)	39,177,457	36,603,779	39,142,825	34,746,874
Diluted (in shares)	41,168,082	38,143,585	41,110,384	37,503,914

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)			4,769,284
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		3,875	193
Proceeds from equity offerings, net			48		61,967
Other comprehensive loss, net of tax	$ 2,201						2,201
Net income	35,008							35,008
Stockholders' equity ending balance at Jun. 30, 2023	522,678	$ 0	$ 377	0	642,988	(6,718)	(41,284)	(72,685)
Preferred shares balance at ending of period (in shares) at Jun. 30, 2023		0
Common shares balance at ending of period (in shares) at Jun. 30, 2023			37,674,063
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]
Common shares balance at beginning of period (in shares) at Mar. 31, 2023			37,658,111
Stockholders' equity beginning balance at Mar. 31, 2023			$ 377		641,368	(6,718)	(35,744)	(92,137)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)			15,952
Issuance of common stock			$ 0		1,620	0
Other comprehensive loss, net of tax	$ (5,540)						(5,540)
Net income	19,452							19,452
Stockholders' equity ending balance at Jun. 30, 2023	$ 522,678	$ 0	$ 377	0	642,988	(6,718)	(41,284)	(72,685)
Preferred shares balance at ending of period (in shares) at Jun. 30, 2023		0
Common shares balance at ending of period (in shares) at Jun. 30, 2023			37,674,063
Preferred shares balance at beginning of period (in shares) at Dec. 31, 2023		0
Common shares balance at beginning of period (in shares) at Dec. 31, 2023	39,863,756		39,863,756
Stockholders' equity beginning balance at Dec. 31, 2023	$ 661,031	$ 0	$ 399	0	710,855	(5,562)	(22,953)	(21,708)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)			232,376
Preferred stock conversion to common shares (in shares)		0	0
Preferred stock conversion to common shares		$ 0	$ 0	0	0
Issuance of common stock			2		2,687	329
Proceeds from equity offerings, net			0		0
Other comprehensive loss, net of tax	(8,183)						(8,183)
Net income	67,754							67,754
Stockholders' equity ending balance at Jun. 30, 2024	$ 723,620	$ 0	$ 401	0	713,542	(5,233)	(31,136)	46,046
Preferred shares balance at ending of period (in shares) at Jun. 30, 2024		0
Common shares balance at ending of period (in shares) at Jun. 30, 2024	39,863,756		40,096,132
Common shares balance at beginning of period (in shares) at Mar. 31, 2024			39,995,027
Stockholders' equity beginning balance at Mar. 31, 2024			$ 400		711,309	(5,234)	(29,279)	15,076
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)			101,105
Issuance of common stock			$ 1		2,233	1
Other comprehensive loss, net of tax	$ (1,857)						(1,857)
Net income	30,970							30,970
Stockholders' equity ending balance at Jun. 30, 2024	$ 723,620	$ 0	$ 401	$ 0	$ 713,542	$ (5,233)	$ (31,136)	$ 46,046
Preferred shares balance at ending of period (in shares) at Jun. 30, 2024		0
Common shares balance at ending of period (in shares) at Jun. 30, 2024	39,863,756		40,096,132

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 67,754	$ 35,008
Adjustments to reconcile net income to net cash provided by operating activities	47,466	73,469
Net cash provided by operating activities	115,220	108,477
Cash flows from investing activities:
Purchase of fixed maturity securities, available-for-sale	(266,800)	(192,749)
Purchase of illiquid investments	0	(885)
Purchase of equity securities	(6,293)	(19,192)
Purchase of equity method investments	(1,100)	0
Purchase of intangible assets	0	(50)
Investment in direct and indirect loans	14,224	14,032
Purchase of property and equipment	(2,769)	(1,198)
Sales and maturities of investment securities	96,419	60,075
Distributions from equity method investments	0	1,079
Proceeds from equity method and other long-term investments	7,951	0
Change in short-term investments	55,185	(69,512)
Change in receivable/payable for securities	34	2,767
Cash provided by deposit accounting	5,325	7,549
Net cash used in investment activities	(97,824)	(198,084)
Cash flows from financing activities:
Employee share purchases	0	193
Repayment of stock notes receivable	329	0
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	(9,465)	66,455
Net increase (decrease) in cash and cash equivalents and restricted cash	7,931	(23,152)
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	108,267	101,859
Supplemental disclosure of cash flow information:
Cash paid for interest	4,835	5,194
Cash paid for federal income taxes	$ 13,980	$ 4,200

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: ($ in thousands) Gross Gross Gross Allowance for Credit Losses Fair Value June 30, 2024 Fixed maturity securities, available-for-sale: U.S. government securities $ 36,055 $ 16 $ (503) $ — $ 35,568 Corporate securities and miscellaneous 449,632 3,157 (16,407) — 436,382 Municipal securities 101,289 266 (7,281) — 94,274 Residential mortgage-backed securities 363,584 2,069 (18,351) — 347,302 Commercial mortgage-backed securities 47,903 338 (1,934) — 46,307 Other asset-backed securities 241,261 1,479 (2,300) — 240,440 Total fixed maturity securities, available-for-sale $ 1,239,724 $ 7,325 $ (46,776) $ — $ 1,200,273 Fixed maturity securities, held-to-maturity: Other asset-backed securities $ 40,187 $ 20 $ (1,342) $ (225) $ 38,640 Total fixed maturity securities, held-to-maturity $ 40,187 $ 20 $ (1,342) $ (225) $ 38,640 ($ 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 June 30, 2024: ($ in thousands) Amortized Fair Value Due in less than one year $ 39,839 $ 39,420 Due after one year through five years 311,737 301,370 Due after five years through ten years 191,013 185,279 Due after ten years 44,387 40,155 Mortgage-backed securities 411,487 393,609 Other asset-backed securities 241,261 240,440 Total $ 1,239,724 $ 1,200,273 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 June 30, 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 June 30, 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 June 30, 2024 Fixed maturity securities, available-for-sale: U.S. government securities $ 15,880 $ (81) $ 16,039 $ (422) $ 31,919 $ (503) Corporate securities and miscellaneous 110,151 (1,654) 179,426 (14,753) 289,577 (16,407) Municipal securities 24,319 (464) 52,868 (6,817) 77,187 (7,281) Residential mortgage-backed securities 111,065 (1,278) 124,446 (17,073) 235,511 (18,351) Commercial mortgage-backed securities 19,350 (126) 15,297 (1,808) 34,647 (1,934) Other asset-backed securities 51,137 (252) 55,351 (2,048) 106,488 (2,300) Total fixed maturity securities, available-for-sale 331,902 (3,855) 443,427 (42,921) 775,329 (46,776) Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 36,594 (1,342) 36,594 (1,342) Total fixed maturity securities, held-to-maturity: — — 36,594 (1,342) 36,594 (1,342) Total $ 331,902 $ (3,855) $ 480,021 $ (44,263) $ 811,923 $ (48,118) Less than 12 Months 12 Months or More Total ($ in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 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 June 30, 2024, the Company had 796 lots of fixed maturity securities in an unrealized loss position. The Company does not have an intent to sell these securities and it is not more likely than not that the Company will be required to sell these securities before maturity or recovery of its cost basis. The Company determined that no credit impairment existed in the gross unrealized holding losses because the credit ratings of these securities were consistent with the credit ratings when purchased and/or at origination, there were no adverse changes in financial condition of the issuer and no adverse credit quality events in underlying assets. The Company attributed the unrealized losses to the changes in interest rates. The following table sets forth the components of net investment (losses) gains for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Gross realized gains Fixed maturity securities, available-for sale $ 331 $ 211 $ 830 $ 704 Equity securities 493 814 1,574 2,041 Other — — 18 1 Total 824 1,025 2,422 2,746 Gross realized losses Fixed maturity securities, available-for sale (466) (218) (860) (456) Equity securities (417) (472) (2,291) (4,761) Other (6) (1) (24) (1) Total (889) (691) (3,175) (5,218) Net unrealized (losses) gains on investments Equity securities (730) 5,038 7,290 8,783 Mortgage loans (1,030) (21) (59) 1 Net investment (losses) gains $ (1,825) $ 5,351 $ 6,478 $ 6,312 The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the six months ended June 30, 2024 and 2023: Six months ended June 30, ($ in thousands) 2024 2023 Fixed maturity securities, available-for sale $ 17,917 $ 19,363 Equity securities 17,760 17,583 The following table sets forth the components of net investment income for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Income: Fixed maturity securities, available-for sale $ 13,407 $ 7,583 $ 25,638 $ 14,259 Fixed maturity securities, held-to-maturity 1,230 1,251 2,356 2,254 Equity securities 751 1,044 1,378 1,770 Equity method investments 2,642 (2,104) 3,740 (6,768) Mortgage loans 1,588 1,275 3,007 2,748 Indirect loans 221 (1,929) (1,473) (3,248) Short-term investments and cash 3,421 3,186 7,661 4,975 Other 655 29 1,524 9 Total investment income 23,915 10,335 43,831 15,999 Investment expenses (1,777) (1,752) (3,396) (2,770) Net investment income $ 22,138 $ 8,583 $ 40,435 $ 13,229 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 and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Fixed maturity securities $ (2,370) $ (7,013) $ (10,359) $ 2,773 Deferred income taxes 513 1,473 2,176 (572) Total $ (1,857) $ (5,540) $ (8,183) $ 2,201

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 High 9.75 % 9.50 % Low 3.60 % 3.25 % Weighted average 7.49 % 7.05 % The following tables set forth the Company’s investments within the fair value hierarchy at June 30, 2024 and December 31, 2023: June 30, 2024 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale: U.S. government securities $ 35,568 $ — $ — $ 35,568 Corporate securities and miscellaneous — 436,382 — 436,382 Municipal securities — 94,274 — 94,274 Residential mortgage-backed securities — 347,302 — 347,302 Commercial mortgage-backed securities — 46,307 — 46,307 Other asset-backed securities — 240,440 — 240,440 Total fixed maturity securities, available-for-sale 35,568 1,164,705 — 1,200,273 Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 38,640 38,640 Total fixed maturity securities, held-to-maturity — — 38,640 38,640 Equity securities: Common stocks 69,439 — — 69,439 Preferred stocks — 3,177 — 3,177 Mutual funds 40,207 — — 40,207 Total equity securities 109,646 3,177 — 112,823 Mortgage loans — — 43,670 43,670 Short-term investments 215,041 — — 215,041 Total $ 360,255 $ 1,167,882 $ 82,310 $ 1,610,447 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 six months ended June 30, 2024 and 2023: ($ in thousands) Mortgage Loans Balance at December 31, 2023 $ 50,070 Total gains for the period recognized in net investment (losses) gains 971 Issuances 187 Settlements (6,919) Balance at March 31, 2024 $ 44,309 Total gains for the period recognized in net investment (losses) gains attributable to the change in unrealized gains or losses relating to assets held as of period end $ 952 Total gains for the period recognized in net investment (losses) gains (1,030) Issuances 449 Settlements (58) Balance at June 30, 2024 $ 43,670 Total losses for the period recognized in net investment (losses) gains attributable to the change in unrealized gains or losses relating to assets held as of period end $ (1,031) ($ in thousands) Mortgage Loans Balance at December 31, 2022 $ 52,842 Total gains for the period recognized in net investment (losses) gains 22 Issuances 892 Settlements (11,421) Balance at March 31, 2023 $ 42,335 Total losses for the period recognized in net investment (losses) gains attributable to the change in unrealized gains or losses relating to assets held as of period end $ (14) Total losses for the period recognized in net investment (losses) gains (21) Issuances 30 Settlements (9,582) Balance at June 30, 2023 $ 32,762 Total gains for the period recognized in net investment (losses) gains attributable to the change in unrealized gains or losses relating to assets held as of period end $ 3 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 June 30, 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 June 30, 2024 and December 31, 2023: June 30, 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 18,936 20,731 19,504 21,378 Subordinated debt, net of debt issuance costs $ 18,936 $ 20,731 $ 78,690 $ 81,172

Mortgage Loans

Mortgage Loans	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Mortgage Loans	Mortgage Loans The Company has invested in Separately Managed Accounts (“SMA1” and “SMA2”). As of June 30, 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 2 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 June 30, 2024 and December 31, 2023 were as follows: ($ in thousands) June 30, 2024 December 31, 2023 Commercial $ 15,244 $ 14,469 Retail 14,127 16,072 Hospitality 7,916 12,744 Industrial 6,383 6,785 $ 43,670 $ 50,070 The following table sets forth the Company’s gross investment income for mortgage loans for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Commercial $ 851 $ 555 $ 1,309 $ 1,049 Retail 470 416 960 1,011 Hospitality 269 132 739 293 Office — 97 — 203 Multi-family — 75 — 192 $ 1,590 $ 1,275 $ 3,008 $ 2,748 The uncollectible amounts on loans, on an individual loan basis, are determined based upon consultations and advice from the Company’s specialized investment manager and consideration of any adverse situations that could affect the borrower’s ability to repay, the estimated value of underlying collateral, and other relevant factors. The Company writes off the uncollectible amount in the period it was determined to be uncollectible. There was no write-off for uncollectible amounts during the three and six months ended June 30, 2024 and 2023. As of June 30, 2024 and December 31, 2023, approximately $6.4 million and $7.1 million of mortgage loans, respectively, were in the process of foreclosure. As of June 30, 2024, $6.4 million of mortgage loans were not producing income for the previous 12 months.

Equity Method Investments and O

Equity Method Investments and Other	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Other	Equity Method Investments and Other The following table sets forth the carrying value and ownership percentage of the Company’s equity method investments as of June 30, 2024 and December 31, 2023: ($ in thousands) June 30, 2024 December 31, 2023 Carrying Value Ownership % Carrying Value Ownership % Arena Special Opportunities Fund, LP units $ 39,421 16.0 % $ 41,046 16.2 % JVM Funds LLC units 18,425 10.1 % 20,061 10.1 % Arena SOP LP units 3,142 12.1 % 2,463 12.3 % RISCOM 4,196 20.0 % 4,121 20.0 % Hudson Ventures Fund 2 LP units 5,003 2.5 % 4,669 2.5 % Dowling Capital Partners LP units 684 5.0 % 1,708 6.2 % Brewer Lane Ventures Fund II LP units 639 2.4 % 560 2.5 % $ 71,510 $ 74,628 The following table sets forth the components of net investment income (loss) from equity method investments for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Dowling Capital Partners LP units $ 40 $ 338 $ 1,382 $ 605 RISCOM 389 224 675 305 Brewer Lane Ventures Fund II LP (24) (29) (56) (29) Hudson Ventures Fund II LP units 210 (158) 158 (413) JVM Funds LLC (535) (221) (1,019) (641) Universa Black Swan LP units — (348) — (904) Arena SOP LP units 390 (727) 679 (2,778) Arena Special Opportunities Fund, LP units 2,172 (1,183) 1,921 (2,913) $ 2,642 $ (2,104) $ 3,740 $ (6,768) The following table sets forth the unfunded commitment of equity method investments as of June 30, 2024 and December 31, 2023: ($ in thousands) June 30, 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 678 386 $ 5,627 $ 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 June 30, 2024 and December 31, 2023: ($ in thousands) June 30, 2024 December 31, 2023 Investment in RISCOM: Underlying equity $ 2,816 $ 2,620 Difference 1,380 1,501 Recorded investment balance $ 4,196 $ 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 June 30, 2024 and December 31, 2023: ($ in thousands) June 30, 2024 December 31, 2023 Investment in JVM Funds LLC: Underlying equity $ 17,744 $ 19,304 Difference 681 757 Recorded investment balance $ 18,425 $ 20,061 Investment in Indirect Loans and Loan Collateral As of June 30, 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 June 30, 2024 and December 31, 2023 were as follows: ($ in thousands) June 30, 2024 December 31, 2023 SMA1 $ 23,311 $ 30,816 SMA2 7,082 5,209 Investment in indirect loans and loan collateral $ 30,393 $ 36,025

Notes Payable & Subordinated De

Notes Payable & Subordinated Debt	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2024, the Company drew an additional $50.0 million on the Revolving Credit Facility and used the proceeds to pay off the principal on its existing Debentures (defined below). Interest on the Revolving Credit Facility is payable quarterly. The interest rate on the Revolving Credit Facility is the Secured Overnight Financing Rate (“SOFR”) plus a margin of between 150 and 190 basis points based on the ratio of debt to total capital and a credit spread adjustment of 10 basis points. The following table sets forth the outstanding draws on the Revolving Credit Facility as of June 30, 2024: ($ in thousands) June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Income tax expense $ 9,385 $ 5,564 $ 19,578 $ 9,730 Effective tax rate 23.3 % 22.2 % 22.4 % 21.7 % 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. The Company paid federal income taxes of $14.0 million during the three and six months ended June 30, 2024 and $4.2 million during the three and six months ended June 30, 2023.

Losses and Loss Adjustment Expe

Losses and Loss Adjustment Expenses	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2024 and 2023: Six months ended June 30, ($ 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 303,450 240,010 Prior years — — Total incurred, net of reinsurance 303,450 240,010 Paid, net of reinsurance, related to: Current period 39,202 29,124 Prior years 158,857 133,757 Total paid 198,059 162,881 Net reserves for losses and LAE, end of period 964,408 782,900 Plus: reinsurance recoverable on unpaid claims, end of period 505,698 441,227 Reserves for losses and LAE, end of period $ 1,470,106 $ 1,224,127

Commission and Fee Income

Commission and Fee Income	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 SUA commission revenue $ 699 $ 1,385 $ 1,689 $ 2,242 SUA fee income 564 805 1,410 1,261 Other 790 50 980 229 Total commission and fee income $ 2,053 $ 2,240 $ 4,079 $ 3,732 The Company’s contract assets from commission and fee income as of June 30, 2024 and December 31, 2023 were $1.7 million and $1.0 million, respectively.

Underwriting, Acquisition and I

Underwriting, Acquisition and Insurance Expenses	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Amortization of policy acquisition costs $ 35,931 $ 23,136 $ 67,908 $ 44,371 Other operating and general expenses 40,748 33,547 78,545 63,967 Total underwriting, acquisition and insurance expenses $ 76,679 $ 56,683 $ 146,453 $ 108,338

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 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 tables set forth the effects of reinsurance on written and earned premiums and losses and loss adjustment expenses for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, 2024 2023 ($ in thousands) Written Earned Written Earned Direct premiums $ 404,443 $ 335,398 $ 332,062 $ 283,762 Assumed premiums 91,800 70,786 89,932 48,213 Ceded premiums (199,114) (148,601) (208,257) (137,628) Net premiums $ 297,129 $ 257,583 $ 213,737 $ 194,347 Ceded losses and LAE incurred $ 106,954 $ 99,981 Six months ended June 30, 2024 2023 ($ in thousands) Written Earned Written Earned Direct premiums $ 771,239 $ 662,570 $ 640,275 $ 546,419 Assumed premiums 183,624 132,972 142,217 87,345 Ceded premiums (370,634) (301,617) (366,614) (256,586) Net premiums $ 584,229 $ 493,925 $ 415,878 $ 377,178 Ceded losses and LAE incurred $ 192,573 $ 164,775 The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of June 30, 2024 and December 31, 2023: ($ in thousands) June 30, 2024 December 31, 2023 Ceded unpaid losses and LAE $ 505,698 $ 455,484 Ceded paid losses and LAE 143,576 122,287 Loss portfolio transfer 20,858 20,858 Allowance for credit losses (2,295) (2,295) Reinsurance recoverables $ 667,837 $ 596,334 Ceded unearned premium $ 255,138 $ 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 June 30, 2024, the market value of these accounts was approximately $196.9 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 June 30, 2024 and December 31, 2023 was $24.6 million and $29.9 million, respectively, and was included in other assets on the condensed consolidated balance sheets.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands, except for share and per share amounts) 2024 2023 2024 2023 Numerator Net income $ 30,970 $ 19,452 $ 67,754 $ 35,008 Less: Undistributed income allocated to participating securities — — — (1,402) Net income attributable to common stockholders (numerator for basic earnings per share) 30,970 19,452 67,754 33,606 Add back: Undistributed income allocated to participating securities — — — 1,402 Net income (numerator for diluted earnings per share under the two-class method) $ 30,970 $ 19,452 $ 67,754 $ 35,008 Denominator Basic weighted-average common shares 39,177,457 36,603,779 39,142,825 34,746,874 Dilutive effect of preferred shares — — — 1,449,343 Dilutive effect of stock notes 722,153 763,590 717,217 740,396 Dilutive effect of stock units 900,119 685,065 900,565 512,331 Dilutive effect of options 368,353 91,151 349,777 54,970 Diluted weighted-average common share equivalents 41,168,082 38,143,585 41,110,384 37,503,914 Basic earnings per share $ 0.79 $ 0.53 $ 1.73 $ 0.97 Diluted earnings per share $ 0.75 $ 0.51 $ 1.65 $ 0.93 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 and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Stock units 21,813 1,936 135,027 331,484 Options 1,134 315 706 357,059 The following table presents common share equivalents of contingently issuable instruments that were excluded from basic earnings per share in the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Common shares 866,428 1,054,510 866,428 1,054,510

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions RISCOM RISCOM provides the Company with wholesale brokerage services. RISCOM and the Company also have a managing general agency agreement. The Company holds a 20% ownership interest in RISCOM. Net earned premium and gross commission expense related to these agreements for the three and six months ended June 30, 2024 and 2023 were as follows: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Net earned premium $ 26,161 $ 19,916 $ 52,055 $ 42,101 Commissions 6,347 6,149 13,234 13,002 Premiums receivable as of June 30, 2024 and December 31, 2023 were $14.5 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 and six months ended June 30, 2024 were $0.1 million and $0.2 million, compared to $0.5 million and $2.6 million, respectively, for the three and six months ended June 30, 2023.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 30,970	$ 19,452	$ 67,754	$ 35,008

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: ($ in thousands) Gross Gross Gross Allowance for Credit Losses Fair Value June 30, 2024 Fixed maturity securities, available-for-sale: U.S. government securities $ 36,055 $ 16 $ (503) $ — $ 35,568 Corporate securities and miscellaneous 449,632 3,157 (16,407) — 436,382 Municipal securities 101,289 266 (7,281) — 94,274 Residential mortgage-backed securities 363,584 2,069 (18,351) — 347,302 Commercial mortgage-backed securities 47,903 338 (1,934) — 46,307 Other asset-backed securities 241,261 1,479 (2,300) — 240,440 Total fixed maturity securities, available-for-sale $ 1,239,724 $ 7,325 $ (46,776) $ — $ 1,200,273 Fixed maturity securities, held-to-maturity: Other asset-backed securities $ 40,187 $ 20 $ (1,342) $ (225) $ 38,640 Total fixed maturity securities, held-to-maturity $ 40,187 $ 20 $ (1,342) $ (225) $ 38,640 ($ 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 June 30, 2024: ($ in thousands) Amortized Fair Value Due in less than one year $ 39,839 $ 39,420 Due after one year through five years 311,737 301,370 Due after five years through ten years 191,013 185,279 Due after ten years 44,387 40,155 Mortgage-backed securities 411,487 393,609 Other asset-backed securities 241,261 240,440 Total $ 1,239,724 $ 1,200,273
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 June 30, 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 June 30, 2024 Fixed maturity securities, available-for-sale: U.S. government securities $ 15,880 $ (81) $ 16,039 $ (422) $ 31,919 $ (503) Corporate securities and miscellaneous 110,151 (1,654) 179,426 (14,753) 289,577 (16,407) Municipal securities 24,319 (464) 52,868 (6,817) 77,187 (7,281) Residential mortgage-backed securities 111,065 (1,278) 124,446 (17,073) 235,511 (18,351) Commercial mortgage-backed securities 19,350 (126) 15,297 (1,808) 34,647 (1,934) Other asset-backed securities 51,137 (252) 55,351 (2,048) 106,488 (2,300) Total fixed maturity securities, available-for-sale 331,902 (3,855) 443,427 (42,921) 775,329 (46,776) Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 36,594 (1,342) 36,594 (1,342) Total fixed maturity securities, held-to-maturity: — — 36,594 (1,342) 36,594 (1,342) Total $ 331,902 $ (3,855) $ 480,021 $ (44,263) $ 811,923 $ (48,118) Less than 12 Months 12 Months or More Total ($ in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 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 (losses) gains for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Gross realized gains Fixed maturity securities, available-for sale $ 331 $ 211 $ 830 $ 704 Equity securities 493 814 1,574 2,041 Other — — 18 1 Total 824 1,025 2,422 2,746 Gross realized losses Fixed maturity securities, available-for sale (466) (218) (860) (456) Equity securities (417) (472) (2,291) (4,761) Other (6) (1) (24) (1) Total (889) (691) (3,175) (5,218) Net unrealized (losses) gains on investments Equity securities (730) 5,038 7,290 8,783 Mortgage loans (1,030) (21) (59) 1 Net investment (losses) gains $ (1,825) $ 5,351 $ 6,478 $ 6,312
Investment Income	The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the six months ended June 30, 2024 and 2023: Six months ended June 30, ($ in thousands) 2024 2023 Fixed maturity securities, available-for sale $ 17,917 $ 19,363 Equity securities 17,760 17,583 The following table sets forth the components of net investment income for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Income: Fixed maturity securities, available-for sale $ 13,407 $ 7,583 $ 25,638 $ 14,259 Fixed maturity securities, held-to-maturity 1,230 1,251 2,356 2,254 Equity securities 751 1,044 1,378 1,770 Equity method investments 2,642 (2,104) 3,740 (6,768) Mortgage loans 1,588 1,275 3,007 2,748 Indirect loans 221 (1,929) (1,473) (3,248) Short-term investments and cash 3,421 3,186 7,661 4,975 Other 655 29 1,524 9 Total investment income 23,915 10,335 43,831 15,999 Investment expenses (1,777) (1,752) (3,396) (2,770) Net investment income $ 22,138 $ 8,583 $ 40,435 $ 13,229 The following table sets forth the Company’s gross investment income for mortgage loans for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Commercial $ 851 $ 555 $ 1,309 $ 1,049 Retail 470 416 960 1,011 Hospitality 269 132 739 293 Office — 97 — 203 Multi-family — 75 — 192 $ 1,590 $ 1,275 $ 3,008 $ 2,748
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 and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Fixed maturity securities $ (2,370) $ (7,013) $ (10,359) $ 2,773 Deferred income taxes 513 1,473 2,176 (572) Total $ (1,857) $ (5,540) $ (8,183) $ 2,201

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 High 9.75 % 9.50 % Low 3.60 % 3.25 % Weighted average 7.49 % 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 June 30, 2024 and December 31, 2023: June 30, 2024 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale: U.S. government securities $ 35,568 $ — $ — $ 35,568 Corporate securities and miscellaneous — 436,382 — 436,382 Municipal securities — 94,274 — 94,274 Residential mortgage-backed securities — 347,302 — 347,302 Commercial mortgage-backed securities — 46,307 — 46,307 Other asset-backed securities — 240,440 — 240,440 Total fixed maturity securities, available-for-sale 35,568 1,164,705 — 1,200,273 Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 38,640 38,640 Total fixed maturity securities, held-to-maturity — — 38,640 38,640 Equity securities: Common stocks 69,439 — — 69,439 Preferred stocks — 3,177 — 3,177 Mutual funds 40,207 — — 40,207 Total equity securities 109,646 3,177 — 112,823 Mortgage loans — — 43,670 43,670 Short-term investments 215,041 — — 215,041 Total $ 360,255 $ 1,167,882 $ 82,310 $ 1,610,447 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 six months ended June 30, 2024 and 2023: ($ in thousands) Mortgage Loans Balance at December 31, 2023 $ 50,070 Total gains for the period recognized in net investment (losses) gains 971 Issuances 187 Settlements (6,919) Balance at March 31, 2024 $ 44,309 Total gains for the period recognized in net investment (losses) gains attributable to the change in unrealized gains or losses relating to assets held as of period end $ 952 Total gains for the period recognized in net investment (losses) gains (1,030) Issuances 449 Settlements (58) Balance at June 30, 2024 $ 43,670 Total losses for the period recognized in net investment (losses) gains attributable to the change in unrealized gains or losses relating to assets held as of period end $ (1,031) ($ in thousands) Mortgage Loans Balance at December 31, 2022 $ 52,842 Total gains for the period recognized in net investment (losses) gains 22 Issuances 892 Settlements (11,421) Balance at March 31, 2023 $ 42,335 Total losses for the period recognized in net investment (losses) gains attributable to the change in unrealized gains or losses relating to assets held as of period end $ (14) Total losses for the period recognized in net investment (losses) gains (21) Issuances 30 Settlements (9,582) Balance at June 30, 2023 $ 32,762 Total gains for the period recognized in net investment (losses) gains attributable to the change in unrealized gains or losses relating to assets held as of period end $ 3
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 six months ended June 30, 2024 and 2023: ($ in thousands) Mortgage Loans Balance at December 31, 2023 $ 50,070 Total gains for the period recognized in net investment (losses) gains 971 Issuances 187 Settlements (6,919) Balance at March 31, 2024 $ 44,309 Total gains for the period recognized in net investment (losses) gains attributable to the change in unrealized gains or losses relating to assets held as of period end $ 952 Total gains for the period recognized in net investment (losses) gains (1,030) Issuances 449 Settlements (58) Balance at June 30, 2024 $ 43,670 Total losses for the period recognized in net investment (losses) gains attributable to the change in unrealized gains or losses relating to assets held as of period end $ (1,031) ($ in thousands) Mortgage Loans Balance at December 31, 2022 $ 52,842 Total gains for the period recognized in net investment (losses) gains 22 Issuances 892 Settlements (11,421) Balance at March 31, 2023 $ 42,335 Total losses for the period recognized in net investment (losses) gains attributable to the change in unrealized gains or losses relating to assets held as of period end $ (14) Total losses for the period recognized in net investment (losses) gains (21) Issuances 30 Settlements (9,582) Balance at June 30, 2023 $ 32,762 Total gains for the period recognized in net investment (losses) gains attributable to the change in unrealized gains or losses relating to assets held as of period end $ 3
Summary of Subordinated Debt	The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of June 30, 2024 and December 31, 2023: June 30, 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 18,936 20,731 19,504 21,378 Subordinated debt, net of debt issuance costs $ 18,936 $ 20,731 $ 78,690 $ 81,172 ($ in thousands) June 30, 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)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The carrying value of the Company’s mortgage loans as of June 30, 2024 and December 31, 2023 were as follows: ($ in thousands) June 30, 2024 December 31, 2023 Commercial $ 15,244 $ 14,469 Retail 14,127 16,072 Hospitality 7,916 12,744 Industrial 6,383 6,785 $ 43,670 $ 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 six months ended June 30, 2024 and 2023: Six months ended June 30, ($ in thousands) 2024 2023 Fixed maturity securities, available-for sale $ 17,917 $ 19,363 Equity securities 17,760 17,583 The following table sets forth the components of net investment income for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Income: Fixed maturity securities, available-for sale $ 13,407 $ 7,583 $ 25,638 $ 14,259 Fixed maturity securities, held-to-maturity 1,230 1,251 2,356 2,254 Equity securities 751 1,044 1,378 1,770 Equity method investments 2,642 (2,104) 3,740 (6,768) Mortgage loans 1,588 1,275 3,007 2,748 Indirect loans 221 (1,929) (1,473) (3,248) Short-term investments and cash 3,421 3,186 7,661 4,975 Other 655 29 1,524 9 Total investment income 23,915 10,335 43,831 15,999 Investment expenses (1,777) (1,752) (3,396) (2,770) Net investment income $ 22,138 $ 8,583 $ 40,435 $ 13,229 The following table sets forth the Company’s gross investment income for mortgage loans for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Commercial $ 851 $ 555 $ 1,309 $ 1,049 Retail 470 416 960 1,011 Hospitality 269 132 739 293 Office — 97 — 203 Multi-family — 75 — 192 $ 1,590 $ 1,275 $ 3,008 $ 2,748

Equity Method Investments and_2

Equity Method Investments and Other (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Carrying Value of Equity Method Investments	The following table sets forth the carrying value and ownership percentage of the Company’s equity method investments as of June 30, 2024 and December 31, 2023: ($ in thousands) June 30, 2024 December 31, 2023 Carrying Value Ownership % Carrying Value Ownership % Arena Special Opportunities Fund, LP units $ 39,421 16.0 % $ 41,046 16.2 % JVM Funds LLC units 18,425 10.1 % 20,061 10.1 % Arena SOP LP units 3,142 12.1 % 2,463 12.3 % RISCOM 4,196 20.0 % 4,121 20.0 % Hudson Ventures Fund 2 LP units 5,003 2.5 % 4,669 2.5 % Dowling Capital Partners LP units 684 5.0 % 1,708 6.2 % Brewer Lane Ventures Fund II LP units 639 2.4 % 560 2.5 % $ 71,510 $ 74,628 The following table sets forth the components of net investment income (loss) from equity method investments for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Dowling Capital Partners LP units $ 40 $ 338 $ 1,382 $ 605 RISCOM 389 224 675 305 Brewer Lane Ventures Fund II LP (24) (29) (56) (29) Hudson Ventures Fund II LP units 210 (158) 158 (413) JVM Funds LLC (535) (221) (1,019) (641) Universa Black Swan LP units — (348) — (904) Arena SOP LP units 390 (727) 679 (2,778) Arena Special Opportunities Fund, LP units 2,172 (1,183) 1,921 (2,913) $ 2,642 $ (2,104) $ 3,740 $ (6,768) The following table sets forth the unfunded commitment of equity method investments as of June 30, 2024 and December 31, 2023: ($ in thousands) June 30, 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 678 386 $ 5,627 $ 5,844 The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of June 30, 2024 and December 31, 2023: ($ in thousands) June 30, 2024 December 31, 2023 Investment in RISCOM: Underlying equity $ 2,816 $ 2,620 Difference 1,380 1,501 Recorded investment balance $ 4,196 $ 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 June 30, 2024 and December 31, 2023: ($ in thousands) June 30, 2024 December 31, 2023 Investment in JVM Funds LLC: Underlying equity $ 17,744 $ 19,304 Difference 681 757 Recorded investment balance $ 18,425 $ 20,061 The carrying value of the SMA1 and SMA2 as of June 30, 2024 and December 31, 2023 were as follows: ($ in thousands) June 30, 2024 December 31, 2023 SMA1 $ 23,311 $ 30,816 SMA2 7,082 5,209 Investment in indirect loans and loan collateral $ 30,393 $ 36,025

Notes Payable & Subordinated _2

Notes Payable & Subordinated Debt (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023: June 30, 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 18,936 20,731 19,504 21,378 Subordinated debt, net of debt issuance costs $ 18,936 $ 20,731 $ 78,690 $ 81,172 ($ in thousands) June 30, 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)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Income tax expense $ 9,385 $ 5,564 $ 19,578 $ 9,730 Effective tax rate 23.3 % 22.2 % 22.4 % 21.7 %

Losses and Loss Adjustment Ex_2

Losses and Loss Adjustment Expenses (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2024 and 2023: Six months ended June 30, ($ 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 303,450 240,010 Prior years — — Total incurred, net of reinsurance 303,450 240,010 Paid, net of reinsurance, related to: Current period 39,202 29,124 Prior years 158,857 133,757 Total paid 198,059 162,881 Net reserves for losses and LAE, end of period 964,408 782,900 Plus: reinsurance recoverable on unpaid claims, end of period 505,698 441,227 Reserves for losses and LAE, end of period $ 1,470,106 $ 1,224,127

Commission and Fee Income (Tabl

Commission and Fee Income (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 SUA commission revenue $ 699 $ 1,385 $ 1,689 $ 2,242 SUA fee income 564 805 1,410 1,261 Other 790 50 980 229 Total commission and fee income $ 2,053 $ 2,240 $ 4,079 $ 3,732

Underwriting, Acquisition and_2

Underwriting, Acquisition and Insurance Expenses (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Amortization of policy acquisition costs $ 35,931 $ 23,136 $ 67,908 $ 44,371 Other operating and general expenses 40,748 33,547 78,545 63,967 Total underwriting, acquisition and insurance expenses $ 76,679 $ 56,683 $ 146,453 $ 108,338

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Effects of Reinsurance	The following tables set forth the effects of reinsurance on written and earned premiums and losses and loss adjustment expenses for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, 2024 2023 ($ in thousands) Written Earned Written Earned Direct premiums $ 404,443 $ 335,398 $ 332,062 $ 283,762 Assumed premiums 91,800 70,786 89,932 48,213 Ceded premiums (199,114) (148,601) (208,257) (137,628) Net premiums $ 297,129 $ 257,583 $ 213,737 $ 194,347 Ceded losses and LAE incurred $ 106,954 $ 99,981 Six months ended June 30, 2024 2023 ($ in thousands) Written Earned Written Earned Direct premiums $ 771,239 $ 662,570 $ 640,275 $ 546,419 Assumed premiums 183,624 132,972 142,217 87,345 Ceded premiums (370,634) (301,617) (366,614) (256,586) Net premiums $ 584,229 $ 493,925 $ 415,878 $ 377,178 Ceded losses and LAE incurred $ 192,573 $ 164,775
Ceded Credit Risk	The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of June 30, 2024 and December 31, 2023: ($ in thousands) June 30, 2024 December 31, 2023 Ceded unpaid losses and LAE $ 505,698 $ 455,484 Ceded paid losses and LAE 143,576 122,287 Loss portfolio transfer 20,858 20,858 Allowance for credit losses (2,295) (2,295) Reinsurance recoverables $ 667,837 $ 596,334 Ceded unearned premium $ 255,138 $ 186,121

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, ($ in thousands, except for share and per share amounts) 2024 2023 2024 2023 Numerator Net income $ 30,970 $ 19,452 $ 67,754 $ 35,008 Less: Undistributed income allocated to participating securities — — — (1,402) Net income attributable to common stockholders (numerator for basic earnings per share) 30,970 19,452 67,754 33,606 Add back: Undistributed income allocated to participating securities — — — 1,402 Net income (numerator for diluted earnings per share under the two-class method) $ 30,970 $ 19,452 $ 67,754 $ 35,008 Denominator Basic weighted-average common shares 39,177,457 36,603,779 39,142,825 34,746,874 Dilutive effect of preferred shares — — — 1,449,343 Dilutive effect of stock notes 722,153 763,590 717,217 740,396 Dilutive effect of stock units 900,119 685,065 900,565 512,331 Dilutive effect of options 368,353 91,151 349,777 54,970 Diluted weighted-average common share equivalents 41,168,082 38,143,585 41,110,384 37,503,914 Basic earnings per share $ 0.79 $ 0.53 $ 1.73 $ 0.97 Diluted earnings per share $ 0.75 $ 0.51 $ 1.65 $ 0.93
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 and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Stock units 21,813 1,936 135,027 331,484 Options 1,134 315 706 357,059 The following table presents common share equivalents of contingently issuable instruments that were excluded from basic earnings per share in the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Common shares 866,428 1,054,510 866,428 1,054,510

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Net earned premium and gross commission expense related to these agreements for the three and six months ended June 30, 2024 and 2023 were as follows: Three months ended June 30, Six months ended June 30, ($ in thousands) 2024 2023 2024 2023 Net earned premium $ 26,161 $ 19,916 $ 52,055 $ 42,101 Commissions 6,347 6,149 13,234 13,002

Investments - Debt Securities,

Investments - Debt Securities, Trading, and Equity Securities, FV-NI (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	$ 1,239,724	$ 1,047,713
Gross Unrealized Gains	7,325	12,491
Gross Unrealized Losses	(46,776)	(42,553)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	1,200,273	1,017,651
Fixed maturity securities, held-to-maturity:
Gross Amortized Cost	40,187	43,315
Gross Unrealized Gains	20	0
Gross Unrealized Losses	(1,342)	(1,969)
Allowance for Credit Losses	(225)	(329)
Total fixed maturity securities, held-to-maturity	38,640	41,017
U.S. government securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	36,055	44,685
Gross Unrealized Gains	16	202
Gross Unrealized Losses	(503)	(721)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	35,568	44,166
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	449,632	392,773
Gross Unrealized Gains	3,157	6,408
Gross Unrealized Losses	(16,407)	(15,761)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	436,382	383,420
Municipal securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	101,289	98,266
Gross Unrealized Gains	266	655
Gross Unrealized Losses	(7,281)	(6,143)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	94,274	92,778
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	363,584	292,568
Gross Unrealized Gains	2,069	3,556
Gross Unrealized Losses	(18,351)	(14,498)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	347,302	281,626
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	47,903	31,411
Gross Unrealized Gains	338	449
Gross Unrealized Losses	(1,934)	(1,926)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	46,307	29,934
Other asset-backed securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	241,261	188,010
Gross Unrealized Gains	1,479	1,221
Gross Unrealized Losses	(2,300)	(3,504)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	240,440	185,727
Fixed maturity securities, held-to-maturity:
Gross Amortized Cost	40,187	43,315
Gross Unrealized Gains	20	0
Gross Unrealized Losses	(1,342)	(1,969)
Allowance for Credit Losses	(225)	(329)
Total fixed maturity securities, held-to-maturity	$ 38,640	$ 41,017

Investments - Investments Class

Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in less than one year	$ 39,839
Due after one year through five years	311,737
Due after five years through ten years	191,013
Due after ten years	44,387
Gross Amortized Cost	1,239,724	$ 1,047,713
Fair Value
Due in less than one year	39,420
Due after one year through five years	301,370
Due after five years through ten years	185,279
Due after ten years	40,155
Total	1,200,273	1,017,651
Mortgage-backed securities
Amortized Cost
Without single maturity date	411,487
Fair Value
Without single maturity date	393,609
Other asset-backed securities
Amortized Cost
Without single maturity date	241,261
Fair Value
Without single maturity date	240,440
Total	$ 240,440	$ 185,727

Investments - Schedule of Unrea

Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Available for sale, fair value
Less than 12 Months	$ 331,902	$ 121,362
12 Months or More	443,427	441,858
Total	775,329	563,220
Available for sale, gross unrealized losses
Less than 12 Months	(3,855)	(1,667)
12 Months or More	(42,921)	(40,886)
Total	(46,776)	(42,553)
Held-to-maturity, fair value
Less than 12 Months	0	0
12 Months or More	36,594	41,017
Total	36,594	41,017
Held-to-maturity, gross unrealized losses
Less than 12 Months	0	0
12 Months or More	(1,342)	(1,969)
Total	(1,342)	(1,969)
Available-for-sale and held-to-maturity, fair value
Less than 12 Months	331,902	121,362
12 Months or More	480,021	482,875
Total	811,923	604,237
Available-for-sale and held-to-maturity, gross unrealized losses
Less than 12 Months	(3,855)	(1,667)
12 Months or More	(44,263)	(42,855)
Total	(48,118)	(44,522)
U.S. government securities
Available for sale, fair value
Less than 12 Months	15,880	7,342
12 Months or More	16,039	25,604
Total	31,919	32,946
Available for sale, gross unrealized losses
Less than 12 Months	(81)	(25)
12 Months or More	(422)	(696)
Total	(503)	(721)
Corporate securities and miscellaneous
Available for sale, fair value
Less than 12 Months	110,151	26,742
12 Months or More	179,426	174,947
Total	289,577	201,689
Available for sale, gross unrealized losses
Less than 12 Months	(1,654)	(570)
12 Months or More	(14,753)	(15,191)
Total	(16,407)	(15,761)
Municipal securities
Available for sale, fair value
Less than 12 Months	24,319	16,815
12 Months or More	52,868	47,269
Total	77,187	64,084
Available for sale, gross unrealized losses
Less than 12 Months	(464)	(290)
12 Months or More	(6,817)	(5,853)
Total	(7,281)	(6,143)
Residential mortgage-backed securities
Available for sale, fair value
Less than 12 Months	111,065	37,634
12 Months or More	124,446	103,495
Total	235,511	141,129
Available for sale, gross unrealized losses
Less than 12 Months	(1,278)	(602)
12 Months or More	(17,073)	(13,896)
Total	(18,351)	(14,498)
Commercial mortgage-backed securities
Available for sale, fair value
Less than 12 Months	19,350	4,942
12 Months or More	15,297	15,290
Total	34,647	20,232
Available for sale, gross unrealized losses
Less than 12 Months	(126)	(74)
12 Months or More	(1,808)	(1,852)
Total	(1,934)	(1,926)
Other asset-backed securities
Available for sale, fair value
Less than 12 Months	51,137	27,887
12 Months or More	55,351	75,253
Total	106,488	103,140
Available for sale, gross unrealized losses
Less than 12 Months	(252)	(106)
12 Months or More	(2,048)	(3,398)
Total	(2,300)	(3,504)
Held-to-maturity, fair value
Less than 12 Months	0	0
12 Months or More	36,594	41,017
Total	36,594	41,017
Held-to-maturity, gross unrealized losses
Less than 12 Months	0	0
12 Months or More	(1,342)	(1,969)
Total	$ (1,342)	$ (1,969)

Investments - Narrative (Detail

Investments - Narrative (Details)	Jun. 30, 2024 lot
Investments, Debt and Equity Securities [Abstract]
Unrealized loss position aged over 12 months, number of positions	796

Investments - Gain (Loss) on Se

Investments - Gain (Loss) on Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Gross realized gains
Fixed maturity securities, available-for sale	$ 331	$ 211	$ 830	$ 704
Equity securities	493	814	1,574	2,041
Other	0	0	18	1
Total	824	1,025	2,422	2,746
Gross realized losses
Fixed maturity securities, available-for sale	(466)	(218)	(860)	(456)
Equity securities	(417)	(472)	(2,291)	(4,761)
Other	(6)	(1)	(24)	(1)
Total	(889)	(691)	(3,175)	(5,218)
Net unrealized (losses) gains on investments
Equity securities	(730)	5,038	7,290	8,783
Mortgage loans	(1,030)	(21)	(59)	1
Net investment (losses) gains	$ (1,825)	$ 5,351	$ 6,478	$ 6,312

Investments - Proceeds from Sal

Investments - Proceeds from Sales (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities, available-for sale	$ 17,917	$ 19,363
Equity securities	$ 17,760	$ 17,583

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Investment Income [Line Items]
Total investment income	$ 23,915	$ 10,335	$ 43,831	$ 15,999
Investment expenses	(1,777)	(1,752)	(3,396)	(2,770)
Net investment income	22,138	8,583	40,435	13,229
Fixed maturity securities, available-for sale
Net Investment Income [Line Items]
Total investment income	13,407	7,583	25,638	14,259
Fixed maturity securities, held-to-maturity
Net Investment Income [Line Items]
Total investment income	1,230	1,251	2,356	2,254
Equity securities
Net Investment Income [Line Items]
Total investment income	751	1,044	1,378	1,770
Equity method investments
Net Investment Income [Line Items]
Total investment income	2,642	(2,104)	3,740	(6,768)
Mortgage loans
Net Investment Income [Line Items]
Total investment income	1,588	1,275	3,007	2,748
Indirect loans
Net Investment Income [Line Items]
Total investment income	221	(1,929)	(1,473)	(3,248)
Short-term investments and cash
Net Investment Income [Line Items]
Total investment income	3,421	3,186	7,661	4,975
Other
Net Investment Income [Line Items]
Total investment income	$ 655	$ 29	$ 1,524	$ 9

Investments - Schedule of Accum

Investments - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities	$ (2,370)	$ (7,013)	$ (10,359)	$ 2,773
Deferred income taxes	513	1,473	2,176	(572)
Total other comprehensive (loss) income	$ (1,857)	$ (5,540)	$ (8,183)	$ 2,201

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3 - Measurement Input, Incremental Cost of Capital	Jun. 30, 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	3.60%	3.25%
Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	7.49%	7.05%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 1,200,273	$ 1,017,651
Total fixed maturity securities, held-to-maturity	38,640	41,017
Equity securities, at fair value	112,823	118,249
Mortgage loans	43,670	50,070
Short-term investments	215,041	270,226
Total	1,610,447	1,497,213
U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	35,568	44,166
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	436,382	383,420
Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	94,274	92,778
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	347,302	281,626
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	46,307	29,934
Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	240,440	185,727
Total fixed maturity securities, held-to-maturity	38,640	41,017
Common stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	69,439	67,425
Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	3,177	7,358
Mutual funds:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	40,207	43,466
Level 1
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	35,568	44,166
Total fixed maturity securities, held-to-maturity	0	0
Equity securities, at fair value	109,646	110,891
Mortgage loans	0	0
Short-term investments	215,041	270,226
Total	360,255	425,283
Level 1 | U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	35,568	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	69,439	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	40,207	43,466
Level 2
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,164,705	973,485
Total fixed maturity securities, held-to-maturity	0	0
Equity securities, at fair value	3,177	7,358
Mortgage loans	0	0
Short-term investments	0	0
Total	1,167,882	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	436,382	383,420
Level 2 | Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	94,274	92,778
Level 2 | Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	347,302	281,626
Level 2 | Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	46,307	29,934
Level 2 | Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	240,440	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	3,177	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	38,640	41,017
Equity securities, at fair value	0	0
Mortgage loans	43,670	50,070
Short-term investments	0	0
Total	82,310	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	38,640	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
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 44,309	$ 50,070	$ 42,335	$ 52,842
Total gains for the period recognized in net investment (losses) gains	(1,030)	971	(21)	22
Issuances	449	187	30	892
Settlements	(58)	(6,919)	(9,582)	(11,421)
Ending balance	43,670	44,309	32,762	42,335
Total gains for the period recognized in net investment (losses) gains attributable to the change in unrealized gains or losses relating to assets held as of period end	$ (1,031)	$ 952	$ 3	$ (14)

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Subordinated Debt (Details) - USD ($) $ in Thousands	Jun. 30, 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	18,936	19,504
Unsecured subordinated notes | Fair Value
Debt Instrument [Line Items]
Long-term debt	20,731	21,378
Subordinated debt, net of debt issuance costs | Carrying Value
Debt Instrument [Line Items]
Long-term debt	18,936	78,690
Subordinated debt, net of debt issuance costs | Fair Value
Debt Instrument [Line Items]
Long-term debt	$ 20,731	$ 81,172

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans in foreclosure	$ 6.4	$ 7.1
Mortgage loans not producing income	$ 6.4
Low
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, term	2 years
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	$ 43,670		$ 43,670		$ 50,070
Total investment income	1,590	$ 1,275	3,008	$ 2,748
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	15,244		15,244		14,469
Total investment income	851	555	1,309	1,049
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	14,127		14,127		16,072
Total investment income	470	416	960	1,011
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	7,916		7,916		12,744
Total investment income	269	132	739	293
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	6,383		6,383		$ 6,785
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	0	97	0	203
Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	$ 0	$ 75	$ 0	$ 192

Equity Method Investments and_3

Equity Method Investments and Other - Carrying Value of Equity Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 101,903	$ 110,653
Equity method investments
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	71,510	74,628
Arena Special Opportunities Fund, LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 39,421	$ 41,046
Equity method investments ownership percentage	16%	16.20%
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 18,425	$ 20,061
Equity method investments ownership percentage	10.10%	10.10%
Arena SOP LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 3,142	$ 2,463
Equity method investments ownership percentage	12.10%	12.30%
RISCOM
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 4,196	$ 4,121
Equity method investments ownership percentage	20%	20%
Hudson Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 5,003	$ 4,669
Equity method investments ownership percentage	2.50%	2.50%
Dowling Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 684	$ 1,708
Equity method investments ownership percentage	5%	6.20%
Brewer Lane Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 639	$ 560
Equity method investments ownership percentage	2.40%	2.50%

Equity Method Investments and_4

Equity Method Investments and Other - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Net investment income	$ 22,138	$ 8,583	$ 40,435	$ 13,229
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	2,642	(2,104)	3,740	(6,768)
Dowling Capital Partners LP units | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	40	338	1,382	605
RISCOM | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	389	224	675	305
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	(24)	(29)	(56)	(29)
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	210	(158)	158	(413)
JVM Funds LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(535)	(221)	(1,019)	(641)
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	(348)	0	(904)
Arena SOP LP units | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	390	(727)	679	(2,778)
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	$ 2,172	$ (1,183)	$ 1,921	$ (2,913)

Equity Method Investments and_5

Equity Method Investments and Other - Unfunded Commitment of Equity Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	$ 5,627	$ 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	$ 678	$ 386

Equity Method Investments and_6

Equity Method Investments and Other - Narrative (Details)	6 Months Ended
	Jun. 30, 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	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 101,903	$ 110,653
RISCOM
Schedule of Equity Method Investments [Line Items]
Underlying equity	2,816	2,620
Difference	1,380	1,501
Recorded investment balance	$ 4,196	$ 4,121

Equity Method Investments and_8

Equity Method Investments and Other - Investment in JVN Funds (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 101,903	$ 110,653
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Underlying equity	17,744	19,304
Difference	681	757
Recorded investment balance	$ 18,425	$ 20,061

Equity Method Investments and_9

Equity Method Investments and Other - Schedule of Indirect Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 101,903	$ 110,653
SMA1
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	23,311	30,816
SMA2
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	7,082	5,209
Investment in indirect loans and loan collateral
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 30,393	$ 36,025

Notes Payable & Subordinated _3

Notes Payable & Subordinated Debt - Narrative (Details) - USD ($)		6 Months Ended	12 Months Ended
	Mar. 15, 2024	Jun. 30, 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
Margin		1.60%
Revolving credit facility | Line of Credit | Revolving credit facility | Low
Debt Instrument [Line Items]
Margin		1.50%
Revolving credit facility | Line of Credit | Revolving credit facility | High
Debt Instrument [Line Items]
Margin		1.90%
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 | 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	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revolving Line Of Credit Due December 2024
Debt Instrument [Line Items]
Amount	$ 50,000		$ 50,000
Margin	1.60%
Six-month SOFR	5.25%
Net interest rate	6.85%
Revolving Line Of Credit Due December 2023
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 9,385	$ 5,564	$ 19,578	$ 9,730
Effective tax rate	23.30%	22.20%	22.40%	21.70%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Cash paid for federal income taxes	$ 14,000	$ 4,200	$ 13,980	$ 4,200

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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 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	303,450	240,010
Prior years	0	0
Total incurred, net of reinsurance	303,450	240,010
Paid, net of reinsurance, related to:
Current period	39,202	29,124
Prior years	158,857	133,757
Total paid	198,059	162,881
Net reserves for losses and LAE, end of period	964,408	782,900
Plus: reinsurance recoverable on unpaid claims, end of period	505,698	441,227
Reserves for losses and LAE, end of period	$ 1,470,106	$ 1,224,127

Commission and Fee Income - Dis

Commission and Fee Income - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total commission and fee income	$ 2,053	$ 2,240	$ 4,079	$ 3,732
SUA commission revenue
Disaggregation of Revenue [Line Items]
Total commission and fee income	699	1,385	1,689	2,242
SUA fee income
Disaggregation of Revenue [Line Items]
Total commission and fee income	564	805	1,410	1,261
Other
Disaggregation of Revenue [Line Items]
Total commission and fee income	$ 790	$ 50	$ 980	$ 229

Commission and Fee Income - Nar

Commission and Fee Income - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract asset after allowance for credit loss	$ 1.7	$ 1

Underwriting, Acquisition and_3

Underwriting, Acquisition and Insurance Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Amortization of policy acquisition costs	$ 35,931	$ 23,136	$ 67,908	$ 44,371
Other operating and general expenses	40,748	33,547	78,545	63,967
Total underwriting, acquisition and insurance expenses	$ 76,679	$ 56,683	$ 146,453	$ 108,338

Reinsurance - Schedule of Premi

Reinsurance - Schedule of Premiums Written and Earned (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Written
Direct premiums	$ 404,443	$ 332,062	$ 771,239	$ 640,275
Assumed premiums	91,800	89,932	183,624	142,217
Ceded premiums	(199,114)	(208,257)	(370,634)	(366,614)
Net premiums	297,129	213,737	584,229	415,878
Earned
Direct premiums	335,398	283,762	662,570	546,419
Assumed premiums	70,786	48,213	132,972	87,345
Ceded premiums	(148,601)	(137,628)	(301,617)	(256,586)
Net premiums	257,583	194,347	493,925	377,178
Ceded losses and LAE incurred	$ 106,954	$ 99,981	$ 192,573	$ 164,775

Reinsurance - Reinsurance Recov

Reinsurance - Reinsurance Recoverable and Ceded Premiums (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Insurance [Abstract]
Ceded unpaid losses and LAE	$ 505,698	$ 455,484	$ 441,227	$ 435,986
Ceded paid losses and LAE	143,576	122,287
Loss portfolio transfer	20,858	20,858
Allowance for credit losses	(2,295)	(2,295)
Reinsurance recoverables	667,837	596,334
Ceded unearned premium	$ 255,138	$ 186,121

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Insurance [Abstract]
Market value of trust funds	$ 196.9
Deposit asset	$ 24.6	$ 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net income	$ 30,970	$ 19,452	$ 67,754	$ 35,008
Less: Undistributed income allocated to participating securities	0	0	0	(1,402)
Net income attributable to common stockholders	30,970	19,452	67,754	33,606
Add back: Undistributed income allocated to participating securities	0	0	0	1,402
Net income (numerator for diluted earnings per share under the two-class method)	$ 30,970	$ 19,452	$ 67,754	$ 35,008
Denominator
Basic weighted-average common shares (in shares)	39,177,457	36,603,779	39,142,825	34,746,874
Diluted effect of preferred shares (in shares)	0	0	0	1,449,343
Diluted effect of stock notes (in shares)	722,153	763,590	717,217	740,396
Diluted weighted-average common share equivalents (in shares)	41,168,082	38,143,585	41,110,384	37,503,914
Basic earnings (loss) per share (in dollar per share)	$ 0.79	$ 0.53	$ 1.73	$ 0.97
Diluted earnings (loss) per share (in dollar per share)	$ 0.75	$ 0.51	$ 1.65	$ 0.93
Stock units
Denominator
Diluted effect of awards (in shares)	900,119	685,065	900,565	512,331
Options
Denominator
Diluted effect of awards (in shares)	368,353	91,151	349,777	54,970

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	21,813	1,936	135,027	331,484
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,134	315	706	357,059

Earnings Per Share - Schedule_3

Earnings Per Share - Schedule of Earnings Per Share, Excluded from Basic Earnings (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	866,428	1,054,510	866,428	1,054,510

Related Party Transactions - RI

Related Party Transactions - RISCOM Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Net earned premium	$ 257,583	$ 194,347	$ 493,925	$ 377,178
Premiums receivable, net	377,333		$ 377,333		$ 179,235
Affiliated entity | Agency agreement | RISCOM
Related Party Transaction [Line Items]
Agreement, ownership interest			20%
Net earned premium	26,161	19,916	$ 52,055	42,101
Commissions	6,347	$ 6,149	13,234	$ 13,002
Premiums receivable, net	$ 14,500		$ 14,500		$ 10,600

Related Party Transactions - Ot

Related Party Transactions - Other Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Professional fees and reimbursements | Related Party
Related Party Transaction [Line Items]
Professional fees	$ 0.1	$ 0.5	$ 0.2	$ 2.6