Skyward Specialty Insurance (SKWD) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		40,099,931
Entity Central Index Key	0001519449
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments:
Fixed maturity securities, available-for-sale, at fair value (amortized cost of $1,359,700 and $1,047,713, respectively)	$ 1,357,500	$ 1,017,651
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $239 and $329, respectively)	39,321	42,986
Equity securities, at fair value	124,719	118,249
Mortgage loans, at fair value	36,267	50,070
Equity method investments	102,111	110,653
Other long-term investments	23,802	3,852
Short-term investments, at fair value	206,358	270,226
Total investments	1,890,078	1,613,687
Cash and cash equivalents	105,573	65,891
Restricted cash	45,783	34,445
Premiums receivable, net	327,176	179,235
Reinsurance recoverables, net	686,725	596,334
Ceded unearned premium	236,962	186,121
Deferred policy acquisition costs	119,910	91,955
Deferred income taxes	18,502	21,991
Goodwill and intangible assets, net	87,607	88,435
Other assets	80,547	75,341
Total assets	3,598,863	2,953,435
Liabilities:
Reserves for losses and loss adjustment expenses	1,568,777	1,314,501
Unearned premiums	692,452	552,532
Deferred ceding commission	44,984	37,057
Reinsurance and premium payables	200,967	150,156
Funds held for others	102,219	58,588
Accounts payable and accrued liabilities	73,001	50,880
Notes payable	100,000	50,000
Subordinated debt, net of debt issuance costs	18,956	78,690
Total liabilities	2,801,356	2,292,404
Stockholders’ equity
Common stock, $0.01 par value, 500,000,000 shares authorized, 40,099,931 and 39,863,756 shares issued and outstanding, respectively	401	399
Additional paid-in capital	716,095	710,855
Stock notes receivable	0	(5,562)
Accumulated other comprehensive loss	(1,703)	(22,953)
Retained earnings (accumulated deficit)	82,714	(21,708)
Total stockholders’ equity	797,507	661,031
Total liabilities and stockholders’ equity	$ 3,598,863	$ 2,953,435

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Amortized cost	$ 1,359,700	$ 1,047,713
Allowance for credit losses	$ 239	$ 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)	40,099,931	40,099,931
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Net earned premiums	$ 269,557	$ 227,033	$ 763,482	$ 604,211
Commission and fee income	1,818	2,085	5,897	5,817
Net investment income	19,521	13,089	59,956	26,318
Net investment gains (losses)	10,187	(2,984)	16,665	3,328
Other loss	(195)	0	(202)	0
Total revenues	300,888	239,223	845,798	639,674
Expenses:
Losses and loss adjustment expenses	170,521	138,536	473,489	377,841
Underwriting, acquisition and insurance expenses	79,817	68,315	226,270	176,653
Interest expense	2,229	2,632	7,405	7,250
Amortization expense	351	463	1,099	1,336
Other expenses	1,117	1,482	3,350	4,061
Total expenses	254,035	211,428	711,613	567,141
Income before income taxes	46,853	27,795	134,185	72,533
Income tax expense	10,185	6,084	29,763	15,814
Net income	36,668	21,711	104,422	56,719
Net income attributable to participating securities	0	0	0	1,492
Net income attributable to common stockholders	36,668	21,711	104,422	55,227
Comprehensive income
Net income	36,668	21,711	104,422	56,719
Unrealized gains and losses on investments:
Net change in unrealized gains (losses) on investments, net of tax	31,396	(8,722)	24,527	(5,309)
Reclassification adjustment for losses on securities no longer held, net of tax	(1,963)	(3,667)	(3,277)	(4,879)
Total other comprehensive income (loss)	29,433	(12,389)	21,250	(10,188)
Comprehensive income	$ 66,101	$ 9,322	$ 125,672	$ 46,531
Per share data:
Basic earnings per share (in dollar per share)	$ 0.91	$ 0.59	$ 2.61	$ 1.56
Diluted earnings per share (in dollar per share)	$ 0.89	$ 0.57	$ 2.53	$ 1.50
Weighted-average common shares outstanding
Basic (in shares)	40,098,345	36,743,393	40,039,269	35,502,843
Diluted (in shares)	41,428,557	38,403,843	41,302,108	37,830,431

Condensed Consolidated Statem_2

Condensed Consolidated Statements of 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)			4,772,742
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		6,179	1,286
Proceeds from equity offerings, net			48		61,967
Other comprehensive gain (loss), net of tax	$ (10,188)						(10,188)
Net income	56,719							56,719
Stockholders' equity ending balance at Sep. 30, 2023	535,397	$ 0	$ 377	0	645,292	(5,625)	(53,673)	(50,974)
Preferred shares balance at ending of period (in shares) at Sep. 30, 2023		0
Common shares balance at ending of period (in shares) at Sep. 30, 2023			37,677,521
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 Jun. 30, 2023			37,674,063
Stockholders' equity beginning balance at Jun. 30, 2023			$ 377		642,988	(6,718)	(41,284)	(72,685)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)			3,458
Issuance of common stock					2,304	1,093
Other comprehensive gain (loss), net of tax	$ (12,389)						(12,389)
Net income	21,711							21,711
Stockholders' equity ending balance at Sep. 30, 2023	$ 535,397	$ 0	$ 377	0	645,292	(5,625)	(53,673)	(50,974)
Preferred shares balance at ending of period (in shares) at Sep. 30, 2023		0
Common shares balance at ending of period (in shares) at Sep. 30, 2023			37,677,521
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)			236,175
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		5,240	5,562
Proceeds from equity offerings, net			0		0
Other comprehensive gain (loss), net of tax	21,250						21,250
Net income	104,422							104,422
Stockholders' equity ending balance at Sep. 30, 2024	$ 797,507	$ 0	$ 401	0	716,095	0	(1,703)	82,714
Preferred shares balance at ending of period (in shares) at Sep. 30, 2024		0
Common shares balance at ending of period (in shares) at Sep. 30, 2024	39,863,756		40,099,931
Common shares balance at beginning of period (in shares) at Jun. 30, 2024			40,096,132
Stockholders' equity beginning balance at Jun. 30, 2024			$ 401		713,542	(5,233)	(31,136)	46,046
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares (in shares)			3,799
Issuance of common stock					2,553	5,233
Other comprehensive gain (loss), net of tax	$ 29,433						29,433
Net income	36,668							36,668
Stockholders' equity ending balance at Sep. 30, 2024	$ 797,507	$ 0	$ 401	$ 0	$ 716,095	$ 0	$ (1,703)	$ 82,714
Preferred shares balance at ending of period (in shares) at Sep. 30, 2024		0
Common shares balance at ending of period (in shares) at Sep. 30, 2024	39,863,756		40,099,931

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 36,668	$ 21,711	$ 104,422	$ 56,719
Adjustments to reconcile net income to net cash provided by operating activities			178,793	161,820
Net cash provided by operating activities			283,216	218,539
Cash flows from investing activities:
Purchase of fixed maturity securities, available-for-sale			(425,642)	(342,088)
Purchase of illiquid investments			0	(1,156)
Purchase of equity securities			(14,156)	(22,436)
Purchase of equity method investments			(22,377)	0
Investment in direct and indirect loans			18,445	(3,313)
Purchase of property and equipment			(3,148)	0
Sales and maturities of investment securities			142,184	110,695
Distributions from equity method investments			0	1,704
Proceeds from equity method and other long-term investments			10,054	0
Change in short-term investments			63,868	(72,891)
Change in receivable/payable for securities			34	14,442
Cash provided by deposit accounting			2,775	8,631
Other, net			0	(1,421)
Net cash used in investment activities			(227,963)	(307,833)
Cash flows from financing activities:
Employee share purchases			0	1,287
Repayment of stock notes receivable			5,561	0
Proceeds from long-term debt			107,000	50,000
Repayment of term loan			(116,794)	(50,000)
Proceeds from initial public offering			0	66,262
Net cash (used in) provided by financing activities			(4,233)	67,549
Net increase (decrease) in cash and cash equivalents and restricted cash			51,020	(21,745)
Cash and cash equivalents and restricted cash at beginning of period			100,336	125,011	$ 125,011
Cash and cash equivalents and restricted cash at end of period	151,356	$ 103,266	151,356	103,266	$ 100,336
Supplemental disclosure of cash flow information:
Cash paid for interest			6,943	8,503
Cash paid for federal income taxes	$ 8,500		$ 22,480	$ 10,000

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023: ($ in thousands) Gross Gross Gross Allowance for Credit Losses Fair Value September 30, 2024 Fixed maturity securities, available-for-sale: U.S. government securities $ 29,416 $ 460 $ (235) $ — $ 29,641 Corporate securities and miscellaneous 497,305 12,109 (11,307) — 498,107 Municipal securities 102,865 1,245 (4,624) — 99,486 Residential mortgage-backed securities 399,951 8,757 (11,413) — 397,295 Commercial mortgage-backed securities 66,704 1,050 (1,525) — 66,229 Other asset-backed securities 263,459 4,433 (1,150) — 266,742 Total fixed maturity securities, available-for-sale $ 1,359,700 $ 28,054 $ (30,254) $ — $ 1,357,500 Fixed maturity securities, held-to-maturity: Other asset-backed securities $ 39,560 $ 4 $ (1,450) $ (239) $ 37,875 Total fixed maturity securities, held-to-maturity $ 39,560 $ 4 $ (1,450) $ (239) $ 37,875 ($ 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 September 30, 2024: ($ in thousands) Amortized Fair Value Due in less than one year $ 35,936 $ 35,733 Due after one year through five years 346,637 344,147 Due after five years through ten years 202,691 205,283 Due after ten years 44,322 42,071 Mortgage-backed securities 466,655 463,524 Other asset-backed securities 263,459 266,742 Total $ 1,359,700 $ 1,357,500 Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Also, changing interest rates, tax considerations or other factors may result in portfolio sales prior to maturity. The Company’s fixed maturity securities, held-to-maturity, at September 30, 2024 consisted entirely of asset backed securities that were not due at a single maturity date. At September 30, 2024, the Company had U.S. government agencies mortgage-backed fixed maturity securities, with a carrying value of approximately $62.4 million pledged as collateral for a loan (the “FHLB Loan”) from the Federal Home Loan Bank of Dallas (“FHLB”) pursuant to an Advances and Security Agreement between the Company and FHLB (the “Advances and Security Agreement”). In accordance with the terms of the FHLB Loans, the Company retains all rights regarding these pledged securities. At September 30, 2024, the Company had assets with fair values of approximately $27.7 million pledged as collateral for the performance obligations under reinsurance agreements. In accordance with the terms of the trust agreements, the Company retains all rights regarding these securities, of which $24.9 million are residential mortgage-backed securities, $2.2 million of short-term investments and $0.6 million of cash and cash equivalents and other assets. The following tables set forth the gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities had been in a continuous unrealized loss position as of September 30, 2024 and December 31, 2023: Less than 12 Months 12 Months or More Total ($ in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses September 30, 2024 Fixed maturity securities, available-for-sale: U.S. government securities $ — $ — $ 6,264 $ (235) $ 6,264 $ (235) Corporate securities and miscellaneous 11,689 (57) 158,937 (11,250) 170,626 (11,307) Municipal securities 9,899 (77) 47,299 (4,547) 57,198 (4,624) Residential mortgage-backed securities 19,453 (193) 105,880 (11,220) 125,333 (11,413) Commercial mortgage-backed securities — — 17,731 (1,525) 17,731 (1,525) Other asset-backed securities 31,803 (113) 38,198 (1,037) 70,001 (1,150) Total fixed maturity securities, available-for-sale 72,844 (440) 374,309 (29,814) 447,153 (30,254) Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 35,749 (1,450) 35,749 (1,450) Total fixed maturity securities, held-to-maturity: — — 35,749 (1,450) 35,749 (1,450) Total $ 72,844 $ (440) $ 410,058 $ (31,264) $ 482,902 $ (31,704) 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 September 30, 2024, the Company had 505 lots of fixed maturity securities in an unrealized loss position. The Company does not have an intent to sell these securities and it is not more likely than not that the Company will be required to sell these securities before maturity or recovery of its cost basis. The Company determined that no credit impairment existed in the gross unrealized holding losses because the credit ratings of these securities were consistent with the credit ratings when purchased and/or at origination, there were no adverse changes in financial condition of the issuer and no adverse credit quality events in underlying assets. The Company attributed the unrealized losses to the changes in interest rates. The following table sets forth the components of net investment gains (losses) for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Gross realized gains Fixed maturity securities, available-for sale $ 575 $ 156 $ 1,405 $ 860 Equity securities 1,591 3,959 3,165 6,000 Other 62 — 80 1 Total 2,228 4,115 4,650 6,861 Gross realized losses Fixed maturity securities, available-for sale (11) (381) (871) (837) Equity securities (280) (245) (2,571) (5,006) Other (128) (82) (152) (84) Total (419) (708) (3,594) (5,927) Net unrealized gains (losses) on investments Equity securities 7,512 (6,417) 14,802 2,367 Mortgage loans 866 26 807 27 Net investment gains (losses) $ 10,187 $ (2,984) $ 16,665 $ 3,328 The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the nine months ended September 30, 2024 and 2023: Nine months ended September 30, ($ in thousands) 2024 2023 Fixed maturity securities, available-for sale $ 17,540 $ 25,465 Equity securities 22,993 38,581 The following table sets forth the components of net investment income for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Income: Fixed maturity securities, available-for sale $ 15,461 $ 9,180 $ 41,099 $ 23,439 Fixed maturity securities, held-to-maturity 939 1,067 3,295 3,321 Equity securities 591 769 1,969 2,539 Equity method investments (1,144) (4) 2,596 (6,772) Mortgage loans 1,158 1,249 4,165 3,997 Indirect loans (401) (761) (1,874) (4,009) Short-term investments and cash 3,709 3,165 11,370 8,140 Other 836 (115) 2,360 (106) Total investment income 21,149 14,550 64,980 30,549 Investment expenses (1,628) (1,461) (5,024) (4,231) Net investment income $ 19,521 $ 13,089 $ 59,956 $ 26,318 The following table sets forth the change in net unrealized gains (losses) on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive loss for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Fixed maturity securities $ 37,257 $ (15,706) $ 26,898 $ (12,933) Deferred income taxes (7,824) 3,317 (5,648) 2,745 Total $ 29,433 $ (12,389) $ 21,250 $ (10,188)

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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. Fixed maturity securities, available for sale and equity securities classified as Level 3 The Company has corporate securities and miscellaneous, other asset-backed securities and preferred stock that are managed by an independent asset manager that uses an independent pricing model to estimate the value of the securities it manages. These represent Level 3 fair value inputs. Mortgage loans Mortgage loans have variable interest rates and are collateralized by real property. The Company determines fair value of mortgage loans using the income approach utilizing inputs that are observable and unobservable (Level 3). The unobservable input consists of the spread applied to a prime rate used to discount cash flows. The spread represents the incremental cost of capital based on the borrower’s ability to make future payments and the value of the collateral relative to the loan balance and is subject to judgement and uncertainty. The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of September 30, 2024 and December 31, 2023. September 30, 2024 December 31, 2023 High 10.92 % 9.50 % Low 3.61 % 3.25 % Weighted average 7.47 % 7.05 % The following tables set forth the Company’s investments within the fair value hierarchy at September 30, 2024 and December 31, 2023: September 30, 2024 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale: U.S. government securities $ 29,641 $ — $ — $ 29,641 Corporate securities and miscellaneous — 456,797 41,310 498,107 Municipal securities — 99,486 — 99,486 Residential mortgage-backed securities — 397,295 — 397,295 Commercial mortgage-backed securities — 66,229 — 66,229 Other asset-backed securities — 259,378 7,364 266,742 Total fixed maturity securities, available-for-sale 29,641 1,279,185 48,674 1,357,500 Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 37,875 37,875 Total fixed maturity securities, held-to-maturity — — 37,875 37,875 Equity securities: Common stocks 74,526 — — 74,526 Preferred stocks — 1,418 5,817 7,235 Mutual funds 42,958 — — 42,958 Total equity securities 117,484 1,418 5,817 124,719 Mortgage loans — — 36,267 36,267 Short-term investments 206,358 — — 206,358 Total $ 353,483 $ 1,280,603 $ 128,633 $ 1,762,719 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 nine months ended September 30, 2024 and 2023: ($ in thousands) Fixed Maturity Securities, Available-For-Sale Equity Securities Mortgage Loans Balance at December 31, 2023 $ — $ — $ 50,070 Total gains for the period recognized in net investment gains (losses) — — 971 Issuances — — 187 Settlements — — (6,919) Balance at March 31, 2024 $ — $ — $ 44,309 Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ — $ — $ 952 Total losses for the period recognized in net investment gains (losses) — — (1,030) Issuances — — 449 Settlements — — (58) Balance at June 30, 2024 $ — $ — $ 43,670 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ — $ — $ (1,031) Total (losses) gains for the period recognized in net investment gains (losses) (118) 246 866 Total unrealized gains for the period recognized in accumulated comprehensive income (loss) 1,592 — — Transfers into Level 3 23,533 — — Purchases 23,820 5,571 — Sales/Disposals (153) — — Issuances — — 8 Settlements — — (8,277) Balance at September 30, 2024 $ 48,674 $ 5,817 $ 36,267 Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ — $ 246 $ 829 ($ in thousands) Mortgage Loans Balance at December 31, 2022 $ 52,842 Total gains for the period recognized in net investment gains (losses) 22 Issuances 892 Settlements (11,421) Balance at March 31, 2023 $ 42,335 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ (14) Total losses for the period recognized in net investment gains (losses) (21) Issuances 30 Settlements (9,582) Balance at June 30, 2023 $ 32,762 Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ 3 Total gains for the period recognized in net investment gains (losses) 26 Issuances 26,530 Settlements — Balance at September 30, 2023 $ 59,318 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ 26 The transfers into Level 3 during the three and nine months ended September 30, 2024 were the result of securities that began receiving valuations from asset managers that utilized unobservable inputs at the end of the period. The Company measures certain assets, including investments in indirect loans and loan collateral, equity method investments and other invested assets, at fair value on a nonrecurring basis only when they are deemed to be impaired. In addition to the preceding disclosures on assets and liabilities recorded at fair value in the consolidated balance sheets, the Company is also required to disclose the fair values of certain other financial instruments for which it is practicable to estimate fair value. Estimated fair value amounts, defined as the quoted market price of a financial instrument, have been determined using available market information and other appropriate valuation methodologies. However, considerable judgements are required in developing the estimates of fair value where quoted market prices are not available. Accordingly, these estimates are not necessarily indicative of the amounts that could be realized in a current market exchange. The use of different market assumptions or estimating methodologies may have an effect on the estimated fair value amounts. The following methods and assumptions were used in estimating the fair value disclosures of other financial instruments: Fixed maturity securities, held-to-maturity: Fixed maturity securities, held-to-maturity consists of senior and junior notes with target rates of return. As of September 30, 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). The Company estimates the fair value of the FHLB Loan by discounting cash flows using a borrowing rate currently available to the Company for loans with similar terms (Level 3). Subordinated debt: Subordinated debt consists of two debt instruments, the Junior Subordinated Interest Debentures, due September 15, 2036, and Unsecured Subordinated Notes, due May 24, 2039. The carrying value of the Junior Subordinated Interest Debentures approximates the estimated fair value as the instrument accrues interest at current market rates plus a spread. Unsecured Subordinated Notes have a fixed interest rate. The Company determines the fair value of these instruments using the income approach utilizing inputs that are observable (Level 2). The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 ($ in thousands) Carrying Fair Carrying Fair Notes payable FHLB Loan $ 57,000 $ 57,000 $ — $ — Revolving credit facility $ 43,000 $ 43,000 $ 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 18,956 21,535 19,504 21,378 Subordinated debt, net of debt issuance costs $ 18,956 $ 21,535 $ 78,690 $ 81,172

Mortgage Loans

Mortgage Loans	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Mortgage Loans	Mortgage Loans The Company has invested in Separately Managed Accounts (“SMA1” and “SMA2”). As of September 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 80% of the property’s appraised value at the time the loans were made. The carrying value of the Company’s mortgage loans as of September 30, 2024 and December 31, 2023 were as follows: ($ in thousands) September 30, 2024 December 31, 2023 Commercial $ 14,697 $ 14,469 Retail 13,638 16,072 Hospitality 7,932 12,744 Industrial — 6,785 $ 36,267 $ 50,070 The following table sets forth the Company’s gross investment income for mortgage loans for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Commercial $ 376 $ 588 $ 1,685 $ 1,637 Retail 513 364 1,473 1,375 Hospitality 269 204 1,007 497 Office — — — 203 Multi-family — 93 — 285 $ 1,158 $ 1,249 $ 4,165 $ 3,997 The uncollectible amounts on loans, on an individual loan basis, are determined based upon consultations and advice from the Company’s specialized investment manager and consideration of any adverse situations that could affect the borrower’s ability to repay, the estimated value of underlying collateral, and other relevant factors. The Company writes off the uncollectible amount in the period it was determined to be uncollectible. There was no write-off for uncollectible amounts during the three and nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024 no mortgage loans were in the process of foreclosure and there were no mortgage loans that were not producing income for the previous 12 months. As of December 31, 2023, approximately $7.1 million of mortgage loans were in the process of foreclosure.

Equity Method Investments and O

Equity Method Investments and Other	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023: ($ in thousands) September 30, 2024 December 31, 2023 Carrying Value Ownership % Carrying Value Ownership % Arena Special Opportunities Fund, LP units $ 38,137 15.9 % $ 41,046 16.2 % JVM Funds LLC units 17,831 10.1 % 20,061 10.1 % Arena SOP LP units 2,530 12.6 % 2,463 12.3 % RISCOM 4,689 20.0 % 4,121 20.0 % Hudson Ventures Fund 2 LP units 4,634 2.5 % 4,669 2.5 % Dowling Capital Partners LP units 652 5.0 % 1,708 6.2 % Brewer Lane Ventures Fund II LP units 756 2.4 % 560 2.5 % $ 69,229 $ 74,628 The following table sets forth the components of net investment income (loss) from equity method investments for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Dowling Capital Partners LP units $ 67 $ 172 $ 1,449 $ 777 RISCOM 493 468 1,168 773 Brewer Lane Ventures Fund II LP (31) (25) (87) (54) Hudson Ventures Fund II LP units (594) 551 (436) 138 JVM Funds LLC (261) (252) (1,280) (893) Universa Black Swan LP units — (84) — (988) Arena SOP LP units (612) (1,160) 67 (3,938) Arena Special Opportunities Fund, LP units (206) 326 1,715 (2,587) $ (1,144) $ (4) $ 2,596 $ (6,772) The following table sets forth the unfunded commitment of equity method investments as of September 30, 2024 and December 31, 2023: ($ in thousands) September 30, 2024 December 31, 2023 Brewer Lane Ventures Fund II LP units $ 4,227 $ 4,610 Hudson Ventures Fund 2 LP units 447 848 Dowling Capital Partners LP units 386 386 $ 5,060 $ 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 September 30, 2024 and December 31, 2023: ($ in thousands) September 30, 2024 December 31, 2023 Investment in RISCOM: Underlying equity $ 3,370 $ 2,620 Difference 1,319 1,501 Recorded investment balance $ 4,689 $ 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 September 30, 2024 and December 31, 2023: ($ in thousands) September 30, 2024 December 31, 2023 Investment in JVM Funds LLC: Underlying equity $ 17,188 $ 19,304 Difference 643 757 Recorded investment balance $ 17,831 $ 20,061 Investment in Indirect Loans and Loan Collateral As of September 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 September 30, 2024 and December 31, 2023 were as follows: ($ in thousands) September 30, 2024 December 31, 2023 SMA1 $ 20,915 $ 30,816 SMA2 11,967 5,209 Investment in indirect loans and loan collateral $ 32,882 $ 36,025

Notes Payable & Subordinated De

Notes Payable & Subordinated Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Notes Payable & Subordinated Debt	Notes Payable & Subordinated Debt FHLB Loan On August 30, 2024, the Company entered into the FHLB Loan pursuant to the Advances and Security Agreement. The FHLB Loan is a 4.5-year 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 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 nine months ended September 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). On September 6, 2024, the Company redeemed $57.0 million of the draws on the Revolving Credit Facility. Interest on the Revolving Credit Facility is payable quarterly. The interest rate on the Revolving Credit Facility is the Secured Overnight Financing Rate (“SOFR”) plus a margin of between 150 and 190 basis points based on the ratio of debt to total capital and a credit spread adjustment of 10 basis points. At September 30, 2024, the six-month SOFR on the Revolving Credit Facility was 4.25%, plus a margin of 1.60%. 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 September 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Income tax expense $ 10,185 $ 6,084 $ 29,763 $ 15,814 Effective tax rate 21.7 % 21.9 % 22.2 % 21.8 % 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 $8.5 million and $22.5 million during the three and nine months ended September 30, 2024, respectively, and $10.0 million during the nine months ended September 30, 2023.

Losses and Loss Adjustment Expe

Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2024 and 2023: Nine months ended September 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 474,289 378,811 Prior years — — Total incurred, net of reinsurance 474,289 378,811 Paid, net of reinsurance, related to: Current period 82,653 67,267 Prior years 224,760 187,256 Total paid 307,413 254,523 Net reserves for losses and LAE, end of period 1,025,893 830,059 Plus: reinsurance recoverable on unpaid claims, end of period 542,884 438,652 Reserves for losses and LAE, end of period $ 1,568,777 $ 1,268,711

Commission and Fee Income

Commission and Fee Income	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 SUA commission revenue $ 1,436 $ 1,357 $ 3,125 $ 3,599 SUA fee income 1,027 672 2,437 1,933 Other (645) 56 335 285 Total commission and fee income $ 1,818 $ 2,085 $ 5,897 $ 5,817

Underwriting, Acquisition and I

Underwriting, Acquisition and Insurance Expenses	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Amortization of policy acquisition costs $ 37,365 $ 34,071 $ 105,273 $ 78,442 Other operating and general expenses 42,452 34,244 120,997 98,211 Total underwriting, acquisition and insurance expenses $ 79,817 $ 68,315 $ 226,270 $ 176,653

Reinsurance

Reinsurance	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Three months ended September 30, 2024 2023 ($ in thousands) Written Earned Written Earned Direct premiums $ 347,444 $ 349,980 $ 308,215 $ 299,294 Assumed premiums 52,570 69,436 47,517 51,665 Ceded premiums (131,692) (149,859) (75,036) (123,926) Net premiums $ 268,322 $ 269,557 $ 280,696 $ 227,033 Ceded losses and LAE incurred $ 108,152 $ 103,753 Nine months ended September 30, 2024 2023 ($ in thousands) Written Earned Written Earned Direct premiums $ 1,118,683 $ 1,012,550 $ 947,977 $ 845,200 Assumed premiums 236,194 202,408 190,247 139,522 Ceded premiums (502,326) (451,476) (441,650) (380,511) Net premiums $ 852,551 $ 763,482 $ 696,574 $ 604,211 Ceded losses and LAE incurred $ 300,725 $ 255,855 The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of September 30, 2024 and December 31, 2023: 2024 2023 ($ in thousands) September 30, 2024 December 31, 2023 Ceded unpaid losses and LAE $ 542,884 $ 455,484 Ceded paid losses and LAE 131,812 122,287 Loss portfolio transfer 14,324 20,858 Allowance for credit losses (2,295) (2,295) Reinsurance recoverables $ 686,725 $ 596,334 Ceded unearned premium $ 236,962 $ 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 September 30, 2024, the market value of these accounts was approximately $196.4 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 September 30, 2024 and December 31, 2023 was $27.1 million and $29.9 million, respectively, and was included in other assets on the condensed consolidated balance sheets.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands, except for share and per share amounts) 2024 2023 2024 2023 Numerator Net income $ 36,668 $ 21,711 $ 104,422 $ 56,719 Less: Undistributed income allocated to participating securities — — — (1,492) Net income attributable to common stockholders (numerator for basic earnings per share) 36,668 21,711 104,422 55,227 Add back: Undistributed income allocated to participating securities — — — 1,492 Net income (numerator for diluted earnings per share under the two-class method) $ 36,668 $ 21,711 $ 104,422 $ 56,719 Denominator Basic weighted-average common shares 40,098,345 36,743,393 40,039,269 35,502,843 Dilutive effect of preferred shares — — — 959,124 Dilutive effect of stock notes — 706,794 — 684,017 Dilutive effect of stock units 932,030 799,982 895,468 609,601 Dilutive effect of options 398,182 153,674 367,371 74,846 Diluted weighted-average common share equivalents 41,428,557 38,403,843 41,302,108 37,830,431 Basic earnings per share $ 0.91 $ 0.59 $ 2.61 $ 1.56 Diluted earnings per share $ 0.89 $ 0.57 $ 2.53 $ 1.50 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 nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Stock units 7,152 5,069 165,072 4,546 Options 16 2 561 364,714 The following table presents common share equivalents of contingently issuable instruments that were excluded from basic earnings per share in the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Common shares — 932,588 — 932,588

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 were as follows: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Net earned premium $ 27,456 $ 31,649 $ 79,511 $ 73,750 Commissions 6,448 6,119 19,682 19,122 Premiums receivable as of September 30, 2024 and December 31, 2023 were $16.2 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 nine months ended September 30, 2024 were $0.2 million and $0.4 million, compared to $0.5 million and $3.1 million, respectively, for the three and nine months ended September 30, 2023.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 36,668	$ 21,711	$ 104,422	$ 56,719

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		The material terms of these trading plans are set forth in the table below. Name (Title) Date of Adoption Nature of Trading Arrangement Duration of Trading Arrangement Aggregate Number of Securities Andrew Robinson ( Chief Executive Officer) 8/8/2024 Rule 10b5-1(c) Trading Arrangement 1/2/2025 – 1/31/2025 Up to 22,796 shares (1) Andrew Robinson (Chief Executive Officer) 9/10/2024 Rule 10b5-1(c) Trading Arrangement 1/2/2025 – 5/30/2025 Up to 60,358 shares Mark Haushill (Chief Financial Officer) 8/8/2024 Rule 10b5-1(c) Trading Arrangement 1/2/2025 – 1/31/2025 Up to 5,699 shares (1) John Burkhart (President, Specialty Lines and Industry Solutions) 8/8/2024 Rule 10b5-1(c) Trading Arrangement 1/2/2025 – 1/31/2025 Up to 5,065 shares (1) Kirby Hill (President, Captives, Programs, Alternative Risks) 8/8/2024 Rule 10b5-1(c) Trading Arrangement 1/2/2025 – 1/31/2025 Up to 5,445 shares (1) Dan Bodnar (Chief Information & Technology Officer) 8/8/2024 Rule 10b5-1(c) Trading Arrangement 1/2/2025 – 1/31/2025 Up to 2,532 shares (1) Dan Bodnar (Chief Information & Technology Officer) 9/11/2024 Rule 10b5-1(c) Trading Arrangement 1/2/2025 – 6/30/2025 Up to 2,699 shares Sean Duffy (Chief Claims Officer) 8/8/2024 Rule 10b5-1(c) Trading Arrangement 1/2/2025 – 1/31/2025 Up to 4,305 shares (1) Sean Duffy (Chief Claims Officer) 9/11/2024 Rule 10b5-1(c) Trading Arrangement 3/17/2025 – 12/31/2025 Up to 5,625 shares Sandip Kapadia (Chief Actuary & Analytics Officer) 8/8/2024 Rule 10b5-1(c) Trading Arrangement 1/2/2025 – 1/31/2025 Up to 2,532 shares (1) Sandip Kapadia (Chief Actuary & Analytics Officer) 9/12/2024 Rule 10b5-1(c) Trading Arrangement 1/2/2025 – 3/31/2025 Up to 5,362 shares Tom Schmitt (Chief People & Administrative Officer) 8/8/2024 Rule 10b5-1(c) Trading Arrangement 1/2/2025 – 1/31/2025 Up to 3,799 shares (1) Tom Schmitt (Chief People & Administrative Officer) 9/3/2024 Rule 10b5-1(c) Trading Arrangement 3/3/2025 – 12/31/2025 Up to 6,300 shares Leslie Shaunty (General Counsel & Secretary) 8/8/2024 Rule 10b5-1(c) Trading Arrangement 1/2/2025 – 1/31/2025 Up to 2,532 shares (1) (1) The number of shares of common stock sold under the Rule 10b5-1 trading arrangement will be limited to such number of shares necessary to satisfy applicable tax obligations upon the vesting of covered securities and is not yet determinable.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Andrew Robinson January 2025 Plan [Member] | Andrew Robinson [Member]
Trading Arrangements, by Individual
Name	Andrew Robinson
Title	(Chief Executive Officer)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	8/8/2024
Expiration Date	1/31/2025
Arrangement Duration	29 days
Aggregate Available	22,796	22,796
Andrew Robinson May 2025 Plan [Member] | Andrew Robinson [Member]
Trading Arrangements, by Individual
Name	Andrew Robinson
Title	(Chief Executive Officer)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	9/10/2024
Expiration Date	5/30/2025
Arrangement Duration	148 days
Aggregate Available	60,358	60,358
Mark Haushill January 2025 Plan [Member] | Mark Haushill [Member]
Trading Arrangements, by Individual
Name	Mark Haushill
Title	(Chief Financial Officer)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	8/8/2024
Expiration Date	1/31/2025
Arrangement Duration	29 days
Aggregate Available	5,699	5,699
John Burkhart January 2025 Plan [Member] | John Burkhart [Member]
Trading Arrangements, by Individual
Name	John Burkhart
Title	(President, Specialty Lines and Industry Solutions)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	8/8/2024
Expiration Date	1/31/2025
Arrangement Duration	29 days
Aggregate Available	5,065	5,065
Kirby Hill January 2025 Plan [Member] | Kirby Hill [Member]
Trading Arrangements, by Individual
Name	Kirby Hill
Title	(President, Captives, Programs, Alternative Risks)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	8/8/2024
Expiration Date	1/31/2025
Arrangement Duration	29 days
Aggregate Available	5,445	5,445
Dan Bodnar January 2025 Plan [Member] | Dan Bodnar [Member]
Trading Arrangements, by Individual
Name	Dan Bodnar
Title	(Chief Information & Technology Officer)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	8/8/2024
Expiration Date	1/31/2025
Arrangement Duration	29 days
Aggregate Available	2,532	2,532
Dan Bodnar June 2025 Plan [Member] | Dan Bodnar [Member]
Trading Arrangements, by Individual
Name	Dan Bodnar
Title	(Chief Information & Technology Officer)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	9/11/2024
Expiration Date	6/30/2025
Arrangement Duration	179 days
Aggregate Available	2,699	2,699
Sean Duffy January 2025 Plan [Member] | Sean Duffy [Member]
Trading Arrangements, by Individual
Name	Sean Duffy
Title	(Chief Claims Officer)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	8/8/2024
Expiration Date	1/31/2025
Arrangement Duration	29 days
Aggregate Available	4,305	4,305
Sean Duffy December 2025 Plan [Member] | Sean Duffy [Member]
Trading Arrangements, by Individual
Name	Sean Duffy
Title	(Chief Claims Officer)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	9/11/2024
Expiration Date	12/31/2025
Arrangement Duration	289 days
Aggregate Available	5,625	5,625
Sandip Kapadia January 2025 Plan [Member] | Sandip Kapadia [Member]
Trading Arrangements, by Individual
Name	Sandip Kapadia
Title	(Chief Actuary & Analytics Officer)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	8/8/2024
Expiration Date	1/31/2025
Arrangement Duration	29 days
Aggregate Available	2,532	2,532
Sandip Kapadia March 2025 Plan [Member] | Sandip Kapadia [Member]
Trading Arrangements, by Individual
Name	Sandip Kapadia
Title	(Chief Actuary & Analytics Officer)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	9/12/2024
Expiration Date	3/31/2025
Arrangement Duration	88 days
Aggregate Available	5,362	5,362
Tom Schmitt January 2025 Plan [Member] | Tom Schmitt [Member]
Trading Arrangements, by Individual
Name	Tom Schmitt
Title	(Chief People & Administrative Officer)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	8/8/2024
Expiration Date	1/31/2025
Arrangement Duration	29 days
Aggregate Available	3,799	3,799
Tom Schmitt December 2025 Plan [Member] | Tom Schmitt [Member]
Trading Arrangements, by Individual
Name	Tom Schmitt
Title	(Chief People & Administrative Officer)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	9/3/2024
Expiration Date	12/31/2025
Arrangement Duration	303 days
Aggregate Available	6,300	6,300
Leslie Shaunty January 2025 Plan [Member] | Leslie Shaunty [Member]
Trading Arrangements, by Individual
Name	Leslie Shaunty
Title	(General Counsel & Secretary)
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	8/8/2024
Expiration Date	1/31/2025
Arrangement Duration	29 days
Aggregate Available	2,532	2,532

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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. Fixed maturity securities, available for sale and equity securities classified as Level 3 The Company has corporate securities and miscellaneous, other asset-backed securities and preferred stock that are managed by an independent asset manager that uses an independent pricing model to estimate the value of the securities it manages. These represent Level 3 fair value inputs. Mortgage loans Mortgage loans have variable interest rates and are collateralized by real property. The Company determines fair value of mortgage loans using the income approach utilizing inputs that are observable and unobservable (Level 3). The unobservable input consists of the spread applied to a prime rate used to discount cash flows. The spread represents the incremental cost of capital based on the borrower’s ability to make future payments and the value of the collateral relative to the loan balance and is subject to judgement and uncertainty. The following methods and assumptions were used in estimating the fair value disclosures of other financial instruments: Fixed maturity securities, held-to-maturity: Fixed maturity securities, held-to-maturity consists of senior and junior notes with target rates of return. As of September 30, 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). The Company estimates the fair value of the FHLB Loan by discounting cash flows using a borrowing rate currently available to the Company for loans with similar terms (Level 3). Subordinated debt:

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023: ($ in thousands) Gross Gross Gross Allowance for Credit Losses Fair Value September 30, 2024 Fixed maturity securities, available-for-sale: U.S. government securities $ 29,416 $ 460 $ (235) $ — $ 29,641 Corporate securities and miscellaneous 497,305 12,109 (11,307) — 498,107 Municipal securities 102,865 1,245 (4,624) — 99,486 Residential mortgage-backed securities 399,951 8,757 (11,413) — 397,295 Commercial mortgage-backed securities 66,704 1,050 (1,525) — 66,229 Other asset-backed securities 263,459 4,433 (1,150) — 266,742 Total fixed maturity securities, available-for-sale $ 1,359,700 $ 28,054 $ (30,254) $ — $ 1,357,500 Fixed maturity securities, held-to-maturity: Other asset-backed securities $ 39,560 $ 4 $ (1,450) $ (239) $ 37,875 Total fixed maturity securities, held-to-maturity $ 39,560 $ 4 $ (1,450) $ (239) $ 37,875 ($ 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 September 30, 2024: ($ in thousands) Amortized Fair Value Due in less than one year $ 35,936 $ 35,733 Due after one year through five years 346,637 344,147 Due after five years through ten years 202,691 205,283 Due after ten years 44,322 42,071 Mortgage-backed securities 466,655 463,524 Other asset-backed securities 263,459 266,742 Total $ 1,359,700 $ 1,357,500
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value	The following tables set forth the gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities had been in a continuous unrealized loss position as of September 30, 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 September 30, 2024 Fixed maturity securities, available-for-sale: U.S. government securities $ — $ — $ 6,264 $ (235) $ 6,264 $ (235) Corporate securities and miscellaneous 11,689 (57) 158,937 (11,250) 170,626 (11,307) Municipal securities 9,899 (77) 47,299 (4,547) 57,198 (4,624) Residential mortgage-backed securities 19,453 (193) 105,880 (11,220) 125,333 (11,413) Commercial mortgage-backed securities — — 17,731 (1,525) 17,731 (1,525) Other asset-backed securities 31,803 (113) 38,198 (1,037) 70,001 (1,150) Total fixed maturity securities, available-for-sale 72,844 (440) 374,309 (29,814) 447,153 (30,254) Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 35,749 (1,450) 35,749 (1,450) Total fixed maturity securities, held-to-maturity: — — 35,749 (1,450) 35,749 (1,450) Total $ 72,844 $ (440) $ 410,058 $ (31,264) $ 482,902 $ (31,704) Less than 12 Months 12 Months or More Total ($ in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2023 Fixed maturity securities, available-for-sale: U.S. government securities $ 7,342 $ (25) $ 25,604 $ (696) $ 32,946 $ (721) Corporate securities and miscellaneous 26,742 (570) 174,947 (15,191) 201,689 (15,761) Municipal securities 16,815 (290) 47,269 (5,853) 64,084 (6,143) Residential mortgage-backed securities 37,634 (602) 103,495 (13,896) 141,129 (14,498) Commercial mortgage-backed securities 4,942 (74) 15,290 (1,852) 20,232 (1,926) Other asset-backed securities 27,887 (106) 75,253 (3,398) 103,140 (3,504) Total fixed maturity securities, available-for-sale 121,362 (1,667) 441,858 (40,886) 563,220 (42,553) Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 41,017 (1,969) 41,017 (1,969) Total fixed maturity securities, held-to-maturity: — — 41,017 (1,969) 41,017 (1,969) Total $ 121,362 $ (1,667) $ 482,875 $ (42,855) $ 604,237 $ (44,522)
Gain (Loss) on Securities	The following table sets forth the components of net investment gains (losses) for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Gross realized gains Fixed maturity securities, available-for sale $ 575 $ 156 $ 1,405 $ 860 Equity securities 1,591 3,959 3,165 6,000 Other 62 — 80 1 Total 2,228 4,115 4,650 6,861 Gross realized losses Fixed maturity securities, available-for sale (11) (381) (871) (837) Equity securities (280) (245) (2,571) (5,006) Other (128) (82) (152) (84) Total (419) (708) (3,594) (5,927) Net unrealized gains (losses) on investments Equity securities 7,512 (6,417) 14,802 2,367 Mortgage loans 866 26 807 27 Net investment gains (losses) $ 10,187 $ (2,984) $ 16,665 $ 3,328
Investment Income	The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the nine months ended September 30, 2024 and 2023: Nine months ended September 30, ($ in thousands) 2024 2023 Fixed maturity securities, available-for sale $ 17,540 $ 25,465 Equity securities 22,993 38,581 The following table sets forth the components of net investment income for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Income: Fixed maturity securities, available-for sale $ 15,461 $ 9,180 $ 41,099 $ 23,439 Fixed maturity securities, held-to-maturity 939 1,067 3,295 3,321 Equity securities 591 769 1,969 2,539 Equity method investments (1,144) (4) 2,596 (6,772) Mortgage loans 1,158 1,249 4,165 3,997 Indirect loans (401) (761) (1,874) (4,009) Short-term investments and cash 3,709 3,165 11,370 8,140 Other 836 (115) 2,360 (106) Total investment income 21,149 14,550 64,980 30,549 Investment expenses (1,628) (1,461) (5,024) (4,231) Net investment income $ 19,521 $ 13,089 $ 59,956 $ 26,318 The following table sets forth the Company’s gross investment income for mortgage loans for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Commercial $ 376 $ 588 $ 1,685 $ 1,637 Retail 513 364 1,473 1,375 Hospitality 269 204 1,007 497 Office — — — 203 Multi-family — 93 — 285 $ 1,158 $ 1,249 $ 4,165 $ 3,997
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table sets forth the change in net unrealized gains (losses) on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive loss for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Fixed maturity securities $ 37,257 $ (15,706) $ 26,898 $ (12,933) Deferred income taxes (7,824) 3,317 (5,648) 2,745 Total $ 29,433 $ (12,389) $ 21,250 $ (10,188)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023. September 30, 2024 December 31, 2023 High 10.92 % 9.50 % Low 3.61 % 3.25 % Weighted average 7.47 % 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 September 30, 2024 and December 31, 2023: September 30, 2024 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturity securities, available-for-sale: U.S. government securities $ 29,641 $ — $ — $ 29,641 Corporate securities and miscellaneous — 456,797 41,310 498,107 Municipal securities — 99,486 — 99,486 Residential mortgage-backed securities — 397,295 — 397,295 Commercial mortgage-backed securities — 66,229 — 66,229 Other asset-backed securities — 259,378 7,364 266,742 Total fixed maturity securities, available-for-sale 29,641 1,279,185 48,674 1,357,500 Fixed maturity securities, held-to-maturity: Other asset-backed securities — — 37,875 37,875 Total fixed maturity securities, held-to-maturity — — 37,875 37,875 Equity securities: Common stocks 74,526 — — 74,526 Preferred stocks — 1,418 5,817 7,235 Mutual funds 42,958 — — 42,958 Total equity securities 117,484 1,418 5,817 124,719 Mortgage loans — — 36,267 36,267 Short-term investments 206,358 — — 206,358 Total $ 353,483 $ 1,280,603 $ 128,633 $ 1,762,719 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 nine months ended September 30, 2024 and 2023: ($ in thousands) Fixed Maturity Securities, Available-For-Sale Equity Securities Mortgage Loans Balance at December 31, 2023 $ — $ — $ 50,070 Total gains for the period recognized in net investment gains (losses) — — 971 Issuances — — 187 Settlements — — (6,919) Balance at March 31, 2024 $ — $ — $ 44,309 Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ — $ — $ 952 Total losses for the period recognized in net investment gains (losses) — — (1,030) Issuances — — 449 Settlements — — (58) Balance at June 30, 2024 $ — $ — $ 43,670 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ — $ — $ (1,031) Total (losses) gains for the period recognized in net investment gains (losses) (118) 246 866 Total unrealized gains for the period recognized in accumulated comprehensive income (loss) 1,592 — — Transfers into Level 3 23,533 — — Purchases 23,820 5,571 — Sales/Disposals (153) — — Issuances — — 8 Settlements — — (8,277) Balance at September 30, 2024 $ 48,674 $ 5,817 $ 36,267 Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ — $ 246 $ 829 ($ in thousands) Mortgage Loans Balance at December 31, 2022 $ 52,842 Total gains for the period recognized in net investment gains (losses) 22 Issuances 892 Settlements (11,421) Balance at March 31, 2023 $ 42,335 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ (14) Total losses for the period recognized in net investment gains (losses) (21) Issuances 30 Settlements (9,582) Balance at June 30, 2023 $ 32,762 Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ 3 Total gains for the period recognized in net investment gains (losses) 26 Issuances 26,530 Settlements — Balance at September 30, 2023 $ 59,318 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ 26
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the nine months ended September 30, 2024 and 2023: ($ in thousands) Fixed Maturity Securities, Available-For-Sale Equity Securities Mortgage Loans Balance at December 31, 2023 $ — $ — $ 50,070 Total gains for the period recognized in net investment gains (losses) — — 971 Issuances — — 187 Settlements — — (6,919) Balance at March 31, 2024 $ — $ — $ 44,309 Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ — $ — $ 952 Total losses for the period recognized in net investment gains (losses) — — (1,030) Issuances — — 449 Settlements — — (58) Balance at June 30, 2024 $ — $ — $ 43,670 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ — $ — $ (1,031) Total (losses) gains for the period recognized in net investment gains (losses) (118) 246 866 Total unrealized gains for the period recognized in accumulated comprehensive income (loss) 1,592 — — Transfers into Level 3 23,533 — — Purchases 23,820 5,571 — Sales/Disposals (153) — — Issuances — — 8 Settlements — — (8,277) Balance at September 30, 2024 $ 48,674 $ 5,817 $ 36,267 Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ — $ 246 $ 829 ($ in thousands) Mortgage Loans Balance at December 31, 2022 $ 52,842 Total gains for the period recognized in net investment gains (losses) 22 Issuances 892 Settlements (11,421) Balance at March 31, 2023 $ 42,335 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ (14) Total losses for the period recognized in net investment gains (losses) (21) Issuances 30 Settlements (9,582) Balance at June 30, 2023 $ 32,762 Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ 3 Total gains for the period recognized in net investment gains (losses) 26 Issuances 26,530 Settlements — Balance at September 30, 2023 $ 59,318 Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end $ 26
Summary of Subordinated Debt	The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 ($ in thousands) Carrying Fair Carrying Fair Notes payable FHLB Loan $ 57,000 $ 57,000 $ — $ — Revolving credit facility $ 43,000 $ 43,000 $ 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 18,956 21,535 19,504 21,378 Subordinated debt, net of debt issuance costs $ 18,956 $ 21,535 $ 78,690 $ 81,172

Mortgage Loans (Tables)

Mortgage Loans (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The carrying value of the Company’s mortgage loans as of September 30, 2024 and December 31, 2023 were as follows: ($ in thousands) September 30, 2024 December 31, 2023 Commercial $ 14,697 $ 14,469 Retail 13,638 16,072 Hospitality 7,932 12,744 Industrial — 6,785 $ 36,267 $ 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 nine months ended September 30, 2024 and 2023: Nine months ended September 30, ($ in thousands) 2024 2023 Fixed maturity securities, available-for sale $ 17,540 $ 25,465 Equity securities 22,993 38,581 The following table sets forth the components of net investment income for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Income: Fixed maturity securities, available-for sale $ 15,461 $ 9,180 $ 41,099 $ 23,439 Fixed maturity securities, held-to-maturity 939 1,067 3,295 3,321 Equity securities 591 769 1,969 2,539 Equity method investments (1,144) (4) 2,596 (6,772) Mortgage loans 1,158 1,249 4,165 3,997 Indirect loans (401) (761) (1,874) (4,009) Short-term investments and cash 3,709 3,165 11,370 8,140 Other 836 (115) 2,360 (106) Total investment income 21,149 14,550 64,980 30,549 Investment expenses (1,628) (1,461) (5,024) (4,231) Net investment income $ 19,521 $ 13,089 $ 59,956 $ 26,318 The following table sets forth the Company’s gross investment income for mortgage loans for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Commercial $ 376 $ 588 $ 1,685 $ 1,637 Retail 513 364 1,473 1,375 Hospitality 269 204 1,007 497 Office — — — 203 Multi-family — 93 — 285 $ 1,158 $ 1,249 $ 4,165 $ 3,997

Equity Method Investments and_2

Equity Method Investments and Other (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023: ($ in thousands) September 30, 2024 December 31, 2023 Carrying Value Ownership % Carrying Value Ownership % Arena Special Opportunities Fund, LP units $ 38,137 15.9 % $ 41,046 16.2 % JVM Funds LLC units 17,831 10.1 % 20,061 10.1 % Arena SOP LP units 2,530 12.6 % 2,463 12.3 % RISCOM 4,689 20.0 % 4,121 20.0 % Hudson Ventures Fund 2 LP units 4,634 2.5 % 4,669 2.5 % Dowling Capital Partners LP units 652 5.0 % 1,708 6.2 % Brewer Lane Ventures Fund II LP units 756 2.4 % 560 2.5 % $ 69,229 $ 74,628 The following table sets forth the components of net investment income (loss) from equity method investments for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Dowling Capital Partners LP units $ 67 $ 172 $ 1,449 $ 777 RISCOM 493 468 1,168 773 Brewer Lane Ventures Fund II LP (31) (25) (87) (54) Hudson Ventures Fund II LP units (594) 551 (436) 138 JVM Funds LLC (261) (252) (1,280) (893) Universa Black Swan LP units — (84) — (988) Arena SOP LP units (612) (1,160) 67 (3,938) Arena Special Opportunities Fund, LP units (206) 326 1,715 (2,587) $ (1,144) $ (4) $ 2,596 $ (6,772) The following table sets forth the unfunded commitment of equity method investments as of September 30, 2024 and December 31, 2023: ($ in thousands) September 30, 2024 December 31, 2023 Brewer Lane Ventures Fund II LP units $ 4,227 $ 4,610 Hudson Ventures Fund 2 LP units 447 848 Dowling Capital Partners LP units 386 386 $ 5,060 $ 5,844 The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of September 30, 2024 and December 31, 2023: ($ in thousands) September 30, 2024 December 31, 2023 Investment in RISCOM: Underlying equity $ 3,370 $ 2,620 Difference 1,319 1,501 Recorded investment balance $ 4,689 $ 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 September 30, 2024 and December 31, 2023: ($ in thousands) September 30, 2024 December 31, 2023 Investment in JVM Funds LLC: Underlying equity $ 17,188 $ 19,304 Difference 643 757 Recorded investment balance $ 17,831 $ 20,061 The carrying value of the SMA1 and SMA2 as of September 30, 2024 and December 31, 2023 were as follows: ($ in thousands) September 30, 2024 December 31, 2023 SMA1 $ 20,915 $ 30,816 SMA2 11,967 5,209 Investment in indirect loans and loan collateral $ 32,882 $ 36,025

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Income tax expense $ 10,185 $ 6,084 $ 29,763 $ 15,814 Effective tax rate 21.7 % 21.9 % 22.2 % 21.8 %

Losses and Loss Adjustment Ex_2

Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Nine months ended September 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 474,289 378,811 Prior years — — Total incurred, net of reinsurance 474,289 378,811 Paid, net of reinsurance, related to: Current period 82,653 67,267 Prior years 224,760 187,256 Total paid 307,413 254,523 Net reserves for losses and LAE, end of period 1,025,893 830,059 Plus: reinsurance recoverable on unpaid claims, end of period 542,884 438,652 Reserves for losses and LAE, end of period $ 1,568,777 $ 1,268,711

Commission and Fee Income (Tabl

Commission and Fee Income (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 SUA commission revenue $ 1,436 $ 1,357 $ 3,125 $ 3,599 SUA fee income 1,027 672 2,437 1,933 Other (645) 56 335 285 Total commission and fee income $ 1,818 $ 2,085 $ 5,897 $ 5,817

Underwriting, Acquisition and_2

Underwriting, Acquisition and Insurance Expenses (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Amortization of policy acquisition costs $ 37,365 $ 34,071 $ 105,273 $ 78,442 Other operating and general expenses 42,452 34,244 120,997 98,211 Total underwriting, acquisition and insurance expenses $ 79,817 $ 68,315 $ 226,270 $ 176,653

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Three months ended September 30, 2024 2023 ($ in thousands) Written Earned Written Earned Direct premiums $ 347,444 $ 349,980 $ 308,215 $ 299,294 Assumed premiums 52,570 69,436 47,517 51,665 Ceded premiums (131,692) (149,859) (75,036) (123,926) Net premiums $ 268,322 $ 269,557 $ 280,696 $ 227,033 Ceded losses and LAE incurred $ 108,152 $ 103,753 Nine months ended September 30, 2024 2023 ($ in thousands) Written Earned Written Earned Direct premiums $ 1,118,683 $ 1,012,550 $ 947,977 $ 845,200 Assumed premiums 236,194 202,408 190,247 139,522 Ceded premiums (502,326) (451,476) (441,650) (380,511) Net premiums $ 852,551 $ 763,482 $ 696,574 $ 604,211 Ceded losses and LAE incurred $ 300,725 $ 255,855
Ceded Credit Risk	The following table sets forth the components of reinsurance recoverables and ceded unearned premium as of September 30, 2024 and December 31, 2023: 2024 2023 ($ in thousands) September 30, 2024 December 31, 2023 Ceded unpaid losses and LAE $ 542,884 $ 455,484 Ceded paid losses and LAE 131,812 122,287 Loss portfolio transfer 14,324 20,858 Allowance for credit losses (2,295) (2,295) Reinsurance recoverables $ 686,725 $ 596,334 Ceded unearned premium $ 236,962 $ 186,121

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, ($ in thousands, except for share and per share amounts) 2024 2023 2024 2023 Numerator Net income $ 36,668 $ 21,711 $ 104,422 $ 56,719 Less: Undistributed income allocated to participating securities — — — (1,492) Net income attributable to common stockholders (numerator for basic earnings per share) 36,668 21,711 104,422 55,227 Add back: Undistributed income allocated to participating securities — — — 1,492 Net income (numerator for diluted earnings per share under the two-class method) $ 36,668 $ 21,711 $ 104,422 $ 56,719 Denominator Basic weighted-average common shares 40,098,345 36,743,393 40,039,269 35,502,843 Dilutive effect of preferred shares — — — 959,124 Dilutive effect of stock notes — 706,794 — 684,017 Dilutive effect of stock units 932,030 799,982 895,468 609,601 Dilutive effect of options 398,182 153,674 367,371 74,846 Diluted weighted-average common share equivalents 41,428,557 38,403,843 41,302,108 37,830,431 Basic earnings per share $ 0.91 $ 0.59 $ 2.61 $ 1.56 Diluted earnings per share $ 0.89 $ 0.57 $ 2.53 $ 1.50
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 nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Stock units 7,152 5,069 165,072 4,546 Options 16 2 561 364,714 The following table presents common share equivalents of contingently issuable instruments that were excluded from basic earnings per share in the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Common shares — 932,588 — 932,588

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 were as follows: Three months ended September 30, Nine months ended September 30, ($ in thousands) 2024 2023 2024 2023 Net earned premium $ 27,456 $ 31,649 $ 79,511 $ 73,750 Commissions 6,448 6,119 19,682 19,122

Investments - Debt Securities,

Investments - Debt Securities, Trading, and Equity Securities, FV-NI (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	$ 1,359,700	$ 1,047,713
Gross Unrealized Gains	28,054	12,491
Gross Unrealized Losses	(30,254)	(42,553)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	1,357,500	1,017,651
Fixed maturity securities, held-to-maturity:
Gross Amortized Cost	39,560	43,315
Gross Unrealized Gains	4	0
Gross Unrealized Losses	(1,450)	(1,969)
Allowance for Credit Losses	(239)	(329)
Total fixed maturity securities, held-to-maturity	37,875	41,017
U.S. government securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	29,416	44,685
Gross Unrealized Gains	460	202
Gross Unrealized Losses	(235)	(721)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	29,641	44,166
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	497,305	392,773
Gross Unrealized Gains	12,109	6,408
Gross Unrealized Losses	(11,307)	(15,761)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	498,107	383,420
Municipal securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	102,865	98,266
Gross Unrealized Gains	1,245	655
Gross Unrealized Losses	(4,624)	(6,143)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	99,486	92,778
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	399,951	292,568
Gross Unrealized Gains	8,757	3,556
Gross Unrealized Losses	(11,413)	(14,498)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	397,295	281,626
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	66,704	31,411
Gross Unrealized Gains	1,050	449
Gross Unrealized Losses	(1,525)	(1,926)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	66,229	29,934
Other asset-backed securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	263,459	188,010
Gross Unrealized Gains	4,433	1,221
Gross Unrealized Losses	(1,150)	(3,504)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	266,742	185,727
Fixed maturity securities, held-to-maturity:
Gross Amortized Cost	39,560	43,315
Gross Unrealized Gains	4	0
Gross Unrealized Losses	(1,450)	(1,969)
Allowance for Credit Losses	(239)	(329)
Total fixed maturity securities, held-to-maturity	$ 37,875	$ 41,017

Investments - Investments Class

Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in less than one year	$ 35,936
Due after one year through five years	346,637
Due after five years through ten years	202,691
Due after ten years	44,322
Gross Amortized Cost	1,359,700	$ 1,047,713
Fair Value
Due in less than one year	35,733
Due after one year through five years	344,147
Due after five years through ten years	205,283
Due after ten years	42,071
Total	1,357,500	1,017,651
Mortgage-backed securities
Amortized Cost
Without single maturity date	466,655
Fair Value
Without single maturity date	463,524
Other asset-backed securities
Amortized Cost
Without single maturity date	263,459
Fair Value
Without single maturity date	266,742
Total	$ 266,742	$ 185,727

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($) lot
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	$ 27.7
Unrealized loss position aged over 12 months, number of positions | lot	505
US Treasury and Government
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	$ 24.9
Short-term investments
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	2.2
Cash and Cash Equivalents and Other Assets
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	0.6
U.S. government securities
Debt Securities, Available-for-Sale [Line Items]
Securities held as collateral, at fair value	$ 62.4

Investments - Schedule of Unrea

Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Available for sale, fair value
Less than 12 Months	$ 72,844	$ 121,362
12 Months or More	374,309	441,858
Total	447,153	563,220
Available for sale, gross unrealized losses
Less than 12 Months	(440)	(1,667)
12 Months or More	(29,814)	(40,886)
Total	(30,254)	(42,553)
Held-to-maturity, fair value
Less than 12 Months	0	0
12 Months or More	35,749	41,017
Total	35,749	41,017
Held-to-maturity, gross unrealized losses
Less than 12 Months	0	0
12 Months or More	(1,450)	(1,969)
Total	(1,450)	(1,969)
Available-for-sale and held-to-maturity, fair value
Less than 12 Months	72,844	121,362
12 Months or More	410,058	482,875
Total	482,902	604,237
Available-for-sale and held-to-maturity, gross unrealized losses
Less than 12 Months	(440)	(1,667)
12 Months or More	(31,264)	(42,855)
Total	(31,704)	(44,522)
U.S. government securities
Available for sale, fair value
Less than 12 Months	0	7,342
12 Months or More	6,264	25,604
Total	6,264	32,946
Available for sale, gross unrealized losses
Less than 12 Months	0	(25)
12 Months or More	(235)	(696)
Total	(235)	(721)
Corporate securities and miscellaneous
Available for sale, fair value
Less than 12 Months	11,689	26,742
12 Months or More	158,937	174,947
Total	170,626	201,689
Available for sale, gross unrealized losses
Less than 12 Months	(57)	(570)
12 Months or More	(11,250)	(15,191)
Total	(11,307)	(15,761)
Municipal securities
Available for sale, fair value
Less than 12 Months	9,899	16,815
12 Months or More	47,299	47,269
Total	57,198	64,084
Available for sale, gross unrealized losses
Less than 12 Months	(77)	(290)
12 Months or More	(4,547)	(5,853)
Total	(4,624)	(6,143)
Residential mortgage-backed securities
Available for sale, fair value
Less than 12 Months	19,453	37,634
12 Months or More	105,880	103,495
Total	125,333	141,129
Available for sale, gross unrealized losses
Less than 12 Months	(193)	(602)
12 Months or More	(11,220)	(13,896)
Total	(11,413)	(14,498)
Commercial mortgage-backed securities
Available for sale, fair value
Less than 12 Months	0	4,942
12 Months or More	17,731	15,290
Total	17,731	20,232
Available for sale, gross unrealized losses
Less than 12 Months	0	(74)
12 Months or More	(1,525)	(1,852)
Total	(1,525)	(1,926)
Other asset-backed securities
Available for sale, fair value
Less than 12 Months	31,803	27,887
12 Months or More	38,198	75,253
Total	70,001	103,140
Available for sale, gross unrealized losses
Less than 12 Months	(113)	(106)
12 Months or More	(1,037)	(3,398)
Total	(1,150)	(3,504)
Held-to-maturity, fair value
Less than 12 Months	0	0
12 Months or More	35,749	41,017
Total	35,749	41,017
Held-to-maturity, gross unrealized losses
Less than 12 Months	0	0
12 Months or More	(1,450)	(1,969)
Total	$ (1,450)	$ (1,969)

Investments - Gain (Loss) on Se

Investments - Gain (Loss) on Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Gross realized gains
Fixed maturity securities, available-for sale	$ 575	$ 156	$ 1,405	$ 860
Equity securities	1,591	3,959	3,165	6,000
Other	62	0	80	1
Total	2,228	4,115	4,650	6,861
Gross realized losses
Fixed maturity securities, available-for sale	(11)	(381)	(871)	(837)
Equity securities	(280)	(245)	(2,571)	(5,006)
Other	(128)	(82)	(152)	(84)
Total	(419)	(708)	(3,594)	(5,927)
Net unrealized gains (losses) on investments
Equity securities	7,512	(6,417)	14,802	2,367
Mortgage loans	866	26	807	27
Net investment gains (losses)	$ 10,187	$ (2,984)	$ 16,665	$ 3,328

Investments - Proceeds from Sal

Investments - Proceeds from Sales (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities, available-for sale	$ 17,540	$ 25,465
Equity securities	$ 22,993	$ 38,581

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Income [Line Items]
Total investment income	$ 21,149	$ 14,550	$ 64,980	$ 30,549
Investment expenses	(1,628)	(1,461)	(5,024)	(4,231)
Net investment income	19,521	13,089	59,956	26,318
Fixed maturity securities, available-for sale
Net Investment Income [Line Items]
Total investment income	15,461	9,180	41,099	23,439
Fixed maturity securities, held-to-maturity
Net Investment Income [Line Items]
Total investment income	939	1,067	3,295	3,321
Equity securities
Net Investment Income [Line Items]
Total investment income	591	769	1,969	2,539
Equity method investments
Net Investment Income [Line Items]
Total investment income	(1,144)	(4)	2,596	(6,772)
Mortgage loans
Net Investment Income [Line Items]
Total investment income	1,158	1,249	4,165	3,997
Indirect loans
Net Investment Income [Line Items]
Total investment income	(401)	(761)	(1,874)	(4,009)
Short-term investments and cash
Net Investment Income [Line Items]
Total investment income	3,709	3,165	11,370	8,140
Other
Net Investment Income [Line Items]
Total investment income	$ 836	$ (115)	$ 2,360	$ (106)

Investments - Schedule of Accum

Investments - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities	$ 37,257	$ (15,706)	$ 26,898	$ (12,933)
Deferred income taxes	(7,824)	3,317	(5,648)	2,745
Total other comprehensive income (loss)	$ 29,433	$ (12,389)	$ 21,250	$ (10,188)

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3 - Measurement Input, Incremental Cost of Capital	Sep. 30, 2024	Dec. 31, 2023
High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	10.92%	9.50%
Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	3.61%	3.25%
Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	7.47%	7.05%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 1,357,500	$ 1,017,651
Total fixed maturity securities, held-to-maturity	37,875	41,017
Equity securities, at fair value	124,719	118,249
Mortgage loans	36,267	50,070
Short-term investments	206,358	270,226
Total	1,762,719	1,497,213
U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	29,641	44,166
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	498,107	383,420
Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	99,486	92,778
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	397,295	281,626
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	66,229	29,934
Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	266,742	185,727
Total fixed maturity securities, held-to-maturity	37,875	41,017
Common stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	74,526	67,425
Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	7,235	7,358
Mutual funds:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	42,958	43,466
Level 1
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	29,641	44,166
Total fixed maturity securities, held-to-maturity	0	0
Equity securities, at fair value	117,484	110,891
Mortgage loans	0	0
Short-term investments	206,358	270,226
Total	353,483	425,283
Level 1 | U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	29,641	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	74,526	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	42,958	43,466
Level 2
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,279,185	973,485
Total fixed maturity securities, held-to-maturity	0	0
Equity securities, at fair value	1,418	7,358
Mortgage loans	0	0
Short-term investments	0	0
Total	1,280,603	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	456,797	383,420
Level 2 | Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	99,486	92,778
Level 2 | Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	397,295	281,626
Level 2 | Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	66,229	29,934
Level 2 | Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	259,378	185,727
Total fixed maturity securities, held-to-maturity	0	0
Level 2 | Common stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 2 | Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	1,418	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	48,674	0
Total fixed maturity securities, held-to-maturity	37,875	41,017
Equity securities, at fair value	5,817	0
Mortgage loans	36,267	50,070
Short-term investments	0	0
Total	128,633	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	41,310	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	7,364	0
Total fixed maturity securities, held-to-maturity	37,875	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	5,817	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) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Fixed Maturities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	$ 0	$ 0
Total gains for the period recognized in net investment gains (losses)	(118)	0	0
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	1,592
Transfers into Level 3	23,533
Purchases	23,820
Sales/Disposals	(153)
Issuances	0	0	0
Settlements	0	0	0
Ending balance	48,674	0	0
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	0	0	0
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	0	0
Total gains for the period recognized in net investment gains (losses)	246	0	0
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	0
Transfers into Level 3	0
Purchases	5,571
Sales/Disposals	0
Issuances	0	0	0
Settlements	0	0	0
Ending balance	5,817	0	0
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	246	0	0
Mortgage Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	43,670	44,309	50,070	$ 32,762	$ 42,335	$ 52,842
Total gains for the period recognized in net investment gains (losses)	866	(1,030)	971	26	(21)	22
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	0			26	3	(14)
Transfers into Level 3	0
Purchases	0
Sales/Disposals	0
Issuances	8	449	187	26,530	30	892
Settlements	(8,277)	(58)	(6,919)	0	(9,582)	(11,421)
Ending balance	36,267	43,670	44,309	$ 59,318	$ 32,762	$ 42,335
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$ 829	$ (1,031)	$ 952

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Subordinated Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
FHLB Loan | Carrying Value
Debt Instrument [Line Items]
Long-term debt	$ 57,000	$ 0
FHLB Loan | Fair Value
Debt Instrument [Line Items]
Long-term debt	57,000	0
Revolving credit facility | Carrying Value
Debt Instrument [Line Items]
Long-term debt	43,000	50,000
Revolving credit facility | Fair Value
Debt Instrument [Line Items]
Long-term debt	43,000	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	18,956	19,504
Unsecured subordinated notes | Fair Value
Debt Instrument [Line Items]
Long-term debt	21,535	21,378
Subordinated debt, net of debt issuance costs | Carrying Value
Debt Instrument [Line Items]
Long-term debt	18,956	78,690
Subordinated debt, net of debt issuance costs | Fair Value
Debt Instrument [Line Items]
Long-term debt	$ 21,535	$ 81,172

Mortgage Loans - Narrative (Det

Mortgage Loans - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans in foreclosure	$ 0	$ 7,100,000
Mortgage loans not producing income	$ 0
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	80%

Mortgage Loans - Portfolios (De

Mortgage Loans - Portfolios (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	$ 36,267		$ 36,267		$ 50,070
Total investment income	1,158	$ 1,249	4,165	$ 3,997
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	14,697		14,697		14,469
Total investment income	376	588	1,685	1,637
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	13,638		13,638		16,072
Total investment income	513	364	1,473	1,375
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	7,932		7,932		12,744
Total investment income	269	204	1,007	497
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	0		0		$ 6,785
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	0	0	0	203
Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	$ 0	$ 93	$ 0	$ 285

Equity Method Investments and_3

Equity Method Investments and Other - Carrying Value of Equity Method Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 102,111	$ 110,653
Equity method investments
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	69,229	74,628
Arena Special Opportunities Fund, LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 38,137	$ 41,046
Equity method investments ownership percentage	15.90%	16.20%
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 17,831	$ 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	$ 2,530	$ 2,463
Equity method investments ownership percentage	12.60%	12.30%
RISCOM
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 4,689	$ 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	$ 4,634	$ 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	$ 652	$ 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	$ 756	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Net investment income	$ 19,521	$ 13,089	$ 59,956	$ 26,318
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(1,144)	(4)	2,596	(6,772)
Dowling Capital Partners LP units | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	67	172	1,449	777
RISCOM | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	493	468	1,168	773
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	(31)	(25)	(87)	(54)
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	(594)	551	(436)	138
JVM Funds LLC | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(261)	(252)	(1,280)	(893)
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	(84)	0	(988)
Arena SOP LP units | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(612)	(1,160)	67	(3,938)
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	$ (206)	$ 326	$ 1,715	$ (2,587)

Equity Method Investments and_5

Equity Method Investments and Other - Unfunded Commitment of Equity Method Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	$ 5,060	$ 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	447	848
Dowling Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Equity method investments, unfunded commitment	$ 386	$ 386

Equity Method Investments and_6

Equity Method Investments and Other - Narrative (Details)	9 Months Ended
	Sep. 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	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 102,111	$ 110,653
RISCOM
Schedule of Equity Method Investments [Line Items]
Underlying equity	3,370	2,620
Difference	1,319	1,501
Recorded investment balance	$ 4,689	$ 4,121

Equity Method Investments and_8

Equity Method Investments and Other - Investment in JVN Funds (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 102,111	$ 110,653
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Underlying equity	17,188	19,304
Difference	643	757
Recorded investment balance	$ 17,831	$ 20,061

Equity Method Investments and_9

Equity Method Investments and Other - Schedule of Indirect Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 102,111	$ 110,653
SMA1
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	20,915	30,816
SMA2
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	11,967	5,209
Investment in indirect loans and loan collateral
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 32,882	$ 36,025

Notes Payable & Subordinated _2

Notes Payable & Subordinated Debt - Narrative (Details) - USD ($)				9 Months Ended		12 Months Ended
	Sep. 06, 2024	Aug. 30, 2024	Mar. 15, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Mar. 31, 2023	Aug. 31, 2006
Debt Instrument [Line Items]
Proceeds from long-term debt				$ 107,000,000	$ 50,000,000
Subordinated debt, net of debt issuance costs | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, increase, accrued interest			$ 1,400,000
FHLB Loan | Federal Home Loan Bank Advances
Debt Instrument [Line Items]
Face amount		$ 57,000,000
Debt instrument, term		4 years 6 months
Stated interest rate		4%
Revolving credit facility | Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 150,000,000
Proceeds from long-term debt				$ 50,000,000		$ 50,000,000
Repayments of line of credit	$ 57,000,000
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%
Revolving Line Of Credit Due December 2023 | Line of Credit | Revolving credit facility
Debt Instrument [Line Items]
Margin					1.60%
Six-month SOFR				4.25%
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 | 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%

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 10,185	$ 6,084	$ 29,763	$ 15,814
Effective tax rate	21.70%	21.90%	22.20%	21.80%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Cash paid for federal income taxes	$ 8,500	$ 22,480	$ 10,000

Losses and Loss Adjustment Ex_3

Losses and Loss Adjustment Expenses - Schedule of Liability for Unpaid Claims and Claims Adjustment Expense (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 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	474,289	378,811
Prior years	0	0
Total incurred, net of reinsurance	474,289	378,811
Paid, net of reinsurance, related to:
Current period	82,653	67,267
Prior years	224,760	187,256
Total paid	307,413	254,523
Net reserves for losses and LAE, end of period	1,025,893	830,059
Plus: reinsurance recoverable on unpaid claims, end of period	542,884	438,652
Reserves for losses and LAE, end of period	$ 1,568,777	$ 1,268,711

Commission and Fee Income - Dis

Commission and Fee Income - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total commission and fee income	$ 1,818	$ 2,085	$ 5,897	$ 5,817
SUA commission revenue
Disaggregation of Revenue [Line Items]
Total commission and fee income	1,436	1,357	3,125	3,599
SUA fee income
Disaggregation of Revenue [Line Items]
Total commission and fee income	1,027	672	2,437	1,933
Other
Disaggregation of Revenue [Line Items]
Total commission and fee income	$ (645)	$ 56	$ 335	$ 285

Commission and Fee Income - Nar

Commission and Fee Income - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract asset after allowance for credit loss	$ 2.4	$ 1

Underwriting, Acquisition and_3

Underwriting, Acquisition and Insurance Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Amortization of policy acquisition costs	$ 37,365	$ 34,071	$ 105,273	$ 78,442
Other operating and general expenses	42,452	34,244	120,997	98,211
Total underwriting, acquisition and insurance expenses	$ 79,817	$ 68,315	$ 226,270	$ 176,653

Reinsurance - Schedule of Premi

Reinsurance - Schedule of Premiums Written and Earned (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Written
Direct premiums	$ 347,444	$ 308,215	$ 1,118,683	$ 947,977
Assumed premiums	52,570	47,517	236,194	190,247
Ceded premiums	(131,692)	(75,036)	(502,326)	(441,650)
Net premiums	268,322	280,696	852,551	696,574
Earned
Direct premiums	349,980	299,294	1,012,550	845,200
Assumed premiums	69,436	51,665	202,408	139,522
Ceded premiums	(149,859)	(123,926)	(451,476)	(380,511)
Net premiums	269,557	227,033	763,482	604,211
Ceded losses and LAE incurred	$ 108,152	$ 103,753	$ 300,725	$ 255,855

Reinsurance - Reinsurance Recov

Reinsurance - Reinsurance Recoverable and Ceded Premiums (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Insurance [Abstract]
Ceded unpaid losses and LAE	$ 542,884	$ 455,484	$ 438,652	$ 435,986
Ceded paid losses and LAE	131,812	122,287
Loss portfolio transfer	14,324	20,858
Allowance for credit losses	(2,295)	(2,295)
Reinsurance recoverables	686,725	596,334
Ceded unearned premium	$ 236,962	$ 186,121

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Insurance [Abstract]
Market value of trust funds	$ 196.4
Deposit asset	$ 27.1	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net income	$ 36,668	$ 21,711	$ 104,422	$ 56,719
Less: Undistributed income allocated to participating securities	0	0	0	(1,492)
Net income attributable to common stockholders	36,668	21,711	104,422	55,227
Add back: Undistributed income allocated to participating securities	0	0	0	1,492
Net income (numerator for diluted earnings per share under the two-class method)	$ 36,668	$ 21,711	$ 104,422	$ 56,719
Denominator
Basic weighted-average common shares (in shares)	40,098,345	36,743,393	40,039,269	35,502,843
Diluted effect of preferred shares (in shares)	0	0	0	959,124
Diluted effect of stock notes (in shares)	0	706,794	0	684,017
Diluted weighted-average common share equivalents (in shares)	41,428,557	38,403,843	41,302,108	37,830,431
Basic earnings per share (in dollar per share)	$ 0.91	$ 0.59	$ 2.61	$ 1.56
Diluted earnings per share (in dollar per share)	$ 0.89	$ 0.57	$ 2.53	$ 1.50
Stock units
Denominator
Diluted effect of awards (in shares)	932,030	799,982	895,468	609,601
Options
Denominator
Diluted effect of awards (in shares)	398,182	153,674	367,371	74,846

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,152	5,069	165,072	4,546
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	16	2	561	364,714

Earnings Per Share - Schedule_3

Earnings Per Share - Schedule of Earnings Per Share, Excluded from Basic Earnings (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	932,588	0	932,588

Related Party Transactions - RI

Related Party Transactions - RISCOM Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Net earned premium	$ 269,557	$ 227,033	$ 763,482	$ 604,211
Premiums receivable, net	327,176		$ 327,176		$ 179,235
Affiliated entity | Agency agreement | RISCOM
Related Party Transaction [Line Items]
Agreement, ownership interest			20%
Net earned premium	27,456	31,649	$ 79,511	73,750
Commissions	6,448	$ 6,119	19,682	$ 19,122
Premiums receivable, net	$ 16,200		$ 16,200		$ 10,600

Related Party Transactions - Ot

Related Party Transactions - Other Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Professional fees and reimbursements | Related Party
Related Party Transaction [Line Items]
Professional fees	$ 0.2	$ 0.5	$ 0.4	$ 3.1