Heritage Insurance (HRTG) 10-Q 9 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 05, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	Heritage Insurance Holdings, Inc.
Entity Central Index Key	0001598665
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,558,751
Entity File Number	001-36462
Entity Tax Identification Number	45-5338504
Entity Address, Address Line One	1401 N. Westshore Blvd
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33607
City Area Code	727
Local Phone Number	362-7200
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of each class	Common Stock, par value $0.0001 per share
Trading Symbol(s)	HRTG
Name of each exchange on which registered	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost of $755,878 and $705,548)	$ 695,062	$ 635,572
Equity securities, at fair value, (cost $1,499 and $1,514)	1,499	1,514
Other investments, net	11,777	16,484
Total investments	708,338	653,570
Cash and cash equivalents	247,092	280,881
Restricted cash	9,678	6,691
Accrued investment income	3,572	3,817
Premiums receivable, net	86,601	92,749
Reinsurance recoverable on paid and unpaid claims, net of allowance for credit losses of $197 and $45	543,996	805,059
Prepaid reinsurance premiums	509,206	306,977
Income tax receivable	13,261	12,118
Deferred income tax asset, net	10,912	16,841
Deferred policy acquisition costs, net	106,736	99,617
Property and equipment, net	30,716	25,729
Right-of-use lease asset, finance	18,849	20,132
Right-of-use lease asset, operating	7,390	7,335
Intangibles, net	45,647	49,575
Other assets	15,022	11,509
Total Assets	2,357,016	2,392,600
LIABILITIES AND STOCKHOLDERS' EQUITY
Unpaid losses and loss adjustment expenses	817,859	1,131,807
Unearned premiums	716,378	656,641
Reinsurance payable	387,598	199,803
Long-term debt, net	124,376	128,943
Advance premiums	38,939	26,516
Accrued compensation	8,129	6,594
Lease liability, finance	21,457	22,557
Lease liability, operating	8,690	8,690
Accounts payable and other liabilities	72,963	80,010
Total Liabilities	2,196,389	2,261,561
Commitments and contingencies (Note 17)
Stockholders’ Equity:
Common stock, $0.0001 par value, 50,000,000 shares authorized, 37,854,169 shares issued and 25,539,433 outstanding at June 30, 2023 and 37,796,107 shares issued and 25,539,433 outstanding at December 31, 2022	3	3
Additional paid-in capital	335,501	334,711
Accumulated other comprehensive loss, net of taxes	(46,574)	(53,585)
Treasury stock, at cost, 12,231,674 shares at each June 30, 2023 and December 31, 2022	(130,900)	(130,900)
Retained earnings (deficit)	2,597	(19,190)
Total Stockholders' Equity	160,627	131,039
Total Liabilities and Stockholders' Equity	$ 2,357,016	$ 2,392,600

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Fixed maturities, at amortized cost	$ 755,878	$ 755,878	$ 705,548
Equity securities, cost		1,499	1,514
Reinsurance recoverable net of allowance for credit losses		$ 197	$ 45
Common stock, par value	$ 0.0001		$ 0.0001
Common stock, shares authorized	50,000,000		50,000,000
Common stock, shares issued	37,854,169		37,796,107
Common stock, shares outstanding	25,622,495		25,539,433
Treasury stock, shares	12,231,674		12,231,674

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Unaudited) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES:
Gross premiums written		$ 396,559,000	$ 365,284,000	$ 706,868,000	$ 648,480,000
Change in gross unearned premiums		(66,544,000)	(69,073,000)	(59,831,000)	(64,901,000)
Gross premiums earned		330,015,000	296,211,000	647,037,000	583,579,000
Ceded premiums		(153,211,000)	(137,940,000)	(304,204,000)	(272,379,000)
Net premiums earned		176,804,000	158,271,000	342,833,000	311,200,000
Net investment income		6,599,000	2,163,000	12,181,000	4,163,000
Net realized (losses) gains and impairment losses		(1,568,000)	(102,000)	330,000	(118,000)
Other revenue		3,478,000	3,438,000	6,890,000	7,133,000
Total revenues		185,313,000	163,770,000	362,234,000	322,378,000
EXPENSES:
Losses and loss adjustment expenses		106,646,000	101,522,000	204,098,000	241,560,000
Policy acquisition costs, net of ceding commission income	[1]	41,451,000	38,375,000	81,776,000	76,632,000
General and administrative expenses, net of ceding commission income	[2]	20,058,000	17,466,000	39,111,000	37,190,000
Goodwill and intangible asset impairment		766,600	91,959,000	766,600	91,959,000
Total expenses		168,922,000	249,322,000	325,752,000	447,341,000
Operating income (loss)		16,391,000	(85,552,000)	36,482,000	(124,963,000)
Interest expense, net		2,740,000	1,751,000	5,621,000	3,723,000
Income (loss) before income taxes		13,651,000	(87,303,000)	30,861,000	(128,686,000)
Provision (benefit) for income taxes		5,872,000	563,000	9,074,000	(10,061,000)
Net income (loss)		7,779,000	(87,866,000)	21,787,000	(118,625,000)
OTHER COMPREHENSIVE INCOME (LOSS)
Change in net unrealized (losses) gains on investments		(2,986,000)	(16,161,000)	9,158,000	(47,932,000)
Reclassification adjustment for net realized investment losses		9,000	102,000	11,000	118,000
Income tax benefit (expense) related to items of other comprehensive income (loss)		698,000	3,759,000	(2,158,000)	11,193,000
Total comprehensive income (loss)		$ 5,500,000	$ (100,166,000)	$ 28,798,000	$ (155,246,000)
Weighted average shares outstanding
Basic		25,567,157	26,453,456	25,562,731	26,620,418
Diluted		25,626,420	26,453,456	25,621,994	26,620,418
Earnings (loss) per share
Basic		$ 0.3	$ (3.32)	$ 0.85	$ (4.46)
Diluted		$ 0.3	$ (3.32)	$ 0.85	$ (4.46)
[1] Policy acquisition costs includes $ 12.8 million and $ 25.3 million of ceding commission income for the three and six months ended June 30, 2023 a nd $ 11.5 million and $ 23.2 million of ceding commission income for the three and six months ended June 30, 2022 , respectively . General and administration includes $ 4.1 million and $ 8.3 million of ceding commission income for the three and six months ended June 30, 2023 and $ 3.9 million and $ 7.7 million of ceding commission income for the three and six months ended June 30, 2022, respectively.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Ceding commission income	$ 16,586	$ 15,326	$ 33,676	$ 30,940
Policy Acquisition Costs [Member]
Ceding commission income	12,800	11,500	25,300	23,200
General and Administrative Expenses [Member]
Ceding commission income	$ 4,100	$ 3,900	$ 8,300	$ 7,700

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings (Deficit) [Member]	Treasury Shares [Member]	Accumulated Other Comprehensive Income (Losses) [Member]
Beginning Balance at Dec. 31, 2021	$ 343,051	$ 3	$ 332,797	$ 138,381	$ (123,557)	$ (4,573)
Beginning Balance, Shares at Dec. 31, 2021		26,753,511
Net unrealized change in investments, net of tax	(24,321)					(24,321)
Shares tendered for income taxes withholding	89		89
Shares tendered for income taxes withholding, Shares		(9,849)
Restricted stock vested, Shares		25,000
Issued restricted stock, Shares		397,176
Stock-based compensation on restricted stock	505		505
Stock buy-back	(5,000)				5,000
Stock buy-back, Shares		(721,118)
Cash dividends declared	(1,621)			(1,621)
Net Income (Loss)	(30,759)			(30,759)
Ending balance at Mar. 31, 2022	281,766	$ 3	333,213	106,001	(128,557)	(28,894)
Ending balance, Shares at Mar. 31, 2022		26,444,720
Beginning Balance at Dec. 31, 2021	343,051	$ 3	332,797	138,381	(123,557)	(4,573)
Beginning Balance, Shares at Dec. 31, 2021		26,753,511
Net Income (Loss)	(118,625)
Ending balance at Jun. 30, 2022	180,546	$ 3	333,747	16,547	(128,557)	(41,194)
Ending balance, Shares at Jun. 30, 2022		26,544,096
Beginning Balance at Mar. 31, 2022	281,766	$ 3	333,213	106,001	(128,557)	(28,894)
Beginning Balance, Shares at Mar. 31, 2022		26,444,720
Net unrealized change in investments, net of tax	(12,300)					(12,300)
Adjustment to shares tendered for income taxes withholding	31		31
Issued restricted stock, Shares		99,376
Stock-based compensation on restricted stock	503		503
Cash dividends declared	(1,588)			(1,588)
Net Income (Loss)	(87,866)			(87,866)
Ending balance at Jun. 30, 2022	180,546	$ 3	333,747	16,547	(128,557)	(41,194)
Ending balance, Shares at Jun. 30, 2022		26,544,096
Beginning Balance at Dec. 31, 2022	131,039	$ 3	334,711	(19,190)	(130,900)	(53,585)
Beginning Balance, Shares at Dec. 31, 2022		25,539,433
Net unrealized change in investments, net of tax	9,290					9,290
Shares tendered for income taxes withholding	8		8
Shares tendered for income taxes withholding, Shares		(4,200)
Restricted stock vested, Shares		25,000
Forfeiture on restricted stock		(1,482)
Stock-based compensation on restricted stock	395		395
Net Income (Loss)	14,008			14,008
Ending balance at Mar. 31, 2023	154,724	$ 3	335,098	(5,182)	(130,900)	(44,295)
Ending balance, Shares at Mar. 31, 2023		25,558,751
Beginning Balance at Dec. 31, 2022	131,039	$ 3	334,711	(19,190)	(130,900)	(53,585)
Beginning Balance, Shares at Dec. 31, 2022		25,539,433
Net Income (Loss)	21,787
Ending balance at Jun. 30, 2023	160,627	$ 3	335,501	2,597	(130,900)	(46,574)
Ending balance, Shares at Jun. 30, 2023		25,622,495
Beginning Balance at Mar. 31, 2023	154,724	$ 3	335,098	(5,182)	(130,900)	(44,295)
Beginning Balance, Shares at Mar. 31, 2023		25,558,751
Net unrealized change in investments, net of tax	(2,279)					(2,279)
Issued restricted stock, Shares		63,744
Stock-based compensation on restricted stock	403		403
Net Income (Loss)	7,779			7,779
Ending balance at Jun. 30, 2023	$ 160,627	$ 3	$ 335,501	$ 2,597	$ (130,900)	$ (46,574)
Ending balance, Shares at Jun. 30, 2023		25,622,495

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - Parenthetical - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared	$ 0.06	$ 0.06

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net income (loss)	$ 21,787,000	$ (118,625,000)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Stock-based compensation	798,000	1,008,000
Bond amortization and accretion	(1,261,000)	1,745,000
Amortization of original issuance discount on debt	235,000	776,000
Goodwill or intangible asset impairment	766,600	91,959,000
Depreciation and amortization	4,266,000	4,100,000
Allowance for bad debt	87,000	4,000
Expected credit allowance on reinsurance	152,000	0
Net realized investment (gains) loss	(330,000)	118,000
Deferred income taxes	3,771,000	(7,995,000)
Changes in operating assets and liabilities:
Accrued investment income	245,000	(48,000)
Premiums receivable, net	6,061,000	(9,356,000)
Prepaid reinsurance premiums	(202,229,000)	(202,875,000)
Reinsurance recoverable on paid and unpaid claims	260,911,000	(19,715,000)
Income taxes receivable	(1,143,000)	(1,542,000)
Deferred policy acquisition costs, net	(7,119,000)	(5,587,000)
Right of use leased asset	1,228,000	1,706,000
Other assets	(3,513,000)	(3,684,000)
Unpaid losses and loss adjustment expenses	(313,948,000)	1,622,000
Unearned premiums	59,737,000	(36,257,000)
Lease incentives	0	64,932,000
Reinsurance payable	187,795,000	183,556,000
Accrued interest	(122,000)	95,000
Accrued compensation	1,535,000	(284,000)
Advance premiums	12,423,000	13,323,000
Operating lease liabilities	(1,100,000)	(1,525,000)
Other liabilities	(6,914,000)	(4,986,000)
Net cash provided by (used in) operating activities	24,119,000	(47,535,000)
INVESTING ACTIVITIES
Fixed maturity securities sales, maturities and paydowns	479,396,000	43,188,000
Fixed maturity securities purchases	(528,466,000)	(58,969,000)
Purchases in other investments	0	(7,500,000)
Sale on other investments and return of capital	5,062,000	14,077,000
Equity securities reinvestments of dividends	0	(99,000)
Leasehold improvements	0	(3,358,000)
Cost of property and equipment acquired	(6,092,000)	(1,385,000)
Net cash used in investing activities	(50,100,000)	(14,046,000)
FINANCING ACTIVITIES
Repayment of term note	(4,750,000)	(1,750,000)
Mortgage loan payments	(52,000)	(160,000)
Draw from revolver	0	15,000,000
Repurchase of convertible notes	0	(11,633,000)
Purchase of treasury stock	0	(5,000,000)
Tax withholdings on share-based compensation awards	(8,000)	(58,000)
Dividends paid	(11,000)	(3,222,000)
Net cash used in financing activities	(4,821,000)	(6,823,000)
Decrease in cash, cash equivalents, and restricted cash	(30,802,000)	(68,404,000)
Cash, cash equivalents and restricted cash, beginning of period	287,572,000	364,752,000
Cash, cash equivalents and restricted cash, end of period	256,770,000	296,348,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Income taxes paid	6,446,000	5,885,000
Interest paid	$ 4,757,000	$ 2,273,000

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 247,092	$ 280,881
Restricted cash	9,678	6,691
Total	$ 256,770	$ 287,572	$ 296,348	$ 364,752

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 7,779	$ 14,008	$ (87,866)	$ (30,759)	$ 21,787	$ (118,625)

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	NOTE 1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The condensed consolidated financial statements include the accounts of Heritage Insurance Holdings, Inc. (together with its subsidiaries, the “Company”). These statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain financial information that is normally included in annual consolidated financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. In the opinion of the Company’s management, all material intercompany transactions and balances have been eliminated and all adjustments consisting of normal recurring accruals which are necessary for a fair statement of the financial condition and results of operations for the interim periods have been reflected. The accompanying interim condensed consolidated financial statements and related footnotes should be read in conjunction with the Company’s audited consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed on March 13, 2023 (the “2022 Form 10-K”) . Significant accounting policies The accounting policies of the Company are set forth in Note 1 to the consolidated financial statements contained in the Company’s 2022 Form 10-K. Accounting Pronouncements not yet adopted The Company has documented the summary of its significant accounting policies in its Notes to the Audited Consolidated Financial Statements contained in the Company’s 2022 Form 10-K. There have been no material changes to the Company’s accounting policies since the filing of that report. No other new accounting pronouncements issued, but not yet adopted, have had, or are expected to have, a material impact on the Company’s results of operations or financial position.

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	NOTE 2. INVESTMENTS Securities Available-for-Sale The amortized cost, gross unrealized gains and losses, and fair value of the Company’s debt securities available-for-sale are as follows for the periods presented: June 30, 2023 Cost or Adjusted / Gross Unrealized Gross Unrealized Fair Value Debt Securities Available-for-sale (In thousands) U.S. government and agency securities (1) $ 178,160 $ 26 $ 2,947 $ 175,239 States, municipalities and political subdivisions 99,103 — 11,108 87,995 Special revenue 277,571 1 30,593 246,979 Industrial and miscellaneous 201,044 67 16,262 184,849 Total $ 755,878 $ 94 $ 60,910 $ 695,062 (1) Includes securities at June 30, 2023 with a carrying amount of $ 22.9 million that were pledged as collateral for the advance agreement entered into with a financial institution in 2018. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time. December 31, 2022 Cost or Adjusted / Gross Unrealized Gross Unrealized Fair Value Debt Securities Available-for-sale (In thousands) U.S. government and agency securities (1) $ 121,811 $ 24 $ 4,093 $ 117,742 States, municipalities and political subdivisions 104,361 — 12,734 91,627 Special revenue 284,946 1 34,817 250,130 Industrial and miscellaneous 194,430 90 18,447 176,073 Total $ 705,548 $ 115 $ 70,091 $ 635,572 (1) Includes securities at December 31, 2022 with a carrying amount of $ 24.3 million that were pledged as collateral for the advance agreement entered into with a financial institution in 2018. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time. The Company’s unrealized losses on corporate bonds have not been recognized into earnings because the bonds are of a high credit quality with investment grade ratings. The average rating was an A+ for the six months ended June 30, 2023. The unrealized losses are deemed to be caused by interest rates rising after the bonds were purchased and no credit loss allowance was recorded for the six months ended June 30, 2023 or for the year ended December 31, 2022. Net Realized and Unrealized (Losses) Gains and Impairments The following tables present net realized (losses) gains on the Company’s debt securities available-for-sale for the three and six months ended June 30, 2023 and 2022, respectively : 2023 2022 Three Months Ended June 30, Gains Fair Value at Sale Gains Fair Value at Sale (In thousands) Debt Securities Available-for-Sale Total realized gains $ — $ — $ 28 $ 1,291 Total realized losses ( 9 ) 308 ( 130 ) 4,546 Net realized (losses) gains $ ( 9 ) $ 308 $ ( 102 ) $ 5,837 2023 2022 Six Months Ended June 30, Gains Fair Value at Sale Gains Fair Value at Sale (In thousands) Debt Securities Available-for-Sale Total realized gains $ — $ — $ 32 $ 2,336 Total realized losses ( 11 ) 598 ( 150 ) 6,096 Net realized (losses) gains $ ( 11 ) $ 598 $ ( 118 ) $ 8,432 The following table presents the reconciliation of net realized (losses) gains and impairments of the Company’s investments reported for the three and six months ended June 30, 2023 and 2022, respectively: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Gross realized gains on sales of available-for-sale securities $ — $ 28 $ — $ 32 Impairments on other investments ( 1,559 ) — ( 1,559 ) — Gross realized losses on sales of available-for-sale securities ( 9 ) ( 130 ) ( 11 ) ( 150 ) Gross realized gains on sale of other investments (1) — — 1,900 — Net realized and unrealized (losses) gains $ ( 1,568 ) $ ( 102 ) $ 330 $ ( 118 ) (1) During the first quarter, the Company sold its investment in an Insurtech company for $ 4.0 million, resulting in a $ 1.9 million realized gain on the investment. The table below summarizes the Company’s debt securities at June 30, 2023 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of those obligations. At June 30, 2023 Cost or Amortized Cost Percent of Total Fair Value Percent of Total Maturity dates: (In thousands) (In thousands) Due in one year or less $ 202,543 26.8 % $ 200,310 28.8 % Due after one year through five years 339,052 44.9 % 309,546 44.5 % Due after five years through ten years 161,188 21.3 % 136,952 19.8 % Due after ten years 53,095 7.0 % 48,254 6.9 % Total $ 755,878 100.0 % $ 695,062 100.0 % Net Investment Income The following table summarizes the Company’s net investment income by major investment category for the three and six months ended June 30, 2023 and 2022, respectively: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Debt securities $ 5,015 $ 2,428 $ 8,038 $ 4,703 Equity securities 57 — 90 — Cash and cash equivalents 2,246 144 4,449 160 Other investments 108 82 839 312 Net investment income 7,426 2,654 13,416 5,175 Less: Investment expenses 827 491 1,235 1,012 Net investment income, less investment expenses $ 6,599 $ 2,163 $ 12,181 $ 4,163 The following tables present, for all debt securities available-for-sale in an unrealized loss position (including securities pledged) and for which no credit loss allowance has been established to date, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position at June 30, 2023 and December 31, 2022, respectively (in thousands): Less Than Twelve Months Twelve Months or More June 30, 2023 Number of Gross Fair Value Number of Gross Fair Value Debt Securities Available-for-sale U.S. government and agency securities 17 $ 291 $ 43,120 77 $ 2,656 $ 77,125 States, municipalities and political subdivisions 5 30 2,010 116 11,078 83,490 Special revenue 38 128 8,155 469 30,465 213,283 Industrial and miscellaneous 65 167 31,598 233 16,095 143,897 Total fixed maturity securities 125 $ 616 $ 84,883 895 $ 60,294 $ 517,795 Less Than Twelve Months Twelve Months or More December 31, 2022 Number of Gross Fair Value Number of Gross Fair Value Debt Securities Available-for-sale U.S. government and agency securities 61 $ 2,040 $ 56,389 36 $ 2,053 $ 56,389 States, municipalities and political 28 1,967 17,730 95 10,767 68,852 Special revenue 273 5,832 57,881 259 28,985 167,384 Industrial and miscellaneous 95 1,535 32,387 197 16,912 134,462 Total fixed maturity securities 457 $ 11,374 $ 164,386 587 $ 58,717 $ 427,087 The Company’s unrealized losses on corporate bonds have not been recognized because the bonds are of a high credit quality with investment grade ratings. The average rating was an A+ for the six months ended June 30, 2023. The Company does not intend to sell and it is unlikely the Company will be required to sell the securities prior to their anticipated recovery, and the decline in fair value is deemed due to changes in interest rates and other market conditions. The debt issuers continue to make timely principal and interest payments on the bonds. After taking into account these and other factors previously described, the Company believes these unrealized losses generally were caused by an increase in market interest rates since the time the securities were purchased and not as a result of credit losses. No credit loss allowan ce was recorded for the six months ended June 30, 2023 or for the year ended December 31, 2022. Quarterly, the Company considers whether it intends to sell an available-for-sale security or if it is more likely than not that it will be required to sell the security before recovery of its amortized costs. In these instances, a decline in fair value is recognized in net income based on the fair value of the security at the time of assessment, resulting in a new cost basis for the security. Other Investments Non-Consolidating Variable Interest Entities (“VIEs”) The Company makes passive investments in limited partnerships (“LPs”), which are accounted for using the equity method, with income reported in earnings. The Company also holds a passive investment in a Real Estate Investment Trust (“REIT”), which is accounted for using the measurement alternative method, and reported at cost less impairment (if any), plus or minus changes from observable price changes. During the three months ended June 30, 2023, the Company recorded a $ 1.6 million impairment on certain non-consolidated VIEs. At December 31, 2022, the Company held an equity investment in an Insurtech company, which was sold during the three months ended March 31, 2023 at a gain. The following table summarizes the carrying value and maximum loss exposure of the Company’s non-consolidated VIEs at June 30, 2023 and December 31, 2022, respectively (in thousands): As of June 30, 2023 As of December 31, 2022 Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investments in non-consolidated VIEs - Equity method $ 1,854 $ 1,854 $ 3,517 $ 3,517 Investments in non-consolidated VIEs - Amortized cost $ 8,490 $ 8,490 $ 8,490 $ 8,490 Investments in non-consolidated VIEs - Measurement alternative $ 1,433 $ 1,433 $ 4,477 $ 4,477 Total non-consolidated VIEs $ 11,777 $ 11,777 $ 16,484 $ 16,484 No agreements exist requiring the Company to provide additional funding to any of the non-consolidated VIEs in excess of the Company’s initial investment.

Fair Value of Financial Measure

Fair Value of Financial Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	NOTE 3. FAIR VALUE OF FINANCIAL MEASUREMENTS Fair value is determined based on the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company is required to use an established hierarchy for fair value measurements based upon the inputs to the valuation and degree to which they are observable or not observable in the market. The three levels in the hierarchy are as follows: • Level 1 – Unadjusted quoted prices are available in active markets for identical assets/liabilities as of the reporting date. • Level 2 – Valuations based on observable inputs, such as quoted prices for similar assets or liabilities at the measurement date; quoted prices in the markets that are not active; or other inputs that are observable, either directly or indirectly. • Level 3 – Pricing inputs are unobservable and significant to the overall fair value measurement, and the determination of fair value requires significant management judgment or estimation. The highest priority is assigned to Level 1 inputs and the lowest priority to Level 3 inputs. At June 30, 2023 and December 31, 2022, there were no transfers in or out of Level 1, 2, and 3. The following table presents information about the Company’s assets measured at fair value on a recurring basis. The Company assesses the levels for the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company’s accounting policy regarding the recognitions of transfers between levels of the fair value hierarchy. The tables below present the balances of the Company’s invested assets measured at fair value on a recurring basis: June 30, 2023 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Invested Assets: (In thousands) Debt Securities Available-for-sale U.S. government and agency securities $ 175,239 $ — $ 175,239 $ — States, municipalities and political subdivisions 87,995 — 87,995 — Special revenue 246,979 — 246,979 — Industrial and miscellaneous 184,849 — 184,849 — Total investments $ 695,062 $ — $ 695,062 $ — December 31, 2022 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Invested Assets: (In thousands) Debt Securities Available-for-sale U.S. government and agency securities $ 117,742 $ — $ 117,742 $ — States, municipalities and political subdivisions 91,627 — 91,627 — Special revenue 250,130 — 250,130 — Industrial and miscellaneous 176,073 — 176,073 — Total investments $ 635,572 $ — $ 635,572 $ — Financial Instruments excluded from the fair value hierarchy The carrying value of premium receivables, accounts payable, accrued expense, revolving loans and borrowings under the Company’s senior secured credit facility approximate their fair value. The rate at which revolving loans and borrowings under the Company’s senior secured credit facility bear interest resets periodically at market interest rates. Non-recurring fair value measurements Assets and liabilities that are measured at fair value on a non-recurring basis include intangible assets which are recognized at fair value during the period in which an acquisition is completed, from updated estimates and assumptions during the measurement period, or when they are considered to be impaired. For the three and six months ended June 30, 2023, the Company recorded an impairment of approximately $ 1.0 million for a loss measurement based on the difference between the acquisition costs and current fair value (less any prior impairment loss that security previously recognized) on certain equity method investments. Changes in the fair value of equity securities are also in net realized (losses) gains and impairment losses on our Consolidated Statements of Comprehensive Income (Loss) and are not reversed. Certain of the Company’s investments are measured in accordance with GAAP for the type of investment, using methodologies other than fair value. For the quarter ended June 30, 2023, the Company recorded an impairment for named intangible assets related to certain brands and customer relations within the Company's restoration service provider with a net value of $ 766,600 , which were impaired due to the discontinuation of providing restoration services to the Company’s policyholders. For the six months ended June 30, 2022, m anagement concluded that it had a full impairment of its goodwill and that its carrying value of $ 92.0 million should be written off based on the following factors: (i) disruptions in the equity markets, specifically for property and casualty insurance companies, largely due to recent weather-related catastrophe events; (ii) elevated loss ratios for property insurers in our markets; and (iii) the Company's market cap was below book value.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Other Comprehensive Income (Loss)	NOTE 4. OTHER COMPREHENSIVE INCOME (LOSS) The following tables summarize other comprehensive income (loss) and disclose the tax impact of each component of other comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022, respectively: For the Three Months Ended June 30, 2023 2022 Pre-tax Tax After-tax Pre-tax Tax After-tax (In thousands) Other comprehensive income (loss) Change in unrealized (losses) gains on investments, net $ ( 2,986 ) $ 700 $ ( 2,286 ) $ ( 16,161 ) $ 3,783 $ ( 12,378 ) Reclassification adjustment of realized losses included in net income (loss) 9 ( 2 ) 7 102 ( 24 ) 78 Effect on other comprehensive income (loss) $ ( 2,977 ) $ 698 $ ( 2,279 ) $ ( 16,059 ) $ 3,759 $ ( 12,300 ) For the Six Months Ended June 30, 2023 2022 Pre-tax Tax After-tax Pre-tax Tax After-tax (In thousands) Other comprehensive income (loss) Change in unrealized gains (losses) on investments, net $ 9,158 $ ( 2,155 ) $ 7,003 $ ( 47,932 ) $ 11,220 $ ( 36,712 ) Reclassification adjustment of realized losses included in net income (loss) 11 ( 3 ) 8 118 ( 27 ) 91 Effect on other comprehensive income (loss) $ 9,169 $ ( 2,158 ) $ 7,011 $ ( 47,814 ) $ 11,193 $ ( 36,621 )

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	NOTE 5. LEASES The Company has entered into operating and financing leases primarily for real estate and vehicles. The Company will determine whether an arrangement is a lease at inception of the agreement. The operating leases have terms of one to ten years , and often include one or more options to renew . These renewal terms can extend the lease term from two to ten years and are included in the lease term when it is reasonably certain that the Company will exercise the option. The Company considers these options in determining the lease term used in establishing the Company’s right-of-use assets and lease obligations. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Because the rate implicit in each operating lease is not readily determinable, the Company uses its incremental borrowing rate to determine present value of the lease payments. The Company used the implicit rates within the finance leases. Components of the Company’s lease costs were as follows (in thousands): For The Six Months Ended June 30, 2023 2022 Operating lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations $ 787 $ 705 Finance lease cost: Amortization of assets, included in General & Administrative expenses on the Consolidated Statements of Operations 1,285 1,292 Interest on lease liabilities, included in Interest expense on the Consolidated Statements of Operations 451 495 Total finance lease cost $ 1,736 $ 1,787 Variable lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations $ 796 $ 426 Short-term lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations $ 80 $ 88 Supplemental balance sheet information related to the Company’s operating and financing leases were as follows (in thousands): Operating Leases June 30, 2023 December 31, 2022 Right of use assets $ 7,390 $ 7,335 Lease liability $ 8,690 $ 8,690 Finance Leases Right of use assets $ 18,849 $ 20,132 Lease liability $ 21,457 $ 22,557 Weighted-average remaining lease term and discount rate for the Company’s operating and financing leases for the periods presented below were as follows: Weighted-average remaining lease term June 30, 2023 December 31, 2022 Operating lease 6.05 yrs. 6.49 yrs. Finance lease 7.66 yrs. 8.13 yrs. Weighted-average discount rate Operating lease 4.90 % 5.14 % Finance lease 4.15 % 4.16 % Maturities of lease liabilities by fiscal year for the Company’s operating and financing leases were as follows (in thousands): Financing Lease Operating Lease 2023 $ 1,535 $ 840 2024 3,101 1,695 2025 3,166 1,587 2026 3,197 1,574 2027 3,190 1,595 2028 and thereafter 10,920 2,847 Total lease payments 25,109 10,138 Less: imputed interest ( 3,652 ) ( 1,448 ) Present value of lease liabilities $ 21,457 $ 8,690

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	NOTE 6. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (In thousands) Land $ 2,582 $ 2,582 Building 9,599 9,599 Software in progress 10,721 6,884 Computer hardware and software 11,076 8,851 Office furniture and equipment 1,394 1,381 Tenant and leasehold improvements 10,501 10,485 Vehicle fleet 594 594 Total, at cost 46,467 40,376 Less: accumulated depreciation and amortization ( 15,751 ) ( 14,647 ) Property and equipment, net $ 30,716 $ 25,729 For the three and six months ended June 30, 2023, the Company invested $ 3.6 million and $ 6.0 million, respectively, for software development and implementation services for a new policy, billing and claims system. On June 12, 2023, the Company placed into service the claims component of the software valued at approximately $ 2.0 million with the remaining components anticipated to be placed into service in early 2024. Depreciation and amortization expense for property and equipment was approximately $ 566,000 and $ 466,000 for the three months ended June 30, 2023 and 2022, respectively. Depreciation and amortization expense for property and equipment was approximately $ 1.1 million and $ 925,000 for the six months ended June 30, 2023 and 2022, respectively. The Company owns real estate consisting of 13 acres of land, two buildings with a gross area of 88,378 square feet and a parking garage.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	NOTE 7. INTANGIBLE ASSETS At June 30, 2023 and December 31, 2022, intangible assets were $ 45.6 million and $ 49.6 million, respectively. The Company has determined the useful life of its intangible assets to range between 2.5 - 15 years . Intangible assets include $ 1.3 million relating to insurance licenses which is classified as an indefinite lived intangible and is subject to annual impairment testing. Management tests goodwill and other intangible assets for impairment annually during the fourth quarter, or more frequently should events or changes in circumstances indicate that goodwill or our other intangible assets might be impaired. The Company’s intangible assets consist of brand, agent relationships, renewal rights, customer relations, trade names and insurance licenses. During the three months ended June 30, 2023, certain brand and customer relations within the Company's restoration provider with a net value of $ 766,600 were impaired due to the discontinuation of providing restoration services to the Company’s policyholders. The impairment loss of $ 766,600 was included in Goodwill and intangible asset impairment in the Company's consolidated statements of operations for the three and six months ended June 30, 2023. Other than the impairment of certain brand and customer relations due to the discontinued services, there was no impairment of the intangible assets with definite lives for the three and six months ended June 30, 2023. Other than the impairment of certain brand and customer relations due to the discontinued services described above, there was no impairment of the intangible assets with definite lives for the three and six months ended June 30, 2023. During the second quarter of 2022, management concluded the remaining balance of its goodwill was fully impaired and that its carrying value of $ 92.0 million be written off based on the following factors: (i) disruptions in the equity markets, specifically for property and casualty insurance companies, largely due to recent weather-related catastrophe events; (ii) elevated loss ratios for property insurers in our markets; and (iii) our market cap was below book value. These factors reduced our previously modeled fair value of the Company and resulted in a $ 92.0 million goodwill impairment charge, most of which is not tax deductible. Amortization expense of the Company’s intangible assets for each of the respective three and six month periods ended June 30, 2023 and 2022 was $ 1.6 million and $ 3.2 million, respectively. Estimated annual pretax amortization of intangible assets for each of the next five years and thereafter is as follows (in thousands): Year Amount 2023 - remaining $ 3,092 2024 $ 6,183 2025 $ 6,183 2026 $ 6,033 2027 $ 5,836 Thereafter $ 17,003 Total $ 44,332

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	NOTE 8. EARNINGS (LOSS) PER SHARE The following table sets forth the computation of basic and diluted earnings (loss) per share (“EPS”) for the periods indicated amounts in thousands, except share and per share amounts). Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Basic and Diluted Net income (loss) available to common shareholders — basic and diluted $ 7,779 $ ( 87,866 ) $ 21,787 $ ( 118,625 ) Common Shares Basic Weighted average shares outstanding 25,567,157 26,453,456 25,562,731 26,620,418 Diluted Weighted average shares outstanding 25,567,157 26,453,456 25,562,731 26,620,418 Weighted average effects of dilutive securities — convertible notes 59,263 — 59,263 — Total 25,626,420 26,453,456 25,621,994 26,620,418 Net income (loss) per common share Basic $ 0.30 $ ( 3.32 ) $ 0.85 $ ( 4.46 ) Diluted $ 0.30 $ ( 3.32 ) $ 0.85 $ ( 4.46 ) The Company had 2,370,531 anti dilutive shares for the period ended June 30, 2022. The convertible notes were excluded from the computations because the conversion price on these notes was greater than the average market price of the Company's common stock during each of the respective periods, and therefore, would be anti-dilutive to earnings per share under the "if converted" method under the guidance of ASU 2020-06, adopted by the Company on January 1, 2022.

Deferred Reinsurance Ceding Com

Deferred Reinsurance Ceding Commission	6 Months Ended
	Jun. 30, 2023
Insurance [Abstract]
Deferred Reinsurance Ceding Commission	NOTE 9. DEFERRED REINSURANCE CEDING COMMISSION The Company defers reinsurance ceding commission income, which is amortized over the effective period of the related insurance policies. For the three months ended June 30, 2023 and 2022, the Company allocated ceding commission income of $ 12.7 million and $ 11.5 million to policy acquisition costs and $ 4.1 million and $ 3.9 million to general and administrative expense, respectively. For the six months ended June 30, 2023 and 2022, the Company allocated ceding commission income of $ 25.3 million and $ 23.2 million to policy acquisition costs and $ 8.3 million and $ 7.7 million to general and administrative expense, respectively. The table below depicts the activity regarding deferred reinsurance ceding commission, included in accounts payable and other liabilities during the three and six months ended June 30, 2023 and 2022 . Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Beginning balance of deferred ceding commission income $ 40,688 $ 37,245 $ 42,757 $ 40,405 Ceding commission deferred 13,888 16,610 28,909 29,064 Less: ceding commission earned ( 16,586 ) ( 15,326 ) ( 33,676 ) ( 30,940 ) Ending balance of deferred ceding commission income $ 37,990 $ 38,529 $ 37,990 $ 38,529

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	6 Months Ended
	Jun. 30, 2023
Insurance [Abstract]
Deferred Policy Acquisition Costs	NOTE 10. DEFERRED POLICY ACQUISITION COSTS The Company defers certain costs in connection with written policies, called deferred policy acquisition costs (“DPAC”), which are amortized over the effective period of the related insurance policies. The Company anticipates that its DPAC will be fully recoverable in the near term. The table below depicts the activity regarding DPAC for the three and six months ended June 30, 2023 and 2022. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Beginning Balance $ 98,035 $ 90,641 $ 99,617 $ 93,881 Policy acquisition costs deferred 53,929 49,842 107,109 99,834 Amortization ( 45,228 ) ( 41,015 ) ( 99,990 ) ( 94,247 ) Ending Balance $ 106,736 $ 99,468 $ 106,736 $ 99,468

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 11. INCOME TAXES For the three months ended June 30, 2023 and 2022, the Company recorded income tax provisions of $ 5.9 million and $ 563,000 , respectively, which corresponds to effective tax rates of 43.0 % and ( 0.6 )%, respectively. For the six months ended June 30, 2023 and 2022, the Company recorded an income tax provision of $ 9.1 million and an income tax benefit of $ 10.1 million, respectively, which corresponds to effective tax rates of 29.4 % and 7.8 %, respectively. The effective tax rate for the three months ended June 30, 2023 was impacted by a valuation allowance related to certain tax elections made by Osprey Re, the Company’s captive reinsurer domiciled in Bermuda. The Company re-evaluates the valuation allowance on a quarterly basis. For the six-month period ended June 30, 2023, the valuation allowance increased by approximately $ 863,000 . The effective tax rate for the three and six months ended June 30, 2022 was impacted by the mostly non-deductible goodwill impairment charge described above. Effective tax rates are dependent upon components of pre-tax earnings and the related tax effects. The effective tax rate for each period was affected by various permanent tax differences. Additionally, the state effective income tax rate can also fluctuate as a result of changes in the geographic dispersion of the Company’s business. The effective tax rate can fluctuate throughout the year as estimates used in the tax provision for each quarter are updated as more information becomes available throughout the year. The table below summarizes the significant components of the Company’s net deferred tax assets: June 30, 2023 December 31, 2022 Deferred tax assets: (In thousands) Unearned premiums $ 17,994 $ 17,060 Unearned commission 8,932 10,053 Net operating loss 748 1,189 Tax-related discount on loss reserve 4,867 4,902 Stock-based compensation 489 297 Accrued expenses 1,477 1,016 Leases 797 885 Unrealized losses 14,916 16,987 Dual Consolidated loss limitation 6,921 9,740 Other 292 238 Total deferred tax asset 57,433 62,367 Valuation allowance ( 7,239 ) ( 6,376 ) Adjusted deferred tax asset 50,194 55,991 Deferred tax liabilities: Deferred acquisition costs $ 25,094 $ 23,420 Prepaid expenses 303 180 Property and equipment 1,363 2,200 Note discount 290 290 Basis in purchased investments 24 28 Basis in purchased intangibles 10,276 11,178 Other 1,932 1,854 Total deferred tax liabilities 39,282 39,150 Net deferred tax assets $ 10,912 $ 16,841 The income tax expense or benefit differs from the amounts computed by applying the U.S. federal income tax rate of as indicated below to pretax income as a result of the following: For the Six Month Ended June 30, 2023 2022 Expected income tax expense at federal rate 21.0 % 21.0 % Tax exempt interest ( 0.3 ) % 0.0 % Executive compensation 162(m) 0.3 % ( 0.1 ) % Permanent items 1.1 % ( 13.9 ) % State tax expense 5.2 % 0.7 % Prior period adjustment/penalties/interest ( 0.7 ) % 0.0 % Valuation allowance 2.8 % 0.0 % Non-deductible stock compensation 0.0 % 0.0 % Goodwill impairment 0.0 % 0.0 % Reported income tax expense 29.4 % 7.8 % For the quarters ended June 30, 2023 and 2022, the effective tax rate was 43.0 % and ( 0.6 )%, respectively. The 43.6 point change can be attributed to the impact of permanent differences to the pre-tax income or loss and by the goodwill impairment, valuation allowance, and state taxes. For the six months ended June 20, 2023 and 2022, the effective tax rate was 29.4 % and 7.8 %, respectively. For the six months ended June 30, 2023, the effective tax rate was impacted primarily by the valuation allowance that was not reflected in the comparable period of 2022 and changes within permanent differences and state tax expenses. The statute of limitations related to the Company’s federal and state income tax returns remains open from the Company’s filings for 2019 through 2022. At June 30, 2023 and December 31, 2022, the Company had no significant uncertain tax positions or unrecognized tax benefits that, if recognized, would impact the effective income tax rate.

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2023
Insurance [Abstract]
Reinsurance	NOTE 12. REINSURANCE Overview In order to limit the Company’s potential exposure to individual risks and catastrophic events, the Company purchases significant reinsurance from third party reinsurers. Purchasing reinsurance is an important part of the Company’s risk strategy, and premiums ceded to reinsurers is one of the Company’s largest costs. The Company has strong relationships with reinsurers, which it attributes to its management’s industry experience, disciplined underwriting, and claims management capabilities. For each of the twelve months beginning June 1, 2023 and 2022, the Company purchased reinsurance from the following sources: (i) the Florida Hurricane Catastrophe Fund, a state-mandated catastrophe fund (“FHCF”) for Florida admitted market policies only, (ii) private reinsurers, all of which were rated “A-” or higher by A.M. Best Company, Inc. (“A.M. Best”) or Standard & Poor’s Financial Services LLC (“S&P”) or were fully collateralized, and (iii) the Company’s captive wholly-owned reinsurance subsidiary, Osprey Re Ltd. (“Osprey Re”). The Company also sponsored catastrophe bonds in 2023 and 2022 through Citrus Re Ltd., a Bermuda special purpose insurer, which provides an alternative to traditional reinsurance through the issuance of catastrophe bonds. In addition to purchasing excess of loss catastrophe reinsurance, the Company also purchased quota share, property per risk and facultative reinsurance. The Company’s quota share program limits its exposure on catastrophe and non-catastrophe losses and provides ceding commission income. The Company’s per risk programs limit its net exposure in the event of a severe non-catastrophe loss impacting a single location or risk. The Company also utilizes facultative reinsurance to supplement its per risk reinsurance program where the Company capacity needs dictate. Purchasing a sufficient amount of reinsurance to cover catastrophic losses from single or multiple events or significant non-catastrophe losses is an important part of the Company’s risk strategy. Reinsurance involves transferring, or “ceding”, a portion of the risk exposure on policies the Company writes to another insurer, known as a reinsurer. To the extent that the Company’s reinsurers are unable to meet the obligations they assume under the Company’s reinsurance agreements, the Company remains liable for the entire insured loss. The Company’s insurance regulators require all insurance companies, like the Company, to have a certain amount of capital and reinsurance coverage in order to cover losses and loss adjustment expenses upon the occurrence of a catastrophic event. The Company’s reinsurance program provides reinsurance in excess of its state regulator requirements, which are based on the probable maximum loss that it would incur from an individual catastrophic event estimated to occur once in every 100 years based on its portfolio of insured risks. The nature, severity and location of the event giving rise to such a probable maximum loss differs for each insurer depending on the insurer’s portfolio of insured risks, including, among other things, the geographic concentration of insured value within such portfolio. As a result, a particular catastrophic event could be a one-in-100-year loss event for one insurance company while having a greater or lesser probability of occurrence for another insurance company. The Company also purchases reinsurance coverage to protect against the potential for multiple catastrophic events occurring in the same year. The Company shares portions of its reinsurance program coverage among its insurance company affiliates. 2023 - 2024 Reinsurance Program Catastrophe Excess of Loss Reinsurance Effective June 1, 2023, the Company entered into catastrophe excess of loss reinsurance agreements covering Heritage Property & Casualty Insurance Company (“Heritage P&C”), Zephyr Insurance Company (“Zephyr”) and Narragansett Bay Insurance Company (“NBIC”). The catastrophe reinsurance programs are allocated among traditional reinsurers, the Florida Hurricane Catastrophe Fund (“FHCF”), Citrus Re and Osprey Re. The FHCF covers Florida admitted market risks only and the Company elected to participate at 90 % for the 2023 hurricane season. Additionally, for Florida admitted market risks, the Company also has reinsurance from the Reinsurance to Assist Policyholders (“RAP”) program created by the Florida legislature, which provides reinsurance at no cost to the Company. Osprey Re will provide reinsurance for a portion of the Heritage P&C, NBIC and Zephyr programs. The Company’s third-party reinsurers are either rated “A-” or higher by A.M. Best or S&P or are fully collateralized, to reduce credit risk. Osprey Re and Citrus Re are fully collateralized programs. The reinsurance program, which is segmented into layers of coverage, protects the Company for excess property catastrophe losses and loss adjustment expenses. The 2023-2024 reinsurance program provides first event coverage up to $ 1.1 billion for Heritage P&C, first event coverage up to $ 1.3 billion for NBIC, and first event coverage up to $ 870.0 million for Zephyr. The Company’s first event retention in a 1 in 100-year event would include retention for the respective insurance company as well as any retention by Osprey. The first event maximum retention up to a 1 in 100-year event for each insurance company subsidiary is as follows: Heritage P&C – $ 40.0 million, of which $ 40.0 million would be ceded to Osprey; NBIC – $ 30.0 million of which $ 30 million would be ceded to Osprey in a shared contract with Zephyr; and Zephyr – $ 40 million, of which $ 30 million would be ceded to Osprey in a shared contract with NBIC. The Company is responsible for all losses and loss adjustment expenses in excess of our reinsurance program. For second or subsequent catastrophic events, the Company’s total available coverage depends on the magnitude of the first event, as the Company may have coverage remaining from layers that were not previously fully exhausted. An aggregate of $ 2.9 billion of limit purchased in 2023 includes reinstatement through the purchase of reinstatement premium protection. The amount of coverage, however, will be subject to the severity and frequency of such events. Additionally, the Company placed an occurrence contract for business underwritten by NBIC which covers all catastrophe losses excluding named storms, on December 31, 2022, expiring December 31, 2023 . The contract is 70% placed with a $ 15.0 million limit in excess of a retention of $ 25.0 million, with the remaining 30% placed with a $ 20.0 million limit in excess of a retention of $ 20.0 million, with one reinstatement available. The Company placed an aggregate contract for the Company’s business underwritten by NBIC which covers all catastrophe losses excluding named storms, on December 1, 2022, expiring March 31, 2023 . The limit on the contract is $ 20.0 million with an aggregate retention of $ 21.0 million, with a $ 21.0 million per occurrence cap, and a $ 2.0 million franchise deductible. Net Quota Share Reinsurance The Company’s Net Quota Share coverage is proportional reinsurance, which applies to business underwritten by NBIC, for which certain of the Company’s other reinsurance (property catastrophe excess of loss and the second layer of the general excess of loss) inures to the quota share program. An occurrence limit of $ 20.0 million for catastrophe losses is in effect on the quota share program, subject to certain aggregate loss limits that vary by reinsurer. The amount and rate of ceding commissions slide, within a prescribed minimum and maximum, depending on loss performance. The Net Quota Share program was renewed on December 31, 2022 ceding 41.0 % of the net premiums and losses and 16.0 % of the prior year quota share is in run off. Per Risk Coverage For losses arising from business underwritten by Heritage P&C and losses arising from commercial residential business underwritten by NBIC, excluding losses from named storms, the Company purchased property per risk coverage for losses and loss adjustment expenses in excess of $ 1.0 million per claim. The limit recovered for an individual loss is $ 9.0 million and total limit for all losses is $ 27.0 million. There are two reinstatements available with additional premium due based on the amount of the layer exhausted. For losses arising from commercial residential business underwritten by NBIC, the Company also purchased property per risk coverage for losses and loss adjustments expenses in excess of $ 750,000 per claim. The limit recovered for an individual loss is $ 250,000 and total limit for all losses is $ 750,000 . There are two reinstatements available with additional premium due based on the amount of the layer exhausted. In addition, the Company purchased facultative reinsurance for losses in excess of $ 10.0 million for any properties it insured where the total insured value exceeded $ 10.0 million. This coverage applies to losses arising from business underwritten by Heritage P&C and losses arising from commercial residential business underwritten by NBIC, excluding losses from named storms. The Company also purchased facultative reinsurance for losses underwritten by NBIC in excess of $ 3.5 million. General Excess of Loss The Company’s general excess of loss reinsurance protects business underwritten by NBIC and Zephyr multi-peril policies from single risk losses. For the contract period of July 1, 2022 through June 30, 2023, the coverage is $ 2.75 million excess $ 750,000 for property losses and $ 1.25 million excess $ 750,000 for casualty losses, and is 67.5 % placed. For the contract period of July 1, 2023 through June 30, 2024, the coverage is $ 2.5 million excess $ 1.0 million for property losses and $ 1.0 million excess $ 1.0 million for casualty losses, and is 67.5 % placed. For a detailed discussion of the Company’s 2022-2023 Reinsurance Program Refer to Part I, “Business”, Part II, Item 8, “Financial Statements and Supplementary Data” and “ Note 12. Reinsurance ” in the Company’s 2022 Form 10-K. Additionally, please refer to Note 17, Commitments and Contingencies , for discussion related to the upcoming commutation of the Company’s 2017 reinsurance contract with the FHCF. Effect of Reinsurance The Company’s reinsurance arrangements had the following effect on certain items in the condensed consolidated statement of income for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) (In thousands) Premium written: Direct $ 396,559 $ 365,284 $ 706,868 $ 648,480 Ceded ( 473,657 ) ( 428,124 ) ( 506,433 ) ( 475,254 ) Net $ ( 77,099 ) $ ( 62,839 ) $ 200,435 $ 173,226 Premiums earned: Direct $ 330,015 $ 296,211 $ 647,037 $ 583,579 Ceded ( 153,211 ) ( 137,940 ) ( 304,204 ) ( 272,379 ) Net $ 176,804 $ 158,271 $ 342,833 $ 311,200 Loss and Loss Adjustment Expenses Direct $ 144,219 $ 137,582 $ 307,036 $ 337,250 Ceded ( 37,573 ) ( 36,060 ) ( 102,939 ) ( 95,689 ) Net $ 106,646 $ 101,522 $ 204,098 $ 241,560

Reserve For Unpaid Losses

Reserve For Unpaid Losses	6 Months Ended
	Jun. 30, 2023
Insurance [Abstract]
Reserve for Unpaid Losses	NOTE 13. RESERVE FOR UNPAID LOSSES The Company determines the reserve for unpaid losses on an individual-case basis for all incidents reported. The liability also includes amounts which are commonly referred to as incurred but not reported, or “IBNR”, claims as of the balance sheet date. The Company estimates its IBNR reserves by projecting its ultimate losses using industry accepted actuarial methods and then deducting actual loss payments and case reserves from the projected ultimate losses. The table below summarizes the activity related to the Company’s reserve for unpaid losses: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Balance, beginning of period $ 980,992 $ 588,420 $ 1,131,807 $ 590,166 Less: reinsurance recoverable on unpaid losses 620,218 276,737 759,681 301,757 Net balance, beginning of period 360,774 311,683 372,126 288,409 Incurred related to: Current year 109,371 101,441 208,285 239,065 Prior years ( 2,725 ) 81 ( 4,187 ) 2,495 Total incurred 106,646 101,522 204,098 241,560 Paid related to: Current year 53,569 59,713 83,944 99,341 Prior years 38,281 34,822 116,710 111,958 Total paid 91,850 94,535 200,654 211,299 Net balance, end of period 375,570 318,670 375,570 318,670 Plus: reinsurance recoverable on unpaid losses 442,289 235,239 442,289 235,239 Balance, end of period $ 817,859 $ 553,909 $ 817,859 $ 553,909 The Company believes that the reserve for unpaid losses reasonably represents the amount necessary to pay all claims and related expenses which may arise from incidents that have occurred as of the balance sheet date. As of June 30, 2023, the Company reported $ 375.6 million in unpaid losses and loss adjustment expenses, net of reinsurance which included $ 257.2 million attributable to IBNR net of reinsurance recoverable, or 68.5 % of net reserves for unpaid losses and loss adjustment expenses. For the three months ended June 30, 2023, the Company experienced $ 2.7 million of favorable prior year loss development compared to $ 82,000 of unfavorable prior year loss development for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company experienced $ 4.2 million of favorable prior year loss development compared to $ 2.5 million of unfavorable prior year loss development for the six months ended June 30, 2022. Reinsurance recoverable on unpaid losses includes expected reinsurance recoveries associated with reinsurance contracts the Company has in place. The amount may include recoveries from catastrophe excess of loss reinsurance, net quota share reinsurance, per risk reinsurance, and facultative reinsurance contracts. Refer to Note 17 , Commitments and Contingencies , for discussion related to the upcoming commutation of the Company’s 2017 reinsurance contract with the FHC F.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 14. LONG-TERM DEBT Convertible Senior Notes In August 2017 and September 2017, the Company issued in aggregate $ 136.8 million of 5.875 % Convertible Senior Notes (“Convertible Notes”) maturing on August 1, 2037 , unless earlier repurchased, redeemed or converted. Interest is payable semi-annually in arrears, on February 1, and August 1 of each year. For the three months ended June 30, 2022, the Company was in a net loss position, therefore the diluted earnings per share would not be considered for the conversion as the Convertible Notes were anti-dilutive for that period. As of June 30, 2023, the Company had approximately $ 885,000 of the Convertible Notes outstanding, net of $ 21.1 million of Convertible Notes held by an insurance company subsidiary. For each of the six-month periods ended June 30, 2023 and 2022, the Company made interest payments, net of affiliated Convertible Notes, of approximately $ 26,000 and $ 680,150 , on the outstanding Convertible Notes, respectively. As of June 30, 2023, pursuant to the guidance of ASU 2020-06, the outstanding Convertible Notes would have been converted into 59,263 shares of the Company's common stock as they are dilutive and as such have been included in the Company's quarterly diluted earnings per share results. In January 2022, the Company reacquired and retired $ 11.7 million of its outstanding Convertible Senior Notes. Payment was made in cash and the Convertible Notes were retired at the time of repurchase. In addition, the Company expensed $ 242,700 which was the proportionate amount of the unamortized issuance and debt discount costs associated with this repurchase. Senior Secured Credit Facility The Company is party to a credit agreement dated as of December 14, 2018 (as amended from time to time, the “Credit Agreement”) with a syndicate of lenders. The Credit Agreement, as amended, provides for (1) a five-year senior secured term loan facility in an aggregate principal amount of $ 100 million (the “Term Loan Facility”) and (2) a five-year senior secured revolving credit facility in an aggregate principal amount of $ 50 million (inclusive of a sublimit for the issuance of letters of credit equal to the unused amount of the revolving credit facility and a sublimit for swingline loans equal to the lesser of $ 25 million and the unused amount of the revolving credit facility) (the “Revolving Credit Facility” and together with the Term Loan Facility, the “Credit Facilities”). Term Loan Facility. The principal amount of the Term Loan Facility amortizes in quarterly installments, which began with the close of the fiscal quarter ending March 31, 2019, in an amount equal to $ 1.9 million per quarter, payable quarterly, decreasing to $ 875,000 per quarter commencing with the quarter ending December 31, 2021, and increasing to $ 2.4 million per quarter commencing with the quarter ending December 31, 2022, with the remaining balance payable at maturity. The Term Loan Facility matures on July 28, 2026 . As of June 30, 2023, there was $ 84.4 million in aggregate principal outstanding under the Term Loan Facility and after giving effect to the additional term loan advance that was used to refinance amounts outstanding under the Revolving Credit Facility and to pay fees, costs and expenses related thereto, there was $ 10 million in aggregate principal outstanding under the Revolving Credit Facility. For the six months ended June 30, 2023 and 2022, the Company made principal payments of approximately $ 4.8 million and $ 1.8 million and interest payments of $ 3.4 million and $ 783,400 , respectively, on the Term Loan Facility. Revolving Credit Facility: The Revolving Credit Facility allows for borrowings of up to $ 50 million inclusive of a sublimit for the issuance of letters of credit equal to the unused amount of the Revolving Credit Facility and a sublimit for swingline loans equal to the lesser of $ 25 million and the unused amount of the Revolving Credit Facility. As of December 31, 2022, we had $ 10.0 million in borrowings and $ 32.6 million letters of credit outstanding under the Revolving Credit Facility. In connection with the incurrence of additional amounts under the Term Loan Facility pursuant to a November 2022 amendment to the Credit Agreement, the borrowings under the Revolving Credit Facility were repaid in full. On December 23, 2022, the Company drew $ 10 million from the amended Revolving Credit Facility, resulting in an outstanding principal balance under the Revolving Credit Facility in the amount of $ 10 million. At December 31, 2022, the Company had multiple letters of credit that totaled $ 32.6 million outstanding under the Revolving Credit Facility. At January 31, 2023 , $ 22.6 million of the letters of credit were terminated and at June 30, 2023, there remained a single letter of credit in the amount of $ 10 million under the Revolving Credit Facility. For the six months ended June 30, 2023, the Company made interest payments in aggregate of approximately $ 332,106 on the Revolving Credit Facility. At the Company's option, borrowings under the Credit Facilities bear interest at rates equal to either (1) a rate determined by reference to SOFR, plus an applicable margin and a credit adjustment spread equal to 0.10 % or (2) a base rate determined by reference to the highest of (a) the “prime rate” of Regions Bank, (b) the federal funds rate plus 0.50 %, and (c) the adjusted term SOFR in effect on such day for an interest period of one month plus 1.00 %, plus an applicable margin. At June 30, 2023, the effective interest rate for the Term Loan Facility and Revolving Credit Facility was 7.905 % and 7.948 %, respectively. The Company monitors the rates prior to the reset date which allows it to establish if the payment is monthly or quarterly payment based on the most beneficial rate used to calculate the interest payment. Mortgage Loan In October 2017, the Company and its subsidiary, Skye Lane Properties LLC, jointly obtained a commercial real estate mortgage loan in the amount of $ 12.7 million, bearing interest of 4.95 % per annum and maturing on October 30, 2027 . Pursuant to the terms of the mortgage loan, on October 30, 2022, the interest rate adjusted to an interest rate equal to the annualized interest rate of the United States 5-year Treasury Notes as reported by the Federal Reserve on a weekly average basis plus 3.10 %, which resulted in an increase of the rate from 4.95 % to 7.42 % per annum. The Company makes monthly principal and interest payments against the loan. For the six months ended June 30, 2023 and 2022, the Company made principal and interest payments $ 518,746 of $ 446,425 on the mortgage loan, respectively. FHLB Loan Agreements In December 2018, a subsidiary of the Company received a 3.094 % fixed interest rate cash loan of $ 19.2 million from the Federal Home Loan Bank (“FHLB”) Atlanta. In connection with the loan agreement, the subsidiary became a member of the FHLB. Membership in the FHLB required an investment in FHLB’s common stock which was purchased in December 2018 and valued at $ 1.4 million. Additionally, the transaction required the acquired FHLB common stock and certain other investments to be pledged as collateral. As of June 30, 2023, the fair value of the collateralized securities was $ 22.9 million and the equity investment in FHLB common stock was $ 1.2 million. For the six months ended June 30, 2023, and 2022, the Company made quarterly interest payments as per the terms of the loan agreement of approximately $ 300,325 and $ 300,320 , respectively. As of June 30, 2023 and at December 31, 2022, the Company also holds other common stock from FHLB Des Moines and FHLB Boston for a combined value of $ 322,100 , and $ 319,100 , classified as equity securities and reported at fair value on the condensed consolidated financial statements, respectively. The following table summarizes the Company’s long-term debt and credit facilities as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (In thousands) Convertible debt $ 885 $ 885 Mortgage loan 11,148 11,199 Term loan facility 84,375 89,125 Revolving credit facility 10,000 10,000 FHLB loan agreement 19,200 19,200 Total principal amount $ 125,608 $ 130,409 Deferred finance costs $ 1,232 $ 1,466 Total long-term debt $ 124,376 $ 128,943 As of the date of this report, the Company was in compliance with the applicable terms of all its covenants and other requirements under the Credit Agreement, Convertible Notes, cash borrowings and other loans. The Company’s ability to secure future debt financing depends, in part, on its ability to remain in such compliance. The covenants in the Credit Agreement may limit the Company’s flexibility in connection with future financing transactions and in the allocation of capital in the future, including the Company’s ability to pay dividends and make stock repurchases, and contribute capital to its insurance subsidiaries that are not parties to the Credit Agreement. The schedule of principal payments on long-term debt as of June 30, 2023 is as follows: Year Amount (In thousands) 2023 remaining $ 24,237 2024 9,854 2025 9,874 2026 71,018 2027 414 Thereafter 10,210 Total $ 125,608

Accounts Payable and Other Liab

Accounts Payable and Other Liabilities	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Accounts Payable and Other Liabilities	NOTE 15. ACCOUNTS PAYABLE AND OTHER LIABILITIES Accounts payable and other liabilities consist of the following: Description June 30, 2023 December 31, 2022 (In thousands) Deferred ceding commission $ 37,990 42,758 Accounts payable and other payables 17,014 17,660 Accrued dividends 61 72 Accrued interest and issuance costs 613 733 Other liabilities 588 229 Premium tax — 1,001 Commission payables 16,696 17,558 Total other liabilities $ 72,963 $ 80,010

Statutory Accounting and Regula

Statutory Accounting and Regulations	6 Months Ended
	Jun. 30, 2023
Insurance [Abstract]
Statutory Accounting and Regulations	NOTE 16. STATUTORY ACCOUNTING AND REGULATIONS State laws and regulations, as well as national regulatory agency requirements, govern the operations of all insurers such as the Company’s insurance subsidiaries. The various laws and regulations require that insurers maintain minimum amounts of statutory surplus and risk-based capital, restrict insurers’ ability to pay dividends, restrict the allowable investment types and investment mixes, and subject the Company’s insurers to assessments. The Company’s insurance subsidiaries Heritage Property & Casualty Insurance Company (“Heritage P&C)”, Narragansett Bay Insurance Company (“NBIC”), Zephyr Insurance Company (“Zephyr”), and Pawtucket Insurance Company (“PIC”) must maintain capital and surplus ratios or balances as determined by the regulatory authority of the states in which they are domiciled. Heritage P&C is required to maintain capital and surplus equal to the greater of $ 15.0 million or 10 % of its respective liabilities . Zephyr is required to maintain a deposit of $ 750,000 in a federally insured financial institution. NBIC is required to maintain capital and surplus of $ 3.0 million. The combined statutory surplus for Heritage P&C, Zephyr, and NBIC was $ 262.0 million at June 30, 2023 and $ 276.3 million at December 31, 2022. State law also requires the Company’s insurance subsidiaries to adhere to prescribed premium-to-capital surplus ratios, and risk-based capital requirements with which the Company's insurance subsidiaries are in compliance. At June 30, 2023, the Company’s insurance subsidiaries met the financial and regulatory requirements of each of the states in which they conduct business.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 17. COMMITMENTS AND CONTINGENCIES The Company is involved in claims-related legal actions arising in the ordinary course of business. The Company accrues amounts resulting from claims-related legal actions in unpaid losses and loss adjustment expenses during the period that it determines an unfavorable outcome becomes probable and it can estimate the amounts. Management makes revisions to its estimates based on its analysis of subsequent information that the Company receives regarding various factors, including: (i) per claim information; (ii) company and industry historical loss experience; (iii) judicial decisions and legal developments in the awarding of damages; and (iv) trends in general economic conditions, including the effects of inflation. The Company’s Florida insurance company affiliate is required to enter into a reinsurance contract with the FHCF for a portion of its catastrophe risk transfer each year. Since the Company’s inception in 2012, few catastrophic events have resulted in losses which pierced the FHCF layer and resulted in reimbursements from the FHCF. To date, losses from only Hurricane Irma, which struck in 2017, and Hurricane Ian, which struck in 2022, have triggered the Company’s FHCF coverage. The Company’s 2017 reinsurance agreement with the FHCF is consistent among Florida insurance companies and requires a commutation no later than 60 months after the end of the contract year, which the commutation process began in June 2023. This commutation represents an agreement between Heritage and the FHCF to terminate the 2017 reinsurance agreement and agree on the conditions under which all obligations for both parties are discharged. The terms of the 2017 reinsurance agreement with the FHCF provide for the commutation process as well as the process to settle any disagreements as to the present value of outstanding losses that will serve as the basis for determining the amount payable by FHCF upon termination of the reinsurance agreement. The commutation process is expected to be completed in the third quarter of 2023. The Company cannot predict whether the loss estimates determined by Heritage and the loss estimates determined by the FHCF will differ. As such, there is no assurance that the reported reinsurance recoverable for Hurricane Irma losses from the FHCF will differ from the final amount that will be paid by the FHCF. Further, social inflation and the litigated claims environment in the State of Florida, which affected Hurricane Irma claims could result in adverse development of these claims, which create uncertainty as to the ultimate cost to settle the remaining Hurricane Irma claims. Accordingly, the final amount that will be paid by the FHCF could vary from the Company’s current or future estimation of losses to be recovered from the FHCF. The commutation process will be final and binding on both parties once complete.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 18. RELATED PARTY TRANSACTIONS From time to time the Company has been party to various related party transactions involving certain of its officers, directors and significant stockholders, including as set forth below. The Company has entered into each of these arrangements without obligation to continue its effect in the future and the associated expense was immaterial to its results of operations or financial position as of June 30, 2023 and 2022. • In July 2019, the Board of Directors appointed Mark Berset to the Board of Directors of the Company. Mr. Berset is also the Chief Executive Officer of Comegys Insurance Agency, Inc. (“Comegys”), an independent insurance agency that writes policies for the Company. The Company pays commission to Comegys based upon standard industry rates consistent with those provided to the Company’s other insurance agencies. There are no arrangements or understandings between Mr. Berset and any other persons with respect to his appointment as a director. For the three months ended June 30, 2023 and 2022, the Company paid agency commission to Comegys of approximately $ 33,160 and $ 18,200 , respectively. For the six months ended June 30, 2023 and 2022, the Company paid agency commission to Comegys of approximately $ 123,700 and $ 476,900 , respectively.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	NOTE 19. EMPLOYEE BENEFIT PLANS The Company provides a 401(k) plan for all qualifying employees. The Company provides a matching contribution of 100 % on the first 3% of employees’ contribution and 50 % on the next 2% of the employees’ contribution to the plan. The maximum match is 4 %. For the three months ended June 30, 2023 and 2022, the contributions made to the plan on behalf of the participating employees were approximately $ 330,470 and $ 334,800 , respectively. For the six months ended June 30, 2023 and 2022, the contributions made to the plan on behalf of the participating employees were approximately $ 729,670 and $ 731,400 , respectively. Effective September 1, 2021, the Company enrolled in a flex healthcare plan which allows employees the choice of three medical plans with a range of coverage levels and costs. For the three months ended June 30, 2023 and 2022, the Company incurred medical premium costs including healthcare premiums of $ 1.5 million and $ 1.2 million. For the six months ended June 30, 2023 and 2022, the Company incurred medical premium costs including healthcare premiums of $ 3.0 million and $ 2.4 million.

Equity

Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity	NOTE 20. EQUITY The total amount of authorized capital stock consists of 50,000,000 shares of common stock and 5,000,000 shares of preferred stock. As of June 30, 2023, the Company had 25,622,495 shares of common stock outstanding, 12,231,674 treasury shares of common stock and 598,801 unvested restricted common stock with accrued dividends reflecting additional paid-in capital of $ 335.5 million as of such date. As more fully disclosed in the Company’s audited consolidated financial statements for the year ended December 31, 2022, as of December 31, 2022, there were 25,539,433 shares of common stock outstanding, 12,231,674 treasury shares of common stock and 648,493 unvested shares of restricted common stock with accrued dividends, representing $ 334.7 million of additional paid-in capital. Common Stock Holders of common stock are entitled to one vote for each share held on all matters subject to a vote of stockholders, subject to the rights of holders of any outstanding preferred stock. Accordingly, holders of a majority of the shares of common stock entitled to vote in any election of directors may elect all of the directors standing for election, subject to the rights of holders of any outstanding preferred stock. Holders of common stock will be entitled to receive ratably any dividends that the board of directors may declare out of funds legally available therefor, subject to any preferential dividend rights of outstanding preferred stock. Upon the Company’s liquidation, dissolution or winding up, the holders of common stock will be entitled to receive ratably the Company's net assets available after the payment of all debts and other liabilities and subject to the prior rights of holders of any outstanding preferred stock. Holders of common stock have no preemptive, subscription, redemption or conversion rights. There is no redemption or sinking fund provisions applicable to the common stock. All outstanding shares of the Company’s capital stock are fully paid and non-assessable. Stock Repurchase Program On December 15, 2022, the Board of Directors established a new share repurchase program plan to commence on December 31, 2022 , for the purpose of repurchasing up to an aggregate of $ 10.0 million of common stock, through the open market or in such other manner as will comply with the terms of applicable federal and state securities laws and regulations, including without limitation, Rule 10b-18 under the Securities Act at any time or from time to time on or prior to December 31, 2023 (the "New Share Repurchase Plan"). At June 30, 2023, the Company has the capacity under the New Share Repurchase Plan to repurchase $1 0.0 million of its common stock until December 31, 2023. Dividends The declaration and payment of any future dividends will be subject to the discretion of the Board of Directors and will depend on a variety of factors including the Company’s financial condition and results of operations.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	NOTE 21. STOCK-BASED COMPENSATION Restricted Stock The Company has adopted the Heritage Insurance Holdings, Inc., 2023 Omnibus Incentive Plan (the “2023 Plan”), which became effective on June 7, 2023. The 2023 Plan authorized 2,125,000 shares of common stock for issuance under the Plan for future grants. Upon effectiveness of the 2023 Plan, no new awards may be granted under the prior Omnibus Incentive Plan, which will continue to govern the terms of awards previously made under such plan. At June 30, 2023, there were in aggregate 2,061,256 shares available for grant under the 2023 Plan. The Company recognizes compensation expense under ASC 718 for its stock-based payments based on the fair value of the awards. In June 2023, the Company awarded to non-employee directors in aggregate 63,744 shares of restricted stock with a fair value at the time of grant of $ 5.02 per share. The awards shall vest on the next annual meeting of the Company's stockholders that occurs after the award date, provided the member remains on the Board until such date. In June 2022, the Company awarded to non-employee directors in aggregate 99,376 shares of restricted stock with a fair value at the time of grant of $ 3.22 per share. Subsequent to the grant, 12,422 were forfeited in the third quarter of 2022, due to the departure of a Board member. The awards shall vest on the next annual meeting of the Company's stockholders that occurs after the award date, provided the member remains on the Board until such date. The Company's annual shareholders meeting was held on June 7, 2023, at which time 86,954 shares of restricted stock were effectively vested. For the performance-based restricted stock, the number of shares that will be earned at the end of the performance period is subject to decrease based on the results of the performance condition. The 2023 Plan authorizes the Company to grant stock options at exercise prices equal to the fair market value of the Company’s stock on the dates the options are granted. The Company has not granted any stock options since 2015 and all unexercised stock options have since been forfeited. Restricted stock activity for the three and six months ended June 30, 2023 is as follows: Weighted-Average Grant-Date Fair Number of shares Value per Share Non-vested, at December 31, 2022 648,493 $ 9.32 Granted - Performance-based restricted stock — — Granted - Time-based restricted stock — — Vested ( 20,800 ) 1.80 Canceled and surrendered ( 5,682 ) 3.10 Non-vested, at March 31, 2023 622,011 $ 9.63 Granted - Performance-based restricted stock — — Granted - Time-based restricted stock 63,744 $ 5.02 Vested ( 86,954 ) 3.22 Canceled and surrendered — — Non-vested, at June 30, 2023 598,801 $ 10.07 Awards are being amortized to expense over the one to five-year vesting period. For the three months ended June 30, 2023 and 2022 the Company recognized $ 403,000 and $ 505,000 of compensation expense, respectively. The Company recognized $ 797,980 and $ 1.0 million of compensation expense for the six months ended June 30, 2023 and 2022, respectively. For the three months ended June 30, 2023, 86,954 shares of restricted stock were vested and released, all of which had been granted to non-employee directors. For the six months ended June 30, 2023, 111,954 shares of restricted stock previously granted to employees and non-employee directors were vested and released. Of the shares released to employees, 4,200 shares were withheld by the Company to cover withholding taxes of $ 7,560 , and there were also 1,482 shares forfeited upon employment terminations. For the six months ended June 30, 2022, 51,768 shares of restricted stock were vested and released, all of which had been granted to employees and non-employee directors. Of the shares released to employees, 9,849 shares were withheld by the Company to cover withholding taxes of $ 58,000 . At June 30, 2023, there was approximately $ 830,749 unrecognized expense related to time-based non-vested restricted stock and an additional $ 704,588 for performance-based restricted stock, net of expected forfeitures which is expected to be recognized over the remaining restriction periods as described in the table below. For the comparable period in 2022, there was in aggregate $ 3.1 million of unrecognized expense. Additional information regarding the Company’s outstanding non-vested time-based restricted stock and performance-based restricted stock at June 30, 2023 is as follows: Grant date Restricted shares unvested Share Value at Grant Date Per Share Remaining Restriction Period (Years) January 4, 2021 111,857 10.43 0.7 April 13, 2021 32,681 10.71 0.7 October 18, 2021 56,363 6.89 0.7 March 3, 2022 12,727 5.50 1.5 March 16, 2022 321,429 6.72 1.5 June 19, 2023 63,744 5.02 1.0 598,801

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	NOTE 22. SUBSEQUENT EVENTS The Company performed an evaluation of subsequent events through the date the condensed consolidated financial statements were issued and determined there were no recognized or unrecognized subsequent events that would require an adjustment or additional disclosure in the condensed consolidated financial statements as of June 30, 2023.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of Heritage Insurance Holdings, Inc. (together with its subsidiaries, the “Company”). These statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain financial information that is normally included in annual consolidated financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. In the opinion of the Company’s management, all material intercompany transactions and balances have been eliminated and all adjustments consisting of normal recurring accruals which are necessary for a fair statement of the financial condition and results of operations for the interim periods have been reflected. The accompanying interim condensed consolidated financial statements and related footnotes should be read in conjunction with the Company’s audited consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed on March 13, 2023 (the “2022 Form 10-K”)
Significant Accounting Policies	Significant accounting policies The accounting policies of the Company are set forth in Note 1 to the consolidated financial statements contained in the Company’s 2022 Form 10-K.
Accounting Pronouncements	Accounting Pronouncements not yet adopted The Company has documented the summary of its significant accounting policies in its Notes to the Audited Consolidated Financial Statements contained in the Company’s 2022 Form 10-K. There have been no material changes to the Company’s accounting policies since the filing of that report. No other new accounting pronouncements issued, but not yet adopted, have had, or are expected to have, a material impact on the Company’s results of operations or financial position.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Debt Securities Available-for-Sale	The amortized cost, gross unrealized gains and losses, and fair value of the Company’s debt securities available-for-sale are as follows for the periods presented: June 30, 2023 Cost or Adjusted / Gross Unrealized Gross Unrealized Fair Value Debt Securities Available-for-sale (In thousands) U.S. government and agency securities (1) $ 178,160 $ 26 $ 2,947 $ 175,239 States, municipalities and political subdivisions 99,103 — 11,108 87,995 Special revenue 277,571 1 30,593 246,979 Industrial and miscellaneous 201,044 67 16,262 184,849 Total $ 755,878 $ 94 $ 60,910 $ 695,062 (1) Includes securities at June 30, 2023 with a carrying amount of $ 22.9 million that were pledged as collateral for the advance agreement entered into with a financial institution in 2018. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time. December 31, 2022 Cost or Adjusted / Gross Unrealized Gross Unrealized Fair Value Debt Securities Available-for-sale (In thousands) U.S. government and agency securities (1) $ 121,811 $ 24 $ 4,093 $ 117,742 States, municipalities and political subdivisions 104,361 — 12,734 91,627 Special revenue 284,946 1 34,817 250,130 Industrial and miscellaneous 194,430 90 18,447 176,073 Total $ 705,548 $ 115 $ 70,091 $ 635,572 (1) Includes securities at December 31, 2022 with a carrying amount of $ 24.3 million that were pledged as collateral for the advance agreement entered into with a financial institution in 2018. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time.
Schedule of Net Realized Gains (Losses) on Debt Securities Available-for-sale	The following tables present net realized (losses) gains on the Company’s debt securities available-for-sale for the three and six months ended June 30, 2023 and 2022, respectively : 2023 2022 Three Months Ended June 30, Gains Fair Value at Sale Gains Fair Value at Sale (In thousands) Debt Securities Available-for-Sale Total realized gains $ — $ — $ 28 $ 1,291 Total realized losses ( 9 ) 308 ( 130 ) 4,546 Net realized (losses) gains $ ( 9 ) $ 308 $ ( 102 ) $ 5,837 2023 2022 Six Months Ended June 30, Gains Fair Value at Sale Gains Fair Value at Sale (In thousands) Debt Securities Available-for-Sale Total realized gains $ — $ — $ 32 $ 2,336 Total realized losses ( 11 ) 598 ( 150 ) 6,096 Net realized (losses) gains $ ( 11 ) $ 598 $ ( 118 ) $ 8,432
Schedule of Reconciliation of Net Realized Gains (Losses) and Impairments of Investments	The following table presents the reconciliation of net realized (losses) gains and impairments of the Company’s investments reported for the three and six months ended June 30, 2023 and 2022, respectively: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Gross realized gains on sales of available-for-sale securities $ — $ 28 $ — $ 32 Impairments on other investments ( 1,559 ) — ( 1,559 ) — Gross realized losses on sales of available-for-sale securities ( 9 ) ( 130 ) ( 11 ) ( 150 ) Gross realized gains on sale of other investments (1) — — 1,900 — Net realized and unrealized (losses) gains $ ( 1,568 ) $ ( 102 ) $ 330 $ ( 118 ) (1) During the first quarter, the Company sold its investment in an Insurtech company for $ 4.0 million, resulting in a $ 1.9 million realized gain on the investment.
Summary of Debt Securities by Contractual Maturity Periods	The table below summarizes the Company’s debt securities at June 30, 2023 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of those obligations. At June 30, 2023 Cost or Amortized Cost Percent of Total Fair Value Percent of Total Maturity dates: (In thousands) (In thousands) Due in one year or less $ 202,543 26.8 % $ 200,310 28.8 % Due after one year through five years 339,052 44.9 % 309,546 44.5 % Due after five years through ten years 161,188 21.3 % 136,952 19.8 % Due after ten years 53,095 7.0 % 48,254 6.9 % Total $ 755,878 100.0 % $ 695,062 100.0 %
Summary of Net Investment Income	The following table summarizes the Company’s net investment income by major investment category for the three and six months ended June 30, 2023 and 2022, respectively: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Debt securities $ 5,015 $ 2,428 $ 8,038 $ 4,703 Equity securities 57 — 90 — Cash and cash equivalents 2,246 144 4,449 160 Other investments 108 82 839 312 Net investment income 7,426 2,654 13,416 5,175 Less: Investment expenses 827 491 1,235 1,012 Net investment income, less investment expenses $ 6,599 $ 2,163 $ 12,181 $ 4,163
Schedule of Debt Securities Available-for-Sale in an Unrealized Loss Position, Aggregate Fair Value	The following tables present, for all debt securities available-for-sale in an unrealized loss position (including securities pledged) and for which no credit loss allowance has been established to date, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position at June 30, 2023 and December 31, 2022, respectively (in thousands): Less Than Twelve Months Twelve Months or More June 30, 2023 Number of Gross Fair Value Number of Gross Fair Value Debt Securities Available-for-sale U.S. government and agency securities 17 $ 291 $ 43,120 77 $ 2,656 $ 77,125 States, municipalities and political subdivisions 5 30 2,010 116 11,078 83,490 Special revenue 38 128 8,155 469 30,465 213,283 Industrial and miscellaneous 65 167 31,598 233 16,095 143,897 Total fixed maturity securities 125 $ 616 $ 84,883 895 $ 60,294 $ 517,795 Less Than Twelve Months Twelve Months or More December 31, 2022 Number of Gross Fair Value Number of Gross Fair Value Debt Securities Available-for-sale U.S. government and agency securities 61 $ 2,040 $ 56,389 36 $ 2,053 $ 56,389 States, municipalities and political 28 1,967 17,730 95 10,767 68,852 Special revenue 273 5,832 57,881 259 28,985 167,384 Industrial and miscellaneous 95 1,535 32,387 197 16,912 134,462 Total fixed maturity securities 457 $ 11,374 $ 164,386 587 $ 58,717 $ 427,087
Summary of Carrying Value and Maximum Loss Exposure of Company's Non-consolidated VIEs	The following table summarizes the carrying value and maximum loss exposure of the Company’s non-consolidated VIEs at June 30, 2023 and December 31, 2022, respectively (in thousands): As of June 30, 2023 As of December 31, 2022 Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investments in non-consolidated VIEs - Equity method $ 1,854 $ 1,854 $ 3,517 $ 3,517 Investments in non-consolidated VIEs - Amortized cost $ 8,490 $ 8,490 $ 8,490 $ 8,490 Investments in non-consolidated VIEs - Measurement alternative $ 1,433 $ 1,433 $ 4,477 $ 4,477 Total non-consolidated VIEs $ 11,777 $ 11,777 $ 16,484 $ 16,484

Fair Value of Financial Measu_2

Fair Value of Financial Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements	The following table presents information about the Company’s assets measured at fair value on a recurring basis. The Company assesses the levels for the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company’s accounting policy regarding the recognitions of transfers between levels of the fair value hierarchy. The tables below present the balances of the Company’s invested assets measured at fair value on a recurring basis: June 30, 2023 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Invested Assets: (In thousands) Debt Securities Available-for-sale U.S. government and agency securities $ 175,239 $ — $ 175,239 $ — States, municipalities and political subdivisions 87,995 — 87,995 — Special revenue 246,979 — 246,979 — Industrial and miscellaneous 184,849 — 184,849 — Total investments $ 695,062 $ — $ 695,062 $ — December 31, 2022 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Invested Assets: (In thousands) Debt Securities Available-for-sale U.S. government and agency securities $ 117,742 $ — $ 117,742 $ — States, municipalities and political subdivisions 91,627 — 91,627 — Special revenue 250,130 — 250,130 — Industrial and miscellaneous 176,073 — 176,073 — Total investments $ 635,572 $ — $ 635,572 $ —

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Summary of Other Comprehensive (loss) income and Tax Impact of Each Component of Other Comprehensive (loss) income	The following tables summarize other comprehensive income (loss) and disclose the tax impact of each component of other comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022, respectively: For the Three Months Ended June 30, 2023 2022 Pre-tax Tax After-tax Pre-tax Tax After-tax (In thousands) Other comprehensive income (loss) Change in unrealized (losses) gains on investments, net $ ( 2,986 ) $ 700 $ ( 2,286 ) $ ( 16,161 ) $ 3,783 $ ( 12,378 ) Reclassification adjustment of realized losses included in net income (loss) 9 ( 2 ) 7 102 ( 24 ) 78 Effect on other comprehensive income (loss) $ ( 2,977 ) $ 698 $ ( 2,279 ) $ ( 16,059 ) $ 3,759 $ ( 12,300 ) For the Six Months Ended June 30, 2023 2022 Pre-tax Tax After-tax Pre-tax Tax After-tax (In thousands) Other comprehensive income (loss) Change in unrealized gains (losses) on investments, net $ 9,158 $ ( 2,155 ) $ 7,003 $ ( 47,932 ) $ 11,220 $ ( 36,712 ) Reclassification adjustment of realized losses included in net income (loss) 11 ( 3 ) 8 118 ( 27 ) 91 Effect on other comprehensive income (loss) $ 9,169 $ ( 2,158 ) $ 7,011 $ ( 47,814 ) $ 11,193 $ ( 36,621 )

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Components of Lease Costs	Components of the Company’s lease costs were as follows (in thousands): For The Six Months Ended June 30, 2023 2022 Operating lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations $ 787 $ 705 Finance lease cost: Amortization of assets, included in General & Administrative expenses on the Consolidated Statements of Operations 1,285 1,292 Interest on lease liabilities, included in Interest expense on the Consolidated Statements of Operations 451 495 Total finance lease cost $ 1,736 $ 1,787 Variable lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations $ 796 $ 426 Short-term lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations $ 80 $ 88
Supplemental Balance Sheet Information Related to Operating and Financing Leases	Supplemental balance sheet information related to the Company’s operating and financing leases were as follows (in thousands): Operating Leases June 30, 2023 December 31, 2022 Right of use assets $ 7,390 $ 7,335 Lease liability $ 8,690 $ 8,690 Finance Leases Right of use assets $ 18,849 $ 20,132 Lease liability $ 21,457 $ 22,557
Weighted-Average Remaining Lease Term and Discount Rate for Operating and Financing Leases	Weighted-average remaining lease term and discount rate for the Company’s operating and financing leases for the periods presented below were as follows: Weighted-average remaining lease term June 30, 2023 December 31, 2022 Operating lease 6.05 yrs. 6.49 yrs. Finance lease 7.66 yrs. 8.13 yrs. Weighted-average discount rate Operating lease 4.90 % 5.14 % Finance lease 4.15 % 4.16 %
Maturities of Lease Liabilities by Fiscal Year for Operating and Financing Leases	Maturities of lease liabilities by fiscal year for the Company’s operating and financing leases were as follows (in thousands): Financing Lease Operating Lease 2023 $ 1,535 $ 840 2024 3,101 1,695 2025 3,166 1,587 2026 3,197 1,574 2027 3,190 1,595 2028 and thereafter 10,920 2,847 Total lease payments 25,109 10,138 Less: imputed interest ( 3,652 ) ( 1,448 ) Present value of lease liabilities $ 21,457 $ 8,690

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (In thousands) Land $ 2,582 $ 2,582 Building 9,599 9,599 Software in progress 10,721 6,884 Computer hardware and software 11,076 8,851 Office furniture and equipment 1,394 1,381 Tenant and leasehold improvements 10,501 10,485 Vehicle fleet 594 594 Total, at cost 46,467 40,376 Less: accumulated depreciation and amortization ( 15,751 ) ( 14,647 ) Property and equipment, net $ 30,716 $ 25,729

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Estimated Amortization of Intangible Assets	Estimated annual pretax amortization of intangible assets for each of the next five years and thereafter is as follows (in thousands): Year Amount 2023 - remaining $ 3,092 2024 $ 6,183 2025 $ 6,183 2026 $ 6,033 2027 $ 5,836 Thereafter $ 17,003 Total $ 44,332

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share (EPS)	The following table sets forth the computation of basic and diluted earnings (loss) per share (“EPS”) for the periods indicated amounts in thousands, except share and per share amounts). Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Basic and Diluted Net income (loss) available to common shareholders — basic and diluted $ 7,779 $ ( 87,866 ) $ 21,787 $ ( 118,625 ) Common Shares Basic Weighted average shares outstanding 25,567,157 26,453,456 25,562,731 26,620,418 Diluted Weighted average shares outstanding 25,567,157 26,453,456 25,562,731 26,620,418 Weighted average effects of dilutive securities — convertible notes 59,263 — 59,263 — Total 25,626,420 26,453,456 25,621,994 26,620,418 Net income (loss) per common share Basic $ 0.30 $ ( 3.32 ) $ 0.85 $ ( 4.46 ) Diluted $ 0.30 $ ( 3.32 ) $ 0.85 $ ( 4.46 )

Deferred Reinsurance Ceding C_2

Deferred Reinsurance Ceding Commission (Tables)	6 Months Ended
	Jun. 30, 2023
Insurance [Abstract]
Schedule of Activity with Regard to Deferred Reinsurance Ceding Commission	The table below depicts the activity regarding deferred reinsurance ceding commission, included in accounts payable and other liabilities during the three and six months ended June 30, 2023 and 2022 . Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Beginning balance of deferred ceding commission income $ 40,688 $ 37,245 $ 42,757 $ 40,405 Ceding commission deferred 13,888 16,610 28,909 29,064 Less: ceding commission earned ( 16,586 ) ( 15,326 ) ( 33,676 ) ( 30,940 ) Ending balance of deferred ceding commission income $ 37,990 $ 38,529 $ 37,990 $ 38,529

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	6 Months Ended
	Jun. 30, 2023
Insurance [Abstract]
Summary of Activity in Deferred Policy Acquisition Costs (DPAC)	The Company anticipates that its DPAC will be fully recoverable in the near term. The table below depicts the activity regarding DPAC for the three and six months ended June 30, 2023 and 2022. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Beginning Balance $ 98,035 $ 90,641 $ 99,617 $ 93,881 Policy acquisition costs deferred 53,929 49,842 107,109 99,834 Amortization ( 45,228 ) ( 41,015 ) ( 99,990 ) ( 94,247 ) Ending Balance $ 106,736 $ 99,468 $ 106,736 $ 99,468

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Components of Deferred Tax Liability	The table below summarizes the significant components of the Company’s net deferred tax assets: June 30, 2023 December 31, 2022 Deferred tax assets: (In thousands) Unearned premiums $ 17,994 $ 17,060 Unearned commission 8,932 10,053 Net operating loss 748 1,189 Tax-related discount on loss reserve 4,867 4,902 Stock-based compensation 489 297 Accrued expenses 1,477 1,016 Leases 797 885 Unrealized losses 14,916 16,987 Dual Consolidated loss limitation 6,921 9,740 Other 292 238 Total deferred tax asset 57,433 62,367 Valuation allowance ( 7,239 ) ( 6,376 ) Adjusted deferred tax asset 50,194 55,991 Deferred tax liabilities: Deferred acquisition costs $ 25,094 $ 23,420 Prepaid expenses 303 180 Property and equipment 1,363 2,200 Note discount 290 290 Basis in purchased investments 24 28 Basis in purchased intangibles 10,276 11,178 Other 1,932 1,854 Total deferred tax liabilities 39,282 39,150 Net deferred tax assets $ 10,912 $ 16,841
Summary of U.S. Federal Income Tax Rate to Pretax Income	The income tax expense or benefit differs from the amounts computed by applying the U.S. federal income tax rate of as indicated below to pretax income as a result of the following: For the Six Month Ended June 30, 2023 2022 Expected income tax expense at federal rate 21.0 % 21.0 % Tax exempt interest ( 0.3 ) % 0.0 % Executive compensation 162(m) 0.3 % ( 0.1 ) % Permanent items 1.1 % ( 13.9 ) % State tax expense 5.2 % 0.7 % Prior period adjustment/penalties/interest ( 0.7 ) % 0.0 % Valuation allowance 2.8 % 0.0 % Non-deductible stock compensation 0.0 % 0.0 % Goodwill impairment 0.0 % 0.0 % Reported income tax expense 29.4 % 7.8 % For the quarters ended June 30, 2023

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2023
Insurance [Abstract]
Schedule of Effect of Reinsurance Arrangements in Consolidated Statement of Income	The Company’s reinsurance arrangements had the following effect on certain items in the condensed consolidated statement of income for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) (In thousands) Premium written: Direct $ 396,559 $ 365,284 $ 706,868 $ 648,480 Ceded ( 473,657 ) ( 428,124 ) ( 506,433 ) ( 475,254 ) Net $ ( 77,099 ) $ ( 62,839 ) $ 200,435 $ 173,226 Premiums earned: Direct $ 330,015 $ 296,211 $ 647,037 $ 583,579 Ceded ( 153,211 ) ( 137,940 ) ( 304,204 ) ( 272,379 ) Net $ 176,804 $ 158,271 $ 342,833 $ 311,200 Loss and Loss Adjustment Expenses Direct $ 144,219 $ 137,582 $ 307,036 $ 337,250 Ceded ( 37,573 ) ( 36,060 ) ( 102,939 ) ( 95,689 ) Net $ 106,646 $ 101,522 $ 204,098 $ 241,560

Reserve for Unpaid Losses (Tabl

Reserve for Unpaid Losses (Tables)	6 Months Ended
	Jun. 30, 2023
Insurance [Abstract]
Summary of Reserve for Unpaid Losses	The table below summarizes the activity related to the Company’s reserve for unpaid losses: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Balance, beginning of period $ 980,992 $ 588,420 $ 1,131,807 $ 590,166 Less: reinsurance recoverable on unpaid losses 620,218 276,737 759,681 301,757 Net balance, beginning of period 360,774 311,683 372,126 288,409 Incurred related to: Current year 109,371 101,441 208,285 239,065 Prior years ( 2,725 ) 81 ( 4,187 ) 2,495 Total incurred 106,646 101,522 204,098 241,560 Paid related to: Current year 53,569 59,713 83,944 99,341 Prior years 38,281 34,822 116,710 111,958 Total paid 91,850 94,535 200,654 211,299 Net balance, end of period 375,570 318,670 375,570 318,670 Plus: reinsurance recoverable on unpaid losses 442,289 235,239 442,289 235,239 Balance, end of period $ 817,859 $ 553,909 $ 817,859 $ 553,909

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Company's Long Term Debt and Credit Facilities	The following table summarizes the Company’s long-term debt and credit facilities as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 (In thousands) Convertible debt $ 885 $ 885 Mortgage loan 11,148 11,199 Term loan facility 84,375 89,125 Revolving credit facility 10,000 10,000 FHLB loan agreement 19,200 19,200 Total principal amount $ 125,608 $ 130,409 Deferred finance costs $ 1,232 $ 1,466 Total long-term debt $ 124,376 $ 128,943
Schedule of Principal Payments on Long-Term Debt	The schedule of principal payments on long-term debt as of June 30, 2023 is as follows: Year Amount (In thousands) 2023 remaining $ 24,237 2024 9,854 2025 9,874 2026 71,018 2027 414 Thereafter 10,210 Total $ 125,608

Accounts Payable and Other Li_2

Accounts Payable and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Accounts Payable and Other Liabilities	Accounts payable and other liabilities consist of the following: Description June 30, 2023 December 31, 2022 (In thousands) Deferred ceding commission $ 37,990 42,758 Accounts payable and other payables 17,014 17,660 Accrued dividends 61 72 Accrued interest and issuance costs 613 733 Other liabilities 588 229 Premium tax — 1,001 Commission payables 16,696 17,558 Total other liabilities $ 72,963 $ 80,010

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	Restricted stock activity for the three and six months ended June 30, 2023 is as follows: Weighted-Average Grant-Date Fair Number of shares Value per Share Non-vested, at December 31, 2022 648,493 $ 9.32 Granted - Performance-based restricted stock — — Granted - Time-based restricted stock — — Vested ( 20,800 ) 1.80 Canceled and surrendered ( 5,682 ) 3.10 Non-vested, at March 31, 2023 622,011 $ 9.63 Granted - Performance-based restricted stock — — Granted - Time-based restricted stock 63,744 $ 5.02 Vested ( 86,954 ) 3.22 Canceled and surrendered — — Non-vested, at June 30, 2023 598,801 $ 10.07
Additional Information Regarding Outstanding Non-vested Time-based Restricted Stock and Performance-based Restricted Stock	Additional information regarding the Company’s outstanding non-vested time-based restricted stock and performance-based restricted stock at June 30, 2023 is as follows: Grant date Restricted shares unvested Share Value at Grant Date Per Share Remaining Restriction Period (Years) January 4, 2021 111,857 10.43 0.7 April 13, 2021 32,681 10.71 0.7 October 18, 2021 56,363 6.89 0.7 March 3, 2022 12,727 5.50 1.5 March 16, 2022 321,429 6.72 1.5 June 19, 2023 63,744 5.02 1.0 598,801

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Debt Securities Available-for-Sale (Detail) - USD ($) $ in Thousands	Jun. 30, 2023		Mar. 31, 2023	Dec. 31, 2022
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	$ 755,878		$ 755,878	$ 705,548
Debt Securities Available-for-sale, Gross Unrealized Gains	94			115
Debt Securities Available-for-sale, Gross Unrealized Losses	60,910			70,091
Debt Securities, Available-for-Sale	695,062			635,572
U.S. government and agency securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	178,160	[1]		121,811	[2]
Debt Securities Available-for-sale, Gross Unrealized Gains	26	[1]		24	[2]
Debt Securities Available-for-sale, Gross Unrealized Losses	2,947	[1]		4,093	[2]
Debt Securities, Available-for-Sale	175,239	[1]		117,742	[2]
States, Municipalities and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	99,103			104,361
Debt Securities Available-for-sale, Gross Unrealized Gains	0			0
Debt Securities Available-for-sale, Gross Unrealized Losses	11,108			12,734
Debt Securities, Available-for-Sale	87,995			91,627
Special Revenue [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	277,571			284,946
Debt Securities Available-for-sale, Gross Unrealized Gains	1			1
Debt Securities Available-for-sale, Gross Unrealized Losses	30,593			34,817
Debt Securities, Available-for-Sale	246,979			250,130
Industrial and Miscellaneous [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	201,044			194,430
Debt Securities Available-for-sale, Gross Unrealized Gains	67			90
Debt Securities Available-for-sale, Gross Unrealized Losses	16,262			18,447
Debt Securities, Available-for-Sale	$ 184,849			$ 176,073
[1] Includes securities at June 30, 2023 with a carrying amount of $ 22.9 million that were pledged as collateral for the advance agreement entered into with a financial institution in 2018. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time. Includes securities at December 31, 2022 with a carrying amount of $ 24.3 million that were pledged as collateral for the advance agreement entered into with a financial institution in 2018. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time. The Company’s unrealized losses on corporate bonds have not been recognized into earnings because the bonds are of a high credit quality with investment grade ratings. The average rating was an A+ for the six months ended June 30, 2023. The unrealized losses are deemed to be caused by interest rates rising after the bonds were purchased and no credit loss allowance was recorded for the six months ended June 30, 2023 or for the year ended December 31, 2022.

Investments - Schedule of Amo_2

Investments - Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Debt Securities Available-for-Sale (Parenthetical) (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Carrying amount	$ 22.9	$ 24.3

Investments - Schedule of Net R

Investments - Schedule of Net Realized (Losses) Gains on Debt Securities Available-for-sale (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Securities Available-for-Sale
Total realized gains	$ 0	$ 28	$ 0	$ 32
Total realized losses	(9)	(130)	(11)	(150)
Net realized (losses) gains	(9)	(102)	(11)	(118)
Debt Securities Available-for-sale, Fair Value at Sale
Total realized gains, Fair Value at Sale	0	1,291	0	2,336
Total realized losses, Fair Value at Sale	308	4,546	598	6,096
Net realized gains (losses), Fair Value at Sale	$ 308	$ 5,837	$ 598	$ 8,432

Investments - Schedule of Recon

Investments - Schedule of Reconciliation of Net Realized (Losses) Gains and Impairments of Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Gross realized gains on sales of available-for-sale securities	$ 0	$ 28	$ 0	$ 32
Impairments on other investments	(1,559)		(1,559)
Gross realized losses on sales of available-for-sale securities	(9)	130	(11)	150
Gross realized gains on sale of other investments	0		1,900
Net realized and unrealized gains (losses)	$ (1,568)	$ (102)	$ 330	$ (118)

Investments - Schedule of Rec_2

Investments - Schedule of Reconciliation of Net Realized (Losses) Gains on Investments (Paranthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Proceeds from sale of other investments	$ 4
Realized gain on the sale of investment	$ 1.9

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Proceeds from sale of other investments		$ 4,000,000
Realized gain on the sale of investment		$ 1,900,000
Credit allowance for securities	$ 0		$ 0
Impairment on certain non-consolidated VIEs	$ 1,600,000

Investments - Summary of Debt S

Investments - Summary of Debt Securities by Contractual Maturity Periods (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Maturity date Due in one year or less, Cost or Amortized Cost	$ 202,543
Maturity date Due after one year through five years, Cost or Amortized Cost	339,052
Maturity date Due after five years through ten years, Cost or Amortized Cost	161,188
Maturity date Due after ten years, Cost or Amortized Cost	53,095
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	$ 755,878	$ 755,878	$ 705,548
Maturity date Due in one year or less, Percentage of Total	26.80%
Maturity date Due after one year through five years, Percentage of Total	44.90%
Maturity date Due after five years through ten years, Percentage of Total	21.30%
Maturity date Due after ten years, Percentage of Total	7%
Maturity date Total, Percentage	100%
Maturity date Due in one year or less, Fair Value	$ 200,310
Maturity date Due after one year through five years, Fair Value	309,546
Maturity date Due after five years through ten years, Fair Value	136,952
Maturity date Due after ten years, Fair Value	48,254
Maturity date Total, Fair Value	$ 695,062		$ 635,572
Maturity date Due in one year or less, Percentage of Total	28.80%
Maturity date Due after one year through five years, Percentage of Total	44.50%
Maturity date Due after five years through ten years, Percentage of Total	19.80%
Maturity date Due after ten years, Percentage of Total	6.90%
Maturity date Total, Percentage	100%

Investments - Summary of Net In

Investments - Summary of Net Investment Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Available-for-sale Securities [Line Items]
Net investment income	$ 7,426	$ 2,654	$ 13,416	$ 5,175
Less: Investment expenses	827	491	1,235	1,012
Net investment income, less investment expenses	6,599	2,163	12,181	4,163
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Net investment income	5,015	2,428	8,038	4,703
Equity Securities[Member]
Schedule of Available-for-sale Securities [Line Items]
Net investment income	57	0	90	0
Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Net investment income	2,246	144	4,449	160
Other Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Net investment income	$ 108	$ 82	$ 839	$ 312

Investments - Schedule of Debt

Investments - Schedule of Debt Securities Available-for-Sale in an Unrealized Loss Position, Aggregate Fair Value (Detail) $ in Thousands	Jun. 30, 2023 USD ($) Security	Dec. 31, 2022 USD ($) Security
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale Less Than Twelve Months, Number of Securities | Security	125	457
Debt Securities Available-for-sale Less Than Twelve Months, Gross Unrealized Losses	$ 616	$ 11,374
Debt Securities Available-for-sale Less Than Twelve Months, Fair Value	$ 84,883	$ 164,386
Debt Securities Available-for-sale Twelve Months or More, Number of Securities | Security	895	587
Debt Securities Available-for-sale Twelve Months or More, Gross Unrealized Losses	$ 60,294	$ 58,717
Debt Securities Available-for-sale Twelve Months or More, Fair Value	$ 517,795	$ 427,087
U.S. government and agency securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale Less Than Twelve Months, Number of Securities | Security	17	61
Debt Securities Available-for-sale Less Than Twelve Months, Gross Unrealized Losses	$ 291	$ 2,040
Debt Securities Available-for-sale Less Than Twelve Months, Fair Value	$ 43,120	$ 56,389
Debt Securities Available-for-sale Twelve Months or More, Number of Securities | Security	77	36
Debt Securities Available-for-sale Twelve Months or More, Gross Unrealized Losses	$ 2,656	$ 2,053
Debt Securities Available-for-sale Twelve Months or More, Fair Value	$ 77,125	$ 56,389
States, Municipalities and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale Less Than Twelve Months, Number of Securities | Security	5	28
Debt Securities Available-for-sale Less Than Twelve Months, Gross Unrealized Losses	$ 30	$ 1,967
Debt Securities Available-for-sale Less Than Twelve Months, Fair Value	$ 2,010	$ 17,730
Debt Securities Available-for-sale Twelve Months or More, Number of Securities | Security	116	95
Debt Securities Available-for-sale Twelve Months or More, Gross Unrealized Losses	$ 11,078	$ 10,767
Debt Securities Available-for-sale Twelve Months or More, Fair Value	$ 83,490	$ 68,852
Special Revenue [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale Less Than Twelve Months, Number of Securities | Security	38	273
Debt Securities Available-for-sale Less Than Twelve Months, Gross Unrealized Losses	$ 128	$ 5,832
Debt Securities Available-for-sale Less Than Twelve Months, Fair Value	$ 8,155	$ 57,881
Debt Securities Available-for-sale Twelve Months or More, Number of Securities | Security	469	259
Debt Securities Available-for-sale Twelve Months or More, Gross Unrealized Losses	$ 30,465	$ 28,985
Debt Securities Available-for-sale Twelve Months or More, Fair Value	$ 213,283	$ 167,384
Industrial and Miscellaneous [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale Less Than Twelve Months, Number of Securities | Security	65	95
Debt Securities Available-for-sale Less Than Twelve Months, Gross Unrealized Losses	$ 167	$ 1,535
Debt Securities Available-for-sale Less Than Twelve Months, Fair Value	$ 31,598	$ 32,387
Debt Securities Available-for-sale Twelve Months or More, Number of Securities | Security	233	197
Debt Securities Available-for-sale Twelve Months or More, Gross Unrealized Losses	$ 16,095	$ 16,912
Debt Securities Available-for-sale Twelve Months or More, Fair Value	$ 143,897	$ 134,462

Investments - Summary of Carryi

Investments - Summary of Carrying Value and Maximum Loss Exposure of Company's Non-consolidated VIEs (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Carrying Value	$ 11,777	$ 16,484
Non-Consolidating Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Carrying Value	11,777	16,484
Maximum Loss Exposure	11,777	16,484
Non-Consolidating Variable Interest Entities [Member] | Investments in Non-consolidated VIEs - Equity Method [Member]
Variable Interest Entity [Line Items]
Carrying Value	1,854	3,517
Maximum Loss Exposure	1,854	3,517
Non-Consolidating Variable Interest Entities [Member] | Investments in Non-consolidated VIEs - Amortized Cost [Member]
Variable Interest Entity [Line Items]
Carrying Value	8,490	8,490
Maximum Loss Exposure	8,490	8,490
Non-Consolidating Variable Interest Entities [Member] | Investments in Non-consolidated VIEs - Measurement alternative [Member]
Variable Interest Entity [Line Items]
Carrying Value	1,433	4,477
Maximum Loss Exposure	$ 1,433	$ 4,477

Fair Value of Financial Measu_3

Fair Value of Financial Measurements - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets transfer between levels	$ 1,000,000	$ 1,000,000
Impairment of certain brand and customer relations, net	$ 766,600
Goodwill impairment			$ 92,000,000
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of certain brand and customer relations, net		$ 766,600

Fair Value of Financial Measu_4

Fair Value of Financial Measurements - Schedule of Fair Value of Measurements (Detail) - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	$ 695,062		$ 635,572
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	0		0
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	695,062		635,572
Significant Unobservable Inputs (Level 3) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	0		0
U.S. government and agency securities [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	175,239	[1]	117,742	[2]
U.S. government and agency securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	0		0
U.S. government and agency securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	175,239		117,742
U.S. government and agency securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	0		0
States, Municipalities and Political Subdivisions [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	87,995		91,627
States, Municipalities and Political Subdivisions [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	0		0
States, Municipalities and Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	87,995		91,627
States, Municipalities and Political Subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	0		0
Special Revenue [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	246,979		250,130
Special Revenue [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	0		0
Special Revenue [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	246,979		250,130
Special Revenue [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	0		0
Industrial and Miscellaneous [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	184,849		176,073
Industrial and Miscellaneous [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	0		0
Industrial and Miscellaneous [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	184,849		176,073
Industrial and Miscellaneous [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	$ 0		$ 0
[1] Includes securities at June 30, 2023 with a carrying amount of $ 22.9 million that were pledged as collateral for the advance agreement entered into with a financial institution in 2018. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time. Includes securities at December 31, 2022 with a carrying amount of $ 24.3 million that were pledged as collateral for the advance agreement entered into with a financial institution in 2018. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time. The Company’s unrealized losses on corporate bonds have not been recognized into earnings because the bonds are of a high credit quality with investment grade ratings. The average rating was an A+ for the six months ended June 30, 2023. The unrealized losses are deemed to be caused by interest rates rising after the bonds were purchased and no credit loss allowance was recorded for the six months ended June 30, 2023 or for the year ended December 31, 2022.

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Summary of Other Comprehensive (Loss) Income and Tax Impact of Each Component of Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other comprehensive income (loss)
Change in unrealized losses on investments, net, Pre-tax	$ (2,986)	$ (16,161)	$ 9,158	$ (47,932)
Reclassification adjustment of realized losses included in net income (loss), Pre-tax	9	102	11	118
Effect on other comprehensive income (loss) , Pre-tax	(2,977)	(16,059)	9,169	(47,814)
Change in unrealized losses on investments, net, Tax	700	3,783	(2,155)	11,220
Reclassification adjustment of realized losses included in net income (loss), Tax	(2)	(24)	(3)	(27)
Effect on other comprehensive income (loss), Tax	698	3,759	(2,158)	11,193
Change in unrealized losses on investments, net, After-tax	(2,286)	(12,378)	7,003	(36,712)
Reclassification adjustment of realized losses included in net income (loss), After-tax	7	78	8	91
Effect on other comprehensive income (loss), After-tax	$ (2,279)	$ (12,300)	$ 7,011	$ (36,621)

Leases - Additional Information

Leases - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2023
Lessee Lease Description [Line Items]
Lease renewal, Description	one or more options to renew
Minimum [Member]
Lessee Lease Description [Line Items]
Lease terms	1 year
Renewal terms of lease	2 years
Maximum [Member]
Lessee Lease Description [Line Items]
Lease terms	10 years
Renewal terms of lease	10 years

Leases - Components of Lease Co

Leases - Components of Lease Costs (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Total finance lease cost	$ 1,736	$ 1,787
General and Administrative Expenses [Member]
Lessee, Lease, Description [Line Items]
Operating lease cost (cost resulting from lease payments)	787	705
Amortization of assets	1,285	1,292
Variable lease cost	796	426
Short-Term Lease, Cost	80	88
Interest Expense [Member]
Lessee, Lease, Description [Line Items]
Interest on lease liabilities	$ 451	$ 495

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Operating and Financing Leases (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Right-of-use lease asset, operating	$ 7,390	$ 7,335
Right-of-use lease asset, finance	18,849	20,132
Lease liability, operating	8,690	8,690
Lease liability, finance	$ 21,457	$ 22,557

Leases - Weighted-Average Remai

Leases - Weighted-Average Remaining Lease Term and Discount Rate for Operating and Financing Leases (Detail)	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average lease term - Operating leases	6 years 18 days	6 years 5 months 26 days
Weighted average lease term - Finance leases	7 years 7 months 28 days	8 years 1 month 17 days
Weighted average discount rate - Operating leases	4.90%	5.14%
Weighted average discount rate - Finance leases	4.15%	4.16%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities by Fiscal Year for Operating and Financing Leases (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financing Lease
2023	$ 1,535
2024	3,101
2025	3,166
2026	3,197
2027	3,190
2028 and thereafter	10,920
Total lease payments	25,109
Less: imputed interest	(3,652)
Present value of lease liabilities	21,457	$ 22,557
Operating Lease
2023	840
2024	1,695
2025	1,587
2026	1,574
2027	1,595
2028 and thereafter	2,847
Total lease payments	10,138
Less: imputed interest	(1,448)
Present value of lease liabilities	$ 8,690	$ 8,690

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total, at cost	$ 46,467	$ 40,376
Less: accumulated depreciation and amortization	(15,751)	(14,647)
Property and equipment, net	30,716	25,729
Land [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	2,582	2,582
Building [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	9,599	9,599
Software in progress [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	10,721	6,884
Computer Hardware and Software [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	11,076	8,851
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	1,394	1,381
Tenant and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	10,501	10,485
Vehicle Fleet [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	$ 594	$ 594

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail)	3 Months Ended			6 Months Ended
	Jun. 30, 2023 USD ($) Building	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) a ft² Building	Jun. 30, 2022 USD ($)	Jun. 12, 2023 USD ($)
Property Plant And Equipment Useful Life And Values [Abstract]
Investment in software development and implementation		$ 3,600,000		$ 6,000,000
Software claim value						$ 2,000,000
Depreciation and amortization expense	$ 566,000		$ 466,000	$ 1,100,000	$ 925,000
Number of acres of land purchased | a				13
Number of buildings | Building	2			2
Gross area of acquired property | ft²				88,378

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Intangibles, net	$ 45,647,000		$ 45,647,000		$ 49,575,000
Indefinite lived intangible, insurance licenses	1,300,000		1,300,000
Impairment of certain brand and customer relations, net	766,600
Goodwill and intangible asset impairment	766,600	$ 91,959,000	766,600	$ 91,959,000
Carrying value of goodwill before impairment		92,000,000		92,000,000
Amortization of intangible assets	1,600,000	$ 1,600,000	3,200,000	3,200,000
Impairment of intangible assets	$ 0		$ 0
Goodwill impairment				$ 92,000,000
Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset	15 years		15 years
Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset	2 years 6 months		2 years 6 months

Intangible Assets - Schedule of

Intangible Assets - Schedule of Estimated Amortization of Intangible Assets (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 - remaining	$ 3,092
2024	6,183
2025	6,183
2026	6,033
2027	5,836
Thereafter	17,003
Total	$ 44,332

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share (EPS) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic and Diluted
Net income (loss) available to common shareholders - basic and diluted	$ 7,779	$ (87,866)	$ 21,787	$ (118,625)
Weighted average shares outstanding	25,567,157	26,453,456	25,562,731	26,620,418
Basic	$ 0.3	$ (3.32)	$ 0.85	$ (4.46)
Diluted
Net income (loss) available to common shareholders - basic and diluted	$ 7,779	$ (87,866)	$ 21,787	$ (118,625)
Weighted average shares outstanding	25,626,420	26,453,456	25,621,994	26,620,418
Weighted average dilutive shares gross	25,567,157	26,453,456	25,562,731	26,620,418
Weighted average effects of dilutive securities - convertible notes	59,263	0	59,263	0
Diluted	$ 0.3	$ (3.32)	$ 0.85	$ (4.46)

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2023 shares
Earnings Per Share [Abstract]
Number of antidilutive shares	2,370,531

Deferred Reinsurance Ceding C_3

Deferred Reinsurance Ceding Commission - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Policy Acquisition Costs [Member]
Deferred Reinsurance Ceding Commission [Line Items]
Ceding commission income	$ 12.7	$ 11.5	$ 25.3	$ 23.2
General and Administrative Expenses [Member]
Deferred Reinsurance Ceding Commission [Line Items]
Ceding commission income	$ 4.1	$ 3.9	$ 8.3	$ 7.7

Deferred Reinsurance Ceding C_4

Deferred Reinsurance Ceding Commission - Schedule of Activity with Regard to Deferred Reinsurance Ceding Commission (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Insurance [Abstract]
Beginning balance of deferred ceding commission income	$ 40,688	$ 37,245	$ 42,757	$ 40,405
Ceding commission deferred	13,888	16,610	28,909	29,064
Less: ceding commission earned	(16,586)	(15,326)	(33,676)	(30,940)
Ending balance of deferred ceding commission income	$ 37,990	$ 38,529	$ 37,990	$ 38,529

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs - Summary of Activity in Deferred Policy Acquisition Costs (DPAC) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Insurance [Abstract]
Beginning Balance	$ 98,035	$ 90,641	$ 99,617	$ 93,881
Policy acquisition costs deferred	53,929	49,842	107,109	99,834
Amortization	(45,228)	(41,015)	(99,990)	(94,247)
Ending Balance	$ 106,736	$ 99,468	$ 106,736	$ 99,468

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 5,872,000		$ 563,000	$ 9,074,000	$ (10,061,000)
Annual effective tax rate	43%		(0.60%)	29.40%	7.80%
Goodwill impairment loss					$ 92,000,000
Change in annual effective tax rate		(43.60%)
Uncertain tax positions	$ 0			$ 0		$ 0
Valuation allowance				$ 863,000,000

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Liability (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred tax assets:
Unearned premiums	$ 17,994	$ 17,060
Unearned commission	8,932	10,053
Net operating loss	748	1,189
Tax-related discount on loss reserve	4,867	4,902
Stock-based compensation	489	297
Accrued expenses	1,477	1,016
Leases	797	885
Unrealized losses	14,916	16,987
Dual Consolidated loss limitation	6,921	9,740
Other	292	238
Total deferred tax asset	57,433	62,367
Valuation allowance	(7,239)	(6,376)
Adjusted deferred tax asset	50,194	55,991
Deferred tax liabilities:
Deferred acquisition costs	25,094	23,420
Prepaid expenses	303	180
Property and equipment	1,363	2,200
Note discount	290	290
Basis in purchased investments	24	28
Basis in purchased intangibles	10,276	11,178
Other	1,932	1,854
Total deferred tax liabilities	39,282	39,150
Net deferred tax assets (liabilities)	$ 10,912	$ 16,841

Income Taxes - Summary of U.S.

Income Taxes - Summary of U.S. Federal Income Tax Rate to Pretax Income (Details)	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Expected income tax expense at federal rate				21%	21%
Tax exempt interest				(0.30%)	0%
Executive compensation 162(m)				0.30%	(0.10%)
Permanent items				1.10%	(13.90%)
State tax expense				5.20%	0.70%
Prior period adjustment/penalties/interest				(0.70%)	0%
Valuation allowance				2.80%	0%
Non-deductible stock compensation				0%	0%
Goodwill impairment				0%	0%
Reported income tax expense	43%		(0.60%)	29.40%	7.80%
Change in reported income tax expense		(43.60%)

Reinsurance - 2023 - 2024 Reins

Reinsurance - 2023 - 2024 Reinsurance Program - Catastrophe Excess of Loss Reinsurance - Additional information - (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
FHCF [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsured risk percentage	90%
2023 - 2024 Reinsurance Program [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Reinsurance purchase limit	$ 2,900
First Catastrophe [Member] | 2023 - 2024 Reinsurance Program [Member] | NBIC [Member] | Maximum [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Retention under program to provide reinsurance coverage	1,300
First event retention for insurance company subsidiary	30
First Catastrophe [Member] | 2023 - 2024 Reinsurance Program [Member] | Heritage P&C [Member] | Maximum [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Retention under program to provide reinsurance coverage	1,100
First event retention for insurance company subsidiary	40
First Catastrophe [Member] | 2023 - 2024 Reinsurance Program [Member] | Zephyr [Member] | Maximum [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Retention under program to provide reinsurance coverage	870
First event retention for insurance company subsidiary	40
First Catastrophe [Member] | 2023 - 2024 Reinsurance Program [Member] | Osprey And Zephyr [Member] | Maximum [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
First event retention for insurance company subsidiary	30
First Catastrophe [Member] | 2023 - 2024 Reinsurance Program [Member] | Osprey And NBIC [Member] | Maximum [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
First event retention for insurance company subsidiary	30
Osprey [Member] | First Catastrophe [Member] | 2023 - 2024 Reinsurance Program [Member] | Maximum [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
First event retention for insurance company subsidiary	$ 40

Reinsurance - 2023 -2024 Reinsu

Reinsurance - 2023 -2024 Reinsurance Program - Aggregate Coverage - Additional information - (Detail) $ in Millions		6 Months Ended	12 Months Ended
	Dec. 01, 2022 USD ($)	Jun. 30, 2023 Reinsurer	Dec. 31, 2022 USD ($) Reinsurer
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Number of reinstatements available | Reinsurer		2
NBIC [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Aggregate contract coverage limit	$ 20
Excess retention amount reinsured	21
Occurrence cap amount	21
Franchise deductible amount	$ 2
Aggregate contract expiration date	Mar. 31, 2023		Dec. 31, 2023
Number of reinstatements available | Reinsurer			1
NBIC [Member] | 70% Reinsurance Contract [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Aggregate contract coverage limit			$ 15
Excess retention amount reinsured			25
NBIC [Member] | 30% Reinsurance Contract [Member]
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Aggregate contract coverage limit			20
Excess retention amount reinsured			$ 20

Reinsurance - 2023 - 2024 Rei_2

Reinsurance - 2023 - 2024 Reinsurance Program - Gross Quota and Net Quota Share Reinsurance - Additional information - (Detail) - NBIC [Member] - 2023 -2024 Net Quota Share Reinsurance [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Net lines quota share occurrence limit	$ 20
Percentage of renewed ceded net premium and losses	41%	16%

Reinsurance - 2023 - 2024 Rei_3

Reinsurance - 2023 - 2024 Reinsurance Program - Additional information (Detail)		6 Months Ended	12 Months Ended
	Dec. 01, 2022 USD ($)	Jun. 30, 2023 USD ($) Reinsurer	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) Reinsurer	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Unpaid losses and loss adjustment expenses		$ 817,859,000		$ 817,859,000	$ 1,131,807,000	$ 980,992,000	$ 553,909,000	$ 588,420,000	$ 590,166,000
Reinsurance payable		$ 387,598,000		$ 387,598,000	$ 199,803,000
Number of reinstatements available | Reinsurer		2
Reinsurance excess retention percentage				67.50%
Scenario Forecast [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Reinsurance excess retention percentage			67.50%
Property Losses [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Retention under program to provide reinsurance coverage				$ 2,750,000
Excess retention amount reinsured				750,000
Property Losses [Member] | Scenario Forecast [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Retention under program to provide reinsurance coverage			$ 2,500,000
Excess retention amount reinsured			1,000,000
Causality Losses [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Retention under program to provide reinsurance coverage				1,250,000
Excess retention amount reinsured				750,000
Causality Losses [Member] | Scenario Forecast [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Retention under program to provide reinsurance coverage			1,000,000
Excess retention amount reinsured			$ 1,000,000
Facultative Reinsurance [Member] | Maximum [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Reinsurance payable		$ 10,000,000		10,000,000
Facultative Reinsurance [Member] | Minimum [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Facultative reinsurance purchase amount		10,000,000
NBIC [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Number of reinstatements available | Reinsurer					1
Excess retention amount reinsured	$ 21,000,000
NBIC [Member] | Facultative Reinsurance [Member] | Maximum [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Reinsurance payable		$ 3,500,000		3,500,000
Commercial Residential Losses [Member] | NBIC [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Number of reinstatements available | Reinsurer		2
Insurance Claims [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Unpaid losses and loss adjustment expenses		$ 1,000,000		1,000,000
Insurance Claims [Member] | Commercial Residential Losses [Member] | NBIC [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Unpaid losses and loss adjustment expenses		750,000		750,000
Property Per Risk Coverage [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Coverage limit		9,000,000
Reinsurance payable		27,000,000		27,000,000
Property Per Risk Coverage [Member] | Commercial Residential Losses [Member] | NBIC [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Coverage limit		250,000
Reinsurance payable		$ 750,000		$ 750,000

Reinsurance - Schedule of Effec

Reinsurance - Schedule of Effect of Reinsurance Arrangements in Consolidated Statement of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Premiums Written
Premiums Written, Direct	$ 396,559	$ 365,284	$ 706,868	$ 648,480
Premiums Written, Ceded	(473,657)	(428,124)	(506,433)	(475,254)
Premiums Written, Net	(77,099)	(62,839)	200,435	173,226
Premiums Earned
Premiums Earned, Direct	330,015	296,211	647,037	583,579
Premiums Earned, Ceded	(153,211)	(137,940)	(304,204)	(272,379)
Net premiums earned	176,804	158,271	342,833	311,200
Losses and Loss Adjustment Expenses
Losses and Loss Adjustment Expenses, Direct	144,219	137,582	307,036	337,250
Losses and Loss Adjustment Expenses, Ceded	(37,573)	(36,060)	(102,939)	(95,689)
Losses and Loss Adjustment Expenses, Net	$ 106,646	$ 101,522	$ 204,098	$ 241,560

Reserve for Unpaid Losses - Sum

Reserve for Unpaid Losses - Summary of Reserve for Unpaid Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Insurance [Abstract]
Balance, beginning of period	$ 980,992	$ 588,420	$ 1,131,807	$ 590,166
Less: reinsurance recoverable on unpaid losses	620,218	276,737	759,681	301,757
Net balance, beginning of period	360,774	311,683	372,126	288,409
Incurred related to:
Current year	109,371	101,441	208,285	239,065
Prior years	(2,725)	81	(4,187)	2,495
Total incurred	106,646	101,522	204,098	241,560
Paid related to:
Current year	53,569	59,713	83,944	99,341
Prior years	38,281	34,822	116,710	111,958
Total paid	91,850	94,535	200,654	211,299
Net balance, end of period	375,570	318,670	375,570	318,670
Plus: reinsurance recoverable on unpaid losses	442,289	235,239	442,289	235,239
Balance, end of period	$ 817,859	$ 553,909	$ 817,859	$ 553,909

Reserve for Unpaid Losses - Add

Reserve for Unpaid Losses - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Insurance [Abstract]
Unpaid losses and loss adjustment expenses	$ 375,570,000	$ 318,670,000	$ 375,570,000	$ 318,670,000	$ 360,774,000	$ 372,126,000	$ 311,683,000	$ 288,409,000
Unpaid losses and loss adjustment expenses attributable to IBNR net of reinsurance recoverable	$ 257,200,000		$ 257,200,000
Net reserves for unpaid losses and loss adjustment expenses, percentage	68.50%		68.50%
Prior year loss related to development incurred	$ 2,700,000	$ 82,000	$ 4,200,000	$ 2,500,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)		1 Months Ended	6 Months Ended		12 Months Ended
	Dec. 23, 2022	Oct. 31, 2017	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jan. 31, 2023	Jan. 31, 2022	Dec. 31, 2018	Sep. 30, 2017
Debt Instrument [Line Items]
Long-term debt, net			$ 124,376,000		$ 128,943,000
Payout dividends, aggregate amount			$ 11,000	$ 3,222,000
Interest rate terms			borrowings under the Credit Facilities bear interest at rates equal to either (1) a rate determined by reference to SOFR, plus an applicable margin and a credit adjustment spread equal to 0.10% or (2) a base rate determined by reference to the highest of (a) the “prime rate” of Regions Bank, (b) the federal funds rate plus 0.50%, and (c) the adjusted term SOFR in effect on such day for an interest period of one month plus 1.00%, plus an applicable margin.
Unamortized issuance and debt discount costs							$ 242,700
Federal Home Loan Bank Of Atlanta [Member]
Debt Instrument [Line Items]
Interest paid			$ 300,325	300,320
FHLB advance Interest rate								3.094%
Cash loan received under advance from FHLB								$ 19,200,000
Required fair value of reinvestment in FHLB common stock.			1,200,000					$ 1,400,000
Estimated fair value of collateral with FHLB			22,900,000
Federal Home Loan Bank Des Moines [Member]
Debt Instrument [Line Items]
Interest paid			$ 322,100		319,100
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount									$ 136,800,000
Interest rate									5.875%
Notes maturity date			Aug. 01, 2037
Interest payments term			Interest is payable semi-annually in arrears, on February 1, and August 1 of each year.
Conversion of convertible securities			59,263
Long-term debt, net			$ 885,000
Interest paid			$ 26,000	680,150
Loan or advance maturity date			Aug. 01, 2037
Convertible Senior Notes [Member] | Subsidiaries Member
Debt Instrument [Line Items]
Repurchase of convertible notes			$ 21,100,000
Convertible Debt [Member] | Parent company member
Debt Instrument [Line Items]
Repurchase of convertible notes							$ 11,700,000
Senior Secured Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1%
Senior Secured Credit Facility [Member] | Seventh Amendment [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.10%
Senior Secured Credit Facility [Member] | Seventh Amendment [Member] | Federal funds effective swap rate member
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.50%
Senior Secured Credit Facility [Member] | Term Loan Facility [Member]
Debt Instrument [Line Items]
Interest paid			$ 3,400,000	783,400,000
Term loan, Quarterly principal payments			$ 4,800,000	1,800,000
Effective interest rate			7.905%
Senior Secured Credit Facility [Member] | Term Loan Facility [Member] | Seventh Amendment [Member]
Debt Instrument [Line Items]
Aggregate principal amount			$ 84,400,000
Notes maturity date			Jul. 28, 2026
Notes maturity period			5 years
Maximum borrowing capacity			$ 100,000,000
Loan or advance maturity date			Jul. 28, 2026
Senior Secured Credit Facility [Member] | Term Loan Facility [Member] | Term Loan Payable Prior to July 29, 2021 [Member] | Seventh Amendment [Member]
Debt Instrument [Line Items]
Term loan, Quarterly principal payments			$ 1,900,000
Senior Secured Credit Facility [Member] | Term Loan Facility [Member] | Term Loan Payable in December 2021 [Member] | Seventh Amendment [Member]
Debt Instrument [Line Items]
Term loan, Quarterly principal payments			875,000
Senior Secured Credit Facility [Member] | Term Loan Facility [Member] | Term Loan Payable After December 2021 [Member] | Seventh Amendment [Member]
Debt Instrument [Line Items]
Term loan, Quarterly principal payments			$ 2,400,000
Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Notes maturity date			Jan. 31, 2023
Interest paid			$ 332,106,000,000
Outstanding borrowing capacity amount	$ 10,000,000
Letters of credit outstanding amount					32,600,000	$ 22,600,000
Letters of credit remaining amount			$ 10,000,000
Revolving credit facility, outstanding principal amount	$ 10,000,000
Effective interest rate			7.948%
Loan or advance maturity date			Jan. 31, 2023
Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member] | Seventh Amendment [Member]
Debt Instrument [Line Items]
Aggregate principal amount			$ 10,000,000
Notes maturity period			5 years
Maximum borrowing capacity			$ 50,000,000
Outstanding borrowing capacity amount					10,000,000
Letters of credit outstanding amount					$ 32,600,000
Senior Secured Credit Facility [Member] | Swingline Loan [Member] | Seventh Amendment [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			25,000,000
Collateral Financial Arrangement [Member] | Skye Lane Properties LLC [Member] | Mortgage Loan [Member]
Debt Instrument [Line Items]
Aggregate principal amount		$ 12,700,000
Interest rate		4.95%
Notes maturity date		Oct. 30, 2027
Frequency of periodic principal and interest payments		monthly
Loan or advance maturity date		Oct. 30, 2027
Payment of principal and interest			$ 518,746,000	$ 446,425,000
Collateral Financial Arrangement [Member] | Skye Lane Properties LLC [Member] | Mortgage Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate		7.42%
Collateral Financial Arrangement [Member] | Skye Lane Properties LLC [Member] | Mortgage Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate		4.95%
Collateral Financial Arrangement [Member] | Skye Lane Properties LLC [Member] | Mortgage Loan [Member] | 5-year Treasury Security [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3.10%

Long-Term Debt - Schedule of Co

Long-Term Debt - Schedule of Company's Long Term Debt and Credit Facilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal amount	$ 125,608	$ 130,409
Deferred finance costs	1,232	1,466
Total long-term debt	124,376	128,943
Term Loan Facility [Member]
Debt Instrument [Line Items]
Principal amount	84,375	89,125
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Principal amount	10,000	10,000
Convertible Debt [Member]
Debt Instrument [Line Items]
Principal amount	885	885
FHLB Loan Agreement [Member]
Debt Instrument [Line Items]
Principal amount	19,200	19,200
Mortgage Loan [Member]
Debt Instrument [Line Items]
Principal amount	$ 11,148	$ 11,199

Long-Term Debt - Schedule of Pr

Long-Term Debt - Schedule of Principal Payments on Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023 remaining	$ 24,237
2024	9,854
2025	9,874
2026	71,018
2027	414
Thereafter	10,210
Total	$ 125,608	$ 130,409

Accounts Payable and Other Li_3

Accounts Payable and Other Liabilities - Schedule of Accounts Payable and Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Deferred ceding commission	$ 37,990	$ 42,758
Accounts payable and other payables	17,014	17,660
Accrued dividends	61	72
Accrued interest and issuance costs	613	733
Other liabilities	588	229
Premium tax	0	1,001
Commission payables	16,696	17,558
Total other liabilities	$ 72,963	$ 80,010

Statutory Accounting and Regu_2

Statutory Accounting and Regulations - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Heritage P&C [Member]
Statutory Accounting Practices [Line Items]
Statutory accounting practices, capital and surplus requirements of insurance subsidiary	greater of $15.0 million or 10% of its respective liabilities
Minimum required amount of capital and surplus maintained by the insurance subsidiary	$ 15,000,000
Statutory capital and surplus requirements, percentage	10%
Zephyr [Member]
Statutory Accounting Practices [Line Items]
Deposits held	$ 750,000
NBIC [Member]
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	3,000,000
Heritage P&C, NBIC, and Zephyr [Member]
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	$ 262,000,000	$ 276,300,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Reinsurance Agreement Period	60 months

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Comegys Insurance Agency, Inc. [Member]
Related Party Transaction [Line Items]
Agency commission	$ 33,160	$ 18,200	$ 123,700	$ 476,900

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Contribution Plan Disclosure [Line Items]
Contribution for participating employees	$ 330,470	$ 334,800	$ 729,670	$ 731,400
Defined Contribution Plan, Plan Name			401(k)
Medical premium cost	$ 1,500	$ 1,200	$ 3,000	$ 2,400
Maximum [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of contribution on employee salary			4%
First 3% of Employees [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of contribution on employee salary			100%
Next 2% of the Employees [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of contribution on employee salary			50%

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Dec. 19, 2021	Mar. 31, 2022	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock, shares authorized			50,000,000		50,000,000
Preferred stock, shares authorized			5,000,000
Common stock, shares outstanding			25,622,495		25,539,433
Treasury stock, shares			12,231,674		12,231,674
Unvested restricted common stock issued			598,801		648,493
Additional paid-in capital			$ 335,501		$ 334,711
Common stock voting rights			one vote
Stock repurchase program, authorized amount			$ 0
Stock repurchase program, expiration date	Dec. 31, 2022		Dec. 31, 2023
Treasury shares repurchased, value		$ 5,000
New Share Repurchase Plan [Member]
Class Of Stock [Line Items]
Stock repurchase program, authorized amount	$ 10,000
Restricted Stock [Member]
Class Of Stock [Line Items]
Unvested restricted common stock issued			598,801	622,011	648,493

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)		3 Months Ended				6 Months Ended		9 Months Ended
	Jul. 07, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Jun. 07, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Forfeited Shares								12,422
Stock-based compensation expense		$ 403,000		$ 505,000		$ 797,980,000	$ 1,000,000
Shares withheld to cover withholding taxes						4,200
Shares withheld to cover withholding taxes, value			$ (8,000)		$ (89,000)
Shares returned from employment terminations forfeitures						$ 1,482,000
Unrecognized expense related to non-vested stock		$ 3,100,000				$ 3,100,000
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested, Number of shares		86,954	20,800
Restricted stock vested and released		86,954				111,954	51,768
Shares withheld to cover withholding taxes							9,849
Shares withheld to cover withholding taxes, value						$ 7,560,000	$ 58,000,000
Restricted Stock [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						2 years
Restricted Stock [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						5 years
Performance-Based Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized expense related to non-vested stock		$ 704,588				$ 704,588
Time-Based Unvested Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized expense related to non-vested stock		$ 830,749				$ 830,749
Omnibus Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance									2,125,000
Omnibus Incentive Plan [Member] | Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted shares issued						63,744	99,376
Grant date fair value per share						$ 5.02	$ 3.22
Vested, Number of shares	86,954
2023 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant		2,061,256				2,061,256

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Restricted Stock Activity (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, Number of shares		648,493	648,493
Ending balance, Number of shares	598,801		598,801
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, Number of shares	622,011	648,493	648,493
Vested, Number of shares	(86,954)	(20,800)
Canceled and surrendered, Number of shares	0	(5,682)
Ending balance, Number of shares	598,801	622,011	598,801
Beginning balance, Weighted-Average Grant-Date Fair Value per Share	$ 9.63	$ 9.32	$ 9.32
Vested, Weighted-Average Grant-Date Fair Value per Share	3.22	1.8
Canceled and surrendered, Weighted-Average Grant-Date Fair Value per Share	0	3.1
Ending balance, Weighted-Average Grant-Date Fair Value per Share	$ 10.07	$ 9.63	$ 10.07
Restricted Stock [Member] | Performance-Based Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted, Number of shares	0	0
Granted, Weighted-Average Grant-Date Fair Value per Share	$ 0	$ 0
Restricted Stock [Member] | Time-Based Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted, Number of shares	63,744	0
Granted, Weighted-Average Grant-Date Fair Value per Share	$ 5.02	$ 0

Stock-Based Compensation - Ad_2

Stock-Based Compensation - Additional Information Regarding Outstanding Non-vested Time-based Restricted Stock and Performance-based Restricted Stock (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted common stock issued	598,801		648,493
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted common stock issued	598,801	622,011	648,493
Restricted Stock [Member] | January 4, 2021 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date	Jan. 04, 2021
Unvested restricted common stock issued	111,857
Share Value at Grant Date Per Share	$ 10.43
Remaining Restriction Period (Years)	8 months 12 days
Restricted Stock [Member] | April 13, 2021 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date	Apr. 13, 2021
Unvested restricted common stock issued	32,681
Share Value at Grant Date Per Share	$ 10.71
Remaining Restriction Period (Years)	8 months 12 days
Restricted Stock [Member] | October 18, 2021 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date	Oct. 18, 2021
Unvested restricted common stock issued	56,363
Share Value at Grant Date Per Share	$ 6.89
Remaining Restriction Period (Years)	8 months 12 days
Restricted Stock [Member] | March 3, 2022 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date	Mar. 03, 2022
Unvested restricted common stock issued	12,727
Share Value at Grant Date Per Share	$ 5.5
Remaining Restriction Period (Years)	1 year 6 months
Restricted Stock [Member] | March 16, 2022 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date	Mar. 16, 2022
Unvested restricted common stock issued	321,429
Share Value at Grant Date Per Share	$ 6.72
Remaining Restriction Period (Years)	1 year 6 months
Restricted Stock [Member] | June 19, 2023 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date	Jun. 19, 2023
Unvested restricted common stock issued	63,744
Share Value at Grant Date Per Share	$ 5.02
Remaining Restriction Period (Years)	1 year