Heritage Insurance (HRTG) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 02, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	HRTG
Entity Registrant Name	HERITAGE INSURANCE HOLDINGS, INC.
Entity Central Index Key	1,598,665
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		30,285,410

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Fixed maturity securities, available for sale, at fair value (amortized cost of $380,892 and $290,951 in 2015 and 2014, respectively)	$ 380,310	$ 293,085
Equity securities, available for sale, at fair value (cost of $20,457 and $30,555 in 2015 and 2014, respectively)	15,378	31,225
Mortgage loan, held to maturity, at amortized cost		6,849
Total investments	395,688	331,159
Cash and cash equivalents	201,270	160,481
Restricted cash	12,786	4,339
Accrued investment income	3,282	2,617
Premiums receivable, net	26,589	20,028
Prepaid reinsurance premiums	123,541	43,148
Reinsurance premiums receivable	14,398
Income taxes receivable	6,666
Deferred income taxes	6,442	6,622
Deferred policy acquisition costs, net	32,494	24,370
Property and equipment, net	17,424	17,087
Other assets	14,464	5,180
Total Assets	855,044	615,031
LIABILITIES AND STOCKHOLDERS' EQUITY
Unpaid losses and loss adjustment expenses	74,445	51,469
Unearned premiums	278,358	241,136
Reinsurance payable	135,589	17,113
Income taxes payable		12,808
Advance premiums	13,066	5,143
Accrued compensation	11,666	442
Other liabilities	9,520	31,831
Total Liabilities	$ 522,644	$ 359,942
Commitments and contingencies (Note 13)
Stockholders' Equity:
Common stock, $0.0001 par value, 50,000,000 shares authorized, 30,285,410 and 29,794,960 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	$ 3	$ 3
Additional paid-in capital	198,584	188,342
Accumulated other comprehensive (loss) income	(3,477)	1,723
Retained earnings	137,290	65,021
Total Stockholders' Equity	332,400	255,089
Total Liabilities and Stockholders' Equity	$ 855,044	$ 615,031

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Fixed maturities available for sale, at amortized cost	$ 380,892	$ 290,951
Equity securities, cost	$ 20,457	$ 30,555
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	30,285,410	29,794,960
Common stock, shares outstanding	30,285,410	29,794,960

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Other Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUE:
Gross premiums written	$ 148,993	$ 86,771	$ 418,558	$ 254,943
Increase in gross unearned premiums	(20,759)	(6,897)	(37,222)	(50,084)
Gross premiums earned	128,234	79,874	381,336	204,859
Ceded premiums	(45,873)	(24,347)	(102,640)	(62,801)
Net premiums earned	82,361	55,527	278,696	142,058
Net investment income	1,973	1,126	5,696	2,463
Net realized gains	1,946	80	1,827	62
Other revenue	2,964	1,280	7,241	3,847
Total revenue	89,244	58,013	293,460	148,430
EXPENSES:
Losses and loss adjustment expenses	35,791	22,314	102,239	62,145
Policy acquisition costs	15,512	12,469	40,858	23,326
General and administrative expenses	10,226	7,121	33,366	19,919
Total expenses	61,529	41,904	176,463	105,390
Income before income taxes	27,715	16,109	116,997	43,040
Provision for income taxes	10,902	6,144	44,728	15,620
Net income	16,813	9,965	72,269	27,420
OTHER COMPREHENSIVE INCOME:
Change in net unrealized (losses) gains on investments	(1,168)	(139)	(6,638)	4,779
Reclassification adjustment for net realized investment gains	(1,946)	(80)	(1,827)	(62)
Income tax (expense) benefit related to items of other comprehensive income (loss)	1,201	83	3,265	(1,821)
Total comprehensive income	$ 14,900	$ 9,829	$ 67,069	$ 30,316
Weighted average shares outstanding
Basic	30,177,633	29,794,960	29,952,668	22,807,705
Diluted	30,483,553	29,814,631	30,289,328	24,381,869
Earnings per share
Basic	$ 0.56	$ 0.33	$ 2.41	$ 1.20
Diluted	$ 0.55	$ 0.33	$ 2.39	$ 1.12

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Initial Public Offering And Private Placement [Member]	Common Stock [Member]	Common Stock [Member]Initial Public Offering And Private Placement [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member]Initial Public Offering And Private Placement [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Dec. 31, 2013	$ 79,984		$ 1		$ 62,849		$ 17,924	$ (790)
Beginning Balance, Shares at Dec. 31, 2013			14,007,150
Temporary equity reclassified to equity	20,921				20,921
Temporary equity reclassified to equity, Shares			2,338,350
Member tax distribution	(1,057)				(1,057)
Issuance of equity	88	$ 69,470		$ 1	88	$ 69,469
Issuance of equity, Shares			17,850	6,909,091
Net unrealized change in investments, net of tax	2,896							2,896
Issuance of common stock to underwriters for overallotment, net of discount fee and direct costs of issuance of $700	9,200				9,200
Issuance of common stock to underwriters for over allotment, net of discount fee and direct costs of issuance, Shares			900,000
Exercise of warrants	22,515		$ 1		22,514
Exercise of warrants, Shares			5,622,519
Stock-based compensation	40				40
Net income	27,420						27,420
Ending balance at Sep. 30, 2014	231,477		$ 3		184,024		45,344	2,106
Ending balance, Shares at Sep. 30, 2014			29,794,960
Beginning Balance at Dec. 31, 2014	255,089		$ 3		188,342		65,021	1,723
Beginning Balance, Shares at Dec. 31, 2014			29,794,960
Net unrealized change in investments, net of tax	(5,200)							(5,200)
Issuance of restricted common stock in connection with the acquisition of BRC Restoration	2,000				2,000
Issuance of restricted common stock in connection with the acquisition of BRC Restoration, shares			79,850
Exercise of stock options and warrants, value	6,369				6,369
Exercise of stock options and warrants, shares			410,600
Stock-based compensation	1,873				1,873
Net income	72,269						72,269
Ending balance at Sep. 30, 2015	$ 332,400		$ 3		$ 198,584		$ 137,290	$ (3,477)
Ending balance, Shares at Sep. 30, 2015			30,285,410

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2014USD ($)
Initial Public Offering And Private Placement [Member]
Discount fee and direct costs of issuance	$ 6,530
Underwriter [Member]
Discount fee and direct costs of issuance	$ 700

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
OPERATING ACTIVITIES
Net income	$ 72,269,000	$ 27,420,000
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	1,873,000	40,000
Amortization of bond discount	4,688,000	1,565,000
Depreciation and amortization	926,000	512,000
Bad debt expense		250,000
Net realized gains	(1,827,000)	(62,000)
Deferred income taxes	3,445,000	3,904,000
Changes in operating assets and liabilities:
Accrued investment income	(665,000)	(876,000)
Premiums receivable, net	(6,561,000)	(37,877,000)
Restricted cash	(8,447,000)	(4,339,000)
Prepaid reinsurance premiums	(80,393,000)	(36,183,000)
Reinsurance premiums (payable) receivable	(14,398,000)	5,337,000
Income taxes (payable) receivable	(6,666,000)	4,241,000
Deferred policy acquisition costs, net	(8,124,000)	(15,861,000)
Other assets	(1,284,000)	(2,635,000)
Unpaid losses and loss adjustment expenses	22,976,000	22,621,000
Unearned premiums	37,222,000	50,084,000
Reinsurance payable	118,476,000	24,739,000
Income taxes payable	(12,808,000)	(2,507,000)
Accrued compensation	11,224,000	4,168,000
Advance premiums	7,923,000	6,181,000
Other liabilities	(22,311,000)	2,589,000
Net cash provided by operating activities	117,538,000	53,311,000
INVESTING ACTIVITIES
Proceeds from sales and maturities of investments available for sale	119,181,000	29,426,000
Purchases of investments available for sale	(201,885,000)	(141,176,000)
Proceeds from sale of investment in mortgage loan	6,849,000
Acquisition of a business	(6,000,000)
Cost of property and equipment acquired	(1,263,000)	(6,251,000)
Net cash used in investing activities	(83,118,000)	(118,001,000)
FINANCING ACTIVITIES
Proceeds from issuance of equity and redeemable shares		88,000
Proceeds from issuance of equity from initial public offering, net of discount fee and expense		78,670,000
Proceeds from exercise of stock options and warrants	6,369,000	22,515,000
Net cash provided by financing activities	6,369,000	101,273,000
Increase in cash and cash equivalents	40,789,000	36,583,000
Cash and cash equivalents at beginning of period	160,481,000	65,059,000
Cash and cash equivalents at end of period	201,270,000	101,642,000
Supplemental Cash Flows Information:
Income taxes paid, net	61,200,000	$ 9,981,000
Issuance of shares for consideration in the acquisition of a business	$ 2,000,000

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	NOTE 1. BASIS OF PRESENTATION Basis of Presentation The condensed consolidated financial statements as of and for the three and nine months ended September 30, 2015 and 2014 include Heritage Insurance Holdings, Inc. (“Parent Company”) and its wholly owned subsidiaries: Heritage Property & Casualty Insurance Company (“Heritage P&C”), which provides personal and commercial residential insurance; Heritage MGA, LLC, the managing general agent that manages substantially all aspects of our insurance subsidiary’s business; Contractors’ Alliance Network, LLC, our vendor network manager; Skye Lane Properties, LLC, our property management subsidiary; First Access Insurance Group, LLC, our retail agency; Osprey Re Ltd., our reinsurance subsidiary that provides a portion of the reinsurance protection purchased by our insurance subsidiary; and Heritage Insurance Claims, LLC, an inactive subsidiary reserved for future development, together referred to as “the Company”. Our primary products are personal and commercial residential insurance, which we currently offer only in Florida under authorization from the Florida Office of Insurance Regulation (“FLOIR”). We conduct our operations under one business segment. The condensed consolidated financial information included herein as of and for the three and nine months ended September 30, 2015 and 2014 does not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. However, such information reflects all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of the financial condition and results of operations for the interim periods. The results for the three and nine months ended September 30, 2015 and 2014 are not indicative of annual results. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The December 31, 2014 consolidated balance sheet was derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2014. For further information, refer to the consolidated financial statements and footnotes thereto included in Heritage Insurance Holdings, Inc.’s. Annual Report on Form 10-K for the fiscal year ended December 31, 2014. References to “we,” “us,” “our,” or the “Company” refer to Heritage Insurance Holdings, Inc. and its consolidated subsidiaries. The Company qualifies as an “emerging growth company” as defined in Section 2(a)(19) of the Securities Act, of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, the Company is eligible to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies. The Company intends to continue to take advantage of some, but not all, of the exemptions available to emerging growth companies until such time that it is no longer an emerging growth company. The Company has, however, irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 2. SIGNIFICANT ACCOUNTING POLICIES Changes to significant accounting policies We have made no material changes to our significant accounting policies as reported in our Annual Report on Form 10-K for the year ended December 31, 2014. Accounting Pronouncements The Company describes below recent pronouncements that have had or may have a significant effect on its financial statements or on its disclosures. The Company does not discuss recent pronouncements that are not anticipated to have an impact on, or are unrelated to, its financial condition, results of operations, or related disclosures. In May 2015, the Financial Accounting Standards Board (“FASB”) issued new guidance on fair value measurement (Accounting Standards Update (“ASU”) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent In May 2015, the FASB issued Accounting Standards Update No. 2015-09 (“ASU 2015-09”), Financial Services – Insurance In April 2015, the FASB issued ASU 2015-03, Imputation of Interest In April 2015, the FASB issued ASC 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation There are no other recently issued accounting standards that apply to us or that are expected to have a material impact on our results of operations, financial condition, or cash flows. Subsequent Events The Company follows the provisions of ASC Topic 855-10, “ Subsequent Events

Investments

Investments	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investments	NOTE 3. INVESTMENTS The following table details the difference between cost or adjusted/amortized cost and estimated fair value, by major investment category, at September 30, 2015 and December 31, 2014: Cost or Adjusted/ Gross Unrealized Gains Gross Unrealized Fair Value (In thousands) September 30, 2015 U.S. government and agency securities $ 24,066 $ 55 $ 193 $ 23,928 States, municipalities and political subdivisions 54,125 288 117 54,296 Special revenue 170,809 959 1,560 170,208 Industrial and miscellaneous 116,422 539 427 116,534 Redeemable preferred stocks 15,470 41 167 15,344 Total fixed maturities 380,892 1,882 2,464 380,310 Nonredeemable preferred stocks 354 — 4 350 Equity securities 20,103 17 5,092 15,028 Total equity securities 20,457 17 5,096 15,378 Total investments $ 401,349 $ 1,899 $ 7,560 $ 395,688 Cost or Adjusted/ Gross Unrealized Gains Gross Unrealized Fair Value (In thousands) December 31, 2014 U.S. government and agency securities $ 7,002 $ 22 $ 16 $ 7,008 States, municipalities and political subdivisions 41,578 560 18 42,120 Special revenue 133,269 1,349 237 134,381 Industrial and miscellaneous 105,591 668 254 106,005 Redeemable preferred stocks 3,511 84 24 3,571 Total fixed maturities 290,951 2,683 549 293,085 Nonredeemable preferred stocks 11,494 237 53 11,678 Equity securities 19,061 1,525 1,039 19,547 Total equity securities 30,555 1,762 1,092 31,225 Mortgage loan participation 6,849 — — 6,849 Total investments $ 328,355 $ 4,445 $ 1,641 $ 331,159 The Company calculates the gain or loss realized on the sale of investments by comparing the sales price (fair value) to the cost or adjusted/amortized cost of the security sold. The Company determines the cost or adjusted/amortized cost of the security sold using the specific-identification method. The following tables detail the Company’s net realized gains (losses) by major investment category for the three and nine months ended September 30, 2015 and 2014. 2015 2014 Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale (In thousands) Three Months Ended September 30, Fixed maturities $ 1,200 $ 62,412 $ 87 $ 3,083 Equity securities 826 15,949 — — Total realized gains 2,026 78,361 87 3,083 Fixed maturities (75 ) 5,948 (2 ) 90 Equity securities (5 ) 328 (5 ) 174 Total realized losses (80 ) 6,276 (7 ) 264 Net realized gain $ 1,946 $ 84,637 $ 80 $ 3,347 2015 2014 Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale (In thousands) Nine Months Ended September 30, Fixed maturities $ 1,237 $ 66,513 $ 179 $ 6,153 Equity securities 716 20,581 — — Total realized gains 1,953 87,094 179 6,153 Fixed maturities (116 ) 11,219 (91 ) 2,789 Equity securities (10 ) 2,196 (26 ) 17,991 Total realized losses (126 ) 13,415 (117 ) 20,780 Net realized gain $ 1,827 $ 100,509 $ 62 $ 26,933 The table below summarizes the Company’s fixed maturities at September 30, 2015 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. September 30, 2015 Cost or Adjusted/ Percent of Total Fair Value Percent of Total (In thousands) (In thousands) Due in one year or less $ 35,960 10 % $ 35,991 9 % Due after one year through five years 169,301 44 % 169,047 45 % Due after five years through ten years 90,968 24 % 90,810 24 % Due after ten years 84,663 22 % 84,462 22 % Total $ 380,892 100 % $ 380,310 100 % The following table summarizes the Company’s net investment income by major investment category for the three and nine months ended September 30, 2015 and 2014, respectively: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Fixed maturities $ 1,936 $ 838 $ 5,254 $ 1,989 Equity securities 439 328 1,292 768 Cash, cash equivalents and short-term investments 150 50 361 95 Other investments 67 71 128 234 Net investment income 2,592 1,287 7,035 3,086 Investment expenses 619 161 1,341 623 Net investment income, less investment expenses $ 1,973 $ 1,126 $ 5,696 $ 2,463 During the Company’s quarterly evaluations of its securities for impairment, the Company determined that none of its investments in debt and equity securities that reflected an unrealized loss position were other-than-temporarily impaired. The issuers of the debt securities in which the Company invests continue to make interest payments on a timely basis and have not suffered significant credit rating reductions. The Company does not intend to sell nor is it likely that it would be required to sell the debt securities before the Company recovers its amortized cost basis. The following tables present an aging of our unrealized investment losses by investment class as of September 30, 2015 and December 31, 2014: Less Than Twelve Months Twelve Months or More Number of Gross Unrealized Fair Value Number of Gross Unrealized Fair Value (In thousands) September 30, 2015 U.S. government and agency securities 12 $ 189 $ 7,904 2 $ 4 $ 451 States, municipalities and political subdivisions 15 114 9,703 1 2 165 Industrial and miscellaneous 103 412 40,312 4 15 412 Special revenue 87 302 36,895 8 7 1,313 Redeemable preferred stocks 247 152 10,631 12 15 203 Total fixed maturities 464 1,169 105,445 27 43 2,544 Nonredeemable preferred stocks 9 4 347 — — — Equity securities 219 4,430 13,624 30 662 981 Total equity securities 228 $ 4,434 $ 13,971 30 $ 662 $ 981 Total 692 $ 5,603 $ 119,416 57 $ 705 $ 3,525 Less Than Twelve Months Twelve Months or More Number of Gross Unrealized Fair Value Number of Gross Unrealized Fair Value (In thousands) December 31, 2014 U.S. government and agency securities 11 $ 15 $ 2,451 1 $ 1 $ 109 States, municipalities and political subdivisions 14 15 7,661 1 3 177 Industrial and miscellaneous 98 204 51,156 10 50 1,975 Special revenue 71 213 36,643 6 23 1,592 Redeemable preferred stocks 18 9 854 9 15 355 Total fixed maturities 212 456 98,765 27 92 4,208 Nonredeemable preferred stocks 1 31 2,552 1 22 490 Equity securities 1 1,039 9,792 — — — Total equity securities 2 $ 1,070 $ 12,344 1 $ 22 $ 490 Total 214 $ 1,526 $ 111,109 28 $ 114 $ 4,698

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	NOTE 4. FAIR VALUE OF FINANCIAL INSTRUMENTS For the Company’s investments in U.S. government securities that do not have prices in active markets, agency securities, state and municipal government securities, and corporate bonds, the Company obtains the fair values from its custodian, which uses a third-party valuation service, and we evaluate the relevant inputs, assumptions, methodologies and conclusions associated with such valuations. The valuation service calculates prices for the Company’s investments in the aforementioned security types on a month-end basis by using several matrix-pricing methodologies that incorporate inputs from various sources. The model the valuation service uses to price U.S. government securities and securities of states and municipalities incorporates inputs from active market makers and inter-dealer brokers. To price corporate bonds and agency securities, the valuation service calculates non-call yield spreads on all issuers, uses option-adjusted yield spreads to account for any early redemption features, then adds final spreads to the U.S. Treasury curve as of quarter end. The inputs the valuation service uses in its calculations are not quoted prices in active markets, but are observable inputs, and therefore represent Level 2 inputs. The following tables present 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. For the nine months ended September 30, 2015 and the year ended and December 31, 2014, there were no transfers in or out of Level 1, 2, and 3. September 30, 2015 Total Level 1 Level 2 Level 3 (In thousands) Fixed maturities investments: U.S. government and agency securities $ 23,928 $ 20,099 $ 3,829 $ — States, municipalities and political subdivisions 54,296 — 54,296 — Special revenue 170,208 — 170,208 — Industrial and miscellaneous 116,534 — 116,534 — Redeemable preferred stocks 15,344 15,344 — — Total fixed maturities investments $ 380,310 $ 35,443 $ 344,867 $ — Nonredeemable preferred stocks $ 350 $ 350 $ — $ — Equity securities 15,028 15,028 — — Total equity securities $ 15,378 $ 15,378 $ — $ — Total investments $ 395,688 $ 50,281 $ 344,867 $ — December 31, 2014 Total Level 1 Level 2 Level 3 (In thousands) Fixed maturities investments: U.S. government and agency securities $ 7,008 $ 3,211 $ 3,797 $ — States, municipalities and political subdivisions 42,120 — 42,120 — Special revenue 134,381 — 134,381 — Industrial and miscellaneous 106,005 — 106,005 — Redeemable preferred stocks 3,571 3,571 — — Total fixed maturities investments $ 293,085 $ 6,782 $ 286,303 $ — Nonredeemable preferred stocks $ 11,678 $ 11,678 $ — $ — Equity securities 19,547 19,547 — — Total equity securities $ 31,225 $ 31,225 $ — $ — Total investments $ 324,310 $ 38,007 $ 286,303 $ — The Company acquired a 55% participation in a commercial real estate mortgage loan for $6.1 million in 2013. The underlying $11.5 million loan was originated by unaffiliated lenders, and collateralized by commercial real estate located in Polk County, Florida. The Company records an asset in the amount of its pro rata share of the outstanding principal and carries the investment at amortized cost. The Company receives monthly principal and interest payments and recognizes income when collectible. During the three months ended September 30, 2015, the Company sold its participation in exchange for cash of $6.8 million.

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	NOTE 5. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 (In thousands) Land $ 2,582 $ 2,582 Building 9,599 9,599 Computer hardware and software 2,694 2,155 Office furniture and equipment 634 445 Tenant and leasehold improvements 3,267 2,812 Vehicle fleet 501 421 Total, at cost 19,277 18,014 Less: accumulated depreciation and amortization 1,853 927 Property and equipment, net $ 17,424 $ 17,087 Depreciation and amortization expense for property and equipment was $0.3 million and $0.9 million for the three and nine months ended September 30, 2015, respectively. The Company’s real estate consists of 13 acres of land and two buildings with a gross area of 148,000 square feet. The Company relocated to these facilities during March 2014. These facilities and the related existing tenant lease agreements were acquired in April 2013 for a total purchase price of $9.8 million in cash. The Company currently leases space to non-affiliates and its subsidiary Heritage P&C, and occupies space in one of the buildings.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 6. EARNINGS PER SHARE Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS amounts are based on the weighted average number of common shares, including outstanding warrants and the net effect of potentially dilutive common shares outstanding. The following table sets forth the computation of basic and diluted EPS for the periods indicated. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Basic earnings per share: Net income attributable to common stockholders (000’s) $ 16,813 $ 9,965 $ 72,269 $ 27,420 Weighted average shares outstanding 30,177,633 29,794,960 29,952,668 22,807,705 Basic earnings per share: $ 0.56 $ 0.33 $ 2.41 $ 1.20 Diluted earnings per share: Net income attributable to common stockholders (000’s) $ 16,813 $ 9,965 $ 72,269 $ 27,420 Weighted average shares outstanding 30,177,633 29,794,960 29,952,668 22,807,705 Weighted average dilutive shares 305,920 19,671 336,660 1,574,164 Total weighted average dilutive shares 30,483,553 29,814,631 30,289,328 24,381,869 Diluted earnings per share: $ 0.55 $ 0.33 $ 2.39 $ 1.12

Reinsurance Premiums Receivable

Reinsurance Premiums Receivable	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Reinsurance Premiums Receivable	NOTE 7. REINSURANCE PREMIUMS RECEIVABLE At September 30, 2015, due to the recent depopulation of policies from Citizens, Citizens owed the Company approximately $14.4 million which has been recorded as a reinsurance premiums receivable.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	9 Months Ended
	Sep. 30, 2015
Insurance [Abstract]
Deferred Policy Acquisition Costs	NOTE 8. DEFERRED POLICY ACQUISITION COSTS The Company defers certain costs in connection with written policies, called Deferred Policy Acquisition Costs (“DPAC”), net of corresponding amounts of ceded reinsurance commissions, called Deferred Reinsurance Ceding Commissions (“DRCC”). Net DPAC is amortized over the effective period of the related insurance policies. The Company anticipates that its DPAC costs will be fully recoverable in the near term. The table below depicts the activity with regard to DPAC during the three and nine-month periods ended September 30, 2015 and 2014: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) (In thousands) Beginning Balance $ 31,948 $ 25,392 $ 24,370 $ 9,765 Policy acquisition costs deferred 16,058 12,703 48,982 39,187 Amortization (15,512 ) (12,469 ) (40,858 ) (23,326 ) Ending Balance $ 32,494 $ 25,626 $ 32,494 $ 25,626

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 9. INCOME TAXES During the nine months ended September 30, 2015 and 2014, the Company recorded $44.7 million and $15.6 million of income tax expense which corresponds to an estimated annual effective tax rate of 38.2% and 36.3%, respectively. The table below summarizes the significant components of our net deferred tax assets/liabilities: September 30, 2015 December 31, 2014 (In thousands) Deferred tax assets: Unearned premiums $ 14,536 $ 15,567 Tax-related discount on loss reserve 1,110 1,022 Unrealized loss 2,184 — Stock-based compensation 922 1,258 Other 217 545 Total deferred tax assets 18,969 18,392 Deferred tax liabilities: Deferred acquisition costs 11,504 9,401 Unrealized gain — 1,081 Property and equipment, net 633 633 Other 390 655 Total deferred tax liabilities 12,527 11,770 Net deferred tax asset $ 6,442 $ 6,622 In assessing the net realizable value of deferred tax assets, the Company considered whether it is more likely than not that it will not realize some portion or all of the deferred tax assets. The ultimate realization of deferred tax assets depends upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. No taxing authorities are currently examining any of the Company’s 2014, 2013 or 2012 federal or state income tax returns. As of September 30, 2015 and December 31, 2014 we had no significant uncertain tax positions.

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2015
Insurance [Abstract]
Reinsurance	NOTE 10. REINSURANCE The Company’s reinsurance program is designed, utilizing the Company’s risk management methodology, to address its exposure to catastrophes. The Company’s program provides reinsurance protection for catastrophes including hurricanes, tropical storms, and tornadoes. The Company’s reinsurance agreements are part of its catastrophe management strategy, which is intended to provide its stockholders an acceptable return on the risks assumed in its property business, and to reduce variability of earnings, while providing protection to the Company’s policyholders. 2013 – 2014 Reinsurance Program During the second quarter of 2013, the Company placed its reinsurance program for the period from June 1, 2013 through May 31, 2014. The Company’s reinsurance program, which was segmented into layers of coverage, protected it for excess property catastrophe losses and loss adjustment expenses. The Company’s 2013-2014 reinsurance program incorporated the mandatory coverage required by law to be placed with the Florida Hurricane Catastrophe Fund, a state-mandated catastrophe reinsurance fund (“FHCF”). The Company also purchased private reinsurance below, alongside and above the FHCF layer, as well as aggregate reinsurance coverage. The following describes the various layers of the Company’s June 1, 2013 to May 31, 2014 reinsurance program. • The Company’s Retention • Layers Below FHCF • FHCF Layer • Aggregate Coverage For a first catastrophic event, the Company’s 2013 reinsurance program provided coverage for $571.5 million of losses and loss adjustment expenses, including its retention, and the Company was responsible for all losses and loss adjustment expenses in excess of such amount. For subsequent catastrophic events, the Company’s total available coverage depended on the magnitude of the first event, as the Company may have had coverage remaining from layers that were not previously fully exhausted. The Company also purchased reinstatement premium protection insurance to provide an additional $149.5 million of coverage. The Company’s aggregate reinsurance layer also provided coverage for second and subsequent events to the extent not exhausted in prior events. During April 2014, Heritage P&C entered into two catastrophe reinsurance agreements with Citrus Re Ltd., a newly-formed Bermuda special purpose insurer. The agreements provide for three years of coverage from catastrophe losses caused by certain named storms, including hurricanes, beginning on June 1, 2014. The limit of coverage of $200 million is fully collateralized by a reinsurance trust account for the benefit of Heritage P&C. Heritage P&C pays a periodic premium to Citrus Re Ltd. during this three-year risk period. In April 2014, Citrus Re Ltd. issued $200 million of principal-at-risk variable notes due April 2017 to fund the reinsurance trust account and its obligations to Heritage P&C under the reinsurance agreements. The maturity date of the notes may be extended up to two additional years to satisfy claims for catastrophic events occurring during the three-year term of the reinsurance agreements. The Company has determined that, while Citrus Re Ltd. is a variable interest entity, the Company does not have any variable interests in Citrus Re Ltd. Accordingly, consolidation of or disclosures associated with Citrus Re Ltd. are not applicable. 2014 – 2015 Reinsurance Program During the second quarter of 2014, the Company placed its reinsurance program for the period from June 1, 2014 through May 31, 2015. The Company’s reinsurance program, which is segmented into layers of coverage, protects it for excess property catastrophe losses and loss adjustment expenses. The Company’s 2014-2015 reinsurance program incorporates the mandatory coverage required by law to be placed with FHCF. For the 2014 hurricane season, the Company selected 90% participation in the FHCF. The Company also purchased private reinsurance below, alongside and above the FHCF layer, as well as aggregate reinsurance coverage. The following describes the various layers of the Company’s June 1, 2014 to May 31, 2015 reinsurance program. • The Company’s Retention • Layers Below FHCF • FHCF Layer • CAT Bond Layer • Aggregate Coverage For a first catastrophic event, the Company’s reinsurance program provides coverage for $990 million of losses and loss adjustment expenses, including its retention, and the Company is responsible for all losses and loss adjustment expenses in excess of such amount. For 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. The Company has also purchased reinstatement premium protection insurance to provide an additional $185 million of coverage. The Company’s aggregate reinsurance layer also provided coverage for second and subsequent events to the extent not exhausted in prior events. 2015 – 2016 Reinsurance Program During the second quarter of 2015, the Company placed its reinsurance program for the period from June 1, 2015 through May 31, 2016. The Company’s reinsurance program, which is segmented into layers of coverage, protects it for excess property catastrophe losses and loss adjustment expenses. The Company’s 2015-2016 reinsurance program incorporates the mandatory coverage required by law to be placed with FHCF. For the 2015 hurricane season, the Company selected 75% participation in the FHCF. The Company also purchased private reinsurance below, alongside and above the FHCF layer, as well as aggregate reinsurance coverage. The following describes the various layers of the Company’s June 1, 2015 to May 31, 2016 reinsurance program. • The Company’s Retention • Layers Below FHCF • FHCF Layer • CAT Bond Layer alongside the FHCF • CAT Bond Layer above the FHCF • Aggregate Coverage For a first catastrophic event, the Company’s current reinsurance program provides coverage for $1.77 billion of losses and loss adjustment expenses, including its retention, and the Company is responsible for all losses and loss adjustment expenses in excess of such amount. For 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. The Company has also purchased reinstatement premium protection insurance to provide an additional $440 million of coverage. The Company’s aggregate reinsurance layer also provides coverage for second and subsequent events to the extent not exhausted in prior events. Property Per Risk Coverage The Company also purchased property per risk coverage for losses and loss adjustment expenses in excess of $1 million per claim. The limit recoverable for an individual loss is $9 million and total limit for all losses is $27 million. There are two reinstatements available with additional premium due based on the amount of the layer exhausted. In addition, the Company purchased facultative reinsurance in excess of $10 million for any commercial properties it insured that the total insured value exceeded $10 million. Assumption Transactions and Assumed Premiums Written On June 27, 2014, the Company assumed approximately $58.9 million (representing 33,000 policies in force) of annualized premiums from SSIC. At September 30, 2015, approximately 25,572 SSIC policies were in force, representing approximately $43.0 million of annualized premium. The SSIC policies account for approximately 11% of the Company’s total policies in force as of September 30, 2015. In addition to the SSIC transaction, the Company has obtained a substantial number of its policies in connection with assumption transactions with Citizens, pursuant to which the Company recorded the assumed premiums written in the amount of the unearned premiums transferred to the Company. In connection with each assumption transaction, the Company assumes the responsibility of the primary writer of the risk through the expiration of the term of the policy. The following table depicts written premiums, earned premiums and losses, showing the effects that the Company’s assumption transactions have on these components of the Company’s consolidated statements of operations and comprehensive income: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Premium written: Direct $ 115,876 $ 81,458 $ 352,162 $ 204,630 Assumed 33,117 5,313 66,396 50,313 Ceded (611 ) (4,517 ) (183,033 ) (98,983 ) Net premium written $ 148,382 $ 82,254 $ 235,525 $ 155,960 Change in unearned premiums: Direct $ (11,996 ) (23,976 ) $ (82,979 ) (67,958 ) Assumed (8,763 ) 17,079 45,757 17,874 Ceded (45,262 ) (19,830 ) 80,393 36,182 Net decrease (increase) $ (66,021 ) $ (26,727 ) $ 43,171 $ (13,902 ) Premiums earned: Direct $ 103,880 $ 57,482 $ 269,183 $ 136,672 Assumed 24,354 22,392 112,153 68,187 Ceded (45,873 ) (24,347 ) (102,640 ) (62,801 ) Net premiums earned $ 82,361 $ 55,527 $ 278,696 $ 142,058 Losses and LAE incurred: Direct $ 25,266 $ 19,301 $ 68,269 $ 44,015 Assumed 10,525 3,013 33,970 18,130 Ceded — — — — Net losses and LAE incurred $ 35,791 $ 22,314 $ 102,239 $ 62,145 The following table highlights the effects that the Company’s assumption transactions have on unpaid losses and loss adjustment expenses and unearned premiums: September 30, 2015 December 31, 2014 (In thousands) Unpaid losses and loss adjustment expenses: Direct $ 52,208 $ 34,420 Assumed 22,237 17,049 Gross unpaid losses and LAE 74,445 51,469 Ceded — — Net unpaid losses and LAE $ 74,445 $ 51,469 Unearned premiums: Direct $ 238,596 $ 155,617 Assumed 39,762 85,519 Gross unearned premiums 278,358 241,136 Ceded (123,541 ) (43,148 ) Net unearned premiums $ 154,817 $ 197,988 Prepaid reinsurance premiums related to twenty-five and twenty-one reinsurers for the periods ended September 30, 2015 and December 31, 2014, respectively. There were no amounts receivable with respect to reinsurers at September 30, 2015 or December 31, 2014. Thus, there were no concentrations of credit risk associated with reinsurance receivables as of September 30, 2015 or December 31, 2014. Net premiums earned as a percentage of assumed premiums was 40% and 48% for the nine months ended September 30, 2015 and September 30, 2014 respectively.

Reserve for Unpaid Losses

Reserve for Unpaid Losses	9 Months Ended
	Sep. 30, 2015
Insurance [Abstract]
Reserve for Unpaid Losses	NOTE 11. 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 table below summarizes the activity related to the Company’s reserve for unpaid losses: Three Month Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Balance, beginning of period $ 61,846 $ 34,533 $ 51,469 $ 19,344 Less: reinsurance recoverable on paid losses — 783 — 783 Net balance, beginning of period 61,846 33,750 51,469 18,561 Incurred related to: Current year 38,258 22,699 109,070 62,281 Prior years (2,467 ) (385 ) (6,831 ) (136 ) Total incurred 35,791 22,314 102,239 62,145 Paid related to: Current year 18,721 12,645 55,399 28,971 Prior years 4,471 1,454 23,864 9,770 Total paid 23,192 14,099 79,263 38,741 Net balance, end of period 74,445 41,965 74,445 41,965 Plus: reinsurance recoverable on unpaid losses — — — — Balance, end of period $ 74,445 $ 41,965 $ 74,445 $ 41,965 The significant increase in the Company’s reserves for unpaid losses in 2015 from 2014 is primarily due to the increase in policy count. The Company writes insurance in the state of Florida, which could be exposed to hurricanes or other natural catastrophes. Although the occurrence of a major catastrophe could have a significant effect on our monthly or quarterly results, such an event is unlikely to be so material as to disrupt our overall normal operations. However, the Company is unable to predict the frequency or severity of any such events that may occur in the near term or thereafter. 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. The Company’s losses incurred during the three months ended September 30, 2015 reflect a prior year redundancy of $2.5 million associated with management’s best estimate within the actuarial range of loss and LAE reserves being set at the midpoint of the range of loss, versus being set at the high end of the range at December 31, 2014. The Company moved from the high end of the actuarial range to the middle, as the Company has gained more loss experience allowing management to have higher confidence levels in setting its reserves, particularly in commercial residential, which was a new line of business at the end of 2014. Additionally, during the three months ended March 31, 2015, the Company experienced favorable development of losses and LAE reserves for its personal and commercial lines totaling approximately $4.5 million. The Company’s losses incurred related to the prior year reflect a redundancy of $385,000 and $136,000 for the three and nine months ended September 30, 2014, respectively.

Statutory Accounting and Regula

Statutory Accounting and Regulations	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Statutory Accounting and Regulations	NOTE 12. STATUTORY ACCOUNTING AND REGULATIONS State laws and regulations, as well as national regulatory agency requirements, govern the operations of all insurers such as our insurance subsidiary. The various laws and regulations require that insurers maintain minimum amounts of statutory surplus and risk-based capital; they restrict insurers’ ability to pay dividends; the Company-specified allowable investment types and investment mixes, and subject the Company’s insurers to assessments. The Company’s insurance subsidiary, Heritage P&C, must file with the insurance regulatory authorities an “Annual Statement” which reports, among other items, net income and surplus as regards policyholders, which is called stockholder’s equity under GAAP. For the nine months ended September 30, 2015 and 2014, the Company’s insurance subsidiary recorded statutory net income of $34.1 million and $3.4 million, respectively. The Company’s insurance subsidiary is domiciled in Florida, and the laws of that state require that the Company’s insurance subsidiary maintain capital and surplus equal to the greater of $15 million or 10% of its liabilities. The Company’s statutory capital surplus was $200.8 million and $172.7 million at September 30, 2015 and December 31, 2014, respectively. State law also requires the Company’s insurance subsidiary to adhere to prescribed premium-to-capital surplus ratios, with which the Company is in compliance. In 2014, the Florida legislature passed Senate Bill 1308, which was signed into law by the Governor. Among other things, this bill incorporates the National Association of Insurance Commissioners (“NAIC”) recommendations with regard to expansion of the regulation of insurers to include non-insurance entity affiliates. Specifically, the new law permits the FLOIR to examine affiliated entities within an insurance holding company system in order to ascertain the financial condition of the insurer. The law also provides for certain disclosures with regard to enterprise risk, which are satisfied by the provision of related information filed with the SEC. This legislation was designed to bolster regulation for insurer solvency and governance and became effective January 1, 2015.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 13. 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. When determinable, the Company discloses the range of possible losses in excess of those accrued and for reasonably possible losses.

Other Liabilities

Other Liabilities	9 Months Ended
	Sep. 30, 2015
Other Liabilities Disclosure [Abstract]
Other Liabilities	NOTE 14. OTHER LIABILITIES At September 30, 2015 and December 31, 2014, other liabilities included approximately $0 and $21.1 million, respectively, for amounts owed to Citizens for policies assumed by the Company, where the policyholder subsequently opted-out of the assumption program.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 15. RELATED PARTY TRANSACTIONS The Company has been party to various related party transactions involving certain of its officers, directors and significant stockholders 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 September 30, 2015 and September 30, 2014. • The Company leased the space that it had occupied through March 2014 at 700 Central Avenue, Ste. 500 St. Petersburg, Florida from a real estate management company controlled by a stockholder. The Company leased the space without obligation to continue doing so in the future. For the nine months ended September 30, 2014 the Company incurred rent expense of approximately $101,000. The Company relocated to one of the buildings located on its Clearwater property in March 2014 and did not pay any rent under the lease, as it was effectively terminated upon date of relocation. • The Company has entered into an agreement with a real estate management company controlled by one of its directors to manage its Clearwater office space. Management services are provided at a fixed fee, plus ordinary and necessary out of pocket expenses. Fees for additional services, such as the oversight of construction activity, are provided for on an as-needed basis.

Employee Benefit Plan

Employee Benefit Plan	9 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plan	NOTE 16. EMPLOYEE BENEFIT PLAN The Company provides a 401(k) plan for substantially all of its employees. The Company contributes 3% of employees’ salary, up to the maximum allowable contribution, regardless of the employees’ level of participation in the plan. For the three-month periods ended September 30, 2015 and 2014, the Company’s contributions to the plan on behalf of the participating employees were $42,940 and $47,840, respectively. For the nine-month periods ended September 30, 2015 and 2014, the contributions to the plan were $203,100 and $208,000, respectively.

Equity

Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Equity	NOTE 17. 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 September 30, 2015, the Company had 30,285,410 shares of common stock and 7,821 unvested stock options outstanding reflecting total paid-in capital of $198.6 million as of such date. 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 its 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 are no redemption or sinking fund provisions applicable to the common stock. All outstanding shares of the Company’s capital stock are fully paid and nonassessable. Equity Issuances As more fully disclosed in our audited to financial statements for the year ended December 31, 2014, there were, as of December 31, 2014, 29,794,960 shares of common stock outstanding and 30,600 warrants and 1,685,923 stock options outstanding, representing $188.3 million of additional paid-in capital. The following discloses the changes in our stockholders’ equity during 2015. First Quarter 2015 In March 2015, the Company issued 12,500 shares of common stock upon the exercise of 12,500 stock options granted at an exercise price of $16.89 per share and received proceeds of $211,125. Second Quarter 2015 In May 2015, the Company issued 30,600 shares of common stock upon the exercise of 30,600 warrants for gross proceeds of $180,000 or an exercise price of $5.88 per share of common stock. In May and June 2015, the Company issued an aggregate of 157,500 shares of common stock upon the exercise of 137,500 and 20,000 stock options, which were granted at an exercise price of $16.89 and $14.02 per share and received proceeds of $2,322,375 and $280,400, respectively. Third Quarter 2015 In July and August 2015, the Company issued an aggregate of 210,000 shares of common stock upon the exercise of 60,000 and 150,000 stock options, which were granted at an exercise price of $14.02 and $16.89 per share and received proceeds of $841,195 and $2,533,485, respectively. In August 2015, in connection with the acquisition of BRC Restoration, Inc., the Company issued 79,850 restricted shares of common stock with a fair value of $2,000,000.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	NOTE 18. STOCK-BASED COMPENSATION The Company has adopted the Heritage Insurance Holdings, Inc., Omnibus Incentive Plan (the “Plan”) effective on May 22, 2014. The Plan has authorized 2,981,737 shares of common stock reserved for issuance under the Plan for future grants. At September 30, 2015 and December 31, 2014, there were 1,295,814 shares available for grant under the Plan. The Company recognizes compensation expense under ASC 718 for its stock-based payments based on the fair value of the awards. The Company grants stock options at exercise prices equal to the fair market value of the Company’s stock on the dates the options are granted. The options have a maximum term of ten years from the date of grant and vest primarily in equal annual installments over a range of one to five year periods following the date of grant for employee options. If a participant’s employment relationship ends, the participant’s vested awards will remain exercisable for the shorter of a period of 30 days or the period ending on the latest date on which such award could have been exercisable. The fair value of each option grant is separately estimated for each grant date. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each vesting date. The Company estimates the fair value of all stock option awards as of the date of the grant by applying the Black-Scholes-Merton multiple-option pricing valuation model (“Black-Scholes model”). The application of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense. Stock Options On September 24, 2014, the Company granted 359,000 options to certain employees and directors. No stock options were granted in 2013 or 2012. These options were awarded with the strike price set at the fair market value at the grant date, and vested March 15, 2015 with an expiration date of September 24, 2017. The fair value of each option grant, which was $2.70 per option granted in 2014, is estimated on the date of grant using the Black-Scholes model. On December 2, 2014, the Company granted 1,326,923 options to certain employees and directors. The employee options were awarded with the strike price set at the fair market value at the grant date. Half of these options were immediately vested and the other half vested on April 30, 2015, and these options expire on December 2, 2017. The directors’ options were awarded with the strike price set at the fair market value at the grant date, and vest quarterly commencing on January 1, 2015 with an expiration date of December 2, 2017. The fair value of each option grant, which ranged from $3.07 to $3.54 per option granted in 2014, is estimated on the date of grant using the Black-Scholes model. The following table provides the assumptions utilized in the Black-Scholes model for options granted on September 24, 2014 and December 2, 2014. No options were granted during the nine months ended September 30, 2015. A total of 359,000 options were granted during the nine months ended September 30, 2014. December 2, 2014 September 24, 2014 Weighted-average risk-free interest rate 51 % 42 % Expected term of option in years 1.6 1.7 Weighted-average volatility 35.6 % 36.5 % Dividend yield 0 % 0 % Weighted average grant date fair value per share $ 3.19 $ 2.70 A summary of information related to stock options outstanding at September 30, 2015 is as follows: Shares Weighted-Average Grant Shares Available for Balance at December 31, 2014 1,685,923 $ 3.09 1,295,814 Granted — Exercised (380,000 ) $ 15.61 Balance at September 30, 2015 1,305,923 $ 2.86 1,295,814 Vested and exercisable as of September 30, 2015 1,298,102 $ 2.86 The Company had approximately $25,000 of unrecognized stock compensation expense at September 30, 2015 related to unvested compensation, which the Company expects to recognize ratably over the period of 0.25 years. The Company recognized $423,000 and $1.9 million of compensation expense during the three and nine months ended September 30, 2015, respectively.

Acquisition of Selected Assets

Acquisition of Selected Assets	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisition of Selected Assets	NOTE 19. ACQUISITION OF SELECTED ASSETS In July 2015, the Company acquired substantially all of the assets of BRC Restoration Specialists, Inc., (“BRC”) a Florida based provider of restoration services and emergency and recovery assistance. The acquisition will provide for the expansion of our vertical integrated offering to include a full-service construction company that operates throughout Florida. The Company paid $6.0 million in cash upon closing and 79,850 shares of restricted common stock of the Company’s stock valued at approximately $2.0 million. The Company has engaged in a third party to perform the allocation of the acquired assets and liabilities. The allocation of all acquired assets and liabilities is preliminary at September 30, 2015 with assets and liabilities currently recorded within other assets. In September 2015, the Company announced that it has entered a definitive agreement to acquire Zephyr Acquisition Company (“ZAC”) and its wholly-owned subsidiary, Zephyr Insurance Company (“Zephyr”), a specialty insurance provider in Hawaii. The acquisition will provide the Company with an immediate presence in Hawaii with Zephyr holding approximately 30% of the wind-only market share in the state. Although there can be no guarantee, the Company is expected to close on the Zephyr acquisition in the fourth quarter of 2015, subject to regulatory and other customary closing conditions, for a purchase price of approximately $120 million.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements as of and for the three and nine months ended September 30, 2015 and 2014 include Heritage Insurance Holdings, Inc. (“Parent Company”) and its wholly owned subsidiaries: Heritage Property & Casualty Insurance Company (“Heritage P&C”), which provides personal and commercial residential insurance; Heritage MGA, LLC, the managing general agent that manages substantially all aspects of our insurance subsidiary’s business; Contractors’ Alliance Network, LLC, our vendor network manager; Skye Lane Properties, LLC, our property management subsidiary; First Access Insurance Group, LLC, our retail agency; Osprey Re Ltd., our reinsurance subsidiary that provides a portion of the reinsurance protection purchased by our insurance subsidiary; and Heritage Insurance Claims, LLC, an inactive subsidiary reserved for future development, together referred to as “the Company”. Our primary products are personal and commercial residential insurance, which we currently offer only in Florida under authorization from the Florida Office of Insurance Regulation (“FLOIR”). We conduct our operations under one business segment. The condensed consolidated financial information included herein as of and for the three and nine months ended September 30, 2015 and 2014 does not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. However, such information reflects all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of the financial condition and results of operations for the interim periods. The results for the three and nine months ended September 30, 2015 and 2014 are not indicative of annual results. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The December 31, 2014 consolidated balance sheet was derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2014. For further information, refer to the consolidated financial statements and footnotes thereto included in Heritage Insurance Holdings, Inc.’s. Annual Report on Form 10-K for the fiscal year ended December 31, 2014. References to “we,” “us,” “our,” or the “Company” refer to Heritage Insurance Holdings, Inc. and its consolidated subsidiaries. The Company qualifies as an “emerging growth company” as defined in Section 2(a)(19) of the Securities Act, of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, the Company is eligible to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies. The Company intends to continue to take advantage of some, but not all, of the exemptions available to emerging growth companies until such time that it is no longer an emerging growth company. The Company has, however, irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.
Accounting Pronouncements	Accounting Pronouncements The Company describes below recent pronouncements that have had or may have a significant effect on its financial statements or on its disclosures. The Company does not discuss recent pronouncements that are not anticipated to have an impact on, or are unrelated to, its financial condition, results of operations, or related disclosures. In May 2015, the Financial Accounting Standards Board (“FASB”) issued new guidance on fair value measurement (Accounting Standards Update (“ASU”) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent In May 2015, the FASB issued Accounting Standards Update No. 2015-09 (“ASU 2015-09”), Financial Services – Insurance In April 2015, the FASB issued ASU 2015-03, Imputation of Interest In April 2015, the FASB issued ASC 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation There are no other recently issued accounting standards that apply to us or that are expected to have a material impact on our results of operations, financial condition, or cash flows.
Subsequent Events	Subsequent Events The Company follows the provisions of ASC Topic 855-10, “ Subsequent Events

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost and Fair Value of Investment Securities	The following table details the difference between cost or adjusted/amortized cost and estimated fair value, by major investment category, at September 30, 2015 and December 31, 2014: Cost or Adjusted/ Gross Unrealized Gains Gross Unrealized Fair Value (In thousands) September 30, 2015 U.S. government and agency securities $ 24,066 $ 55 $ 193 $ 23,928 States, municipalities and political subdivisions 54,125 288 117 54,296 Special revenue 170,809 959 1,560 170,208 Industrial and miscellaneous 116,422 539 427 116,534 Redeemable preferred stocks 15,470 41 167 15,344 Total fixed maturities 380,892 1,882 2,464 380,310 Nonredeemable preferred stocks 354 — 4 350 Equity securities 20,103 17 5,092 15,028 Total equity securities 20,457 17 5,096 15,378 Total investments $ 401,349 $ 1,899 $ 7,560 $ 395,688 Cost or Adjusted/ Gross Unrealized Gains Gross Unrealized Fair Value (In thousands) December 31, 2014 U.S. government and agency securities $ 7,002 $ 22 $ 16 $ 7,008 States, municipalities and political subdivisions 41,578 560 18 42,120 Special revenue 133,269 1,349 237 134,381 Industrial and miscellaneous 105,591 668 254 106,005 Redeemable preferred stocks 3,511 84 24 3,571 Total fixed maturities 290,951 2,683 549 293,085 Nonredeemable preferred stocks 11,494 237 53 11,678 Equity securities 19,061 1,525 1,039 19,547 Total equity securities 30,555 1,762 1,092 31,225 Mortgage loan participation 6,849 — — 6,849 Total investments $ 328,355 $ 4,445 $ 1,641 $ 331,159
Schedule of Net Realized Gains (Losses) by Major Investment Category	The following tables detail the Company’s net realized gains (losses) by major investment category for the three and nine months ended September 30, 2015 and 2014. 2015 2014 Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale (In thousands) Three Months Ended September 30, Fixed maturities $ 1,200 $ 62,412 $ 87 $ 3,083 Equity securities 826 15,949 — — Total realized gains 2,026 78,361 87 3,083 Fixed maturities (75 ) 5,948 (2 ) 90 Equity securities (5 ) 328 (5 ) 174 Total realized losses (80 ) 6,276 (7 ) 264 Net realized gain $ 1,946 $ 84,637 $ 80 $ 3,347 2015 2014 Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale (In thousands) Nine Months Ended September 30, Fixed maturities $ 1,237 $ 66,513 $ 179 $ 6,153 Equity securities 716 20,581 — — Total realized gains 1,953 87,094 179 6,153 Fixed maturities (116 ) 11,219 (91 ) 2,789 Equity securities (10 ) 2,196 (26 ) 17,991 Total realized losses (126 ) 13,415 (117 ) 20,780 Net realized gain $ 1,827 $ 100,509 $ 62 $ 26,933
Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity	The table below summarizes the Company’s fixed maturities at September 30, 2015 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. September 30, 2015 Cost or Adjusted/ Percent of Total Fair Value Percent of Total (In thousands) (In thousands) Due in one year or less $ 35,960 10 % $ 35,991 9 % Due after one year through five years 169,301 44 % 169,047 45 % Due after five years through ten years 90,468 24 % 90,810 24 % Due after ten years 84,663 22 % 84,462 22 % Total $ 380,892 100 % $ 380,310 100 %
Summary of Net Investment Income	The following table summarizes the Company’s net investment income by major investment category for the three and nine months ended September 30, 2015 and 2014, respectively: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Fixed maturities $ 1,936 $ 838 $ 5,254 $ 1,989 Equity securities 439 328 1,292 768 Cash, cash equivalents and short-term investments 150 50 361 95 Other investments 67 71 128 234 Net investment income 2,592 1,287 7,035 3,086 Investment expenses 619 161 1,341 623 Net investment income, less investment expenses $ 1,973 $ 1,126 $ 5,696 $ 2,463
Aging of Gross Unrealized Investment Losses	The following tables present an aging of our unrealized investment losses by investment class as of September 30, 2015 and December 31, 2014: Less Than Twelve Months Twelve Months or More Number of Gross Unrealized Fair Value Number of Gross Unrealized Fair Value (In thousands) September 30, 2015 U.S. government and agency securities 12 $ 189 $ 7,904 2 $ 4 $ 451 States, municipalities and political subdivisions 15 114 9,703 1 2 165 Industrial and miscellaneous 103 412 40,312 4 15 412 Special revenue 87 302 36,895 8 7 1,313 Redeemable preferred stocks 247 152 10,631 12 15 203 Total fixed maturities 464 1,169 105,445 27 43 2,544 Nonredeemable preferred stocks 9 4 347 — — — Equity securities 219 4,430 13,624 30 662 981 Total equity securities 228 $ 4,434 $ 13,971 30 $ 662 $ 981 Total 692 $ 5,603 $ 119,416 57 $ 705 $ 3,525 Less Than Twelve Months Twelve Months or More Number of Gross Unrealized Fair Value Number of Gross Unrealized Fair Value (In thousands) December 31, 2014 U.S. government and agency securities 11 $ 15 $ 2,451 1 $ 1 $ 109 States, municipalities and political subdivisions 14 15 7,661 1 3 177 Industrial and miscellaneous 98 204 51,156 10 50 1,975 Special revenue 71 213 36,643 6 23 1,592 Redeemable preferred stocks 18 9 854 9 15 355 Total fixed maturities 212 456 98,765 27 92 4,208 Nonredeemable preferred stocks 1 31 2,552 1 22 490 Equity securities 1 1,039 9,792 — — — Total equity securities 2 $ 1,070 $ 12,344 1 $ 22 $ 490 Total 214 $ 1,526 $ 111,109 28 $ 114 $ 4,698

Fair Value of Financial Instr29

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Instruments	The following tables present 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. For the nine months ended September 30, 2015 and the year ended and December 31, 2014, there were no transfers in or out of Level 1, 2, and 3. September 30, 2015 Total Level 1 Level 2 Level 3 (In thousands) Fixed maturities investments: U.S. government and agency securities $ 23,928 $ 20,099 $ 3,829 $ — States, municipalities and political subdivisions 54,296 — 54,296 — Special revenue 170,208 — 170,208 — Industrial and miscellaneous 116,534 — 116,534 — Redeemable preferred stocks 15,344 15,344 — — Total fixed maturities investments $ 380,310 $ 35,443 $ 344,867 $ — Nonredeemable preferred stocks $ 350 $ 350 $ — $ — Equity securities 15,028 15,028 — — Total equity securities $ 15,378 $ 15,378 $ — $ — Total investments $ 395,688 $ 50,281 $ 344,867 $ — December 31, 2014 Total Level 1 Level 2 Level 3 (In thousands) Fixed maturities investments: U.S. government and agency securities $ 7,008 $ 3,211 $ 3,797 $ — States, municipalities and political subdivisions 42,120 — 42,120 — Special revenue 134,381 — 134,381 — Industrial and miscellaneous 106,005 — 106,005 — Redeemable preferred stocks 3,571 3,571 — — Total fixed maturities investments $ 293,085 $ 6,782 $ 286,303 $ — Nonredeemable preferred stocks $ 11,678 $ 11,678 $ — $ — Equity securities 19,547 19,547 — — Total equity securities $ 31,225 $ 31,225 $ — $ — Total investments $ 324,310 $ 38,007 $ 286,303 $ —

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 (In thousands) Land $ 2,582 $ 2,582 Building 9,599 9,599 Computer hardware and software 2,694 2,155 Office furniture and equipment 634 445 Tenant and leasehold improvements 3,267 2,812 Vehicle fleet 501 421 Total, at cost 19,277 18,014 Less: accumulated depreciation and amortization 1,853 927 Property and equipment, net $ 17,424 $ 17,087

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted EPS	The following table sets forth the computation of basic and diluted EPS for the periods indicated. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Basic earnings per share: Net income attributable to common stockholders (000’s) $ 16,813 $ 9,965 $ 72,269 $ 27,420 Weighted average shares outstanding 30,177,633 29,794,960 29,952,668 22,807,705 Basic earnings per share: $ 0.56 $ 0.33 $ 2.41 $ 1.20 Diluted earnings per share: Net income attributable to common stockholders (000’s) $ 16,813 $ 9,965 $ 72,269 $ 27,420 Weighted average shares outstanding 30,177,633 29,794,960 29,952,668 22,807,705 Weighted average dilutive shares 305,920 19,671 336,660 1,574,164 Total weighted average dilutive shares 30,483,553 29,814,631 30,289,328 24,381,869 Diluted earnings per share: $ 0.55 $ 0.33 $ 2.39 $ 1.12

Deferred Policy Acquisition C32

Deferred Policy Acquisition Costs (Tables)	9 Months Ended
	Sep. 30, 2015
Insurance [Abstract]
Summary of Activity in Deferred Policy Acquisition Costs (DPAC)	The table below depicts the activity with regard to DPAC during the three and nine-month periods ended September 30, 2015 and 2014: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) (In thousands) Beginning Balance $ 31,948 $ 25,392 $ 24,370 $ 9,765 Policy acquisition costs deferred 16,058 12,703 48,982 39,187 Amortization (15,512 ) (12,469 ) (40,858 ) (23,326 ) Ending Balance $ 32,494 $ 25,626 $ 32,494 $ 25,626

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Components of Deferred Tax Assets and Liabilities	The table below summarizes the significant components of our net deferred tax assets/liabilities: September 30, 2015 December 31, 2014 (In thousands) Deferred tax assets: Unearned premiums $ 14,536 $ 15,567 Tax-related discount on loss reserve 1,110 1,022 Unrealized loss 2,184 — Stock-based compensation 922 1,258 Other 217 545 Total deferred tax assets 18,969 18,392 Deferred tax liabilities: Deferred acquisition costs 11,504 9,401 Unrealized gain — 1,081 Property and equipment, net 633 633 Other 390 655 Total deferred tax liabilities 12,527 11,770 Net deferred tax asset $ 6,442 $ 6,622

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2015
Insurance [Abstract]
Schedule of Reinsurance Transactions on Components of Condensed Consolidated Statements of Income (Loss)	The following table depicts written premiums, earned premiums and losses, showing the effects that the Company’s assumption transactions have on these components of the Company’s consolidated statements of operations and comprehensive income: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Premium written: Direct $ 115,876 $ 81,458 $ 352,162 $ 204,630 Assumed 33,117 5,313 66,396 50,313 Ceded (611 ) (4,517 ) (183,033 ) (98,983 ) Net premium written $ 148,382 $ 82,254 $ 235,525 $ 155,960 Change in unearned premiums: Direct $ (11,996 ) (23,976 ) $ (82,979 ) (67,958 ) Assumed (8,763 ) 17,079 45,757 17,874 Ceded (45,262 ) (19,830 ) 80,393 36,182 Net decrease (increase) $ (66,021 ) $ (26,727 ) $ 43,171 $ (13,902 ) Premiums earned: Direct $ 103,880 $ 57,482 $ 269,183 $ 136,672 Assumed 24,354 22,392 112,153 68,187 Ceded (45,873 ) (24,347 ) (102,640 ) (62,801 ) Net premiums earned $ 82,361 $ 55,527 $ 278,696 $ 142,058 Losses and LAE incurred: Direct $ 25,266 $ 19,301 $ 68,269 $ 44,015 Assumed 10,525 3,013 33,970 18,130 Ceded — — — — Net losses and LAE incurred $ 35,791 $ 22,314 $ 102,239 $ 62,145
Effects of Reinsurance Transactions on Unpaid Losses and Loss Adjustment Expenses and Unearned Premiums	The following table highlights the effects that the Company’s assumption transactions have on unpaid losses and loss adjustment expenses and unearned premiums: September 30, 2015 December 31, 2014 (In thousands) Unpaid losses and loss adjustment expenses: Direct $ 52,208 $ 34,420 Assumed 22,237 17,049 Gross unpaid losses and LAE 74,445 51,469 Ceded — — Net unpaid losses and LAE $ 74,445 $ 51,469 Unearned premiums: Direct $ 238,596 $ 155,617 Assumed 39,762 85,519 Gross unearned premiums 278,358 241,136 Ceded (123,541 ) (43,148 ) Net unearned premiums $ 154,817 $ 197,988

Reserve for Unpaid Losses (Tabl

Reserve for Unpaid Losses (Tables)	9 Months Ended
	Sep. 30, 2015
Insurance [Abstract]
Summary of Reserve for Unpaid Losses	The table below summarizes the activity related to the Company’s reserve for unpaid losses: Three Month Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Balance, beginning of period $ 61,846 $ 34,533 $ 51,469 $ 19,344 Less: reinsurance recoverable on paid losses — 783 — 783 Net balance, beginning of period 61,846 33,750 51,469 18,561 Incurred related to: Current year 38,258 22,699 109,070 62,281 Prior years (2,467 ) (385 ) (6,831 ) (136 ) Total incurred 35,791 22,314 102,239 62,145 Paid related to: Current year 18,721 12,645 55,399 28,971 Prior years 4,471 1,454 23,864 9,770 Total paid 23,192 14,099 79,263 38,741 Net balance, end of period 74,445 41,965 74,445 41,965 Plus: reinsurance recoverable on unpaid losses — — — — Balance, end of period $ 74,445 $ 41,965 $ 74,445 $ 41,965

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following table provides the assumptions utilized in the Black-Scholes model for options granted on September 24, 2014 and December 2, 2014. No options were granted during the nine months ended September 30, 2015. A total of 359,000 options were granted during the nine months ended September 30, 2014. December 2, 2014 September 24, 2014 Weighted-average risk-free interest rate 51 % 42 % Expected term of option in years 1.6 1.7 Weighted-average volatility 35.6 % 36.5 % Dividend yield 0 % 0 % Weighted average grant date fair value per share $ 3.19 $ 2.70
Summary of Information Related to Stock Option	A summary of information related to stock options outstanding at September 30, 2015 is as follows: Shares Weighted-Average Grant Shares Available for Balance at December 31, 2014 1,685,923 $ 3.09 1,295,814 Granted — Exercised (380,000 ) $ 15.61 Balance at September 30, 2015 1,305,923 $ 2.86 1,295,814 Vested and exercisable as of September 30, 2015 1,298,102 $ 2.86

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015Segment
Basis Of Presentation [Abstract]
Number of business segment	1

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost and Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Investments	$ 401,349	$ 328,355
Gross Unrealized Gains	1,899	4,445
Gross Unrealized Losses	7,560	1,641
Fair Value	395,688	324,310
Total investments	395,688	331,159
Mortgage loan, held to maturity, at amortized cost		6,849
Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	380,892	290,951
Gross Unrealized Gains	1,882	2,683
Gross Unrealized Losses	2,464	549
Fair Value	380,310	293,085
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	20,457	30,555
Gross Unrealized Gains	17	1,762
Gross Unrealized Losses	5,096	1,092
Fair Value	15,378	31,225
U.S. government and agency securities [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	24,066	7,002
Gross Unrealized Gains	55	22
Gross Unrealized Losses	193	16
Fair Value	23,928	7,008
States, Municipalities and Political Subdivisions [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	54,125	41,578
Gross Unrealized Gains	288	560
Gross Unrealized Losses	117	18
Fair Value	54,296	42,120
Special Revenue [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	170,809	133,269
Gross Unrealized Gains	959	1,349
Gross Unrealized Losses	1,560	237
Fair Value	170,208	134,381
Industrial and Miscellaneous [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	116,422	105,591
Gross Unrealized Gains	539	668
Gross Unrealized Losses	427	254
Fair Value	116,534	106,005
Redeemable Preferred Stocks [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	15,470	3,511
Gross Unrealized Gains	41	84
Gross Unrealized Losses	167	24
Fair Value	15,344	3,571
Nonredeemable Preferred Stocks [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	354	11,494
Gross Unrealized Gains		237
Gross Unrealized Losses	4	53
Fair Value	350	11,678
Equity Investment [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	20,103	19,061
Gross Unrealized Gains	17	1,525
Gross Unrealized Losses	5,092	1,039
Fair Value	$ 15,028	19,547
Mortgage Loan Participation [Member]
Schedule of Available-for-sale Securities [Line Items]
Mortgage loan, held to maturity, at amortized cost		6,849
Mortgage loan, held to maturity, Fair Value		$ 6,849

Investments - Schedule of Net R

Investments - Schedule of Net Realized Gains (Losses) by Major Investment Category (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Available-for-sale Securities [Line Items]
Total realized gains	$ 2,026	$ 87	$ 1,953	$ 179
Total realized losses	(80)	(7)	(126)	(117)
Net realized gain	1,946	80	1,827	62
Total realized gains, Fair Value at Sale	78,361	3,083	87,094	6,153
Total realized losses, Fair Value at Sale	6,276	264	13,415	20,780
Net realized gain, Fair Value at Sale	84,637	3,347	100,509	26,933
Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Total realized gains	1,200	87	1,237	179
Total realized losses	(75)	(2)	(116)	(91)
Total realized gains, Fair Value at Sale	62,412	3,083	66,513	6,153
Total realized losses, Fair Value at Sale	5,948	90	11,219	2,789
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Total realized gains	826		716
Total realized losses	(5)	(5)	(10)	(26)
Total realized gains, Fair Value at Sale	15,949		20,581
Total realized losses, Fair Value at Sale	$ 328	$ 174	$ 2,196	$ 17,991

Investments - Schedule of Amo40

Investments - Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Due in one year or less, Cost or Adjusted/Amortized Cost	$ 35,960
Due after one year through five years, Cost or Adjusted/Amortized Cost	169,301
Due after five years through ten years, Cost or Adjusted/Amortized Cost	90,968
Due after ten years, Cost or Adjusted/Amortized Cost	84,663
Total, Cost or Adjusted/Amortized Cost	$ 380,892	$ 290,951
Due in one year or less, Percentage of Total	9.00%
Due after one year through five years, Percentage of Total	45.00%
Due after five years through ten years, Percentage of Total	24.00%
Due after ten years, Percentage of Total	22.00%
Total, Percentage	100.00%
Due in one year or less, Fair Value	$ 35,991
Due after one year through five years, Fair Value	169,047
Due after five years through ten years, Fair Value	90,810
Due after ten years, Fair Value	84,462
Total, Fair Value	$ 380,310	$ 293,085
Due in one year or less, Percentage of Total	10.00%
Due after one year through five years, Percentage of Total	44.00%
Due after five years through ten years, Percentage of Total	24.00%
Due after ten years, Percentage of Total	22.00%
Total, Percentage	100.00%

Investments - Summary of Net In

Investments - Summary of Net Investment Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Available-for-sale Securities [Line Items]
Gross investment income	$ 2,592	$ 1,287	$ 7,035	$ 3,086
Investment expenses	619	161	1,341	623
Net investment income, less investment expenses	1,973	1,126	5,696	2,463
Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income	1,936	838	5,254	1,989
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income	439	328	1,292	768
Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income	150	50	361	95
Other Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income	$ 67	$ 71	$ 128	$ 234

Investments - Aging of Gross Un

Investments - Aging of Gross Unrealized Investment Losses (Detail) $ in Thousands	Sep. 30, 2015USD ($)Security	Dec. 31, 2014USD ($)Security
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	692	214
Gross Unrealized Losses, Less Than Twelve Months	$ 5,603	$ 1,526
Fair Value, Less Than Twelve Months	$ 119,416	$ 111,109
Number of Securities, Twelve Months or Greater | Security	57	28
Gross Unrealized Losses, Twelve Months or Greater	$ 705	$ 114
Fair Value, Twelve Months or Greater	$ 3,525	$ 4,698
Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	464	212
Gross Unrealized Losses, Less Than Twelve Months	$ 1,169	$ 456
Fair Value, Less Than Twelve Months	$ 105,445	$ 98,765
Number of Securities, Twelve Months or Greater | Security	27	27
Gross Unrealized Losses, Twelve Months or Greater	$ 43	$ 92
Fair Value, Twelve Months or Greater	$ 2,544	$ 4,208
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	228	2
Gross Unrealized Losses, Less Than Twelve Months	$ 4,434	$ 1,070
Fair Value, Less Than Twelve Months	$ 13,971	$ 12,344
Number of Securities, Twelve Months or Greater | Security	30	1
Gross Unrealized Losses, Twelve Months or Greater	$ 662	$ 22
Fair Value, Twelve Months or Greater	$ 981	$ 490
U.S. government and agency securities [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	12	11
Gross Unrealized Losses, Less Than Twelve Months	$ 189	$ 15
Fair Value, Less Than Twelve Months	$ 7,904	$ 2,451
Number of Securities, Twelve Months or Greater | Security	2	1
Gross Unrealized Losses, Twelve Months or Greater	$ 4	$ 1
Fair Value, Twelve Months or Greater	$ 451	$ 109
States, Municipalities and Political Subdivisions [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	15	14
Gross Unrealized Losses, Less Than Twelve Months	$ 114	$ 15
Fair Value, Less Than Twelve Months	$ 9,703	$ 7,661
Number of Securities, Twelve Months or Greater | Security	1	1
Gross Unrealized Losses, Twelve Months or Greater	$ 2	$ 3
Fair Value, Twelve Months or Greater	$ 165	$ 177
Industrial and Miscellaneous [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	103	98
Gross Unrealized Losses, Less Than Twelve Months	$ 412	$ 204
Fair Value, Less Than Twelve Months	$ 40,312	$ 51,156
Number of Securities, Twelve Months or Greater | Security	4	10
Gross Unrealized Losses, Twelve Months or Greater	$ 15	$ 50
Fair Value, Twelve Months or Greater	$ 412	$ 1,975
Special Revenue [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	87	71
Gross Unrealized Losses, Less Than Twelve Months	$ 302	$ 213
Fair Value, Less Than Twelve Months	$ 36,895	$ 36,643
Number of Securities, Twelve Months or Greater | Security	8	6
Gross Unrealized Losses, Twelve Months or Greater	$ 7	$ 23
Fair Value, Twelve Months or Greater	$ 1,313	$ 1,592
Redeemable Preferred Stocks [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	247	18
Gross Unrealized Losses, Less Than Twelve Months	$ 152	$ 9
Fair Value, Less Than Twelve Months	$ 10,631	$ 854
Number of Securities, Twelve Months or Greater | Security	12	9
Gross Unrealized Losses, Twelve Months or Greater	$ 15	$ 15
Fair Value, Twelve Months or Greater	$ 203	$ 355
Nonredeemable Preferred Stocks [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	9	1
Gross Unrealized Losses, Less Than Twelve Months	$ 4	$ 31
Fair Value, Less Than Twelve Months	$ 347	$ 2,552
Number of Securities, Twelve Months or Greater | Security		1
Gross Unrealized Losses, Twelve Months or Greater		$ 22
Fair Value, Twelve Months or Greater		$ 490
Equity Investment [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	219	1
Gross Unrealized Losses, Less Than Twelve Months	$ 4,430	$ 1,039
Fair Value, Less Than Twelve Months	$ 13,624	$ 9,792
Number of Securities, Twelve Months or Greater | Security	30
Gross Unrealized Losses, Twelve Months or Greater	$ 662
Fair Value, Twelve Months or Greater	$ 981

Fair Value of Financial Instr43

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	$ 395,688	$ 324,310
Fixed Maturity [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	380,310	293,085
Fixed Maturity [Member] | U.S. government and agency securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	23,928	7,008
Fixed Maturity [Member] | States, Municipalities and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	54,296	42,120
Fixed Maturity [Member] | Special Revenue [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	170,208	134,381
Fixed Maturity [Member] | Industrial and Miscellaneous [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	116,534	106,005
Fixed Maturity [Member] | Redeemable Preferred Stocks [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	15,344	3,571
Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	15,378	31,225
Equity Securities [Member] | Nonredeemable Preferred Stocks [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	350	11,678
Equity Securities [Member] | Equity Investment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	15,028	19,547
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	50,281	38,007
Level 1 [Member] | Fixed Maturity [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	35,443	6,782
Level 1 [Member] | Fixed Maturity [Member] | U.S. government and agency securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	20,099	3,211
Level 1 [Member] | Fixed Maturity [Member] | Redeemable Preferred Stocks [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	15,344	3,571
Level 1 [Member] | Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	15,378	31,225
Level 1 [Member] | Equity Securities [Member] | Nonredeemable Preferred Stocks [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	350	11,678
Level 1 [Member] | Equity Securities [Member] | Equity Investment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	15,028	19,547
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	344,867	286,303
Level 2 [Member] | Fixed Maturity [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	344,867	286,303
Level 2 [Member] | Fixed Maturity [Member] | U.S. government and agency securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	3,829	3,797
Level 2 [Member] | Fixed Maturity [Member] | States, Municipalities and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	54,296	42,120
Level 2 [Member] | Fixed Maturity [Member] | Special Revenue [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	170,208	134,381
Level 2 [Member] | Fixed Maturity [Member] | Industrial and Miscellaneous [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	$ 116,534	$ 106,005

Fair Value of Financial Instr44

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Oct. 07, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage of participation in commercial real estate mortgage loan		55.00%
Commercial Real Estate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial real estate mortgage loan		$ 6.1
Loans from unaffiliated lenders		$ 11.5
Cash payment received on sale of participation in commercial real estate mortgage loan	$ 6.8

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Total, at cost	$ 19,277	$ 18,014
Less: accumulated depreciation and amortization	1,853	927
Property and equipment, net	17,424	17,087
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
Computer Hardware and Software [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	2,694	2,155
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	634	445
Tenant and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	3,267	2,812
Vehicles Fleet [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	$ 501	$ 421

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended
	Mar. 31, 2014ft²aBuildings	Apr. 30, 2013USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)
Property Plant and Equipment Useful Life and Values [Abstract]
Depreciation and amortization expense			$ 0.3	$ 0.9
Acres of land | a	13
Number of buildings | Buildings	2
Gross area of acquired property | ft²	148,000
Aggregate purchase price		$ 9.8

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic earnings per share:
Net income attributable to common stockholders (000's)	$ 16,813	$ 9,965	$ 72,269	$ 27,420
Weighted average shares outstanding	30,177,633	29,794,960	29,952,668	22,807,705
Basic earnings per share:	$ 0.56	$ 0.33	$ 2.41	$ 1.20
Diluted earnings per share:
Net income attributable to common stockholders (000's)	$ 16,813	$ 9,965	$ 72,269	$ 27,420
Weighted average shares outstanding	30,177,633	29,794,960	29,952,668	22,807,705
Weighted average dilutive shares	305,920	19,671	336,660	1,574,164
Total weighted average dilutive shares	30,483,553	29,814,631	30,289,328	24,381,869
Diluted earnings per share:	$ 0.55	$ 0.33	$ 2.39	$ 1.12

Reinsurance Premiums Receivab48

Reinsurance Premiums Receivable - Additional Information (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Reinsurance Recoverables [Abstract]
Reinsurance premiums receivable	$ 14,398

Deferred Policy Acquisition C49

Deferred Policy Acquisition Costs - Summary of Activity in Deferred Policy Acquisition Costs (DPAC) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Insurance [Abstract]
Beginning Balance	$ 31,948	$ 25,392	$ 24,370	$ 9,765
Policy acquisition costs deferred	16,058	12,703	48,982	39,187
Amortization	(15,512)	(12,469)	(40,858)	(23,326)
Ending Balance	$ 32,494	$ 25,626	$ 32,494	$ 25,626

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 10,902,000	$ 6,144,000	$ 44,728,000	$ 15,620,000
Annual effective tax rate			38.20%	36.30%
Uncertain tax positions	$ 0		$ 0		$ 0

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Deferred tax assets:
Unearned premiums	$ 14,536	$ 15,567
Tax-related discount on loss reserve	1,110	1,022
Unrealized loss	2,184
Stock-based compensation	922	1,258
Other	217	545
Total deferred tax assets	18,969	18,392
Deferred tax liabilities:
Deferred acquisition costs	11,504	9,401
Unrealized gain		1,081
Property and equipment, net	633	633
Other	390	655
Total deferred tax liabilities	12,527	11,770
Net deferred tax asset	$ 6,442	$ 6,622

Reinsurance - Additional inform

Reinsurance - Additional information (Detail)	Apr. 17, 2014USD ($)	Sep. 30, 2015USD ($)PoliciesInsurers	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)PoliciesInsurersReinsurers	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)Insurers	Dec. 31, 2013USD ($)	Apr. 08, 2015USD ($)	Jun. 27, 2014USD ($)Policies
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Primary retention of losses and loss adjustment expenses						$ 15,000,000	$ 9,000,000
Purchase of reinsurance from third party		$ 45,873,000	$ 24,347,000	$ 102,640,000	$ 62,801,000
Aggregate participation, losses and loss adjustment expenses		2,500,000	$ 385,000		$ 136,000
Losses and loss adjustment expenses including retention		74,445,000		74,445,000		51,469,000
Coverage limit		$ 135,589,000		$ 135,589,000		$ 17,113,000
Number of reinstatements available | Reinsurers				2
Number of reinsurers related to prepaid premiums | Insurers		25		25		21
Amounts receivables to reinsurers		$ 0		$ 0		$ 0
Concentrations of credit risk		0		$ 0		0
Percentages of assumed premiums earned				40.00%	48.00%
Layers Below FHCF [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Primary retention							3,500,000
Purchase of reinsurance from third party						$ 185,000,000	$ 94,000,000
FHCF Layer [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Percentage comprising aggregate participation						90.00%
Percentage of maximum provisional limit						90.00%	90.00%
Estimated provisional limit percentage calculation base amount						$ 484,000,000	$ 270,000,000
Catastrophe excess of loss reinsurance						181,000,000	103,000,000
Purchased coverage price						48,000,000
Property Per Risk Coverage [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Primary retention of losses and loss adjustment expenses		35,000,000		$ 35,000,000
Coverage limit				9,000,000
Coverage limit		27,000,000		27,000,000
Property Per Risk Coverage [Member] | Layers Below FHCF [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Purchase of reinsurance from third party				$ 440,000,000
Property Per Risk Coverage [Member] | FHCF Layer [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Percentage comprising aggregate participation				75.00%
Percentage of maximum provisional limit				75.00%
Estimated provisional limit percentage calculation base amount				$ 920,000,000
Catastrophe excess of loss reinsurance				336,000,000
3% Participation [Member] | Layers Below FHCF [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Primary retention of losses and loss adjustment expenses							$ 900,000
Percentage comprising aggregate participation							3.00%
Aggregate participation, losses and loss adjustment expenses							$ 31,000,000
Excess of losses and loss adjustment expenses							9,000,000
4% Participation [Member] | Layers Below FHCF [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Primary retention of losses and loss adjustment expenses							$ 2,500,000
Percentage comprising aggregate participation							4.00%
Aggregate participation, losses and loss adjustment expenses							$ 63,000,000
Excess of losses and loss adjustment expenses							40,000,000
Insurance Claims [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Losses and loss adjustment expenses including retention		1,000,000		1,000,000
Citrus [Member] | Cat Bond Layer [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Coverage of first catastrophe reinsurance agreement						150,000,000
Additional coverage of second catastrophe reinsurance agreement						50,000,000
Citrus [Member] | Property Per Risk Coverage [Member] | Cat Bond Layer Above FHCF [Member] | Class A Notes [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Collateralized by a reinsurance trust		150,000,000		150,000,000
Coverage of first catastrophe reinsurance agreement				150,000,000
Additional coverage of second catastrophe reinsurance agreement				50,000,000
Osprey [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Primary retention of losses and loss adjustment expenses						6,000,000	3,000,000
Primary retention						4,000,000
Osprey [Member] | Cat Bond Layer [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Catastrophe coverage of reinsurance agreement						25,000,000
Osprey [Member] | Property Per Risk Coverage [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Primary retention of losses and loss adjustment expenses		$ 20,000,000		20,000,000
Primary retention				10,000,000
Heritage P&C [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Primary retention						2,000,000	3,000,000
Catastrophe excess of loss reinsurance						2,000,000
Heritage P&C [Member] | Property Per Risk Coverage [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Primary retention				5,000,000
Catastrophe excess of loss reinsurance				$ 5,000,000
Sunshine State Insurance Company [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Number of policies in force assumed | Policies		25,572		25,572					33,000
Policies in force assumed									$ 58,900,000
Policies in force assumed, percentage		11.00%		11.00%
Annualized premium		$ 43,000,000		$ 43,000,000
Catastrophe [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Purchase of reinsurance from third party							170,000,000
Aggregate participation, losses and loss adjustment expenses							401,500,000
Losses and loss adjustment expenses including retention						990,000,000	571,500,000
Purchased reinstatement premium						185,000,000	149,500,000
Agreement of coverage	3 years
Collateralized by a reinsurance trust	$ 200,000,000
Reinsurance agreement	3 years
Catastrophe [Member] | Notes Due April 2017 [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Collateralized by a reinsurance trust	$ 200,000,000
Catastrophe [Member] | Cat Bond Layer [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Purchase of reinsurance from third party						105,000,000
Aggregate participation, losses and loss adjustment expenses						825,000,000
Catastrophe excess of loss reinsurance						940,000,000
Catastrophe [Member] | Property Per Risk Coverage [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Losses and loss adjustment expenses including retention		1,770,000,000		1,770,000,000
Purchased reinstatement premium				440,000,000
Catastrophe [Member] | Property Per Risk Coverage [Member] | Cat Bond Layer Above FHCF [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Purchase of reinsurance from third party				125,000,000
Aggregate participation, losses and loss adjustment expenses				$ 1,648,000,000
Catastrophe [Member] | Property Per Risk Coverage [Member] | Cat Bond Layer Alongside FHCF [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Agreement of coverage				3 years
Reinsurance agreement				3 years
Catastrophe [Member] | Property Per Risk Coverage [Member] | Cat Bond Layer Alongside FHCF [Member] | Notes Due April 2017 [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Collateralized by a reinsurance trust								$ 277,500,000
Catastrophe [Member] | Property Per Risk Coverage [Member] | Cat Bond Layer Alongside FHCF [Member] | Class A Notes Due April 2017 [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Collateralized by a reinsurance trust								150,000,000
Catastrophe [Member] | Property Per Risk Coverage [Member] | Cat Bond Layer Alongside FHCF [Member] | Class B Notes Due April 2017 [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Collateralized by a reinsurance trust								97,500,000
Catastrophe [Member] | Property Per Risk Coverage [Member] | Cat Bond Layer Alongside FHCF [Member] | Class C Notes Due April 2017 [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Collateralized by a reinsurance trust								$ 30,000,000
Catastrophe [Member] | Osprey [Member] | Cat Bond Layer [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Coverage of reinsurance agreement						20,000,000
Minimum [Member] | FHCF Layer [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Purchased coverage price							27,000,000
Minimum [Member] | Facultative Reinsurance [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Coverage limit		$ 10,000,000		$ 10,000,000
Facultative reinsurance purchase amount				10,000,000
Maximum [Member] | FHCF Layer [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Estimated maximum provisional limit, amount						$ 436,000,000	243,000,000
Purchased coverage price							$ 28,500,000
Maximum [Member] | Property Per Risk Coverage [Member] | FHCF Layer [Member]
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
Estimated maximum provisional limit, amount				$ 690,000,000

Reinsurance - Schedule of Reins

Reinsurance - Schedule of Reinsurance Transactions on Components of Condensed Consolidated Statements of Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Premium written:
Direct	$ 115,876	$ 81,458	$ 352,162	$ 204,630
Assumed	33,117	5,313	66,396	50,313
Ceded	(611)	(4,517)	(183,033)	(98,983)
Net premium written	148,382	82,254	235,525	155,960
Change in unearned premiums:
Direct	(11,996)	(23,976)	(82,979)	(67,958)
Assumed	(8,763)	17,079	45,757	17,874
Ceded	(45,262)	(19,830)	80,393	36,182
Net decrease (increase)	(66,021)	(26,727)	43,171	(13,902)
Premiums earned:
Direct	103,880	57,482	269,183	136,672
Assumed	24,354	22,392	112,153	68,187
Ceded	(45,873)	(24,347)	(102,640)	(62,801)
Net premiums earned	82,361	55,527	278,696	142,058
Losses and LAE incurred:
Direct	25,266	19,301	68,269	44,015
Assumed	10,525	3,013	33,970	18,130
Ceded	0	0	0	0
Net losses and LAE incurred	$ 35,791	$ 22,314	$ 102,239	$ 62,145

Reinsurance - Effects of Reinsu

Reinsurance - Effects of Reinsurance Transactions on Unpaid Losses and Loss Adjustment Expenses and Unearned Premiums (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Unpaid losses and loss adjustment expenses:
Direct	$ 52,208	$ 34,420
Assumed	22,237	17,049
Gross unpaid losses and LAE	74,445	51,469
Ceded	0	0
Net unpaid losses and LAE	74,445	51,469
Unearned premiums:
Direct	238,596	155,617
Assumed	39,762	85,519
Gross unearned premiums	278,358	241,136
Ceded	(123,541)	(43,148)
Net unearned premiums	$ 154,817	$ 197,988

Reserve for Unpaid Losses - Sum

Reserve for Unpaid Losses - Summary of Reserve for Unpaid Losses (Detail) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Liability For Unpaid Claims And Claims Adjustment Expenses Adjustment Of Opening Balance [Line Items]
Balance, beginning of period		$ 51,469,000		$ 51,469,000
Incurred related to:
Current year		4,500,000
Prior years	$ 2,500,000		$ 385,000		$ 136,000
Paid related to:
Balance, end of period	74,445,000			74,445,000		$ 51,469,000
Unpaid Losses [Member]
Liability For Unpaid Claims And Claims Adjustment Expenses Adjustment Of Opening Balance [Line Items]
Balance, beginning of period	61,846,000	51,469,000	34,533,000	51,469,000	19,344,000	19,344,000
Less: reinsurance recoverable on paid losses			783,000		783,000
Net balance, beginning of period	61,846,000	$ 51,469,000	33,750,000	51,469,000	18,561,000	18,561,000
Incurred related to:
Current year	38,258,000		22,699,000	109,070,000	62,281,000
Prior years	(2,467,000)		(385,000)	(6,831,000)	(136,000)
Total incurred	35,791,000		22,314,000	102,239,000	62,145,000
Paid related to:
Current year	18,721,000		12,645,000	55,399,000	28,971,000
Prior years	4,471,000		1,454,000	23,864,000	9,770,000
Total paid	23,192,000		14,099,000	79,263,000	38,741,000
Net balance, end of period	74,445,000		41,965,000	74,445,000	41,965,000	51,469,000
Plus: reinsurance recoverable on unpaid losses	0		0	0	0
Balance, end of period	$ 74,445,000		$ 41,965,000	$ 74,445,000	$ 41,965,000	$ 51,469,000

Reserve for Unpaid Losses - Add

Reserve for Unpaid Losses - Additional Information (Detail) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Sep. 30, 2014
Insurance [Abstract]
Losses incurred related to the prior year redundancy	$ 2,500,000		$ 385,000	$ 136,000
Favorable development of losses and LAE reserve		$ 4,500,000

Statutory Accounting and Regu57

Statutory Accounting and Regulations - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Insurance [Abstract]
Statutory net income of insurance subsidiary	$ 34,100,000	$ 3,400,000
Statutory accounting practices, capital and surplus requirements of insurance subsidiary	Greater of $15 million or 10% of its liabilities
Statutory capital and surplus requirements, percentage	10.00%
Minimum required amount of capital and surplus maintained by the insurance subsidiary	$ 15,000,000
Statutory capital and surplus	$ 200,800,000		$ 172,700,000

Other Liabilities - Additional

Other Liabilities - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Other liabilities	$ 9,520	$ 31,831
Citizens Layer [Member]
Other liabilities	$ 0	$ 21,100

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Majority Shareholder [Member]	9 Months Ended
	Sep. 30, 2014USD ($)
Related Party Transaction [Line Items]
Rent expenses	$ 101,000
Building [Member]
Related Party Transaction [Line Items]
Payments for rent	$ 0

Employee Benefit Plan - Additio

Employee Benefit Plan - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Percentage of contribution on employee salary			3.00%
Contribution for participating employees	$ 42,940	$ 47,840	$ 203,100	$ 208,000

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($)	1 Months Ended				3 Months Ended	9 Months Ended
	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May. 31, 2015	Mar. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
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						30,285,410		29,794,960
Unvested stock options outstanding						7,821
Additional paid-in capital						$ 198,584,000		$ 188,342,000
Common stock voting rights						One vote
Warrants Outstanding								30,600
Stock options, outstanding						1,305,923		1,685,923
Stock issued during period (in shares)				30,600
Stock options exercised	150,000	60,000	20,000	137,500	12,500	380,000
Exercise price, granted	$ 16.89	$ 14.02	$ 14.02	$ 16.89	$ 16.89	$ 0
Proceeds from issuance of common stock	$ 2,533,485	$ 841,195	$ 280,400	$ 2,322,375	$ 211,125		$ 88,000
Warrants to purchase shares of common stock				30,600
Warrant exercisable price per share				$ 5.88
Cash received from warrant exercisable				$ 180,000
Fair value of restricted common stock issued in connection with acquisition						$ 2,000,000
Common Stock [Member]
Class of Stock [Line Items]
Stock issued during period (in shares)							17,850
Issuance of restricted common stock in connection with acquisition						79,850
Common Stock [Member] | BCR Restoration Specialists, Inc. [Member]
Class of Stock [Line Items]
Issuance of restricted common stock in connection with acquisition	79,850
Fair value of restricted common stock issued in connection with acquisition	$ 2,000,000
Common Stock [Member] | Stock Options [Member]
Class of Stock [Line Items]
Stock issued during period (in shares)	210,000	210,000	157,500	157,500	12,500

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	Apr. 30, 2015	Dec. 02, 2014	Sep. 24, 2014	Sep. 24, 2013	Sep. 24, 2012	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	May. 22, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant						1,295,814	1,295,814		1,295,814
Maximum tenure of stock option from the date of grant							10 years
Exercisable period of vested awards							30 days
Shares granted to employees and directors		1,326,923	359,000	0	0		0	359,000
Stock options expiration date			Sep. 24, 2017
Fair value of option granted		$ 3.19	$ 2.70				$ 2.70
Unrecognized stock compensation expense						$ 25,000	$ 25,000
Unrecognized stock compensation expense, period							3 months
Stock-based compensation expense						$ 423,000	$ 1,900,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options expiration date		Dec. 2, 2017
Director Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options expiration date		Dec. 2, 2017
Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting of awards granted		50.00%
Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting of awards granted	50.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, Vesting period							1 year
Fair value of option granted									$ 3.07
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, Vesting period							5 years
Fair value of option granted									$ 3.54
Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance										2,981,737
Shares available for grant						1,295,814	1,295,814		1,295,814

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Utilized For Options Granted (Detail) - $ / shares	Dec. 02, 2014	Sep. 24, 2014	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted-average risk-free interest rate	51.00%	42.00%
Expected term of option in years	1 year 7 months 6 days	1 year 8 months 12 days
Weighted-average volatility	35.60%	36.50%
Dividend yield	0.00%	0.00%
Weighted average grant date fair value per share	$ 3.19	$ 2.70	$ 2.70

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Information Related to Stock Option (Detail) - $ / shares	Dec. 02, 2014	Sep. 24, 2014	Sep. 24, 2013	Sep. 24, 2012	Aug. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	May. 31, 2015	Mar. 31, 2015	Sep. 30, 2015	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Beginning Balance, Shares									1,685,923	1,685,923
Granted, Shares	1,326,923	359,000	0	0						0	359,000
Exercised, Shares					(150,000)	(60,000)	(20,000)	(137,500)	(12,500)	(380,000)
Ending Balance, Shares										1,305,923
Vested and exercisable, Shares										1,298,102
Weighted-Average Grant Date Fair Value, Beginning Balance									$ 3.09	$ 3.09
Weighted-Average Grant Date Fair Value, Granted					$ 16.89	$ 14.02	$ 14.02	$ 16.89	$ 16.89	0
Weighted-Average Grant Date Fair Value, Exercised										15.61
Weighted-Average Grant Date Fair Value, Ending Balance										2.86
Weighted-Average Grant Date Fair Value, Vested and exercisable										$ 2.86
Shares Available for Grant, Beginning Balance									1,295,814	1,295,814
Shares Available for Grant, Ending Balance										1,295,814

Acquisition of Selected Assets

Acquisition of Selected Assets - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Sep. 30, 2015	Jul. 31, 2015	Sep. 30, 2015
Business Acquisition [Line Items]
Cash payment for business acquisition			$ 6,000
BCR Restoration Specialists, Inc. [Member]
Business Acquisition [Line Items]
Cash payment for business acquisition		$ 6,000
Issuance of common stock for business acquisition		$ 2,000
Issuance of common stock for business acquisition, number of restricted common shares		79,850
Zephyr Acquisition Company [Member]
Business Acquisition [Line Items]
Purchase price	$ 120,000
Zephyr Acquisition Company [Member] | Hawaii [Member]
Business Acquisition [Line Items]
Percentage of market share owned through acquisition	30.00%