Heritage Insurance (HRTG) 10-Q 8 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 03, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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	Accelerated Filer
Entity Common Stock, Shares Outstanding		30,426,119

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Fixed maturity securities, available for sale, at fair value (amortized cost of $507,091 and $370,967 in 2016 and 2015, respectively)	$ 518,211	$ 371,783
Equity securities, available for sale, at fair value (cost of $33,998 and $32,439 in 2016 and 2015, respectively)	31,856	28,313
Total investments	550,067	400,096
Cash and cash equivalents	142,952	236,277
Restricted cash	18,644	13,085
Accrued investment income	4,329	3,409
Premiums receivable, net	34,856	30,565
Prepaid reinsurance premiums	226,627	78,517
Income taxes receivable	2,969
Deferred income taxes		7,964
Deferred policy acquisition costs, net	42,568	34,800
Property and equipment, net	17,873	17,111
Intangibles, net	28,467	2,120
Goodwill	48,845	8,028
Other assets	4,768	5,426
Total Assets	1,122,965	837,398
LIABILITIES AND STOCKHOLDERS' EQUITY
Unpaid losses and loss adjustment expenses	117,485	83,722
Unearned premiums	340,818	302,493
Reinsurance payable	237,020	60,210
Deferred income taxes	7,616
Income tax payable		2,092
Advance premiums	23,827	12,138
Accrued compensation	6,238	2,305
Other liabilities	17,594	17,885
Total Liabilities	750,598	480,845
Commitments and contingencies (Note 15)
Stockholders’ Equity:
Common stock, $0.0001 par value, 50,000,000 shares authorized, 30,426,121 shares issued and 29,301,121 outstanding at June 30, 2016 and 30,441,410 outstanding at December 31, 2015	3	3
Additional paid-in capital	205,036	202,628
Accumulated other comprehensive income (loss)	5,563	(2,033)
Treasury stock, at cost, 1,140,289 shares at June 30, 2016	(16,562)
Retained earnings	178,327	155,955
Total Stockholders' Equity	372,367	356,553
Total Liabilities and Stockholders' Equity	$ 1,122,965	$ 837,398

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Fixed maturities available for sale, at amortized cost	$ 507,091	$ 370,967
Equity securities, cost	$ 33,998	$ 32,439
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	30,426,121
Common stock, shares outstanding	29,301,121	30,441,410
Treasury stock, shares	1,140,289

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Other Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
REVENUE:
Gross premiums written	$ 177,295	$ 135,597	$ 324,561	$ 269,565
Change in gross unearned premiums	(13,658)	(8,496)	(8,981)	(16,463)
Gross premiums earned	163,637	127,101	315,580	253,102
Ceded premiums	(54,719)	(32,255)	(100,320)	(56,767)
Net premiums earned	108,918	94,846	215,260	196,335
Net investment income	2,223	2,090	4,260	3,723
Net realized gains (losses)	263	(116)	644	(119)
Other revenue	3,877	2,268	6,682	4,277
Total revenue	115,281	99,088	226,846	204,216
EXPENSES:
Losses and loss adjustment expenses	48,794	33,909	115,757	66,448
Policy acquisition costs	20,753	12,253	38,881	25,346
General and administrative expenses	15,977	11,936	30,411	23,140
Total expenses	85,524	58,098	185,049	114,934
Income before income taxes	29,757	40,990	41,797	89,282
Provision for income taxes	11,389	15,590	16,006	33,826
Net income	18,368	25,400	25,791	55,456
OTHER COMPREHENSIVE INCOME:
Change in net unrealized gains (losses) on investments	8,928	(2,663)	13,010	(5,470)
Reclassification adjustment for net realized investment (gains) losses	(263)	116	(644)	119
Income tax (expense) benefit related to items of other comprehensive income (loss)	(3,348)	983	(4,770)	2,064
Total comprehensive income	$ 23,685	$ 23,836	$ 33,387	$ 52,169
Weighted average shares outstanding
Basic	29,653,668	29,877,636	30,010,776	29,838,322
Diluted	29,653,668	30,268,496	30,072,624	30,192,216
Earnings per share
Basic	$ 0.62	$ 0.85	$ 0.86	$ 1.86
Diluted	$ 0.62	$ 0.84	$ 0.86	$ 1.84

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Treasury Shares [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
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
Exercise of stock options and warrants	2,994		2,994
Exercise of stock options and warrants, Shares		200,600
Stock-based compensation	1,848		1,848
Net unrealized change in investments, net of tax	(3,287)					(3,287)
Net income	55,456			55,456
Ending balance at Jun. 30, 2015	312,100	$ 3	193,184	120,477		(1,564)
Ending balance, Shares at Jun. 30, 2015		29,995,560
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
Dividends declared on common stock	(1,578)
Ending balance at Dec. 31, 2015	356,553	$ 3	202,628	155,955		(2,033)
Ending balance, Shares at Dec. 31, 2015		30,441,410
Buy-back common shares of Company stock	(16,562)				$ (16,562)
Buy back common shares of company stock, shares		(1,140,289)
Stock-based compensation	2,408		2,408
Dividends declared on common stock	(3,419)			(3,419)
Net unrealized change in investments, net of tax	7,596					7,596
Net income	25,791			25,791
Ending balance at Jun. 30, 2016	$ 372,367	$ 3	$ 205,036	$ 178,327	$ (16,562)	$ 5,563
Ending balance, Shares at Jun. 30, 2016		29,301,121

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
OPERATING ACTIVITIES
Net income	$ 25,791	$ 55,456
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	2,408	1,848
Amortization of bond discount	3,676	2,984
Depreciation and amortization	3,611	602
Net realized (gains)/losses	(644)	119
Deferred income taxes, net of acquired	10,810	1,783
Changes in operating assets and liabilities:
Accrued investment income	(920)	(1,158)
Premiums receivable, net	(2,611)	(6,298)
Restricted cash	(5,559)	(8,447)
Prepaid reinsurance premiums	(143,318)	(125,655)
Income taxes receivable	(2,969)	(8,190)
Deferred policy acquisition costs, net	(7,768)	(7,578)
Other assets	1,209	(2,450)
Unpaid losses and loss adjustment expenses	33,763	18,660
Unearned premiums	8,981	16,463
Reinsurance payable	176,810	160,740
Income taxes payable	(2,092)	(12,808)
Accrued compensation	2,715	8,438
Advance premiums	9,598	6,266
Other liabilities	(9,218)	(15,676)
Net cash provided by operating activities	104,273	85,099
INVESTING ACTIVITIES
Proceeds from sales and maturities of investments available for sale	90,321	27,873
Purchases of investments available for sale	(154,518)	(144,601)
Acquisition of a business, net of cash acquired	(111,907)
Proceeds from sale of investment in mortgage loan		749
Cost of property and equipment acquired	(1,513)	(869)
Net cash used in investing activities	(177,617)	(116,848)
FINANCING ACTIVITIES
Proceeds from exercise of stock options		2,994
Dividends	(3,419)
Purchase of treasury stock	(16,562)
Net cash (used in) provided by financing activities	(19,981)	2,994
Decrease in cash and cash equivalents	(93,325)	(28,755)
Cash and cash equivalents at beginning of period	236,277	160,481
Cash and cash equivalents at end of period	142,952	131,726
Supplemental Cash Flows Information:
Income taxes paid, net	$ 16,754	$ 55,000

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2016
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 six months ended June 30, 2016 and 2015 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 (“CAN”), our vendor network manager which includes BRC Restoration Specialists, Inc. (“BRC”), our provider of restoration, emergency and recovery services; Zephyr Acquisition Company (“ZAC”) and its wholly-owned subsidiary, Zephyr Insurance Company, Inc. (“Zephyr”), our provider for writing insurance policies for residential wind insurance within the State of Hawaii; Skye Lane Properties, LLC, our property management subsidiary; First Access Insurance Group, LLC, our retail agency; Osprey Re Ltd. (“Osprey”), 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. The assets of BRC, a building restoration company, were acquired and merged into CAN in 2015. The assets of SVM Restoration Services Inc. (“SVM”), a water mitigation company, were acquired and merged into CAN in 2014. Our primary products are personal and commercial residential insurance, which we currently offer in Florida, under authorization from the Florida Office of Insurance Regulation (“FLOIR”). We also began offering personal residential insurance in the states of North Carolina, South Carolina and through the Zephyr acquisition, Hawaii. We are also licensed to do business in Georgia, Alabama and Mississippi. We conduct our operations under one business segment. The condensed consolidated financial information included herein as of and for the three and six months ended June 30, 2016 and 2015 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 six months ended June 30, 2016 and 2015 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, 2015 consolidated balance sheet was derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2015. 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, 2015. 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 temporary 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	6 Months Ended
	Jun. 30, 2016
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, 2015. Reclassifications Certain prior year amounts have been reclassified to conform to current year presentation. Such classifications include reclassifying goodwill and intangibles from other assets in the accompanying condensed consolidated balance sheets. Recent The Company describes below recent pronouncements that may have a significant effect on its financial statements or on its disclosures upon future adoption. 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 June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2016-13, Financial Instruments – Credit Losses Measurement of Credit Losses on Financial Instruments is effective for reporting periods beginning after December 15, 2019. Early adoption is permitted for reporting periods beginning after December 15, 2018. In March 2016, the FASB issued ASU 2016-09 , Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases In January 2016, the FASB issued ASU 2016-01 , Recognition and Measurement of Financial Assets and Financial Liabilities In May 2014, the FASB issued ASU Topic 2014-09, Revenue from Contracts with Customers 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.

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Acquisition	NOTE 3. ACQUISITION On March 21, 2016, the Company acquired 100% of the outstanding stock of ZAC and its wholly-owned subsidiary, Zephyr, in exchange for approximately $111,907, net of cash acquired. Zephyr is a specialty property insurance provider, which offers windstorm-hurricane insurance policies for residential customers in Hawaii. This acquisition will further the Company’s strategic push to diversify business operations and achieve potential reinsurance synergies while expanding growth opportunities outside of Florida. The transaction was accounted for using the acquisition method of accounting. The valuation of assets acquired and liabilities assumed are based on preliminary estimates of fair value and are subject to revision as the Company finalizes its analysis. The results of operations of ZAC have been included in the Company’s condensed consolidated financial statements since the date of acquisition. The acquisition method requires significant use of estimates and is based on the information available to management at the time these condensed consolidated financial statements were prepared. As the acquisition was recently completed, the Company has not yet completed its assessment of the fair value of the intangible assets acquired, nor the related amortization expense applicable to definite-lived intangible assets during the period between the acquisition date and period end. As such, the total estimated purchase price in excess of net assets acquired and liabilities assumed has initially been recorded as goodwill and identified intangible assets. Goodwill is not deductible for tax purposes and will not be amortized, but is subject to annual impairment tests using a fair-value based approach. The Company is entitled to a holdback provision, for purposes of securing the indemnification obligation of the sellers for any damages arising out of or relating to a previous dispute should one arise. The following table summarizes the preliminary unaudited, estimated fair value of the assets acquired and liabilities assumed. The Company is in the process of finalizing the purchase price allocation and, accordingly, the following allocation of the purchase price, before income taxes, is subject to adjustments during the measurement period: Purchase Consideration Cash, net of cash acquired $ 111,907 Assets acquired Investments $ 76,440 Premiums and agent's receivable 1,680 Other assets 550 Prepaid reinsurance premiums 4,792 Intangible assets – value of business acquired 5,004 Intangible assets 24,203 Total assets acquired $ 112,669 Total liabilities assumed $ (41,579 ) Net assets acquired $ 71,090 Goodwill 40,817 Total purchase price $ 111,907 Pro Forma Information The following table presents selected unaudited pro forma information, assuming the acquisition of ZAC had occurred on January 1, 2015. The unaudited pro forma information is not necessarily indicative of the results that the Company would have achieved had the transaction taken place on January 1, 2015, and the unaudited pro forma information does not purport to be indicative of future financial results. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenue $ 115,281 $ 107,638 $ 235,668 $ 220,196 Net income $ 18,368 $ 27,669 $ 28,743 $ 59,904 Basic, earnings per share $ 0.62 $ 0.93 $ 0.96 $ 2.01 Diluted, earnings per share $ 0.62 $ 0.91 $ 0.95 $ 1.98 As a result of acquiring ZAC, our consolidated results of operations include the results of ZAC since the acquisition date. ZAC’s revenues and pre-tax net income included in our results of operations since the acquisition for the three months ended June 30, 2016 were $9,343 and $5,910, respectively and for the six months ended June 30, 2016, $10,362 and $6,507 respectively. For the three and six months ended June 30, 2016, income before taxes included $2,698 and $2,764, respectively, of amortization expense related to the identified intangible assets recorded as a result of the acquisition.

Investments

Investments	6 Months Ended
	Jun. 30, 2016
Investments Debt And Equity Securities [Abstract]
Investments	NOTE 4. INVESTMENTS The following table details the difference between cost or adjusted/amortized cost and estimated fair value, by major investment category, at June 30, 2016 and December 31, 2015: Cost or Adjusted / Amortized Cost Gross Gains Gross Losses Fair Value (In thousands) June 30, 2016 U.S. government and agency securities $ 25,168 $ 441 $ 3 $ 25,606 States, municipalities and political subdivisions 266,871 7,236 15 274,092 Special revenue 66,967 424 165 67,226 Industrial and miscellaneous 144,440 3,208 95 147,553 Redeemable preferred stocks 3,645 116 27 3,734 Total fixed maturities 507,091 11,425 305 518,211 Nonredeemable preferred stocks 14,617 681 36 15,262 Equity securities 19,381 982 3,769 16,594 Total equity securities 33,998 1,663 3,805 31,856 Total investments $ 541,089 $ 13,088 $ 4,110 $ 550,067 Cost or Adjusted / Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) December 31, 2015 U.S. government and agency securities $ 25,474 $ 16 $ 387 $ 25,103 States, municipalities and political subdivisions 184,145 2,107 137 186,115 Special revenue 42,593 19 204 42,408 Industrial and miscellaneous 115,313 294 932 114,675 Redeemable preferred stocks 3,442 61 21 3,482 Total fixed maturities 370,967 2,497 1,681 371,783 Nonredeemable preferred stocks 12,443 338 43 12,738 Equity securities 19,996 398 4,819 15,575 Total equity securities 32,439 736 4,862 28,313 Total investments $ 403,406 $ 3,233 $ 6,543 $ 400,096 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 six months ended June 30, 2016 and 2015. 2016 2015 Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale (In thousands) Three Months Ended June 30, Fixed maturities $ 338 $ 8,686 $ (39 ) $ 5,795 Equity securities 20 600 59 2,141 Total realized gains 358 9,286 20 7,936 Fixed maturities (30 ) 2,903 (136 ) 1,216 Equity securities (65 ) 2,503 — — Total realized losses (95 ) 5,406 (136 ) 1,216 Net realized gain (losses) $ 263 $ 14,692 $ (116 ) $ 9,152 2016 2015 Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale (In thousands) Six Months Ended June 30, Fixed maturities $ 1,467 $ 46,978 $ (2 ) $ 9,321 Equity securities 65 6,084 105 3,794 Total realized gains 1,532 53,062 103 13,115 Fixed maturities (35 ) 92,698 (222 ) 2,706 Equity securities (853 ) 2,589 — — Total realized losses (888 ) 95,287 (222 ) 2,706 Net realized gain (losses) $ 644 $ 148,349 $ (119 ) $ 15,821 The table below summarizes the Company’s fixed maturities at June 30, 2016 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. June 30, 2016 Cost or Amortized Cost Percent of Total Fair Value Percent of Total (In thousands) (In thousands) Due in one year or less $ 40,925 8 % $ 40,975 8 % Due after one year through five years 186,681 37 % 188,441 36 % Due after five years through ten years 175,594 35 % 180,860 35 % Due after ten years 103,891 20 % 107,935 21 % Total $ 507,091 100 % $ 518,211 100 % The following table summarizes the Company’s net investment income by major investment category for the three and six months ended June 30, 2016 and 2015, respectively: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) (In thousands) Fixed maturities $ 5,609 $ 1,840 $ 4,030 $ 3,319 Equity securities (2,983 ) 428 970 853 Cash, cash equivalents and short-term investments 136 88 137 211 Other investments (138 ) 43 (111 ) 60 Net investment income 2,624 2,399 5,026 4,443 Investment expenses (401 ) (309 ) (766 ) (720 ) Net investment income, less investment expenses $ 2,223 $ 2,090 $ 4,260 $ 3,723 The Company does not intend to sell investments that are in an unrealized loss position and it is not likely that the Company will be required to sell any investments before recovery of their amortized cost basis. As such, the Company does not consider those investments with an unrealized loss to be other-than-temporarily impaired at June 30, 2016 or December 31, 2015. There were no material other-than-temporary impairments or credit losses related to available-for-sale securities in the six months ended June 30, 2016 and 2015. In addition, there were no material gross realized gains or losses in the six months ended June 30, 2016 and 2015. The following tables present an aging of our unrealized investment losses by investment class as of June 30, 2016 and December 31, 2015: Less Than Twelve Months Twelve Months or More Number of Securities Gross Unrealized Losses Fair Value Number of Securities Gross Unrealized Losses Fair Value (In thousands) June 30, 2016 U.S. government and agency securities 9 $ 3 $ 1,144 — $ — $ — States, municipalities and political subdivisions 13 9 7,033 2 6 657 Special revenue 29 78 7,367 4 17 2,836 Industrial and miscellaneous 75 134 11,244 15 30 2,559 Redeemable preferred stocks 9 28 562 — — — Total fixed maturities 135 252 27,350 21 53 6,052 Nonredeemable preferred stocks 34 20 1,629 4 15 318 Equity securities 39 1,414 5,027 30 2,356 5,818 Total equity securities 73 1,434 6,656 34 2,371 6,136 Total investments 208 $ 1,686 $ 34,006 55 $ 2,424 $ 12,188 Less Than Twelve Months Twelve Months or More Number Securities Gross Unrealized Losses Fair Number Securities Gros s Unrealized Losses Fai r (In thousands) December 31, 2015 U.S. government and agency securities 19 $ 385 $ 19,849 2 $ 3 $ 397 States, municipalities and political subdivisions 14 50 10,979 1 3 164 Special revenue 141 870 73,312 5 61 1,318 Industrial and miscellaneous 134 279 60,203 10 9 1,646 Redeemable preferred stocks 9 21 950 — — — Total fixed maturities 317 1,605 165,293 18 76 3,525 Nonredeemable preferred stocks 19 29 1,560 5 14 250 Equity securities 48 2,975 8,416 20 1,844 2,680 Total equity securities 67 3,004 9,976 25 1,858 2,930 Total investments 384 $ 4,609 $ 175,269 43 $ 1,934 $ 6,455

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	NOTE 5. 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 governments, and corporate bonds, the Company obtains the fair value from its 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 six months ended June 30, 2016 and the year ended December 31, 2015, there were no transfers in or out of Levels 1, 2 and 3. June 30, 2016 Total Level 1 Level 2 Level 3 (in thousands) Fixed maturities investments: U.S. government and agency securities $ 25,606 $ 1,433 $ 24,173 $ — States, municipalities and political subdivisions 274,092 — 274,092 — Special revenue 67,226 22,710 44,516 — Industrial and miscellaneous 147,553 — 147,553 — Redeemable preferred stocks 3,734 3,734 — — Total fixed maturities investments 518,211 27,877 490,334 — Nonredeemable preferred stocks 15,263 15,263 — — Equity securities 16,593 16,593 — — Total equity securities 31,856 31,856 — — Total investments $ 550,067 $ 59,733 $ 490,334 $ — December 31, 2015 Total Level 1 Level 2 Level 3 (in thousands) Assets: Certificate of deposits (1) $ 3,300 $ 3,300 $ — $ — Fixed maturities investments: U.S. government and agency securities 25,103 22,361 2,742 — States, municipalities and political subdivisions 186,115 — 186,115 — Special revenue 42,408 — 42,408 — Industrial and miscellaneous 114,675 — 114,675 — Redeemable preferred stocks 3,482 3,482 — — Total fixed maturities investments 375,083 29,143 345,940 — Nonredeemable preferred stocks 12,738 12,738 — — Equity securities 15,575 15,575 — — Total equity securities 28,313 28,313 — — Total investments $ 403,396 $ 57,456 $ 345,940 $ — (1) Includes commercial paper with maturities of three months or less at time of purchase of $3,300 classified in cash and cash equivalents.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2016
Property Plant And Equipment [Abstract]
Property and Equipment	NOTE 6. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following at June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 (In thousands) Land $ 2,582 $ 2,582 Building 10,301 9,599 Computer hardware and software 3,128 2,502 Office furniture and equipment 669 634 Tenant and leasehold improvements 3,321 3,300 Vehicle fleet 822 693 Total, at cost 20,823 19,310 Less: accumulated depreciation and amortization 2,950 2,199 Property and equipment, net $ 17,873 $ 17,111 Depreciation and amortization expense for property and equipment was $353 and $751 for the six months ended June 30, 2016, respectively. The Company’s real estate consists of 14 acres of land and four buildings with a gross area of approximately 191 square feet.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and Intangible Assets As of June 30, 2016 and December 31, 2015 goodwill was $48,845 and $8,028, respectively, and intangible assets were $28,467 and $2,120, respectively. The increase in goodwill and intangible assets reflects the goodwill and intangible assets recorded in connection with the Zephyr acquisition. The preliminary purchase price allocation to goodwill and intangible assets has not been finalized and is subject to change. As of June 30, 2016, the amount of goodwill that we expect to be deductible for income tax purposes is $8,028. The Company has estimated the useful life of the value of business acquired (see Note 3) to be one year and is amortizing the balance based on the remaining percentage of acquired unearned premium from Zephyr. The Company has estimated the useful life of the other intangible assets to range between 10-15 years and is currently amortizing at an average of 12.5 years until the finalization of the purchase price allocation is completed and the useful lives have been finalized. Goodwill (in thousands) Balance as of December 31, 2015 $ 8,028 Goodwill acquired 40,817 Impairment — Balance as of June 30, 2016 $ 48,845 Estimated annual pretax amortization of intangible assets for the remainder of 2016 and each of the next five years and thereafter (in thousands): Remainder of 2016 $ 2,996 2017 2,435 2018 2,128 2019 2,128 2020 2,116 2021 2,104 Thereafter 14,560 $ 28,467 Amortization expense of intangible assets was $2,812 and $2,860 for the three and six months ended June 30, 2016. The Company recorded no amortization expense for the three and six months ended June 30, 2015.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 8. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Basic earnings per share: Net income attributable to common stockholders (000's) $ 18,368 $ 25,400 $ 25,791 $ 55,456 Weighted average shares outstanding 29,653,668 29,877,636 30,010,776 29,838,322 Basic earnings per share: $ 0.62 $ 0.85 $ 0.86 $ 1.86 Diluted earnings per share: Net income attributable to common stockholders (000's) $ 18,368 $ 25,400 $ 25,791 $ 55,456 Weighted average shares outstanding 29,653,668 29,877,636 30,010,776 29,838,322 Weighted average dilutive shares - 390,860 61,848 353,894 Total weighted average dilutive shares 29,653,668 30,268,496 30,072,624 30,192,216 Diluted earnings per share: $ 0.62 $ 0.84 $ 0.86 $ 1.84 As of June 30, 2016, the Company repurchased 1,140,289 shares of the Company’s stock in open market transactions for $16,562. As of June 30, 2016, the Company had $53,438 remaining to purchase shares under its authorized $70 million share repurchase plan. See Part II, Item 2, “Unregistered Sales of Equity Securities and Use of Proceeds” of this report for additional information.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	6 Months Ended
	Jun. 30, 2016
Insurance [Abstract]
Deferred Policy Acquisition Costs	NOTE 9. 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 six months ended June 30, 2016 and 2015: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Beginning Balance $ 35,991 $ 25,843 $ 34,800 $ 24,370 Policy acquisition costs deferred 27,330 18,358 46,649 32,924 Amortization (20,753 ) (12,253 ) (38,881 ) (25,346 ) Ending Balance $ 42,568 $ 31,948 $ 42,568 $ 31,948

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 10. INCOME TAXES During the six months ended June 30, 2016 and 2015, the Company recorded $16,006 and $33,826, respectively, of income tax expense which corresponds to an estimated annual effective tax rate of 38.3% and 37.9%, respectively. The table below summarizes the significant components of our net deferred tax assets (liabilities): June 30, 2016 December 31, 2015 (in thousands) Deferred tax assets: Unearned premiums $ 18,422 $ 17,979 Tax-related discount on loss reserve 1,577 1,140 Unrealized loss — 1,617 Stock-based compensation 2,450 1,277 Other 548 256 Total deferred tax assets $ 22,997 $ 22,269 Deferred tax liabilities: Deferred acquisition costs 14,932 13,424 Unrealized gain 3,428 — Investment basis difference on purchase 840 — Intangibles 10,537 — Property and equipment 471 473 Other 405 408 Total deferred tax liabilities 30,613 14,305 Net deferred tax assets (liabilities) $ (7,616 ) $ 7,964 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. As of June 30, 2016 and December 31, 2015, we had no significant uncertain tax positions.

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2016
Insurance [Abstract]
Reinsurance	NOTE 11. 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. 2016-2017 Reinsurance Program The Company placed its reinsurance program for the period from June 1, 2016 through May 31, 2017 during the second quarter of 2016.This reinsurance program incorporates the catastrophe risk of our two insurance subsidiaries, Heritage Property & Casualty Insurance Company, a Florida based insurer, and Zephyr Insurance Company, a Hawaii based insurer, into one reinsurance structure. The programs are incorporated into one reinsurance structure and are allocated amongst traditional reinsurers, catastrophe bonds issued by Citrus Re Ltd., a Bermuda special purpose insurer formed in 2014 (“Citrus Re”), and the Florida Hurricane Catastrophe Fund (“FHCF”).Coverage is shared by both insurers unless otherwise noted. The 2016-2017 reinsurance program provides, including retention, first event coverage up to $1.9 billion in Florida, first event coverage up to $1.1 billion in Hawaii, and multiple event coverage up to $3.0 billion. The reinsurance program, which is segmented into layers of coverage, protects the Company for excess property catastrophe losses and loss adjustment expenses. The Company’s 2016-2017 reinsurance program incorporates the mandatory coverage required by law to be placed with FHCF, which is available only for Florida catastrophe risk. For the 2016 hurricane season, the Company reduced its selected participation percentage in the FHCF from 75% to 45%. 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, 2016 to May 31, 2017 reinsurance program. · The Company’s Retention . If a first catastrophic event strikes Florida, the Company has a primary retention of the first $40 million of losses and loss adjustment expenses, of which Osprey is responsible for $20 million. If a first catastrophic event strikes Hawaii, the Company has a primary retention of the first $30 million of losses and loss adjustment expenses, of which Osprey is responsible for $15 million. If a second event strikes Florida, Heritage P&C’s primary retention decreases to $15 million and the remainder of the losses are ceded to third parties. If a second event strikes Hawaii, Zephyr’s primary retention decreases to $5 million. In the second event only for a loss exceeding $190 million, there is an additional Company co-participation of 5.4% subject to a maximum co-participation of $11.6 million. Heritage P&C and Zephyr each have a $5 million primary retention for events beyond the second catastrophic event. Osprey has no primary retention beyond the first catastrophic event in Florida or Hawaii. Additionally, Osprey is responsible for payment of up to $5.3 million of reinstatement premium, depending on the amount of losses incurred. · Shared Layers above retention and below FHCF . Immediately above the retention, the Company has purchased $374 million of reinsurance from third party reinsurers. Through the payment of a reinstatement premium, the Company is able to reinstate the full amount of this reinsurance one time. To the extent that $374 million or a portion thereof is exhausted in a first catastrophic event, the Company has purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage. · FHCF Layer . The Company’s FHCF program provides coverage for Florida events only and includes an estimated maximum provisional limit of 45% of $1.3 billion, in excess of its retention of $399 million. The limit and retention of the FHCF coverage is subject to upward or downward adjustment based on, among other things, submitted exposures to FHCF by all participants. The Company has purchased coverage alongside from third party reinsurers and through reinsurance agreements with Citrus Re. To the extent the FHCF coverage is adjusted, this private reinsurance with third party reinsurers and Citrus Re will adjust to fill in any gaps in coverage up to the reinsurers’ aggregate limits for this layer. The FHCF coverage cannot be reinstated once exhausted, but it does provide coverage for multiple events. · Layers alongside the FHCF. The Florida reinsurance program includes third party layers alongside the FHCF. These include 2015 C and 2015 B series catastrophe bonds, which cover Florida only for the 2016 season, and 2016 D and 2016 E catastrophe bond series issued by Citrus Re, which total $377.5 million of coverage, as discussed below, as well as a traditional reinsurance layer providing $200 million of coverage. Through a reinstatement, the Company is able to reinstate the full amount of the $200 million of reinsurance one time. These 2016 catastrophe bonds and the traditional reinsurance layer provide coverage for both Florida and Hawaii catastrophe losses. · 2016 Class D and E Notes: During February 2016, Heritage P&C and Zephyr entered into two catastrophe reinsurance agreements with Citrus Reuther agreements provide for three years of coverage from catastrophic losses caused by named storms, including hurricanes, beginning on June 1, 2016. Heritage P&C and Zephyr pay a periodic premium to Citrus Re during this three-year risk period. Citrus Re issued an aggregate of $250 million of principal-at-risk variable notes due February 2019 to fund the reinsurance trust account and its obligations to Heritage P&C and Zephyr under the reinsurance agreements. The Class D notes provide $150 million of coverage and the Class E notes provide $100 million of coverage. The Class D and Class E notes provide reinsurance coverage for a sliver of the catastrophe coverage that had previously been provided by the FHCF. The limit of coverage is fully collateralized by a reinsurance trust account for the benefit of Heritage P&C and Zephyr. 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. · 2015 Class B and C Notes : During April 2015, Heritage P&C entered into catastrophe reinsurance agreements with Citrus Re. The 2015 notes do not provide coverage for Zephyr for the 2016 hurricane season. The agreements provide for three years of coverage from catastrophic losses caused by named storms, including hurricanes, beginning on June 1, 2015. Heritage P&C pays a periodic premium to Citrus Re during this three-year risk period. Citrus Re issued principal-at-risk variable notes due April 2018 to fund the reinsurance trust account and its obligations to Heritage P&C under the reinsurance agreements. The Class B notes provide $97.5 million of coverage, and the Class C notes provide $30 million of coverage. The Class B and Class C notes provide reinsurance coverage for a sliver of the catastrophe coverage that had previously been provided by the FHCF. The limit of coverage is fully collateralized by a reinsurance trust account for the benefit of Heritage P&C. 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. Layers above the FHCF - Florida program · 2015 Class A Notes: During April 2015, Heritage P&C entered into catastrophe reinsurance agreements with Citrus Re. The 2015 notes do not provide coverage for Zephyr for the 2016 hurricane season. The agreements provide for three years of coverage from catastrophic losses caused by named storms, including hurricanes, beginning on June 1, 2015. Heritage P&C pays a periodic premium to Citrus Re during this three-year risk period. Citrus Re issued principal-at-risk variable notes due April 2018 to fund the reinsurance trust account and its obligations to Heritage P&C under the reinsurance agreements. The Class A notes provide $150 million of coverage for a layer above the FHCF. The limit of coverage is fully collateralized by a reinsurance trust account for the benefit of Heritage P&C. 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. · 2014 Class A Notes: Coverage immediately below and above the 2015 Class A notes is provided by the 2014 reinsurance agreements entered into with Citrus Re. The first contract with Citrus Re, provides $150 million of coverage immediately below 2015 Class A and the second contract provides an additional $50 million of coverage which sits immediately above 2015 Class A. During April 2014, Heritage P&C entered into two catastrophe reinsurance agreements with Citrus Re. The 2014 notes do not provide coverage for Zephyr for the 2016 hurricane season. 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 during this three-year risk period. Citrus Re 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. · Multi-Zonal Layers – The Company purchased additional layers which provide coverage for Florida for a second event and both first and second event coverage for Hawaii. The first event coverage for Hawaii is a counterpart to the Florida-only catastrophe bond layers and FHCF layer. There is a total of $282 million of reinsurance coverage purchased on this basis, with $260 million having a prepaid reinstatement. The multi-zonal occurrence layer provides first and second event coverage of $260 million for Hawaii and second event coverage of $260 million for Florida. A top and drop multi-zonal layer provides first and subsequent event coverage of $22 million for Hawaii and second or subsequent event coverage of $22 million for Florida. · Aggregate Coverage . In addition to what is described above, much of the reinsurance is structured in a way to provide aggregate coverage. $682 million of limit is structured on this basis. To the extent that this coverage is not fully exhausted in the first catastrophic event, it provides coverage commencing at its reduced retention for second and subsequent events where underlying coverage has been previously exhausted. $460 million has a reinstatement, which is prepaid. For a first catastrophic event striking Florida, our reinsurance program provides coverage for $1.9 billion of losses and loss adjustment expenses, including our retention, and we are responsible for all losses and loss adjustment expenses in excess of such amount. For a first catastrophic event striking Hawaii, our reinsurance program provides coverage for $1.1 billion of losses and loss adjustment expenses, including our retention, and we are responsible for all losses and loss adjustment expenses in excess of such amount. For subsequent catastrophic events, our total available coverage depends on the magnitude of the first event, as we may have coverage remaining from layers that were not previously fully exhausted. $860 million of limit purchased in 2016 includes a reinstatement, with $825 million being prepaid. In total, we have purchased $3.0 billion of potential reinsurance coverage, including our retention, for multiple catastrophic events. Our ability to access this coverage, however, will be subject to the severity and frequency of such 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 incorporated 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 . For the first catastrophic event, the Company had a primary retention of the first $35 million of losses and loss adjustment expenses, of Osprey is responsible for $20 million. For a second event, Heritage P&C’s primary retention decreased to $5 million and Osprey is responsible for $10 million. To the extent that there is reinsurance coverage remaining, Heritage P&C has a $5 million primary retention for events beyond the second catastrophic event. Osprey has no primary retention beyond the second catastrophic event. • Layers Below FHCF . Immediately above the Company’s retention, the Company had purchased $440 million of reinsurance from third party reinsurers. Through the payment of a reinstatement premium, the Company was able to reinstate the full amount of this reinsurance one time. To the extent that $440 million or a portion thereof was exhausted in a first catastrophic event, the Company had purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage. A portion of this coverage wraps around the FHCF and provided coverage alongside and above the FHCF. • FHCF Layer • CAT Bond Layer alongside the FHCF • CAT Bond Layer above the FHCF • Aggregate Coverage For a first catastrophic event, our reinsurance program provides coverage for $1.8 billion of losses and loss adjustment expenses, including our retention, and we are responsible for all losses and loss adjustment expenses in excess of such amount. For subsequent catastrophic events, our total available coverage depends on the magnitude of the first event, as we may have coverage remaining from layers that were not previously fully exhausted. We have also purchased reinstatement premium protection insurance to provide an additional $440.0 million of coverage. Our aggregate reinsurance layer also provides coverage for second and subsequent events to the extent not exhausted in prior events. In total, we have purchased $2.3 billion of potential reinsurance coverage, including our retention, for multiple catastrophic events. Our ability to access this coverage, however, will be subject to the severity and frequency of such events. As of August 31, 2015, the peak of the hurricane season, our total insured value was $76.9 billion, and we may experience significant losses and loss adjustment expenses in excess of our retention. 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 incorporated the mandatory coverage required by law to be placed with 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 2014-2015 reinsurance program provided coverage for $990 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 coverage remaining from layers that were not previously fully exhausted. The Company 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. 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 recovered 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 for which the total insured value exceeded $10 million. Assumption Transactions and Assumed Premiums Written 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Premium written: Direct $ 177,955 $ 134,785 $ 316,087 $ 236,286 Assumed (660 ) 812 8,474 33,279 Ceded (242,927 ) (181,652 ) (243,659 ) (182,422 ) Net premium written $ (65,632 ) $ (46,055 ) $ 80,902 $ 87,143 Change in unearned premiums: Direct $ (30,294 ) $ (44,461 ) $ (40,681 ) $ (70,983 ) Assumed 16,636 35,966 31,700 54,520 Ceded 188,208 149,397 143,339 125,655 Net decrease (increase) $ 174,550 $ 140,902 $ 134,358 $ 109,192 Premiums earned: Direct $ 147,661 $ 90,324 $ 275,406 $ 165,303 Assumed 15,976 36,777 40,174 87,799 Ceded (54,719 ) (32,255 ) (100,320 ) (56,767 ) Net premiums earned $ 108,918 $ 94,846 $ 215,260 $ 196,335 Losses and LAE incurred: Direct $ 30,034 $ 17,525 $ 81,800 $ 43,003 Assumed 18,758 16,384 33,961 23,445 Ceded 2 — (4 ) — Net losses and LAE incurred $ 48,794 $ 33,909 $ 115,757 $ 66,448 The following table highlights the effects that the Company’s assumption transactions have on unpaid losses and loss adjustment expenses and unearned premiums: June 30, 2016 December 31, 2015 (In thousands) Unpaid losses and loss adjustment expenses: Direct $ 87,311 $ 60,223 Assumed 30,200 23,499 Gross unpaid losses and LAE 117,511 83,722 Ceded (26 ) — Net unpaid losses and LAE $ 117,485 $ 83,722 Unearned premiums: Direct $ 328,779 $ 258,754 Assumed 12,039 43,739 Gross unearned premiums 340,818 302,493 Ceded (226,627 ) (78,517 ) Net unearned premiums $ 114,191 $ 223,976

Reserve For Unpaid Losses

Reserve For Unpaid Losses	6 Months Ended
	Jun. 30, 2016
Insurance [Abstract]
Reserve for Unpaid Losses	NOTE 12. 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 Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Balance, beginning of period $ 108,443 $ 61,846 $ 83,722 $ 51,469 Less: reinsurance recoverable on paid losses — — — — Net balance, beginning of period 108,443 61,846 83,722 51,469 Incurred related to: Current year 49,126 33,760 101,626 70,812 Prior years (332 ) 149 14,131 (4,364 ) Total incurred 48,794 33,909 115,757 66,448 Paid related to: Current year 25,421 18,580 38,053 28,395 Prior years 14,331 7,046 43,941 19,393 Total paid 39,752 25,626 81,994 47,788 Net balance, end of period 117,485 70,129 117,485 70,129 Plus: reinsurance recoverable on unpaid losses — — — — Balance, end of period $ 117,485 $ 70,129 $ 117,485 $ 70,129 The Company writes insurance in the states of Florida, North Carolina, South Carolina and Hawaii, 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 six months ended June 30, 2016 and 2015 reflect a prior year deficiency of $14,131 and a redundancy of $4,364, respectively, associated with management’s best estimate of the actuarial loss and LAE reserves with consideration given to Company specific historical loss experience. All of the unfavorable development was from personal lines. Also, most of the unfavorable emergence came from the second, third and fourth quarters of 2015 and are primarily related to claims involving litigation and claims that were represented by attorneys, public adjusters or others (sometimes referred to as Assignment of Benefits). Also, a majority of the unfavorable development in 2016 has been isolated to the tri-county region of Florida (the counties of Miami-Dade, Broward and Palm Beach).

Other Liabilities

Other Liabilities	6 Months Ended
	Jun. 30, 2016
Other Liabilities Disclosure [Abstract]
Other Liabilities	NOTE 13. OTHER LIABILITIES At June 30, 2016 and December 31, 2015, other liabilities included approximately $2,467 and $4,920, respectively, related to amounts owed to Citizens for policies assumed by the Company, where the policyholder subsequently opted-out of the assumption program. Also, included in other liabilities for the periods ending June 30, 2016 and December 31, 2015 was $6,426 and $5,793, for commission payable, $3,440 and $3,919 for accounts payable and other payables, and $5,260 and $3,253, for taxes, suspense and unearned revenue, respectively.

Statutory Accounting and Regula

Statutory Accounting and Regulations	6 Months Ended
	Jun. 30, 2016
Text Block [Abstract]
Statutory Accounting and Regulations	NOTE 14. 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; restrict insurers’ ability to pay dividends; restrict the allowable investment types and investment mixes, and subject the Company’s insurers to assessments. The Company’s insurance subsidiaries are required to file with state 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. Combined results of the Company’s insurance subsidiaries reported a net loss of $600 for the six months ended June 30, 2016 and a net income of $45,000 for the year ended December 31, 2015.The Company’s insurance subsidiaries must maintain capital and surplus ratios or balances as determined by the regulatory authority of the states in which they are domiciled. Heritage P&C and Zephyr are required to maintain capital and surplus equal to the greater of $15,000 or 10% of their liabilities. The Company’s combined statutory surplus was $284,000 and $216,600 at June 30, 2016 and December 31, 2015, 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	6 Months Ended
	Jun. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 15. 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.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 16. 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 June 30, 2016 and 2015. · 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. For the period ended June 30, 2016 and 2015, the Company paid the management service company approximately $60 and $62, respectively.

Employee Benefit Plan

Employee Benefit Plan	6 Months Ended
	Jun. 30, 2016
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plan	NOTE 17. EMPLOYEE BENEFIT PLAN The Company provides a 401(k) plan for 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 six months ended June 30, 2016 and 2015, the Company’s contributions to the plan on behalf of the participating employees were $248 and $160, respectively. The Company provides for its employees a partially self-insured healthcare plan and benefits. For the six months ended June 30, 2016 and 2015, the Company incurred medical premium costs in the aggregate of $1,366 and $496, respectively. The Company also recorded approximately $472 as unpaid claims as of 2015. A stop loss reinsurance policy caps the maximum loss that could be incurred by the Company under the self-insured plan. The Company’s stop loss coverage per employee is $60 for which any excess cost would be covered by the reinsurer subject to an aggregate limit for losses in excess of $1.5 million which would provide up to $1.0 million of coverage. Any excess of the $1.5 million retention and the $1 million of aggregate coverage would be borne by the Company. The aggregate stop loss commences once our expenses exceed 125% of the annual aggregate expected claims.

Equity

Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Equity	NOTE 18. EQUITY The total amount of authorized capital stock consists of 50,000,000 shares of common stock and 5,000,000 shares of preferred stock. As of June 30, 2016, the Company had 29,301,121 shares of common stock outstanding, 1,140,289 treasury shares of common stock and 1,125,000 unvested restricted common stock [not included in the outstanding share count] issued reflecting total paid-in capital of $205,036 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 As more fully disclosed in our audited consolidated financial statements for the year ended December 31, 2015, there were, as of December 31, 2015, 30,441,410 shares of common stock outstanding, 1,149,923 stock options outstanding, and 1,125,000 unvested restricted stock grants, representing $202,628 of additional paid-in capital. Stock Repurchase Program On September 14, 2015, the Company announced that the Company’s Board of Directors, authorized a stock repurchase program authorizing the Company to repurchase up to $20,000 of the Company’s common stock. The stock repurchase program expires December 31, 2016. The Company purchased 612,300 shares at a total cost of $9,635 during the three months ended March 31, 2016, through open market or private transactions. From the existing repurchase program, the Company purchased an additional 527,989 shares at a cost of $6,927 during the three months ending months ended June 30, 2016, through open market or private transactions. On May 4, 2016, the Board of Directors authorized an additional stock repurchase of up to $50,000 of the Company’s common stock through on December 31, 2017. Dividends On March 2, 2016, the Company announced a first quarter dividend of $0.05 per share payable on April 5, 2016, to stockholders of record as of the close of business on March 15, 2016. On December 17, 2015, the Company announced a cash dividend of $0.05 per share on the Company’s common stock, payable on January 13, 2016 to stockholders of record as of the close of business on December 31, 2015. On May 4, 2016, the Company announced a second quarter dividend of $0.06 per share payable on July 1, 2016, to stockholders of record as of the close of business on June 15, 2016. During the six months ended June 30, 2016 and the year ended December 31, 2015, dividends charged to retained earnings were $3,419 and $1,578, respectively.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	NOTE 19. STOCK-BASED COMPENSATION The Company has adopted the Heritage Insurance Holdings, Inc., Omnibus Incentive Plan (the “Plan”), which became 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 June 30, 2016 and December 31, 2015, there were 170,814shares 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 and Restricted Stock Stock Options A summary of information related to stock options and restricted stock outstanding at June 30, 2016 is as follows: Options Weighted - Average Grant Date Fair Value Balance at December 31, 2015 1,149,923 $ 2.99 Granted — Exercised — Balance at June 30, 2016 1,149,923 $ 2.99 Vested and exercisable as of June 30, 2016 1,149,923 $ 2.99 The Company had approximately $0 and $50 of unrecognized stock compensation expense at June 30, 2016 and 2015, respectively, related to unvested stock-based compensation granted. The Company recognized approximately $0 and $1,800 of compensation expense during the six months ended June 30, 2016 and 2015, respectively. Stock-based compensation costs for restricted grants is measured based on the closing fair market value of our common stock on the date of grant. The Company recognizes stock-based compensation costs over the award’s requisite service period on a straight-line basis for time-based restricted stock grants. Restricted Stock Weighted-Average Grant-Date Fair Number of shares Value per Share Unvested, at December 31, 2015 1,125,000 $ 21.40 Granted — — Vested — — Canceled and forfeited — — Unvested, at June 30, 2016 1,125,000 $ 21.40 The Company recognized $2,408 of compensation expense during the six months ended June 30, 2016. The Company had approximately $20,919 of unrecognized stock compensation expense at June 30, 2016 related to unvested compensation, which the Company expects to recognize ratably over the period of 4.4 years. The Company did not have any compensation expense for the comparable period for 2015 relating to restricted stock.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	NOTE 20. SUBSEQUENT EVENTS On August 1, 2016, the Company announced that its Board of Directors declared a third quarter dividend of $0.06 per common share. The dividend is payable on October 3, 2016 to stockholders of record on September 15, 2016.

Significant Accounting Polici27

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements as of and for the three and six months ended June 30, 2016 and 2015 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 (“CAN”), our vendor network manager which includes BRC Restoration Specialists, Inc. (“BRC”), our provider of restoration, emergency and recovery services; Zephyr Acquisition Company (“ZAC”) and its wholly-owned subsidiary, Zephyr Insurance Company, Inc. (“Zephyr”), our provider for writing insurance policies for residential wind insurance within the State of Hawaii; Skye Lane Properties, LLC, our property management subsidiary; First Access Insurance Group, LLC, our retail agency; Osprey Re Ltd. (“Osprey”), 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. The assets of BRC, a building restoration company, were acquired and merged into CAN in 2015. The assets of SVM Restoration Services Inc. (“SVM”), a water mitigation company, were acquired and merged into CAN in 2014. Our primary products are personal and commercial residential insurance, which we currently offer in Florida, under authorization from the Florida Office of Insurance Regulation (“FLOIR”). We also began offering personal residential insurance in the states of North Carolina, South Carolina and through the Zephyr acquisition, Hawaii. We are also licensed to do business in Georgia, Alabama and Mississippi. We conduct our operations under one business segment. The condensed consolidated financial information included herein as of and for the three and six months ended June 30, 2016 and 2015 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 six months ended June 30, 2016 and 2015 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, 2015 consolidated balance sheet was derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2015. 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, 2015. 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 temporary 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.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to current year presentation. Such classifications include reclassifying goodwill and intangibles from other assets in the accompanying condensed consolidated balance sheets.
Accounting Pronouncements	Recent The Company describes below recent pronouncements that may have a significant effect on its financial statements or on its disclosures upon future adoption. 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 June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2016-13, Financial Instruments – Credit Losses Measurement of Credit Losses on Financial Instruments is effective for reporting periods beginning after December 15, 2019. Early adoption is permitted for reporting periods beginning after December 15, 2018. In March 2016, the FASB issued ASU 2016-09 , Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases In January 2016, the FASB issued ASU 2016-01 , Recognition and Measurement of Financial Assets and Financial Liabilities In May 2014, the FASB issued ASU Topic 2014-09, Revenue from Contracts with Customers 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.

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Schedule of Purchase Price Allocation	The following table summarizes the preliminary unaudited, estimated fair value of the assets acquired and liabilities assumed. The Company is in the process of finalizing the purchase price allocation and, accordingly, the following allocation of the purchase price, before income taxes, is subject to adjustments during the measurement period: Purchase Consideration Cash, net of cash acquired $ 111,907 Assets acquired Investments $ 76,440 Premiums and agent's receivable 1,680 Other assets 550 Prepaid reinsurance premiums 4,792 Intangible assets – value of business acquired 5,004 Intangible assets 24,203 Total assets acquired $ 112,669 Total liabilities assumed $ (41,579 ) Net assets acquired $ 71,090 Goodwill 40,817 Total purchase price $ 111,907
Summary of Pro Forma Information	The following table presents selected unaudited pro forma information, assuming the acquisition of ZAC had occurred on January 1, 2015. The unaudited pro forma information is not necessarily indicative of the results that the Company would have achieved had the transaction taken place on January 1, 2015, and the unaudited pro forma information does not purport to be indicative of future financial results. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenue $ 115,281 $ 107,638 $ 235,668 $ 220,196 Net income $ 18,368 $ 27,669 $ 28,743 $ 59,904 Basic, earnings per share $ 0.62 $ 0.93 $ 0.96 $ 2.01 Diluted, earnings per share $ 0.62 $ 0.91 $ 0.95 $ 1.98

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015: Cost or Adjusted / Amortized Cost Gross Gains Gross Losses Fair Value (In thousands) June 30, 2016 U.S. government and agency securities $ 25,168 $ 441 $ 3 $ 25,606 States, municipalities and political subdivisions 266,871 7,236 15 274,092 Special revenue 66,967 424 165 67,226 Industrial and miscellaneous 144,440 3,208 95 147,553 Redeemable preferred stocks 3,645 116 27 3,734 Total fixed maturities 507,091 11,425 305 518,211 Nonredeemable preferred stocks 14,617 681 36 15,262 Equity securities 19,381 982 3,769 16,594 Total equity securities 33,998 1,663 3,805 31,856 Total investments $ 541,089 $ 13,088 $ 4,110 $ 550,067 Cost or Adjusted / Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) December 31, 2015 U.S. government and agency securities $ 25,474 $ 16 $ 387 $ 25,103 States, municipalities and political subdivisions 184,145 2,107 137 186,115 Special revenue 42,593 19 204 42,408 Industrial and miscellaneous 115,313 294 932 114,675 Redeemable preferred stocks 3,442 61 21 3,482 Total fixed maturities 370,967 2,497 1,681 371,783 Nonredeemable preferred stocks 12,443 338 43 12,738 Equity securities 19,996 398 4,819 15,575 Total equity securities 32,439 736 4,862 28,313 Total investments $ 403,406 $ 3,233 $ 6,543 $ 400,096
Schedule of Net Realized Gains (Losses) by Major Investment Category	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 six months ended June 30, 2016 and 2015. 2016 2015 Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale (In thousands) Three Months Ended June 30, Fixed maturities $ 338 $ 8,686 $ (39 ) $ 5,795 Equity securities 20 600 59 2,141 Total realized gains 358 9,286 20 7,936 Fixed maturities (30 ) 2,903 (136 ) 1,216 Equity securities (65 ) 2,503 — — Total realized losses (95 ) 5,406 (136 ) 1,216 Net realized gain (losses) $ 263 $ 14,692 $ (116 ) $ 9,152 2016 2015 Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale (In thousands) Six Months Ended June 30, Fixed maturities $ 1,467 $ 46,978 $ (2 ) $ 9,321 Equity securities 65 6,084 105 3,794 Total realized gains 1,532 53,062 103 13,115 Fixed maturities (35 ) 92,698 (222 ) 2,706 Equity securities (853 ) 2,589 — — Total realized losses (888 ) 95,287 (222 ) 2,706 Net realized gain (losses) $ 644 $ 148,349 $ (119 ) $ 15,821
Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity	The table below summarizes the Company’s fixed maturities at June 30, 2016 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. June 30, 2016 Cost or Amortized Cost Percent of Total Fair Value Percent of Total (In thousands) (In thousands) Due in one year or less $ 40,925 8 % $ 40,975 8 % Due after one year through five years 186,681 37 % 188,441 36 % Due after five years through ten years 175,594 35 % 180,860 35 % Due after ten years 103,891 20 % 107,935 21 % Total $ 507,091 100 % $ 518,211 100 %
Summary of Net Investment Income	The following table summarizes the Company’s net investment income by major investment category for the three and six months ended June 30, 2016 and 2015, respectively: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) (In thousands) Fixed maturities $ 5,609 $ 1,840 $ 4,030 $ 3,319 Equity securities (2,983 ) 428 970 853 Cash, cash equivalents and short-term investments 136 88 137 211 Other investments (138 ) 43 (111 ) 60 Net investment income 2,624 2,399 5,026 4,443 Investment expenses (401 ) (309 ) (766 ) (720 ) Net investment income, less investment expenses $ 2,223 $ 2,090 $ 4,260 $ 3,723
Aging of Gross Unrealized Investment Losses	The following tables present an aging of our unrealized investment losses by investment class as of June 30, 2016 and December 31, 2015: Less Than Twelve Months Twelve Months or More Number of Securities Gross Unrealized Losses Fair Value Number of Securities Gross Unrealized Losses Fair Value (In thousands) June 30, 2016 U.S. government and agency securities 9 $ 3 $ 1,144 — $ — $ — States, municipalities and political subdivisions 13 9 7,033 2 6 657 Special revenue 29 78 7,367 4 17 2,836 Industrial and miscellaneous 75 134 11,244 15 30 2,559 Redeemable preferred stocks 9 28 562 — — — Total fixed maturities 135 252 27,350 21 53 6,052 Nonredeemable preferred stocks 34 20 1,629 4 15 318 Equity securities 39 1,414 5,027 30 2,356 5,818 Total equity securities 73 1,434 6,656 34 2,371 6,136 Total investments 208 $ 1,686 $ 34,006 55 $ 2,424 $ 12,188 Less Than Twelve Months Twelve Months or More Number Securities Gross Unrealized Losses Fair Number Securities Gros s Unrealized Losses Fai r (In thousands) December 31, 2015 U.S. government and agency securities 19 $ 385 $ 19,849 2 $ 3 $ 397 States, municipalities and political subdivisions 14 50 10,979 1 3 164 Special revenue 141 870 73,312 5 61 1,318 Industrial and miscellaneous 134 279 60,203 10 9 1,646 Redeemable preferred stocks 9 21 950 — — — Total fixed maturities 317 1,605 165,293 18 76 3,525 Nonredeemable preferred stocks 19 29 1,560 5 14 250 Equity securities 48 2,975 8,416 20 1,844 2,680 Total equity securities 67 3,004 9,976 25 1,858 2,930 Total investments 384 $ 4,609 $ 175,269 43 $ 1,934 $ 6,455

Fair Value of Financial Instr30

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
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 six months ended June 30, 2016 and the year ended December 31, 2015, there were no transfers in or out of Levels 1, 2 and 3. June 30, 2016 Total Level 1 Level 2 Level 3 (in thousands) Fixed maturities investments: U.S. government and agency securities $ 25,606 $ 1,433 $ 24,173 $ — States, municipalities and political subdivisions 274,092 — 274,092 — Special revenue 67,226 22,710 44,516 — Industrial and miscellaneous 147,553 — 147,553 — Redeemable preferred stocks 3,734 3,734 — — Total fixed maturities investments 518,211 27,877 490,334 — Nonredeemable preferred stocks 15,263 15,263 — — Equity securities 16,593 16,593 — — Total equity securities 31,856 31,856 — — Total investments $ 550,067 $ 59,733 $ 490,334 $ — December 31, 2015 Total Level 1 Level 2 Level 3 (in thousands) Assets: Certificate of deposits (1) $ 3,300 $ 3,300 $ — $ — Fixed maturities investments: U.S. government and agency securities 25,103 22,361 2,742 — States, municipalities and political subdivisions 186,115 — 186,115 — Special revenue 42,408 — 42,408 — Industrial and miscellaneous 114,675 — 114,675 — Redeemable preferred stocks 3,482 3,482 — — Total fixed maturities investments 375,083 29,143 345,940 — Nonredeemable preferred stocks 12,738 12,738 — — Equity securities 15,575 15,575 — — Total equity securities 28,313 28,313 — — Total investments $ 403,396 $ 57,456 $ 345,940 $ — (1) Includes commercial paper with maturities of three months or less at time of purchase of $3,300 classified in cash and cash equivalents.

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2016
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following at June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 (In thousands) Land $ 2,582 $ 2,582 Building 10,301 9,599 Computer hardware and software 3,128 2,502 Office furniture and equipment 669 634 Tenant and leasehold improvements 3,321 3,300 Vehicle fleet 822 693 Total, at cost 20,823 19,310 Less: accumulated depreciation and amortization 2,950 2,199 Property and equipment, net $ 17,873 $ 17,111

Goodwill and Other Intangible32

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill (in thousands) Balance as of December 31, 2015 $ 8,028 Goodwill acquired 40,817 Impairment — Balance as of June 30, 2016 $ 48,845
Schedule of Estimated Amortization of Intangible Assets	Estimated annual pretax amortization of intangible assets for the remainder of 2016 and each of the next five years and thereafter (in thousands): Remainder of 2016 $ 2,996 2017 2,435 2018 2,128 2019 2,128 2020 2,116 2021 2,104 Thereafter 14,560 $ 28,467

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share (EPS)	The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Basic earnings per share: Net income attributable to common stockholders (000's) $ 18,368 $ 25,400 $ 25,791 $ 55,456 Weighted average shares outstanding 29,653,668 29,877,636 30,010,776 29,838,322 Basic earnings per share: $ 0.62 $ 0.85 $ 0.86 $ 1.86 Diluted earnings per share: Net income attributable to common stockholders (000's) $ 18,368 $ 25,400 $ 25,791 $ 55,456 Weighted average shares outstanding 29,653,668 29,877,636 30,010,776 29,838,322 Weighted average dilutive shares - 390,860 61,848 353,894 Total weighted average dilutive shares 29,653,668 30,268,496 30,072,624 30,192,216 Diluted earnings per share: $ 0.62 $ 0.84 $ 0.86 $ 1.84

Deferred Policy Acquisition C34

Deferred Policy Acquisition Costs (Tables)	6 Months Ended
	Jun. 30, 2016
Insurance [Abstract]
Summary of Activity in Deferred Policy Acquisition Costs (DPAC)	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 six months ended June 30, 2016 and 2015: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Beginning Balance $ 35,991 $ 25,843 $ 34,800 $ 24,370 Policy acquisition costs deferred 27,330 18,358 46,649 32,924 Amortization (20,753 ) (12,253 ) (38,881 ) (25,346 ) Ending Balance $ 42,568 $ 31,948 $ 42,568 $ 31,948

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Components of Deferred Tax Assets (Liabilities)	The table below summarizes the significant components of our net deferred tax assets (liabilities): June 30, 2016 December 31, 2015 (in thousands) Deferred tax assets: Unearned premiums $ 18,422 $ 17,979 Tax-related discount on loss reserve 1,577 1,140 Unrealized loss — 1,617 Stock-based compensation 2,450 1,277 Other 548 256 Total deferred tax assets $ 22,997 $ 22,269 Deferred tax liabilities: Deferred acquisition costs 14,932 13,424 Unrealized gain 3,428 — Investment basis difference on purchase 840 — Intangibles 10,537 — Property and equipment 471 473 Other 405 408 Total deferred tax liabilities 30,613 14,305 Net deferred tax assets (liabilities) $ (7,616 ) $ 7,964

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2016
Insurance [Abstract]
Schedule of Reinsurance Transactions on Components of Condensed Consolidated Statements of Income and Comprehensive Income	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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Premium written: Direct $ 177,955 $ 134,785 $ 316,087 $ 236,286 Assumed (660 ) 812 8,474 33,279 Ceded (242,927 ) (181,652 ) (243,659 ) (182,422 ) Net premium written $ (65,632 ) $ (46,055 ) $ 80,902 $ 87,143 Change in unearned premiums: Direct $ (30,294 ) $ (44,461 ) $ (40,681 ) $ (70,983 ) Assumed 16,636 35,966 31,700 54,520 Ceded 188,208 149,397 143,339 125,655 Net decrease (increase) $ 174,550 $ 140,902 $ 134,358 $ 109,192 Premiums earned: Direct $ 147,661 $ 90,324 $ 275,406 $ 165,303 Assumed 15,976 36,777 40,174 87,799 Ceded (54,719 ) (32,255 ) (100,320 ) (56,767 ) Net premiums earned $ 108,918 $ 94,846 $ 215,260 $ 196,335 Losses and LAE incurred: Direct $ 30,034 $ 17,525 $ 81,800 $ 43,003 Assumed 18,758 16,384 33,961 23,445 Ceded 2 — (4 ) — Net losses and LAE incurred $ 48,794 $ 33,909 $ 115,757 $ 66,448
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: June 30, 2016 December 31, 2015 (In thousands) Unpaid losses and loss adjustment expenses: Direct $ 87,311 $ 60,223 Assumed 30,200 23,499 Gross unpaid losses and LAE 117,511 83,722 Ceded (26 ) — Net unpaid losses and LAE $ 117,485 $ 83,722 Unearned premiums: Direct $ 328,779 $ 258,754 Assumed 12,039 43,739 Gross unearned premiums 340,818 302,493 Ceded (226,627 ) (78,517 ) Net unearned premiums $ 114,191 $ 223,976

Reserve for Unpaid Losses (Tabl

Reserve for Unpaid Losses (Tables)	6 Months Ended
	Jun. 30, 2016
Insurance [Abstract]
Summary of Reserve for Unpaid Losses	The table below summarizes the activity related to the Company’s reserve for unpaid losses: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Balance, beginning of period $ 108,443 $ 61,846 $ 83,722 $ 51,469 Less: reinsurance recoverable on paid losses — — — — Net balance, beginning of period 108,443 61,846 83,722 51,469 Incurred related to: Current year 49,126 33,760 101,626 70,812 Prior years (332 ) 149 14,131 (4,364 ) Total incurred 48,794 33,909 115,757 66,448 Paid related to: Current year 25,421 18,580 38,053 28,395 Prior years 14,331 7,046 43,941 19,393 Total paid 39,752 25,626 81,994 47,788 Net balance, end of period 117,485 70,129 117,485 70,129 Plus: reinsurance recoverable on unpaid losses — — — — Balance, end of period $ 117,485 $ 70,129 $ 117,485 $ 70,129

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Information Related to Stock Options and Restricted Stock	Stock Options A summary of information related to stock options and restricted stock outstanding at June 30, 2016 is as follows: Options Weighted - Average Grant Date Fair Value Balance at December 31, 2015 1,149,923 $ 2.99 Granted — Exercised — Balance at June 30, 2016 1,149,923 $ 2.99 Vested and exercisable as of June 30, 2016 1,149,923 $ 2.99 The Company had approximately $0 and $50 of unrecognized stock compensation expense at June 30, 2016 and 2015, respectively, related to unvested stock-based compensation granted. The Company recognized approximately $0 and $1,800 of compensation expense during the six months ended June 30, 2016 and 2015, respectively. Stock-based compensation costs for restricted grants is measured based on the closing fair market value of our common stock on the date of grant. The Company recognizes stock-based compensation costs over the award’s requisite service period on a straight-line basis for time-based restricted stock grants. Restricted Stock Weighted-Average Grant-Date Fair Number of shares Value per Share Unvested, at December 31, 2015 1,125,000 $ 21.40 Granted — — Vested — — Canceled and forfeited — — Unvested, at June 30, 2016 1,125,000 $ 21.40

Acquisition - Additional Inform

Acquisition - Additional Information (Detail) - Zephyr Acquisition Company [Member] - USD ($) $ in Thousands	Mar. 21, 2016	Jun. 30, 2016	Jun. 30, 2016
Business Acquisition [Line Items]
Percentage of outstanding stock acquired	100.00%
Cash payment for business acquisition	$ 111,907
Revenues of the acquiree since the acquisition date		$ 9,343	$ 10,362
Net income of the acquiree since the acquisition date		5,910	6,507
Amortization expenses related to intangible assets		$ 2,698	$ 2,764

Acquisition - Schedule of Purch

Acquisition - Schedule of Purchase Price Allocation (Detail) - USD ($) $ in Thousands	Mar. 21, 2016	Jun. 30, 2016	Dec. 31, 2015
Purchase Consideration
Cash, net of cash acquired		$ 111,907
Assets acquired
Goodwill		$ 48,845	$ 8,028
Zephyr Acquisition Company [Member]
Purchase Consideration
Cash, net of cash acquired	$ 111,907
Assets acquired
Investments	76,440
Premiums and agent's receivable	1,680
Other assets	550
Prepaid reinsurance premiums	4,792
Intangible assets – value of business acquired	5,004
Intangible assets	24,203
Total assets acquired	112,669
Total liabilities assumed	(41,579)
Net assets acquired	71,090
Goodwill	40,817
Total purchase price	$ 111,907

Acquisition - Summary of Pro Fo

Acquisition - Summary of Pro Forma Information (Detail) - Zephyr Acquisition Company [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition [Line Items]
Revenue	$ 115,281	$ 107,638	$ 235,668	$ 220,196
Net income	$ 18,368	$ 27,669	$ 28,743	$ 59,904
Basic, earnings per share	$ 0.62	$ 0.93	$ 0.96	$ 2.01
Diluted, earnings per share	$ 0.62	$ 0.91	$ 0.95	$ 1.98

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost and Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	$ 507,091	$ 370,967
Gross Unrealized Gains	13,088	3,233
Gross Unrealized Losses	4,110	6,543
Fair Value	550,067
Investments	541,089	403,406
Fair Value	550,067	400,096
Cost or Adjusted / Amortized Cost	33,998	32,439
Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost		370,967
Gross Unrealized Gains		2,497
Gross Unrealized Losses		1,681
Fair Value		371,783
Fixed Maturities Excluding Certificate of Deposits [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	507,091
Gross Unrealized Gains	11,425
Gross Unrealized Losses	305
Fair Value	518,211
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Gains	1,663	736
Gross Unrealized Losses	3,805	4,862
Fair Value	31,856	28,313
Cost or Adjusted / Amortized Cost	33,998	32,439
U.S. government and agency securities [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	25,168	25,474
Gross Unrealized Gains	441	16
Gross Unrealized Losses	3	387
Fair Value	25,606	25,103
States, Municipalities and Political Subdivisions [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	266,871	184,145
Gross Unrealized Gains	7,236	2,107
Gross Unrealized Losses	15	137
Fair Value	274,092	186,115
Special Revenue [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	66,967	42,593
Gross Unrealized Gains	424	19
Gross Unrealized Losses	165	204
Fair Value	67,226	42,408
Industrial and Miscellaneous [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	144,440	115,313
Gross Unrealized Gains	3,208	294
Gross Unrealized Losses	95	932
Fair Value	147,553	114,675
Redeemable Preferred Stocks [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	3,645	3,442
Gross Unrealized Gains	116	61
Gross Unrealized Losses	27	21
Fair Value	3,734	3,482
Nonredeemable Preferred Stocks [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Gains	681	338
Gross Unrealized Losses	36	43
Fair Value	15,262	12,738
Cost or Adjusted / Amortized Cost	14,617	12,443
Common Stock [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Gains	982	398
Gross Unrealized Losses	3,769	4,819
Fair Value	16,594	15,575
Cost or Adjusted / Amortized Cost	$ 19,381	$ 19,996

Investments - Schedule of Net R

Investments - Schedule of Net Realized Gains (Losses) by Major Investment Category (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
Total realized gains	$ 358	$ 20	$ 1,532	$ 103
Total realized losses	(95)	(136)	(888)	(222)
Net realized gain (losses)	263	(116)	644	(119)
Total realized gains, Fair Value at Sale	9,286	7,936	53,062	13,115
Total realized losses, Fair Value at Sale	5,406	1,216	95,287	2,706
Net realized gain (losses), Fair Value at Sale	14,692	9,152	148,349	15,821
Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Total realized gains	338	(39)	1,467	(2)
Total realized losses	(30)	(136)	(35)	(222)
Total realized gains, Fair Value at Sale	8,686	5,795	46,978	9,321
Total realized losses, Fair Value at Sale	2,903	1,216	92,698	2,706
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Total realized gains	20	59	65	105
Total realized losses	(65)		(853)
Total realized gains, Fair Value at Sale	600	$ 2,141	6,084	$ 3,794
Total realized losses, Fair Value at Sale	$ 2,503		$ 2,589

Investments - Schedule of Amo44

Investments - Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Investments Debt And Equity Securities [Abstract]
Due in one year or less, Cost or Amortized Cost	$ 40,925
Due after one year through five years, Cost or Amortized Cost	186,681
Due after five years through ten years, Cost or Amortized Cost	175,594
Due after ten years, Cost or Amortized Cost	103,891
Cost or Adjusted / Amortized Cost	$ 507,091	$ 370,967
Due in one year or less, Percentage of Total	8.00%
Due after one year through five years, Percentage of Total	37.00%
Due after five years through ten years, Percentage of Total	35.00%
Due after ten years, Percentage of Total	20.00%
Total, Percentage	100.00%
Due in one year or less, Fair Value	$ 40,975
Due after one year through five years, Fair Value	188,441
Due after five years through ten years, Fair Value	180,860
Due after ten years, Fair Value	107,935
Total, Fair Value	$ 518,211	$ 371,783
Due in one year or less, Percentage of Total	8.00%
Due after one year through five years, Percentage of Total	36.00%
Due after five years through ten years, Percentage of Total	35.00%
Due after ten years, Percentage of Total	21.00%
Total, Percentage	100.00%

Investments - Summary of Net In

Investments - Summary of Net Investment Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
Gross investment income	$ 2,624	$ 2,399	$ 5,026	$ 4,443
Investment expenses	(401)	(309)	(766)	(720)
Net investment income, less investment expenses	2,223	2,090	4,260	3,723
Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)	5,609	1,840	4,030	3,319
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)	(2,983)	428	970	853
Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income	136	88	137	211
Other Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)	$ (138)	$ 43	$ (111)	$ 60

Investments - Aging of Gross Un

Investments - Aging of Gross Unrealized Investment Losses (Detail) $ in Thousands	Jun. 30, 2016USD ($)Security	Dec. 31, 2015USD ($)Security
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	208	384
Gross Unrealized Losses, Less Than Twelve Months	$ 1,686	$ 4,609
Fair Value, Less Than Twelve Months	$ 34,006	$ 175,269
Number of Securities, Twelve Months or Greater | Security	55	43
Gross Unrealized Losses, Twelve Months or Greater	$ 2,424	$ 1,934
Fair Value, Twelve Months or Greater	$ 12,188	$ 6,455
Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	135	317
Gross Unrealized Losses, Less Than Twelve Months	$ 252	$ 1,605
Fair Value, Less Than Twelve Months	$ 27,350	$ 165,293
Number of Securities, Twelve Months or Greater | Security	21	18
Gross Unrealized Losses, Twelve Months or Greater	$ 53	$ 76
Fair Value, Twelve Months or Greater	$ 6,052	$ 3,525
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	73	67
Gross Unrealized Losses, Less Than Twelve Months	$ 1,434	$ 3,004
Fair Value, Less Than Twelve Months	$ 6,656	$ 9,976
Number of Securities, Twelve Months or Greater | Security	34	25
Gross Unrealized Losses, Twelve Months or Greater	$ 2,371	$ 1,858
Fair Value, Twelve Months or Greater	$ 6,136	$ 2,930
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	9	19
Gross Unrealized Losses, Less Than Twelve Months	$ 3	$ 385
Fair Value, Less Than Twelve Months	$ 1,144	$ 19,849
Number of Securities, Twelve Months or Greater | Security		2
Gross Unrealized Losses, Twelve Months or Greater		$ 3
Fair Value, Twelve Months or Greater		$ 397
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	13	14
Gross Unrealized Losses, Less Than Twelve Months	$ 9	$ 50
Fair Value, Less Than Twelve Months	$ 7,033	$ 10,979
Number of Securities, Twelve Months or Greater | Security	2	1
Gross Unrealized Losses, Twelve Months or Greater	$ 6	$ 3
Fair Value, Twelve Months or Greater	$ 657	$ 164
Special Revenue [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	29	141
Gross Unrealized Losses, Less Than Twelve Months	$ 78	$ 870
Fair Value, Less Than Twelve Months	$ 7,367	$ 73,312
Number of Securities, Twelve Months or Greater | Security	4	5
Gross Unrealized Losses, Twelve Months or Greater	$ 17	$ 61
Fair Value, Twelve Months or Greater	$ 2,836	$ 1,318
Industrial and Miscellaneous [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	75	134
Gross Unrealized Losses, Less Than Twelve Months	$ 134	$ 279
Fair Value, Less Than Twelve Months	$ 11,244	$ 60,203
Number of Securities, Twelve Months or Greater | Security	15	10
Gross Unrealized Losses, Twelve Months or Greater	$ 30	$ 9
Fair Value, Twelve Months or Greater	$ 2,559	$ 1,646
Redeemable Preferred Stocks [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	9	9
Gross Unrealized Losses, Less Than Twelve Months	$ 28	$ 21
Fair Value, Less Than Twelve Months	$ 562	$ 950
Nonredeemable Preferred Stocks [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	34	19
Gross Unrealized Losses, Less Than Twelve Months	$ 20	$ 29
Fair Value, Less Than Twelve Months	$ 1,629	$ 1,560
Number of Securities, Twelve Months or Greater | Security	4	5
Gross Unrealized Losses, Twelve Months or Greater	$ 15	$ 14
Fair Value, Twelve Months or Greater	$ 318	$ 250
Common Stock [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	39	48
Gross Unrealized Losses, Less Than Twelve Months	$ 1,414	$ 2,975
Fair Value, Less Than Twelve Months	$ 5,027	$ 8,416
Number of Securities, Twelve Months or Greater | Security	30	20
Gross Unrealized Losses, Twelve Months or Greater	$ 2,356	$ 1,844
Fair Value, Twelve Months or Greater	$ 5,818	$ 2,680

Fair Value of Financial Instr47

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities		$ 518,211	$ 371,783
Available for sale equity securities		31,856	28,313
Available for sale securities		550,067
Cash Equivalent and available for sale debt securities			375,083
Cash equivalent and available for sale securities			403,396
Certificates of Deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalent	[1]		3,300
Nonredeemable Preferred Stocks [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale equity securities		15,263	12,738
Equity Investment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale equity securities		16,593	15,575
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale equity securities		31,856	28,313
Available for sale securities		59,733
Cash Equivalent and available for sale debt securities			29,143
Cash equivalent and available for sale securities			57,456
Level 1 [Member] | Certificates of Deposit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalent	[1]		3,300
Level 1 [Member] | Nonredeemable Preferred Stocks [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale equity securities		15,263	12,738
Level 1 [Member] | Equity Investment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale equity securities		16,593	15,575
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale securities		490,334
Cash Equivalent and available for sale debt securities			345,940
Cash equivalent and available for sale securities			345,940
Fixed Maturity [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities		518,211
Available for sale securities			371,783
Fixed Maturity [Member] | U.S. government and agency securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities		25,606	25,103
Available for sale securities		25,606	25,103
Fixed Maturity [Member] | States, Municipalities and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities		274,092	186,115
Available for sale securities		274,092	186,115
Fixed Maturity [Member] | Special Revenue [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities		67,226	42,408
Available for sale securities		67,226	42,408
Fixed Maturity [Member] | Industrial and Miscellaneous [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities		147,553	114,675
Available for sale securities		147,553	114,675
Fixed Maturity [Member] | Redeemable Preferred Stocks [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities		3,734	3,482
Available for sale securities		3,734	3,482
Fixed Maturity [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities		27,877
Fixed Maturity [Member] | Level 1 [Member] | U.S. government and agency securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities		1,433	22,361
Fixed Maturity [Member] | Level 1 [Member] | Special Revenue [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities		22,710
Fixed Maturity [Member] | Level 1 [Member] | Redeemable Preferred Stocks [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities		3,734	3,482
Fixed Maturity [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities		490,334
Fixed Maturity [Member] | Level 2 [Member] | U.S. government and agency securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities		24,173	2,742
Fixed Maturity [Member] | Level 2 [Member] | States, Municipalities and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities		274,092	186,115
Fixed Maturity [Member] | Level 2 [Member] | Special Revenue [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities		44,516	42,408
Fixed Maturity [Member] | Level 2 [Member] | Industrial and Miscellaneous [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities		$ 147,553	$ 114,675
[1]	Includes commercial paper with maturities of three months or less at time of purchase of $3,300 classified in cash and cash equivalents

Fair Value of Financial Instr48

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments (Parenthetical) (Detail) $ in Thousands	Jun. 30, 2016USD ($)
Commercial Paper [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalent	$ 3,300

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Total, at cost	$ 20,823	$ 19,310
Less: accumulated depreciation and amortization	2,950	2,199
Property and equipment, net	17,873	17,111
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	10,301	9,599
Computer Hardware and Software [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	3,128	2,502
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	669	634
Tenant and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	3,321	3,300
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	$ 822	$ 693

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)aft²Building	Jun. 30, 2015USD ($)
Property Plant And Equipment Useful Life And Values [Abstract]
Depreciation expense | $	$ 353	$ 751
Number of acres of land purchased | a	14
Number of buildings | Building	4
Gross area of acquired property | ft²	191

Goodwill and Other Intangible51

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 48,845		$ 48,845		$ 8,028
Intangibles, net	28,467		28,467		$ 2,120
Goodwill expected to be deductible fro income tax purposes	8,028		$ 8,028
Estimated value of business acquired			1 year
Amortization of intangible assets	$ 2,812	$ 0	$ 2,860	$ 0
Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset			10 years
Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset			15 years
Weighted Average [Member]
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset			12 years 6 months

Goodwill and Other Intangible52

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance	$ 8,028
Goodwill acquired	40,817
Ending balance	$ 48,845

Goodwill and Other Intangible53

Goodwill and Other Intangible Assets - Schedule of Estimated Amortization of Intangible Assets (Details) $ in Thousands	Jun. 30, 2016USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2016	$ 2,996
2,017	2,435
2,018	2,128
2,019	2,128
2,020	2,116
2,021	2,104
Thereafter	14,560
Total	$ 28,467

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (EPS) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Basic earnings per share:
Net income attributable to common stockholders (000's)	$ 18,368	$ 25,400	$ 25,791	$ 55,456
Weighted average shares outstanding	29,653,668	29,877,636	30,010,776	29,838,322
Basic earnings per share:	$ 0.62	$ 0.85	$ 0.86	$ 1.86
Diluted earnings per share:
Net income attributable to common stockholders (000's)	$ 18,368	$ 25,400	$ 25,791	$ 55,456
Weighted average shares outstanding	29,653,668	29,877,636	30,010,776	29,838,322
Weighted average dilutive shares		390,860	61,848	353,894
Total weighted average dilutive shares	29,653,668	30,268,496	30,072,624	30,192,216
Diluted earnings per share:	$ 0.62	$ 0.84	$ 0.86	$ 1.84

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - USD ($)	Jun. 30, 2016	May 04, 2016	Sep. 14, 2015
Earnings Per Share [Abstract]
Shares repurchased	1,140,289
Shares repurchased, value	$ 16,562,000
Stock repurchase program remaining authorized repurchase amount	53,438,000
Share repurchase plan, authorized amount	$ 70,000,000	$ 50,000,000	$ 20,000,000

Deferred Policy Acquisition C56

Deferred Policy Acquisition Costs - Summary of Activity in Deferred Policy Acquisition Costs (DPAC) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Insurance [Abstract]
Beginning Balance	$ 35,991	$ 25,843	$ 34,800	$ 24,370
Policy acquisition costs deferred	27,330	18,358	46,649	32,924
Amortization	(20,753)	(12,253)	(38,881)	(25,346)
Ending Balance	$ 42,568	$ 31,948	$ 42,568	$ 31,948

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 11,389,000	$ 15,590,000	$ 16,006,000	$ 33,826,000
Annual effective tax rate			38.30%	37.90%
Uncertain tax positions	$ 0		$ 0		$ 0

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Deferred tax assets:
Unearned premiums	$ 18,422	$ 17,979
Tax-related discount on loss reserve	1,577	1,140
Unrealized loss		1,617
Stock-based compensation	2,450	1,277
Other	548	256
Total deferred tax assets	22,997	22,269
Deferred tax liabilities:
Deferred acquisition costs	14,932	13,424
Unrealized gain	3,428
Investment basis difference on purchase	840
Intangibles	10,537
Property and equipment	471	473
Other	405	408
Total deferred tax liabilities	30,613	14,305
Net deferred tax liabilities	$ (7,616)
Net deferred tax assets		$ 7,964

Reinsurance - Additional inform

Reinsurance - Additional information (Detail)

Feb. 29, 2016USD ($)

Apr. 30, 2015USD ($)

Jun. 30, 2016USD ($)

Jun. 30, 2015USD ($)

Jun. 30, 2016USD ($)Reinsurer

Jun. 30, 2015USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Mar. 31, 2016USD ($)

Dec. 17, 2015USD ($)

Aug. 31, 2015USD ($)

Mar. 31, 2015USD ($)

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Number of reinstatements available | Reinsurer

2

Primary retention

$ 3,000,000

Percentage comprising aggregate participation

5.40%

Primary retention of losses and loss adjustment expenses

$ 190,000,000

$ 190,000,000

$ 15,000,000

Aggregate participation, losses and loss adjustment expenses

(332,000)

$ 149,000

14,131,000

$ (4,364,000)

Purchase of reinsurance from third party

54,719,000

32,255,000

100,320,000

56,767,000

Agreement of coverage

3 years

Additional maturity period of collateral notes

2 years

2 years

Reinsurance agreement

3 years

Prepaid reinsurance premiums

226,627,000

226,627,000

$ 78,517,000

Unpaid losses and loss adjustment expenses

117,485,000

$ 70,129,000

117,485,000

$ 70,129,000

83,722,000

51,469,000

$ 108,443,000

$ 61,846,000

Reinsurance payable

237,020,000

237,020,000

60,210,000

Insurance Claims [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Unpaid losses and loss adjustment expenses

1,000,000

1,000,000

Notes Due February 2019 [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Collateralized by a reinsurance trust

$ 250,000,000

Class D Notes Due February 2019 [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Collateralized by a reinsurance trust

150,000,000

Class E Notes Due February 2019 [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Collateralized by a reinsurance trust

$ 100,000,000

Catastrophe

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Purchased reinstatement premium

185,000,000

Purchase of reinsurance from third party

$ 2,300,000,000

Unpaid losses and loss adjustment expenses

990,000,000

Reinsurance purchase limit

860,000,000

860,000,000

Reinsurance prepaid amount

825,000,000

825,000,000

Reinsurance payable

$ 76,900,000,000

Catastrophe | 2014 Class A Notes [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Collateralized by a reinsurance trust

200,000,000

Additional coverage of second catastrophe reinsurance agreement

$ 50,000,000

Reinsurance agreement

3 years

Coverage of first catastrophe reinsurance agreement

$ 150,000,000

Maximum [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Aggregate participation, losses and loss adjustment expenses

11,600,000

Purchased reinstatement premium

5,300,000

Osprey [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Primary retention

4,000,000

Primary retention of losses and loss adjustment expenses

6,000,000

Catastrophe excess of loss reinsurance

0

0

Heritage P&C [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Primary retention

2,000,000

Catastrophe excess of loss reinsurance

2,000,000

Heritage P&C [Member] | Two Thousand Fifteen Class B And C Notes [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Agreement of coverage

3 years

Heritage P&C [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

Heritage P&C [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

Zephyr [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Catastrophe excess of loss reinsurance

5,000,000

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

Reinsurance payable

27,000,000

27,000,000

Coverage limit

9,000,000

Property Per Risk Coverage [Member] | Catastrophe

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Purchased reinstatement premium

440,000,000

Unpaid losses and loss adjustment expenses

1,800,000,000

Property Per Risk Coverage [Member] | Osprey [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Primary retention

10,000,000

Primary retention of losses and loss adjustment expenses

20,000,000

Property Per Risk Coverage [Member] | Heritage P&C [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Primary retention

5,000,000

Catastrophe excess of loss reinsurance

$ 5,000,000

Property Per Risk Coverage [Member] | Citrus | Catastrophe | Two Thousand Fifteen C And B Series Bond And Two Thousand Sixteen Bond

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Collateralized by a reinsurance trust

377,500,000

377,500,000

Additional coverage of second catastrophe reinsurance agreement

$ 200,000,000

FHCF Layer [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Catastrophe excess of loss reinsurance

$ 181,000,000

Percentage of maximum provisional limit

90.00%

Estimated provisional limit percentage calculation base amount

$ 484,000,000

Purchased coverage price

48,000,000

FHCF Layer [Member] | Maximum [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Estimated maximum provisional limit, amount

436,000,000

FHCF Layer [Member] | Property Per Risk Coverage [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Percentage comprising aggregate participation

45.00%

75.00%

Catastrophe excess of loss reinsurance

$ 399,000,000

$ 336,000,000

Percentage of maximum provisional limit

45.00%

75.00%

Estimated provisional limit percentage calculation base amount

$ 1,300,000,000

$ 920,000,000

FHCF Layer [Member] | Property Per Risk Coverage [Member] | Maximum [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Estimated maximum provisional limit, amount

690,000,000

Shared Layers Above Retention And Below FHCF [Member] | Property Per Risk Coverage [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Purchase of reinsurance from third party

374,000,000

Layers Below FHCF [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Purchase of reinsurance from third party

185,000,000

Layers Below FHCF [Member] | Heritage P&C [Member] | Class A Notes Due April Two Thousand Seventeen

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Collateralized by a reinsurance trust

$ 150,000,000

Agreement of coverage

3 years

Reinsurance agreement

3 years

Layers Below FHCF [Member] | Property Per Risk Coverage [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Purchase of reinsurance from third party

440,000,000

Multi-Zonal Layers [Member] | Property Per Risk Coverage [Member] | Catastrophe

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Coverage of first catastrophe reinsurance agreement

282,000,000

Prepaid reinsurance premiums

260,000,000

260,000,000

Aggregate Coverage [Member] | Catastrophe

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Aggregate participation, losses and loss adjustment expenses

825,000,000

Catastrophe excess of loss reinsurance

940,000,000

Purchase of reinsurance from third party

105,000,000

Aggregate Coverage [Member] | Osprey [Member] | Catastrophe

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Coverage of reinsurance agreement

20,000,000

Aggregate Coverage [Member] | Property Per Risk Coverage [Member] | Catastrophe

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Aggregate participation, losses and loss adjustment expenses

1,648,000,000

Purchased reinstatement premium

682,000,000

Purchase of reinsurance from third party

$ 125,000,000

Prepaid reinsurance premiums

460,000,000

460,000,000

2016-2017 Reinsurance Program [Member] | Catastrophe

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Purchase of reinsurance from third party

3,000,000,000

Cat Bond Layer Alongside FHCF [Member] | Property Per Risk Coverage [Member] | Catastrophe

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Agreement of coverage

3 years

Reinsurance agreement

3 years

Cat Bond Layer Alongside FHCF [Member] | Property Per Risk Coverage [Member] | Catastrophe | 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

Cat Bond Layer Alongside FHCF [Member] | Property Per Risk Coverage [Member] | Catastrophe | 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

Cat Bond Layer Alongside FHCF [Member] | Property Per Risk Coverage [Member] | Catastrophe | Class A Notes Due April Two Thousand Seventeen

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Collateralized by a reinsurance trust

150,000,000

Cat Bond Layer Alongside FHCF [Member] | Property Per Risk Coverage [Member] | Catastrophe | Notes Due April 2017 [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Collateralized by a reinsurance trust

$ 277,500,000

Cat Bond Layer | Osprey [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Catastrophe coverage of reinsurance agreement

25,000,000

Cat Bond Layer | Citrus

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Additional coverage of second catastrophe reinsurance agreement

50,000,000

Coverage of first catastrophe reinsurance agreement

$ 150,000,000

Cat Bond Layer | Property Per Risk Coverage [Member] | Citrus | Class A Notes [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Collateralized by a reinsurance trust

$ 150,000,000

Additional coverage of second catastrophe reinsurance agreement

50,000,000

Coverage of first catastrophe reinsurance agreement

$ 150,000,000

Facultative Reinsurance [Member] | Maximum [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Reinsurance payable

10,000,000

10,000,000

Facultative Reinsurance [Member] | Minimum [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Facultative reinsurance purchase amount

10,000,000

Florida [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Primary retention

1,900,000

Primary retention of losses and loss adjustment expenses

40,000,000

40,000,000

Florida [Member] | Osprey [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

Florida [Member] | Heritage P&C [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Primary retention

15,000,000

Florida [Member] | Property Per Risk Coverage [Member] | Catastrophe

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Unpaid losses and loss adjustment expenses

1,900,000,000

1,900,000,000

Florida [Member] | Multi-Zonal Layers [Member] | Property Per Risk Coverage [Member] | Catastrophe

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Purchased reinstatement premium

260,000,000

Florida [Member] | A Top And Drop Multi-Zonal Layer [Member] | Property Per Risk Coverage [Member] | Catastrophe

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Purchased reinstatement premium

22,000,000

Hawaii [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Primary retention

1,100,000

Primary retention of losses and loss adjustment expenses

30,000,000

30,000,000

Hawaii [Member] | Osprey [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Primary retention of losses and loss adjustment expenses

15,000,000

15,000,000

Hawaii [Member] | Zephyr [Member]

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Primary retention

5,000,000

Hawaii [Member] | Property Per Risk Coverage [Member] | Catastrophe

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Unpaid losses and loss adjustment expenses

$ 1,100,000,000

1,100,000,000

Hawaii [Member] | Multi-Zonal Layers [Member] | Property Per Risk Coverage [Member] | Catastrophe

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Purchased reinstatement premium

260,000,000

Hawaii [Member] | A Top And Drop Multi-Zonal Layer [Member] | Property Per Risk Coverage [Member] | Catastrophe

Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]

Purchased reinstatement premium

$ 22,000,000

Reinsurance - Schedule of Reins

Reinsurance - Schedule of Reinsurance Transactions on Components of Condensed Consolidated Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Premium written:
Direct	$ 177,955	$ 134,785	$ 316,087	$ 236,286
Assumed	(660)	812	8,474	33,279
Ceded	(242,927)	(181,652)	(243,659)	(182,422)
Net premium written	(65,632)	(46,055)	80,902	87,143
Change in unearned premiums:
Direct	(30,294)	(44,461)	(40,681)	(70,983)
Assumed	16,636	35,966	31,700	54,520
Ceded	188,208	149,397	143,339	125,655
Net decrease (increase)	174,550	140,902	134,358	109,192
Premiums earned:
Direct	147,661	90,324	275,406	165,303
Assumed	15,976	36,777	40,174	87,799
Ceded	(54,719)	(32,255)	(100,320)	(56,767)
Net premiums earned	108,918	94,846	215,260	196,335
Losses and LAE incurred:
Direct	30,034	17,525	81,800	43,003
Assumed	18,758	16,384	33,961	23,445
Ceded	2		(4)
Net losses and LAE incurred	$ 48,794	$ 33,909	$ 115,757	$ 66,448

Reinsurance - Effects of Reinsu

Reinsurance - Effects of Reinsurance Transactions on Unpaid Losses and Loss Adjustment Expenses and Unearned Premiums (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Unpaid losses and loss adjustment expenses:
Direct	$ 87,311	$ 60,223
Assumed	30,200	23,499
Gross unpaid losses and LAE	117,511	83,722
Ceded	(26)
Net unpaid losses and LAE	117,485	83,722
Unearned premiums:
Direct	328,779	258,754
Assumed	12,039	43,739
Gross unearned premiums	340,818	302,493
Ceded	(226,627)	(78,517)
Net unearned premiums	$ 114,191	$ 223,976

Reserve for Unpaid Losses - Sum

Reserve for Unpaid Losses - Summary of Reserve for Unpaid Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Insurance [Abstract]
Balance, beginning of period	$ 108,443	$ 61,846	$ 83,722	$ 51,469	$ 51,469
Less: reinsurance recoverable on paid losses	0	0	0	0	0
Net balance, beginning of period	108,443	61,846	83,722	51,469	51,469
Incurred related to:
Current year	49,126	33,760	101,626	70,812
Prior years	(332)	149	14,131	(4,364)
Total incurred	48,794	33,909	115,757	66,448
Paid related to:
Current year	25,421	18,580	38,053	28,395
Prior years	14,331	7,046	43,941	19,393
Total paid	39,752	25,626	81,994	47,788
Net balance, end of period	117,485	70,129	117,485	70,129	83,722
Plus: reinsurance recoverable on unpaid losses	0	0	0	0
Balance, end of period	$ 117,485	$ 70,129	$ 117,485	$ 70,129	$ 83,722

Reserve for Unpaid Losses - Add

Reserve for Unpaid Losses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Insurance [Abstract]
Increase (decrease) in losses incurred	$ (332)	$ 149	$ 14,131	$ (4,364)

Other Liabilities - Additional

Other Liabilities - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Liabilities related to amounts owed to Citizens for policies	$ 2,467	$ 4,920
Other liabilities, commission payable	6,426	5,793
Accounts and other payable	3,440	3,919
Taxes, suspense and unearned revenue	$ 5,260	$ 3,253

Statutory Accounting and Regu65

Statutory Accounting and Regulations - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Insurance [Abstract]
Net (loss) income of insurance subsidiary	$ (600,000)	$ 45,000,000
Statutory accounting practices, capital and surplus requirements of insurance subsidiary	Greater of $15,000 or 10% of their liabilities.
Minimum required amount of capital and surplus maintained by the insurance subsidiary	$ 15,000,000
Statutory capital and surplus requirements, percentage	10.00%
Statutory capital and surplus	$ 284,000,000	$ 216,600,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Immediate Family Member Of Management Or Principal Owner [Member]
Related Party Transaction [Line Items]
Payments for management services	$ 60	$ 62

Employee Benefit Plan - Additio

Employee Benefit Plan - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Defined Contribution Plan Disclosure [Line Items]
Percentage of contribution on employee salary	3.00%
Contribution for participating employees	$ 248,000	$ 160,000
Medical premium cost	1,366,000	$ 496,000
Unpaid claims			$ 472,000
Stop loss coverage per employee	60,000
Defined contribution plan, aggregate limit for losses	$ 1,500,000
Defined contribution plan, aggregate stop loss commences threshold percentage	125.00%
Maximum [Member]
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, aggregate limit for losses in excess provided amount	$ 1,000,000

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($)	May 04, 2016	Mar. 02, 2016	Dec. 17, 2015	Sep. 14, 2015	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Class Of Stock [Line Items]
Common stock, shares authorized					50,000,000		50,000,000	50,000,000
Preferred stock, shares authorized					5,000,000		5,000,000
Common stock, shares outstanding					29,301,121		29,301,121	30,441,410
Treasury stock, shares					1,140,289		1,140,289
Additional paid-in capital					$ 205,036,000		$ 205,036,000	$ 202,628,000
Stock options, outstanding					1,149,923		1,149,923	1,149,923
Stock Repurchase Program, Authorized Amount	$ 50,000,000			$ 20,000,000	$ 70,000,000		$ 70,000,000
Stock Repurchase Program Expiration Date	Dec. 31, 2017			Dec. 31, 2016
Stock Repurchased During Period, Shares					527,989	612,300
Stock Repurchased During Period, Value					$ 6,927,000	$ 9,635,000	16,562,000
Cash dividend, declared date	May 4, 2016	Mar. 2, 2016	Dec. 17, 2015
Dividend payable, record date	Jun. 15, 2016	Mar. 15, 2016	Dec. 31, 2015
Cash dividend, payable date	Jul. 1, 2016	Apr. 5, 2016	Jan. 13, 2016
Cash dividend, declared	$ 0.06	$ 0.05	$ 0.05
Dividend charged to retained earning							$ 3,419,000	$ 1,578,000
Restricted Stock
Class Of Stock [Line Items]
Unvested restricted common stock issued					1,125,000		1,125,000	1,125,000
Unvested restricted stock grants								1,125,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	May 22, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum tenure of stock option from the date of grant	10 years
Exercisable period of vested awards	30 days
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock compensation expense	$ 0	$ 50
Stock-based compensation expense	0	1,800
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	2,408	$ 0
Unrecognized stock compensation expense	$ 20,919
Unrecognized stock compensation expense, period	4 years 4 months 24 days
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, Vesting period	1 year
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, Vesting period	5 years
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	170,814		170,814

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Information Related to Stock Option and Restricted Stock (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, outstanding	1,149,923	1,149,923
Vested and exercisable, Shares		1,149,923
Weighted-Average Grant Date Fair Value	$ 2.99	$ 2.99
Weighted-Average Grant Date Fair Value, Vested and exercisable		$ 2.99
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted common stock issued	1,125,000	1,125,000
Granted, shares	1,125,000
Weighted-Average Grant Date Fair Value	$ 21.40	$ 21.40

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - $ / shares	Aug. 01, 2016	May 04, 2016	Mar. 02, 2016	Dec. 17, 2015
Subsequent Event [Line Items]
Cash dividend, declared date		May 4, 2016	Mar. 2, 2016	Dec. 17, 2015
Cash dividend, payable date		Jul. 1, 2016	Apr. 5, 2016	Jan. 13, 2016
Dividend payable, record date		Jun. 15, 2016	Mar. 15, 2016	Dec. 31, 2015
Cash dividend, declared		$ 0.06	$ 0.05	$ 0.05
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash dividend, declared date	Aug. 1, 2016
Cash dividend, payable date	Oct. 3, 2016
Dividend payable, record date	Sep. 15, 2016
Cash dividend, declared	$ 0.06