Heritage Insurance (HRTG) 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 05, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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		29,317,019

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,097 and $576,911 in 2017 and 2016 respectively)	$ 572,904	$ 571,011
Equity securities, available for sale, at fair value (cost of $34,634 and $34,190 in 2017 and 2016 respectively)	32,934	31,971
Total investments	605,838	602,982
Cash and cash equivalents	104,735	105,817
Restricted cash	18,440	20,910
Accrued investment income	5,009	4,764
Premiums receivable, net	34,580	42,720
Prepaid reinsurance premiums	46,058	106,609
Income taxes receivable	6,424	10,713
Deferred policy acquisition costs, net	41,215	42,779
Property and equipment, net	16,944	17,179
Intangibles, net	24,084	26,542
Goodwill	46,454	46,454
Other assets	5,623	5,775
Total Assets	955,404	1,033,244
LIABILITIES AND STOCKHOLDERS' EQUITY
Unpaid losses and loss adjustment expenses	131,572	140,137
Unearned premiums	305,650	318,024
Reinsurance payable	40,924	96,667
Note payable, net of issuance costs	73,040	72,905
Deferred income taxes	3,817	3,003
Advance premiums	22,081	18,565
Accrued compensation	3,469	4,303
Other liabilities	14,020	21,681
Total Liabilities	594,573	675,285
Commitments and contingencies (Note 15)
Stockholders’ Equity:
Common stock, $0.0001 par value, 50,000,000 shares authorized, 29,379,232 shares issued and 28,479,232 outstanding at March 31, 2017 and 29,740,441 shares issued and 28,840,443 outstanding at December 31, 2016	3	3
Additional paid-in capital	206,931	205,727
Accumulated other comprehensive loss	(3,044)	(5,018)
Treasury stock, at cost, (2,120,541) shares at March 31, 2017 and (1,759,330) shares at December 31, 2016	(30,068)	(25,562)
Retained earnings	187,009	182,809
Total Stockholders' Equity	360,831	357,959
Total Liabilities and Stockholders' Equity	$ 955,404	$ 1,033,244

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Fixed maturities available for sale, at amortized cost	$ 576,097	$ 576,911
Equity securities, cost	$ 34,634	$ 34,190
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	29,379,232	29,740,441
Common stock, shares outstanding	28,479,232	28,840,443
Treasury stock, shares	(2,120,541)	(1,759,330)

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Other Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUE:
Gross premiums written	$ 142,235	$ 147,266
Change in gross unearned premiums	12,373	4,677
Gross premiums earned	154,608	151,943
Ceded premiums	(62,432)	(45,601)
Net premiums earned	92,176	106,342
Net investment income	2,502	2,037
Net realized gains	771	381
Other revenue	3,844	2,805
Total revenue	99,293	111,565
OPERATING EXPENSES:
Losses and loss adjustment expenses	46,647	66,963
Policy acquisition costs	23,442	18,128
General and administrative expenses	17,314	14,434
Total operating expenses	87,403	99,525
Operating income	11,890	12,040
Interest expense, net	1,944
Amortization of debt issuance costs	237
Income before income taxes	9,709	12,040
Provision for income taxes	3,726	4,617
Net income	5,983	7,423
OTHER COMPREHENSIVE INCOME:
Change in net unrealized gains on investments	3,981	4,082
Reclassification adjustment for net realized investment gains	(771)	(381)
Income tax expense related to items of other comprehensive income	(1,236)	(1,422)
Total comprehensive income	$ 7,957	$ 9,702
Weighted average shares outstanding
Basic	28,806,709	30,367,884
Diluted	28,806,709	30,491,579
Earnings per share
Basic	$ 0.21	$ 0.24
Diluted	$ 0.21	$ 0.24

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares [Member]	Additional Paid-In Capital [Member]	Retained Earnings (Deficit) [Member]	Treasury Shares	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Dec. 31, 2015	$ 356,553	$ 3	$ 202,628	$ 155,955		$ (2,033)
Beginning Balance, Shares at Dec. 31, 2015		30,441,410
Stock buy-back	(9,635)				$ (9,635)
Stock buy-back, Shares		(612,300)
Stock-based compensation	1,204		1,204
Dividends declared on common stock	(1,579)			(1,579)
Net unrealized change in investments, net of tax	2,279					2,279
Net income	7,423			7,423
Ending balance at Mar. 31, 2016	356,245	$ 3	203,832	161,799	(9,635)	246
Ending balance, Shares at Mar. 31, 2016		29,829,110
Beginning Balance at Dec. 31, 2016	357,959	$ 3	205,727	182,809	(25,562)	(5,018)
Beginning Balance, Shares at Dec. 31, 2016		28,840,443
Stock buy-back	$ (4,506)				(4,506)
Stock buy-back, Shares	(361,211)	(361,211)
Stock-based compensation	$ 1,204		1,204
Dividends declared on common stock	(1,783)			(1,783)
Net unrealized change in investments, net of tax	1,974					1,974
Net income	5,983			5,983
Ending balance at Mar. 31, 2017	$ 360,831	$ 3	$ 206,931	$ 187,009	$ (30,068)	$ (3,044)
Ending balance, Shares at Mar. 31, 2017		28,479,232

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
OPERATING ACTIVITIES
Net income	$ 5,983	$ 7,423
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	1,204	1,204
Amortization of bond discount	2,225	1,593
Depreciation and amortization	2,841	398
Net realized gains	(771)	(381)
Deferred income taxes, net of acquired	(421)	9,234
Changes in operating assets and liabilities:
Accrued investment income	(245)	(267)
Premiums receivable, net	8,140	603
Restricted cash	2,470	(5,559)
Prepaid reinsurance premiums	60,551	44,890
Income taxes receivable	4,289
Deferred policy acquisition costs, net	1,564	(1,191)
Other assets	152	1,381
Unpaid losses and loss adjustment expenses	(8,565)	24,721
Unearned premiums	(12,373)	(4,677)
Reinsurance payable	(55,743)	(32,584)
Accrued interest	(1,931)
Income taxes payable		(263)
Accrued compensation	(834)	274
Advance premiums	3,516	9,027
Other liabilities	(5,596)	1,184
Net cash provided by operating activities	6,456	57,010
INVESTING ACTIVITIES
Proceeds from sales and maturities of investments available for sale	46,608	60,279
Purchases of investments available for sale	(47,709)	(62,421)
Acquisition of a business, net of cash acquired		(110,319)
Cost of property and equipment acquired	(148)	(753)
Net cash used in investing activities	(1,249)	(113,214)
FINANCING ACTIVITIES
Dividends	(1,783)	(1,579)
Purchase of treasury stock	(4,506)	(9,635)
Net cash used in financing activities	(6,289)	(11,214)
Decrease in cash and cash equivalents	(1,082)	(67,418)
Cash and cash equivalents, beginning of period	105,817	236,277
Cash and cash equivalents, end of period	$ 104,735	168,859
Supplemental Cash Flows Information:
Income taxes paid, net		$ 3,550

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	NOTE 1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The condensed consolidated financial statements as of and for the three months ended March 31, 2017 and 2016 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 Florida insurance subsidiary’s business; Contractors’ Alliance Network, LLC (“CAN”), our vendor network manager for Florida claims 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 subsidiaries; 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. Through our subsidiaries, Heritage P&C and Zephyr, we write personal residential insurance for single-family homeowners and condominium owners, and rental property insurance in the states of Florida, Hawaii, North Carolina, South Carolina and Georgia. We also provide commercial residential insurance for Florida properties and are also licensed in the states of Alabama and Mississippi. We are vertically integrated and control or manage substantially all aspects of insurance underwriting, customer service, actuarial analysis, distribution and claims processing and adjusting. We conduct our operations under a single reporting segment. The condensed consolidated financial information included herein as of and for the three months ended March 31, 2017 and 2016 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 months ended March 31, 2017 and 2016 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, 2016 consolidated balance sheet was derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2016. 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, 2016. References to “we,” “us,” “our,” or the “Company” refer to Heritage Insurance Holdings, Inc. and its consolidated subsidiaries. The Company qualifies as an “emerging growth company” as defined in Section 2(a)(19) of the Securities Act of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, the Company is eligible to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies. The Company intends to continue to take advantage of some, but not all, of the exemptions available to emerging growth companies until such time that it is no longer an emerging growth company. The Company has, however, irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. 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, 2016. Recently Adopted Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-09, Improvements to Employee Share-Based Payment Accounting 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 January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses Measurement of Credit Losses on Financial Instruments 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 . The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. This guidance is not applicable to insurance contracts. The standard is effective for the Company in the first quarter of 2018 with early adoption permitted. Accordingly, while the Company is in the early stages of evaluating the effect of adopting this new guidance, the Company believes the application of this guidance will be less complex in relation to any non-insurance contracts. There are no other recently issued accounting standards that apply to the Company or that are expected to have a material impact on the Company’s results of operations, financial condition, or cash flows.

Acquisition

Acquisition	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisition	NOTE 2. ACQUISITION On March 21, 2016, the Company completed its acquisition of ZAC and acquired 100% of its outstanding stock and its wholly-owned subsidiary, Zephyr, in exchange for approximately $110.3 million, net of cash acquired. Zephyr is a specialty property insurance provider that offers policies for residential customers in Hawaii that only cover the peril of windstorm-hurricane events. The purchase consideration for this acquisition has been allocated to the estimated fair market value of the net assets acquired, including approximately $31.8 million in identifiable intangible assets (primarily value of business acquired (“VOBA”), brand, customer relationships and trade name), and a residual amount of goodwill of approximately $38.4 million. This acquisition furthers the Company’s strategic push to diversify business operations and achieve potential reinsurance synergies while expanding growth opportunities outside of Florida. Purchase Consideration Cash, net of cash acquired $ 110,319 Assets acquired Investments $ 76,543 Premiums and agent's receivable 1,403 Other assets 526 Prepaid reinsurance premiums 4,792 Intangible assets – value of business acquired 7,600 Intangible assets 24,245 Total assets acquired $ 115,109 Total liabilities assumed $ (43,216) Net assets acquired $ 71,893 Goodwill 38,426 Total purchase price $ 110,319 Pro Forma Information The following table presents selected pro forma information, assuming the acquisition of ZAC had occurred on January 1, 2016. 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, 2016 and the unaudited pro forma information does not purport to be indicative of future financial results. For the Three Months Ended March 31, 2016 (in thousands, except per share) Revenue $ 120,385 Net income $ 10,081 Basic, earnings per share $ 0.34 Diluted, earnings per share $ 0.33

Investments

Investments	3 Months Ended
	Mar. 31, 2017
Investments Debt And Equity Securities [Abstract]
Investments	NOTE 3. INVESTMENTS The following table details the difference between cost or adjusted/amortized cost and estimated fair value, by major investment category, at March 31, 2017 and December 31, 2016: Cost or Adjusted / Amortized Cost Gross Gains Gross Losses Fair Value (In thousands) March 31, 2017 U.S. government and agency securities $ 105,690 $ 24 $ 397 $ 105,317 States, municipalities and political subdivisions 285,861 902 3,333 283,430 Special revenue 51,787 39 717 51,109 Industrial and miscellaneous 129,018 763 460 129,321 Redeemable preferred stocks 3,741 34 48 3,727 Total fixed maturities 576,097 1,762 4,955 572,904 Nonredeemable preferred stocks 14,650 299 121 14,829 Equity securities 19,983 1,061 2,939 18,105 Total equity securities 34,633 1,360 3,060 32,934 Total investments $ 610,730 $ 3,122 $ 8,015 $ 605,838 Cost or Adjusted / Amortized Cost Gross Gains Gross Losses Fair Value (In thousands) December 31, 2016 U.S. government and agency securities $ 107,968 $ 29 $ 449 $ 107,548 States, municipalities and political subdivisions 281,935 298 4,872 277,361 Special revenue 53,726 29 759 52,996 Industrial and miscellaneous 129,687 535 577 129,645 Redeemable preferred stocks 3,595 15 149 3,461 Total fixed maturities 576,911 906 6,806 571,011 Nonredeemable preferred stocks 14,935 40 460 14,515 Equity securities 19,255 1,197 2,996 17,456 Total equity securities 34,190 1,237 3,456 31,971 Total investments $ 611,101 $ 2,143 $ 10,262 $ 602,982 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 months ended March 31, 2017 and 2016. 2017 2016 Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale (In thousands) Three Months Ended March 31, Fixed maturities $ 22 $ 3,078 $ 1,130 $ 38,237 Equity securities 793 4,408 59 3,410 Total realized gains 815 7,486 1,189 41,647 Fixed maturities (7) 5,141 (6) 5,893 Equity securities (37) 3,052 (802) 2,160 Total realized losses (44) 8,193 (808) 8,053 Net realized gain $ 771 $ 15,679 $ 381 $ 49,700 The table below summarizes the Company’s fixed maturities at March 31, 2017 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. March 31, 2017 Cost or Amortized Cost Percent of Total Fair Value Percent of Total (In thousands) (In thousands) Due in one year or less $ 151,469 26% $ 151,479 26% Due after one year through five years 175,889 31% 175,890 31% Due after five years through ten years 144,382 25% 142,511 25% Due after ten years 104,357 18% 103,024 18% Total $ 576,097 100% $ 572,904 100% The following table summarizes the Company’s net investment income by major investment category for the three months ended March 31, 2017 and 2016, respectively: Three Months Ended March 31, 2017 2016 (In thousands) Fixed maturities $ 2,511 $ (1,579) Equity securities 497 3,953 Cash, cash equivalents and short-term investments 69 1 Other investments — 27 Net investment income 3,077 2,402 Investment expenses 575 365 Net investment income, less investment expenses $ 2,502 $ 2,037 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 March 31, 2017 or December 31, 2016. There were no material other-than-temporary impairments or credit losses related to available-for-sale securities in the three months ended March 31, 2017 and 2016. The following tables present an aging of our unrealized investment losses by investment class as of March 31, 2017 and December 31, 2016: 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) March 31, 2017 U.S. government and agency securities 38 $ 396 $ 24,367 4 $ 1 $ 198 States, municipalities and political subdivisions 200 3,331 164,287 3 2 2,507 Special revenue 152 538 40,465 38 179 3,098 Industrial and miscellaneous 131 454 44,430 3 6 1,077 Redeemable preferred stocks 12 43 2,004 3 5 213 Total fixed maturities 533 4,762 275,553 51 193 7,093 Nonredeemable preferred stocks 66 115 5,098 1 6 74 Equity securities 46 271 4,577 28 2,668 6,877 Total equity securities 112 386 9,675 29 2,674 6,951 Total investments 645 $ 5,148 $ 285,228 80 $ 2,867 $ 14,044 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) December 31, 2016 U.S. government and agency securities 35 $ 448 $ 24,649 2 $ 1 $ 200 States, municipalities and political subdivisions 265 4,869 220,034 2 3 1,497 Industrial and miscellaneous 161 571 56,996 2 6 974 Special revenue 189 631 44,712 11 129 1,828 Redeemable preferred stocks 19 143 2,425 1 6 212 Total fixed maturities 669 6,662 348,816 18 145 4,711 Nonredeemable preferred stocks 77 439 11,298 5 20 234 Equity securities 26 191 2,542 29 2,805 7,317 Total equity securities 103 630 13,840 34 2,825 7,551 Total investments 772 $ 7,292 $ 362,656 52 $ 2,970 $ 12,262

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	NOTE 4. FAIR VALUE OF FINANCIAL INSTRUMENTS For the Company’s investments in U.S government securities that do not have prices in active markets, agency securities, state and municipal 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 three months ended March 31, 2017 and the year ended December 31, 2016, there were no transfers in or out of Level 1, 2, and 3. March 31, 2017 Total Level 1 Level 2 Level 3 (in thousands) Fixed maturities investments: U.S. government and agency securities $ 105,317 $ 3,082 $ 102,235 $ — States, municipalities and political subdivisions 283,430 — 283,430 — Special revenue 51,109 22,418 28,691 — Industrial and miscellaneous 129,321 — 129,321 — Redeemable preferred stocks 3,727 3,727 — — Total fixed maturities investments $ 572,904 $ 29,227 $ 543,677 $ — Nonredeemable preferred stocks 14,829 14,829 — — Equity securities 18,105 18,105 — — Total equity securities $ 32,934 $ 32,934 $ — $ — Total investments $ 605,838 $ 62,161 $ 543,677 $ — December 31, 2016 Total Level 1 Level 2 Level 3 (in thousands) Fixed maturities investments: U.S. government and agency securities $ 107,548 $ 103,997 $ 3,551 $ — States, municipalities and political subdivisions 277,361 — 277,361 — Special revenue 52,996 — 52,996 — Industrial and miscellaneous 129,645 — 129,645 — Redeemable preferred stocks 3,461 3,461 — — Total fixed maturities investments $ 571,011 $ 107,458 $ 463,553 $ — Nonredeemable preferred stocks 14,515 14,515 — — Equity securities 17,456 17,456 — — Total equity securities $ 31,971 $ 31,971 $ — $ — Total investments $ 602,982 $ 139,429 $ 463,553 $ —

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2017
Property Plant And Equipment [Abstract]
Property and Equipment, Net	NOTE 5. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following at March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 (in thousands) Land $ 2,582 $ 2,582 Building 10,301 10,301 Computer hardware and software 3,123 3,113 Office furniture and equipment 759 759 Tenant and leasehold improvements 3,472 3,334 Vehicle fleet 842 842 Total, at cost 21,079 20,931 Less: accumulated depreciation and amortization 4,135 3,752 Property and equipment, net $ 16,944 $ 17,179 Depreciation and amortization expense for property and equipment was $383 thousand and $398 thousand for the three months ended March 31, 2017 and 2016, respectively. The Company’s real estate consists of 14 acres of land and four buildings with a gross area of 191 thousand square feet. The Company relocated to these facilities during March 2014.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	NOTE 6. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and Intangible Assets As of March 31, 2017 and December 31, 2016 goodwill was $46.5 million and intangible assets were 24.0 million and $26.5 million, respectively. The Company has determined the useful life of the value of the business acquired (see Note 2) to be one year. The Company has determined the useful life of the other intangible assets to range between 2.5-15 years. The Company has recorded $175 thousand relating to an insurance license and classified as an indefinite lived intangible which is subject to annual impairment testing. Goodwill (in thousands) Balance as of December 31, 2015 $ 8,028 Goodwill acquired 38,426 Impairment — Balance as of December 31, 2016 46,454 Goodwill acquired — Impairment — Balance as of March 31, 2017 $ 46,454 Other Intangible Assets Our intangible assets resulted primarily from the acquisition of Zephyr and consist of brand, agent relationships, renewal rights, customer relations, trade names, non-compete and insurance license. Finite-lived intangible assets are amortized over their useful lives from one to fifteen years. The tables below detail the finite-lived intangible assets, net as of March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 Weighted -average Amortization (years) Gross Carrying Amount Accumulated Amortization Intangible Assets, net (1) Brand 15 $ 1,210 $ (135 ) $ 1,075 Agent relationships 12 4,800 (401 ) 4,399 Renewal rights 15 16,600 (1,109 ) 15,491 Customer relations 10 870 (146 ) 724 Trade names 10 2,000 (202 ) 1,798 Value of business acquired 1 7,600 (7,600 ) — Non-compete 2.5 790 (368 ) 422 Total intangible assets $ 33,870 $ (9,961 ) $ 23,909 December 31, 2016 Weighted -average Amortization (years) Gross Carrying Amount Accumulated Amortization Intangible Assets, net (1) Brand 15 $ 1,210 $ (114 ) $ 1,096 Agent relationships 12 4,800 (300 ) 4,500 Renewal rights 15 16,600 (830 ) 15,770 Customer relations 10 870 (123 ) 747 Trade names 10 2,000 (150 ) 1,850 Value of business acquired 1 7,600 (5,700 ) 1,900 Non-compete 2.5 790 (286 ) 504 Total intangible assets $ 33,870 $ (7,503 ) $ 26,367 (1) Excludes insurance license valued at $175 thousand and classified as an indefinite lived intangible which is subject to annual impairment testing and not amortized.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 7. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the periods indicated. For the Three Months Ended March 31, 2017 2016 Basic earnings per share: Net income attributable to common stockholders (000's) $ 5,983 $ 7,423 Weighted average shares outstanding 28,806,709 30,367,884 Basic earnings per share: $ 0.21 $ 0.24 Diluted earnings per share: Net income attributable to common stockholders (000's) $ 5,983 $ 7,423 Weighted average shares outstanding 28,806,709 30,367,884 Weighted average dilutive shares — 123,695 Total weighted average dilutive shares 28,806,709 30,491,579 Diluted earnings per share: $ 0.21 $ 0.24

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	3 Months Ended
	Mar. 31, 2017
Insurance [Abstract]
Deferred Policy Acquisition Costs	NOTE 8. DEFERRED POLICY ACQUISITION COSTS The Company defers certain costs in connection with written policies, called deferred policy acquisition Costs (“DPAC”), net of corresponding amounts of ceded reinsurance commissions, called deferred reinsurance ceding commissions (“DRCC”). Net DPAC is amortized over the effective period of the related insurance policies. The Company anticipates that its DPAC costs will be fully recoverable in the near term. The table below depicts the activity with regard to DPAC during the three month periods ended March 31, 2017 and 2016: For the Three Months Ended March 31, 2017 2016 (In thousands) Beginning Balance $ 42,779 $ 34,800 Policy acquisition costs deferred 21,878 19,319 Amortization (23,442 ) (18,128 ) Ending Balance $ 41,215 $ 35,991

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 9. INCOME TAXES During the three months ended March 31, 2017 and 2016, the Company recorded $3.7 million and $4.6 million, respectively, of income tax expense which corresponds to an estimated annual effective tax rate of 38.4% and 38.3%, respectively. The table below summarizes the significant components of our net deferred tax assets (liabilities): March 31, 2017 December 31, 2016 Deferred tax assets: (In thousands) Unearned premiums $ 17,071 $ 17,209 Tax-related discount on loss reserve 1,830 1,829 Unrealized loss 1,873 3,113 Stock-based compensation 1,896 1,604 Prepaid expenses 1,468 1,482 Other 311 312 Total deferred tax asset 24,449 25,549 Deferred tax liabilities: Deferred acquisition costs 16,272 16,377 Property and equipment 355 355 Basis in purchased investments 1,725 1,697 Basis in purchased intangibles 9,582 9,791 Other 332 332 Total deferred tax liabilities 28,266 28,552 Less: valuation allowance — — Net deferred tax liability $ (3,817 ) $ (3,003 ) 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. The statute of limitations related to our federal and state income tax returns remains open from our first filings for 2013 through 2015. For the 2014 tax year, the federal income tax return was examined by the tax authority resulting in no material adjustment. Currently, no taxing authorities are examining any of our federal or state income tax returns. As of March 31, 2017 and December 31, 2016, we had no significant uncertain tax positions.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2017
Insurance [Abstract]
Reinsurance	NOTE 10. REINSURANCE The Company’s reinsurance program is designed, utilizing the Company’s risk management methodology, to address its exposure to catastrophes or large non-catastrophic losses. 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 P&C, a Florida based insurer and Zephyr, 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 $3.1 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 $1.5 billion, in excess of its retention of $460 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 $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 Re. The 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 agreement 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 agreement 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 of coverage 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 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 incorporates the mandatory coverage required by law to be placed with FHCF. For the 2015 hurricane season, the Company selected 75% participation in the FHCF. The Company also purchased private reinsurance below, alongside and above the FHCF layer, as well as aggregate reinsurance coverage. The following describes the various layers of the Company’s June 1, 2015 to May 31, 2016 reinsurance program. • The Company’s Retention . For the first catastrophic event, the Company has 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 decreases 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 has purchased $440 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 $440 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. A portion of this coverage wraps around the FHCF and provides 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 also have 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. 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: For the Three Months Ended March 31, 2017 2016 (In thousands) Premium written: Direct $ 142,289 $ 138,132 Assumed (54 ) 9,134 Ceded (1,881 ) (732 ) Net premium written $ 140,354 $ 146,534 Change in unearned premiums: Direct $ 11,997 $ (10,387 ) Assumed 376 15,064 Ceded (60,551 ) (44,869 ) Net increase $ (48,178 ) $ (40,192 ) Premiums earned: Direct $ 154,286 $ 127,745 Assumed 322 24,198 Ceded (62,432 ) (45,601 ) Net premiums earned $ 92,176 $ 106,342 Losses and LAE incurred: Direct $ 48,917 $ 51,766 Assumed 1,203 15,203 Ceded (3,473 ) (6 ) Net losses and LAE incurred $ 46,647 $ 66,963 The following table highlights the effects that the Company’s assumption transactions have on unpaid losses and loss adjustment expenses and unearned premiums: March 31, 2017 December 31, 2016 (In thousands) Unpaid losses and loss adjustment expenses: Direct $ 114,217 $ 119,339 Assumed 17,355 20,798 Gross unpaid losses and LAE 131,572 140,137 Unearned premiums: Direct $ 305,582 $ 317,579 Assumed 68 445 Gross unearned premiums 305,650 318,024 Ceded (46,058 ) (106,609 ) Net unearned premiums $ 259,592 $ 211,415

Reserve For Unpaid Losses

Reserve For Unpaid Losses	3 Months Ended
	Mar. 31, 2017
Insurance [Abstract]
Reserve for Unpaid Losses	NOTE 11. RESERVE FOR UNPAID LOSSES The Company determines the reserve for unpaid losses on an individual-case basis for all incidents reported. The liability also includes amounts which are commonly referred to as incurred but not reported, or “IBNR”, claims as of the balance sheet date. The table below summarizes the activity related to the Company’s reserve for unpaid losses: For the Three Months Ended March 31, 2017 2016 (in thousands) Balance, beginning of period $ 140,137 $ 83,722 Less: reinsurance recoverable on paid losses 586 — Net balance, beginning of period 139,551 83,722 Incurred related to: Current year 47,876 52,500 Prior years (1,229 ) 14,463 Total incurred 46,647 66,963 Paid related to: Current year 11,236 12,632 Prior years 44,708 29,610 Total paid 55,944 42,242 Net balance, end of period 130,251 108,443 Plus: reinsurance recoverable on unpaid losses 1,321 — Balance, end of period $ 131,572 $ 108,443 As of March 31, 2017, we reported $130.3 million in unpaid losses and loss adjustment expenses, net of reinsurance which included $72.7 million attributable to IBNR, or 55.8% of total reserves for unpaid losses and loss adjustment expenses. The Company’s losses incurred for the three months ended March 31, 2017 and 2016 reflect a prior year redundancy of $1.2 million and a deficiency of $14.5 million, respectively, associated with management’s best estimate of the actuarial loss and LAE reserves with consideration given to Company specific historical loss experience. Most of the 2016 unfavorable development was from personal lines. Also, most of the unfavorable emergence came from the second, third and fourth quarters of 2015, 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 was isolated to the tri-county region of Florida (the counties of Miami-Dade, Broward and Palm Beach). The Company writes insurance in the states of Florida, North Carolina, South Carolina, Hawaii and Georgia, any of 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 March 31, 2017.

Note Payable

Note Payable	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Note Payable	NOTE 12. NOTE PAYABLE On December 15, 2016, we issued Senior Secured Notes (“Secured Notes”) in the aggregate amount of $79.5 million, 7-year term note payable to six accredited investors. The Secured Notes bear interest of 8.75% per annum plus the three month average of LIBOR. Principal and interest is paid quarterly. Interest payments commence on March 15, 2017 and the quarterly principal payments commence on December 31, 2018. At March 31, 2017, we owed $73.0 million on the Secured Notes, net of issuance costs which totaled approximately $6.5 million. On March 15, 2017, the Company made its first quarterly interest payment of approximately $1.9 million. Long-term debt at March 31, 2017, consisted of the following: Principal Unamortized Debt Issuance Costs (in thousands) Senior Secured Notes, due December 15, 2023 (interest computed at 8.75% plus 3 month Libor average, at March 31, 2017) $ 79,500 $ 6,460 The Secured Notes contain customary restrictive covenants relating to merger, modification of the indenture, subordination, issuance of debt securities and sale of assets, the most significant of which include limitations with respect to certain designated subsidiaries on the incurrence of additional indebtedness or guarantees secured by any security interest on any shares of their capital stock. The Secured Notes covenants also limit the Company’s ability to sell or otherwise dispose of any shares of capital stock of such designated subsidiaries. The Secured Notes do not have the benefit of any sinking funds. They also contain customary limitations and lien provisions as well as customary events of default provisions, which if breached, could result in the accelerated maturity of the Secured Notes. The Company was in compliance with the Senior Notes covenants for the three months ended March 31, 2017. Subject to the replacement capital covenant, the Secured Notes may be redeemed, in whole or in part, at any time on or after December 15, 2018, based on the quarterly payment date, at the following redemption prices (as a percentage of outstanding principal amount of the notes to be redeemed) plus accrued and unpaid interest and principal: 2018 – 103%; 2019 – 102%; 2020 – 101%; and thereafter at 100%. If there is a change in control offer a Holder has the right to require the Company to purchase such Holder’s Secured Notes based on the redemption terms stated above. At March 31, 2017, the effective interest rate, taking into account the stated interest expense and amortization of debt issuance costs, approximates 9.8%.

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2017
Other Liabilities Disclosure [Abstract]
Other Liabilities	NOTE 13. OTHER LIABILITIES At March 31, 2017 and December 31, 2016, other liabilities where approximately $14.0 million and $21.7 million respectively, of which $232 thousand and $178 thousand 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 three months ended March 31, 2017 and the year ended December 31, 2016 was $5.7 and $6.2 million for commissions payable, $4.6 and $5.6 million for accounts payable and other payables, and $1.2 million held in escrow and $1.8 million and $1.8 million for dividends payable and $185 thousand and $1 million for unearned revenue, respectively. At December 31, 2016, other liabilities included $4.8 million relating to debt issuances.

Statutory Accounting and Regula

Statutory Accounting and Regulations	3 Months Ended
	Mar. 31, 2017
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 subsidiaries. The various laws and regulations require that insurers maintain minimum amounts of statutory surplus and risk-based capital, restrict insurers’ ability to pay dividends, restrict the allowable investment types and investment mixes, and subject the Company’s insurers to assessments. The Company’s insurance subsidiaries 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. On a combined basis, the Company’s insurance subsidiaries reported statutory net loss of $2.2 million and $5.3 million for the three months ended March 31, 2017 and 2016, respectively. 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 is required to maintain capital and surplus equal to the greater of $15 million or 10% of their respective liabilities. Zephyr is required to maintain a deposit of $750 thousand in a federally insured financial institution. The insurance subsidiaries’ combined statutory surplus was $267.2 million and $276.1 million at March 31, 2017 and December 31, 2016, respectively. State law also requires the Company’s insurance subsidiaries to adhere to prescribed premium-to-capital surplus ratios, with which the Company is in compliance. At December 31, 2016, our insurance subsidiaries met the financial and regulatory requirements of the states in which they do business.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
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	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and 2016. • 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 March 31, 2017 and 2016, the Company paid the management service company approximately $25 thousand and $35 thousand, respectively.

Employee Benefit Plan

Employee Benefit Plan	3 Months Ended
	Mar. 31, 2017
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plan	NOTE 17. EMPLOYEE BENEFIT PLAN The Company provides a 401(k) plan for substantially all of its employees. The Company contributes 3% of employees’ salary, up to the maximum allowable contribution, regardless of the employees’ level of participation in the plan. For the three-month periods ended March 31, 2017 and 2016, the Company’s contributions to the plan on behalf of the participating employees were $195 thousand and $167 thousand, respectively. The Company provides for its employees a partially self-insured healthcare plan and benefits. For the three months ended March 31, 2017 and 2016, the Company incurred medical premium costs in the aggregate of $571 thousand and $683 thousand, respectively. The Company also recorded approximately $67 thousand as unpaid claims as of March 31, 2017. 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 thousand 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	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017, the Company had 28,479,232 shares of common stock outstanding, 2,120,541 treasury shares of common stock and 900,000 unvested shares of restricted common stock issued reflecting total paid-in capital of $206.9 million as of such date. As more fully disclosed in our audited consolidated financial statements for the year ended December 31, 2016, there were, as of December 31, 2016, 28,840,443 shares of common stock outstanding, 1,149,923 stock options outstanding, and 900,000 unvested restricted stock grants, representing $205.7 million of additional paid-in capital. Common Stock Holders of common stock are entitled to one vote for each share held on all matters subject to a vote of stockholders, subject to the rights of holders of any outstanding preferred stock. Accordingly, holders of a majority of the shares of common stock entitled to vote in any election of directors may elect all of the directors standing for election, subject to the rights of holders of any outstanding preferred stock. Holders of common stock will be entitled to receive ratably any dividends that the board of directors may declare out of funds legally available therefor, subject to any preferential dividend rights of outstanding preferred stock. Upon the Company’s liquidation, dissolution or winding up, the holders of common stock will be entitled to receive ratably 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. Stock Repurchase Program On May 4, 2016, the Company announced that the Company’s Board of Directors, authorized a stock repurchase program authorizing the Company to repurchase up to $70 million of the Company’s common stock. The stock repurchase program expires December 31, 2017. As of March 31, 2017, the Company has purchased in aggregate 361,211 shares at a cost of $4.5 million through open market or private transactions. As of March 31, 2017, the Company repurchased 361,211 shares of the Company’s stock in open market transactions for $4.5 million. As of March 31, 2017, the Company had $39.9 million remaining to purchase shares under its authorized $70 million share repurchase plan. Dividends On November 8, 2016, the Company announced that its Board of Directors declared a $0.06 per share quarterly dividend payable on January 4, 2017 to stockholders of record as of December 15, 2016. On March 2, 2017, the Company’s Board of Directors declared a $0.06 per share quarterly dividend payable on April 4, 2017, to shareholders of record March 15, 2017. The declaration and payment of any future dividends will be subject to the discretion of the Board of Directors and will depend on a variety of factors including the Company’s financial condition and results of operations.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2017
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”) 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 March 31, 2017 and December 31, 2016, there were 170,814 shares available for grant under the Plan. The Company recognizes compensation expense under ASC 718 for its stock-based payments based on the fair value of the awards. The Company grants stock options at exercise prices equal to the fair market value of the Company’s stock on the dates the options are granted. The options have a maximum term of ten years from the date of grant and vest primarily in equal annual installments over a range of one to five year periods following the date of grant for employee options. If a participant’s employment relationship ends, the participant’s vested awards will remain exercisable for the shorter of a period of 30 days or the period ending on the latest date on which such award could have been exercisable. The fair value of each option grant is separately estimated for each grant date. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each vesting date. The Company estimates the fair value of all stock option awards as of the date of the grant by applying the Black-Scholes-Merton multiple-option pricing valuation model (“Black-Scholes model”). The application of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense. Stock Options and Restricted Stock A summary of information related to stock options and restricted stock outstanding at March 31, 2017 is as follows: Stock Options Stock Options Weighted-Average Grant Date Fair Value Balance at December 31, 2016 1,149,923 $ 2.99 Granted — Exercised — Balance at March 31, 2017 1,149,923 $ 2.99 Vested and exercisable as of March 31, 2017 1,149,923 $ 2.99 No compensation expense was recognized for stock options granted above for the three months ended March 31, 2017 and 2016, respectively. Restricted Stock The Company has also granted shares of its common stock subject to certain restrictions under the Plan. Restricted stock awards granted to employees vest in equal installments, generally over a five year period from the grant date, subject to the recipient’s continued employment. The fair value of restricted stock awards are estimated by the market price at the date of grant and amortized on a straight-line basis to expense over the period of vesting. Recipients of restricted stock awards have the right to receive dividends. No restricted stock was granted during the three months ended March 31, 2017. Restricted stock activity during the three months ended March 31, 2017 is as follows: Weighted-Average Grant-Date Fair Number of shares Value per Share Non-vested, at December 31, 2016 900,000 $ 18.82 Granted — Vested — Canceled and forfeited — Non-vested, at March 31, 2017 900,000 $ 18.82 Awards are being amortized to expense over the five year vesting period. The Company recognized $1.2 million and $1.2 million of compensation expense for the three months ended March 31, 2017 and 2016, respectively. There was approximately $17.3 million of unrecognized compensation expense related to the non-vested restricted stock at March 31, 2017. The Company expects to recognize the remaining compensation expense over a weighted average period of 3.7 years.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	NOTE 20. SUBSEQUENT EVENTS On May 2, 2017, the Company announced that its Board of Directors declared a $0.06 per share quarterly dividend payable on July 5, 2017 to stockholders of record as of June 15, 2017.

Basis of Presentation and Sig27

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements as of and for the three months ended March 31, 2017 and 2016 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 Florida insurance subsidiary’s business; Contractors’ Alliance Network, LLC (“CAN”), our vendor network manager for Florida claims 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 subsidiaries; 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. Through our subsidiaries, Heritage P&C and Zephyr, we write personal residential insurance for single-family homeowners and condominium owners, and rental property insurance in the states of Florida, Hawaii, North Carolina, South Carolina and Georgia. We also provide commercial residential insurance for Florida properties and are also licensed in the states of Alabama and Mississippi. We are vertically integrated and control or manage substantially all aspects of insurance underwriting, customer service, actuarial analysis, distribution and claims processing and adjusting. We conduct our operations under a single reporting segment. The condensed consolidated financial information included herein as of and for the three months ended March 31, 2017 and 2016 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 months ended March 31, 2017 and 2016 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, 2016 consolidated balance sheet was derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2016. 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, 2016. References to “we,” “us,” “our,” or the “Company” refer to Heritage Insurance Holdings, Inc. and its consolidated subsidiaries. The Company qualifies as an “emerging growth company” as defined in Section 2(a)(19) of the Securities Act of 1933, as amended, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, the Company is eligible to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies. The Company intends to continue to take advantage of some, but not all, of the exemptions available to emerging growth companies until such time that it is no longer an emerging growth company. The Company has, however, irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-09, Improvements to Employee Share-Based Payment Accounting 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 January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses Measurement of Credit Losses on Financial Instruments 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 . The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. This guidance is not applicable to insurance contracts. The standard is effective for the Company in the first quarter of 2018 with early adoption permitted. Accordingly, while the Company is in the early stages of evaluating the effect of adopting this new guidance, the Company believes the application of this guidance will be less complex in relation to any non-insurance contracts. There are no other recently issued accounting standards that apply to the Company or that are expected to have a material impact on the Company’s results of operations, financial condition, or cash flows.

Acquisition (Tables)

Acquisition (Tables)	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Schedule of Purchase Consideration and Allocation of Assets and Liabilities Assumed	Purchase Consideration Cash, net of cash acquired $ 110,319 Assets acquired Investments $ 76,543 Premiums and agent's receivable 1,403 Other assets 526 Prepaid reinsurance premiums 4,792 Intangible assets – value of business acquired 7,600 Intangible assets 24,245 Total assets acquired $ 115,109 Total liabilities assumed $ (43,216) Net assets acquired $ 71,893 Goodwill 38,426 Total purchase price $ 110,319
Summary of Pro Forma Information	The following table presents selected pro forma information, assuming the acquisition of ZAC had occurred on January 1, 2016. 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, 2016 and the unaudited pro forma information does not purport to be indicative of future financial results. For the Three Months Ended March 31, 2016 (in thousands, except per share) Revenue $ 120,385 Net income $ 10,081 Basic, earnings per share $ 0.34 Diluted, earnings per share $ 0.33

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016: Cost or Adjusted / Amortized Cost Gross Gains Gross Losses Fair Value (In thousands) March 31, 2017 U.S. government and agency securities $ 105,690 $ 24 $ 397 $ 105,317 States, municipalities and political subdivisions 285,861 902 3,333 283,430 Special revenue 51,787 39 717 51,109 Industrial and miscellaneous 129,018 763 460 129,321 Redeemable preferred stocks 3,741 34 48 3,727 Total fixed maturities 576,097 1,762 4,955 572,904 Nonredeemable preferred stocks 14,650 299 121 14,829 Equity securities 19,983 1,061 2,939 18,105 Total equity securities 34,633 1,360 3,060 32,934 Total investments $ 610,730 $ 3,122 $ 8,015 $ 605,838 Cost or Adjusted / Amortized Cost Gross Gains Gross Losses Fair Value (In thousands) December 31, 2016 U.S. government and agency securities $ 107,968 $ 29 $ 449 $ 107,548 States, municipalities and political subdivisions 281,935 298 4,872 277,361 Special revenue 53,726 29 759 52,996 Industrial and miscellaneous 129,687 535 577 129,645 Redeemable preferred stocks 3,595 15 149 3,461 Total fixed maturities 576,911 906 6,806 571,011 Nonredeemable preferred stocks 14,935 40 460 14,515 Equity securities 19,255 1,197 2,996 17,456 Total equity securities 34,190 1,237 3,456 31,971 Total investments $ 611,101 $ 2,143 $ 10,262 $ 602,982
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 months ended March 31, 2017 and 2016. 2017 2016 Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale (In thousands) Three Months Ended March 31, Fixed maturities $ 22 $ 3,078 $ 1,130 $ 38,237 Equity securities 793 4,408 59 3,410 Total realized gains 815 7,486 1,189 41,647 Fixed maturities (7) 5,141 (6) 5,893 Equity securities (37) 3,052 (802) 2,160 Total realized losses (44) 8,193 (808) 8,053 Net realized gain $ 771 $ 15,679 $ 381 $ 49,700
Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity	The table below summarizes the Company’s fixed maturities at March 31, 2017 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. March 31, 2017 Cost or Amortized Cost Percent of Total Fair Value Percent of Total (In thousands) (In thousands) Due in one year or less $ 151,469 26% $ 151,479 26% Due after one year through five years 175,889 31% 175,890 31% Due after five years through ten years 144,382 25% 142,511 25% Due after ten years 104,357 18% 103,024 18% Total $ 576,097 100% $ 572,904 100%
Summary of Net Investment Income	The following table summarizes the Company’s net investment income by major investment category for the three months ended March 31, 2017 and 2016, respectively: Three Months Ended March 31, 2017 2016 (In thousands) Fixed maturities $ 2,511 $ (1,579) Equity securities 497 3,953 Cash, cash equivalents and short-term investments 69 1 Other investments — 27 Net investment income 3,077 2,402 Investment expenses 575 365 Net investment income, less investment expenses $ 2,502 $ 2,037
Aging of Gross Unrealized Investment Losses	The following tables present an aging of our unrealized investment losses by investment class as of March 31, 2017 and December 31, 2016: 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) March 31, 2017 U.S. government and agency securities 38 $ 396 $ 24,367 4 $ 1 $ 198 States, municipalities and political subdivisions 200 3,331 164,287 3 2 2,507 Special revenue 152 538 40,465 38 179 3,098 Industrial and miscellaneous 131 454 44,430 3 6 1,077 Redeemable preferred stocks 12 43 2,004 3 5 213 Total fixed maturities 533 4,762 275,553 51 193 7,093 Nonredeemable preferred stocks 66 115 5,098 1 6 74 Equity securities 46 271 4,577 28 2,668 6,877 Total equity securities 112 386 9,675 29 2,674 6,951 Total investments 645 $ 5,148 $ 285,228 80 $ 2,867 $ 14,044 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) December 31, 2016 U.S. government and agency securities 35 $ 448 $ 24,649 2 $ 1 $ 200 States, municipalities and political subdivisions 265 4,869 220,034 2 3 1,497 Industrial and miscellaneous 161 571 56,996 2 6 974 Special revenue 189 631 44,712 11 129 1,828 Redeemable preferred stocks 19 143 2,425 1 6 212 Total fixed maturities 669 6,662 348,816 18 145 4,711 Nonredeemable preferred stocks 77 439 11,298 5 20 234 Equity securities 26 191 2,542 29 2,805 7,317 Total equity securities 103 630 13,840 34 2,825 7,551 Total investments 772 $ 7,292 $ 362,656 52 $ 2,970 $ 12,262

Fair Value of Financial Instr30

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
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 three months ended March 31, 2017 and the year ended December 31, 2016, there were no transfers in or out of Level 1, 2, and 3. March 31, 2017 Total Level 1 Level 2 Level 3 (in thousands) Fixed maturities investments: U.S. government and agency securities $ 105,317 $ 3,082 $ 102,235 $ — States, municipalities and political subdivisions 283,430 — 283,430 — Special revenue 51,109 22,418 28,691 — Industrial and miscellaneous 129,321 — 129,321 — Redeemable preferred stocks 3,727 3,727 — — Total fixed maturities investments $ 572,904 $ 29,227 $ 543,677 $ — Nonredeemable preferred stocks 14,829 14,829 — — Equity securities 18,105 18,105 — — Total equity securities $ 32,934 $ 32,934 $ — $ — Total investments $ 605,838 $ 62,161 $ 543,677 $ — December 31, 2016 Total Level 1 Level 2 Level 3 (in thousands) Fixed maturities investments: U.S. government and agency securities $ 107,548 $ 103,997 $ 3,551 $ — States, municipalities and political subdivisions 277,361 — 277,361 — Special revenue 52,996 — 52,996 — Industrial and miscellaneous 129,645 — 129,645 — Redeemable preferred stocks 3,461 3,461 — — Total fixed maturities investments $ 571,011 $ 107,458 $ 463,553 $ — Nonredeemable preferred stocks 14,515 14,515 — — Equity securities 17,456 17,456 — — Total equity securities $ 31,971 $ 31,971 $ — $ — Total investments $ 602,982 $ 139,429 $ 463,553 $ —

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following at March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 (in thousands) Land $ 2,582 $ 2,582 Building 10,301 10,301 Computer hardware and software 3,123 3,113 Office furniture and equipment 759 759 Tenant and leasehold improvements 3,472 3,334 Vehicle fleet 842 842 Total, at cost 21,079 20,931 Less: accumulated depreciation and amortization 4,135 3,752 Property and equipment, net $ 16,944 $ 17,179

Goodwill and Other Intangible32

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill (in thousands) Balance as of December 31, 2015 $ 8,028 Goodwill acquired 38,426 Impairment — Balance as of December 31, 2016 46,454 Goodwill acquired — Impairment — Balance as of March 31, 2017 $ 46,454
Schedule of Finite-lived Intangible Assets	The tables below detail the finite-lived intangible assets, net as of March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 Weighted -average Amortization (years) Gross Carrying Amount Accumulated Amortization Intangible Assets, net (1) Brand 15 $ 1,210 $ (135 ) $ 1,075 Agent relationships 12 4,800 (401 ) 4,399 Renewal rights 15 16,600 (1,109 ) 15,491 Customer relations 10 870 (146 ) 724 Trade names 10 2,000 (202 ) 1,798 Value of business acquired 1 7,600 (7,600 ) — Non-compete 2.5 790 (368 ) 422 Total intangible assets $ 33,870 $ (9,961 ) $ 23,909 December 31, 2016 Weighted -average Amortization (years) Gross Carrying Amount Accumulated Amortization Intangible Assets, net (1) Brand 15 $ 1,210 $ (114 ) $ 1,096 Agent relationships 12 4,800 (300 ) 4,500 Renewal rights 15 16,600 (830 ) 15,770 Customer relations 10 870 (123 ) 747 Trade names 10 2,000 (150 ) 1,850 Value of business acquired 1 7,600 (5,700 ) 1,900 Non-compete 2.5 790 (286 ) 504 Total intangible assets $ 33,870 $ (7,503 ) $ 26,367 (1) Excludes insurance license valued at $175 thousand and classified as an indefinite lived intangible which is subject to annual impairment testing and not amortized.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
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. For the Three Months Ended March 31, 2017 2016 Basic earnings per share: Net income attributable to common stockholders (000's) $ 5,983 $ 7,423 Weighted average shares outstanding 28,806,709 30,367,884 Basic earnings per share: $ 0.21 $ 0.24 Diluted earnings per share: Net income attributable to common stockholders (000's) $ 5,983 $ 7,423 Weighted average shares outstanding 28,806,709 30,367,884 Weighted average dilutive shares — 123,695 Total weighted average dilutive shares 28,806,709 30,491,579 Diluted earnings per share: $ 0.21 $ 0.24

Deferred Policy Acquisition C34

Deferred Policy Acquisition Costs (Tables)	3 Months Ended
	Mar. 31, 2017
Insurance [Abstract]
Summary of Activity in Deferred Policy Acquisition Costs (DPAC)	The table below depicts the activity with regard to DPAC during the three month periods ended March 31, 2017 and 2016: For the Three Months Ended March 31, 2017 2016 (In thousands) Beginning Balance $ 42,779 $ 34,800 Policy acquisition costs deferred 21,878 19,319 Amortization (23,442 ) (18,128 ) Ending Balance $ 41,215 $ 35,991

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Components of Deferred Tax Assets (Liabilities)	The table below summarizes the significant components of our net deferred tax assets (liabilities): March 31, 2017 December 31, 2016 Deferred tax assets: (In thousands) Unearned premiums $ 17,071 $ 17,209 Tax-related discount on loss reserve 1,830 1,829 Unrealized loss 1,873 3,113 Stock-based compensation 1,896 1,604 Prepaid expenses 1,468 1,482 Other 311 312 Total deferred tax asset 24,449 25,549 Deferred tax liabilities: Deferred acquisition costs 16,272 16,377 Property and equipment 355 355 Basis in purchased investments 1,725 1,697 Basis in purchased intangibles 9,582 9,791 Other 332 332 Total deferred tax liabilities 28,266 28,552 Less: valuation allowance — — Net deferred tax liability $ (3,817 ) $ (3,003 )

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2017
Insurance [Abstract]
Schedule of Reinsurance Transactions on Components of Condensed Consolidated Statements of Operations 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: For the Three Months Ended March 31, 2017 2016 (In thousands) Premium written: Direct $ 142,289 $ 138,132 Assumed (54 ) 9,134 Ceded (1,881 ) (732 ) Net premium written $ 140,354 $ 146,534 Change in unearned premiums: Direct $ 11,997 $ (10,387 ) Assumed 376 15,064 Ceded (60,551 ) (44,869 ) Net increase $ (48,178 ) $ (40,192 ) Premiums earned: Direct $ 154,286 $ 127,745 Assumed 322 24,198 Ceded (62,432 ) (45,601 ) Net premiums earned $ 92,176 $ 106,342 Losses and LAE incurred: Direct $ 48,917 $ 51,766 Assumed 1,203 15,203 Ceded (3,473 ) (6 ) Net losses and LAE incurred $ 46,647 $ 66,963
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: March 31, 2017 December 31, 2016 (In thousands) Unpaid losses and loss adjustment expenses: Direct $ 114,217 $ 119,339 Assumed 17,355 20,798 Gross unpaid losses and LAE 131,572 140,137 Unearned premiums: Direct $ 305,582 $ 317,579 Assumed 68 445 Gross unearned premiums 305,650 318,024 Ceded (46,058 ) (106,609 ) Net unearned premiums $ 259,592 $ 211,415

Reserve for Unpaid Losses (Tabl

Reserve for Unpaid Losses (Tables)	3 Months Ended
	Mar. 31, 2017
Insurance [Abstract]
Summary of Reserve for Unpaid Losses	The table below summarizes the activity related to the Company’s reserve for unpaid losses: For the Three Months Ended March 31, 2017 2016 (in thousands) Balance, beginning of period $ 140,137 $ 83,722 Less: reinsurance recoverable on paid losses 586 — Net balance, beginning of period 139,551 83,722 Incurred related to: Current year 47,876 52,500 Prior years (1,229 ) 14,463 Total incurred 46,647 66,963 Paid related to: Current year 11,236 12,632 Prior years 44,708 29,610 Total paid 55,944 42,242 Net balance, end of period 130,251 108,443 Plus: reinsurance recoverable on unpaid losses 1,321 — Balance, end of period $ 131,572 $ 108,443 As of March 31, 2017, we reported $130.3 million in unpaid losses and loss adjustment expenses, net of reinsurance which included $72.7 million attributable to IBNR, or 55.8% of total reserves for unpaid losses and loss adjustment expenses.

Note Payable (Tables)

Note Payable (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt at March 31, 2017, consisted of the following: Principal Unamortized Debt Issuance Costs (in thousands) Senior Secured Notes, due December 15, 2023 (interest computed at 8.75% plus 3 month Libor average, at March 31, 2017) $ 79,500 $ 6,460

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Information Related to Stock Option	A summary of information related to stock options and restricted stock outstanding at March 31, 2017 is as follows: Stock Options Stock Options Weighted-Average Grant Date Fair Value Balance at December 31, 2016 1,149,923 $ 2.99 Granted — Exercised — Balance at March 31, 2017 1,149,923 $ 2.99 Vested and exercisable as of March 31, 2017 1,149,923 $ 2.99
Schedule of Restricted Stock Activity	Restricted stock activity during the three months ended March 31, 2017 is as follows: Weighted-Average Grant-Date Fair Number of shares Value per Share Non-vested, at December 31, 2016 900,000 $ 18.82 Granted — Vested — Canceled and forfeited — Non-vested, at March 31, 2017 900,000 $ 18.82

Acquisition - Additional Inform

Acquisition - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 21, 2016	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Acquisition of a business, net of cash acquired		$ 110,319
Goodwill			$ 46,454	$ 46,454	$ 8,028
ZAC Business Acquisition [Member]
Business Acquisition [Line Items]
Percentage of outstanding stock acquired	100.00%
Acquisition of a business, net of cash acquired	$ 110,319
Intangible assets value of business acquired	31,800
Goodwill	$ 38,426

Acquisition - Schedule of Purch

Acquisition - Schedule of Purchase Consideration and Allocation of Assets and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Mar. 21, 2016	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Purchase Consideration
Cash, net of cash acquired		$ 110,319
Assets acquired
Goodwill			$ 46,454	$ 46,454	$ 8,028
ZAC Business Acquisition [Member]
Purchase Consideration
Cash, net of cash acquired	$ 110,319
Assets acquired
Investments	76,543
Premiums and agent's receivable	1,403
Other assets	526
Prepaid reinsurance premiums	4,792
Intangible assets value of business acquired	31,800
Total assets acquired	115,109
Total liabilities assumed	(43,216)
Net assets acquired	71,893
Goodwill	38,426
Total purchase price	110,319
ZAC Business Acquisition [Member] | Customer Relationships And Trade Name [Member]
Assets acquired
Intangible assets value of business acquired	7,600
ZAC Business Acquisition [Member] | Primarily Value Of Business Acquired [Member]
Assets acquired
Intangible assets value of business acquired	$ 24,245

Acquisition - Summary of Pro Fo

Acquisition - Summary of Pro Forma Information (Detail) - ZAC Business Acquisition [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / shares
Business Acquisition [Line Items]
Revenue | $	$ 120,385
Net income | $	$ 10,081
Basic, earnings per share | $ / shares	$ 0.34
Diluted, earnings per share | $ / shares	$ 0.33

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost and Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	$ 576,097	$ 576,911
Gross Unrealized Gains	3,122	2,143
Gross Unrealized Losses	8,015	10,262
Fair Value	605,838	602,982
Investments	610,730	611,101
Fair Value	605,838	602,982
Fixed Maturities Excluding Certificate of Deposits [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	576,097	576,911
Gross Unrealized Gains	1,762	906
Gross Unrealized Losses	4,955	6,806
Fair Value	572,904	571,011
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	34,633	34,190
Gross Unrealized Gains	1,360	1,237
Gross Unrealized Losses	3,060	3,456
Fair Value	32,934	31,971
U.S. government and agency securities [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	105,690	107,968
Gross Unrealized Gains	24	29
Gross Unrealized Losses	397	449
Fair Value	105,317	107,548
States, Municipalities and Political Subdivisions [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	285,861	281,935
Gross Unrealized Gains	902	298
Gross Unrealized Losses	3,333	4,872
Fair Value	283,430	277,361
Special Revenue [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	51,787	53,726
Gross Unrealized Gains	39	29
Gross Unrealized Losses	717	759
Fair Value	51,109	52,996
Industrial and Miscellaneous [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	129,018	129,687
Gross Unrealized Gains	763	535
Gross Unrealized Losses	460	577
Fair Value	129,321	129,645
Redeemable Preferred Stocks [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	3,741	3,595
Gross Unrealized Gains	34	15
Gross Unrealized Losses	48	149
Fair Value	3,727	3,461
Nonredeemable Preferred Stocks [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	14,650	14,935
Gross Unrealized Gains	299	40
Gross Unrealized Losses	121	460
Fair Value	14,829	14,515
Common Stock [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	19,983	19,255
Gross Unrealized Gains	1,061	1,197
Gross Unrealized Losses	2,939	2,996
Fair Value	$ 18,105	$ 17,456

Investments - Schedule of Net R

Investments - Schedule of Net Realized Gains (Losses) by Major Investment Category (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Total realized gains	$ 815	$ 1,189
Total realized losses	(44)	(808)
Net realized gains	771	381
Total realized gains, Fair Value at Sale	7,486	41,647
Total realized losses, Fair Value at Sale	8,193	8,053
Net realized gain, Fair Value at Sale	15,679	49,700
Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Total realized gains	22	1,130
Total realized losses	(7)	(6)
Total realized gains, Fair Value at Sale	3,078	38,237
Total realized losses, Fair Value at Sale	5,141	5,893
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Total realized gains	793	59
Total realized losses	(37)	(802)
Total realized gains, Fair Value at Sale	4,408	3,410
Total realized losses, Fair Value at Sale	$ 3,052	$ 2,160

Investments - Schedule of Amo45

Investments - Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Investments Debt And Equity Securities [Abstract]
Due in one year or less, Cost or Amortized Cost	$ 151,469
Due after one year through five years, Cost or Amortized Cost	175,889
Due after five years through ten years, Cost or Amortized Cost	144,382
Due after ten years, Cost or Amortized Cost	104,357
Cost or Adjusted / Amortized Cost	$ 576,097	$ 576,911
Due in one year or less, Percentage of Total	26.00%
Due after one year through five years, Percentage of Total	31.00%
Due after five years through ten years, Percentage of Total	25.00%
Due after ten years, Percentage of Total	18.00%
Total, Percentage	100.00%
Due in one year or less, Fair Value	$ 151,479
Due after one year through five years, Fair Value	175,890
Due after five years through ten years, Fair Value	142,511
Due after ten years, Fair Value	103,024
Total, Fair Value	$ 572,904	$ 571,011
Due in one year or less, Percentage of Total	26.00%
Due after one year through five years, Percentage of Total	31.00%
Due after five years through ten years, Percentage of Total	25.00%
Due after ten years, Percentage of Total	18.00%
Total, Percentage	100.00%

Investments - Summary of Net In

Investments - Summary of Net Investment Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Gross investment income	$ 3,077	$ 2,402
Investment expenses	575	365
Net investment income, less investment expenses	2,502	2,037
Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)	2,511	(1,579)
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)	497	3,953
Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income	$ 69	1
Other Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)		$ 27

Investments - Aging of Gross Un

Investments - Aging of Gross Unrealized Investment Losses (Detail) $ in Thousands	Mar. 31, 2017USD ($)Security	Dec. 31, 2016USD ($)Security
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	645	772
Gross Unrealized Losses, Less Than Twelve Months	$ 5,148	$ 7,292
Fair Value, Less Than Twelve Months	$ 285,228	$ 362,656
Number of Securities, Twelve Months or Greater | Security	80	52
Gross Unrealized Losses, Twelve Months or Greater	$ 2,867	$ 2,970
Fair Value, Twelve Months or Greater	$ 14,044	$ 12,262
Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	533	669
Gross Unrealized Losses, Less Than Twelve Months	$ 4,762	$ 6,662
Fair Value, Less Than Twelve Months	$ 275,553	$ 348,816
Number of Securities, Twelve Months or Greater | Security	51	18
Gross Unrealized Losses, Twelve Months or Greater	$ 193	$ 145
Fair Value, Twelve Months or Greater	$ 7,093	$ 4,711
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	112	103
Gross Unrealized Losses, Less Than Twelve Months	$ 386	$ 630
Fair Value, Less Than Twelve Months	$ 9,675	$ 13,840
Number of Securities, Twelve Months or Greater | Security	29	34
Gross Unrealized Losses, Twelve Months or Greater	$ 2,674	$ 2,825
Fair Value, Twelve Months or Greater	$ 6,951	$ 7,551
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	38	35
Gross Unrealized Losses, Less Than Twelve Months	$ 396	$ 448
Fair Value, Less Than Twelve Months	$ 24,367	$ 24,649
Number of Securities, Twelve Months or Greater | Security	4	2
Gross Unrealized Losses, Twelve Months or Greater	$ 1	$ 1
Fair Value, Twelve Months or Greater	$ 198	$ 200
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	200	265
Gross Unrealized Losses, Less Than Twelve Months	$ 3,331	$ 4,869
Fair Value, Less Than Twelve Months	$ 164,287	$ 220,034
Number of Securities, Twelve Months or Greater | Security	3	2
Gross Unrealized Losses, Twelve Months or Greater	$ 2	$ 3
Fair Value, Twelve Months or Greater	$ 2,507	$ 1,497
Special Revenue [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	152	189
Gross Unrealized Losses, Less Than Twelve Months	$ 538	$ 631
Fair Value, Less Than Twelve Months	$ 40,465	$ 44,712
Number of Securities, Twelve Months or Greater | Security	38	11
Gross Unrealized Losses, Twelve Months or Greater	$ 179	$ 129
Fair Value, Twelve Months or Greater	$ 3,098	$ 1,828
Industrial and Miscellaneous [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	131	161
Gross Unrealized Losses, Less Than Twelve Months	$ 454	$ 571
Fair Value, Less Than Twelve Months	$ 44,430	$ 56,996
Number of Securities, Twelve Months or Greater | Security	3	2
Gross Unrealized Losses, Twelve Months or Greater	$ 6	$ 6
Fair Value, Twelve Months or Greater	$ 1,077	$ 974
Redeemable Preferred Stocks [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	12	19
Gross Unrealized Losses, Less Than Twelve Months	$ 43	$ 143
Fair Value, Less Than Twelve Months	$ 2,004	$ 2,425
Number of Securities, Twelve Months or Greater | Security	3	1
Gross Unrealized Losses, Twelve Months or Greater	$ 5	$ 6
Fair Value, Twelve Months or Greater	$ 213	$ 212
Nonredeemable Preferred Stocks [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	66	77
Gross Unrealized Losses, Less Than Twelve Months	$ 115	$ 439
Fair Value, Less Than Twelve Months	$ 5,098	$ 11,298
Number of Securities, Twelve Months or Greater | Security	1	5
Gross Unrealized Losses, Twelve Months or Greater	$ 6	$ 20
Fair Value, Twelve Months or Greater	$ 74	$ 234
Common Shares [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	46	26
Gross Unrealized Losses, Less Than Twelve Months	$ 271	$ 191
Fair Value, Less Than Twelve Months	$ 4,577	$ 2,542
Number of Securities, Twelve Months or Greater | Security	28	29
Gross Unrealized Losses, Twelve Months or Greater	$ 2,668	$ 2,805
Fair Value, Twelve Months or Greater	$ 6,877	$ 7,317

Fair Value of Financial Instr48

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities	$ 572,904	$ 571,011
Available for sale equity securities	32,934	31,971
Available for sale securities	605,838	602,982
Nonredeemable Preferred Stocks [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale equity securities	14,829	14,515
Equity Investment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale equity securities	18,105	17,456
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale equity securities	32,934	31,971
Available for sale securities	62,161	139,429
Level 1 [Member] | Nonredeemable Preferred Stocks [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale equity securities	14,829	14,515
Level 1 [Member] | Equity Investment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale equity securities	18,105	17,456
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale securities	543,677	463,553
Fixed Maturity [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities	572,904	571,011
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	105,317	107,548
Available for sale securities	105,317	107,548
Fixed Maturity [Member] | States, Municipalities and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities	283,430	277,361
Available for sale securities	283,430	277,361
Fixed Maturity [Member] | Special Revenue [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities	51,109	52,996
Available for sale securities	51,109	52,996
Fixed Maturity [Member] | Industrial and Miscellaneous [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities	129,321	129,645
Available for sale securities	129,321	129,645
Fixed Maturity [Member] | Redeemable Preferred Stocks [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities	3,727	3,461
Available for sale securities	3,727	3,461
Fixed Maturity [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities	29,227	107,458
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	3,082	103,997
Fixed Maturity [Member] | Level 1 [Member] | Special Revenue [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities	22,418
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	3,727	3,461
Fixed Maturity [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities	543,677	463,553
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	102,235	3,551
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	283,430	277,361
Fixed Maturity [Member] | Level 2 [Member] | Special Revenue [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale debt securities	28,691	52,996
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	$ 129,321	$ 129,645

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Total, at cost	$ 21,079	$ 20,931
Less: accumulated depreciation and amortization	4,135	3,752
Property and equipment, net	16,944	17,179
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	10,301
Computer Hardware and Software [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	3,123	3,113
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	759	759
Tenant and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	3,472	3,334
Vehicle Fleet [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	$ 842	$ 842

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)aft²Building	Mar. 31, 2016USD ($)
Property Plant And Equipment Useful Life And Values [Abstract]
Depreciation and amortization expense | $	$ 383	$ 398
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
	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 46,454	$ 46,454	$ 8,028
Intangibles, net	$ 24,084	26,542
Estimated value of business acquired	1 year
Indefinite lived intangible, insurance license	$ 175	$ 175
Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset	2 years 6 months
Finite-lived intangible assets useful lives	1 year
Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset	15 years
Finite-lived intangible assets useful lives	15 years

Goodwill and Other Intangible52

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance	$ 8,028
Goodwill acquired	38,426
Ending balance	$ 46,454

Goodwill and Other Intangible53

Goodwill and Other Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2017	Dec. 31, 2016
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 33,870	$ 33,870
Accumulated Amortization		(9,961)	(7,503)
Intangible Assets, net	[1]	$ 23,909	$ 26,367
Brand [Member]
Finite Lived Intangible Assets [Line Items]
Weighted - average Amortization (years)		15 years	15 years
Gross Carrying Amount		$ 1,210	$ 1,210
Accumulated Amortization		(135)	(114)
Intangible Assets, net	[1]	$ 1,075	$ 1,096
Agent Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Weighted - average Amortization (years)		12 years	12 years
Gross Carrying Amount		$ 4,800	$ 4,800
Accumulated Amortization		(401)	(300)
Intangible Assets, net	[1]	$ 4,399	$ 4,500
Renewal Rights [Member]
Finite Lived Intangible Assets [Line Items]
Weighted - average Amortization (years)		15 years	15 years
Gross Carrying Amount		$ 16,600	$ 16,600
Accumulated Amortization		(1,109)	(830)
Intangible Assets, net	[1]	$ 15,491	$ 15,770
Customer Relations [Member]
Finite Lived Intangible Assets [Line Items]
Weighted - average Amortization (years)		10 years	10 years
Gross Carrying Amount		$ 870	$ 870
Accumulated Amortization		(146)	(123)
Intangible Assets, net	[1]	$ 724	$ 747
Trade Names [Member]
Finite Lived Intangible Assets [Line Items]
Weighted - average Amortization (years)		10 years	10 years
Gross Carrying Amount		$ 2,000	$ 2,000
Accumulated Amortization		(202)	(150)
Intangible Assets, net	[1]	$ 1,798	$ 1,850
Value of Business Acquired [Member]
Finite Lived Intangible Assets [Line Items]
Weighted - average Amortization (years)		1 year	1 year
Gross Carrying Amount		$ 7,600	$ 7,600
Accumulated Amortization		$ (7,600)	(5,700)
Intangible Assets, net	[1]		$ 1,900
Non-compete [Member]
Finite Lived Intangible Assets [Line Items]
Weighted - average Amortization (years)		2 years 6 months	2 years 6 months
Gross Carrying Amount		$ 790	$ 790
Accumulated Amortization		(368)	(286)
Intangible Assets, net	[1]	$ 422	$ 504
[1]	Excludes insurance license valued at $175 thousand and classified as an indefinite lived intangible which is subject to annual impairment testing and not amortized

Goodwill and Other Intangible54

Goodwill and Other Intangible Assets - Schedule of Finite-lived Intangible Assets (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Indefinite lived intangible, insurance license	$ 175	$ 175

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
	Mar. 31, 2017	Mar. 31, 2016
Basic earnings per share:
Net income attributable to common stockholders (000's)	$ 5,983	$ 7,423
Weighted average shares outstanding	28,806,709	30,367,884
Basic earnings per share:	$ 0.21	$ 0.24
Diluted earnings per share:
Net income attributable to common stockholders (000's)	$ 5,983	$ 7,423
Weighted average shares outstanding	28,806,709	30,367,884
Weighted average dilutive shares		123,695
Total weighted average dilutive shares	28,806,709	30,491,579
Diluted earnings per share:	$ 0.21	$ 0.24

Deferred Policy Acquisition C56

Deferred Policy Acquisition Costs - Summary of Activity in Deferred Policy Acquisition Costs (DPAC) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Insurance [Abstract]
Beginning Balance	$ 42,779	$ 34,800
Policy acquisition costs deferred	21,878	19,319
Amortization	(23,442)	(18,128)
Ending Balance	$ 41,215	$ 35,991

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 3,726,000	$ 4,617,000
Annual effective tax rate	38.40%	38.30%
Uncertain tax positions	$ 0		$ 0

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Unearned premiums	$ 17,071	$ 17,209
Tax-related discount on loss reserve	1,830	1,829
Unrealized loss	1,873	3,113
Stock-based compensation	1,896	1,604
Prepaid expenses	1,468	1,482
Other	311	312
Total deferred tax asset	24,449	25,549
Deferred tax liabilities:
Deferred acquisition costs	16,272	16,377
Property and equipment	355	355
Basis in purchased investments	1,725	1,697
Basis in purchased intangibles	9,582	9,791
Other	332	332
Total deferred tax liabilities	28,266	28,552
Net deferred tax liability	$ (3,817)	$ (3,003)

Reinsurance - Additional inform

Reinsurance - Additional information (Detail)	Feb. 29, 2016USD ($)	Apr. 30, 2015USD ($)	Apr. 30, 2015USD ($)	Mar. 31, 2017USD ($)Reinsurer	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)Reinsurer	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Aug. 31, 2015USD ($)
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Number of reinstatements available | Reinsurer				2		2
Primary retention						$ 3,100,000,000
Percentage comprising aggregate participation						5.40%
Primary retention of losses and loss adjustment expenses						$ 190,000,000
Aggregate participation, losses and loss adjustment expenses				$ (1,229,000)	$ 14,463,000
Purchase of reinsurance from third party				62,432,000	45,601,000
Agreement of coverage	3 years
Additional maturity period of collateral notes	2 years		2 years
Reinsurance agreement	3 years
Prepaid reinsurance premiums				46,058,000		106,609,000
Unpaid losses and loss adjustment expenses				131,572,000	108,443,000	140,137,000	$ 83,722,000
Losses and loss adjustment expenses including retention				131,572,000	$ 108,443,000	140,137,000	83,722,000
Reinsurance payable				40,924,000		96,667,000
Insurance Claims [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Unpaid losses and loss adjustment expenses				1,000,000
Losses and loss adjustment expenses including retention				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 [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Purchase of reinsurance from third party							2,300,000,000
Reinsurance purchase limit						860,000,000
Reinsurance prepaid amount						825,000,000
Reinsurance payable									$ 76,900,000,000
Catastrophe [Member] | 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]
Catastrophe excess of loss reinsurance						0
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	$ 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	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
Coverage limit				9,000,000
Property Per Risk Coverage [Member] | Catastrophe [Member]
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
Losses and loss adjustment expenses including retention							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 [Member] | Catastrophe [Member] | Two Thousand Fifteen C And B Series Bond And Two Thousand Sixteen Bond [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust						377,500,000
Additional coverage of second catastrophe reinsurance agreement						$ 200,000,000
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						$ 460,000,000	$ 336,000,000
Percentage of maximum provisional limit						45.00%	75.00%
Estimated provisional limit percentage calculation base amount						$ 1,500,000,000	$ 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] | Heritage P&C [Member] | Class A Notes Due April Two Thousand Seventeen [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust		150,000,000	$ 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 [Member]
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
Aggregate Coverage [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member]
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
2016-2017 Reinsurance Program [Member] | Catastrophe [Member]
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 [Member]
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 [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	$ 97,500,000
Cat Bond Layer Alongside FHCF [Member] | Property Per Risk Coverage [Member] | Catastrophe [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	30,000,000
Cat Bond Layer Alongside FHCF [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member] | Class A Notes Due April Two Thousand Seventeen [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust		150,000,000	150,000,000
Cat Bond Layer Alongside FHCF [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member] | Notes Due April 2017 [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust		$ 277,500,000	$ 277,500,000
Cat Bond Layer Above FHCF [Member] | Property Per Risk Coverage [Member] | Citrus [Member] | 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
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						1,900,000,000
Primary retention of losses and loss adjustment expenses						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
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 [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Unpaid losses and loss adjustment expenses						1,900,000,000
Losses and loss adjustment expenses including retention						1,900,000,000
Florida [Member] | Multi-Zonal Layers [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member]
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 [Member]
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						1,100,000,000
Primary retention of losses and loss adjustment expenses						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
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 [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Unpaid losses and loss adjustment expenses						1,100,000,000
Losses and loss adjustment expenses including retention						1,100,000,000
Hawaii [Member] | Multi-Zonal Layers [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member]
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 [Member]
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 Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Premium written:
Direct	$ 142,289	$ 138,132
Assumed	(54)	9,134
Ceded	(1,881)	(732)
Net premium written	140,354	146,534
Change in unearned premiums:
Direct	11,997	(10,387)
Assumed	376	15,064
Ceded	(60,551)	(44,869)
Net increase	(48,178)	(40,192)
Premiums earned:
Direct	154,286	127,745
Assumed	322	24,198
Ceded	(62,432)	(45,601)
Net premiums earned	92,176	106,342
Losses and LAE incurred:
Direct	48,917	51,766
Assumed	1,203	15,203
Ceded	(3,473)	(6)
Net losses and LAE incurred	$ 46,647	$ 66,963

Reinsurance - Effects of Reinsu

Reinsurance - Effects of Reinsurance Transactions on Unpaid Losses and Loss Adjustment Expenses and Unearned Premiums (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Unpaid losses and loss adjustment expenses:
Direct	$ 114,217	$ 119,339
Assumed	17,355	20,798
Gross unpaid losses and LAE	131,572	140,137
Unearned premiums:
Direct	305,582	317,579
Assumed	68	445
Gross unearned premiums	305,650	318,024
Ceded	(46,058)	(106,609)
Net unearned premiums	$ 259,592	$ 211,415

Reserve for Unpaid Losses - Sum

Reserve for Unpaid Losses - Summary of Reserve for Unpaid Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Insurance [Abstract]
Balance, beginning of period	$ 140,137	$ 83,722	$ 83,722
Less: reinsurance recoverable on paid losses	586	0	0
Net balance, beginning of period	139,551	83,722	83,722
Incurred related to:
Current year	47,876	52,500
Prior years	(1,229)	14,463
Total incurred	46,647	66,963
Paid related to:
Current year	11,236	12,632
Prior years	44,708	29,610
Total paid	55,944	42,242
Net balance, end of period	130,251	108,443	139,551
Plus: reinsurance recoverable on unpaid losses	1,321	0
Balance, end of period	$ 131,572	$ 108,443	$ 140,137

Reserve for Unpaid Losses - Add

Reserve for Unpaid Losses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Insurance [Abstract]
Unpaid losses and loss adjustment expenses	$ 130,251	$ 108,443	$ 139,551	$ 83,722
Unpaid losses and loss adjustment expenses attributable to IBNR	$ 72,700
Total reserves for unpaid losses and loss adjustment expenses, percentage	55.80%
Losses incurred related to the prior year (redundancy) and deficiency	$ (1,229)	$ 14,463

Note Payable - Additional Infor

Note Payable - Additional Information (Detail) - Senior Secured Notes [Member] $ in Thousands	Mar. 15, 2017USD ($)	Dec. 15, 2016USD ($)Investor	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Long-term debt		$ 79,500	$ 79,500
Note payable, term		7 years
Number of accredited investors | Investor		6
Interest rate			8.75%
Frequency of periodic principal and interest payments			quarterly
Interest payment commencement date			Mar. 15, 2017
Principal payment commencement date			Dec. 31, 2018
Net of issuance costs			$ 73,000
Issuance costs			$ 6,500
Interest payment	$ 1,900
Effective interest rate			9.80%
2018 [Member]
Debt Instrument [Line Items]
Debt Instrument redemption price, percentage			103.00%
2019 [Member]
Debt Instrument [Line Items]
Debt Instrument redemption price, percentage			102.00%
2020 [Member]
Debt Instrument [Line Items]
Debt Instrument redemption price, percentage			101.00%
Thereafter [Member]
Debt Instrument [Line Items]
Debt Instrument redemption price, percentage			100.00%

Note Payable - Schedule of Long

Note Payable - Schedule of Long-Term Debt (Detail) - Senior Secured Notes [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 15, 2016
Debt Instrument [Line Items]
Senior Notes, Principal	$ 79,500	$ 79,500
Senior Notes, Unamortized Debt Issuance Costs	$ 6,460

Note Payable - Schedule of Lo66

Note Payable - Schedule of Long-Term Debt (Parenthetical) (Detail) - Senior Secured Notes [Member]	3 Months Ended
	Mar. 31, 2017
Debt Instrument [Line Items]
Maturity date	Dec. 15, 2023
Interest rate	8.75%

Other Liabilities - Additional

Other Liabilities - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other Liabilities Disclosure [Abstract]
Other liabilities	$ 14,020	$ 21,681
Liabilities related to amounts owed to Citizens for policies	232	178
Other liabilities, commissions payable	5,700	6,200
Accounts and other payable	4,600	5,600
Other liabilities, held in escrow		1,200
Dividends payable	1,800	1,800
Unearned revenue	$ 185	1,000
Liabilities in connection with issuance of debt		$ 4,800

Statutory Accounting and Regu68

Statutory Accounting and Regulations - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Statutory Accounting Practices [Line Items]
Statutory net loss of insurance subsidiary	$ 2,200,000	$ 5,300,000
Statutory capital and surplus	$ 267,200,000		$ 276,100,000
Heritage P&C [Member]
Statutory Accounting Practices [Line Items]
Statutory accounting practices, capital and surplus requirements of insurance subsidiary	Greater of $15 million or 10% of their respective liabilities.
Minimum required amount of capital and surplus maintained by the insurance subsidiary	$ 15,000,000
Statutory capital and surplus requirements, percentage	10.00%
Zephyr [Member]
Statutory Accounting Practices [Line Items]
Deposits held	$ 750,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Immediate Family Member Of Management Or Principal Owner [Member]
Related Party Transaction [Line Items]
Payments for management services	$ 25	$ 35

Employee Benefit Plan - Additio

Employee Benefit Plan - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Defined Contribution Plan Disclosure [Line Items]
Percentage of contribution on employee salary	3.00%
Contribution for participating employees	$ 195,000	$ 167,000
Medical premium cost	571,000	$ 683,000
Unpaid claims	67,000
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 provided amount	$ 1,000,000

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($)	Mar. 02, 2017	Nov. 08, 2016	May 04, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Class Of Stock [Line Items]
Common stock, shares authorized				50,000,000		50,000,000
Preferred stock, shares authorized				5,000,000
Common stock, shares outstanding				28,479,232		28,840,443
Treasury stock, shares				2,120,541		1,759,330
Additional paid-in capital				$ 206,931,000		$ 205,727,000
Stock options, outstanding				1,149,923		1,149,923
Common stock voting rights				one vote
Stock Repurchase Program, Authorized Amount			$ 70,000,000	$ 70,000,000
Stock Repurchase Program Expiration Date			Dec. 31, 2017
Treasury shares repurchased, shares				361,211
Treasury shares repurchased, value				$ 4,506,000	$ 9,635,000
Stock repurchase program remaining authorized repurchase amount				$ 39,900,000
Cash dividend per common share	$ 0.06	$ 0.06
Cash dividend, payable date	Apr. 4, 2017	Jan. 4, 2017
Dividend payable, record date	Mar. 15, 2017	Dec. 15, 2016
Restricted Stock [Member]
Class Of Stock [Line Items]
Unvested shares of restricted common stock issued				900,000		900,000
Unvested restricted stock grants				0		900,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	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 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 0	$ 0
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, Vesting period	5 years
Unvested restricted stock grants	0		900,000
Stock-based compensation expense	$ 1,200,000	$ 1,200,000
Unrecognized stock compensation expense	$ 17,300,000
Unrecognized stock compensation expense, weighted average period	3 years 8 months 12 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 (Detail)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Beginning Balance, Shares	1,149,923
Granted, Shares
Exercised, Shares
Ending Balance, Shares	1,149,923
Vested and exercisable, Shares	1,149,923
Weighted-Average Grant Date Fair Value, Granted | $ / shares
Weighted-Average Grant Date Fair Value, Exercised | $ / shares
Weighted-Average Grant Date Fair Value, Ending Balance | $ / shares	2.99
Weighted-Average Grant Date Fair Value, Vested and exercisable | $ / shares	$ 2.99

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, Number of shares	900,000
Granted, Number of shares	0	900,000
Ending balance, Number of shares	900,000	900,000
Beginning balance, Weighted-Average Grant-Date Fair Value per Share	$ 18.82
Ending balance, Weighted-Average Grant-Date Fair Value per Share	$ 18.82	$ 18.82

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - $ / shares	May 02, 2017	Mar. 02, 2017	Nov. 08, 2016
Subsequent Event [Line Items]
Cash dividend, declared		$ 0.06	$ 0.06
Cash dividend, payable date		Apr. 4, 2017	Jan. 4, 2017
Dividend payable, record date		Mar. 15, 2017	Dec. 15, 2016
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash dividend, declared date	May 2, 2017
Cash dividend, declared	$ 0.06
Cash dividend, payable date	Jul. 5, 2017
Dividend payable, record date	Jun. 15, 2017