Heritage Insurance (HRTG) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	Heritage Insurance Holdings, Inc.
Entity Central Index Key	0001598665
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,212,052
Entity File Number	001-36462
Entity Tax Identification Number	45-5338504
Entity Address, Address Line One	2600 McCormick Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Clearwater
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33759
City Area Code	727
Local Phone Number	362-7200
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of each class	Common Stock, par value $0.0001 per share
Trading Symbol(s)	HRTG
Name of each exchange on which registered	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost of $601,890 and $577,789)	$ 613,355	$ 587,256
Equity securities, at fair value, (cost $1,618 and $1,618)	1,599	1,618
Other investments	6,375	6,375
Total investments	621,329	595,249
Cash and cash equivalents	313,360	268,351
Restricted cash	16,069	14,657
Accrued investment income	4,262	4,377
Premiums receivable, net	62,914	63,685
Reinsurance recoverable on paid and unpaid claims, net of allowance for estimated uncollectible reinsurance of $44	374,994	428,903
Prepaid reinsurance premiums	146,029	224,102
Income taxes receivable		3,171
Deferred policy acquisition costs, net	74,895	77,211
Property and equipment, net	20,395	20,753
Intangibles, net	67,051	68,642
Goodwill	152,459	152,459
Other assets	26,738	18,110
Total Assets	1,880,495	1,939,670
LIABILITIES AND STOCKHOLDERS' EQUITY
Unpaid losses and loss adjustment expenses	607,177	613,533
Unearned premiums	480,627	486,220
Reinsurance payable	101,960	156,351
Long-term debt, net	125,775	129,248
Income taxes payable	4,439
Deferred income tax, net	8,627	12,623
Advance premiums	29,394	16,504
Accrued compensation	8,237	5,347
Accounts payable and other liabilities	64,962	71,045
Total Liabilities	1,431,198	1,490,871
Commitments and contingencies (Note 17)
Stockholders’ Equity:
Common stock, $0.0001 par value, 50,000,000 shares authorized, 28,212,052 shares issued and 27,891,518 shares outstanding at March 31, 2020; 28,996,452 shares issued and 28,650,918 shares outstanding at December 31, 2019	3	3
Additional paid-in capital	330,680	329,568
Accumulated other comprehensive income	8,842	7,330
Treasury stock, at cost, 9,116,383 and 8,349,483 shares, respectively	(113,354)	(105,368)
Retained earnings	223,126	217,266
Total Stockholders' Equity	449,297	448,799
Total Liabilities and Stockholders' Equity	$ 1,880,495	$ 1,939,670

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Fixed maturities, at amortized cost	$ 601,890	$ 577,789
Equity securities, cost	1,618	1,618
Reinsurance recoverable net of allowance for estimated uncollectible reinsurance	$ 44	$ 44
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	28,212,052	28,996,452
Common stock, shares outstanding	27,891,518	28,650,918
Treasury stock, shares	9,116,383	8,349,483

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
REVENUES:
Gross premiums written		$ 229,102	$ 210,348
Change in gross unearned premiums		5,614	18,242
Gross premiums earned		234,716	228,590
Ceded premiums		(108,710)	(118,899)
Net premiums earned		126,006	109,691
Net investment income		3,670	3,672
Net realized and unrealized gains		59	1,024
Other revenue		2,971	3,874
Total revenues		132,706	118,261
EXPENSES:
Losses and loss adjustment expenses		68,181	62,139
Policy acquisition costs, net of ceding commission income of $10.4 and $12.9	[1]	30,047	26,020
General and administrative expenses, net of ceding commission income of $3.5 and $4.3	[1]	21,718	18,604
Total expenses		119,946	106,763
Operating income		12,760	11,498
Interest expense, net		1,966	2,117
Other non-operating loss, net			48
Income before income taxes		10,794	9,333
Provision for income taxes		3,174	2,369
Net income		7,620	6,964
OTHER COMPREHENSIVE INCOME
Change in net unrealized gains on investments		2,027	8,036
Reclassification adjustment for net realized investment (gains) losses		(59)	335
Income tax expense related to items of other comprehensive income		(456)	(2,408)
Total comprehensive income		$ 9,132	$ 12,927
Weighted average shares outstanding
Basic		28,548,830	29,540,514
Diluted		28,549,012	29,544,563
Earnings per share
Basic		$ 0.27	$ 0.24
Diluted		$ 0.27	$ 0.24
[1]	Parenthetical values are presented in millions

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Ceding commission income	$ 13,929	$ 17,169
Policy Acquisition Costs [Member]
Ceding commission income	10,400	12,900
General and Administrative Expenses [Member]
Ceding commission income	$ 3,500	$ 4,300

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Treasury Shares [Member]	Accumulated Other Comprehensive Income [Member]
Beginning Balance at Dec. 31, 2018	$ 425,333	$ 3	$ 325,292	$ 195,750	$ (89,185)	$ (6,527)
Beginning Balance, Shares at Dec. 31, 2018		29,477,756
Net unrealized change in investments, net of tax	5,963					5,963
Restricted stock vested, net of surrendered shares	(118)		(118)
Restricted stock vested, net of surrendered shares, Shares		17,000
Stock-based compensation on restricted stock	1,345		1,345
Convertible option debt extinguishment, net of tax	(1,840)		(1,840)
Stock issued on convertible note conversion	4,210		4,210
Stock issued on convertible note conversion, Shares		285,201
Stock buy-back	(5,011)				(5,011)
Stock buy-back, Shares		(347,740)
Tax rate change	48		48
Cash dividends declared	(1,807)			(1,807)
Net income	6,964			6,964
Ending balance at Mar. 31, 2019	435,087	$ 3	328,937	200,907	(94,196)	(564)
Ending balance, Shares at Mar. 31, 2019		29,432,217
Beginning Balance at Dec. 31, 2019	448,799	$ 3	329,568	217,266	(105,368)	7,330
Beginning Balance, Shares at Dec. 31, 2019		28,650,918
Cumulative effect of adoption accounting guidance for expected credit losses, net of tax at January 1, 2020 at Dec. 31, 2019	(34)			(34)
Beginning Balance as adjusted at Dec. 31, 2019	448,765	$ 3	329,568	217,232	(105,368)	7,330
Net unrealized change in investments, net of tax	1,512					1,512
Shares tendered for income taxes withholding	(233)		(233)
Shares tendered for income taxes withholding, Shares		(17,500)
Restricted stock vested, net of surrendered shares, Shares		25,000
Stock-based compensation on restricted stock	1,345		1,345
Stock buy-back	$ (7,986)				(7,986)
Stock buy-back, Shares	(766,900)	(766,900)
Cash dividends declared	$ (1,726)			(1,726)
Net income	7,620			7,620
Ending balance at Mar. 31, 2020	$ 449,297	$ 3	$ 330,680	$ 223,126	$ (113,354)	$ 8,842
Ending balance, Shares at Mar. 31, 2020		27,891,518

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - Parenthetical - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Stockholders Equity [Abstract]
Common stock, dividends, per share, declared	$ 0.06	$ 0.06

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
OPERATING ACTIVITIES
Net income	$ 7,620	$ 6,964
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation	1,345	1,345
Bond amortization and accretion	1,359	1,229
Amortization of original issuance discount on debt	349	390
Depreciation and amortization	2,024	2,696
Net realized investment gains	(59)	(1,024)
Net (gain)/loss from repurchase of debt		48
Deferred income taxes	(4,452)	(4,098)
Changes in operating assets and liabilities:
Accrued investment income	115	(150)
Premiums receivable, net	771	1,904
Prepaid reinsurance premiums	78,073	72,056
Reinsurance recoverable on paid and unpaid claims	53,880	54,664
Income taxes receivable	3,171	35,221
Deferred policy acquisition costs, net	2,316	3,171
Right of use leased asset	110
Other assets	(8,739)	(5,898)
Unpaid losses and loss adjustment expenses	(6,356)	(27,875)
Unearned premiums	(5,593)	(18,132)
Reinsurance payable	(54,391)	(52,712)
Accrued interest	(1,172)	127
Accrued compensation	2,890	(1,474)
Advance premiums	12,890	7,892
Income taxes payable	8,878	5,725
Other liabilities	(9,332)	3,253
Net cash provided by operating activities	85,697	85,322
INVESTING ACTIVITIES
Fixed maturity securities sales, maturities and paydowns	58,462	25,486
Fixed maturity securities purchases	(83,891)	(37,203)
Equity securities sales	26	2,291
Equity securities purchases	(6)	(1,617)
Limited partnership interest		(19,205)
Proceeds from sale of assets		71
Cost of property and equipment acquired	(75)	(3,994)
Net cash used in investing activities	(25,485)	(34,171)
FINANCING ACTIVITIES
Repayment of term note	(3,750)	(11,875)
Mortgage loan payments	(72)	(70)
Repurchase of convertible notes		(2,869)
Purchase of treasury stock	(7,986)	(5,011)
Tax withholdings on share-based compensation awards	(233)	(118)
Dividends paid	(1,750)	(1,601)
Net cash used in financing activities	(13,791)	(21,544)
Increase in cash, cash equivalents, and restricted cash	46,421	29,607
Cash, cash equivalents and restricted cash, beginning of period	283,008	262,370
Cash, cash equivalents and restricted cash, end of period	329,429	291,977
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	$ 2,418	$ 2,977
Issuance of shares on conversion of convertible notes		4,210

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 313,360	$ 268,351
Restricted cash	16,069	14,657
Total	$ 329,429	$ 283,008	$ 291,977	$ 262,370

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	NOTE 1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The condensed consolidated financial statements include the accounts of Heritage Insurance Holdings, Inc. (together with its subsidiaries, the “Company”). These statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain financial information that is normally included in annual consolidated financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. In the opinion of the Company’s management, all material intercompany transactions and balances have been eliminated and all adjustments consisting of normal recurring accruals which are necessary for a fair statement of the financial condition and results of operations for the interim periods have been reflected. The accompanying interim condensed consolidated financial statements and related footnotes should be read in conjunction with the Company’s audited consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”). Significant accounting policies The accounting policies of the Company are set forth in Note 1 to condensed consolidated financial statements contained in the Company’s 2019 Form 10-K. Reclassification Certain prior year amounts have been reclassified to conform to the current year presentation. Recently Adopted Accounting Pronouncements In 2016, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) Financial Instruments – Credit Losses ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments We adopted the standard on January 1, 2020, and based on the composition of our reinsurance recoverables, investment portfolio and other financial assets, current economic conditions and historical credit loss activity, the adoption of this standard did not have a material impact on our condensed consolidated financial statements and related disclosures. Fair Value Measurements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement Internal Use Software In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting For information regarding other accounting standards that the Company has not yet adopted, refer to our 2019 Form 10-K, filed on March 10, 2020, the section of Note 1 of the notes to the consolidated financial statements entitled “Accounting Pronouncement Not Yet Adopted”.

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Investments	NOTE 2. INVESTMENTS Securities Available-for-Sale The following table summarizes the amortized cost and fair value of securities available-for-sale at March 31, 2020 and December 31, 2019, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income: March 31, 2020 Cost or Adjusted / Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities Available-for-sale (In thousands) U.S. government and agency securities (1) $ 67,928 $ 1,770 $ 1 $ 69,697 States, municipalities and political subdivisions 80,598 2,164 25 82,737 Special revenue 250,744 5,925 226 256,443 Hybrid securities 99 — 7 92 Industrial and miscellaneous 202,521 3,043 1,178 204,386 Total $ 601,890 $ 12,902 $ 1,437 $ 613,355 The Company’s unrealized losses on corporate bonds have not been recognized because the bonds are of high credit quality with investment grade ratings of A or higher, the Company does not intend to sell and it is unlikely the Company will be required to sell the securities prior to their anticipated recovery, and the decline in fair value is deemed due to changes in interest rates and other market conditions. The issuers continues to make timely principal and interest payments on the bonds. After taking into account these and other factors previously described, we believe these unrealized losses generally were caused by an increase in market interest rates since the time of the securities were purchased. December 31, 2019 Cost or Adjusted / Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities Available-for-sale (In thousands) U.S. government and agency securities (1) $ 53,836 $ 383 $ 28 $ 54,191 States, municipalities and political subdivisions 74,755 1,641 41 76,355 Special revenue 246,791 3,689 254 250,226 Hybrid securities 100 1 — 101 Industrial and miscellaneous 202,307 4,097 21 206,383 Total $ 577,789 $ 9,811 $ 344 $ 587,256 (1) Includes securities at March 31, 2020 and December 31, 2019 with a carrying amount of $19.4 million and $20.2 million, respectively that were pledged as collateral for the advance agreement entered into with a financial institution in 2018. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time. The Company 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) for the three months ended March 31, 2020 and 2019. 2020 2019 Three Months Ended March 31, Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale (In thousands) Debt Securities Available-for-Sale Total realized gains $ 60 $ 8,510 $ 5 $ 24,414 Total realized losses (1 ) 256 (67 ) 6,141 Net realized gains and (losses) $ 59 $ 8,766 $ (62 ) $ 30,555 For the three months ended March 31, 2020 the Company sold no equity securities nor did it hold any marketable equity securities as of that date. For the three months ended March 31, 2019, the Company recorded a net unrealized holding gain of $1.1 million resulting from a net loss from equities sold of approximately $273,000 offset by the unrealized equity securities gains still held at the end of period in the amount of $1.4 million. The table below summarizes the Company’s fixed maturity securities at March 31, 2020 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of those obligations. At March 31, 2020 Cost or Amortized Cost Percent of Total Fair Value Percent of Total Maturity dates: (In thousands) (In thousands) Due in one year or less $ 75,247 13 % $ 76,521 12 % Due after one year through five years 206,284 34 % 208,059 34 % Due after five years through ten years 122,633 20 % 126,435 21 % Due after ten years 197,726 33 % 202,340 33 % Total $ 601,890 100 % $ 613,355 100 % The following table summarizes the Company’s net investment income by major investment category for the three months ended March 31, 2020 and 2019, respectively: Three Months Ended March 31, 2020 2019 (In thousands) Fixed maturity securities $ 4,162 $ 2,724 Equity securities — 309 Cash and cash equivalents 352 817 Other investments 94 342 Net investment income 4,608 4,192 Less: Investment expenses 938 520 Net investment income, less investment expenses $ 3,670 $ 3,672 The following tables summarizes debt securities available-for-sale in an unrealized loss position at March 31, 2020 and December 31, 2019, aggregated by major security category and length of time in a continued unrealized loss position: Less Than Twelve Months Twelve Months or More March 31, 2020 Number of Securities Gross Unrealized Losses Fair Value Number of Securities Gross Unrealized Losses Fair Value Debt Securities Available-for-sale U.S. government and agency securities 3 $ — $ 160 3 $ 1 $ 71 States, municipalities and political subdivisions 8 25 8,158 — — — Special revenue 33 215 20,664 15 11 373 Hybrid securities 1 7 92 — — — Industrial and miscellaneous 145 1,178 68,249 2 — 72 Total fixed maturity securities 190 $ 1,425 $ 97,323 20 $ 12 $ 516 At March 31, 2020, we did not intend to sell the securities with an unrealized loss position in accumulated other comprehensive income, and it is not likely that we will be required to sell these securities before recovery of their amortized cost basis. Further, we did not believe we had a credit event and therefore did not record any credit allowance for securities that were in an unrealized loss position at March 31, 2020. Less Than Twelve Months Twelve Months or More December 31, 2019 Number of Securities Gross Unrealized Losses Fair Number of Securities Gross Unrealized Losses Fair Value Debt Securities Available-for-sale U.S. government and agency securities 9 $ 10 $ 1,476 23 $ 18 $ 4,288 States, municipalities and political subdivisions 6 38 7,613 3 3 1,440 Special revenue 62 145 24,862 95 109 13,159 Industrial and miscellaneous 25 13 12,601 16 8 3,202 Total fixed maturity securities 102 $ 206 $ 46,552 137 $ 138 $ 22,089 Limited Partnerships, REIT’s and Limited Liability Company Investments Classified in other investments, the Company has interest in limited partnerships (“LPs”), Partnership Real Estate Investment Trust (REITs) and Limited Liability Companies (“LLCs”) totaling $6.4 million and $6.4 million at March 31, 2020 and December 31, 2019, respectively that are not registered or readily tradable on a securities exchange. The Company is not the primary beneficiary and does not consolidate these investments. These investments are carried at net asset value, which approximates fair value with changes in fair value recorded in net unrealized gains (losses) on the Company’s consolidated statement of operations and other comprehensive income. Realized gains (losses) on sales of these investments are reported within net realized and unrealized gains (losses) on the Company’s condensed consolidated statement of operations and other comprehensive income. Secured Promissory Notes In January 2020, the Company entered into transactions with a Limited Liability Company (“Debtor”) which resulted in the Company holding two Secured Promissory Notes (“Notes”) in the amount of $3.75 million each. The Notes mature on February 1, 2023 and bear an 8% interest rate per annum, with principal payments in equal installments of $300,000 due on the first day of each month commencing on June 1, 2021. Interest payments are to commence on March 1, 2020. A Security Agreement that collateralizes the Notes was entered into at the time of issuance. The Debtor has the right to prepay the note in part or whole after the 27 th The Company recognizes the secured promissory notes as note receivables and records the Notes in Other Assets on the condensed consolidated balance sheet.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	NOTE 3. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is determined based on the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We are required to use an established hierarchy for fair value measurements based upon the inputs to the valuation and degree to which they are observable for not observable in the market. The three levels in the hierarchy are as follows: • Level 1 – Inputs to the valuation based on quoted prices (unadjusted) for identical assets or liabilities in active markets that are accessible as of the measurement date. • Level 2 – Inputs to the valuation include quoted prices in either markets that are not active, or in active markets for similar assets or liabilities, inputs other than quoted prices that are observable, and inputs that are derived principally from or corroborated by observable market data. • Level 3 – Inputs to the valuation that are unobservable inputs for the asset or liability. The highest priority is assigned Level 1 inputs and the lowest priority to Level 3 inputs. We did not hold any Level 3 assets or liabilities as of March 31, 2020 or December 31, 2019. The carrying value of premium receivables and accounts payable, accrued expense, revolving loans and borrowings under our senior secured credit facility approximate their fair value. Our revolving loans and borrowings under our senior secured credit facility resets periodically month at market interest rates. All of these items are considered Level 1 assets and liabilities. Investments excluded from the fair value hierarchy The Company also invests in LPs, REITs and LLCs. This investment categorization has the potential for higher returns but also the potential for higher degrees of risk, including less than stable rates of returns and may provide less liquidity. These investments are carried at net asset value, as reported by the managers of the funds, and are excluded from the fair value hierarchy. The table below presents the balances of our invested assets measured at fair value on a recurring basis: March 31, 2020 Total Level 1 Level 2 Level 3 Invested Assets: (in thousands) Debt Securities Available-for-sale U.S. government and agency securities $ 69,697 $ 374 $ 69,323 $ — States, municipalities and political subdivisions 82,737 — 82,737 — Special revenue 256,443 — 256,443 — Hybrid securities 92 — 92 — Industrial and miscellaneous 204,386 — 204,386 — Total debt securities 613,355 374 612,981 — Investment reported at NAV (1) 7,974 — — — Total investments $ 621,329 $ 374 $ 612,981 $ — December 31, 2019 Total Level 1 Level 2 Level 3 Invested Assets: (in thousands) Debt Securities Available-for-sale U.S. government and agency securities $ 54,191 $ 366 $ 53,825 $ — States, municipalities and political subdivisions 76,355 — 76,355 — Special revenue 250,226 — 250,226 — Hybrid securities 101 — 101 — Industrial and miscellaneous 206,383 — 206,383 — Total debt securities 587,256 366 586,890 — Investment reported at NAV (1) 7,993 — — — Total investments $ 595,249 $ 366 $ 586,890 $ — (1) Includes $1.6 million and $1.6 million of Federal Home Loan Banks membership shares held by the Company as of March 31, 2020 and December 31, 2019, respectively. Non-recurring fair value measurements Assets and liabilities that are measured at fair value on a non-recurring basis include intangible assets and goodwill which are recognized at fair value during the period in which an acquisition is completed, from updated estimates and assumptions during the measurement period, or when they are considered to be impaired. These non-recurring fair value measurements, primarily for intangible assets acquired, were based on Level 3 unobservable inputs. For the quarters ended March 31, 2020 and 2019, these non-recurring fair values inputs consisted of brand, agent relationships, renewal rights, customer relations, trade names, non-compete and goodwill. To evaluate such assets for a potential impairment, we determine the fair value of the goodwill and intangible assets using a combination of a discounted cash flow approach and market approaches, which contain significant unobservable inputs and therefore are considered a Level 3 fair value measurement. The unobservable inputs in the analysis generally include future cash flow projections and a discount rate. There were no non-recurring fair value adjustments to intangible assets and goodwill during the first quarters of 2020 and 2019. We record any measurement period adjustments to the fair value of assets acquired and liabilities assumed, with the corresponding offset to goodwill.

Other Comprehensive Income

Other Comprehensive Income	3 Months Ended
	Mar. 31, 2020
Comprehensive Income Net Of Tax [Abstract]
Other Comprehensive Income	NOTE 4. OTHER COMPREHENSIVE INCOME The following table is a summary of other comprehensive income (loss) and discloses the tax impact of each component of other comprehensive income for the three months ended March 31, 2020 and 2019, respectively: For the Three Months Ended March 31, 2020 2019 Pre-tax Tax After-tax Pre-tax Tax After-tax (in thousands) Other comprehensive income Change in unrealized losses on investments, net $ 2,027 $ (469 ) $ 1,558 $ 8,036 $ (2,323 ) $ 5,713 Reclassification adjustment of realized losses (gains) included in net income (59 ) 13 (46 ) 335 (85 ) 250 Effect on other comprehensive income $ 1,968 $ (456 ) $ 1,512 $ 8,371 $ (2,408 ) $ 5,963

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	NOTE 5. LEASES The Company has entered into operating and financing leases primarily for real estate and vehicles. The Company will determine whether an arrangement is a lease at inception of the agreement. The operating leases have terms of one to ten years, and often include one or more options to renew. These renewal terms can extend the lease term from two to ten years, and are included in the lease term when it is reasonably certain that the Company will exercise the option. The Company considers these options in determining the lease term used in establishing our right-of-use assets and lease obligations. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Because the rate implicit in each operating lease is not readily determinable, the Company uses its incremental borrowing rate to determine present value of the lease payments. The Company used the implicit rates within the finance leases. Components of our lease costs for the three months ended March 31, 2020 and 2019 are as follows (in thousands): Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Amortization of ROU assets - Finance leases $ 22 $ 23 Interest on lease liabilities - Finance leases 6 7 Variable lease cost (cost excluded from lease payments) 130 111 Operating lease cost (cost resulting from lease payments) 343 176 Total lease cost $ 501 $ 317 Supplemental cash flow information and non-cash activity related to our operating and financing leases as of March 31, 2020 are as follows (in thousands): Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Finance lease - Operating cash flows $ 6 $ 8 Finance lease - Financing cash flows $ 18 $ 17 Operating lease - Operating cash flows (fixed payments) $ 368 $ 171 Operating lease - Operating cash flows (liability reduction) $ 264 $ 14 Supplemental balance sheet information related to our operating and financing leases as of March 31, 2020 are as follows (in thousands): Balance Sheet Classification March 31, 2020 Right-of-use assets - operating Other assets $ 6,475 Right-of-use assets - finance Other assets $ 280 Lease Liability (1) Accounts payable and other liabilities $ (8,195 ) Lease Liability - finance Accounts payable and other liabilities $ (307 ) (1) Includes $1.3 million in lease incentives received in the first quarter of 2019. Weighted-average remaining lease term and discount rate for our operating and financing leases as of March 31, 2020 are as follows: March 31, 2020 March 31, 2019 Weighted average lease term - Finance leases 3.42 yrs. 4.12 Weighted average lease term - Operating leases 7.68 yrs. 8.48 Weighted average discount rate - Finance leases 7.1 % 8.1 % Weighted average discount rate - Operating leases 5.3 % 5.3 % Maturities of lease liabilities by fiscal year for our operating and financing leases as of March 31, 2020 are as follows (in thousands): March 31, 2020 2020 remaining $ 1,112 2021 1,495 2022 1,522 2023 1,471 2024 1,112 Thereafter 3,694 Total lease payments 10,406 Less: imputed interest (1,904 ) Present value of lease liabilities $ 8,502

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Property and Equipment, Net	NOTE 6. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following at March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 (In thousands) Land $ 2,582 $ 2,582 Building 11,390 11,390 Computer hardware and software 5,725 5,712 Office furniture and equipment 2,007 2,007 Tenant and leasehold improvements 8,105 8,105 Vehicle fleet 850 789 Total, at cost 30,659 30,585 Less: accumulated depreciation and amortization (10,264 ) (9,832 ) Property and equipment, net $ 20,395 $ 20,753 Depreciation and amortization expense for property and equipment was $432,000 and $571,000 for the three months ended March 31, 2020 and 2019, respectively. The Company’s real estate consists of 15 acres of land and five buildings with a gross area of 229,000 square feet and a parking garage.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and Intangible Assets At March 31, 2020 and December 31, 2019 goodwill was $152.5 million and intangible assets were $67.1 million and $68.6 million, respectively. The Company has determined the useful life of the other intangible assets to range between 2.5-15 years. The Company has recorded $1.3 million relating to insurance licenses and has classified the licenses as an indefinite lived intangible which is subject to annual impairment testing concurrent with goodwill. Goodwill (in thousands) Balance as of December 31, 2019 $ 152,459 Goodwill acquired — Impairment — Balance as of March 31, 2020 $ 152,459 Our annual goodwill impairment analysis was performed as of October 1, 2019. Management determined that an impairment review is appropriate for the current period given potential impacts of the COVID-19 pandemic. We qualitatively assessed whether it was more likely than not that the goodwill and indefinite-lived assets were impaired as of March 31, 2020. Based on our interim impairment assessment, management determined that our goodwill and indefinite-lived assets are not impaired at March 31, 2020. Other Intangible Assets Our intangible assets consist of brand, agent relationships, renewal rights, customer relations, trade names, non-competes and insurance licenses. Finite-lived intangibles assets are amortized over their useful lives from 2.5 to fifteen years. Amortization expense of our intangible assets was $1.6 million and $2.1 million for the three months ended March 31, 2020 and 2019, respectively. No impairment in the value of amortizing or non-amortizing intangible assets was recognized during the three months ended March 31, 2020 or 2019. Estimated annual pretax amortization of intangible assets for each of the next five years and thereafter is as follows (in thousands): Year Amount (1) 2020 - remaining $ 4,774 2021 $ 6,351 2022 $ 6,351 2023 $ 6,351 2024 $ 6,351 Thereafter $ 35,558 Total $ 65,736 (1) Excludes insurance licenses valued at $1.3 million 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, 2020
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 8. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the periods indicated. Three Months Ended March 31, 2020 2019 Basic earnings per share: Net income attributable to common stockholders (000's) $ 7,620 $ 6,964 Weighted average shares outstanding 28,548,830 29,540,514 Basic earnings per share: $ 0.27 $ 0.24 Diluted earnings per share: Net income attributable to common stockholders (000's) $ 7,620 $ 6,964 Weighted average shares outstanding 28,548,830 29,540,514 Weighted average dilutive shares 182 4,049 Total weighted average dilutive shares 28,549,012 29,544,563 Diluted earnings per share: $ 0.27 $ 0.24

Deferred Reinsurance Ceding Com

Deferred Reinsurance Ceding Commission	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
Deferred Reinsurance Ceding Commission	NOTE 9. DEFERRED REINSURANCE CEDING COMMISSION The Company defers reinsurance ceding commission income, which is amortized over the effective period of the related insurance policies. For the quarter ended March 31, 2020 and 2019, the Company allocated ceding commission income of $10.4 million and $12.9 million to policy acquisition costs and $3.5 million and $4.3 million to general and administrative expense, respectively. The table below depicts the activity with regard to deferred reinsurance ceding commission during the three months ended March 31, 2020 and 2019. Three Months Ended March 31, 2020 2019 (In thousands) Beginning balance of deferred ceding commission income $ 37,464 $ 44,996 Ceding commission deferred 10,845 12,647 Less: ceding commission earned (13,929 ) (17,169 ) Ending balance of deferred ceding commission income $ 34,380 $ 40,474

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
Deferred Policy Acquisition Costs	NOTE 10. DEFERRED POLICY ACQUISITION COSTS The Company incurs incremental policy acquisition costs that vary with, and are directly related to, the production of new business. Policy acquisition costs consist of the following four items: (i) commissions paid to outside agents at the time of policy issuance; (ii) policy administration fees paid to a third-party administrator at the time of policy issuance; (iii) premium taxes; and (iv) inspection fees. The Company capitalizes incremental policy acquisition costs that are directly related to the successful efforts of acquiring new or renewed insurance contracts to the extent recoverable, then the Company amortizes those costs over the contract period of the related policy. The Company defers the incurred incremental policy acquisition costs, commonly referred to as deferred policy acquisition costs (“DPAC”), which are 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 months ended March 31, 2020 and 2019. Three Months Ended March 31, 2020 2019 (In thousands) Beginning Balance $ 77,211 $ 73,055 Policy acquisition costs deferred 38,131 35,965 Amortization (40,447 ) (39,137 ) Ending Balance $ 74,895 $ 69,883

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 11. INCOME TAXES For the three months ended March 31, 2020 and 2019, the Company recorded $3.2 million and $2.4 million, respectively, of income tax expense which corresponds to effective tax rates of 29.4% and 25.4%, respectively. Effective tax rates are dependent upon components of pre-tax earnings and the related tax effects. The effective tax rate for each calendar years 2020 and 2019 was affected by various permanent tax differences, predominately disallowed executive compensation deductions which were further limited in 2018 and future years upon the enactment of H.R.1, commonly referred to as the Tax Cuts and Jobs Act (“Tax Act”). Additionally, the state effective income tax rate increased as a result of changes in the geographic dispersion of our business. The effective tax rate can fluctuate throughout the year as estimates used in the tax provision for each quarter are updated as more information becomes available throughout the year. The table below summarizes the significant components of our net deferred tax liability: March 31, 2020 December 31, 2019 Deferred tax assets: (In thousands) Unearned premiums $ 16,568 $ 12,585 Unearned commission 7,958 8,671 Tax-related discount on loss reserve 2,688 2,716 Stock-based compensation 527 297 Accrued expenses 1,358 757 Leases 337 331 Other 1,912 1,890 Total deferred tax asset 31,348 27,247 Deferred tax liabilities: Deferred acquisition costs 17,335 17,871 Prepaid expenses 279 153 Unrealized gains 2,650 2,195 Property and equipment 1,102 1,029 Note discount 441 478 Basis in purchased investments 87 100 Basis in purchased intangibles 16,632 16,977 Other 1,449 1,067 Total deferred tax liabilities 39,975 39,870 Net deferred tax liability $ (8,627 ) $ (12,623 ) In April 2019, the Company was notified by the tax authority that the federal income tax returns for the years 2015, 2016 and 2017 will be examined. The Company does not believe the examination results will have an adverse impact on the condensed consolidated financial statements. At March 31, 2020 and December 31, 2019, we had no significant uncertain tax positions or unrecognized tax benefits that, if recognized, would impact the effective income tax rate.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
Reinsurance	NOTE 12. REINSURANCE Overview 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, tornadoes and winter storms. 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. In order to limit our potential exposure to catastrophic events, we purchase significant reinsurance from third party reinsurers and sponsor catastrophe bonds issued by Citrus Re Ltd. The catastrophe reinsurance may be on an excess of loss or quota share basis. We also purchase reinsurance for non-catastrophe losses on a quota share, per risk or facultative basis. Purchasing a sufficient amount of reinsurance to cover catastrophic losses from single or multiple events or significant non-catastrophe losses is an important part of our risk strategy, and premiums paid (or ceded) to reinsurers is one of our largest cost components. Reinsurance involves transferring, or “ceding”, a portion of the risk exposure on policies we write to another insurer, known as a reinsurer. To the extent that our reinsurers are unable to meet the obligations they assume under our reinsurance agreements, we remain liable for the entire insured loss. Our reinsurance agreements are prospective contracts. We record an asset, prepaid reinsurance premiums, and a liability, reinsurance payable, for the entire contract amount upon commencement of our new reinsurance agreements. We generally amortize our catastrophe reinsurance premiums ratably over the 12-month contract period, which is June 1 through May 31. Our quota share reinsurance is amortized over the 12-month contract period and may be purchased on a calendar or fiscal year basis. In the event that we incur losses and loss adjustment expenses recoverable under our reinsurance program, we record amounts recoverable from our reinsurers on paid losses plus an estimate of amounts recoverable on unpaid losses. The estimate of amounts recoverable on unpaid losses is a function of our liability for unpaid losses associated with the reinsured policies; therefore, the amount changes in conjunction with any changes to our estimate of unpaid losses. As a result, a reasonable possibility exists that an estimated recovery may change significantly in the near term from the amounts included in our condensed consolidated financial statements. Our insurance regulators require all insurance companies, like us, to have a certain amount of capital and reinsurance coverage in order to cover losses and loss adjustment expenses upon the occurrence of a catastrophic event. Our reinsurance program provides reinsurance in excess of our state regulator requirements, which are based on the probable maximum loss that we would incur from an individual catastrophic event estimated to occur once in every 100 years based on our portfolio of insured risks. The nature, severity and location of the event giving rise to such a probable maximum loss differs for each insurer depending on the insurer’s portfolio of insured risks, including, among other things, the geographic concentration of insured value within such portfolio. As a result, a particular catastrophic event could be a one-in-100-year loss event for one insurance company while having a greater or lesser probability of occurrence for another insurance company. We also purchase reinsurance coverage to protect against the potential for multiple catastrophic events occurring in the same year. We share portions of our reinsurance program coverage among our insurance company affiliates. We adopted the ASU 2016-13, Topic 326-20 on January 1, 2020, and based on the composition of our reinsurance recoverables current economic conditions and historical credit loss activity, the adoption of this standard did not have a material impact on our condensed consolidated financial statements and related disclosures. While the adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements, it required changes to the Company’s process to establish and estimated expected credit losses on reinsurance recoverables and premium receivables. Effect of Reinsurance The Company’s reinsurance arrangements had the following effect on certain items in the condensed consolidated statement of income for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 (In thousands) Premium written: Direct $ 229,102 $ 210,348 Ceded (30,637 ) (46,842 ) Net $ 198,465 $ 163,506 Premiums earned: Direct $ 234,716 $ 228,590 Ceded (108,710 ) (118,899 ) Net $ 126,006 $ 109,691 Loss and Loss Adjustment Expenses Direct $ 107,365 $ 112,176 Ceded (39,184 ) (50,037 ) Net $ 68,181 $ 62,139

Reserve For Unpaid Losses

Reserve For Unpaid Losses	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
Reserve for Unpaid Losses	NOTE 13. RESERVE FOR UNPAID LOSSES The Company determines the reserve for unpaid losses on an individual-case basis for all incidents reported. The liability also includes amounts which are commonly referred to as incurred but not reported, or “IBNR”, claims as of the balance sheet date. The table below summarizes the activity related to the Company’s reserve for unpaid losses: Three Months Ended March 31, 2020 2019 (In thousands) Balance, beginning of period $ 613,533 $ 432,359 Less: reinsurance recoverable on unpaid losses 393,630 250,507 Net balance, beginning of period 219,903 181,852 Incurred related to: Current year 72,331 62,725 Prior years (4,150 ) (586 ) Total incurred 68,181 62,139 Paid related to: Current year 21,236 8,362 Prior years 47,308 45,616 Total paid 68,544 53,978 Net balance, end of period 219,540 190,013 Plus: reinsurance recoverable on unpaid losses 387,637 214,471 Balance, end of period $ 607,177 $ 404,484 As of March 31, 2020, the Company reported $219.5 million in unpaid losses and loss adjustment expenses, net of reinsurance which included $169.2 million attributable to IBNR net of reinsurance recoverable, or 77.1% of net reserves for unpaid losses and loss adjustment expenses.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Convertible Senior Notes In August 2017 and September 2017, the Company issued in aggregate $136.8 million of 5.875% Convertible Senior Notes (“Convertible Notes”) maturing on August 1, 2037, unless earlier repurchased, redeemed or converted. Interest is payable semi-annually in arrears, on February 1, and August 1 of each year, commencing in 2018. As of March 31, 2020, the Company had $21.5 million of the Convertible Notes outstanding, net of issuance and debt discount costs in aggregate of approximately, $1.9 million. For the three months ended March 31, 2020 and 2019, the Company made interest payments of approximately $1.4 million and $1.5 million respectively on the Convertible Notes. Debt Extinguishment On February 19, 2019, the Company reacquired $5.8 million of its outstanding Convertible Notes for approximately $2.9 million, which was paid in cash and the issuance of 285,201 shares of the Company’s common stock valued at $4.2 million. The repurchase resulted in a $48,000 non-operating loss. Senior Secured Credit Facility In December 2018, the Company entered into a five-year, $125.0 million credit agreement (the “Credit Agreement”) with a syndicate of lenders consisting of $75.0 million senior secured term loan facility (the “Term Loan Facility”) and a $50.0 million senior secured revolving credit facility (the “Revolving Credit Facility” and together with the Term Loan Facility, the “Credit Facilities”). Term Loan Facility: The principal amount of the Term Loan Facility amortizes in quarterly installments, beginning with the close of the fiscal quarter ending March 31, 2019, in an amount equal to $1.9 million per quarter, with the remaining balance payable at maturity. As of December 31, 2019, there was $69.4 million in aggregate principal outstanding on the Term Loan Facility. The December 31, 2019 quarterly principal payment in the amount of $1.9 million was processed by the lender on January 2, 2020. As of March 31, 2020, the balance of the term loan was $65.6 million. For the three months ended March 31, 2020 and 2019, the Company made interest payments of approximately $1.2 million and $1.1 million on the term loan, respectively. Revolving Credit Facility : The Revolving Credit Facility allows for borrowings of up to $50.0 million inclusive of a $5.0 million sublimit for the issuance of letters of credit and a $10.0 million sublimit for swingline loans. As of March 31, 2020, and December 31, 2019, the Company had $10.0 million of borrowings and no letters of credit outstanding under the Revolving Credit Facility. For the three months ended March 31, 2020 and 2019, the Company made interest payments of approximately $265,900 and $251,700 under the revolving credit facility, respectively. At March 31, 2020, the Company’s effective interest rate for the Term Loan Facility was 4.94% and 5.74% for the Revolving Credit Facility. The Company monitors the rates prior to the reset date which allows it to establish if the payment is monthly or quarterly based on the most beneficial rate used to calculate the interest payment. Mortgage Loan In October 2017, the Company and its subsidiary, Skye Lane Properties LLC, jointly obtained a commercial real estate mortgage loan in the amount of $12.7 million, bearing interest of 4.95% per annum and maturing on October 30, 2027. On October 30, 2022, the interest rate shall adjust to an interest rate equal to the annualized interest rate of the United States 5-year Treasury Notes as reported by Federal Reserve on a weekly average basis plus 3.10%. The Company makes monthly principal and interest payments towards the loan. For each of the respective three-month periods ended March 31, 2020 and 2019, the Company made principal and interest payments of approximately $223,200 on the mortgage loan. FHLB Loan Agreements In December 2018, a subsidiary of the Company received a 3.094% fixed interest rate cash loan of $19.2 million from the Federal Home Loan Bank (“FHLB”) Atlanta. In connection with the loan agreement, the subsidiary became a member of FHLB. Membership in the FHLB required an investment in FHLB’s common stock which was purchased in December 2018 and valued at $1.4 million. Additionally, the transaction required the acquired FHLB common stock and certain other investments to be pledged as collateral. As of March 31, 2020, the fair value of the collateralized securities was $19.4 million and the equity investment in FHLB common stock was $1.4 million. As of March 31, 2020, and 2019, the Company made quarterly interest payments as per the terms of the loan agreement of approximately $150,000 and $148,500, respectively. As of March 31, 2020, and December 31, 2019, the Company also holds common stock from FHLB Des Moines, and FHLB Boston valued at $146,300 and $76,600, respectively. The following table summarizes the Company’s debt and credit facilities as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 (in thousands) Convertible debt $ 23,413 $ 23,413 Mortgage loan 12,045 12,117 Term loan facility 65,625 69,375 Revolving credit facility 10,000 10,000 FHLB loan agreement 19,200 19,200 Total principal amount $ 130,283 $ 134,105 Less: unamortized discount and issuance costs $ 4,508 $ 4,857 Total long-term debt $ 125,775 $ 129,248 As of the date of this report, we were in compliance with the applicable terms of all our covenants and other requirements under the Credit Agreement, Convertible Notes indenture, cash borrowings and other loans. Our ability to secure future debt financing depends, in part, on our ability to remain in such compliance. Provided there is no default or an event of default, we are permitted to payout dividends in an aggregate amount not to exceed $10.0 million in any fiscal year. The schedule of principal payments on long-term debt as of March 31, 2020 is as follows: Year Amount (In thousands) 2020 remaining $ 5,843 2021 7,806 2022 7,822 2023 74,539 2024 354 Thereafter 33,919 Total $ 130,283

Accounts Payable and Other Liab

Accounts Payable and Other Liabilities	3 Months Ended
	Mar. 31, 2020
Other Liabilities Disclosure [Abstract]
Accounts Payable and Other Liabilities	NOTE 15. ACCOUNTS PAYABLE AND OTHER LIABILITIES Accounts payable and other liabilities consist of the following as of March 31, 2020 and December 31, 2019: Description March 31, 2020 December 31, 2019 (In thousands) Deferred ceding commission $ 34,380 $ 37,464 Accounts payable and other payables 8,265 7,225 Lease obligations 8,501 8,369 Accrued interest and issuance costs 259 1,052 Accrued dividends 1,726 1,750 Other liabilities 112 387 Commission payables 11,719 14,798 Total other liabilities $ 64,962 $ 71,045

Statutory Accounting and Regula

Statutory Accounting and Regulations	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
Statutory Accounting and Regulations	NOTE 16. STATUTORY ACCOUNTING AND REGULATIONS State laws and regulations, as well as national regulatory agency requirements, govern the operations of all insurers such as 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 Heritage Property & Casualty Insurance Company (“Heritage P&C)”, Narragansett Bay Insurance Company (“NBIC”), Zephyr Insurance Company (“Zephyr”), and Pawtucket Insurance Company (“PIC”) must maintain capital and surplus ratios or balances as determined by the regulatory authority of the states in which they are domiciled. Heritage P&C is required to maintain capital and surplus equal to the greater of $15 million or 10% of their respective liabilities. Zephyr is required to maintain a deposit of $750,000 in a federally insured financial institution. NBIC is required to maintain capital and surplus of $3.0 million. The combined statutory surplus for Heritage P&C, Zephyr, NBIC and PIC was $350.8 million at March 31, 2020 and $351.8 million at December 31, 2019. State law also requires the Company’s insurance subsidiaries to adhere to prescribed premium-to-capital surplus ratios, and risk-based capital requirements with which the Company is in compliance. At March 31, 2020, our insurance subsidiaries met the financial and regulatory requirements of each of the states in which they conduct business.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 17. COMMITMENTS AND CONTINGENCIES The Company is involved in claims-related legal actions arising in the ordinary course of business. The Company accrues amounts resulting from claims-related legal actions in unpaid losses and loss adjustment expenses during the period that it determines an unfavorable outcome becomes probable and it can estimate the amounts. Management makes revisions to its estimates based on its analysis of subsequent information that the Company receives regarding various factors, including: (i) per claim information; (ii) company and industry historical loss experience; (iii) judicial decisions and legal developments in the awarding of damages; and (iv) trends in general economic conditions, including the effects of inflation.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 18. 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, 2020 and 2019. • In January 2017, the Company entered into a consulting agreement with Mrs. Shannon Lucas, the wife of the Chairman and CEO, in which she agreed to provide consulting services related to the Company’s catastrophe reinsurance and risk management program at a rate of $400 per hour. In 2019, Ms. Lucas received total cash compensation of approximately $344,400. The consulting agreement has no specific term and either party may terminate the agreement upon providing written notice. Additionally, she serves as a director of our subsidiaries Heritage Property & Casualty Insurance Company (“HPCI”) and NBIC. Ms. Lucas’ annual compensation for her role as a director is $150,000. For the three months ended March 31, 2020 and 2019, the Company paid consulting fees to Ms. Lucas of approximately $23,900 and $102,000, respectively. • In July 2019, the Board of Directors appointed Mark Berset to the Board of Directors of the Company. As a Director, Mr. Berset will be entitled to an annual compensation of $150,000. Mr. Berset is also the Chief Executive Officer of Comegys Insurance Agency, Inc. (“Comegys”), an independent insurance agency that writes policies for our insurance company affiliates. The Company pays commission to Comegys based upon standard industry rates consistent with those provided to the Company’s other insurance agencies. There are no arrangements or understandings between Mr. Berset and any other persons with respect to his appointment as a director. For the years ended December 31, 2019 and 2018, the Company paid agency commission to Comegys of approximately $598,000 and $509,900, respectively. For the three months ended March 31, 2020 and 2019, the Company paid agency commission to Comegys of approximately $179,800 and $10,700, respectively.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	NOTE 19. EMPLOYEE BENEFIT PLANS The Company provides a 401(k) plan for substantially all employees. The Company provides a matching contribution of 100% on the first 3% of employees’ contribution and 50% on the next 2% of the employees’ contribution to the plan. The maximum match is 4%. For the three months ended March 31, 2020 and 2019, the contributions made to the plan on behalf of the participating employees were approximately $339,300 and $255,700, respectively. The Company provides its employees with a partially self-insured healthcare plan and benefits. For the three months ended March 31, 2020 and 2019, incurred medical premium costs amounted to an aggregate of $910,000 and $841,400, respectively. An additional liability of approximately $903,100 is recorded for unpaid claims as of March 31, 2020. 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 $150,000 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 coverage limits 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, 2020
Equity [Abstract]
Equity	NOTE 20. EQUITY The total amount of authorized capital stock consists of 50,000,000 shares of common stock and 5,000,000 shares of preferred stock. As of March 31, 2020, the Company had 27,891,518 shares of common stock outstanding, 9,116,383 treasury shares of common stock and 320,534 unvested shares of restricted common stock issued reflecting total paid-in capital of $330.7 million as of such date. As more fully disclosed in our audited consolidated financial statements for the year ended December 31, 2019, there were, 28,650,918 shares of common stock outstanding, 8,349,483 treasury shares of common stock and 345,534 unvested shares of restricted common stock, representing $329.6 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 non-assessable. Stock Repurchase Program On August 1, 2018, the Company announced that its Board of Directors authorized a stock repurchase program authorizing the Company to repurchase up to $50.0 million of its common stock through December 31, 2020. For the three months ended March 31, 2020, the Company purchased 766,900 shares of its common stock for $8.0 million. At March 31, 2020, the Company has the capacity to repurchase $25.8 million of its common shares until December 2020. In addition, the Company acquired 17,500 shares for approximately $233,000 for the three months ended March 31, 2020, respectively, that were not part of the publicly announced share repurchase authorization. These shares consisted of shares retained to cover payroll withholding taxes in connection with the vesting of restricted stock awards Dividends On February 27, 2020, the Company’s Board of Directors declared a $0.06 per share quarterly dividend payable on April 3, 2020, to stockholders of record as of March 16, 2020. 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, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	NOTE 21. STOCK-BASED COMPENSATION Common and Restricted Stock The Company has adopted the Heritage Insurance Holdings, Inc., Omnibus Incentive Plan (the “Plan”) effective on May 22, 2014. The Plan authorized 2,981,737 shares of common stock for issuance under the Plan for future grants. At March 31, 2020 there were 1,568,518 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. No stock awards were granted during the three months ended March 31, 2020. The Plan authorizes the Company to grant stock options at exercise prices equal to the fair market value of the Company’s stock on the dates the options are granted. Any options granted would typically 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 would 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. The application of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense. The Company has not granted any stock options since 2015 and all unexercised stock options have since been forfeited. The Company has also granted shares of its common stock subject to certain restrictions under the Plan. Restricted stock awards granted to employee’s 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 is 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. Restricted stock activity for the quarter ended March 31, 2020 is as follows: Weighted-Average Grant-Date Fair Number of shares Value per Share Non-vested, at December 31, 2019 345,534 $ 19.56 Granted — — Vested (7,500 ) 13.25 Canceled and surrendered (17,500 ) 13.25 Non-vested, at March 31, 2020 320,534 $ 20.05 Awards are being amortized to expense over the three to five-year vesting period. The Company recognized $1.3 million and $1.3 million of compensation expense for the three months ended March 31, 2020 and 2019, respectively. There was approximately $4.2 million of unrecognized compensation expense related to the unvested restricted stock at March 31, 2020. The Company expects to recognize substantially all of remaining compensation expense over the next year. For the three months ended March 31, 2020, 25,000 shares of restricted stock were vested and released, all of which had been granted to employees. Of the shares released to employees, 17,500 shares were withheld by the Company to cover withholding taxes of $233,000. For the comparable period of 2019, 25,000 shares were vested and released.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE 22. SUBSEQUENT EVENTS The Company performed an evaluation of subsequent events through the date the condensed consolidated financial statements were issued and determined there were no recognized or unrecognized subsequent events that would require an adjustment or additional disclosure in the condensed consolidated financial statements as of March 31, 2020. On May 4, 2020, the Company announced that its Board of Directors declared a $0.06 per share quarterly dividend payable on July 6, 2020 to stockholders of record as of June 15, 2020. On April 27, 2020, the Company amended its Credit Agreement dated as of December 14, 2018 (as amended to date, the “Credit Agreement”) by entering into the Second Amendment to Credit Agreement (the “Second Amendment”) with the lenders from time to time party to the Credit Agreement, and Regions Bank, as administrative agent and collateral agent. The Second Amendment modified the negative covenants in the Credit Agreement to permit the Company to make acquisitions and investments if, after giving effect to the acquisition or investment, either (1) the Company has an aggregate of $25.0 million in cash and availability under the revolving credit facility or (2) the consolidated leverage ratio under the Credit Agreement is at least a quarter turn less than the required ratio for the trailing four quarters. The amendment gives the Company more flexibility to make acquisitions and investments in the future. All other material terms of the Credit Agreement remain unchanged.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of Heritage Insurance Holdings, Inc. (together with its subsidiaries, the “Company”). These statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain financial information that is normally included in annual consolidated financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. In the opinion of the Company’s management, all material intercompany transactions and balances have been eliminated and all adjustments consisting of normal recurring accruals which are necessary for a fair statement of the financial condition and results of operations for the interim periods have been reflected. The accompanying interim condensed consolidated financial statements and related footnotes should be read in conjunction with the Company’s audited consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”).
Reclassification	Reclassification Certain prior year amounts have been reclassified to conform to the current year presentation.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In 2016, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) Financial Instruments – Credit Losses ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments We adopted the standard on January 1, 2020, and based on the composition of our reinsurance recoverables, investment portfolio and other financial assets, current economic conditions and historical credit loss activity, the adoption of this standard did not have a material impact on our condensed consolidated financial statements and related disclosures. Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting For information regarding other accounting standards that the Company has not yet adopted, refer to our 2019 Form 10-K, filed on March 10, 2020, the section of Note 1 of the notes to the consolidated financial statements entitled “Accounting Pronouncement Not Yet Adopted”.
Fair Value Measurements	Fair Value Measurements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement
Internal Use Software	Internal Use Software In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Summary of Amortized Cost and Fair Value of Securities Available-For-Sale	Securities Available-for-Sale The following table summarizes the amortized cost and fair value of securities available-for-sale at March 31, 2020 and December 31, 2019, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income: March 31, 2020 Cost or Adjusted / Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities Available-for-sale (In thousands) U.S. government and agency securities (1) $ 67,928 $ 1,770 $ 1 $ 69,697 States, municipalities and political subdivisions 80,598 2,164 25 82,737 Special revenue 250,744 5,925 226 256,443 Hybrid securities 99 — 7 92 Industrial and miscellaneous 202,521 3,043 1,178 204,386 Total $ 601,890 $ 12,902 $ 1,437 $ 613,355 December 31, 2019 Cost or Adjusted / Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities Available-for-sale (In thousands) U.S. government and agency securities (1) $ 53,836 $ 383 $ 28 $ 54,191 States, municipalities and political subdivisions 74,755 1,641 41 76,355 Special revenue 246,791 3,689 254 250,226 Hybrid securities 100 1 — 101 Industrial and miscellaneous 202,307 4,097 21 206,383 Total $ 577,789 $ 9,811 $ 344 $ 587,256 (1) Includes securities at March 31, 2020 and December 31, 2019 with a carrying amount of $19.4 million and $20.2 million, respectively that were pledged as collateral for the advance agreement entered into with a financial institution in 2018. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time.
Schedule of Net Realized Gains (Losses)	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) for the three months ended March 31, 2020 and 2019. 2020 2019 Three Months Ended March 31, Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale (In thousands) Debt Securities Available-for-Sale Total realized gains $ 60 $ 8,510 $ 5 $ 24,414 Total realized losses (1 ) 256 (67 ) 6,141 Net realized gains and (losses) $ 59 $ 8,766 $ (62 ) $ 30,555
Summary of Fixed Maturity Securities by Contractual Maturity Periods	The table below summarizes the Company’s fixed maturity securities at March 31, 2020 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of those obligations. At March 31, 2020 Cost or Amortized Cost Percent of Total Fair Value Percent of Total Maturity dates: (In thousands) (In thousands) Due in one year or less $ 75,247 13 % $ 76,521 12 % Due after one year through five years 206,284 34 % 208,059 34 % Due after five years through ten years 122,633 20 % 126,435 21 % Due after ten years 197,726 33 % 202,340 33 % Total $ 601,890 100 % $ 613,355 100 %
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, 2020 and 2019, respectively: Three Months Ended March 31, 2020 2019 (In thousands) Fixed maturity securities $ 4,162 $ 2,724 Equity securities — 309 Cash and cash equivalents 352 817 Other investments 94 342 Net investment income 4,608 4,192 Less: Investment expenses 938 520 Net investment income, less investment expenses $ 3,670 $ 3,672
Schedule of Debt Securities Available-for-Sale in an Unrealized Loss Position	The following tables summarizes debt securities available-for-sale in an unrealized loss position at March 31, 2020 and December 31, 2019, aggregated by major security category and length of time in a continued unrealized loss position: Less Than Twelve Months Twelve Months or More March 31, 2020 Number of Securities Gross Unrealized Losses Fair Value Number of Securities Gross Unrealized Losses Fair Value Debt Securities Available-for-sale U.S. government and agency securities 3 $ — $ 160 3 $ 1 $ 71 States, municipalities and political subdivisions 8 25 8,158 — — — Special revenue 33 215 20,664 15 11 373 Hybrid securities 1 7 92 — — — Industrial and miscellaneous 145 1,178 68,249 2 — 72 Total fixed maturity securities 190 $ 1,425 $ 97,323 20 $ 12 $ 516 Less Than Twelve Months Twelve Months or More December 31, 2019 Number of Securities Gross Unrealized Losses Fair Number of Securities Gross Unrealized Losses Fair Value Debt Securities Available-for-sale U.S. government and agency securities 9 $ 10 $ 1,476 23 $ 18 $ 4,288 States, municipalities and political subdivisions 6 38 7,613 3 3 1,440 Special revenue 62 145 24,862 95 109 13,159 Industrial and miscellaneous 25 13 12,601 16 8 3,202 Total fixed maturity securities 102 $ 206 $ 46,552 137 $ 138 $ 22,089

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Instruments	The table below presents the balances of our invested assets measured at fair value on a recurring basis: March 31, 2020 Total Level 1 Level 2 Level 3 Invested Assets: (in thousands) Debt Securities Available-for-sale U.S. government and agency securities $ 69,697 $ 374 $ 69,323 $ — States, municipalities and political subdivisions 82,737 — 82,737 — Special revenue 256,443 — 256,443 — Hybrid securities 92 — 92 — Industrial and miscellaneous 204,386 — 204,386 — Total debt securities 613,355 374 612,981 — Investment reported at NAV (1) 7,974 — — — Total investments $ 621,329 $ 374 $ 612,981 $ — December 31, 2019 Total Level 1 Level 2 Level 3 Invested Assets: (in thousands) Debt Securities Available-for-sale U.S. government and agency securities $ 54,191 $ 366 $ 53,825 $ — States, municipalities and political subdivisions 76,355 — 76,355 — Special revenue 250,226 — 250,226 — Hybrid securities 101 — 101 — Industrial and miscellaneous 206,383 — 206,383 — Total debt securities 587,256 366 586,890 — Investment reported at NAV (1) 7,993 — — — Total investments $ 595,249 $ 366 $ 586,890 $ — (1) Includes $1.6 million and $1.6 million of Federal Home Loan Banks membership shares held by the Company as of March 31, 2020 and December 31, 2019, respectively.

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2020
Comprehensive Income Net Of Tax [Abstract]
Summary of Other Comprehensive Income (Loss) and Tax Impact of Each Component of Other Comprehensive Income	The following table is a summary of other comprehensive income (loss) and discloses the tax impact of each component of other comprehensive income for the three months ended March 31, 2020 and 2019, respectively: For the Three Months Ended March 31, 2020 2019 Pre-tax Tax After-tax Pre-tax Tax After-tax (in thousands) Other comprehensive income Change in unrealized losses on investments, net $ 2,027 $ (469 ) $ 1,558 $ 8,036 $ (2,323 ) $ 5,713 Reclassification adjustment of realized losses (gains) included in net income (59 ) 13 (46 ) 335 (85 ) 250 Effect on other comprehensive income $ 1,968 $ (456 ) $ 1,512 $ 8,371 $ (2,408 ) $ 5,963

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Components of Lease Costs	Components of our lease costs for the three months ended March 31, 2020 and 2019 are as follows (in thousands): Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Amortization of ROU assets - Finance leases $ 22 $ 23 Interest on lease liabilities - Finance leases 6 7 Variable lease cost (cost excluded from lease payments) 130 111 Operating lease cost (cost resulting from lease payments) 343 176 Total lease cost $ 501 $ 317
Supplemental Cash Flow Information and Non-Cash Activity Related to Operating and Financing Leases	Supplemental cash flow information and non-cash activity related to our operating and financing leases as of March 31, 2020 are as follows (in thousands): Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Finance lease - Operating cash flows $ 6 $ 8 Finance lease - Financing cash flows $ 18 $ 17 Operating lease - Operating cash flows (fixed payments) $ 368 $ 171 Operating lease - Operating cash flows (liability reduction) $ 264 $ 14
Supplemental Balance Sheet Information Related to Operating and Financing Leases	Supplemental balance sheet information related to our operating and financing leases as of March 31, 2020 are as follows (in thousands): Balance Sheet Classification March 31, 2020 Right-of-use assets - operating Other assets $ 6,475 Right-of-use assets - finance Other assets $ 280 Lease Liability (1) Accounts payable and other liabilities $ (8,195 ) Lease Liability - finance Accounts payable and other liabilities $ (307 ) (1) Includes $1.3 million in lease incentives received in the first quarter of 2019.
Weighted-Average Remaining Lease Term and Discount Rate for Operating and Financing Leases	Weighted-average remaining lease term and discount rate for our operating and financing leases as of March 31, 2020 are as follows: March 31, 2020 March 31, 2019 Weighted average lease term - Finance leases 3.42 yrs. 4.12 Weighted average lease term - Operating leases 7.68 yrs. 8.48 Weighted average discount rate - Finance leases 7.1 % 8.1 % Weighted average discount rate - Operating leases 5.3 % 5.3 %
Maturities of Lease Liabilities by Fiscal Year for Operating and Financing Leases	Maturities of lease liabilities by fiscal year for our operating and financing leases as of March 31, 2020 are as follows (in thousands): March 31, 2020 2020 remaining $ 1,112 2021 1,495 2022 1,522 2023 1,471 2024 1,112 Thereafter 3,694 Total lease payments 10,406 Less: imputed interest (1,904 ) Present value of lease liabilities $ 8,502

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following at March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 (In thousands) Land $ 2,582 $ 2,582 Building 11,390 11,390 Computer hardware and software 5,725 5,712 Office furniture and equipment 2,007 2,007 Tenant and leasehold improvements 8,105 8,105 Vehicle fleet 850 789 Total, at cost 30,659 30,585 Less: accumulated depreciation and amortization (10,264 ) (9,832 ) Property and equipment, net $ 20,395 $ 20,753

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill (in thousands) Balance as of December 31, 2019 $ 152,459 Goodwill acquired — Impairment — Balance as of March 31, 2020 $ 152,459
Schedule of Estimated Amortization of Intangible Assets	Estimated annual pretax amortization of intangible assets for each of the next five years and thereafter is as follows (in thousands): Year Amount (1) 2020 - remaining $ 4,774 2021 $ 6,351 2022 $ 6,351 2023 $ 6,351 2024 $ 6,351 Thereafter $ 35,558 Total $ 65,736 (1) Excludes insurance licenses valued at $1.3 million 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, 2020
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share (EPS)	The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the periods indicated. Three Months Ended March 31, 2020 2019 Basic earnings per share: Net income attributable to common stockholders (000's) $ 7,620 $ 6,964 Weighted average shares outstanding 28,548,830 29,540,514 Basic earnings per share: $ 0.27 $ 0.24 Diluted earnings per share: Net income attributable to common stockholders (000's) $ 7,620 $ 6,964 Weighted average shares outstanding 28,548,830 29,540,514 Weighted average dilutive shares 182 4,049 Total weighted average dilutive shares 28,549,012 29,544,563 Diluted earnings per share: $ 0.27 $ 0.24

Deferred Reinsurance Ceding C_2

Deferred Reinsurance Ceding Commission (Tables)	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
Schedule of Activity with Regard to Deferred Reinsurance Ceding Commission	The table below depicts the activity with regard to deferred reinsurance ceding commission during the three months ended March 31, 2020 and 2019. Three Months Ended March 31, 2020 2019 (In thousands) Beginning balance of deferred ceding commission income $ 37,464 $ 44,996 Ceding commission deferred 10,845 12,647 Less: ceding commission earned (13,929 ) (17,169 ) Ending balance of deferred ceding commission income $ 34,380 $ 40,474

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
Summary of Activity in Deferred Policy Acquisition Costs (DPAC)	The Company anticipates that its DPAC costs will be fully recoverable in the near term. The table below depicts the activity with regard to DPAC during the three months ended March 31, 2020 and 2019. Three Months Ended March 31, 2020 2019 (In thousands) Beginning Balance $ 77,211 $ 73,055 Policy acquisition costs deferred 38,131 35,965 Amortization (40,447 ) (39,137 ) Ending Balance $ 74,895 $ 69,883

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Components of Deferred Tax Liability	The table below summarizes the significant components of our net deferred tax liability: March 31, 2020 December 31, 2019 Deferred tax assets: (In thousands) Unearned premiums $ 16,568 $ 12,585 Unearned commission 7,958 8,671 Tax-related discount on loss reserve 2,688 2,716 Stock-based compensation 527 297 Accrued expenses 1,358 757 Leases 337 331 Other 1,912 1,890 Total deferred tax asset 31,348 27,247 Deferred tax liabilities: Deferred acquisition costs 17,335 17,871 Prepaid expenses 279 153 Unrealized gains 2,650 2,195 Property and equipment 1,102 1,029 Note discount 441 478 Basis in purchased investments 87 100 Basis in purchased intangibles 16,632 16,977 Other 1,449 1,067 Total deferred tax liabilities 39,975 39,870 Net deferred tax liability $ (8,627 ) $ (12,623 )

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
Schedule of Effect of Reinsurance Arrangements in Consolidated Statement of Income	Effect of Reinsurance The Company’s reinsurance arrangements had the following effect on certain items in the condensed consolidated statement of income for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 (In thousands) Premium written: Direct $ 229,102 $ 210,348 Ceded (30,637 ) (46,842 ) Net $ 198,465 $ 163,506 Premiums earned: Direct $ 234,716 $ 228,590 Ceded (108,710 ) (118,899 ) Net $ 126,006 $ 109,691 Loss and Loss Adjustment Expenses Direct $ 107,365 $ 112,176 Ceded (39,184 ) (50,037 ) Net $ 68,181 $ 62,139

Reserve for Unpaid Losses (Tabl

Reserve for Unpaid Losses (Tables)	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
Summary of Reserve for Unpaid Losses	The table below summarizes the activity related to the Company’s reserve for unpaid losses: Three Months Ended March 31, 2020 2019 (In thousands) Balance, beginning of period $ 613,533 $ 432,359 Less: reinsurance recoverable on unpaid losses 393,630 250,507 Net balance, beginning of period 219,903 181,852 Incurred related to: Current year 72,331 62,725 Prior years (4,150 ) (586 ) Total incurred 68,181 62,139 Paid related to: Current year 21,236 8,362 Prior years 47,308 45,616 Total paid 68,544 53,978 Net balance, end of period 219,540 190,013 Plus: reinsurance recoverable on unpaid losses 387,637 214,471 Balance, end of period $ 607,177 $ 404,484

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Company's Debt and Credit Facilities	The following table summarizes the Company’s debt and credit facilities as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 (in thousands) Convertible debt $ 23,413 $ 23,413 Mortgage loan 12,045 12,117 Term loan facility 65,625 69,375 Revolving credit facility 10,000 10,000 FHLB loan agreement 19,200 19,200 Total principal amount $ 130,283 $ 134,105 Less: unamortized discount and issuance costs $ 4,508 $ 4,857 Total long-term debt $ 125,775 $ 129,248
Schedule of Principal Payments on Long-Term Debt	The schedule of principal payments on long-term debt as of March 31, 2020 is as follows: Year Amount (In thousands) 2020 remaining $ 5,843 2021 7,806 2022 7,822 2023 74,539 2024 354 Thereafter 33,919 Total $ 130,283

Accounts Payable and Other Li_2

Accounts Payable and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Other Liabilities Disclosure [Abstract]
Schedule of Accounts Payable and Other Liabilities	Accounts payable and other liabilities consist of the following as of March 31, 2020 and December 31, 2019: Description March 31, 2020 December 31, 2019 (In thousands) Deferred ceding commission $ 34,380 $ 37,464 Accounts payable and other payables 8,265 7,225 Lease obligations 8,501 8,369 Accrued interest and issuance costs 259 1,052 Accrued dividends 1,726 1,750 Other liabilities 112 387 Commission payables 11,719 14,798 Total other liabilities $ 64,962 $ 71,045

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Restricted Stock Activity	Weighted-Average Grant-Date Fair Number of shares Value per Share Non-vested, at December 31, 2019 345,534 $ 19.56 Granted — — Vested (7,500 ) 13.25 Canceled and surrendered (17,500 ) 13.25 Non-vested, at March 31, 2020 320,534 $ 20.05

Investments - Summary of Amorti

Investments - Summary of Amortized Cost and Fair Value of Securities Available-For-Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	$ 601,890	$ 577,789
Debt Securities Available-for-sale, Gross Unrealized Gains	12,902	9,811
Debt Securities Available-for-sale, Gross Unrealized Losses	1,437	344
Debt Securities Available-for-sale, Fair Value	613,355	587,256
U.S. government and agency securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	67,928	53,836
Debt Securities Available-for-sale, Gross Unrealized Gains	1,770	383
Debt Securities Available-for-sale, Gross Unrealized Losses	1	28
Debt Securities Available-for-sale, Fair Value	69,697	54,191
States, Municipalities and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	80,598	74,755
Debt Securities Available-for-sale, Gross Unrealized Gains	2,164	1,641
Debt Securities Available-for-sale, Gross Unrealized Losses	25	41
Debt Securities Available-for-sale, Fair Value	82,737	76,355
Special Revenue [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	250,744	246,791
Debt Securities Available-for-sale, Gross Unrealized Gains	5,925	3,689
Debt Securities Available-for-sale, Gross Unrealized Losses	226	254
Debt Securities Available-for-sale, Fair Value	256,443	250,226
Hybrid Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	99	100
Debt Securities Available-for-sale, Gross Unrealized Gains		1
Debt Securities Available-for-sale, Gross Unrealized Losses	7
Debt Securities Available-for-sale, Fair Value	92	101
Industrial and Miscellaneous [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	202,521	202,307
Debt Securities Available-for-sale, Gross Unrealized Gains	3,043	4,097
Debt Securities Available-for-sale, Gross Unrealized Losses	1,178	21
Debt Securities Available-for-sale, Fair Value	$ 204,386	$ 206,383

Investments - Summary of Amor_2

Investments - Summary of Amortized Cost and Fair Value of Securities Available-For-Sale (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
U.S. government and agency securities [Member] | Pledged securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Carrying Amount	$ 19.4	$ 20.2

Investments - Schedule of Net R

Investments - Schedule of Net Realized Gains (Losses) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Securities Available-for-Sale
Total realized gains	$ 60	$ 5
Total realized losses	(1)	(67)
Net realized gains and (losses)	59	(62)
Fair Value at sale
Total realized gains, Fair Value at Sale	8,510	24,414
Total realized losses, Fair Value at Sale	256	6,141
Net realized gain and (losses), Fair Value at Sale	$ 8,766	$ 30,555

Investments - Additional Inform

Investments - Additional Information (Detail)	1 Months Ended	3 Months Ended
	Jan. 31, 2020USD ($)Note	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Investments [Line Items]
Net unrealized holding gain from sales of marketable securities			$ 1,100,000
Net loss from sales of marketable securities			(273,000)
Unrealized holding gain from sales of marketable securities			$ 1,400,000
Credit allowance for securities		$ 0
Other Investments, estimated fair value		6,375,000		$ 6,375,000
Limited Partnerships, REIT’s and Limited Liability Company Investments [Member]
Investments [Line Items]
Other Investments, estimated fair value		6,400,000		$ 6,400,000
Equity Securities [Member]
Investments [Line Items]
Proceeds from sale of marketable securities		$ 0
Secured Promissory Notes [Member]
Investments [Line Items]
Number of secured promissory notes | Note	2
Secured promissory notes in each	$ 3,750,000
Investment Interest Rate	8.00%
Principal payments in equal installments	$ 300,000,000
Investment maturity date	Feb. 1, 2023

Investments - Summary of Fixed

Investments - Summary of Fixed Maturity Securities by Contractual Maturity Periods (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]
Maturity date Due in one year or less, Cost or Amortized Cost	$ 75,247
Maturity date Due after one year through five years, Cost or Amortized Cost	206,284
Maturity date Due after five years through ten years, Cost or Amortized Cost	122,633
Maturity date Due after ten years, Cost or Amortized Cost	197,726
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	$ 601,890	$ 577,789
Maturity date Due in one year or less, Percentage of Total	13.00%
Maturity date Due after one year through five years, Percentage of Total	34.00%
Maturity date Due after five years through ten years, Percentage of Total	20.00%
Maturity date Due after ten years, Percentage of Total	33.00%
Maturity date Total, Percentage	100.00%
Maturity date Due in one year or less, Fair Value	$ 76,521
Maturity date Due after one year through five years, Fair Value	208,059
Maturity date Due after five years through ten years, Fair Value	126,435
Maturity date Due after ten years, Fair Value	202,340
Maturity date Total, Fair Value	$ 613,355	$ 587,256
Maturity date Due in one year or less, Percentage of Total	12.00%
Maturity date Due after one year through five years, Percentage of Total	34.00%
Maturity date Due after five years through ten years, Percentage of Total	21.00%
Maturity date Due after ten years, Percentage of Total	33.00%
Maturity date Total, Percentage	100.00%

Investments - Summary of Net In

Investments - Summary of Net Investment Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)	$ 4,608	$ 4,192
Less: Investment expenses	938	520
Net investment income, less investment expenses	3,670	3,672
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)	4,162	2,724
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)		309
Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)	352	817
Other Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)	$ 94	$ 342

Investments - Schedule of Debt

Investments - Schedule of Debt Securities Available-for-Sale in an Unrealized Loss Position (Detail) $ in Thousands	Mar. 31, 2020USD ($)Security	Dec. 31, 2019USD ($)Security
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale Less Than Twelve Months, Number of Securities | Security	190,000	102,000
Debt Securities Available-for-sale Less Than Twelve Months, Gross Unrealized Losses	$ 1,425	$ 206
Debt Securities Available-for-sale Less Than Twelve Months, Fair Value	$ 97,323	$ 46,552
Debt Securities Available-for-sale Twelve Months or More, Number of Securities | Security	20,000	137,000
Debt Securities Available-for-sale Twelve Months or More, Gross Unrealized Losses	$ 12	$ 138
Debt Securities Available-for-sale Twelve Months or More, Fair Value	$ 516	$ 22,089
U.S. government and agency securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale Less Than Twelve Months, Number of Securities | Security	3,000	9,000
Debt Securities Available-for-sale Less Than Twelve Months, Gross Unrealized Losses		$ 10
Debt Securities Available-for-sale Less Than Twelve Months, Fair Value	$ 160	$ 1,476
Debt Securities Available-for-sale Twelve Months or More, Number of Securities | Security	3,000	23,000
Debt Securities Available-for-sale Twelve Months or More, Gross Unrealized Losses	$ 1	$ 18
Debt Securities Available-for-sale Twelve Months or More, Fair Value	$ 71	$ 4,288
States, Municipalities and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale Less Than Twelve Months, Number of Securities | Security	8,000	6,000
Debt Securities Available-for-sale Less Than Twelve Months, Gross Unrealized Losses	$ 25	$ 38
Debt Securities Available-for-sale Less Than Twelve Months, Fair Value	$ 8,158	$ 7,613
Debt Securities Available-for-sale Twelve Months or More, Number of Securities | Security		3,000
Debt Securities Available-for-sale Twelve Months or More, Gross Unrealized Losses		$ 3
Debt Securities Available-for-sale Twelve Months or More, Fair Value		$ 1,440
Special Revenue [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale Less Than Twelve Months, Number of Securities | Security	33,000	62,000
Debt Securities Available-for-sale Less Than Twelve Months, Gross Unrealized Losses	$ 215	$ 145
Debt Securities Available-for-sale Less Than Twelve Months, Fair Value	$ 20,664	$ 24,862
Debt Securities Available-for-sale Twelve Months or More, Number of Securities | Security	15,000	95,000
Debt Securities Available-for-sale Twelve Months or More, Gross Unrealized Losses	$ 11	$ 109
Debt Securities Available-for-sale Twelve Months or More, Fair Value	$ 373	$ 13,159
Hybrid Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale Less Than Twelve Months, Number of Securities | Security	1,000
Debt Securities Available-for-sale Less Than Twelve Months, Gross Unrealized Losses	$ 7
Debt Securities Available-for-sale Less Than Twelve Months, Fair Value	$ 92
Industrial and Miscellaneous [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale Less Than Twelve Months, Number of Securities | Security	145,000	25,000
Debt Securities Available-for-sale Less Than Twelve Months, Gross Unrealized Losses	$ 1,178	$ 13
Debt Securities Available-for-sale Less Than Twelve Months, Fair Value	$ 68,249	$ 12,601
Debt Securities Available-for-sale Twelve Months or More, Number of Securities | Security	2,000	16,000
Debt Securities Available-for-sale Twelve Months or More, Gross Unrealized Losses		$ 8
Debt Securities Available-for-sale Twelve Months or More, Fair Value	$ 72	$ 3,202

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	$ 613,355	$ 587,256
Investments reported at NAV	7,974	7,993
Total investments	621,329	595,249
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	374	366
Total investments	374	366
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	612,981	586,890
Total investments	612,981	586,890
U.S. government and agency securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	69,697	54,191
U.S. government and agency securities [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	374	366
U.S. government and agency securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	69,323	53,825
States, Municipalities and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	82,737	76,355
States, Municipalities and Political Subdivisions [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	82,737	76,355
Special Revenue [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	256,443	250,226
Special Revenue [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	256,443	250,226
Hybrid Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	92	101
Hybrid Securities [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	92	101
Industrial and Miscellaneous [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	204,386	206,383
Industrial and Miscellaneous [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	$ 204,386	$ 206,383

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Federal home loan banks membership shares	$ 1.6	$ 1.6

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Nonrecurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non-recurring fair value adjustments	$ 0	$ 0

Other Comprehensive Income - Su

Other Comprehensive Income - Summary of Other Comprehensive Income (Loss) and Tax Impact of Each Component of Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other comprehensive income
Change in unrealized losses on investments, net, Pre-tax	$ 2,027	$ 8,036
Reclassification adjustment of realized losses (gains) included in net income, Pre-tax	(59)	335
Effect on other comprehensive income, Pre-tax	1,968	8,371
Change in unrealized losses on investments, net, Tax	(469)	(2,323)
Reclassification adjustment of realized losses (gains) included in net income, Tax	13	(85)
Effect on other comprehensive income, Tax	(456)	(2,408)
Change in unrealized losses on investments, net, After-tax	1,558	5,713
Reclassification adjustment of realized losses (gains) included in net income, After-tax	(46)	250
Effect on other comprehensive income, After-tax	$ 1,512	$ 5,963

Leases - Additional Information

Leases - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020
Lessee Lease Description [Line Items]
Lease renewal, Description	one or more options to renew.
Minimum [Member]
Lessee Lease Description [Line Items]
Lease terms	1 year
Renewal terms of lease	2 years
Maximum [Member]
Lessee Lease Description [Line Items]
Lease terms	10 years
Renewal terms of lease	10 years

Leases - Components of Lease Co

Leases - Components of Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Amortization of ROU assets - Finance leases	$ 22	$ 23
Interest on lease liabilities - Finance leases	6	7
Variable lease cost (cost excluded from lease payments)	130	111
Operating lease cost (cost resulting from lease payments)	343	176
Total lease cost	$ 501	$ 317

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information and Non-Cash Activity Related to Operating and Financing Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Finance lease - Operating cash flows	$ 6	$ 8
Finance lease - Financing cash flows	18	17
Operating lease - Operating cash flows (fixed payments)	368	171
Operating lease - Operating cash flows (liability reduction)	$ 264	$ 14

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Operating and Financing Leases (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
Right-of-use assets - operating	$ 6,475
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets
Right-of-use assets - finance	$ 280
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets
Lease Liability - operating	$ (8,195)
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities
Lease Liability - finance	$ (307)
Finance Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities

Leases - Supplemental Balance_2

Leases - Supplemental Balance Sheet Information Related to Operating and Financing Leases (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Mar. 30, 2019USD ($)
Leases [Abstract]
Lease incentives received	$ 1.3

Leases - Weighted-Average Remai

Leases - Weighted-Average Remaining Lease Term and Discount Rate for Operating and Financing Leases (Detail)	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Weighted average lease term - Finance leases	3 years 5 months 1 day	4 years 1 month 13 days
Weighted average lease term - Operating leases	7 years 8 months 4 days	8 years 5 months 23 days
Weighted average discount rate - Finance leases	7.10%	8.10%
Weighted average discount rate - Operating leases	5.30%	5.30%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities by Fiscal Year for Operating and Financing Leases (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
2020 remaining	$ 1,112
2021	1,495
2022	1,522
2023	1,471
2024	1,112
Thereafter	3,694
Total lease payments	10,406
Less: imputed interest	(1,904)
Present value of lease liabilities	$ 8,502

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total, at cost	$ 30,659	$ 30,585
Less: accumulated depreciation and amortization	(10,264)	(9,832)
Property and equipment, net	20,395	20,753
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	11,390	11,390
Computer Hardware and Software [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	5,725	5,712
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	2,007	2,007
Tenant and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	8,105	8,105
Vehicle Fleet [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	$ 850	$ 789

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)aft²Building	Mar. 31, 2019USD ($)
Property Plant And Equipment Useful Life And Values [Abstract]
Depreciation and amortization expense | $	$ 432,000	$ 571,000
Number of acres of land purchased | a	15
Number of buildings | Building	5
Gross area of acquired property | ft²	229,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 152,459,000		$ 152,459,000
Intangibles, net	67,051,000		$ 68,642,000
Indefinite lived intangible, insurance licenses	1,300,000
Amortization of intangible assets	1,600,000	$ 2,100,000
Impairment of intangible assets	$ 0	$ 0
Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset	2 years 6 months
Finite-lived intangible assets useful lives	2 years 6 months
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 Intangible_4

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	Mar. 31, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance	$ 152,459
Ending balance	$ 152,459

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Estimated Amortization of Intangible Assets (Details) $ in Thousands	Mar. 31, 2020USD ($)	[1]
Goodwill And Intangible Assets Disclosure [Abstract]
2020 - remaining	$ 4,774
2021	6,351
2022	6,351
2023	6,351
2024	6,351
Thereafter	35,558
Total	$ 65,736
[1]	Excludes insurance licenses valued at $1.3 million and classified as an indefinite lived intangible which is subject to annual impairment testing and not amortized

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Schedule of Estimated Amortization of Intangible Assets (Parenthetical) (Details) $ in Millions	Mar. 31, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Indefinite lived intangible, insurance licenses	$ 1.3

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, 2020	Mar. 31, 2019
Basic earnings per share:
Net income attributable to common stockholders (000's)	$ 7,620	$ 6,964
Weighted average shares outstanding	28,548,830	29,540,514
Basic earnings per share:	$ 0.27	$ 0.24
Diluted earnings per share:
Net income attributable to common stockholders (000's)	$ 7,620	$ 6,964
Weighted average shares outstanding	28,548,830	29,540,514
Weighted average dilutive shares	182	4,049
Total weighted average dilutive shares	28,549,012	29,544,563
Diluted earnings per share:	$ 0.27	$ 0.24

Deferred Reinsurance Ceding C_3

Deferred Reinsurance Ceding Commission - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Policy Acquisition Costs [Member]
Deferred Reinsurance Ceding Commission [Line Items]
Ceding commission income	$ 10.4	$ 12.9
General and Administrative Expenses [Member]
Deferred Reinsurance Ceding Commission [Line Items]
Ceding commission income	$ 3.5	$ 4.3

Deferred Reinsurance Ceding C_4

Deferred Reinsurance Ceding Commission - Schedule of Activity with Regard to Deferred Reinsurance Ceding Commission (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Insurance [Abstract]
Beginning balance of deferred ceding commission income	$ 37,464	$ 44,996
Ceding commission deferred	10,845	12,647
Less: ceding commission earned	(13,929)	(17,169)
Ending balance of deferred ceding commission income	$ 34,380	$ 40,474

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs - Summary of Activity in Deferred Policy Acquisition Costs (DPAC) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Insurance [Abstract]
Beginning Balance	$ 77,211	$ 73,055
Policy acquisition costs deferred	38,131	35,965
Amortization	(40,447)	(39,137)
Ending Balance	$ 74,895	$ 69,883

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 3,174,000	$ 2,369,000
Annual effective tax rate	29.40%	25.40%
Uncertain tax positions	$ 0		$ 0

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Liability (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Unearned premiums	$ 16,568	$ 12,585
Unearned commission	7,958	8,671
Tax-related discount on loss reserve	2,688	2,716
Stock-based compensation	527	297
Accrued expenses	1,358	757
Leases	337	331
Other	1,912	1,890
Total deferred tax asset	31,348	27,247
Deferred tax liabilities:
Deferred acquisition costs	17,335	17,871
Prepaid expenses	279	153
Unrealized gains	2,650	2,195
Property and equipment	1,102	1,029
Note discount	441	478
Basis in purchased investments	87	100
Basis in purchased intangibles	16,632	16,977
Other	1,449	1,067
Total deferred tax liabilities	39,975	39,870
Net deferred tax liability	$ (8,627)	$ (12,623)

Reinsurance - Additional inform

Reinsurance - Additional information (Detail)	3 Months Ended
	Mar. 31, 2020
Catastrophe [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Reinsurance premium, amortization period	12 months
Quota Share [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Reinsurance premium, amortization period	12 months

Reinsurance - Schedule of Effec

Reinsurance - Schedule of Effect of Reinsurance Arrangements in Consolidated Statement of Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Premiums Written
Premiums Written, Direct	$ 229,102	$ 210,348
Premiums Written, Ceded	(30,637)	(46,842)
Premiums Written, Net	198,465	163,506
Premiums Earned
Premiums Earned, Direct	234,716	228,590
Premiums Earned, Ceded	(108,710)	(118,899)
Net premiums earned	126,006	109,691
Losses and Loss Adjustment Expenses
Losses and Loss Adjustment Expenses, Direct	107,365	112,176
Losses and Loss Adjustment Expenses, Ceded	(39,184)	(50,037)
Losses and Loss Adjustment Expenses, Net	$ 68,181	$ 62,139

Reserve for Unpaid Losses - Sum

Reserve for Unpaid Losses - Summary of Reserve for Unpaid Losses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Insurance [Abstract]
Balance, beginning of period	$ 613,533	$ 432,359
Less: reinsurance recoverable on unpaid losses	393,630	250,507
Net balance, beginning of period	219,903	181,852
Incurred related to:
Current year	72,331	62,725
Prior years	(4,150)	(586)
Total incurred	68,181	62,139
Paid related to:
Current year	21,236	8,362
Prior years	47,308	45,616
Total paid	68,544	53,978
Net balance, end of period	219,540	190,013
Plus: reinsurance recoverable on unpaid losses	387,637	214,471
Balance, end of period	$ 607,177	$ 404,484

Reserve for Unpaid Losses - Add

Reserve for Unpaid Losses - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Insurance [Abstract]
Unpaid losses and loss adjustment expenses	$ 219,540	$ 219,903	$ 190,013	$ 181,852
Unpaid losses and loss adjustment expenses attributable to IBNR net of reinsurance recoverable	$ 169,200
Net reserves for unpaid losses and loss adjustment expenses, percentage	77.10%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	Jan. 02, 2020	Feb. 19, 2019	Dec. 31, 2018	Oct. 31, 2017	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Sep. 30, 2017	Aug. 31, 2017
Debt Instrument [Line Items]
Long-term debt, net					$ 125,775,000		$ 129,248,000
Issuance and debt discount costs					4,508,000		4,857,000
Convertible notes converted into common stock						$ 4,210,000
Payout dividends, aggregate amount					1,750,000	1,601,000
Maximum [Member]
Debt Instrument [Line Items]
Payout dividends, aggregate amount					10,000,000
Federal Home Loan Bank Of Atlanta [Member]
Debt Instrument [Line Items]
Interest paid					150,000	148,500
FHLB advance Interest rate			3.094%
Cash loan received under advance from FHLB			$ 19,200,000
Required fair value of reinvestment in FHLB common stock.			$ 1,400,000		1,400,000
Estimated fair value of collateral with FHLB					19,400,000
Federal Home Loan Bank Des Moines [Member]
Debt Instrument [Line Items]
Required fair value of reinvestment in FHLB common stock.					146,300		146,300
Federal Home Loan Bank Boston [Member]
Debt Instrument [Line Items]
Required fair value of reinvestment in FHLB common stock.					$ 76,600		76,600
Convertible Note [Member] | Heritage Insurance Holdings, Inc. [Member]
Debt Instrument [Line Items]
Repurchase of convertible notes		$ 5,800,000
Cash consideration paid for repurchase of debt		$ 2,900,000
Shares issued for consideration of repurchase debt		285,201
Convertible notes converted into common stock		$ 4,200,000
Non-operating loss extinguishment of debt		$ 48,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount								$ 136,800,000
Interest rate								5.875%	5.875%
Investment maturity date					Aug. 1, 2037
Interest payments term					Interest is payable semi-annually in arrears, on February 1, and August 1 of each year, commencing in 2018.
Long-term debt, net					$ 21,500,000
Issuance and debt discount costs					1,900,000
Interest paid					1,400,000	1,500,000
Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Notes maturity period			5 years
Maximum borrowing capacity			$ 125,000,000
Senior Secured Credit Facility [Member] | Term Loan Facility [Member]
Debt Instrument [Line Items]
Aggregate principal amount					1,900,000		69,400,000
Interest paid					1,200,000	1,100,000
Maximum borrowing capacity			75,000,000
Principal payments in equal installments	$ 1,900,000
Aggregate remaining principal amount					$ 65,600,000
Effective interest rate					4.94%
Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Interest paid					$ 265,900	251,700
Maximum borrowing capacity			$ 50,000,000		50,000,000
Outstanding borrowing capacity amount					10,000,000		10,000,000
Letters of credit outstanding amount					$ 0		$ 0
Effective interest rate					5.74%
Senior Secured Credit Facility [Member] | Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 5,000,000
Senior Secured Credit Facility [Member] | Swingline Loan [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 10,000,000
Collateral Financial Arrangement [Member] | Skye Lane Properties LLC [Member] | Mortgage Loan [Member]
Debt Instrument [Line Items]
Aggregate principal amount				$ 12,700,000
Interest rate				4.95%
Investment maturity date				Oct. 30, 2027
Frequency of periodic principal and interest payments					monthly
Payment of principal and interest					$ 223,200	$ 223,200
Collateral Financial Arrangement [Member] | Skye Lane Properties LLC [Member] | Mortgage Loan [Member] | 5-year Treasury Security [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				3.10%

Long-Term Debt - Schedule of Co

Long-Term Debt - Schedule of Company's Debt and Credit Facilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal amount	$ 130,283	$ 134,105
Less: unamortized discount and issuance costs	4,508	4,857
Total long-term debt	125,775	129,248
Term Loan Facility [Member]
Debt Instrument [Line Items]
Principal amount	65,625	69,375
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Principal amount	10,000	10,000
Convertible Debt [Member]
Debt Instrument [Line Items]
Principal amount	23,413	23,413
FHLB Loan Agreement [Member]
Debt Instrument [Line Items]
Principal amount	19,200	19,200
Mortgage Loan [Member]
Debt Instrument [Line Items]
Principal amount	$ 12,045	$ 12,117

Long-Term Debt - Schedule of Pr

Long-Term Debt - Schedule of Principal Payments on Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020 remaining	$ 5,843
2021	7,806
2022	7,822
2023	74,539
2024	354
Thereafter	33,919
Total	$ 130,283	$ 134,105

Accounts Payable and Other Li_3

Accounts Payable and Other Liabilities - Schedule of Accounts Payable and Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Deferred ceding commission	$ 34,380	$ 37,464
Accounts payable and other payables	8,265	7,225
Lease obligations	8,501	8,369
Accrued interest and issuance costs	259	1,052
Accrued dividends	1,726	1,750
Other liabilities	112	387
Commission payables	11,719	14,798
Total other liabilities	$ 64,962	$ 71,045

Statutory Accounting and Regu_2

Statutory Accounting and Regulations - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
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
NBIC [Member]
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	3,000,000
Heritage P&C, Zephyr, NBIC and PIC [Member]
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	$ 350,800,000	$ 351,800,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Jul. 31, 2019	Jan. 31, 2017	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Mrs. Shannon Lucas [Member]
Related Party Transaction [Line Items]
Consulting fees hourly rate		$ 400
Immediate Family Member of Management or Principal Owner [Member]
Related Party Transaction [Line Items]
Consulting fees			$ 23,900	$ 102,000	$ 344,400
Heritage Property & Casualty Insurance Company and NBIC [Member] | Director [Member]
Related Party Transaction [Line Items]
Director annual compensation		$ 150,000
Comegys Insurance Agency, Inc. [Member]
Related Party Transaction [Line Items]
Agency commission			$ 179,800	$ 10,700	$ 598,000	$ 509,900
Comegys Insurance Agency, Inc. [Member] | Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Director annual compensation	$ 150,000

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Defined Contribution Plan Disclosure [Line Items]
Contribution for participating employees	$ 339,300	$ 255,700
Defined Contribution Plan, Plan Name	401(k)
Medical premium cost	$ 910,000	$ 841,400
Additional liability for unpaid claims	903,100
Stop loss coverage per employee	150,000
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]
Percentage of contribution on employee salary	4.00%
Defined contribution plan, aggregate limit for losses in provided amount	$ 1,000,000
First 3% of Employees [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of contribution on employee salary	100.00%
Next 2% of the Employees [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of contribution on employee salary	50.00%

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($)	Feb. 27, 2020	Aug. 01, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
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			27,891,518		28,650,918
Treasury stock, shares			9,116,383		8,349,483
Additional paid-in capital			$ 330,680,000		$ 329,568,000
Common stock voting rights			one vote
Stock repurchase program, authorized amount		$ 50,000,000	$ 25,800,000
Stock repurchase program, expiration date		Dec. 31, 2020	Dec. 31, 2020
Treasury shares repurchased, shares			766,900
Treasury shares repurchased, value			$ 7,986,000	$ 5,011,000
Stock repurchased in connection with vesting of restricted stock unit			17,500
Stock repurchased in connection with vesting of restricted stock unit, value			$ 233,000
Cash dividend per common share	$ 0.06
Cash dividend, payable date	Apr. 3, 2020
Dividend payable, record date	Mar. 16, 2020
Restricted Stock [Member]
Class Of Stock [Line Items]
Unvested restricted common stock issued			320,534		345,534

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	May 22, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock awards granted	0
Maximum tenure of stock option from the date of grant	10 years
Exercisable period of vested awards	30 days
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,300,000	$ 1,300,000
Unrecognized stock compensation expense	$ 4,200,000
Restricted stock vested and released	25,000	25,000
Shares withheld to cover withholding taxes	17,500
Shares withheld to cover withholding taxes, value	$ 233,000
Restricted Stock [Member] | Employee [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	5 years
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
Minimum [Member] | Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	5 years
Maximum [Member] | Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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	1,568,518

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Restricted Stock Activity (Detail) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, Number of shares | shares	345,534
Vested, Number of shares | shares	(7,500)
Canceled and surrendered, Number of shares | shares	(17,500)
Ending balance, Number of shares | shares	320,534
Beginning balance, Weighted-Average Grant-Date Fair Value per Share | $ / shares	$ 19.56
Vested, Weighted-Average Grant-Date Fair Value per Share | $ / shares	13.25
Canceled and surrendered, Weighted-Average Grant-Date Fair Value per Share | $ / shares	13.25
Ending balance, Weighted-Average Grant-Date Fair Value per Share | $ / shares	$ 20.05

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	May 04, 2020	Apr. 27, 2020	Feb. 27, 2020
Subsequent Event [Line Items]
Cash dividend per common share			$ 0.06
Cash dividend, payable date			Apr. 3, 2020
Dividend payable, record date			Mar. 16, 2020
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash dividend, declared date	May 4, 2020
Cash dividend per common share	$ 0.06
Cash dividend, payable date	Jul. 6, 2020
Dividend payable, record date	Jun. 15, 2020
Subsequent Event [Member] | Senior Secured Credit Facility [Member] | Second Amendment [Member]
Subsequent Event [Line Items]
Covenant description		The Second Amendment modified the negative covenants in the Credit Agreement to permit the Company to make acquisitions and investments if, after giving effect to the acquisition or investment, either (1) the Company has an aggregate of $25.0 million in cash and availability under the revolving credit facility or (2) the consolidated leverage ratio under the Credit Agreement is at least a quarter turn less than the required ratio for the trailing four quarters.
Subsequent Event [Member] | Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member] | Second Amendment [Member]
Subsequent Event [Line Items]
Aggregate availability amount		$ 25