Heritage Insurance (HRTG) 10-Q7 May 212021 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 03, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
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		27,965,190
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, 2021	Dec. 31, 2020
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost of $625,773 and $553,172)	$ 622,923	$ 561,011
Equity securities, at cost	1,415	1,599
Other investments	26,409	26,409
Total investments	650,747	589,019
Cash and cash equivalents	402,770	440,956
Restricted cash	5,427	5,427
Accrued investment income	2,872	2,737
Premiums receivable, net	84,336	77,471
Reinsurance recoverable on paid and unpaid claims, net of allowance for estimated uncollectible reinsurance of $45	326,276	355,037
Prepaid reinsurance premiums	172,223	245,818
Income taxes receivable	29,896	32,224
Deferred policy acquisition costs, net	88,876	89,265
Property and equipment, net	18,674	18,685
Intangibles, net	60,689	62,277
Goodwill	152,459	152,459
Other assets	19,549	18,004
Total Assets	2,014,794	2,089,379
LIABILITIES AND STOCKHOLDERS' EQUITY
Unpaid losses and loss adjustment expenses	637,882	659,341
Unearned premiums	573,411	569,618
Reinsurance payable	144,206	161,918
Long-term debt, net	119,501	120,998
Deferred income tax, net	11,109	18,477
Advance premiums	21,497	18,268
Accrued compensation	8,112	9,325
Accounts payable and other liabilities	71,628	89,090
Total Liabilities	1,587,346	1,647,035
Commitments and contingencies (Note 17)
Stockholders’ Equity:
Common stock, $0.0001 par value, 50,000,000 shares authorized, 27,965,190 shares issued and 27,904,923 shares outstanding at March 31, 2021; 27,883,873 shares issued and 27,748,606 shares outstanding at December 31, 2020	3	3
Additional paid-in capital	332,000	331,867
Accumulated other comprehensive (loss) income	(2,145)	6,057
Treasury stock, at cost, 9,279,839 and 9,279,839 shares	(115,365)	(115,365)
Retained earnings	212,955	219,782
Total Stockholders' Equity	427,448	442,344
Total Liabilities and Stockholders' Equity	$ 2,014,794	$ 2,089,379

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Fixed maturities, at amortized cost	$ 625,773	$ 553,172
Reinsurance recoverable net of allowance for estimated uncollectible reinsurance	$ 45	$ 45
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	27,965,190	27,883,873
Common stock, shares outstanding	27,904,923	27,748,606
Treasury stock, shares	9,279,839	9,279,839

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES:
Gross premiums written	$ 274,181	$ 229,102
Change in gross unearned premiums	(3,770)	5,614
Gross premiums earned	270,411	234,716
Ceded premiums	(128,212)	(108,710)
Net premiums earned	142,199	126,006
Net investment income	1,293	3,670
Net realized gains	80	59
Other revenue	3,671	2,971
Total revenues	147,243	132,706
EXPENSES:
Losses and loss adjustment expenses	97,909	68,181
Policy acquisition costs, net of ceding commission income	35,366	30,047
General and administrative expenses, net of ceding commission income	19,800	21,718
Total expenses	153,075	119,946
Operating (loss) income	(5,832)	12,760
Interest expense, net	1,878	1,966
(Loss) income before income taxes	(7,710)	10,794
(Benefit) provision for income taxes	(2,562)	3,174
Net (loss) income	(5,148)	7,620
OTHER COMPREHENSIVE INCOME
Change in net unrealized (losses) gains on investments	(10,597)	2,027
Reclassification adjustment for net realized investment gains	(80)	(59)
Income tax expense (benefit) related to items of other comprehensive income	2,475	(456)
Total comprehensive (loss) income	$ (13,350)	$ 9,132
Weighted average shares outstanding
Basic	27,827,804	28,548,830
Diluted	27,827,804	28,549,012
(Loss) earnings per share
Basic	$ (0.19)	$ 0.27
Diluted	$ (0.19)	$ 0.27

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Ceding commission income	$ 15,033	$ 13,929
Policy Acquisition Costs [Member]
Ceding commission income	11,300	10,400
General and Administrative Expenses [Member]
Ceding commission income	$ 3,700	$ 3,500

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Common Stock [Member]	Common Stock [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Retained Earnings [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Treasury Shares [Member]	Treasury Shares [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Other Comprehensive Income [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Beginning Balance at Dec. 31, 2019	$ 448,799		$ 448,765	$ 3	$ 3	$ 329,568	$ 329,568	$ 217,266		$ 217,232	$ (105,368)	$ (105,368)	$ 7,330	$ 7,330
Beginning Balance (ASU 2016-13 [Member]) at Dec. 31, 2019		$ (34)							$ (34)
Beginning Balance, Shares at Dec. 31, 2019				28,650,918	28,650,918
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, 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)
Cash dividends declared	(1,726)							(1,726)
Net (loss) 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
Beginning Balance at Dec. 31, 2020	442,344			$ 3		331,867		219,782			(115,365)		6,057
Beginning Balance, Shares at Dec. 31, 2020				27,748,606
Net unrealized change in investments, net of tax	(8,202)												(8,202)
Shares tendered for income taxes withholding	(127)					(127)
Shares tendered for income taxes withholding, Shares				(12,500)
Restricted stock vested, Shares				25,000
Issued restricted stock, Shares				143,817
Stock-based compensation on restricted stock	$ 260					260
Stock buy-back, Shares	0
Cash dividends declared	$ (1,679)							(1,679)
Net (loss) income	(5,148)							(5,148)
Ending balance at Mar. 31, 2021	$ 427,448			$ 3		$ 332,000		$ 212,955			$ (115,365)		$ (2,145)
Ending balance, Shares at Mar. 31, 2021				27,904,923

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - Parenthetical - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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 ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES
Net (loss) income	$ (5,148)	$ 7,620
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Stock-based compensation	260	1,345
Bond amortization and accretion	917	1,359
Amortization of original issuance discount on debt	455	349
Depreciation and amortization	2,020	2,024
Allowance for bad debt	76
Net realized investment gains	(80)	(59)
Deferred income taxes	(4,893)	(4,452)
Changes in operating assets and liabilities:
Accrued investment income	(135)	115
Premiums receivable, net	(6,941)	771
Prepaid reinsurance premiums	73,595	78,073
Reinsurance recoverable on paid and unpaid claims	28,761	53,880
Income taxes receivable	2,328	3,171
Deferred policy acquisition costs, net	389	2,316
Right of use leased asset	245	110
Other assets	(1,790)	(8,739)
Unpaid losses and loss adjustment expenses	(21,459)	(6,356)
Unearned premiums	3,793	(5,593)
Reinsurance payable	(17,712)	(54,391)
Accrued interest	(666)	(1,172)
Accrued compensation	(1,213)	2,890
Advance premiums	3,229	12,890
Income taxes payable		8,878
Operating lease liabilities	(271)	(264)
Other liabilities	(16,533)	(9,068)
Net cash provided by operating activities	39,227	85,697
INVESTING ACTIVITIES
Fixed maturity securities sales, maturities and paydowns	40,470	58,462
Fixed maturity securities purchases	(113,890)	(83,891)
Equity securities sales	177	26
Equity securities purchases		(6)
Cost of property and equipment acquired	(421)	(76)
Net cash used in investing activities	(73,664)	(25,485)
FINANCING ACTIVITIES
Repayment of term note	(1,875)	(3,750)
Mortgage loan payments	(77)	(72)
Purchase of treasury stock		(7,986)
Tax withholdings on share-based compensation awards	(127)	(233)
Dividends paid	(1,670)	(1,750)
Net cash used in financing activities	(3,749)	(13,791)
(Decrease) increase in cash, cash equivalents, and restricted cash	(38,186)	46,421
Cash, cash equivalents and restricted cash, beginning of period	446,383	283,008
Cash, cash equivalents and restricted cash, end of period	408,197	329,429
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	$ 1,808	$ 2,418

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 402,770	$ 440,956
Restricted cash	5,427	5,427
Total	$ 408,197	$ 446,383	$ 329,429	$ 283,008

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
Basis of Presentation and Significant Accounting Policies	Mar. 31, 2021
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, 2020 (the “2020 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 2020 Form 10-K. Reclassification Certain prior year amounts have been reclassified to conform to the current year presentation. Accounting Pronouncements not yet adopted The Company has documented the summary of its significant accounting policies in its Notes to the Audited Consolidated Financial Statements annual report on Form 10-K for the year ended December 31, 2020, filed on March 9, 2021. There have been no material changes to the Company’s accounting policies since the filing of that report. No other new accounting pronouncements issued but not yet effective have had, or are expected to have, a material impact on our results of operations or financial position.

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Investments	NOTE 2. INVESTMENTS Securities Available-for-Sale The amortized cost, gross unrealized gains and losses, and fair value of the Company’s debt securities available-for-sale are as follows for the periods: March 31, 2021 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) $ 43,089 $ 433 $ 3 $ 43,519 States, municipalities and political subdivisions 97,804 312 1,191 96,925 Special revenue 291,277 1,779 2,970 290,086 Hybrid securities 99 1 — 100 Industrial and miscellaneous 193,504 1,439 2,650 192,293 Total $ 625,773 $ 3,964 $ 6,814 $ 622,923 (1) Includes securities at March 31, 2021 with a carrying amount of $22.2 million that were pledged as collateral for the advance agreement entered into with a financial institution in 2018. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time. December 31, 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) $ 29,985 $ 609 $ 1 $ 30,593 States, municipalities and political subdivisions 84,597 1,077 4 85,670 Special revenue 271,194 3,154 27 274,321 Hybrid securities 100 — — 100 Industrial and miscellaneous 167,296 3,070 39 170,327 Total $ 553,172 $ 7,910 $ 71 $ 561,011 (1) Includes securities at December 31, 2020 with a carrying amount of $20.2 million that were pledged as collateral for the advance agreement entered into with a financial institution in 2018. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time. The following table presents net realized gains (losses) on the Company’s debt securities available-for-sale for the three months ended March 31, 2021 and 2020, respectively: 2021 2020 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 $ 83 $ 10,431 $ 60 $ 8,510 Total realized losses (3 ) 642 (1 ) 256 Net realized gains and (losses) $ 80 $ 11,073 $ 59 $ 8,766 The table below summarizes the Company’s fixed maturity securities at March 31, 2021 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, 2021 Cost or Amortized Cost Percent of Total Fair Value Percent of Total Maturity dates: (In thousands) Due in one year or less $ 78,937 13 % $ 79,291 13 % Due after one year through five years 177,382 28 % 178,603 29 % Due after five years through ten years 204,746 33 % 200,886 32 % Due after ten years 164,708 26 % 164,143 26 % Total $ 625,773 100 % $ 622,923 100 % The following table summarizes the Company’s net investment income by major investment category for the three months ended March 31, 2021 and 2020, respectively: Three Months Ended March 31, 2021 2020 (In thousands) Debt securities $ 1,418 $ 4,162 Equity securities — — Cash and cash equivalents 28 352 Other investments 371 94 Net investment income 1,817 4,608 Less: Investment expenses 524 938 Net investment income, less investment expenses $ 1,293 $ 3,670 The following tables present, for all debt securities available-for-sale in an unrealized loss position (including securities pledged), the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position at March 31, 2021 and December 31, 2020, respectively: Less Than Twelve Months Twelve Months or More March 31, 2021 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 4 $ 3 $ 361 $ — $ — $ — States, municipalities and political subdivisions 66 1,191 55,427 — — — Special revenue 159 2,966 127,866 10 4 101 Industrial and miscellaneous 131 2,650 102,756 — — — Total fixed maturity securities 360 $ 6,810 $ 286,410 10 $ 4 $ 101 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 bond issuers continue to make timely principal and interest payments on the bonds. 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, 2021. We attribute the price decline and subsequent increase in our unrealized losses to interest rates rather than any sort of fundamental deterioration. Less Than Twelve Months Twelve Months or More December 31, 2020 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 3 $ 1 $ 73 1 $ — $ 7 States, municipalities and political subdivisions 6 4 5,158 — — — Special revenue 27 24 16,439 9 3 73 Industrial and miscellaneous 26 39 16,025 — — — Total fixed maturity securities 62 $ 68 $ 37,695 10 $ 3 $ 80 Other Investments Non-Consolidating Variable Interest Entities (“VIEs”) The Company makes passive investments in limited partnerships (“LPs”), limited liability companies (“LLCs”), and a Real Estate Investment Trusts (“REITs”). These investments are accounted for using the equity method, with income reported in net realized and unrealized gains and losses or the measurement alternative method, which is reported at cost less impairment (if any), plus or minus changes from observable price changes. These investments are generally of a passive nature and the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. Investments in these entities are by nature less liquid and may involve more risk than other investments. The Company’s maximum exposure to loss with respect to these investments is limited to the investments carrying amounts reported as “other investments” in the Company’s condensed consolidated balance sheet. In 2020, the Company entered into agreements for preferred units in the amounts of $7.5 million and $9.9 million. The preferred units are measured at amortized cost under the guidance of ASC 320 and are subject to a fixed principal and interest payment schedule with maturity dates of February 1, 2023 and April 1, 2021, respectively. For the three months ended March 31, 2021, the Company received $348,000 in interest payments from the preferred units. There is no active market for these investments. The following table summarizes the carrying value and maximum loss exposure of the Company’s non-consolidated VIEs at March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure (in thousands) Investments in non-consolidated VIEs $ 26,409 $ 26,409 $ 6,375 $ 6,375 No agreements exist requiring the Company to provide additional funding to any of the non-consolidated VIEs in excess of the Company’s initial investment.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	NOTE 3. FAIR VALUE OF FINANCIAL MEASUREMENTS Fair value is determined based on the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. 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 or not observable in the market. The three levels in the hierarchy are as follows: • Level 1 – Unadjusted quoted prices are available in active markets for identical assets/liabilities as of the reporting date. • Level 2 – Valuations based on observable inputs, such as quoted prices for similar assets or liabilities at the measurement date; quoted prices in the markets that are not active; or other inputs that are observable, either directly or indirectly. • Level 3 – Pricing inputs are unobservable and significant to the overall fair value measurement, and the determination of fair value requires significant management judgment or estimation. The highest priority is assigned to Level 1 inputs and the lowest priority to Level 3 inputs. We did not hold any Level 3 assets or liabilities as of March 31, 2021 or December 31, 2020. The following table present information about the Company’s assets measured at fair value on a recurring basis. The Company assesses the levels for the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company’s accounting policy regarding the recognitions of transfers between levels of the fair value hierarchy. The table below present the balances of our invested assets measured at fair value on a recurring basis: March 31, 2021 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Invested Assets: (in thousands) Debt Securities Available-for-sale U.S. government and agency securities $ 43,519 $ 370 $ 43,149 $ — States, municipalities and political subdivisions 96,925 — 96,925 — Special revenue 290,086 — 290,086 — Hybrid securities 100 — 100 — Industrial and miscellaneous 192,293 — 192,293 — Total investments $ 622,923 $ 370 $ 622,553 $ — December 31, 2020 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Invested Assets: (in thousands) Debt Securities Available-for-sale U.S. government and agency securities $ 30,593 $ 371 $ 30,222 $ — States, municipalities and political subdivisions 85,670 — 85,670 — Special revenue 274,321 — 274,321 — Hybrid securities 100 — 100 — Industrial and miscellaneous 170,327 — 170,327 — Total investments $ 561,011 $ 371 $ 560,640 $ — Financial Instruments excluded from the fair value hierarchy 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. The rate at which revolving loans and borrowings under our senior secured credit facility bear interest resets periodically at market interest rates. All of these items are considered Level 1 assets and liabilities. 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, 2021 and 2020, 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 2021 and 2020. We record any measurement period adjustments to the fair value of assets acquired and liabilities assumed, with the corresponding offset to goodwill.

Other Comprehensive (Loss) Inco

Other Comprehensive (Loss) Income	3 Months Ended
Other Comprehensive (Loss) Income	Mar. 31, 2020
Comprehensive Income Net Of Tax [Abstract]
Other Comprehensive (Loss) Income	NOTE 4. OTHER COMPREHENSIVE (LOSS) INCOME The following table is a summary of other comprehensive (loss) income and discloses the tax impact of each component of other comprehensive (loss) income for the three months ended March 31, 2021 and 2020, respectively: For the Three Months Ended March 31, 2021 2020 Pre-tax Tax After-tax Pre-tax Tax After-tax (in thousands) Other comprehensive (loss) income Change in unrealized (losses) gains on investments, net $ (10,597 ) $ 2,457 $ (8,140 ) $ 2,027 $ (469 ) $ 1,558 Reclassification adjustment of realized gains included in net income (80 ) 18 (62 ) (59 ) 13 (46 ) Effect on other comprehensive (loss) income $ (10,677 ) $ 2,475 $ (8,202 ) $ 1,968 $ (456 ) $ 1,512

Leases

Leases	3 Months Ended
Leases	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, 2021 and 2020 were as follows (in thousands): Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Amortization of ROU assets - Finance leases $ 37 $ 22 Interest on lease liabilities - Finance leases 9 6 Variable lease cost (cost excluded from lease payments) 121 130 Operating lease cost (cost resulting from lease payments) 340 343 Total lease cost $ 507 $ 501 Supplemental cash flow information and non-cash activity related to our operating and financing leases were as follows (in thousands): Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Finance lease - Operating cash flows $ 9 $ 6 Finance lease - Financing cash flows $ 30 $ 18 Operating lease - Operating cash flows (fixed payments) $ 367 $ 368 Operating lease - Operating cash flows (liability reduction) $ 271 $ 264 Supplemental balance sheet information related to our operating and financing leases as of March 31, 2021 were as follows (in thousands): Balance Sheet Classification March 31, 2021 Right-of-use assets - operating Other assets $ 5,747 Right-of-use assets - finance Other assets $ 469 Lease liability - operating (1) Accounts payable and other liabilities $ 7,371 Lease liability - finance Accounts payable and other liabilities $ 515 (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 were as follows: March 31, 2021 March 31, 2020 Weighted average lease term - Finance leases 3.54 yrs. 3.42 yrs. Weighted average lease term - Operating leases 6.78 yrs. 7.68 yrs. Weighted average discount rate - Finance leases 6.9 % 7.1 % Weighted average discount rate - Operating leases 5.3 % 5.3 % Maturities of lease liabilities by fiscal year for our operating and financing leases were as follows (in thousands): March 31, 2021 2021 remaining $ 1,242 2022 1,660 2023 1,550 2024 1,183 2025 885 Thereafter 2,906 Total lease payments 9,426 Less: imputed interest (1,540 ) Present value of lease liabilities $ 7,886

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
Property and Equipment, Net	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, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (In thousands) Land $ 2,582 $ 2,582 Building 10,141 10,141 Computer hardware and software 6,680 6,358 Office furniture and equipment 2,034 2,027 Tenant and leasehold improvements 8,225 8,133 Vehicle fleet 850 850 Total, at cost 30,512 30,091 Less: accumulated depreciation and amortization (11,838 ) (11,406 ) Property and equipment, net $ 18,674 $ 18,685 Depreciation and amortization expense for property and equipment was $432,300 and $432,000 for the three months ended March 31, 2021 and 2020, respectively. The Company’s real estate consists of 15 acres of land and 5 buildings with a gross area of 191,200 square feet and a parking garage. Approximately 75% of the building in Clearwater is leased to unaffiliated tenants. Following our planned relocation to our new Tampa headquarters, which is expected to occur in the second half of 2021, we intend to sublease the remaining available space at the Clearwater location to unaffiliated tenants.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
Goodwill and Other Intangible Assets	Mar. 31, 2021
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, 2021 and December 31, 2020 goodwill was $152.5 million and intangible assets were $60.7 million and $62.3 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, 2020 $ 152,459 Goodwill acquired — Impairment — Balance as of March 31, 2021 $ 152,459 Other Intangible Assets Our intangible assets consist of brand, agent relationships, renewal rights, customer relations, trade names, non-competes and insurance licenses. Amortization expense of our intangible assets was $1.6 million and $1.6 million for the three months ended March 31, 2021 and 2020, respectively. No impairment in the value of amortizing or non-amortizing intangible assets was recognized during the three months ended March 31, 2021 or 2020. Estimated annual pretax amortization of intangible assets for each of the next five years and thereafter is as follows (in thousands): Year Amount (1) 2021 - remaining $ 4,763 2022 $ 6,351 2023 $ 6,351 2024 $ 6,351 2025 $ 6,315 Thereafter $ 29,243 Total $ 59,374 (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
Earnings Per Share	Mar. 31, 2021
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, 2021 2020 Basic (loss) earnings per share: Net (loss) income attributable to common stockholders (000's) $ (5,148 ) $ 7,620 Weighted average shares outstanding 27,827,804 28,548,830 Basic (loss) earnings per share: $ (0.19 ) $ 0.27 Diluted (loss) earnings per share: Net (loss) income attributable to common stockholders (000's) $ (5,148 ) $ 7,620 Weighted average shares outstanding 27,827,804 28,548,830 Weighted average dilutive shares — 182 Total weighted average dilutive shares 27,827,804 28,549,012 Diluted (loss) earnings per share: $ (0.19 ) $ 0.27 Due to the net loss for the three months ended March 31, 2021, the number of dilutive shares is the same as the number of basic shares due to the antidilutive impact of the convertible debt and restricted stock under the if-converted method. The convertible notes were excluded from the computations because the conversion price on these notes was greater than the average market price of our common shares during each of the respective periods, and therefore, would be anti-dilutive to earnings per share under the treasury method. The Company had 1,629,503 and 1,889,770 antidilutive shares as of March 31, 2021 and 2020, respectively.

Deferred Reinsurance Ceding Com

Deferred Reinsurance Ceding Commission	3 Months Ended
Deferred Reinsurance Ceding Commission	Mar. 31, 2021
Insurance [Abstract]
Deferred Reinsurance Ceding Commission	NOTE 9. DEFERRED REINSURANCE CEDING COMMISSION The Company defers reinsurance ceding commission income, which is amortized over the effective period of the related insurance policies. For the three months ended March 31, 2021 and 2020, the Company allocated ceding commission income of $11.3 million and $10.4 million to policy acquisition costs and $3.7 million and $3.5 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, 2021 and 2020. Three Months Ended March 31, 2021 2020 (In thousands) Beginning balance of deferred ceding commission income $ 39,995 $ 37,464 Ceding commission deferred 13,029 10,845 Less: ceding commission earned (15,033 ) (13,929 ) Ending balance of deferred ceding commission income $ 37,991 $ 34,380

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	3 Months Ended
Deferred Policy Acquisition Costs	Mar. 31, 2021
Insurance [Abstract]
Deferred Policy Acquisition Costs	NOTE 10. DEFERRED POLICY ACQUISITION COSTS The Company defers certain costs in connection with written policies, called deferred policy acquisition costs (“DPAC”), which are amortized over the effective period of the related insurance policies. The Company anticipates that its DPAC will be fully recoverable in the near term. The table below depicts the activity with regard to DPAC for the three months ended March 31, 2021 and 2020. Three Months Ended March 31, 2021 2020 (In thousands) Beginning Balance $ 89,265 $ 77,211 Policy acquisition costs deferred 46,675 38,131 Amortization (47,064 ) (40,447 ) Ending Balance $ 88,876 $ 74,895

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 11. INCOME TAXES For the three months ended March 31, 2021 and 2020, the Company recorded an income tax benefit of $(2.6) million and an income tax expense of $3.2 million, respectively, which corresponds to effective tax rates of 33.2% and 29.4%, respectively. Effective tax rates are dependent upon components of pre-tax earnings and the related tax effects. The effective tax rate for each three month period 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 can also fluctuate 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, 2021 December 31, 2020 Deferred tax assets: (In thousands) Unearned premiums $ 19,271 $ 15,303 Unearned commission 8,807 9,272 Net operating loss 1,484 1,885 Tax-related discount on loss reserve 3,426 3,322 Stock-based compensation 114 113 Accrued expenses 1,110 982 Leases 379 394 Unrealized losses 661 — Other 358 343 Total deferred tax asset 35,610 31,614 Deferred tax liabilities: Deferred acquisition costs 20,604 20,694 Prepaid expenses 202 236 Unrealized gains — 1,814 Property and equipment 1,605 1,669 Note discount 286 326 Basis in purchased investments 48 53 Basis in purchased intangibles 15,346 15,693 Internal revenue code 481(a)-Accounting method change 7,505 8,577 Other 1,123 1,029 Total deferred tax liabilities 46,719 50,091 Net deferred tax liability $ (11,109 ) $ (18,477 ) The statute of limitations related to our federal and state income tax returns remains open from our filings for 2018 through 2020. In April 2019, the Company was notified by the tax authority that the federal income tax returns for the years 2015, 2016 and 2017 would be examined. In August 2020, the Company received a notice from the tax authority for the examined tax years, reporting that the returns were accepted as final. No further action will be required and no other tax years are under examination. At March 31, 2021 and December 31, 2020, 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
Reinsurance	Mar. 31, 2021
Insurance [Abstract]
Reinsurance	NOTE 12. REINSURANCE Overview In order to limit the Company’s potential exposure to individual risks and catastrophic events, we purchase significant reinsurance from third party reinsurers. Purchasing reinsurance is an important part of our risk strategy, and premiums ceded to reinsurers is one of our largest costs. The Company has strong relationships with reinsurers, which it attributes to its management’s industry experience, disciplined underwriting, and claims management capabilities. For each of the twelve months beginning June 1, 2019 and 2020, the Company purchased reinsurance from the following sources: (i) the Florida Hurricane Catastrophe Fund, a state-mandated catastrophe fund (“FHCF”) for Florida policies only, (ii) private reinsurers, all of which were rated “A-” or higher by A.M. Best Company, Inc. (“A.M. Best”) or Standard & Poor’s Financial Services LLC (“S&P”) or were fully collateralized, and (iii) the Company’s wholly-owned reinsurance subsidiary, Osprey Re Ltd. (“Osprey”). In addition to purchasing excess of loss catastrophe reinsurance, the Company also purchased quota share, property per risk and facultative reinsurance. The Company’s quota share program limits its exposure on catastrophe and non-catastrophe losses and provides ceding commission income. The Company’s per risk program s limit its net exposure in the event of a severe non-catastrophe loss impacting a single location or risk. The Company also utilize s facultative reinsurance to supplement its per risk reinsurance program where the Company capacity needs dictate. Purchasing a sufficient amount of reinsurance to cover catastrophic losses from single or multiple events or significant non-catastrophe losses is an important part of our risk strategy. 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. The Company’s 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. The Company generally amortizes its catastrophe reinsurance premiums ratably over the 12-month contract period, which is June 1 through May 31. Its 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 the Company incurs losses and loss adjustment expenses recoverable under its reinsurance program, the Company records amounts recoverable from its 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 its liability for unpaid losses associated with the reinsured policies; therefore, the amount changes in conjunction with any changes to its 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 the Company’s condensed consolidated financial statements. The Company’s 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. The Company’s reinsurance program provides reinsurance in excess of its state regulator requirements, which are based on the probable maximum loss that it would incur from an individual catastrophic event estimated to occur once in every 100 years based on its portfolio of insured risks. The nature, severity and location of the event giving rise to such a probable maximum loss differs for each insurer depending on the insurer’s portfolio of insured risks, including, among other things, the geographic concentration of insured value within such portfolio. As a result, a particular catastrophic event could be a one-in-100-year loss event for one insurance company while having a greater or lesser probability of occurrence for another insurance company. The Company also purchases reinsurance coverage to protect against the potential for multiple catastrophic events occurring in the same year. The Company shares portions of its reinsurance program coverage among its insurance company affiliates. For a detailed discussion of our 2020-2021 Reinsurance Program Note 12. Reinsurance 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, 2021 and 2020: Three Months Ended March 31, 2021 2020 (In thousands) Premium written: Direct $ 274,181 $ 229,102 Ceded (54,617 ) (30,637 ) Net $ 219,564 $ 198,465 Premiums earned: Direct $ 270,411 $ 234,716 Ceded (128,212 ) (108,710 ) Net $ 142,199 $ 126,006 Loss and Loss Adjustment Expenses Direct $ 125,495 $ 107,365 Ceded (27,585 ) (39,184 ) Net $ 97,909 $ 68,181

Reserve For Unpaid Losses

Reserve For Unpaid Losses	3 Months Ended
Reserve For Unpaid Losses	Mar. 31, 2021
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. We estimate our IBNR reserves by projecting our ultimate losses using industry accepted actuarial methods and then deducting actual loss payments and case reserves from the projected ultimate losses. The table below summarizes the activity related to the Company’s reserve for unpaid losses: Three Months Ended March 31, 2021 2020 (In thousands) Balance, beginning of period $ 659,341 $ 613,533 Less: reinsurance recoverable on unpaid losses 397,688 393,630 Net balance, beginning of period 261,653 219,903 Incurred related to: Current year 99,504 72,331 Prior years (1,595 ) (4,150 ) Total incurred 97,909 68,181 Paid related to: Current year 25,826 21,236 Prior years 62,266 47,308 Total paid 88,092 68,544 Net balance, end of period 271,470 219,540 Plus: reinsurance recoverable on unpaid losses 366,412 387,637 Balance, end of period $ 637,882 $ 607,177 As of March 31, 2021, the Company reported $271.5 million in unpaid losses and loss adjustment expenses, net of reinsurance which included $205.0 million attributable to IBNR net of reinsurance recoverable, or 75.5% of net reserves for unpaid losses and loss adjustment expenses.

Long-Term Debt

Long-Term Debt	3 Months Ended
Long-Term Debt	Mar. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 14. LONG-TERM DEBT Convertible Senior Notes In August 2017 and September 2017, the Company issued in aggregate $136.8 million of 5.875% Convertible Senior Notes (“Convertible Notes”) maturing on August 1, 2037, unless earlier repurchased, redeemed or converted. Interest is payable semi-annually in arrears, on February 1, and August 1 of each year, commencing in 2018. As of March 31, 2021, the Company had $22.3 million of the Convertible Notes outstanding, net of issuance and debt discount costs in aggregate of approximately, $1.1 million. For the three months ended March 31, 2021 and 2020, the Company made interest payments, net of affiliated Convertible Notes of approximately $687,800 and $687,800 respectively on the Convertible Notes. Senior Secured Credit Facility In December 2018, the Company entered into a five-year 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, 2020, there was $60.0 million in aggregate principal outstanding on the Term Loan Facility. As of March 31, 2021, the balance of the term loan was $58.1 million. For the three months ended March 31, 2021 and 2020, the Company made interest payments of approximately $706,800 and $1.2 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, 2021, and December 31, 2020, 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, 2021 and 2020, the Company made interest payments of approximately $116,805 and $265,900 under the revolving credit facility, respectively. At March 31, 2021, the Company’s, effective interest rate for the Term Loan and for the Revolving Credit Facility was 3.38%. 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. At March 31, 2021, the Company closed the July 1, 2020 standby letter of credit in the amount of $31.5 million that was issued by Regions Bank. On June 1, 2020, the Company amended the Credit Agreement by entering into the Third Amendment to Credit Agreement (the “Third Amendment”) with the lenders from time to time party to the Credit Agreement, and Regions Bank, as administrative agent and collateral agent. The Third Amendment modified the Credit Agreement to increase the letter of credit sublimit from $ 5 million to $ 40 million and to make related modifications to certain of the negative covenants in the Credit Agreement. On April 27, 2020, the Company amended 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. 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, 2021 and 2020, 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, 2021, the fair value of the collateralized securities was $22.2 million and the equity investment in FHLB common stock was $1.2 million. As of March 31, 2021, and 2020, the Company made quarterly interest payments as per the terms of the loan agreement of approximately $150,160 and $150,000, respectively. As of March 31, 2021, and December 31, 2020, the Company also holds other common stock from FHLB Des Moines, and FHLB Boston valued at $139,300 and $76,600 The following table summarizes the Company’s debt and credit facilities as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (in thousands) Convertible debt $ 23,413 $ 23,413 Mortgage loan 11,750 11,827 Term loan facility 58,125 60,000 Revolving credit facility 10,000 10,000 FHLB loan agreement 19,200 19,200 Total principal amount $ 122,488 $ 124,440 Less: unamortized discount and issuance costs $ 2,987 $ 3,442 Total long-term debt $ 119,501 $ 120,998 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 covenants and other requirements under the revolving agreement represent the most restrictive provisions that we are subject to with respect to our long-term debt. The schedule of principal payments on long-term debt as of March 31, 2021 is as follows: Year Amount (In thousands) 2021 remaining $ 5,855 2022 7,822 2023 74,539 2024 354 2025 374 Thereafter 33,544 Total $ 122,488

Accounts Payable and Other Liab

Accounts Payable and Other Liabilities	3 Months Ended
Accounts Payable and Other Liabilities	Mar. 31, 2021
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, 2021 and December 31, 2020: Description March 31, 2021 December 31, 2020 (In thousands) Deferred ceding commission $ 37,991 $ 39,995 Outstanding claim checks — 10,864 Accounts payable and other payables 7,951 9,248 Lease obligations 7,886 8,155 Accrued interest and issuance costs 167 833 Accrued dividends 1,678 1,670 Premium tax 1,886 — Other liabilities 676 80 Commission payables 13,395 18,245 Total other liabilities $ 71,628 $ 89,090

Statutory Accounting and Regula

Statutory Accounting and Regulations	3 Months Ended
Statutory Accounting and Regulations	Mar. 31, 2021
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 $305.6 million at March 31, 2021 and $333.3 million at December 31, 2020. 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, 2021, 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
Commitments and Contingencies	Mar. 31, 2021
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. In July 2020, the Company entered into a ten year, non-cancellable operating lease agreement for approximately 88,600 square feet of office space located in Tampa, Florida. The Company anticipates relocating from the Clearwater Corporate office to the new location during the second half of 2021. The anticipated principal contractual commitments based on the terms and conditions of the agreement is approximately $29.7 million through 2031.

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 18. RELATED PARTY TRANSACTIONS From time to time the Company has been party to various related party transactions involving certain of its officers, directors and significant stockholders, including as set forth below. The Company has entered into each of these arrangements without obligation to continue its effect in the future and the associated expense was immaterial to its results of operations or financial position as of March 31, 2021 and 2020. • In July 2019, the Board of Directors appointed Mark Berset to the Board of Directors of the Company. Mr. Berset is also the Chief Executive Officer of Comegys Insurance Agency, Inc. (“Comegys”), an independent insurance agency that writes policies for Company. The Company pays commission to Comegys based upon standard industry rates consistent with those provided to the Company’s other insurance agencies. There are no arrangements or understandings between Mr. Berset and any other persons with respect to his appointment as a director. For the three months ended March 31, 2021 and 2020, the Company paid agency commission to Comegys of approximately $309,800 and $179,800, respectively.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
Employee Benefit Plans	Mar. 31, 2021
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, 2021 and 2020, the contributions made to the plan on behalf of the participating employees were approximately $322,200 and $339,300, respectively. The Company provides its employees with a partially self-insured healthcare plan and benefits. For the three months ended March 31, 2021 and 2020, incurred medical premium costs amounted to an aggregate of $990,100 and $910,000, respectively. An additional liability of approximately $1.8 million and $1.4 million is recorded for unpaid claims as of March 31, 2021 and December 31, 2020, respectively. 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 $125,000 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 120% of the annual aggregate expected claims.

Equity

Equity	3 Months Ended
Equity	Mar. 31, 2021
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, 2021, the Company had 27,904,923 shares of common stock outstanding, 9,279,839 treasury shares of common stock and 219,084 unvested shares of restricted common stock issued reflecting total paid-in capital of $332.0 million as of such date. As more fully disclosed in our audited consolidated financial statements for the year ended December 31, 2020, there were, 27,748,606 shares of common stock outstanding, 9,279,839 treasury shares of common stock and 100,267 unvested shares of restricted common stock, representing $331.9 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, 2019, the Company announced that its Board of Directors ratified a stock repurchase program authorizing the Company to repurchase up to $50.0 million of its common stock which had expired on December 31, 2020. As of December 31, 2020, the Company repurchased in aggregate 2,065,042 shares of its common stock since authorizing the stock repurchase program for $26.2 million. On November 2, 2020, At March 31, 2021 the Company has the capacity to repurchase $50 million of its common shares until December 31, 2021. Dividends On March 3, 2021, the Company’s Board of Directors declared a $0.06 per share quarterly dividend payable on April 6, 2021, to stockholders of record as of March 15, 2021. 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
Stock-Based Compensation	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	NOTE 21. STOCK-BASED COMPENSATION Common, Restricted and Performance-based 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. Our plan allows for a variety of equity awards including stock options, restricted stock awards and performance-based awards. At March 31, 2021 there were 981,709 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. During the quarter ended March 31, 2021, the Board of Directors awarded to its Chief Executive Officer 95,878 performance-based restricted shares with a market value at the time of grant of $10.43 per share. The restricted shares have a three-year For awards with performance-based vesting conditions expense is not recognized until it is determined that it is probable the performance-based conditions will be met. When achievement of a performance-based condition is probable, a catch-up of expense will be recorded as if the award had been vesting on a straight-line basis from the award date. The award will continue to be expensed on a straight-line basis until probability of achieving the performance-based conditions changes, if applicable. For awards with only a service condition, the Company expenses stock-based compensation using the straight-line method over the requisite service period for the entire award. 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 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 Restricted stock activity for the quarter ended March 31, 2021 is as follows: Weighted-Average Grant-Date Fair Number of shares Value per Share Non-vested, at December 31, 2020 100,267 $ 15.37 Granted - Performance-based restricted stock 95,878 10.43 Granted - Time-based restricted stock 47,939 10.43 Vested (12,500 ) 16.35 Canceled and surrendered (12,500 ) 16.35 Non-vested, at March 31, 2021 219,084 $ 12.02 Awards are being amortized to expense over the one to five-year At March 31, 2021 and 2020 there was approximately $2.0 million and $4.2 million, representing unrecognized expense related to the non-vested stock which is expected to be recognized over the remaining restriction periods as described in the table below. Additional information regarding our outstanding non-vested restricted stock at March 31, 2021 is as follows: Grant date Restricted shares unvested Share Value at Grant Date Per Share Remaining Restriction Period (Years) February 12, 2018 50,000 $ 16.35 2.00 September 3, 2018 10,267 $ 15.08 0.80 April 24, 2020 10,000 $ 10.60 1.50 September 21, 2020 5,000 $ 10.83 0.80 January 4, 2021 143,817 $ 10.43 3.00 219,084

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2021
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, 2021. On May 5, 2021, the Company announced that its Board of Directors declared a $0.06 per share quarterly dividend payable on July 6, 2021 to stockholders of record as of June 15, 2021.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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, 2020 (the “2020 Form 10-K”).
Reclassification	Reclassification Certain prior year amounts have been reclassified to conform to the current year presentation.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements not yet adopted The Company has documented the summary of its significant accounting policies in its Notes to the Audited Consolidated Financial Statements annual report on Form 10-K for the year ended December 31, 2020, filed on March 9, 2021. There have been no material changes to the Company’s accounting policies since the filing of that report. No other new accounting pronouncements issued but not yet effective have had, or are expected to have, a material impact on our results of operations or financial position.

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Debt Securities Available-for-Sale	The amortized cost, gross unrealized gains and losses, and fair value of the Company’s debt securities available-for-sale are as follows for the periods: March 31, 2021 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) $ 43,089 $ 433 $ 3 $ 43,519 States, municipalities and political subdivisions 97,804 312 1,191 96,925 Special revenue 291,277 1,779 2,970 290,086 Hybrid securities 99 1 — 100 Industrial and miscellaneous 193,504 1,439 2,650 192,293 Total $ 625,773 $ 3,964 $ 6,814 $ 622,923 (1) Includes securities at March 31, 2021 with a carrying amount of $22.2 million that were pledged as collateral for the advance agreement entered into with a financial institution in 2018. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time. December 31, 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) $ 29,985 $ 609 $ 1 $ 30,593 States, municipalities and political subdivisions 84,597 1,077 4 85,670 Special revenue 271,194 3,154 27 274,321 Hybrid securities 100 — — 100 Industrial and miscellaneous 167,296 3,070 39 170,327 Total $ 553,172 $ 7,910 $ 71 $ 561,011 (1) Includes securities at December 31, 2020 with a carrying amount of $20.2 million that were pledged as collateral for the advance agreement entered into with a financial institution in 2018. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time.
Schedule of Net Realized Gains (Losses) on Debt Securities Available-for-sale	The following table presents net realized gains (losses) on the Company’s debt securities available-for-sale for the three months ended March 31, 2021 and 2020, respectively: 2021 2020 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 $ 83 $ 10,431 $ 60 $ 8,510 Total realized losses (3 ) 642 (1 ) 256 Net realized gains and (losses) $ 80 $ 11,073 $ 59 $ 8,766
Summary of Fixed Maturity Securities by Contractual Maturity Periods	The table below summarizes the Company’s fixed maturity securities at March 31, 2021 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, 2021 Cost or Amortized Cost Percent of Total Fair Value Percent of Total Maturity dates: (In thousands) Due in one year or less $ 78,937 13 % $ 79,291 13 % Due after one year through five years 177,382 28 % 178,603 29 % Due after five years through ten years 204,746 33 % 200,886 32 % Due after ten years 164,708 26 % 164,143 26 % Total $ 625,773 100 % $ 622,923 100 %
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, 2021 and 2020, respectively: Three Months Ended March 31, 2021 2020 (In thousands) Debt securities $ 1,418 $ 4,162 Equity securities — — Cash and cash equivalents 28 352 Other investments 371 94 Net investment income 1,817 4,608 Less: Investment expenses 524 938 Net investment income, less investment expenses $ 1,293 $ 3,670
Schedule of Debt Securities Available-for-Sale in an Unrealized Loss Position, Aggregate Fair Value	The following tables present, for all debt securities available-for-sale in an unrealized loss position (including securities pledged), the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position at March 31, 2021 and December 31, 2020, respectively: Less Than Twelve Months Twelve Months or More March 31, 2021 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 4 $ 3 $ 361 $ — $ — $ — States, municipalities and political subdivisions 66 1,191 55,427 — — — Special revenue 159 2,966 127,866 10 4 101 Industrial and miscellaneous 131 2,650 102,756 — — — Total fixed maturity securities 360 $ 6,810 $ 286,410 10 $ 4 $ 101 Less Than Twelve Months Twelve Months or More December 31, 2020 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 3 $ 1 $ 73 1 $ — $ 7 States, municipalities and political subdivisions 6 4 5,158 — — — Special revenue 27 24 16,439 9 3 73 Industrial and miscellaneous 26 39 16,025 — — — Total fixed maturity securities 62 $ 68 $ 37,695 10 $ 3 $ 80
Summary of Carrying Value and Maximum Loss Exposure of Company's Non-consolidated VIEs by Category	The following table summarizes the carrying value and maximum loss exposure of the Company’s non-consolidated VIEs at March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure (in thousands) Investments in non-consolidated VIEs $ 26,409 $ 26,409 $ 6,375 $ 6,375

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements	The following table present information about the Company’s assets measured at fair value on a recurring basis. The Company assesses the levels for the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company’s accounting policy regarding the recognitions of transfers between levels of the fair value hierarchy. The table below present the balances of our invested assets measured at fair value on a recurring basis: March 31, 2021 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Invested Assets: (in thousands) Debt Securities Available-for-sale U.S. government and agency securities $ 43,519 $ 370 $ 43,149 $ — States, municipalities and political subdivisions 96,925 — 96,925 — Special revenue 290,086 — 290,086 — Hybrid securities 100 — 100 — Industrial and miscellaneous 192,293 — 192,293 — Total investments $ 622,923 $ 370 $ 622,553 $ — December 31, 2020 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Invested Assets: (in thousands) Debt Securities Available-for-sale U.S. government and agency securities $ 30,593 $ 371 $ 30,222 $ — States, municipalities and political subdivisions 85,670 — 85,670 — Special revenue 274,321 — 274,321 — Hybrid securities 100 — 100 — Industrial and miscellaneous 170,327 — 170,327 — Total investments $ 561,011 $ 371 $ 560,640 $ —

Other Comprehensive (Loss) In_2

Other Comprehensive (Loss) Income (Tables)	3 Months Ended
Other Comprehensive (Loss) Income (Tables)	Mar. 31, 2020
Comprehensive Income Net Of Tax [Abstract]
Summary of Other Comprehensive (Loss) Income and Tax Impact of Each Component of Other Comprehensive (Loss) Income	The following table is a summary of other comprehensive (loss) income and discloses the tax impact of each component of other comprehensive (loss) income for the three months ended March 31, 2021 and 2020, respectively: For the Three Months Ended March 31, 2021 2020 Pre-tax Tax After-tax Pre-tax Tax After-tax (in thousands) Other comprehensive (loss) income Change in unrealized (losses) gains on investments, net $ (10,597 ) $ 2,457 $ (8,140 ) $ 2,027 $ (469 ) $ 1,558 Reclassification adjustment of realized gains included in net income (80 ) 18 (62 ) (59 ) 13 (46 ) Effect on other comprehensive (loss) income $ (10,677 ) $ 2,475 $ (8,202 ) $ 1,968 $ (456 ) $ 1,512

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2020
Leases [Abstract]
Components of Lease Costs	Components of our lease costs for the three months ended March 31, 2021 and 2020 were as follows (in thousands): Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Amortization of ROU assets - Finance leases $ 37 $ 22 Interest on lease liabilities - Finance leases 9 6 Variable lease cost (cost excluded from lease payments) 121 130 Operating lease cost (cost resulting from lease payments) 340 343 Total lease cost $ 507 $ 501
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 were as follows (in thousands): Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Finance lease - Operating cash flows $ 9 $ 6 Finance lease - Financing cash flows $ 30 $ 18 Operating lease - Operating cash flows (fixed payments) $ 367 $ 368 Operating lease - Operating cash flows (liability reduction) $ 271 $ 264
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, 2021 were as follows (in thousands): Balance Sheet Classification March 31, 2021 Right-of-use assets - operating Other assets $ 5,747 Right-of-use assets - finance Other assets $ 469 Lease liability - operating (1) Accounts payable and other liabilities $ 7,371 Lease liability - finance Accounts payable and other liabilities $ 515 (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 were as follows: March 31, 2021 March 31, 2020 Weighted average lease term - Finance leases 3.54 yrs. 3.42 yrs. Weighted average lease term - Operating leases 6.78 yrs. 7.68 yrs. Weighted average discount rate - Finance leases 6.9 % 7.1 % 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 were as follows (in thousands): March 31, 2021 2021 remaining $ 1,242 2022 1,660 2023 1,550 2024 1,183 2025 885 Thereafter 2,906 Total lease payments 9,426 Less: imputed interest (1,540 ) Present value of lease liabilities $ 7,886

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
Property and Equipment, Net (Tables)	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, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (In thousands) Land $ 2,582 $ 2,582 Building 10,141 10,141 Computer hardware and software 6,680 6,358 Office furniture and equipment 2,034 2,027 Tenant and leasehold improvements 8,225 8,133 Vehicle fleet 850 850 Total, at cost 30,512 30,091 Less: accumulated depreciation and amortization (11,838 ) (11,406 ) Property and equipment, net $ 18,674 $ 18,685

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
Goodwill and Other Intangible Assets (Tables)	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill (in thousands) Balance as of December 31, 2020 $ 152,459 Goodwill acquired — Impairment — Balance as of March 31, 2021 $ 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) 2021 - remaining $ 4,763 2022 $ 6,351 2023 $ 6,351 2024 $ 6,351 2025 $ 6,315 Thereafter $ 29,243 Total $ 59,374 (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
Earnings Per Share (Tables)	Mar. 31, 2021
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, 2021 2020 Basic (loss) earnings per share: Net (loss) income attributable to common stockholders (000's) $ (5,148 ) $ 7,620 Weighted average shares outstanding 27,827,804 28,548,830 Basic (loss) earnings per share: $ (0.19 ) $ 0.27 Diluted (loss) earnings per share: Net (loss) income attributable to common stockholders (000's) $ (5,148 ) $ 7,620 Weighted average shares outstanding 27,827,804 28,548,830 Weighted average dilutive shares — 182 Total weighted average dilutive shares 27,827,804 28,549,012 Diluted (loss) earnings per share: $ (0.19 ) $ 0.27

Deferred Reinsurance Ceding C_2

Deferred Reinsurance Ceding Commission (Tables)	3 Months Ended
Deferred Reinsurance Ceding Commission (Tables)	Mar. 31, 2021
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, 2021 and 2020. Three Months Ended March 31, 2021 2020 (In thousands) Beginning balance of deferred ceding commission income $ 39,995 $ 37,464 Ceding commission deferred 13,029 10,845 Less: ceding commission earned (15,033 ) (13,929 ) Ending balance of deferred ceding commission income $ 37,991 $ 34,380

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	3 Months Ended
Deferred Policy Acquisition Costs (Tables)	Mar. 31, 2021
Insurance [Abstract]
Summary of Activity in Deferred Policy Acquisition Costs (DPAC)	The Company defers certain costs in connection with written policies, called deferred policy acquisition costs (“DPAC”), which are amortized over the effective period of the related insurance policies. The Company anticipates that its DPAC will be fully recoverable in the near term. The table below depicts the activity with regard to DPAC for the three months ended March 31, 2021 and 2020. Three Months Ended March 31, 2021 2020 (In thousands) Beginning Balance $ 89,265 $ 77,211 Policy acquisition costs deferred 46,675 38,131 Amortization (47,064 ) (40,447 ) Ending Balance $ 88,876 $ 74,895

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Components of Deferred Tax Liability	The table below summarizes the significant components of our net deferred tax liability: March 31, 2021 December 31, 2020 Deferred tax assets: (In thousands) Unearned premiums $ 19,271 $ 15,303 Unearned commission 8,807 9,272 Net operating loss 1,484 1,885 Tax-related discount on loss reserve 3,426 3,322 Stock-based compensation 114 113 Accrued expenses 1,110 982 Leases 379 394 Unrealized losses 661 — Other 358 343 Total deferred tax asset 35,610 31,614 Deferred tax liabilities: Deferred acquisition costs 20,604 20,694 Prepaid expenses 202 236 Unrealized gains — 1,814 Property and equipment 1,605 1,669 Note discount 286 326 Basis in purchased investments 48 53 Basis in purchased intangibles 15,346 15,693 Internal revenue code 481(a)-Accounting method change 7,505 8,577 Other 1,123 1,029 Total deferred tax liabilities 46,719 50,091 Net deferred tax liability $ (11,109 ) $ (18,477 )

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
Reinsurance (Tables)	Mar. 31, 2021
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, 2021 and 2020: Three Months Ended March 31, 2021 2020 (In thousands) Premium written: Direct $ 274,181 $ 229,102 Ceded (54,617 ) (30,637 ) Net $ 219,564 $ 198,465 Premiums earned: Direct $ 270,411 $ 234,716 Ceded (128,212 ) (108,710 ) Net $ 142,199 $ 126,006 Loss and Loss Adjustment Expenses Direct $ 125,495 $ 107,365 Ceded (27,585 ) (39,184 ) Net $ 97,909 $ 68,181

Reserve for Unpaid Losses (Tabl

Reserve for Unpaid Losses (Tables)	3 Months Ended
Reserve for Unpaid Losses (Tables)	Mar. 31, 2021
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, 2021 2020 (In thousands) Balance, beginning of period $ 659,341 $ 613,533 Less: reinsurance recoverable on unpaid losses 397,688 393,630 Net balance, beginning of period 261,653 219,903 Incurred related to: Current year 99,504 72,331 Prior years (1,595 ) (4,150 ) Total incurred 97,909 68,181 Paid related to: Current year 25,826 21,236 Prior years 62,266 47,308 Total paid 88,092 68,544 Net balance, end of period 271,470 219,540 Plus: reinsurance recoverable on unpaid losses 366,412 387,637 Balance, end of period $ 637,882 $ 607,177

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
Long-Term Debt (Tables)	Mar. 31, 2021
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, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (in thousands) Convertible debt $ 23,413 $ 23,413 Mortgage loan 11,750 11,827 Term loan facility 58,125 60,000 Revolving credit facility 10,000 10,000 FHLB loan agreement 19,200 19,200 Total principal amount $ 122,488 $ 124,440 Less: unamortized discount and issuance costs $ 2,987 $ 3,442 Total long-term debt $ 119,501 $ 120,998
Schedule of Principal Payments on Long-Term Debt	The schedule of principal payments on long-term debt as of March 31, 2021 is as follows: Year Amount (In thousands) 2021 remaining $ 5,855 2022 7,822 2023 74,539 2024 354 2025 374 Thereafter 33,544 Total $ 122,488

Accounts Payable and Other Li_2

Accounts Payable and Other Liabilities (Tables)	3 Months Ended
Accounts Payable and Other Liabilities (Tables)	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Schedule of Accounts Payable and Other Liabilities	Accounts payable and other liabilities consist of the following as of March 31, 2021 and December 31, 2020: Description March 31, 2021 December 31, 2020 (In thousands) Deferred ceding commission $ 37,991 $ 39,995 Outstanding claim checks — 10,864 Accounts payable and other payables 7,951 9,248 Lease obligations 7,886 8,155 Accrued interest and issuance costs 167 833 Accrued dividends 1,678 1,670 Premium tax 1,886 — Other liabilities 676 80 Commission payables 13,395 18,245 Total other liabilities $ 71,628 $ 89,090

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Restricted Stock Activity	Restricted stock activity for the quarter ended March 31, 2021 is as follows: Weighted-Average Grant-Date Fair Number of shares Value per Share Non-vested, at December 31, 2020 100,267 $ 15.37 Granted - Performance-based restricted stock 95,878 10.43 Granted - Time-based restricted stock 47,939 10.43 Vested (12,500 ) 16.35 Canceled and surrendered (12,500 ) 16.35 Non-vested, at March 31, 2021 219,084 $ 12.02
Additional Information Regarding Outstanding Non-vested Restricted Stock	Additional information regarding our outstanding non-vested restricted stock at March 31, 2021 is as follows: Grant date Restricted shares unvested Share Value at Grant Date Per Share Remaining Restriction Period (Years) February 12, 2018 50,000 $ 16.35 2.00 September 3, 2018 10,267 $ 15.08 0.80 April 24, 2020 10,000 $ 10.60 1.50 September 21, 2020 5,000 $ 10.83 0.80 January 4, 2021 143,817 $ 10.43 3.00 219,084

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Debt Securities Available-for-Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	$ 625,773	$ 553,172
Debt Securities Available-for-sale, Gross Unrealized Gains	3,964	7,910
Debt Securities Available-for-sale, Gross Unrealized Losses	6,814	71
Debt Securities Available-for-sale, Fair Value	622,923	561,011
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	43,089	29,985
Debt Securities Available-for-sale, Gross Unrealized Gains	433	609
Debt Securities Available-for-sale, Gross Unrealized Losses	3	1
Debt Securities Available-for-sale, Fair Value	43,519	30,593
States, Municipalities and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	97,804	84,597
Debt Securities Available-for-sale, Gross Unrealized Gains	312	1,077
Debt Securities Available-for-sale, Gross Unrealized Losses	1,191	4
Debt Securities Available-for-sale, Fair Value	96,925	85,670
Special Revenue [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	291,277	271,194
Debt Securities Available-for-sale, Gross Unrealized Gains	1,779	3,154
Debt Securities Available-for-sale, Gross Unrealized Losses	2,970	27
Debt Securities Available-for-sale, Fair Value	290,086	274,321
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, Fair Value	100	100
Industrial and Miscellaneous [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	193,504	167,296
Debt Securities Available-for-sale, Gross Unrealized Gains	1,439	3,070
Debt Securities Available-for-sale, Gross Unrealized Losses	2,650	39
Debt Securities Available-for-sale, Fair Value	$ 192,293	$ 170,327

Investments - Schedule of Amo_2

Investments - Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Debt Securities Available-for-Sale (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Carrying amount	$ 22.2	$ 20.2

Investments - Schedule of Net R

Investments - Schedule of Net Realized Gains (Losses) on Debt Securities Available-for-sale (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Securities Available-for-Sale
Total realized gains	$ 83	$ 60
Total realized losses	(3)	(1)
Net realized gains and (losses)	80	59
Debt Securities Available-for-sale, Fair Value at Sale
Total realized gains, Fair Value at Sale	10,431	8,510
Total realized losses, Fair Value at Sale	642	256
Net realized gain (losses), Fair Value at Sale	$ 11,073	$ 8,766

Investments - Summary of Fixed

Investments - Summary of Fixed Maturity Securities by Contractual Maturity Periods (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Maturity date Due in one year or less, Cost or Amortized Cost	$ 78,937
Maturity date Due after one year through five years, Cost or Amortized Cost	177,382
Maturity date Due after five years through ten years, Cost or Amortized Cost	204,746
Maturity date Due after ten years, Cost or Amortized Cost	164,708
Debt Securities Available-for-sale, Cost or Adjusted /Amortized Cost	$ 625,773	$ 553,172
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	28.00%
Maturity date Due after five years through ten years, Percentage of Total	33.00%
Maturity date Due after ten years, Percentage of Total	26.00%
Maturity date Total, Percentage	100.00%
Maturity date Due in one year or less, Fair Value	$ 79,291
Maturity date Due after one year through five years, Fair Value	178,603
Maturity date Due after five years through ten years, Fair Value	200,886
Maturity date Due after ten years, Fair Value	164,143
Maturity date Total, Fair Value	$ 622,923	$ 561,011
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	29.00%
Maturity date Due after five years through ten years, Percentage of Total	32.00%
Maturity date Due after ten years, Percentage of Total	26.00%
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, 2021	Mar. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)	$ 1,817	$ 4,608
Less: Investment expenses	524	938
Net investment income, less investment expenses	1,293	3,670
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)	1,418	4,162
Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)	28	352
Other Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)	$ 371	$ 94

Investments - Schedule of Debt

Investments - Schedule of Debt Securities Available-for-Sale in an Unrealized Loss Position, Aggregate Fair Value (Detail) $ in Thousands	Mar. 31, 2021USD ($)Security	Dec. 31, 2020USD ($)Security
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale Less Than Twelve Months, Number of Securities \| Security	360	62
Debt Securities Available-for-sale Less Than Twelve Months, Gross Unrealized Losses	$ 6,810	$ 68
Debt Securities Available-for-sale Less Than Twelve Months, Fair Value	$ 286,410	$ 37,695
Debt Securities Available-for-sale Twelve Months or More, Number of Securities \| Security	10,000	10,000
Debt Securities Available-for-sale Twelve Months or More, Gross Unrealized Losses	$ 4	$ 3
Debt Securities Available-for-sale Twelve Months or More, Fair Value	$ 101	$ 80
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	4	3
Debt Securities Available-for-sale Less Than Twelve Months, Gross Unrealized Losses	$ 3	$ 1
Debt Securities Available-for-sale Less Than Twelve Months, Fair Value	$ 361	$ 73
Debt Securities Available-for-sale Twelve Months or More, Number of Securities \| Security		1,000
Debt Securities Available-for-sale Twelve Months or More, Fair Value		$ 7
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	66	6
Debt Securities Available-for-sale Less Than Twelve Months, Gross Unrealized Losses	$ 1,191	$ 4
Debt Securities Available-for-sale Less Than Twelve Months, Fair Value	$ 55,427	$ 5,158
Special Revenue [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities Available-for-sale Less Than Twelve Months, Number of Securities \| Security	159	27
Debt Securities Available-for-sale Less Than Twelve Months, Gross Unrealized Losses	$ 2,966	$ 24
Debt Securities Available-for-sale Less Than Twelve Months, Fair Value	$ 127,866	$ 16,439
Debt Securities Available-for-sale Twelve Months or More, Number of Securities \| Security	10,000	9,000
Debt Securities Available-for-sale Twelve Months or More, Gross Unrealized Losses	$ 4	$ 3
Debt Securities Available-for-sale Twelve Months or More, Fair Value	$ 101	$ 73
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	131	26
Debt Securities Available-for-sale Less Than Twelve Months, Gross Unrealized Losses	$ 2,650	$ 39
Debt Securities Available-for-sale Less Than Twelve Months, Fair Value	$ 102,756	$ 16,025

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($)	Feb. 01, 2023	Apr. 01, 2021	Mar. 31, 2021	Feb. 01, 2022	Jun. 01, 2021
Investments [Line Items]
Credit allowance for securities			$ 0
REIT and LLCs [Member] \| Preferred Units [Member]
Investments [Line Items]
Preferred units interest payments received			$ 348,000
REIT and LLCs [Member] \| Preferred Units [Member] \| Subsequent Event [Member]
Investments [Line Items]
Preferred Units Maturity Date		Apr. 1, 2021
REIT and LLCs [Member] \| Preferred Units [Member] \| Scenario Forecast [Member]
Investments [Line Items]
Amortized cost				$ 9,900,000	$ 7,500,000
Preferred Units Maturity Date	Feb. 1, 2023

Investments - Summary of Carryi

Investments - Summary of Carrying Value and Maximum Loss Exposure of Company's Non-consolidated VIEs (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Variable Interest Entity [Line Items]
Carrying Value	$ 26,409	$ 26,409
Non-consolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Carrying Value	26,409		$ 6,375
Maximum Loss Exposure	$ 26,409		$ 6,375

Fair Value of Financial Measure

Fair Value of Financial Measurements - Schedule of Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	$ 622,923	$ 561,011
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	370	371
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	622,553	560,640
U.S. government and agency securities [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	43,519	30,593
U.S. government and agency securities [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	370	371
U.S. government and agency securities [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	43,149	30,222
States, Municipalities and Political Subdivisions [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	96,925	85,670
States, Municipalities and Political Subdivisions [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	96,925	85,670
Special Revenue [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	290,086	274,321
Special Revenue [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	290,086	274,321
Hybrid Securities [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	100	100
Hybrid Securities [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	100	100
Industrial and Miscellaneous [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	192,293	170,327
Industrial and Miscellaneous [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt securities, available-for-sale	$ 192,293	$ 170,327

Fair Value of Financial Measu_2

Fair Value of Financial Measurements - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Nonrecurring [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Non-recurring fair value adjustments	$ 0	$ 0

Other Comprehensive (Loss) In_3

Other Comprehensive (Loss) Income - Summary of Other Comprehensive (Loss) Income and Tax Impact of Each Component of Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other comprehensive (loss) income
Change in unrealized (losses) gains on investments, net, Pre-tax	$ (10,597)	$ 2,027
Reclassification adjustment for net realized investment gains	(80)	(59)
Effect on other comprehensive (loss) income, Pre-tax	(10,677)	1,968
Change in unrealized (losses) gains on investments, net, Tax	2,457	(469)
Reclassification adjustment of realized gains included in net income, Tax	18	13
Effect on other comprehensive (loss) income, Tax	2,475	(456)
Change in unrealized (losses) gains on investments, net, After-tax	(8,140)	1,558
Reclassification adjustment of realized gains included in net income, After-tax	(62)	(46)
Effect on other comprehensive (loss) income, After-tax	$ (8,202)	$ 1,512

Leases - Additional Information

Leases - Additional Information (Detail)	3 Months Ended
Leases - Additional Information (Detail)	Mar. 31, 2021
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, 2021	Mar. 30, 2020
Leases [Abstract]
Amortization of ROU assets - Finance leases	$ 37	$ 22
Interest on lease liabilities - Finance leases	9	6
Variable lease cost (cost excluded from lease payments)	121	130
Operating lease cost (cost resulting from lease payments)	340	343
Total lease cost	$ 507	$ 501

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, 2021	Mar. 31, 2020
Leases [Abstract]
Finance lease - Operating cash flows	$ 9	$ 6
Finance lease - Financing cash flows	30	18
Operating lease - Operating cash flows (fixed payments)	367	368
Operating lease - Operating cash flows (liability reduction)	$ 271	$ 264

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Operating and Financing Leases (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Leases [Abstract]
Right-of-use assets - operating	$ 5,747
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets
Right-of-use assets - finance	$ 469
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets
Lease Liability - operating	$ 7,371
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable and other liabilities
Lease liability - finance	$ 515
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable and other liabilities

Leases - Supplemental Balance_2

Leases - Supplemental Balance Sheet Information Related to Operating and Financing Leases (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 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, 2021	Mar. 31, 2020
Leases [Abstract]
Weighted average lease term - Finance leases	3 years 6 months 14 days	3 years 5 months 1 day
Weighted average lease term - Operating leases	6 years 9 months 10 days	7 years 8 months 4 days
Weighted average discount rate - Finance leases	6.90%	7.10%
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]
2021 remaining	$ 1,242
2022	1,660
2023	1,550
2024	1,183
2025	885
Thereafter	2,906
Total lease payments	9,426
Less: imputed interest	(1,540)
Present value of lease liabilities	$ 7,886

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total, at cost	$ 30,512	$ 30,091
Less: accumulated depreciation and amortization	(11,838)	(11,406)
Property and equipment, net	18,674	18,685
Land [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	2,582	2,582
Building [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	10,141	10,141
Computer Hardware and Software [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	6,680	6,358
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	2,034	2,027
Tenant and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	8,225	8,133
Vehicle Fleet [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	$ 850	$ 850

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021USD ($)aft²Building	Mar. 31, 2020USD ($)
Property Plant And Equipment Useful Life And Values [Abstract]
Depreciation and amortization expense \| $	$ 432,300	$ 432,000
Number of acres of land purchased \| a	15
Number of buildings \| Building	5
Gross area of acquired property \| ft²	191,200
Percentage of building in clearwater leased to unaffiliated tenants	75.00%

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 152,459,000		$ 152,459,000
Intangibles, net	60,689,000		$ 62,277,000
Indefinite lived intangible, insurance licenses	1,300,000
Amortization of intangible assets	1,600,000	$ 1,600,000
Impairment of intangible assets	$ 0	$ 0
Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset	15 years
Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset	2 years 6 months

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	Mar. 31, 2021USD ($)
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, 2021USD ($)	[1]
Goodwill And Intangible Assets Disclosure [Abstract]
2021 - remaining	$ 4,763
2022	6,351
2023	6,351
2024	6,351
2025	6,315
Thereafter	29,243
Total	$ 59,374

[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, 2021USD ($)
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, 2021	Mar. 31, 2020
Basic (loss) earnings per share:
Net (loss) income attributable to common stockholders (000's)	$ (5,148)	$ 7,620
Weighted average shares outstanding	27,827,804	28,548,830
Basic	$ (0.19)	$ 0.27
Diluted (loss) earnings per share:
Net (loss) income attributable to common stockholders (000's)	$ (5,148)	$ 7,620
Weighted average shares outstanding	27,827,804	28,548,830
Weighted average dilutive shares		182
Total weighted average dilutive shares	27,827,804	28,549,012
Diluted	$ (0.19)	$ 0.27

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Antidilutive securities excluded from diluted earnings per share	1,629,503	1,889,770

Deferred Reinsurance Ceding C_3

Deferred Reinsurance Ceding Commission - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Policy Acquisition Costs [Member]
Deferred Reinsurance Ceding Commission [Line Items]
Ceding commission income	$ 11.3	$ 10.4
General and Administrative Expenses [Member]
Deferred Reinsurance Ceding Commission [Line Items]
Ceding commission income	$ 3.7	$ 3.5

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, 2021	Mar. 31, 2020
Insurance [Abstract]
Beginning balance of deferred ceding commission income	$ 39,995	$ 37,464
Ceding commission deferred	13,029	10,845
Less: ceding commission earned	(15,033)	(13,929)
Ending balance of deferred ceding commission income	$ 37,991	$ 34,380

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, 2021	Mar. 31, 2020
Insurance [Abstract]
Beginning Balance	$ 89,265	$ 77,211
Policy acquisition costs deferred	46,675	38,131
Amortization	(47,064)	(40,447)
Ending Balance	$ 88,876	$ 74,895

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
Income Taxes - Additional Information (Detail) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income taxes expense (benefit)	$ (2,562,000)	$ 3,174,000
Annual effective tax rate	33.20%	29.40%
Uncertain tax positions	$ 0		$ 0

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Liability (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Unearned premiums	$ 19,271	$ 15,303
Unearned commission	8,807	9,272
Net operating loss	1,484	1,885
Tax-related discount on loss reserve	3,426	3,322
Stock-based compensation	114	113
Accrued expenses	1,110	982
Leases	379	394
Unrealized losses	661
Other	358	343
Total deferred tax asset	35,610	31,614
Deferred tax liabilities:
Deferred acquisition costs	20,604	20,694
Prepaid expenses	202	236
Unrealized gains		1,814
Property and equipment	1,605	1,669
Note discount	286	326
Basis in purchased investments	48	53
Basis in purchased intangibles	15,346	15,693
Internal revenue code 481(a)-Accounting method change	7,505	8,577
Other	1,123	1,029
Total deferred tax liabilities	46,719	50,091
Net deferred tax liability	$ (11,109)	$ (18,477)

Reinsurance - Additional inform

Reinsurance - Additional information (Detail)	3 Months Ended
Reinsurance - Additional information (Detail)	Mar. 31, 2021
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, 2021	Mar. 31, 2020
Premiums Written
Premiums Written, Direct	$ 274,181	$ 229,102
Premiums Written, Ceded	(54,617)	(30,637)
Premiums Written, Net	219,564	198,465
Premiums Earned
Premiums Earned, Direct	270,411	234,716
Premiums Earned, Ceded	(128,212)	(108,710)
Net premiums earned	142,199	126,006
Losses and Loss Adjustment Expenses
Losses and Loss Adjustment Expenses, Direct	125,495	107,365
Losses and Loss Adjustment Expenses, Ceded	(27,585)	(39,184)
Losses and Loss Adjustment Expenses, Net	$ 97,909	$ 68,181

Reserve for Unpaid Losses - Sum

Reserve for Unpaid Losses - Summary of Reserve for Unpaid Losses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Insurance [Abstract]
Balance, beginning of period	$ 659,341	$ 613,533
Less: reinsurance recoverable on unpaid losses	397,688	393,630
Net balance, beginning of period	261,653	219,903
Incurred related to:
Current year	99,504	72,331
Prior years	(1,595)	(4,150)
Total incurred	97,909	68,181
Paid related to:
Current year	25,826	21,236
Prior years	62,266	47,308
Total paid	88,092	68,544
Net balance, end of period	271,470	219,540
Plus: reinsurance recoverable on unpaid losses	366,412	387,637
Balance, end of period	$ 637,882	$ 607,177

Reserve for Unpaid Losses - Add

Reserve for Unpaid Losses - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Insurance [Abstract]
Unpaid losses and loss adjustment expenses	$ 271,470	$ 261,653	$ 219,540	$ 219,903
Unpaid losses and loss adjustment expenses attributable to IBNR net of reinsurance recoverable	$ 205,000
Net reserves for unpaid losses and loss adjustment expenses, percentage	75.50%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended
Long-Term Debt - Additional Information (Detail) - USD ($)	Dec. 31, 2018	Oct. 31, 2017	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Jun. 01, 2020	Apr. 27, 2020	Mar. 31, 2019	Sep. 30, 2017
Debt Instrument [Line Items]
Long-term debt, net			$ 119,501,000		$ 120,998,000
Issuance and debt discount costs			2,987,000		3,442,000
Payout dividends, aggregate amount			1,670,000	$ 1,750,000
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			150,160	150,000
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		1,200,000
Estimated fair value of collateral with FHLB			22,200,000
Federal Home Loan Bank Des Moines [Member]
Debt Instrument [Line Items]
Required fair value of reinvestment in FHLB common stock.			139,300		139,300
Federal Home Loan Bank Boston [Member]
Debt Instrument [Line Items]
Required fair value of reinvestment in FHLB common stock.			76,600		76,600
Standby Letters of Credit [Member] \| Regions Bank [Member]
Debt Instrument [Line Items]
Repayment of line of credit			$ 31,500,000
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount									$ 136,800,000
Interest rate									5.875%
Notes 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			$ 22,300,000
Issuance and debt discount costs			1,100,000
Interest paid			$ 687,800	687,800
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] \| Second Amendment [Member]
Debt Instrument [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.
Senior Secured Credit Facility [Member] \| Term Loan Facility [Member]
Debt Instrument [Line Items]
Aggregate principal amount					60,000,000			$ 1,900,000
Interest paid			$ 706,800	1,200,000
Maximum borrowing capacity	75,000,000
Aggregate remaining principal amount			$ 58,100,000
Effective interest rate			3.38%
Senior Secured Credit Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Interest paid			$ 116,805	265,900
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			3.38%
Senior Secured Credit Facility [Member] \| Revolving Credit Facility [Member] \| Second Amendment [Member]
Debt Instrument [Line Items]
Aggregate availability amount							$ 25,000,000
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] \| Standby Letters of Credit [Member] \| Third Amendment [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 40,000,000
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%
Notes 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, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal amount	$ 122,488	$ 124,440
Less: unamortized discount and issuance costs	2,987	3,442
Total long-term debt	119,501	120,998
Term Loan Facility [Member]
Debt Instrument [Line Items]
Principal amount	58,125	60,000
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	$ 11,750	$ 11,827

Long-Term Debt - Schedule of Pr

Long-Term Debt - Schedule of Principal Payments on Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2021 remaining	$ 5,855
2022	7,822
2023	74,539
2024	354
2025	374
Thereafter	33,544
Total	$ 122,488	$ 124,440

Accounts Payable and Other Li_3

Accounts Payable and Other Liabilities - Schedule of Accounts Payable and Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Deferred ceding commission	$ 37,991	$ 39,995
Outstanding claim checks		10,864
Accounts payable and other payables	7,951	9,248
Lease obligations	7,886	8,155
Accrued interest and issuance costs	167	833
Accrued dividends	1,678	1,670
Premium tax	1,886
Other liabilities	676	80
Commission payables	13,395	18,245
Total other liabilities	$ 71,628	$ 89,090

Statutory Accounting and Regu_2

Statutory Accounting and Regulations - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	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	$ 305,600,000	$ 333,300,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	1 Months Ended
	Jul. 31, 2020ft²	Mar. 31, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
Non-cancellable operating lease term	10 years
Non-cancellable operating lease term, leased area \| ft²	88,600
Principal contractual commitments \| $		$ 29.7

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Comegys Insurance Agency, Inc. [Member]
Related Party Transaction [Line Items]
Agency commission	$ 309,800	$ 179,800

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Defined Contribution Plan Disclosure [Line Items]
Contribution for participating employees	$ 322,200	$ 339,300
Defined Contribution Plan, Plan Name	401(k)
Medical premium cost	$ 990,100	$ 910,000
Additional liability for unpaid claims	1,800,000		$ 1,400,000
Stop loss coverage per employee	125,000
Defined contribution plan, aggregate limit for losses	$ 1,500,000
Defined contribution plan, aggregate stop loss commences threshold percentage	120.00%
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 ($)	Mar. 03, 2021	Nov. 02, 2020	Aug. 01, 2019	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
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				27,904,923		27,748,606
Treasury stock, shares				9,279,839		9,279,839
Additional paid-in capital				$ 332,000,000		$ 331,867,000
Common stock voting rights				one vote
Stock repurchase program, authorized amount		$ 23,800,000	$ 50,000,000	$ 50,000,000
Stock repurchase program, expiration date		Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2021
Treasury shares repurchased, shares				0		2,065,042
Treasury shares repurchased, value					$ 7,986,000	$ 26,200,000
Cash dividend per common share	$ 0.06
Cash dividend, payable date	Apr. 6, 2021
Dividend payable, record date	Mar. 15, 2021
Restricted Stock [Member]
Class Of Stock [Line Items]
Unvested restricted common stock issued				219,084		100,267

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 22, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum tenure of stock option from the date of grant	10 years
Unrecognized expense related to non-vested stock	$ 2,000,000	$ 4,200,000
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	5 years
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 260,000	$ 1,300,000
Restricted stock vested and released	25,000
Shares withheld to cover withholding taxes	12,500
Shares withheld to cover withholding taxes, value	$ 127,000
Restricted Stock [Member] \| Employee [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	5 years
Restricted Stock [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
Restricted Stock [Member] \| Maximum [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	981,709
Omnibus Incentive Plan [Member] \| Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted shares issued	95,878
Grant date fair value per share	$ 10.43
Omnibus Incentive Plan [Member] \| Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Omnibus Incentive Plan [Member] \| Restricted Stock [Member] \| Scenario Forecast [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares vesting in equal instalments			15,980	15,980	15,979
Omnibus Incentive Plan [Member] \| Time-Based Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted shares issued	47,939
Grant date fair value per share	$ 10.43

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Restricted Stock Activity (Detail) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, Number of shares \| shares	100,267
Vested, Number of shares \| shares	(12,500)
Canceled and surrendered, Number of shares \| shares	(12,500)
Ending balance, Number of shares \| shares	219,084
Beginning balance, Weighted-Average Grant-Date Fair Value per Share \| $ / shares	$ 15.37
Vested, Weighted-Average Grant-Date Fair Value per Share \| $ / shares	16.35
Canceled and surrendered, Weighted-Average Grant-Date Fair Value per Share \| $ / shares	16.35
Ending balance, Weighted-Average Grant-Date Fair Value per Share \| $ / shares	$ 12.02
Performance-Based Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted, Number of shares \| shares	95,878
Granted, Weighted-Average Grant-Date Fair Value per Share \| $ / shares	$ 10.43
Time-Based Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted, Number of shares \| shares	47,939
Granted, Weighted-Average Grant-Date Fair Value per Share \| $ / shares	$ 10.43

Stock-Based Compensation - Ad_2

Stock-Based Compensation - Additional Information Regarding Outstanding Non-vested Restricted Stock (Details) - Restricted Stock [Member] - $ / shares	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted common stock issued	219,084	100,267
February 12, 2018 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date	Feb. 12, 2018
Unvested restricted common stock issued	50,000
Share Value at Grant Date Per Share	$ 16.35
Remaining Restriction Period (Years)	2 years
September 3, 2018 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date	Sep. 3, 2018
Unvested restricted common stock issued	10,267
Share Value at Grant Date Per Share	$ 15.08
Remaining Restriction Period (Years)	9 months 18 days
April 24, 2020 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date	Apr. 24, 2020
Unvested restricted common stock issued	10,000
Share Value at Grant Date Per Share	$ 10.60
Remaining Restriction Period (Years)	1 year 6 months
September 21, 2020 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date	Sep. 21, 2020
Unvested restricted common stock issued	5,000
Share Value at Grant Date Per Share	$ 10.83
Remaining Restriction Period (Years)	9 months 18 days
January 4, 2021 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date	Jan. 4, 2021
Unvested restricted common stock issued	143,817
Share Value at Grant Date Per Share	$ 10.43

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - $ / shares	May 05, 2021	Mar. 03, 2021
Subsequent Event [Line Items]
Cash dividend per common share		$ 0.06
Cash dividend, payable date		Apr. 6, 2021
Dividend payable, record date		Mar. 15, 2021
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash dividend, declared date	May 5, 2021
Cash dividend per common share	$ 0.06
Cash dividend, payable date	Jul. 6, 2021
Dividend payable, record date	Jun. 15, 2021