Heritage Insurance (HRTG) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-36462
Entity Registrant Name	Heritage Insurance Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-5338504
Entity Address, Address Line One	1401 N. Westshore Blvd
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33607
City Area Code	727
Local Phone Number	362-7200
Title of each class	Common Stock, par value $0.0001 per share
Trading Symbol(s)	HRTG
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,684,198
Entity Central Index Key	0001598665
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Fixed maturities, available-for-sale, at fair value (amortized cost of $697,367 and $606,646)	$ 671,761	$ 560,682
Equity securities, at fair value, (cost $1,936 and $1,666)	1,936	1,666
Other investments, net	6,747	7,067
Total investments	680,444	569,415
Cash and cash equivalents	509,918	463,640
Restricted cash	10,980	9,699
Accrued investment income	5,230	4,068
Premiums receivable, net	86,570	89,490
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments	441,579	482,429
Prepaid reinsurance premiums	401,022	294,222
Income tax receivable	8,743	13,354
Deferred income tax assets, net	11,028	11,111
Deferred policy acquisition costs, net	109,441	102,884
Property and equipment, net	36,789	33,218
Right of use assets	15,708	17,606
Right of use assets	6,057	6,835
Intangibles, net	37,918	42,555
Other assets	12,961	12,674
Total Assets	2,374,388	2,153,200
LIABILITIES AND STOCKHOLDERS' EQUITY
Unpaid losses and loss adjustment expenses	775,468	845,955
Unearned premiums	724,426	675,921
Reinsurance payable	344,486	159,823
Long-term debt, net	118,551	119,732
Advance premiums	27,936	23,900
Accrued compensation	7,312	9,461
Lease liability, finance	18,669	20,386
Lease liability, operating	7,192	8,076
Accounts payable and other liabilities	71,004	69,666
Total Liabilities	2,095,044	1,932,920
Commitments and contingencies (Note 17)
Stockholders’ Equity:
Common stock, $0.0001 par value, 50,000,000 shares authorized, 42,915,872 shares issued and 30,684,198 outstanding at September 30, 2024 and 42,450,612 shares issued and 30,218,938 outstanding at December 31, 2023	3	3
Additional paid-in capital	362,609	360,310
Accumulated other comprehensive loss, net of taxes	(19,731)	(35,250)
Treasury stock, at cost, 12,231,674 shares at each September 30, 2024 and December 31, 2023	(130,900)	(130,900)
Retained earnings	67,363	26,117
Total Stockholders' Equity	279,344	220,280
Total Liabilities and Stockholders' Equity	$ 2,374,388	$ 2,153,200

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Cost or Adjusted / Amortized Cost	$ 697,367	$ 606,646
Equity securities, cost	1,936	1,666
Reinsurance recoverable net of allowance for credit losses	$ 197	$ 197
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	42,915,872	42,450,612
Common stock, shares outstanding (in shares)	30,684,198	30,218,938
Treasury stock, shares (in shares)	12,231,674	12,231,674

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES:
Gross premiums written		$ 312,986	$ 309,510	$ 1,094,200	$ 1,016,378
Change in gross unearned premiums		41,211	27,466	(48,542)	(32,366)
Gross premiums earned		354,197	336,976	1,045,658	984,012
Ceded premiums		(155,356)	(160,335)	(477,076)	(464,539)
Net premiums earned		198,841	176,641	568,582	519,473
Net investment income		9,801	6,867	28,121	19,048
Net realized gains (losses) and impairment		6	(379)	17	(49)
Other revenue		3,201	3,171	10,001	10,060
Total revenues		211,849	186,300	606,721	548,532
EXPENSES:
Losses and loss adjustment expenses		130,020	131,397	337,983	335,495
Policy acquisition costs, net of ceding commission income	[1]	48,508	42,427	142,661	124,202
General and administrative expenses, net of ceding commission income	[2]	21,572	21,911	63,985	61,022
Intangible asset impairment		0	0	0	767
Total expenses		200,100	195,735	544,629	521,486
Operating income (loss)		11,749	(9,435)	62,092	27,046
Interest expense, net		2,755	2,591	8,365	8,211
Income (loss) before income taxes		8,994	(12,026)	53,727	18,835
Provision (benefit) for income taxes		842	(4,602)	12,481	4,472
Net income (loss)		8,152	(7,424)	41,246	14,363
OTHER COMPREHENSIVE INCOME (LOSS)
Change in net unrealized gains (losses) on investments		19,711	(4,494)	20,353	4,664
Reclassification adjustment for net realized investment (gains) losses		(6)	379	(17)	390
Income tax (expense) benefit related to items of other comprehensive income		(4,666)	970	(4,816)	(1,188)
Total comprehensive income (loss)		$ 23,191	$ (10,569)	$ 56,766	$ 18,229
Weighted average shares outstanding
Basic		30,684,198	26,698,806	30,570,204	25,941,422
Diluted		30,743,461	26,698,806	30,629,467	25,980,931
Earnings (loss) per share
Basic		$ 0.27	$ (0.28)	$ 1.35	$ 0.55
Diluted		$ 0.27	$ (0.28)	$ 1.35	$ 0.55
[1] Policy acquisition costs includes $8.9 million and $27.6 million of ceding commission income for the three and nine months ended September 30, 2024 and $11.9 million and $37.3 million of ceding commission income for the three and nine months ended September 30, 2023, respectively. General and administration includes $3.2 million and $9.3 million of ceding commission income for the three and nine months ended September 30, 2024 and $4.0 million and $12.3 million of ceding commission income for the three and nine months ended September 30, 2023, respectively.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Ceding commission income	$ 12,023	$ 15,914	$ 36,888	$ 49,591
Policy Acquisition Costs
Ceding commission income	8,900	11,900	27,600	37,300
General and Administrative Expenses
Ceding commission income	$ 3,200	$ 4,000	$ 9,300	$ 12,300

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-In Capital	Retained Earnings	Treasury Shares	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022		25,539,433
Beginning balance at Dec. 31, 2022	$ 131,039	$ 3	$ 334,711	$ (19,190)	$ (130,900)	$ (53,585)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized change in investments, net of tax	9,290					9,290
Shares tendered for income taxes withholding (in shares)		(4,200)
Shares tendered for income taxes withholding	(8)		(8)
Restricted stock vested (in shares)		25,000
Forfeiture on restricted stock (in shares)		(1,482)
Stock-based compensation on restricted stock	395		395
Net income	14,008			14,008
Ending balance (in shares) at Mar. 31, 2023		25,558,751
Ending balance at Mar. 31, 2023	154,724	$ 3	335,098	(5,182)	(130,900)	(44,295)
Beginning balance (in shares) at Dec. 31, 2022		25,539,433
Beginning balance at Dec. 31, 2022	131,039	$ 3	334,711	(19,190)	(130,900)	(53,585)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,363
Ending balance (in shares) at Sep. 30, 2023		26,796,586
Ending balance at Sep. 30, 2023	151,386	$ 3	336,829	(4,827)	(130,900)	(49,719)
Beginning balance (in shares) at Mar. 31, 2023		25,558,751
Beginning balance at Mar. 31, 2023	154,724	$ 3	335,098	(5,182)	(130,900)	(44,295)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized change in investments, net of tax	(2,279)					(2,279)
Issued restricted stock (in shares)		63,744
Stock-based compensation on restricted stock	403		403
Net income	7,779			7,779
Ending balance (in shares) at Jun. 30, 2023		25,622,495
Ending balance at Jun. 30, 2023	160,627	$ 3	335,501	2,597	(130,900)	(46,574)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized change in investments, net of tax	(3,145)					(3,145)
Issued restricted stock (in shares)		1,223,111
Forfeiture on restricted stock (in shares)		(49,020)
Forfeiture on restricted stock	(13)
Stock-based compensation on restricted stock	1,341		1,341
Net income	(7,424)			(7,424)
Ending balance (in shares) at Sep. 30, 2023		26,796,586
Ending balance at Sep. 30, 2023	151,386	$ 3	336,829	(4,827)	(130,900)	(49,719)
Beginning balance (in shares) at Dec. 31, 2023		30,218,938
Beginning balance at Dec. 31, 2023	220,280	$ 3	360,310	26,117	(130,900)	(35,250)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized change in investments, net of tax	(216)					(216)
Issued restricted stock (in shares)		417,558
Additional costs associated to public offering	(3)		(3)
Unallocated dividends on restricted stock forfeitures	54		54
Stock-based compensation on restricted stock	595		595
Net income	14,225			14,225
Ending balance (in shares) at Mar. 31, 2024		30,636,496
Ending balance at Mar. 31, 2024	234,935	$ 3	360,956	40,342	(130,900)	(35,466)
Beginning balance (in shares) at Dec. 31, 2023		30,218,938
Beginning balance at Dec. 31, 2023	220,280	$ 3	360,310	26,117	(130,900)	(35,250)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	41,246
Ending balance (in shares) at Sep. 30, 2024		30,684,198
Ending balance at Sep. 30, 2024	279,344	$ 3	362,609	67,363	(130,900)	(19,731)
Beginning balance (in shares) at Mar. 31, 2024		30,636,496
Beginning balance at Mar. 31, 2024	234,935	$ 3	360,956	40,342	(130,900)	(35,466)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized change in investments, net of tax	696					696
Issued restricted stock (in shares)		47,702
Stock-based compensation on restricted stock	833		833
Net income	18,869			18,869
Ending balance (in shares) at Jun. 30, 2024		30,684,198
Ending balance at Jun. 30, 2024	255,333	$ 3	361,789	59,211	(130,900)	(34,770)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized change in investments, net of tax	15,039					15,039
Stock-based compensation on restricted stock	820		820
Net income	8,152			8,152
Ending balance (in shares) at Sep. 30, 2024		30,684,198
Ending balance at Sep. 30, 2024	$ 279,344	$ 3	$ 362,609	$ 67,363	$ (130,900)	$ (19,731)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES
Net income	$ 41,246	$ 14,363
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation	2,248	2,126
Bond amortization and accretion	(2,500)	(2,484)
Amortization of original issuance discount on debt	642	362
Named intangible asset impairment	0	767
Depreciation and amortization	6,733	6,463
Allowance for (recovery) bad debt	(687)	52
Expected credit allowance on reinsurance	0	152
Net realized (gains) losses	(17)	49
Deferred income taxes, net	(4,734)	(439)
Changes in operating assets and liabilities:
Accrued investment income	(1,162)	92
Premiums receivable, net	3,607	12,441
Prepaid reinsurance premiums	(106,800)	(96,707)
Reinsurance recoverable on paid and unpaid claims	40,850	77,472
Income taxes receivable	4,611	(2,754)
Deferred policy acquisition costs, net	(6,557)	(4,481)
Right of use leased asset	2,676	2,087
Other assets	(287)	(1,551)
Unpaid losses and loss adjustment expenses	(70,487)	(160,486)
Unearned premiums	48,505	32,231
Reinsurance payable	184,663	82,860
Accrued interest	(529)	(441)
Accrued compensation	(2,149)	2,017
Advance premiums	4,036	7,190
Operating lease liabilities	(2,601)	(1,905)
Other liabilities	1,866	1,182
Net cash provided by (used in) operating activities	143,173	(29,342)
INVESTING ACTIVITIES
Fixed maturity securities sales, maturities and pay downs	99,881	241,983
Fixed maturity securities purchases	(188,105)	(250,783)
Equity securities reinvestment of dividends	(270)	(226)
Sale on other investment and return on capital	319	5,080
Cost of property and equipment acquired	(5,667)	(8,445)
Net cash used in investing activities	(93,842)	(12,391)
FINANCING ACTIVITIES
Repayment of term note	(7,125)	(7,125)
Mortgage loan payments	(198)	(114)
Proceeds from loan agreement	5,500	0
Additional costs associated with public offering	(3)	0
Tax withholding on share-based compensation awards	0	(8)
Dividends forfeited (paid)	54	(11)
Net cash used in financing activities	(1,772)	(7,258)
Increase (decrease) in cash, cash equivalents, and restricted cash	47,559	(48,991)
Cash, cash equivalents and restricted cash, beginning of period	473,339	287,572
Cash, cash equivalents and restricted cash, end of period	520,898	238,581
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Income taxes paid	12,696	7,664
Interest paid	$ 7,224	$ 6,803

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 509,918	$ 463,640
Restricted cash	10,980	9,699
Total	$ 520,898	$ 473,339	$ 238,581	$ 287,572

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	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 (“GAAP”) 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, 2023 filed on March 13, 2024 (the “2023 Form 10-K”). Significant accounting policies The accounting policies of the Company are set forth in Note 1 to the consolidated financial statements contained in the Company’s 2023 Form 10-K. 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 contained in the Company’s 2023 Form 10-K. There have been no material changes to the Company’s accounting policies since the filing of that report. On March 6, 2024, the SEC adopted new rules designed to enhance public company disclosures related to the risks and impacts of climate-related matters. The rules amend the provisions of both Regulation S-K and Regulation S-X to require disclosure of climate-related risks, transition plans, targets and goals, risk management and governance as well as require disclosure of the financial effects of severe weather events and other natural conditions as well as the use of carbon offsets or renewable energy credits. Disclosure requirements will begin phasing in for fiscal years beginning on or after January 1, 2025, subject to legal challenges and the SEC's voluntary stay of the disclosure requirements. The Company will continue to assess the impact of these new rules on its financial statements while the stay is in place.

Investments

Investments	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	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 presented: September 30, 2024 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) $ 87,973 $ 1,559 $ 574 $ 88,958 States, municipalities and political subdivisions 333,004 915 21,221 312,698 Corporate bonds 249,627 3,567 7,636 245,558 Mortgage-backed securities (1) 17,986 — 2,136 15,850 Asset-backed securities 2,772 — 90 2,682 Other 6,005 10 — 6,015 Total $ 697,367 $ 6,051 $ 31,657 $ 671,761 (1) Includes securities at September 30, 2024 with a carrying amount of $24.4 million and $7.1 million that were pledged as collateral for the advance agreement entered into with a financial institution in 2018 and 2024. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time. December 31, 2023 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) $ 81,540 $ 417 $ 1,295 $ 80,662 States, municipalities and political subdivisions 319,896 104 31,018 288,982 Corporate bonds 178,213 475 11,858 166,830 Mortgage-backed securities 22,695 — 2,769 19,926 Asset-backed securities 247 — 20 227 Other 4,055 — — 4,055 Total $ 606,646 $ 996 $ 46,960 $ 560,682 (1) Includes securities at December 31, 2023 with a carrying amount of $24.3 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. Net Realized Gains (Losses) and Impairment The following tables present net realized gains (losses) on the Company’s debt securities available-for-sale for the three and nine months ended September 30, 2024 and 2023, respectively : 2024 2023 Three Months Ended September 30, Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale (In thousands) Debt Securities Available-for-Sale Total realized gains $ — $ — $ 2 $ 1,498 Total realized losses (3) 153 (381) 40,705 Net realized losses $ (3) $ 153 $ (379) $ 42,203 2024 2023 Nine Months Ended September 30, Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale (In thousands) Debt Securities Available-for-Sale Total realized gains $ 7 $ 2,744 $ 1 $ 1,900 Total realized losses (5) 343 (391) 41,137 Net realized gains (losses) $ 2 $ 3,087 $ (390) $ 43,037 The following table presents the reconciliation of net realized (losses) gains and impairment of the Company’s investments reported for the three and nine months ended September 30, 2024 and 2023, respectively: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Gross realized gains on sales of available-for-sale securities $ — $ 2 $ 7 $ 1 Recovery (impairment) on other investments 4 — 4 (1,559) Realized losses on sales of available-for-sale securities (3) (381) (5) (391) Gross realized gains on sale of other investments 5 — 11 1,900 Net realized gains (losses) and impairments $ 6 $ (379) $ 17 $ (49) The table below summarizes the Company’s debt securities at September 30, 2024 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 September 30, 2024 Cost or Amortized Cost Percent of Total Fair Value Percent of Total Maturity dates: (In thousands) (In thousands) Due in one year or less $ 83,803 12.0 % $ 82,878 12.3 % Due after one year through five years 386,655 55.4 % 375,797 56.0 % Due after five years through ten years 190,756 27.4 % 179,300 26.7 % Due after ten years 36,153 5.2 % 33,786 5.0 % Total $ 697,367 100.0 % $ 671,761 100.0 % Net Investment Income The following table summarizes the Company’s net investment income by major investment category for the three and nine months ended September 30, 2024 and 2023, respectively: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Debt securities $ 4,935 $ 4,685 $ 15,992 $ 12,723 Equity securities 778 79 1,435 170 Cash and cash equivalents 4,677 1,746 12,490 6,195 Other investments 182 687 506 1,525 Net investment income 10,572 7,197 30,423 20,613 Less: Investment expenses 771 330 2,302 1,565 Net investment income, less investment expenses $ 9,801 $ 6,867 $ 28,121 $ 19,048 The following tables present, for all debt securities available-for-sale in an unrealized loss position (including securities pledged) and for which no credit loss allowance has been established to date, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position at September 30, 2024 and December 31, 2023, respectively (in thousands): Less Than Twelve Months Twelve Months or More September 30, 2024 Number of Gross Unrealized Losses Fair Value Number of Gross Unrealized Losses Fair Value Debt Securities Available-for-sale U.S. government and agency securities 1 $ — $ 996 20 $ 574 $ 20,063 States, municipalities and political subdivisions 10 101 12,522 357 21,120 266,014 Corporate bonds 1 — 747 170 7,636 115,504 Mortgage-backed securities 4 — 1 120 2,136 15,849 Asset-backed securities — — — 34 90 2,682 Other — — — — — — Total fixed maturity securities 16 $ 101 $ 14,266 701 $ 31,556 $ 420,112 Less Than Twelve Months Twelve Months or More December 31, 2023 Number of Securities Gross Unrealized Losses Fair Value Number of Securities Gross Unrealized Losses Fair Value Debt Securities Available-for-sale U.S. government and agency securities 3 $ 14 $ 2,962 32 $ 1,281 $ 42,305 States, municipalities and political subdivisions 5 $ 21 $ 3,875 382 $ 30,997 $ 274,876 Corporate bonds 10 $ 24 $ 6,398 188 $ 11,834 $ 128,771 Mortgage-backed securities 10 $ — $ 7 138 $ 2,769 $ 19,810 Asset-backed securities — $ — $ — 24 $ 20 $ 373 Other — $ — $ — — $ — $ — Total fixed maturity securities 28 $ 59 $ 13,242 764 $ 46,901 $ 466,135 The Company’s unrealized losses on debt securities have not been recognized because the securities are of a high credit quality with investment grade ratings. After reviewing the Company's portfolio, if (i) the Company does not have the intent to sell, or (ii) it is more likely than not it will not be required to sell the security before its anticipated recovery, then the Company's intent is to hold the investment securities to recovery, or maturity if necessary to recover the decline in valuation as prices accrete to par. However, the Company's intent may change prior to maturity due to certain types of events, which include, but are not limited to, changes in the financial markets, the Company's analysis of an issuer’s credit metrics and prospects, changes in tax laws or the regulatory environment, or as a result of significant unforeseen changes in liquidity needs. As such, the Company may, from time to time, sell invested assets subsequent to the balance sheet date that it did not intend to sell at the balance sheet date. Conversely, the Company may not sell invested assets that the Company asserted it intended to sell at the balance sheet date. Such changes in intent are due to unforeseen events occurring subsequent to the balance sheet date. No credit loss allowance was recorded as of September 30, 2024 or for the year ended December 31, 2023. Other Investments Non-Consolidating Variable Interest Entities (“VIEs”) The Company makes passive investments in limited partnerships (“LPs”), which are accounted for using the equity method, with income reported in earnings through net realized and unrealized gains and losses. The Company also holds a passive investment in a Real Estate Investment Trust (“REIT”), which is accounted for using the measurement alternative method, and reported at cost less impairment (if any), plus or minus changes from observable price changes. The following table summarizes the carrying value and maximum loss exposure of the Company’s non-consolidated VIEs at September 30, 2024 and December 31, 2023, respectively (in thousands): As of September 30, 2024 As of December 31, 2023 Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investments in non-consolidated VIEs - Equity method $ 1,679 $ 1,679 $ 1,819 $ 1,819 Investments in non-consolidated VIEs - Measurement alternative 5,068 5,068 5,248 5,248 Total non-consolidated VIEs $ 6,747 $ 6,747 $ 7,067 $ 7,067 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 Measure

Fair Value of Financial Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	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. The Company is 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. At September 30, 2024 and December 31, 2023, there were no transfers in or out of Level 1, 2, and 3. The following table presents 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 tables below present the balances of the Company’s invested assets measured at fair value on a recurring basis: September 30, 2024 Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets (In thousands) Cash and cash equivalents $ 509,918 $ 509,918 $ — $ — Restricted cash $ 10,980 $ 10,980 $ — $ — Debt Securities Available-for-sale U.S. government and agency securities $ 88,958 $ — $ 88,958 $ — States, municipalities and political subdivisions 312,698 — 312,698 — Corporate bonds 245,558 — 245,558 — Mortgage-backed securities 15,850 — 15,850 — Asset-backed securities 2,682 — 2,682 — Other 6,015 — 6,015 — Total debt securities $ 671,761 $ — $ 671,761 $ — Equity Securities Common stock $ 1,936 $ 1,936 $ — $ — Total debt securities and equity securities $ 673,697 $ 1,936 $ 671,761 $ — December 31, 2023 Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets (In thousands) Cash and cash equivalents $ 463,640 $ 463,640 $ — $ — Restricted cash $ 9,699 $ 9,699 $ — $ — Debt Securities Available-for-sale U.S. government and agency securities $ 80,662 $ — $ 80,662 $ — States, municipalities and political subdivisions 288,982 — 288,982 — Corporate bonds 166,830 — 166,830 — Mortgage-backed securities 19,926 — 19,926 — Asset-backed securities 227 — 227 — Other 4,055 — 4,055 — Total debt securities $ 560,682 $ — $ 560,682 $ — Equity Securities Common stock $ 1,666 $ 1,666 $ — $ — Total debt securities and equity securities $ 562,348 $ 1,666 $ 560,682 $ — Financial Instruments excluded from the fair value hierarchy The carrying value of premium receivables, accounts payable, accrued expense, revolving loans and borrowings under the Company’s senior secured credit facility approximate their fair value. The rate at which revolving loans and borrowings under the Company’s senior secured credit facility bear interest resets periodically at market interest rates. Non-recurring fair value measurements Assets and liabilities that are measured at fair value on a non-recurring basis include intangible assets 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. For the nine months ended September 30, 2024, there were no assets or liabilities that were measured at fair value on a non-recurring basis.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Other Comprehensive Income (Loss)	OTHER COMPREHENSIVE INCOME (LOSS) The following tables summarize other comprehensive income (loss) and disclose the tax impact of each component of other comprehensive income for the three and nine months ended September 30, 2024 and 2023, respectively: For the Three Months Ended September 30, 2024 2023 Pre-tax Tax After-tax Pre-tax Tax After-tax (In thousands) Other comprehensive income (loss) Change in unrealized gains (losses) on investments, net $ 19,711 $ (4,667) $ 15,044 $ (4,494) $ 1,059 $ (3,435) Reclassification adjustment of realized (gains) losses included in net income (6) 1 (5) 379 (89) 290 Effect on other comprehensive income (loss) $ 19,705 $ (4,666) $ 15,039 $ (4,115) $ 970 $ (3,145) For the Nine Months Ended September 30, 2024 2023 Pre-tax Tax After-tax Pre-tax Tax After-tax (In thousands) Other comprehensive income Change in unrealized gains (losses) on investments, net $ 20,353 $ (4,820) $ 15,533 $ 4,664 $ (1,097) $ 3,567 Reclassification adjustment of realized losses included in net income (17) 4 (13) 390 (92) 298 Effect on other comprehensive income $ 20,336 $ (4,816) $ 15,520 $ 5,054 $ (1,188) $ 3,866

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	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 two 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 the Company’s lease costs were as follows (in thousands): For The Nine Months Ended September 30, 2024 2023 Operating lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations $ 1,210 $ 1,183 Finance lease cost: Amortization of assets, included in General & Administrative expenses on the Consolidated Statements of Operations 1,898 1,921 Interest on lease liabilities, included in Interest expense on the Consolidated Statements of Operations 603 671 Total finance lease cost $ 2,501 $ 2,592 Variable lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations $ 1,104 $ 1,175 Short-term lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations $ 55 $ 113 Supplemental balance sheet information related to the Company’s operating and financing leases were as follows (in thousands): Operating Leases September 30, 2024 December 31, 2023 Right of use assets $ 6,057 $ 6,835 Lease liability $ 7,192 $ 8,076 Finance Leases Right of use assets $ 15,708 $ 17,606 Lease liability $ 18,669 $ 20,386 Weighted-average remaining lease term and discount rate for the Company’s operating and financing leases for the periods presented below were as follows: Weighted-average remaining lease term September 30, 2024 December 31, 2023 Operating lease 4.86 yrs. 5.57 yrs. Finance lease 6.43 yrs. 7.16 yrs. Weighted-average discount rate Operating lease 5.44 % 5.17 % Finance lease 4.14 % 4.15 % Maturities of lease liabilities by fiscal year for the Company’s operating and financing leases were as follows (in thousands): Financing Lease Operating Lease 2024 remaining $ 788 $ 441 2025 3,173 1,654 2026 3,216 1,636 2027 3,190 1,599 2028 3,270 1,633 2029 and thereafter 7,651 1,213 Total lease payments 21,288 8,176 Less: imputed interest (2,619) (984) Present value of lease liabilities $ 18,669 $ 7,192 Supplemental cash flow information related to the Company's operating and financing leases were as follows (in thousands): Operating Leases September 30, 2024 September 30, 2023 Lease liability payments $ 1,709 $ 1,707 Finance Leases Lease liability payments $ 601 $ 651 Total lease liability payments $ 2,310 $ 2,358
Leases	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 two 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 the Company’s lease costs were as follows (in thousands): For The Nine Months Ended September 30, 2024 2023 Operating lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations $ 1,210 $ 1,183 Finance lease cost: Amortization of assets, included in General & Administrative expenses on the Consolidated Statements of Operations 1,898 1,921 Interest on lease liabilities, included in Interest expense on the Consolidated Statements of Operations 603 671 Total finance lease cost $ 2,501 $ 2,592 Variable lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations $ 1,104 $ 1,175 Short-term lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations $ 55 $ 113 Supplemental balance sheet information related to the Company’s operating and financing leases were as follows (in thousands): Operating Leases September 30, 2024 December 31, 2023 Right of use assets $ 6,057 $ 6,835 Lease liability $ 7,192 $ 8,076 Finance Leases Right of use assets $ 15,708 $ 17,606 Lease liability $ 18,669 $ 20,386 Weighted-average remaining lease term and discount rate for the Company’s operating and financing leases for the periods presented below were as follows: Weighted-average remaining lease term September 30, 2024 December 31, 2023 Operating lease 4.86 yrs. 5.57 yrs. Finance lease 6.43 yrs. 7.16 yrs. Weighted-average discount rate Operating lease 5.44 % 5.17 % Finance lease 4.14 % 4.15 % Maturities of lease liabilities by fiscal year for the Company’s operating and financing leases were as follows (in thousands): Financing Lease Operating Lease 2024 remaining $ 788 $ 441 2025 3,173 1,654 2026 3,216 1,636 2027 3,190 1,599 2028 3,270 1,633 2029 and thereafter 7,651 1,213 Total lease payments 21,288 8,176 Less: imputed interest (2,619) (984) Present value of lease liabilities $ 18,669 $ 7,192 Supplemental cash flow information related to the Company's operating and financing leases were as follows (in thousands): Operating Leases September 30, 2024 September 30, 2023 Lease liability payments $ 1,709 $ 1,707 Finance Leases Lease liability payments $ 601 $ 651 Total lease liability payments $ 2,310 $ 2,358

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following at September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (In thousands) Land $ 2,582 $ 2,582 Building 9,599 9,599 Software in progress — 14,450 Computer hardware and software 30,810 10,717 Office furniture and equipment 1,484 1,484 Tenant and leasehold improvements 10,900 10,876 Vehicle fleet 515 515 Total, at cost 55,890 50,223 Less: accumulated depreciation and amortization (19,101) (17,005) Property and equipment, net $ 36,789 $ 33,218 The Company placed in service in aggregate $17.0 million for internal-use software development for a new policy, billing and claims system in September 2024 and $2.0 million as of September 30, 2023. The Company anticipates additional development costs will be incurred through spring of 2025, which will be capitalized as incurred. The Company will amortize the capitalized internally developed software costs over the estimated useful life of 7 years, on a straight-line basis. Depreciation and amortization expense for property and equipment was approximately $696,000 and $653,000 for the three months ended September 30, 2024 and 2023, respectively. Depreciation and amortization expense for property and equipment were approximately $2.1 million and $1.8 million for the nine months ended September 30, 2024 and 2023, respectively. The Company owns real estate consisting of 13 acres of land, two buildings with a gross area of 88,378 square feet and a parking garage. The carrying value of the property is approximately $9.6 million with accumulated depreciation of approximately $2.7 million at September 30, 2024.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	INTANGIBLE ASSETS At September 30, 2024 and December 31, 2023, intangible assets, net were $37.9 million and $42.6 million, respectively. The Company has determined the useful life of its intangible assets to range between 2.5-15 years. Intangible assets include $1.3 million relating to insurance licenses which is classified as an indefinite lived intangible. Impairment testing is required when events occur that indicate an asset may not be recoverable, such as a triggering event. Management reviews other intangible assets for impairment annually during the fourth quarter, or more frequently should events or changes in circumstances indicate that the Company's other intangible assets might be impaired. The Company’s intangible assets consist of brand, agent relationships, renewal rights, customer relations, trade names and insurance licenses. During the three months ended June 30, 2023, certain brand and customer relations within the Company's restoration provider with a net value of $766,600 were impaired due to the discontinuation of providing restoration services to the Company’s policyholders. The impairment loss of $766,600 was included in intangible asset impairment in the Company's consolidated statements of operations for the nine months ended September 30, 2023. There was no impairment of the intangible assets with definite lives for the three and nine months ended September 30, 2024. Amortization expense of the Company’s intangible assets for the three and nine months ended September 30, 2024 was $1.5 million and $4.6 million, respectively and for the three and nine months ended September 30, 2023 was $1.6 million and $4.8 million, respectively. Estimated annual pretax amortization of intangible assets for each of the next five years and thereafter is as follows (in thousands): Year Amount 2024 - remaining $ 1,545 2025 6,183 2026 6,034 2027 5,836 2028 3,914 Thereafter 13,091 Total $ 36,603

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	EARNINGS (LOSS) PER SHARE The following table sets forth the computation of basic and diluted earnings (loss) per share (“EPS”) for the periods indicated (amounts in thousands, except share and per share amounts). Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Basic and Diluted Net income (loss) available to common shareholders — basic and diluted $ 8,152 $ (7,424) $ 41,246 $ 14,363 Common Shares Basic Weighted average shares outstanding 30,684,198 26,698,806 30,570,204 25,941,422 Diluted Weighted average shares outstanding 30,684,198 26,698,806 30,570,204 25,941,422 5.875% Convertible Notes 59,263 — 59,263 39,509 Total 30,743,461 26,698,806 30,629,467 25,980,931 Net income (loss) per common share Basic $ 0.27 $ (0.28) $ 1.35 $ 0.55 Diluted $ 0.27 $ (0.28) $ 1.35 $ 0.55

Deferred Reinsurance Ceding Com

Deferred Reinsurance Ceding Commission	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
Deferred Reinsurance Ceding Commission	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 September 30, 2024 and 2023, the Company allocated ceding commission income of $8.9 million and $11.9 million, respectively, to policy acquisition costs and $3.2 million and $4.0 million, respectively, to general and administrative expense. For the nine months ended September 30, 2024 and 2023, the Company allocated ceding commission income of $27.6 million and $37.3 million, respectively, to policy acquisition costs and $9.3 million and $12.3 million, respectively, to general and administrative expense. The table below depicts the activity regarding deferred reinsurance ceding commission, included in accounts payable and other liabilities during the three and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Beginning balance of deferred ceding commission income $ 33,602 $ 37,990 $ 33,627 $ 42,758 Ceding commission deferred 14,857 13,957 39,697 42,866 Less: ceding commission earned (12,023) (15,914) (36,888) (49,591) Ending balance of deferred ceding commission income $ 36,436 $ 36,033 $ 36,436 $ 36,033

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	9 Months Ended
	Sep. 30, 2024
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Costs	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 regarding DPAC for the three and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Beginning Balance $ 114,818 $ 106,736 $ 102,884 $ 99,617 Policy acquisition costs deferred 57,371 42,427 170,256 149,536 Amortization (62,748) (45,064) (163,699) (145,054) Ending Balance $ 109,441 $ 104,099 $ 109,441 $ 104,099

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the three months ended September 30, 2024 and 2023, the Company recorded an income tax provision of $0.8 million and a tax benefit of $(4.6) million, respectively, which corresponds to effective tax rates of 9.4% and 38.3%, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded income tax provisions of $12.5 million and $4.5 million, respectively, which corresponds to effective tax rates of 23.2% and 23.7%, respectively. The effective tax rate for the current year quarter was favorably impacted by updated estimates used in the quarterly tax provision as well as the benefit of interest income from a previous year's income tax refund, which lowered income tax expense for the quarter. The Company recognizes interest and penalties related to uncertain tax benefits on the income tax expense line in the accompanying consolidated Statements of Operations. The effective tax rate for the prior year quarter was impacted by an decrease of $7.2 million in the deferred tax valuation allowance related to certain tax elections made by Osprey Re, the Company’s captive reinsurer domiciled in Bermuda. The decrease in the valuation allowance in the prior year quarter caused the income tax benefit for the prior year quarter to be higher than the statutory rate. There was no benefit nor detriment associated with a valuation allowance in the current year quarter. The impact of permanent tax differences on projected results of operations for the calendar year impacts the effective tax rate, which can also fluctuate throughout the year as estimates used in the quarterly tax provision are updated with additional information. The table below summarizes the significant components of the Company’s net deferred tax assets: September 30, 2024 December 31, 2023 Deferred tax assets: (In thousands) Unearned premiums $ 22,653 $ 18,507 Unearned commission 8,629 7,964 Net operating loss 1 436 Tax-related discount on loss reserve 5,159 5,162 Stock-based compensation 804 331 Accrued expenses 1,279 1,677 Leases 936 940 Unrealized losses 6,839 11,655 Property and equipment 700 — Other 278 473 Total deferred tax assets 47,278 47,145 Deferred tax liabilities: Deferred acquisition costs $ 25,919 $ 24,366 Prepaid expenses 189 189 Property and equipment — 359 Note discount 33 152 Basis in purchased investments 7 8 Basis in purchased intangibles 8,323 9,327 Other 1,779 1,633 Total deferred tax liabilities 36,250 36,034 Net deferred tax asset: $ 11,028 $ 11,111 The statute of limitations related to the Company’s federal and state income tax returns remains open from the Company’s filings for 2020 through 2023. There are currently no tax years under examination. At September 30, 2024 and December 31, 2023, the Company had no significant uncertain tax positions or unrecognized tax benefits that, if recognized, would impact the effective income tax rate.

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
Reinsurance	REINSURANCE Overview In order to limit the Company’s potential exposure to individual risks and catastrophic events, the Company purchases significant reinsurance from third party reinsurers. Purchasing reinsurance is an important part of the Company’s risk strategy, and premiums ceded to reinsurers is one of the Company’s 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, 2024 and 2023, the Company purchased reinsurance from the following sources: (i) the Florida Hurricane Catastrophe Fund, a state-mandated catastrophe fund (“FHCF”) which provides reinsurance for Florida admitted 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”). The Company also sponsored catastrophe bonds in 2024 and 2023 through Citrus Re Ltd., a Bermuda special purpose insurer, which provided an alternative to traditional reinsurance through the issuance of catastrophe bonds. For the 2023 hurricane season only, the Company also obtained reinsurance from the Florida State Board of Administration’s Reinsurance to assist Policyholders (“RAP”) program which provided reinsurance for Florida admitted policies only. The RAP component of the Company's reinsurance program was provided at no cost to the Company and is a non-recurring reinsurance program. 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 programs limit its net exposure in the event of severe non-catastrophe losses impacting a single location or risk. The Company also utilizes 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 the Company’s risk strategy. Reinsurance involves transferring, or “ceding”, a portion of the risk exposure on policies the Company writes to another insurer, known as a reinsurer. To the extent that the Company’s reinsurers are unable to meet the obligations they assume under the Company’s reinsurance agreements, the Company remains liable for the entire insured loss. 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 generally 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. 2024 - 2025 Reinsurance Program Catastrophe Excess of Loss Reinsurance Effective June 1, 2024, the Company entered into catastrophe excess of loss reinsurance agreements covering Heritage Property & Casualty Insurance Company (“Heritage P&C”), Zephyr Insurance Company (“Zephyr”) and Narragansett Bay Insurance Company (“NBIC”). The catastrophe reinsurance programs are allocated among traditional reinsurers, the Florida Hurricane Catastrophe Fund (“FHCF”), Citrus Re and Osprey Re. The FHCF covers Florida admitted market risks only and the Company elected to participate at 90% for the 2024 hurricane season. Osprey Re will provide reinsurance for a portion of the Heritage P&C, NBIC and Zephyr programs. The Company’s third-party reinsurers are either rated “A-” or higher by A.M. Best or S&P or are fully collateralized, to reduce credit risk. Osprey Re and Citrus Re are fully collateralized programs. The reinsurance program, which is segmented into layers of coverage, protects the Company for excess property catastrophe losses and loss adjustment expenses. The 2024-2025 reinsurance program provides first event coverage up to $1.3 billion for Heritage P&C, first event coverage up to $1.1 billion for NBIC, and first event coverage up to $750.0 million for Zephyr. The Company’s first event retention in a 1 in 100-year event would include retention for the respective insurance company as well as any retention by Osprey. The first event maximum retention up to a 1 in 100-year event for each insurance company subsidiary is as follows: Heritage P&C – $40.0 million, of which $34.0 million would be ceded to Osprey; NBIC – $31.8 million of which the entire amount would be ceded to Osprey in a shared contract with Zephyr; and Zephyr — $40 million, of which $32 million would be ceded to Osprey in a shared contract with NBIC as well as $8.0 million ceded to Osprey in a separate reinsurance contract. The Company is responsible for all losses and loss adjustment expenses in excess of the Company's reinsurance program. For second or subsequent catastrophic events, the Company’s total available coverage depends on the magnitude of the first event, as the Company may have coverage remaining from layers that were not previously fully exhausted. An aggregate of $3.3 billion of limit is available in 2024, which includes reinstatement through the purchase of reinstatement premium protection. The amount of coverage, however, will be subject to the severity and frequency of such events. Additionally, the Company placed occurrence contracts for business underwritten by NBIC which covers all catastrophe losses excluding named storms, on December 31, 2023, expiring December 31, 2024. One contract which is 60% placed has a $15.0 million limit in excess of a retention of $25.0 million. Another contract provides the remaining 40% with a $20.0 million limit in excess of a retention of $20.0 million. Each contract has one reinstatement available. Net Quota Share Reinsurance The Company’s Net Quota Share coverage is proportional reinsurance, which applies to business underwritten by NBIC, for which certain of the Company’s other reinsurance (property catastrophe excess of loss and the second layer of the general excess of loss) inures to the quota share program. An occurrence limit of $20.0 million for catastrophe losses is in effect on the quota share program, subject to certain aggregate loss limits that vary by reinsurer. The amount and rate of ceding commissions slide, within a prescribed minimum and maximum, depending on loss performance. The Net Quota Share program was renewed on December 31, 2023 ceding 41.0% of the net premiums. Per Risk Coverage For losses arising from business underwritten by Heritage P&C and losses arising from commercial residential business underwritten by NBIC, excluding losses from named storms, the Company purchased property per risk coverage for losses and loss adjustment expenses in excess of $1.5 million per claim. The limit recoverable for an individual loss is $8.5 million and total limit for all losses is $25.5 million. There are two reinstatements available with additional premium due based on the amount of the layer exhausted. This coverage for the contract period from June 15, 2024 through June 14, 2025 is 100% placed. For losses arising from commercial residential business underwritten by NBIC, the Company also purchased property per risk coverage for losses and loss adjustments expenses in excess of $1 million per claim. The limit recovered for an individual loss is $500,000 and total limit for all losses is $1.5 million. In addition, the Company purchased facultative reinsurance for losses in excess of $10.0 million for any properties it insured where the total insured value exceeded $10.0 million. The maximum limit for this coverage is $80.0 million. This coverage applies to losses arising from business underwritten by Heritage P&C and losses arising from commercial residential business underwritten by NBIC, excluding losses from named storms. The Company also purchased facultative reinsurance for losses underwritten by NBIC in excess of $3.5 million. General Excess of Loss The Company’s general excess of loss reinsurance protects business underwritten by NBIC and Zephyr multi-peril policies from single risk losses. For the contract period of July 1, 2023 through June 30, 2024, the coverage is $2.5 million excess $1.0 million for property losses and $1.0 million excess $1.0 million for casualty losses, and is 67.5% placed. For the contract period of July 1, 2024 through June 30, 2025, the coverage is $2.5 million excess $1.0 million for property losses and $1.0 million excess $1.0 million for casualty losses, and is 50.0% placed. For a detailed discussion of the Company’s 2023-2024 Reinsurance Program r efer to Part I, “Business”, Part II, Item 8, “Financial Statements and Supplementary Data” and “ Note 12. Reinsurance ” in the Company’s 2023 Form 10-K. 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 and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) (In thousands) Premium written: Direct $ 312,986 $ 309,510 $ 1,094,200 $ 1,016,378 Ceded (51,198) (54,850) (583,876) (561,283) Net $ 261,788 $ 254,660 $ 510,324 $ 455,095 Premiums earned: Direct $ 354,197 $ 336,976 $ 1,045,658 $ 984,012 Ceded (155,356) (160,335) (477,076) (464,539) Net $ 198,841 $ 176,641 $ 568,582 $ 519,473 Loss and Loss Adjustment Expenses Direct $ 129,112 $ 450,524 $ 631,436 $ 757,560 Ceded 908 (319,127) (293,453) (422,065) Net $ 130,020 $ 131,397 $ 337,983 $ 335,495

Reserve For Unpaid Losses

Reserve For Unpaid Losses	9 Months Ended
	Sep. 30, 2024
Insurance Loss Reserves [Abstract]
Reserve for Unpaid Losses	RESERVE FOR UNPAID LOSSES The Company determines the reserve for unpaid losses on an individual-case basis for all incidents reported. The liability also includes amounts which are commonly referred to as incurred but not reported, or “IBNR”, claims as of the balance sheet date. The Company estimates its IBNR reserves by projecting its ultimate losses using industry accepted actuarial methods and then deducting actual loss payments and case reserves from the projected ultimate losses. During the quarter, ultimate losses for Hurricane Ian were revised downward, which resulted in a reduction to direct incurred losses and loss adjustment expenses as well as a reduction to ceded losses and loss adjustment expenses, resulting in no change to loss reserves on a net basis. The table below summarizes the activity related to the Company’s reserve for unpaid losses: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Balance, beginning of period $ 822,271 $ 817,859 $ 845,955 $ 1,131,807 Less: reinsurance recoverable on unpaid losses 468,137 442,289 421,798 759,681 Net balance, beginning of period 354,134 375,570 424,157 372,126 Incurred related to: Current year 123,737 130,604 316,350 338,890 Prior years 6,283 793 21,633 (3,395) Total incurred 130,020 131,397 337,983 335,495 Paid related to: Current year 57,464 76,524 138,847 160,468 Prior years 41,508 (18,512) 238,111 98,198 Total paid 98,972 58,012 376,958 258,666 Net balance, end of period 385,182 448,955 385,182 448,955 Plus: reinsurance recoverable on unpaid losses 390,286 522,366 390,286 522,366 Balance, end of period $ 775,468 $ 971,321 $ 775,468 $ 971,321 The Company believes that the reserve for unpaid losses reasonably represents the amount necessary to pay all claims and related expenses which may arise from incidents that have occurred as of the balance sheet date. As of September 30, 2024, the Company reported $385.2 million in unpaid losses and loss adjustment expenses, net of reinsurance which included $269.4 million attributable to IBNR net of reinsurance recoverable, or 69.9% of net reserves for unpaid losses and loss adjustment expenses. For the three months ended September 30, 2024, the Company experienced $6.3 million of net unfavorable prior year loss development compared to $0.8 million of net unfavorable prior year loss development for the three months ended September 30, 2023. For the nine months ended September 30, 2024, the Company experienced $21.6 million of net unfavorable prior year loss development compared to $3.4 million of net favorable prior year loss development for the nine months ended September 30, 2023. The unfavorable development is largely associated with adverse development on Hurricane Irma claims, for which the losses are fully retained. Reinsurance recoverable on unpaid losses includes expected reinsurance recoveries associated with reinsurance contracts the Company has in place. The amount may include recoveries from catastrophe excess of loss reinsurance, net quota share reinsurance, per risk reinsurance, and facultative reinsurance contracts.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	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. In January 2022, the Company reacquired and retired $11.7 million of its outstanding Convertible Senior Notes. Payment was made in cash and the Convertible Notes were retired at the time of repurchase. In addition, the Company expensed $242,700 which was the proportionate amount of the unamortized issuance and debt discount costs associated with this repurchase. As of December 31, 2023 and at September 30, 2024, the Company had approximately $885,000 of the Convertible Notes outstanding, net of $21.1 million of Convertible Notes held by an insurance company subsidiary. For the nine-months ended September 30, 2024 and 2023, the Company made interest payments, net of affiliated Convertible Notes, of approximately $50,230 and $52,000, on the outstanding Convertible Notes, respectively. Senior Secured Credit Facility The Company is party to a credit agreement dated as of December 14, 2018 (as amended from time to time, the “Credit Agreement”) with a syndicate of lenders. The Credit Agreement, as amended, provides for (1) a five-year senior secured term loan facility in an aggregate principal amount of $100 million (the “Term Loan Facility”) and (2) a five-year senior secured revolving credit facility in an aggregate principal amount of $50 million (inclusive of a sublimit for the issuance of letters of credit equal to the unused amount of the revolving credit facility and a sublimit for swingline loans equal to the lesser of $25 million and the unused amount of the revolving credit facility) (the “Revolving Credit Facility” and together with the Term Loan Facility, the “Credit Facilities”). Term Loan Facility . The principal amount of the Term Loan Facility amortizes in quarterly installments, which began with the close of the fiscal quarter ending March 31, 2019, in an amount equal to $1.9 million per quarter, payable quarterly, decreasing to $875,000 per quarter commencing with the quarter ending December 31, 2021, and increasing to $2.4 million per quarter commencing with the quarter ending December 31, 2022, with the remaining balance payable at maturity. The Term Loan Facility matures on July 28, 2026. As of December 31, 2023 and September 30, 2024, there was $79.6 million and $72.5 million, respectively in aggregate principal outstanding under the Term Loan Facility and after giving effect to the additional term loan advance that was used to refinance amounts outstanding under the Revolving Credit Facility and to pay fees, costs and expenses related thereto, there was $10 million in aggregate principal outstanding under the Revolving Credit Facility. For the nine months ended September 30, 2024, the Company made principal and interest payments of approximately $7.1 million and $4.9 million, respectively, on the Term Loan Facility and for the comparable period of 2023, the Company made principal and interest payments of $7.1 million and $5.2 million, respectively, on the Term Loan Facility. Revolving Credit Facility . The Revolving Credit Facility allows for borrowings of up to $50 million inclusive of a sublimit for the issuance of letters of credit equal to the unused amount of the Revolving Credit Facility and a sublimit for swingline loans equal to the lesser of $25 million and the unused amount of the Revolving Credit Facility. At September 30, 2024 and December 31, 2023, the Company had $10.0 million in borrowings under the Revolving Credit Facility. At September 30, 2024 and 2023, there were no outstanding letters of credit issued under the Revolving Credit Facility. For the nine months ended September 30, 2023, the Company made interest payments in aggregate of approximately $543,400 on the Revolving Credit Facility and $538,470 relating to letters of credit and unused availability commitment fees. For the nine months ended September 30, 2024, the Company made interest payments in aggregate of approximately $626,832 on the Revolving Credit Facility and $100,480 relating to unused availability commitment fees. At the Company's option, borrowings under the Credit Facilities bear interest at rates equal to either (1) a rate determined by reference to SOFR, plus an applicable margin and a credit adjustment spread equal to 0.10% or (2) a base rate determined by reference to the highest of (a) the “prime rate” of Regions Bank, (b) the federal funds rate plus 0.50%, and (c) the adjusted term SOFR in effect on such day for an interest period of one month plus 1.00%, plus an applicable margin. At September 30, 2024, the effective interest rate for the Term Loan Facility and Revolving Credit Facility was 8.192% and 8.102%, respectively. The Company monitors the rates prior to the reset date which allows it to establish if the payment is monthly or quarterly payment based on the most beneficial rate used to calculate the interest payment. Mortgage Loan In October 2017, the Company and its subsidiary, Skye Lane Properties LLC, jointly obtained a commercial real estate mortgage loan in the amount of $12.7 million, bearing interest of 4.95% per annum and maturing on October 30, 2027. Pursuant to the terms of the mortgage loan, on October 30, 2022, the interest rate adjusted to an interest rate equal to the annualized interest rate of the United States 5-year Treasury Notes as reported by the Federal Reserve on a weekly average basis plus 3.10%, which resulted in an increase of the rate from 4.95% to 7.42% per annum. The Company makes monthly principal and interest payments against the loan. For the nine months ended September 30, 2024 and 2023, the Company made principal and interest payments $913,561 of $701,455 on the mortgage loan, respectively. 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. On September 29, 2023, the Company restructured the December 2018 agreement to extend the maturity date to March 28, 2025, with a 5.109% fixed interest rate payable quarterly commencing on December 28, 2023. The subsidiary continues to be a member in the 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 September 30, 2024, the fair value of the collateralized securities was $24.4 million and the equity investment in FHLB common stock was $1.5 million. For the nine months ended September 30, 2024, and 2023, the Company made quarterly interest payments as per the terms of the loan agreement of approximately $801,850 and $478,840, respectively. As of September 30, 2024 and at December 31, 2023, the Company also holds other common stock from FHLB Boston for a value of $177,197, classified as equity securities and reported at fair value on the condensed consolidated financial statements. In December 2018, an insurance subsidiary became a member of the FHLB-DM. Membership in the FHLB-DM required an investment in FHLB-DM’s common stock which was purchased in December 2018 and valued at $133,200. In January 2024, the insurance subsidiary of the Company received a 4.23% fixed interest rate cash loan of $5.5 million from the Federal Home Loan Bank (“FHLB-DM”) Des Moines. Additionally, the transaction required the acquired FHLB-DM common stock and certain other investments to be pledged as collateral. As of September 30, 2024, the fair value of the collateralized securities was $7.1 million and the equity investment in FHLB common stock was $295,500. For the three and nine months ended September 30, 2024, the Company made monthly interest payments as per the terms of the loan agreement of approximately $53,026, and $170,129, respectively. The following table summarizes the Company’s long-term debt and credit facilities as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (In thousands) Convertible debt $ 885 $ 885 Mortgage loan 10,821 11,019 Term loan facility 72,500 79,625 Revolving credit facility 10,000 10,000 FHLB loan agreements 24,700 19,200 Total principal amount $ 118,906 $ 120,729 Deferred finance costs $ 355 $ 997 Total long-term debt $ 118,551 $ 119,732 As of the date of this report, the Company was in compliance with the applicable terms of all its covenants and other requirements under the Credit Agreement, Convertible Notes, cash borrowings and other loans. The Company’s ability to secure future debt financing depends, in part, on its ability to remain in such compliance. The covenants in the Credit Agreement may limit the Company’s flexibility in connection with future financing transactions and in the allocation of capital in the future, including the Company’s ability to pay dividends and make stock repurchases, and contribute capital to its insurance subsidiaries that are not parties to the Credit Agreement. The schedule of principal payments on long-term debt as of September 30, 2024 is as follows: Year Amount (In thousands) 2024 remaining $ 2,532 2025 29,074 2026 71,018 2027 9,897 2028 — Thereafter 6,385 Total $ 118,906

Accounts Payable and Other Liab

Accounts Payable and Other Liabilities	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
Accounts Payable and Other Liabilities	ACCOUNTS PAYABLE AND OTHER LIABILITIES Accounts payable and other liabilities consist of the following: Description September 30, 2024 December 31, 2023 (In thousands) Deferred ceding commission $ 36,436 $ 33,627 Accounts payable and other payables 13,400 16,185 Taxes, licenses and fees 4,445 — Accrued interest and issuance costs 206 325 Other liabilities 213 329 Premium tax 543 1,486 Commission payables 15,761 17,714 Total other liabilities $ 71,004 $ 69,666

Statutory Accounting and Regula

Statutory Accounting and Regulations	9 Months Ended
	Sep. 30, 2024
Regulated Operations [Abstract]
Statutory Accounting and Regulations	STATUTORY ACCOUNTING AND REGULATIONS State laws and regulations, as well as national regulatory agency requirements, govern the operations of all insurers such as the Company’s 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 $15.0 million or 10% of its 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, and NBIC was $258.7 million at September 30, 2024 and $259.6 million at December 31, 2023. 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's insurance subsidiaries are in compliance. At September 30, 2024, the Company’s insurance subsidiaries met the financial and regulatory requirements of each of the states in which they conduct business.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIESThe Company is involved in claims-related legal actions arising in the ordinary course of business. The Company accrues amounts resulting from claims-related legal actions in unpaid losses and loss adjustment expenses during the period that it determines an unfavorable outcome becomes probable and it can estimate the amounts. Management makes revisions to its estimates based on its analysis of subsequent information that the Company receives regarding various factors, including: (i) per claim information; (ii) company and industry historical loss experience; (iii) judicial decisions and legal developments in the awarding of damages; and (iv) trends in general economic conditions, including the effects of inflation.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	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 September 30, 2024 and 2023. • 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 the 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 September 30, 2024 and 2023, the Company paid agency commission to Comegys of $35,921 and $35,537, respectively. For the nine months ended September 30, 2024 and 2023, the Company paid agency commission to Comegys of $116,009 and $105,438, respectively.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS The Company provides a 401(k) plan for all qualifying 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 September 30, 2024 and 2023, the contributions made to the plan on behalf of the participating employees were approximately $378,300 and $294,425, respectively. For the nine months ended September 30, 2024 and 2023, the contributions made to the plan on behalf of the participating employees were approximately $1.2 million and $1.0 million, respectively.

Equity

Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity	EQUITY The total amount of authorized capital stock consists of 50,000,000 shares of common stock and 5,000,000 shares of preferred stock. As of September 30, 2024, the Company had 30,684,198 shares of common stock outstanding, 12,231,674 treasury shares of common stock and 1,549,775 unvested restricted common stock, reflecting additional paid-in capital of $362.6 million as of such date. As more fully disclosed in the Company’s audited consolidated financial statements for the year ended December 31, 2023, as of December 31, 2023, there were 30,218,938 shares of common stock outstanding, 12,231,674 treasury shares of common stock and 1,161,811 unvested shares of restricted common stock, representing $360.3 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 the Company's 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 is no redemption or sinking fund provisions applicable to the common stock. All outstanding shares of the Company’s capital stock (excluding restricted stock) are fully paid and non-assessable. Stock Repurchase Program On December 15, 2022, the Board of Directors established a new share repurchase program plan to commence on December 31, 2022, for the purpose of repurchasing up to an aggregate of $10.0 million of common stock, through the open market or in such other manner as will comply with the terms of applicable federal and state securities laws and regulations, including without limitation, Rule 10b-18 under the Securities Act at any time or from time to time on or prior to December 31, 2023 (the "Prior Share Repurchase Plan"). There were no shares repurchased for the year ended December 31, 2023. On March 11, 2024, the Board of Directors established a new share repurchase program plan which commenced upon the expiration of the Prior Share Repurchase Plan on December 31, 2023, for the purpose of repurchasing up to an aggregate of $10.0 million of common stock, through the open market or in such other manner as will comply with the terms of applicable federal and state securities laws and regulations, including without limitation, Rule 10b-18 under the Securities Act at any time or from time to time on or prior to December 31, 2024 (the "New Share Repurchase Plan"). There were no shares repurchased for the nine months ended September 30, 2024. At September 30, 2024, the Company has the capacity under the New Share Repurchase Plan to repurchase $10.0 million of its common stock until December 31, 2024. Dividends 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	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION Restricted Stock The Company has adopted the Heritage Insurance Holdings, Inc. 2023 Omnibus Incentive Plan (the “2023 Plan”), which became effective on June 7, 2023. The 2023 Plan authorized 2,125,000 shares of common stock for issuance under the Plan for future grants. Upon effectiveness of the 2023 Plan, no new awards may be granted under the prior Omnibus Incentive Plan, which will continue to govern the terms of awards previously made under such plan. At September 30, 2024, there were in aggregate 854,857 shares available for grant under the 2023 Plan. The Company recognizes compensation expense under ASC 718 for its stock-based payments based on the fair value of the awards. In June 2024, the Company awarded to non-employee directors in aggregate 39,312 shares of restricted stock with a fair value at the time of grant of $8.14 per share. The awards shall vest on the next annual meeting of the Company's stockholders that occurs after the award date, provided the member remains on the Board until such date. In March 2024, the Company awarded 8,390 shares of time-based restricted stock, with a fair value at the time of grant of $7.15 per share under the 2023 Plan to certain employees. The time-based restricted stock shall fully vest on December 15, 2024. On February 26, 2024, the Company awarded 163,640 shares of time-based restricted stock and 253,918 shares of performance-based restricted stock, with a fair value at the time of grant of $7.02 per share under the 2023 Plan to certain employees. The time-based restricted stock shall vest annually in three On July 11, 2023, the Company awarded 351,716 shares of time-based restricted stock and 857,843 shares of performance-based restricted stock, with a fair value at the time of grant of $4.08 per share under the 2023 Plan to certain employees. The time-based restricted stock shall vest annually in three In June 2023, the Company awarded to non-employee directors in aggregate 63,744 shares of restricted stock with a fair value at the time of grant of $5.02 per share. The awards shall vest on the next annual meeting of the Company's stockholders that occurs after the award date, provided the member remains on the Board until such date. In August 2023, the awards were amended to reflect the correct grant date fair market value that resulted in an adjustment to the number of shares of restricted stock awarded from 63,744 to 77,296 shares of restricted stock. The Company's annual shareholders meeting was held on June 5, 2024, at which time 77,296 shares of restricted stock were effectively vested. 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. Restricted stock activity for the nine months ended September 30, 2024 is as follows: Number of shares Weighted-Average Grant-Date Fair Non-vested, at December 31, 2023 1,161,811 $ 4.25 Granted - Performance-based restricted stock 253,918 7.02 Granted - Time-based restricted stock 211,342 7.23 Vested (77,296) 4.14 Canceled and surrendered — — Non-vested, at September 30, 2024 1,549,775 $ 6.07 Awards are being amortized to expense over the one September 30, 2023, 107,754 shares of restricted stock previously granted to employees and non-employee directors were vested and released. Of the shares released to employees, 4,200 shares were withheld by the Company to cover withholding taxes of $7,560, and there were also 50,502 shares forfeited upon employment terminations. At September 30, 2024, there was approximately $1.6 million unrecognized expense related to time-based non-vested restricted stock and an additional $2.8 million for performance-based restricted stock, net of expected forfeitures which is expected to be recognized over the remaining restriction periods as described in the table below. At September 30, 2023, there was approximately $5.5 million of unrecognized expense. Additional information regarding the Company’s outstanding non-vested time-based restricted stock and performance-based restricted stock at September 30, 2024 is as follows: Grant date Restricted shares unvested Share Value at Grant Date Per Share Remaining Restriction Period (Years) March 16, 2022 37,947 6.72 0.6 July 11, 2023 1,046,568 4.08 1.3 February 26, 2024 417,558 7.02 2.5 March 11, 2024 8,390 7.15 0.6 June 6, 2024 39,312 8.14 1 Total 1,549,775

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	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 September 30, 2024, other than events described below. Hurricane Milton made landfall in the State of Florida on October 9, 2024 and affected multiple states in the southeastern United States. The Company expects gross losses from hurricane Milton to possibly reach the third layer of its reinsurance tower, which starts at $450 million and reaches up to $914 million. Estimated retained losses for Hurricane Milton are approximately $57 million.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 8,152	$ 18,869	$ 14,225	$ (7,424)	$ 7,779	$ 14,008	$ 41,246	$ 14,363

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of 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 contained in the Company’s 2023 Form 10-K. There have been no material changes to the Company’s accounting policies since the filing of that report. On March 6, 2024, the SEC adopted new rules designed to enhance public company disclosures related to the risks and impacts of climate-related matters. The rules amend the provisions of both Regulation S-K and Regulation S-X to require disclosure of climate-related risks, transition plans, targets and goals, risk management and governance as well as require disclosure of the financial effects of severe weather events and other natural conditions as well as the use of carbon offsets or renewable energy credits. Disclosure requirements will begin phasing in for fiscal years beginning on or after January 1, 2025, subject to legal challenges and the SEC's voluntary stay of the disclosure requirements. The Company will continue to assess the impact of these new rules on its financial statements while the stay is in place.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
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 presented: September 30, 2024 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) $ 87,973 $ 1,559 $ 574 $ 88,958 States, municipalities and political subdivisions 333,004 915 21,221 312,698 Corporate bonds 249,627 3,567 7,636 245,558 Mortgage-backed securities (1) 17,986 — 2,136 15,850 Asset-backed securities 2,772 — 90 2,682 Other 6,005 10 — 6,015 Total $ 697,367 $ 6,051 $ 31,657 $ 671,761 (1) Includes securities at September 30, 2024 with a carrying amount of $24.4 million and $7.1 million that were pledged as collateral for the advance agreement entered into with a financial institution in 2018 and 2024. The Company is permitted to withdraw or exchange any portion of the pledged collateral over the minimum requirement at any time. December 31, 2023 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) $ 81,540 $ 417 $ 1,295 $ 80,662 States, municipalities and political subdivisions 319,896 104 31,018 288,982 Corporate bonds 178,213 475 11,858 166,830 Mortgage-backed securities 22,695 — 2,769 19,926 Asset-backed securities 247 — 20 227 Other 4,055 — — 4,055 Total $ 606,646 $ 996 $ 46,960 $ 560,682 (1) Includes securities at December 31, 2023 with a carrying amount of $24.3 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 Losses on Debt Securities Available-for-sale	The following tables present net realized gains (losses) on the Company’s debt securities available-for-sale for the three and nine months ended September 30, 2024 and 2023, respectively : 2024 2023 Three Months Ended September 30, Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale (In thousands) Debt Securities Available-for-Sale Total realized gains $ — $ — $ 2 $ 1,498 Total realized losses (3) 153 (381) 40,705 Net realized losses $ (3) $ 153 $ (379) $ 42,203 2024 2023 Nine Months Ended September 30, Gains (Losses) Fair Value at Sale Gains (Losses) Fair Value at Sale (In thousands) Debt Securities Available-for-Sale Total realized gains $ 7 $ 2,744 $ 1 $ 1,900 Total realized losses (5) 343 (391) 41,137 Net realized gains (losses) $ 2 $ 3,087 $ (390) $ 43,037
Schedule of Reconciliation of Net Realized Losses and Impairments of Investments	The following table presents the reconciliation of net realized (losses) gains and impairment of the Company’s investments reported for the three and nine months ended September 30, 2024 and 2023, respectively: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Gross realized gains on sales of available-for-sale securities $ — $ 2 $ 7 $ 1 Recovery (impairment) on other investments 4 — 4 (1,559) Realized losses on sales of available-for-sale securities (3) (381) (5) (391) Gross realized gains on sale of other investments 5 — 11 1,900 Net realized gains (losses) and impairments $ 6 $ (379) $ 17 $ (49)
Summary of Debt Securities by Contractual Maturity Periods	The table below summarizes the Company’s debt securities at September 30, 2024 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 September 30, 2024 Cost or Amortized Cost Percent of Total Fair Value Percent of Total Maturity dates: (In thousands) (In thousands) Due in one year or less $ 83,803 12.0 % $ 82,878 12.3 % Due after one year through five years 386,655 55.4 % 375,797 56.0 % Due after five years through ten years 190,756 27.4 % 179,300 26.7 % Due after ten years 36,153 5.2 % 33,786 5.0 % Total $ 697,367 100.0 % $ 671,761 100.0 %
Summary of Net Investment Income	The following table summarizes the Company’s net investment income by major investment category for the three and nine months ended September 30, 2024 and 2023, respectively: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Debt securities $ 4,935 $ 4,685 $ 15,992 $ 12,723 Equity securities 778 79 1,435 170 Cash and cash equivalents 4,677 1,746 12,490 6,195 Other investments 182 687 506 1,525 Net investment income 10,572 7,197 30,423 20,613 Less: Investment expenses 771 330 2,302 1,565 Net investment income, less investment expenses $ 9,801 $ 6,867 $ 28,121 $ 19,048
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) and for which no credit loss allowance has been established to date, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position at September 30, 2024 and December 31, 2023, respectively (in thousands): Less Than Twelve Months Twelve Months or More September 30, 2024 Number of Gross Unrealized Losses Fair Value Number of Gross Unrealized Losses Fair Value Debt Securities Available-for-sale U.S. government and agency securities 1 $ — $ 996 20 $ 574 $ 20,063 States, municipalities and political subdivisions 10 101 12,522 357 21,120 266,014 Corporate bonds 1 — 747 170 7,636 115,504 Mortgage-backed securities 4 — 1 120 2,136 15,849 Asset-backed securities — — — 34 90 2,682 Other — — — — — — Total fixed maturity securities 16 $ 101 $ 14,266 701 $ 31,556 $ 420,112 Less Than Twelve Months Twelve Months or More December 31, 2023 Number of Securities Gross Unrealized Losses Fair Value Number of Securities Gross Unrealized Losses Fair Value Debt Securities Available-for-sale U.S. government and agency securities 3 $ 14 $ 2,962 32 $ 1,281 $ 42,305 States, municipalities and political subdivisions 5 $ 21 $ 3,875 382 $ 30,997 $ 274,876 Corporate bonds 10 $ 24 $ 6,398 188 $ 11,834 $ 128,771 Mortgage-backed securities 10 $ — $ 7 138 $ 2,769 $ 19,810 Asset-backed securities — $ — $ — 24 $ 20 $ 373 Other — $ — $ — — $ — $ — Total fixed maturity securities 28 $ 59 $ 13,242 764 $ 46,901 $ 466,135
Summary of Carrying Value and Maximum Loss Exposure of Company's Non-consolidated VIEs	The following table summarizes the carrying value and maximum loss exposure of the Company’s non-consolidated VIEs at September 30, 2024 and December 31, 2023, respectively (in thousands): As of September 30, 2024 As of December 31, 2023 Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investments in non-consolidated VIEs - Equity method $ 1,679 $ 1,679 $ 1,819 $ 1,819 Investments in non-consolidated VIEs - Measurement alternative 5,068 5,068 5,248 5,248 Total non-consolidated VIEs $ 6,747 $ 6,747 $ 7,067 $ 7,067

Fair Value of Financial Measu_2

Fair Value of Financial Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements	The following table presents 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 tables below present the balances of the Company’s invested assets measured at fair value on a recurring basis: September 30, 2024 Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets (In thousands) Cash and cash equivalents $ 509,918 $ 509,918 $ — $ — Restricted cash $ 10,980 $ 10,980 $ — $ — Debt Securities Available-for-sale U.S. government and agency securities $ 88,958 $ — $ 88,958 $ — States, municipalities and political subdivisions 312,698 — 312,698 — Corporate bonds 245,558 — 245,558 — Mortgage-backed securities 15,850 — 15,850 — Asset-backed securities 2,682 — 2,682 — Other 6,015 — 6,015 — Total debt securities $ 671,761 $ — $ 671,761 $ — Equity Securities Common stock $ 1,936 $ 1,936 $ — $ — Total debt securities and equity securities $ 673,697 $ 1,936 $ 671,761 $ — December 31, 2023 Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets (In thousands) Cash and cash equivalents $ 463,640 $ 463,640 $ — $ — Restricted cash $ 9,699 $ 9,699 $ — $ — Debt Securities Available-for-sale U.S. government and agency securities $ 80,662 $ — $ 80,662 $ — States, municipalities and political subdivisions 288,982 — 288,982 — Corporate bonds 166,830 — 166,830 — Mortgage-backed securities 19,926 — 19,926 — Asset-backed securities 227 — 227 — Other 4,055 — 4,055 — Total debt securities $ 560,682 $ — $ 560,682 $ — Equity Securities Common stock $ 1,666 $ 1,666 $ — $ — Total debt securities and equity securities $ 562,348 $ 1,666 $ 560,682 $ —

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Summary of Other Comprehensive (loss) income and Tax Impact of Each Component of Other Comprehensive (loss) income	The following tables summarize other comprehensive income (loss) and disclose the tax impact of each component of other comprehensive income for the three and nine months ended September 30, 2024 and 2023, respectively: For the Three Months Ended September 30, 2024 2023 Pre-tax Tax After-tax Pre-tax Tax After-tax (In thousands) Other comprehensive income (loss) Change in unrealized gains (losses) on investments, net $ 19,711 $ (4,667) $ 15,044 $ (4,494) $ 1,059 $ (3,435) Reclassification adjustment of realized (gains) losses included in net income (6) 1 (5) 379 (89) 290 Effect on other comprehensive income (loss) $ 19,705 $ (4,666) $ 15,039 $ (4,115) $ 970 $ (3,145) For the Nine Months Ended September 30, 2024 2023 Pre-tax Tax After-tax Pre-tax Tax After-tax (In thousands) Other comprehensive income Change in unrealized gains (losses) on investments, net $ 20,353 $ (4,820) $ 15,533 $ 4,664 $ (1,097) $ 3,567 Reclassification adjustment of realized losses included in net income (17) 4 (13) 390 (92) 298 Effect on other comprehensive income $ 20,336 $ (4,816) $ 15,520 $ 5,054 $ (1,188) $ 3,866

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Components of Lease Costs	Components of the Company’s lease costs were as follows (in thousands): For The Nine Months Ended September 30, 2024 2023 Operating lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations $ 1,210 $ 1,183 Finance lease cost: Amortization of assets, included in General & Administrative expenses on the Consolidated Statements of Operations 1,898 1,921 Interest on lease liabilities, included in Interest expense on the Consolidated Statements of Operations 603 671 Total finance lease cost $ 2,501 $ 2,592 Variable lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations $ 1,104 $ 1,175 Short-term lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations $ 55 $ 113 Supplemental cash flow information related to the Company's operating and financing leases were as follows (in thousands): Operating Leases September 30, 2024 September 30, 2023 Lease liability payments $ 1,709 $ 1,707 Finance Leases Lease liability payments $ 601 $ 651 Total lease liability payments $ 2,310 $ 2,358
Supplemental Balance Sheet Information Related to Operating and Financing Leases	Supplemental balance sheet information related to the Company’s operating and financing leases were as follows (in thousands): Operating Leases September 30, 2024 December 31, 2023 Right of use assets $ 6,057 $ 6,835 Lease liability $ 7,192 $ 8,076 Finance Leases Right of use assets $ 15,708 $ 17,606 Lease liability $ 18,669 $ 20,386
Weighted-Average Remaining Lease Term and Discount Rate for Operating and Financing Leases	Weighted-average remaining lease term and discount rate for the Company’s operating and financing leases for the periods presented below were as follows: Weighted-average remaining lease term September 30, 2024 December 31, 2023 Operating lease 4.86 yrs. 5.57 yrs. Finance lease 6.43 yrs. 7.16 yrs. Weighted-average discount rate Operating lease 5.44 % 5.17 % Finance lease 4.14 % 4.15 %
Maturities of Lease Liabilities by Fiscal Year for Operating and Financing Leases	Maturities of lease liabilities by fiscal year for the Company’s operating and financing leases were as follows (in thousands): Financing Lease Operating Lease 2024 remaining $ 788 $ 441 2025 3,173 1,654 2026 3,216 1,636 2027 3,190 1,599 2028 3,270 1,633 2029 and thereafter 7,651 1,213 Total lease payments 21,288 8,176 Less: imputed interest (2,619) (984) Present value of lease liabilities $ 18,669 $ 7,192

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following at September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (In thousands) Land $ 2,582 $ 2,582 Building 9,599 9,599 Software in progress — 14,450 Computer hardware and software 30,810 10,717 Office furniture and equipment 1,484 1,484 Tenant and leasehold improvements 10,900 10,876 Vehicle fleet 515 515 Total, at cost 55,890 50,223 Less: accumulated depreciation and amortization (19,101) (17,005) Property and equipment, net $ 36,789 $ 33,218

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
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 2024 - remaining $ 1,545 2025 6,183 2026 6,034 2027 5,836 2028 3,914 Thereafter 13,091 Total $ 36,603

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share (EPS)	The following table sets forth the computation of basic and diluted earnings (loss) per share (“EPS”) for the periods indicated (amounts in thousands, except share and per share amounts). Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Basic and Diluted Net income (loss) available to common shareholders — basic and diluted $ 8,152 $ (7,424) $ 41,246 $ 14,363 Common Shares Basic Weighted average shares outstanding 30,684,198 26,698,806 30,570,204 25,941,422 Diluted Weighted average shares outstanding 30,684,198 26,698,806 30,570,204 25,941,422 5.875% Convertible Notes 59,263 — 59,263 39,509 Total 30,743,461 26,698,806 30,629,467 25,980,931 Net income (loss) per common share Basic $ 0.27 $ (0.28) $ 1.35 $ 0.55 Diluted $ 0.27 $ (0.28) $ 1.35 $ 0.55

Deferred Reinsurance Ceding C_2

Deferred Reinsurance Ceding Commission (Tables)	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
Schedule of Activity with Regard to Deferred Reinsurance Ceding Commission	The table below depicts the activity regarding deferred reinsurance ceding commission, included in accounts payable and other liabilities during the three and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Beginning balance of deferred ceding commission income $ 33,602 $ 37,990 $ 33,627 $ 42,758 Ceding commission deferred 14,857 13,957 39,697 42,866 Less: ceding commission earned (12,023) (15,914) (36,888) (49,591) Ending balance of deferred ceding commission income $ 36,436 $ 36,033 $ 36,436 $ 36,033

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	9 Months Ended
	Sep. 30, 2024
Deferred Policy Acquisition Costs Disclosures [Abstract]
Summary of Activity in Deferred Policy Acquisition Costs (DPAC)	The Company anticipates that its DPAC will be fully recoverable in the near term. The table below depicts the activity regarding DPAC for the three and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Beginning Balance $ 114,818 $ 106,736 $ 102,884 $ 99,617 Policy acquisition costs deferred 57,371 42,427 170,256 149,536 Amortization (62,748) (45,064) (163,699) (145,054) Ending Balance $ 109,441 $ 104,099 $ 109,441 $ 104,099

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Components of Deferred Tax Liability	The table below summarizes the significant components of the Company’s net deferred tax assets: September 30, 2024 December 31, 2023 Deferred tax assets: (In thousands) Unearned premiums $ 22,653 $ 18,507 Unearned commission 8,629 7,964 Net operating loss 1 436 Tax-related discount on loss reserve 5,159 5,162 Stock-based compensation 804 331 Accrued expenses 1,279 1,677 Leases 936 940 Unrealized losses 6,839 11,655 Property and equipment 700 — Other 278 473 Total deferred tax assets 47,278 47,145 Deferred tax liabilities: Deferred acquisition costs $ 25,919 $ 24,366 Prepaid expenses 189 189 Property and equipment — 359 Note discount 33 152 Basis in purchased investments 7 8 Basis in purchased intangibles 8,323 9,327 Other 1,779 1,633 Total deferred tax liabilities 36,250 36,034 Net deferred tax asset: $ 11,028 $ 11,111

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
Schedule of Effect of Reinsurance Arrangements in Consolidated Statement of Income	The Company’s reinsurance arrangements had the following effect on certain items in the condensed consolidated statement of income for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) (In thousands) Premium written: Direct $ 312,986 $ 309,510 $ 1,094,200 $ 1,016,378 Ceded (51,198) (54,850) (583,876) (561,283) Net $ 261,788 $ 254,660 $ 510,324 $ 455,095 Premiums earned: Direct $ 354,197 $ 336,976 $ 1,045,658 $ 984,012 Ceded (155,356) (160,335) (477,076) (464,539) Net $ 198,841 $ 176,641 $ 568,582 $ 519,473 Loss and Loss Adjustment Expenses Direct $ 129,112 $ 450,524 $ 631,436 $ 757,560 Ceded 908 (319,127) (293,453) (422,065) Net $ 130,020 $ 131,397 $ 337,983 $ 335,495

Reserve for Unpaid Losses (Tabl

Reserve for Unpaid Losses (Tables)	9 Months Ended
	Sep. 30, 2024
Insurance Loss Reserves [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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Balance, beginning of period $ 822,271 $ 817,859 $ 845,955 $ 1,131,807 Less: reinsurance recoverable on unpaid losses 468,137 442,289 421,798 759,681 Net balance, beginning of period 354,134 375,570 424,157 372,126 Incurred related to: Current year 123,737 130,604 316,350 338,890 Prior years 6,283 793 21,633 (3,395) Total incurred 130,020 131,397 337,983 335,495 Paid related to: Current year 57,464 76,524 138,847 160,468 Prior years 41,508 (18,512) 238,111 98,198 Total paid 98,972 58,012 376,958 258,666 Net balance, end of period 385,182 448,955 385,182 448,955 Plus: reinsurance recoverable on unpaid losses 390,286 522,366 390,286 522,366 Balance, end of period $ 775,468 $ 971,321 $ 775,468 $ 971,321

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Company's Long Term Debt and Credit Facilities	The following table summarizes the Company’s long-term debt and credit facilities as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (In thousands) Convertible debt $ 885 $ 885 Mortgage loan 10,821 11,019 Term loan facility 72,500 79,625 Revolving credit facility 10,000 10,000 FHLB loan agreements 24,700 19,200 Total principal amount $ 118,906 $ 120,729 Deferred finance costs $ 355 $ 997 Total long-term debt $ 118,551 $ 119,732
Schedule of Principal Payments on Long-Term Debt	The schedule of principal payments on long-term debt as of September 30, 2024 is as follows: Year Amount (In thousands) 2024 remaining $ 2,532 2025 29,074 2026 71,018 2027 9,897 2028 — Thereafter 6,385 Total $ 118,906

Accounts Payable and Other Li_2

Accounts Payable and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Accounts Payable and Other Liabilities	Accounts payable and other liabilities consist of the following: Description September 30, 2024 December 31, 2023 (In thousands) Deferred ceding commission $ 36,436 $ 33,627 Accounts payable and other payables 13,400 16,185 Taxes, licenses and fees 4,445 — Accrued interest and issuance costs 206 325 Other liabilities 213 329 Premium tax 543 1,486 Commission payables 15,761 17,714 Total other liabilities $ 71,004 $ 69,666

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	Restricted stock activity for the nine months ended September 30, 2024 is as follows: Number of shares Weighted-Average Grant-Date Fair Non-vested, at December 31, 2023 1,161,811 $ 4.25 Granted - Performance-based restricted stock 253,918 7.02 Granted - Time-based restricted stock 211,342 7.23 Vested (77,296) 4.14 Canceled and surrendered — — Non-vested, at September 30, 2024 1,549,775 $ 6.07
Additional Information Regarding Outstanding Non-vested Time-based Restricted Stock and Performance-based Restricted Stock	Additional information regarding the Company’s outstanding non-vested time-based restricted stock and performance-based restricted stock at September 30, 2024 is as follows: Grant date Restricted shares unvested Share Value at Grant Date Per Share Remaining Restriction Period (Years) March 16, 2022 37,947 6.72 0.6 July 11, 2023 1,046,568 4.08 1.3 February 26, 2024 417,558 7.02 2.5 March 11, 2024 8,390 7.15 0.6 June 6, 2024 39,312 8.14 1 Total 1,549,775

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	Sep. 30, 2024	Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]
Total	$ 697,367	$ 606,646
Gross Unrealized Gains	6,051	996
Gross Unrealized Losses	31,657	46,960
Fair Value	671,761	560,682
Carrying amount		24,300
2018 Investment Agreement
Schedule of Available-for-sale Securities [Line Items]
Carrying amount	24,400
2024 Investment Agreement
Schedule of Available-for-sale Securities [Line Items]
Carrying amount	7,100
U.S. government and agency securities
Schedule of Available-for-sale Securities [Line Items]
Total	87,973	81,540
Gross Unrealized Gains	1,559	417
Gross Unrealized Losses	574	1,295
Fair Value	88,958	80,662
States, municipalities and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Total	333,004	319,896
Gross Unrealized Gains	915	104
Gross Unrealized Losses	21,221	31,018
Fair Value	312,698	288,982
Corporate bonds
Schedule of Available-for-sale Securities [Line Items]
Total	249,627	178,213
Gross Unrealized Gains	3,567	475
Gross Unrealized Losses	7,636	11,858
Fair Value	245,558	166,830
Mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Total	17,986	22,695
Gross Unrealized Gains	0	0
Gross Unrealized Losses	2,136	2,769
Fair Value	15,850	19,926
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Total	2,772	247
Gross Unrealized Gains	0	0
Gross Unrealized Losses	90	20
Fair Value	2,682	227
Other
Schedule of Available-for-sale Securities [Line Items]
Total	6,005	4,055
Gross Unrealized Gains	10	0
Gross Unrealized Losses	0	0
Fair Value	$ 6,015	$ 4,055

Investments - Schedule of Net R

Investments - Schedule of Net Realized Losses on Debt Securities Available-for-sale (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Securities Available-for-Sale
Total realized gains	$ 0	$ 2	$ 7	$ 1
Total realized losses	(3)	(381)	(5)	(391)
Net realized losses	(3)	(379)	2	(390)
Debt Securities Available-for-Sale
Total realized gains	0	1,498	2,744	1,900
Total realized losses	153	40,705	343	41,137
Net realized gains (losses)	$ 153	$ 42,203	$ 3,087	$ 43,037

Investments - Schedule of Recon

Investments - Schedule of Reconciliation of Net Realized Losses and Impairments of Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Gross realized gains on sales of available-for-sale securities	$ 0	$ 2	$ 7	$ 1
Recovery (impairment) on other investments	4	0	4	(1,559)
Realized losses on sales of available-for-sale securities	(3)	(381)	(5)	(391)
Gross realized gains on sale of other investments	5	0	11	1,900
Net realized gains (losses) and impairments	$ 6	$ (379)	$ 17	$ (49)

Investments - Summary of Debt S

Investments - Summary of Debt Securities by Contractual Maturity Periods (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cost or Amortized Cost
Due in one year or less	$ 83,803
Due after one year through five years	386,655
Due after five years through ten years	190,756
Due after ten years	36,153
Total	$ 697,367	$ 606,646
Percent of Total
Due in one year or less	12%
Due after one year through five years	55.40%
Due after five years through ten years	27.40%
Due after ten years	5.20%
Total	100%
Fair Value
Due in one year or less	$ 82,878
Due after one year through five years	375,797
Due after five years through ten years	179,300
Due after ten years	33,786
Total	$ 671,761	$ 560,682
Percent of Total
Due in one year or less	12.30%
Due after one year through five years	56%
Due after five years through ten years	26.70%
Due after ten years	5%
Total	100%

Investments - Summary of Net In

Investments - Summary of Net Investment Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Available-for-sale Securities [Line Items]
Net investment income	$ 10,572	$ 7,197	$ 30,423	$ 20,613
Less: Investment expenses	771	330	2,302	1,565
Net investment income, less investment expenses	9,801	6,867	28,121	19,048
Debt securities
Schedule of Available-for-sale Securities [Line Items]
Net investment income	4,935	4,685	15,992	12,723
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Net investment income	778	79	1,435	170
Cash and cash equivalents
Schedule of Available-for-sale Securities [Line Items]
Net investment income	4,677	1,746	12,490	6,195
Other investments
Schedule of Available-for-sale Securities [Line Items]
Net investment income	$ 182	$ 687	$ 506	$ 1,525

Investments - Schedule of Debt

Investments - Schedule of Debt Securities Available-for-Sale in an Unrealized Loss Position, Aggregate Fair Value (Detail) $ in Thousands	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Less Than Twelve Months
Number of Securities | security	16	28
Gross Unrealized Losses	$ 101	$ 59
Fair Value	$ 14,266	$ 13,242
Twelve Months or More
Number of Securities | security	701	764
Gross Unrealized Losses	$ 31,556	$ 46,901
Fair Value	$ 420,112	$ 466,135
U.S. government and agency securities
Less Than Twelve Months
Number of Securities | security	1	3
Gross Unrealized Losses	$ 0	$ 14
Fair Value	$ 996	$ 2,962
Twelve Months or More
Number of Securities | security	20	32
Gross Unrealized Losses	$ 574	$ 1,281
Fair Value	$ 20,063	$ 42,305
States, municipalities and political subdivisions
Less Than Twelve Months
Number of Securities | security	10	5
Gross Unrealized Losses	$ 101	$ 21
Fair Value	$ 12,522	$ 3,875
Twelve Months or More
Number of Securities | security	357	382
Gross Unrealized Losses	$ 21,120	$ 30,997
Fair Value	$ 266,014	$ 274,876
Corporate bonds
Less Than Twelve Months
Number of Securities | security	1	10
Gross Unrealized Losses	$ 0	$ 24
Fair Value	$ 747	$ 6,398
Twelve Months or More
Number of Securities | security	170	188
Gross Unrealized Losses	$ 7,636	$ 11,834
Fair Value	$ 115,504	$ 128,771
Mortgage-backed securities
Less Than Twelve Months
Number of Securities | security	4	10
Gross Unrealized Losses	$ 0	$ 0
Fair Value	$ 1	$ 7
Twelve Months or More
Number of Securities | security	120	138
Gross Unrealized Losses	$ 2,136	$ 2,769
Fair Value	$ 15,849	$ 19,810
Asset-backed securities
Less Than Twelve Months
Number of Securities | security	0	0
Gross Unrealized Losses	$ 0	$ 0
Fair Value	$ 0	$ 0
Twelve Months or More
Number of Securities | security	34	24
Gross Unrealized Losses	$ 90	$ 20
Fair Value	$ 2,682	$ 373
Other
Less Than Twelve Months
Number of Securities | security	0	0
Gross Unrealized Losses	$ 0	$ 0
Fair Value	$ 0	$ 0
Twelve Months or More
Number of Securities | security	0	0
Gross Unrealized Losses	$ 0	$ 0
Fair Value	$ 0	$ 0

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Credit allowance for securities	$ 0	$ 0

Investments - Summary of Carryi

Investments - Summary of Carrying Value and Maximum Loss Exposure of Company's Non-consolidated VIEs (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Carrying Value	$ 6,747	$ 7,067
Non-Consolidating Variable Interest Entities
Variable Interest Entity [Line Items]
Carrying Value	6,747	7,067
Maximum Loss Exposure	6,747	7,067
Non-Consolidating Variable Interest Entities | Investments in non-consolidated VIEs - Equity method
Variable Interest Entity [Line Items]
Carrying Value	1,679	1,819
Maximum Loss Exposure	1,679	1,819
Non-Consolidating Variable Interest Entities | Investments in non-consolidated VIEs - Measurement alternative
Variable Interest Entity [Line Items]
Carrying Value	5,068	5,248
Maximum Loss Exposure	$ 5,068	$ 5,248

Fair Value of Financial Measu_3

Fair Value of Financial Measurements - Schedule of Fair Value of Measurements (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	$ 671,761	$ 560,682
Total debt securities and equity securities	673,697	562,348
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	0	0
Total debt securities and equity securities	1,936	1,666
Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	671,761	560,682
Total debt securities and equity securities	671,761	560,682
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	0	0
Total debt securities and equity securities	0	0
U.S. government and agency securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	88,958	80,662
U.S. government and agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	0	0
U.S. government and agency securities | Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	88,958	80,662
U.S. government and agency securities | Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	0	0
States, municipalities and political subdivisions
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	312,698	288,982
States, municipalities and political subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	0	0
States, municipalities and political subdivisions | Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	312,698	288,982
States, municipalities and political subdivisions | Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	0	0
Corporate bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	245,558	166,830
Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	0	0
Corporate bonds | Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	245,558	166,830
Corporate bonds | Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	0	0
Mortgage-backed securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	15,850	19,926
Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	0	0
Mortgage-backed securities | Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	15,850	19,926
Mortgage-backed securities | Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	0	0
Asset-backed securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	2,682	227
Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	0	0
Asset-backed securities | Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	2,682	227
Asset-backed securities | Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	0	0
Mortgage-back securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	6,015	4,055
Mortgage-back securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	0	0
Mortgage-back securities | Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	6,015	4,055
Mortgage-back securities | Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair Value	0	0
Common Shares
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Equity Securities	1,936	1,666
Common Shares | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Equity Securities	1,936	1,666
Common Shares | Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Equity Securities	0	0
Common Shares | Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Equity Securities	0	0
Cash and cash equivalents
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial assets	509,918	463,640
Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial assets	509,918	463,640
Cash and cash equivalents | Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial assets	0	0
Cash and cash equivalents | Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial assets	0	0
Restricted cash
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial assets	10,980	9,699
Restricted cash | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial assets	10,980	9,699
Restricted cash | Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial assets	0	0
Restricted cash | Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Financial assets	$ 0	$ 0

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Summary of Other Comprehensive (Loss) Income and Tax Impact of Each Component of Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pre-tax
Change in unrealized gains (losses) on investments, net	$ 19,711	$ (4,494)	$ 20,353	$ 4,664
Reclassification adjustment of realized (gains) losses included in net income	(6)	379	(17)	390
Effect on other comprehensive income (loss)	19,705	(4,115)	20,336	5,054
Tax
Change in unrealized gains (losses) on investments, net	(4,667)	1,059	(4,820)	(1,097)
Reclassification adjustment of realized (gains) losses included in net income	1	(89)	4	(92)
Effect on other comprehensive income (loss)	(4,666)	970	(4,816)	(1,188)
After-tax
Change in unrealized gains (losses) on investments, net	15,044	(3,435)	15,533	3,567
Reclassification adjustment of realized (gains) losses included in net income	(5)	290	(13)	298
Effect on other comprehensive income (loss)	$ 15,039	$ (3,145)	$ 15,520	$ 3,866

Leases - Additional Information

Leases - Additional Information (Detail)	Sep. 30, 2024
Minimum
Lessee Lease Description [Line Items]
Lease terms	1 year
Renewal terms of lease	2 years
Maximum
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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Lessee Lease Description [Line Items]
Total finance lease cost	$ 2,501	$ 2,592
General and Administrative Expenses
Lessee Lease Description [Line Items]
Operating lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations	1,210	1,183
Amortization of assets, included in General & Administrative expenses on the Consolidated Statements of Operations	1,898	1,921
Variable lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations	1,104	1,175
Short-term lease cost, included in General & Administrative expenses on the Consolidated Statements of Operations	55	113
Interest Expense
Lessee Lease Description [Line Items]
Interest on lease liabilities, included in Interest expense on the Consolidated Statements of Operations	$ 603	$ 671

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Operating and Financing Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Leases
Right of use assets	$ 6,057	$ 6,835
Lease liability, operating	7,192	8,076
Finance Leases
Right of use assets	15,708	17,606
Lease liability, finance	$ 18,669	$ 20,386

Leases - Weighted-Average Remai

Leases - Weighted-Average Remaining Lease Term and Discount Rate for Operating and Financing Leases (Detail)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease (in years)	4 years 10 months 9 days	5 years 6 months 25 days
Finance lease (in years)	6 years 5 months 4 days	7 years 1 month 28 days
Operating lease (%)	5.44%	5.17%
Finance lease (%)	4.14%	4.15%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities by Fiscal Year for Operating and Financing Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Lease
2024 remaining	$ 788
2025	3,173
2026	3,216
2027	3,190
2028	3,270
2029 and thereafter	7,651
Total lease payments	21,288
Less: imputed interest	(2,619)
Lease liability, finance	18,669	$ 20,386
Operating Lease
2024 remaining	441
2025	1,654
2026	1,636
2027	1,599
2028	1,633
2029 and thereafter	1,213
Total lease payments	8,176
Less: imputed interest	(984)
Lease liability, operating	$ 7,192	$ 8,076

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Leases
Lease liability payments	$ 1,709	$ 1,707
Finance Leases
Lease liability payments	601	651
Total lease liability payments	$ 2,310	$ 2,358

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total, at cost	$ 55,890	$ 50,223
Less: accumulated depreciation and amortization	(19,101)	(17,005)
Property and equipment, net	36,789	33,218
Land
Property, Plant and Equipment [Line Items]
Total, at cost	2,582	2,582
Building
Property, Plant and Equipment [Line Items]
Total, at cost	9,599	9,599
Less: accumulated depreciation and amortization	(2,700)
Software in progress
Property, Plant and Equipment [Line Items]
Total, at cost	0	14,450
Computer hardware and software
Property, Plant and Equipment [Line Items]
Total, at cost	30,810	10,717
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Total, at cost	1,484	1,484
Tenant and leasehold improvements
Property, Plant and Equipment [Line Items]
Total, at cost	10,900	10,876
Vehicle fleet
Property, Plant and Equipment [Line Items]
Total, at cost	$ 515	$ 515

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) Building	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft² a Building	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Abstract]
Software claim value	$ 17,000,000	$ 2,000,000	$ 17,000,000	$ 2,000,000
Useful life of intangible asset	7 years		7 years
Depreciation and amortization expense	$ 696,000	$ 653,000	$ 2,100,000	$ 1,800,000
Number of acres of land purchased | a			13
Number of buildings | Building	2		2
Gross area of acquired property | ft²			88,378
Total, at cost	$ 55,890,000		$ 55,890,000		$ 50,223,000
Accumulated depreciation	$ 19,101,000		$ 19,101,000		$ 17,005,000

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Intangibles, net	$ 37,918,000			$ 37,918,000		$ 42,555,000
Useful life of intangible asset	7 years			7 years
Indefinite lived intangible, insurance licenses	$ 1,300,000			$ 1,300,000
Impairment of certain brand and customer relations, net			$ 766,600
Impairment of intangible assets	0	$ 0		0	$ 767,000
Amortization of intangible assets	$ 1,500,000	$ 1,600,000		$ 4,600,000	$ 4,800,000
Minimum
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset	2 years 6 months			2 years 6 months
Maximum
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset	15 years			15 years

Intangible Assets - Schedule of

Intangible Assets - Schedule of Estimated Amortization of Intangible Assets (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 - remaining	$ 1,545
2025	6,183
2026	6,034
2027	5,836
2028	3,914
Thereafter	13,091
Total	$ 36,603

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share (EPS) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic and Diluted
Net income (loss) available to common shareholders — basic	$ 8,152	$ (7,424)	$ 41,246	$ 14,363
Net income (loss) available to common shareholders — diluted	$ 8,152	$ (7,424)	$ 41,246	$ 14,363
Basic
Weighted average shares outstanding	30,684,198	26,698,806	30,570,204	25,941,422
Diluted
Weighted average shares outstanding	30,684,198	26,698,806	30,570,204	25,941,422
5.875% Convertible Notes (in shares)	59,263	0	59,263	39,509
Total (in shares)	30,743,461	26,698,806	30,629,467	25,980,931
Net income (loss) per common share
Basic (in dollars per share)	$ 0.27	$ (0.28)	$ 1.35	$ 0.55
Diluted (in dollars per share)	$ 0.27	$ (0.28)	$ 1.35	$ 0.55

Deferred Reinsurance Ceding C_3

Deferred Reinsurance Ceding Commission - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Deferred Reinsurance Ceding Commission [Line Items]
Ceding commission income	$ 12,023	$ 15,914	$ 36,888	$ 49,591
Policy Acquisition Costs
Deferred Reinsurance Ceding Commission [Line Items]
Ceding commission income	8,900	11,900	27,600	37,300
General and Administrative Expenses
Deferred Reinsurance Ceding Commission [Line Items]
Ceding commission income	$ 3,200	$ 4,000	$ 9,300	$ 12,300

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Deferred Ceding Commission Income [Roll Forward]
Beginning balance of deferred ceding commission income	$ 33,602	$ 37,990	$ 33,627	$ 42,758
Ceding commission deferred	14,857	13,957	39,697	42,866
Less: ceding commission earned	(12,023)	(15,914)	(36,888)	(49,591)
Ending balance of deferred ceding commission income	$ 36,436	$ 36,033	$ 36,436	$ 36,033

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Beginning Balance	$ 114,818	$ 106,736	$ 102,884	$ 99,617
Policy acquisition costs deferred	57,371	42,427	170,256	149,536
Amortization	(62,748)	(45,064)	(163,699)	(145,054)
Ending Balance	$ 109,441	$ 104,099	$ 109,441	$ 104,099

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 842,000	$ (4,602,000)	$ 12,481,000	$ 4,472,000
Annual effective tax rate	9.40%	38.30%	23.20%	23.70%
Increase (decrease) deferred tax assets valuation allowance		$ 7,200,000
Uncertain tax positions	$ 0		$ 0		$ 0

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Liability (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred tax assets:
Unearned premiums	$ 22,653	$ 18,507
Unearned commission	8,629	7,964
Net operating loss	1	436
Tax-related discount on loss reserve	5,159	5,162
Stock-based compensation	804	331
Accrued expenses	1,279	1,677
Leases	936	940
Unrealized losses	6,839	11,655
Property and equipment	700	0
Other	278	473
Total deferred tax assets	47,278	47,145
Deferred tax liabilities:
Deferred acquisition costs	25,919	24,366
Prepaid expenses	189	189
Property and equipment	0	359
Note discount	33	152
Basis in purchased investments	7	8
Basis in purchased intangibles	8,323	9,327
Other	1,779	1,633
Total deferred tax liabilities	36,250	36,034
Net deferred tax asset:	$ 11,028	$ 11,111

Reinsurance - Additional Inform

Reinsurance - Additional Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) reinsurer	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) reinstatement	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Ceded Premiums Written	$ 51,198,000	$ 54,850,000	$ 583,876,000	$ 561,283,000
Number of reinstatements available | reinsurer			2
Unpaid losses and loss adjustment expenses	775,468,000	$ 971,321,000	$ 775,468,000	$ 971,321,000	$ 822,271,000	$ 845,955,000	$ 817,859,000	$ 1,131,807,000
Reinsurance payable	344,486,000		344,486,000			$ 159,823,000
Reinsurance excess retention percentage					50%
Property Losses
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Retention under program to provide reinsurance coverage					$ 2,500,000
Excess retention amount reinsured					1,000,000
Causality Losses
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Retention under program to provide reinsurance coverage					1,000,000
Excess retention amount reinsured					$ 1,000,000
Reinsurance excess retention percentage					67.50%
Insurance Claims
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Unpaid losses and loss adjustment expenses	1,500,000		1,500,000
Facultative Reinsurance
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Reinsurance, maximum coverage			80,000,000
NBIC
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Number of reinstatements available | reinstatement						1
NBIC | Insurance Claims | Commercial Residential Losses
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Unpaid losses and loss adjustment expenses	1,000,000		1,000,000
NBIC | 70% Reinsurance Contract
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Aggregate contract coverage limit						$ 15,000,000
Excess retention amount reinsured						25,000,000
NBIC | 30% Reinsurance Contract
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Aggregate contract coverage limit						20,000,000
Excess retention amount reinsured						$ 20,000,000
NBIC | 2023 -2024 Net Quota Share Reinsurance
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Net lines quota share occurrence limit			20,000,000
Percentage of renewed ceded net premium and losses						41%
Maximum | Facultative Reinsurance
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Reinsurance payable	10,000,000		10,000,000
Maximum | NBIC | Facultative Reinsurance
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Reinsurance payable	3,500,000		3,500,000
Minimum | Facultative Reinsurance
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Facultative reinsurance purchase amount			$ 10,000,000
FHCF
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Reinsured risk percentage			90%
2023 - 2024 Reinsurance Program
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Reinsurance purchase limit	3,300,000,000		$ 3,300,000,000
2023 - 2024 Reinsurance Program | Maximum | First Catastrophe | Osprey
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
First event retention for insurance company subsidiary	34,000,000		34,000,000
2023 - 2024 Reinsurance Program | Maximum | First Catastrophe | NBIC
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Retention under program to provide reinsurance coverage			1,100,000,000
First event retention for insurance company subsidiary	31,800,000		31,800,000
2023 - 2024 Reinsurance Program | Maximum | First Catastrophe | Heritage P&C
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Retention under program to provide reinsurance coverage			1,300,000,000
First event retention for insurance company subsidiary	40,000,000		40,000,000
2023 - 2024 Reinsurance Program | Maximum | First Catastrophe | Zephyr
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Retention under program to provide reinsurance coverage			750,000,000
First event retention for insurance company subsidiary	32,000,000		32,000,000
Ceded Premiums Written			8,000,000
2023 - 2024 Reinsurance Program | Maximum | First Catastrophe | Osprey And Zephyr
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
First event retention for insurance company subsidiary	40,000,000		40,000,000
Property Per Risk Coverage
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Coverage limit			8,500,000
Reinsurance payable	25,500,000		25,500,000
Property Per Risk Coverage | NBIC | Commercial Residential Losses
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Coverage limit			500,000
Reinsurance payable	$ 1,500,000		$ 1,500,000

Reinsurance - Schedule of Effec

Reinsurance - Schedule of Effect of Reinsurance Arrangements in Consolidated Statement of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Premium written:
Direct	$ 312,986	$ 309,510	$ 1,094,200	$ 1,016,378
Ceded	(51,198)	(54,850)	(583,876)	(561,283)
Net	261,788	254,660	510,324	455,095
Premiums earned:
Direct	354,197	336,976	1,045,658	984,012
Ceded	(155,356)	(160,335)	(477,076)	(464,539)
Net premiums earned	198,841	176,641	568,582	519,473
Loss and Loss Adjustment Expenses
Direct	129,112	450,524	631,436	757,560
Ceded	908	(319,127)	(293,453)	(422,065)
Net	$ 130,020	$ 131,397	$ 337,983	$ 335,495

Reserve for Unpaid Losses - Sum

Reserve for Unpaid Losses - Summary of Reserve for Unpaid Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance, beginning of period	$ 822,271	$ 817,859	$ 845,955	$ 1,131,807
Less: reinsurance recoverable on unpaid losses	468,137	442,289	421,798	759,681
Net balance, beginning of period	354,134	375,570	424,157	372,126
Incurred related to:
Current year	123,737	130,604	316,350	338,890
Prior years	6,283	793	21,633	(3,395)
Total incurred	130,020	131,397	337,983	335,495
Paid related to:
Current year	57,464	76,524	138,847	160,468
Prior years	41,508	(18,512)	238,111	98,198
Total paid	98,972	58,012	376,958	258,666
Net balance, end of period	385,182	448,955	385,182	448,955
Plus: reinsurance recoverable on unpaid losses	390,286	522,366	390,286	522,366
Balance, end of period	$ 775,468	$ 971,321	$ 775,468	$ 971,321

Reserve for Unpaid Losses - Add

Reserve for Unpaid Losses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Insurance Loss Reserves [Abstract]
Unpaid losses and loss adjustment expenses	$ 385,182	$ 448,955	$ 385,182	$ 448,955	$ 354,134	$ 424,157	$ 375,570	$ 372,126
Unpaid losses and loss adjustment expenses attributable to IBNR net of reinsurance recoverable	$ 269,400		$ 269,400
Net reserves for unpaid losses and loss adjustment expenses, percentage	69.90%		69.90%
Prior year loss related to development incurred	$ 6,300	$ 800	$ 21,600	$ 3,400

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended		12 Months Ended
	Oct. 31, 2017	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Sep. 29, 2023	Jan. 31, 2022	Dec. 31, 2018	Sep. 30, 2017	Aug. 31, 2017
Debt Instrument [Line Items]
Unamortized issuance and debt discount costs							$ 242,700
Long-term debt, net		$ 118,551,000	$ 118,551,000		$ 119,732,000
Federal Home Loan Bank Of Atlanta
Debt Instrument [Line Items]
Fixed interest rate						5.109%
Interest paid			801,850,000	$ 478,840,000
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.		1,500,000	1,500,000					$ 1,400,000
Estimated fair value of collateral with FHLB		24,400,000	24,400,000
Federal Home Loan Bank Boston
Debt Instrument [Line Items]
Interest paid			177,197		177,197
Federal Home Loan Bank Des Moines
Debt Instrument [Line Items]
Interest paid		53,026	170,129
FHLB advance Interest rate								4.23%
Cash loan received under advance from FHLB								$ 5,500,000
Required fair value of reinvestment in FHLB common stock.		295,500,000	295,500,000					$ 133,200,000
Estimated fair value of collateral with FHLB		7,100,000	7,100,000
Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		50,000,000	50,000,000
Outstanding borrowing capacity amount		10,000,000	10,000,000
Line of credit facility, periodic payment, interest			543,400,000	626,832,000
Line of credit facility, commitment fee amount			100,480,000
Convertible Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount									$ 136,800,000	$ 136,800,000
Fixed interest rate									5.875%
Long-term debt, net		885,000	885,000		885,000
Interest paid			50,230,000	52,000,000
Convertible Senior Notes | Subsidiaries Member
Debt Instrument [Line Items]
Repurchase of convertible notes		$ 21,100,000	$ 21,100,000		21,100,000
Convertible debt | Parent company member
Debt Instrument [Line Items]
Repurchase of convertible notes							$ 11,700,000
Senior Secured Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1%
Senior Secured Credit Facility | Seventh Amendment
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.10%
Senior Secured Credit Facility | Seventh Amendment | Federal funds effective swap rate member
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.50%
Senior Secured Credit Facility | Term loan facility
Debt Instrument [Line Items]
Interest paid			$ 4,900,000	5,200,000
Term loan, Quarterly principal payments			$ 7,100,000	7,100,000
Effective interest rate		8.192%	8.192%
Senior Secured Credit Facility | Term loan facility | Seventh Amendment
Debt Instrument [Line Items]
Aggregate principal amount		$ 72,500,000	$ 72,500,000		$ 79,600,000
Notes maturity period			5 years
Maximum borrowing capacity		$ 100,000,000	$ 100,000,000
Senior Secured Credit Facility | Term loan facility | Seventh Amendment | Term Loan Payable Prior to July 29, 2021
Debt Instrument [Line Items]
Term loan, Quarterly principal payments			1,900,000
Senior Secured Credit Facility | Term loan facility | Seventh Amendment | Term Loan Payable in December 2021
Debt Instrument [Line Items]
Term loan, Quarterly principal payments			875,000
Senior Secured Credit Facility | Term loan facility | Seventh Amendment | Term Loan Payable After December 2021
Debt Instrument [Line Items]
Term loan, Quarterly principal payments			$ 2,400,000
Senior Secured Credit Facility | Revolving credit facility
Debt Instrument [Line Items]
Effective interest rate		8.102%	8.102%
Senior Secured Credit Facility | Revolving credit facility | Seventh Amendment
Debt Instrument [Line Items]
Aggregate principal amount		$ 10,000,000	$ 10,000,000
Notes maturity period			5 years
Maximum borrowing capacity		50,000,000	$ 50,000,000
Senior Secured Credit Facility | Swingline Loan | Seventh Amendment
Debt Instrument [Line Items]
Maximum borrowing capacity		25,000,000	25,000,000
Senior Secured Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Interest paid			538,470,000
Swingline Loan | Revolving credit facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 25,000,000	25,000,000
Collateral Financial Arrangement | Skye Lane Properties LLC | Mortgage loan
Debt Instrument [Line Items]
Aggregate principal amount	$ 12,700,000
Fixed interest rate	4.95%
Payment of principal and interest			$ 913,561,000	$ 701,455,000
Collateral Financial Arrangement | Skye Lane Properties LLC | Mortgage loan | Minimum
Debt Instrument [Line Items]
Fixed interest rate	4.95%
Collateral Financial Arrangement | Skye Lane Properties LLC | Mortgage loan | Maximum
Debt Instrument [Line Items]
Fixed interest rate	7.42%
Collateral Financial Arrangement | Skye Lane Properties LLC | 5-year Treasury Security | Mortgage loan
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 Long Term Debt and Credit Facilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal amount	$ 118,906	$ 120,729
Deferred finance costs	355	997
Total long-term debt	118,551	119,732
Term loan facility
Debt Instrument [Line Items]
Principal amount	72,500	79,625
Revolving credit facility
Debt Instrument [Line Items]
Principal amount	10,000	10,000
Convertible debt
Debt Instrument [Line Items]
Principal amount	885	885
FHLB loan agreements
Debt Instrument [Line Items]
Principal amount	24,700	19,200
Mortgage loan
Debt Instrument [Line Items]
Principal amount	$ 10,821	$ 11,019

Long-Term Debt - Schedule of Pr

Long-Term Debt - Schedule of Principal Payments on Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 remaining	$ 2,532
2025	29,074
2026	71,018
2027	9,897
2028	0
Thereafter	6,385
Total	$ 118,906	$ 120,729

Accounts Payable and Other Li_3

Accounts Payable and Other Liabilities - Schedule of Accounts Payable and Other Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Deferred ceding commission	$ 36,436	$ 33,627
Accounts payable and other payables	13,400	16,185
Taxes, licenses and fees	4,445	0
Accrued interest and issuance costs	206	325
Other liabilities	213	329
Premium tax	543	1,486
Commission payables	15,761	17,714
Total other liabilities	$ 71,004	$ 69,666

Statutory Accounting and Regu_2

Statutory Accounting and Regulations - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Heritage P&C
Statutory Accounting Practices [Line Items]
Minimum required amount of capital and surplus maintained by the insurance subsidiary	$ 15,000
Statutory capital and surplus requirements, percentage	10%
Zephyr
Statutory Accounting Practices [Line Items]
Deposits held	$ 750
NBIC
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	3,000
Heritage P&C, NBIC, and Zephyr
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	$ 258,700	$ 259,600

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party | Comegys Insurance Agency, Inc.
Related Party Transaction [Line Items]
Agency commission	$ 35,921	$ 35,537	$ 116,009	$ 105,438

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Contribution Plan Disclosure [Line Items]
Contribution for participating employees	$ 378,300	$ 294,425	$ 1,200,000	$ 1,000,000
Medical premium cost	$ 1,200,000	$ 924,000	$ 3,900,000	$ 3,900,000
Defined Contribution Plan, Tranche One
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution			100%
Percentage of contribution on employee salary			3%
Defined Contribution Plan, Tranche Two
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution			50%
Percentage of contribution on employee salary			2%
Maximum
Defined Contribution Plan Disclosure [Line Items]
Percentage of contribution on employee salary			4%

Equity - Additional Information

Equity - Additional Information (Detail) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) vote shares	Dec. 31, 2023 USD ($) shares	Mar. 11, 2024 USD ($)	Dec. 15, 2022 USD ($)
Class Of Stock [Line Items]
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares authorized (in shares)	5,000,000
Common stock, shares outstanding (in shares)	30,684,198	30,218,938
Treasury stock, shares (in shares)	12,231,674	12,231,674
Non-vested beginning balance (in shares)	1,161,811
Additional paid-in capital | $	$ 362,609	$ 360,310
Common stock voting rights | vote	1
Stock repurchase program, authorized amount | $	$ 10,000
New Share Repurchase Plan
Class Of Stock [Line Items]
Stock repurchase program, authorized amount | $			$ 10,000	$ 10,000
Treasury shares repurchased, shares	0	0

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

Jun. 05, 2024

Feb. 26, 2024

Jul. 11, 2023

Jun. 30, 2024

Mar. 31, 2024

Aug. 31, 2023

Jul. 31, 2023

Jun. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Jun. 07, 2023

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock-based compensation expense

$ 820,000

$ 1,300,000

$ 2,200,000

$ 2,100,000

Unrecognized expense related to non-vested stock

$ 5,500,000

$ 5,500,000

Restricted Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Vested (in shares)

77,296

Restricted stock vested and released (in shares)

0

0

107,754

Restricted stock, shares issued net of shares for tax withholdings (in shares)

4,200

Restricted stock, value, shares issued net of tax withholdings

$ 7,560

Canceled and surrendered, number of shares (in shares)

50,502

Restricted Stock | Employee and Non Employee Director

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Restricted stock vested and released (in shares)

77,296

Restricted Stock | Maximum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Vesting period

3 years

Restricted Stock | Minimum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Vesting period

1 year

Performance Based Restricted Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Unrecognized expense related to non-vested stock

$ 2,800,000

$ 2,800,000

Time Based Unvested Restricted Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Unrecognized expense related to non-vested stock

$ 1,600,000

$ 1,600,000

Omnibus Incentive Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Common stock reserved for issuance (in shares)

2,125,000

Omnibus Incentive Plan | Restricted Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Granted (in shares)

39,312

77,296

63,744

63,744

Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share)

$ 8.14

$ 5.02

Vested (in shares)

77,296

Omnibus Incentive Plan | Time Based Restricted Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Granted (in shares)

163,640

351,716

Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share)

$ 7.02

$ 4.08

Omnibus Incentive Plan | Time Based Restricted Stock | Maximum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Vesting period

3 years

3 years

Omnibus Incentive Plan | Performance Based Restricted Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Granted (in shares)

253,918

857,843

Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share)

$ 7.02

$ 4.08

2023 Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares available for grant

854,857

854,857

2023 Plan | Time Based Restricted Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Granted (in shares)

8,390

Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share)

$ 7.15

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Restricted Stock Activity (Detail)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of shares
Non-vested beginning balance (in shares)	1,161,811
Non-vested ending balance (in shares)	1,549,775
Restricted Stock
Number of shares
Non-vested beginning balance (in shares)	1,161,811
Vested (in shares)	(77,296)
Canceled and surrendered (in shares)	0
Non-vested ending balance (in shares)	1,549,775
Weighted-Average Grant-Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 4.25
Vested (in dollars per share) | $ / shares	4.14
Canceled and surrendered (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 6.07
Restricted Stock | Performance Based Restricted Stock
Number of shares
Granted (in shares)	253,918
Weighted-Average Grant-Date Fair Value per Share
Granted (in dollars per share) | $ / shares	$ 7.02
Restricted Stock | Time Based Restricted Stock
Number of shares
Granted (in shares)	211,342
Weighted-Average Grant-Date Fair Value per Share
Granted (in dollars per share) | $ / shares	$ 7.23

Stock-Based Compensation - Ad_2

Stock-Based Compensation - Additional Information Regarding Outstanding Non-vested Time-based Restricted Stock and Performance-based Restricted Stock (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares unvested (in shares)	1,549,775	1,161,811
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares unvested (in shares)	1,549,775	1,161,811
Award Date One | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares unvested (in shares)	37,947
Share value at grant date per share (in dollars per share)	$ 6.72
Remaining Restriction Period (Years)	7 months 6 days
Award Date Two | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares unvested (in shares)	1,046,568
Share value at grant date per share (in dollars per share)	$ 4.08
Remaining Restriction Period (Years)	1 year 3 months 18 days
Award Date Three | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares unvested (in shares)	417,558
Share value at grant date per share (in dollars per share)	$ 7.02
Remaining Restriction Period (Years)	2 years 6 months
Award Date Four | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares unvested (in shares)	8,390
Share value at grant date per share (in dollars per share)	$ 7.15
Remaining Restriction Period (Years)	7 months 6 days
Award Date Five | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares unvested (in shares)	39,312
Share value at grant date per share (in dollars per share)	$ 8.14
Remaining Restriction Period (Years)	1 year

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	Nov. 08, 2024 USD ($)
Subsequent Event [Line Items]
Loss contingency, estimated retained losses	$ 57
Minimum
Subsequent Event [Line Items]
Loss contingency, limit of reinsurance amount	450
Maximum
Subsequent Event [Line Items]
Loss contingency, limit of reinsurance amount	$ 914