Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 5-May-15 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | James River Group Holdings, Ltd. | |
Entity Central Index Key | 1620459 | |
Trading Symbol | jrvr | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 28,540,350 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fixed maturity securities: | ||
Available-for-sale, at fair value (amortized cost: 2015 - $717,680; 2014 - $737,916) | $739,984 | $756,963 |
Trading, at fair value (amortized cost: 2015 - $5,747; 2014 - $7,324) | 5,816 | 7,388 |
Equity securities available-for-sale, at fair value (cost: 2015 - $72,346; 2014 - $64,348) | 77,330 | 67,905 |
Bank loan participations held-for-investment, at amortized cost, net of allowance | 203,601 | 239,511 |
Short-term investments | 161,220 | 131,856 |
Other invested assets | 55,010 | 33,622 |
Total invested assets | 1,242,961 | 1,237,245 |
Cash and cash equivalents | 71,355 | 73,383 |
Accrued investment income | 6,582 | 7,273 |
Premiums receivable and agents' balances, net | 177,327 | 162,527 |
Reinsurance recoverable on unpaid losses | 129,616 | 127,254 |
Reinsurance recoverable on paid losses | 2,635 | 1,725 |
Prepaid reinsurance premiums | 33,439 | 29,445 |
Deferred policy acquisition costs | 55,559 | 60,202 |
Intangible assets, net | 39,976 | 40,125 |
Goodwill | 181,831 | 181,831 |
Other assets | 51,172 | 38,282 |
Total assets | 1,992,453 | 1,959,292 |
Liabilities: | ||
Reserve for losses and loss adjustment expenses | 744,585 | 716,296 |
Unearned premiums | 273,170 | 277,579 |
Payables to reinsurers | 21,950 | 19,272 |
Senior debt | 88,300 | 88,300 |
Junior subordinated debt | 104,055 | 104,055 |
Accrued expenses | 26,012 | 31,107 |
Other liabilities | 36,844 | 34,762 |
Total liabilities | 1,294,916 | 1,271,371 |
Commitments and contingent liabilities | ||
Shareholders' equity: | ||
Common Shares - 2015 and 2014: $0.0002 par value; 200,000,000 shares authorized; 28,540,350 shares issued and outstanding | 6 | 6 |
Preferred Shares - 2015 and 2014: $0.00125 par value; 20,000,000 convertible shares authorized; no shares issued and outstanding | ||
Additional paid-in capital | 629,147 | 628,236 |
Retained earnings | 46,079 | 41,323 |
Accumulated other comprehensive income | 22,305 | 18,356 |
Total shareholders' equity | 697,537 | 687,921 |
Total liabilities and shareholders' equity | $1,992,453 | $1,959,292 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Available-for-sale debt securities, amortized cost (in dollars) | $717,680 | $737,916 |
Trading securities, debt, amortized cost (in dollars) | 5,747 | 7,324 |
Available-for-sale equity securities, amortized cost (in dollars) | $72,346 | $64,348 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 28,540,350 | 28,540,350 |
Common Stock, Shares Outstanding | 28,540,350 | 28,540,350 |
Preferred stock par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Gross written premiums | $131,258 | $147,241 |
Ceded written premiums | -22,599 | -15,400 |
Net written premiums | 108,659 | 131,841 |
Change in net unearned premiums | 8,352 | -42,785 |
Net earned premiums | 117,011 | 89,056 |
Net investment income | 11,986 | 12,482 |
Net realized investment losses | -2,806 | -1,921 |
Other income | 276 | 78 |
Total revenues | 126,467 | 99,695 |
Expenses | ||
Losses and loss adjustment expenses | 74,484 | 56,114 |
Other operating expenses | 39,797 | 31,628 |
Other expenses | 69 | 93 |
Interest expense | 1,704 | 1,547 |
Amortization of intangible assets | 149 | 125 |
Total expenses | 116,203 | 89,507 |
Income before taxes | 10,264 | 10,188 |
Income tax expense | 887 | 1,050 |
Net income | 9,377 | 9,138 |
Other comprehensive income: | ||
Net unrealized gains, net of taxes of $735 in 2015 and $2,055 in 2014 | 3,949 | 5,773 |
Total comprehensive income | $13,326 | $14,911 |
Per share data: | ||
Basic earnings per share (in dollars per share) | $0.33 | $0.32 |
Diluted earnings per share (in dollars per share) | $0.32 | $0.32 |
Dividend declared per share (in dollars per share) | $0.16 | |
Weighted-average common shares outstanding: | ||
Basic (in shares) | 28,540,350 | 28,540,350 |
Diluted (in shares) | 29,098,309 | 28,780,681 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Tax on net unrealized gains (losses) | $735 | $2,055 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (USD $) | Common Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total |
In Thousands, unless otherwise specified | |||||
Balance at Dec. 31, 2013 | $6 | $627,647 | $66,636 | $7,201 | $701,490 |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Net income | 9,138 | 9,138 | |||
Other comprehensive income | 5,773 | 5,773 | |||
Compensation expense under share incentive plans | 115 | 115 | |||
Balance at Mar. 31, 2014 | 6 | 627,762 | 75,774 | 12,974 | 716,516 |
Balance at Dec. 31, 2014 | 6 | 628,236 | 41,323 | 18,356 | 687,921 |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||
Net income | 9,377 | 9,377 | |||
Other comprehensive income | 3,949 | 3,949 | |||
Dividends | -4,621 | -4,621 | |||
Compensation expense under share incentive plans | 911 | 911 | |||
Balance at Mar. 31, 2015 | $6 | $629,147 | $46,079 | $22,305 | $697,537 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities | ||
Net cash provided by operating activities | $25,030 | $24,785 |
Securities available-for-sale: | ||
Purchases - fixed maturity securities | -26,258 | -19,067 |
Sales - fixed maturity securities | 12,027 | 1,688 |
Maturities and calls - fixed maturity securities | 34,480 | 12,191 |
Purchases - equity securities | -7,998 | -4,906 |
Sales - equity securities | 16,612 | |
Bank loan participations: | ||
Purchases | -31,117 | -67,740 |
Sales | 49,215 | 30,777 |
Maturities | 14,784 | 25,605 |
Other invested assets: | ||
Purchases | -19,400 | |
Sales | 5,866 | |
Short-term investments, net | -29,364 | -21,078 |
Securities receivable or payable, net | -18,501 | 46,555 |
Purchases of property and equipment | -143 | -86 |
Net cash (used in) provided by investing activities | -22,275 | 26,417 |
Financing activities | ||
Dividends paid | -4,567 | |
Repayments of financing obligations net of proceeds | -162 | -157 |
Other financing activities | -54 | |
Net cash used in financing activities | -4,783 | -157 |
Change in cash and cash equivalents | -2,028 | 51,045 |
Cash and cash equivalents at beginning of period | 73,383 | 158,604 |
Cash and cash equivalents at end of period | 71,355 | 209,649 |
Supplemental information | ||
Interest paid | $1,802 | $1,650 |
Accounting_Policies
Accounting Policies | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Accounting Policies [Abstract] | ||||
Accounting Policies | 1 | Accounting Policies | ||
Organization | ||||
James River Group Holdings, Ltd. (referred to as “JRG Holdings” or the “Company”) is an exempted holding company registered in Bermuda, organized for the purpose of acquiring and managing insurance and reinsurance entities. | ||||
The Company owns six property/casualty companies, five insurance companies based in the United States (“U.S.”) focused on specialty insurance niches and a Bermuda-based reinsurance company as described below: | ||||
• | James River Group, Inc. (“James River Group”) is a Delaware domiciled insurance holding company formed in 2002, which owns all of the Company’s U.S.-based subsidiaries, either directly or indirectly through one of its wholly-owned U.S. subsidiaries. James River Group oversees the Company’s U.S. insurance operations and maintains all of the outstanding debt in the U.S. | |||
• | James River Insurance Company (“James River Insurance”) is an Ohio domiciled excess and surplus lines insurance company that, with its wholly-owned insurance subsidiary, James River Casualty Company, is authorized to write business in every state and the District of Columbia. | |||
• | Falls Lake National Insurance Company (“Falls Lake National”) is an Ohio domiciled insurance company which wholly owns Stonewood Insurance Company (“Stonewood Insurance”), a North Carolina domiciled company, and Falls Lake General Insurance Company, an Ohio domiciled company. Falls Lake National began writing specialty admitted program business in late 2013. | |||
• | Stonewood Insurance is a workers’ compensation insurance company that writes insurance primarily for the residential construction and light manufacturing industries. Stonewood Insurance writes workers’ compensation coverage in North Carolina, Virginia, South Carolina, and Tennessee. | |||
• | JRG Reinsurance Company, Ltd. (“JRG Re”) was formed in 2007 and commenced operations in 2008. JRG Re, a Bermuda domiciled reinsurer, provides reinsurance to U.S. third parties and to the Company’s U.S.-based insurance subsidiaries. | |||
Basis of Presentation | ||||
The accompanying condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include the results of the Company and its subsidiaries from their respective dates of inception or acquisition, as applicable. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for a more complete description of the Company’s business and accounting policies. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results of operations for the full year. The consolidated balance sheet as of December 31, 2014 was derived from the Company’s audited annual consolidated financial statements. | ||||
Significant intercompany transactions and balances have been eliminated. | ||||
Estimates and Assumptions | ||||
Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates. | ||||
Variable Interest Entities | ||||
Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as variable interest entities (“VIE”). A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both (1) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose, and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. | ||||
The Company holds interests in VIEs through certain equity method investments in limited liability corporations (“LLCs”) included in “other invested assets” in the accompanying condensed consolidated balance sheets. The Company has determined that it should not consolidate any of the VIEs as it is not the primary beneficiary in any of the relationships. Although the investments resulted in the Company holding variable interests in the entities, they did not empower the Company to direct the activities that most significantly impact the economic performance of the entities. The Company’s investments related to these VIEs totaled $26.9 million and $25.1 million as of March 31, 2015 and December 31, 2014, respectively, representing the Company’s maximum exposure to loss. |
Investments
Investments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||
Investments | 2 | Investments | |||||||||||||||||||||||
The Company’s available-for-sale investments are summarized as follows: | |||||||||||||||||||||||||
Cost or | Gross | Gross | Fair | ||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
State and municipal | $ | 88,692 | $ | 8,980 | $ | – | $ | 97,672 | |||||||||||||||||
Residential mortgage-backed | 109,530 | 2,894 | (929 | ) | 111,495 | ||||||||||||||||||||
Corporate | 238,428 | 9,664 | (3,041 | ) | 245,051 | ||||||||||||||||||||
Commercial mortgage and asset-backed | 127,676 | 2,956 | (57 | ) | 130,575 | ||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 98,981 | 1,397 | (41 | ) | 100,337 | ||||||||||||||||||||
U.S. Treasury securities and obligations guaranteed by the U.S. government | 52,348 | 496 | (16 | ) | 52,828 | ||||||||||||||||||||
Redeemable preferred stock | 2,025 | 1 | – | 2,026 | |||||||||||||||||||||
Total fixed maturity securities | 717,680 | 26,388 | (4,084 | ) | 739,984 | ||||||||||||||||||||
Equity securities | 72,346 | 5,758 | (774 | ) | 77,330 | ||||||||||||||||||||
Total investments available-for-sale | $ | 790,026 | $ | 32,146 | $ | (4,858 | ) | $ | 817,314 | ||||||||||||||||
Cost or | Gross | Gross | Fair | ||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
State and municipal | $ | 90,715 | $ | 8,509 | $ | (178 | ) | $ | 99,046 | ||||||||||||||||
Residential mortgage-backed | 113,997 | 2,661 | (1,409 | ) | 115,249 | ||||||||||||||||||||
Corporate | 261,574 | 8,742 | (2,434 | ) | 267,882 | ||||||||||||||||||||
Commercial mortgage and asset-backed | 111,056 | 2,429 | (144 | ) | 113,341 | ||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 100,376 | 1,431 | (532 | ) | 101,275 | ||||||||||||||||||||
U.S. Treasury securities and obligations guaranteed by the U.S. government | 58,173 | 289 | (193 | ) | 58,269 | ||||||||||||||||||||
Redeemable preferred stock | 2,025 | – | (124 | ) | 1,901 | ||||||||||||||||||||
Total fixed maturity securities | 737,916 | 24,061 | (5,014 | ) | 756,963 | ||||||||||||||||||||
Equity securities | 64,348 | 5,182 | (1,625 | ) | 67,905 | ||||||||||||||||||||
Total investments available-for-sale | $ | 802,264 | $ | 29,243 | $ | (6,639 | ) | $ | 824,868 | ||||||||||||||||
The amortized cost and fair value of available-for-sale investments in fixed maturity securities at March 31, 2015 are summarized, by contractual maturity, as follows: | |||||||||||||||||||||||||
Cost or | Fair | ||||||||||||||||||||||||
Amortized | Value | ||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
One year or less | $ | 47,301 | $ | 47,619 | |||||||||||||||||||||
After one year through five years | 254,014 | 256,075 | |||||||||||||||||||||||
After five years through ten years | 55,888 | 60,034 | |||||||||||||||||||||||
After ten years | 121,246 | 132,160 | |||||||||||||||||||||||
Residential mortgage-backed | 109,530 | 111,495 | |||||||||||||||||||||||
Commercial mortgage and asset-backed | 127,676 | 130,575 | |||||||||||||||||||||||
Redeemable preferred stock | 2,025 | 2,026 | |||||||||||||||||||||||
Total | $ | 717,680 | $ | 739,984 | |||||||||||||||||||||
Actual maturities may differ for some securities because borrowers have the right to call or prepay obligations with or without penalties. | |||||||||||||||||||||||||
The following table shows the Company’s gross unrealized losses and fair value for available-for-sale securities aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Residential mortgage-backed | $ | 1,207 | $ | (1 | ) | $ | 46,418 | $ | (928 | ) | $ | 47,625 | $ | (929 | ) | ||||||||||
Corporate | 9,987 | (32 | ) | 6,323 | (3,009 | ) | 16,310 | (3,041 | ) | ||||||||||||||||
Commercial mortgage and asset-backed | 28,354 | (23 | ) | 11,123 | (34 | ) | 39,477 | (57 | ) | ||||||||||||||||
Obligation of U.S. government corporations and agencies | 22,455 | (19 | ) | 10,230 | (22 | ) | 32,685 | (41 | ) | ||||||||||||||||
U.S. Treasury securities and obligations guaranteed by the U.S. government | 13,713 | (4 | ) | 3,305 | (12 | ) | 17,018 | (16 | ) | ||||||||||||||||
Total fixed maturity securities | 75,716 | (79 | ) | 77,399 | (4,005 | ) | 153,115 | (4,084 | ) | ||||||||||||||||
Equity securities | 2,906 | (26 | ) | 12,859 | (748 | ) | 15,765 | (774 | ) | ||||||||||||||||
Total investments available-for-sale | $ | 78,622 | $ | (105 | ) | $ | 90,258 | $ | (4,753 | ) | $ | 168,880 | $ | (4,858 | ) | ||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
State and municipal | $ | 3,197 | $ | (176 | ) | $ | 247 | $ | (2 | ) | $ | 3,444 | $ | (178 | ) | ||||||||||
Residential mortgage-backed | 2,072 | (2 | ) | 47,594 | (1,407 | ) | 49,666 | (1,409 | ) | ||||||||||||||||
Corporate | 25,885 | (235 | ) | 22,353 | (2,199 | ) | 48,238 | (2,434 | ) | ||||||||||||||||
Commercial mortgage and asset-backed | 23,894 | (118 | ) | 8,742 | (26 | ) | 32,636 | (144 | ) | ||||||||||||||||
Obligations of U.S. government corporations and agencies | 202 | – | 48,029 | (532 | ) | 48,231 | (532 | ) | |||||||||||||||||
U.S. Treasury securities and obligations guaranteed by the U.S. government | 13,055 | (24 | ) | 19,383 | (169 | ) | 32,438 | (193 | ) | ||||||||||||||||
Redeemable preferred stock | – | – | 1,901 | (124 | ) | 1,901 | (124 | ) | |||||||||||||||||
Total fixed maturity securities | 68,305 | (555 | ) | 148,249 | (4,459 | ) | 216,554 | (5,014 | ) | ||||||||||||||||
Equity securities | 1,361 | (205 | ) | 10,621 | (1,420 | ) | 11,982 | (1,625 | ) | ||||||||||||||||
Total investments available-for-sale | $ | 69,666 | $ | (760 | ) | $ | 158,870 | $ | (5,879 | ) | $ | 228,536 | $ | (6,639 | ) | ||||||||||
As of March 31, 2015, the Company held securities of 34 issuers that were in an unrealized loss position with a total fair value of $168.9 million and gross unrealized losses of $4.9 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on, a scheduled principal or interest payment. | |||||||||||||||||||||||||
The majority of the unrealized losses on fixed maturity securities are interest rate related. At March 31, 2015, 86.5% of the Company’s fixed maturity security portfolio was rated “A-” or better by Standard & Poor’s or received an equivalent rating from another nationally recognized rating agency. Fixed maturity securities with ratings below investment grade by Standard & Poor’s or another nationally recognized rating agency at March 31, 2015 had an aggregate fair value of $25.3 million and an aggregate net unrealized loss of $2.5 million. | |||||||||||||||||||||||||
The Company holds two municipal bonds issued by the Commonwealth of Puerto Rico with a total par value of $4.5 million. Such bonds are backed by future sales tax revenues in Puerto Rico. Puerto Rico’s weak economic conditions and heavy debt burden has heightened the risk of default on the bonds. Management concluded that the bonds, which have been downgraded to below investment grade, were other-than-temporarily impaired at June 30, 2014. The Company recognized impairment losses of $1.4 million on these bonds for the year ended December 31, 2014. For the three months ended March 31, 2015, the Company recognized additional impairment losses of $660,000 on the bonds. There was no impairment on these bonds at March 31, 2014. | |||||||||||||||||||||||||
Management concluded that none of the other fixed maturity securities with an unrealized loss at March 31, 2015 or December 31, 2014 experienced an other-than-temporary impairment. Management does not intend to sell available-for-sale securities in an unrealized loss position, and it is not “more likely than not” that the Company will be required to sell these securities before a recovery in their value to their amortized cost basis occurs. Management also concluded that none of the equity securities with an unrealized loss at March 31, 2015 or December 31, 2014 experienced an other-than-temporary impairment. Management has evaluated the near-term prospects of these equity securities in relation to the severity and duration of the impairment, and management has the ability and intent to hold these securities until a recovery of their fair value. | |||||||||||||||||||||||||
The Company holds participations in two loans issued by companies that produce and supply power to Puerto Rico through power purchase agreements with Puerto Rico Electric Power Authority (“PREPA”), a public corporation and governmental agency of the Commonwealth of Puerto Rico. PREPA’s credit strength and ability to make timely payments has been impacted by the economic conditions in Puerto Rico, thus raising doubt about the companies’ ability to meet the debt obligations held by the Company. Management concluded that the loans were impaired at December 31, 2014 and established an allowance for credit losses on the loans of $752,000. After recording this impairment, these loans had a carrying value of $7.1 million at December 31, 2014 and unpaid principal of $8.4 million. At March 31, 2015, the allowance for credit losses on these loans was $617,000. The loans had a carrying value of $6.4 million at March 31, 2015 and unpaid principal of $7.5 million. There was no allowance for credit losses on these loans at March 31, 2014. | |||||||||||||||||||||||||
A number of the Company’s bank loans are to oil and gas companies in the energy sector. The market values of these loans declined significantly in the fourth quarter of 2014 in response to declining energy prices. The declines in market values continued into 2015 and, after discussions with our independent investment manager, management decided to sell certain energy sector loans where there was an increased risk associated with the issuer’s ability to meet all principal and interest obligations as they became due. For three of these loans, we only sold a portion of our holdings in March 2015. Management concluded that the portion of the three loans still held at March 31, 2015 should be considered impaired and an allowance for credit losses of $107,000 was established on the loans. After recording this impairment, these three loans had a carrying value of $2.9 million at March 31, 2015 and unpaid principal of $3.1 million. In total, including the three loans discussed above, the Company’s investments in bank loans to oil and gas companies in the energy sector had a carrying value of $25.1 million and an unrealized loss of $2.3 million at March 31, 2015. There was no allowance for credit losses on these loans at March 31, 2014. | |||||||||||||||||||||||||
Bank loan participations generally have a credit rating that is below investment grade (i.e. below “BBB-” for Standard & Poor’s) at the date of purchase. These bank loans are primarily senior, secured floating-rate debt rated “B” or “BB” by Standard & Poor’s or an equivalent rating from another nationally recognized rating agency. These bank loans include assignments of, and participations in, performing and non-performing senior corporate debt generally acquired through primary bank syndications and in secondary markets. Bank loans consist of, but are not limited to, term loans, the funded and unfunded portions of revolving credit loans, and other similar loans and investments. Management believed that it was probable at the time that these loans were acquired that the Company would be able to collect all contractually required payments receivable. | |||||||||||||||||||||||||
Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at March 31, 2015 or December 31, 2014. | |||||||||||||||||||||||||
The allowance for credit losses is maintained at a level believed adequate by management to absorb estimated probable credit losses. Management’s periodic evaluation of the adequacy of the allowance is based on consultations and advice of the Company’s independent investment manager, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, current economic conditions, and other relevant factors. The Company generally records an allowance equal to the difference between the fair value and the amortized cost of bank loans that it has determined to be impaired as a practical expedient for an estimate of probable future cash flows to be collected on those bank loans. Bank loans are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. | |||||||||||||||||||||||||
The average recorded investment in impaired bank loans was $8.2 million and $123,000 during the three months ended March 31, 2015 and 2014, respectively. Investment income of $42,000 and $8,000, respectively, was recognized during the time within those periods that the loans were impaired. The Company recorded realized gains of $28,000 in the three months ended March 31, 2015 and realized losses of $67,000 during the three months ended March 31, 2014 for changes in the fair value of impaired bank loans. | |||||||||||||||||||||||||
Changes in unrealized gains or losses on securities held for trading are recorded as trading gains or losses within net investment income. Net investment income for the three months ended March 31, 2015 includes $6,000 of net trading gains of which $11,000 relates to securities held at March 31, 2015. | |||||||||||||||||||||||||
The Company’s realized gains and losses are summarized as follows: | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Gross realized gains | $ | 1,187 | $ | 155 | |||||||||||||||||||||
Gross realized losses | (660 | ) | (703 | ) | |||||||||||||||||||||
527 | (548 | ) | |||||||||||||||||||||||
Bank loan participations: | |||||||||||||||||||||||||
Gross realized gains | 290 | 427 | |||||||||||||||||||||||
Gross realized losses | (3,642 | ) | (3 | ) | |||||||||||||||||||||
(3,352 | ) | 424 | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Gross realized gains | – | 2 | |||||||||||||||||||||||
Gross realized losses | – | (140 | ) | ||||||||||||||||||||||
– | (138 | ) | |||||||||||||||||||||||
Short-term investments and other: | |||||||||||||||||||||||||
Gross realized gains | 23 | – | |||||||||||||||||||||||
Gross realized losses | (4 | ) | (1,659 | ) | |||||||||||||||||||||
19 | (1,659 | ) | |||||||||||||||||||||||
Total | $ | (2,806 | ) | $ | (1,921 | ) | |||||||||||||||||||
Realized investment gains or losses are determined on a specific identification basis. | |||||||||||||||||||||||||
Two of the Company’s directors are also directors of First Wind Capital, LLC (“First Wind”), which is an affiliate of the Company’s largest shareholder. At December 31, 2014, the Company held fixed maturity securities with a fair value of $12.6 million issued by First Wind. These securities were called in March 2015, resulting in a realized gain of $845,000. Also at December 31, 2014, the Company held a bank loan participation with a carrying value of $4.6 million from an affiliate of First Wind. The loan was repaid in January 2015. | |||||||||||||||||||||||||
At December 31, 2013, other invested assets included the Company’s investment in a bank holding company (the “Bank Holding Company”). At December 31, 2013, the Company’s Corporate and Other segment had invested $5.6 million in the Bank Holding Company, and its ownership interest was 3.6%. The equity method was used to account for the investment. The Company recorded a pre-tax loss of $19,000 for the three months ended March 31, 2014, which was included in net investment income in the Company’s condensed consolidated income statement. | |||||||||||||||||||||||||
Additionally, in 2013, the Company’s Corporate and Other segment purchased $4.5 million of subordinated notes issued by a company that is substantially owned by the Bank Holding Company (the “Bank Affiliate”). Interest on the notes, which mature on August 12, 2023, is fixed at 7.6% per annum. Interest income of $86,000 was recognized on the notes for both the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
On July 4, 2014, the Bank Holding Company merged with and into another bank holding company (the “Surviving Bank Holding Company”). In exchange for its shares of the Bank Holding Company, the Company received $354,000 in cash and $6.4 million of common shares in the Surviving Bank Holding Company, and the realized investment gain on the exchange was $1.4 million. The $4.5 million of subordinated notes issued by the Bank Affiliate became debt of the Surviving Bank Holding Company. The common shares of the Surviving Bank Holding Company are publicly-traded, and the Company does not have significant influence over the Surviving Bank Holding Company. | |||||||||||||||||||||||||
On December 19, 2014, the Company purchased a $1.0 million certificate of deposit issued by the Surviving Bank Holding Company. The certificate of deposit, which matures on December 19, 2015, is carried as a short-term investment. Interest income of $1,000 was recognized on this investment for the three months ended March, 31 2015. | |||||||||||||||||||||||||
The Chairman and Chief Executive Officer of the Company previously served as Chairman of the Bank Holding Company and the Bank Affiliate. Effective July 4, 2014, the Company’s Chairman and Chief Executive Officer became the Lead Independent Director of the Surviving Bank Holding Company. The Chairman and Chief Executive Officer of the Company is a former investor in the Bank Holding Company and is now an investor in the Surviving Bank Holding Company. | |||||||||||||||||||||||||
Additionally, one of the Company’s directors is a former investor in the Bank Holding Company and is now an investor in the Surviving Bank Holding Company. In addition, this director was a lender to the Bank Affiliate and is now a lender to the Surviving Bank Holding Company. The Company’s Chief Financial Officer is a former investor in the Bank Holding Company and the Surviving Bank Holding Company. | |||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, the Company’s Corporate and Other segment held equity interests ranging from 2.7% to 33.3% in various LLCs that are managed by an affiliate of the Company’s largest shareholder. The principal objective of the LLCs is capital appreciation and income generation from owning and operating renewable energy facilities engaged in wind and solar energy production. The Company’s Chairman and Chief Executive Officer invested in certain of these LLCs. The equity method is used to account for the LLCs which are included in “other invested assets” in the accompanying condensed consolidated balance sheets. | |||||||||||||||||||||||||
The LLCs had revenues and net income of $12.8 million and $10.2 million for the three months ended March 31, 2015 and 2014, respectively, and the Company recognized income of $2.5 million and $3.3 million in those respective periods for its equity share of LLC income. The Company received cash distributions from these investments totaling $662,000 and $2.0 million in the three months ended March 31, 2015 and 2014, respectively. The collective carrying value of the Company’s LLC investments was $26.9 million and $25.1 million at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||
In March 2014, the Company sold its interest in one of the LLCs for $5.9 million and a $1.7 million realized loss was recognized on the sale. | |||||||||||||||||||||||||
On December 10, 2012, the Company’s Corporate and Other segment entered into a $3.3 million note agreement with two property development companies. The Bank Holding Company also entered into note agreements with the same property development companies. The note, which carried a 10.85% fixed interest rate, was originally scheduled to mature on December 10, 2013. The note was extended until July 10, 2014, and the fixed interest rate was increased to 11.10%. The note was repaid in full on July 3, 2014. Origination fees received were recognized over the original term of the note under the effective interest method. Income of $90,000 was recognized on this investment for the three months ended March 31, 2014. | |||||||||||||||||||||||||
On July 1, 2013, the Company’s Corporate and Other segment invested $2.0 million in a limited partnership that invests in a portfolio of companies undergoing financial stress. The equity method is being used to account for this investment. Losses of $222,000 and income of $70,000 was recognized on the investment for the three months ended March 31, 2015 and 2014, respectively, and the carrying value of the investment was $1.6 million at March 31, 2015 and $1.8 million at December 31, 2014. | |||||||||||||||||||||||||
On June 1, 2014, the Company’s Corporate and Other segment invested $2.0 million in a limited partnership that seeks capital appreciation through investing in a concentrated portfolio of U.S. publicly-traded companies with small market capitalizations. The equity method is being used to account for this investment. Income of $63,000 was recognized on the investment for the three months ended March 31, 2015 and the carrying value of the investment was $2.2 million at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||
In January 2015, the Company entered into a $20.0 million note agreement with an affiliate of First Wind. The note carries a variable interest rate, currently 7.00%, and matures on June 12, 2015. The original discount and commitment fees received are being recognized over the term of the note under the effective interest method. Income of $619,000 was recognized on this investment for the three months ended March 31, 2015. | |||||||||||||||||||||||||
In January 2015, the Company entered into a $1.0 million note agreement with an affiliate of the Company’s largest shareholder. At March 31, 2015, $200,000 was outstanding on the note, which carries a fixed interest rate of 18.00% and matures on December 22, 2015. Income of $6,300 was recognized on this investment for the three months ended March 31, 2015. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||
Goodwill and Intangible Assets | 3 | Goodwill and Intangible Assets | |||||||||||||||||
On December 11, 2007, the Company completed an acquisition of James River Group by acquiring 100% of the outstanding shares of James River Group common stock, referred to herein as the “Merger”. The transaction was accounted for under the purchase method of accounting, and goodwill and intangible assets were recognized by the Company as a result of the transaction. Goodwill resulting from the Merger was $181.8 million at March 31, 2015 and December 31, 2014. | |||||||||||||||||||
The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows: | |||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Life | Gross | Accumulated | Gross | Accumulated | |||||||||||||||
(Years) | Carrying | Amortization | Carrying | Amortization | |||||||||||||||
Amount | Amount | ||||||||||||||||||
($ in thousands) | |||||||||||||||||||
Intangible Assets | |||||||||||||||||||
Trademarks | Indefinite | $ | 22,200 | $ | – | $ | 22,200 | $ | – | ||||||||||
Insurance licenses and authorities | Indefinite | 9,164 | – | 9,164 | – | ||||||||||||||
Identifiable intangibles not subject to amortization | 31,364 | – | 31,364 | – | |||||||||||||||
Broker relationships | 24.6 | 11,611 | 2,999 | 11,611 | 2,850 | ||||||||||||||
Identifiable intangible assets subject to amortization | 11,611 | 2,999 | 11,611 | 2,850 | |||||||||||||||
$ | 42,975 | $ | 2,999 | $ | 42,975 | $ | 2,850 |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | 4 | Earnings Per Share | |||||||||||
The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations contained in the condensed consolidated financial statements. | |||||||||||||
Income | Weighted-Average | Earnings | |||||||||||
Common Shares | Per Share | ||||||||||||
(Numerator) | (Denominator) | ||||||||||||
(in thousands, except per share data) | |||||||||||||
Three months ended March 31, 2015 | |||||||||||||
Basic | $ | 9,377 | 28,540,350 | $ | 0.33 | ||||||||
Common share equivalents | – | 557,959 | (0.01 | ) | |||||||||
Diluted | $ | 9,377 | 29,098,309 | $ | 0.32 | ||||||||
Three months ended March 31, 2014 | |||||||||||||
Basic | $ | 9,138 | 28,540,350 | $ | 0.32 | ||||||||
Common share equivalents | – | 240,331 | 0 | ||||||||||
Diluted | $ | 9,138 | 28,780,681 | $ | 0.32 | ||||||||
Common share equivalents relate to stock options and restricted share units (“RSU’s”). For the three months ended March 31, 2015 and 2014, common share equivalents of 993,518 and 25,000 shares, respectively, are excluded from the calculations of diluted earnings per share as their effects are anti-dilutive. |
Reserve_for_Losses_and_Loss_Ad
Reserve for Losses and Loss Adjustment Expenses | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Loss Contingency [Abstract] | |||||||||
Reserve for Losses and Loss Adjustment Expenses | 5 | Reserve for Losses and Loss Adjustment Expenses | |||||||
The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses, net of reinsurance, to the gross amounts reported in the condensed consolidated balance sheets: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period | $ | 589,042 | $ | 526,985 | |||||
Add: Incurred losses and loss adjustment expenses net of reinsurance: | |||||||||
Current year | 76,973 | 57,196 | |||||||
Prior years | (2,489 | ) | (1,082 | ) | |||||
Total incurred losses and loss and adjustment expenses | 74,484 | 56,114 | |||||||
Deduct: Loss and loss adjustment expense payments net of reinsurance: | |||||||||
Current year | 5,002 | 942 | |||||||
Prior years | 43,555 | 37,792 | |||||||
Total loss and loss adjustment expense payments | 48,557 | 38,734 | |||||||
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period | 614,969 | 544,365 | |||||||
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period | 129,616 | 121,813 | |||||||
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period | $ | 744,585 | $ | 666,178 | |||||
A $2.5 million reserve redundancy developed in the three months ended March 31, 2015 on the reserve for losses and loss adjustment expenses held at December 31, 2014. This favorable reserve development included $4.9 million of net favorable development in the Excess and Surplus Lines segment primarily from the 2014 and 2013 accident years. This favorable development occurred because our actuarial studies at March 31, 2015 for the Excess and Surplus Lines segment indicated that our loss experience on our casualty business continues to be below our initial expected loss ratios. The Company also experienced an insignificant amount (seven thousand dollars) of favorable development on prior accident years for the Specialty Admitted Insurance segment. The favorable development in the Excess and Surplus Lines and Specialty Admitted Insurance segments was partially offset by $2.5 million of adverse reserve development in the Casualty Reinsurance segment, primarily related to one reinsurance relationship from the 2011 underwriting year that experienced higher loss development in 2015 than expected. | |||||||||
The Company experienced $1.1 million of favorable reserve development in the three months ended March 31, 2014 on the reserve for losses and loss adjustment expenses held at December 31, 2013. This reserve development included $2.4 million of net favorable development in the Excess and Surplus Lines segment, primarily from the 2011 and 2009 accident years. This favorable development occurred because our actuarial studies at March 31, 2014 for the Excess and Surplus Lines segment indicated that our loss experience on our casualty business continues to be below our initial expected loss ratios. The Company also experienced $287,000 of net favorable development for the Specialty Admitted Insurance segment partially offset by $1.6 million of net adverse development in the Casualty Reinsurance segment, primarily from one reinsurance relationship from the 2011 underwriting year that experienced higher loss development in 2014 than expected. |
Other_Comprehensive_Income
Other Comprehensive Income | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Other Comprehensive Income | 6 | Other Comprehensive Income | |||||||
The following table summarizes the components of comprehensive income: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Unrealized gains arising during the period, before income taxes | $ | 5,211 | $ | 7,142 | |||||
Income taxes | (541 | ) | (1,808 | ) | |||||
Unrealized gains arising during the period, net of income taxes | 4,670 | 5,334 | |||||||
Less reclassification adjustment: | |||||||||
Net realized investment gains (losses) | 527 | (686 | ) | ||||||
Income tax benefit | 194 | 247 | |||||||
Reclassification adjustment for investment gains (losses) realized in net income | 721 | (439 | ) | ||||||
Other comprehensive income | $ | 3,949 | $ | 5,773 |
Contingent_Liabilities
Contingent Liabilities | 3 Months Ended | |
Mar. 31, 2015 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Contingent Liabilities | 7 | Contingent Liabilities |
The Company is a party to various lawsuits arising in the ordinary course of its operations. The Company believes that the ultimate resolution of these matters will not materially impact its financial position, cash flows, or results of operations. | ||
The Company’s reinsurance subsidiary, JRG Re, entered into two letter of credit facilities with banks as security to third-party reinsureds on reinsurance assumed by JRG Re. JRG Re has established custodial accounts to secure these letters of credit. Under a $100.0 million facility, $95.6 million of letters of credit were issued through March 31, 2015, and assets of $113.0 million were on deposit at March 31, 2015 securing the letters of credit. Under a $62.5 million facility, $42.0 million of letters of credit were issued through March 31, 2015, and assets of $52.6 million were on deposit at March 31, 2015 securing the letters of credit. JRG Re has also established trust accounts to secure its obligations to selected reinsureds. The total amount deposited in the trust accounts at March 31, 2015 was $205.0 million. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Information | 8 | Segment Information | |||||||||||||||||||
The Company has four reportable segments: the Excess and Surplus Lines segment, the Specialty Admitted Insurance segment, the Casualty Reinsurance segment, and the Corporate and Other segment. Segment profit (loss) is measured by underwriting profit (loss), which is generally defined as net earned premiums less loss and loss adjustment expenses and other operating expenses of the operating segments. Fee income and expenses of the Excess and Surplus Lines segment is included in that segment’s underwriting profit (loss). Net fee income of $220,000 and $0 was included in underwriting profit for the three months ended March 31, 2015 and 2014, respectively. Segment results are reported prior to the effects of intercompany reinsurance agreements among the Company’s insurance subsidiaries. | |||||||||||||||||||||
The following table summarizes the Company’s segment results: | |||||||||||||||||||||
Excess and | Specialty | Casualty | Corporate | Total | |||||||||||||||||
Surplus | Admitted | Reinsurance | and | ||||||||||||||||||
Lines | Insurance | Other | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
Gross written premiums | $ | 75,718 | $ | 20,926 | $ | 34,614 | $ | – | $ | 131,258 | |||||||||||
Net earned premiums | 59,400 | 9,555 | 48,056 | – | 117,011 | ||||||||||||||||
Underwriting profit (loss) of insurance segments | 7,443 | (155 | ) | 41 | – | 7,329 | |||||||||||||||
Net investment income | 3,366 | 519 | 5,061 | 3,040 | 11,986 | ||||||||||||||||
Interest expense | – | – | – | 1,704 | 1,704 | ||||||||||||||||
Segment revenues | 61,038 | 10,202 | 52,152 | 3,075 | 126,467 | ||||||||||||||||
Segment goodwill | 181,831 | – | – | – | 181,831 | ||||||||||||||||
Segment assets | 694,968 | 142,513 | 1,046,998 | 107,974 | 1,992,453 | ||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Gross written premiums | $ | 61,553 | $ | 11,677 | $ | 74,011 | $ | – | $ | 147,241 | |||||||||||
Net earned premiums | 41,983 | 5,149 | 41,924 | – | 89,056 | ||||||||||||||||
Underwriting profit (loss) of insurance segments | 3,727 | (592 | ) | 44 | – | 3,179 | |||||||||||||||
Net investment income | 3,505 | 568 | 4,800 | 3,609 | 12,482 | ||||||||||||||||
Interest expense | – | – | – | 1,547 | 1,547 | ||||||||||||||||
Segment revenues | 44,952 | 5,737 | 46,998 | 2,008 | 99,695 | ||||||||||||||||
Segment goodwill | 181,831 | – | – | – | 181,831 | ||||||||||||||||
Segment assets | 669,597 | 105,639 | 1,054,769 | 90,640 | 1,920,645 | ||||||||||||||||
The following table reconciles the underwriting profit (loss) of the operating segments by individual segment to consolidated income before taxes: | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Underwriting profit (loss) of the insurance segments: | |||||||||||||||||||||
Excess and Surplus Lines | $ | 7,443 | $ | 3,727 | |||||||||||||||||
Specialty Admitted Insurance | (155 | ) | (592 | ) | |||||||||||||||||
Casualty Reinsurance | 41 | 44 | |||||||||||||||||||
Total underwriting profit of insurance segments | 7,329 | 3,179 | |||||||||||||||||||
Other operating expenses of the Corporate and Other segment | (4,379 | ) | (1,865 | ) | |||||||||||||||||
Underwriting profit | 2,950 | 1,314 | |||||||||||||||||||
Net investment income | 11,986 | 12,482 | |||||||||||||||||||
Net realized investment losses | (2,806 | ) | (1,921 | ) | |||||||||||||||||
Amortization of intangible assets | (149 | ) | (125 | ) | |||||||||||||||||
Other income and expenses | (13 | ) | (15 | ) | |||||||||||||||||
Interest expense | (1,704 | ) | (1,547 | ) | |||||||||||||||||
Income before taxes | $ | 10,264 | $ | 10,188 |
Other_Operating_Expenses_and_O
Other Operating Expenses and Other Expenses | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Operating Expenses And Other Expenses [Abstract] | |||||||||
Other Operating Expenses and Other Expenses | 9 | Other Operating Expenses and Other Expenses | |||||||
Other operating expenses consist of the following: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Amortization of policy acquisition costs | $ | 24,502 | $ | 20,176 | |||||
Other underwriting expenses of the operating segments | 10,916 | 9,587 | |||||||
Other operating expenses of the Corporate and Other segment | 4,379 | 1,865 | |||||||
Total | $ | 39,797 | $ | 31,628 | |||||
Other expenses for the three months ended March 31, 2015and 2014include $69,000and $68,000, respectively,of expenses associated with the Company’s minority investment in a partnership that was involved in the construction of a building that the Company was deemed to own for accounting purposes. Other expenses for the three months ended March 31, 2014alsoinclude $25,000 of due diligence costs for an acquisition which we elected not to pursue. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | 10 | Fair Value Measurements | |||||||||||||||
Three levels of inputs are used to measure fair value of financial instruments: (1) Level 1: quoted price (unadjusted) in active markets for identical assets, (2) Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument, and (3) Level 3: inputs to the valuation methodology are unobservable for the asset or liability. | |||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. | |||||||||||||||||
To measure fair value, the Company obtains quoted market prices for its investment securities. If a quoted market price is not available, the Company uses prices of similar securities. Values for U.S. Treasury and publicly-traded equity securities are generally based on Level 1 inputs which use the market approach valuation technique. The values for all other fixed maturity securities (including state and municipal securities and obligations of U.S. government corporations and agencies) generally incorporate significant Level 2 inputs, and in some cases, Level 3 inputs, using the market approach and income approach valuation techniques. There have been no changes in the Company’s use of valuation techniques since January 1, 2014. | |||||||||||||||||
The Company reviews fair value prices provided by its outside investment managers for reasonableness by comparing the fair values provided by the managers to those provided by its investment custodian. The Company also reviews and monitors changes in unrealized gains and losses. The Company has not historically adjusted security prices. The Company obtains an understanding of the methods, models and inputs used by the investment managers and independent pricing services, and controls are in place to validate that prices provided represent fair values. The Company’s control process includes, but is not limited to, initial and ongoing evaluation of the methodologies used, a review of specific securities and an assessment for proper classification within the fair value hierarchy, and obtaining and reviewing internal control reports for our investment manager that obtains fair values from independent pricing services. | |||||||||||||||||
Assets measured at fair value on a recurring basis as of March 31, 2015 are summarized below: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | ||||||||||||||||
Assets | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Fixed maturity securities: | |||||||||||||||||
State and municipal | $ | – | $ | 97,672 | $ | – | $ | 97,672 | |||||||||
Residential mortgage-backed | – | 111,495 | – | 111,495 | |||||||||||||
Corporate | – | 245,051 | – | 245,051 | |||||||||||||
Commercial mortgage and asset-backed | – | 130,575 | – | 130,575 | |||||||||||||
Obligations of U.S. government corporations and agencies | – | 100,337 | – | 100,337 | |||||||||||||
U.S. Treasury securities and obligations guaranteed by the U.S. government | 51,427 | 1,401 | – | 52,828 | |||||||||||||
Redeemable preferred stock | – | 2,026 | – | 2,026 | |||||||||||||
Total fixed maturity securities | 51,427 | 688,557 | – | 739,984 | |||||||||||||
Equity securities: | |||||||||||||||||
Preferred stock | – | 58,195 | – | 58,195 | |||||||||||||
Common stock | 18,401 | 734 | – | 19,135 | |||||||||||||
Total equity securities | 18,401 | 58,929 | – | 77,330 | |||||||||||||
Total available-for-sale securities | $ | 69,828 | $ | 747,486 | $ | – | $ | 817,314 | |||||||||
Trading securities: | |||||||||||||||||
Fixed maturity securities | $ | – | $ | 5,816 | $ | – | $ | 5,816 | |||||||||
Short-term investments | $ | 94,775 | $ | 66,445 | $ | – | $ | 161,220 | |||||||||
Assets measured at fair value on a recurring basis as of December 31, 2014 are summarized below: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | ||||||||||||||||
Assets | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Fixed maturity securities: | |||||||||||||||||
State and municipal | $ | – | $ | 99,046 | $ | – | $ | 99,046 | |||||||||
Residential mortgage-backed | – | 115,249 | – | 115,249 | |||||||||||||
Corporate | – | 267,882 | – | 267,882 | |||||||||||||
Commercial mortgage and | – | 113,341 | – | 113,341 | |||||||||||||
asset-backed | |||||||||||||||||
Obligations of U.S. government corporations and agencies | – | 101,275 | – | 101,275 | |||||||||||||
U.S. Treasury securities and obligations guaranteed by the U.S. government | 56,891 | 1,378 | – | 58,269 | |||||||||||||
Redeemable preferred stock | – | 1,901 | – | 1,901 | |||||||||||||
Total fixed maturity securities | 56,891 | 700,072 | – | 756,963 | |||||||||||||
Equity securities: | |||||||||||||||||
Preferred stock | – | 49,601 | – | 49,601 | |||||||||||||
Common stock | 17,570 | 734 | – | 18,304 | |||||||||||||
Total equity securities | 17,570 | 50,335 | – | 67,905 | |||||||||||||
Total available-for-sale securities | $ | 74,461 | $ | 750,407 | $ | – | $ | 824,868 | |||||||||
Trading securities: | |||||||||||||||||
Fixed maturity securities | $ | – | $ | 7,388 | $ | – | $ | 7,388 | |||||||||
Short-term investments | $ | 58,507 | $ | 73,349 | $ | – | $ | 131,856 | |||||||||
The beginning and ending balances of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) was $0, and there was no activity (purchases, sales, transfers) involving Level 3 securities for the three months ended March 31, 2015 and 2014. | |||||||||||||||||
Transfers out of Level 3 occur when the Company is able to obtain reliable prices from pricing vendors for securities for which the Company was previously unable to obtain reliable prices. Transfers to Level 3 occur when the Company is unable to obtain reliable prices for securities from pricing vendors and instead must use broker price quotes to value the securities. | |||||||||||||||||
There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2015 or 2014. The Company recognizes transfers between levels at the beginning of the reporting period. | |||||||||||||||||
There were no realized gains or losses included in earnings for the three months ended March 31, 2015 attributable to the change in unrealized gains or losses relating to Level 3 assets valued at fair value on a recurring basis that are still held at March 31, 2015. | |||||||||||||||||
The Company measures certain bank loan participations at fair value on a nonrecurring basis during the year as part of the Company’s impairment evaluation when loans are determined by management to be impaired. | |||||||||||||||||
Assets measured at fair value on a nonrecurring basis are summarized below: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
In Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | Level 3 | |||||||||||||||
Level 1 | Level 2 | ||||||||||||||||
(in thousands) | |||||||||||||||||
31-Mar-15 | |||||||||||||||||
Bank loan participations held-for-investment | $ | – | $ | – | $ | 2,902 | $ | 2,902 | |||||||||
There were no assets measured at fair value on a nonrecurring basis at December 31, 2014. | |||||||||||||||||
Bank loan participations held-for-investment that were determined to be impaired were written down to their fair value of $2.9 million at March 31, 2015. There were no impaired bank loan participations at March 31, 2014. The allowance for credit losses on bank loan participations was $724,000 at March 31, 2015 and $242,000 at December 31, 2014. The change in the allowance for credit losses on bank loan participations is included in net realized investment gains. | |||||||||||||||||
In the determination of the fair value for bank loan participations and certain high yield bonds, the Company’s investment manager endeavors to obtain data from multiple external pricing sources. External pricing sources may include brokers, dealers and price data vendors that provide a composite price based on prices from multiple dealers. Such external pricing sources typically provide valuations for normal institutional size trading units of such securities using methods based on market transactions for comparable securities, and various relationships between securities, as generally recognized by institutional dealers. For investments in which the investment manager determines that only one external pricing source is appropriate or if only one external price is available, the relevant investment is generally recorded at fair value based on such price. | |||||||||||||||||
Investments for which external sources are not available or are determined by the investment manager not to be representative of fair value are recorded at fair value as determined by the investment manager. In determining the fair value of such investments, the investment manager considers one or more of the following factors: type of security held, convertibility or exchangeability of the security, redeemability of the security (including timing of redemptions), application of industry accepted valuation models, recent trading activity, liquidity, estimates of liquidation value, purchase cost, and prices received for securities with similar terms of the same issuer or similar issuers. At March 31, 2015, there were bank loan participations with an unpaid principal balance of $8.4 million and a carrying value of $7.2 million for which external sources were unavailable to determine fair value. At December 31, 2014, there were bank loan participations with an unpaid principal balance of $14.1 million and a carrying value of $12.7 million for which external sources were unavailable to determine fair value. | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Value | Value | ||||||||||||||||
(in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Available-for-sale: | |||||||||||||||||
Fixed maturity securities | $ | 739,984 | $ | 739,984 | $ | 756,963 | $ | 756,963 | |||||||||
Equity securities | 77,330 | 77,330 | 67,905 | 67,905 | |||||||||||||
Trading: | |||||||||||||||||
Fixed maturity securities | 5,816 | 5,816 | 7,388 | 7,388 | |||||||||||||
Bank loan participations held-for-investment | 203,601 | 199,733 | 239,511 | 231,251 | |||||||||||||
Cash and cash equivalents | 71,355 | 71,355 | 73,383 | 73,383 | |||||||||||||
Short-term investments | 161,220 | 161,220 | 131,856 | 131,856 | |||||||||||||
Other invested assets – notes receivable | 24,257 | 26,112 | 4,500 | 6,410 | |||||||||||||
Liabilities | |||||||||||||||||
Senior debt | 88,300 | 81,173 | 88,300 | 79,850 | |||||||||||||
Junior subordinated debt | 104,055 | 91,562 | 104,055 | 89,100 | |||||||||||||
The fair values of fixed maturity securities and equity securities have been determined using quoted market prices for securities traded in the public market or prices using bid or closing prices for securities not traded in the public marketplace. The fair values of cash and cash equivalents and short-term investments approximate their carrying values due to their short-term maturity. | |||||||||||||||||
The fair values of other invested assets-notes receivable, senior debt, and junior subordinated debt at March 31, 2015 and December 31, 2014 were determined by calculating the present value of expected future cash flows under the terms of the note agreements or debt agreements, as applicable, discounted at an estimated market rate of interest at March 31, 2015 and December 31, 2014, respectively. For notes receivable maturing within one year, carrying value was used to approximate fair value. | |||||||||||||||||
The fair values of bank loan participations held-for-investment, senior debt, and junior subordinated debt at March 31, 2015 and December 31, 2014 were determined using inputs to the valuation methodology that are unobservable (Level 3). |
Capital_Stock_and_Equity_Award
Capital Stock and Equity Awards | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||
Capital Stock and Equity Awards | 11 | Capital Stock and Equity Awards | |||||||||||||||
On February 17, 2015, the Board of Directors declared a cash dividend of $0.16 per common share. The dividend totaled $4.6 million and was paid on March 31, 2015 to shareholders of record on March 16, 2015. No dividends were declared during the three months ended March 31, 2014. | |||||||||||||||||
Equity Incentive Plans | |||||||||||||||||
The Company’s shareholders have approved various equity incentive plans, including the Amended and Restated 2009 Equity Incentive Plan (the “Legacy Plan”), the 2014 Long Term Incentive Plan (“2014 LTIP”), and the 2014 Non-Employee Director Incentive Plan (“2014 Director Plan”) (collectively, the “Plans”). All awards issued under the Plans are issued at the discretion of the Board of Directors. Under the Legacy Plan, employees received non-qualified stock options. Options are outstanding under the Legacy Plan; however, no additional awards may be granted. | |||||||||||||||||
Employees are eligible to receive non-qualified stock options, incentive stock options, share appreciation rights, performance shares, restricted shares, restricted share units (“RSUs”), and other awards under the 2014 LTIP. The maximum number of shares available for issuance under the 2014 LTIP is 3,171,150, and at March 31, 2015, 1,844,298 shares are available for grant. | |||||||||||||||||
Non-employee directors of the Company are eligible to receive non-qualified stock options, share appreciation rights, performance shares, restricted shares, restricted share units, and other awards under the 2014 Director Plan. The maximum number of shares available for issuance under the 2014 Director Plan is 50,000, and at March 31, 2015, 42,860 shares are available for grant. | |||||||||||||||||
All options issued under the Legacy Plan vest in the event of a change in control. Generally, awards issued under the 2014 LTIP and 2014 Director Plan vest immediately in the event that an award recipient is terminated without Cause (as defined), and in the case of the 2014 LTIP for Good Reason (as defined), during the 12-month period following a Change in Control (as defined). | |||||||||||||||||
Options | |||||||||||||||||
The following table summarizes the option activity: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Shares | Weighted- | Shares | Weighted- | ||||||||||||||
Average | Average | ||||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price | Price | ||||||||||||||||
Outstanding: | |||||||||||||||||
Beginning of period | 3,104,768 | $ | 17.27 | 2,166,250 | $ | 15.51 | |||||||||||
Granted | – | $ | – | – | $ | – | |||||||||||
Exercised | – | $ | – | – | $ | – | |||||||||||
Lapsed | – | $ | – | – | $ | – | |||||||||||
End of period | 3,104,768 | $ | 17.27 | 2,166,250 | $ | 15.51 | |||||||||||
Exercisable, end of period | 1,804,374 | $ | 15.48 | 1,673,250 | $ | 15.49 | |||||||||||
RSUs | |||||||||||||||||
The following table summarizes the RSU activity for the three months ended March 31, 2015: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested, beginning of period | 340,474 | $ | 21 | ||||||||||||||
Granted | – | $ | – | ||||||||||||||
Unvested, end of period | 340,474 | $ | 21 | ||||||||||||||
There were no RSUs outstanding in the three months ended March 31, 2014. | |||||||||||||||||
Compensation Expense | |||||||||||||||||
Share based compensation expense is recognized on a straight line basis over the vesting period. The amount of expense and related tax benefit is summarized below: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Share based compensation expense | $ | 911 | $ | 115 | |||||||||||||
Tax benefit on share based compensation expense | 248 | 20 | |||||||||||||||
As of March 31, 2015, the Company had $10.2 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 3.0 years. The weighted-average remaining contractual life of the options outstanding and options exercisable was 3.8 years and 2.1 years, respectively. |
Subsequent_Events
Subsequent Events | 3 Months Ended | ||
Mar. 31, 2015 | |||
Subsequent Events [Abstract] | |||
Subsequent Events | 12 | Subsequent Events | |
In April 2015, the Company invested an additional $553,000 in a note receivable from an affiliate of the Company’s largest shareholder. The Company remains committed to investing another $247,000 in the note, which is scheduled to mature on December 22, 2015. | |||
In April 2015, the Company received $3.7 million as partial repayment of an outstanding note with an affiliate of First Wind. The note is scheduled to mature on June 12, 2015. | |||
In April 2015, the Company invested $5.0 million in a note agreement with an affiliate of the Company’s largest shareholder. The Company’s Board of Directors has approved additional investment in the note of up to | |||
$2.5 million. | |||
In April 2015, the Company invested $3.5 million in the purchase of tax credits related to a solar energy project. An affiliate of the Company’s largest shareholder is an investor in the project. | |||
On May 5, 2015, the Board of Directors declared a cash dividend of $0.16 per common share. The dividend is payable on June 30, 2015 to shareholders of record on June 15, 2015. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include the results of the Company and its subsidiaries from their respective dates of inception or acquisition, as applicable. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for a more complete description of the Company’s business and accounting policies. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results of operations for the full year. The consolidated balance sheet as of December 31, 2014 was derived from the Company’s audited annual consolidated financial statements. | |
Significant intercompany transactions and balances have been eliminated. | |
Estimates and Assumptions | Estimates and Assumptions |
Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates. | |
Variable Interest Entities | Variable Interest Entities |
Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as variable interest entities (“VIE”). A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both (1) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose, and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. | |
The Company holds interests in VIEs through certain equity method investments in limited liability corporations (“LLCs”) included in “other invested assets” in the accompanying condensed consolidated balance sheets. The Company has determined that it should not consolidate any of the VIEs as it is not the primary beneficiary in any of the relationships. Although the investments resulted in the Company holding variable interests in the entities, they did not empower the Company to direct the activities that most significantly impact the economic performance of the entities. The Company’s investments related to these VIEs totaled $26.9 million and $25.1 million as of March 31, 2015 and December 31, 2014, respectively, representing the Company’s maximum exposure to loss. |
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||
Summary of available-for-sale investments | Cost or | Gross | Gross | Fair | |||||||||||||||||||||
Amortized | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
State and municipal | $ | 88,692 | $ | 8,980 | $ | – | $ | 97,672 | |||||||||||||||||
Residential mortgage-backed | 109,530 | 2,894 | (929 | ) | 111,495 | ||||||||||||||||||||
Corporate | 238,428 | 9,664 | (3,041 | ) | 245,051 | ||||||||||||||||||||
Commercial mortgage and asset-backed | 127,676 | 2,956 | (57 | ) | 130,575 | ||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 98,981 | 1,397 | (41 | ) | 100,337 | ||||||||||||||||||||
U.S. Treasury securities and obligations guaranteed by the U.S. government | 52,348 | 496 | (16 | ) | 52,828 | ||||||||||||||||||||
Redeemable preferred stock | 2,025 | 1 | – | 2,026 | |||||||||||||||||||||
Total fixed maturity securities | 717,680 | 26,388 | (4,084 | ) | 739,984 | ||||||||||||||||||||
Equity securities | 72,346 | 5,758 | (774 | ) | 77,330 | ||||||||||||||||||||
Total investments available-for-sale | $ | 790,026 | $ | 32,146 | $ | (4,858 | ) | $ | 817,314 | ||||||||||||||||
Cost or | Gross | Gross | Fair | ||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
State and municipal | $ | 90,715 | $ | 8,509 | $ | (178 | ) | $ | 99,046 | ||||||||||||||||
Residential mortgage-backed | 113,997 | 2,661 | (1,409 | ) | 115,249 | ||||||||||||||||||||
Corporate | 261,574 | 8,742 | (2,434 | ) | 267,882 | ||||||||||||||||||||
Commercial mortgage and asset-backed | 111,056 | 2,429 | (144 | ) | 113,341 | ||||||||||||||||||||
Obligations of U.S. government corporations and agencies | 100,376 | 1,431 | (532 | ) | 101,275 | ||||||||||||||||||||
U.S. Treasury securities and obligations guaranteed by the U.S. government | 58,173 | 289 | (193 | ) | 58,269 | ||||||||||||||||||||
Redeemable preferred stock | 2,025 | – | (124 | ) | 1,901 | ||||||||||||||||||||
Total fixed maturity securities | 737,916 | 24,061 | (5,014 | ) | 756,963 | ||||||||||||||||||||
Equity securities | 64,348 | 5,182 | (1,625 | ) | 67,905 | ||||||||||||||||||||
Total investments available-for-sale | $ | 802,264 | $ | 29,243 | $ | (6,639 | ) | $ | 824,868 | ||||||||||||||||
Summary of available-for-sale investments by contractual maturity | Cost or | Fair | |||||||||||||||||||||||
Amortized | Value | ||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
One year or less | $ | 47,301 | $ | 47,619 | |||||||||||||||||||||
After one year through five years | 254,014 | 256,075 | |||||||||||||||||||||||
After five years through ten years | 55,888 | 60,034 | |||||||||||||||||||||||
After ten years | 121,246 | 132,160 | |||||||||||||||||||||||
Residential mortgage-backed | 109,530 | 111,495 | |||||||||||||||||||||||
Commercial mortgage and asset-backed | 127,676 | 130,575 | |||||||||||||||||||||||
Redeemable preferred stock | 2,025 | 2,026 | |||||||||||||||||||||||
Total | $ | 717,680 | $ | 739,984 | |||||||||||||||||||||
Schedule of gross unrealized losses and fair value for available-for-sale securities | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Residential mortgage-backed | $ | 1,207 | $ | (1 | ) | $ | 46,418 | $ | (928 | ) | $ | 47,625 | $ | (929 | ) | ||||||||||
Corporate | 9,987 | (32 | ) | 6,323 | (3,009 | ) | 16,310 | (3,041 | ) | ||||||||||||||||
Commercial mortgage and asset-backed | 28,354 | (23 | ) | 11,123 | (34 | ) | 39,477 | (57 | ) | ||||||||||||||||
Obligation of U.S. government corporations and agencies | 22,455 | (19 | ) | 10,230 | (22 | ) | 32,685 | (41 | ) | ||||||||||||||||
U.S. Treasury securities and obligations guaranteed by the U.S. government | 13,713 | (4 | ) | 3,305 | (12 | ) | 17,018 | (16 | ) | ||||||||||||||||
Total fixed maturity securities | 75,716 | (79 | ) | 77,399 | (4,005 | ) | 153,115 | (4,084 | ) | ||||||||||||||||
Equity securities | 2,906 | (26 | ) | 12,859 | (748 | ) | 15,765 | (774 | ) | ||||||||||||||||
Total investments available-for-sale | $ | 78,622 | $ | (105 | ) | $ | 90,258 | $ | (4,753 | ) | $ | 168,880 | $ | (4,858 | ) | ||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
State and municipal | $ | 3,197 | $ | (176 | ) | $ | 247 | $ | (2 | ) | $ | 3,444 | $ | (178 | ) | ||||||||||
Residential mortgage-backed | 2,072 | (2 | ) | 47,594 | (1,407 | ) | 49,666 | (1,409 | ) | ||||||||||||||||
Corporate | 25,885 | (235 | ) | 22,353 | (2,199 | ) | 48,238 | (2,434 | ) | ||||||||||||||||
Commercial mortgage and asset-backed | 23,894 | (118 | ) | 8,742 | (26 | ) | 32,636 | (144 | ) | ||||||||||||||||
Obligations of U.S. government corporations and agencies | 202 | – | 48,029 | (532 | ) | 48,231 | (532 | ) | |||||||||||||||||
U.S. Treasury securities and obligations guaranteed by the U.S. government | 13,055 | (24 | ) | 19,383 | (169 | ) | 32,438 | (193 | ) | ||||||||||||||||
Redeemable preferred stock | – | – | 1,901 | (124 | ) | 1,901 | (124 | ) | |||||||||||||||||
Total fixed maturity securities | 68,305 | (555 | ) | 148,249 | (4,459 | ) | 216,554 | (5,014 | ) | ||||||||||||||||
Equity securities | 1,361 | (205 | ) | 10,621 | (1,420 | ) | 11,982 | (1,625 | ) | ||||||||||||||||
Total investments available-for-sale | $ | 69,666 | $ | (760 | ) | $ | 158,870 | $ | (5,879 | ) | $ | 228,536 | $ | (6,639 | ) | ||||||||||
Summary of realized gains and losses | Three Months Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Gross realized gains | $ | 1,187 | $ | 155 | |||||||||||||||||||||
Gross realized losses | (660 | ) | (703 | ) | |||||||||||||||||||||
527 | (548 | ) | |||||||||||||||||||||||
Bank loan participations: | |||||||||||||||||||||||||
Gross realized gains | 290 | 427 | |||||||||||||||||||||||
Gross realized losses | (3,642 | ) | (3 | ) | |||||||||||||||||||||
(3,352 | ) | 424 | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Gross realized gains | – | 2 | |||||||||||||||||||||||
Gross realized losses | – | (140 | ) | ||||||||||||||||||||||
– | (138 | ) | |||||||||||||||||||||||
Short-term investments and other: | |||||||||||||||||||||||||
Gross realized gains | 23 | – | |||||||||||||||||||||||
Gross realized losses | (4 | ) | (1,659 | ) | |||||||||||||||||||||
19 | (1,659 | ) | |||||||||||||||||||||||
Total | $ | (2,806 | ) | $ | (1,921 | ) |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||
Schedule of gross carrying amounts and accumulated amortization | March 31, 2015 | December 31, 2014 | |||||||||||||||||
Life | Gross | Accumulated | Gross | Accumulated | |||||||||||||||
(Years) | Carrying | Amortization | Carrying | Amortization | |||||||||||||||
Amount | Amount | ||||||||||||||||||
($ in thousands) | |||||||||||||||||||
Intangible Assets | |||||||||||||||||||
Trademarks | Indefinite | $ | 22,200 | $ | – | $ | 22,200 | $ | – | ||||||||||
Insurance licenses and authorities | Indefinite | 9,164 | – | 9,164 | – | ||||||||||||||
Identifiable intangibles not subject to amortization | 31,364 | – | 31,364 | – | |||||||||||||||
Broker relationships | 24.6 | 11,611 | 2,999 | 11,611 | 2,850 | ||||||||||||||
Identifiable intangible assets subject to amortization | 11,611 | 2,999 | 11,611 | 2,850 | |||||||||||||||
$ | 42,975 | $ | 2,999 | $ | 42,975 | $ | 2,850 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Reconciliation of numerator and denominator of basic and diluted earnings per share | Income | Weighted-Average | Earnings | ||||||||||
Common Shares | Per Share | ||||||||||||
(Numerator) | (Denominator) | ||||||||||||
(in thousands, except per share data) | |||||||||||||
Three months ended March 31, 2015 | |||||||||||||
Basic | $ | 9,377 | 28,540,350 | $ | 0.33 | ||||||||
Common share equivalents | – | 557,959 | (0.01 | ) | |||||||||
Diluted | $ | 9,377 | 29,098,309 | $ | 0.32 | ||||||||
Three months ended March 31, 2014 | |||||||||||||
Basic | $ | 9,138 | 28,540,350 | $ | 0.32 | ||||||||
Common share equivalents | – | 240,331 | 0 | ||||||||||
Diluted | $ | 9,138 | 28,780,681 | $ | 0.32 |
Reserve_for_Losses_and_Loss_Ad1
Reserve for Losses and Loss Adjustment Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Loss Contingency [Abstract] | |||||||||
Reconciliation of beginning and ending reserve balances for losses and loss adjustment expenses | Three Months Ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period | $ | 589,042 | $ | 526,985 | |||||
Add: Incurred losses and loss adjustment expenses net of reinsurance: | |||||||||
Current year | 76,973 | 57,196 | |||||||
Prior years | (2,489 | ) | (1,082 | ) | |||||
Total incurred losses and loss and adjustment expenses | 74,484 | 56,114 | |||||||
Deduct: Loss and loss adjustment expense payments net of reinsurance: | |||||||||
Current year | 5,002 | 942 | |||||||
Prior years | 43,555 | 37,792 | |||||||
Total loss and loss adjustment expense payments | 48,557 | 38,734 | |||||||
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period | 614,969 | 544,365 | |||||||
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period | 129,616 | 121,813 | |||||||
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period | $ | 744,585 | $ | 666,178 |
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Schedule of components of comprehensive income | Three Months Ended March 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Unrealized gains arising during the period, before income taxes | $ | 5,211 | $ | 7,142 | |||||
Income taxes | (541 | ) | (1,808 | ) | |||||
Unrealized gains arising during the period, net of income taxes | 4,670 | 5,334 | |||||||
Less reclassification adjustment: | |||||||||
Net realized investment gains (losses) | 527 | (686 | ) | ||||||
Income tax benefit | 194 | 247 | |||||||
Reclassification adjustment for investment gains (losses) realized in net income | 721 | (439 | ) | ||||||
Other comprehensive income | $ | 3,949 | $ | 5,773 |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Summary of company's segment results | Excess and | Specialty | Casualty | Corporate | Total | ||||||||||||||||
Surplus | Admitted | Reinsurance | and | ||||||||||||||||||
Lines | Insurance | Other | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
Gross written premiums | $ | 75,718 | $ | 20,926 | $ | 34,614 | $ | – | $ | 131,258 | |||||||||||
Net earned premiums | 59,400 | 9,555 | 48,056 | – | 117,011 | ||||||||||||||||
Underwriting profit (loss) of insurance segments | 7,443 | (155 | ) | 41 | – | 7,329 | |||||||||||||||
Net investment income | 3,366 | 519 | 5,061 | 3,040 | 11,986 | ||||||||||||||||
Interest expense | – | – | – | 1,704 | 1,704 | ||||||||||||||||
Segment revenues | 61,038 | 10,202 | 52,152 | 3,075 | 126,467 | ||||||||||||||||
Segment goodwill | 181,831 | – | – | – | 181,831 | ||||||||||||||||
Segment assets | 694,968 | 142,513 | 1,046,998 | 107,974 | 1,992,453 | ||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Gross written premiums | $ | 61,553 | $ | 11,677 | $ | 74,011 | $ | – | $ | 147,241 | |||||||||||
Net earned premiums | 41,983 | 5,149 | 41,924 | – | 89,056 | ||||||||||||||||
Underwriting profit (loss) of insurance segments | 3,727 | (592 | ) | 44 | – | 3,179 | |||||||||||||||
Net investment income | 3,505 | 568 | 4,800 | 3,609 | 12,482 | ||||||||||||||||
Interest expense | – | – | – | 1,547 | 1,547 | ||||||||||||||||
Segment revenues | 44,952 | 5,737 | 46,998 | 2,008 | 99,695 | ||||||||||||||||
Segment goodwill | 181,831 | – | – | – | 181,831 | ||||||||||||||||
Segment assets | 669,597 | 105,639 | 1,054,769 | 90,640 | 1,920,645 | ||||||||||||||||
Schedule of underwriting profit (loss) of operating segments by individual segment | Three Months Ended March 31, | ||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Underwriting profit (loss) of the insurance segments: | |||||||||||||||||||||
Excess and Surplus Lines | $ | 7,443 | $ | 3,727 | |||||||||||||||||
Specialty Admitted Insurance | (155 | ) | (592 | ) | |||||||||||||||||
Casualty Reinsurance | 41 | 44 | |||||||||||||||||||
Total underwriting profit of insurance segments | 7,329 | 3,179 | |||||||||||||||||||
Other operating expenses of the Corporate and Other segment | (4,379 | ) | (1,865 | ) | |||||||||||||||||
Underwriting profit | 2,950 | 1,314 | |||||||||||||||||||
Net investment income | 11,986 | 12,482 | |||||||||||||||||||
Net realized investment losses | (2,806 | ) | (1,921 | ) | |||||||||||||||||
Amortization of intangible assets | (149 | ) | (125 | ) | |||||||||||||||||
Other income and expenses | (13 | ) | (15 | ) | |||||||||||||||||
Interest expense | (1,704 | ) | (1,547 | ) | |||||||||||||||||
Income before taxes | $ | 10,264 | $ | 10,188 |
Other_Operating_Expenses_and_O1
Other Operating Expenses and Other Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Operating Expenses And Other Expenses [Abstract] | |||||||||
Schedule of Other operating expenses | Three Months Ended March 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Amortization of policy acquisition costs | $ | 24,502 | $ | 20,176 | |||||
Other underwriting expenses of the operating segments | 10,916 | 9,587 | |||||||
Other operating expenses of the Corporate and Other segment | 4,379 | 1,865 | |||||||
Total | $ | 39,797 | $ | 31,628 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of assets measured at fair value on a recurring basis | Assets measured at fair value on a recurring basis as of March 31, 2015 are summarized below: | ||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | ||||||||||||||||
Assets | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Fixed maturity securities: | |||||||||||||||||
State and municipal | $ | – | $ | 97,672 | $ | – | $ | 97,672 | |||||||||
Residential mortgage-backed | – | 111,495 | – | 111,495 | |||||||||||||
Corporate | – | 245,051 | – | 245,051 | |||||||||||||
Commercial mortgage and asset-backed | – | 130,575 | – | 130,575 | |||||||||||||
Obligations of U.S. government corporations and agencies | – | 100,337 | – | 100,337 | |||||||||||||
U.S. Treasury securities and obligations guaranteed by the U.S. government | 51,427 | 1,401 | – | 52,828 | |||||||||||||
Redeemable preferred stock | – | 2,026 | – | 2,026 | |||||||||||||
Total fixed maturity securities | 51,427 | 688,557 | – | 739,984 | |||||||||||||
Equity securities: | |||||||||||||||||
Preferred stock | – | 58,195 | – | 58,195 | |||||||||||||
Common stock | 18,401 | 734 | – | 19,135 | |||||||||||||
Total equity securities | 18,401 | 58,929 | – | 77,330 | |||||||||||||
Total available-for-sale securities | $ | 69,828 | $ | 747,486 | $ | – | $ | 817,314 | |||||||||
Trading securities: | |||||||||||||||||
Fixed maturity securities | $ | – | $ | 5,816 | $ | – | $ | 5,816 | |||||||||
Short-term investments | $ | 94,775 | $ | 66,445 | $ | – | $ | 161,220 | |||||||||
Assets measured at fair value on a recurring basis as of December 31, 2014 are summarized below: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | ||||||||||||||||
Assets | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Fixed maturity securities: | |||||||||||||||||
State and municipal | $ | – | $ | 99,046 | $ | – | $ | 99,046 | |||||||||
Residential mortgage-backed | – | 115,249 | – | 115,249 | |||||||||||||
Corporate | – | 267,882 | – | 267,882 | |||||||||||||
Commercial mortgage and | – | 113,341 | – | 113,341 | |||||||||||||
asset-backed | |||||||||||||||||
Obligations of U.S. government corporations and agencies | – | 101,275 | – | 101,275 | |||||||||||||
U.S. Treasury securities and obligations guaranteed by the U.S. government | 56,891 | 1,378 | – | 58,269 | |||||||||||||
Redeemable preferred stock | – | 1,901 | – | 1,901 | |||||||||||||
Total fixed maturity securities | 56,891 | 700,072 | – | 756,963 | |||||||||||||
Equity securities: | |||||||||||||||||
Preferred stock | – | 49,601 | – | 49,601 | |||||||||||||
Common stock | 17,570 | 734 | – | 18,304 | |||||||||||||
Total equity securities | 17,570 | 50,335 | – | 67,905 | |||||||||||||
Total available-for-sale securities | $ | 74,461 | $ | 750,407 | $ | – | $ | 824,868 | |||||||||
Trading securities: | |||||||||||||||||
Fixed maturity securities | $ | – | $ | 7,388 | $ | – | $ | 7,388 | |||||||||
Short-term investments | $ | 58,507 | $ | 73,349 | $ | – | $ | 131,856 | |||||||||
Schedule of assets measured at fair value on a nonrecurring basis | Fair Value Measurements Using | ||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
In Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | Level 3 | |||||||||||||||
Level 1 | Level 2 | ||||||||||||||||
(in thousands) | |||||||||||||||||
31-Mar-15 | |||||||||||||||||
Bank loan participations held-for-investment | $ | – | $ | – | $ | 2,902 | $ | 2,902 | |||||||||
Schedule of carrying value and fair Value | March 31, 2015 | December 31, 2014 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Value | Value | ||||||||||||||||
(in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Available-for-sale: | |||||||||||||||||
Fixed maturity securities | $ | 739,984 | $ | 739,984 | $ | 756,963 | $ | 756,963 | |||||||||
Equity securities | 77,330 | 77,330 | 67,905 | 67,905 | |||||||||||||
Trading: | |||||||||||||||||
Fixed maturity securities | 5,816 | 5,816 | 7,388 | 7,388 | |||||||||||||
Bank loan participations held-for-investment | 203,601 | 199,733 | 239,511 | 231,251 | |||||||||||||
Cash and cash equivalents | 71,355 | 71,355 | 73,383 | 73,383 | |||||||||||||
Short-term investments | 161,220 | 161,220 | 131,856 | 131,856 | |||||||||||||
Other invested assets – notes receivable | 24,257 | 26,112 | 4,500 | 6,410 | |||||||||||||
Liabilities | |||||||||||||||||
Senior debt | 88,300 | 81,173 | 88,300 | 79,850 | |||||||||||||
Junior subordinated debt | 104,055 | 91,562 | 104,055 | 89,100 |
Capital_Stock_and_Equity_Award1
Capital Stock and Equity Awards (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||
Summary of option activity | Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Shares | Weighted- | Shares | Weighted- | ||||||||||||||
Average | Average | ||||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price | Price | ||||||||||||||||
Outstanding: | |||||||||||||||||
Beginning of period | 3,104,768 | $ | 17.27 | 2,166,250 | $ | 15.51 | |||||||||||
Granted | – | $ | – | – | $ | – | |||||||||||
Exercised | – | $ | – | – | $ | – | |||||||||||
Lapsed | – | $ | – | – | $ | – | |||||||||||
End of period | 3,104,768 | $ | 17.27 | 2,166,250 | $ | 15.51 | |||||||||||
Exercisable, end of period | 1,804,374 | $ | 15.48 | 1,673,250 | $ | 15.49 | |||||||||||
Summary of RSU activity | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested, beginning of period | 340,474 | $ | 21 | ||||||||||||||
Granted | – | $ | – | ||||||||||||||
Unvested, end of period | 340,474 | $ | 21 | ||||||||||||||
Summary of amount of expense and related tax benefit | Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Share based compensation expense | $ | 911 | $ | 115 | |||||||||||||
Tax benefit on share based compensation expense | 248 | 20 |
Accounting_Policies_Details_Te
Accounting Policies (Details Textuals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | Companies | |
Property | ||
Accounting Policies [Abstract] | ||
Number of Properties or Casualty companies | 6 | |
Number of Insurance companies | 5 | |
Investment in variable interest entities | $26.90 | $25.10 |
Investments_Details
Investments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost | $790,026 | $802,264 |
Gross Unrealized Gains | 32,146 | 29,243 |
Gross Unrealized Losses | -4,858 | -6,639 |
Fair value | 817,314 | 824,868 |
Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost | 717,680 | 737,916 |
Gross Unrealized Gains | 26,388 | 24,061 |
Gross Unrealized Losses | -4,084 | -5,014 |
Fair value | 739,984 | 756,963 |
State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost | 88,692 | 90,715 |
Gross Unrealized Gains | 8,980 | 8,509 |
Gross Unrealized Losses | -178 | |
Fair value | 97,672 | 99,046 |
Residential mortgage-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost | 109,530 | 113,997 |
Gross Unrealized Gains | 2,894 | 2,661 |
Gross Unrealized Losses | -929 | -1,409 |
Fair value | 111,495 | 115,249 |
Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost | 238,428 | 261,574 |
Gross Unrealized Gains | 9,664 | 8,742 |
Gross Unrealized Losses | -3,041 | -2,434 |
Fair value | 245,051 | 267,882 |
Commercial mortgage and asset-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost | 127,676 | 111,056 |
Gross Unrealized Gains | 2,956 | 2,429 |
Gross Unrealized Losses | -57 | -144 |
Fair value | 130,575 | 113,341 |
Obligations of U.S. government corporations and agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost | 98,981 | 100,376 |
Gross Unrealized Gains | 1,397 | 1,431 |
Gross Unrealized Losses | -41 | -532 |
Fair value | 100,337 | 101,275 |
U.S. Treasury securities and obligations guaranteed by the U.S. government | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost | 52,348 | 58,173 |
Gross Unrealized Gains | 496 | 289 |
Gross Unrealized Losses | -16 | -193 |
Fair value | 52,828 | 58,269 |
Redeemable preferred stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost | 2,025 | 2,025 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | -124 | |
Fair value | 2,026 | 1,901 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost | 72,346 | 64,348 |
Gross Unrealized Gains | 5,758 | 5,182 |
Gross Unrealized Losses | -774 | -1,625 |
Fair value | $77,330 | $67,905 |
Investments_Details_1
Investments (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Cost or Amortized Cost | ||
One year or less | $47,301 | |
After one year through five years | 254,014 | |
After five years through ten years | 55,888 | |
After ten years | 121,246 | |
Residential mortgage-backed | 109,530 | |
Commercial mortgage and asset backed | 127,676 | |
Redeemable preferred stock | 2,025 | |
Total, Cost or Amortized Cost | 717,680 | 737,916 |
Fair Value | ||
One year or less | 47,619 | |
After one year through five years | 256,075 | |
After five years through ten years | 60,034 | |
After ten years | 132,160 | |
Residential mortgage-backed | 111,495 | |
Commercial mortgage and asset-backed | 130,575 | |
Redeemable preferred stock | 2,026 | |
Total, Fair Value | $739,984 | $756,963 |
Investments_Details_2
Investments (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months Fair Value | $78,622 | $69,666 |
Less Than 12 Months Gross Unrealized Losses | -105 | -760 |
12 Months or More Fair Value | 90,258 | 158,870 |
12 Months or More Gross Unrealized Losses | -4,753 | -5,879 |
Total Fair Value | 168,880 | 228,536 |
Total Gross Unrealized Losses | -4,858 | -6,639 |
Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months Fair Value | 75,716 | 68,305 |
Less Than 12 Months Gross Unrealized Losses | -79 | -555 |
12 Months or More Fair Value | 77,399 | 148,249 |
12 Months or More Gross Unrealized Losses | -4,005 | -4,459 |
Total Fair Value | 153,115 | 216,554 |
Total Gross Unrealized Losses | -4,084 | -5,014 |
State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months Fair Value | 3,197 | |
Less Than 12 Months Gross Unrealized Losses | -176 | |
12 Months or More Fair Value | 247 | |
12 Months or More Gross Unrealized Losses | -2 | |
Total Fair Value | 3,444 | |
Total Gross Unrealized Losses | -178 | |
Residential mortgage-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months Fair Value | 1,207 | 2,072 |
Less Than 12 Months Gross Unrealized Losses | -1 | -2 |
12 Months or More Fair Value | 46,418 | 47,594 |
12 Months or More Gross Unrealized Losses | -928 | -1,407 |
Total Fair Value | 47,625 | 49,666 |
Total Gross Unrealized Losses | -929 | -1,409 |
Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months Fair Value | 9,987 | 25,885 |
Less Than 12 Months Gross Unrealized Losses | -32 | -235 |
12 Months or More Fair Value | 6,323 | 22,353 |
12 Months or More Gross Unrealized Losses | -3,009 | -2,199 |
Total Fair Value | 16,310 | 48,238 |
Total Gross Unrealized Losses | -3,041 | -2,434 |
Commercial mortgage and asset-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months Fair Value | 28,354 | 23,894 |
Less Than 12 Months Gross Unrealized Losses | -23 | -118 |
12 Months or More Fair Value | 11,123 | 8,742 |
12 Months or More Gross Unrealized Losses | -34 | -26 |
Total Fair Value | 39,477 | 32,636 |
Total Gross Unrealized Losses | -57 | -144 |
Obligations of U.S. government corporations and agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months Fair Value | 22,455 | 202 |
Less Than 12 Months Gross Unrealized Losses | -19 | |
12 Months or More Fair Value | 10,230 | 48,029 |
12 Months or More Gross Unrealized Losses | -22 | -532 |
Total Fair Value | 32,685 | 48,231 |
Total Gross Unrealized Losses | -41 | -532 |
U.S. Treasury securities and obligations guaranteed by the U.S. government | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months Fair Value | 13,713 | 13,055 |
Less Than 12 Months Gross Unrealized Losses | -4 | -24 |
12 Months or More Fair Value | 3,305 | 19,383 |
12 Months or More Gross Unrealized Losses | -12 | -169 |
Total Fair Value | 17,018 | 32,438 |
Total Gross Unrealized Losses | -16 | -193 |
Redeemable preferred stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months Fair Value | ||
Less Than 12 Months Gross Unrealized Losses | ||
12 Months or More Fair Value | 1,901 | |
12 Months or More Gross Unrealized Losses | -124 | |
Total Fair Value | 1,901 | |
Total Gross Unrealized Losses | -124 | |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months Fair Value | 2,906 | 1,361 |
Less Than 12 Months Gross Unrealized Losses | -26 | -205 |
12 Months or More Fair Value | 12,859 | 10,621 |
12 Months or More Gross Unrealized Losses | -748 | -1,420 |
Total Fair Value | 15,765 | 11,982 |
Total Gross Unrealized Losses | ($774) | ($1,625) |
Investments_Details_3
Investments (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total | ($2,806) | ($1,921) |
Fixed maturity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross realized gains | 1,187 | 155 |
Gross realized losses | -660 | -703 |
Total | 527 | -548 |
Bank loan participations: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross realized gains | 290 | 427 |
Gross realized losses | -3,642 | -3 |
Total | -3,352 | 424 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross realized gains | 2 | |
Gross realized losses | -140 | |
Total | -138 | |
Short-term investments and other: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross realized gains | 23 | |
Gross realized losses | -4 | -1,659 |
Total | $19 | ($1,659) |
Investments_Details_Textuals_1
Investments (Details Textuals 1) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Issuers | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of available-for-sale securities held in an unrealized loss position | 34 | ||
Total Fair Value of unrealized loss position securities | $168,880,000 | $228,536,000 | |
Total gross unrealized losses of unrealized loss position securities | 4,858,000 | 6,639,000 | |
Fair value | 817,314,000 | 824,868,000 | |
Gross Unrealized Losses | 4,858,000 | 6,639,000 | |
Available-for-sale debt securities, amortized cost (in dollars) | 717,680,000 | 737,916,000 | |
Average recorded investment in impaired bank loans | 8,200,000 | 123,000 | |
Investment income during period loans were impaired | 42,000 | 8,000 | |
Net trading gains | 6,000 | ||
Trading gains from securities held | 11,000 | ||
Realized gain loss on changes in fair value of impaired bank loans | 28,000 | -67,000 | |
Fixed maturity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total Fair Value of unrealized loss position securities | 153,115,000 | 216,554,000 | |
Total gross unrealized losses of unrealized loss position securities | 4,084,000 | 5,014,000 | |
Fair value | 739,984,000 | 756,963,000 | |
Gross Unrealized Losses | 4,084,000 | 5,014,000 | |
Realized gains | 1,187,000 | 155,000 | |
Realized losses | 660,000 | 703,000 | |
Puerto rico loan | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of impaired loans held | 2 | ||
Allowance for credit losses | 617,000 | 752,000 | |
Carrying value of impaired loans | 6,400,000 | 7,100,000 | |
Unpaid principal on impaired loans | 7,500,000 | 8,400,000 | |
Oil and gas companies loan | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross Unrealized Losses | 2,300,000 | ||
Carrying value of loan | 25,100,000 | ||
Oil and gas companies three loans | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of impaired loans held | 3 | ||
Allowance for credit losses | 107,000 | ||
Carrying value of impaired loans | 2,900,000 | ||
Unpaid principal on impaired loans | 3,100,000 | ||
A- or better | Fixed maturity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Percentage of available for sale securities | 86.50% | ||
Ratings below investment grade | Fixed maturity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value | 25,300,000 | ||
Gross Unrealized Losses | 2,500,000 | ||
Ratings below investment grade | Impaired Puerto Rico Municipal Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of impaired Puerto Rico municipal bonds held | 2 | ||
Par value of impaired Puerto Rico Bonds | 4,500,000 | ||
Ratings below investment grade | Impaired Puerto Rico Municipal Bonds | Puerto Rico | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Impairment losses on Puerto Rico municipal bonds | $660,000 | $1,400,000 |
Investments_Details_Textuals_2
Investments (Details Textuals 2) (USD $) | 3 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 19, 2014 | Dec. 10, 2013 | Dec. 10, 2012 | Dec. 31, 2014 | Jul. 04, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investments in fixed maturities | $739,984,000 | $756,963,000 | ||||||
Interest income | 42,000 | 8,000 | ||||||
Realized investment gains and losses | -2,806,000 | -1,921,000 | ||||||
Revenues and net income | 9,377,000 | 9,138,000 | ||||||
First Wind | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Carrying value of loan | 4,600,000 | |||||||
Surviving Bank Holding Company | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Interest income | 1,000 | |||||||
Purchase of certificate of deposit | 1,000,000 | |||||||
Corporate and other segment | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investments in fixed maturities | 3,300,000 | |||||||
Investment fixed interest rate | 11.10% | 10.85% | ||||||
Interest income | 90,000 | |||||||
Fixed maturity securities | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Realized gains | 1,187,000 | 155,000 | ||||||
Fixed maturity securities | First Wind | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Number of directors | 2 | |||||||
Investments in fixed maturities | 12,600,000 | |||||||
Realized gains | 845,000 | |||||||
Bank Holding Company | Surviving Bank Holding Company | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Purchase of subordinated notes | 4,500,000 | |||||||
Cash received in exchange | 354,000 | |||||||
Common shares received in exchange | 6,400,000 | |||||||
Realized investment gains and losses | 1,400,000 | |||||||
Bank Holding Company | Corporate and other segment | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment in bank holding company | 5,600,000 | |||||||
Ownership percentage | 3.60% | |||||||
Investment income | -19,000 | |||||||
Purchase of subordinated notes | 4,500,000 | |||||||
Investment fixed interest rate | 7.60% | |||||||
Interest income | 86,000 | 86,000 | ||||||
Investment in LLC | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Revenues and net income | 12,800,000 | 10,200,000 | ||||||
Equity share of revenues and net income in LLC | 2,500,000 | 3,300,000 | ||||||
Cash distributions from LLC | 662,000 | 2,000,000 | ||||||
Collective carrying value of investments in LLC | 26,900,000 | 25,100,000 | ||||||
Proceeds from sale of investment | 5,900,000 | |||||||
Realized loss recognized on sale of investment | $1,700,000 | |||||||
Investment in LLC | Minimum | Corporate and other segment | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Ownership percentage | 2.70% | 2.70% | ||||||
Investment in LLC | Maximum | Corporate and other segment | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Ownership percentage | 33.30% | 33.30% |
Investments_Details_Textuals_3
Investments (Details Textuals 3) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 10, 2013 | Dec. 10, 2012 | Jan. 31, 2015 | Jul. 01, 2013 | Jun. 01, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Interest income | $42,000 | $8,000 | ||||||
Corporate and other segment | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Number of property development companies | 2 | |||||||
Investments in note agreements | 3,300,000 | |||||||
Investment fixed interest rate | 11.10% | 10.85% | ||||||
Interest income | 90,000 | |||||||
Affiliate of First Wind | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investments in note agreements | 20,000,000 | |||||||
Investment fixed interest rate | 7.00% | |||||||
Interest income | 619,000 | |||||||
Affiliate of Companys largest shareholder | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investments in note agreements | 1,000,000 | |||||||
Initial funding in investment note agreement | 200,000 | |||||||
Investment fixed interest rate | 18.00% | |||||||
Interest income | 6,300 | |||||||
Investment in Limited partnership | Corporate and other segment | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Interest income | 2,000,000 | |||||||
Income loss from limited partnership | -222,000 | 70,000 | ||||||
Carrying value of investment in limited partnership | 1,600,000 | 1,800,000 | ||||||
Investment in Limited partnership Two | Corporate and other segment | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment in limited partnership | 2,000,000 | |||||||
Income loss from limited partnership | 63,000 | |||||||
Carrying value of investment in limited partnership | $2,200,000 | $2,200,000 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $42,975 | $42,975 |
Accumulated Amortization | 2,999 | 2,850 |
Identifiable intangibles not subject to amortization | 31,364 | 31,364 |
Identifiable intangible assets subject to amortization | 11,611 | 11,611 |
Trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 22,200 | 22,200 |
Insurance licenses and authorities | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 9,164 | 9,164 |
Broker relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Life (Years) | 24 years 7 months 6 days | |
Gross Carrying Amount | 11,611 | 11,611 |
Accumulated Amortization | 2,999 | 2,850 |
Identifiable intangible assets subject to amortization | $2,999 | $2,850 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Details Textuals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 11, 2007 |
In Thousands, unless otherwise specified | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $181,831 | $181,831 | $181,831 | |
James River Group, Inc. | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Percentage of outstanding shares | 100.00% | |||
Goodwill | $181,831 | $181,831 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Income (Numerator), Basic | $9,377 | $9,138 |
Income (Numerator), Common share equivalents | ||
Income (Numerator), Diluted | $9,377 | $9,138 |
Weighted-Average Common Shares (Denominator), Basic (in shares) | 28,540,350 | 28,540,350 |
Weighted-Average Common Shares (Denominator), Common share equivalents (in shares) | 557,959 | 240,331 |
Weighted-Average Common Shares (Denominator), Diluted (in shares) | 29,098,309 | 28,780,681 |
Earnings Per Share, Basic (in dollars per share) | $0.33 | $0.32 |
Earnings Per Share, Common share equivalents | ($0.01) | $0 |
Earnings Per Share, Diluted (in dollars per share) | $0.32 | $0.32 |
Earnings_Per_Share_Detail_Text
Earnings Per Share (Detail Textuals) (Stock options and restricted share units ("RSU's")) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock options and restricted share units ("RSU's") | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of securities excluded from the calculations of diluted earnings per share | 993,518 | 25,000 |
Reserve_for_Losses_and_Loss_Ad2
Reserve for Losses and Loss Adjustment Expenses (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Loss Contingency [Abstract] | |||
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period | $589,042 | $526,985 | |
Add: Incurred losses and loss adjustment expenses net of reinsurance: | |||
Current year | 76,973 | 57,196 | |
Prior years | -2,489 | -1,082 | |
Total incurred losses and loss and adjustment expenses | 74,484 | 56,114 | |
Deduct: Loss and loss adjustment expense payments net of reinsurance: | |||
Current year | 5,002 | 942 | |
Prior years | 43,555 | 37,792 | |
Total loss and loss adjustment expense payments | 48,557 | 38,734 | |
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period | 614,969 | 544,365 | |
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period | 129,616 | 121,813 | 127,254 |
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period | $744,585 | $666,178 |
Reserve_for_Losses_and_Loss_Ad3
Reserve for Losses and Loss Adjustment Expenses (Details Textuals) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Loss Contingency [Abstract] | ||
Reserve redundancy creation | $2,500,000 | $1,100,000 |
Excess and surplus lines segment | 4,900,000 | 2,400,000 |
Net favorable reserve development in specialty admitted insurance segment | 7,000 | 287,000 |
Adverse reserve development in casualty reinsurance segment | $2,500,000 | $1,600,000 |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Unrealized gains arising during the period, before income taxes | $5,211 | $7,142 |
Income taxes | -541 | -1,808 |
Unrealized gains arising during the period, net of income taxes | 4,670 | 5,334 |
Less reclassification adjustment: | ||
Net realized investment gains (losses) | 527 | -686 |
Income tax benefit | 194 | 247 |
Reclassification adjustment for investment gains (losses) realized in net income | 721 | -439 |
Other comprehensive income | $3,949 | $5,773 |
Contingent_Liabilities_Detail_
Contingent Liabilities (Detail Textuals) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Contingent Liabilities [Line Items] | |
Total amount deposited in trust accounts | 205 |
JRG Reinsurance Company, Ltd. | |
Contingent Liabilities [Line Items] | |
Number Of Letter Of Credit Facilities | 2 |
JRG Reinsurance Company, Ltd. | Letter Of Credit 100 Million | |
Contingent Liabilities [Line Items] | |
Letters of credit, amount | 100 |
Amount of letters of credit issued | 95.6 |
Assets deposited for securing letters of credit | 113 |
JRG Reinsurance Company, Ltd. | Letter Of Credit 62.5 Million | |
Contingent Liabilities [Line Items] | |
Letters of credit, amount | 62.5 |
Amount of letters of credit issued | 42 |
Assets deposited for securing letters of credit | 52.6 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Gross written premiums | $131,258 | $147,241 | |
Net earned premiums | 117,011 | 89,056 | |
Interest expense | 1,704 | 1,547 | |
Segment revenues | 126,467 | 99,695 | |
Segment goodwill | 181,831 | 181,831 | 181,831 |
Segment assets | 1,992,453 | 1,959,292 | |
Reportable segments | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | 131,258 | 147,241 | |
Net earned premiums | 117,011 | 89,056 | |
Underwriting profit (loss) of insurance segments | 7,329 | 3,179 | |
Net investment income | 11,986 | 12,482 | |
Interest expense | 1,704 | 1,547 | |
Segment revenues | 126,467 | 99,695 | |
Segment goodwill | 181,831 | 181,831 | |
Segment assets | 1,992,453 | 1,920,645 | |
Excess and Surplus Lines | Reportable segments | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | 75,718 | 61,553 | |
Net earned premiums | 59,400 | 41,983 | |
Underwriting profit (loss) of insurance segments | 7,443 | 3,727 | |
Net investment income | 3,366 | 3,505 | |
Interest expense | |||
Segment revenues | 61,038 | 44,952 | |
Segment goodwill | 181,831 | 181,831 | |
Segment assets | 694,968 | 669,597 | |
Specialty Admitted Insurance | Reportable segments | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | 20,926 | 11,677 | |
Net earned premiums | 9,555 | 5,149 | |
Underwriting profit (loss) of insurance segments | -155 | -592 | |
Net investment income | 519 | 568 | |
Interest expense | |||
Segment revenues | 10,202 | 5,737 | |
Segment goodwill | |||
Segment assets | 142,513 | 105,639 | |
Casualty Reinsurance | Reportable segments | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | 34,614 | 74,011 | |
Net earned premiums | 48,056 | 41,924 | |
Underwriting profit (loss) of insurance segments | 41 | 44 | |
Net investment income | 5,061 | 4,800 | |
Interest expense | |||
Segment revenues | 52,152 | 46,998 | |
Segment goodwill | |||
Segment assets | 1,046,998 | 1,054,769 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Gross written premiums | |||
Net earned premiums | |||
Underwriting profit (loss) of insurance segments | |||
Net investment income | 3,040 | 3,609 | |
Interest expense | 1,704 | 1,547 | |
Segment revenues | 3,075 | 2,008 | |
Segment goodwill | |||
Segment assets | $107,974 | $90,640 |
Segment_Information_Details_1
Segment Information (Details 1) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Other income and expenses | $69 | $93 |
Other income and expenses | 4,379 | 1,865 |
Net realized investment losses | -2,806 | -1,921 |
Amortization of intangible assets | 149 | 125 |
Interest expense | -1,704 | -1,547 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Underwriting profit (loss) of insurance segments | ||
Other income and expenses | -4,379 | -1,865 |
Net investment income | 3,040 | 3,609 |
Interest expense | -1,704 | -1,547 |
Reportable segments | ||
Segment Reporting Information [Line Items] | ||
Underwriting profit (loss) of insurance segments | 7,329 | 3,179 |
Underwriting profit | 2,950 | 1,314 |
Net investment income | 11,986 | 12,482 |
Net realized investment losses | -2,806 | -1,921 |
Amortization of intangible assets | -149 | -125 |
Other income and expenses | -13 | -15 |
Interest expense | -1,704 | -1,547 |
Income before taxes | 10,264 | 10,188 |
Reportable segments | Excess and Surplus Lines | ||
Segment Reporting Information [Line Items] | ||
Underwriting profit (loss) of insurance segments | 7,443 | 3,727 |
Net investment income | 3,366 | 3,505 |
Interest expense | ||
Reportable segments | Specialty Admitted Insurance | ||
Segment Reporting Information [Line Items] | ||
Underwriting profit (loss) of insurance segments | -155 | -592 |
Net investment income | 519 | 568 |
Interest expense | ||
Reportable segments | Casualty Reinsurance | ||
Segment Reporting Information [Line Items] | ||
Underwriting profit (loss) of insurance segments | 41 | 44 |
Net investment income | 5,061 | 4,800 |
Interest expense |
Segment_Information_Detail_Tex
Segment Information (Detail Textuals) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Segment | ||
Segment Reporting [Abstract] | ||
Number of reportable segments | 4 | |
Fee income and expenses in excess and surplus Lines segment | $220,000 | $0 |
Other_Operating_Expenses_and_O2
Other Operating Expenses and Other Expenses (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Operating Expenses And Other Expenses [Abstract] | ||
Amortization of policy acquisition costs | $24,502 | $20,176 |
Other underwriting expenses of the operating segments | 10,916 | 9,587 |
Other operating expenses of the Corporate and Other segment | 4,379 | 1,865 |
Total | $39,797 | $31,628 |
Other_Operating_Expenses_and_O3
Other Operating Expenses and Other Expenses (Details Textuals) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Other Operating Expenses And Other Expenses [Abstract] | ||
Expenses associated with investment in partnership | $69,000 | $68,000 |
Other expenses due diligence costs | $25,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | $817,314 | $824,868 |
Trading securities: | ||
Fixed maturity securities | 5,816 | 7,388 |
Short-term investments | 161,220 | 131,856 |
Fixed maturity securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 739,984 | 756,963 |
State and municipal | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 97,672 | 99,046 |
Residential mortgage-backed | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 111,495 | 115,249 |
Corporate | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 245,051 | 267,882 |
Commercial mortgage and asset-backed | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 130,575 | 113,341 |
Obligations of U.S. government corporations and agencies | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 100,337 | 101,275 |
U.S. Treasury securities and obligations guaranteed by the U.S. government | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 52,828 | 58,269 |
Redeemable preferred stock | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 2,026 | 1,901 |
Equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 77,330 | 67,905 |
Recurring basis | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 817,314 | 824,868 |
Trading securities: | ||
Fixed maturity securities | 5,816 | 7,388 |
Short-term investments | 161,220 | 131,856 |
Recurring basis | Fixed maturity securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 739,984 | 756,963 |
Recurring basis | State and municipal | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 97,672 | 99,046 |
Recurring basis | Residential mortgage-backed | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 111,495 | 115,249 |
Recurring basis | Corporate | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 245,051 | 267,882 |
Recurring basis | Commercial mortgage and asset-backed | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 130,575 | 113,341 |
Recurring basis | Obligations of U.S. government corporations and agencies | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 100,337 | 101,275 |
Recurring basis | U.S. Treasury securities and obligations guaranteed by the U.S. government | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 52,828 | 58,269 |
Recurring basis | Redeemable preferred stock | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 2,026 | 1,901 |
Recurring basis | Equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 77,330 | 67,905 |
Recurring basis | Preferred stock | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 58,195 | 49,601 |
Recurring basis | Common stock | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 19,135 | 18,304 |
Quoted Prices in Active Markets for Identical Assets Level 1 | Recurring basis | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 69,828 | 74,461 |
Trading securities: | ||
Fixed maturity securities | ||
Short-term investments | 94,775 | 58,507 |
Quoted Prices in Active Markets for Identical Assets Level 1 | Recurring basis | Fixed maturity securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 51,427 | 56,891 |
Quoted Prices in Active Markets for Identical Assets Level 1 | Recurring basis | State and municipal | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Quoted Prices in Active Markets for Identical Assets Level 1 | Recurring basis | Residential mortgage-backed | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Quoted Prices in Active Markets for Identical Assets Level 1 | Recurring basis | Corporate | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Quoted Prices in Active Markets for Identical Assets Level 1 | Recurring basis | Commercial mortgage and asset-backed | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Quoted Prices in Active Markets for Identical Assets Level 1 | Recurring basis | Obligations of U.S. government corporations and agencies | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Quoted Prices in Active Markets for Identical Assets Level 1 | Recurring basis | U.S. Treasury securities and obligations guaranteed by the U.S. government | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 51,427 | 56,891 |
Quoted Prices in Active Markets for Identical Assets Level 1 | Recurring basis | Redeemable preferred stock | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Quoted Prices in Active Markets for Identical Assets Level 1 | Recurring basis | Equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 18,401 | 17,570 |
Quoted Prices in Active Markets for Identical Assets Level 1 | Recurring basis | Preferred stock | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Quoted Prices in Active Markets for Identical Assets Level 1 | Recurring basis | Common stock | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 18,401 | 17,570 |
Significant Other Observable Inputs Level 2 | Recurring basis | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 747,486 | 750,407 |
Trading securities: | ||
Fixed maturity securities | 5,816 | 7,388 |
Short-term investments | 66,445 | 73,349 |
Significant Other Observable Inputs Level 2 | Recurring basis | Fixed maturity securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 688,557 | 700,072 |
Significant Other Observable Inputs Level 2 | Recurring basis | State and municipal | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 97,672 | 99,046 |
Significant Other Observable Inputs Level 2 | Recurring basis | Residential mortgage-backed | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 111,495 | 115,249 |
Significant Other Observable Inputs Level 2 | Recurring basis | Corporate | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 245,051 | 267,882 |
Significant Other Observable Inputs Level 2 | Recurring basis | Commercial mortgage and asset-backed | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 130,575 | 113,341 |
Significant Other Observable Inputs Level 2 | Recurring basis | Obligations of U.S. government corporations and agencies | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 100,337 | 101,275 |
Significant Other Observable Inputs Level 2 | Recurring basis | U.S. Treasury securities and obligations guaranteed by the U.S. government | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 1,401 | 1,378 |
Significant Other Observable Inputs Level 2 | Recurring basis | Redeemable preferred stock | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 2,026 | 1,901 |
Significant Other Observable Inputs Level 2 | Recurring basis | Equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 58,929 | 50,335 |
Significant Other Observable Inputs Level 2 | Recurring basis | Preferred stock | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 58,195 | 49,601 |
Significant Other Observable Inputs Level 2 | Recurring basis | Common stock | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | 734 | 734 |
Significant Unobservable Inputs Level 3 | Recurring basis | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Trading securities: | ||
Fixed maturity securities | ||
Short-term investments | ||
Significant Unobservable Inputs Level 3 | Recurring basis | Fixed maturity securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Significant Unobservable Inputs Level 3 | Recurring basis | State and municipal | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Significant Unobservable Inputs Level 3 | Recurring basis | Residential mortgage-backed | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Significant Unobservable Inputs Level 3 | Recurring basis | Corporate | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Significant Unobservable Inputs Level 3 | Recurring basis | Commercial mortgage and asset-backed | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Significant Unobservable Inputs Level 3 | Recurring basis | Obligations of U.S. government corporations and agencies | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Significant Unobservable Inputs Level 3 | Recurring basis | U.S. Treasury securities and obligations guaranteed by the U.S. government | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Significant Unobservable Inputs Level 3 | Recurring basis | Redeemable preferred stock | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Significant Unobservable Inputs Level 3 | Recurring basis | Equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Significant Unobservable Inputs Level 3 | Recurring basis | Preferred stock | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities | ||
Significant Unobservable Inputs Level 3 | Recurring basis | Common stock | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Total available-for-sale securities |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Bank loan participations held for investment | $2,902 |
Nonrecurring basis | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Bank loan participations held for investment | 2,902 |
Quoted Prices in Active Markets for Identical Assets Level 1 | Nonrecurring basis | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Bank loan participations held for investment | |
Significant Other Observable Inputs Level 2 | Nonrecurring basis | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Bank loan participations held for investment | |
Significant Unobservable Inputs Level 3 | Nonrecurring basis | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Bank loan participations held for investment | $2,902 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Available-for-sale: | ||||
Fixed maturity securities | $739,984 | $756,963 | ||
Equity securities | 77,330 | 67,905 | ||
Trading securities: | ||||
Bank loan participations held-for-investment | 2,902 | |||
Cash and cash equivalents | 71,355 | 73,383 | 209,649 | 158,604 |
Short-term investments | 161,220 | 131,856 | ||
Carrying Value | ||||
Available-for-sale: | ||||
Fixed maturity securities | 739,984 | 756,963 | ||
Equity securities | 77,330 | 67,905 | ||
Trading securities: | ||||
Fixed maturity securities | 5,816 | 7,388 | ||
Bank loan participations held-for-investment | 203,601 | 239,511 | ||
Cash and cash equivalents | 71,355 | 73,383 | ||
Short-term investments | 161,220 | 131,856 | ||
Other invested assets - notes receivable | 24,257 | 4,500 | ||
Liabilities | ||||
Senior debt | 88,300 | 88,300 | ||
Junior subordinated debt | 104,055 | 104,055 | ||
Fair Value | ||||
Available-for-sale: | ||||
Fixed maturity securities | 739,984 | 756,963 | ||
Equity securities | 77,330 | 67,905 | ||
Trading securities: | ||||
Fixed maturity securities | 5,816 | 7,388 | ||
Bank loan participations held-for-investment | 199,733 | 231,251 | ||
Cash and cash equivalents | 71,355 | 73,383 | ||
Short-term investments | 161,220 | 131,856 | ||
Other invested assets - notes receivable | 26,112 | 6,410 | ||
Liabilities | ||||
Senior debt | 81,173 | 79,850 | ||
Junior subordinated debt | $91,562 | $89,100 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details Textuals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Impaired bank loan participations held for investment | $2,902,000 | |
Allowance for credit losses on bank loan participations | 724,000 | 242,000 |
Impaired bank loan participations unpaid principal balance | 8,400,000 | 14,100,000 |
Bank loan participations carrying value | $7,200,000 | $12,700,000 |
Capital_Stock_and_Equity_Award2
Capital Stock and Equity Awards (Details) (Options, USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Options | ||
Shares | ||
Outstanding, Beginning of period | 3,104,768 | 2,166,250 |
Granted | ||
Exercised | ||
Lapsed | ||
Outstanding, End of period | 3,104,768 | 2,166,250 |
Exercisable, end of period | 1,804,374 | 1,673,250 |
Weighted- Average Exercise Price | ||
Outstanding, Weighted- Average Exercise Price | $17.27 | $15.51 |
Granted | ||
Exercised | ||
Lapsed | ||
Outstanding, End of period | $17.27 | $15.51 |
Exercisable, end of period | $15.48 | $15.49 |
Capital_Stock_and_Equity_Award3
Capital Stock and Equity Awards (Details 1) (RSUs, USD $) | 3 Months Ended |
Mar. 31, 2015 | |
RSUs | |
Shares | |
Unvested, beginning of period | 340,474 |
Granted | |
Unvested, end of period | 340,474 |
Weighted- Average Grant Date Fair Value | |
Unvested, beginning of period | $21 |
Granted | |
Unvested, end of period | $21 |
Capital_Stock_and_Equity_Award4
Capital Stock and Equity Awards (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stockholders' Equity Note [Abstract] | ||
Share based compensation expense | $911 | $115 |
Tax benefit on share based compensation expense | $248 | $20 |
Capital_Stock_and_Equity_Award5
Capital Stock and Equity Awards (Detail Textuals) (USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Stockholders' Equity Note [Abstract] | |
Dividends payable , per common share | $0.16 |
Dividends , amount | $4.60 |
Dividend payable, date declared | 17-Feb-15 |
Dividend payable, record date | 16-Mar-15 |
Dividend is payable, Date | 31-Mar-15 |
Capital_Stock_and_Equity_Award6
Capital Stock and Equity Awards (Detail Textuals 1) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share based compensation expense | $10.20 |
Weighted-average period of unrecognized share based compensation expense | 3 years |
Weighted-average remaining contractual life of the options outstanding | 3 years 9 months 18 days |
Weighted-average remaining contractual life of the options exercisable | 2 years 1 month 6 days |
2014 Long Term Incentive Plan ("014 LTIP") | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum number of shares available for issuance | 3,171,150 |
Number of shares available for grant | 1,844,298 |
2014 Non-Employee Director Incentive Plan ("2014 Director Plan") | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum number of shares available for issuance | 50,000 |
Number of shares available for grant | 42,860 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textuals) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | 5-May-15 | Apr. 30, 2015 | 8-May-15 | |
Subsequent Event [Line Items] | ||||
Commitment for investment | $2,500,000 | |||
Cash dividend declared per share | $0.16 | |||
Dividend is payable, Date | 31-Mar-15 | |||
Dividend payable, record date | 16-Mar-15 | |||
Subsequent event | ||||
Subsequent Event [Line Items] | ||||
Cash dividend declared per share | $0.16 | |||
Dividend is payable, Date | 30-Jun-15 | |||
Dividend payable, record date | 15-Jun-15 | |||
Subsequent event | Affiliate of First Wind | ||||
Subsequent Event [Line Items] | ||||
Partial repayment of outstanding note | 3,700,000 | |||
Subsequent event | Affiliate of Companys largest shareholder | ||||
Subsequent Event [Line Items] | ||||
Additional investment in note receivable | 553,000 | |||
Commitment for investment | 247,000 | |||
Payment to acquire tax credits related to solar energy project | 3,500,000 | |||
Investment in new notes receivable | $5,000,000 |