James River (JRVR) 10-Q12 May 152015 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	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	Mar. 31, 2015	Dec. 31, 2014
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	Mar. 31, 2015	Dec. 31, 2014
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	Common Shares	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income	Total
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
Investments	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
Goodwill and Intangible Assets	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
Earnings Per Share	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
Reserve for Losses and Loss Adjustment Expenses	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
Other Comprehensive Income	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
Segment Information	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
Other Operating Expenses and Other Expenses	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
Fair Value Measurements	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			–			113,341			–			113,341
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			Fair Value			Value			Fair 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

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

Weighted-

Average

Exercise

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:

Weighted-

Average

Grant Date

Fair Value

Unvested, beginning of period

340,474

Granted

–

Unvested, end of period

340,474

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

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
Accounting Policies (Policies)	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
Investments (Tables)	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
Goodwill and Intangible Assets (Tables)	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
Earnings Per Share (Tables)	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
Reserve for Losses and Loss Adjustment Expenses (Tables)	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
Other Comprehensive Income (Tables)	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
Segment Information (Tables)	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
Other Operating Expenses and Other Expenses (Tables)	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
Fair Value Measurements (Tables)	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		–		113,341		–		113,341
	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		Fair Value		Value		Fair 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
Capital Stock and Equity Awards (Tables)	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	Mar. 31, 2015	Dec. 31, 2014
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	Mar. 31, 2015	Dec. 31, 2014
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	Mar. 31, 2015	Dec. 31, 2014
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	Mar. 31, 2014	Dec. 31, 2014
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
Investments (Details Textuals 2) (USD $)	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
Investments (Details Textuals 3) (USD $)	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	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 11, 2007
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	Mar. 31, 2014
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	Mar. 31, 2015	Dec. 31, 2014
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	Mar. 31, 2015
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	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
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
Capital Stock and Equity Awards (Details) (Options, USD $)	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
Capital Stock and Equity Awards (Details 1) (RSUs, USD $)	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
Subsequent Events (Details Textuals) (USD $)	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