James River (JRVR) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 10, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	James River Group Holdings, Ltd.
Entity Central Index Key	1,620,459
Trading Symbol	jrvr
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		28,581,600
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fixed maturity securities:
Available-for-sale, at fair value (amortized cost: 2015 - $803,592; 2014 - $737,916)	$ 811,178	$ 756,963
Trading, at fair value (amortized cost: 2015 - $5,716; 2014 - $7,324)	5,763	7,388
Equity securities available-for-sale, at fair value (cost: 2015 - $72,346; 2014 - $64,348)	75,164	67,905
Bank loan participations held-for-investment, at amortized cost, net of allowance	216,525	239,511
Short-term investments	105,587	131,856
Other invested assets	58,579	33,622
Total invested assets	1,272,796	1,237,245
Cash and cash equivalents	65,832	73,383
Accrued investment income	7,302	7,273
Premiums receivable and agents' balances, net	209,468	162,527
Reinsurance recoverable on unpaid losses	134,750	127,254
Reinsurance recoverable on paid losses	3,615	1,725
Prepaid reinsurance premiums	35,548	29,445
Deferred policy acquisition costs	71,782	60,202
Intangible assets, net	39,827	40,125
Goodwill	181,831	181,831
Other assets	39,961	38,282
Total assets	2,062,712	1,959,292
Liabilities:
Reserve for losses and loss adjustment expenses	762,254	716,296
Unearned premiums	327,795	277,579
Payables to reinsurers	17,298	19,272
Senior debt	88,300	88,300
Junior subordinated debt	104,055	104,055
Accrued expenses	26,627	31,107
Other liabilities	44,198	34,762
Total liabilities	$ 1,370,527	$ 1,271,371
Commitments and contingent liabilities
Stockholders' equity:
Common Shares - 2015 and 2014: $0.0002 par value; 200,000,000 shares authorized; 2015 and 2014: 28,581,600 and 28,540,350 shares issued and outstanding, respectively	$ 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	$ 630,932	$ 628,236
Retained earnings	53,947	41,323
Accumulated other comprehensive income	7,300	18,356
Total stockholders' equity	692,185	687,921
Total liabilities and stockholders' equity	$ 2,062,712	$ 1,959,292

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Available-for-sale debt securities, amortized cost (in dollars)	$ 803,592	$ 737,916
Trading securities, debt, amortized cost (in dollars)	5,716	7,324
Available-for-sale equity securities, amortized cost (in dollars)	$ 72,346	$ 64,348
Common stock, par value (in dollars per share)	$ 0.0002	$ 0.0002
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	28,581,600	28,540,350
Common Stock, Shares Outstanding	28,581,600	28,540,350
Preferred stock par value (in dollars per share)	$ 0.00125	$ 0.00125
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Gross written premiums	$ 184,011	$ 96,960	$ 315,269	$ 244,201
Ceded written premiums	(25,197)	(15,019)	(47,796)	(30,419)
Net written premiums	158,814	81,941	267,473	213,782
Change in net unearned premiums	(52,754)	15,071	(44,402)	(27,714)
Net earned premiums	106,060	97,012	223,071	186,068
Net investment income	13,000	10,711	24,986	23,193
Net realized investment gains (losses)	350	(1,790)	(2,456)	(3,711)
Other income	817	863	1,093	941
Total revenues	120,227	106,796	246,694	206,491
Expenses
Losses and loss adjustment expenses	67,931	61,336	142,415	117,450
Other operating expenses	36,580	33,229	76,377	64,857
Other expenses	69	296	138	389
Interest expense	1,744	1,557	3,448	3,104
Amortization of intangible assets	149	173	298	298
Total expenses	106,473	96,591	222,676	186,098
Income before taxes	13,754	10,205	24,018	20,393
Income tax expense	1,265	692	2,152	1,742
Net income	12,489	9,513	21,866	18,651
Other comprehensive income:
Net unrealized (losses) gains, net of taxes of $(1,879) and $(1,144) in 2015 and $1,603 and $3,658 in 2014	(15,005)	5,731	(11,056)	11,504
Total comprehensive income	$ (2,516)	$ 15,244	$ 10,810	$ 30,155
Per share data:
Basic earnings per share (in dollars per share)	$ 0.44	$ 0.33	$ 0.77	$ 0.65
Diluted earnings per share (in dollars per share)	0.43	$ 0.33	0.75	$ 0.65
Dividend declared per share (in dollars per share)	$ 0.16		$ 0.32
Weighted-average common shares outstanding:
Basic (in shares)	28,547,616	28,540,350	28,544,003	28,540,350
Diluted (in shares)	29,214,859	28,787,957	29,156,604	28,784,319

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Tax on net unrealized gains (losses)	$ (1,879)	$ 1,603	$ (1,144)	$ 3,658

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Class A Common Stock	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			18,651		18,651
Other comprehensive income				11,504	11,504
Compensation expense under stock incentive plans		213			213
Balance at Jun. 30, 2014	6	627,860	85,287	18,705	731,858
Balance at Dec. 31, 2014	6	628,236	41,323	18,356	687,921
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income			21,866		21,866
Other comprehensive income				(11,056)	(11,056)
Dividends			(9,242)		(9,242)
Exercise of stock options and related excess tax benefits		842			842
Compensation expense under stock incentive plans		1,854			1,854
Balance at Jun. 30, 2015	$ 6	$ 630,932	$ 53,947	$ 7,300	$ 692,185

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities
Net cash provided by operating activities	$ 48,853	$ 48,379
Securities available-for-sale:
Purchases - fixed maturity securities	(151,661)	(106,002)
Sales - fixed maturity securities	27,586	9,981
Maturities and calls - fixed maturity securities	58,068	22,188
Purchases - equity securities	(7,998)	(8,133)
Sales - equity securities		16,612
Bank loan participations:
Purchases	(62,172)	(140,835)
Sales	56,293	77,732
Maturities	26,207	37,251
Other invested assets:
Purchases	(27,113)	(4,800)
Disposals		$ 5,866
Maturities	6,342
Short-term investments, net	26,269	$ (58,411)
Securities receivable or payable, net	921	1,127
Purchases of property and equipment	(423)	(185)
Net cash used in investing activities	(47,681)	(147,609)
Financing activities
Dividends paid	(9,133)
Proceeds from stock option exercises	646
Stock option excess tax benefit	196
Repayments of financing obligations net of proceeds	(323)	(315)
Other financing	(109)
Net cash used in financing activities	(8,723)	(315)
Change in cash and cash equivalents	(7,551)	(99,545)
Cash and cash equivalents at beginning of period	73,383	158,604
Cash and cash equivalents at end of period	65,832	59,059
Supplemental information
Interest paid	$ 3,631	$ 3,283

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 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 comprised of 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 2014 audited consolidated financial statements 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 companies (“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 $28.8 million and $25.1 million as of June 30, 2015 and December 31, 2014, respectively, representing the Company’s maximum exposure to loss.

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Investments	2. Investments The Company’s available-for-sale investments are summarized as follows: Cost or Gross Gross Fair (in thousands) June 30, 2015 Fixed maturity securities: State and municipal $ 104,096 $ 7,005 $ (405 ) $ 110,696 Residential mortgage-backed 126,762 1,947 (2,435 ) 126,274 Corporate 289,638 5,416 (6,904 ) 288,150 Commercial mortgage and asset-backed 128,322 1,759 (87 ) 129,994 Obligations of U.S. government corporations and agencies 96,226 1,189 (96 ) 97,319 U.S. Treasury securities and obligations guaranteed by the U.S. government 56,523 346 (59 ) 56,810 Redeemable preferred stock 2,025 – (90 ) 1,935 Total fixed maturity securities 803,592 17,662 (10,076 ) 811,178 Equity securities 72,346 4,136 (1,318 ) 75,164 Total investments available-for-sale $ 875,938 $ 21,798 $ (11,394 ) $ 886,342 December 31, 2014 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 June 30, 2015 are summarized, by contractual maturity, as follows: Cost or Fair (in thousands) One year or less $ 54,603 $ 55,099 After one year through five years 253,370 253,691 After five years through ten years 99,266 100,642 After ten years 139,244 143,543 Residential mortgage-backed 126,762 126,274 Commercial mortgage and asset-backed 128,322 129,994 Redeemable preferred stock 2,025 1,935 Total $ 803,592 $ 811,178 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 (in thousands) June 30, 2015 Fixed maturity securities: State and municipal $ 22,336 $ (405 ) – – $ 22,336 $ (405 ) Residential mortgage-backed 29,558 (449 ) 44,125 (1,986 ) 73,683 (2,435 ) Corporate 126,545 (3,853 ) 6,286 (3,051 ) 132,831 (6,904 ) Commercial mortgage and asset-backed 41,198 (56 ) 13,348 (31 ) 54,546 (87 ) Obligation of U.S. government corporations and agencies 32,535 (48 ) 10,204 (48 ) 42,739 (96 ) U.S. Treasury securities and obligations guaranteed by the U.S. government 13,887 (47 ) 3,305 (12 ) 17,192 (59 ) Redeemable preferred stock 1,935 (90 ) – – 1,935 (90 ) Total fixed maturity securities 267,994 (4,948 ) 77,268 (5,128 ) 345,262 (10,076 ) Equity securities 7,782 (217 ) 12,506 (1,101 ) 20,288 (1,318 ) Total investments available-for-sale $ 275,776 $ (5,165 ) $ 89,774 $ (6,229 ) $ 365,550 $ (11,394 ) Less Than 12 Months 12 Months or More Total Fair Gross Fair Gross Fair Gross (in thousands) 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 June 30, 2015, the Company held securities of 109 issuers that were in an unrealized loss position with a total fair value of $365.5 million and gross unrealized losses of $11.4 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on, a scheduled principal or interest payment. At June 30, 2015, 86.4% 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 June 30, 2015 had an aggregate fair value of $15.2 million and an aggregate net unrealized loss of $2.6 million. The Company previously held two municipal bonds issued by the Commonwealth of Puerto Rico. Puerto Rico’s weak economic conditions and heavy debt burden heightened the risk of default on the bonds and management concluded that the bonds, which had 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 and $660,000 for the three months ended March 31, 2015. The bonds were sold during the second quarter of 2015 and a net realized gain of $22,000 was recognized on the sales. Management concluded that none of the other fixed maturity securities with an unrealized loss at June 30, 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 June 30, 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 June 30, 2015, the allowance for credit losses on these loans was $588,000. The loans had a carrying value of $5.6 million at June 30, 2015 and unpaid principal of $6.6 million. The allowance for credit losses on these loans at June 30, 2014 was $963,000. 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 June 30, 2015 should be considered impaired and an allowance for credit losses of $58,000 was established on the loans. After recording this impairment, these three loans had a carrying value of $2.9 million at June 30, 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 $24.5 million and an unrealized loss of $1.7 million at June 30, 2015. There was no allowance for credit losses on these loans at June 30, 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 June 30, 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 a 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 $7.8 million and $4.7 million during the six months ended June 30, 2015 and 2014, respectively. Investment income of $153,000 and $0, respectively, was recognized during the time within those periods that the loans were impaired. The Company recorded realized gains of $175,000 and $203,000, respectively, in the three months and six months ended June 30, 2015 and realized losses of $963,000 in the three months and six months ended June 30, 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 and six months ended June 30, 2015 includes $23,000 and $17,000, respectively, of net trading losses of which $23,000 and $12,000, respectively, relates to securities held at June 30, 2015. The Company’s realized gains and losses are summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Fixed maturity securities: Gross realized gains $ 101 $ 325 $ 1,288 $ 394 Gross realized losses (5 ) (1,411 ) (665 ) (1,412 ) 96 (1,086 ) 623 (1,018 ) Bank loan participations: Gross realized gains 242 551 532 978 Gross realized losses (12 ) (975 ) (3,654 ) (978 ) 230 (424 ) (3,122 ) – Equity securities: Gross realized gains – – – 88 Gross realized losses – – – (842 ) – – – (754 ) Short–term investments and other: Gross realized gains 24 – 47 – Gross realized losses – (280 ) (4 ) (1,939 ) 24 (280 ) 43 (1,939 ) Total $ 350 $ (1,790 ) $ (2,456 ) $ (3,711 ) 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. Net investment income for the three and six months ended June 30, 2014 includes $76,000 and $57,000, respectively, related to a $5.6 million equity investment in a bank holding company (“Predecessor Bank Holding Company”). The Company also holds $4.5 million of subordinated notes issued by a company that was substantially owned by the Predecessor 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 June 30, 2015 and 2014. For both the six months ended June 30, 2015 and 2014, interest income of $172,000 was recognized on the notes. On July 4, 2014, the Predecessor Bank Holding Company merged with and into another bank holding company (the “Surviving Bank Holding Company”). In exchange for its shares of the Predecessor 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 $2,000 and $3,000 was recognized on this investment for the three months and six months ended June 30, 2015, respectively. The Chairman and Chief Executive Officer of the Company previously served as Chairman of the Predecessor 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 Predecessor 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 Predecessor 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 Predecessor Bank Holding Company and the Surviving Bank Holding Company. At June 30, 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 total carrying value of these LLC investments was $28.8 million and $25.1 million at June 30, 2015 and December 31, 2014, respectively. 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 consolidated balance sheets. The Company recognized income of $2.2 million and $4.6 million for its equity share of LLC income for the three and six months ended June 30, 2015, respectively. The Company’s respective equity share of LLC income for the three and six month periods ended June 30, 2014 was $724,000 and $4.0 million. Income for the LLCs primarily reflects adjustments to the carrying values of investments in renewable energy projects to their determined fair values. The fair value adjustments are included in revenues for the LLCs. Expenses for the LLCs are not significant and are comprised of administrative and interest expenses. The Company received cash distributions from these investments totaling $951,000 and $2.4 million in the six months ended June 30, 2015 and 2014 In March 2014, the Company sold its interest in one of the LLCs for $5.9 million and a $1.9 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 $91,000 and $181,000 was recognized on this investment for the three months and six months ended June 30, 2014, respectively. 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 $140,000 and $362,000 were recognized on the investment for the three months and six months ended June 30, 2015, respectively. Income of $82,000 and $152,000 was recognized on the investment for the three months and six months ended June 30, 2014, respectively. The carrying value of the investment was $1.5 million at June 30, 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 $225,000 and $288,000 was recognized on the investment for the three months and six months ended June 30, 2015. Income of $80,000 was recognized on the investment for the three months ended June 30, 2014. The carrying value of the investment was $2.4 million at June 30, 2015 and $2.2 million at December 31, 2014. In January 2015, the Company entered into a $20.0 million note agreement with an affiliate of First Wind. In January 2015, the Company entered into a $1.0 million note agreement with an affiliate of the Company’s largest shareholder. The note, which carried a fixed interest rate of 18.00%, was repaid on June 15, 2015. Income of $174,000 and $180,000 was recognized on this investment for the three months and six months ended June 30, 2015, respectively. In April 2015, the Company invested $5.0 million in a note agreement with an affiliate of the Company’s largest shareholder. An additional $1.5 million was invested in the note in June 2015. The note is scheduled to mature no later than April 2016. It carries a fixed interest rate of 15.00%. Income of $160,000 was recognized on this investment for the three months ended June 30, 2015. In June 2015, the Company invested $625,000 in a limited partnership that will invest in a portfolio of loans, primarily senior secured floating rate loans of middle market private equity sponsored companies. The Company is committed to invest an additional $4.4 million in the partnership. No income has been recognized on this investment to date.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 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 $181.8 million at June 30, 2015 and December 31, 2014. The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows: June 30, 2015 December 31, 2014 Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization ($ in thousands) Intangible Assets Trademarks Indefinite $ 22,200 $ – $ 22,200 $ – Insurance licenses and authorities Indefinite 9,164 – 9,164 – Identifiable intangibles not 31,364 – 31,364 – Broker relationships 24.6 11,611 3,148 11,611 2,850 Identifiable intangible assets 11,611 3,148 11,611 2,850 $ 42,975 $ 3,148 $ 42,975 $ 2,850

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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. Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Net income to shareholders $ 12,489 $ 9,513 $ 21,866 $ 18,651 Weighted average common shares outstanding: Basic 28,547,616 28,540,350 28,544,003 28,540,350 Common share equivalents 667,243 247,607 612,601 243,969 Diluted 29,214,859 28,787,957 29,156,604 28,784,319 Earnings per share: Basic $ 0.44 $ 0.33 $ 0.77 $ 0.65 Common share equivalents (0.01 ) – (0.02 ) – Diluted $ 0.43 $ 0.33 $ 0.75 $ 0.65 Common share equivalents relate to stock options and restricted share units (“RSU’s”). For the three months ended June 30, 2015 and 2014, common share equivalents of 994,335 and 25,000 shares, respectively, are excluded from the calculations of diluted earnings per share as their effects are anti-dilutive. For the six months ended June 30, 2015 and 2014, common share equivalents of 995,180 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 Adj

Reserve for Losses and Loss Adjustment Expenses	6 Months Ended
	Jun. 30, 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 Six Months Ended 2015 2014 2015 2014 (in thousands) Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period $ 614,969 $ 544,365 $ 589,042 $ 526,985 Add: Incurred losses and loss adjustment expenses net of reinsurance: Current year 70,449 64,004 147,422 121,200 Prior years (2,518 ) (2,668 ) (5,007 ) (3,750 ) Total incurred losses and loss and adjustment expenses 67,931 61,336 142,415 117,450 Deduct: Loss and loss adjustment expense payments net of reinsurance: Current year 9,601 4,171 14,603 5,113 Prior years 45,795 39,591 89,350 77,383 Total loss and loss adjustment expense payments 55,396 43,762 103,953 82,496 Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period 627,504 561,939 627,504 561,939 Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period 134,750 121,634 134,750 121,634 Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period $ 762,254 $ 683,573 $ 762,254 $ 683,573 A $2.5 million reserve redundancy developed in the three months ended June 30, 2015 on the reserve for losses and loss adjustment expenses held at December 31, 2014. This favorable reserve development included $3.4 million of favorable development in the Excess and Surplus Lines segment primarily from the 2014, 2013, and 2012 accident years. This favorable development occurred because our actuarial studies at June 30, 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 $189,000 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 $1.1 million of adverse reserve development in the Casualty Reinsurance segment, primarily related to one reinsurance treaty from the 2012 underwriting year. This treaty contained deficit carry forward provisions which resulted in favorable adjustments of a similar magnitude to reduce commissions payable on the treaty. The Company experienced $2.7 million of favorable reserve development in the three months ended June 30, 2014 on the reserve for losses and loss adjustment expenses held at December 31, 2013. This reserve development included $3.9 million of favorable development in the Excess and Surplus Lines segment, primarily from the 2010 and 2009 accident years. This favorable development occurred because our actuarial studies at June 30, 2014 for the Excess and Surplus Lines segment indicated that our loss experience on our casualty business continued to be below our initial expected loss ratios. The Company also experienced $789,000 of favorable development for the Specialty Admitted Insurance segment partially offset by $2.0 million of 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. A $5.0 million reserve redundancy developed in the six months ended June 30, 2015 on the reserve for losses and loss adjustment expenses held at December 31, 2014. This favorable reserve development included $8.4 million of favorable development in the Excess and Surplus Lines segment primarily from the 2014, 2013, and 2012 accident years. This favorable development occurred because our actuarial studies at June 30, 2015 for the Excess and Surplus Lines segment indicated that our loss experience on our casualty business continued to be below our initial expected loss ratios. The Company also experienced $196,000 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$3.6 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. A $3.7 million reserve redundancy developed in the six months ended June 30, 2014 on the reserve for losses and loss adjustment expenses held at December 31, 2013. This favorable development included $6.3 million of favorable development in the Excess and Surplus Lines segment primarily from the 2009 and 2010 accident years and $1.1 million of favorable development in the Specialty Admitted Insurance segment. This favorable development was partially offset by $3.6 million of adverse development on assumed business in the Casualty Reinsurance segment.

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Unrealized (losses) gains arising during the period, before U.S. income taxes $ (16,788 ) $ 6,248 $ (11,577 ) $ 13,390 U.S. income taxes 1,871 (1,179 ) 1,330 (2,987 ) Unrealized (losses) gains arising during the period, net of U.S. income taxes (14,917 ) 5,069 (10,247 ) 10,403 Less reclassification adjustment: Net realized investment gains (losses) 96 (1,086 ) 623 (1,772 ) U.S. income taxes (8 ) 424 186 671 Reclassification adjustment for investment gains (losses) realized in net income 88 (662 ) 809 (1,101 ) Other comprehensive income $ (15,005 ) $ 5,731 $ (11,056 ) $ 11,504

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	7. Commitments and 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, $95.2 million of letters of credit were issued through June 30, 2015, and assets of $112.5 million were on deposit at June 30, 2015 securing the letters of credit. Under a $102.5 million facility, $42.6 million of letters of credit were issued through June 30, 2015, and assets of $100.4 million were on deposit at June 30, 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 June 30, 2015 was $214.9 million. In May 2015, the Company committed to a $15.0 million investment in a limited partnership that invests in equity tranches of collateralized loan obligations (CLOs). As of June 30, 2015, none of the Company’s commitment has been called.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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 $758,000 and $783,000 was included in underwriting profit for the three months ended June 30, 2015 and 2014, respectively. For the six months ended June 30, 2015 and 2014, net fee income included in underwriting profit was $978,000 and $783,000, 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 (in thousands) Three Months Ended June 30, 2015 Gross written premiums $ 77,417 $ 17,931 $ 88,663 $ – $ 184,011 Net earned premiums 52,867 10,150 43,043 – 106,060 Underwriting profit of insurance segments 5,769 199 594 – 6,562 Net investment income 3,706 583 5,656 3,055 13,000 Interest expense – – – 1,744 1,744 Segment revenues 57,531 10,760 48,845 3,091 120,227 Segment goodwill 181,831 – – – 181,831 Segment assets 712,047 140,654 1,098,508 111,503 2,062,712 Excess and Specialty Casualty Corporate Total (in thousands) Three Months Ended June 30, 2014 Gross written premiums $ 59,134 $ 12,559 $ 25,267 $ – $ 96,960 Net earned premiums 45,100 6,513 45,399 – 97,012 Underwriting profit (loss) of insurance segments 5,171 (448 ) 363 – 5,086 Net investment income 3,519 598 5,372 1,222 10,711 Interest expense – – – 1,557 1,557 Segment revenues 47,374 7,155 51,267 1,000 106,796 Segment goodwill 181,831 – – – 181,831 Segment assets 682,825 112,258 1,008,764 94,125 1,897,972 Six Months Ended June 30, 2015 Gross written premiums $ 153,135 $ 38,857 $ 123,277 $ – $ 315,269 Net earned premiums 112,267 19,705 91,099 – 223,071 Underwriting profit of insurance segments 13,212 44 635 – 13,891 Net investment income 7,072 1,102 10,717 6,095 24,986 Interest expense – – – 3,448 3,448 Segment revenues 118,569 20,962 100,997 6,166 246,694 Segment goodwill 181,831 – – – 181,831 Segment assets 712,047 140,654 1,098,508 111,503 2,062,712 Six Months Ended June 30, 2014 Gross written premiums $ 120,687 $ 24,236 $ 99,278 $ – $ 244,201 Net earned premiums 87,083 11,662 87,323 – 186,068 Underwriting profit (loss) of insurance segments 8,898 (1,040 ) 407 – 8,265 Net investment income 7,024 1,166 10,172 4,831 23,193 Interest expense – – – 3,104 3,104 Segment revenues 92,326 12,892 98,265 3,008 206,491 Segment goodwill 181,831 – – – 181,831 Segment assets 682,825 112,258 1,008,764 94,125 1,897,972 The following table reconciles the underwriting profit (loss) of the operating segments by individual segment to consolidated income before taxes: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Underwriting profit (loss) of the insurance segments: Excess and Surplus Lines $ 5,769 $ 5,171 $ 13,212 $ 8,898 Specialty Admitted Insurance 199 (448 ) 44 (1,040 ) Casualty Reinsurance 594 363 635 407 Total underwriting profit of insurance segments 6,562 5,086 13,891 8,265 Other operating expenses of the Corporate and Other segment (4,255 ) (1,856 ) (8,634 ) (3,721 ) Underwriting profit 2,307 3,230 5,257 4,544 Net investment income 13,000 10,711 24,986 23,193 Net realized investment gains (losses) 350 (1,790 ) (2,456 ) (3,711 ) Amortization of intangible assets (149 ) (173 ) (298 ) (298 ) Other income and expenses (10 ) (216 ) (23 ) (231 ) Interest expense (1,744 ) (1,557 ) (3,448 ) (3,104 ) Income before taxes $ 13,754 $ 10,205 $ 24,018 $ 20,393

Other Operating Expenses and Ot

Other Operating Expenses and Other Expenses	6 Months Ended
	Jun. 30, 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 Six Months Ended 2015 2014 2015 2014 (in thousands) Amortization of policy acquisition costs $ 22,400 $ 20,882 $ 46,902 $ 41,058 Other underwriting expenses of the operating segments 9,925 10,491 20,841 20,078 Other operating expenses of the Corporate and Other segment 4,255 1,856 8,634 3,721 Total $ 36,580 $ 33,229 $ 76,377 $ 64,857 Other expenses for the three months and six months ended June 30, 2015 and 2014 include $69,000 and $68,000, and $138,000 and $136,000, 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 and six months ended June 30, 2014 also include $158,000 and $183,000, respectively, of due diligence costs for an acquisition which we elected not to pursue and $70,000 of legal services related to the Company’s offering.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 2015 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Level 1 Level 2 Level 3 Total (in thousands) Available-for-sale securities: Fixed maturity securities: State and municipal $ – $ 110,696 $ – $ 110,696 Residential mortgage-backed – 126,274 – 126,274 Corporate – 288,150 – 288,150 Commercial mortgage and asset-backed – 129,994 – 129,994 Obligations of U.S. government corporations and agencies – 97,319 – 97,319 U.S. Treasury securities and obligations guaranteed by the U.S. government 55,528 1,282 – 56,810 Redeemable preferred stock – 1,935 – 1,935 Total fixed maturity securities 55,528 755,650 – 811,178 Equity securities: Preferred stock – 56,171 – 56,171 Common stock 18,259 734 – 18,993 Total equity securities 18,259 56,905 – 75,164 Total available-for-sale securities $ 73,787 $ 812,555 $ – $ 886,342 Trading securities: Fixed maturity securities $ – $ 5,763 $ – $ 5,763 Short-term investments $ 85,845 $ 19,742 $ – $ 105,587 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 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 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 or six months ended June 30, 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 or six months ended June 30, 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 or six months ended June 30, 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 June 30, 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 In Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total (in thousands) June 30, 2015 Bank loan participations held-for-investment $ – $ – $ 2,926 $ 2,926 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 June 30, 2015, and $9.2 million at June 30, 2014. The allowance for credit losses on bank loan participations was $646,000 at June 30, 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 June 30, 2015, there were bank loan participations with an unpaid principal balance of $7.4 million and a carrying value of $6.4 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. June 30, 2015 December 31, 2014 Carrying Fair Value Carrying Fair Value (in thousands) Assets Available-for-sale: Fixed maturity securities $ 811,178 $ 811,178 $ 756,963 $ 756,963 Equity securities 75,164 75,164 67,905 67,905 Trading: Fixed maturity securities 5,763 5,763 7,388 7,388 Bank loan participations held-for-investment 216,525 212,949 239,511 231,251 Cash and cash equivalents 65,832 65,832 73,383 73,383 Short-term investments 105,587 105,587 131,856 131,856 Other invested assets – notes receivable 25,207 26,911 4,500 6,410 Liabilities Senior debt 88,300 78,529 88,300 79,850 Junior subordinated debt 104,055 83,602 104,055 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 June 30, 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 June 30, 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 June 30, 2015 and December 31, 2014 were determined using inputs to the valuation methodology that are unobservable (Level 3).

Capital Stock and Equity Awards

Capital Stock and Equity Awards	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Capital Stock and Equity Awards	11. Capital Stock and Equity Awards In June 2015, vested stock options for 41,250 shares were exercised, increasing the number of common shares issued and outstanding to 28,581,600 at June 30, 2015 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. On May 5, 2015, the Board of Directors declared another cash dividend of $0.16 per common share. The dividend totaled $4.6 million and was paid on June 30, 2015 to shareholders of record on June 15, 2015. No dividends were declared during the three or six months ended June 30, 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 June 30, 2015, 1,843,481 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 June 30, 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 in the plans), during the 12-month period following a Change in Control (as defined in the plans). Options The following table summarizes the option activity: Six Months Ended June 30, 2015 2014 Shares Weighted- Shares Weighted- Outstanding: Beginning of period 3,104,768 $ 17.27 2,166,250 $ 15.51 Granted 10,627 $ 24.32 – $ – Exercised (41,250 ) $ 15.65 – $ – Lapsed (9,810 ) $ 21.00 (5,000 ) $ 15.65 End of period 3,064,335 $ 17.30 2,161,250 $ 15.51 Exercisable, end of period 1,763,124 $ 15.48 1,668,250 $ 15.49 RSUs The following table summarizes the RSU activity for the six months ended June 30, 2015: Shares Weighted- Unvested, beginning of period 340,474 $ 21.00 Granted – $ – Unvested, end of period 340,474 $ 21.00 There were no RSUs outstanding in the six months ended June 30, 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 Six Months Ended 2015 2014 2015 2014 (in thousands) Share based compensation expense $ 943 $ 98 $ 1,854 $ 213 U.S. tax benefit on share based compensation expense 257 21 505 41 As of June 30, 2015, the Company had $9.3 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 2.8 years. The weighted-average remaining contractual life of the options outstanding and options exercisable was 3.6 years and 1.9 years, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events In July 2015, the Company invested in a $10.0 million note agreement with an affiliate of the Company’s largest shareholder. The Company received a 2% discount on the purchase of the note. The note has a maturity date of March 30, 2016. The note carries a variable rate of interest, currently LIBOR + 7.00%. In July 2015, certain officers of the Company exercised 687,500 non-qualified stock options that had been granted under the Legacy Plan. In connection with these exercises, 156,827 common shares were issued to the exercising officers in July 2015. On August 5, 2015, the Board of Directors declared a cash dividend of $0.16 per common share. The dividend is payable on September 30, 2015 to shareholders of record on September 14, 2015.

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 2014 audited consolidated financial statements 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 companies (“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 $28.8 million and $25.1 million as of June 30, 2015 and December 31, 2014, respectively, representing the Company’s maximum exposure to loss.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Summary of available-for-sale investments	Cost or Gross Gross Fair (in thousands) June 30, 2015 Fixed maturity securities: State and municipal $ 104,096 $ 7,005 $ (405 ) $ 110,696 Residential mortgage-backed 126,762 1,947 (2,435 ) 126,274 Corporate 289,638 5,416 (6,904 ) 288,150 Commercial mortgage and asset-backed 128,322 1,759 (87 ) 129,994 Obligations of U.S. government corporations and agencies 96,226 1,189 (96 ) 97,319 U.S. Treasury securities and obligations guaranteed by the U.S. government 56,523 346 (59 ) 56,810 Redeemable preferred stock 2,025 – (90 ) 1,935 Total fixed maturity securities 803,592 17,662 (10,076 ) 811,178 Equity securities 72,346 4,136 (1,318 ) 75,164 Total investments available-for-sale $ 875,938 $ 21,798 $ (11,394 ) $ 886,342 December 31, 2014 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 (in thousands) One year or less $ 54,603 $ 55,099 After one year through five years 253,370 253,691 After five years through ten years 99,266 100,642 After ten years 139,244 143,543 Residential mortgage-backed 126,762 126,274 Commercial mortgage and asset-backed 128,322 129,994 Redeemable preferred stock 2,025 1,935 Total $ 803,592 $ 811,178
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 (in thousands) June 30, 2015 Fixed maturity securities: State and municipal $ 22,336 $ (405 ) – – $ 22,336 $ (405 ) Residential mortgage-backed 29,558 (449 ) 44,125 (1,986 ) 73,683 (2,435 ) Corporate 126,545 (3,853 ) 6,286 (3,051 ) 132,831 (6,904 ) Commercial mortgage and asset-backed 41,198 (56 ) 13,348 (31 ) 54,546 (87 ) Obligation of U.S. government corporations and agencies 32,535 (48 ) 10,204 (48 ) 42,739 (96 ) U.S. Treasury securities and obligations guaranteed by the U.S. government 13,887 (47 ) 3,305 (12 ) 17,192 (59 ) Redeemable preferred stock 1,935 (90 ) – – 1,935 (90 ) Total fixed maturity securities 267,994 (4,948 ) 77,268 (5,128 ) 345,262 (10,076 ) Equity securities 7,782 (217 ) 12,506 (1,101 ) 20,288 (1,318 ) Total investments available-for-sale $ 275,776 $ (5,165 ) $ 89,774 $ (6,229 ) $ 365,550 $ (11,394 ) Less Than 12 Months 12 Months or More Total Fair Gross Fair Gross Fair Gross (in thousands) 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Fixed maturity securities: Gross realized gains $ 101 $ 325 $ 1,288 $ 394 Gross realized losses (5 ) (1,411 ) (665 ) (1,412 ) 96 (1,086 ) 623 (1,018 ) Bank loan participations: Gross realized gains 242 551 532 978 Gross realized losses (12 ) (975 ) (3,654 ) (978 ) 230 (424 ) (3,122 ) – Equity securities: Gross realized gains – – – 88 Gross realized losses – – – (842 ) – – – (754 ) Short–term investments and other: Gross realized gains 24 – 47 – Gross realized losses – (280 ) (4 ) (1,939 ) 24 (280 ) 43 (1,939 ) Total $ 350 $ (1,790 ) $ (2,456 ) $ (3,711 )

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of gross carrying amounts and accumulated amortization	June 30, 2015 December 31, 2014 Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization ($ in thousands) Intangible Assets Trademarks Indefinite $ 22,200 $ – $ 22,200 $ – Insurance licenses and authorities Indefinite 9,164 – 9,164 – Identifiable intangibles not 31,364 – 31,364 – Broker relationships 24.6 11,611 3,148 11,611 2,850 Identifiable intangible assets 11,611 3,148 11,611 2,850 $ 42,975 $ 3,148 $ 42,975 $ 2,850

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Reconciliation of numerator and denominator of basic and diluted earnings per share	Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Net income to shareholders $ 12,489 $ 9,513 $ 21,866 $ 18,651 Weighted average common shares outstanding: Basic 28,547,616 28,540,350 28,544,003 28,540,350 Common share equivalents 667,243 247,607 612,601 243,969 Diluted 29,214,859 28,787,957 29,156,604 28,784,319 Earnings per share: Basic $ 0.44 $ 0.33 $ 0.77 $ 0.65 Common share equivalents (0.01 ) – (0.02 ) – Diluted $ 0.43 $ 0.33 $ 0.75 $ 0.65

Reserve for Losses and Loss A24

Reserve for Losses and Loss Adjustment Expenses (Tables)	6 Months Ended
	Jun. 30, 2015
Loss Contingency [Abstract]
Reconciliation of beginning and ending reserve balances for losses and loss adjustment expenses	Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period $ 614,969 $ 544,365 $ 589,042 $ 526,985 Add: Incurred losses and loss adjustment expenses net of reinsurance: Current year 70,449 64,004 147,422 121,200 Prior years (2,518 ) (2,668 ) (5,007 ) (3,750 ) Total incurred losses and loss and adjustment expenses 67,931 61,336 142,415 117,450 Deduct: Loss and loss adjustment expense payments net of reinsurance: Current year 9,601 4,171 14,603 5,113 Prior years 45,795 39,591 89,350 77,383 Total loss and loss adjustment expense payments 55,396 43,762 103,953 82,496 Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period 627,504 561,939 627,504 561,939 Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period 134,750 121,634 134,750 121,634 Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period $ 762,254 $ 683,573 $ 762,254 $ 683,573

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2015
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of components of comprehensive income	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Unrealized (losses) gains arising during the period, before U.S. income taxes $ (16,788 ) $ 6,248 $ (11,577 ) $ 13,390 U.S. income taxes 1,871 (1,179 ) 1,330 (2,987 ) Unrealized (losses) gains arising during the period, net of U.S. income taxes (14,917 ) 5,069 (10,247 ) 10,403 Less reclassification adjustment: Net realized investment gains (losses) 96 (1,086 ) 623 (1,772 ) U.S. income taxes (8 ) 424 186 671 Reclassification adjustment for investment gains (losses) realized in net income 88 (662 ) 809 (1,101 ) Other comprehensive income $ (15,005 ) $ 5,731 $ (11,056 ) $ 11,504

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Summary of company's segment results	Excess and Specialty Casualty Corporate Total (in thousands) Three Months Ended June 30, 2015 Gross written premiums $ 77,417 $ 17,931 $ 88,663 $ – $ 184,011 Net earned premiums 52,867 10,150 43,043 – 106,060 Underwriting profit of insurance segments 5,769 199 594 – 6,562 Net investment income 3,706 583 5,656 3,055 13,000 Interest expense – – – 1,744 1,744 Segment revenues 57,531 10,760 48,845 3,091 120,227 Segment goodwill 181,831 – – – 181,831 Segment assets 712,047 140,654 1,098,508 111,503 2,062,712 Excess and Specialty Casualty Corporate Total (in thousands) Three Months Ended June 30, 2014 Gross written premiums $ 59,134 $ 12,559 $ 25,267 $ – $ 96,960 Net earned premiums 45,100 6,513 45,399 – 97,012 Underwriting profit (loss) of insurance segments 5,171 (448 ) 363 – 5,086 Net investment income 3,519 598 5,372 1,222 10,711 Interest expense – – – 1,557 1,557 Segment revenues 47,374 7,155 51,267 1,000 106,796 Segment goodwill 181,831 – – – 181,831 Segment assets 682,825 112,258 1,008,764 94,125 1,897,972 Six Months Ended June 30, 2015 Gross written premiums $ 153,135 $ 38,857 $ 123,277 $ – $ 315,269 Net earned premiums 112,267 19,705 91,099 – 223,071 Underwriting profit of insurance segments 13,212 44 635 – 13,891 Net investment income 7,072 1,102 10,717 6,095 24,986 Interest expense – – – 3,448 3,448 Segment revenues 118,569 20,962 100,997 6,166 246,694 Segment goodwill 181,831 – – – 181,831 Segment assets 712,047 140,654 1,098,508 111,503 2,062,712 Six Months Ended June 30, 2014 Gross written premiums $ 120,687 $ 24,236 $ 99,278 $ – $ 244,201 Net earned premiums 87,083 11,662 87,323 – 186,068 Underwriting profit (loss) of insurance segments 8,898 (1,040 ) 407 – 8,265 Net investment income 7,024 1,166 10,172 4,831 23,193 Interest expense – – – 3,104 3,104 Segment revenues 92,326 12,892 98,265 3,008 206,491 Segment goodwill 181,831 – – – 181,831 Segment assets 682,825 112,258 1,008,764 94,125 1,897,972
Schedule of underwriting profit (loss) of operating segments by individual segment	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Underwriting profit (loss) of the insurance segments: Excess and Surplus Lines $ 5,769 $ 5,171 $ 13,212 $ 8,898 Specialty Admitted Insurance 199 (448 ) 44 (1,040 ) Casualty Reinsurance 594 363 635 407 Total underwriting profit of insurance segments 6,562 5,086 13,891 8,265 Other operating expenses of the Corporate and Other segment (4,255 ) (1,856 ) (8,634 ) (3,721 ) Underwriting profit 2,307 3,230 5,257 4,544 Net investment income 13,000 10,711 24,986 23,193 Net realized investment gains (losses) 350 (1,790 ) (2,456 ) (3,711 ) Amortization of intangible assets (149 ) (173 ) (298 ) (298 ) Other income and expenses (10 ) (216 ) (23 ) (231 ) Interest expense (1,744 ) (1,557 ) (3,448 ) (3,104 ) Income before taxes $ 13,754 $ 10,205 $ 24,018 $ 20,393

Other Operating Expenses and 27

Other Operating Expenses and Other Expenses (Tables)	6 Months Ended
	Jun. 30, 2015
Other Operating Expenses And Other Expenses [Abstract]
Schedule of Other operating expenses	Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Amortization of policy acquisition costs $ 22,400 $ 20,882 $ 46,902 $ 41,058 Other underwriting expenses of the operating segments 9,925 10,491 20,841 20,078 Other operating expenses of the Corporate and Other segment 4,255 1,856 8,634 3,721 Total $ 36,580 $ 33,229 $ 76,377 $ 64,857

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of assets measured at fair value on a recurring basis	Fair Value Measurements Using Quoted Prices Significant Significant Level 1 Level 2 Level 3 Total (in thousands) Available-for-sale securities: Fixed maturity securities: State and municipal $ – $ 110,696 $ – $ 110,696 Residential mortgage-backed – 126,274 – 126,274 Corporate – 288,150 – 288,150 Commercial mortgage and asset-backed – 129,994 – 129,994 Obligations of U.S. government corporations and agencies – 97,319 – 97,319 U.S. Treasury securities and obligations guaranteed by the U.S. government 55,528 1,282 – 56,810 Redeemable preferred stock – 1,935 – 1,935 Total fixed maturity securities 55,528 755,650 – 811,178 Equity securities: Preferred stock – 56,171 – 56,171 Common stock 18,259 734 – 18,993 Total equity securities 18,259 56,905 – 75,164 Total available-for-sale securities $ 73,787 $ 812,555 $ – $ 886,342 Trading securities: Fixed maturity securities $ – $ 5,763 $ – $ 5,763 Short-term investments $ 85,845 $ 19,742 $ – $ 105,587 Fair Value Measurements Using Quoted Prices Significant Significant 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 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 In Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total (in thousands) June 30, 2015 Bank loan participations held-for-investment $ – $ – $ 2,926 $ 2,926
Schedule of carrying value and fair Value	June 30, 2015 December 31, 2014 Carrying Fair Value Carrying Fair Value (in thousands) Assets Available-for-sale: Fixed maturity securities $ 811,178 $ 811,178 $ 756,963 $ 756,963 Equity securities 75,164 75,164 67,905 67,905 Trading: Fixed maturity securities 5,763 5,763 7,388 7,388 Bank loan participations held-for-investment 216,525 212,949 239,511 231,251 Cash and cash equivalents 65,832 65,832 73,383 73,383 Short-term investments 105,587 105,587 131,856 131,856 Other invested assets – notes receivable 25,207 26,911 4,500 6,410 Liabilities Senior debt 88,300 78,529 88,300 79,850 Junior subordinated debt 104,055 83,602 104,055 89,100

Capital Stock and Equity Awar29

Capital Stock and Equity Awards (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Summary of option activity	Six Months Ended June 30, 2015 2014 Shares Weighted- Shares Weighted- Outstanding: Beginning of period 3,104,768 $ 17.27 2,166,250 $ 15.51 Granted 10,627 $ 24.32 – $ – Exercised (41,250 ) $ 15.65 – $ – Lapsed (9,810 ) $ 21.00 (5,000 ) $ 15.65 End of period 3,064,335 $ 17.30 2,161,250 $ 15.51 Exercisable, end of period 1,763,124 $ 15.48 1,668,250 $ 15.49
Summary of RSU activity	Shares Weighted- Unvested, beginning of period 340,474 $ 21.00 Granted – $ – Unvested, end of period 340,474 $ 21.00
Summary of amount of expense and related tax benefit	Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Share based compensation expense $ 943 $ 98 $ 1,854 $ 213 U.S. tax benefit on share based compensation expense 257 21 505 41

Accounting Policies (Details Te

Accounting Policies (Details Textuals) $ in Millions	Jun. 30, 2015USD ($)PropertyCompanies	Dec. 31, 2014USD ($)
Accounting Policies [Abstract]
Number of property/casualty companies	6
Number of insurance companies based in the United States | Companies	5
Investment in variable interest entities | $	$ 28.8	$ 25.1

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	$ 875,938	$ 802,264
Gross Unrealized Gains	21,798	29,243
Gross Unrealized Losses	(11,394)	(6,639)
Fair value	886,342	824,868
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	803,592	737,916
Gross Unrealized Gains	17,662	24,061
Gross Unrealized Losses	(10,076)	(5,014)
Fair value	811,178	756,963
State and municipal
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	104,096	90,715
Gross Unrealized Gains	7,005	8,509
Gross Unrealized Losses	(405)	(178)
Fair value	110,696	99,046
Residential mortgage-backed
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	126,762	113,997
Gross Unrealized Gains	1,947	2,661
Gross Unrealized Losses	(2,435)	(1,409)
Fair value	126,274	115,249
Corporate
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	289,638	261,574
Gross Unrealized Gains	5,416	8,742
Gross Unrealized Losses	(6,904)	(2,434)
Fair value	288,150	267,882
Commercial mortgage and asset-backed
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	128,322	111,056
Gross Unrealized Gains	1,759	2,429
Gross Unrealized Losses	(87)	(144)
Fair value	129,994	113,341
Obligations of U.S. government corporations and agencies
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	96,226	100,376
Gross Unrealized Gains	1,189	1,431
Gross Unrealized Losses	(96)	(532)
Fair value	97,319	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	56,523	58,173
Gross Unrealized Gains	346	289
Gross Unrealized Losses	(59)	(193)
Fair value	56,810	58,269
Redeemable preferred stock
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	$ 2,025	$ 2,025
Gross Unrealized Gains
Gross Unrealized Losses	$ (90)	$ (124)
Fair value	1,935	1,901
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	72,346	64,348
Gross Unrealized Gains	4,136	5,182
Gross Unrealized Losses	(1,318)	(1,625)
Fair value	$ 75,164	$ 67,905

Investments (Details 1)

Investments (Details 1) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Cost or Amortized Cost
One year or less	$ 54,603
After one year through five years	253,370
After five years through ten years	99,266
After ten years	139,244
Residential mortgage-backed	126,762
Commercial mortgage and asset-backed	128,322
Redeemable preferred stock	2,025
Total, Cost or Amortized Cost	803,592	$ 737,916
Fair Value
One year or less	55,099
After one year through five years	253,691
After five years through ten years	100,642
After ten years	143,543
Residential mortgage-backed	126,274
Commercial mortgage and asset-backed	129,994
Redeemable preferred stock	1,935
Total, Fair Value	$ 811,178	$ 756,963

Investments (Details 2)

Investments (Details 2) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months Fair Value	$ 275,776	$ 69,666
Less Than 12 Months Gross Unrealized Losses	(5,165)	(760)
12 Months or More Fair Value	89,774	158,870
12 Months or More Gross Unrealized Losses	(6,229)	(5,879)
Total Fair Value	365,550	228,536
Total Gross Unrealized Losses	(11,394)	(6,639)
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months Fair Value	267,994	68,305
Less Than 12 Months Gross Unrealized Losses	(4,948)	(555)
12 Months or More Fair Value	77,268	148,249
12 Months or More Gross Unrealized Losses	(5,128)	(4,459)
Total Fair Value	345,262	216,554
Total Gross Unrealized Losses	(10,076)	(5,014)
State and municipal
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months Fair Value	22,336	3,197
Less Than 12 Months Gross Unrealized Losses	$ (405)	(176)
12 Months or More Fair Value		247
12 Months or More Gross Unrealized Losses		(2)
Total Fair Value	$ 22,336	3,444
Total Gross Unrealized Losses	(405)	(178)
Residential mortgage-backed
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months Fair Value	29,558	2,072
Less Than 12 Months Gross Unrealized Losses	(449)	(2)
12 Months or More Fair Value	44,125	47,594
12 Months or More Gross Unrealized Losses	(1,986)	(1,407)
Total Fair Value	73,683	49,666
Total Gross Unrealized Losses	(2,435)	(1,409)
Corporate
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months Fair Value	126,545	25,885
Less Than 12 Months Gross Unrealized Losses	(3,853)	(235)
12 Months or More Fair Value	6,286	22,353
12 Months or More Gross Unrealized Losses	(3,051)	(2,199)
Total Fair Value	132,831	48,238
Total Gross Unrealized Losses	(6,904)	(2,434)
Commercial mortgage and asset-backed
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months Fair Value	41,198	23,894
Less Than 12 Months Gross Unrealized Losses	(56)	(118)
12 Months or More Fair Value	13,348	8,742
12 Months or More Gross Unrealized Losses	(31)	(26)
Total Fair Value	54,546	32,636
Total Gross Unrealized Losses	(87)	(144)
Obligations of U.S. government corporations and agencies
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months Fair Value	32,535	$ 202
Less Than 12 Months Gross Unrealized Losses	(48)
12 Months or More Fair Value	10,204	$ 48,029
12 Months or More Gross Unrealized Losses	(48)	(532)
Total Fair Value	42,739	48,231
Total Gross Unrealized Losses	(96)	(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	13,887	13,055
Less Than 12 Months Gross Unrealized Losses	(47)	(24)
12 Months or More Fair Value	3,305	19,383
12 Months or More Gross Unrealized Losses	(12)	(169)
Total Fair Value	17,192	32,438
Total Gross Unrealized Losses	(59)	$ (193)
Redeemable preferred stock
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months Fair Value	1,935
Less Than 12 Months Gross Unrealized Losses	$ (90)
12 Months or More Fair Value		$ 1,901
12 Months or More Gross Unrealized Losses		(124)
Total Fair Value	$ 1,935	1,901
Total Gross Unrealized Losses	(90)	(124)
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months Fair Value	7,782	1,361
Less Than 12 Months Gross Unrealized Losses	(217)	(205)
12 Months or More Fair Value	12,506	10,621
12 Months or More Gross Unrealized Losses	(1,101)	(1,420)
Total Fair Value	20,288	11,982
Total Gross Unrealized Losses	$ (1,318)	$ (1,625)

Investments (Details 3)

Investments (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Available-for-sale Securities [Line Items]
Total	$ 350	$ (1,790)	$ (2,456)	$ (3,711)
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains	101	325	1,288	394
Gross realized losses	(5)	(1,411)	(665)	(1,412)
Total	96	(1,086)	623	(1,018)
Bank loan participations
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains	242	551	532	978
Gross realized losses	(12)	(975)	(3,654)	$ (978)
Total	$ 230	$ (424)	$ (3,122)
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains				$ 88
Gross realized losses				(842)
Total				$ (754)
Short-term investments and other
Schedule of Available-for-sale Securities [Line Items]
Gross realized gains	$ 24		$ 47
Gross realized losses		$ (280)	(4)	$ (1,939)
Total	$ 24	$ (280)	$ 43	$ (1,939)

Investments (Details Textuals 1

Investments (Details Textuals 1)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)IssuersBond	Mar. 31, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)IssuersLoansBond	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Gain (Loss) on Investments [Line Items]
Number of available-for-sale securities held in an unrealized loss position | Issuers	109			109
Total Fair Value of unrealized loss position securities	$ 365,550,000			$ 365,550,000		$ 228,536,000
Total gross unrealized losses of unrealized loss position securities				11,394,000		6,639,000
Fair value	886,342,000			886,342,000		824,868,000
Gross Unrealized Losses	(11,394,000)			(11,394,000)		(6,639,000)
Available-for-sale debt securities, amortized cost (in dollars)	803,592,000			803,592,000		737,916,000
Average recorded investment in impaired bank loans				7,800,000	$ 4,700,000
Investment income during period loans were impaired				153,000	0
Net investment income	23,000			17,000
Net trading losses	23,000			12,000
Realized gain loss on changes in fair value of impaired bank loans	175,000		$ (963,000)	203,000	(963,000)
Fixed maturity securities
Gain (Loss) on Investments [Line Items]
Total Fair Value of unrealized loss position securities	345,262,000			345,262,000		216,554,000
Total gross unrealized losses of unrealized loss position securities				10,076,000		5,014,000
Fair value	811,178,000			811,178,000		756,963,000
Gross Unrealized Losses	(10,076,000)			(10,076,000)		(5,014,000)
Realized gains	101,000		325,000	1,288,000	394,000
Realized losses	5,000		$ 1,411,000	$ 665,000	1,412,000
Puerto rico loan
Gain (Loss) on Investments [Line Items]
Number of impaired loans held | Loans				2
Allowance for credit losses				$ 588,000	$ 963,000	752,000
Carrying value of impaired loans	5,600,000			5,600,000		7,100,000
Unpaid principal on impaired loans	6,600,000			6,600,000		8,400,000
Oil and gas companies loan
Gain (Loss) on Investments [Line Items]
Gross Unrealized Losses	1,700,000			1,700,000
Carrying value of loan	24,500,000			$ 24,500,000
Oil and gas companies three loans
Gain (Loss) on Investments [Line Items]
Number of impaired loans held | Loans				3
Allowance for credit losses				$ 58,000
Carrying value of impaired loans	2,900,000			2,900,000
Unpaid principal on impaired loans	$ 3,100,000			$ 3,100,000
A- or better | Fixed maturity securities
Gain (Loss) on Investments [Line Items]
Percentage of available for sale securities	86.40%			86.40%
Ratings below investment grade | Fixed maturity securities
Gain (Loss) on Investments [Line Items]
Fair value	$ 15,200,000			$ 15,200,000
Gross Unrealized Losses	$ 2,600,000			$ 2,600,000
Ratings below investment grade | Impaired Puerto Rico Municipal Bonds
Gain (Loss) on Investments [Line Items]
Number of impaired Puerto Rico municipal bonds held | Bond	2			2
Net realized gain on sale	$ 22,000
Impairment losses on Puerto Rico municipal bonds		$ 660,000				$ 1,400,000

Investments (Details Textuals 2

Investments (Details Textuals 2)	Jul. 04, 2014USD ($)	Mar. 31, 2015USD ($)	Dec. 19, 2014USD ($)	Mar. 31, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Director	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Schedule of Available-for-sale Securities [Line Items]
Investments in fixed maturities					$ 811,178,000		$ 811,178,000		$ 756,963,000
Realized investment gains and losses					350,000	$ (1,790,000)	(2,456,000)	$ (3,711,000)
First Wind
Schedule of Available-for-sale Securities [Line Items]
Carrying value of investments									4,600,000
Surviving Bank Holding Company
Schedule of Available-for-sale Securities [Line Items]
Interest income					2,000		3,000
Purchase of certificate of deposit			$ 1,000,000
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Realized gains					101,000	325,000	1,288,000	394,000
Realized investment gains and losses					96,000	(1,086,000)	$ 623,000	(1,018,000)
Fixed maturity securities | First Wind
Schedule of Available-for-sale Securities [Line Items]
Number of directors | Director							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]
Cash received in exchange	$ 354,000
Value of 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 income						76,000		57,000
Carrying value of Investments						5,600,000		5,600,000
Investment in subordinated notes							$ 4,500,000
Investment fixed interest rate							7.60%
Interest income					86,000	86,000	$ 172,000	172,000
Investment in LLC | Corporate and other segment
Schedule of Available-for-sale Securities [Line Items]
Carrying value of Investments					28,800,000		28,800,000		$ 25,100,000
Equity share of LLC income					$ 2,200,000	$ 724,000	4,600,000	4,000,000
Cash distributions from LLCs							$ 951,000	$ 2,400,000
Proceeds from sale of investment				$ 5,900,000
Realized loss recognized on sale of investment				$ 1,900,000
Investment in LLC | Minimum | Corporate and other segment
Schedule of Available-for-sale Securities [Line Items]
Ownership percentage					2.70%		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%		33.30%

Investments (Details Textuals 3

Investments (Details Textuals 3) - USD ($)	Dec. 10, 2013	Jul. 01, 2013	Dec. 10, 2012	Jun. 30, 2015	Apr. 30, 2015	Jan. 31, 2015	Jun. 01, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Corporate and other segment
Schedule of Available-for-sale Securities [Line Items]
Number of property development companies										2
Property development companies | Corporate and other segment
Schedule of Available-for-sale Securities [Line Items]
Investments in note agreements			$ 3,300,000
Investment interest rate	11.10%		10.85%
Investment Income									$ 91,000		$ 181,000
Affiliate of First Wind
Schedule of Available-for-sale Securities [Line Items]
Investments in note agreements						$ 20,000,000
Investment interest rate						7.50%
Investment Income								$ 540,000		$ 1,200,000
Proceeds from partial maturities								5,600,000
Affiliate of companys largest shareholder
Schedule of Available-for-sale Securities [Line Items]
Investments in note agreements				$ 1,500,000	$ 5,000,000	$ 1,000,000
Investment interest rate				15.00%	15.00%	18.00%
Affiliate of companys largest shareholder | January 2015
Schedule of Available-for-sale Securities [Line Items]
Investment Income								174,000		180,000
Affiliate of companys largest shareholder | April 2015
Schedule of Available-for-sale Securities [Line Items]
Investment Income								160,000
Investment in Limited partnership
Schedule of Available-for-sale Securities [Line Items]
Investment				$ 625,000				625,000		625,000
Commitment for investment				4,400,000				4,400,000		4,400,000
Investment in Limited partnership | Corporate and other segment
Schedule of Available-for-sale Securities [Line Items]
Investment in limited partnership		$ 2,000,000
Income (losses) from limited partnership								(140,000)	82,000	(362,000)	$ 152,000
Carrying value of investment in limited partnership				1,500,000				1,500,000		1,500,000		$ 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 (losses) from limited partnership								225,000	$ 80,000	288,000
Carrying value of investment in limited partnership				$ 2,400,000				$ 2,400,000		$ 2,400,000		$ 2,200,000

Goodwill and Intangible Asset38

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 31,364	$ 31,364
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	3,148	2,850
Total Intangible Assets, Gross	42,975	42,975
Broker relationships
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	$ 3,148	2,850
Life (Years)	24 years 7 months 6 days
Trademarks
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 22,200	22,200
Insurance licenses and authorities
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 9,164	$ 9,164

Goodwill and Intangible Asset39

Goodwill and Intangible Assets (Details Textuals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Dec. 11, 2007
Business Acquisition [Line Items]
Goodwill	$ 181,831	$ 181,831
James River Group, Inc.
Business Acquisition [Line Items]
Percentage of outstanding shares			100.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net income to shareholders	$ 12,489	$ 9,513	$ 21,866	$ 18,651
Weighted average common shares outstanding:
Basic (in shares)	28,547,616	28,540,350	28,544,003	28,540,350
Common share equivalents (in shares)	667,243	247,607	612,601	243,969
Diluted (in shares)	29,214,859	28,787,957	29,156,604	28,784,319
Earnings per share:
Basic (in dollars per share)	$ 0.44	$ 0.33	$ 0.77	$ 0.65
Common share equivalents (in dollars per share)	(0.01)		(0.02)
Diluted (in dollars per share)	$ 0.43	$ 0.33	$ 0.75	$ 0.65

Earnings Per Share (Detail Text

Earnings Per Share (Detail Textuals) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 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	994,335	25,000	995,180	25,000

Reserve for Losses and Loss A42

Reserve for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Loss Contingency [Abstract]
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$ 614,969	$ 544,365	$ 589,042	$ 526,985
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	70,449	64,004	147,422	121,200
Prior years	(2,518)	(2,668)	(5,007)	(3,750)
Total incurred losses and loss and adjustment expenses	67,931	61,336	142,415	117,450
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	9,601	4,171	14,603	5,113
Prior years	45,795	39,591	89,350	77,383
Total loss and loss adjustment expense payments	55,396	43,762	103,953	82,496
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	627,504	561,939	627,504	561,939
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	134,750	121,634	134,750	121,634	$ 127,254
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$ 762,254	$ 683,573	$ 762,254	$ 683,573

Reserve for Losses and Loss A43

Reserve for Losses and Loss Adjustment Expenses (Details Textuals) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Development on prior year loss reserves
Reserve for losses and loss adjustment expenses	$ 2,500,000	$ 2,700,000	$ 5,000,000	$ 3,700,000
Favorable development in excess and surplus lines segment	3,400,000	3,900,000	8,400,000	6,300,000
Favorable reserve development in specialty admitted insurance segment	189,000	789,000	196,000	1,100,000
Adverse reserve development in casualty reinsurance segment	$ 1,100,000	$ 2,000,000	$ 3,600,000	$ 3,600,000

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized (losses) gains arising during the period, before U.S. income taxes	$ (16,788)	$ 6,248	$ (11,577)	$ 13,390
U.S. income taxes	1,871	(1,179)	1,330	(2,987)
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(14,917)	5,069	(10,247)	10,403
Less reclassification adjustment:
Net realized investment gains (losses)	96	(1,086)	623	(1,772)
U.S. income taxes	(8)	424	186	671
Reclassification adjustment for investment gains (losses) realized in net income	88	(662)	809	(1,101)
Other comprehensive income	$ (15,005)	$ 5,731	$ (11,056)	$ 11,504

Commitments and Contingent Li45

Commitments and Contingent Liabilities (Detail Textuals) - JRG Reinsurance Company, Ltd. - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	May. 31, 2015
Contingent Liabilities [Line Items]
Number of letter of credit facilities	2
Total amount deposited in trust accounts	$ 214.9
Commitment to investment in limited partnership		$ 15
Letter of credit 100 Million
Contingent Liabilities [Line Items]
Letters of credit facility, amount	100
Amount of letters of credit issued	95.2
Assets deposited for securing letters of credit	112.5
Letter of credit 102.5 Million
Contingent Liabilities [Line Items]
Letters of credit facility, amount	102.5
Amount of letters of credit issued	42.6
Assets deposited for securing letters of credit	$ 100.4

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Gross written premiums	$ 184,011	$ 96,960	$ 315,269	$ 244,201
Net earned premiums	106,060	97,012	223,071	186,068
Interest expense	1,744	1,557	3,448	3,104
Segment revenues	120,227	106,796	246,694	206,491
Segment goodwill	181,831		181,831		$ 181,831
Segment assets	2,062,712		2,062,712		$ 1,959,292
Reportable segments
Segment Reporting Information [Line Items]
Gross written premiums	184,011	96,960	315,269	244,201
Net earned premiums	106,060	97,012	223,071	186,068
Underwriting profit of insurance segments	6,562	5,086	13,891	8,265
Net investment income	13,000	10,711	24,986	23,193
Interest expense	1,744	1,557	3,448	3,104
Segment revenues	120,227	106,796	246,694	206,491
Segment goodwill	181,831	181,831	181,831	181,831
Segment assets	2,062,712	1,897,972	2,062,712	1,897,972
Excess and Surplus Lines | Reportable segments
Segment Reporting Information [Line Items]
Gross written premiums	77,417	59,134	153,135	120,687
Net earned premiums	52,867	45,100	112,267	87,083
Underwriting profit of insurance segments	5,769	5,171	13,212	8,898
Net investment income	3,706	3,519	7,072	7,024
Segment revenues	57,531	47,374	118,569	92,326
Segment goodwill	181,831	181,831	181,831	181,831
Segment assets	712,047	682,825	712,047	682,825
Specialty Admitted Insurance | Reportable segments
Segment Reporting Information [Line Items]
Gross written premiums	17,931	12,559	38,857	24,236
Net earned premiums	10,150	6,513	19,705	11,662
Underwriting profit of insurance segments	199	(448)	44	(1,040)
Net investment income	583	598	1,102	1,166
Segment revenues	$ 10,760	$ 7,155	$ 20,962	$ 12,892
Segment goodwill
Segment assets	$ 140,654	$ 112,258	$ 140,654	$ 112,258
Casualty Reinsurance | Reportable segments
Segment Reporting Information [Line Items]
Gross written premiums	88,663	25,267	123,277	99,278
Net earned premiums	43,043	45,399	91,099	87,323
Underwriting profit of insurance segments	594	363	635	407
Net investment income	5,656	5,372	10,717	10,172
Segment revenues	$ 48,845	$ 51,267	$ 100,997	$ 98,265
Segment goodwill
Segment assets	$ 1,098,508	$ 1,008,764	$ 1,098,508	$ 1,008,764
Corporate and Other
Segment Reporting Information [Line Items]
Gross written premiums
Net earned premiums
Net investment income	$ 3,055	$ 1,222	$ 6,095	$ 4,831
Interest expense	1,744	1,557	3,448	3,104
Segment revenues	$ 3,091	$ 1,000	$ 6,166	$ 3,008
Segment goodwill
Segment assets	$ 111,503	$ 94,125	$ 111,503	$ 94,125

Segment Information (Details 1)

Segment Information (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Net realized investment gains (losses)	$ 350	$ (1,790)	$ (2,456)	$ (3,711)
Amortization of intangible assets	(149)	(173)	(298)	(298)
Interest expense	(1,744)	(1,557)	(3,448)	(3,104)
Corporate and Other
Segment Reporting Information [Line Items]
Other operating expenses	(4,255)	(1,856)	(8,634)	(3,721)
Net investment income	3,055	1,222	6,095	4,831
Interest expense	(1,744)	(1,557)	(3,448)	(3,104)
Reportable segments
Segment Reporting Information [Line Items]
Underwriting profit of insurance segments	6,562	5,086	13,891	8,265
Underwriting profit	2,307	3,230	5,257	4,544
Net investment income	13,000	10,711	24,986	23,193
Net realized investment gains (losses)	350	(1,790)	(2,456)	(3,711)
Amortization of intangible assets	(149)	(173)	(298)	(298)
Other income and expenses	(10)	(216)	(23)	(231)
Interest expense	(1,744)	(1,557)	(3,448)	(3,104)
Income before taxes	13,754	10,205	24,018	20,393
Reportable segments | Excess and Surplus Lines
Segment Reporting Information [Line Items]
Underwriting profit of insurance segments	5,769	5,171	13,212	8,898
Net investment income	3,706	3,519	7,072	7,024
Reportable segments | Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Underwriting profit of insurance segments	199	(448)	44	(1,040)
Net investment income	583	598	1,102	1,166
Reportable segments | Casualty Reinsurance
Segment Reporting Information [Line Items]
Underwriting profit of insurance segments	594	363	635	407
Net investment income	$ 5,656	$ 5,372	$ 10,717	$ 10,172

Segment Information (Detail Tex

Segment Information (Detail Textuals)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Segment	Jun. 30, 2014USD ($)
Segment Reporting [Abstract]
Number of reportable segments | Segment			4
Fee income and expenses in excess and surplus Lines segment	$ 758,000	$ 783,000	$ 978,000	$ 783,000

Other Operating Expenses and 49

Other Operating Expenses and Other Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Operating Expenses And Other Expenses [Abstract]
Amortization of policy acquisition costs	$ 22,400	$ 20,882	$ 46,902	$ 41,058
Other underwriting expenses of the operating segments	9,925	10,491	20,841	20,078
Other operating expenses of the Corporate and Other segment	4,255	1,856	8,634	3,721
Total	$ 36,580	$ 33,229	$ 76,377	$ 64,857

Other Operating Expenses and 50

Other Operating Expenses and Other Expenses (Details Textuals) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Operating Expenses And Other Expenses [Abstract]
Expenses associated with investment in partnership	$ 69,000	$ 68,000	$ 138,000	$ 136,000
Other expenses due diligence costs		$ 158,000		$ 183,000
Legal services cost related to offering			$ 70,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	$ 886,342	$ 824,868
Trading securities:
Fixed maturity securities	5,763	7,388
Short-term investments	105,587	131,856
Fixed maturity securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	811,178	756,963
State and municipal
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	110,696	99,046
Residential mortgage-backed
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	126,274	115,249
Corporate
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	288,150	267,882
Commercial mortgage and asset-backed
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	129,994	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	97,319	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	56,810	58,269
Redeemable preferred stock
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	1,935	1,901
Equity securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	75,164	67,905
Recurring basis
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	886,342	824,868
Trading securities:
Fixed maturity securities	5,763	7,388
Short-term investments	105,587	131,856
Recurring basis | Fixed maturity securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	811,178	756,963
Recurring basis | State and municipal
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	110,696	99,046
Recurring basis | Residential mortgage-backed
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	126,274	115,249
Recurring basis | Corporate
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	288,150	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	129,994	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	97,319	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	56,810	58,269
Recurring basis | Redeemable preferred stock
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	1,935	1,901
Recurring basis | Equity securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	75,164	67,905
Recurring basis | Preferred stock
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	56,171	49,601
Recurring basis | Common stock
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Total available-for-sale securities	18,993	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	$ 73,787	$ 74,461
Trading securities:
Fixed maturity securities
Short-term investments	$ 85,845	$ 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	$ 55,528	$ 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	$ 55,528	$ 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	$ 18,259	$ 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	$ 18,259	$ 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	812,555	750,407
Trading securities:
Fixed maturity securities	5,763	7,388
Short-term investments	19,742	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	755,650	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	110,696	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	126,274	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	288,150	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	129,994	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	97,319	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	1,282	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	1,935	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	56,905	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	56,171	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 (Deta52

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Bank loan participations held for investment	$ 2,900	$ 9,200
Nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Bank loan participations held for investment	$ 2,926
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	$ 2,926

Fair Value Measurements (Deta53

Fair Value Measurements (Details 2) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Available-for-sale:
Fixed maturity securities	$ 811,178	$ 756,963
Equity securities	75,164	67,905
Trading securities:
Bank loan participations held-for-investment	2,900		$ 9,200
Cash and cash equivalents	65,832	73,383	$ 59,059	$ 158,604
Short-term investments	105,587	131,856
Carrying Value
Available-for-sale:
Fixed maturity securities	811,178	756,963
Equity securities	75,164	67,905
Trading securities:
Fixed maturity securities	5,763	7,388
Bank loan participations held-for-investment	216,525	239,511
Cash and cash equivalents	65,832	73,383
Short-term investments	105,587	131,856
Other invested assets - notes receivable	25,207	4,500
Liabilities
Senior debt	88,300	88,300
Junior subordinated debt	104,055	104,055
Fair Value
Available-for-sale:
Fixed maturity securities	811,178	756,963
Equity securities	75,164	67,905
Trading securities:
Fixed maturity securities	5,763	7,388
Bank loan participations held-for-investment	212,949	231,251
Cash and cash equivalents	65,832	73,383
Short-term investments	105,587	131,856
Other invested assets - notes receivable	26,911	6,410
Liabilities
Senior debt	78,529	79,850
Junior subordinated debt	$ 83,602	$ 89,100

Fair Value Measurements (Deta54

Fair Value Measurements (Details Textuals) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Fair Value Disclosures [Abstract]
Impaired bank loan participations held for investment	$ 2,900,000		$ 9,200,000
Allowance for credit losses on bank loan participations	646,000	$ 242,000
Unpaid principal on bank loan participations for which external sources were unavailable to determine fair value	7,400,000	14,100,000
Carrying value of bank loan participations for which external sources were unavailable to determine fair value	$ 6,400,000	$ 12,700,000

Capital Stock and Equity Awar55

Capital Stock and Equity Awards (Details) - $ / shares	1 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Shares
Exercised	(41,250)
Options
Shares
Outstanding, Beginning of period		3,104,768	2,166,250
Granted		10,627
Exercised		(41,250)
Lapsed		(9,810)	(5,000)
Outstanding, End of period	3,064,335	3,064,335	2,161,250
Exercisable, end of period	1,763,124	1,763,124	1,668,250
Weighted- Average Exercise Price
Outstanding, Beginning of period		$ 17.27	$ 15.51
Granted		24.32
Exercised		15.65
Lapsed		21	$ 15.65
Outstanding, End of period	$ 17.30	17.30	15.51
Exercisable, end of period	$ 15.48	$ 15.48	$ 15.49

Capital Stock and Equity Awar56

Capital Stock and Equity Awards (Details 1) - 6 months ended Jun. 30, 2015 - RSUs - $ / shares	Total
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 Awar57

Capital Stock and Equity Awards (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stockholders' Equity Note [Abstract]
Share based compensation expense	$ 943	$ 98	$ 1,854	$ 213
U.S. tax benefit on share based compensation expense	$ 257	$ 21	$ 505	$ 41

Capital Stock and Equity Awar58

Capital Stock and Equity Awards (Detail Textuals) - USD ($) $ / shares in Units, $ in Millions	May. 05, 2015	Jun. 30, 2015	Feb. 17, 2015	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Shares issued on exercise of vested stock options		41,250
Common stock, shares issued		28,581,600		28,540,350
Common stock, shares outstanding		28,581,600		28,540,350
Dividend payable, date declared	May 5, 2015		Feb. 17, 2015
Dividends payable , per common share	$ 0.16		$ 0.16
Dividends , amount	$ 4.6		$ 4.6
Dividend payable, date	Jun. 30, 2015		Mar. 31, 2015
Dividend payable, record date	Jun. 15, 2015		Mar. 16, 2015

Capital Stock and Equity Awar59

Capital Stock and Equity Awards (Detail Textuals 1) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 9.3
Weighted-average period of unrecognized share based compensation expense	2 years 9 months 18 days
Weighted-average remaining contractual life of options outstanding	3 years 7 months 6 days
Weighted-average remaining contractual life of options exercisable	1 year 10 months 24 days
2014 Long Term Incentive Plan ("2014 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	1,843,481
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 (Detail Textu

Subsequent Events (Detail Textuals) - USD ($) $ / shares in Units, $ in Millions	Aug. 05, 2015	May. 05, 2015	Jul. 31, 2015	Feb. 17, 2015
Subsequent Event [Line Items]
Dividend payable, date declared		May 5, 2015		Feb. 17, 2015
Cash dividend declared per share		$ 0.16		$ 0.16
Dividend payable, date		Jun. 30, 2015		Mar. 31, 2015
Dividend payable, record date		Jun. 15, 2015		Mar. 16, 2015
Affiliate of companys largest shareholder
Subsequent Event [Line Items]
Investment in note receivable			$ 10
Discount on purchase of note			2.00%
Maturity date of note			Mar. 30, 2016
Interest rate of note			LIBOR + 7.00%
Subsequent event
Subsequent Event [Line Items]
Number of stock options exercised by officers of the Company			687,500
Shares issued on exercise of vested stock options			156,827
Dividend payable, date declared	Aug. 5, 2015
Cash dividend declared per share	$ 0.16
Dividend payable, date	Sep. 30, 2015
Dividend payable, record date	Sep. 14, 2015