James River (JRVR) 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-36777
Entity Registrant Name	JAMES RIVER GROUP HOLDINGS, LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0585280
Entity Address, Address Line Three	Wellesley House
Entity Address, Address Line Two	2nd Floor
Entity Address, Address Line One	90 Pitts Bay Road
Entity Address, City or Town	Pembroke
Entity Address, Postal Zip Code	HM08
Entity Address, Country	BM
City Area Code	441
Local Phone Number	278-4580
Title of 12(b) Security	Common Shares, par value $0.0002 per share
Trading Symbol	JRVR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,291,149
Entity Central Index Key	0001620459
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Invested assets:
Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2021 – $1,673,281; 2020 – $1,690,890)	$ 1,721,727	$ 1,783,642
Equity securities, at fair value (cost:  2021 – $88,900; 2020 – $81,698)	99,980	88,975
Bank loan participations, at fair value	154,989	147,604
Short-term investments	26,942	130,289
Other invested assets	57,744	46,548
Total invested assets	2,061,382	2,197,058
Cash and cash equivalents	220,551	162,260
Restricted cash equivalents	10,000	859,920
Accrued investment income	11,801	10,980
Premiums receivable and agents’ balances, net	369,191	369,577
Reinsurance recoverable on unpaid losses, net	1,348,864	805,684
Reinsurance recoverable on paid losses	82,110	46,118
Prepaid reinsurance premiums	292,490	243,741
Deferred policy acquisition costs	62,456	62,953
Intangible assets, net	36,130	36,402
Goodwill	181,831	181,831
Other assets	107,293	86,548
Total assets	4,784,099	5,063,072
Liabilities:
Reserve for losses and loss adjustment expenses	2,596,829	2,192,080
Unearned premiums	702,246	630,371
Payables to reinsurers	139,720	110,431
Funds held	0	859,920
Senior debt	262,300	262,300
Junior subordinated debt	104,055	104,055
Accrued expenses	57,264	55,989
Other liabilities	108,046	52,318
Total liabilities	3,970,460	4,267,464
Commitments and contingent liabilities	0	0
Shareholders’ equity:
Common Shares – 2021 and 2020: $0.0002 par value; 200,000,000 shares authorized; 37,287,244 and 30,649,261 shares issued and outstanding, respectively	7	6
Preferred Shares – 2021 and 2020: $0.00125 par value; 20,000,000 shares authorized; no shares issued and outstanding	0	0
Additional paid-in capital	859,634	664,476
Retained (deficit) earnings	(89,112)	49,227
Accumulated other comprehensive income	43,110	81,899
Total shareholders’ equity	813,639	795,608
Total liabilities and shareholders’ equity	$ 4,784,099	$ 5,063,072

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fixed maturity securities, available-for-sale, at amortized cost	$ 1,673,281
Equity securities, at cost	$ 88,900	$ 81,698
Common stock, par value (in dollars per share)	$ 0.0002	$ 0.0002
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	37,287,244	30,649,261
Common stock, shares outstanding (in shares)	37,287,244	30,649,261
Preferred stock, par value (in dollars per share)	$ 0.00125	$ 0.00125
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Fixed maturity securities
Fixed maturity securities, available-for-sale, at amortized cost	$ 1,673,281	$ 1,690,890

Condensed Consolidated Statemen

Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Gross written premiums	$ 346,599	$ 311,852	$ 1,100,000	$ 897,332
Ceded written premiums	(188,389)	(166,693)	(573,587)	(451,762)
Net written premiums	158,210	145,159	526,413	445,570
Change in net unearned premiums	12,398	7,803	(22,507)	2,125
Net earned premiums	170,608	152,962	503,906	447,695
Net investment income	15,289	14,959	44,726	51,145
Net realized and unrealized gains (losses) on investments	3,983	8,929	13,738	(27,885)
Other income	1,113	615	3,170	3,543
Total revenues	190,993	177,465	565,540	474,498
Expenses
Losses and loss adjustment expenses	166,078	106,155	549,578	301,757
Other operating expenses	43,193	38,224	136,414	133,242
Other expenses	706	60	2,231	1,792
Interest expense	2,227	2,129	6,692	7,970
Amortization of intangible assets	90	149	272	447
Total expenses	212,294	146,717	695,187	445,208
(Loss) income before taxes	(21,301)	30,748	(129,647)	29,290
Income tax expense (benefit)	2,588	4,465	(23,141)	4,208
Net (loss) income	(23,889)	26,283	(106,506)	25,082
Other comprehensive (loss) income:
Net unrealized (losses) gains, net of taxes of $(1,882) and $(5,517) in 2021 and $849 and $6,384 in 2020	(11,459)	5,039	(38,789)	47,433
Total comprehensive (loss) income	$ (35,348)	$ 31,322	$ (145,295)	$ 72,515
Per share data:
Basic (loss) earnings per share (in dollars per share)	$ (0.64)	$ 0.86	$ (3.12)	$ 0.82
Diluted (loss) earnings per share (in dollars per share)	(0.64)	0.85	(3.12)	0.81
Dividend declared per share (in dollars per share)	$ 0.30	$ 0.30	$ 0.90	$ 0.90
Weighted-average common shares outstanding:
Basic (in shares)	37,278,469	30,582,540	34,161,022	30,529,557
Diluted (in shares)	37,278,469	30,946,843	34,161,022	30,838,595

Condensed Consolidated Statem_2

Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Tax on net unrealized gains (losses)	$ (1,882)	$ 849	$ (5,517)	$ 6,384

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Shares	Preferred Shares	Additional Paid-in Capital	Retained (Deficit) Earnings	Retained (Deficit) EarningsCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income
Balance (in shares) at Dec. 31, 2019			30,424,391
Balance at Dec. 31, 2019	$ 778,581		$ 6	$ 0	$ 657,875	$ 89,586		$ 31,114
Balance (ASU 2019-05) at Dec. 31, 2019		$ (7,827)					$ (7,827)
Balance (ASU 2016-13) at Dec. 31, 2019		$ (265)					$ (265)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	25,082					25,082
Other comprehensive income (loss)	47,433							47,433
Dividends	(27,815)					(27,815)
Exercise of stock options (in shares)			79,615
Exercise of stock options	2,529				2,529
Vesting of RSUs (in shares)			106,147
Vesting of RSUs	(2,186)				(2,186)
Compensation expense under share incentive plans	5,874				5,874
Balance (in shares) at Sep. 30, 2020			30,610,153
Balance at Sep. 30, 2020	821,406		$ 6	0	664,092	78,761		78,547
Balance (in shares) at Jun. 30, 2020			30,553,178
Balance at Jun. 30, 2020	795,711		$ 6	0	660,427	61,770		73,508
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	26,283					26,283
Other comprehensive income (loss)	5,039							5,039
Dividends	(9,292)					(9,292)
Exercise of stock options (in shares)			50,474
Exercise of stock options	1,691				1,691
Vesting of RSUs (in shares)			6,501
Vesting of RSUs	(123)				(123)
Compensation expense under share incentive plans	2,097				2,097
Balance (in shares) at Sep. 30, 2020			30,610,153
Balance at Sep. 30, 2020	$ 821,406		$ 6	0	664,092	78,761		78,547
Balance (in shares) at Dec. 31, 2020	30,649,261		30,649,261
Balance at Dec. 31, 2020	$ 795,608		$ 6	0	664,476	49,227		81,899
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(106,506)					(106,506)
Other comprehensive income (loss)	(38,789)							(38,789)
Dividends	(31,833)					(31,833)
Issuance of common shares (in shares)			6,497,500
Issuance of common shares	192,107		$ 1		192,106
Exercise of stock options (in shares)			27,979
Exercise of stock options	401				401
Vesting of RSUs (in shares)			112,504
Vesting of RSUs	(2,592)				(2,592)
Compensation expense under share incentive plans	$ 5,243				5,243
Balance (in shares) at Sep. 30, 2021	37,287,244		37,287,244
Balance at Sep. 30, 2021	$ 813,639		$ 7	0	859,634	(89,112)		43,110
Balance (in shares) at Jun. 30, 2021			37,275,562
Balance at Jun. 30, 2021	858,499		$ 7	0	857,916	(53,993)		54,569
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(23,889)					(23,889)
Other comprehensive income (loss)	(11,459)							(11,459)
Dividends	(11,230)					(11,230)
Exercise of stock options (in shares)			11,508
Exercise of stock options	242				242
Vesting of RSUs (in shares)			174
Compensation expense under share incentive plans	$ 1,476				1,476
Balance (in shares) at Sep. 30, 2021	37,287,244		37,287,244
Balance at Sep. 30, 2021	$ 813,639		$ 7	$ 0	$ 859,634	$ (89,112)		$ 43,110

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net cash (used in) operating activities	[1]	$ (1,061,314)	$ (222,060)
Securities available-for-sale:
Purchases – fixed maturity securities		(326,483)	(509,764)
Sales – fixed maturity securities		118,260	17,465
Maturities and calls – fixed maturity securities		226,280	163,974
Purchases – equity securities		(14,339)	(10,057)
Sales – equity securities		6,757	3,945
Bank loan participations:
Purchases		(88,376)	(36,168)
Sales		48,854	113,432
Maturities		39,058	22,786
Other invested assets:
Purchases		(11,644)	(1,687)
Return of capital		610	314
Redemptions		0	16,292
Short-term investments, net		103,347	84,939
Securities receivable or payable, net		12,365	(487)
Purchases of property and equipment		(2,930)	(315)
Net cash provided by (used in) investing activities		111,759	(135,331)
Financing activities
Senior debt issuances		0	119,000
Senior debt repayments		0	(60,000)
Dividends paid		(31,990)	(27,838)
Issuance of common shares - public offering (Note 12)		192,107	0
Issuance of common shares under equity incentive plans		571	2,529
Common share repurchases		(2,762)	(2,186)
Net cash provided by financing activities		157,926	31,505
Change in cash, cash equivalents, and restricted cash equivalents		(791,629)	(325,886)
Cash, cash equivalents, and restricted cash equivalents at beginning of period		1,022,180	1,406,076
Cash, cash equivalents, and restricted cash equivalents at end of period		230,551	1,080,190
Supplemental information
Interest paid		7,473	9,023
Restricted cash equivalents at beginning of period		859,920	1,199,164
Restricted cash equivalents at end of period		10,000	940,221
Change in restricted cash equivalents		$ (849,920)	$ (258,943)
[1]	Cash used in operating activities for the nine months ended September 30, 2021 and 2020 primarily reflect $849.9 million and $258.9 million, respectively, of restricted cash equivalents returned to a former insured, per the terms of a collateral trust (see Amounts Recoverable from an Indemnifying Party in Liquidity and Capital Resources ). Excluding the reduction in the collateral funds, cash (used in) provided by operating activities was $(211.4) million and $36.9 million for the nine months ended September 30, 2021 and 2020, respectively. The cash used in operating activities excluding the reduction in collateral funds for the nine months ended September 30, 2021 primarily reflects $317.6 million paid to effect a loss portfolio transfer reinsurance transaction in the third quarter.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Change in restricted cash equivalents	$ (849,920)	$ (258,943)
Cash provided by operating activities excluding reduction in collateral funds	(211,400)	$ 36,900
Excess and Surplus Lines | Loss Portfolio Transfer
Cash paid to effect a loss portfolio transfer reinsurance transaction	$ 317,600

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Organization James River Group Holdings, Ltd. (referred to as “JRG Holdings” or, with its subsidiaries, 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 five insurance companies based in the United States (“U.S.”) focused on specialty insurance niches and two Bermuda-based reinsurance companies as described below: • James River Group Holdings UK Limited (“James River UK”) is an insurance holding company formed in 2015 in the United Kingdom (“U.K.”). JRG Holdings contributed James River Group, Inc. (“James River Group”), a U.S. insurance holding company, to James River UK in 2015. ▪ 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 is an Ohio domiciled excess and surplus lines insurance company that, with its wholly-owned insurance subsidiary, James River Casualty Company, a Virginia domiciled 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 Fire and Casualty Company, a California domiciled company. Falls Lake National and its subsidiaries primarily write specialty admitted fronting and program business and individual risk workers' compensation insurance. ◦ JRG Reinsurance Company Ltd. (“JRG Re”) was formed in 2007 and commenced operations in 2008. JRG Re, a Bermuda domiciled reinsurer, primarily provides non-catastrophe casualty reinsurance to U.S. third parties and, through December 31, 2017, to the Company’s U.S.-based insurance subsidiaries. ◦ Carolina Re Ltd (“Carolina Re”) was formed in 2018 and as of January 1, 2018 provides reinsurance to the Company’s U.S.-based insurance subsidiaries. Carolina Re is also the cedent on an aggregate stop loss reinsurance treaty with JRG Re. Basis of Presentation The accompanying condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include the results of the Company and its subsidiaries from their respective dates of inception or acquisition, as applicable. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 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, 2020 was derived from the Company’s audited annual consolidated financial statements. 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 the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the 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 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 $28.2 million and $30.1 million at September 30, 2021 and December 31, 2020, respectively, representing the Company’s maximum exposure to loss. Income Tax Expense Our effective tax rate fluctuates from period to period based on the relative mix of income reported by country and the respective tax rates imposed by each tax jurisdiction. For U.S.-sourced income, the Company’s U.S. federal income tax expense differs from the amounts computed by applying the federal statutory income tax rate to income before taxes due primarily to interest income on tax-advantaged state and municipal securities, dividends received income, and excess tax benefits on share based compensation. The Company had a pre-tax loss of $129.6 million for the nine months ended September 30, 2021 and recorded a U.S. federal income tax benefit of $23.1 million. The pre-tax loss was largely driven by the $210.8 million of net adverse reserve development on prior accident years, including $190.7 million of net adverse development from the Excess and Surplus Lines segment that was primarily related to a former commercial auto account. For the nine months ended September 30, 2021, our U.S. federal income tax benefit was 17.8% of the loss before taxes. For the nine months ended September 30, 2020, our U.S. federal income tax expense was 14.4% of income before taxes. The change in effective tax rate for the two periods reflects changes in reserve estimates in the commercial auto business, and the related impact on the mix of income reported by country in those respective periods.

Investments

Investments	9 Months Ended
	Sep. 30, 2021
Investments [Abstract]
Investments	Investments The Company’s available-for-sale fixed maturity securities are summarized as follows: Cost or Gross Gross Fair (in thousands) September 30, 2021 Fixed maturity securities: State and municipal $ 324,050 $ 13,032 $ (1,447) $ 335,635 Residential mortgage-backed 258,302 3,877 (1,104) 261,075 Corporate 698,454 31,511 (4,093) 725,872 Commercial mortgage and asset-backed 307,223 6,899 (964) 313,158 U.S. Treasury securities and obligations guaranteed by the U.S. government 85,252 1,032 (297) 85,987 Total fixed maturity securities, available-for-sale $ 1,673,281 $ 56,351 $ (7,905) $ 1,721,727 December 31, 2020 Fixed maturity securities: State and municipal $ 277,241 $ 19,203 $ (39) $ 296,405 Residential mortgage-backed 286,104 7,784 (40) 293,848 Corporate 715,145 52,098 (421) 766,822 Commercial mortgage and asset-backed 314,911 12,611 (803) 326,719 U.S. Treasury securities and obligations guaranteed by the U.S. government 97,489 2,360 (1) 99,848 Total fixed maturity securities, available-for-sale $ 1,690,890 $ 94,056 $ (1,304) $ 1,783,642 The amortized cost and fair value of available-for-sale investments in fixed maturity securities at September 30, 2021 are summarized, by contractual maturity, as follows: Cost or Fair (in thousands) One year or less $ 103,777 $ 104,859 After one year through five years 458,454 477,708 After five years through ten years 303,453 310,034 After ten years 242,072 254,893 Residential mortgage-backed 258,302 261,075 Commercial mortgage and asset-backed 307,223 313,158 Total $ 1,673,281 $ 1,721,727 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) September 30, 2021 Fixed maturity securities: State and municipal $ 85,803 $ (1,402) $ 1,155 $ (45) $ 86,958 $ (1,447) Residential mortgage-backed 126,424 (1,100) 311 (4) 126,735 (1,104) Corporate 160,709 (3,186) 9,060 (907) 169,769 (4,093) Commercial mortgage and asset-backed 110,471 (956) 2,438 (8) 112,909 (964) U.S. Treasury securities and obligations guaranteed by the U.S. government 24,600 (297) — — 24,600 (297) Total fixed maturity securities, available-for-sale $ 508,007 $ (6,941) $ 12,964 $ (964) $ 520,971 $ (7,905) December 31, 2020 Fixed maturity securities: State and municipal $ 7,193 $ (39) $ — $ — $ 7,193 $ (39) Residential mortgage-backed 3,649 (40) — — 3,649 (40) Corporate 28,607 (421) — — 28,607 (421) Commercial mortgage and asset-backed 18,427 (447) 38,802 (356) 57,229 (803) U.S. Treasury securities and obligations guaranteed by the U.S. government 2,291 (1) — — 2,291 (1) Total fixed maturity securities, available-for-sale $ 60,167 $ (948) $ 38,802 $ (356) $ 98,969 $ (1,304) At September 30, 2021, the Company held fixed maturity securities of 200 issuers that were in an unrealized loss position with a total fair value of $521.0 million and gross unrealized losses of $7.9 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on, a scheduled principal or interest payment. At September 30, 2021, 99.4% of the Company’s fixed maturity security portfolio was rated “BBB-” or better (“investment grade”) 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 September 30, 2021 had an aggregate fair value of $10.0 million and an aggregate net unrealized gain of $96,000. The Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments on January 1, 2020. This update changed the impairment model for available-for-sale fixed maturities and requires the Company to determine whether unrealized losses on available-for-sale fixed maturities are due to credit-related factors. An allowance for credit losses is established for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in n et realized and unrealized gains (losses) on investments . Unrealized losses that are not credit-related continue to be recognized in other comprehensive income. The Company considers the extent to which fair value is below amortized cost in determining whether a credit-related loss exists. The Company also considers the credit quality rating of the security, with a special emphasis on securities downgraded below investment grade. A comparison is made between the present value of expected future cash flows for a security and its amortized cost. If the present value of future expected cash flows is less than amortized cost, a credit loss is presumed to exist and an allowance for credit losses is established. Management may conclude that a qualitative analysis is sufficient to support its conclusion that the present value of the expected cash flows equals or exceeds a security’s amortized cost. As a result of this review, management concluded that there were no credit-related impairments of fixed maturity securities at September 30, 2021, December 31, 2020, or September 30, 2020. Management does not intend to sell the 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. In connection with the adoption of ASU 2016-13, the Company elected the fair value option in accounting for bank loan participations effective January 1, 2020. The targeted transition relief offered by ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief was applied to elect the fair value option to account for bank loan participations already held at the January 1, 2020 date of adoption. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in our income statement as net realized and unrealized gains (losses) on investments. At adoption on January 1, 2020, the Company applied the amendments on a modified retrospective basis, reducing the carrying value of its bank loan portfolio to fair value through an $8.4 million adjustment with a $7.8 million (net of tax) cumulative effect adjustment to reduce retained earnings. Applying the fair value option to the bank loan portfolio increases volatility in the Company's financial statements, but management believes it is less subjective and less burdensome to implement and maintain than ASU 2016-13, which would have otherwise been required. At September 30, 2021, the Company's bank loan portfolio had an aggregate fair value of $155.0 million and unpaid principal of $158.5 million. Investment income on bank loan participations included in net investment income was $2.8 million and $8.2 million for the three and nine months ended September 30, 2021, respectively ($2.4 million and $9.7 million for the three and nine months ended September 30, 2020, respectively). Net realized and unrealized gains (losses) on investments includes gains of $375,000 and $6.6 million for the three and nine months ended September 30, 2021, respectively, related to changes in unrealized gains and losses on bank loan participations (gains of $9.7 million and losses of $7.6 million in the three and nine months ended September 30, 2020, respectively). For the three and nine months ended September 30, 2021, management concluded that none of the unrealized losses were due to credit-related impairments. Management concluded that $437,000 and $8.2 million of unrealized losses in the three and nine months ended September 30, 2020, respectively, were due to credit-related impairments. Losses due to credit-related impairments are determined based upon consultations and advice from the Company's specialized investment manager and consideration of any adverse situations that could affect the borrower's ability to repay, the estimated value of underlying collateral, and other relevant factors. Bank loan participations generally provide a higher yield than our portfolio of fixed maturities and 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 “BB”, “B”, or “CCC” 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. Interest income on bank loan participations is accrued on the unpaid principal balance, and discounts and premiums on bank loan participations are amortized to income using the interest method. 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 September 30, 2021 or December 31, 2020. The Company’s net realized and unrealized gains and losses on investments are summarized as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Fixed maturity securities: Gross realized gains $ 3,170 $ 386 $ 4,361 $ 906 Gross realized losses (3) — (27) (1) 3,167 386 4,334 905 Bank loan participations: Gross realized gains 130 24 448 357 Gross realized losses (310) (3,506) (1,093) (14,484) Changes in fair values of bank loan participations 375 9,741 6,626 (7,636) 195 6,259 5,981 (21,763) Equity securities: Gross realized gains — 13 111 13 Gross realized losses (2) — (497) (170) Changes in fair values of equity securities 643 2,374 3,803 (6,895) 641 2,387 3,417 (7,052) Short-term investments and other: Gross realized gains 70 27 75 76 Gross realized losses (150) — (150) (1) Changes in fair values of short-term investments and other 60 (130) 81 (50) (20) (103) 6 25 Total $ 3,983 $ 8,929 $ 13,738 $ (27,885) Realized investment gains or losses are determined on a specific identification basis. The Company invests selectively in private debt and equity opportunities. These investments, which together comprise the Company’s other invested assets, are primarily focused in renewable energy, limited partnerships, and bank holding companies. Carrying Value Investment Income September 30, December 31, Three Months Ended Nine Months Ended 2021 2020 2021 2020 2021 2020 (in thousands) Renewable energy LLCs (a) Excess and Surplus Lines $ 25,471 $ — $ 634 $ — $ 634 $ — Corporate & Other 2,762 30,145 14 (526) (772) 320 28,233 30,145 648 (526) (138) 320 Renewable energy notes receivable ( b) Excess and Surplus Lines 4,000 — 120 — 344 — Corporate & Other 5,000 — 150 547 430 814 9,000 — 270 547 774 814 Limited partnerships (c) Excess and Surplus Lines 12,349 4,096 699 125 1,115 2 Corporate & Other 3,662 7,807 58 301 920 100 16,011 11,903 757 426 2,035 102 Bank holding companies (d) Excess and Surplus Lines 4,500 — 85 — 114 — Corporate & Other — 4,500 — 86 143 258 4,500 4,500 85 86 257 258 Total other invested assets Excess and Surplus Lines 46,320 4,096 1,538 125 2,207 2 Corporate & Other 11,424 42,452 222 408 721 1,492 $ 57,744 $ 46,548 $ 1,760 $ 533 $ 2,928 $ 1,494 (a) The Company's Excess and Surplus Lines and Corporate and Other segments own equity interests ranging from 2.6% to 32.6% in various LLCs whose principal objective is capital appreciation and income generation from owning and operating renewable energy production facilities (wind and solar). The LLCs are managed by an entity for which two former directors served as officers, and the Company’s Non-Executive Chairman has invested in certain of these LLCs. The equity method is used to account for the Company’s LLC investments. 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. During the nine months ended September 30, 2021, the Company transferred $26.3 million of its investments in the LLCs from the Corporate and Other segment to the Excess and Surplus Lines segment. The Company received cash distributions from these investments totaling $1.8 million and $1.0 million in the nine months ended September 30, 2021 and 2020, respectively. (b) The Company's Excess and Surplus Lines and Corporate and Other segments have invested in notes receivable for renewable energy projects. At September 30, 2021, the Company held two notes issued by an entity for which two of our former directors serve as officers . Interest on the notes, which mature in 2025, is fixed at 12%. (c) The Company owns investments in limited partnerships that invest in concentrated portfolios including publicly-traded small cap equities, loans of middle market private equity sponsored companies, private equity general partnership interests, commercial mortgage-backed securities, and tranches of distressed home loans. Income f rom the partnerships is recognized under the equity method of accounting. During the nine months ended September 30, 2021, the Company transferred $5.1 million of its investments in the limited partnerships from the Corporate and Other segment to the Excess and Surplus Lines segment. At September 30, 2021, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $6.1 million in these limited partnerships. (d) The Company's Excess and Surplus Lines segment holds $4.5 million of subordinated notes issued by a bank holding company for which the Company’s Non-Executive Chairman was previously the Lead Independent Director and an investor and for which one of the Company’s directors was an investor and is currently a holder of the subordinated notes (the "Bank Holding Company"). During the nine months ended September 30, 2021, the Company transferred ownership of the subordinated notes from the Corporate and Other segment to the Excess and Surplus Lines segment. Interest on the notes, which mature on August 12, 2023, is fixed at 7.6% per annum. At December 31, 2020, the Company held an investment in a CLO where one of the underlying loans was issued by the Bank Holding Company. The investment, with a carrying value of $520,000 at December 31, 2020, was classified as an available-for-sale fixed maturity. During the nine months ended September 30, 2021, the Company received the final principal repayment for the investment.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	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 $181.8 million at September 30, 2021 and December 31, 2020. The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows: September 30, 2021 December 31, 2020 Life Gross Accumulated Gross Accumulated ($ in thousands) Intangible Assets Trademarks Indefinite $ 22,200 $ — $ 22,200 $ — Insurance licenses and authorities Indefinite 8,964 — 8,964 — Identifiable intangibles not subject to amortization 31,164 — 31,164 — Broker relationships 24.6 11,611 6,645 11,611 6,373 Identifiable intangible assets subject to amortization 11,611 6,645 11,611 6,373 $ 42,775 $ 6,645 $ 42,775 $ 6,373

(Loss) Earnings Per Share

(Loss) Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
(Loss) Earnings Per Share	(Loss) Earnings Per Share The following represents a reconciliation of the numerator and denominator of the basic and diluted (loss) earnings per share computations contained in the condensed consolidated financial statements: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands, except share and per share amounts) Net (loss) income to shareholders $ (23,889) $ 26,283 $ (106,506) $ 25,082 Weighted average common shares outstanding: Basic 37,278,469 30,582,540 34,161,022 30,529,557 Common share equivalents — 364,303 — 309,038 Diluted 37,278,469 30,946,843 34,161,022 30,838,595 (Loss) earnings per share: Basic $ (0.64) $ 0.86 $ (3.12) $ 0.82 Common share equivalents — (0.01) — (0.01) Diluted $ (0.64) $ 0.85 $ (3.12) $ 0.81 For the three and nine months ended September 30, 2021, c ommon share equivalents of 133,994 and 203,077, respectively, were excluded from the calculation of diluted (loss) earnings per share as their effects were anti-dilutive. For the three and nine months ended September 30, 2020 , all common share equivalents were dilutive.

Reserve for Losses and Loss Adj

Reserve for Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2021
Liability for Claims and Claims Adjustment Expense [Abstract]
Reserve for Losses and Loss Adjustment Expenses	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. Reinsurance recoverables on unpaid losses and loss adjustment expenses are presented gross of an allowance for credit losses of $515,000 at September 30, 2021 and $335,000 at December 31, 2020 and September 30, 2020. Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period $ 1,511,106 $ 1,339,534 $ 1,386,061 $ 1,377,461 Add: Incurred losses and loss adjustment expenses net of reinsurance: Current year 121,980 101,921 338,796 295,523 Prior years 44,098 4,234 210,782 6,234 Total incurred losses and loss and adjustment expenses 166,078 106,155 549,578 301,757 Deduct: Loss and loss adjustment expense payments net of reinsurance: Current year 12,310 6,950 22,766 13,558 Prior years 125,277 102,140 373,276 329,061 Total loss and loss adjustment expense payments 137,587 109,090 396,042 342,619 Deduct: Loss reserves ceded in LPT Transaction 292,147 — 292,147 — Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period 1,247,450 1,336,599 1,247,450 1,336,599 Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period 1,349,379 770,150 1,349,379 770,150 Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period $ 2,596,829 $ 2,106,749 $ 2,596,829 $ 2,106,749 The Company experienced $44.1 million of net adverse reserve development in the three months ended September 30, 2021 on the reserve for losses and loss adjustment expenses held at December 31, 2020. This reserve development included $29.5 million of net adverse development in the Excess and Surplus Lines segment, $500,000 of net favorable development in the Specialty Admitted Insurance segment, and $15.1 million of net adverse development in the Casualty Reinsurance segment, primarily associated with treaties the Company has exited. On September 27, 2021, James River Insurance Company and James River Casualty Company (together, “James River”) entered into a loss portfolio transfer transaction with Aleka Insurance, Inc. (“Aleka”), a captive insurance company affiliate of Rasier LLC, to reinsure substantially all of the Excess and Surplus Lines segment's legacy portfolio of commercial auto policies previously issued to Rasier LLC and its affiliates (collectively, “Rasier”) for which James River is not otherwise indemnified by Rasier. Under the terms of the transaction, effective as of July 1, 2021, James River ceded to Aleka approximately $345.1 million of commercial auto liabilities relating to Rasier policies written in the years 2013-2019, which amount constituted the reinsurance premium. The reinsurance coverage is fully collateralized, not subject to an aggregate limit, and subject to certain exclusions. A pre-tax loss of $29.6 million was recognized as adverse loss and loss adjustment reserve development in the Excess and Surplus Lines segment for the third quarter of 2021 associated with the loss portfolio transfer, of which $15.8 million was related to claims handling costs. The $15.8 million claims handling costs constitutes James River’s contribution to the fees of an administrator appointed by James River and Aleka to handle the claims on the Rasier commercial auto policies for the remaining life of those claims, and unallocated loss adjustment expenses required to facilitate the transition of the claims to the administrator. The Company also experienced $5.0 million of net catastrophe losses in the current accident year for the three months ended September 30, 2021 related to Hurricane Ida. The losses were primarily in the Excess Property book in the Excess and Surplus Lines segment. The Company experienced $4.2 million of net adverse reserve development in the three months ended September 30, 2020 on the reserve for losses and loss adjustment expenses held at December 31, 2019. This reserve development included $27,000 of net adverse development in the Excess and Surplus Lines segment, $2.0 million of net favorable development in the Specialty Admitted Insurance segment due to favorable development in the workers' compensation business for prior accident years, and $6.2 million of net adverse development in the Casualty Reinsurance segment. The Company experienced $210.8 million of net adverse reserve development in the nine months ended September 30, 2021 on the reserve for losses and loss adjustment expenses held at December 31, 2020. This reserve development included $190.7 million of net adverse development in the Excess and Surplus Lines segment including $200.1 million on commercial auto business, almost entirely related to a previously canceled account that has been in runoff since 2019. The reported losses on this terminated commercial auto account meaningfully exceeded our expectations for the three months ended March 31, 2021. We had expected that reported losses would decline as the account moved further into runoff, but the continued heavy reported loss emergence in the first quarter of 2021 indicated more inherent severity than anticipated. In response, we meaningfully adjusted our actuarial methodology, resulting in a significant strengthening of reserves for this account at March 31, 2021. In prior quarters, our actuarial work for this terminated commercial auto account had been based on industry data, pricing data, experience data, average claims severity data, and blended methodologies. However, the continuation of the highly elevated reported losses in the first quarter of 2021 led us to conclude that using only our own loss experience in our paid and incurred reserve projections rather than the array of inputs that we had used in prior quarters, and giving greater weight to incurred methods, would give us a better estimate of ultimate losses on this account. Loss emergence on the terminated commercial auto account in the second quarter was in line with our expectations, and accordingly, no additional reserve development was taken. In the third quarter, an additional $29.6 million was recognized as adverse loss and loss adjustment reserve development upon entering the loss portfolio transaction as described above, of which $15.8 million was related to claims handling costs. The Company also experienced $2.5 million of net favorable development in the Specialty Admitted Insurance segment, and $22.6 million of net adverse development in the Casualty Reinsurance segment, primarily associated with treaties the Company has exited. The Company also experienced $5.0 million of net catastrophe losses in the current accident year for the nine months ended September 30, 2021 related to Hurricane Ida. The losses were primarily in the Excess Property book in the Excess and Surplus Lines segment. The Company experienced $6.2 million of net adverse reserve development in the nine months ended September 30, 2020 on the reserve for losses and loss adjustment expenses held at December 31, 2019. This reserve development included $2.8 million of net favorable development in the Excess and Surplus Lines segment, $4.0 million of net favorable development in the Specialty Admitted Insurance segment due to favorable development in the workers' compensation business for prior accident years, and $13.1 million of net adverse development in the Casualty Reinsurance segment.

Other Comprehensive (Loss) Inco

Other Comprehensive (Loss) Income	9 Months Ended
	Sep. 30, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive (Loss) Income	Other Comprehensive (Loss) Income The following table summarizes the components of other comprehensive (loss) income: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Unrealized (losses) gains arising during the period, before U.S. income taxes $ (10,174) $ 6,274 $ (39,972) $ 54,722 U.S. income taxes 1,219 (881) 4,654 (6,441) Unrealized (losses) gains arising during the period, net of U.S. income taxes (8,955) 5,393 (35,318) 48,281 Less reclassification adjustment: Net realized investment gains 3,167 386 4,334 905 U.S. income taxes (663) (32) (863) (57) Reclassification adjustment for investment gains realized in net income 2,504 354 3,471 848 Other comprehensive (loss) income $ (11,459) $ 5,039 $ (38,789) $ 47,433 In addition to the $3.2 million and $4.3 million of net realized investment gains on available-for-sale fixed maturities for the three and nine months ended September 30, 2021 , respectively ( $386,000 and $905,000 of net realized investment gains for the three and nine months ended September 30, 2020, respectively) , the Company also recognized net realized and unrealized investment gains (losses) of $195,000 and $6.0 million in the respective periods on its investments in bank loan participations ($6.3 million and $(21.8) million in the respective prior year periods) and $641,000 and $3.4 million in the respective periods on its investments in equity securities ($2.4 million and $(7.1) million in the respective prior year periods).

Contingent Liabilities

Contingent Liabilities	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities The Company is involved in various legal proceedings, including commercial matters and litigation regarding insurance claims arising in the ordinary course of business as well as an alleged class action lawsuit. The Company believes that the outcome of such matters, individually and in the aggregate, is not reasonably likely to have a material adverse effect on its consolidated financial position, results of operations or cash flows. For a description of the potential future impacts of COVID-19 on the Company, see the “The global coronavirus outbreak could harm business and results of operations of the Company” risk factor in Part I—Item IA in our Annual Report on Form 10-K for the year ended December 31, 2020. JRG Re has entered into three 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 $75.0 million facility, $6.4 million of letters of credit were issued through September 30, 2021 which were secured by deposits of $9.6 million. Under a $102.5 million facility, $45.9 million of letters of credit were issued through September 30, 2021 which were secured by deposits of $61.5 million. Under a $100.0 million facility, $14.0 million of letters of credit were issued through September 30, 2021 which were secured by deposits of $28.3 million. JRG Re has also established trust accounts to secure its obligations to selected reinsureds. The total amount deposited in the trust accounts for the benefit of third-party reinsureds was $359.5 million at September 30, 2021. James River previously issued a set of insurance contracts to Rasier under which James River pays losses and loss adjustment expenses on the contracts. James River has indemnity agreements with Rasier (non-insurance entities) and is contractually entitled to reimbursement for a significant portion of the losses and loss adjustment expenses paid on behalf of Rasier and other expenses incurred by James River. Rasier is required to collateralize amounts currently due to James River and to provide additional collateral sufficient to cover the amounts that may be recoverable under the indemnity agreements, including, among other things, case loss and loss adjustment expense reserves, IBNR loss and loss adjustment expense reserves, extra contractual obligations and excess policy limits liabilities. The collateral is provided through a collateral trust arrangement (the “Indemnity Trust”) in favor of James River by Aleka. In conjunction with the LPT Transaction described below, James River returned $691.3 million to the Indemnity Trust, representing the remaining balance of the amount withdrawn in October 2019, as was permitted under the indemnification agreements with Rasier and the associated trust agreement, and previously held on our balance sheet. As of September 30, 2021, the cash equivalent collateral held in the Indemnity Trust was $691.1 million. On September 27, 2021, James River entered into a loss portfolio transfer transaction (the “LPT Transaction”) with Aleka to reinsure substantially all of the Excess and Surplus Lines segment's legacy portfolio of commercial auto policies previously issued to Raiser for which James River is not otherwise indemnified by Rasier. Under the terms of the LPT Transaction, effective as of July 1, 2021, James River ceded to Aleka approximately $345.1 million of commercial auto liabilities relating to Rasier policies written in the years 2013-2019, which amount constituted the reinsurance premium. Aleka is required to post collateral equal to 102% of James River’s estimate of Aleka’s obligations under the reinsurance agreement, calculated in accordance with statutory accounting principles. The collateral is provided through a collateral trust arrangement (the “LPT Trust”) established in favor of James River by Aleka. The balance in the LPT Trust at September 30, 2021 is $309.6 million securing total reinsurance recoverables of $305.8 million (including $292.1 million of unpaid recoverables and $13.7 million of paid recoverables) associated with the LPT Transaction. As part of the LPT Transaction, James River and Aleka entered into an administrative services agreement with a third party claims administrator pursuant to which the administrator will handle the claims on the Rasier commercial auto policies for the remaining life of those claims following a transition period. The claims paid by the claims manager are reimbursable by James River, and pursuant to the terms of the administrative services agreement James River established a loss fund trust account for the benefit of the claims manager (the “Loss Fund Trust”) to collateralize its claims payment reimbursement obligations. James River will fund the Loss Fund Trust using funds withdrawn from the Indemnity Trust, funds withdrawn from the LPT Trust, and its own funds, in each case in an amount equal to the pro rata portion of the required Loss Fund Trust balance attributable to the Rasier indemnity agreements, the LPT Transaction and James River’s existing third party reinsurance agreements, respectively. As of September 30, 2021, in accordance with the administrative services agreement, the Company posted $10.0 million as collateral for the claims paid by the administrator, including $6.8 million of which represents collateral supporting Rasier’s obligations under the indemnity agreements and $2.8 million of which represents collateral supporting Aleka’s obligations under the under the LPT Transaction. The $10.0 million collateral is classified as restricted cash equivalents on the Company’s balance sheet at September 30, 2021.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Information	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 and gross fee income (in specific instances when the Company is not retaining insurance risk) in “other income” in the condensed consolidated statements of (loss) income and comprehensive (loss) income less loss and loss adjustment expenses and other operating expenses of the operating segments. Segment results are reported prior to the effects of intercompany reinsurance agreements among the Company’s insurance subsidiaries. Gross fee income included in other income and underwriting (loss) profit is summarized in the table below: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Excess and Surplus Lines $ — $ — $ — $ 1,571 Specialty Admitted Insurance 1,022 363 2,903 1,147 Total $ 1,022 $ 363 $ 2,903 $ 2,718 The following table summarizes the Company’s segment results: Excess and Specialty Casualty Corporate Total (in thousands) Three Months Ended September 30, 2021 Gross written premiums $ 217,673 $ 121,175 $ 7,751 $ — $ 346,599 Net earned premiums 119,760 19,704 31,144 — 170,608 Underwriting (loss) profit of insurance segments (21,527) 3,084 (11,911) — (30,354) Net investment income 4,678 754 9,699 158 15,289 Interest expense — — — 2,227 2,227 Segment revenues 127,603 21,009 42,167 214 190,993 Segment goodwill 181,831 — — — 181,831 Segment assets 1,835,108 1,053,286 1,871,846 23,859 4,784,099 Three Months Ended September 30, 2020 Gross written premiums $ 179,458 $ 112,589 $ 19,805 $ — $ 311,852 Net earned premiums 104,933 14,985 33,044 — 152,962 Underwriting profit (loss) of insurance segments 15,581 1,859 (689) — 16,751 Net investment income 3,751 807 10,033 368 14,959 Interest expense — — — 2,129 2,129 Segment revenues 112,800 16,843 47,385 437 177,465 Segment goodwill 181,831 — — — 181,831 Segment assets 2,243,065 877,619 1,806,341 57,328 4,984,353 Nine Months Ended September 30, 2021 Gross written premiums $ 613,045 $ 377,400 $ 109,555 $ — $ 1,100,000 Net earned premiums 351,413 54,656 97,837 — 503,906 Underwriting (loss) profit of insurance segments (145,556) 6,488 (16,857) — (155,925) Net investment income 11,857 2,342 29,962 565 44,726 Interest expense — — — 6,692 6,692 Segment revenues 370,417 60,667 133,671 785 565,540 Segment goodwill 181,831 — — — 181,831 Segment assets 1,835,108 1,053,286 1,871,846 23,859 4,784,099 Nine Months Ended September 30, 2020 Gross written premiums $ 502,649 $ 303,831 $ 90,852 $ — $ 897,332 Net earned premiums 305,521 42,660 99,514 — 447,695 Underwriting profit (loss) of insurance segments 39,788 2,301 (3,119) — 38,970 Net investment income 15,028 2,547 32,171 1,399 51,145 Interest expense — — — 7,970 7,970 Segment revenues 309,972 45,386 117,459 1,681 474,498 Segment goodwill 181,831 — — — 181,831 Segment assets 2,243,065 877,619 1,806,341 57,328 4,984,353 The following table reconciles the underwriting (loss) profit of the operating segments by individual segment to consolidated (loss) income before income taxes: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Underwriting (loss) profit of the insurance segments: Excess and Surplus Lines $ (21,527) $ 15,581 $ (145,556) $ 39,788 Specialty Admitted Insurance 3,084 1,859 6,488 2,301 Casualty Reinsurance (11,911) (689) (16,857) (3,119) Total underwriting (loss) profit of insurance segments (30,354) 16,751 (155,925) 38,970 Other operating expenses of the Corporate and Other segment (7,287) (7,805) (23,258) (23,556) Underwriting (loss) profit (37,641) 8,946 (179,183) 15,414 Net investment income 15,289 14,959 44,726 51,145 Net realized and unrealized gains (losses) on investments 3,983 8,929 13,738 (27,885) Amortization of intangible assets (90) (149) (272) (447) Other income and expenses (615) 192 (1,964) (967) Interest expense (2,227) (2,129) (6,692) (7,970) (Loss) income before income taxes $ (21,301) $ 30,748 $ (129,647) $ 29,290

Other Operating Expenses and Ot

Other Operating Expenses and Other Expenses	9 Months Ended
	Sep. 30, 2021
Other Operating Expenses and Other Expenses [Abstract]
Other Operating Expenses and Other Expenses	Other Operating Expenses and Other Expenses Other operating expenses consist of the following: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Amortization of policy acquisition costs $ 19,951 $ 16,660 $ 64,830 $ 62,406 Other underwriting expenses of the operating segments 15,955 13,759 48,326 47,280 Other operating expenses of the Corporate and Other segment 7,287 7,805 23,258 23,556 Total $ 43,193 $ 38,224 $ 136,414 $ 133,242 Other expenses of $706,000 and $2.2 million for the three and nine months ended September 30, 2021 include employee severance costs, legal and other professional fees related to the Company’s May 2021 common share offering, and certain legal and professional consulting fees related to various strategic initiatives. Other expenses of $60,000 and $1.8 million for the three and nine months ended September 30, 2020 primarily consist of employee severance costs.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	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. The fair values of fixed maturity securities, equity securities, and bank loan participations have been determined using fair value prices provided by the Company’s investment accounting services provider or investment managers, who utilize internationally recognized independent pricing services. The prices provided by the independent pricing services are generally based on observable market data in active markets ( e.g. broker quotes and prices observed for comparable 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) and bank loan participations 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 December 31, 2019. The Company reviews fair value prices provided by its outside investment accounting service provider or 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 September 30, 2021 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 335,635 $ — $ 335,635 Residential mortgage-backed — 261,075 — 261,075 Corporate — 725,872 — 725,872 Commercial mortgage and asset-backed — 313,158 — 313,158 U.S. Treasury securities and obligations guaranteed by the U.S. government 85,577 410 — 85,987 Total fixed maturity securities, available-for-sale $ 85,577 $ 1,636,150 $ — $ 1,721,727 Equity securities: Preferred stock — 60,250 — 60,250 Common stock 32,806 6,772 152 39,730 Total equity securities $ 32,806 $ 67,022 $ 152 $ 99,980 Bank loan participations $ — $ 154,769 $ 220 $ 154,989 Short-term investments $ — $ 26,942 $ — $ 26,942 Assets measured at fair value on a recurring basis as of December 31, 2020 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 296,405 $ — $ 296,405 Residential mortgage-backed — 293,848 — 293,848 Corporate — 766,822 — 766,822 Commercial mortgage and asset-backed — 326,719 326,719 U.S. Treasury securities and obligations guaranteed by the U.S. government 99,384 464 — 99,848 Total fixed maturity securities, available-for-sale $ 99,384 $ 1,684,258 $ — $ 1,783,642 Equity securities: Preferred stock — 67,495 — 67,495 Common stock 15,793 5,015 672 21,480 Total equity securities $ 15,793 $ 72,510 $ 672 $ 88,975 Bank loan participations $ — $ 147,296 $ 308 $ 147,604 Short-term investments $ — $ 130,289 $ — $ 130,289 A reconciliation of the beginning and ending balances of available-for-sale fixed maturity securities, equity securities, and bank loan participations measured at fair value on a recurring basis (as a result of the fair value option effective January 1, 2020) using significant unobservable inputs (Level 3) is shown below: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) (in thousands) Beginning balance $ 231 $ 312 $ 980 $ 43 Transfers out of Level 3 — (8) — (729) Transfers in to Level 3 8 — 8 358 Purchases — — — 703 Sales — (282) — Maturities, calls and paydowns (23) — (64) (17) Amortization of discount — — — 3 Total gains or losses (realized/unrealized): Included in earnings 156 4 (270) (53) Included in other comprehensive income — — — — Ending balance $ 372 $ 308 $ 372 $ 308 The Company held one bank loan participation and three equity securities at September 30, 2021 and one bank loan participation and two equity securities at December 31, 2020 for which the fair value was determined using significant unobservable inputs (Level 3). A market approach using prices in trades of comparable securities was utilized to determine a fair value for the securities of $372,000 at September 30, 2021 and $980,000 at December 31, 2020. The Company held one equity security at December 31, 2019 and one bank loan participations and one equity security at September 30, 2020 for which the fair value was determined using significant unobservable inputs (Level 3). During the three months ended September 30, 2020, the Company was able to obtain a quoted price from a pricing provider for one equity security and transferred it to Level 2. A market approach using prices in trades of comparable securities was utilized to determine a fair value for the securities of $308,000 at September 30, 2020 and $43,000 at December 31, 2019. 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 in 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 nine months ended September 30, 2021 or 2020. The Company recognizes transfers between levels at the beginning of the reporting period. 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 Company, with input from its investment managers and valuation specialists as considered necessary. In determining the fair value of such investments, the Company considers one or more of the following factors: type of security held, convertibility or exchangeability of the security, redeemability of the security (including the 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 September 30, 2021 and December 31, 2020, there were no investments for which external sources were unavailable to determine fair value. The carrying values and fair values of financial instruments are summarized below: September 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (in thousands) Assets Fixed maturity securities, available-for-sale $ 1,721,727 $ 1,721,727 $ 1,783,642 $ 1,783,642 Equity securities 99,980 99,980 88,975 88,975 Bank loan participations 154,989 154,989 147,604 147,604 Cash and cash equivalents 220,551 220,551 162,260 162,260 Restricted cash equivalents 10,000 10,000 859,920 859,920 Short-term investments 26,942 26,942 130,289 130,289 Other invested assets – notes receivable 13,500 17,781 4,500 5,302 Liabilities Senior debt 262,300 250,703 262,300 250,953 Junior subordinated debt 104,055 105,675 104,055 110,612 The fair values of fixed maturity securities, equity securities, and bank loan participations 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 September 30, 2021 and December 31, 2020 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 September 30, 2021 and December 31, 2020, respectively. The fair values of senior debt and junior subordinated debt at September 30, 2021 and December 31, 2020 were determined using inputs to the valuation methodology that are unobservable (Level 3).

Senior Debt

Senior Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Senior Debt	Senior Debt At September 30, 2021, the Company had a drawn balance of $185.8 million outstanding on the $212.5 million unsecured revolving facility in its $315.0 million senior revolving credit facility (as amended or amended and restated, the “2013 Facility”). The 2013 Facility contains certain financial and other covenants (including minimum net worth, maximum ratio of total adjusted debt outstanding to total capitalization, and financial strength ratings) with which the Company was in compliance at September 30, 2021. In the three months ended March 31, 2020, the Company drew $60.0 million on the unsecured revolver as a precautionary measure to increase the Company’s cash position and preserve financial flexibility in light of uncertainty in the global markets resulting from the coronavirus (COVID-19) outbreak. The Company repaid $30.0 million in the three months ended June 30, 2020. At September 30, 2021, unsecured loans of $61.5 million and secured letters of credit totaling $14.0 million were outstanding under a credit agreement (the “2017 Facility”) that provides the Company with a revolving line of credit of up to $100.0 million, which may be used for loans and letters of credit made or issued, at the borrowers’ option, on a secured or unsecured basis. The 2017 Facility contains certain financial and other covenants which the Company was in compliance with at September 30, 2021. In the three months ended March 31, 2020, the Company drew $59.0 million of unsecured capacity as a precautionary measure to increase the Company’s cash position and preserve financial flexibility in light of uncertainty in the global markets resulting from the coronavirus (COVID-19) outbreak. The Company repaid $30.0 million in the three months ended June 30, 2020.

Capital Stock and Equity Awards

Capital Stock and Equity Awards	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Capital Stock and Equity Awards	Capital Stock and Equity Awards On May 10, 2021, the Company closed the offering and public sale (the “Offering”) of an aggregate of 6,497,500 of the Company’s common shares at a public offering price of $31.00 per share. The Company received net proceeds (before expenses) from the Offering of $192.1 million, which were used for general corporate purposes. The common shares were offered and sold pursuant to an underwriting agreement entered into by the Company, Barclays Capital, Inc., and Keefe, Bruyette & Woods, Inc., as representatives of the several underwriters named therein. The Company also issued 140,483 common shares in the nine months ended September 30, 2021 related to outstanding equity incentive plan awards. Of the new shares issued, 27,979 were related to employee stock option exercises and 112,504 were related to vesting of restricted share units (“RSUs”). As a result of the Offering and the issuances related to equity incentive plan awards, the total common shares outstanding increased from 30,649,261 at December 31, 2020 to 37,287,244 at September 30, 2021. The Company declared the following dividends during the first nine months of 2021 and 2020: Date of Declaration Dividend per Common Share Payable to Shareholders of Record on Payment Date Total Amount (thousands) 2021 February 24, 2021 $ 0.30 March 15, 2021 March 31, 2021 $ 9,345 April 27, 2021 $ 0.30 June 14, 2021 June 30, 2021 11,291 July 27, 2021 $ 0.30 September 13, 2021 September 30, 2021 11,282 $ 0.90 $ 31,918 2020 February 19, 2020 $ 0.30 March 16, 2020 March 31, 2020 $ 9,269 April 28, 2020 $ 0.30 June 15, 2020 June 30, 2020 $ 9,271 July 28, 2020 $ 0.30 September 14, 2020 September 30, 2020 $ 9,292 $ 0.90 $ 27,832 Included in the total dividends for the nine months ended September 30, 2021 and 2020 are $317,000 and $329,000, respectively, of dividend equivalents on unvested RSUs. The balance of dividends payable on unvested RSUs was $506,000 at September 30, 2021 and $663,000 at December 31, 2020. 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, RSUs, and other awards under the 2014 LTIP. The maximum number of shares available for issuance under the 2014 LTIP is 4,171,150, and at September 30, 2021, 1,310,651 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, RSUs, and other awards under the 2014 Director Plan. The maximum number of shares available for issuance under the 2014 Director Plan is 150,000, and at September 30, 2021, 94,781 shares are available for grant. 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 in the applicable plans), and in the case of the 2014 LTIP for Good Reason (as defined in the applicable plans), at any time following a Change in Control (as defined in the applicable plans). Options The following table summarizes option activity: Nine Months Ended September 30, 2021 2020 Shares Weighted- Shares Weighted- Outstanding: Beginning of period 463,324 $ 32.25 643,851 $ 30.41 Granted — $ — — $ — Exercised (41,392) $ 24.87 (79,615) $ 31.77 Forfeited (29,418) $ 38.81 — $ — End of period 392,514 $ 32.53 564,236 $ 30.22 Exercisable, end of period 392,514 $ 32.53 564,236 $ 30.22 All of the outstanding options are fully vested (vesting period of three years from date of grant) and have a contractual life of seven years from the original date of grant. All of the outstanding options have an exercise price equal to the fair value of the underlying shares at the date of grant. The weighted-average remaining contractual life of the options outstanding and exercisable at September 30, 2021 was 1.4 years. RSUs The following table summarizes RSU activity: Nine Months Ended September 30, 2021 2020 Shares Weighted- Shares Weighted- Unvested, beginning of period 399,856 $ 43.59 340,368 $ 41.50 Granted 139,682 $ 50.22 197,518 $ 43.77 Vested (165,131) $ 41.86 (156,434) $ 41.50 Forfeited (56,575) $ 45.91 (16,846) $ 42.17 Unvested, end of period 317,832 $ 47.00 364,606 $ 42.70 Outstanding RSUs granted to employees vest ratably over a three year vesting period. RSUs granted to non-employee directors have a one year vesting period. The holders of RSUs are entitled to dividend equivalents. The dividend equivalents are settled in cash at the same time that the underlying RSUs vest and are subject to the same risk of forfeiture as the underlying shares. The fair value of the RSUs granted is based on the market price of the underlying shares at the date of grant. 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 Nine Months Ended 2021 2020 2021 2020 (in thousands) Share based compensation expense $ 1,476 $ 2,097 $ 5,243 $ 5,874 U.S. tax benefit on share based compensation expense 306 287 902 786 As of September 30, 2021, the Company had $10.3 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 1.9 years.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 26, 2021, the Board of Directors declared a cash dividend of $0.30 per common share. The dividend is payable on December 31, 2021 to shareholders of record on December 13, 2021. On October 26, 2021, the Board of Directors granted awards under the 2014 LTIP to the Company’s employees. RSUs for 22,290 shares were awarded with a fair value on the date of grant of $32.75 per share. The RSUs vest over two

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include the results of the Company and its subsidiaries from their respective dates of inception or acquisition, as applicable. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 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, 2020 was derived from the Company’s audited annual consolidated financial statements. 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 the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the 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.
Income Tax Expense	Income Tax ExpenseOur effective tax rate fluctuates from period to period based on the relative mix of income reported by country and the respective tax rates imposed by each tax jurisdiction. For U.S.-sourced income, the Company’s U.S. federal income tax expense differs from the amounts computed by applying the federal statutory income tax rate to income before taxes due primarily to interest income on tax-advantaged state and municipal securities, dividends received income, and excess tax benefits on share based compensation.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2021
Investments [Abstract]
Schedule of Summary of Available-for-Sale Investments	The Company’s available-for-sale fixed maturity securities are summarized as follows: Cost or Gross Gross Fair (in thousands) September 30, 2021 Fixed maturity securities: State and municipal $ 324,050 $ 13,032 $ (1,447) $ 335,635 Residential mortgage-backed 258,302 3,877 (1,104) 261,075 Corporate 698,454 31,511 (4,093) 725,872 Commercial mortgage and asset-backed 307,223 6,899 (964) 313,158 U.S. Treasury securities and obligations guaranteed by the U.S. government 85,252 1,032 (297) 85,987 Total fixed maturity securities, available-for-sale $ 1,673,281 $ 56,351 $ (7,905) $ 1,721,727 December 31, 2020 Fixed maturity securities: State and municipal $ 277,241 $ 19,203 $ (39) $ 296,405 Residential mortgage-backed 286,104 7,784 (40) 293,848 Corporate 715,145 52,098 (421) 766,822 Commercial mortgage and asset-backed 314,911 12,611 (803) 326,719 U.S. Treasury securities and obligations guaranteed by the U.S. government 97,489 2,360 (1) 99,848 Total fixed maturity securities, available-for-sale $ 1,690,890 $ 94,056 $ (1,304) $ 1,783,642
Schedule of Summary of Available-for-Sale Investments by Contractual Maturity	The amortized cost and fair value of available-for-sale investments in fixed maturity securities at September 30, 2021 are summarized, by contractual maturity, as follows: Cost or Fair (in thousands) One year or less $ 103,777 $ 104,859 After one year through five years 458,454 477,708 After five years through ten years 303,453 310,034 After ten years 242,072 254,893 Residential mortgage-backed 258,302 261,075 Commercial mortgage and asset-backed 307,223 313,158 Total $ 1,673,281 $ 1,721,727
Schedule of Gross Unrealized Losses and Fair Value for Available-for-Sale Securities	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) September 30, 2021 Fixed maturity securities: State and municipal $ 85,803 $ (1,402) $ 1,155 $ (45) $ 86,958 $ (1,447) Residential mortgage-backed 126,424 (1,100) 311 (4) 126,735 (1,104) Corporate 160,709 (3,186) 9,060 (907) 169,769 (4,093) Commercial mortgage and asset-backed 110,471 (956) 2,438 (8) 112,909 (964) U.S. Treasury securities and obligations guaranteed by the U.S. government 24,600 (297) — — 24,600 (297) Total fixed maturity securities, available-for-sale $ 508,007 $ (6,941) $ 12,964 $ (964) $ 520,971 $ (7,905) December 31, 2020 Fixed maturity securities: State and municipal $ 7,193 $ (39) $ — $ — $ 7,193 $ (39) Residential mortgage-backed 3,649 (40) — — 3,649 (40) Corporate 28,607 (421) — — 28,607 (421) Commercial mortgage and asset-backed 18,427 (447) 38,802 (356) 57,229 (803) U.S. Treasury securities and obligations guaranteed by the U.S. government 2,291 (1) — — 2,291 (1) Total fixed maturity securities, available-for-sale $ 60,167 $ (948) $ 38,802 $ (356) $ 98,969 $ (1,304)
Summary of Net Realized Gains and Losses on Investments	The Company’s net realized and unrealized gains and losses on investments are summarized as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Fixed maturity securities: Gross realized gains $ 3,170 $ 386 $ 4,361 $ 906 Gross realized losses (3) — (27) (1) 3,167 386 4,334 905 Bank loan participations: Gross realized gains 130 24 448 357 Gross realized losses (310) (3,506) (1,093) (14,484) Changes in fair values of bank loan participations 375 9,741 6,626 (7,636) 195 6,259 5,981 (21,763) Equity securities: Gross realized gains — 13 111 13 Gross realized losses (2) — (497) (170) Changes in fair values of equity securities 643 2,374 3,803 (6,895) 641 2,387 3,417 (7,052) Short-term investments and other: Gross realized gains 70 27 75 76 Gross realized losses (150) — (150) (1) Changes in fair values of short-term investments and other 60 (130) 81 (50) (20) (103) 6 25 Total $ 3,983 $ 8,929 $ 13,738 $ (27,885)
Summary of Net Unrealized Gains and Losses on Investments	The Company’s net realized and unrealized gains and losses on investments are summarized as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Fixed maturity securities: Gross realized gains $ 3,170 $ 386 $ 4,361 $ 906 Gross realized losses (3) — (27) (1) 3,167 386 4,334 905 Bank loan participations: Gross realized gains 130 24 448 357 Gross realized losses (310) (3,506) (1,093) (14,484) Changes in fair values of bank loan participations 375 9,741 6,626 (7,636) 195 6,259 5,981 (21,763) Equity securities: Gross realized gains — 13 111 13 Gross realized losses (2) — (497) (170) Changes in fair values of equity securities 643 2,374 3,803 (6,895) 641 2,387 3,417 (7,052) Short-term investments and other: Gross realized gains 70 27 75 76 Gross realized losses (150) — (150) (1) Changes in fair values of short-term investments and other 60 (130) 81 (50) (20) (103) 6 25 Total $ 3,983 $ 8,929 $ 13,738 $ (27,885)
Schedule of Other Invested Assets	The Company invests selectively in private debt and equity opportunities. These investments, which together comprise the Company’s other invested assets, are primarily focused in renewable energy, limited partnerships, and bank holding companies. Carrying Value Investment Income September 30, December 31, Three Months Ended Nine Months Ended 2021 2020 2021 2020 2021 2020 (in thousands) Renewable energy LLCs (a) Excess and Surplus Lines $ 25,471 $ — $ 634 $ — $ 634 $ — Corporate & Other 2,762 30,145 14 (526) (772) 320 28,233 30,145 648 (526) (138) 320 Renewable energy notes receivable ( b) Excess and Surplus Lines 4,000 — 120 — 344 — Corporate & Other 5,000 — 150 547 430 814 9,000 — 270 547 774 814 Limited partnerships (c) Excess and Surplus Lines 12,349 4,096 699 125 1,115 2 Corporate & Other 3,662 7,807 58 301 920 100 16,011 11,903 757 426 2,035 102 Bank holding companies (d) Excess and Surplus Lines 4,500 — 85 — 114 — Corporate & Other — 4,500 — 86 143 258 4,500 4,500 85 86 257 258 Total other invested assets Excess and Surplus Lines 46,320 4,096 1,538 125 2,207 2 Corporate & Other 11,424 42,452 222 408 721 1,492 $ 57,744 $ 46,548 $ 1,760 $ 533 $ 2,928 $ 1,494 (a) The Company's Excess and Surplus Lines and Corporate and Other segments own equity interests ranging from 2.6% to 32.6% in various LLCs whose principal objective is capital appreciation and income generation from owning and operating renewable energy production facilities (wind and solar). The LLCs are managed by an entity for which two former directors served as officers, and the Company’s Non-Executive Chairman has invested in certain of these LLCs. The equity method is used to account for the Company’s LLC investments. 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. During the nine months ended September 30, 2021, the Company transferred $26.3 million of its investments in the LLCs from the Corporate and Other segment to the Excess and Surplus Lines segment. The Company received cash distributions from these investments totaling $1.8 million and $1.0 million in the nine months ended September 30, 2021 and 2020, respectively. (b) The Company's Excess and Surplus Lines and Corporate and Other segments have invested in notes receivable for renewable energy projects. At September 30, 2021, the Company held two notes issued by an entity for which two of our former directors serve as officers . Interest on the notes, which mature in 2025, is fixed at 12%. (c) The Company owns investments in limited partnerships that invest in concentrated portfolios including publicly-traded small cap equities, loans of middle market private equity sponsored companies, private equity general partnership interests, commercial mortgage-backed securities, and tranches of distressed home loans. Income f rom the partnerships is recognized under the equity method of accounting. During the nine months ended September 30, 2021, the Company transferred $5.1 million of its investments in the limited partnerships from the Corporate and Other segment to the Excess and Surplus Lines segment. At September 30, 2021, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $6.1 million in these limited partnerships. (d) The Company's Excess and Surplus Lines segment holds $4.5 million of subordinated notes issued by a bank holding company for which the Company’s Non-Executive Chairman was previously the Lead Independent Director and an investor and for which one of the Company’s directors was an investor and is currently a holder of the subordinated notes (the "Bank Holding Company"). During the nine months ended September 30, 2021, the Company transferred ownership of the subordinated notes from the Corporate and Other segment to the Excess and Surplus Lines segment. Interest on the notes, which mature on August 12, 2023, is fixed at 7.6% per annum.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Gross Carrying Amounts and Accumulated Amortization for Finite-Lived Intangible Assets	The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows: September 30, 2021 December 31, 2020 Life Gross Accumulated Gross Accumulated ($ in thousands) Intangible Assets Trademarks Indefinite $ 22,200 $ — $ 22,200 $ — Insurance licenses and authorities Indefinite 8,964 — 8,964 — Identifiable intangibles not subject to amortization 31,164 — 31,164 — Broker relationships 24.6 11,611 6,645 11,611 6,373 Identifiable intangible assets subject to amortization 11,611 6,645 11,611 6,373 $ 42,775 $ 6,645 $ 42,775 $ 6,373
Schedule of Gross Carrying Amounts for Indefinite-Lived Intangible Assets	The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows: September 30, 2021 December 31, 2020 Life Gross Accumulated Gross Accumulated ($ in thousands) Intangible Assets Trademarks Indefinite $ 22,200 $ — $ 22,200 $ — Insurance licenses and authorities Indefinite 8,964 — 8,964 — Identifiable intangibles not subject to amortization 31,164 — 31,164 — Broker relationships 24.6 11,611 6,645 11,611 6,373 Identifiable intangible assets subject to amortization 11,611 6,645 11,611 6,373 $ 42,775 $ 6,645 $ 42,775 $ 6,373

(Loss) Earnings Per Share (Tabl

(Loss) Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerator and Denominator of Basic and Diluted Earnings Per Share	The following represents a reconciliation of the numerator and denominator of the basic and diluted (loss) earnings per share computations contained in the condensed consolidated financial statements: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands, except share and per share amounts) Net (loss) income to shareholders $ (23,889) $ 26,283 $ (106,506) $ 25,082 Weighted average common shares outstanding: Basic 37,278,469 30,582,540 34,161,022 30,529,557 Common share equivalents — 364,303 — 309,038 Diluted 37,278,469 30,946,843 34,161,022 30,838,595 (Loss) earnings per share: Basic $ (0.64) $ 0.86 $ (3.12) $ 0.82 Common share equivalents — (0.01) — (0.01) Diluted $ (0.64) $ 0.85 $ (3.12) $ 0.81

Reserve for Losses and Loss A_2

Reserve for Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2021
Liability for Claims and Claims Adjustment Expense [Abstract]
Schedule of Reconciliation of Beginning and Ending Reserve Balances 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. Reinsurance recoverables on unpaid losses and loss adjustment expenses are presented gross of an allowance for credit losses of $515,000 at September 30, 2021 and $335,000 at December 31, 2020 and September 30, 2020. Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period $ 1,511,106 $ 1,339,534 $ 1,386,061 $ 1,377,461 Add: Incurred losses and loss adjustment expenses net of reinsurance: Current year 121,980 101,921 338,796 295,523 Prior years 44,098 4,234 210,782 6,234 Total incurred losses and loss and adjustment expenses 166,078 106,155 549,578 301,757 Deduct: Loss and loss adjustment expense payments net of reinsurance: Current year 12,310 6,950 22,766 13,558 Prior years 125,277 102,140 373,276 329,061 Total loss and loss adjustment expense payments 137,587 109,090 396,042 342,619 Deduct: Loss reserves ceded in LPT Transaction 292,147 — 292,147 — Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period 1,247,450 1,336,599 1,247,450 1,336,599 Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period 1,349,379 770,150 1,349,379 770,150 Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period $ 2,596,829 $ 2,106,749 $ 2,596,829 $ 2,106,749

Other Comprehensive (Loss) In_2

Other Comprehensive (Loss) Income (Tables)	9 Months Ended
	Sep. 30, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Components of Comprehensive Income (Loss)	The following table summarizes the components of other comprehensive (loss) income: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Unrealized (losses) gains arising during the period, before U.S. income taxes $ (10,174) $ 6,274 $ (39,972) $ 54,722 U.S. income taxes 1,219 (881) 4,654 (6,441) Unrealized (losses) gains arising during the period, net of U.S. income taxes (8,955) 5,393 (35,318) 48,281 Less reclassification adjustment: Net realized investment gains 3,167 386 4,334 905 U.S. income taxes (663) (32) (863) (57) Reclassification adjustment for investment gains realized in net income 2,504 354 3,471 848 Other comprehensive (loss) income $ (11,459) $ 5,039 $ (38,789) $ 47,433

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Summary of Company's Segment Results	Gross fee income included in other income and underwriting (loss) profit is summarized in the table below: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Excess and Surplus Lines $ — $ — $ — $ 1,571 Specialty Admitted Insurance 1,022 363 2,903 1,147 Total $ 1,022 $ 363 $ 2,903 $ 2,718 The following table summarizes the Company’s segment results: Excess and Specialty Casualty Corporate Total (in thousands) Three Months Ended September 30, 2021 Gross written premiums $ 217,673 $ 121,175 $ 7,751 $ — $ 346,599 Net earned premiums 119,760 19,704 31,144 — 170,608 Underwriting (loss) profit of insurance segments (21,527) 3,084 (11,911) — (30,354) Net investment income 4,678 754 9,699 158 15,289 Interest expense — — — 2,227 2,227 Segment revenues 127,603 21,009 42,167 214 190,993 Segment goodwill 181,831 — — — 181,831 Segment assets 1,835,108 1,053,286 1,871,846 23,859 4,784,099 Three Months Ended September 30, 2020 Gross written premiums $ 179,458 $ 112,589 $ 19,805 $ — $ 311,852 Net earned premiums 104,933 14,985 33,044 — 152,962 Underwriting profit (loss) of insurance segments 15,581 1,859 (689) — 16,751 Net investment income 3,751 807 10,033 368 14,959 Interest expense — — — 2,129 2,129 Segment revenues 112,800 16,843 47,385 437 177,465 Segment goodwill 181,831 — — — 181,831 Segment assets 2,243,065 877,619 1,806,341 57,328 4,984,353 Nine Months Ended September 30, 2021 Gross written premiums $ 613,045 $ 377,400 $ 109,555 $ — $ 1,100,000 Net earned premiums 351,413 54,656 97,837 — 503,906 Underwriting (loss) profit of insurance segments (145,556) 6,488 (16,857) — (155,925) Net investment income 11,857 2,342 29,962 565 44,726 Interest expense — — — 6,692 6,692 Segment revenues 370,417 60,667 133,671 785 565,540 Segment goodwill 181,831 — — — 181,831 Segment assets 1,835,108 1,053,286 1,871,846 23,859 4,784,099 Nine Months Ended September 30, 2020 Gross written premiums $ 502,649 $ 303,831 $ 90,852 $ — $ 897,332 Net earned premiums 305,521 42,660 99,514 — 447,695 Underwriting profit (loss) of insurance segments 39,788 2,301 (3,119) — 38,970 Net investment income 15,028 2,547 32,171 1,399 51,145 Interest expense — — — 7,970 7,970 Segment revenues 309,972 45,386 117,459 1,681 474,498 Segment goodwill 181,831 — — — 181,831 Segment assets 2,243,065 877,619 1,806,341 57,328 4,984,353
Schedule of Underwriting Profit of Operating Segments by Individual Segment and Reconciliation to Consolidated Income Before Taxes	The following table reconciles the underwriting (loss) profit of the operating segments by individual segment to consolidated (loss) income before income taxes: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Underwriting (loss) profit of the insurance segments: Excess and Surplus Lines $ (21,527) $ 15,581 $ (145,556) $ 39,788 Specialty Admitted Insurance 3,084 1,859 6,488 2,301 Casualty Reinsurance (11,911) (689) (16,857) (3,119) Total underwriting (loss) profit of insurance segments (30,354) 16,751 (155,925) 38,970 Other operating expenses of the Corporate and Other segment (7,287) (7,805) (23,258) (23,556) Underwriting (loss) profit (37,641) 8,946 (179,183) 15,414 Net investment income 15,289 14,959 44,726 51,145 Net realized and unrealized gains (losses) on investments 3,983 8,929 13,738 (27,885) Amortization of intangible assets (90) (149) (272) (447) Other income and expenses (615) 192 (1,964) (967) Interest expense (2,227) (2,129) (6,692) (7,970) (Loss) income before income taxes $ (21,301) $ 30,748 $ (129,647) $ 29,290

Other Operating Expenses and _2

Other Operating Expenses and Other Expenses (Tables)	9 Months Ended
	Sep. 30, 2021
Other Operating Expenses and Other Expenses [Abstract]
Schedule of Other Operating Expenses	Other operating expenses consist of the following: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Amortization of policy acquisition costs $ 19,951 $ 16,660 $ 64,830 $ 62,406 Other underwriting expenses of the operating segments 15,955 13,759 48,326 47,280 Other operating expenses of the Corporate and Other segment 7,287 7,805 23,258 23,556 Total $ 43,193 $ 38,224 $ 136,414 $ 133,242

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on a Recurring Basis	Assets measured at fair value on a recurring basis as of September 30, 2021 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 335,635 $ — $ 335,635 Residential mortgage-backed — 261,075 — 261,075 Corporate — 725,872 — 725,872 Commercial mortgage and asset-backed — 313,158 — 313,158 U.S. Treasury securities and obligations guaranteed by the U.S. government 85,577 410 — 85,987 Total fixed maturity securities, available-for-sale $ 85,577 $ 1,636,150 $ — $ 1,721,727 Equity securities: Preferred stock — 60,250 — 60,250 Common stock 32,806 6,772 152 39,730 Total equity securities $ 32,806 $ 67,022 $ 152 $ 99,980 Bank loan participations $ — $ 154,769 $ 220 $ 154,989 Short-term investments $ — $ 26,942 $ — $ 26,942 Assets measured at fair value on a recurring basis as of December 31, 2020 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 296,405 $ — $ 296,405 Residential mortgage-backed — 293,848 — 293,848 Corporate — 766,822 — 766,822 Commercial mortgage and asset-backed — 326,719 326,719 U.S. Treasury securities and obligations guaranteed by the U.S. government 99,384 464 — 99,848 Total fixed maturity securities, available-for-sale $ 99,384 $ 1,684,258 $ — $ 1,783,642 Equity securities: Preferred stock — 67,495 — 67,495 Common stock 15,793 5,015 672 21,480 Total equity securities $ 15,793 $ 72,510 $ 672 $ 88,975 Bank loan participations $ — $ 147,296 $ 308 $ 147,604 Short-term investments $ — $ 130,289 $ — $ 130,289
Schedule of Reconciliation of Securities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs	A reconciliation of the beginning and ending balances of available-for-sale fixed maturity securities, equity securities, and bank loan participations measured at fair value on a recurring basis (as a result of the fair value option effective January 1, 2020) using significant unobservable inputs (Level 3) is shown below: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) (in thousands) Beginning balance $ 231 $ 312 $ 980 $ 43 Transfers out of Level 3 — (8) — (729) Transfers in to Level 3 8 — 8 358 Purchases — — — 703 Sales — (282) — Maturities, calls and paydowns (23) — (64) (17) Amortization of discount — — — 3 Total gains or losses (realized/unrealized): Included in earnings 156 4 (270) (53) Included in other comprehensive income — — — — Ending balance $ 372 $ 308 $ 372 $ 308
Schedule of Carrying Value and Fair Value	The carrying values and fair values of financial instruments are summarized below: September 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (in thousands) Assets Fixed maturity securities, available-for-sale $ 1,721,727 $ 1,721,727 $ 1,783,642 $ 1,783,642 Equity securities 99,980 99,980 88,975 88,975 Bank loan participations 154,989 154,989 147,604 147,604 Cash and cash equivalents 220,551 220,551 162,260 162,260 Restricted cash equivalents 10,000 10,000 859,920 859,920 Short-term investments 26,942 26,942 130,289 130,289 Other invested assets – notes receivable 13,500 17,781 4,500 5,302 Liabilities Senior debt 262,300 250,703 262,300 250,953 Junior subordinated debt 104,055 105,675 104,055 110,612

Capital Stock and Equity Awar_2

Capital Stock and Equity Awards (Tables)	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Schedule of Dividends	The Company declared the following dividends during the first nine months of 2021 and 2020: Date of Declaration Dividend per Common Share Payable to Shareholders of Record on Payment Date Total Amount (thousands) 2021 February 24, 2021 $ 0.30 March 15, 2021 March 31, 2021 $ 9,345 April 27, 2021 $ 0.30 June 14, 2021 June 30, 2021 11,291 July 27, 2021 $ 0.30 September 13, 2021 September 30, 2021 11,282 $ 0.90 $ 31,918 2020 February 19, 2020 $ 0.30 March 16, 2020 March 31, 2020 $ 9,269 April 28, 2020 $ 0.30 June 15, 2020 June 30, 2020 $ 9,271 July 28, 2020 $ 0.30 September 14, 2020 September 30, 2020 $ 9,292 $ 0.90 $ 27,832
Schedule of Summary of Option Activity	The following table summarizes option activity: Nine Months Ended September 30, 2021 2020 Shares Weighted- Shares Weighted- Outstanding: Beginning of period 463,324 $ 32.25 643,851 $ 30.41 Granted — $ — — $ — Exercised (41,392) $ 24.87 (79,615) $ 31.77 Forfeited (29,418) $ 38.81 — $ — End of period 392,514 $ 32.53 564,236 $ 30.22 Exercisable, end of period 392,514 $ 32.53 564,236 $ 30.22
Schedule of Summary of RSU Activity	The following table summarizes RSU activity: Nine Months Ended September 30, 2021 2020 Shares Weighted- Shares Weighted- Unvested, beginning of period 399,856 $ 43.59 340,368 $ 41.50 Granted 139,682 $ 50.22 197,518 $ 43.77 Vested (165,131) $ 41.86 (156,434) $ 41.50 Forfeited (56,575) $ 45.91 (16,846) $ 42.17 Unvested, end of period 317,832 $ 47.00 364,606 $ 42.70
Schedule of Summary of Share Based Compensation Expense and Related Tax Benefit	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 Nine Months Ended 2021 2020 2021 2020 (in thousands) Share based compensation expense $ 1,476 $ 2,097 $ 5,243 $ 5,874 U.S. tax benefit on share based compensation expense 306 287 902 786

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)company	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)company	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Accounting Policies [Line Items]
Investment in variable interest entities	$ 28,200		$ 28,200		$ 30,100
Pre-tax income (loss)	(21,301)	$ 30,748	(129,647)	$ 29,290
Income tax expense (benefit)	2,588	4,465	(23,141)	4,208
Development on prior year loss reserves	44,098	4,234	$ 210,782	$ 6,234
Effective U.S. federal income tax expense (benefit) rate			(17.80%)	14.40%
Excess and Surplus Lines
Accounting Policies [Line Items]
Development on prior year loss reserves	$ 29,500	$ 27	$ 190,700	$ (2,800)
UNITED STATES
Accounting Policies [Line Items]
Number of insurance companies | company	5		5
BERMUDA
Accounting Policies [Line Items]
Number of insurance companies | company	2		2

Investments - Schedule of Avail

Investments - Schedule of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	$ 1,673,281
Fixed maturity securities, available-for-sale	1,721,727	$ 1,783,642
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	1,673,281	1,690,890
Total investments available-for-sale, Gross Unrealized Gains	56,351	94,056
Total investments available-for-sale, Gross Unrealized Losses	(7,905)	(1,304)
Fixed maturity securities, available-for-sale	1,721,727	1,783,642
State and municipal
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	324,050	277,241
Total investments available-for-sale, Gross Unrealized Gains	13,032	19,203
Total investments available-for-sale, Gross Unrealized Losses	(1,447)	(39)
Fixed maturity securities, available-for-sale	335,635	296,405
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	258,302	286,104
Total investments available-for-sale, Gross Unrealized Gains	3,877	7,784
Total investments available-for-sale, Gross Unrealized Losses	(1,104)	(40)
Fixed maturity securities, available-for-sale	261,075	293,848
Corporate
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	698,454	715,145
Total investments available-for-sale, Gross Unrealized Gains	31,511	52,098
Total investments available-for-sale, Gross Unrealized Losses	(4,093)	(421)
Fixed maturity securities, available-for-sale	725,872	766,822
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	307,223	314,911
Total investments available-for-sale, Gross Unrealized Gains	6,899	12,611
Total investments available-for-sale, Gross Unrealized Losses	(964)	(803)
Fixed maturity securities, available-for-sale	313,158	326,719
U.S. Treasury securities and obligations guaranteed by the U.S. government
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	85,252	97,489
Total investments available-for-sale, Gross Unrealized Gains	1,032	2,360
Total investments available-for-sale, Gross Unrealized Losses	(297)	(1)
Fixed maturity securities, available-for-sale	$ 85,987	$ 99,848

Investments - Schedule of Contr

Investments - Schedule of Contract Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Cost or Amortized Cost
One year or less	$ 103,777
After one year through five years	458,454
After five years through ten years	303,453
After ten years	242,072
Residential mortgage-backed	258,302
Commercial mortgage and asset-backed	307,223
Total fixed maturity securities, Cost or Amortized Cost	1,673,281
Fair Value
One year or less	104,859
After one year through five years	477,708
After five years through ten years	310,034
After ten years	254,893
Residential mortgage-backed	261,075
Commercial mortgage and asset-backed	313,158
Total investments available-for-sale, Fair Value	$ 1,721,727	$ 1,783,642

Investments - Schedule of Gross

Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	$ 508,007	$ 60,167
Fixed maturity securities, less than 12 months, gross unrealized losses	(6,941)	(948)
Fixed maturity securities, 12 months or more, fair value	12,964	38,802
Fixed maturity securities, 12 months or more, gross unrealized losses	(964)	(356)
Fixed maturity securities, fair value	520,971	98,969
Fixed maturity securities, gross unrealized losses	(7,905)	(1,304)
State and municipal
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	85,803	7,193
Fixed maturity securities, less than 12 months, gross unrealized losses	(1,402)	(39)
Fixed maturity securities, 12 months or more, fair value	1,155	0
Fixed maturity securities, 12 months or more, gross unrealized losses	(45)	0
Fixed maturity securities, fair value	86,958	7,193
Fixed maturity securities, gross unrealized losses	(1,447)	(39)
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	126,424	3,649
Fixed maturity securities, less than 12 months, gross unrealized losses	(1,100)	(40)
Fixed maturity securities, 12 months or more, fair value	311	0
Fixed maturity securities, 12 months or more, gross unrealized losses	(4)	0
Fixed maturity securities, fair value	126,735	3,649
Fixed maturity securities, gross unrealized losses	(1,104)	(40)
Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	160,709	28,607
Fixed maturity securities, less than 12 months, gross unrealized losses	(3,186)	(421)
Fixed maturity securities, 12 months or more, fair value	9,060	0
Fixed maturity securities, 12 months or more, gross unrealized losses	(907)	0
Fixed maturity securities, fair value	169,769	28,607
Fixed maturity securities, gross unrealized losses	(4,093)	(421)
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	110,471	18,427
Fixed maturity securities, less than 12 months, gross unrealized losses	(956)	(447)
Fixed maturity securities, 12 months or more, fair value	2,438	38,802
Fixed maturity securities, 12 months or more, gross unrealized losses	(8)	(356)
Fixed maturity securities, fair value	112,909	57,229
Fixed maturity securities, gross unrealized losses	(964)	(803)
U.S. Treasury securities and obligations guaranteed by the U.S. government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	24,600	2,291
Fixed maturity securities, less than 12 months, gross unrealized losses	(297)	(1)
Fixed maturity securities, 12 months or more, fair value	0	0
Fixed maturity securities, 12 months or more, gross unrealized losses	0	0
Fixed maturity securities, fair value	24,600	2,291
Fixed maturity securities, gross unrealized losses	$ (297)	$ (1)

Investments - Narrative (Detail

Investments - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)issuer	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)issuer	Sep. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)
Gain (Loss) on Securities [Line Items]
Number of issuers | issuer	200		200
Fixed maturity securities, available-for-sale	$ 1,721,727,000		$ 1,721,727,000			$ 1,783,642,000
Shareholders' equity	813,639,000	$ 821,406,000	813,639,000	$ 821,406,000	$ 858,499,000	795,608,000	$ 795,711,000		$ 778,581,000
Bank loan participations	154,989,000		154,989,000			147,604,000
Unpaid principal balance	158,500,000		158,500,000
Net investment income	15,289,000	14,959,000	44,726,000	51,145,000
Changes in fair values of bank loan participations	375,000	9,741,000	6,626,000	(7,636,000)
Losses due to credit-related impairments	0	437,000	0	8,200,000
Bank Holding Company
Gain (Loss) on Securities [Line Items]
Carrying value of collateralized loan obligation held						520,000
Bank Loan Participations
Gain (Loss) on Securities [Line Items]
Net investment income	2,800,000	2,400,000	8,200,000	9,700,000
Retained (Deficit) Earnings
Gain (Loss) on Securities [Line Items]
Shareholders' equity	(89,112,000)	$ 78,761,000	(89,112,000)	$ 78,761,000	$ (53,993,000)	49,227,000	$ 61,770,000		89,586,000
Cumulative Effect, Period of Adoption, Adjustment | ASU 2019-05
Gain (Loss) on Securities [Line Items]
Reduction in bank loan participations								$ 8,400,000
Shareholders' equity									(7,827,000)
Cumulative Effect, Period of Adoption, Adjustment | ASU 2019-05 | Retained (Deficit) Earnings
Gain (Loss) on Securities [Line Items]
Shareholders' equity								$ (7,800,000)	$ (7,827,000)
Below BBB-
Gain (Loss) on Securities [Line Items]
Fixed maturity securities, available-for-sale	10,000,000		10,000,000
Aggregate net unrealized gain	96,000		96,000
Fixed maturity securities
Gain (Loss) on Securities [Line Items]
Total fair value	520,971,000		520,971,000			98,969,000
Gross unrealized losses	7,905,000		7,905,000			1,304,000
Fixed maturity securities, available-for-sale	1,721,727,000		1,721,727,000			1,783,642,000
Aggregate net unrealized gain	$ 56,351,000		$ 56,351,000			$ 94,056,000
Fixed maturity securities | BBB- or better
Gain (Loss) on Securities [Line Items]
Percentage of available for sale securities	99.40%		99.40%

Investments - Summary of Realiz

Investments - Summary of Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments [Abstract]
Fixed maturity securities, gross realized gains	$ 3,170	$ 386	$ 4,361	$ 906
Fixed maturity securities, gross realized losses	(3)	0	(27)	(1)
Fixed maturity securities	3,167	386	4,334	905
Bank loan participations, gross realized gains	130	24	448	357
Bank loan participations, gross realized losses	(310)	(3,506)	(1,093)	(14,484)
Changes in fair values of bank loan participations	375	9,741	6,626	(7,636)
Bank loan participations	195	6,259	5,981	(21,763)
Equity securities, gross realized gain	0	13	111	13
Equity securities, gross realized losses	(2)	0	(497)	(170)
Changes in fair values of equity securities	643	2,374	3,803	(6,895)
Equity securities	641	2,387	3,417	(7,052)
Short-term investments and other, gross realized gains	70	27	75	76
Short-term investments and other, gross realized losses	(150)	0	(150)	(1)
Changes in fair values of short-term investments and other	60	(130)	81	(50)
Short-term investments and other	(20)	(103)	6	25
Total	$ 3,983	$ 8,929	$ 13,738	$ (27,885)

Investments - Summary of Privat

Investments - Summary of Private Debt and Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Net Investment Income [Line Items]
Total other invested assets	$ 57,744		$ 57,744		$ 46,548
Investment income	1,760	$ 533	2,928	$ 1,494
Renewable energy LLCs
Net Investment Income [Line Items]
Total other invested assets	28,233		28,233		30,145
Investment income	648	(526)	(138)	320
Renewable energy notes receivable
Net Investment Income [Line Items]
Total other invested assets	9,000		9,000		0
Investment income	$ 270	547	$ 774	814
Rate of interest	12.00%		12.00%
Limited partnerships
Net Investment Income [Line Items]
Total other invested assets	$ 16,011		$ 16,011		11,903
Investment income	757	426	2,035	102
Bank holding companies
Net Investment Income [Line Items]
Total other invested assets	4,500		4,500		4,500
Investment income	85	86	257	258
Excess and Surplus Lines
Net Investment Income [Line Items]
Total other invested assets	46,320		46,320		4,096
Investment income	$ 1,538	125	2,207	2
Excess and Surplus Lines | Investment in LLC
Net Investment Income [Line Items]
Investment transfer			$ 26,300
Excess and Surplus Lines | Minimum | Investment in LLC
Net Investment Income [Line Items]
Ownership percentage	2.60%		2.60%
Excess and Surplus Lines | Maximum | Investment in LLC
Net Investment Income [Line Items]
Ownership percentage	32.60%		32.60%
Excess and Surplus Lines | Renewable energy LLCs
Net Investment Income [Line Items]
Total other invested assets	$ 25,471		$ 25,471		0
Investment income	634	0	634	0
Excess and Surplus Lines | Renewable energy notes receivable
Net Investment Income [Line Items]
Total other invested assets	4,000		4,000		0
Investment income	120	0	344	0
Excess and Surplus Lines | Limited partnerships
Net Investment Income [Line Items]
Total other invested assets	12,349		12,349		4,096
Investment income	699	125	1,115	2
Investment transfer			5,100
Outstanding commitments to invest	6,100		6,100
Excess and Surplus Lines | Bank holding companies
Net Investment Income [Line Items]
Total other invested assets	4,500		4,500		0
Investment income	$ 85	0	$ 114	0
Rate of interest	7.60%		7.60%
Investment in private subordinated notes	$ 4,500		$ 4,500
Corporate and Other
Net Investment Income [Line Items]
Total other invested assets	11,424		11,424		42,452
Investment income	$ 222	408	721	1,492
Corporate and Other | Investment in LLC
Net Investment Income [Line Items]
Investment transfer			(26,300)
Cash distributions from LLCs			$ 1,800	1,000
Corporate and Other | Minimum | Investment in LLC
Net Investment Income [Line Items]
Ownership percentage	2.60%		2.60%
Corporate and Other | Maximum | Investment in LLC
Net Investment Income [Line Items]
Ownership percentage	32.60%		32.60%
Corporate and Other | Renewable energy LLCs
Net Investment Income [Line Items]
Total other invested assets	$ 2,762		$ 2,762		30,145
Investment income	14	(526)	(772)	320
Corporate and Other | Renewable energy notes receivable
Net Investment Income [Line Items]
Total other invested assets	5,000		5,000		0
Investment income	150	547	430	814
Corporate and Other | Limited partnerships
Net Investment Income [Line Items]
Total other invested assets	3,662		3,662		7,807
Investment income	58	301	920	100
Investment transfer			(5,100)
Corporate and Other | Bank holding companies
Net Investment Income [Line Items]
Total other invested assets	0		0		$ 4,500
Investment income	$ 0	$ 86	$ 143	$ 258

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 11, 2007
Business Acquisition [Line Items]
Goodwill	$ 181,831	$ 181,831	$ 181,831
James River Group, Inc.
Business Acquisition [Line Items]
Percentage of outstanding shares				100.00%

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 31,164	$ 31,164
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	6,645	6,373
Total Intangible Assets, Gross	42,775	42,775
Broker relationships
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	$ 6,645	6,373
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	$ 8,964	$ 8,964

(Loss) Earnings Per Share - Bas

(Loss) Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net (loss) income to shareholders	$ (23,889)	$ 26,283	$ (106,506)	$ 25,082
Weighted average common shares outstanding:
Basic (in shares)	37,278,469	30,582,540	34,161,022	30,529,557
Common share equivalents (in shares)	0	364,303	0	309,038
Diluted (in shares)	37,278,469	30,946,843	34,161,022	30,838,595
(Loss) earnings per share:
Basic (in dollars per share)	$ (0.64)	$ 0.86	$ (3.12)	$ 0.82
Common share equivalents (in dollars per share)	0	(0.01)	0	(0.01)
Diluted (in dollars per share)	$ (0.64)	$ 0.85	$ (3.12)	$ 0.81

(Loss) Earnings Per Share - Nar

(Loss) Earnings Per Share - Narrative (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
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 (in shares)	133,994	203,077

Reserve for Losses and Loss A_3

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	Sep. 27, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Abstract]
Allowance for uncollectible reinsurance balances		$ 515	$ 335	$ 515	$ 335	$ 335
Development on prior year loss reserves
Development on prior year loss reserves		44,098	4,234	210,782	6,234
Excess and Surplus Lines
Development on prior year loss reserves
Development on prior year loss reserves		29,500	27	190,700	(2,800)
Excess and Surplus Lines | Loss Portfolio Transfer
Development on prior year loss reserves
Development on prior year loss reserves	$ 29,600
Claims handling costs amount	15,800
Excess and Surplus Lines | Hurricane
Development on prior year loss reserves
Liability for catastrophe claims, losses		5,000		5,000
Excess and Surplus Lines | Commercial Auto Business
Development on prior year loss reserves
Development on prior year loss reserves				200,100
Excess and Surplus Lines | Commercial Auto Business | Loss Portfolio Transfer
Development on prior year loss reserves
Reinsurance premium	$ 345,100
Specialty Admitted Insurance
Development on prior year loss reserves
Development on prior year loss reserves		(500)	(2,000)	(2,500)	(4,000)
Casualty Reinsurance
Development on prior year loss reserves
Development on prior year loss reserves		$ (15,100)	$ 6,200	$ 22,600	$ 13,100

Reserve for Losses and Loss A_4

Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Losses and Loss Adjustment Balances (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) [Abstract]
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$ 1,511,106	$ 1,339,534	$ 1,386,061	$ 1,377,461
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	121,980	101,921	338,796	295,523
Prior years	44,098	4,234	210,782	6,234
Total incurred losses and loss and adjustment expenses	166,078	106,155	549,578	301,757
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	12,310	6,950	22,766	13,558
Prior years	125,277	102,140	373,276	329,061
Total loss and loss adjustment expense payments	137,587	109,090	396,042	342,619
Deduct: Loss reserves ceded in LPT Transaction	292,147	0	292,147	0
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,247,450	1,336,599	1,247,450	1,336,599
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,349,379	770,150	1,349,379	770,150
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$ 2,596,829	$ 2,106,749	$ 2,596,829	$ 2,106,749	$ 2,192,080

Other Comprehensive (Loss) In_3

Other Comprehensive (Loss) Income - Summary of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized (losses) gains arising during the period, before U.S. income taxes	$ (10,174)	$ 6,274	$ (39,972)	$ 54,722
U.S. income taxes	1,219	(881)	4,654	(6,441)
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(8,955)	5,393	(35,318)	48,281
Less reclassification adjustment:
Net realized investment gains	3,167	386	4,334	905
U.S. income taxes	(663)	(32)	(863)	(57)
Reclassification adjustment for investment gains realized in net income	2,504	354	3,471	848
Other comprehensive (loss) income	$ (11,459)	$ 5,039	$ (38,789)	$ 47,433

Other Comprehensive (Loss) In_4

Other Comprehensive (Loss) Income - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net realized investment gains	$ 3,167	$ 386	$ 4,334	$ 905
Bank loan participations	195	6,259	5,981	(21,763)
Net realized and unrealized gains (losses) on investments in equity securities	$ 641	$ 2,387	$ 3,417	$ (7,052)

Contingent Liabilities - Narrat

Contingent Liabilities - Narrative (Details)	Sep. 27, 2021USD ($)	Sep. 30, 2021USD ($)credit_facility	Dec. 31, 2020USD ($)
Contingent Liabilities [Line Items]
Reinsurance recoverable on unpaid losses, net		$ 1,348,864,000	$ 805,684,000
Reinsurance recoverable on paid losses		82,110,000	$ 46,118,000
Excess and Surplus Lines
Contingent Liabilities [Line Items]
Restricted cash and cash equivalents		10,000,000
Excess and Surplus Lines | Loss Portfolio Transfer
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement		309,600,000
Required collateral, percentage	102.00%
Reinsurance recoverables		305,800,000
Reinsurance recoverable on unpaid losses, net		292,100,000
Reinsurance recoverable on paid losses		13,700,000
Cash collateral claims paid by third party	$ 10,000,000
Excess and Surplus Lines | Commercial Auto Business | Loss Portfolio Transfer
Contingent Liabilities [Line Items]
Reinsurance premium	345,100,000
Raiser
Contingent Liabilities [Line Items]
Restricted cash and cash equivalents	691,300,000
Cash equivalent collateral trust arrangement		$ 691,100,000
Raiser | Excess and Surplus Lines | Loss Portfolio Transfer
Contingent Liabilities [Line Items]
Cash collateral claims paid by third party	6,800,000
Aleka | Excess and Surplus Lines | Loss Portfolio Transfer
Contingent Liabilities [Line Items]
Cash collateral claims paid by third party	$ 2,800,000
JRG Reinsurance Company, Ltd.
Contingent Liabilities [Line Items]
Number of credit facilities | credit_facility		3
JRG Reinsurance Company, Ltd. | Third-party Reinsureds
Contingent Liabilities [Line Items]
Assets held in trust		$ 359,500,000
JRG Reinsurance Company, Ltd. | Letter of credit 75 Million
Contingent Liabilities [Line Items]
Letters of credit facility, amount		75,000,000
Amount of letters of credit issued		6,400,000
Assets deposited for securing letters of credit		9,600,000
JRG Reinsurance Company, Ltd. | Letter of credit 102.5 Million
Contingent Liabilities [Line Items]
Letters of credit facility, amount		102,500,000
Amount of letters of credit issued		45,900,000
Assets deposited for securing letters of credit		61,500,000
JRG Reinsurance Company, Ltd. | Letter of credit 100 Million
Contingent Liabilities [Line Items]
Amount of letters of credit issued		14,000,000
Assets deposited for securing letters of credit		28,300,000
Line of credit (up to)		$ 100,000,000

Segment Information - Gross Fee

Segment Information - Gross Fee Income (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			4
Segment Reporting Information [Line Items]
Gross fee income	$ 1,022	$ 363	$ 2,903	$ 2,718
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Gross fee income	0	0	0	1,571
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Gross fee income	$ 1,022	$ 363	$ 2,903	$ 1,147

Segment Information - Summary o

Segment Information - Summary of Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Gross written premiums	$ 346,599	$ 311,852	$ 1,100,000	$ 897,332
Net earned premiums	170,608	152,962	503,906	447,695
Underwriting (loss) profit of insurance segments	(30,354)	16,751	(155,925)	38,970
Net investment income	15,289	14,959	44,726	51,145
Interest expense	2,227	2,129	6,692	7,970
Segment revenues	190,993	177,465	565,540	474,498
Segment goodwill	181,831	181,831	181,831	181,831	$ 181,831
Segment assets	4,784,099	4,984,353	4,784,099	4,984,353	$ 5,063,072
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Gross written premiums	217,673	179,458	613,045	502,649
Net earned premiums	119,760	104,933	351,413	305,521
Underwriting (loss) profit of insurance segments	(21,527)	15,581	(145,556)	39,788
Net investment income	4,678	3,751	11,857	15,028
Interest expense	0	0	0	0
Segment revenues	127,603	112,800	370,417	309,972
Segment goodwill	181,831	181,831	181,831	181,831
Segment assets	1,835,108	2,243,065	1,835,108	2,243,065
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Gross written premiums	121,175	112,589	377,400	303,831
Net earned premiums	19,704	14,985	54,656	42,660
Underwriting (loss) profit of insurance segments	3,084	1,859	6,488	2,301
Net investment income	754	807	2,342	2,547
Interest expense	0	0	0	0
Segment revenues	21,009	16,843	60,667	45,386
Segment goodwill	0	0	0	0
Segment assets	1,053,286	877,619	1,053,286	877,619
Casualty Reinsurance
Segment Reporting Information [Line Items]
Gross written premiums	7,751	19,805	109,555	90,852
Net earned premiums	31,144	33,044	97,837	99,514
Underwriting (loss) profit of insurance segments	(11,911)	(689)	(16,857)	(3,119)
Net investment income	9,699	10,033	29,962	32,171
Interest expense	0	0	0	0
Segment revenues	42,167	47,385	133,671	117,459
Segment goodwill	0	0	0	0
Segment assets	1,871,846	1,806,341	1,871,846	1,806,341
Corporate and Other
Segment Reporting Information [Line Items]
Gross written premiums	0	0	0	0
Net earned premiums	0	0	0	0
Underwriting (loss) profit of insurance segments	0	0	0	0
Net investment income	158	368	565	1,399
Interest expense	2,227	2,129	6,692	7,970
Segment revenues	214	437	785	1,681
Segment goodwill	0	0	0	0
Segment assets	$ 23,859	$ 57,328	$ 23,859	$ 57,328

Segment Information - Reconcili

Segment Information - Reconciliation of Operating Segments by Individual Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total underwriting (loss) profit of insurance segments	$ (30,354)	$ 16,751	$ (155,925)	$ 38,970
Other operating expenses of the Corporate and Other segment	(7,287)	(7,805)	(23,258)	(23,556)
Underwriting (loss) profit	(37,641)	8,946	(179,183)	15,414
Net investment income	15,289	14,959	44,726	51,145
Net realized and unrealized gains (losses) on investments	3,983	8,929	13,738	(27,885)
Amortization of intangible assets	(90)	(149)	(272)	(447)
Other income and expenses	(615)	192	(1,964)	(967)
Interest expense	(2,227)	(2,129)	(6,692)	(7,970)
(Loss) income before taxes	(21,301)	30,748	(129,647)	29,290
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Total underwriting (loss) profit of insurance segments	(21,527)	15,581	(145,556)	39,788
Net investment income	4,678	3,751	11,857	15,028
Interest expense	0	0	0	0
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Total underwriting (loss) profit of insurance segments	3,084	1,859	6,488	2,301
Net investment income	754	807	2,342	2,547
Interest expense	0	0	0	0
Casualty Reinsurance
Segment Reporting Information [Line Items]
Total underwriting (loss) profit of insurance segments	(11,911)	(689)	(16,857)	(3,119)
Net investment income	9,699	10,033	29,962	32,171
Interest expense	$ 0	$ 0	$ 0	$ 0

Other Operating Expenses and _3

Other Operating Expenses and Other Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Operating Expenses and Other Expenses [Abstract]
Amortization of policy acquisition costs	$ 19,951	$ 16,660	$ 64,830	$ 62,406
Other underwriting expenses of the operating segments	15,955	13,759	48,326	47,280
Other operating expenses of the Corporate and Other segment	7,287	7,805	23,258	23,556
Total	43,193	38,224	136,414	133,242
Other expenses	$ 706	$ 60	$ 2,231	$ 1,792

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 1,721,727	$ 1,783,642
Equity securities:
Bank loan participations	154,989	147,604
Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,721,727	1,783,642
State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	335,635	296,405
Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	261,075	293,848
Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	725,872	766,822
Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	313,158	326,719
U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	85,987	99,848
Recurring basis
Equity securities:
Bank loan participations	154,989	147,604
Short-term investments	26,942	130,289
Recurring basis | Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,721,727	1,783,642
Recurring basis | State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	335,635	296,405
Recurring basis | Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	261,075	293,848
Recurring basis | Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	725,872	766,822
Recurring basis | Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	313,158	326,719
Recurring basis | U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	85,987	99,848
Recurring basis | Equity securities
Equity securities:
Total equity securities	99,980	88,975
Recurring basis | Preferred stock
Equity securities:
Total equity securities	60,250	67,495
Recurring basis | Common stock
Equity securities:
Total equity securities	39,730	21,480
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1
Equity securities:
Bank loan participations	0	0
Short-term investments	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	85,577	99,384
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	85,577	99,384
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Equity securities
Equity securities:
Total equity securities	32,806	15,793
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Preferred stock
Equity securities:
Total equity securities	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Common stock
Equity securities:
Total equity securities	32,806	15,793
Recurring basis | Significant Other Observable Inputs Level 2
Equity securities:
Bank loan participations	154,769	147,296
Short-term investments	26,942	130,289
Recurring basis | Significant Other Observable Inputs Level 2 | Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,636,150	1,684,258
Recurring basis | Significant Other Observable Inputs Level 2 | State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	335,635	296,405
Recurring basis | Significant Other Observable Inputs Level 2 | Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	261,075	293,848
Recurring basis | Significant Other Observable Inputs Level 2 | Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	725,872	766,822
Recurring basis | Significant Other Observable Inputs Level 2 | Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	313,158	326,719
Recurring basis | Significant Other Observable Inputs Level 2 | U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	410	464
Recurring basis | Significant Other Observable Inputs Level 2 | Equity securities
Equity securities:
Total equity securities	67,022	72,510
Recurring basis | Significant Other Observable Inputs Level 2 | Preferred stock
Equity securities:
Total equity securities	60,250	67,495
Recurring basis | Significant Other Observable Inputs Level 2 | Common stock
Equity securities:
Total equity securities	6,772	5,015
Recurring basis | Significant Unobservable Inputs Level 3
Equity securities:
Bank loan participations	220	308
Short-term investments	0	0
Recurring basis | Significant Unobservable Inputs Level 3 | Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis | Significant Unobservable Inputs Level 3 | State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis | Significant Unobservable Inputs Level 3 | Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis | Significant Unobservable Inputs Level 3 | Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis | Significant Unobservable Inputs Level 3 | Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0
Recurring basis | Significant Unobservable Inputs Level 3 | U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis | Significant Unobservable Inputs Level 3 | Equity securities
Equity securities:
Total equity securities	152	672
Recurring basis | Significant Unobservable Inputs Level 3 | Preferred stock
Equity securities:
Total equity securities	0	0
Recurring basis | Significant Unobservable Inputs Level 3 | Common stock
Equity securities:
Total equity securities	$ 152	$ 672

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Securities Measured at Fair Value (Details) - Fair Value, Recurring - Available-for-sale fixed maturity securities and equity securities - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 231	$ 312	$ 980	$ 43
Transfers out of Level 3	0	(8)	0	(729)
Transfers in to Level 3	8	0	8	358
Purchases	0	0	0	703
Sales		0	(282)	0
Maturities, calls and paydowns	(23)	0	(64)	(17)
Amortization of discount	0	0	0	3
Total gains or losses (realized/unrealized)-Included in earnings	156	4	(270)	(53)
Total gains or losses (realized/unrealized)-Included in other comprehensive income	0	0	0	0
Ending balance	$ 372	$ 308	$ 372	$ 308

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	Sep. 30, 2021USD ($)securitybank_loan_participation	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)bank_loan_participationsecurity	Sep. 30, 2020USD ($)securitybank_loan_participation	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)security
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of bank loan participations held | bank_loan_participation	1		1	1
Number of equity securities held | security	3		2	1		1
Recurring basis | Available-for-sale fixed maturity securities and equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset value | $	$ 372	$ 231	$ 980	$ 308	$ 312	$ 43

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Assets
Fixed maturity securities, available-for-sale	$ 1,721,727	$ 1,783,642
Bank loan participations	154,989	147,604
Cash and cash equivalents	220,551	162,260
Restricted cash equivalents	10,000	859,920	$ 940,221	$ 1,199,164
Liabilities
Senior debt	262,300	262,300
Junior subordinated debt	104,055	104,055
Carrying Value
Assets
Fixed maturity securities, available-for-sale	1,721,727	1,783,642
Equity securities	99,980	88,975
Bank loan participations	154,989	147,604
Cash and cash equivalents	220,551	162,260
Restricted cash equivalents	10,000	859,920
Short-term investments	26,942	130,289
Other invested assets – notes receivable	13,500	4,500
Liabilities
Senior debt	262,300	262,300
Junior subordinated debt	104,055	104,055
Fair Value
Assets
Fixed maturity securities, available-for-sale	1,721,727	1,783,642
Equity securities	99,980	88,975
Bank loan participations	154,989	147,604
Cash and cash equivalents	220,551	162,260
Restricted cash equivalents	10,000	859,920
Short-term investments	26,942	130,289
Other invested assets – notes receivable	17,781	5,302
Liabilities
Senior debt	250,703	250,953
Junior subordinated debt	$ 105,675	$ 110,612

Senior Debt (Details)

Senior Debt (Details) - USD ($)	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Drawn balance outstanding			$ 262,300,000	$ 262,300,000
2013 Facility | JRG Reinsurance Company, Ltd.
Debt Instrument [Line Items]
Amount of letters of credit issued			45,900,000
2017 Facility | JRG Reinsurance Company, Ltd.
Debt Instrument [Line Items]
Line of credit (up to)			100,000,000
Amount of letters of credit issued			14,000,000
Unsecured Debt | 2013 Facility
Debt Instrument [Line Items]
Drawn balance outstanding			185,800,000
Line of credit (up to)			212,500,000
Amount drawn		$ 60,000,000
Repaid amount	$ 30,000,000
Unsecured Debt | 2017 Facility
Debt Instrument [Line Items]
Drawn balance outstanding			61,500,000
Amount drawn		$ 59,000,000
Repaid amount	$ 30,000,000
Line of Credit | 2013 Facility
Debt Instrument [Line Items]
Line of credit (up to)			$ 315,000,000

Capital Stock and Equity Awar_3

Capital Stock and Equity Awards - Common Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	May 10, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of stock				$ 192,107	$ 0
Common stock, shares outstanding (in shares)		37,287,244		37,287,244			30,649,261
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit dividend equivalents				$ 317	$ 329
Dividends payable		$ 506		$ 506			$ 663
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common shares related to outstanding equity plan awards (in shares)				140,483
Exercise of stock options (in shares)		11,508	50,474	27,979	79,615
Vesting of RSUs (in shares)		174	6,501	112,504	106,147
Common stock, shares outstanding (in shares)		37,287,244	30,610,153	37,287,244	30,610,153	37,275,562	30,649,261	30,553,178	30,424,391
Public Stock Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares issued during period (in shares)	6,497,500
Shares issued at a public offering price (in dollars per share)	$ 31
Proceeds from issuance of stock	$ 192,100

Capital Stock and Equity Awar_4

Capital Stock and Equity Awards - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2021	Jul. 27, 2021	Jun. 30, 2021	Apr. 27, 2021	Mar. 31, 2021	Feb. 24, 2021	Sep. 30, 2020	Jul. 28, 2020	Jun. 30, 2020	Apr. 28, 2020	Mar. 31, 2020	Feb. 19, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Dividend declared per share (in dollars per share)		$ 0.30		$ 0.30		$ 0.30		$ 0.30		$ 0.30		$ 0.30	$ 0.30	$ 0.30	$ 0.90	$ 0.90
Total Amount (thousands)	$ 11,282		$ 11,291		$ 9,345		$ 9,292		$ 9,271		$ 9,269				$ 31,918	$ 27,832

Capital Stock and Equity Awar_5

Capital Stock and Equity Awards - Equity Incentive Plans (Details) - Non-qualified stock options	Sep. 30, 2021shares
2014 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance (in shares)	4,171,150
Number of shares available for grant (in shares)	1,310,651
2014 Director Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance (in shares)	150,000
Number of shares available for grant (in shares)	94,781

Capital Stock and Equity Awar_6

Capital Stock and Equity Awards - Summary of Option Activity (Details) - Options - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Shares
Beginning of period (in shares)	463,324	643,851
Granted (in shares)	0	0
Exercised (in shares)	(41,392)	(79,615)
Forfeited (in shares)	(29,418)	0
End of period (in shares)	392,514	564,236
Exercisable, end of period (in shares)	392,514	564,236
Weighted- Average Exercise Price
Beginning of period (in dollars per share)	$ 32.25	$ 30.41
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	24.87	31.77
Forfeited (in dollars per share)	38.81	0
End of period (in dollars per share)	32.53	30.22
Exercisable, end of period (in dollars per share)	$ 32.53	$ 30.22
Vesting period (in years)	3 years
Contractual life (in years)	7 years
Weighted-average remaining contractual life of options outstanding	1 year 4 months 24 days
Weighted-average remaining contractual life of options exercisable	1 year 4 months 24 days

Capital Stock and Equity Awar_7

Capital Stock and Equity Awards - Summary of RSU Activity (Details) - RSUs - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Shares
Unvested, beginning of period (in shares)	399,856	340,368
Granted (in shares)	139,682	197,518
Vested (in shares)	(165,131)	(156,434)
Forfeited (in shares)	(56,575)	(16,846)
Unvested, end of period (in shares)	317,832	364,606
Weighted- Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share)	$ 43.59	$ 41.50
Granted (in dollars per share)	50.22	43.77
Vested (in dollars per share)	41.86	41.50
Forfeited (in dollars per share)	45.91	42.17
Unvested, end of period (in dollars per share)	$ 47	$ 42.70
Vesting period (in years)	3 years
Non-employee directors
Weighted- Average Grant Date Fair Value
Vesting period (in years)	1 year

Capital Stock and Equity Awar_8

Capital Stock and Equity Awards - Summary of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Share based compensation expense	$ 1,476	$ 2,097	$ 5,243	$ 5,874
U.S. tax benefit on share based compensation expense	$ 306	$ 287	$ 902	$ 786

Capital Stock and Equity Awar_9

Capital Stock and Equity Awards - Compensation Expense (Details) - RSUs $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 10.3
Weighted-average period of unrecognized share based compensation expense	1 year 10 months 24 days

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Dec. 31, 2021	Dec. 13, 2021	Oct. 26, 2021	Sep. 30, 2021	Sep. 30, 2020
RSUs
Subsequent Event [Line Items]
Number of shares granted				139,682	197,518
Fair value of shares granted (in dollars per share)				$ 50.22	$ 43.77
Vesting period (in years)				3 years
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)			$ 0.30
Dividends payable, date to be paid	Dec. 31, 2021
Dividend payable, record date		Dec. 13, 2021
Subsequent Event | RSUs
Subsequent Event [Line Items]
Number of shares granted			22,290
Fair value of shares granted (in dollars per share)			$ 32.75
Subsequent Event | RSUs | Minimum
Subsequent Event [Line Items]
Vesting period (in years)			2 years
Subsequent Event | RSUs | Maximum
Subsequent Event [Line Items]
Vesting period (in years)			3 years