James River (JRVR) 10-Q 2 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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		37,460,041
Entity Central Index Key	0001620459
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Invested assets:
Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2022 – $1,839,336; 2021 – $1,643,865)	$ 1,639,248	$ 1,677,561
Equity securities, at fair value (cost: 2022 – $121,446; 2021 – $95,783)	118,114	108,410
Bank loan participations, at fair value	160,296	156,043
Short-term investments	208,904	136,563
Other invested assets	49,471	51,908
Total invested assets	2,176,033	2,130,485
Cash and cash equivalents	187,544	190,123
Restricted cash equivalents	102,485	102,005
Accrued investment income	13,778	11,037
Premiums receivable and agents’ balances, net	341,655	393,967
Reinsurance recoverable on unpaid losses, net	1,584,836	1,348,628
Reinsurance recoverable on paid losses	110,260	82,235
Prepaid reinsurance premiums	280,739	291,498
Deferred policy acquisition costs	62,883	68,526
Intangible assets, net	35,767	36,039
Goodwill	181,831	181,831
Other assets	127,680	112,176
Total assets	5,205,491	4,948,550
Liabilities:
Reserve for losses and loss adjustment expenses	2,786,700	2,748,473
Unearned premiums	696,452	727,552
Payables to reinsurers	114,064	135,617
Funds held	335,233	97,360
Deferred reinsurance gain	20,773	0
Senior debt	222,300	262,300
Junior subordinated debt	104,055	104,055
Accrued expenses	52,010	57,920
Other liabilities	202,202	89,911
Total liabilities	4,533,789	4,223,188
Commitments and contingent liabilities
Series A redeemable preferred shares – 2022 and 2021: $0.00125 par value; 20,000,000 shares authorized; 150,000 and no shares issued and outstanding, respectively	144,898	0
Shareholders’ equity:
Common shares – 2022 and 2021: $0.0002 par value; 200,000,000 shares authorized; 37,450,438 and 37,373,066 shares issued and outstanding, respectively	7	7
Additional paid-in capital	867,309	862,040
Retained deficit	(165,263)	(166,663)
Accumulated other comprehensive (loss) income	(175,249)	29,978
Total shareholders’ equity	526,804	725,362
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$ 5,205,491	$ 4,948,550

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fixed maturity securities, available-for-sale, at amortized cost	$ 1,839,336
Equity securities, at cost	$ 121,446	$ 95,783
Series A convertible preferred shares (in dollars per share)	$ 0.00125	$ 0.00125
Series A convertible preferred shares, authorized (in shares)	20,000,000	20,000,000
Series A convertible preferred shares, issued (in shares)	150,000	0
Series A convertible preferred shares, outstanding (in shares)	150,000	0
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)	37,450,438	37,373,066
Common stock, shares outstanding (in shares)	37,450,438	37,373,066
Fixed maturity securities
Fixed maturity securities, available-for-sale, at amortized cost	$ 1,839,336	$ 1,643,865

Condensed Consolidated Statemen

Condensed Consolidated Statements of (Loss) Income and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Gross written premiums	$ 358,505	$ 346,599	$ 1,118,155	$ 1,100,000
Ceded written premiums	(168,254)	(188,389)	(557,354)	(573,587)
Net written premiums	190,251	158,210	560,801	526,413
Change in net unearned premiums	(62)	12,398	5,474	(22,507)
Net earned premiums	190,189	170,608	566,275	503,906
Net investment income	17,306	15,289	48,278	44,726
Net realized and unrealized (losses) gains on investments	(7,754)	3,983	(29,874)	13,738
Other income	1,488	1,113	3,304	3,170
Total revenues	201,229	190,993	587,983	565,540
Expenses
Losses and loss adjustment expenses	153,008	166,078	409,985	549,578
Other operating expenses	47,584	43,193	146,681	136,414
Other expenses	210	706	578	2,231
Interest expense	4,950	2,227	11,291	6,692
Amortization of intangible assets	90	90	272	272
Total expenses	205,842	212,294	568,807	695,187
(Loss) income before taxes	(4,613)	(21,301)	19,176	(129,647)
Income tax expense (benefit)	8	2,588	5,928	(23,141)
Net (loss) income	(4,621)	(23,889)	13,248	(106,506)
Dividends on Series A preferred shares	(2,625)	0	(6,125)	0
Net (loss) income available to common shareholders	(7,246)	(23,889)	7,123	(106,506)
Other comprehensive loss:
Net unrealized losses, net of taxes of $(8,910) and $(28,558) in 2022 and $(1,882) and $(5,517) in 2021	(60,656)	(11,459)	(205,227)	(38,789)
Total comprehensive loss	$ (65,277)	$ (35,348)	$ (191,979)	$ (145,295)
Net (loss) income per common share:
Basic (in dollars per share)	$ (0.19)	$ (0.64)	$ 0.19	$ (3.12)
Diluted (in dollars per share)	(0.19)	(0.64)	0.19	(3.12)
Dividend declared per common share (in dollars per share)	$ 0.05	$ 0.30	$ 0.15	$ 0.90
Weighted-average common shares outstanding:
Basic (in shares)	37,450,381	37,278,469	37,435,798	34,161,022
Diluted (in shares)	37,450,381	37,278,469	37,642,656	34,161,022

Condensed Consolidated Statem_2

Condensed Consolidated Statements of (Loss) Income and Comprehensive Loss (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Tax on net unrealized gains (losses)	$ (8,910)	$ (1,882)	$ (28,558)	$ (5,517)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Retained (Deficit) Earnings	Accumulated Other Comprehensive (Loss) Income
Balance (in shares) at Dec. 31, 2020		30,649,261
Balance at Dec. 31, 2020	$ 795,608	$ 6	$ 664,476	$ 49,227	$ 81,899
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(106,506)			(106,506)
Other comprehensive loss	(38,789)				(38,789)
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
Dividends on common shares	(31,833)			(31,833)
Balance (in shares) at Sep. 30, 2021		37,287,244
Balance at Sep. 30, 2021	813,639	$ 7	859,634	(89,112)	43,110
Balance (in shares) at Jun. 30, 2021		37,275,562
Balance at Jun. 30, 2021	858,499	$ 7	857,916	(53,993)	54,569
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(23,889)			(23,889)
Other comprehensive loss	(11,459)				(11,459)
Issuance of common shares	0
Exercise of stock options (in shares)		11,508
Exercise of stock options	242		242
Vesting of RSUs (in shares)		174
Vesting of RSUs	0
Compensation expense under share incentive plans	1,476		1,476
Dividends on common shares	(11,230)			(11,230)
Balance (in shares) at Sep. 30, 2021		37,287,244
Balance at Sep. 30, 2021	$ 813,639	$ 7	859,634	(89,112)	43,110
Balance (in shares) at Dec. 31, 2021	37,373,066	37,373,066
Balance at Dec. 31, 2021	$ 725,362	$ 7	862,040	(166,663)	29,978
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	13,248			13,248
Other comprehensive loss	(205,227)				(205,227)
Vesting of RSUs (in shares)		77,372
Vesting of RSUs	(941)		(941)
Compensation expense under share incentive plans	6,210		6,210
Dividends on Series A preferred shares	(6,125)			(6,125)
Dividends on common shares	$ (5,723)			(5,723)
Balance (in shares) at Sep. 30, 2022	37,450,438	37,450,438
Balance at Sep. 30, 2022	$ 526,804	$ 7	867,309	(165,263)	(175,249)
Balance (in shares) at Jun. 30, 2022		37,450,264
Balance at Jun. 30, 2022	594,386	$ 7	865,081	(156,109)	(114,593)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(4,621)			(4,621)
Other comprehensive loss	(60,656)				(60,656)
Vesting of RSUs (in shares)		174
Vesting of RSUs	0
Compensation expense under share incentive plans	2,228		2,228
Dividends on Series A preferred shares	(2,625)			(2,625)
Dividends on common shares	$ (1,908)			(1,908)
Balance (in shares) at Sep. 30, 2022	37,450,438	37,450,438
Balance at Sep. 30, 2022	$ 526,804	$ 7	$ 867,309	$ (165,263)	$ (175,249)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net cash provided by (used in) operating activities	[1]	$ 168,129	$ (1,061,314)
Securities available-for-sale:
Purchases – fixed maturity securities		(546,239)	(326,483)
Sales – fixed maturity securities		206,790	118,260
Maturities and calls – fixed maturity securities		143,015	226,280
Purchases – equity securities		(36,850)	(14,339)
Sales – equity securities		11,251	6,757
Bank loan participations:
Purchases		(78,371)	(88,376)
Sales		43,257	48,854
Maturities		17,340	39,058
Other invested assets:
Purchases		0	(11,644)
Return of capital		1,768	610
Short-term investments, net		(72,341)	103,347
Securities receivable or payable, net		52,763	12,365
Purchases of property and equipment		(4,564)	(2,930)
Net cash (used in) provided by investing activities		(262,181)	111,759
Financing activities
Senior debt repayments		(40,000)	0
Issuance of Series A preferred shares		144,898	0
Issuance of common shares - public offering		0	192,107
Issuance of common shares under equity incentive plans		0	571
Common share repurchases		(941)	(2,762)
Dividends on Series A preferred shares		(6,125)	0
Dividends on common shares		(5,879)	(31,990)
Net cash provided by financing activities		91,953	157,926
Change in cash, cash equivalents, and restricted cash equivalents		(2,099)	(791,629)
Cash, cash equivalents, and restricted cash equivalents at beginning of period		292,128	1,022,180
Cash, cash equivalents, and restricted cash equivalents at end of period		290,029	230,551
Supplemental information
Interest paid		10,746	7,473
Restricted cash equivalents at beginning of period		102,005	859,920
Restricted cash equivalents at end of period		102,485	10,000
Change in restricted cash equivalents		$ 480	$ (849,920)
[1]Cash used in operating activities for the nine months ended September 30, 2021 primarily reflects restricted cash equivalents returned to a former insured, per the terms of a collateral trust. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book ”. Excluding the restricted cash activity above, cash provided by (used in) operating activities was $167.6 million and $(211.4) million for the nine months ended September 30, 2022 and 2021, 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 Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash provided by (used in) operating activities excluding reduction in collateral funds	$ 167.6	$ (211.4)
Loss Portfolio Transfer | Excess and Surplus Lines
Cash paid to effect a loss portfolio transfer reinsurance transaction		$ 317.6

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2022
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 from January 1, 2018 through December 31, 2021 provided reinsurance to the Company’s U.S.-based insurance subsidiaries. During the three months ended September 30, 2022, Carolina Re commuted the majority of the outstanding obligations ceded under the intercompany quota share reinsurance agreements back to the Company’s U.S.-based insurance subsidiaries with effect from January 1, 2022. Carolina Re was also the cedent on an aggregate stop loss reinsurance treaty with JRG Re through December 31, 2021. 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, 2021 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, 2021 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 $26.9 million at September 30, 2022 and December 31, 2021, 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. For the nine months ended September 30, 2022, our U.S. federal income tax expense was 30.9% of the income before taxes. The effective rate exceeded the 21.0% U.S. statutory rate due to a projected annual loss in Bermuda that does not provide a tax benefit and certain discreet items including excess tax expenses associated with vested restricted share units (“RSUs”) in the nine months ended September 30, 2022. 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. For the nine months ended September 30, 2021, our U.S. federal income tax benefit was 17.8% of the loss before taxes. 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. Adopted Accounting Standards In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 simplifies the accounting for convertible debt instruments and convertible preferred stock and became effective for interim and annual periods beginning after December 15, 2021. The Company adopted the new standard concurrent with the issuance of our Series A preferred shares on March 1, 2022. Under ASU 2020-06, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, or that do not result in substantial premiums accounted for as paid-in capital. The new guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and generally requires them to include the effect of potential share settlement for instruments that may be settled in cash or shares. Adoption of the new standard did not materially impact our financial position, results of operations, or earnings per share for the nine months ended September 30, 2022.

Investments

Investments	9 Months Ended
	Sep. 30, 2022
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, 2022 Fixed maturity securities: State and municipal $ 377,410 $ 346 $ (56,859) $ 320,897 Residential mortgage-backed 388,386 241 (39,700) 348,927 Corporate 669,209 32 (75,284) 593,957 Commercial mortgage and asset-backed 328,022 — (24,177) 303,845 U.S. Treasury securities and obligations guaranteed by the U.S. government 76,309 — (4,687) 71,622 Total fixed maturity securities, available-for-sale $ 1,839,336 $ 619 $ (200,707) $ 1,639,248 December 31, 2021 Fixed maturity securities: State and municipal $ 323,773 $ 12,156 $ (2,212) $ 333,717 Residential mortgage-backed 246,586 2,384 (2,339) 246,631 Corporate 711,930 26,119 (5,714) 732,335 Commercial mortgage and asset-backed 301,247 4,941 (1,700) 304,488 U.S. Treasury securities and obligations guaranteed by the U.S. government 60,329 653 (592) 60,390 Total fixed maturity securities, available-for-sale $ 1,643,865 $ 46,253 $ (12,557) $ 1,677,561 The amortized cost and fair value of available-for-sale investments in fixed maturity securities at September 30, 2022 are summarized, by contractual maturity, as follows: Cost or Fair (in thousands) One year or less $ 50,179 $ 48,892 After one year through five years 439,524 409,673 After five years through ten years 351,577 300,364 After ten years 281,648 227,547 Residential mortgage-backed 388,386 348,927 Commercial mortgage and asset-backed 328,022 303,845 Total $ 1,839,336 $ 1,639,248 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, 2022 Fixed maturity securities: State and municipal $ 274,536 $ (46,950) $ 36,950 $ (9,909) $ 311,486 $ (56,859) Residential mortgage-backed 265,562 (24,678) 76,678 (15,022) 342,240 (39,700) Corporate 455,140 (46,851) 129,401 (28,433) 584,541 (75,284) Commercial mortgage and asset-backed 247,461 (16,433) 56,107 (7,744) 303,568 (24,177) U.S. Treasury securities and obligations guaranteed by the U.S. government 50,551 (1,950) 21,071 (2,737) 71,622 (4,687) Total fixed maturity securities, available-for-sale $ 1,293,250 $ (136,862) $ 320,207 $ (63,845) $ 1,613,457 $ (200,707) December 31, 2021 Fixed maturity securities: State and municipal $ 93,313 $ (2,162) $ 1,150 $ (50) $ 94,463 $ (2,212) Residential mortgage-backed 140,386 (2,337) 147 (2) 140,533 (2,339) Corporate 179,078 (4,232) 18,635 (1,482) 197,713 (5,714) Commercial mortgage and asset-backed 159,289 (1,695) 1,229 (5) 160,518 (1,700) U.S. Treasury securities and obligations guaranteed by the U.S. government 24,378 (592) — — 24,378 (592) Total fixed maturity securities, available-for-sale $ 596,444 $ (11,018) $ 21,161 $ (1,539) $ 617,605 $ (12,557) At September 30, 2022, the Company held fixed maturity securities of 573 issuers that were in an unrealized loss position with a total fair value of $1,613.5 million and gross unrealized losses of $200.7 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, 2022, 99.8% 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, 2022 had an aggregate fair value of $2.6 million and an aggregate net unrealized loss of $250,000. The Company reviews its available-for-sale fixed maturities to determine whether unrealized losses 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 are 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, 2022, December 31, 2021, or September 30, 2021. 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. Bank loan participations are measured at fair value pursuant to the Company's election of the fair value option, 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. 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 the requirements of ASU 2016-13. At September 30, 2022, the Company's bank loan portfolio had an aggregate fair value of $160.3 million and unpaid principal of $178.8 million. Investment income on bank loan participations included in net investment income was $3.4 million and $8.4 million for the three and nine months ended September 30, 2022, respectively ($2.8 million and $8.2 million for the three and nine months ended September 30, 2021, respectively). Net realized and unrealized gains (losses) on investments includes losses on bank loan participations of $2.2 million and $14.2 million for the three and nine months ended September 30, 2022, respectively (gains of $195,000 and $6.0 million for the three and nine months ended September 30, 2021, respectively) . For the three and nine months ended September 30, 2022 and 2021 , management concluded that none of the unrealized losses 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, 2022 or December 31, 2021. The Company’s net realized and unrealized gains and losses on investments are summarized as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Fixed maturity securities: Gross realized gains $ 1 $ 3,170 $ 1,699 $ 4,361 Gross realized losses (973) (3) (1,415) (27) (972) 3,167 284 4,334 Bank loan participations: Gross realized gains 70 130 183 448 Gross realized losses (253) (310) (559) (1,093) Changes in fair values of bank loan participations (2,018) 375 (13,818) 6,626 (2,201) 195 (14,194) 5,981 Equity securities: Gross realized gains 758 — 787 111 Gross realized losses (359) (2) (740) (497) Changes in fair values of equity securities (4,967) 643 (15,959) 3,803 (4,568) 641 (15,912) 3,417 Short-term investments and other: Gross realized gains 1 70 1 75 Gross realized losses (14) (150) (53) (150) Changes in fair values of short-term investments and other — 60 — 81 (13) (20) (52) 6 Total $ (7,754) $ 3,983 $ (29,874) $ 13,738 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 2022 2021 2022 2021 2022 2021 (in thousands) Renewable energy LLCs (a) Excess and Surplus Lines $ 25,363 $ 24,211 $ (30) $ 634 $ 2,331 $ 634 Corporate & Other 2,793 2,709 7 14 266 (772) 28,156 26,920 (23) 648 2,597 (138) Renewable energy notes receivable ( b) Excess and Surplus Lines 2,329 2,329 69 120 209 344 Corporate & Other 2,911 2,911 88 150 262 430 5,240 5,240 157 270 471 774 Limited partnerships (c) Excess and Surplus Lines 10,366 13,098 (252) 699 (948) 1,115 Corporate & Other 1,209 2,150 (392) 58 (392) 920 11,575 15,248 (644) 757 (1,340) 2,035 Bank holding companies (d) Excess and Surplus Lines 4,500 4,500 86 85 258 114 Corporate & Other — — — — — 143 4,500 4,500 86 85 258 257 Total other invested assets Excess and Surplus Lines 42,558 44,138 (127) 1,538 1,850 2,207 Corporate & Other 6,913 7,770 (297) 222 136 721 $ 49,471 $ 51,908 $ (424) $ 1,760 $ 1,986 $ 2,928 (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. The Company received cash distributions from these investments totaling $1.4 million and $1.8 million in the nine months ended September 30, 2022 and 2021, 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, 2022, 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 three and nine months ended September 30, 2022, the Company recognized an impairment loss of $392,000 on one limited partnership in the Corporate & Other segment. At September 30, 2022, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $5.3 million in the other 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 is also an investor (the "Bank Holding Company"). 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	9 Months Ended
	Sep. 30, 2022
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 $181.8 million at September 30, 2022 and December 31, 2021. The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows: September 30, 2022 December 31, 2021 Life Gross Accumulated Gross Accumulated ($ 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 7,008 11,611 6,736 Identifiable intangible assets subject to amortization 11,611 7,008 11,611 6,736 $ 42,775 $ 7,008 $ 42,775 $ 6,736

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per common share computations contained in the condensed consolidated financial statements: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands, except share and per share amounts) Net (loss) income $ (4,621) $ (23,889) $ 13,248 $ (106,506) Less: Dividends on Series A preferred shares (2,625) — (6,125) — Net (loss) income available to common shareholders $ (7,246) $ (23,889) $ 7,123 $ (106,506) Weighted average common shares outstanding: Basic 37,450,381 37,278,469 37,435,798 34,161,022 Dilutive potential common shares — — 206,858 — Diluted 37,450,381 37,278,469 37,642,656 34,161,022 Net (loss) income per common share: Basic $ (0.19) $ (0.64) $ 0.19 $ (3.12) Dilutive potential common shares — — — — Diluted $ (0.19) $ (0.64) $ 0.19 $ (3.12) For the three and nine months ended September 30, 2022, potential common shares of 5,830,234 and 4,421,223, respectively (133,994 and 203,077 in the respective prior year periods), were excluded from the calculation of diluted earnings (loss) per common share as their effects were anti-dilutive.

Reserve for Losses and Loss Adj

Reserve for Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2022
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 on reinsurance balances of $621,000 at September 30, 2022, $601,000 at June 30, 2022, $604,000 at March 31, 2022, $631,000 at December 31, 2021, $515,000 at September 30, 2021, and $335,000 at June 30, 2021, March 31, 2021, and December 31, 2020. Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period $ 1,159,145 $ 1,511,106 $ 1,399,214 $ 1,386,061 Add: Incurred losses and loss adjustment expenses net of reinsurance: Current year 133,364 121,980 385,114 338,796 Prior years - retroactive reinsurance 20,773 — 20,773 — Prior years - excluding retroactive reinsurance (1,129) 44,098 4,098 210,782 Total incurred losses and loss and adjustment expenses 153,008 166,078 409,985 549,578 Deduct: Loss and loss adjustment expense payments net of reinsurance: Current year 12,451 12,310 22,057 22,766 Prior years 81,755 125,277 275,375 373,276 Total loss and loss adjustment expense payments 94,206 137,587 297,432 396,042 Deduct: Deferred reinsurance gain - retroactive reinsurance 20,773 — 20,773 — Deduct: Loss reserves ceded in Retrocession and Commercial Auto LPT Agreements — 292,147 299,493 292,147 Add: Changes in reinsurance recoverable of Retrocession Agreement unrelated to net reserve activity 4,069 — 9,742 — Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period 1,201,243 1,247,450 1,201,243 1,247,450 Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period 1,585,457 1,349,379 1,585,457 1,349,379 Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period $ 2,786,700 $ 2,596,829 $ 2,786,700 $ 2,596,829 The Company experienced $1.1 million of net favorable reserve development in the three months ended September 30, 2022 on the reserve for losses and loss adjustment expenses held at December 31, 2021 (excluding adverse prior year development on the legacy commercial auto business subject to retroactive reinsurance accounting - see Commercial Auto Loss Portfolio Transfer below). This reserve development included $139,000 of net adverse development in the Excess and Surplus Lines segment, $1.3 million of net favorable development in the Specialty Admitted Insurance segment, and no development in the Casualty Reinsurance segment. The Company also experienced $5.0 million of net catastrophe losses in the current accident year for the three months ended September 30, 2022 related to Hurricane Ian. The losses were primarily in the Excess Property book in the Excess and Surplus Lines segment. 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 (see Commercial Auto Loss Portfolio Transfer below), $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. 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 $4.1 million of net adverse reserve development in the nine months ended September 30, 2022 on the reserve for losses and loss adjustment expenses held at December 31, 2021 (excluding adverse prior year development on the legacy commercial auto business subject to retroactive reinsurance accounting - see Commercial Auto Loss Portfolio Transfer below). This reserve development included $48,000 of net adverse development in the Excess and Surplus Lines segment, $2.8 million of net favorable development in the Specialty Admitted Insurance segment, and $6.8 million of net adverse development in the Casualty Reinsurance segment that was associated with the Retrocession Agreement (as defined below). The Company also experienced $5.0 million of net catastrophe losses in the current accident year for the nine months ended September 30, 2022 related to Hurricane Ian. The losses were primarily in the Excess Property book in the Excess and Surplus Lines 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. 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 industry data 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. In response, we meaningfully adjusted our actuarial methodology, resulting in a significant strengthening of reserves for this account at March 31, 2021. 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 below. The Company experienced $2.5 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 $22.6 million of net adverse development in the Casualty Reinsurance segment. 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. Loss Portfolio Transfers Loss portfolio transfers are a form of reinsurance utilized by the Company to transfer losses and loss adjustment expenses and associated risk of adverse development on covered subject business, as defined in the respective agreements, to an assuming reinsurer in exchange for a reinsurance premium. Loss portfolio transfers can bring economic finality on the subject risks when they no longer meet the Company's appetite or are no longer aligned with our risk management guidelines. The Company periodically reevaluates the remaining reserves subject to its loss portfolio transfers, and when recognized adverse prior year development on the subject business causes the cumulative amounts ceded under a loss portfolio transfer to exceed the consideration paid, the loss portfolio transfer moves into a gain position subject to retroactive reinsurance accounting under GAAP. Gains are deferred under retroactive reinsurance accounting and recognized in earnings in proportion to actual paid recoveries under the loss portfolio transfer using the recovery method. While the deferral of gains can introduce volatility in our results in the short-term, over the life of the contract, we would expect no economic impact to the Company as long as any additional losses are within the limit of the loss portfolio transfer and the counterparty performs under the contract. The impact of retroactive reinsurance accounting is not indicative of our current and ongoing operations. Loss Portfolio Transfer Retrocession Agreement On February 23, 2022, JRG Re entered into a loss portfolio transfer retrocession agreement (the “Retrocession Agreement”) with Fortitude Reinsurance Company Ltd. (“FRL”) under which FRL reinsures the majority of the reserves in the Company’s Casualty Reinsurance segment. Under the terms of the transaction, which closed on March 31, 2022 (the “Retrocession Closing Date”), JRG Re (a) ceded to FRL all existing and future claims for losses arising under certain casualty reinsurance agreements with underlying insurance companies with treaty inception dates ranging from 2011 to 2020 (the “Subject Business”), in each case net of third-party reinsurance and other recoveries, up to an aggregate limit of $400.0 million; (b) continues to manage and retain the benefit of other third-party reinsurance on the Subject Business; (c) paid FRL a reinsurance premium of $335.0 million, $310.0 million of which JRG Re credited to a notional funds withheld account (the “Funds Withheld Account”) and $25.0 million of which was paid in cash to FRL; and (d) pays FRL a 2% per annum crediting rate on the Funds Withheld Account balance on a quarterly basis. The total premium, initial Funds Withheld Account credit, and aggregate limit was adjusted for claims paid from October 1, 2021 to the Retrocession Closing Date. The Casualty Reinsurance segment incurred losses of $11.5 million (including $6.8 million of net adverse reserve development and $4.7 million of current accident year losses) in the three months ended March 31, 2022 associated with the Retrocession Agreement. Commercial Auto Loss Portfolio Transfer On September 27, 2021, James River Insurance Company and James River Casualty Company (together, “James River”) entered into a loss portfolio transfer transaction (the “Commercial Auto LPT”) 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 structured to be fully collateralized, is not subject to an aggregate limit, and is 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. For the three and nine months ended September 30, 2022, due to adverse paid loss trends on the legacy Rasier business, the Company recognized adverse prior year development of $46.7 million on the reserves subject to the Commercial Auto LPT, resulting in a corresponding additional amount ceded under the Commercial Auto LPT. As a result, the cumulative amounts ceded under the Commercial Auto LPT exceed the consideration paid, moving the Commercial Auto LPT into a gain position. The Company has applied retroactive reinsurance accounting to the Commercial Auto LPT. A retroactive reinsurance benefit of $25.9 million was recorded in losses and loss adjustment expenses on the Condensed Consolidated Statements of (Loss) Income and Comprehensive Loss for the three and nine months ended September 30, 2022 using the recovery method. As of September 30, 2022 and December 31, 2021, the cumulative amounts ceded under the Commercial Auto LPT were $391.8 million and $345.1 million, respectively. The unrecognized deferred retroactive reinsurance gain of $20.8 million at September 30, 2022 is separately presented on the Company's Condensed Consolidated Balance Sheets.

Other Comprehensive Loss

Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Loss	Other Comprehensive Loss The following table summarizes the components of other comprehensive loss: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Unrealized losses arising during the period, before U.S. income taxes $ (70,538) $ (10,174) $ (233,501) $ (39,972) U.S. income taxes 8,910 1,219 28,295 4,654 Unrealized losses arising during the period, net of U.S. income taxes (61,628) (8,955) (205,206) (35,318) Less reclassification adjustment: Net realized investment (losses) gains (972) 3,167 284 4,334 U.S. income taxes — (663) (263) (863) Reclassification adjustment for investment (losses) gains realized in net income (972) 2,504 21 3,471 Other comprehensive loss $ (60,656) $ (11,459) $ (205,227) $ (38,789) The Company's invested assets at September 30, 2022 include $1,639.2 million of fixed maturity securities that are classified as available-for-sale and carried at fair value with unrealized gains and losses on these securities reported, net of applicable taxes, as a separate component of accumulated comprehensive (loss) income. In the nine months ended September 30, 2022 and 2021, the fair values of our fixed maturity securities were negatively impacted by rising interest rates leading to unrealized losses recognized in other comprehensive loss. In addition to the $972,000 of net realized investment losses and $284,000 of net realized investment gains on available-for-sale fixed maturities for the three and nine months ended September 30, 2022 ($3.2 million and $4.3 million of net realized investment gains for the three and nine months ended September 30, 2021 , respectively), the Company also recognized net realized and unrealized investment losses in the respective periods of $2.2 million and $14.2 million on its investments in bank loan participations ($195,000 and $6.0 million of net realized and unrealized investment gains in the respective prior year periods) and net realized and unrealized investment losses of $4.6 million and $15.9 million on its investments in equity securities ($641,000 and $3.4 million of net realized and unrealized investment gains in the respective prior year periods) that was largely related to preferred stock holdings.

Contingent Liabilities

Contingent Liabilities	9 Months Ended
	Sep. 30, 2022
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. In addition, the Company is involved from time to time in legal actions which seek extra-contractual damages, punitive damages or penalties, including claims alleging bad faith in the handling of insurance claims. 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. On July 9, 2021 a purported class action lawsuit was filed in the U.S. District Court, Eastern District of Virginia (the “Court”) by Employees’ Retirement Fund of the City of Fort Worth against James River Group Holdings, Ltd. and certain of its present and former officers (together, “Defendants”). On September 22, 2021, the Court entered an order appointing Employees’ Retirement Fund of the City of Fort Worth and the City of Miami General Employees’ and Sanitation Employees’ Retirement Trust as co-lead plaintiffs (together, “Plaintiffs”). Plaintiffs’ consolidated amended complaint was filed on November 19, 2021 (the “First Amended Complaint”). The Defendants filed a motion to dismiss the First Amended Complaint on January 18, 2022, Plaintiffs’ opposition thereto was filed on March 4, 2022, and the Defendants’ reply to the Plaintiffs’ opposition was filed on April 4, 2022. On August 25, 2022, Plaintiffs filed a motion for leave to file a second amended class action complaint (the "Second Amended Complaint"). On September 8 , 2022, the Defendants consented to the Plaintiffs’ motion to file the Second Amended Complaint, and filed a motion to dismiss the Second Amended Complaint on October 24, 2022 (the "Second MTD"). The Plaintiffs’ opposition to the Second MTD is due December 8, 2022, and the Defendant's reply to the Plaintiffs’ opposition is due January 9, 2023. The First Amended Complaint and Second Amended Complaint assert claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of a putative class of persons and entities that purchased the Company's stock between February 22, 2019 and October 25, 2021, and allege that Defendants failed to make appropriate disclosures concerning the adequacy of reserves for policies that covered Rasier LLC, a subsidiary of Uber Technologies, Inc., and seek unspecified damages, costs, attorneys’ fees and such other relief as the court may deem proper. We believe that the Plaintiffs’ claims are without merit and we intend to vigorously defend this lawsuit. 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, 2021. The Company’s reinsurance subsidiary, JRG Re, 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 $30.0 million facility, $4.6 million of letters of credit were issued through September 30, 2022 which were secured by deposits of $7.8 million. Under a $102.5 million facility, $40.5 million of letters of credit were issued through September 30, 2022 which were secured by deposits of $46.0 million. Under a $100.0 million facility, $22.6 million of letters of credit were issued through September 30, 2022 which were secured by deposits of $27.5 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 $409.3 million at September 30, 2022. Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book James River previously issued a set of commercial auto insurance contracts (the “Rasier Commercial Auto Policies”) 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) (collectively, the “Indemnity Agreements”) and is contractually entitled to reimbursement for the portion of the losses and loss adjustment expenses paid on behalf of Rasier under the Rasier Commercial Auto Policies and other expenses incurred by James River. On September 27, 2021, James River entered into the Commercial Auto LPT with Aleka to reinsure substantially all of the Rasier Commercial Auto Policies for which James River is not otherwise indemnified by Rasier under the Indemnity Agreements. Under the terms of the Commercial Auto LPT, effective as of July 1, 2021, James River ceded to Aleka approximately $345.1 million of commercial auto liabilities relating to Rasier Commercial Auto Policies written in the years 2013-2019, which amount constituted the reinsurance premium. Each of Rasier and Aleka are required to post collateral under the Indemnity Agreements and the Commercial Auto LPT, respectively: • Pursuant to the Indemnity Agreements, Rasier is required to post collateral equal to 102% of James River's estimate of the amounts that are recoverable or 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 connection with the execution of the Commercial Auto LPT, 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. At September 30, 2022, the balance in the Indemnity Trust was $262.1 million, and, together with the balance of the Loss Fund Trust (as defined below) attributable to the Indemnity Agreements as described below, the total balance of collateral securing Rasier’s obligations under the Indemnity Agreements was $331.3 million. • Pursuant to the Commercial Auto LPT, Aleka is required to post collateral equal to 102% of James River's estimate of Aleka's obligations under the Commercial Auto LPT, 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. At September 30, 2022, the balance in the LPT Trust was $118.3 million, and, together with the balance of the Loss Fund Trust (as defined below) attributable to the Commercial Auto LPT as described below, the total balance of collateral securing Aleka’s obligations under the Commercial Auto LPT was $146.5 million. At September 30, 2022, the total reinsurance recoverables under the Commercial Auto LPT was $189.1 million (including $174.3 million of unpaid recoverables and $14.8 million of paid recoverables). In connection with the execution of the Commercial Auto LPT, James River and Aleka entered into an administrative services agreement (the “Administrative Services Agreement”) with a third party claims administrator (the “Administrator”) pursuant to which the Administrator handles the claims on the Rasier Commercial Auto Policies for the remaining life of those claims. The claims paid by the Administrator are reimbursable by James River, and pursuant to the Administrative Services Agreement, James River established a loss fund trust account for the benefit of the Administrator (the “Loss Fund Trust”) to collateralize its claims payment reimbursement obligations. James River funds 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 Indemnity Agreements, the Commercial Auto LPT and James River’s existing third party reinsurance agreements, respectively. At September 30, 2022, the balance in the Loss Fund Trust was $102.5 million, including $69.2 million representing collateral supporting Rasier’s obligations under the Indemnity Agreements and $28.2 million representing collateral supporting Aleka’s obligations under the Commercial Auto LPT. Funds posted to the Loss Fund Trust are classified as restricted cash equivalents on the Company's balance sheets. While the Commercial Auto LPT brings economic finality to substantially all of the Rasier Commercial Auto Policies, the Company has credit exposure to Rasier and Aleka under the Indemnity Agreements and the Commercial Auto LPT if the estimated losses and expenses of the Rasier Commercial Auto Policies grow at a faster pace than the growth in our collateral balances. In addition, we have credit exposure if our estimates of future losses and loss adjustment expenses and other amounts recoverable under the Indemnity Agreements and the Commercial Auto LPT, which are the basis for establishing the collateral balances, are lower than actual amounts paid or payable. The amount of our credit exposure in any of these instances could be material. To mitigate these risks, we closely and frequently monitor our exposure compared to our collateral held, and we request additional collateral in accordance with the terms of the Commercial Auto LPT and Indemnity Agreements when our analysis indicates that we have uncollateralized exposure.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2022
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 income (loss) and comprehensive (loss) income less loss and loss adjustment expenses on business not subject to retroactive reinsurance accounting for loss portfolio transfers (see Loss Portfolio Transfers in Note 5 - Reserve for Losses and Loss Adjustment Expenses ) and other operating expenses of the operating segments. Gross fee income of $914,000 and $2.6 million for the Specialty Admitted Insurance segment was included in other income and in underwriting profit (loss) for the three and nine months ended September 30, 2022, respectively ($1.0 million and $2.9 million in the respective prior year periods) . Segment results are reported prior to the effects of intercompany reinsurance agreements among the Company’s insurance subsidiaries. The following table summarizes the Company’s segment results: Excess and Specialty Casualty Corporate Total (in thousands) Three Months Ended September 30, 2022 Gross written premiums $ 204,785 $ 123,389 $ 30,331 $ — $ 358,505 Net earned premiums 139,095 17,824 33,270 — 190,189 Underwriting profit of operating segments 16,402 285 3,044 — 19,731 Net investment income 6,955 1,066 9,596 (311) 17,306 Interest expense — — 1,235 3,715 4,950 Segment revenues 140,946 19,602 40,869 (188) 201,229 Segment goodwill 181,831 — — — 181,831 Segment assets 2,623,257 1,222,280 1,290,573 69,381 5,205,491 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 operating 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 Nine Months Ended September 30, 2022 Gross written premiums $ 675,702 $ 374,066 $ 68,387 $ — $ 1,118,155 Net earned premiums 408,280 55,283 102,712 — 566,275 Underwriting profit (loss) of operating segments 60,193 1,746 (3,734) — 58,205 Net investment income 15,795 2,757 29,750 (24) 48,278 Interest expense — — 2,577 8,714 11,291 Segment revenues 405,997 59,152 122,594 240 587,983 Segment goodwill 181,831 — — — 181,831 Segment assets 2,623,257 1,222,280 1,290,573 69,381 5,205,491 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 operating 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 The following table reconciles the underwriting profit (loss) of the operating segments by individual segment to consolidated (loss) income before income taxes: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Underwriting profit (loss) of the operating segments: Excess and Surplus Lines $ 16,402 $ (21,527) $ 60,193 $ (145,556) Specialty Admitted Insurance 285 3,084 1,746 6,488 Casualty Reinsurance 3,044 (11,911) (3,734) (16,857) Total underwriting profit (loss) of operating segments 19,731 (30,354) 58,205 (155,925) Other operating expenses of the Corporate and Other segment (8,447) (7,287) (25,209) (23,258) Underwriting profit (loss) 11,284 (37,641) 32,996 (179,183) Losses and loss adjustment expenses - retroactive reinsurance (20,773) — (20,773) — Net investment income 17,306 15,289 48,278 44,726 Net realized and unrealized (losses) gains on investments (7,754) 3,983 (29,874) 13,738 Amortization of intangible assets (90) (90) (272) (272) Other income and expenses 364 (615) 112 (1,964) Interest expense (4,950) (2,227) (11,291) (6,692) (Loss) income before income taxes $ (4,613) $ (21,301) $ 19,176 $ (129,647)

Other Operating Expenses and Ot

Other Operating Expenses and Other Expenses	9 Months Ended
	Sep. 30, 2022
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 2022 2021 2022 2021 (in thousands) Amortization of policy acquisition costs $ 23,296 $ 19,951 $ 69,321 $ 64,830 Other underwriting expenses of the operating segments 15,841 15,955 52,151 48,326 Other operating expenses of the Corporate and Other segment 8,447 7,287 25,209 23,258 Total $ 47,584 $ 43,193 $ 146,681 $ 136,414 Other expenses of $210,000 and $578,000 for the three and nine months ended September 30, 2022 , respectively ($706,000 and $2.2 million in the respective prior year periods), primarily consist of certain nonoperating expenses including legal fees related to a purported class action lawsuit, legal and other professional fees related to the Company's May 2021 common share offering and various strategic initiatives, and employee severance costs.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
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, 2020. 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, 2022 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 320,897 $ — $ 320,897 Residential mortgage-backed — 348,927 — 348,927 Corporate — 593,957 — 593,957 Commercial mortgage and asset-backed — 303,845 — 303,845 U.S. Treasury securities and obligations guaranteed by the U.S. government 71,305 317 — 71,622 Total fixed maturity securities, available-for-sale $ 71,305 $ 1,567,943 $ — $ 1,639,248 Equity securities: Preferred stock — 74,822 — 74,822 Common stock 40,729 2,563 — 43,292 Total equity securities $ 40,729 $ 77,385 $ — $ 118,114 Bank loan participations $ — $ 160,296 $ — $ 160,296 Short-term investments $ — $ 208,904 $ — $ 208,904 Assets measured at fair value on a recurring basis as of December 31, 2021 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 333,717 $ — $ 333,717 Residential mortgage-backed — 246,631 — 246,631 Corporate — 732,335 — 732,335 Commercial mortgage and asset-backed — 304,488 — 304,488 U.S. Treasury securities and obligations guaranteed by the U.S. government 59,988 402 — 60,390 Total fixed maturity securities, available-for-sale $ 59,988 $ 1,617,573 $ — $ 1,677,561 Equity securities: Preferred stock — 63,612 — 63,612 Common stock 41,244 3,452 102 44,798 Total equity securities $ 41,244 $ 67,064 $ 102 $ 108,410 Bank loan participations $ — $ 156,043 $ — $ 156,043 Short-term investments $ — $ 136,563 $ — $ 136,563 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 using significant unobservable inputs (Level 3) is shown below: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) (in thousands) Beginning balance $ — $ 231 $ 102 $ 980 Transfers out of Level 3 — — — — Transfers in to Level 3 — 8 — 8 Purchases — — — — Sales — — (92) (282) Maturities, calls and paydowns — (23) — (64) Amortization of discount — — — — Total gains or losses (realized/unrealized): Included in earnings — 156 (10) (270) Included in other comprehensive income — — — — Ending balance $ — $ 372 $ — $ 372 The Company had one equity security at December 31, 2021 for which the fair value was determined using significant unobservable inputs (Level 3). The fair value of $102,000 for the equity security was based on expected proceeds from its sale. During the nine months ended September 30, 2022, the Company sold the equity security. 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. 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, 2022 or 2021. 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, 2022 and December 31, 2021, 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, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value (in thousands) Assets Fixed maturity securities, available-for-sale $ 1,639,248 $ 1,639,248 $ 1,677,561 $ 1,677,561 Equity securities 118,114 118,114 108,410 108,410 Bank loan participations 160,296 160,296 156,043 156,043 Cash and cash equivalents 187,544 187,544 190,123 190,123 Restricted cash equivalents 102,485 102,485 102,005 102,005 Short-term investments 208,904 208,904 136,563 136,563 Other invested assets – notes receivable 9,740 11,385 9,740 11,921 Liabilities Senior debt 222,300 219,771 262,300 252,213 Junior subordinated debt 104,055 115,000 104,055 106,635 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, 2022 and December 31, 2021 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, 2022 and December 31, 2021, respectively. The fair values of senior debt and junior subordinated debt at September 30, 2022 and December 31, 2021 were determined using inputs to the valuation methodology that are unobservable (Level 3).

Senior Debt

Senior Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Senior Debt	Senior DebtThe Company repaid $40.0 million of loans that were outstanding under a credit agreement (the “2017 Facility”) in the three months ended March 31, 2022. At September 30, 2022, unsecured loans of $21.5 million and secured letters of credit totaling $22.6 million were outstanding under the 2017 Facility. The 2017 Facility 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, 2022.

Series A Preferred Shares

Series A Preferred Shares	9 Months Ended
	Sep. 30, 2022
Temporary Equity [Abstract]
Series A Preferred Shares	Series A Preferred Shares On February 24, 2022, we entered into an Investment Agreement with GPC Partners Investments (Thames) LP (“GPC Partners”), an affiliate of Gallatin Point Capital LLC, relating to the issuance and sale of 150,000 7% Series A Perpetual Cumulative Convertible Preferred Shares, par value $0.00125 per share (the “Series A Preferred Shares”), for an aggregate purchase price of $150.0 million, or $1,000 per share, in a private placement. The transaction closed on March 1, 2022 (the “Series A Closing Date”). The Series A Preferred Shares rank senior to our common shares with respect to dividend rights and rights on the distribution of assets on any liquidation, dissolution or winding up of the affairs of the Company, upon which the holders of Series A Preferred Shares would receive the greater of the $1,000 liquidation preference per share (the “Liquidation Preference”) plus accrued and unpaid dividends, or the amount they would have received if they had converted all of their Series A Preferred Shares to common shares immediately before such liquidation, dissolution or winding up. Holders of the Series A Preferred Shares are entitled to a dividend at the initial rate of 7% of the Liquidation Preference per annum, paid in cash, in-kind in common shares or in Series A Preferred Shares, at our election. On the five-year anniversary of the Series A Closing Date, and each five-year anniversary thereafter, the dividend rate will reset to a rate equal to the five-year U.S. treasury rate plus 5.2%. Dividends accrue quarterly and are payable on March 31, June 30, September 30 and December 31 of each year. Cash dividends of $6.1 million have been paid in the nine months ended September 30, 2022, including $3.5 million on June 30, 2022 for the period from the Series A Closing Date through June 30, 2022, and $2.6 million on September 30, 2022. The Series A Preferred Shares are convertible at the option of the holders thereof at any time into common shares at an initial conversion price of $26.5950, making the Series A Preferred Shares initially convertible into 5,640,158 common shares. The conversion price is subject to customary anti-dilution adjustments, including cash dividends on the common shares above specified levels, as well as certain adjustments in case of adverse reserve developments. At any time on or after the two year anniversary of the Series A Closing Date, if the volume-weighted average price (“VWAP”) per Common Share is greater than 130% of the then-applicable conversion price for at least twenty (20) consecutive trading days, the Company will be able to elect to convert (a “Mandatory Conversion”) all of the outstanding Series A Preferred Shares into Common Shares. In the case of a Mandatory Conversion, each Series A Preferred Share then outstanding will be converted into (i) the number of Common Shares equal to the quotient of (A) the sum of the Liquidation Preference and the accrued and unpaid dividends with respect to such Series A Preferred Share to be converted divided by (B) the conversion price of such share in effect as of the date of the Mandatory Conversion plus (ii) cash in lieu of fractional shares. Upon any Mandatory Conversion on or before the five-year anniversary of the Series A Closing Date, all dividends that would have accrued from the date of the Mandatory Conversion to the later of the five-year anniversary of the Series A Closing Date or the last day of the eighth quarter following the date of the Mandatory Conversion, the last eight quarters of which will be discounted to present value using a discount rate of 3.5% per annum, and will be immediately payable in Common Shares, valued at the average of the daily VWAP of the Company’s Common Shares during the five (5) trading days immediately preceding the Mandatory Conversion. The holders of the Series A Preferred Shares may require us to repurchase their shares upon the occurrence of certain change of control events. Upon the occurrence of a Fundamental Change (as defined in the Certificate of Designations designating the Series A Preferred Shares), each holder of outstanding Series A Preferred Shares will be permitted to, at its election, (i) effective as of immediately prior to the Fundamental Change, convert all or a portion of its Series A Preferred Shares into Common Shares, or (ii) require the Company to repurchase any or all of such holder’s Series A Preferred Shares at a purchase price per Series A Preferred Share equal to the Liquidation Preference of such Series A Preferred Share plus accrued and unpaid dividends. The repurchase price will be payable in cash. Because the Company may be required to repurchase all or a portion of the Series A Preferred Shares at the option of the holder upon the occurrence of certain change of control events, the Series A Preferred Shares have been classified as mezzanine equity in the Company's condensed consolidated balance sheets and are recognized at fair value of $150.0 million (the proceeds on the date of issuance) less issuance costs of $5.1 million, resulting in a carrying value of $144.9 million.

Capital Stock and Equity Awards

Capital Stock and Equity Awards	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Capital Stock and Equity Awards	Capital Stock and Equity Awards Common Shares Total common shares outstanding increased from 37,373,066 at December 31, 2021 to 37,450,438 at September 30, 2022, reflecting 77,372 common shares issued in the nine months ended September 30, 2022 related to vesting of RSUs. Dividends The Company declared the following dividends on common shares during the first nine months of 2022 and 2021: Date of Declaration Dividend per Common Share Payable to Shareholders of Record on Payment Date Total Amount 2022 February 16, 2022 $ 0.05 March 14, 2022 March 31, 2022 $ 1,908,482 April 28, 2022 $ 0.05 June 13, 2022 June 30, 2022 1,907,953 July 26, 2022 $ 0.05 September 12, 2022 September 30, 2022 1,908,287 $ 0.15 $ 5,724,722 2021 February 24, 2021 $ 0.30 March 15, 2021 March 31, 2021 $ 9,345,489 April 27, 2021 $ 0.30 June 14, 2021 June 30, 2021 $ 11,290,990 July 27, 2021 $ 0.30 September 13, 2021 September 30, 2021 $ 11,281,523 $ 0.90 $ 31,918,002 Included in the total dividends for the nine months ended September 30, 2022 and 2021 are $107,000 and $317,000, respectively, of dividend equivalents on unvested RSUs. The balance of dividends payable on unvested RSUs was $363,000 at September 30, 2022 and $518,000 at December 31, 2021. Equity Incentive Plans The Company’s shareholders have approved various equity incentive plans, including 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. 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, 2022, 807,839 shares are available for grant. On July 26, 2022, the Board of Directors of the Company approved a new long-term incentive plan (the “LTI Plan”). The LTI Plan is designed to align compensation of designated senior officers of the Company with Company performance and shareholder interests over the long-term. Awards under the LTI Plan will be made in the form of performance restricted share units (a “PRSU”) and service based restricted share units (RSUs), with initial awards intended to be made in February 2023. Each PRSU will represent a contingent right to receive one Company common share based upon the level of achievement of certain performance metrics during the performance period, with payout for achievement of threshold, target and maximum performance levels to be set at 50%, 100% and 200% of the target number of PRSUs, respectively. The initial PRSU awards are intended to have a performance period of January 1, 2023 through December 31, 2025. 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, 2022, 77,708 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, 2022 2021 Shares Weighted- Shares Weighted- Outstanding: Beginning of period 287,974 $ 35.26 463,324 $ 32.25 Granted — $ — — $ — Exercised — $ — (41,392) $ 24.87 Forfeited — $ — (29,418) $ 38.81 End of period 287,974 $ 35.26 392,514 $ 32.53 Exercisable, end of period 287,974 $ 35.26 392,514 $ 32.53 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, 2022 was 0.7 years. RSUs The following table summarizes RSU activity: Nine Months Ended September 30, 2022 2021 Shares Weighted- Shares Weighted- Unvested, beginning of period 292,135 $ 45.89 399,856 $ 43.59 Granted 545,450 $ 20.54 139,682 $ 50.22 Vested (112,527) $ 45.49 (165,131) $ 41.86 Forfeited (9,760) $ 22.97 (56,575) $ 45.91 Unvested, end of period 715,298 $ 26.94 317,832 $ 47.00 Outstanding RSUs granted to employees generally 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 2022 2021 2022 2021 (in thousands) Share based compensation expense $ 2,228 $ 1,476 $ 6,210 $ 5,243 U.S. tax benefit on share based compensation expense 415 306 1,160 902 At September 30, 2022, the Company had $13.5 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 2.0 years.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 25, 2022, the Board of Directors declared a cash dividend of $0.05 per common share. The dividend is payable on December 30, 2022 to shareholders of record on December 12, 2022. On October 25, 2022, the Board of Directors declared a 7% dividend on the Series A Preferred Shares. The dividend of $2.6 million will be payable in cash on January 3, 2023 to shareholders of record on December 15, 2022. On October 25, 2022, the Board of Directors granted an employee a restricted share unit award under the 2014 LTIP with an aggregate fair value of $350,000 and a grant date of November 3, 2022. The award vests in one installment on March 1, 2024. At the 2022 annual general meeting of shareholders (the “Annual Meeting”) of the Company held on October 25, 2022, the Company’s shareholders approved an amendment (the “Second Amendment”) to the 2014 LTIP. The Board of Directors of the Company had previously approved the Second Amendment. The Second Amendment implements several changes to the 2014 LTIP including increasing the number of shares reserved for issuance under awards by 811,500 to a total of 4,982,650 shares.

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
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, 2021 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, 2021 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.
Adopted Accounting Standards	Adopted Accounting Standards In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 simplifies the accounting for convertible debt instruments and convertible preferred stock and became effective for interim and annual periods beginning after December 15, 2021. The Company adopted the new standard concurrent with the issuance of our Series A preferred shares on March 1, 2022. Under ASU 2020-06, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, or that do not result in substantial premiums accounted for as paid-in capital. The new guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and generally requires them to include the effect of potential share settlement for instruments that may be settled in cash or shares. Adoption of the new standard did not materially impact our financial position, results of operations, or earnings per share for the nine months ended September 30, 2022.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 Fixed maturity securities: State and municipal $ 377,410 $ 346 $ (56,859) $ 320,897 Residential mortgage-backed 388,386 241 (39,700) 348,927 Corporate 669,209 32 (75,284) 593,957 Commercial mortgage and asset-backed 328,022 — (24,177) 303,845 U.S. Treasury securities and obligations guaranteed by the U.S. government 76,309 — (4,687) 71,622 Total fixed maturity securities, available-for-sale $ 1,839,336 $ 619 $ (200,707) $ 1,639,248 December 31, 2021 Fixed maturity securities: State and municipal $ 323,773 $ 12,156 $ (2,212) $ 333,717 Residential mortgage-backed 246,586 2,384 (2,339) 246,631 Corporate 711,930 26,119 (5,714) 732,335 Commercial mortgage and asset-backed 301,247 4,941 (1,700) 304,488 U.S. Treasury securities and obligations guaranteed by the U.S. government 60,329 653 (592) 60,390 Total fixed maturity securities, available-for-sale $ 1,643,865 $ 46,253 $ (12,557) $ 1,677,561
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, 2022 are summarized, by contractual maturity, as follows: Cost or Fair (in thousands) One year or less $ 50,179 $ 48,892 After one year through five years 439,524 409,673 After five years through ten years 351,577 300,364 After ten years 281,648 227,547 Residential mortgage-backed 388,386 348,927 Commercial mortgage and asset-backed 328,022 303,845 Total $ 1,839,336 $ 1,639,248
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, 2022 Fixed maturity securities: State and municipal $ 274,536 $ (46,950) $ 36,950 $ (9,909) $ 311,486 $ (56,859) Residential mortgage-backed 265,562 (24,678) 76,678 (15,022) 342,240 (39,700) Corporate 455,140 (46,851) 129,401 (28,433) 584,541 (75,284) Commercial mortgage and asset-backed 247,461 (16,433) 56,107 (7,744) 303,568 (24,177) U.S. Treasury securities and obligations guaranteed by the U.S. government 50,551 (1,950) 21,071 (2,737) 71,622 (4,687) Total fixed maturity securities, available-for-sale $ 1,293,250 $ (136,862) $ 320,207 $ (63,845) $ 1,613,457 $ (200,707) December 31, 2021 Fixed maturity securities: State and municipal $ 93,313 $ (2,162) $ 1,150 $ (50) $ 94,463 $ (2,212) Residential mortgage-backed 140,386 (2,337) 147 (2) 140,533 (2,339) Corporate 179,078 (4,232) 18,635 (1,482) 197,713 (5,714) Commercial mortgage and asset-backed 159,289 (1,695) 1,229 (5) 160,518 (1,700) U.S. Treasury securities and obligations guaranteed by the U.S. government 24,378 (592) — — 24,378 (592) Total fixed maturity securities, available-for-sale $ 596,444 $ (11,018) $ 21,161 $ (1,539) $ 617,605 $ (12,557)
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 2022 2021 2022 2021 (in thousands) Fixed maturity securities: Gross realized gains $ 1 $ 3,170 $ 1,699 $ 4,361 Gross realized losses (973) (3) (1,415) (27) (972) 3,167 284 4,334 Bank loan participations: Gross realized gains 70 130 183 448 Gross realized losses (253) (310) (559) (1,093) Changes in fair values of bank loan participations (2,018) 375 (13,818) 6,626 (2,201) 195 (14,194) 5,981 Equity securities: Gross realized gains 758 — 787 111 Gross realized losses (359) (2) (740) (497) Changes in fair values of equity securities (4,967) 643 (15,959) 3,803 (4,568) 641 (15,912) 3,417 Short-term investments and other: Gross realized gains 1 70 1 75 Gross realized losses (14) (150) (53) (150) Changes in fair values of short-term investments and other — 60 — 81 (13) (20) (52) 6 Total $ (7,754) $ 3,983 $ (29,874) $ 13,738
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 2022 2021 2022 2021 (in thousands) Fixed maturity securities: Gross realized gains $ 1 $ 3,170 $ 1,699 $ 4,361 Gross realized losses (973) (3) (1,415) (27) (972) 3,167 284 4,334 Bank loan participations: Gross realized gains 70 130 183 448 Gross realized losses (253) (310) (559) (1,093) Changes in fair values of bank loan participations (2,018) 375 (13,818) 6,626 (2,201) 195 (14,194) 5,981 Equity securities: Gross realized gains 758 — 787 111 Gross realized losses (359) (2) (740) (497) Changes in fair values of equity securities (4,967) 643 (15,959) 3,803 (4,568) 641 (15,912) 3,417 Short-term investments and other: Gross realized gains 1 70 1 75 Gross realized losses (14) (150) (53) (150) Changes in fair values of short-term investments and other — 60 — 81 (13) (20) (52) 6 Total $ (7,754) $ 3,983 $ (29,874) $ 13,738
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 2022 2021 2022 2021 2022 2021 (in thousands) Renewable energy LLCs (a) Excess and Surplus Lines $ 25,363 $ 24,211 $ (30) $ 634 $ 2,331 $ 634 Corporate & Other 2,793 2,709 7 14 266 (772) 28,156 26,920 (23) 648 2,597 (138) Renewable energy notes receivable ( b) Excess and Surplus Lines 2,329 2,329 69 120 209 344 Corporate & Other 2,911 2,911 88 150 262 430 5,240 5,240 157 270 471 774 Limited partnerships (c) Excess and Surplus Lines 10,366 13,098 (252) 699 (948) 1,115 Corporate & Other 1,209 2,150 (392) 58 (392) 920 11,575 15,248 (644) 757 (1,340) 2,035 Bank holding companies (d) Excess and Surplus Lines 4,500 4,500 86 85 258 114 Corporate & Other — — — — — 143 4,500 4,500 86 85 258 257 Total other invested assets Excess and Surplus Lines 42,558 44,138 (127) 1,538 1,850 2,207 Corporate & Other 6,913 7,770 (297) 222 136 721 $ 49,471 $ 51,908 $ (424) $ 1,760 $ 1,986 $ 2,928 (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. The Company received cash distributions from these investments totaling $1.4 million and $1.8 million in the nine months ended September 30, 2022 and 2021, 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, 2022, 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 three and nine months ended September 30, 2022, the Company recognized an impairment loss of $392,000 on one limited partnership in the Corporate & Other segment. At September 30, 2022, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $5.3 million in the other 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 is also an investor (the "Bank Holding Company"). 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, 2022
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, 2022 December 31, 2021 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 7,008 11,611 6,736 Identifiable intangible assets subject to amortization 11,611 7,008 11,611 6,736 $ 42,775 $ 7,008 $ 42,775 $ 6,736
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, 2022 December 31, 2021 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 7,008 11,611 6,736 Identifiable intangible assets subject to amortization 11,611 7,008 11,611 6,736 $ 42,775 $ 7,008 $ 42,775 $ 6,736

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
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 earnings (loss) per common share computations contained in the condensed consolidated financial statements: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands, except share and per share amounts) Net (loss) income $ (4,621) $ (23,889) $ 13,248 $ (106,506) Less: Dividends on Series A preferred shares (2,625) — (6,125) — Net (loss) income available to common shareholders $ (7,246) $ (23,889) $ 7,123 $ (106,506) Weighted average common shares outstanding: Basic 37,450,381 37,278,469 37,435,798 34,161,022 Dilutive potential common shares — — 206,858 — Diluted 37,450,381 37,278,469 37,642,656 34,161,022 Net (loss) income per common share: Basic $ (0.19) $ (0.64) $ 0.19 $ (3.12) Dilutive potential common shares — — — — Diluted $ (0.19) $ (0.64) $ 0.19 $ (3.12)

Reserve for Losses and Loss A_2

Reserve for Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
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 on reinsurance balances of $621,000 at September 30, 2022, $601,000 at June 30, 2022, $604,000 at March 31, 2022, $631,000 at December 31, 2021, $515,000 at September 30, 2021, and $335,000 at June 30, 2021, March 31, 2021, and December 31, 2020. Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period $ 1,159,145 $ 1,511,106 $ 1,399,214 $ 1,386,061 Add: Incurred losses and loss adjustment expenses net of reinsurance: Current year 133,364 121,980 385,114 338,796 Prior years - retroactive reinsurance 20,773 — 20,773 — Prior years - excluding retroactive reinsurance (1,129) 44,098 4,098 210,782 Total incurred losses and loss and adjustment expenses 153,008 166,078 409,985 549,578 Deduct: Loss and loss adjustment expense payments net of reinsurance: Current year 12,451 12,310 22,057 22,766 Prior years 81,755 125,277 275,375 373,276 Total loss and loss adjustment expense payments 94,206 137,587 297,432 396,042 Deduct: Deferred reinsurance gain - retroactive reinsurance 20,773 — 20,773 — Deduct: Loss reserves ceded in Retrocession and Commercial Auto LPT Agreements — 292,147 299,493 292,147 Add: Changes in reinsurance recoverable of Retrocession Agreement unrelated to net reserve activity 4,069 — 9,742 — Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period 1,201,243 1,247,450 1,201,243 1,247,450 Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period 1,585,457 1,349,379 1,585,457 1,349,379 Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period $ 2,786,700 $ 2,596,829 $ 2,786,700 $ 2,596,829

Other Comprehensive Loss (Table

Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Components of Comprehensive Loss	The following table summarizes the components of other comprehensive loss: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Unrealized losses arising during the period, before U.S. income taxes $ (70,538) $ (10,174) $ (233,501) $ (39,972) U.S. income taxes 8,910 1,219 28,295 4,654 Unrealized losses arising during the period, net of U.S. income taxes (61,628) (8,955) (205,206) (35,318) Less reclassification adjustment: Net realized investment (losses) gains (972) 3,167 284 4,334 U.S. income taxes — (663) (263) (863) Reclassification adjustment for investment (losses) gains realized in net income (972) 2,504 21 3,471 Other comprehensive loss $ (60,656) $ (11,459) $ (205,227) $ (38,789)

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Summary of Company's Segment Results	The following table summarizes the Company’s segment results: Excess and Specialty Casualty Corporate Total (in thousands) Three Months Ended September 30, 2022 Gross written premiums $ 204,785 $ 123,389 $ 30,331 $ — $ 358,505 Net earned premiums 139,095 17,824 33,270 — 190,189 Underwriting profit of operating segments 16,402 285 3,044 — 19,731 Net investment income 6,955 1,066 9,596 (311) 17,306 Interest expense — — 1,235 3,715 4,950 Segment revenues 140,946 19,602 40,869 (188) 201,229 Segment goodwill 181,831 — — — 181,831 Segment assets 2,623,257 1,222,280 1,290,573 69,381 5,205,491 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 operating 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 Nine Months Ended September 30, 2022 Gross written premiums $ 675,702 $ 374,066 $ 68,387 $ — $ 1,118,155 Net earned premiums 408,280 55,283 102,712 — 566,275 Underwriting profit (loss) of operating segments 60,193 1,746 (3,734) — 58,205 Net investment income 15,795 2,757 29,750 (24) 48,278 Interest expense — — 2,577 8,714 11,291 Segment revenues 405,997 59,152 122,594 240 587,983 Segment goodwill 181,831 — — — 181,831 Segment assets 2,623,257 1,222,280 1,290,573 69,381 5,205,491 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 operating 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
Schedule of Underwriting Profit of Operating Segments by Individual Segment and Reconciliation to Consolidated Income Before Taxes	The following table reconciles the underwriting profit (loss) of the operating segments by individual segment to consolidated (loss) income before income taxes: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Underwriting profit (loss) of the operating segments: Excess and Surplus Lines $ 16,402 $ (21,527) $ 60,193 $ (145,556) Specialty Admitted Insurance 285 3,084 1,746 6,488 Casualty Reinsurance 3,044 (11,911) (3,734) (16,857) Total underwriting profit (loss) of operating segments 19,731 (30,354) 58,205 (155,925) Other operating expenses of the Corporate and Other segment (8,447) (7,287) (25,209) (23,258) Underwriting profit (loss) 11,284 (37,641) 32,996 (179,183) Losses and loss adjustment expenses - retroactive reinsurance (20,773) — (20,773) — Net investment income 17,306 15,289 48,278 44,726 Net realized and unrealized (losses) gains on investments (7,754) 3,983 (29,874) 13,738 Amortization of intangible assets (90) (90) (272) (272) Other income and expenses 364 (615) 112 (1,964) Interest expense (4,950) (2,227) (11,291) (6,692) (Loss) income before income taxes $ (4,613) $ (21,301) $ 19,176 $ (129,647)

Other Operating Expenses and _2

Other Operating Expenses and Other Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
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 2022 2021 2022 2021 (in thousands) Amortization of policy acquisition costs $ 23,296 $ 19,951 $ 69,321 $ 64,830 Other underwriting expenses of the operating segments 15,841 15,955 52,151 48,326 Other operating expenses of the Corporate and Other segment 8,447 7,287 25,209 23,258 Total $ 47,584 $ 43,193 $ 146,681 $ 136,414

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 320,897 $ — $ 320,897 Residential mortgage-backed — 348,927 — 348,927 Corporate — 593,957 — 593,957 Commercial mortgage and asset-backed — 303,845 — 303,845 U.S. Treasury securities and obligations guaranteed by the U.S. government 71,305 317 — 71,622 Total fixed maturity securities, available-for-sale $ 71,305 $ 1,567,943 $ — $ 1,639,248 Equity securities: Preferred stock — 74,822 — 74,822 Common stock 40,729 2,563 — 43,292 Total equity securities $ 40,729 $ 77,385 $ — $ 118,114 Bank loan participations $ — $ 160,296 $ — $ 160,296 Short-term investments $ — $ 208,904 $ — $ 208,904 Assets measured at fair value on a recurring basis as of December 31, 2021 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 333,717 $ — $ 333,717 Residential mortgage-backed — 246,631 — 246,631 Corporate — 732,335 — 732,335 Commercial mortgage and asset-backed — 304,488 — 304,488 U.S. Treasury securities and obligations guaranteed by the U.S. government 59,988 402 — 60,390 Total fixed maturity securities, available-for-sale $ 59,988 $ 1,617,573 $ — $ 1,677,561 Equity securities: Preferred stock — 63,612 — 63,612 Common stock 41,244 3,452 102 44,798 Total equity securities $ 41,244 $ 67,064 $ 102 $ 108,410 Bank loan participations $ — $ 156,043 $ — $ 156,043 Short-term investments $ — $ 136,563 $ — $ 136,563
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 using significant unobservable inputs (Level 3) is shown below: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) (in thousands) Beginning balance $ — $ 231 $ 102 $ 980 Transfers out of Level 3 — — — — Transfers in to Level 3 — 8 — 8 Purchases — — — — Sales — — (92) (282) Maturities, calls and paydowns — (23) — (64) Amortization of discount — — — — Total gains or losses (realized/unrealized): Included in earnings — 156 (10) (270) Included in other comprehensive income — — — — Ending balance $ — $ 372 $ — $ 372
Schedule of Carrying Value and Fair Value	The carrying values and fair values of financial instruments are summarized below: September 30, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value (in thousands) Assets Fixed maturity securities, available-for-sale $ 1,639,248 $ 1,639,248 $ 1,677,561 $ 1,677,561 Equity securities 118,114 118,114 108,410 108,410 Bank loan participations 160,296 160,296 156,043 156,043 Cash and cash equivalents 187,544 187,544 190,123 190,123 Restricted cash equivalents 102,485 102,485 102,005 102,005 Short-term investments 208,904 208,904 136,563 136,563 Other invested assets – notes receivable 9,740 11,385 9,740 11,921 Liabilities Senior debt 222,300 219,771 262,300 252,213 Junior subordinated debt 104,055 115,000 104,055 106,635

Capital Stock and Equity Awar_2

Capital Stock and Equity Awards (Tables)	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Schedule of Dividends	The Company declared the following dividends on common shares during the first nine months of 2022 and 2021: Date of Declaration Dividend per Common Share Payable to Shareholders of Record on Payment Date Total Amount 2022 February 16, 2022 $ 0.05 March 14, 2022 March 31, 2022 $ 1,908,482 April 28, 2022 $ 0.05 June 13, 2022 June 30, 2022 1,907,953 July 26, 2022 $ 0.05 September 12, 2022 September 30, 2022 1,908,287 $ 0.15 $ 5,724,722 2021 February 24, 2021 $ 0.30 March 15, 2021 March 31, 2021 $ 9,345,489 April 27, 2021 $ 0.30 June 14, 2021 June 30, 2021 $ 11,290,990 July 27, 2021 $ 0.30 September 13, 2021 September 30, 2021 $ 11,281,523 $ 0.90 $ 31,918,002
Schedule of Summary of Option Activity	The following table summarizes option activity: Nine Months Ended September 30, 2022 2021 Shares Weighted- Shares Weighted- Outstanding: Beginning of period 287,974 $ 35.26 463,324 $ 32.25 Granted — $ — — $ — Exercised — $ — (41,392) $ 24.87 Forfeited — $ — (29,418) $ 38.81 End of period 287,974 $ 35.26 392,514 $ 32.53 Exercisable, end of period 287,974 $ 35.26 392,514 $ 32.53
Schedule of Summary of RSU Activity	The following table summarizes RSU activity: Nine Months Ended September 30, 2022 2021 Shares Weighted- Shares Weighted- Unvested, beginning of period 292,135 $ 45.89 399,856 $ 43.59 Granted 545,450 $ 20.54 139,682 $ 50.22 Vested (112,527) $ 45.49 (165,131) $ 41.86 Forfeited (9,760) $ 22.97 (56,575) $ 45.91 Unvested, end of period 715,298 $ 26.94 317,832 $ 47.00
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 2022 2021 2022 2021 (in thousands) Share based compensation expense $ 2,228 $ 1,476 $ 6,210 $ 5,243 U.S. tax benefit on share based compensation expense 415 306 1,160 902

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) insurance_company reinsurance_company	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) insurance_company reinsurance_company	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Accounting Policies [Line Items]
Investment in variable interest entities	$ 28,200		$ 28,200		$ 26,900
Effective U.S. federal income tax expense (benefit) rate			30.90%	(17.80%)
Pre-tax income (loss)	(4,613)	$ (21,301)	$ 19,176	$ (129,647)
Income tax expense (benefit)	8	2,588	5,928	(23,141)
Development on prior year loss reserves	(1,129)	44,098	4,098	210,782
Excess and Surplus Lines
Accounting Policies [Line Items]
Development on prior year loss reserves	$ 139	$ 29,500	$ 48	$ 190,700
UNITED STATES
Accounting Policies [Line Items]
Number of insurance companies | insurance_company	5		5
BERMUDA
Accounting Policies [Line Items]
Number of insurance companies | reinsurance_company	2		2

Investments - Schedule of Avail

Investments - Schedule of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	$ 1,839,336
Fixed maturity securities, available-for-sale	1,639,248	$ 1,677,561
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	1,839,336	1,643,865
Total investments available-for-sale, Gross Unrealized Gains	619	46,253
Total investments available-for-sale, Gross Unrealized Losses	(200,707)	(12,557)
Fixed maturity securities, available-for-sale	1,639,248	1,677,561
State and municipal
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	377,410	323,773
Total investments available-for-sale, Gross Unrealized Gains	346	12,156
Total investments available-for-sale, Gross Unrealized Losses	(56,859)	(2,212)
Fixed maturity securities, available-for-sale	320,897	333,717
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	388,386	246,586
Total investments available-for-sale, Gross Unrealized Gains	241	2,384
Total investments available-for-sale, Gross Unrealized Losses	(39,700)	(2,339)
Fixed maturity securities, available-for-sale	348,927	246,631
Corporate
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	669,209	711,930
Total investments available-for-sale, Gross Unrealized Gains	32	26,119
Total investments available-for-sale, Gross Unrealized Losses	(75,284)	(5,714)
Fixed maturity securities, available-for-sale	593,957	732,335
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	328,022	301,247
Total investments available-for-sale, Gross Unrealized Gains	0	4,941
Total investments available-for-sale, Gross Unrealized Losses	(24,177)	(1,700)
Fixed maturity securities, available-for-sale	303,845	304,488
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	76,309	60,329
Total investments available-for-sale, Gross Unrealized Gains	0	653
Total investments available-for-sale, Gross Unrealized Losses	(4,687)	(592)
Fixed maturity securities, available-for-sale	$ 71,622	$ 60,390

Investments - Schedule of Contr

Investments - Schedule of Contract Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Cost or Amortized Cost
One year or less	$ 50,179
After one year through five years	439,524
After five years through ten years	351,577
After ten years	281,648
Residential mortgage-backed	388,386
Commercial mortgage and asset-backed	328,022
Total fixed maturity securities, Cost or Amortized Cost	1,839,336
Fair Value
One year or less	48,892
After one year through five years	409,673
After five years through ten years	300,364
After ten years	227,547
Residential mortgage-backed	348,927
Commercial mortgage and asset-backed	303,845
Total investments available-for-sale, Fair Value	$ 1,639,248	$ 1,677,561

Investments - Schedule of Gross

Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	$ 1,293,250	$ 596,444
Fixed maturity securities, less than 12 months, gross unrealized losses	(136,862)	(11,018)
Fixed maturity securities, 12 months or more, fair value	320,207	21,161
Fixed maturity securities, 12 months or more, gross unrealized losses	(63,845)	(1,539)
Fixed maturity securities, fair value	1,613,457	617,605
Fixed maturity securities, gross unrealized losses	(200,707)	(12,557)
State and municipal
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	274,536	93,313
Fixed maturity securities, less than 12 months, gross unrealized losses	(46,950)	(2,162)
Fixed maturity securities, 12 months or more, fair value	36,950	1,150
Fixed maturity securities, 12 months or more, gross unrealized losses	(9,909)	(50)
Fixed maturity securities, fair value	311,486	94,463
Fixed maturity securities, gross unrealized losses	(56,859)	(2,212)
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	265,562	140,386
Fixed maturity securities, less than 12 months, gross unrealized losses	(24,678)	(2,337)
Fixed maturity securities, 12 months or more, fair value	76,678	147
Fixed maturity securities, 12 months or more, gross unrealized losses	(15,022)	(2)
Fixed maturity securities, fair value	342,240	140,533
Fixed maturity securities, gross unrealized losses	(39,700)	(2,339)
Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	455,140	179,078
Fixed maturity securities, less than 12 months, gross unrealized losses	(46,851)	(4,232)
Fixed maturity securities, 12 months or more, fair value	129,401	18,635
Fixed maturity securities, 12 months or more, gross unrealized losses	(28,433)	(1,482)
Fixed maturity securities, fair value	584,541	197,713
Fixed maturity securities, gross unrealized losses	(75,284)	(5,714)
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	247,461	159,289
Fixed maturity securities, less than 12 months, gross unrealized losses	(16,433)	(1,695)
Fixed maturity securities, 12 months or more, fair value	56,107	1,229
Fixed maturity securities, 12 months or more, gross unrealized losses	(7,744)	(5)
Fixed maturity securities, fair value	303,568	160,518
Fixed maturity securities, gross unrealized losses	(24,177)	(1,700)
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	50,551	24,378
Fixed maturity securities, less than 12 months, gross unrealized losses	(1,950)	(592)
Fixed maturity securities, 12 months or more, fair value	21,071	0
Fixed maturity securities, 12 months or more, gross unrealized losses	(2,737)	0
Fixed maturity securities, fair value	71,622	24,378
Fixed maturity securities, gross unrealized losses	$ (4,687)	$ (592)

Investments - Narrative (Detail

Investments - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) issuer	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) issuer	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Gain (Loss) on Securities [Line Items]
Fixed maturity securities, available-for-sale	$ 1,639,248,000		$ 1,639,248,000		$ 1,677,561,000
Bank loan participations	160,296,000		160,296,000		156,043,000
Unpaid principal balance	178,800,000		178,800,000
Net investment income	17,306,000	$ 15,289,000	48,278,000	$ 44,726,000
Net gain (loss) in bank loan participations	(2,201,000)	195,000	(14,194,000)	5,981,000
Losses due to credit-related impairments	0	0	0	0
Bank Loan Participations
Gain (Loss) on Securities [Line Items]
Net investment income	$ 3,400,000	$ 2,800,000	$ 8,400,000	$ 8,200,000
Fixed maturity securities
Gain (Loss) on Securities [Line Items]
Number of issuers | issuer	573		573
Total fair value	$ 1,613,457,000		$ 1,613,457,000		617,605,000
Gross unrealized losses	200,707,000		200,707,000		12,557,000
Fixed maturity securities, available-for-sale	1,639,248,000		1,639,248,000		1,677,561,000
Aggregate net unrealized loss	$ 200,707,000		$ 200,707,000		$ 12,557,000
Fixed maturity securities | BBB- or better
Gain (Loss) on Securities [Line Items]
Percentage of available for sale securities	99.80%		99.80%
Fixed maturity securities | Below BBB-
Gain (Loss) on Securities [Line Items]
Fixed maturity securities, available-for-sale	$ 2,600,000		$ 2,600,000
Aggregate net unrealized loss	$ 250,000		$ 250,000

Investments - Summary of Realiz

Investments - Summary of Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments [Abstract]
Fixed maturity securities, gross realized gains	$ 1	$ 3,170	$ 1,699	$ 4,361
Fixed maturity securities, gross realized losses	(973)	(3)	(1,415)	(27)
Fixed maturity securities	(972)	3,167	284	4,334
Bank loan participations, gross realized gains	70	130	183	448
Bank loan participations, gross realized losses	(253)	(310)	(559)	(1,093)
Changes in fair values of bank loan participations	(2,018)	375	(13,818)	6,626
Bank loan participations	(2,201)	195	(14,194)	5,981
Equity securities, gross realized gain	758	0	787	111
Equity securities, gross realized losses	(359)	(2)	(740)	(497)
Changes in fair values of equity securities	(4,967)	643	(15,959)	3,803
Equity securities	(4,568)	641	(15,912)	3,417
Short-term investments and other, gross realized gains	1	70	1	75
Short-term investments and other, gross realized losses	(14)	(150)	(53)	(150)
Changes in fair values of short-term investments and other	0	60	0	81
Short-term investments and other	(13)	(20)	(52)	6
Total	$ (7,754)	$ 3,983	$ (29,874)	$ 13,738

Investments - Summary of Privat

Investments - Summary of Private Debt and Equity (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) note	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) note	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Net Investment Income [Line Items]
Total other invested assets	$ 49,471		$ 49,471		$ 51,908
Investment income	(424)	$ 1,760	1,986	$ 2,928
Renewable energy LLCs
Net Investment Income [Line Items]
Total other invested assets	28,156		28,156		26,920
Investment income	(23)	648	2,597	(138)
Renewable energy notes receivable
Net Investment Income [Line Items]
Total other invested assets	5,240		5,240		5,240
Investment income	157	270	471	774
Limited partnerships
Net Investment Income [Line Items]
Total other invested assets	11,575		11,575		15,248
Investment income	(644)	757	(1,340)	2,035
Bank holding companies
Net Investment Income [Line Items]
Total other invested assets	4,500		4,500		4,500
Investment income	86	85	258	257
Excess and Surplus Lines
Net Investment Income [Line Items]
Total other invested assets	42,558		42,558		44,138
Investment income	(127)	1,538	1,850	2,207
Excess and Surplus Lines | Renewable energy LLCs
Net Investment Income [Line Items]
Total other invested assets	25,363		25,363		24,211
Investment income	$ (30)	634	2,331	634
Excess and Surplus Lines | Renewable energy LLCs | Investment in LLC
Net Investment Income [Line Items]
Cash distributions from LLCs			$ 1,400	1,800
Excess and Surplus Lines | Renewable energy LLCs | Minimum | Investment in LLC | Various LLCs
Net Investment Income [Line Items]
Ownership percentage	2.60%		2.60%
Excess and Surplus Lines | Renewable energy LLCs | Maximum | Investment in LLC | Various LLCs
Net Investment Income [Line Items]
Ownership percentage	32.60%		32.60%
Excess and Surplus Lines | Renewable energy notes receivable
Net Investment Income [Line Items]
Total other invested assets	$ 2,329		$ 2,329		2,329
Investment income	$ 69	120	$ 209	344
Number of notes issued | note	2		2
Rate of interest	12%		12%
Excess and Surplus Lines | Limited partnerships
Net Investment Income [Line Items]
Total other invested assets	$ 10,366		$ 10,366		13,098
Investment income	(252)	699	(948)	1,115
Outstanding commitments to invest	5,300		5,300
Excess and Surplus Lines | Bank holding companies
Net Investment Income [Line Items]
Total other invested assets	4,500		4,500		4,500
Investment income	$ 86	85	$ 258	114
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	6,913		6,913		7,770
Investment income	(297)	222	136	721
Corporate and Other | Renewable energy LLCs
Net Investment Income [Line Items]
Total other invested assets	2,793		2,793		2,709
Investment income	$ 7	14	266	(772)
Corporate and Other | Renewable energy LLCs | Investment in LLC
Net Investment Income [Line Items]
Cash distributions from LLCs			$ 1,400	1,800
Corporate and Other | Renewable energy LLCs | Minimum | Investment in LLC | Various LLCs
Net Investment Income [Line Items]
Ownership percentage	2.60%		2.60%
Corporate and Other | Renewable energy LLCs | Maximum | Investment in LLC | Various LLCs
Net Investment Income [Line Items]
Ownership percentage	32.60%		32.60%
Corporate and Other | Renewable energy notes receivable
Net Investment Income [Line Items]
Total other invested assets	$ 2,911		$ 2,911		2,911
Investment income	$ 88	150	$ 262	430
Number of notes issued | note	2		2
Rate of interest	12%		12%
Corporate and Other | Limited partnerships
Net Investment Income [Line Items]
Total other invested assets	$ 1,209		$ 1,209		2,150
Investment income	(392)	58	(392)	920
Impairment loss	392
Corporate and Other | Bank holding companies
Net Investment Income [Line Items]
Total other invested assets	0		0		$ 0
Investment income	$ 0	$ 0	$ 0	$ 143

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	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%

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
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	7,008	6,736
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	$ 7,008	6,736
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

Earnings (Loss) Per Share - Bas

Earnings (Loss) Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net (loss) income	$ (4,621)	$ (23,889)	$ 13,248	$ (106,506)
Less: Dividends on Series A preferred shares	(2,625)	0	(6,125)	0
Net (loss) income available to common shareholders	$ (7,246)	$ (23,889)	$ 7,123	$ (106,506)
Weighted average common shares outstanding:
Basic (in shares)	37,450,381	37,278,469	37,435,798	34,161,022
Dilutive potential common shares (in shares)	0	0	206,858	0
Diluted (in shares)	37,450,381	37,278,469	37,642,656	34,161,022
Net (loss) income per common share:
Basic (in dollars per share)	$ (0.19)	$ (0.64)	$ 0.19	$ (3.12)
Dilutive potential common shares (in dollars per share)	0	0	0	0
Diluted (in dollars per share)	$ (0.19)	$ (0.64)	$ 0.19	$ (3.12)

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock options, restricted share units ("RSU's") and convertible preferred stock
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)	5,830,234	133,994	4,421,223	203,077

Reserve for Losses and Loss A_3

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($)				3 Months Ended			9 Months Ended
	Mar. 31, 2022	Sep. 27, 2021	Jul. 01, 2021	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Abstract]
Allowance for credit losses on reinsurance recoverables	$ 604,000			$ 621,000	$ 604,000	$ 515,000	$ 621,000	$ 515,000	$ 601,000	$ 631,000	$ 335,000	$ 335,000	$ 335,000
Development on prior year loss reserves
Development on prior year loss reserves				(1,129,000)		44,098,000	4,098,000	210,782,000
Funds held				335,233,000			335,233,000			97,360,000
Losses and loss adjustment expenses				153,008,000		166,078,000	409,985,000	549,578,000
Current year				133,364,000		121,980,000	385,114,000	338,796,000
Losses and loss adjustment expenses				153,008,000		166,078,000	409,985,000	549,578,000
Deferred reinsurance gain				20,773,000			20,773,000			0
Excess and Surplus Lines
Development on prior year loss reserves
Development on prior year loss reserves				139,000		29,500,000	48,000	190,700,000
Excess and Surplus Lines | Hurricane
Development on prior year loss reserves
Liability for catastrophe claims, losses				5,000,000		5,000,000	5,000,000	5,000,000
Excess and Surplus Lines | Commercial Auto Business
Development on prior year loss reserves
Development on prior year loss reserves								200,100,000
Excess and Surplus Lines | Loss Portfolio Transfer | Commercial Auto Business
Development on prior year loss reserves
Development on prior year loss reserves		$ 29,600,000		46,700,000			46,700,000
Reinsurance premium			$ 345,100,000
Retroactive reinsurance benefit recognized				25,900,000			25,900,000
Cumulative amounts ceded under loss portfolio transfer				391,800,000			391,800,000			$ 345,100,000
Deferred reinsurance gain				20,773,000		0	20,773,000	0
Specialty Admitted Insurance
Development on prior year loss reserves
Development on prior year loss reserves				(1,300,000)		(500,000)	(2,800,000)	(2,500,000)
Casualty Reinsurance
Development on prior year loss reserves
Development on prior year loss reserves				$ 0		$ 15,100,000		$ 22,600,000
Casualty Reinsurance | Loss Portfolio Transfer | Fortitude Reinsurance | JRG Reinsurance Company Ltd
Development on prior year loss reserves
Development on prior year loss reserves					6,800,000		$ 6,800,000
Reinsurance, aggregate coverage limit	400,000,000				400,000,000
Ceded premiums payable	335,000,000				335,000,000
Funds held	310,000,000				310,000,000
Payments for reinsurance	$ 25,000,000
Crediting rate on funds withheld	2%
Losses and loss adjustment expenses					11,500,000
Current year					$ 4,700,000

Reserve for Losses and Loss A_4

Reserve for Losses and Loss Adjustment Expenses - Reserve for Losses and Loss Adjustment Expenses, Net of Reinsurance (Details) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 27, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
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		$ 1,159,145,000	$ 1,511,106,000	$ 1,399,214,000	$ 1,386,061,000
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year		133,364,000	121,980,000	385,114,000	338,796,000
Prior years - excluding retroactive reinsurance		(1,129,000)	44,098,000	4,098,000	210,782,000
Total incurred losses and loss and adjustment expenses		153,008,000	166,078,000	409,985,000	549,578,000
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year		12,451,000	12,310,000	22,057,000	22,766,000
Prior years		81,755,000	125,277,000	275,375,000	373,276,000
Total loss and loss adjustment expense payments		94,206,000	137,587,000	297,432,000	396,042,000
Deduct: Deferred reinsurance gain - retroactive reinsurance		20,773,000		20,773,000		$ 0
Deduct: Loss reserves ceded in Retrocession and Commercial Auto LPT Agreements		1,584,836,000		1,584,836,000		$ 1,348,628,000
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period		1,201,243,000	1,247,450,000	1,201,243,000	1,247,450,000
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period		1,585,457,000	1,349,379,000	1,585,457,000	1,349,379,000
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period		2,786,700,000	2,596,829,000	2,786,700,000	2,596,829,000
Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance		139,000	29,500,000	48,000	190,700,000
Excess and Surplus Lines | Commercial Auto Business
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance					200,100,000
Casualty Reinsurance
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance		0	15,100,000		22,600,000
Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - retroactive reinsurance		20,773,000	0	20,773,000	0
Prior years - excluding retroactive reinsurance	$ 29,600,000	46,700,000		46,700,000
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Deferred reinsurance gain - retroactive reinsurance		20,773,000	0	20,773,000	0
Deduct: Loss reserves ceded in Retrocession and Commercial Auto LPT Agreements			292,147,000		292,147,000
Loss Portfolio Transfer | Casualty Reinsurance
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Loss reserves ceded in Retrocession and Commercial Auto LPT Agreements		299,493,000		299,493,000
Add: Changes in reinsurance recoverable of Retrocession Agreement unrelated to net reserve activity		$ 4,069,000	$ 0	$ 9,742,000	$ 0

Other Comprehensive Loss - Summ

Other Comprehensive Loss - Summary of Components of Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized losses arising during the period, before U.S. income taxes	$ (70,538)	$ (10,174)	$ (233,501)	$ (39,972)
U.S. income taxes	8,910	1,219	28,295	4,654
Unrealized losses arising during the period, net of U.S. income taxes	(61,628)	(8,955)	(205,206)	(35,318)
Less reclassification adjustment:
Net realized investment (losses) gains	(972)	3,167	284	4,334
U.S. income taxes	0	(663)	(263)	(863)
Reclassification adjustment for investment (losses) gains realized in net income	(972)	2,504	21	3,471
Other comprehensive loss	$ (60,656)	$ (11,459)	$ (205,227)	$ (38,789)

Other Comprehensive Loss - Narr

Other Comprehensive Loss - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Fixed maturity securities, available-for-sale	$ 1,639,248		$ 1,639,248		$ 1,677,561
Net realized investment (losses) gains	(972)	$ 3,167	284	$ 4,334
Net gain (loss) in bank loan participations	(2,201)	195	(14,194)	5,981
Net realized and unrealized gains (losses) on investments in equity securities	$ (4,568)	$ 641	$ (15,912)	$ 3,417

Contingent Liabilities - Narrat

Contingent Liabilities - Narrative (Details)	Sep. 27, 2021 USD ($)	Jul. 01, 2021 USD ($)	Sep. 30, 2022 USD ($) credit_facility	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)
Contingent Liabilities [Line Items]
Reinsurance recoverable on unpaid losses, net			$ 1,584,836,000	$ 1,348,628,000
Reinsurance recoverable on paid losses			110,260,000	$ 82,235,000
Excess and Surplus Lines | Commercial Auto Business | Raiser | Indemnity Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral returned to trust	$ 691,300,000
Cash equivalent collateral trust arrangement			262,100,000
Required collateral, percentage	102%
Excess and Surplus Lines | Commercial Auto Business | Raiser | Indemnity Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			331,300,000
Excess and Surplus Lines | Commercial Auto Business | Raiser | Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			69,200,000
Excess and Surplus Lines | Commercial Auto Business | Aleka | Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			28,200,000
Excess and Surplus Lines | Commercial Auto Business | Rasier and Aleka | Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			102,500,000
Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business
Contingent Liabilities [Line Items]
Reinsurance premium		$ 345,100,000
Reinsurance recoverable on unpaid losses, net					$ 292,147,000
Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business | Aleka
Contingent Liabilities [Line Items]
Required collateral, percentage	102%
Reinsurance recoverables			189,100,000
Reinsurance recoverable on unpaid losses, net			174,300,000
Reinsurance recoverable on paid losses			14,800,000
Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business | Aleka | L PT Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			118,300,000
Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business | Aleka | LPT Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			$ 146,500,000
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			$ 409,300,000
JRG Reinsurance Company, Ltd. | Letter Of Credit 30 Million
Contingent Liabilities [Line Items]
Letters of credit facility, amount			30,000,000
Amount of letters of credit issued			4,600,000
Assets deposited for securing letters of credit			7,800,000
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			40,500,000
Assets deposited for securing letters of credit			46,000,000
JRG Reinsurance Company, Ltd. | Letter of credit 100 Million
Contingent Liabilities [Line Items]
Amount of letters of credit issued			22,600,000
Assets deposited for securing letters of credit			27,500,000
Line of credit (up to)			$ 100,000,000

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Segment	Sep. 30, 2021 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | Segment			4
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Gross fee income | $	$ 914	$ 1,000	$ 2,600	$ 2,900

Segment Information - Summary o

Segment Information - Summary of Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Gross written premiums	$ 358,505	$ 346,599	$ 1,118,155	$ 1,100,000
Net earned premiums	190,189	170,608	566,275	503,906
Underwriting profit (loss) of operating segments	19,731	(30,354)	58,205	(155,925)
Net investment income	17,306	15,289	48,278	44,726
Interest expense	4,950	2,227	11,291	6,692
Segment revenues	201,229	190,993	587,983	565,540
Segment goodwill	181,831	181,831	181,831	181,831	$ 181,831
Segment assets	5,205,491	4,784,099	5,205,491	4,784,099	$ 4,948,550
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Gross written premiums	204,785	217,673	675,702	613,045
Net earned premiums	139,095	119,760	408,280	351,413
Underwriting profit (loss) of operating segments	16,402	(21,527)	60,193	(145,556)
Net investment income	6,955	4,678	15,795	11,857
Interest expense	0	0	0	0
Segment revenues	140,946	127,603	405,997	370,417
Segment goodwill	181,831	181,831	181,831	181,831
Segment assets	2,623,257	1,835,108	2,623,257	1,835,108
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Gross written premiums	123,389	121,175	374,066	377,400
Net earned premiums	17,824	19,704	55,283	54,656
Underwriting profit (loss) of operating segments	285	3,084	1,746	6,488
Net investment income	1,066	754	2,757	2,342
Interest expense	0	0	0	0
Segment revenues	19,602	21,009	59,152	60,667
Segment goodwill	0	0	0	0
Segment assets	1,222,280	1,053,286	1,222,280	1,053,286
Casualty Reinsurance
Segment Reporting Information [Line Items]
Gross written premiums	30,331	7,751	68,387	109,555
Net earned premiums	33,270	31,144	102,712	97,837
Underwriting profit (loss) of operating segments	3,044	(11,911)	(3,734)	(16,857)
Net investment income	9,596	9,699	29,750	29,962
Interest expense	1,235	0	2,577	0
Segment revenues	40,869	42,167	122,594	133,671
Segment goodwill	0	0	0	0
Segment assets	1,290,573	1,871,846	1,290,573	1,871,846
Corporate and Other
Segment Reporting Information [Line Items]
Gross written premiums	0	0	0	0
Net earned premiums	0	0	0	0
Underwriting profit (loss) of operating segments	0	0	0	0
Net investment income	(311)	158	(24)	565
Interest expense	3,715	2,227	8,714	6,692
Segment revenues	(188)	214	240	785
Segment goodwill	0	0	0	0
Segment assets	$ 69,381	$ 23,859	$ 69,381	$ 23,859

Segment Information - Reconcili

Segment Information - Reconciliation of Operating Segments by Individual Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total underwriting profit (loss) of operating segments	$ 19,731	$ (30,354)	$ 58,205	$ (155,925)
Other operating expenses of the Corporate and Other segment	(8,447)	(7,287)	(25,209)	(23,258)
Underwriting profit (loss)	11,284	(37,641)	32,996	(179,183)
Net investment income	17,306	15,289	48,278	44,726
Net realized and unrealized (losses) gains on investments	(7,754)	3,983	(29,874)	13,738
Amortization of intangible assets	(90)	(90)	(272)	(272)
Other income and expenses	364	(615)	112	(1,964)
Interest expense	(4,950)	(2,227)	(11,291)	(6,692)
(Loss) income before taxes	(4,613)	(21,301)	19,176	(129,647)
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Total underwriting profit (loss) of operating segments	16,402	(21,527)	60,193	(145,556)
Net investment income	6,955	4,678	15,795	11,857
Interest expense	0	0	0	0
Excess and Surplus Lines | Commercial Auto Business | Loss Portfolio Transfer
Segment Reporting Information [Line Items]
Losses and loss adjustment expenses - retroactive reinsurance	(20,773)	0	(20,773)	0
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Total underwriting profit (loss) of operating segments	285	3,084	1,746	6,488
Net investment income	1,066	754	2,757	2,342
Interest expense	0	0	0	0
Casualty Reinsurance
Segment Reporting Information [Line Items]
Total underwriting profit (loss) of operating segments	3,044	(11,911)	(3,734)	(16,857)
Net investment income	9,596	9,699	29,750	29,962
Interest expense	$ (1,235)	$ 0	$ (2,577)	$ 0

Other Operating Expenses and _3

Other Operating Expenses and Other Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Operating Expenses and Other Expenses [Abstract]
Amortization of policy acquisition costs	$ 23,296	$ 19,951	$ 69,321	$ 64,830
Other underwriting expenses of the operating segments	15,841	15,955	52,151	48,326
Other operating expenses of the Corporate and Other segment	8,447	7,287	25,209	23,258
Total	47,584	43,193	146,681	136,414
Other expenses	$ 210	$ 706	$ 578	$ 2,231

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 1,639,248	$ 1,677,561
Equity securities:
Bank loan participations	160,296	156,043
Short-term investments	208,904	136,563
Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,639,248	1,677,561
State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	320,897	333,717
Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	348,927	246,631
Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	593,957	732,335
Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	303,845	304,488
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	71,622	60,390
Recurring basis
Equity securities:
Bank loan participations	160,296	156,043
Short-term investments	208,904	136,563
Recurring basis | Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,639,248	1,677,561
Recurring basis | State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	320,897	333,717
Recurring basis | Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	348,927	246,631
Recurring basis | Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	593,957	732,335
Recurring basis | Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	303,845	304,488
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	71,622	60,390
Recurring basis | Equity securities
Equity securities:
Total equity securities	118,114	108,410
Recurring basis | Preferred stock
Equity securities:
Total equity securities	74,822	63,612
Recurring basis | Common stock
Equity securities:
Total equity securities	43,292	44,798
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	71,305	59,988
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	71,305	59,988
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Equity securities
Equity securities:
Total equity securities	40,729	41,244
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	40,729	41,244
Recurring basis | Significant Other Observable Inputs Level 2
Equity securities:
Bank loan participations	160,296	156,043
Short-term investments	208,904	136,563
Recurring basis | Significant Other Observable Inputs Level 2 | Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,567,943	1,617,573
Recurring basis | Significant Other Observable Inputs Level 2 | State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	320,897	333,717
Recurring basis | Significant Other Observable Inputs Level 2 | Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	348,927	246,631
Recurring basis | Significant Other Observable Inputs Level 2 | Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	593,957	732,335
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	303,845	304,488
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	317	402
Recurring basis | Significant Other Observable Inputs Level 2 | Equity securities
Equity securities:
Total equity securities	77,385	67,064
Recurring basis | Significant Other Observable Inputs Level 2 | Preferred stock
Equity securities:
Total equity securities	74,822	63,612
Recurring basis | Significant Other Observable Inputs Level 2 | Common stock
Equity securities:
Total equity securities	2,563	3,452
Recurring basis | Significant Unobservable Inputs Level 3
Equity securities:
Bank loan participations	0	0
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	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	0	102
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	$ 0	$ 102

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Available-for-Sale Fixed Maturity Securities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - Available-for-sale fixed maturity securities and equity securities - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	$ 231	$ 102	$ 980
Transfers out of Level 3	0	0	0	0
Transfers in to Level 3	0	8	0	8
Purchases	0	0	0	0
Sales	0	0	(92)	(282)
Maturities, calls and paydowns	0	(23)	0	(64)
Amortization of discount	0	0	0	0
Total gains or losses (realized/unrealized)-Included in earnings	0	156	(10)	(270)
Total gains or losses (realized/unrealized)-Included in other comprehensive income	0	0	0	0
Ending balance	$ 0	$ 372	$ 0	$ 372

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) security	Sep. 30, 2021 USD ($) bank_loan_participation security	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($) bank_loan_participation security
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of equity securities held | security			1	3		2
Number of bank loan participations held | bank_loan_participation				1		1
Recurring basis | Available-for-sale fixed maturity securities and equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset value | $	$ 0	$ 0	$ 102	$ 372	$ 231	$ 980

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of the Carrying Value and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Assets
Fixed maturity securities, available-for-sale	$ 1,639,248	$ 1,677,561
Bank loan participations	160,296	156,043
Cash and cash equivalents	187,544	190,123
Restricted cash equivalents	102,485	102,005	$ 10,000	$ 859,920
Short-term investments	208,904	136,563
Liabilities
Senior debt	222,300	262,300
Junior subordinated debt	104,055	104,055
Carrying Value
Assets
Fixed maturity securities, available-for-sale	1,639,248	1,677,561
Equity securities	118,114	108,410
Bank loan participations	160,296	156,043
Cash and cash equivalents	187,544	190,123
Restricted cash equivalents	102,485	102,005
Short-term investments	208,904	136,563
Other invested assets – notes receivable	9,740	9,740
Liabilities
Senior debt	222,300	262,300
Junior subordinated debt	104,055	104,055
Fair Value
Assets
Fixed maturity securities, available-for-sale	1,639,248	1,677,561
Equity securities	118,114	108,410
Bank loan participations	160,296	156,043
Cash and cash equivalents	187,544	190,123
Restricted cash equivalents	102,485	102,005
Short-term investments	208,904	136,563
Other invested assets – notes receivable	11,385	11,921
Liabilities
Senior debt	219,771	252,213
Junior subordinated debt	$ 115,000	$ 106,635

Senior Debt (Details)

Senior Debt (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Repayments of senior debt		$ 40,000,000	$ 0
Senior debt		222,300,000		$ 262,300,000
2017 Facility | JRG Reinsurance Company, Ltd.
Debt Instrument [Line Items]
Amount of letters of credit issued		22,600,000
Line of credit (up to)		100,000,000
Unsecured Debt | 2017 Facility
Debt Instrument [Line Items]
Repayments of senior debt	$ 40,000,000
Senior debt		$ 21,500,000

Series A Preferred Shares (Deta

Series A Preferred Shares (Details) $ / shares in Units, $ in Thousands		3 Months Ended	4 Months Ended	9 Months Ended
	Feb. 24, 2022 USD ($) d $ / shares shares	Sep. 30, 2022 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 $ / shares
Temporary Equity [Line Items]
Series A convertible preferred shares (in dollars per share) | $ / shares		$ 0.00125		$ 0.00125		$ 0.00125
Issuance of Series A preferred shares | $				$ 144,898	$ 0
Convertible Preferred Stock | Private Placement
Temporary Equity [Line Items]
Number of shares issued during period (in shares) | shares	150,000
Preferred stock, dividend rate, percentage	7%
Series A convertible preferred shares (in dollars per share) | $ / shares	$ 0.00125
Sale of stock, consideration received on transaction | $	$ 150,000
Per share price (in dollars per share) | $ / shares	$ 1,000
Liquidation preference (in dollars per share) | $ / shares	$ 1,000
Preferred stock, dividend term	5 years
Preferred stock, dividend payment rate, variable spread	5.20%
Payment of cash dividends | $		$ 2,600	$ 3,500	$ 6,100
Preferred stock, convertible, conversion price | $ / shares	$ 26.5950
Convertible preferred stock, shares issued upon conversion | shares	5,640,158
Convertible preferred stock, minimum term for conversion	2 years
Percentage of then-applicable conversion price threshold	130%
Number of trading days | d	20
Preferred stock, discount rate, percentage	3.50%
Number of trading days immediately preceding Mandatory Conversion | d	5
Issuance costs | $	$ 5,100
Issuance of Series A preferred shares | $	$ 144,900

Capital Stock and Equity Awar_3

Capital Stock and Equity Awards - Common Shares (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	37,450,438		37,450,438			37,373,066
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit dividend equivalents			$ 107	$ 317
Dividends payable	$ 363		$ 363			$ 518
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	37,450,438	37,287,244	37,450,438	37,287,244	37,450,264	37,373,066	37,275,562	30,649,261
Vesting of RSUs (in shares)	174	174	77,372	112,504

Capital Stock and Equity Awar_4

Capital Stock and Equity Awards - Summary of Cash Dividends Declared (Details) - USD ($)													3 Months Ended		9 Months Ended
	Sep. 30, 2022	Jul. 26, 2022	Jun. 30, 2022	Apr. 28, 2022	Mar. 31, 2022	Feb. 16, 2022	Sep. 30, 2021	Jul. 27, 2021	Jun. 30, 2021	Apr. 27, 2021	Mar. 31, 2021	Feb. 24, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Dividend declared per share (in dollars per share)		$ 0.05		$ 0.05		$ 0.05		$ 0.30		$ 0.30		$ 0.30	$ 0.05	$ 0.30	$ 0.15	$ 0.90
Total Amount	$ 1,908,287		$ 1,907,953		$ 1,908,482		$ 11,281,523		$ 11,290,990		$ 9,345,489				$ 5,724,722	$ 31,918,002

Capital Stock and Equity Awar_5

Capital Stock and Equity Awards - Equity Incentive Plans (Details) - shares	Sep. 30, 2022	Jul. 26, 2022
PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares to be received per PRSU (in shares)		1
Payout for achievement, threshold		50%
Payout for achievement, target		100%
Payout for achievement, maximum		200%
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)	807,839
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)	77,708

Capital Stock and Equity Awar_6

Capital Stock and Equity Awards - Summary of Option Activity (Details) - Options	9 Months Ended
	Sep. 30, 2022 $ / shares shares	Sep. 30, 2021 $ / shares shares
Shares
Beginning of period (in shares) | shares	287,974	463,324
Granted (in shares) | shares	0	0
Exercised (in shares) | shares	0	(41,392)
Forfeited (in shares) | shares	0	(29,418)
End of period (in shares) | shares	287,974	392,514
Exercisable, end of period (in shares) | shares	287,974	392,514
Weighted- Average Exercise Price
Beginning of period (in dollars per share) | $ / shares	$ 35.26	$ 32.25
Granted (in dollars per share) | $ / shares	0	0
Exercised (in dollars per share) | $ / shares	0	24.87
Forfeited (in dollars per share) | $ / shares	0	38.81
End of period (in dollars per share) | $ / shares	35.26	32.53
Exercisable, end of period (in dollars per share) | $ / shares	$ 35.26	$ 32.53
Vesting period (in years)	3 years
Contractual life (in years)	7 years
Weighted-average remaining contractual life of options outstanding	8 months 12 days
Weighted-average remaining contractual life of options exercisable	8 months 12 days

Capital Stock and Equity Awar_7

Capital Stock and Equity Awards - Summary of RSU Activity (Details) - RSUs - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Shares
Unvested, beginning of period (in shares)	292,135	399,856
Granted (in shares)	545,450	139,682
Vested (in shares)	(112,527)	(165,131)
Forfeited (in shares)	(9,760)	(56,575)
Unvested, end of period (in shares)	715,298	317,832
Weighted- Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share)	$ 45.89	$ 43.59
Granted (in dollars per share)	20.54	50.22
Vested (in dollars per share)	45.49	41.86
Forfeited (in dollars per share)	22.97	45.91
Unvested, end of period (in dollars per share)	$ 26.94	$ 47
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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Share based compensation expense	$ 2,228	$ 1,476	$ 6,210	$ 5,243
U.S. tax benefit on share based compensation expense	$ 415	$ 306	$ 1,160	$ 902

Capital Stock and Equity Awar_9

Capital Stock and Equity Awards - Compensation Expense (Details) - RSUs $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 13.5
Weighted-average period of unrecognized share based compensation expense	2 years

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 03, 2023	Dec. 30, 2022	Dec. 15, 2022	Dec. 12, 2022	Oct. 25, 2022	Sep. 30, 2022	Dec. 31, 2021
RSUs
Subsequent Event [Line Items]
Dividends payable						$ 363	$ 518
2014 LTIP
Subsequent Event [Line Items]
Maximum number of shares available for issuance (in shares)						4,171,150
Subsequent Event | 2014 LTIP
Subsequent Event [Line Items]
Increase in number of common shares authorized for issuance (in shares)					811,500
Maximum number of shares available for issuance (in shares)					4,982,650
Subsequent Event | 2014 LTIP | RSUs
Subsequent Event [Line Items]
Value of awards granted					$ 350
Subsequent Event | Convertible Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage					7%
Dividends payable					$ 2,600
Subsequent Event | Forecast | Convertible Preferred Stock
Subsequent Event [Line Items]
Dividends payable, date to be paid	Jan. 03, 2023
Dividend payable, record date			Dec. 15, 2022
Subsequent Event | Common Shares
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)					$ 0.05
Subsequent Event | Common Shares | Forecast
Subsequent Event [Line Items]
Dividends payable, date to be paid		Dec. 30, 2022
Dividend payable, record date				Dec. 12, 2022