James River (JRVR) 10-Q 14 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 13, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		37,639,568
Entity Central Index Key	0001620459
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Invested assets:
Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2023 – $2,054,727; 2022 – $1,969,783)	$ 1,836,324	$ 1,783,417
Equity securities, at fair value (cost: 2023 – $117,573; 2022 – $117,169)	115,754	118,627
Bank loan participations, at fair value	152,068	154,991
Short-term investments	54,129	107,812
Other invested assets	31,247	27,447
Total invested assets	2,189,522	2,192,294
Cash and cash equivalents	232,923	173,164
Restricted cash equivalents	106,858	103,215
Accrued investment income	16,681	14,418
Premiums receivable and agents’ balances, net	303,116	340,525
Reinsurance recoverable on unpaid losses, net	1,509,447	1,520,113
Reinsurance recoverable on paid losses	158,841	114,242
Prepaid reinsurance premiums	284,179	274,165
Deferred policy acquisition costs	42,140	59,603
Intangible assets, net	32,904	35,676
Goodwill	181,831	181,831
Other assets	135,045	127,829
Total assets	5,193,487	5,137,075
Liabilities:
Reserve for losses and loss adjustment expenses	2,887,352	2,768,995
Unearned premiums	616,663	676,016
Payables to reinsurers	153,330	123,502
Funds held	257,653	310,953
Deferred reinsurance gain	37,653	20,091
Senior debt	222,300	222,300
Junior subordinated debt	104,055	104,055
Accrued expenses	55,788	59,566
Other liabilities	151,251	152,933
Total liabilities	4,486,045	4,438,411
Commitments and contingent liabilities
Series A redeemable preferred shares – 2023 and 2022: $0.00125 par value; 20,000,000 shares authorized; 150,000 shares issued and outstanding	144,898	144,898
Shareholders’ equity:
Common shares – 2023 and 2022: $0.0002 par value; 200,000,000 shares authorized; 37,619,749 and 37,470,237 shares issued and outstanding, respectively	7	7
Additional paid-in capital	874,577	868,858
Retained deficit	(123,215)	(152,055)
Accumulated other comprehensive loss	(188,825)	(163,044)
Total shareholders’ equity	562,544	553,766
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$ 5,193,487	$ 5,137,075

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fixed maturity securities, available-for-sale, at amortized cost	$ 2,054,727
Equity securities, at cost	$ 117,573	$ 117,169
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	150,000
Series A convertible preferred shares, outstanding (in shares)	150,000	150,000
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)	37,619,749	37,470,237
Common stock, shares outstanding (in shares)	37,619,749	37,470,237
Fixed maturity securities
Fixed maturity securities, available-for-sale, at amortized cost	$ 2,054,727	$ 1,969,783

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) and Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Gross written premiums	$ 342,503	$ 358,505	$ 1,134,137	$ 1,118,155
Ceded written premiums	(193,030)	(168,254)	(595,586)	(557,354)
Net written premiums	149,473	190,251	538,551	560,801
Change in net unearned premiums	53,152	(62)	69,524	5,474
Net earned premiums	202,625	190,189	608,075	566,275
Net investment income	26,305	17,306	77,252	48,278
Net realized and unrealized gains (losses) on investments	362	(7,754)	2,914	(29,874)
Other income	4,135	1,488	6,908	3,304
Total revenues	233,427	201,229	695,149	587,983
Expenses
Losses and loss adjustment expenses	139,171	153,008	435,767	409,985
Other operating expenses	57,129	47,584	176,253	146,681
Other expenses	641	210	1,467	578
Interest expense	7,332	4,950	20,889	11,291
Amortization of intangible assets	90	90	272	272
Impairment of intangible assets	2,500	0	2,500	0
Total expenses	206,863	205,842	637,148	568,807
Income (loss) before taxes	26,564	(4,613)	58,001	19,176
Income tax expense	7,013	8	15,530	5,928
Net income (loss)	19,551	(4,621)	42,471	13,248
Dividends on Series A preferred shares	(2,625)	(2,625)	(7,875)	(6,125)
Net income (loss) available to common shareholders	16,926	(7,246)	34,596	7,123
Other comprehensive loss:
Net unrealized losses, net of taxes of $(7,624) and $(6,255) in 2023 and $(8,910) and $(28,558) in 2022	(40,226)	(60,656)	(25,781)	(205,227)
Total comprehensive (loss) income	$ (20,675)	$ (65,277)	$ 16,690	$ (191,979)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.45	$ (0.19)	$ 0.92	$ 0.19
Diluted (in dollars per share)	0.45	(0.19)	0.91	0.19
Dividend declared per common share (in dollars per share)	$ 0.05	$ 0.05	$ 0.15	$ 0.15
Weighted-average common shares outstanding:
Basic (in shares)	37,642,632	37,450,381	37,605,986	37,435,798
Diluted (in shares)	37,822,906	37,450,381	37,822,774	37,642,656

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income (Loss) and Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Tax on net unrealized losses	$ 7,624	$ 8,910	$ 6,255	$ 28,558

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	Accumulated Other Comprehensive (Loss) Income
Balance (in shares) at Dec. 31, 2021		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
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
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
Balance at Sep. 30, 2022	$ 526,804	$ 7	867,309	(165,263)	(175,249)
Balance (in shares) at Dec. 31, 2022	37,470,237	37,470,237
Balance at Dec. 31, 2022	$ 553,766	$ 7	868,858	(152,055)	(163,044)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	42,471			42,471
Other comprehensive loss	(25,781)				(25,781)
Vesting of RSUs (in shares)		149,512
Vesting of RSUs	(1,513)		(1,513)
Compensation expense under share incentive plans	7,232		7,232
Dividends on Series A preferred shares	(7,875)			(7,875)
Dividends on common shares	$ (5,756)			(5,756)
Balance (in shares) at Sep. 30, 2023	37,619,749	37,619,749
Balance at Sep. 30, 2023	$ 562,544	$ 7	874,577	(123,215)	(188,825)
Balance (in shares) at Jun. 30, 2023		37,619,226
Balance at Jun. 30, 2023	585,542	$ 7	872,359	(138,225)	(148,599)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	19,551			19,551
Other comprehensive loss	(40,226)				(40,226)
Vesting of RSUs (in shares)		523
Vesting of RSUs	(6)		(6)
Compensation expense under share incentive plans	2,224		2,224
Dividends on Series A preferred shares	(2,625)			(2,625)
Dividends on common shares	$ (1,916)			(1,916)
Balance (in shares) at Sep. 30, 2023	37,619,749	37,619,749
Balance at Sep. 30, 2023	$ 562,544	$ 7	$ 874,577	$ (123,215)	$ (188,825)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net cash provided by operating activities	[1]	$ 97,751	$ 168,129
Securities available-for-sale:
Purchases – fixed maturity securities		(194,222)	(546,239)
Sales – fixed maturity securities		11,181	206,790
Maturities and calls – fixed maturity securities		96,917	143,015
Purchases – equity securities		(9,310)	(36,850)
Sales – equity securities		10,033	11,251
Bank loan participations:
Purchases		(47,805)	(78,371)
Sales		39,513	43,257
Maturities		18,369	17,340
Other invested assets:
Purchases		(11,525)	0
Return of capital		1,508	1,768
Proceeds from sales		7,570	0
Short-term investments, net		53,683	(72,341)
Securities receivable or payable, net		9,379	52,763
Purchases of property and equipment		(3,307)	(4,564)
Net cash used in investing activities		(18,016)	(262,181)
Financing activities
Senior debt repayments		0	(40,000)
Issuance of Series A preferred shares (Note 12)		0	144,898
Payroll taxes withheld and remitted on net settlement of RSUs		(1,513)	(941)
Dividends on Series A preferred shares		(7,875)	(6,125)
Dividends on common shares		(5,810)	(5,879)
Payment of debt issuance costs		(1,135)	0
Net cash (used in) provided by financing activities		(16,333)	91,953
Change in cash, cash equivalents, and restricted cash equivalents		63,402	(2,099)
Cash, cash equivalents, and restricted cash equivalents at beginning of period		276,379	292,128
Cash, cash equivalents, and restricted cash equivalents at end of period		339,781	290,029
Supplemental information
Interest paid		22,744	10,746
Restricted cash equivalents at beginning of period		103,215	102,005
Restricted cash equivalents at end of period		106,858	102,485
Change in restricted cash equivalents		$ 3,643	$ 480
[1]Cash provided by operating activities for the nine months ended September 30, 2023 and 2022 includes the restricted cash activity above related 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, cash provided by operating activities was $94.1 million and $167.6 million for the nine months ended September 30, 2023 and 2022, respectively.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Statement of Cash Flows [Abstract]
Cash provided by (used in) operating activities excluding reduction in collateral funds	$ 94.1	$ 167.6

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2023
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 a Bermuda-based reinsurance company 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. 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, 2022 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, 2022 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 $8.9 million at September 30, 2023 and $9.2 million at December 31, 2022, 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 or expenses on share based compensation. For the nine months ended September 30, 2023 and 2022, our U.S. federal income tax expense was 26.8% and 30.9%, respectively, of the income before taxes. The effective rate exceeded the 21.0% U.S. statutory rate due to projected annual losses in Bermuda that do not provide a tax benefit and due to discrete items in the respective periods primarily related to excess tax expenses associated with vested restricted share units (“RSUs”). Adopted Accounting Standards There were no new accounting standards adopted in 2023 that materially impacted the Company's financial statements.

Investments

Investments	9 Months Ended
	Sep. 30, 2023
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, 2023 Fixed maturity securities: State and municipal $ 382,965 $ 343 $ (59,647) $ 323,661 Residential mortgage-backed 471,291 2 (54,405) 416,888 Corporate 795,601 179 (76,180) 719,600 Commercial mortgage and asset-backed 332,440 — (25,488) 306,952 U.S. Treasury securities and obligations guaranteed by the U.S. government 72,430 — (3,207) 69,223 Total fixed maturity securities, available-for-sale $ 2,054,727 $ 524 $ (218,927) $ 1,836,324 December 31, 2022 Fixed maturity securities: State and municipal $ 386,456 $ 712 $ (56,316) $ 330,852 Residential mortgage-backed 437,702 801 (37,254) 401,249 Corporate 734,976 1,528 (66,292) 670,212 Commercial mortgage and asset-backed 335,066 76 (26,127) 309,015 U.S. Treasury securities and obligations guaranteed by the U.S. government 75,583 8 (3,502) 72,089 Total fixed maturity securities, available-for-sale $ 1,969,783 $ 3,125 $ (189,491) $ 1,783,417 The amortized cost and fair value of available-for-sale investments in fixed maturity securities at September 30, 2023 are summarized, by contractual maturity, as follows: Cost or Fair (in thousands) One year or less $ 95,503 $ 93,936 After one year through five years 518,494 488,596 After five years through ten years 374,112 320,897 After ten years 262,887 209,055 Residential mortgage-backed 471,291 416,888 Commercial mortgage and asset-backed 332,440 306,952 Total $ 2,054,727 $ 1,836,324 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, 2023 Fixed maturity securities: State and municipal $ 70,679 $ (3,766) $ 246,789 $ (55,881) $ 317,468 $ (59,647) Residential mortgage-backed 177,236 (9,228) 239,508 (45,177) 416,744 (54,405) Corporate 212,440 (6,810) 492,570 (69,370) 705,010 (76,180) Commercial mortgage and asset-backed 37,528 (863) 269,424 (24,625) 306,952 (25,488) U.S. Treasury securities and obligations guaranteed by the U.S. government 13,519 (420) 55,704 (2,787) 69,223 (3,207) Total fixed maturity securities, available-for-sale $ 511,402 $ (21,087) $ 1,303,995 $ (197,840) $ 1,815,397 $ (218,927) December 31, 2022 Fixed maturity securities: State and municipal $ 241,586 $ (34,840) $ 72,805 $ (21,476) $ 314,391 $ (56,316) Residential mortgage-backed 225,870 (18,823) 98,594 (18,431) 324,464 (37,254) Corporate 412,942 (33,417) 167,541 (32,875) 580,483 (66,292) Commercial mortgage and asset-backed 184,985 (12,829) 114,955 (13,298) 299,940 (26,127) U.S. Treasury securities and obligations guaranteed by the U.S. government 47,106 (1,699) 21,808 (1,803) 68,914 (3,502) Total fixed maturity securities, available-for-sale $ 1,112,489 $ (101,608) $ 475,703 $ (87,883) $ 1,588,192 $ (189,491) At September 30, 2023, the Company held fixed maturity securities of 555 issuers that were in an unrealized loss position with a total fair value of $1,815.4 million and gross unrealized losses of $218.9 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on a scheduled principal or interest payment. At September 30, 2023, 99.9% 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. The Company holds one fixed maturity security that is not rated by Standard & Poor's or another nationally recognized rating agency with a fair value of $1.3 million at September 30, 2023. 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, 2023, December 31, 2022, or September 30, 2022. In the nine months ended September 30, 2023, m anagement recognized an impairment loss of $85,000 for one fixed maturity security due to an intent to sell the security. For the remainder of securities in an unrealized loss position, m anagement does not intend to sell the securities, 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 the 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, 2023, the Company's bank loan portfolio had an aggregate fair value of $152.1 million and unpaid principal of $161.6 million. Investment income on bank loan participations included in net investment income was $4.3 million and $13.0 million for the three and nine months ended September 30, 2023, respectively ($3.4 million and $8.4 million for the three and nine months ended September 30, 2022, respectively) . Net realized and unrealized gains (losses) on bank loan participations included gains of $2.5 million and $6.0 million for the three and nine months ended September 30, 2023, respectively (losses of $2.2 million and $14.2 million for the three and nine months ended September 30, 2022, respectively). For the three months ended September 30, 2023, management concluded that none of the unrealized losses were due to credit impairments. For the nine months ended September 30, 2023 , management concluded that $2.4 million of the unrealized losses were due to credit-related impairments. For the three and nine months ended September 30, 2022, management concluded that unrealized losses were largely market-driven and 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, 2023 or December 31, 2022. The Company’s net realized and unrealized gains and losses on investments are summarized as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) Fixed maturity securities: Gross realized gains $ 2 $ 1 $ 47 $ 1,699 Gross realized losses (480) (973) (894) (1,415) (478) (972) (847) 284 Bank loan participations: Gross realized gains 140 70 245 183 Gross realized losses (580) (253) (4,933) (559) Changes in fair values of bank loan participations 2,950 (2,018) 10,729 (13,818) 2,510 (2,201) 6,041 (14,194) Equity securities: Gross realized gains 349 758 1,283 787 Gross realized losses (2) (359) (268) (740) Changes in fair values of equity securities (2,016) (4,967) (3,278) (15,959) (1,669) (4,568) (2,263) (15,912) Short-term investments and other: Gross realized gains — 1 3 1 Gross realized losses (1) (14) (20) (53) Changes in fair values of short-term investments and other — — — — (1) (13) (17) (52) Total $ 362 $ (7,754) $ 2,914 $ (29,874) 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 private debt. Carrying Value Investment Income September 30, December 31, Three Months Ended Nine Months Ended 2023 2022 2023 2022 2023 2022 (in thousands) Renewable energy LLCs (a) Excess and Surplus Lines $ 8,921 $ 9,159 $ 98 $ (30) $ 796 $ 2,331 Corporate & Other — — — 7 170 266 8,921 9,159 98 (23) 966 2,597 Renewable energy notes receivable ( b) Excess and Surplus Lines 608 1,202 18 69 90 209 Corporate & Other 761 1,503 23 88 113 262 1,369 2,705 41 157 203 471 Limited partnerships (c) Excess and Surplus Lines 11,124 10,019 (171) (252) 450 (948) Corporate & Other 664 1,064 — (392) — (392) 11,788 11,083 (171) (644) 450 (1,340) Private Debt (d) Excess and Surplus Lines 9,169 4,500 59 86 231 258 Corporate & Other — — — — — — 9,169 4,500 59 86 231 258 Total other invested assets Excess and Surplus Lines 29,822 24,880 4 (127) 1,567 1,850 Corporate & Other 1,425 2,567 23 (297) 283 136 $ 31,247 $ 27,447 $ 27 $ (424) $ 1,850 $ 1,986 (a) The Company's Excess and Surplus Lines segment owns equity interests ranging from 2.5% to 4.9% in various LLCs whose principal objective is capital appreciation and income generation from owning and operating renewable energy production facilities (wind and solar). The Corporate and Other segment also held an interest in one of the LLCs until the fourth quarter of 2022. The LLCs are managed by an entity for which two former directors served as officers, and the former Non-Executive Chairman of the Company 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 $50,000 and $1.4 million in the nine months ended September 30, 2023 and 2022, respectively. During the fourth quarter of 2022, the underlying projects in two of our LLCs were sold at the manager's discretion. In the three months ended March 31, 2023, the Company received additional proceeds from the sales of $1.2 million comprised of $984,000 in the Excess and Surplus Lines segment and $170,000 in the Corporate and Other segment. We could receive additional contingent payments in the future according to terms of the transaction. (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, 2023, 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, specialty private credit, and tranches of distressed home loans. Income f rom the partnerships is recognized under the equity method of accounting. At September 30, 2023, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $6.7 million in the limited partnerships. (d) The Company's Excess and Surplus Lines segment has invested in two notes receivable for structured private specialty credit. Interest on the notes, which mature in 2031, is fixed at 4.25% and 5.25%. At September 30, 2023, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $7.7 million in these notes. Previously, the Company's Excess and Surplus Lines segment held $4.5 million of subordinated notes issued by a bank holding company for which the former Non-Executive Chairman of the Company was previously the Lead Independent Director. T he notes matured on August 12, 2023. Interest on the notes was fixed at 7.6% per annum.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2023
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, 2023 and December 31, 2022. On September 25, 2023, the Company announced that certain of its subsidiaries entered into an agreement to sell the renewal rights to the Individual Risk Workers’ Compensation (“IRWC”) business in the Specialty Admitted Insurance segment. Upon closing of the transaction on September 29, 2023, the Company recognized an impairment charge of $2.5 million related to the trademark intangible asset associated with the IRWC business. The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows: September 30, 2023 December 31, 2022 Life Gross Accumulated Gross Accumulated ($ in thousands) Intangible Assets Trademarks Indefinite $ 19,700 $ — $ 22,200 $ — Insurance licenses and authorities Indefinite 8,964 — 8,964 — Identifiable intangible assets not subject to amortization 28,664 — 31,164 — Broker relationships 24.6 11,611 7,371 11,611 7,099 Identifiable intangible assets subject to amortization 11,611 7,371 11,611 7,099 $ 40,275 $ 7,371 $ 42,775 $ 7,099

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2023
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 2023 2022 2023 2022 (in thousands, except share and per share amounts) Net income (loss) $ 19,551 $ (4,621) $ 42,471 $ 13,248 Less: Dividends on Series A preferred shares (2,625) (2,625) (7,875) (6,125) Net income (loss) available to common shareholders $ 16,926 $ (7,246) $ 34,596 $ 7,123 Weighted average common shares outstanding: Basic 37,642,632 37,450,381 37,605,986 37,435,798 Dilutive potential common shares 180,274 — 216,788 206,858 Diluted 37,822,906 37,450,381 37,822,774 37,642,656 Net income (loss) per common share: Basic $ 0.45 $ (0.19) $ 0.92 $ 0.19 Dilutive potential common shares — — (0.01) — Diluted $ 0.45 $ (0.19) $ 0.91 $ 0.19 For the three and nine months ended September 30, 2023, potential common shares of 5,640,158 were excluded from the calculation of diluted earnings per common share as their effects were anti-dilutive. For the three and nine months ended September 30, 2022, potential common shares of 5,830,234 and 4,421,223, respectively, were excluded from the calculation of diluted (loss) earnings per common share as their effects were anti-dilutive. The earnings (loss) per share calculation above is based on the conversion price adjustment effective date for Series A Preferred Shares (as defined in Note 12 below) pursuant to the Certificate of Designations for the Series A Preferred Shares, which prescribes the conversion price to be used in the event of an optional or mandatory conversion to be the conversion price effective with the financial statements for the most recently completed quarter prior to the date of conversion, which are the June 30, 2023 financial statements for an assumed conversion date of July 1, 2023. This calculation is different from that used for our earnings release for the quarter ended September 30, 2023 (filed with the SEC as an exhibit to the Current Report on Form 8-K on November 8, 2023), which gave effect to cumulative net adverse development exceeding the prescribed anti-dilution threshold in the third quarter of 2023 (which would be applicable for an assumed conversion date of October 1, 2023), resulting in a lower conversion price and a higher amount of dilutive potential common shares. The difference in dilutive potential common shares did not result in a difference in earnings (loss) per share for either the three or nine months ended September 30, 2023.

Reserve for Losses and Loss Adj

Reserve for Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2023
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 $688,000 at September 30, 2023, $670,000 at June 30, 2023, $612,000 at December 31, 2022, $621,000 at September 30, 2022, $601,000 at June 30, 2022, and $631,000 at December 31, 2021. Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period $ 1,338,973 $ 1,159,145 $ 1,248,270 $ 1,399,214 Add: Incurred losses and loss adjustment expenses net of reinsurance: Current year 126,605 133,364 402,070 385,114 Prior years - retroactive reinsurance 81 20,773 17,562 20,773 Prior years - excluding retroactive reinsurance 12,485 (1,129) 16,135 4,098 Total incurred losses and loss and adjustment expenses 139,171 153,008 435,767 409,985 Deduct: Loss and loss adjustment expense payments net of reinsurance: Current year 11,043 12,451 19,754 22,057 Prior years 89,803 81,755 269,504 275,375 Total loss and loss adjustment expense payments 100,846 94,206 289,258 297,432 Deduct: Change in deferred reinsurance gain - retroactive reinsurance 81 20,773 17,562 20,773 Deduct: Loss reserves ceded in Casualty Re LPT — — — 299,493 Add: Changes in reinsurance recoverable of Casualty Re LPT unrelated to net reserve activity — 4,069 — 9,742 Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period 1,377,217 1,201,243 1,377,217 1,201,243 Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period 1,510,135 1,585,457 1,510,135 1,585,457 Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period $ 2,887,352 $ 2,786,700 $ 2,887,352 $ 2,786,700 The Company experienced $12.5 million of net adverse reserve development in the three months ended September 30, 2023 on the reserve for losses and loss adjustment expenses held at December 31, 2022 (excluding adverse prior year development on the loss portfolio transfers subject to retroactive reinsurance accounting - see Loss Portfolio Transfers below). This reserve development included $7.8 million of net adverse development in the Excess and Surplus Lines segment, no development in the Specialty Admitted Insurance segment, and $4.7 million of net adverse development in the Casualty Reinsurance segment. 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 loss portfolio transfers subject to retroactive reinsurance accounting - see Loss Portfolio Transfers 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 $16.1 million of net adverse reserve development in the nine months ended September 30, 2023 on the reserve for losses and loss adjustment expenses held at December 31, 2022 (excluding adverse prior year development on the loss portfolio transfers subject to retroactive reinsurance accounting - see Loss Portfolio Transfers below). This reserve development included $7.6 million of net adverse development in the Excess and Surplus Lines segment, $1.0 million of net favorable development in the Specialty Admitted Insurance segment, and $9.5 million of net adverse development in the Casualty Reinsurance 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 loss portfolio transfers subject to retroactive reinsurance accounting - see Loss Portfolio Transfers 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 Casualty Re LPT (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. Loss Portfolio Transfers The Company has entered into two loss portfolio transfers, which 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. 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. The reinsurance coverage is structured to be fully collateralized, is not subject to an aggregate limit, and is subject to certain exclusions. Casualty Re Loss Portfolio Transfer On February 23, 2022, JRG Re entered into a loss portfolio transfer retrocession agreement (the “Casualty Re LPT”) 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 were adjusted for claims paid from October 1, 2021 to the Retrocession Closing Date. The Casualty Reinsurance segment incurred $6.8 million of net adverse reserve development in the three months ended March 31, 2022 associated with the Casualty Re LPT. Retroactive Reinsurance Accounting The Company periodically reevaluates the remaining reserves subject to the Commercial Auto LPT and the Casualty Re LPT. For the three and nine months ended September 30, 2023, due to adverse paid and reported loss trends, the Company recognized adverse prior year development of $14.0 million and $81.3 million, respectively, on the reserves subject to the Commercial Auto LPT ($7.1 million and $60.6 million, respectively) and Casualty Re LPT ($7.0 million and $20.6 million, respectively), resulting in corresponding additional amounts ceded under the respective loss portfolio transfers. In the three and nine months ended September 30, 2022, the Company recognized adverse prior year development of $46.7 million on the reserves subject to the Commercial Auto LPT. Both loss portfolio transfers are in gain positions as the cumulative amounts ceded under the loss portfolio transfers exceed the consideration paid, requiring the application of retroactive reinsurance accounting under GAAP. Under retroactive reinsurance accounting, gains are deferred and recognized in earnings in proportion to actual paid recoveries under the loss portfolio transfers using the recovery method. Over the life of the contracts, 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. In periods where the Company recognizes a change in the estimate of the reserves subject to the loss portfolio transfers that increases or decreases the amounts ceded under the loss portfolio transfers, the proportion of actual paid recoveries to total ceded losses is affected and the change in deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the loss portfolio transfer. The effect of the deferred retroactive reinsurance benefit is recorded in losses and loss adjustment expenses on the Condensed Consolidated Statements of Income (Loss) and Comprehensive (Loss) Income. For the three and nine months ended September 30, 2023, retroactive reinsurance benefits totaling $14.0 million and $63.7 million, respectively ($10.2 million and $54.4 million for the Commercial Auto LPT, respectively, and $3.7 million and $9.3 million for the Casualty Re LPT, respectively), were recorded in losses and loss adjustment expenses on the Condensed Consolidated Statements of Income (Loss) and Comprehensive (Loss) Income using the recovery method. In the three and nine months ended September 30, 2022, retroactive reinsurance benefits of $25.9 million were recorded in losses and loss adjustment expenses for the Commercial Auto LPT using the recovery method. As of September 30, 2023, the cumulative amounts ceded under the loss portfolio transfers was $814.2 million ($452.5 million under the Commercial Auto LPT and $361.7 million under the Casualty Re LPT). The total unrecognized deferred retroactive reinsurance gain of $37.7 million at September 30, 2023 under the loss portfolio transfers ($22.0 million related to the Commercial Auto LPT and $15.7 million related to the Casualty Re LPT) is separately presented on the Company's Condensed Consolidated Balance Sheets. The Company has $38.3 million of aggregate limit remaining under the Casualty Re LPT at September 30, 2023.

Other Comprehensive Loss

Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2023
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 2023 2022 2023 2022 (in thousands) Unrealized losses arising during the period, before U.S. income taxes $ (48,328) $ (70,538) $ (32,883) $ (233,501) U.S. income taxes 7,688 8,910 6,325 28,295 Unrealized losses arising during the period, net of U.S. income taxes (40,640) (61,628) (26,558) (205,206) Less reclassification adjustment: Net realized investment (losses) gains (478) (972) (847) 284 U.S. income taxes 64 — 70 (263) Reclassification adjustment for investment (losses) gains realized in net income (414) (972) (777) 21 Other comprehensive loss $ (40,226) $ (60,656) $ (25,781) $ (205,227) The Company's invested assets are primarily comprised of fixed maturity securities that are classified as available-for-sale and carried at fair value with unrealized gains and losses (except where the Company has determined that an unrealized loss is due to credit-related factors) on these securities reported, net of applicable taxes, as a separate component of accumulated comprehensive income (loss). The fair values of fixed maturities generally move inversely with interest rates, and for the periods presented above, 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 $478,000 and $847,000 of net realized investment losses on available-for-sale fixed maturities for the three and nine months ended September 30, 2023 ($972,000 of net realized investment losses and $284,000 of net realized investment gains for the three and nine months ended September 30, 2022 , respectively), the Company also recognized net realized and unrealized investment gains in the respective periods of $2.5 million and $6.0 million on its investments in bank loan participations (net realized and unrealized investment losses of $2.2 million and $14.2 million in the respective prior year periods) and net realized and unrealized investment losses in the respective periods of $1.7 million and $2.3 million on its investments in equity securities (net realized and unrealized investment losses of $4.6 million and $15.9 million in the respective prior year periods).

Contingent Liabilities

Contingent Liabilities	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent LiabilitiesThe Company is involved in various legal proceedings, including commercial matters and litigation regarding insurance claims which arise 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 the Company's 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 was filed on November 7, 2022, and the Defendant's reply to the Plaintiffs' opposition was filed on November 14, 2022. On August 28, 2023, the Court denied the Second MTD and discovery is underway. The Second Amended Complaint asserts 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, alleges 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 seeks 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 intend to vigorously defend this lawsuit. 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, $4.4 million of letters of credit were issued through September 30, 2023 which were secured by deposits of $5.1 million. Under a $102.5 million facility, $41.4 million of letters of credit were issued through September 30, 2023 which were secured by deposits of $51.8 million. Under a $100.0 million facility, $27.9 million of letters of credit were issued through September 30, 2023 which were secured by deposits of $35.7 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 $385.2 million at September 30, 2023. 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. Since inception, due to adverse paid and reported loss trends on the legacy Rasier business, the Company has recognized adverse prior year development of $107.3 million on the reserves subject to the Commercial Auto LPT, bringing the cumulative amount ceded under the Commercial Auto LPT to $452.5 million at September 30, 2023. 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, 2023, the balance in the Indemnity Trust was $149.7 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 $218.9 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 standard actuarial principles and based on reserves recorded in the Company’s statutory financial statements. The collateral is provided through a collateral trust arrangement (the “LPT Trust”) established in favor of James River by Aleka. At September 30, 2023, the balance in the LPT Trust was $69.4 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 $97.6 million. At September 30, 2023, the total reinsurance recoverables under the Commercial Auto LPT was $101.1 million (including $92.8 million of unpaid recoverables and $8.3 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, 2023, the balance in the Loss Fund Trust was $106.9 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 the collateral balances. In addition, the Company has credit exposure if its 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, the Company closely and frequently monitors its exposure compared to the collateral held, and requests additional collateral in accordance with the terms of the Commercial Auto LPT and Indemnity Agreements when its analysis indicates that it has uncollateralized exposure.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2023
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 $1.2 million and $3.6 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, 2023, respectively ($914,000 and $2.6 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. On September 25, 2023, the Company announced that certain of its subsidiaries entered into an agreement to sell the renewal rights to the Individual Risk Workers’ Compensation (“IRWC”) business in the Specialty Admitted Insurance segment. The transaction includes the full operations of the business, including underwriting, loss control and claims, and transfer of the employees supporting the business. The transaction, which closed on September 29, 2023, is aligned with the Company's strategy to focus resources on core businesses where it has meaningful scale. Gross written premiums for IRWC were $11.0 million and $35.3 million for the three and nine months ended September 30, 2023 ($12.3 million and $39.8 million in the respective prior year periods). Upon closing of the transaction, the Company recognized a $2.2 million gain on sale included in other income in the current period representing the minimum guaranteed consideration to be received in the transaction. The Company also recognized an impairment charge of $2.5 million related to the trademark intangible asset associated with the IRWC business. The following table summarizes the Company’s segment results: Excess and Specialty Casualty Corporate Total (in thousands) Three Months Ended September 30, 2023 Gross written premiums $ 217,151 $ 125,700 $ (348) $ — $ 342,503 Net earned premiums 157,600 26,073 18,952 — 202,625 Underwriting profit (loss) of operating segments 18,342 1,967 (4,213) — 16,096 Net investment income 18,204 3,420 4,506 175 26,305 Interest expense — — 846 6,486 7,332 Segment revenues 177,026 32,938 23,108 355 233,427 Segment goodwill 181,831 — — — 181,831 Segment assets 2,864,996 1,379,044 876,822 72,625 5,193,487 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 Nine Months Ended September 30, 2023 Gross written premiums $ 732,180 $ 387,175 $ 14,782 $ — $ 1,134,137 Net earned premiums 455,640 70,412 82,023 — 608,075 Underwriting profit (loss) of operating segments 45,449 1,882 (3,779) — 43,552 Net investment income 48,160 9,578 18,794 720 77,252 Interest expense — — 2,823 18,066 20,889 Segment revenues 506,876 85,778 101,244 1,251 695,149 Segment goodwill 181,831 — — — 181,831 Segment assets 2,864,996 1,379,044 876,822 72,625 5,193,487 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 The following table reconciles the underwriting profit (loss) of the operating segments by individual segment to consolidated income (loss) before income taxes: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) Underwriting profit (loss) of the operating segments: Excess and Surplus Lines $ 18,342 $ 16,402 $ 45,449 $ 60,193 Specialty Admitted Insurance 1,967 285 1,882 1,746 Casualty Reinsurance (4,213) 3,044 (3,779) (3,734) Total underwriting profit of operating segments 16,096 19,731 43,552 58,205 Other operating expenses of the Corporate and Other segment (8,482) (8,447) (26,312) (25,209) Underwriting profit 7,614 11,284 17,240 32,996 Losses and loss adjustment expenses - retroactive reinsurance (81) (20,773) (17,562) (20,773) Net investment income 26,305 17,306 77,252 48,278 Net realized and unrealized gains (losses) on investments 362 (7,754) 2,914 (29,874) Other income and expenses 2,286 364 1,818 112 Interest expense (7,332) (4,950) (20,889) (11,291) Amortization of intangible assets (90) (90) (272) (272) Impairment of intangible assets (2,500) — (2,500) — Income (loss) before income taxes $ 26,564 $ (4,613) $ 58,001 $ 19,176

Other Operating Expenses and Ot

Other Operating Expenses and Other Expenses	9 Months Ended
	Sep. 30, 2023
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 2023 2022 2023 2022 (in thousands) Amortization of policy acquisition costs $ 25,651 $ 23,296 $ 81,154 $ 69,321 Other underwriting expenses of the operating segments 22,996 15,841 68,787 52,151 Other operating expenses of the Corporate and Other segment 8,482 8,447 26,312 25,209 Total $ 57,129 $ 47,584 $ 176,253 $ 146,681 Other expenses of $641,000 and $1.5 million for the three and nine months ended September 30, 2023 , respectively ($210,000 and $578,000 in the respective prior year periods), primarily consist of certain nonoperating expenses including legal fees related to a purported class action lawsuit and legal and other professional fees and other expenses related to various strategic initiatives including the sale of renewal rights to the IRWC business in the Specialty Admitted Insurance segment and loss portfolio transfers accounted for as retroactive reinsurance.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
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, 2021. 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, 2023 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 323,661 $ — $ 323,661 Residential mortgage-backed — 416,888 — 416,888 Corporate — 719,600 — 719,600 Commercial mortgage and asset-backed — 306,952 — 306,952 U.S. Treasury securities and obligations guaranteed by the U.S. government 69,223 — — 69,223 Total fixed maturity securities, available-for-sale $ 69,223 $ 1,767,101 $ — $ 1,836,324 Equity securities: Preferred stock — 68,876 — 68,876 Common stock 44,592 2,262 24 46,878 Total equity securities $ 44,592 $ 71,138 $ 24 $ 115,754 Bank loan participations $ — $ 152,068 $ — $ 152,068 Short-term investments $ — $ 54,129 $ — $ 54,129 Assets measured at fair value on a recurring basis as of December 31, 2022 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 330,852 $ — $ 330,852 Residential mortgage-backed — 401,249 — 401,249 Corporate — 670,212 — 670,212 Commercial mortgage and asset-backed — 309,015 — 309,015 U.S. Treasury securities and obligations guaranteed by the U.S. government 71,770 319 — 72,089 Total fixed maturity securities, available-for-sale $ 71,770 $ 1,711,647 $ — $ 1,783,417 Equity securities: Preferred stock — 70,831 — 70,831 Common stock 45,232 2,547 17 47,796 Total equity securities $ 45,232 $ 73,378 $ 17 $ 118,627 Bank loan participations $ — $ 154,991 $ — $ 154,991 Short-term investments $ — $ 107,812 $ — $ 107,812 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 2023 2022 2023 2022 (in thousands) (in thousands) Beginning balance $ 16 $ — $ 17 $ 102 Transfers out of Level 3 — — — — Transfers in to Level 3 — — — — Purchases — — — — Sales — — — (92) Maturities, calls and paydowns — — — — Amortization of discount — — — — Total gains or losses (realized/unrealized): Included in earnings 8 — 7 (10) Included in other comprehensive income — — — — Ending balance $ 24 $ — $ 24 $ — The Company had one equity security at December 31, 2022 and September 30, 2023 for which the fair value was determined using significant unobservable inputs (Level 3). The fair value of $24,000 at September 30, 2023 for the equity security was obtained from our asset manager and was derived from an internal model. The Company held 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. 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, 2023 or 2022. 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, 2023 and December 31, 2022, 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, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value (in thousands) Assets Fixed maturity securities, available-for-sale $ 1,836,324 $ 1,836,324 $ 1,783,417 $ 1,783,417 Equity securities 115,754 115,754 118,627 118,627 Bank loan participations 152,068 152,068 154,991 154,991 Cash and cash equivalents 232,923 232,923 173,164 173,164 Restricted cash equivalents 106,858 106,858 103,215 103,215 Short-term investments 54,129 54,129 107,812 107,812 Other invested assets – notes receivable 10,539 9,555 7,205 7,703 Liabilities Senior debt 222,300 228,526 222,300 226,063 Junior subordinated debt 104,055 129,420 104,055 127,149 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, 2023 and December 31, 2022 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, 2023 and December 31, 2022, respectively. The Company also utilized an internally developed valuation model based on the spread of a comparable market index to determine the fair value of certain other invested assets-notes receivable at September 30, 2023. The fair values of senior debt and junior subordinated debt at September 30, 2023 and December 31, 2022 were determined using inputs to the valuation methodology that are unobservable (Level 3).

Senior Debt

Senior Debt	9 Months Ended
	Sep. 30, 2023
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, 2023, unsecured loans of $21.5 million and secured letters of credit totaling $27.9 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, 2023.

Series A Preferred Shares

Series A Preferred Shares	9 Months Ended
	Sep. 30, 2023
Temporary Equity [Abstract]
Series A Preferred Shares	Series A Preferred Shares On February 24, 2022, the Company 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 the Company's 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 and are payable quarterly. Cash dividends of $7.9 million were paid in the nine months ended September 30, 2023 including cash dividends paid in January, March, and June for the three month periods ended December 31, 2022, March 31, 2023, and June 30, 2023. Dividends of $2.6 million for the three months ended September 30, 2023 were paid on October 2, 2023. Cash dividends of $6.1 million were 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 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 net adverse reserve developments in excess of a threshold over a period of time. The measurement period for the adverse reserve development anti-dilution adjustment commenced with the quarter beginning January 1, 2022 and ends with the quarter ending December 31, 2025. As of September 30, 2023, net adverse reserve development exceeded the threshold. If net adverse reserve development exceeds the threshold at the conclusion of the measurement period (or upon a mandatory or optional conversion, if earlier), the conversion price will be adjusted pursuant to the Certificate of Designations and the adjusted conversion price will become effective after the filing of the Company's financial statements for the period ending December 31, 2025 (or immediately after the close of business on the date of the public filing of the Company's financial statements for the most recent quarterly period preceding a mandatory or optional conversion, if earlier). None of the other triggers that would result in additional adjustments to the conversion price have been met at September 30, 2023. The Certificate of Designations setting forth the terms of the Series A Preferred Shares limits the Company's ability to pay dividends to its common shareholders. If the Company pays cash dividends of more than $0.05 per common share per quarter, without the consent of at least the majority of the Series A Preferred Shares then outstanding, the Company will be required to reduce the conversion price of the Series A Preferred Shares. Additionally, the payment of cash dividends in excess of $0.10 per common share per quarter is not permitted if the dividends on the Series A Preferred Shares for that quarter are not paid in cash, unless the Company’s U.S.-based insurance subsidiaries and direct Bermuda-based insurance subsidiary satisfy certain capital requirements. Share dividends payable on the common shares to the Company's shareholders also trigger a reduction of the conversion price applicable to the Series A Preferred Shares. 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 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 the Company 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 plus, if the Fundamental Change repurchase occurs prior to the five-year anniversary of the Series A Closing Date, all dividends that would have accrued up to such five-year anniversary, but that have not been paid. 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. Under the terms of the Investment Agreement, GPC Partners has the right to designate one member of the Board (the “Series A Designee”). GPC Partners has designated Matthew Botein as the Series A Designee and, accordingly, the Board approved the appointment of Mr. Botein to serve as a Class I director with a term expiring at the 2024 annual meeting of the Company’s shareholders.

Capital Stock and Equity Awards

Capital Stock and Equity Awards	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Capital Stock and Equity Awards	Capital Stock and Equity Awards Common Shares Total common shares outstanding increased from 37,470,237 at December 31, 2022 to 37,619,749 at September 30, 2023, reflecting 149,512 common shares issued in the nine months ended September 30, 2023 related to vesting of RSUs. Dividends The Company declared the following dividends on common shares during the first nine months of 2023 and 2022: Date of Declaration Dividend per Common Share Payable to Shareholders of Record on Payment Date Total Amount 2023 February 16, 2023 $ 0.05 March 13, 2023 March 31, 2023 $ 1,921,802 April 27, 2023 $ 0.05 June 12, 2023 June 30, 2023 1,921,040 July 27, 2023 $ 0.05 September 11, 2023 September 29, 2023 1,921,550 $ 0.15 $ 5,764,392 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 Included in the total dividends for the nine months ended September 30, 2023 and 2022 are $121,000 and $107,000, respectively, of dividend equivalents on unvested RSUs. The balance of dividends payable on unvested RSUs was $280,000 at September 30, 2023 and $335,000 at December 31, 2022. 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 4,982,650, and at September 30, 2023, 1,508,848 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”) under the 2014 LTIP. 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 are made in the form of performance restricted share units (a “PRSU”) and service based restricted share units (RSUs). Initial awards were granted in the first quarter of 2023. Each PRSU represents 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 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, 2023, 69,320 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, 2023 2022 Shares Weighted- Shares Weighted- Outstanding: Beginning of period 287,974 $ 35.26 287,974 $ 35.26 Granted — $ — — $ — Exercised — $ — — $ — Forfeited (47,033) $ 35.22 — $ — Lapsed (164,548) $ 32.07 — $ — End of period 76,393 $ 42.17 287,974 $ 35.26 Exercisable, end of period 76,393 $ 42.17 287,974 $ 35.26 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, 2023 was 0.4 years. RSUs The following table summarizes RSU activity: Nine Months Ended September 30, 2023 2022 Shares Weighted- Shares Weighted- Unvested, beginning of period 665,458 $ 25.98 292,135 $ 45.89 Granted 376,016 $ 24.63 545,450 $ 20.54 Vested (212,968) $ 28.91 (112,527) $ 45.49 Forfeited (30,719) $ 23.28 (9,760) $ 22.97 Unvested, end of period 797,787 $ 24.66 715,298 $ 26.94 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. The RSUs granted in 2023 include 91,818 PRSU awards. 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 2023 2022 2023 2022 (in thousands) Share based compensation expense $ 2,224 $ 2,228 $ 7,232 $ 6,210 U.S. tax benefit on share based compensation expense 412 415 1,355 1,160

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 26, 2023, the Board of Directors declared a cash dividend of $0.05 per common share. The dividend is payable on December 29, 2023 to shareholders of record on December 11, 2023. On October 26, 2023, the Board of Directors declared a dividend in the aggregate amount of $2.6 million on the Series A preferred shares. The dividend will be payable in cash on January 2, 2024 to shareholders of record on December 15, 2023. On October 26, 2023, the Board of Directors approved an award under the 2014 LTIP to a Company employee with an aggregate fair value of $90,000 and a grant date of November 9, 2023. On November 8, 2023, the Company entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Fleming Intermediate Holdings LLC, a Cayman Islands limited liability company (the “Buyer”). Pursuant to the Stock Purchase Agreement, and on the terms and subject to the conditions therein, the Buyer agreed to purchase from the Company all of the common shares of JRG Re (the “Transaction”). The Transaction, which is expected to close in the first quarter of 2024, will result in the Company’s disposition of its casualty reinsurance business and related assets. Total consideration to the Company for the sale of JRG Re includes (A) $277 million, which is comprised of (i) $138 million payable by the Buyer to the Company on the closing date in cash, subject to final closing adjustments based on changes in JRG Re’s adjusted net worth between March 31, 2023 and the closing date, and (ii) a $139 million dividend or return of capital or surplus by JRG Re to the Company prior to the closing date, which dividend or return of capital or surplus is subject to the availability of unencumbered assets on the closing date, and (B) $2.5 million to be paid by the Buyer to the Company in the event that certain conditions outlined in the Stock Purchase Agreement are met on the date that is nine months following the closing date. The Transaction is subject to the satisfaction or waiver of customary closing conditions, including approval of the Bermuda Monetary Authority. The Stock Purchase Agreement contains customary representations and warranties made by the Company and the Buyer that are subject, in some cases, to specified exceptions and qualifications contained in the Stock Purchase Agreement and the confidential disclosure schedules related thereto, as well as certain customary covenants. Pursuant to the Stock Purchase Agreement and subject to the conditions set forth therein, on the closing date, the Company and the Buyer will enter into certain ancillary agreements, including a transition services agreement. On November 10, 2023, the Company announced that its board of directors has initiated an exploration of strategic alternatives. As part of this process, the board will consider a wide range of options for the Company including, among other things, a potential sale, merger, or other strategic transaction. The Company has retained financial advisers to assist in the process. There is no assurance that the process will result in the Company pursuing a particular transaction or other strategic outcome. The Company has not set a timetable for completion of this process, and it does not intend to disclose further developments unless and until it determines that further disclosure is appropriate or necessary. On November 13, 2023, a purported class action lawsuit was filed in the US District Court, Southern District of New York, on behalf of Paul Glantz (“Plaintiff”) against James River Group Holdings, Ltd. and certain of its officers (together “Defendants”), asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Plaintiff alleges that he purchased James River common stock between August 7, 2023 and November 7, 2023, inclusive (the putative “Class Period”), that Defendants failed to disclose that the Company lacked effective internal controls regarding the recognition of reinstatement premiums for reinsurance and as a result the Company overstated its net income, and that, as a result, Plaintiff suffered unspecified damages. We believe that the Plaintiff’s claims are without merit and intend to vigorously defend this lawsuit.

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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, 2022 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, 2022 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 or expenses on share based compensation.
Adopted Accounting Standards	Adopted Accounting Standards There were no new accounting standards adopted in 2023 that materially impacted the Company's financial statements.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 Fixed maturity securities: State and municipal $ 382,965 $ 343 $ (59,647) $ 323,661 Residential mortgage-backed 471,291 2 (54,405) 416,888 Corporate 795,601 179 (76,180) 719,600 Commercial mortgage and asset-backed 332,440 — (25,488) 306,952 U.S. Treasury securities and obligations guaranteed by the U.S. government 72,430 — (3,207) 69,223 Total fixed maturity securities, available-for-sale $ 2,054,727 $ 524 $ (218,927) $ 1,836,324 December 31, 2022 Fixed maturity securities: State and municipal $ 386,456 $ 712 $ (56,316) $ 330,852 Residential mortgage-backed 437,702 801 (37,254) 401,249 Corporate 734,976 1,528 (66,292) 670,212 Commercial mortgage and asset-backed 335,066 76 (26,127) 309,015 U.S. Treasury securities and obligations guaranteed by the U.S. government 75,583 8 (3,502) 72,089 Total fixed maturity securities, available-for-sale $ 1,969,783 $ 3,125 $ (189,491) $ 1,783,417
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, 2023 are summarized, by contractual maturity, as follows: Cost or Fair (in thousands) One year or less $ 95,503 $ 93,936 After one year through five years 518,494 488,596 After five years through ten years 374,112 320,897 After ten years 262,887 209,055 Residential mortgage-backed 471,291 416,888 Commercial mortgage and asset-backed 332,440 306,952 Total $ 2,054,727 $ 1,836,324
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, 2023 Fixed maturity securities: State and municipal $ 70,679 $ (3,766) $ 246,789 $ (55,881) $ 317,468 $ (59,647) Residential mortgage-backed 177,236 (9,228) 239,508 (45,177) 416,744 (54,405) Corporate 212,440 (6,810) 492,570 (69,370) 705,010 (76,180) Commercial mortgage and asset-backed 37,528 (863) 269,424 (24,625) 306,952 (25,488) U.S. Treasury securities and obligations guaranteed by the U.S. government 13,519 (420) 55,704 (2,787) 69,223 (3,207) Total fixed maturity securities, available-for-sale $ 511,402 $ (21,087) $ 1,303,995 $ (197,840) $ 1,815,397 $ (218,927) December 31, 2022 Fixed maturity securities: State and municipal $ 241,586 $ (34,840) $ 72,805 $ (21,476) $ 314,391 $ (56,316) Residential mortgage-backed 225,870 (18,823) 98,594 (18,431) 324,464 (37,254) Corporate 412,942 (33,417) 167,541 (32,875) 580,483 (66,292) Commercial mortgage and asset-backed 184,985 (12,829) 114,955 (13,298) 299,940 (26,127) U.S. Treasury securities and obligations guaranteed by the U.S. government 47,106 (1,699) 21,808 (1,803) 68,914 (3,502) Total fixed maturity securities, available-for-sale $ 1,112,489 $ (101,608) $ 475,703 $ (87,883) $ 1,588,192 $ (189,491)
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 2023 2022 2023 2022 (in thousands) Fixed maturity securities: Gross realized gains $ 2 $ 1 $ 47 $ 1,699 Gross realized losses (480) (973) (894) (1,415) (478) (972) (847) 284 Bank loan participations: Gross realized gains 140 70 245 183 Gross realized losses (580) (253) (4,933) (559) Changes in fair values of bank loan participations 2,950 (2,018) 10,729 (13,818) 2,510 (2,201) 6,041 (14,194) Equity securities: Gross realized gains 349 758 1,283 787 Gross realized losses (2) (359) (268) (740) Changes in fair values of equity securities (2,016) (4,967) (3,278) (15,959) (1,669) (4,568) (2,263) (15,912) Short-term investments and other: Gross realized gains — 1 3 1 Gross realized losses (1) (14) (20) (53) Changes in fair values of short-term investments and other — — — — (1) (13) (17) (52) Total $ 362 $ (7,754) $ 2,914 $ (29,874)
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 2023 2022 2023 2022 (in thousands) Fixed maturity securities: Gross realized gains $ 2 $ 1 $ 47 $ 1,699 Gross realized losses (480) (973) (894) (1,415) (478) (972) (847) 284 Bank loan participations: Gross realized gains 140 70 245 183 Gross realized losses (580) (253) (4,933) (559) Changes in fair values of bank loan participations 2,950 (2,018) 10,729 (13,818) 2,510 (2,201) 6,041 (14,194) Equity securities: Gross realized gains 349 758 1,283 787 Gross realized losses (2) (359) (268) (740) Changes in fair values of equity securities (2,016) (4,967) (3,278) (15,959) (1,669) (4,568) (2,263) (15,912) Short-term investments and other: Gross realized gains — 1 3 1 Gross realized losses (1) (14) (20) (53) Changes in fair values of short-term investments and other — — — — (1) (13) (17) (52) Total $ 362 $ (7,754) $ 2,914 $ (29,874)
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 private debt. Carrying Value Investment Income September 30, December 31, Three Months Ended Nine Months Ended 2023 2022 2023 2022 2023 2022 (in thousands) Renewable energy LLCs (a) Excess and Surplus Lines $ 8,921 $ 9,159 $ 98 $ (30) $ 796 $ 2,331 Corporate & Other — — — 7 170 266 8,921 9,159 98 (23) 966 2,597 Renewable energy notes receivable ( b) Excess and Surplus Lines 608 1,202 18 69 90 209 Corporate & Other 761 1,503 23 88 113 262 1,369 2,705 41 157 203 471 Limited partnerships (c) Excess and Surplus Lines 11,124 10,019 (171) (252) 450 (948) Corporate & Other 664 1,064 — (392) — (392) 11,788 11,083 (171) (644) 450 (1,340) Private Debt (d) Excess and Surplus Lines 9,169 4,500 59 86 231 258 Corporate & Other — — — — — — 9,169 4,500 59 86 231 258 Total other invested assets Excess and Surplus Lines 29,822 24,880 4 (127) 1,567 1,850 Corporate & Other 1,425 2,567 23 (297) 283 136 $ 31,247 $ 27,447 $ 27 $ (424) $ 1,850 $ 1,986 (a) The Company's Excess and Surplus Lines segment owns equity interests ranging from 2.5% to 4.9% in various LLCs whose principal objective is capital appreciation and income generation from owning and operating renewable energy production facilities (wind and solar). The Corporate and Other segment also held an interest in one of the LLCs until the fourth quarter of 2022. The LLCs are managed by an entity for which two former directors served as officers, and the former Non-Executive Chairman of the Company 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 $50,000 and $1.4 million in the nine months ended September 30, 2023 and 2022, respectively. During the fourth quarter of 2022, the underlying projects in two of our LLCs were sold at the manager's discretion. In the three months ended March 31, 2023, the Company received additional proceeds from the sales of $1.2 million comprised of $984,000 in the Excess and Surplus Lines segment and $170,000 in the Corporate and Other segment. We could receive additional contingent payments in the future according to terms of the transaction. (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, 2023, 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, specialty private credit, and tranches of distressed home loans. Income f rom the partnerships is recognized under the equity method of accounting. At September 30, 2023, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $6.7 million in the limited partnerships. (d) The Company's Excess and Surplus Lines segment has invested in two notes receivable for structured private specialty credit. Interest on the notes, which mature in 2031, is fixed at 4.25% and 5.25%. At September 30, 2023, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $7.7 million in these notes. Previously, the Company's Excess and Surplus Lines segment held $4.5 million of subordinated notes issued by a bank holding company for which the former Non-Executive Chairman of the Company was previously the Lead Independent Director. T he notes matured on August 12, 2023. Interest on the notes was fixed at 7.6% per annum.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 December 31, 2022 Life Gross Accumulated Gross Accumulated ($ in thousands) Intangible Assets Trademarks Indefinite $ 19,700 $ — $ 22,200 $ — Insurance licenses and authorities Indefinite 8,964 — 8,964 — Identifiable intangible assets not subject to amortization 28,664 — 31,164 — Broker relationships 24.6 11,611 7,371 11,611 7,099 Identifiable intangible assets subject to amortization 11,611 7,371 11,611 7,099 $ 40,275 $ 7,371 $ 42,775 $ 7,099
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, 2023 December 31, 2022 Life Gross Accumulated Gross Accumulated ($ in thousands) Intangible Assets Trademarks Indefinite $ 19,700 $ — $ 22,200 $ — Insurance licenses and authorities Indefinite 8,964 — 8,964 — Identifiable intangible assets not subject to amortization 28,664 — 31,164 — Broker relationships 24.6 11,611 7,371 11,611 7,099 Identifiable intangible assets subject to amortization 11,611 7,371 11,611 7,099 $ 40,275 $ 7,371 $ 42,775 $ 7,099

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
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 2023 2022 2023 2022 (in thousands, except share and per share amounts) Net income (loss) $ 19,551 $ (4,621) $ 42,471 $ 13,248 Less: Dividends on Series A preferred shares (2,625) (2,625) (7,875) (6,125) Net income (loss) available to common shareholders $ 16,926 $ (7,246) $ 34,596 $ 7,123 Weighted average common shares outstanding: Basic 37,642,632 37,450,381 37,605,986 37,435,798 Dilutive potential common shares 180,274 — 216,788 206,858 Diluted 37,822,906 37,450,381 37,822,774 37,642,656 Net income (loss) per common share: Basic $ 0.45 $ (0.19) $ 0.92 $ 0.19 Dilutive potential common shares — — (0.01) — Diluted $ 0.45 $ (0.19) $ 0.91 $ 0.19

Reserve for Losses and Loss A_2

Reserve for Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
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 $688,000 at September 30, 2023, $670,000 at June 30, 2023, $612,000 at December 31, 2022, $621,000 at September 30, 2022, $601,000 at June 30, 2022, and $631,000 at December 31, 2021. Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period $ 1,338,973 $ 1,159,145 $ 1,248,270 $ 1,399,214 Add: Incurred losses and loss adjustment expenses net of reinsurance: Current year 126,605 133,364 402,070 385,114 Prior years - retroactive reinsurance 81 20,773 17,562 20,773 Prior years - excluding retroactive reinsurance 12,485 (1,129) 16,135 4,098 Total incurred losses and loss and adjustment expenses 139,171 153,008 435,767 409,985 Deduct: Loss and loss adjustment expense payments net of reinsurance: Current year 11,043 12,451 19,754 22,057 Prior years 89,803 81,755 269,504 275,375 Total loss and loss adjustment expense payments 100,846 94,206 289,258 297,432 Deduct: Change in deferred reinsurance gain - retroactive reinsurance 81 20,773 17,562 20,773 Deduct: Loss reserves ceded in Casualty Re LPT — — — 299,493 Add: Changes in reinsurance recoverable of Casualty Re LPT unrelated to net reserve activity — 4,069 — 9,742 Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period 1,377,217 1,201,243 1,377,217 1,201,243 Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period 1,510,135 1,585,457 1,510,135 1,585,457 Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period $ 2,887,352 $ 2,786,700 $ 2,887,352 $ 2,786,700

Other Comprehensive Loss (Table

Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2023
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 2023 2022 2023 2022 (in thousands) Unrealized losses arising during the period, before U.S. income taxes $ (48,328) $ (70,538) $ (32,883) $ (233,501) U.S. income taxes 7,688 8,910 6,325 28,295 Unrealized losses arising during the period, net of U.S. income taxes (40,640) (61,628) (26,558) (205,206) Less reclassification adjustment: Net realized investment (losses) gains (478) (972) (847) 284 U.S. income taxes 64 — 70 (263) Reclassification adjustment for investment (losses) gains realized in net income (414) (972) (777) 21 Other comprehensive loss $ (40,226) $ (60,656) $ (25,781) $ (205,227)

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 Gross written premiums $ 217,151 $ 125,700 $ (348) $ — $ 342,503 Net earned premiums 157,600 26,073 18,952 — 202,625 Underwriting profit (loss) of operating segments 18,342 1,967 (4,213) — 16,096 Net investment income 18,204 3,420 4,506 175 26,305 Interest expense — — 846 6,486 7,332 Segment revenues 177,026 32,938 23,108 355 233,427 Segment goodwill 181,831 — — — 181,831 Segment assets 2,864,996 1,379,044 876,822 72,625 5,193,487 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 Nine Months Ended September 30, 2023 Gross written premiums $ 732,180 $ 387,175 $ 14,782 $ — $ 1,134,137 Net earned premiums 455,640 70,412 82,023 — 608,075 Underwriting profit (loss) of operating segments 45,449 1,882 (3,779) — 43,552 Net investment income 48,160 9,578 18,794 720 77,252 Interest expense — — 2,823 18,066 20,889 Segment revenues 506,876 85,778 101,244 1,251 695,149 Segment goodwill 181,831 — — — 181,831 Segment assets 2,864,996 1,379,044 876,822 72,625 5,193,487 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
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 income (loss) before income taxes: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) Underwriting profit (loss) of the operating segments: Excess and Surplus Lines $ 18,342 $ 16,402 $ 45,449 $ 60,193 Specialty Admitted Insurance 1,967 285 1,882 1,746 Casualty Reinsurance (4,213) 3,044 (3,779) (3,734) Total underwriting profit of operating segments 16,096 19,731 43,552 58,205 Other operating expenses of the Corporate and Other segment (8,482) (8,447) (26,312) (25,209) Underwriting profit 7,614 11,284 17,240 32,996 Losses and loss adjustment expenses - retroactive reinsurance (81) (20,773) (17,562) (20,773) Net investment income 26,305 17,306 77,252 48,278 Net realized and unrealized gains (losses) on investments 362 (7,754) 2,914 (29,874) Other income and expenses 2,286 364 1,818 112 Interest expense (7,332) (4,950) (20,889) (11,291) Amortization of intangible assets (90) (90) (272) (272) Impairment of intangible assets (2,500) — (2,500) — Income (loss) before income taxes $ 26,564 $ (4,613) $ 58,001 $ 19,176

Other Operating Expenses and _2

Other Operating Expenses and Other Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
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 2023 2022 2023 2022 (in thousands) Amortization of policy acquisition costs $ 25,651 $ 23,296 $ 81,154 $ 69,321 Other underwriting expenses of the operating segments 22,996 15,841 68,787 52,151 Other operating expenses of the Corporate and Other segment 8,482 8,447 26,312 25,209 Total $ 57,129 $ 47,584 $ 176,253 $ 146,681

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 323,661 $ — $ 323,661 Residential mortgage-backed — 416,888 — 416,888 Corporate — 719,600 — 719,600 Commercial mortgage and asset-backed — 306,952 — 306,952 U.S. Treasury securities and obligations guaranteed by the U.S. government 69,223 — — 69,223 Total fixed maturity securities, available-for-sale $ 69,223 $ 1,767,101 $ — $ 1,836,324 Equity securities: Preferred stock — 68,876 — 68,876 Common stock 44,592 2,262 24 46,878 Total equity securities $ 44,592 $ 71,138 $ 24 $ 115,754 Bank loan participations $ — $ 152,068 $ — $ 152,068 Short-term investments $ — $ 54,129 $ — $ 54,129 Assets measured at fair value on a recurring basis as of December 31, 2022 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 330,852 $ — $ 330,852 Residential mortgage-backed — 401,249 — 401,249 Corporate — 670,212 — 670,212 Commercial mortgage and asset-backed — 309,015 — 309,015 U.S. Treasury securities and obligations guaranteed by the U.S. government 71,770 319 — 72,089 Total fixed maturity securities, available-for-sale $ 71,770 $ 1,711,647 $ — $ 1,783,417 Equity securities: Preferred stock — 70,831 — 70,831 Common stock 45,232 2,547 17 47,796 Total equity securities $ 45,232 $ 73,378 $ 17 $ 118,627 Bank loan participations $ — $ 154,991 $ — $ 154,991 Short-term investments $ — $ 107,812 $ — $ 107,812
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 2023 2022 2023 2022 (in thousands) (in thousands) Beginning balance $ 16 $ — $ 17 $ 102 Transfers out of Level 3 — — — — Transfers in to Level 3 — — — — Purchases — — — — Sales — — — (92) Maturities, calls and paydowns — — — — Amortization of discount — — — — Total gains or losses (realized/unrealized): Included in earnings 8 — 7 (10) Included in other comprehensive income — — — — Ending balance $ 24 $ — $ 24 $ —
Schedule of Carrying Value and Fair Value	The carrying values and fair values of financial instruments are summarized below: September 30, 2023 December 31, 2022 Carrying Fair Value Carrying Fair Value (in thousands) Assets Fixed maturity securities, available-for-sale $ 1,836,324 $ 1,836,324 $ 1,783,417 $ 1,783,417 Equity securities 115,754 115,754 118,627 118,627 Bank loan participations 152,068 152,068 154,991 154,991 Cash and cash equivalents 232,923 232,923 173,164 173,164 Restricted cash equivalents 106,858 106,858 103,215 103,215 Short-term investments 54,129 54,129 107,812 107,812 Other invested assets – notes receivable 10,539 9,555 7,205 7,703 Liabilities Senior debt 222,300 228,526 222,300 226,063 Junior subordinated debt 104,055 129,420 104,055 127,149

Capital Stock and Equity Awar_2

Capital Stock and Equity Awards (Tables)	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of Dividends	The Company declared the following dividends on common shares during the first nine months of 2023 and 2022: Date of Declaration Dividend per Common Share Payable to Shareholders of Record on Payment Date Total Amount 2023 February 16, 2023 $ 0.05 March 13, 2023 March 31, 2023 $ 1,921,802 April 27, 2023 $ 0.05 June 12, 2023 June 30, 2023 1,921,040 July 27, 2023 $ 0.05 September 11, 2023 September 29, 2023 1,921,550 $ 0.15 $ 5,764,392 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
Schedule of Summary of Option Activity	The following table summarizes option activity: Nine Months Ended September 30, 2023 2022 Shares Weighted- Shares Weighted- Outstanding: Beginning of period 287,974 $ 35.26 287,974 $ 35.26 Granted — $ — — $ — Exercised — $ — — $ — Forfeited (47,033) $ 35.22 — $ — Lapsed (164,548) $ 32.07 — $ — End of period 76,393 $ 42.17 287,974 $ 35.26 Exercisable, end of period 76,393 $ 42.17 287,974 $ 35.26
Schedule of Summary of RSU Activity	The following table summarizes RSU activity: Nine Months Ended September 30, 2023 2022 Shares Weighted- Shares Weighted- Unvested, beginning of period 665,458 $ 25.98 292,135 $ 45.89 Granted 376,016 $ 24.63 545,450 $ 20.54 Vested (212,968) $ 28.91 (112,527) $ 45.49 Forfeited (30,719) $ 23.28 (9,760) $ 22.97 Unvested, end of period 797,787 $ 24.66 715,298 $ 26.94
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 2023 2022 2023 2022 (in thousands) Share based compensation expense $ 2,224 $ 2,228 $ 7,232 $ 6,210 U.S. tax benefit on share based compensation expense 412 415 1,355 1,160

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) insurance_company	Sep. 30, 2022	Dec. 31, 2022 USD ($)
Accounting Policies [Line Items]
Investment in variable interest entities | $	$ 8.9		$ 9.2
Effective U.S. federal income tax expense (benefit) rate	26.80%	30.90%
UNITED STATES
Accounting Policies [Line Items]
Number of insurance companies | insurance_company	5

Investments - Schedule of Avail

Investments - Schedule of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	$ 2,054,727
Fixed maturity securities, available-for-sale	1,836,324	$ 1,783,417
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	2,054,727	1,969,783
Total investments available-for-sale, Gross Unrealized Gains	524	3,125
Total investments available-for-sale, Gross Unrealized Losses	(218,927)	(189,491)
Fixed maturity securities, available-for-sale	1,836,324	1,783,417
State and municipal
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	382,965	386,456
Total investments available-for-sale, Gross Unrealized Gains	343	712
Total investments available-for-sale, Gross Unrealized Losses	(59,647)	(56,316)
Fixed maturity securities, available-for-sale	323,661	330,852
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	471,291	437,702
Total investments available-for-sale, Gross Unrealized Gains	2	801
Total investments available-for-sale, Gross Unrealized Losses	(54,405)	(37,254)
Fixed maturity securities, available-for-sale	416,888	401,249
Corporate
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	795,601	734,976
Total investments available-for-sale, Gross Unrealized Gains	179	1,528
Total investments available-for-sale, Gross Unrealized Losses	(76,180)	(66,292)
Fixed maturity securities, available-for-sale	719,600	670,212
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	332,440	335,066
Total investments available-for-sale, Gross Unrealized Gains	0	76
Total investments available-for-sale, Gross Unrealized Losses	(25,488)	(26,127)
Fixed maturity securities, available-for-sale	306,952	309,015
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	72,430	75,583
Total investments available-for-sale, Gross Unrealized Gains	0	8
Total investments available-for-sale, Gross Unrealized Losses	(3,207)	(3,502)
Fixed maturity securities, available-for-sale	$ 69,223	$ 72,089

Investments - Schedule of Contr

Investments - Schedule of Contract Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Cost or Amortized Cost
One year or less	$ 95,503
After one year through five years	518,494
After five years through ten years	374,112
After ten years	262,887
Residential mortgage-backed	471,291
Commercial mortgage and asset-backed	332,440
Total fixed maturity securities, Cost or Amortized Cost	2,054,727
Fair Value
One year or less	93,936
After one year through five years	488,596
After five years through ten years	320,897
After ten years	209,055
Residential mortgage-backed	416,888
Commercial mortgage and asset-backed	306,952
Total investments available-for-sale, Fair Value	$ 1,836,324	$ 1,783,417

Investments - Schedule of Gross

Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	$ 511,402	$ 1,112,489
Fixed maturity securities, less than 12 months, gross unrealized losses	(21,087)	(101,608)
Fixed maturity securities, 12 months or more, fair value	1,303,995	475,703
Fixed maturity securities, 12 months or more, gross unrealized losses	(197,840)	(87,883)
Fixed maturity securities, fair value	1,815,397	1,588,192
Fixed maturity securities, gross unrealized losses	(218,927)	(189,491)
State and municipal
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	70,679	241,586
Fixed maturity securities, less than 12 months, gross unrealized losses	(3,766)	(34,840)
Fixed maturity securities, 12 months or more, fair value	246,789	72,805
Fixed maturity securities, 12 months or more, gross unrealized losses	(55,881)	(21,476)
Fixed maturity securities, fair value	317,468	314,391
Fixed maturity securities, gross unrealized losses	(59,647)	(56,316)
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	177,236	225,870
Fixed maturity securities, less than 12 months, gross unrealized losses	(9,228)	(18,823)
Fixed maturity securities, 12 months or more, fair value	239,508	98,594
Fixed maturity securities, 12 months or more, gross unrealized losses	(45,177)	(18,431)
Fixed maturity securities, fair value	416,744	324,464
Fixed maturity securities, gross unrealized losses	(54,405)	(37,254)
Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	212,440	412,942
Fixed maturity securities, less than 12 months, gross unrealized losses	(6,810)	(33,417)
Fixed maturity securities, 12 months or more, fair value	492,570	167,541
Fixed maturity securities, 12 months or more, gross unrealized losses	(69,370)	(32,875)
Fixed maturity securities, fair value	705,010	580,483
Fixed maturity securities, gross unrealized losses	(76,180)	(66,292)
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	37,528	184,985
Fixed maturity securities, less than 12 months, gross unrealized losses	(863)	(12,829)
Fixed maturity securities, 12 months or more, fair value	269,424	114,955
Fixed maturity securities, 12 months or more, gross unrealized losses	(24,625)	(13,298)
Fixed maturity securities, fair value	306,952	299,940
Fixed maturity securities, gross unrealized losses	(25,488)	(26,127)
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	13,519	47,106
Fixed maturity securities, less than 12 months, gross unrealized losses	(420)	(1,699)
Fixed maturity securities, 12 months or more, fair value	55,704	21,808
Fixed maturity securities, 12 months or more, gross unrealized losses	(2,787)	(1,803)
Fixed maturity securities, fair value	69,223	68,914
Fixed maturity securities, gross unrealized losses	$ (3,207)	$ (3,502)

Investments - Narrative (Detail

Investments - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) security issuer	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) security issuer	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Gain (Loss) on Securities [Line Items]
Bank loan participations	$ 152,068,000		$ 152,068,000		$ 154,991,000
Unpaid principal balance	161,600,000		161,600,000
Net investment income	26,305,000	$ 17,306,000	77,252,000	$ 48,278,000
Net gain (loss) in bank loan participations	2,510,000	(2,201,000)	6,041,000	(14,194,000)
Unrealized losses	0	0	2,400,000	0
Bank Loan Participations
Gain (Loss) on Securities [Line Items]
Net investment income	$ 4,300,000	$ 3,400,000	$ 13,000,000	$ 8,400,000
Fixed maturity securities
Gain (Loss) on Securities [Line Items]
Number of issuers | issuer	555		555
Total fair value	$ 1,815,397,000		$ 1,815,397,000		1,588,192,000
Gross unrealized losses	$ 218,927,000		$ 218,927,000		$ 189,491,000
Number of unrated securities | security	1		1
Fair value of unrated fixed maturity security	$ 1,300,000		$ 1,300,000
Impairment loss			$ 85,000
Number of impaired securities | security			1
Fixed maturity securities | BBB- or better
Gain (Loss) on Securities [Line Items]
Percentage of available for sale securities	99.90%		99.90%

Investments - Summary of Realiz

Investments - Summary of Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments [Abstract]
Fixed maturity securities, gross realized gains	$ 2	$ 1	$ 47	$ 1,699
Fixed maturity securities, gross realized losses	(480)	(973)	(894)	(1,415)
Fixed maturity securities	(478)	(972)	(847)	284
Bank loan participations, gross realized gains	140	70	245	183
Bank loan participations, gross realized losses	(580)	(253)	(4,933)	(559)
Changes in fair values of bank loan participations	2,950	(2,018)	10,729	(13,818)
Bank loan participations	2,510	(2,201)	6,041	(14,194)
Equity securities, gross realized gain	349	758	1,283	787
Equity securities, gross realized losses	(2)	(359)	(268)	(740)
Changes in fair values of equity securities	(2,016)	(4,967)	(3,278)	(15,959)
Equity securities	(1,669)	(4,568)	(2,263)	(15,912)
Short-term investments and other, gross realized gains	0	1	3	1
Short-term investments and other, gross realized losses	(1)	(14)	(20)	(53)
Changes in fair values of short-term investments and other	0	0	0	0
Short-term investments and other	(1)	(13)	(17)	(52)
Total	$ 362	$ (7,754)	$ 2,914	$ (29,874)

Investments - Summary of Privat

Investments - Summary of Private Debt and Equity (Details) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2023 USD ($) note	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) project	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) note	Sep. 30, 2022 USD ($)	Aug. 12, 2023 USD ($)
Net Investment Income [Line Items]
Carrying Value	$ 31,247		$ 27,447		$ 31,247
Investment Income	27			$ (424)	1,850	$ 1,986
Proceeds from sales					7,570	0
Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	8,921		$ 9,159		8,921
Investment Income	98			(23)	966	2,597
Number of underlying projects sold | project			2
Proceeds from sales		$ 1,200
Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	1,369		$ 2,705		1,369
Investment Income	41			157	203	471
Limited partnerships
Net Investment Income [Line Items]
Carrying Value	11,788		11,083		11,788
Investment Income	(171)			(644)	450	(1,340)
Private debt
Net Investment Income [Line Items]
Carrying Value	9,169		4,500		9,169
Investment Income	59			86	231	258
Excess and Surplus Lines
Net Investment Income [Line Items]
Carrying Value	29,822		24,880		29,822
Investment Income	4			(127)	1,567	1,850
Excess and Surplus Lines | Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	8,921		9,159		8,921
Investment Income	$ 98			(30)	796	2,331
Proceeds from sales		984
Excess and Surplus Lines | Renewable energy LLCs | Investment in LLC
Net Investment Income [Line Items]
Cash distributions from LLCs					$ 50,000	1,400
Excess and Surplus Lines | Renewable energy LLCs | Minimum | Investment in LLC | Various LLCs
Net Investment Income [Line Items]
Ownership percentage	2.50%				2.50%
Excess and Surplus Lines | Renewable energy LLCs | Maximum | Investment in LLC | Various LLCs
Net Investment Income [Line Items]
Ownership percentage	4.90%				4.90%
Excess and Surplus Lines | Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	$ 608		1,202		$ 608
Investment Income	$ 18			69	$ 90	209
Number of notes issued | note	2				2
Rate of interest	12%				12%
Excess and Surplus Lines | Limited partnerships
Net Investment Income [Line Items]
Carrying Value	$ 11,124		10,019		$ 11,124
Investment Income	(171)			(252)	450	(948)
Outstanding commitments to invest	6,700				6,700
Excess and Surplus Lines | Private debt
Net Investment Income [Line Items]
Carrying Value	9,169		4,500		9,169
Investment Income	$ 59			86	$ 231	258
Excess and Surplus Lines | Private speciality credit
Net Investment Income [Line Items]
Number of notes issued | note	2				2
Commitment to investment in notes	$ 7,700				$ 7,700
Excess and Surplus Lines | Private speciality credit | Notes receivable one
Net Investment Income [Line Items]
Rate of interest	4.25%				4.25%
Excess and Surplus Lines | Private speciality credit | Notes receivable two
Net Investment Income [Line Items]
Rate of interest	5.25%				5.25%
Excess and Surplus Lines | Bank holding companies
Net Investment Income [Line Items]
Rate of interest							7.60%
Investment in private subordinated notes							$ 4,500
Corporate and Other
Net Investment Income [Line Items]
Carrying Value	$ 1,425		2,567		$ 1,425
Investment Income	23			(297)	283	136
Corporate and Other | Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	0		0		0
Investment Income	0			7	170	266
Proceeds from sales		$ 170
Corporate and Other | Renewable energy LLCs | Investment in LLC
Net Investment Income [Line Items]
Cash distributions from LLCs						1,400
Corporate and Other | Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	761		1,503		761
Investment Income	$ 23			88	$ 113	262
Number of notes issued | note	2				2
Rate of interest	12%				12%
Corporate and Other | Limited partnerships
Net Investment Income [Line Items]
Carrying Value	$ 664		1,064		$ 664
Investment Income	0			(392)	0	(392)
Corporate and Other | Private debt
Net Investment Income [Line Items]
Carrying Value	0		$ 0		0
Investment Income	$ 0			$ 0	$ 0	$ 0

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 11, 2007
Business Acquisition [Line Items]
Goodwill		$ 181,831	$ 181,831	$ 181,831	$ 181,831	$ 181,831
Impairment of intangible assets		$ 2,500	$ 0	$ 2,500	$ 0
Trademarks | Specialty Admitted Insurance | IRWC | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Impairment of intangible assets	$ 2,500
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	Sep. 30, 2023	Dec. 31, 2022
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 28,664	$ 31,164
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	7,371	7,099
Total Intangible Assets, Gross	40,275	42,775
Broker relationships
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	$ 7,371	7,099
Life (Years)	24 years 7 months 6 days
Trademarks
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 19,700	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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 19,551	$ (4,621)	$ 42,471	$ 13,248
Less: Dividends on Series A preferred shares	(2,625)	(2,625)	(7,875)	(6,125)
Net income (loss) available to common shareholders	$ 16,926	$ (7,246)	$ 34,596	$ 7,123
Weighted average common shares outstanding:
Basic (in shares)	37,642,632	37,450,381	37,605,986	37,435,798
Dilutive potential common shares (in shares)	180,274	0	216,788	206,858
Diluted (in shares)	37,822,906	37,450,381	37,822,774	37,642,656
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.45	$ (0.19)	$ 0.92	$ 0.19
Dilutive potential common shares (in dollars per share)	0	0	(0.01)	0
Diluted (in dollars per share)	$ 0.45	$ (0.19)	$ 0.91	$ 0.19

Earnings (Loss) Per Share - Nar

Earnings (Loss) Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
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)	5,640,158	5,830,234	5,640,158	4,421,223

Reserve for Losses and Loss A_3

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details)		3 Months Ended			9 Months Ended		27 Months Ended
	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) portfolio_loss_transfer	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Liability for Claims and Claims Adjustment Expense [Abstract]
Allowance for credit losses on reinsurance recoverables		$ 688,000	$ 621,000		$ 688,000	$ 621,000	$ 688,000	$ 670,000	$ 612,000	$ 601,000	$ 631,000
Development on prior year loss reserves
Development on prior year loss reserves		12,485,000	(1,129,000)		$ 16,135,000	4,098,000
Number of loss portfolio transfers | portfolio_loss_transfer					2
Funds held		257,653,000			$ 257,653,000		257,653,000		310,953,000
Deferred reinsurance gain		37,653,000			37,653,000		37,653,000		$ 20,091,000
Excess and Surplus Lines
Development on prior year loss reserves
Development on prior year loss reserves		7,800,000	139,000		7,600,000	48,000
Excess and Surplus Lines | Loss Portfolio Transfer | Commercial Auto Business
Development on prior year loss reserves
Development on prior year loss reserves		7,100,000	46,700,000		60,600,000	46,700,000	107,300,000
Retroactive reinsurance benefit recognized		10,200,000	25,900,000		54,400,000	25,900,000
Cumulative amounts ceded under loss portfolio transfer		452,500,000			452,500,000		452,500,000
Deferred reinsurance gain		22,000,000			22,000,000		22,000,000
Excess and Surplus Lines | Hurricane
Development on prior year loss reserves
Liability for catastrophe claims, losses			5,000,000			5,000,000
Specialty Admitted Insurance
Development on prior year loss reserves
Development on prior year loss reserves		0	(1,300,000)		(1,000,000)	(2,800,000)
Casualty Reinsurance
Development on prior year loss reserves
Development on prior year loss reserves		4,700,000	$ 0		9,500,000	$ 6,800,000
Casualty Reinsurance | Fortitude Reinsurance | Loss Portfolio Transfer | JRG Reinsurance Company Ltd
Development on prior year loss reserves
Development on prior year loss reserves		7,000,000		$ 6,800,000	20,600,000
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%
Retroactive reinsurance benefit recognized		3,700,000			9,300,000
Cumulative amounts ceded under loss portfolio transfer		361,700,000			361,700,000		361,700,000
Deferred reinsurance gain		15,700,000			15,700,000		15,700,000
Reinsurance, amount remaining		38,300,000			38,300,000		38,300,000
Excess And Surplus Lines and Casualty Reinsurance | Loss Portfolio Transfer
Development on prior year loss reserves
Development on prior year loss reserves		14,000,000			81,300,000
Retroactive reinsurance benefit recognized		14,000,000			63,700,000
Cumulative amounts ceded under loss portfolio transfer		814,200,000			814,200,000		814,200,000
Deferred reinsurance gain		$ 37,700,000			$ 37,700,000		$ 37,700,000

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. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
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	$ 1,338,973,000	$ 1,159,145,000	$ 1,248,270,000	$ 1,399,214,000
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	126,605,000	133,364,000	402,070,000	385,114,000
Prior years - excluding retroactive reinsurance	12,485,000	(1,129,000)	16,135,000	4,098,000
Total incurred losses and loss and adjustment expenses	139,171,000	153,008,000	435,767,000	409,985,000
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	11,043,000	12,451,000	19,754,000	22,057,000
Prior years	89,803,000	81,755,000	269,504,000	275,375,000
Total loss and loss adjustment expense payments	100,846,000	94,206,000	289,258,000	297,432,000
Deduct: Loss reserves ceded in Casualty Re LPT	1,509,447,000		1,509,447,000		$ 1,520,113,000
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,377,217,000	1,201,243,000	1,377,217,000	1,201,243,000
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,510,135,000	1,585,457,000	1,510,135,000	1,585,457,000
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	2,887,352,000	2,786,700,000	2,887,352,000	2,786,700,000
Casualty Reinsurance
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance	4,700,000	0	9,500,000	6,800,000
Loss Portfolio Transfer | Excess And Surplus Lines and Casualty Reinsurance
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance	14,000,000		81,300,000
Loss Portfolio Transfer | Excess And Surplus Lines and Casualty Reinsurance | Commercial Auto Business
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - retroactive reinsurance	81,000	20,773,000	17,562,000	20,773,000
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Change in deferred reinsurance gain - retroactive reinsurance	81,000	20,773,000	17,562,000	20,773,000
Loss Portfolio Transfer | Casualty Reinsurance
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Loss reserves ceded in Casualty Re LPT		299,493,000		299,493,000
Add: Changes in reinsurance recoverable of Casualty Re LPT unrelated to net reserve activity	$ 0	$ 4,069,000	$ 0	$ 9,742,000

Other Comprehensive Loss - Summ

Other Comprehensive Loss - Summary of Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized losses arising during the period, before U.S. income taxes	$ (48,328)	$ (70,538)	$ (32,883)	$ (233,501)
U.S. income taxes	7,688	8,910	6,325	28,295
Unrealized losses arising during the period, net of U.S. income taxes	(40,640)	(61,628)	(26,558)	(205,206)
Less reclassification adjustment:
Net realized investment (losses) gains	(478)	(972)	(847)	284
U.S. income taxes	64	0	70	(263)
Reclassification adjustment for investment (losses) gains realized in net income	(414)	(972)	(777)	21
Other comprehensive loss	$ (40,226)	$ (60,656)	$ (25,781)	$ (205,227)

Other Comprehensive Loss - Narr

Other Comprehensive Loss - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net realized investment (losses) gains	$ (478)	$ (972)	$ (847)	$ 284
Net gain (losses) in bank loan participations	2,510	(2,201)	6,041	(14,194)
Net realized and unrealized losses on investments in equity securities	$ 1,669	$ 4,568	$ 2,263	$ 15,912

Contingent Liabilities - Narrat

Contingent Liabilities - Narrative (Details)			3 Months Ended		9 Months Ended		27 Months Ended
	Sep. 27, 2021 USD ($)	Jul. 01, 2021 USD ($)	Sep. 30, 2023 USD ($) credit_facility	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) credit_facility	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) credit_facility	Dec. 31, 2022 USD ($)
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance			$ 12,485,000	$ (1,129,000)	$ 16,135,000	$ 4,098,000
Reinsurance recoverable on unpaid losses, net			1,509,447,000		1,509,447,000		$ 1,509,447,000	$ 1,520,113,000
Reinsurance recoverable on paid losses			158,841,000		158,841,000		158,841,000	$ 114,242,000
Excess and Surplus Lines
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance			7,800,000	139,000	7,600,000	48,000
Excess and Surplus Lines | Commercial Auto Business | Raiser | Indemnity Trust
Contingent Liabilities [Line Items]
Required collateral, percentage	102%
Cash equivalent collateral returned to trust	$ 691,300,000
Cash equivalent collateral trust arrangement			149,700,000		149,700,000		149,700,000
Excess and Surplus Lines | Commercial Auto Business | Raiser | Indemnity Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			218,900,000		218,900,000		218,900,000
Excess and Surplus Lines | Commercial Auto Business | Raiser | Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			69,200,000		69,200,000		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		28,200,000		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			106,900,000		106,900,000		106,900,000
Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance			7,100,000	$ 46,700,000	60,600,000	$ 46,700,000	107,300,000
Cumulative amounts ceded under loss portfolio transfer			452,500,000		452,500,000		452,500,000
Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business | Aleka
Contingent Liabilities [Line Items]
Reinsurance premium		$ 345,100,000
Required collateral, percentage	102%
Reinsurance recoverables			101,100,000		101,100,000		101,100,000
Reinsurance recoverable on unpaid losses, net			92,800,000		92,800,000		92,800,000
Reinsurance recoverable on paid losses			8,300,000		8,300,000		8,300,000
Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business | Aleka | L PT Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			69,400,000		69,400,000		69,400,000
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			$ 97,600,000		$ 97,600,000		$ 97,600,000
JRG Reinsurance Company, Ltd.
Contingent Liabilities [Line Items]
Number of credit facilities | credit_facility			3		3		3
JRG Reinsurance Company, Ltd. | Third-party Reinsureds
Contingent Liabilities [Line Items]
Assets held in trust			$ 385,200,000		$ 385,200,000		$ 385,200,000
JRG Reinsurance Company, Ltd. | Letter of Credit 30 Million
Contingent Liabilities [Line Items]
Letters of credit facility, amount			30,000,000		30,000,000		30,000,000
Amount of letters of credit issued			4,400,000		4,400,000		4,400,000
Assets deposited for securing letters of credit			5,100,000		5,100,000		5,100,000
JRG Reinsurance Company, Ltd. | Letter of credit 102.5 Million
Contingent Liabilities [Line Items]
Letters of credit facility, amount			102,500,000		102,500,000		102,500,000
Amount of letters of credit issued			41,400,000		41,400,000		41,400,000
Assets deposited for securing letters of credit			51,800,000		51,800,000		51,800,000
JRG Reinsurance Company, Ltd. | Letter of credit 100 Million
Contingent Liabilities [Line Items]
Amount of letters of credit issued			27,900,000		27,900,000		27,900,000
Assets deposited for securing letters of credit			35,700,000		35,700,000		35,700,000
Line of credit (up to)			$ 100,000,000		$ 100,000,000		$ 100,000,000

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 29, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Segment	Sep. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | Segment				4
Segment Reporting Information [Line Items]
Gross written premiums		$ 342,503	$ 358,505	$ 1,134,137	$ 1,118,155
Impairment of intangible assets		2,500	0	2,500	0
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Gross fee income		1,200	914	3,600	2,600
Specialty Admitted Insurance | IRWC | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Segment Reporting Information [Line Items]
Gross written premiums		$ 11,000	$ 12,300	$ 35,300	$ 39,800
Gain on disposition of business	$ 2,200
Specialty Admitted Insurance | IRWC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Trademarks
Segment Reporting Information [Line Items]
Impairment of intangible assets	$ 2,500

Segment Information - Summary o

Segment Information - Summary of Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Gross written premiums	$ 342,503	$ 358,505	$ 1,134,137	$ 1,118,155
Net earned premiums	202,625	190,189	608,075	566,275
Underwriting profit (loss) of operating segments	16,096	19,731	43,552	58,205
Net investment income	26,305	17,306	77,252	48,278
Interest expense	7,332	4,950	20,889	11,291
Segment revenues	233,427	201,229	695,149	587,983
Segment goodwill	181,831	181,831	181,831	181,831	$ 181,831
Segment assets	5,193,487	5,205,491	5,193,487	5,205,491	$ 5,137,075
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Underwriting profit (loss) of operating segments	18,342	16,402	45,449	60,193
Excess and Surplus Lines | Operating Segments
Segment Reporting Information [Line Items]
Gross written premiums	217,151	204,785	732,180	675,702
Net earned premiums	157,600	139,095	455,640	408,280
Underwriting profit (loss) of operating segments	18,342	16,402	45,449	60,193
Net investment income	18,204	6,955	48,160	15,795
Interest expense	0	0	0	0
Segment revenues	177,026	140,946	506,876	405,997
Segment goodwill	181,831	181,831	181,831	181,831
Segment assets	2,864,996	2,623,257	2,864,996	2,623,257
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Underwriting profit (loss) of operating segments	1,967	285	1,882	1,746
Specialty Admitted Insurance | Operating Segments
Segment Reporting Information [Line Items]
Gross written premiums	125,700	123,389	387,175	374,066
Net earned premiums	26,073	17,824	70,412	55,283
Underwriting profit (loss) of operating segments	1,967	285	1,882	1,746
Net investment income	3,420	1,066	9,578	2,757
Interest expense	0	0	0	0
Segment revenues	32,938	19,602	85,778	59,152
Segment goodwill	0	0	0	0
Segment assets	1,379,044	1,222,280	1,379,044	1,222,280
Casualty Reinsurance
Segment Reporting Information [Line Items]
Underwriting profit (loss) of operating segments	(4,213)	3,044	(3,779)	(3,734)
Casualty Reinsurance | Operating Segments
Segment Reporting Information [Line Items]
Gross written premiums	(348)	30,331	14,782	68,387
Net earned premiums	18,952	33,270	82,023	102,712
Underwriting profit (loss) of operating segments	(4,213)	3,044	(3,779)	(3,734)
Net investment income	4,506	9,596	18,794	29,750
Interest expense	846	1,235	2,823	2,577
Segment revenues	23,108	40,869	101,244	122,594
Segment goodwill	0	0	0	0
Segment assets	876,822	1,290,573	876,822	1,290,573
Corporate and Other | 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	175	(311)	720	(24)
Interest expense	6,486	3,715	18,066	8,714
Segment revenues	355	(188)	1,251	240
Segment goodwill	0	0	0	0
Segment assets	$ 72,625	$ 69,381	$ 72,625	$ 69,381

Segment Information - Reconcili

Segment Information - Reconciliation of Operating Segments by Individual Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total underwriting profit of operating segments	$ 16,096	$ 19,731	$ 43,552	$ 58,205
Other operating expenses of the Corporate and Other segment	(8,482)	(8,447)	(26,312)	(25,209)
Underwriting profit	7,614	11,284	17,240	32,996
Net investment income	26,305	17,306	77,252	48,278
Net realized and unrealized gains (losses) on investments	362	(7,754)	2,914	(29,874)
Other income and expenses	2,286	364	1,818	112
Interest expense	(7,332)	(4,950)	(20,889)	(11,291)
Amortization of intangible assets	(90)	(90)	(272)	(272)
Impairment of intangible assets	(2,500)	0	(2,500)	0
Income (loss) before taxes	26,564	(4,613)	58,001	19,176
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Total underwriting profit of operating segments	18,342	16,402	45,449	60,193
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Total underwriting profit of operating segments	1,967	285	1,882	1,746
Casualty Reinsurance
Segment Reporting Information [Line Items]
Total underwriting profit of operating segments	(4,213)	3,044	(3,779)	(3,734)
Excess And Surplus Lines and Casualty Reinsurance | Commercial Auto Business | Loss Portfolio Transfer
Segment Reporting Information [Line Items]
Losses and loss adjustment expenses - retroactive reinsurance	$ (81)	$ (20,773)	$ (17,562)	$ (20,773)

Other Operating Expenses and _3

Other Operating Expenses and Other Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Operating Expenses and Other Expenses [Abstract]
Amortization of policy acquisition costs	$ 25,651	$ 23,296	$ 81,154	$ 69,321
Other underwriting expenses of the operating segments	22,996	15,841	68,787	52,151
Other operating expenses of the Corporate and Other segment	8,482	8,447	26,312	25,209
Total	57,129	47,584	176,253	146,681
Other expenses	$ 641	$ 210	$ 1,467	$ 578

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 1,836,324	$ 1,783,417
Equity securities:
Bank loan participations	152,068	154,991
Short-term investments	54,129	107,812
Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,836,324	1,783,417
State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	323,661	330,852
Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	416,888	401,249
Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	719,600	670,212
Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	306,952	309,015
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	69,223	72,089
Recurring basis
Equity securities:
Bank loan participations	152,068	154,991
Short-term investments	54,129	107,812
Recurring basis | Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,836,324	1,783,417
Recurring basis | State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	323,661	330,852
Recurring basis | Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	416,888	401,249
Recurring basis | Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	719,600	670,212
Recurring basis | Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	306,952	309,015
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	69,223	72,089
Recurring basis | Equity securities
Equity securities:
Total equity securities	115,754	118,627
Recurring basis | Preferred stock
Equity securities:
Total equity securities	68,876	70,831
Recurring basis | Common stock
Equity securities:
Total equity securities	46,878	47,796
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	69,223	71,770
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	69,223	71,770
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Equity securities
Equity securities:
Total equity securities	44,592	45,232
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	44,592	45,232
Recurring basis | Significant Other Observable Inputs Level 2
Equity securities:
Bank loan participations	152,068	154,991
Short-term investments	54,129	107,812
Recurring basis | Significant Other Observable Inputs Level 2 | Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,767,101	1,711,647
Recurring basis | Significant Other Observable Inputs Level 2 | State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	323,661	330,852
Recurring basis | Significant Other Observable Inputs Level 2 | Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	416,888	401,249
Recurring basis | Significant Other Observable Inputs Level 2 | Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	719,600	670,212
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	306,952	309,015
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	0	319
Recurring basis | Significant Other Observable Inputs Level 2 | Equity securities
Equity securities:
Total equity securities	71,138	73,378
Recurring basis | Significant Other Observable Inputs Level 2 | Preferred stock
Equity securities:
Total equity securities	68,876	70,831
Recurring basis | Significant Other Observable Inputs Level 2 | Common stock
Equity securities:
Total equity securities	2,262	2,547
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	24	17
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	$ 24	$ 17

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 16	$ 0	$ 17	$ 102
Transfers out of Level 3	0	0	0	0
Transfers in to Level 3	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	(92)
Maturities, calls and paydowns	0	0	0	0
Amortization of discount	0	0	0	0
Total gains or losses (realized/unrealized)-Included in earnings	8	0	7	(10)
Total gains or losses (realized/unrealized)-Included in other comprehensive income	0	0	0	0
Ending balance	$ 24	$ 0	$ 24	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($) security	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) security	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) security
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of equity securities held | security	1		1			1
Recurring basis | Available-for-sale fixed maturity securities and equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset value | $	$ 24	$ 16	$ 17	$ 0	$ 0	$ 102

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, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Assets
Fixed maturity securities, available-for-sale	$ 1,836,324	$ 1,783,417
Equity securities	115,754	118,627
Bank loan participations	152,068	154,991
Cash and cash equivalents	232,923	173,164
Restricted cash equivalents	106,858	103,215	$ 102,485	$ 102,005
Short-term investments	54,129	107,812
Liabilities
Senior debt	222,300	222,300
Junior subordinated debt	104,055	104,055
Carrying Value
Assets
Fixed maturity securities, available-for-sale	1,836,324	1,783,417
Equity securities	115,754	118,627
Bank loan participations	152,068	154,991
Cash and cash equivalents	232,923	173,164
Restricted cash equivalents	106,858	103,215
Short-term investments	54,129	107,812
Other invested assets – notes receivable	10,539	7,205
Liabilities
Senior debt	222,300	222,300
Junior subordinated debt	104,055	104,055
Fair Value
Assets
Fixed maturity securities, available-for-sale	1,836,324	1,783,417
Equity securities	115,754	118,627
Bank loan participations	152,068	154,991
Cash and cash equivalents	232,923	173,164
Restricted cash equivalents	106,858	103,215
Short-term investments	54,129	107,812
Other invested assets – notes receivable	9,555	7,703
Liabilities
Senior debt	228,526	226,063
Junior subordinated debt	$ 129,420	$ 127,149

Senior Debt (Details)

Senior Debt (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Repayments of senior debt		$ 0	$ 40,000,000
Senior debt		222,300,000		$ 222,300,000
2017 Facility | JRG Reinsurance Company, Ltd.
Debt Instrument [Line Items]
Amount of letters of credit issued		27,900,000
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					9 Months Ended
	Oct. 02, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Feb. 24, 2022 USD ($) d $ / shares shares	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 $ / shares
Temporary Equity [Line Items]
Series A convertible preferred shares (in dollars per share) | $ / shares					$ 0.00125		$ 0.00125
Dividends on Series A preferred shares | $					$ 7,875	$ 6,125
Issuance of Series A preferred shares (Note 12) | $					0	144,898
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%
Dividends on Series A preferred shares | $		$ 2,600	$ 3,500		$ 7,900	$ 6,100
Preferred stock, convertible, conversion price | $ / shares				$ 26.5950
Convertible preferred stock, shares issued upon conversion | shares				5,640,158
Preferred stock, convertible, term				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 (Note 12) | $				$ 144,900
Convertible Preferred Stock | Private Placement | Subsequent Event
Temporary Equity [Line Items]
Dividends on Series A preferred shares | $	$ 2,600
Series A Preferred Stock | Private Placement | Common Shares
Temporary Equity [Line Items]
Common stock, covenant, threshold (in dollars per share) | $ / shares				$ 0.05
Common stock, covenant, threshold, cash paid (in dollars per share) | $ / shares				$ 0.10

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	37,619,749		37,619,749			37,470,237
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit dividend equivalents			$ 121	$ 107
Dividends payable	$ 280		$ 280			$ 335
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	37,619,749	37,450,438	37,619,749	37,450,438	37,619,226	37,470,237	37,450,264	37,373,066
Vesting of RSUs (in shares)	523	174	149,512	77,372

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. 29, 2023	Jul. 27, 2023	Jun. 30, 2023	Apr. 27, 2023	Mar. 31, 2023	Feb. 16, 2023	Sep. 30, 2022	Jul. 26, 2022	Jun. 30, 2022	Apr. 28, 2022	Mar. 31, 2022	Feb. 16, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Dividend declared per share (in dollars per share)		$ 0.05		$ 0.05		$ 0.05		$ 0.05		$ 0.05		$ 0.05	$ 0.05	$ 0.05	$ 0.15	$ 0.15
Total Amount	$ 1,921,550		$ 1,921,040		$ 1,921,802		$ 1,908,287		$ 1,907,953		$ 1,908,482				$ 5,764,392	$ 5,724,722

Capital Stock and Equity Awar_5

Capital Stock and Equity Awards - Equity Incentive Plans (Details) - shares	Sep. 30, 2023	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)	4,982,650
Number of shares available for grant (in shares)	1,508,848
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)	69,320

Capital Stock and Equity Awar_6

Capital Stock and Equity Awards - Summary of Option Activity (Details) - Options - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Shares
Beginning of period (in shares)	287,974	287,974
Granted (in shares)	0	0
Exercised (in shares)	0	0
Forfeited (in shares)	(47,033)	0
Lapsed (in shares)	(164,548)	0
End of period (in shares)	76,393	287,974
Exercisable, end of period (in shares)	76,393	287,974
Weighted- Average Exercise Price
Beginning of period (in dollars per share)	$ 35.26	$ 35.26
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	0	0
Forfeited (in dollars per share)	35.22	0
Lapsed (in dollars per share)	32.07	0
End of period (in dollars per share)	42.17	35.26
Exercisable, end of period (in dollars per share)	$ 42.17	$ 35.26
Vesting period (in years)	3 years
Contractual life (in years)	7 years
Weighted-average remaining contractual life of options outstanding	4 months 24 days
Weighted-average remaining contractual life of options exercisable	4 months 24 days

Capital Stock and Equity Awar_7

Capital Stock and Equity Awards - Summary of RSU Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
RSUs
Shares
Unvested, beginning of period (in shares)	665,458	292,135
Granted (in shares)	376,016	545,450
Vested (in shares)	(212,968)	(112,527)
Forfeited (in shares)	(30,719)	(9,760)
Unvested, end of period (in shares)	797,787	715,298
Weighted- Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share)	$ 25.98	$ 45.89
Granted (in dollars per share)	24.63	20.54
Vested (in dollars per share)	28.91	45.49
Forfeited (in dollars per share)	23.28	22.97
Unvested, end of period (in dollars per share)	$ 24.66	$ 26.94
Vesting period (in years)	3 years
RSUs | Non-employee directors
Weighted- Average Grant Date Fair Value
Vesting period (in years)	1 year
PRSU
Shares
Granted (in shares)	91,818

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Share based compensation expense	$ 2,224	$ 2,228	$ 7,232	$ 6,210
U.S. tax benefit on share based compensation expense	$ 412	$ 415	$ 1,355	$ 1,160

Capital Stock and Equity Awar_9

Capital Stock and Equity Awards - Compensation Expense (Details) - RSUs $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 12.5
Weighted-average period of unrecognized share based compensation expense	1 year 10 months 24 days

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands							3 Months Ended		9 Months Ended
	Jan. 02, 2024	Dec. 29, 2023	Dec. 15, 2023	Dec. 11, 2023	Nov. 08, 2023	Oct. 26, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Gross written premiums							$ 342,503	$ 358,505	$ 1,134,137	$ 1,118,155
Subsequent Event | JRG Reinsurance Company Ltd
Subsequent Event [Line Items]
Estimated transaction value					$ 277,000
Cash payment					138,000
Pre close dividend					139,000
Amount owed by buyer					$ 2,500
Subsequent Event | 2014 LTIP
Subsequent Event [Line Items]
Value of awards granted						$ 90
Subsequent Event | Convertible Preferred Stock
Subsequent Event [Line Items]
Dividends payable						$ 2,600
Subsequent Event | Convertible Preferred Stock | Forecast
Subsequent Event [Line Items]
Dividends payable, date to be paid	Jan. 02, 2024
Dividend payable, record date			Dec. 15, 2023
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. 29, 2023
Dividend payable, record date				Dec. 11, 2023