James River (JRVR) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	Clarendon House
Entity Address, Address Line Two	2 Church Street
Entity Address, Address Line One	Hamilton
Entity Address, City or Town	Pembroke
Entity Address, Postal Zip Code	HM11
Entity Address, Country	BM
City Area Code	441
Local Phone Number	295-1422
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		37,825,767
Entity Central Index Key	0001620459
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Invested assets:
Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2024 – $1,377,965; 2023 – $1,405,136)	$ 1,287,466	$ 1,324,476
Equity securities, at fair value (cost: 2024 – $119,788; 2023 – $114,107)	128,690	119,945
Bank loan participations, at fair value	173,046	156,169
Short-term investments	84,534	72,137
Other invested assets	33,082	33,134
Total invested assets	1,706,818	1,705,861
Cash and cash equivalents	305,496	274,298
Restricted cash equivalents	73,396	72,449
Accrued investment income	11,664	12,106
Premiums receivable and agents’ balances, net	221,566	249,490
Reinsurance recoverable on unpaid losses, net	1,377,863	1,358,474
Reinsurance recoverable on paid losses	142,288	157,991
Prepaid reinsurance premiums	289,383	293,108
Deferred policy acquisition costs	26,991	31,497
Intangible assets, net	32,722	32,813
Goodwill	181,831	181,831
Other assets	148,731	163,939
Assets held-for-sale (Note 2 - discontinued operations)	732,170	783,393
Total assets	5,250,919	5,317,250
Liabilities:
Reserve for losses and loss adjustment expenses	2,661,909	2,606,107
Unearned premiums	550,688	587,899
Payables to reinsurers	126,538	158,670
Funds held	65,235	65,235
Deferred reinsurance gain	16,731	20,733
Senior debt	222,300	222,300
Junior subordinated debt	104,055	104,055
Accrued expenses	42,708	56,722
Other liabilities	179,614	174,513
Liabilities held-for-sale (Note 2 - discontinued operations)	596,706	641,497
Total liabilities	4,566,484	4,637,731
Commitments and contingent liabilities
Series A redeemable preferred shares – 2024 and 2023: $0.00125 par value; 20,000,000 shares authorized; 150,000 shares issued and outstanding	144,898	144,898
Shareholders’ equity:
Common shares – 2024 and 2023: $0.0002 par value; 200,000,000 shares authorized; 37,822,340 and 37,641,563 shares issued and outstanding, respectively	7	7
Additional paid-in capital	878,091	876,240
Retained deficit	(267,067)	(277,905)
Accumulated other comprehensive loss	(71,494)	(63,721)
Total shareholders’ equity	539,537	534,621
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$ 5,250,919	$ 5,317,250

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale, at amortized cost	$ 1,377,965
Equity securities, at cost	$ 119,788	$ 114,107
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)	37,822,340	37,641,563
Common stock, shares outstanding (in shares)	37,822,340	37,641,563
Fixed maturity securities
Fixed maturity securities, available-for-sale, at amortized cost	$ 1,377,965	$ 1,405,136

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Gross written premiums	$ 330,810	$ 353,454
Ceded written premiums	(192,638)	(179,299)
Net written premiums	138,172	174,155
Change in net unearned premiums	33,519	(2,315)
Net earned premiums	171,691	171,840
Net investment income	22,632	18,425
Net realized and unrealized gains on investments	4,583	160
Other income	2,221	1,309
Total revenues	201,127	191,734
Expenses
Losses and loss adjustment expenses	110,049	126,381
Other operating expenses	50,810	48,036
Other expenses	732	603
Interest expense	6,485	5,583
Amortization of intangible assets	91	91
Total expenses	168,167	180,694
Income from continuing operations before income taxes	32,960	11,040
Income tax expense on continuing operations	9,452	3,136
Net income from continuing operations	23,508	7,904
Discontinued operations (Note 2):
(Loss) income from discontinued operations	(9,605)	1,704
Gain on held for sale classification of discontinued operations	1,500	0
Total (loss) income from discontinued operations	(8,105)	1,704
Net income	15,403	9,608
Dividends on Series A preferred shares	(2,625)	(2,625)
Net income available to common shareholders	12,778	6,983
Other comprehensive (loss) income:
Net unrealized (losses) gains, net of taxes of $(2,066) in 2024 and $5,001 in 2023	(7,773)	30,902
Total comprehensive income	$ 7,630	$ 40,510
Basic
Continuing operations (in dollars per share)	$ 0.55	$ 0.14
Discontinued operations (in dollars per share)	(0.21)	0.05
Basic (in dollars per share)	0.34	0.19
Diluted
Continuing operations (in dollars per share)	0.53	0.14
Discontinued operations (in dollars per share)	(0.18)	0.04
Diluted (in dollars per share)	0.35	0.18
Dividend declared per common share (in dollars per share)	$ 0.05	$ 0.05
Weighted-average common shares outstanding:
Basic (in shares)	37,733,710	37,531,819
Diluted (in shares)	44,638,969	37,785,452

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Tax on net unrealized gains (losses)	$ (2,066)	$ 5,001

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
Balance (in shares) at Dec. 31, 2022		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	9,608			9,608
Other comprehensive income (loss)	30,902				30,902
Vesting of RSUs (in shares)		148,989
Vesting of RSUs	(1,507)		(1,507)
Compensation expense under share incentive plans	2,692		2,692
Dividends on Series A preferred shares	(2,625)			(2,625)
Dividends on common shares	(1,921)			(1,921)
Balance (in shares) at Mar. 31, 2023		37,619,226
Balance at Mar. 31, 2023	$ 590,915	$ 7	870,043	(146,993)	(132,142)
Balance (in shares) at Dec. 31, 2023	37,641,563	37,641,563
Balance at Dec. 31, 2023	$ 534,621	$ 7	876,240	(277,905)	(63,721)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	15,403			15,403
Other comprehensive income (loss)	(7,773)				(7,773)
Vesting of RSUs (in shares)		180,777
Vesting of RSUs	(824)		(824)
Compensation expense under share incentive plans	2,675		2,675
Dividends on Series A preferred shares	(2,625)			(2,625)
Dividends on common shares	$ (1,940)			(1,940)
Balance (in shares) at Mar. 31, 2024	37,822,340	37,822,340
Balance at Mar. 31, 2024	$ 539,537	$ 7	$ 878,091	$ (267,067)	$ (71,494)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net cash provided by operating activities	[1]	$ 24,079	$ 19,452
Securities available-for-sale:
Purchases – fixed maturity securities		(2,015)	(101,374)
Sales – fixed maturity securities		39,699	0
Maturities and calls – fixed maturity securities		40,081	21,726
Purchases – equity securities		(5,180)	(5,081)
Sales – equity securities		4,556	6,745
Bank loan participations:
Purchases		(57,209)	(8,288)
Sales		33,432	10,494
Maturities		6,908	7,755
Other invested assets:
Purchases		(2,000)	0
Return of capital		200	510
Proceeds from sales		1,451	1,153
Short-term investments, net		(12,397)	82,751
Securities receivable or payable, net		715	2,032
Purchases of property and equipment		(745)	(1,297)
Net cash provided by investing activities		47,496	17,126
Financing activities
Payroll taxes withheld and remitted on net settlement of RSUs		(824)	(1,507)
Dividends on Series A preferred shares		(2,625)	(5,250)
Dividends on common shares		(2,007)	(2,048)
Net cash used in financing activities		(5,456)	(8,805)
Change in cash, cash equivalents, and restricted cash equivalents		66,119	27,773
Cash, cash equivalents, and restricted cash equivalents at beginning of period		359,949	276,379
Cash, cash equivalents, and restricted cash equivalents at end of period		426,068	304,152
Supplemental information
Interest paid		7,801	7,307
Restricted cash equivalents at beginning of period		72,449	103,215
Restricted cash equivalents at end of period		73,396	104,254
Change in restricted cash equivalents		$ 947	$ 1,039
[1]Cash provided by operating activities for the three months ended March 31, 2024 and 2023 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 $23.1 million and $18.4 million for the three months ended March 31, 2024 and 2023, respectively.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Cash provided by (used in) operating activities excluding reduction in collateral funds	$ 23.1	$ 18.4

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 entities. The Company owns five insurance companies based in the United States (“U.S.”) focused on specialty insurance niches 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, an Ohio 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. The Company previously owned JRG Reinsurance Company Ltd. (“JRG Re”), a Bermuda domiciled reinsurer, which comprised the former Casualty Reinsurance segment, and which, prior to the suspension of its underwriting activities in 2023, primarily provided non-catastrophe casualty reinsurance to U.S. third parties. On November 8, 2023, the Company entered into an agreement to sell JRG Re. The sale closed on April 16, 2024 and resulted in the Company’s disposition of its casualty reinsurance business and related assets. See Held-for-Sale and Discontinued Operations below and Note 2 for additional disclosure. 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, 2023 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, 2023 was derived from the Company’s audited annual consolidated financial statements. Intercompany transactions and balances have been eliminated. Held-for-Sale and Discontinued Operations The results of operations of a component of the Company are reported in discontinued operations when certain criteria are met as of the date of disposal, or earlier if classified as held-for-sale. The Company determined that the definitive agreement to sell JRG Re meets the criteria for JRG Re to be classified as held for sale and that the sale represents a strategic shift that will have a major effect on the Company's operations. Accordingly, the results of JRG Re's operations have been presented as discontinued operations, and the assets and liabilities of JRG Re have been classified as held-for-sale and segregated for all periods presented in this interim report on Form 10-Q. See Note 2 for additional disclosure. 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 $8.1 million at March 31, 2024 and $8.4 million at December 31, 2023, 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 from continuing operations reported by country and the respective tax rates imposed by each tax jurisdiction. Statutory tax rates are 0% and 21% for Bermuda and the U.S. For the three months ended March 31, 2024 and 2023, our effective tax rate on income from continuing operations was 28.7% and 28.4%, respectively. The Company does not receive a U.S. tax deduction for losses in our Bermuda entities. Bermuda had losses in both periods primarily due to Bermuda holding company expenses and interest expense. 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 and expenses on share based compensation. Adopted Accounting Standards There were no new accounting standards adopted in 2024 that materially impacted the Company's financial statements. Prospective Accounting Standards The guidance in ASU 2023-07 —Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures was designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Although the Company continues to evaluate the impact of adopting this new accounting standard, the amendments are disclosure-related and are not expected to have a material impact on our financial statements. The guidance in ASU 2023-09 —Income Taxes (Topic 740): Improvements to Income Tax Disclosures was designed to increase transparency about income tax information through improvements to the rate reconciliation and disclosure of income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024. Although the Company continues to evaluate the impact of adopting this new accounting standard, the amendments are disclosure-related and are not expected to have a material impact on our financial statements.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations 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. JRG Re comprises the remaining operations of the former Casualty Reinsurance segment, and the sale of JRG Re, which closed on April 16, 2024, resulted in the Company’s disposition of its casualty reinsurance business and related assets. Pursuant to the terms of the Stock Purchase Agreement, the aggregate purchase price received by the Company, after giving effect to estimated adjustments based on changes in JRG Re’s adjusted net worth between March 31, 2023 and the closing, totaled approximately $291.4 million. The aggregate purchase price was comprised of (i) $152.4 million paid in cash by the Buyer and (ii) an aggregate $139 million dividend and distribution from contributed surplus by JRG Re to the Company. In accordance with the Stock Purchase Agreement, the cash portion of the purchase price was calculated based on an estimated balance sheet of JRG Re as of the date of closing. The estimated balance sheet is subject to final post-closing adjustments, which could result in adjustments to the purchase price. Additionally, the Buyer may pay an additional $2.5 million 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 date of closing. The Company has determined that the sale of JRG Re meets the criteria to be classified as held for sale and that the sale represents a strategic shift that will have a major effect on its operations. Accordingly, the results of JRG Re's operations have been presented as discontinued operations, and the assets and liabilities of JRG Re have been classified as held for sale and segregated for all periods presented in this interim report on Form 10-Q. The $139 million pre-closing dividend was completed in the first quarter of 2024. It included the forgiveness of $133.2 million owed from JRG Holdings to JRG Re and $5.8 million paid in cash to JRG Holdings. In the fourth quarter of 2023, after giving effect to the pre-closing dividend, we recorded an estimated loss on sale of $80.4 million to write down the carrying value of JRG Re to its estimated fair value based upon the estimated sales price of the transaction less costs to sell and other adjustments in accordance with the Stock Purchase Agreement. In the first quarter of 2024, the estimated loss on the sale was revised to $78.9 million, resulting in a gain of $1.5 million in the first quarter of 2024 for the change in the estimated loss on sale. The $5.8 million cash portion of the pre-closing dividend was included in other liabilities below at December 31, 2023. JRG Re's assets and liabilities held for sale were comprised of the following: (Unaudited) March 31, December 31, (in thousands) Assets Invested assets: Fixed maturity securities, at fair value $ 478,991 $ 532,242 Equity securities, at fair value — 2,779 Total invested assets 478,991 535,021 Cash and cash equivalents 47,176 13,202 Accrued investment income 3,387 3,589 Premiums receivable and agents’ balances, net 56,661 68,441 Reinsurance recoverable on unpaid and paid losses, net 221,398 234,615 Deferred policy acquisition costs 2,863 4,986 Write down of JRG Re to fair value less cost to sell (78,900) (80,400) Other assets 594 3,939 Assets held for sale $ 732,170 $ 783,393 Liabilities Reserve for losses and loss adjustment expenses $ 426,840 $ 441,666 Unearned premiums 9,792 17,223 Funds held 119,353 137,796 Deferred reinsurance gain 34,020 33,167 Accrued expenses 1,429 1,955 Other liabilities 5,272 9,690 Liabilities held for sale $ 596,706 $ 641,497 The operating results of JRG Re reported in discontinued operations were as follows: Three Months Ended March 31, 2024 2023 (in thousands) Revenues: Gross written premiums $ 357 $ 10,439 Ceded written premiums 877 (1,374) Net written premiums 1,234 9,065 Change in net unearned premiums 7,431 27,208 Net earned premiums 8,665 36,273 Net investment income 3,852 7,347 Net realized and unrealized (losses) gains on investments (2,243) 247 Total revenues 10,274 43,867 Expenses: Losses and loss adjustment expenses 13,438 28,907 Other operating expenses 4,126 12,223 Other expenses 1,672 — Interest expense 643 1,033 Total expenses 19,879 42,163 (Loss) income from discontinued operations (9,605) 1,704 Gain on held for sale classification of discontinued operations 1,500 — Total (loss) income from discontinued operations (8,105) 1,704 Cash flows from discontinued operations included in the consolidated statements of cash flows were as follows: Three Months Ended March 31, 2024 2023 (in thousands) Net cash used in operating activities of discontinued operations $ (24,411) $ (28,990) Net cash provided by investing activities of discontinued operations 58,385 25,147 Net cash provided by (used in) discontinued operations $ 33,974 $ (3,843) Interest paid by discontinued operations $ 745 $ 1,129 JRG Re Commitments and Contingent Liabilities 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 established custodial accounts to secure these letters of credit. Under a $30.0 million facility, $5.1 million of letters of credit were issued through March 31, 2024 which were secured by deposits of $5.6 million. Under a $102.5 million facility, $42.8 million of letters of credit were issued through March 31, 2024 which were secured by deposits of $47.5 million. Under a $100.0 million facility, $24.7 million of letters of credit were issued through March 31, 2024 which were secured by deposits of $27.4 million. JRG Re 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 $446.0 million at March 31, 2024. 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 JRG Re's reserves. 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. At March 31, 2024, the balance of the Funds Withheld Account was $119.4 million and reinsurance recoverables from FRL under the Casualty Re LPT were $209.4 million. Retroactive Reinsurance Accounting The Company periodically reevaluates the remaining reserves subject to the Casualty Re LPT. For the three months ended March 31, 2024 and 2023, due to adverse paid and reported loss trends, JRG Re recognized adverse prior year development of $6.1 million and $7.8 million, respectively, on the reserves subject to the Casualty Re LPT, resulting in corresponding additional amounts ceded under the loss portfolio transfer. The Casualty Re LPT is in a gain position as the cumulative amounts ceded under the loss portfolio transfer exceeds 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 transfer using the recovery method. Over the life of the contract, we would expect no economic impact to JRG Re 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 JRG Re recognizes a change in the estimate of the reserves subject to the loss portfolio transfer that increases or decreases the amounts ceded under the loss portfolio transfer, 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 for the discontinued operations of JRG Re and reported within (loss) income from discontinued operations on the Condensed Consolidated Statements of Income and Comprehensive Income. For the three months ended March 31, 2024 and 2023, retroactive reinsurance benefits totaling $5.2 million and $2.7 million, respectively, were recorded in losses and loss adjustment expenses using the recovery method. As of March 31, 2024, the cumulative amount ceded under the Casualty Re LPT was $400.0 million. The total deferred retroactive reinsurance gain of $34.0 million at March 31, 2024 under the loss portfolio transfer is presented within the liabilities held for sale of JRG Re on the Company's Condensed Consolidated Balance Sheets. The Company has no aggregate limit remaining under the Casualty Re LPT at March 31, 2024.

Investments

Investments	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
Investments	Investments The Company’s available-for-sale fixed maturity securities are summarized as follows: Cost or Gross Gross Fair (in thousands) March 31, 2024 Fixed maturity securities: State and municipal $ 270,873 $ 1,221 $ (27,084) $ 245,010 Residential mortgage-backed 330,117 547 (23,138) 307,526 Corporate 522,750 2,163 (31,634) 493,279 Commercial mortgage and asset-backed 227,720 97 (11,836) 215,981 U.S. Treasury securities and obligations guaranteed by the U.S. government 26,505 — (835) 25,670 Total fixed maturity securities, available-for-sale $ 1,377,965 $ 4,028 $ (94,527) $ 1,287,466 December 31, 2023 Fixed maturity securities: State and municipal $ 273,462 $ 1,834 $ (26,459) $ 248,837 Residential mortgage-backed 336,064 1,243 (19,379) 317,928 Corporate 530,408 4,167 (28,847) 505,728 Commercial mortgage and asset-backed 235,302 78 (12,527) 222,853 U.S. Treasury securities and obligations guaranteed by the U.S. government 29,900 8 (778) 29,130 Total fixed maturity securities, available-for-sale $ 1,405,136 $ 7,330 $ (87,990) $ 1,324,476 The amortized cost and fair value of available-for-sale investments in fixed maturity securities at March 31, 2024 are summarized, by contractual maturity, as follows: Cost or Fair (in thousands) One year or less $ 45,678 $ 45,113 After one year through five years 344,201 334,549 After five years through ten years 260,473 236,295 After ten years 169,776 148,002 Residential mortgage-backed 330,117 307,526 Commercial mortgage and asset-backed 227,720 215,981 Total $ 1,377,965 $ 1,287,466 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) March 31, 2024 Fixed maturity securities: State and municipal $ 40,104 $ (975) $ 166,574 $ (26,109) $ 206,678 $ (27,084) Residential mortgage-backed 81,750 (1,209) 179,025 (21,929) 260,775 (23,138) Corporate 83,361 (1,003) 294,271 (30,631) 377,632 (31,634) Commercial mortgage and asset-backed 35,588 (184) 142,805 (11,652) 178,393 (11,836) U.S. Treasury securities and obligations guaranteed by the U.S. government 9,120 (183) 16,550 (652) 25,670 (835) Total fixed maturity securities, available-for-sale $ 249,923 $ (3,554) $ 799,225 $ (90,973) $ 1,049,148 $ (94,527) December 31, 2023 Fixed maturity securities: State and municipal $ 30,196 $ (287) $ 168,517 $ (26,172) $ 198,713 $ (26,459) Residential mortgage-backed 68,497 (1,256) 145,954 (18,123) 214,451 (19,379) Corporate 55,970 (532) 290,308 (28,315) 346,278 (28,847) Commercial mortgage and asset-backed 24,048 (151) 182,295 (12,376) 206,343 (12,527) U.S. Treasury securities and obligations guaranteed by the U.S. government 7,961 (71) 19,889 (707) 27,850 (778) Total fixed maturity securities, available-for-sale $ 186,672 $ (2,297) $ 806,963 $ (85,693) $ 993,635 $ (87,990) At March 31, 2024, the Company held fixed maturity securities of 441 issuers that were in an unrealized loss position with a total fair value of $1,049.1 million and gross unrealized losses of $94.5 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on a scheduled principal or interest payment. At March 31, 2024, 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 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 March 31, 2024, December 31, 2023, or March 31, 2023. For securities in an unrealized loss position at March 31, 2024, 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. The Company elected the fair value option to account for bank loan participations. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in 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 ASU 2016-13, which would have otherwise been required. At March 31, 2024, the Company's bank loan portfolio had an aggregate fair value of $173.0 million and unpaid principal of $180.9 million. Investment income on bank loan participations included in net investment income was $4.5 million and $1.5 million for the three months ended March 31, 2024 and 2023 , respectively. Net realized and unrealized gains on bank loan participations were $281,000 and $507,000 for the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024 , management concluded that $1.2 million of the unrealized losses associated with one loan were due to credit-related impairments. For the three months ended March 31, 2023, management concluded that $607,000 of the unrealized losses associated with loans from two issuers 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 March 31, 2024 or December 31, 2023. The Company’s net realized and unrealized gains and losses on investments are summarized as follows: Three Months Ended 2024 2023 (in thousands) Fixed maturity securities: Gross realized gains $ — $ — Gross realized losses (311) (7) (311) (7) Bank loan participations: Gross realized gains 308 20 Gross realized losses (948) (423) Changes in fair values of bank loan participations 359 910 (281) 507 Equity securities: Gross realized gains 1,124 581 Gross realized losses (177) (267) Changes in fair values of equity securities 4,228 (643) 5,175 (329) Short-term investments and other: Gross realized gains — 2 Gross realized losses — (13) Changes in fair values of short-term investments and other — — — (11) Total $ 4,583 $ 160 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 March 31, December 31, Three Months Ended 2024 2023 2024 2023 (in thousands) Renewable energy LLCs (a) Excess and Surplus Lines $ 8,083 $ 8,382 $ (286) $ 1,003 Corporate & Other — — — 170 8,083 8,382 (286) 1,173 Renewable energy notes receivable ( b) Excess and Surplus Lines — 608 61 36 Corporate & Other — 761 77 45 — 1,369 138 81 Limited partnerships (c) Excess and Surplus Lines 11,898 11,914 (115) 251 Corporate & Other 664 664 — — 12,562 12,578 (115) 251 Private Debt (d) Excess and Surplus Lines 12,437 10,805 118 86 Corporate & Other — — — — 12,437 10,805 118 86 Total other invested assets Excess and Surplus Lines 32,418 31,709 (222) 1,376 Corporate & Other 664 1,425 77 215 $ 33,082 $ 33,134 $ (145) $ 1,591 (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 Company's former Non-Executive Chairman 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 $14,000 and $24,000 in the three months ended March 31, 2024 and 2023, 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 invested in two notes receivable for renewable energy projects. Interest on the notes was fixed at 12%. During the three months ended March 31, 2024 , the Company received final principal repayments of $608,000 and $761,000 on the notes receivable in the Company's Excess and Surplus Lines segment and Corporate and Other segment, respectively. (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 March 31, 2024, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $5.8 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 March 31, 2024, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $4.2 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	3 Months Ended
	Mar. 31, 2024
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 $181.8 million at March 31, 2024 and December 31, 2023. The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows: March 31, 2024 December 31, 2023 Life Gross Accumulated Gross Accumulated ($ in thousands) Intangible Assets Trademarks Indefinite $ 19,700 $ — $ 19,700 $ — Insurance licenses and authorities Indefinite 8,964 — 8,964 — Identifiable intangible assets not subject to amortization 28,664 — 28,664 — Broker relationships 24.6 11,611 7,553 11,611 7,462 Identifiable intangible assets subject to amortization 11,611 7,553 11,611 7,462 $ 40,275 $ 7,553 $ 40,275 $ 7,462

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings per common share computations contained in the condensed consolidated financial statements: Three Months Ended 2024 2023 (in thousands, except share and per share amounts) Net income from continuing operations $ 23,508 $ 7,904 Less: Dividends on Series A preferred shares (2,625) (2,625) Income from continuing operations available to common shareholders $ 20,883 $ 5,279 (Loss) income from discontinued operations (8,105) 1,704 Net income available to common shareholders $ 12,778 $ 6,983 Weighted average common shares outstanding: Basic 37,733,710 37,531,819 Dilutive potential common shares 6,905,259 253,633 Diluted 44,638,969 37,785,452 Net income (loss) per common share: Basic Continuing operations $ 0.55 $ 0.14 Discontinued operations $ (0.21) $ 0.05 $ 0.34 $ 0.19 Diluted Continuing operations $ 0.53 $ 0.14 Discontinued operations $ (0.18) $ 0.04 $ 0.35 $ 0.18 For the three months ended March 31, 2024, all potential common shares were dilutive and included in the calculation of diluted earnings per common share . For the three months ended March 31, 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.

Reserve for Losses and Loss Adj

Reserve for Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2024
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 $660,000 at March 31, 2024 and December 31, 2023, $628,000 at March 31, 2023, and $580,000 at December 31, 2022. Three Months Ended 2024 2023 (in thousands) Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period $ 1,246,973 $ 1,080,766 Add: Incurred losses and loss adjustment expenses net of reinsurance: Current year 114,449 115,176 Prior years - retroactive reinsurance (4,002) 11,700 Prior years - excluding retroactive reinsurance (398) (495) Total incurred losses and loss and adjustment expenses 110,049 126,381 Deduct: Loss and loss adjustment expense payments net of reinsurance: Current year 2,094 2,561 Prior years 75,544 71,354 Total loss and loss adjustment expense payments 77,638 73,915 Deduct: Change in deferred reinsurance gain - retroactive reinsurance (4,002) 11,700 Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period 1,283,386 1,121,532 Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period 1,378,523 1,287,227 Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period $ 2,661,909 $ 2,408,759 The Company experienced $398,000 of net favorable reserve development in the three months ended March 31, 2024 on the reserve for losses and loss adjustment expenses held at December 31, 2023 (excluding adverse prior year development on the commercial auto loss portfolio transfer subject to retroactive reinsurance accounting - see Loss Portfolio Transfer below). This reserve development included $40,000 of net adverse development in the Excess and Surplus Lines segment and $438,000 of net favorable development in the Specialty Admitted Insurance segment. The Company experienced $495,000 of net favorable reserve development in the three months ended March 31, 2023 on the reserve for losses and loss adjustment expenses held at December 31, 2022 (excluding adverse prior year development on the commercial auto loss portfolio transfer subject to retroactive reinsurance accounting - see Loss Portfolio Transfer below). This reserve development included $324,000 of net favorable development in the Excess and Surplus Lines segment and $171,000 of net favorable development in the Specialty Admitted Insurance segment. Loss Portfolio Transfers Loss portfolio transfers are a form of reinsurance utilized by the Company to transfer losses and loss adjustment expenses and associated risk of adverse development on covered subject business, as defined in the respective agreements, to an assuming reinsurer in exchange for a reinsurance premium. Loss portfolio transfers can bring economic finality on the subject risks when they no longer meet the Company's appetite or are no longer aligned with the Company's risk management guidelines. 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. Retroactive Reinsurance Accounting The Company periodically reevaluates the remaining reserves subject to the Commercial Auto LPT, and when recognized adverse prior year development on the subject business causes the cumulative amounts ceded under the loss portfolio transfer to exceed the consideration paid, the loss portfolio transfer moves into a gain position subject to retroactive reinsurance accounting under GAAP. Gains are deferred under retroactive reinsurance accounting and recognized in earnings in proportion to actual paid recoveries under the loss portfolio transfer using the recovery method. While the deferral of gains can introduce volatility in our results in the short-term, over the life of the contract, we would expect no economic impact to the Company as long as the counterparty performs under the contract. The impact of retroactive reinsurance accounting is not indicative of our current and ongoing operations. For the three months ended March 31, 2024 and 2023, due to adverse paid and reported loss trends on the legacy Rasier business, the Company recognized adverse prior year development of $477,000 and $41.0 million, respectively, on the net reserves subject to the Commercial Auto LPT, resulting in corresponding additional amounts ceded under the Commercial Auto LPT. As a result, the cumulative amounts ceded under the Commercial Auto LPT exceed the consideration paid, moving the Commercial Auto LPT into a gain position. The Company has applied retroactive reinsurance accounting to the loss portfolio transfer. Retroactive reinsurance benefits of $4.5 million and $29.3 million for the three months ended March 31, 2024 and 2023, respectively, were recorded in losses and loss adjustment expenses on the Condensed Consolidated Statements of Income and Comprehensive Income using the recovery method. The cumulative amounts ceded under the loss portfolio transfer were $456.7 million and $456.2 million as of March 31, 2024 and December 31, 2023, respectively. The deferred retroactive reinsurance gain related to the Commercial Auto LPT separately presented on the Company's Condensed Consolidated Balance Sheets was $16.7 million and $20.7 million at March 31, 2024 and December 31, 2023, respectively.

Other Comprehensive (Loss) Inco

Other Comprehensive (Loss) Income	3 Months Ended
	Mar. 31, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive (Loss) Income	Other Comprehensive (Loss) Income The following table summarizes the components of other comprehensive (loss) income: Three Months Ended 2024 2023 (in thousands) Unrealized (losses) gains arising during the period, before U.S. income taxes $ (10,150) $ 35,812 U.S. income taxes 2,131 (5,000) Unrealized (losses) gains arising during the period, net of U.S. income taxes (8,019) 30,812 Less reclassification adjustment: Net realized investment losses (311) (91) U.S. income taxes 65 1 Reclassification adjustment for investment losses realized in net income (246) (90) Other comprehensive (loss) income $ (7,773) $ 30,902 In addition to the $311,000 and $91,000 of net realized investment losses on available-for-sale fixed maturities for the three months ended March 31, 2024 and 2023 , respectively, the Company also recognized net realized and unrealized investment (losses) gains in the respective periods of $(281,000) and $507,000 on its investments in bank loan participations and net realized and unrealized investment gains (losses) in the respective periods of $5.2 million and $(329,000) on its investments in equity securities.

Contingent Liabilities

Contingent Liabilities	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities The Company is involved in various legal proceedings, including commercial matters and litigation regarding insurance claims which arise in the ordinary course of business, as well as the matters described below. 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. 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 engaged in mediation in the fourth quarter of 2023 and on December 7, 2023, in connection with the mediation, we reached an agreement in principle to settle the action. On December 22, 2023, the parties submitted the stipulation of settlement to the Court for approval. The settlement provides for a full release of all defendants in connection with the allegations made and a settlement payment to the class of $30 million, inclusive of all Plaintiffs’ attorneys fees and expenses and settlement costs, all of which will be paid by the Company’s insurance carriers, as the Company had paid its $1.0 million deductible prior to the settlement. On January 26, 2024, the Court issued an order granting preliminary approval of the settlement and scheduled a final settlement hearing for May 24, 2024. On November 13, 2023, a purported class action lawsuit was filed in the U.S. District Court, Southern District of New York, on behalf of Paul Glantz against James River Group Holdings, Ltd. and certain of its officers, asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Mr. Glantz alleges that he purchased James River common stock between August 7, 2023 and November 7, 2023, inclusive, that the Company failed to disclose that it 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, Mr. Glantz suffered unspecified damages. On January 12, 2024, both Mr. Glantz and Madhav Ghimire, another individual shareholder, filed an application with the Court for appointment as Lead Plaintiff, and on January 26, 2024, Mr. Glantz filed a notice of non-opposition to Mr. Ghimire's competing motion for appointment as Lead Plaintiff. On March 25, 2024 the court entered an order appointing Mr. Ghimire as lead plaintiff. Plaintiff's consolidated amended complaint is due no later than May 24, 2024. We believe that the claims are without merit and intend to vigorously defend this lawsuit. On March 11, 2024, the Company filed a complaint (the “Complaint”) in the Supreme Court of the State of New York, New York County, Commercial Division against Fleming Intermediate Holdings LLC (“Fleming”), a Cayman Islands limited liability company, relating to the previously announced Stock Purchase Agreement, dated as of November 8, 2023 (the “Stock Purchase Agreement”), pursuant to which Fleming agreed to purchase all of the outstanding common shares of JRG Re (the “Transaction”). The complaint alleges that Fleming breached the Stock Purchase Agreement by its refusal to close the Transaction on March 1, 2024 as required under the terms of the Stock Purchase Agreement, and seeks specific performance of Fleming’s obligation to complete the Transaction and an award of damages. The Company subsequently filed a motion for preliminary injunction to require Fleming to fulfill its contractual obligation to close the Transaction, and on April 6, 2024 the Court granted the Company’s motion and ordered Fleming to complete the Transaction on or prior to April 16, 2024. On April 8, 2024, Fleming filed a notice of appeal of the preliminary injunction, which is pending in the Supreme Court of the State of New York Appellate Division, First Department. The Transaction closed on April 16, 2024. On April 19, 2024, Fleming filed a Motion to Dismiss the Complaint. The Company’s response to the Motion to Dismiss is due May 9, 2024. 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 $111.6 million on the reserves subject to the Commercial Auto LPT, bringing the cumulative amount ceded under the Commercial Auto LPT to $456.7 million at March 31, 2024. 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 March 31, 2024, the balance in the Indemnity Trust was $109.3 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 $154.5 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 March 31, 2024, the balance in the LPT Trust was $49.9 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 $70.0 million. At March 31, 2024, the total reinsurance recoverables under the Commercial Auto LPT was $67.4 million (including $63.7 million of unpaid recoverables and $3.7 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 March 31, 2024, the balance in the Loss Fund Trust was $73.4 million, including $45.2 million representing collateral supporting Rasier’s obligations under the Indemnity Agreements and $20.0 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	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The Company's continuing operations are comprised of three reportable segments, two of which are separately managed business units and the third (“Corporate and Other”) includes the Company’s remaining operations. Prior to entering into a definitive agreement to sell JRG Re on November 8, 2023, JRG Re was considered a reportable segment (the “Casualty Reinsurance” segment). After entering into the agreement to sell JRG Re, the Company no longer considers Casualty Reinsurance to be a reportable segment, but instead it is reported as discontinued operations. The segment information below excludes discontinued operations for all periods presented. 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 and Comprehensive Income less loss and loss adjustment expenses on business not subject to retroactive reinsurance accounting for loss portfolio transfers (see Loss Portfolio Transfer in Note 6 - Reserve for Losses and Loss Adjustment Expenses ) and other operating expenses of the operating segments. Gross fee income of $1.3 million and $1.1 million for the Specialty Admitted Insurance segment was included in other income and in underwriting profit (loss) for the three months ended March 31, 2024 and 2023, respectively . Segment results are reported prior to the effects of intercompany reinsurance agreements among the Company’s insurance subsidiaries. The following table summarizes the Company’s segment results: Excess and Specialty Corporate Total (in thousands) Three Months Ended March 31, 2024 Gross written premiums $ 213,691 $ 117,119 $ — $ 330,810 Net earned premiums 145,623 26,068 — 171,691 Underwriting profit of operating segments 18,491 786 — 19,277 Net investment income 18,426 3,986 220 22,632 Interest expense — — 6,485 6,485 Segment revenues 168,921 31,536 670 201,127 Segment goodwill 181,831 — — 181,831 Segment assets 3,090,041 1,385,563 43,145 4,518,749 Three Months Ended March 31, 2023 Gross written premiums $ 228,903 $ 124,551 $ — $ 353,454 Net earned premiums 151,359 20,481 — 171,840 Underwriting profit (loss) of operating segments 19,995 (469) — 19,526 Net investment income 15,053 2,985 387 18,425 Interest expense — — 5,583 5,583 Segment revenues 166,650 24,510 574 191,734 Segment goodwill 181,831 — — 181,831 Segment assets 2,695,612 1,322,102 80,107 4,097,821 The following table reconciles the underwriting profit (loss) of the operating segments by individual segment to consolidated income from continuing operations before income taxes: Three Months Ended 2024 2023 (in thousands) Underwriting profit (loss) of the operating segments: Excess and Surplus Lines $ 18,491 $ 19,995 Specialty Admitted Insurance 786 (469) Total underwriting profit of operating segments 19,277 19,526 Other operating expenses of the Corporate and Other segment (11,137) (9,282) Underwriting profit 8,140 10,244 Losses and loss adjustment expenses - retroactive reinsurance 4,002 (11,700) Net investment income 22,632 18,425 Net realized and unrealized gains on investments 4,583 160 Other income and expenses 179 (415) Interest expense (6,485) (5,583) Amortization of intangible assets (91) (91) Income from continuing operations before income taxes $ 32,960 $ 11,040

Other Operating Expenses and Ot

Other Operating Expenses and Other Expenses	3 Months Ended
	Mar. 31, 2024
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 2024 2023 (in thousands) Amortization of policy acquisition costs $ 18,040 $ 16,829 Other underwriting expenses of the operating segments 21,633 21,925 Other operating expenses of the Corporate and Other segment 11,137 9,282 Total $ 50,810 $ 48,036 Other expenses of $732,000 and $603,000 for the three months ended March 31, 2024 and 2023 , respectively, primarily consist of certain nonoperating expenses including legal and other professional fees and other expenses related to various strategic initiatives.

Senior Debt

Senior Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Senior Debt	Senior Debt At March 31, 2024, t he Company had a $315.0 million senior revolving credit facility (as amended or amended and restated, the "2013 Facility”). The 2013 Facility contains certain financial and other covenants (including minimum net worth, maximum ratio of total adjusted debt outstanding to total capitalization, and financial strength ratings) with which the Company was in compliance at March 31, 2024 , with the exception of a default of the financial strength rating covenant due to the downgrade of JRG Re by A.M. Best on December 20, 2023 from “A-” (Excellent) to “B++” (good). The financial strength rating covenant requires that each of the Company's regulated insurance subsidiaries maintain an A.M. Best rating not lower than “A- ” (Excellent). Our lenders waived this default through March 1, 2025, and it was cured upon the April 16, 2024 closing of the sale of JRG Re, at which time JRG Re was removed as a borrower under the 2013 Facility. On August 2, 2017, the Company and its wholly-owned subsidiary, JRG Re, together as borrowers, entered into a credit agreement (the "2017 Facility") that provides the Company with a revolving line of credit of up to $100.0 million, which may be used for loans and letters of credit made or issued, at the borrowers' option, on a secured or unsecured basis. The 2017 Facility contains certain financial and other covenants with which we are in compliance at March 31, 2024 , with the exception of a default of the financial strength rating covenant due to the downgrade of JRG Re by A.M. Best on December 20, 2023 from “A-” (Excellent) to “B++” (good). The financial strength rating covenant requires that each of the Company's regulated insurance subsidiaries maintain an A.M. Best rating not lower than “A-” (Excellent). Our lender waived this default through March 1, 2025, and it was cured upon the April 16, 2024 closing of the sale of JRG Re, at which time JRG Re was removed as a borrower under the 2017 Facility.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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, 2022. 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 March 31, 2024 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 245,010 $ — $ 245,010 Residential mortgage-backed — 307,526 — 307,526 Corporate — 493,279 — 493,279 Commercial mortgage and asset-backed — 215,981 — 215,981 U.S. Treasury securities and obligations guaranteed by the U.S. government 25,670 — — 25,670 Total fixed maturity securities, available-for-sale $ 25,670 $ 1,261,796 $ — $ 1,287,466 Equity securities: Preferred stock — 74,419 — 74,419 Common stock 52,016 2,238 17 54,271 Total equity securities $ 52,016 $ 76,657 $ 17 $ 128,690 Bank loan participations $ — $ 173,046 $ — $ 173,046 Short-term investments $ — $ 84,534 $ — $ 84,534 Assets measured at fair value on a recurring basis as of December 31, 2023 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 248,837 $ — $ 248,837 Residential mortgage-backed — 317,928 — 317,928 Corporate — 505,728 — 505,728 Commercial mortgage and asset-backed — 222,853 — 222,853 U.S. Treasury securities and obligations guaranteed by the U.S. government 29,130 — — 29,130 Total fixed maturity securities, available-for-sale $ 29,130 $ 1,295,346 $ — $ 1,324,476 Equity securities: Preferred stock — 69,310 — 69,310 Common stock 48,370 2,254 11 50,635 Total equity securities $ 48,370 $ 71,564 $ 11 $ 119,945 Bank loan participations $ — $ 156,169 $ — $ 156,169 Short-term investments $ — $ 72,137 $ — $ 72,137 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 2024 2023 (in thousands) Beginning balance $ 11 $ 7 Transfers out of Level 3 — — Transfers in to Level 3 — — Purchases — — Sales — — Maturities, calls and paydowns — — Amortization of discount — — Total gains or losses (realized/unrealized): Included in earnings 6 — Included in other comprehensive income — — Ending balance $ 17 $ 7 The Company held one equity security at December 31, 2023 and March 31, 2024 for which the fair value was determined using significant unobservable inputs (Level 3). The fair value of $17,000 at March 31, 2024 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, 2022 and March 31, 2023 for which the fair value was determined using significant unobservable inputs (Level 3). The fair value of $7,000 at March 31, 2023 for the equity security was obtained from our asset manager and was derived from an internal model. 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 three months ended March 31, 2024 or 2023. 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 March 31, 2024 and December 31, 2023, 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: March 31, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value (in thousands) Assets Fixed maturity securities, available-for-sale $ 1,287,466 $ 1,287,466 $ 1,324,176 $ 1,324,176 Equity securities 128,690 128,690 119,945 119,945 Bank loan participations 173,046 173,046 156,169 156,169 Cash and cash equivalents 305,496 305,496 274,298 274,298 Restricted cash equivalents 73,396 73,396 72,449 72,449 Short-term investments 84,534 84,534 72,137 72,137 Other invested assets – notes receivable 12,437 11,582 12,174 11,702 Liabilities Senior debt 222,300 231,009 222,300 233,408 Junior subordinated debt 104,055 135,125 104,055 138,264 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 March 31, 2024 and December 31, 2023 were determined by calculating the present value of expected future cash flows under the terms of the note agreements or debt agreements, as applicable, discounted at an estimated market rate of interest at March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023. The fair values of senior debt and junior subordinated debt at March 31, 2024 and December 31, 2023 were determined using inputs to the valuation methodology that are unobservable (Level 3).

Series A Preferred Shares

Series A Preferred Shares	3 Months Ended
	Mar. 31, 2024
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 $2.6 million for the fourth quarter of 2023 were paid on January 2, 2024. Cash dividends of $2.6 million for the first quarter of 2024 were paid on April 1, 2024. In the first quarter of 2023, cash dividends of $5.3 million were paid for the three month periods ended December 31, 2022 and March 31, 2023. 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 March 31, 2024, 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, subject to a floor conversion price of $21.902, 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 March 31, 2024. 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	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Capital Stock and Equity Awards	Capital Stock and Equity Awards Common Shares Total common shares outstanding increased from 37,641,563 at December 31, 2023 to 37,822,340 at March 31, 2024, reflecting 180,777 common shares issued in the three months ended March 31, 2024 related to vesting of RSUs. Dividends The Company declared the following dividends on common shares during the first three months of 2024 and 2023: Date of Declaration Dividend per Common Share Payable to Shareholders of Record on Payment Date Total Amount 2024 February 15, 2024 $ 0.05 March 11, 2024 March 29, 2024 $ 1,940,410 2023 February 16, 2023 $ 0.05 March 13, 2023 March 31, 2023 $ 1,921,802 Included in the total dividends for the three months ended March 31, 2024 and 2023 are $49,000 and $41,000, respectively, of dividend equivalents on unvested RSUs. The balance of dividends payable on unvested RSUs was $186,000 at March 31, 2024 and $255,000 at December 31, 2023. 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 March 31, 2024, 1,133,286 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). 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 PRSUs awarded in the first quarter of 2023 have a performance period of January 1, 2023 through December 31, 2025. The PRSUs awarded in the first quarter of 2024 have a performance period of January 1, 2024 through December 31, 2026. 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 March 31, 2024, 31,285 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: Three Months Ended March 31, 2024 2023 Shares Weighted- Shares Weighted- Outstanding: Beginning of period 74,390 $ 42.17 287,974 $ 35.26 Granted — $ — — $ — Exercised — $ — — $ — Forfeited — $ — (45,106) $ 34.92 Lapsed (74,390) $ 42.17 (164,548) $ 32.07 End of period — $ — 78,320 $ 42.17 Exercisable, end of period — $ — 78,320 $ 42.17 The options outstanding at December 31, 2023 lapsed in the three months ended March 31, 2024. At March 31, 2024, no options remain outstanding. The following table summarizes RSU activity: Three Months Ended March 31, 2024 2023 Shares Weighted- Shares Weighted- Unvested, beginning of period 751,254 $ 23.48 665,458 $ 25.98 Granted 498,698 $ 9.80 363,484 $ 24.83 Vested (264,088) $ 25.18 (212,128) $ 28.93 Forfeited — $ — (4,293) $ 22.49 Unvested, end of period 985,864 $ 16.11 812,521 $ 24.71 Outstanding RSUs granted to employees generally vest ratably over a three year vesting period in the case of time-vest RSUs and cliff vest at the end of a three-year performance period in the case of PRSUs. RSUs granted to non-employee directors generally 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 2024 and 2023 include 231,492 and 91,818 PRSU awards, respectively. The number of PRSUs is based upon the probable outcome of performance conditions. 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 2024 2023 (in thousands) Share based compensation expense $ 2,675 $ 2,692 U.S. tax benefit on share based compensation expense 498 516 At March 31, 2024, the Company had $12.4 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 2.0 years.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 25, 2024, the Board of Directors declared a cash dividend of $0.05 per common share. The dividend is payable on June 28, 2024 to shareholders of record on June 10, 2024. On April 25, 2024, 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 July 1, 2024 to shareholders of record on June 15, 2024. The sale of JRG Re closed on April 16, 2024. Pursuant to the terms of the Stock Purchase Agreement, the aggregate purchase price received by the Company, after giving effect to estimated adjustments based on changes in JRG Re’s adjusted net worth between March 31, 2023 and the closing, totaled approximately $291.4 million. The aggregate purchase price was comprised of (i) $152.4 million paid in cash by the Buyer and (ii) an aggregate $139 million dividend and distribution from contributed surplus by JRG Re to the Company. In accordance with the Stock Purchase Agreement, the cash portion of the purchase price was calculated based on an estimated balance sheet of JRG Re as of the date of closing. The estimated balance sheet is subject to final post-closing adjustments, which could result in adjustments to the purchase price. On April 16, 2024, the 2013 Facility was amended in connection with the closing of the sale of JRG Re by the Company to (i) release JRG Re as a borrower and release all collateral pledged by JRG Re thereunder, and (ii) decrease the secured revolving facility commitment to $45 million. On April 16, 2024, the 2017 Facility was amended in connection with the closing of the sale of JRG Re by the Company to (i) release JRG Re as a borrower and release all collateral pledged by JRG Re thereunder, (ii) increase the applicable interest rates, (iii) eliminate the letter of credit portion of the facility, and (iv) to build in an automatic decrease of the facility amount by the amount of each letter of credit outstanding under the 2017 Facility as of the date of the amendment with effect from the date each such letter of credit is cancelled.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2023 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, 2023 was derived from the Company’s audited annual consolidated financial statements. Intercompany transactions and balances have been eliminated.
Held-for-Sale and Discontinued Operations	Held-for-Sale and Discontinued Operations
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 Expense
Adopted and Prospective Accounting Standards	Adopted Accounting Standards There were no new accounting standards adopted in 2024 that materially impacted the Company's financial statements. Prospective Accounting Standards The guidance in ASU 2023-07 —Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures was designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Although the Company continues to evaluate the impact of adopting this new accounting standard, the amendments are disclosure-related and are not expected to have a material impact on our financial statements. The guidance in ASU 2023-09 —Income Taxes (Topic 740): Improvements to Income Tax Disclosures was designed to increase transparency about income tax information through improvements to the rate reconciliation and disclosure of income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024. Although the Company continues to evaluate the impact of adopting this new accounting standard, the amendments are disclosure-related and are not expected to have a material impact on our financial statements.

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, JRG Re's Assets and Liabilities and Operating Results	JRG Re's assets and liabilities held for sale were comprised of the following: (Unaudited) March 31, December 31, (in thousands) Assets Invested assets: Fixed maturity securities, at fair value $ 478,991 $ 532,242 Equity securities, at fair value — 2,779 Total invested assets 478,991 535,021 Cash and cash equivalents 47,176 13,202 Accrued investment income 3,387 3,589 Premiums receivable and agents’ balances, net 56,661 68,441 Reinsurance recoverable on unpaid and paid losses, net 221,398 234,615 Deferred policy acquisition costs 2,863 4,986 Write down of JRG Re to fair value less cost to sell (78,900) (80,400) Other assets 594 3,939 Assets held for sale $ 732,170 $ 783,393 Liabilities Reserve for losses and loss adjustment expenses $ 426,840 $ 441,666 Unearned premiums 9,792 17,223 Funds held 119,353 137,796 Deferred reinsurance gain 34,020 33,167 Accrued expenses 1,429 1,955 Other liabilities 5,272 9,690 Liabilities held for sale $ 596,706 $ 641,497 The operating results of JRG Re reported in discontinued operations were as follows: Three Months Ended March 31, 2024 2023 (in thousands) Revenues: Gross written premiums $ 357 $ 10,439 Ceded written premiums 877 (1,374) Net written premiums 1,234 9,065 Change in net unearned premiums 7,431 27,208 Net earned premiums 8,665 36,273 Net investment income 3,852 7,347 Net realized and unrealized (losses) gains on investments (2,243) 247 Total revenues 10,274 43,867 Expenses: Losses and loss adjustment expenses 13,438 28,907 Other operating expenses 4,126 12,223 Other expenses 1,672 — Interest expense 643 1,033 Total expenses 19,879 42,163 (Loss) income from discontinued operations (9,605) 1,704 Gain on held for sale classification of discontinued operations 1,500 — Total (loss) income from discontinued operations (8,105) 1,704 Cash flows from discontinued operations included in the consolidated statements of cash flows were as follows: Three Months Ended March 31, 2024 2023 (in thousands) Net cash used in operating activities of discontinued operations $ (24,411) $ (28,990) Net cash provided by investing activities of discontinued operations 58,385 25,147 Net cash provided by (used in) discontinued operations $ 33,974 $ (3,843) Interest paid by discontinued operations $ 745 $ 1,129

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
Schedule 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) March 31, 2024 Fixed maturity securities: State and municipal $ 270,873 $ 1,221 $ (27,084) $ 245,010 Residential mortgage-backed 330,117 547 (23,138) 307,526 Corporate 522,750 2,163 (31,634) 493,279 Commercial mortgage and asset-backed 227,720 97 (11,836) 215,981 U.S. Treasury securities and obligations guaranteed by the U.S. government 26,505 — (835) 25,670 Total fixed maturity securities, available-for-sale $ 1,377,965 $ 4,028 $ (94,527) $ 1,287,466 December 31, 2023 Fixed maturity securities: State and municipal $ 273,462 $ 1,834 $ (26,459) $ 248,837 Residential mortgage-backed 336,064 1,243 (19,379) 317,928 Corporate 530,408 4,167 (28,847) 505,728 Commercial mortgage and asset-backed 235,302 78 (12,527) 222,853 U.S. Treasury securities and obligations guaranteed by the U.S. government 29,900 8 (778) 29,130 Total fixed maturity securities, available-for-sale $ 1,405,136 $ 7,330 $ (87,990) $ 1,324,476
Schedule of Available-for-Sale Investments by Contractual Maturity	The amortized cost and fair value of available-for-sale investments in fixed maturity securities at March 31, 2024 are summarized, by contractual maturity, as follows: Cost or Fair (in thousands) One year or less $ 45,678 $ 45,113 After one year through five years 344,201 334,549 After five years through ten years 260,473 236,295 After ten years 169,776 148,002 Residential mortgage-backed 330,117 307,526 Commercial mortgage and asset-backed 227,720 215,981 Total $ 1,377,965 $ 1,287,466
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) March 31, 2024 Fixed maturity securities: State and municipal $ 40,104 $ (975) $ 166,574 $ (26,109) $ 206,678 $ (27,084) Residential mortgage-backed 81,750 (1,209) 179,025 (21,929) 260,775 (23,138) Corporate 83,361 (1,003) 294,271 (30,631) 377,632 (31,634) Commercial mortgage and asset-backed 35,588 (184) 142,805 (11,652) 178,393 (11,836) U.S. Treasury securities and obligations guaranteed by the U.S. government 9,120 (183) 16,550 (652) 25,670 (835) Total fixed maturity securities, available-for-sale $ 249,923 $ (3,554) $ 799,225 $ (90,973) $ 1,049,148 $ (94,527) December 31, 2023 Fixed maturity securities: State and municipal $ 30,196 $ (287) $ 168,517 $ (26,172) $ 198,713 $ (26,459) Residential mortgage-backed 68,497 (1,256) 145,954 (18,123) 214,451 (19,379) Corporate 55,970 (532) 290,308 (28,315) 346,278 (28,847) Commercial mortgage and asset-backed 24,048 (151) 182,295 (12,376) 206,343 (12,527) U.S. Treasury securities and obligations guaranteed by the U.S. government 7,961 (71) 19,889 (707) 27,850 (778) Total fixed maturity securities, available-for-sale $ 186,672 $ (2,297) $ 806,963 $ (85,693) $ 993,635 $ (87,990)
Schedule 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 2024 2023 (in thousands) Fixed maturity securities: Gross realized gains $ — $ — Gross realized losses (311) (7) (311) (7) Bank loan participations: Gross realized gains 308 20 Gross realized losses (948) (423) Changes in fair values of bank loan participations 359 910 (281) 507 Equity securities: Gross realized gains 1,124 581 Gross realized losses (177) (267) Changes in fair values of equity securities 4,228 (643) 5,175 (329) Short-term investments and other: Gross realized gains — 2 Gross realized losses — (13) Changes in fair values of short-term investments and other — — — (11) Total $ 4,583 $ 160
Schedule 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 2024 2023 (in thousands) Fixed maturity securities: Gross realized gains $ — $ — Gross realized losses (311) (7) (311) (7) Bank loan participations: Gross realized gains 308 20 Gross realized losses (948) (423) Changes in fair values of bank loan participations 359 910 (281) 507 Equity securities: Gross realized gains 1,124 581 Gross realized losses (177) (267) Changes in fair values of equity securities 4,228 (643) 5,175 (329) Short-term investments and other: Gross realized gains — 2 Gross realized losses — (13) Changes in fair values of short-term investments and other — — — (11) Total $ 4,583 $ 160
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 March 31, December 31, Three Months Ended 2024 2023 2024 2023 (in thousands) Renewable energy LLCs (a) Excess and Surplus Lines $ 8,083 $ 8,382 $ (286) $ 1,003 Corporate & Other — — — 170 8,083 8,382 (286) 1,173 Renewable energy notes receivable ( b) Excess and Surplus Lines — 608 61 36 Corporate & Other — 761 77 45 — 1,369 138 81 Limited partnerships (c) Excess and Surplus Lines 11,898 11,914 (115) 251 Corporate & Other 664 664 — — 12,562 12,578 (115) 251 Private Debt (d) Excess and Surplus Lines 12,437 10,805 118 86 Corporate & Other — — — — 12,437 10,805 118 86 Total other invested assets Excess and Surplus Lines 32,418 31,709 (222) 1,376 Corporate & Other 664 1,425 77 215 $ 33,082 $ 33,134 $ (145) $ 1,591 (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 Company's former Non-Executive Chairman 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 $14,000 and $24,000 in the three months ended March 31, 2024 and 2023, 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 invested in two notes receivable for renewable energy projects. Interest on the notes was fixed at 12%. During the three months ended March 31, 2024 , the Company received final principal repayments of $608,000 and $761,000 on the notes receivable in the Company's Excess and Surplus Lines segment and Corporate and Other segment, respectively. (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 March 31, 2024, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $5.8 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 March 31, 2024, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $4.2 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)	3 Months Ended
	Mar. 31, 2024
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: March 31, 2024 December 31, 2023 Life Gross Accumulated Gross Accumulated ($ in thousands) Intangible Assets Trademarks Indefinite $ 19,700 $ — $ 19,700 $ — Insurance licenses and authorities Indefinite 8,964 — 8,964 — Identifiable intangible assets not subject to amortization 28,664 — 28,664 — Broker relationships 24.6 11,611 7,553 11,611 7,462 Identifiable intangible assets subject to amortization 11,611 7,553 11,611 7,462 $ 40,275 $ 7,553 $ 40,275 $ 7,462
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: March 31, 2024 December 31, 2023 Life Gross Accumulated Gross Accumulated ($ in thousands) Intangible Assets Trademarks Indefinite $ 19,700 $ — $ 19,700 $ — Insurance licenses and authorities Indefinite 8,964 — 8,964 — Identifiable intangible assets not subject to amortization 28,664 — 28,664 — Broker relationships 24.6 11,611 7,553 11,611 7,462 Identifiable intangible assets subject to amortization 11,611 7,553 11,611 7,462 $ 40,275 $ 7,553 $ 40,275 $ 7,462

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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 per common share computations contained in the condensed consolidated financial statements: Three Months Ended 2024 2023 (in thousands, except share and per share amounts) Net income from continuing operations $ 23,508 $ 7,904 Less: Dividends on Series A preferred shares (2,625) (2,625) Income from continuing operations available to common shareholders $ 20,883 $ 5,279 (Loss) income from discontinued operations (8,105) 1,704 Net income available to common shareholders $ 12,778 $ 6,983 Weighted average common shares outstanding: Basic 37,733,710 37,531,819 Dilutive potential common shares 6,905,259 253,633 Diluted 44,638,969 37,785,452 Net income (loss) per common share: Basic Continuing operations $ 0.55 $ 0.14 Discontinued operations $ (0.21) $ 0.05 $ 0.34 $ 0.19 Diluted Continuing operations $ 0.53 $ 0.14 Discontinued operations $ (0.18) $ 0.04 $ 0.35 $ 0.18

Reserve for Losses and Loss A_2

Reserve for Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
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 $660,000 at March 31, 2024 and December 31, 2023, $628,000 at March 31, 2023, and $580,000 at December 31, 2022. Three Months Ended 2024 2023 (in thousands) Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period $ 1,246,973 $ 1,080,766 Add: Incurred losses and loss adjustment expenses net of reinsurance: Current year 114,449 115,176 Prior years - retroactive reinsurance (4,002) 11,700 Prior years - excluding retroactive reinsurance (398) (495) Total incurred losses and loss and adjustment expenses 110,049 126,381 Deduct: Loss and loss adjustment expense payments net of reinsurance: Current year 2,094 2,561 Prior years 75,544 71,354 Total loss and loss adjustment expense payments 77,638 73,915 Deduct: Change in deferred reinsurance gain - retroactive reinsurance (4,002) 11,700 Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period 1,283,386 1,121,532 Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period 1,378,523 1,287,227 Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period $ 2,661,909 $ 2,408,759

Other Comprehensive (Loss) In_2

Other Comprehensive (Loss) Income (Tables)	3 Months Ended
	Mar. 31, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Components of Comprehensive Loss	The following table summarizes the components of other comprehensive (loss) income: Three Months Ended 2024 2023 (in thousands) Unrealized (losses) gains arising during the period, before U.S. income taxes $ (10,150) $ 35,812 U.S. income taxes 2,131 (5,000) Unrealized (losses) gains arising during the period, net of U.S. income taxes (8,019) 30,812 Less reclassification adjustment: Net realized investment losses (311) (91) U.S. income taxes 65 1 Reclassification adjustment for investment losses realized in net income (246) (90) Other comprehensive (loss) income $ (7,773) $ 30,902

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Company's Segment Results	The following table summarizes the Company’s segment results: Excess and Specialty Corporate Total (in thousands) Three Months Ended March 31, 2024 Gross written premiums $ 213,691 $ 117,119 $ — $ 330,810 Net earned premiums 145,623 26,068 — 171,691 Underwriting profit of operating segments 18,491 786 — 19,277 Net investment income 18,426 3,986 220 22,632 Interest expense — — 6,485 6,485 Segment revenues 168,921 31,536 670 201,127 Segment goodwill 181,831 — — 181,831 Segment assets 3,090,041 1,385,563 43,145 4,518,749 Three Months Ended March 31, 2023 Gross written premiums $ 228,903 $ 124,551 $ — $ 353,454 Net earned premiums 151,359 20,481 — 171,840 Underwriting profit (loss) of operating segments 19,995 (469) — 19,526 Net investment income 15,053 2,985 387 18,425 Interest expense — — 5,583 5,583 Segment revenues 166,650 24,510 574 191,734 Segment goodwill 181,831 — — 181,831 Segment assets 2,695,612 1,322,102 80,107 4,097,821
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 from continuing operations before income taxes: Three Months Ended 2024 2023 (in thousands) Underwriting profit (loss) of the operating segments: Excess and Surplus Lines $ 18,491 $ 19,995 Specialty Admitted Insurance 786 (469) Total underwriting profit of operating segments 19,277 19,526 Other operating expenses of the Corporate and Other segment (11,137) (9,282) Underwriting profit 8,140 10,244 Losses and loss adjustment expenses - retroactive reinsurance 4,002 (11,700) Net investment income 22,632 18,425 Net realized and unrealized gains on investments 4,583 160 Other income and expenses 179 (415) Interest expense (6,485) (5,583) Amortization of intangible assets (91) (91) Income from continuing operations before income taxes $ 32,960 $ 11,040

Other Operating Expenses and _2

Other Operating Expenses and Other Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Other Operating Expenses and Other Expenses [Abstract]
Schedule of Other Operating Expenses	Other operating expenses consist of the following: Three Months Ended 2024 2023 (in thousands) Amortization of policy acquisition costs $ 18,040 $ 16,829 Other underwriting expenses of the operating segments 21,633 21,925 Other operating expenses of the Corporate and Other segment 11,137 9,282 Total $ 50,810 $ 48,036

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on a Recurring Basis	Assets measured at fair value on a recurring basis as of March 31, 2024 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 245,010 $ — $ 245,010 Residential mortgage-backed — 307,526 — 307,526 Corporate — 493,279 — 493,279 Commercial mortgage and asset-backed — 215,981 — 215,981 U.S. Treasury securities and obligations guaranteed by the U.S. government 25,670 — — 25,670 Total fixed maturity securities, available-for-sale $ 25,670 $ 1,261,796 $ — $ 1,287,466 Equity securities: Preferred stock — 74,419 — 74,419 Common stock 52,016 2,238 17 54,271 Total equity securities $ 52,016 $ 76,657 $ 17 $ 128,690 Bank loan participations $ — $ 173,046 $ — $ 173,046 Short-term investments $ — $ 84,534 $ — $ 84,534 Assets measured at fair value on a recurring basis as of December 31, 2023 are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant Total (in thousands) Fixed maturity securities, available-for-sale: State and municipal $ — $ 248,837 $ — $ 248,837 Residential mortgage-backed — 317,928 — 317,928 Corporate — 505,728 — 505,728 Commercial mortgage and asset-backed — 222,853 — 222,853 U.S. Treasury securities and obligations guaranteed by the U.S. government 29,130 — — 29,130 Total fixed maturity securities, available-for-sale $ 29,130 $ 1,295,346 $ — $ 1,324,476 Equity securities: Preferred stock — 69,310 — 69,310 Common stock 48,370 2,254 11 50,635 Total equity securities $ 48,370 $ 71,564 $ 11 $ 119,945 Bank loan participations $ — $ 156,169 $ — $ 156,169 Short-term investments $ — $ 72,137 $ — $ 72,137
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 2024 2023 (in thousands) Beginning balance $ 11 $ 7 Transfers out of Level 3 — — Transfers in to Level 3 — — Purchases — — Sales — — Maturities, calls and paydowns — — Amortization of discount — — Total gains or losses (realized/unrealized): Included in earnings 6 — Included in other comprehensive income — — Ending balance $ 17 $ 7
Schedule of Carrying Value and Fair Value of Financial Instruments	The carrying values and fair values of financial instruments are summarized below: March 31, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value (in thousands) Assets Fixed maturity securities, available-for-sale $ 1,287,466 $ 1,287,466 $ 1,324,176 $ 1,324,176 Equity securities 128,690 128,690 119,945 119,945 Bank loan participations 173,046 173,046 156,169 156,169 Cash and cash equivalents 305,496 305,496 274,298 274,298 Restricted cash equivalents 73,396 73,396 72,449 72,449 Short-term investments 84,534 84,534 72,137 72,137 Other invested assets – notes receivable 12,437 11,582 12,174 11,702 Liabilities Senior debt 222,300 231,009 222,300 233,408 Junior subordinated debt 104,055 135,125 104,055 138,264

Capital Stock and Equity Awar_2

Capital Stock and Equity Awards (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Dividends	The Company declared the following dividends on common shares during the first three months of 2024 and 2023: Date of Declaration Dividend per Common Share Payable to Shareholders of Record on Payment Date Total Amount 2024 February 15, 2024 $ 0.05 March 11, 2024 March 29, 2024 $ 1,940,410 2023 February 16, 2023 $ 0.05 March 13, 2023 March 31, 2023 $ 1,921,802
Schedule of Option Activity	The following table summarizes option activity: Three Months Ended March 31, 2024 2023 Shares Weighted- Shares Weighted- Outstanding: Beginning of period 74,390 $ 42.17 287,974 $ 35.26 Granted — $ — — $ — Exercised — $ — — $ — Forfeited — $ — (45,106) $ 34.92 Lapsed (74,390) $ 42.17 (164,548) $ 32.07 End of period — $ — 78,320 $ 42.17 Exercisable, end of period — $ — 78,320 $ 42.17
Schedule of RSU Activity	The following table summarizes RSU activity: Three Months Ended March 31, 2024 2023 Shares Weighted- Shares Weighted- Unvested, beginning of period 751,254 $ 23.48 665,458 $ 25.98 Granted 498,698 $ 9.80 363,484 $ 24.83 Vested (264,088) $ 25.18 (212,128) $ 28.93 Forfeited — $ — (4,293) $ 22.49 Unvested, end of period 985,864 $ 16.11 812,521 $ 24.71
Schedule 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 2024 2023 (in thousands) Share based compensation expense $ 2,675 $ 2,692 U.S. tax benefit on share based compensation expense 498 516

Accounting Policies (Details)

Accounting Policies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) insurance_company	Mar. 31, 2023	Dec. 31, 2023 USD ($)
Accounting Policies [Line Items]
Investment in variable interest entities | $	$ 8.1		$ 8.4
Effective tax	28.70%	28.40%
UNITED STATES
Accounting Policies [Line Items]
Number of insurance companies | insurance_company	5

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details)			3 Months Ended			12 Months Ended
	Apr. 16, 2024 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2024 USD ($) letter_of_credit_facility	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on held for sale classification of discontinued operations			$ 1,500,000		$ 0
Funds held			65,235,000	$ 65,235,000		$ 65,235,000
Prior years - excluding retroactive reinsurance			(398,000)		(495,000)
Deferred reinsurance gain			16,731,000	20,733,000		20,733,000
Discontinued Operations, Held-for-Sale | Jrg Re
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre close dividend			139,000,000
Pre close dividend, forgiveness			133,200,000
Cash paid to JRGH			5,800,000			$ 5,800,000
Estimated loss on sale			78,900,000	$ 80,400,000
Gain on held for sale classification of discontinued operations			$ 1,500,000		0
Number of credit facilities | letter_of_credit_facility			3
Discontinued Operations, Held-for-Sale | Jrg Re | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated transaction value	$ 291,400,000
Cash payment	152,400,000
Pre close dividend	139,000,000
Amount owed by buyer	$ 2,500,000
Discontinued Operations, Held-for-Sale | Jrg Re | Loss Portfolio Transfer
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Prior years - excluding retroactive reinsurance			$ 6,100,000		7,800,000
Retroactive reinsurance benefit recognized			5,200,000		$ 2,700,000
Cumulative amounts ceded under loss portfolio transfer			400,000,000
Deferred reinsurance gain			34,000,000
Reinsurance, amount remaining			0
Discontinued Operations, Held-for-Sale | Jrg Re | Loss Portfolio Transfer | Fortitude Reinsurance
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reinsurance, aggregate coverage limit							$ 400,000,000
Ceded premiums payable		$ 335,000,000
Funds held		310,000,000	119,400,000
Payments for reinsurance		$ 25,000,000
Crediting rate on funds withheld		2%
Reinsurance recoverables			209,400,000
Discontinued Operations, Held-for-Sale | Jrg Re | Third-party Reinsureds
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held in trust			446,000,000
Discontinued Operations, Held-for-Sale | Jrg Re | Letter of Credit 30 Million
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Letters of credit facility, amount			30,000,000
Amount of letters of credit issued			5,100,000
Assets deposited for securing letters of credit			5,600,000
Discontinued Operations, Held-for-Sale | Jrg Re | 2013 Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Letters of credit facility, amount			102,500,000
Amount of letters of credit issued			42,800,000
Assets deposited for securing letters of credit			47,500,000
Discontinued Operations, Held-for-Sale | Jrg Re | Letter of credit 100 Million
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Letters of credit facility, amount			100,000,000
Amount of letters of credit issued			24,700,000
Assets deposited for securing letters of credit			$ 27,400,000

Discontinued Operations - JRG R

Discontinued Operations - JRG Re's Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 732,170	$ 783,393
Liabilities held for sale	596,706	641,497
Discontinued Operations, Held-for-Sale | Jrg Re
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fixed maturity securities, at fair value	478,991	532,242
Equity securities, at fair value	0	2,779
Total invested assets	478,991	535,021
Cash and cash equivalents	47,176	13,202
Accrued investment income	3,387	3,589
Premiums receivable and agents’ balances, net	56,661	68,441
Reinsurance recoverable on unpaid and paid losses, net	221,398	234,615
Deferred policy acquisition costs	2,863	4,986
Write down of JRG Re to fair value less cost to sell	(78,900)	(80,400)
Other assets	594	3,939
Assets held for sale	732,170	783,393
Reserve for losses and loss adjustment expenses	426,840	441,666
Unearned premiums	9,792	17,223
Funds held	119,353	137,796
Deferred reinsurance gain	34,020	33,167
Accrued expenses	1,429	1,955
Other liabilities	5,272	9,690
Liabilities held for sale	$ 596,706	$ 641,497

Discontinued Operations - Opera

Discontinued Operations - Operating Results of JRG Re Reported in Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Expenses:
(Loss) income from discontinued operations	$ (9,605)	$ 1,704
Gain on held for sale classification of discontinued operations	1,500	0
Total (loss) income from discontinued operations	(8,105)	1,704
Discontinued Operations, Held-for-Sale | Jrg Re
Revenues:
Gross written premiums	357	10,439
Ceded written premiums	877	(1,374)
Net written premiums	1,234	9,065
Change in net unearned premiums	7,431	27,208
Net earned premiums	8,665	36,273
Net investment income	3,852	7,347
Net realized and unrealized (losses) gains on investments	(2,243)	247
Total revenues	10,274	43,867
Expenses:
Losses and loss adjustment expenses	13,438	28,907
Other operating expenses	4,126	12,223
Other expenses	1,672	0
Interest expense	643	1,033
Total expenses	19,879	42,163
(Loss) income from discontinued operations	(9,605)	1,704
Gain on held for sale classification of discontinued operations	1,500	0
Total (loss) income from discontinued operations	$ (8,105)	$ 1,704

Discontinued Operations - Cash

Discontinued Operations - Cash Flows (Details) - Discontinued Operations, Held-for-Sale - Jrg Re - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Discontinued Operations
Net cash used in operating activities of discontinued operations	$ (24,411)	$ (28,990)
Net cash provided by investing activities of discontinued operations	58,385	25,147
Net cash (used in) provided by discontinued operations	33,974	(3,843)
Interest paid by discontinued operations	$ 745	$ 1,129

Investments - Schedule of Avail

Investments - Schedule of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	$ 1,377,965
Fixed maturity securities, available-for-sale	1,287,466	$ 1,324,476
Total fixed maturity securities, available-for-sale
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	1,377,965	1,405,136
Total investments available-for-sale, Gross Unrealized Gains	4,028	7,330
Total investments available-for-sale, Gross Unrealized Losses	(94,527)	(87,990)
Fixed maturity securities, available-for-sale	1,287,466	1,324,476
State and municipal
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	270,873	273,462
Total investments available-for-sale, Gross Unrealized Gains	1,221	1,834
Total investments available-for-sale, Gross Unrealized Losses	(27,084)	(26,459)
Fixed maturity securities, available-for-sale	245,010	248,837
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	330,117	336,064
Total investments available-for-sale, Gross Unrealized Gains	547	1,243
Total investments available-for-sale, Gross Unrealized Losses	(23,138)	(19,379)
Fixed maturity securities, available-for-sale	307,526	317,928
Corporate
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	522,750	530,408
Total investments available-for-sale, Gross Unrealized Gains	2,163	4,167
Total investments available-for-sale, Gross Unrealized Losses	(31,634)	(28,847)
Fixed maturity securities, available-for-sale	493,279	505,728
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	227,720	235,302
Total investments available-for-sale, Gross Unrealized Gains	97	78
Total investments available-for-sale, Gross Unrealized Losses	(11,836)	(12,527)
Fixed maturity securities, available-for-sale	215,981	222,853
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	26,505	29,900
Total investments available-for-sale, Gross Unrealized Gains	0	8
Total investments available-for-sale, Gross Unrealized Losses	(835)	(778)
Fixed maturity securities, available-for-sale	$ 25,670	$ 29,130

Investments - Schedule of Contr

Investments - Schedule of Contract Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cost or Amortized Cost
One year or less	$ 45,678
After one year through five years	344,201
After five years through ten years	260,473
After ten years	169,776
Residential mortgage-backed	330,117
Commercial mortgage and asset-backed	227,720
Total fixed maturity securities, Cost or Amortized Cost	1,377,965
Fair Value
One year or less	45,113
After one year through five years	334,549
After five years through ten years	236,295
After ten years	148,002
Residential mortgage-backed	307,526
Commercial mortgage and asset-backed	215,981
Total investments available-for-sale, Fair Value	$ 1,287,466	$ 1,324,476

Investments - Schedule of Gross

Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Total fixed maturity securities, available-for-sale
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	$ 249,923	$ 186,672
Fixed maturity securities, less than 12 months, gross unrealized losses	(3,554)	(2,297)
Fixed maturity securities, 12 months or more, fair value	799,225	806,963
Fixed maturity securities, 12 months or more, gross unrealized losses	(90,973)	(85,693)
Fixed maturity securities, fair value	1,049,148	993,635
Fixed maturity securities, gross unrealized losses	(94,527)	(87,990)
State and municipal
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	40,104	30,196
Fixed maturity securities, less than 12 months, gross unrealized losses	(975)	(287)
Fixed maturity securities, 12 months or more, fair value	166,574	168,517
Fixed maturity securities, 12 months or more, gross unrealized losses	(26,109)	(26,172)
Fixed maturity securities, fair value	206,678	198,713
Fixed maturity securities, gross unrealized losses	(27,084)	(26,459)
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	81,750	68,497
Fixed maturity securities, less than 12 months, gross unrealized losses	(1,209)	(1,256)
Fixed maturity securities, 12 months or more, fair value	179,025	145,954
Fixed maturity securities, 12 months or more, gross unrealized losses	(21,929)	(18,123)
Fixed maturity securities, fair value	260,775	214,451
Fixed maturity securities, gross unrealized losses	(23,138)	(19,379)
Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	83,361	55,970
Fixed maturity securities, less than 12 months, gross unrealized losses	(1,003)	(532)
Fixed maturity securities, 12 months or more, fair value	294,271	290,308
Fixed maturity securities, 12 months or more, gross unrealized losses	(30,631)	(28,315)
Fixed maturity securities, fair value	377,632	346,278
Fixed maturity securities, gross unrealized losses	(31,634)	(28,847)
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	35,588	24,048
Fixed maturity securities, less than 12 months, gross unrealized losses	(184)	(151)
Fixed maturity securities, 12 months or more, fair value	142,805	182,295
Fixed maturity securities, 12 months or more, gross unrealized losses	(11,652)	(12,376)
Fixed maturity securities, fair value	178,393	206,343
Fixed maturity securities, gross unrealized losses	(11,836)	(12,527)
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	9,120	7,961
Fixed maturity securities, less than 12 months, gross unrealized losses	(183)	(71)
Fixed maturity securities, 12 months or more, fair value	16,550	19,889
Fixed maturity securities, 12 months or more, gross unrealized losses	(652)	(707)
Fixed maturity securities, fair value	25,670	27,850
Fixed maturity securities, gross unrealized losses	$ (835)	$ (778)

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) issuer	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Gain (Loss) on Securities [Line Items]
Bank loan participations	$ 173,046		$ 156,169
Unpaid principal balance	180,900
Net investment income	4,500	$ 1,500
Net gain (loss) in bank loan participations	(281)	507
Unrealized losses	$ 1,200	$ 607
Fixed maturity securities
Gain (Loss) on Securities [Line Items]
Number of issuers | issuer	441
Total fair value	$ 1,049,148		993,635
Gross unrealized losses	$ 94,527		$ 87,990
Fixed maturity securities | BBB- or better
Gain (Loss) on Securities [Line Items]
Percentage of available for sale securities	99.90%

Investments - Schedule of Reali

Investments - Schedule of Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments [Abstract]
Fixed maturity securities, gross realized gains	$ 0	$ 0
Fixed maturity securities, gross realized losses	(311)	(7)
Fixed maturity securities	(311)	(7)
Bank loan participations, gross realized gains	308	20
Bank loan participations, gross realized losses	(948)	(423)
Changes in fair values of bank loan participations	359	910
Bank loan participations	(281)	507
Equity securities, gross realized gain	1,124	581
Equity securities, gross realized losses	(177)	(267)
Changes in fair values of equity securities	4,228	(643)
Equity securities	5,175	(329)
Short-term investments and other, gross realized gains	0	2
Short-term investments and other, gross realized losses	0	(13)
Changes in fair values of short-term investments and other	0	0
Short-term investments and other	0	(11)
Total	$ 4,583	$ 160

Investments - Schedule of Priva

Investments - Schedule of Private Debt and Equity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) note	Mar. 31, 2023 USD ($)	Dec. 31, 2022 project	Dec. 31, 2023 USD ($)	Aug. 12, 2023 USD ($)
Net Investment Income [Line Items]
Carrying Value	$ 33,082			$ 33,134
Investment Income	(145)	$ 1,591
Proceeds from sales	1,451	1,153
Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	8,083			8,382
Investment Income	(286)	1,173
Number of underlying projects sold | project			2
Proceeds from sales		1,200
Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	0			1,369
Investment Income	138	81
Limited partnerships
Net Investment Income [Line Items]
Carrying Value	12,562			12,578
Investment Income	(115)	251
Private debt
Net Investment Income [Line Items]
Carrying Value	12,437			10,805
Investment Income	118	86
Excess and Surplus Lines
Net Investment Income [Line Items]
Carrying Value	32,418			31,709
Investment Income	(222)	1,376
Excess and Surplus Lines | Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	8,083			8,382
Investment Income	(286)	1,003
Proceeds from sales		984
Excess and Surplus Lines | Renewable energy LLCs | Investment in LLC
Net Investment Income [Line Items]
Cash distributions from LLCs	$ 14,000	24
Excess and Surplus Lines | Renewable energy LLCs | Minimum | Investment in LLC | Various LLCs
Net Investment Income [Line Items]
Ownership percentage	2.50%
Excess and Surplus Lines | Renewable energy LLCs | Maximum | Investment in LLC | Various LLCs
Net Investment Income [Line Items]
Ownership percentage	4.90%
Excess and Surplus Lines | Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	$ 0			608
Investment Income	$ 61	36
Number of notes issued | note	2
Rate of interest	12%
Total principal balance received	$ 608
Excess and Surplus Lines | Limited partnerships
Net Investment Income [Line Items]
Carrying Value	11,898			11,914
Investment Income	(115)	251
Outstanding commitments to invest	5,800
Excess and Surplus Lines | Private debt
Net Investment Income [Line Items]
Carrying Value	12,437			10,805
Investment Income	$ 118	86
Excess and Surplus Lines | Private speciality credit
Net Investment Income [Line Items]
Number of notes issued | note	2
Commitment to investment in notes	$ 4,200
Excess and Surplus Lines | Private speciality credit | Notes receivable one
Net Investment Income [Line Items]
Rate of interest	4.25%
Excess and Surplus Lines | Private speciality credit | Notes receivable two
Net Investment Income [Line Items]
Rate of interest	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	$ 664			1,425
Investment Income	77	215
Corporate and Other | Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	0			0
Investment Income	0	170
Proceeds from sales		170
Corporate and Other | Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	0			761
Investment Income	$ 77	45
Number of notes issued | note	2
Rate of interest	12%
Total principal balance received	$ 761
Corporate and Other | Limited partnerships
Net Investment Income [Line Items]
Carrying Value	664			664
Investment Income	0	0
Corporate and Other | Private debt
Net Investment Income [Line Items]
Carrying Value	0			$ 0
Investment Income	$ 0	$ 0

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 11, 2007
Business Acquisition [Line Items]
Goodwill	$ 181,831	$ 181,831	$ 181,831
James River Group, Inc.
Business Acquisition [Line Items]
Percentage of outstanding shares				100%

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 28,664	$ 28,664
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	7,553	7,462
Total Intangible Assets, Gross	40,275	40,275
Broker relationships
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	$ 7,553	7,462
Life (Years)	24 years 7 months 6 days
Trademarks
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 19,700	19,700
Insurance licenses and authorities
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 8,964	$ 8,964

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income from continuing operations	$ 23,508	$ 7,904
Less: Dividends on Series A preferred shares	(2,625)	(2,625)
Income from continuing operations available to common shareholders	20,883	5,279
(Loss) income from discontinued operations	(8,105)	1,704
Net income available to common shareholders	$ 12,778	$ 6,983
Weighted average common shares outstanding:
Basic (in shares)	37,733,710	37,531,819
Dilutive potential common shares (in shares)	6,905,259	253,633
Diluted (in shares)	44,638,969	37,785,452
Net income (loss) per common share, Basic
Continuing operations (in dollars per share)	$ 0.55	$ 0.14
Discontinued operations (in dollars per share)	(0.21)	0.05
Basic (in dollars per share)	0.34	0.19
Net income (loss) per common share, Diluted
Continuing operations (in dollars per share)	0.53	0.14
Discontinued operations (in dollars per share)	(0.18)	0.04
Diluted (in dollars per share)	$ 0.35	$ 0.18

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 shares
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

Reserve for Losses and Loss A_3

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		33 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liability for Claims and Claims Adjustment Expense [Abstract]
Allowance for credit losses on reinsurance recoverables	$ 660	$ 628	$ 660	$ 660	$ 580
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss reserves	(398)	(495)
Deferred reinsurance gain	16,731		16,731	20,733
Excess and Surplus Lines
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss reserves	40	(324)
Excess and Surplus Lines | Loss Portfolio Transfer | Commercial Auto Business
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss reserves	477	41,000	111,600
Retroactive reinsurance benefit recognized	4,500	29,300
Cumulative amounts ceded under loss portfolio transfer	456,700		456,700	456,200
Deferred reinsurance gain	16,700		$ 16,700	$ 20,700
Specialty Admitted Insurance
Reserve For Losses And Loss Adjustment Expenses [Line Items]
Development on prior year loss reserves	$ (438)	$ (171)

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 ($) $ in Thousands	3 Months Ended		33 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024
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	$ 1,246,973	$ 1,080,766
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	114,449	115,176
Prior years - excluding retroactive reinsurance	(398)	(495)
Total incurred losses and loss and adjustment expenses	110,049	126,381
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	2,094	2,561
Prior years	75,544	71,354
Total loss and loss adjustment expense payments	77,638	73,915
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,283,386	1,121,532	$ 1,283,386
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,378,523	1,287,227	1,378,523
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	2,661,909	2,408,759	2,661,909
Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance	40	(324)
Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - retroactive reinsurance	(4,002)	11,700
Prior years - excluding retroactive reinsurance	477	41,000	$ 111,600
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Change in deferred reinsurance gain - retroactive reinsurance	$ (4,002)	$ 11,700

Other Comprehensive (Loss) In_3

Other Comprehensive (Loss) Income - Schedule of Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized (losses) gains arising during the period, before U.S. income taxes	$ (10,150)	$ 35,812
U.S. income taxes	2,131	(5,000)
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(8,019)	30,812
Less reclassification adjustment:
Net realized investment losses	(311)	(91)
U.S. income taxes	65	1
Reclassification adjustment for investment losses realized in net income	(246)	(90)
Other comprehensive (loss) income	$ (7,773)	$ 30,902

Other Comprehensive (Loss) In_4

Other Comprehensive (Loss) Income - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net realized investment losses on available-for-sale fixed maturities	$ 311	$ 91
Net gain (loss) in bank loan participations	(281)	507
Net realized and unrealized gains (losses) on investments in equity securities	$ 5,175	$ (329)

Contingent Liabilities (Details

Contingent Liabilities (Details) - USD ($) $ in Thousands				3 Months Ended		33 Months Ended
	Dec. 22, 2023	Sep. 27, 2021	Jul. 01, 2021	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	Dec. 21, 2023
Contingent Liabilities [Line Items]
Amount to settle litigation	$ 30,000
Amount of insurance deductible paid								$ 1,000
Prior years - excluding retroactive reinsurance				$ (398)	$ (495)
Reinsurance recoverable on unpaid losses, net				1,377,863		$ 1,377,863	$ 1,358,474
Reinsurance recoverable on paid losses				142,288		142,288	157,991
Excess and Surplus Lines
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance				40	(324)
Excess and Surplus Lines | Commercial Auto Business | Aleka | Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement				20,000		20,000
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
Cash equivalent collateral trust arrangement				109,300		109,300
Excess and Surplus Lines | Commercial Auto Business | Raiser | Indemnity Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement				154,500		154,500
Excess and Surplus Lines | Commercial Auto Business | Raiser | Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement				45,200		45,200
Excess and Surplus Lines | Commercial Auto Business | Rasier and Aleka | Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement				73,400		73,400
Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance				477	$ 41,000	111,600
Cumulative amounts ceded under loss portfolio transfer				456,700		456,700	$ 456,200
Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business | Aleka
Contingent Liabilities [Line Items]
Reinsurance premium			$ 345,100
Required collateral, percentage		102%
Reinsurance recoverables				67,400		67,400
Reinsurance recoverable on unpaid losses, net				63,700		63,700
Reinsurance recoverable on paid losses				3,700		3,700
Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business | Aleka | L PT Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement				49,900		49,900
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				$ 70,000		$ 70,000

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments	3
Segment Reporting Information [Line Items]
Number of reportable segments	3
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Gross fee income | $	$ 1.3	$ 1.1

Segment Information - Schedule

Segment Information - Schedule of Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Gross written premiums	$ 330,810	$ 353,454
Net earned premiums	171,691	171,840
Underwriting profit (loss) of operating segments	19,277	19,526
Net investment income	22,632	18,425
Interest expense	6,485	5,583
Segment revenues	201,127	191,734
Segment goodwill	181,831	181,831	$ 181,831
Segment assets	4,518,749	4,097,821
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Underwriting profit (loss) of operating segments	18,491	19,995
Excess and Surplus Lines | Operating Segments
Segment Reporting Information [Line Items]
Gross written premiums	213,691	228,903
Net earned premiums	145,623	151,359
Underwriting profit (loss) of operating segments	18,491	19,995
Net investment income	18,426	15,053
Interest expense	0	0
Segment revenues	168,921	166,650
Segment goodwill	181,831	181,831
Segment assets	3,090,041	2,695,612
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Underwriting profit (loss) of operating segments	786	(469)
Specialty Admitted Insurance | Operating Segments
Segment Reporting Information [Line Items]
Gross written premiums	117,119	124,551
Net earned premiums	26,068	20,481
Underwriting profit (loss) of operating segments	786	(469)
Net investment income	3,986	2,985
Interest expense	0	0
Segment revenues	31,536	24,510
Segment goodwill	0	0
Segment assets	1,385,563	1,322,102
Corporate and Other | Corporate and Other
Segment Reporting Information [Line Items]
Gross written premiums	0	0
Net earned premiums	0	0
Underwriting profit (loss) of operating segments	0	0
Net investment income	220	387
Interest expense	6,485	5,583
Segment revenues	670	574
Segment goodwill	0	0
Segment assets	$ 43,145	$ 80,107

Segment Information - Reconcili

Segment Information - Reconciliation of Operating Segments by Individual Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total underwriting profit of operating segments	$ 19,277	$ 19,526
Other operating expenses of the Corporate and Other segment	(11,137)	(9,282)
Underwriting profit	8,140	10,244
Net investment income	22,632	18,425
Net realized and unrealized gains on investments	4,583	160
Other income and expenses	179	(415)
Interest expense	(6,485)	(5,583)
Amortization of intangible assets	(91)	(91)
Income from continuing operations before income taxes	32,960	11,040
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Total underwriting profit of operating segments	18,491	19,995
Excess and Surplus Lines | Commercial Auto Business | Loss Portfolio Transfer
Segment Reporting Information [Line Items]
Losses and loss adjustment expenses - retroactive reinsurance	4,002	(11,700)
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Total underwriting profit of operating segments	$ 786	$ (469)

Other Operating Expenses and _3

Other Operating Expenses and Other Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Operating Expenses and Other Expenses [Abstract]
Amortization of policy acquisition costs	$ 18,040	$ 16,829
Other underwriting expenses of the operating segments	21,633	21,925
Other operating expenses of the Corporate and Other segment	11,137	9,282
Total	50,810	48,036
Other expenses	$ 732	$ 603

Senior Debt (Details)

Senior Debt (Details) - USD ($)	Mar. 31, 2024	Aug. 02, 2017
2013 Facility
Debt Instrument [Line Items]
Senior revolving credit facility	$ 315,000,000
Letter of credit 100 Million
Debt Instrument [Line Items]
Line of credit (up to)		$ 100,000,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 1,287,466	$ 1,324,476
Equity securities:
Bank loan participations	173,046	156,169
Short-term investments	84,534	72,137
Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,287,466	1,324,476
State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	245,010	248,837
Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	307,526	317,928
Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	493,279	505,728
Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	215,981	222,853
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	25,670	29,130
Recurring basis
Equity securities:
Bank loan participations	173,046	156,169
Short-term investments	84,534	72,137
Recurring basis | Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,287,466	1,324,476
Recurring basis | State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	245,010	248,837
Recurring basis | Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	307,526	317,928
Recurring basis | Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	493,279	505,728
Recurring basis | Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	215,981	222,853
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	25,670	29,130
Recurring basis | Equity securities
Equity securities:
Total equity securities	128,690	119,945
Recurring basis | Preferred stock
Equity securities:
Total equity securities	74,419	69,310
Recurring basis | Common stock
Equity securities:
Total equity securities	54,271	50,635
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	25,670	29,130
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	25,670	29,130
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Equity securities
Equity securities:
Total equity securities	52,016	48,370
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	52,016	48,370
Recurring basis | Significant Other Observable Inputs Level 2
Equity securities:
Bank loan participations	173,046	156,169
Short-term investments	84,534	72,137
Recurring basis | Significant Other Observable Inputs Level 2 | Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,261,796	1,295,346
Recurring basis | Significant Other Observable Inputs Level 2 | State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	245,010	248,837
Recurring basis | Significant Other Observable Inputs Level 2 | Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	307,526	317,928
Recurring basis | Significant Other Observable Inputs Level 2 | Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	493,279	505,728
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	215,981	222,853
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	0
Recurring basis | Significant Other Observable Inputs Level 2 | Equity securities
Equity securities:
Total equity securities	76,657	71,564
Recurring basis | Significant Other Observable Inputs Level 2 | Preferred stock
Equity securities:
Total equity securities	74,419	69,310
Recurring basis | Significant Other Observable Inputs Level 2 | Common stock
Equity securities:
Total equity securities	2,238	2,254
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	17	11
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	$ 17	$ 11

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule 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
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 11	$ 7
Transfers out of Level 3	0	0
Transfers in to Level 3	0	0
Purchases	0	0
Sales	0	0
Maturities, calls and paydowns	0	0
Amortization of discount	0	0
Total gains or losses (realized/unrealized)-Included in earnings	6	0
Total gains or losses (realized/unrealized)-Included in other comprehensive income	0	0
Ending balance	$ 17	$ 7

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security	Mar. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of equity securities held | security	1	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 | $	$ 17	$ 11	$ 7	$ 7

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of the Carrying Value and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets
Fixed maturity securities, available-for-sale	$ 1,287,466	$ 1,324,476
Equity securities	128,690	119,945
Bank loan participations	173,046	156,169
Cash and cash equivalents	305,496	274,298
Restricted cash equivalents	73,396	72,449	$ 104,254	$ 103,215
Short-term investments	84,534	72,137
Liabilities
Senior debt	222,300	222,300
Junior subordinated debt	104,055	104,055
Carrying Value
Assets
Fixed maturity securities, available-for-sale	1,287,466	1,324,176
Equity securities	128,690	119,945
Bank loan participations	173,046	156,169
Cash and cash equivalents	305,496	274,298
Restricted cash equivalents	73,396	72,449
Short-term investments	84,534	72,137
Other invested assets – notes receivable	12,437	12,174
Liabilities
Senior debt	222,300	222,300
Junior subordinated debt	104,055	104,055
Fair Value
Assets
Fixed maturity securities, available-for-sale	1,287,466	1,324,176
Equity securities	128,690	119,945
Bank loan participations	173,046	156,169
Cash and cash equivalents	305,496	274,298
Restricted cash equivalents	73,396	72,449
Short-term investments	84,534	72,137
Other invested assets – notes receivable	11,582	11,702
Liabilities
Senior debt	231,009	233,408
Junior subordinated debt	$ 135,125	$ 138,264

Series A Preferred Shares (Deta

Series A Preferred Shares (Details) $ / shares in Units, $ in Thousands				3 Months Ended
	Apr. 01, 2024 USD ($)	Jan. 02, 2024 USD ($)	Feb. 24, 2022 USD ($) d $ / shares shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 $ / shares
Temporary Equity [Line Items]
Series A convertible preferred shares (in dollars per share)				$ 0.00125			$ 0.00125
Dividends on Series A preferred shares | $				$ 2,625	$ 5,250
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)			$ 0.00125
Sale of stock, consideration received on transaction | $			$ 150,000
Per share price (in dollars per share)			$ 1,000
Liquidation preference (in dollars per share)			$ 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			$ 5,300	$ 5,300
Preferred stock, convertible, conversion price			$ 26.5950
Convertible preferred stock, shares issued upon conversion | shares			5,640,158
Preferred stock, convertible, floor conversion price			$ 21.902
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)			$ 0.05
Common stock, covenant, threshold, cash paid (in dollars per share)			$ 0.10

Capital Stock and Equity Awar_3

Capital Stock and Equity Awards - Common Shares (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	37,822,340		37,641,563
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit dividend equivalents	$ 49	$ 41
Dividends payable	$ 186		$ 255
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	37,822,340	37,619,226	37,641,563	37,470,237
Vesting of RSUs (in shares)	180,777	148,989

Capital Stock and Equity Awar_4

Capital Stock and Equity Awards - Schedule of Cash Dividends Declared (Details) - USD ($)					3 Months Ended
	Mar. 29, 2024	Feb. 15, 2024	Mar. 31, 2023	Feb. 16, 2023	Mar. 31, 2024	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Dividend declared per share (in dollars per share)		$ 0.05		$ 0.05	$ 0.05	$ 0.05
Total Amount	$ 1,940,410		$ 1,921,802

Capital Stock and Equity Awar_5

Capital Stock and Equity Awards - Equity Incentive Plans (Details) - shares	Mar. 31, 2024	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)	1,133,286
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)	31,285

Capital Stock and Equity Awar_6

Capital Stock and Equity Awards - Schedule of Option Activity (Details) - Options - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Shares
Beginning of period (in shares)	74,390	287,974
Granted (in shares)	0	0
Exercised (in shares)	0	0
Forfeited (in shares)	0	(45,106)
Lapsed (in shares)	(74,390)	(164,548)
End of period (in shares)	0	78,320
Exercisable, end of period (in shares)	0	78,320
Weighted- Average Exercise Price
Beginning of period (in dollars per share)	$ 42.17	$ 35.26
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	0	0
Forfeited (in dollars per share)	0	34.92
Lapsed (in dollars per share)	42.17	32.07
End of period (in dollars per share)	0	42.17
Exercisable, end of period (in dollars per share)	$ 0	$ 42.17

Capital Stock and Equity Awar_7

Capital Stock and Equity Awards - Schedule of RSU Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
RSUs
Shares
Unvested, beginning of period (in shares)	751,254	665,458
Granted (in shares)	498,698	363,484
Vested (in shares)	(264,088)	(212,128)
Forfeited (in shares)	0	(4,293)
Unvested, end of period (in shares)	985,864	812,521
Weighted- Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share)	$ 23.48	$ 25.98
Granted (in dollars per share)	9.80	24.83
Vested (in dollars per share)	25.18	28.93
Forfeited (in dollars per share)	0	22.49
Unvested, end of period (in dollars per share)	$ 16.11	$ 24.71
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)	231,492	91,818
Weighted- Average Grant Date Fair Value
Vesting period (in years)	3 years

Capital Stock and Equity Awar_8

Capital Stock and Equity Awards - Schedule of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Share based compensation expense	$ 2,675	$ 2,692
U.S. tax benefit on share based compensation expense	$ 498	$ 516

Capital Stock and Equity Awar_9

Capital Stock and Equity Awards - Compensation Expense (Details) - RSUs $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 12.4
Weighted-average period of unrecognized share based compensation expense	2 years

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jul. 01, 2024	Jun. 28, 2024	Jun. 15, 2024	Jun. 10, 2024	Apr. 16, 2024	Apr. 25, 2024	Mar. 31, 2024
Discontinued Operations, Held-for-Sale | Jrg Re
Subsequent Event [Line Items]
Pre close dividend							$ 139,000,000
Subsequent Event | 2013 Facility | Secured Debt
Subsequent Event [Line Items]
Line of credit					$ 45,000,000
Subsequent Event | Discontinued Operations, Held-for-Sale | Jrg Re
Subsequent Event [Line Items]
Estimated transaction value					291,400,000
Cash payment					152,400,000
Pre close dividend					$ 139,000,000
Subsequent Event | Convertible Preferred Stock
Subsequent Event [Line Items]
Dividends payable						$ 2,600,000
Subsequent Event | Convertible Preferred Stock | Forecast
Subsequent Event [Line Items]
Dividends payable, date to be paid	Jul. 01, 2024
Dividend payable, record date			Jun. 15, 2024
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		Jun. 28, 2024
Dividend payable, record date				Jun. 10, 2024