ProSight Global (PROS) 10-K/A 10 Mar 20 2019 FY Annual report (amended) Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 21, 2020	Jun. 30, 2019
Document and Entity Information
Document Type	10-K/A
Document Period End Date	Dec. 31, 2019
Entity Registrant Name	ProSight Global, Inc.
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		43,058,266
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001634038
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Fixed income securities, available-for-sale at fair value (amortized cost $1,999,403 in 2019 and $1,729,755 in 2018)	$ 2,040,682	$ 1,693,382
Commercial levered loans at amortized cost (fair value $13,950 in 2019 and $15,858 in 2018)	14,069	16,915
Limited partnerships and limited liability companies at fair value (cost $62,226 in 2019 and $51,903 in 2018)	66,660	53,432
Short-term investments	43,873	36,661
Total investments	2,165,284	1,800,390
Cash and cash equivalents	17,284	22,279
Restricted cash	10,213	7,621
Accrued investment income	13,610	12,279
Premiums and other receivables, net	190,004	200,347
Receivable from reinsurers on paid losses	3,481	12,428
Reinsurance receivables on unpaid losses	193,952	185,295
Deferred policy acquisition costs	98,812	93,613
Prepaid reinsurance premiums	42,861	44,626
Net deferred income taxes	4,803	33,239
Goodwill and net intangible assets	29,189	29,219
Fixed assets and capitalized software, net	37,167	39,001
Funds withheld related to sale of affiliate	19,453	19,397
Other assets	29,537	57,653
Assets of discontinued operations	21,584	19,719
Total assets	2,877,234	2,577,106
Liabilities
Reserve for unpaid losses and loss adjustment expenses	1,521,648	1,396,812
Reserve for unearned premiums	483,223	435,933
Ceded reinsurance payable	17,768	13,281
Notes payable, net of debt issuance costs	164,693	182,355
Funds held under reinsurance agreements	58,855	63,165
Other liabilities	56,438	73,474
Liabilities of discontinued operations	31,578	22,256
Total liabilities	2,334,203	2,187,276
Stockholders’ equity
Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.01 par value; 200,000,000 shares authorized; 43,071,186 and 38,864,289 shares issued, 43,058,266 and 38,851,369 shares outstanding in 2019 and 2018, respectively	431	389
Additional paid in capital	661,761	607,260
Accumulated other comprehensive income (loss)	37,453	(22,315)
Retained deficit	(156,414)	(195,304)
Treasury shares - at cost (12,920 shares)	(200)	(200)
Total stockholders’ equity	543,031	389,830
Total liabilities and stockholders’ equity	$ 2,877,234	$ 2,577,106

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Consolidated Balance Sheets
Fixed income securities, available-for-sale, amortized cost	$ 1,999,403	$ 1,729,755
Commercial levered loans, fair value	13,950	15,858
Limited partnerships and limited liability companies, cost	$ 62,226	$ 51,903
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	43,071,186	38,864,289
Common stock, shares outstanding	43,058,266	38,851,369
Treasury shares, shares	12,920	12,920

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Operations
Gross written premiums	$ 968,011	$ 895,112	$ 836,334
Net earned premiums	807,854	730,785	609,786
Net investment income	68,897	55,971	36,196
Realized investment gains (losses), net	770	(1,557)	4,204
Other income	538	673	853
Total revenues	878,059	785,872	651,039
Expenses:
Net losses and loss adjustment expenses incurred	501,025	434,830	393,741
Policy acquisition expenses	184,771	171,429	126,023
General and administrative expenses	105,686	100,118	87,821
Interest expense	12,795	12,377	12,125
Other expense	16,151
Total expenses	820,428	718,754	619,710
Income from continuing operations before income taxes	57,631	67,118	31,329
Income tax provision:
Current	(185)	(853)	864
Deferred	12,322	14,242	37,369
Total income tax expense	12,137	13,389	38,233
Income (loss) from continuing operations	45,494	53,729	(6,904)
Discontinued operations:
Loss from discontinued operations before income taxes	(8,718)	(560)	(37,768)
Income tax benefit	(2,114)	(1,374)	(679)
(Loss) income from discontinued operations	(6,604)	814	(37,089)
Net income (loss)	$ 38,890	$ 54,543	$ (43,993)
Earnings per share - basic:
Net income (loss) from continuing operations	$ 1.11	$ 1.39	$ (0.18)
Net income (loss)	0.95	1.41	(1.17)
Earnings per share - diluted:
Net income (loss) from continuing operations	1.10	1.36	(0.18)
Net income (loss)	$ 0.94	$ 1.38	$ (1.17)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Comprehensive Loss
Net income (loss)	$ 38,890	$ 54,543	$ (43,993)
Other comprehensive income (loss), net of taxes:
Change in unrealized holding gains (losses) on securities, net of deferred tax expense (benefit) of $16,277 in 2019, $(10,842) in 2018 and $1,442 in 2017	61,643	(42,740)	(1,357)
Foreign currency translation adjustment			6,881
Less reclassification adjustment for gains (losses) included in net income (loss) net of tax expense (benefit) of $162 in 2019, $(429) in 2018 and $1,471 in 2017	1,875	(1,128)	17,292
Other comprehensive income (loss)	59,768	(41,612)	(11,768)
Comprehensive income (loss)	$ 98,658	$ 12,931	$ (55,761)

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Comprehensive Loss
Change in unrealized holding (losses) gains on securities, deferred tax expense (benefit)	$ 16,277	$ (10,842)	$ 1,442
Reclassification adjustment for (losses) gains included in net income, tax expense (benefit)	$ 162	$ (429)	$ 1,471

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders Equity - USD ($) $ in Thousands	Common stockIPO	Common stock	Paid-in capitalIPO	Paid-in capital	Accumulated other comprehensive (loss) income	Retained deficit	Treasury shares	IPO	Total
Balance at the beginning of the period at Dec. 31, 2016		$ 355		$ 555,289	$ 29,482	$ (204,271)	$ (200)		$ 380,655
Increase (decrease) in Stockholders' Equity
Shares issued/Proceeds from common stock sold in initial public offering, net of offering costs		32							32
Stock based employee compensation plan				1,089					1,089
Capital contributions				49,968					49,968
Net unrealized gain (loss) on investment securities, net of deferred tax expense					(18,649)				(18,649)
Foreign currency translation (loss)					6,881				6,881
Reclassification of stranded deferred taxes					1,583	(1,583)			(1,583)
Net income (loss)						(43,993)			(43,993)
Balance at the end of the period at Dec. 31, 2017		387		606,346	19,297	(249,847)	(200)		375,983
Increase (decrease) in Stockholders' Equity
Shares issued/Proceeds from common stock sold in initial public offering, net of offering costs		2		(2)
Stock based employee compensation plan				916					916
Net unrealized gain (loss) on investment securities, net of deferred tax expense					(41,612)				(41,612)
Net income (loss)						54,543			54,543
Balance at the end of the period at Dec. 31, 2018		389		607,260	(22,315)	(195,304)	(200)		389,830
Increase (decrease) in Stockholders' Equity
Shares issued/Proceeds from common stock sold in initial public offering, net of offering costs	$ 42		$ 50,836					$ 50,878
Stock based employee compensation plan		1		8,578					8,579
Shares cancelled		(1)		1
Retirement of common stock (tax payments on equity compensation)				(740)					(740)
Net unrealized gain (loss) on investment securities, net of deferred tax expense					59,768				59,768
Equity distribution				(4,174)					(4,174)
Net income (loss)						38,890			38,890
Balance at the end of the period at Dec. 31, 2019		$ 431		$ 661,761	$ 37,453	$ (156,414)	$ (200)		$ 543,031

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Changes in Stockholders’ Equity
Net unrealized (loss) gain on investment securities, deferred tax (benefit)	$ 16,115	$ (10,413)	$ (29)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income (loss) from continuing operations	$ 45,494	$ 53,729	$ (6,904)
Net (loss) income from discontinued operations	(6,604)	814	(37,089)
Net (loss) income from discontinued operations	(6,604)	814	(37,089)
Net income (loss)	38,890	54,543	(43,993)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for deferred taxes	12,322	14,242	37,369
Realized investment (gains) losses, net	(770)	1,557	(4,204)
Net limited partnerships (gains)	(3,101)	(1,081)	(3,240)
Net accretion from bonds and commercial loans	(2,622)	(6,083)	(2,364)
Depreciation and amortization	8,737	7,351	7,615
Stock based compensation	8,578	916	1,089
Changes in:
Premiums and other receivables	10,343	(16,013)	(15,956)
Receivable from reinsurers on paid losses and reinsurance receivable from unpaid losses	290	20,653	(12,849)
Ceded reinsurance payable	4,487	(5,167)	15,632
Accrued investment income	(1,331)	(2,870)	(4,056)
Deferred policy acquisition costs	(5,199)	(32,854)	15,813
Prepaid reinsurance premiums	1,765	78,324	(92,054)
Unpaid losses and loss adjustment expenses	124,836	138,575	91,618
Reserve for unearned premiums	47,290	40,501	40,603
Funds withheld related to sale of affiliate	(56)	7,376	(26,988)
Funds held under reinsurance agreements	(4,310)	(49,095)	91,671
Other assets	23,938	(15,092)	(8,992)
Other liabilities	(17,036)	(2,377)	48,463
Total adjustments	208,161	178,863	179,170
Net cash provided by operating activities - continuing operations	253,655	232,592	172,266
Net cash used in operating activities - discontinued operations	(359)	(900)	(98,396)
Net cash provided by operating activities	253,296	231,692	73,870
Investing activities
Purchases of available-for-sale fixed income securities	(570,726)	(509,970)	(1,236,581)
Sales of available-for-sale fixed income securities	145,053	173,768	719,916
Redemptions of available-for-sale fixed income securities	157,860	81,417	257,102
Purchases of commercial levered loans		(7,101)	(3,150)
Redemptions of commercial levered loans	2,815	14,698	8,858
Purchases of limited partnerships	(15,407)	(33,580)	(45,251)
Distributions and redemptions from limited partnerships	5,280	22,832	40,270
Purchases of short-term investments	(358,296)	(172,787)	(180,400)
Sales of short-term investments	351,761	140,623	238,291
Acquisition of fixed assets and capitalized software	(6,535)	(8,489)	(11,884)
Net cash used in investing activities - continuing operations	(288,195)	(298,589)	(212,829)
Net cash (used in) provided by investing activities - discontinued operations	(421)	637	52,356
Net cash used in investing activities	(288,616)	(297,952)	(160,473)
Financing activities
Proceeds from notes payable		18,000
Repayment of notes payable	(18,000)
Tax withholding on stock compensation awards	(740)
Proceeds from shares issued	50,878		32
Capital contributions			49,968
Net cash provided by financing activities	32,138	18,000	50,000
Net change in cash and cash equivalents	(3,182)	(48,260)	(36,603)
Cash, cash equivalents and restricted cash at beginning of year - continuing operations	29,900	77,872	75,211
Cash, cash equivalents and restricted cash at beginning of year - discontinued operations	1,034	1,322	40,586
Less: cash, cash equivalents and restricted cash at end of year - discontinued operations	(255)	(1,034)	(1,322)
Cash, cash equivalents and restricted cash at end of year	$ 27,497	$ 29,900	$ 77,872

Background

Background	12 Months Ended
	Dec. 31, 2019
Background
Background	1. ProSight Global, Inc. and its subsidiaries (the “Company”) was founded in 2009 by members of the current management team and secured capital commitments from affiliates of each of The Goldman Sachs Group, Inc. (“Goldman Sachs”) and TPG Global, LLC (“TPG”). The Company established its insurance operating platform and acquired its insurance subsidiaries through the acquisition of NYMAGIC, Inc. in 2010. The Company was incorporated in Delaware in 2010 and is owned by ProSight Investment LLC (“PI”), ProSight Parallel Investment LLC (“PPI”), and ProSight TPG, LP (“PT”). PI and PPI are wholly-owned by ProSight Equity Management Inc., which is held as an investment within the GS Capital Partners VI funds. PT is held as an investment within TPG Partners VI, LP. The Company is the parent of ProSight Specialty Insurance Group, Inc. (“PSIG”). PSIG conducts its specialty insurance business through three insurance subsidiaries: New York Marine and General Insurance Company (“New York Marine”), Gotham Insurance Company (“Gotham”), and Southwest Marine and General Insurance Company (“Southwest Marine”). On October 1, 2016, ProSight Specialty Insurance Solutions, LLC (“PSIS”) became a direct subsidiary of PSIG. Effective April 19, 2018, PSIS changed its name to ProSight Specialty Insurance Brokerage, LLC (“PSIB”). The Company is also the parent of ProSight Specialty Management Company (“PSMC”), which manages a risk-sharing pool of the Company’s subsidiaries, and ProSight Specialty Bermuda Ltd. (“PSBL”). The Company focuses on producing insurance business in specialized niche markets with selective distribution networks possessing unique expertise. The Company’s major customer segments are Construction, Consumer Services, Marine and Energy, Media and Entertainment, Professional Services, Real Estate, Sports, and Transportation. Reorganization Prior to July 25, 2019, the Company was a wholly-owned subsidiary of ProSight Global Holdings Limited (“PGHL”), a Bermuda holding company. Effective July 25, 2019, prior to the completion of the Company’s initial public offering (“IPO”), PGHL merged with and into the Company, with the Company surviving the merger (the “merger”). The prior holders of PGHL’s equity interests then outstanding received, as merger consideration, the right to receive 6.46 shares of the Company’s common stock for each such outstanding PGHL equity interest. The total merger consideration was 38,851,369 shares of the Company’s common stock, which then comprised 100% of the shares of the Company’s outstanding common stock. As a result of the merger, the assets and liabilities of the Company include, effective July 25, 2019, the assets and liabilities of PGHL. In addition, on July 24, 2019, in connection with the merger, the Company’s duly adopted amended and restated certificate of incorporation (the “Certificate of Incorporation”) became effective, providing for, among other things, the authorization of 200,000,000 shares of common stock and 50,000,000 shares of preferred stock. The consolidated financial statements, related notes and schedules have been restated for all historical periods prior to and including June 30, 2019, presented to give effect to the merger and related conversion of shares, including reclassifying an amount equal to the change in value of common stock to additional paid-in capital, as well as the effectiveness of the Certificate of Incorporation. Prior to the merger, PGHL’s subsidiaries ProSight Specialty International Holdings Limited (“PSIH”) and ProSight Specialty European Holdings Limited (“PSEH”) were merged with and into ProSight Global, Inc., effective February 5, 2019. Additionally, effective February 5, 2019, PSBL became a wholly-owned subsidiary of the Company. Prior to February 5, 2019, PSBL was a wholly-owned subsidiary of PSEH. Initial Public Offering On July 29, 2019, the Company completed its IPO with the sale of 7,857,145 shares of the Company’s common stock, including the issuance and sale by the Company of 4,285,715 shares of the Company’s common stock and the sale by PI and PPI (collectively, the “GS Investors”) and PT, TPG PS 1, L.P., TPG PS 2, L.P., TPG PS 3, L.P. and TPG PS 4, L.P. (collectively the “TPG Investors” and together with the GS Investors, the “Principal Stockholders”) of 3,571,430 shares of the Company’s common stock. Shares of the Company’s common stock were initially offered to the public by the underwriters in the IPO at a per-share price of $14.00. After deducting underwriting discounts and commissions and estimated offering expenses, the net proceeds to the Company from the IPO were approximately $50.8 million. The Company did not receive any of the proceeds from the sale of the shares of the Company’s common stock sold by the Principal Stockholders in the IPO. Following the IPO, the GS Investors held approximately 40.9% of the Company’s outstanding common stock and the TPG Investors held approximately 39.4% of the Company’s outstanding common stock. On August 15, 2019 the Principal Stockholders completed the sale of 1,178,570 shares of the Company’s common stock at a price of $14.00 per share less the underwriting discount pursuant to the underwriters’ exercise of their over-allotment option granted in connection with the IPO. The offering was registered pursuant to the registration statement on Form S-1, which the SEC declared effective on July 24, 2019. The Company did not receive any of the proceeds from the sale of the shares of common stock of the Company sold by the Principal Stockholders in this offering. Following this offering, the GS Investors held approximately 39.5% of the Company’s outstanding common stock and the TPG Investors held approximately 38.0% of the Company’s outstanding common stock.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Reporting and Use of Estimates The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported financial statement balances, as well as disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Consolidation Unless otherwise noted, the consolidated financial statements include the accounts of the Company and its subsidiaries after elimination of intercompany balances and transactions, and relate to continuing operations. Discontinued operations are reported separately. Investments Investment transactions are recorded on their trade date with balances pending settlement included in the consolidated balance sheets as a receivable for investments disposed of or payable for investments securities acquired and reported within other assets or other liabilities respectively. Realized investment gains and losses are determined on the basis of first-in, first-out. Fixed Income Securities Fixed income securities may include U.S. treasury securities, government agency securities, municipal debt obligations, residential mortgage backed securities (“RMBS”), commercial mortgage backed securities (“CMBS”), collateralized loan obligations (“CLO”), asset backed securities (“ABS”) and corporate debt securities. Fixed income securities categorized as available-for-sale (“AFS”) are reported at estimated fair value and include those fixed income investments where the Company’s intent to carry such investments to maturity may be affected in future periods by changes in market interest rates, tax position or credit quality. Unrealized gains and losses, net of related deferred income taxes, on AFS securities are reflected in accumulated other comprehensive income (loss) (“AOCI”) in stockholders’ equity. The cost of fixed income securities is adjusted for the amortization of any purchase premiums and the accretion of purchase discounts from the time of purchase of the security to its sale or maturity. This amortization of premium and accretion of discount is recorded in net investment income in the consolidated statements of operations. Any realized gains or losses resulting from the sale of securities are recognized in realized investment gains (losses), net in the consolidated statements of operations. Commercial Levered Loans The Company’s investment portfolio includes commercial levered loans, which are classified as held-for-investment and are reported at amortized cost. Investments in Limited Partnerships and Limited Liability Companies The Company has elected to carry investments in limited partnerships and limited liability companies at fair value. Interest income, dividend income and movements in fair value respective to cost basis are recorded as investment income. The fair values are obtained from statements of net asset value made available by the respective limited partnerships and limited liability companies. Short-Term Investments Short-term investments, which have maturities of one year or less at acquisition, are carried at amortized cost, which approximates fair value. Cash and Cash Equivalents Cash and cash equivalents include cash on deposit with banks and treasury bills with maturities of less than 90 days at acquisition. The Company considers all highly liquid debt instruments with maturities of three months or less at acquisition to be cash equivalents. Restricted cash consists of escrow funds, trust funds and collateral related to funds withheld. Other-Than-Temporary Impairments Management reviews fixed income securities for other-than-temporary impairments (“OTTI”) based upon quantitative and qualitative criteria that include, but are not limited to, downgrades in rating agency levels for securities, the duration and extent of declines in fair value of the security below its cost or amortized cost, interest rate trends, the Company’s intent to sell or hold the security, market conditions, and the regulatory environment for the security’s issuer. The Company may also consider cash flow models and matrix analyses in connection with its OTTI evaluation. The Company will record credit impairment in the consolidated statements of operations when the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis of the security. In addition, any portion of such decline to arise from factors other than credit is recorded as a component of other comprehensive income (“OCI”). Fair Values of Financial Instruments For fixed income securities, quoted prices in active markets are used to determine the fair value. When such information is not available, as in the case of securities that are not publicly traded, other valuation techniques are employed. These valuation techniques may include, but are not limited to, using third-party pricing sources (dealer marks), identifying comparable securities with quoted market prices and using internally prepared valuations based on certain modeling and pricing methods. For limited partnerships and limited liability companies, the Company utilizes statements of net asset value made available by the respective limited partnerships and limited liability companies. For notes payable, the Company takes into consideration, the interest-rate environment for benchmark interest rates, credit spreads for similar securities, as well as the Company’s rating and financial performance to calculate the fair value. Premium Recognition Premiums are reflected in income on a monthly pro rata basis over the terms of the respective policies. Accordingly, unearned premium reserves are established for the portion of premiums written applicable to unexpired policies in force. The Company has provided an allowance for uncollectible premiums receivable of $5.1 million and $4.8 million as of December 31, 2019 and 2018, respectively. Policy Acquisition Cost Recognition Policy acquisition costs related to unearned premiums that vary with, and are directly related to, the production of such premiums are deferred. Furthermore, such deferred costs: (i) represent only incremental, direct costs associated with the successful acquisition of a new or renewal insurance contract; (ii) are essential to the contract transaction; (iii) would not have been incurred had the contract transaction not occurred; and (iv) are related directly to the acquisition activities involving underwriting, policy issuance and processing. Policy acquisition costs, such as brokerage commissions and premium taxes, and other expenses related to the underwriting process, including their employees’ compensation and benefits, are amortized to expense as the related premiums are earned. Accounting guidance requires a premium deficiency analysis to be performed at the level an entity acquires, services, and measures the profitability of its insurance contracts. Currently, the Company determines the sufficiency of unearned premium net of deferred policy acquisition costs against expected levels of losses and loss adjustment expenses by line of business. The determination anticipates investment income. To the extent carried unearned premium net of deferred policy acquisition cost is viewed as deficient, the respective deferred policy acquisition cost is first reduced and, if needed, a separate deficiency reserve is established. Reinsurance The Company’s insurance subsidiaries participate in various reinsurance agreements on both an assumed and ceded basis. The Company uses various types of reinsurance, including quota share, excess of loss and facultative agreements, to spread the risk of loss among several reinsurers and to limit its exposure from losses on any one occurrence. Any recoverable due from reinsurers is recorded in the period in which the related gross liability is established. Reinsurance reinstatement premiums are incurred by the Company based upon the provisions of the reinsurance contracts. In the event of a loss, the Company may be obligated to pay additional reinstatement premiums under its excess of loss reinsurance treaties. In such instances, the respective reinstatement premium is expensed immediately. The Company accounts for reinsurance receivables and prepaid reinsurance premiums as assets. The Company maintains an allowance for doubtful accounts, which includes amounts in dispute, amounts due from insolvent or financially impaired companies and other balances deemed uncollectible. Management continually reviews and updates such estimates. Profit commission revenue derived from reinsurance transactions is recognized when such amounts become earned as provided in the treaties with the respective reinsurers. Depreciation Property, equipment, and leasehold improvements are depreciated over their estimated useful lives, which are approximately three to seven years. Costs incurred in developing or obtaining software are capitalized and depreciated on a straight-line basis over their estimated useful lives, which are approximately three to seven years. Capitalized software as of December 31, 2019 and 2018, had unamortized balances of $33.8 million and $35.0 million, respectively. Depreciation on capitalized software commences once the software is placed into service. The Company recorded depreciation expense of $7.0 million, $5.8 million and $5.4 million for the years ended 2019, 2018 and 2017, respectively. Other depreciable assets, primarily leasehold improvements, as of December 31, 2019 and 2018, had unamortized balances of $3.3 million and $3.8 million, respectively. The Company recorded depreciation expense of $1.2 million and $1.5 million and $1.7 million, for the years ended 2019, 2018 and 2017, respectively. Income Taxes The Company’s U.S. subsidiaries file a consolidated federal income tax return in the U.S. The Company provides deferred income taxes on temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities based upon enacted tax rates. The effect of a change in tax rates is recognized in income in the period of change. The Company provides for a valuation allowance on certain deferred tax assets primarily as a result of the uncertainty that the Company can fully utilize all deferred taxes that arose from net operating losses (NOL) incurred. This uncertainty stems from issues relating to the current economic conditions and limitations on the period that such losses can be carried forward prior to expiring. To the extent the Company generates future operating income to offset these losses, it may recover some or the entire amount of the deferred income taxes associated with temporary differences. On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Reform”) was enacted which reduced the corporate tax rate from 35% to 21% effective January 1, 2018. This resulted in a re-measurement of the Company’s net deferred taxes to reflect the new rate at which the deferred items will be realized. The re-measurement of the net deferred tax asset as another income tax expense resulted in tax effects of items within AOCI, which did not reflect the current enacted tax rate. As a result, the Company elected to early adopt Accounting Standards Update 2018-02 (“ASU 2018-02”), Income Statement — Reporting Comprehensive Income at December 31, 2017, by making a one-time adjustment of $1.6 million to reclassify the stranded tax effects from accumulated other comprehensive income to retained earnings, that was associated with net unrealized gains on our investment portfolio resulting from the enactment of Tax Reform. Losses and Loss Adjustment Expenses Losses and loss adjustment expenses are a function of the amount and type of insurance contracts the Company writes, the loss experience associated with the underlying coverage, and the expenses incurred in the handling of the losses. In general, the Company’s losses and loss adjustment expenses are affected by the frequency of claims associated with the particular types of insurance contracts, trends in the average size of losses incurred on a particular type of business, mix of business, changes in the legal or regulatory environment related to the business, trends in legal defense costs, wage inflation, and inflation in medical costs. The reserve for loss and loss adjustment expenses includes a provision for both reported claims (case reserves) and incurred but not reported claims (“IBNR”). IBNR estimates are generally calculated by first projecting the ultimate cost of all losses that have occurred (expected losses), and then subtracting paid losses, case reserves, and loss expenses. The reserve for loss and loss adjustment expenses represents management’s best estimate of unpaid losses and loss adjustment expenses using individual case-basis valuations and statistical analysis that is not discounted, with the exception of certain workers’ compensation claims. Workers’ compensation reserves for policy years between 2007 and 2019 were discounted at discount rates between 2.85% and 5.00%, for the years ended December 31, 2019 and 2018, respectively. Carried discounted reserves on these workers’ compensation claims, net of reinsurance, were $116.9 million and $96.3 million at December 31, 2019 and 2018, respectively. The amount of discount related to workers’ compensation reserves were $47.4 million and $37.0 million at December 31, 2019 and 2018, respectively. The Company’s loss reserve review processes use actuarial methods that may vary by line of business. The actuarial methods used include the following methods: · Reported Loss Development Method: a reported loss development pattern is calculated based on historical loss development data, and this pattern is then used to project the latest evaluation of cumulative reported losses for each accident year or underwriting year, as appropriate, to ultimate levels; · Paid Development Method: a paid loss development pattern is calculated based on historical paid loss development data, and this pattern is then used to project the latest evaluation of cumulative paid losses for each accident year or underwriting year, as appropriate, to ultimate levels; · Expected Loss Ratio Method: expected loss ratios are applied to premiums earned, based on actuarial pricing expectation, or historical insurance industry results when company experience is deemed not to be sufficient; and · Bornhuetter-Ferguson Method: the results from the Expected Loss Ratio Method are essentially blended with either the Reported Loss Development Method or the Paid Development Method. Although considerable variability is inherent in the estimates of reserves for losses and loss adjustment expenses, management believes the reserve is adequate. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes known. Such adjustments are included in current operations. Share-Based Compensation Entities are required to measure compensation cost for awards of equity instruments to employees based on the grant-date fair value of those awards and recognize compensation expense over the service period that the awards are expected to vest. The Company records compensation costs on a straight-line basis over the vesting period of all awards except when an award requires accelerated recognition. The Company does not apply a forfeiture rate to unvested awards and accounts for forfeitures as they occur. Stock-based compensation expense related to long-term incentive awards and director restricted stock units (“RSUs”) are included in general and administrative expenses in the Company’s consolidated statements of operations. Stock-based compensation expense related to supplemental RSUs and founders grant awards are included in other expenses in the Company’s consolidated statements of operations. Goodwill and Net Intangible Assets Goodwill represents the excess of the cost of acquiring a business enterprise over the fair value of the net assets acquired. Goodwill is deemed to have an indefinite life and is not amortized, but rather tested annually, in the fourth quarter, for impairment. A quantitative goodwill impairment analysis is performed if an annual qualitative analysis indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Finite-lived intangible assets are amortized over their estimated useful lives. Indefinite-lived other intangible assets are tested for impairment annually, in the fourth quarter, or when certain triggering events require such tests. Earnings Per Share Basic earnings per share of common stock is based on the weighted-average number of shares of outstanding common stock, par value $0.01 per share, of the Company (“Common Stock”) during the period, and vested RSUs. Vested RSUs awaiting conversion into common stock were 906,182 for the year ended December 31, 2019, 548,292 for the year ended December 31, 2018 and 517,446 for the year ended December 31, 2017. Diluted earnings per share of Common Stock are based on those shares used to calculate basic earnings per share of Common Stock plus the dilutive effect of unvested stock-based compensation awards. Basic and diluted earnings per share are calculated by dividing net income by the applicable weighted-average number of shares outstanding during the period. The Company did not declare any stock dividends for the years ended December 31, 2019, 2018 and 2017. Reclassifications All share and per share amounts in the financial statements, related notes and schedules have been restated for all historical periods prior to and including June 30, 2019, presented to give effect to the merger and related conversion of shares, including reclassifying an amount equal to the change in value of common stock to additional paid-in capital, as well as the effectiveness of the Certificate of Incorporation. From time to time we reallocate existing niches to new or different customer segments in order to align them more efficiently, for reasons that may include the evolution of business or customers in that niche, the establishment or discontinuance of related niches, changes in responsibilities of our management team handling the segments, among others. All historical customer segment information is presented in accordance with the current composition of our customer segments and such reallocation of premium amounts, and as a result some customer segment information may differ from amounts previously reported i n Note 18. Segments.

Recently Adopted Accounting Sta

Recently Adopted Accounting Standards	12 Months Ended
	Dec. 31, 2019
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards	3. Recently Adopted Accounting Standards Accounting Guidance Adopted In October 2016, the FASB issued ASU 2016‑16, Income Taxes, Intra-Entity Transfers of Assets Other Than Inventory . ASU 2016‑16 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, rather than when the asset has been sold to an outside party. ASU 2016‑16 should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. For the Company, ASU 2016‑16 is effective for annual periods beginning after December 15, 2018 and interim periods within annual periods beginning after December 15, 2019. ASU 2016‑16 is effective for public entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company adopted ASU 2016‑16 in the fourth quarter of 2019 and it did not have a material impact on its financial condition and results of operations. In January 2016, the FASB issued ASU 2016‑01, Financial Instruments — Overall, Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016‑01 provides guidance to improve certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Specifically the guidance: (i) requires equity investments to be measured at fair value with changes in fair value recognized in earnings; (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (iii) eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost; (iv) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes; and (v) clarifies that the need for a valuation allowance on a deferred tax asset related to an AFS security should be evaluated with other deferred tax assets. The Company shall apply ASU 2016‑01 by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. ASU 2016‑01 is effective for public entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. For the Company, ASU 2016‑01 is effective for annual periods beginning after December 15, 2018 and interim periods within annual periods beginning after December 15, 2019. The Company adopted ASU 2016-01 in the fourth quarter of 2019 and it did not have a material impact on its financial condition and results of operations. Accounting Guidance Not Yet Adopted In February 2016, the FASB issued ASU 2016‑02, Leases to improve the financial reporting of leasing transactions. Under this ASU, lessees will recognize a right-of-use asset and corresponding liability on the balance sheet for all leases, except for leases covering a period of fewer than 12 months. The liability is to be measured as the present value of the future minimum lease payments taking into account renewal options if applicable plus initial incremental direct costs such as commissions. The minimum payments are discounted using the rate implicit in the lease or, if not known, the lessee’s incremental borrowing rate. The lessee’s income statement treatment for leases will vary depending on the nature of what is being leased. A financing type lease is present when, among other matters, the asset is being leased for a substantial portion of its economic life or has an end-of-term title transfer or a bargain purchase option as in today’s practice. The payment of the liability set up for such leases will be apportioned between interest and principal; the right-of use asset will be generally amortized on a straight-line basis. If the lease does not qualify as a financing type lease, it will be accounted for on the income statement as rent on a straight-line basis. ASU 2016‑02 requires the application of a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. ASU 2016‑02 is effective for public entities for annual periods beginning after December 15, 2018, including interim periods within those annual periods with early adoption permitted. For the Company, ASU 2016‑02 is effective for annual periods beginning after December 15, 2019 and interim periods within annual periods beginning after December 15, 2020. The Company will adopt ASU 2016‑02 in the first quarter of 2020, and expects to recognize, at adoption, a right-of-use asset of $6.8 million and a corresponding lease liability of $6.8 million in continuing operations. The Company expects to recognize, at adoption, a right-of-use asset of $2.6 million and a corresponding lease liability of $2.6 million in discontinued operations. In June 2016, the FASB issued ASU 2016‑13, Financial Instruments — Credit Losses, Measurement of Credit Losses on Financial Instruments . ASU 2016‑13 will change the way entities recognize impairment of financial assets by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, including, among others, held-to-maturity debt securities, trade receivables, and reinsurance receivables. ASU 2016‑13 requires a valuation allowance to be calculated on these financial assets and that they be presented on the financial statements net of the valuation allowance. The valuation allowance is a measurement of expected losses that is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This methodology is referred to as the current expected credit loss model. ASU 2016‑13 is effective for public entities for annual periods beginning after December 15, 2019, including interim periods within those annual periods with early adoption permitted. For the Company, ASU 2016‑13 is effective for annual periods beginning after December 15, 2022 including interim periods within these annual periods. The Company will adopt ASU 2016-13 in the first quarter of 2020 and does not currently believe that the implementation will have a material impact to the Company’s financial condition or results of operations. In August 2018, the FASB issued ASU 2018‑13, Fair Value Measurement: Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018‑13 modifies the disclosure requirements for fair value measurements. The modifications removed the following disclosure requirements: (i) the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy; (ii) the policy for timing of transfers between levels; and (iii) the valuation processes for Level 3 fair value measurements. This ASU added the following disclosure requirements: (i) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and (ii) the range and weighted average of significant observable inputs used to develop Level 3 fair value measurements. This update shall be applied retrospectively and is effective for all entities annual and interim periods beginning after December 15, 2019, with early adoption permitted. As the requirements of this literature are disclosure only, ASU 2018‑13 will not impact the Company’s financial condition or results of operations. In August 2018, the FASB issued ASU 2018‑15, Intangibles — Goodwill and Other —  Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . ASU 2018‑15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018‑15 provides the option to apply prospectively to costs for activities performed on or after the date that the entity first adopts or retrospectively in accordance with guidance on accounting changes. This update is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. For the Company, ASU 2018‑15 is effective for annual periods beginning after December 15, 2020 and interim periods within annual periods beginning after December 15, 2021. The Company is currently evaluating the impact of this guidance on its financial condition and results of operations.

Statements of Cash Flow

Statements of Cash Flow	12 Months Ended
	Dec. 31, 2019
Statements of Cash Flow
Statements of Cash Flow	4. Statements of Cash Flow Supplemental cash flow information for the years ended December 31, 2019, 2018 and 2017, is as follows: December 31 ($ in thousands) 2019 2018 2017 Cash paid (received) during the period for: Interest $ 12,865 $ 12,377 $ 12,125 Federal income tax (780) 135 227 In 2019, there was a conversion of 59,169 RSUs into common shares accounted for as a non-cash transaction .

Goodwill and Intangibles

Goodwill and Intangibles	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangibles
Goodwill and Intangibles	5. Goodwill and Net Intangibles Assets On November 23, 2010, the Company acquired 100% of NYMAGIC, Inc.’s outstanding common stock for a cash price of $25.75 per share or approximately $231.9 million. The acquisition of NYMAGIC, Inc. provided a platform for which the Company could issue insurance policies. The fair value of net assets acquired amounted to $220.0 million after fair value adjustments of $9.5 million. The cash purchase price paid in excess of the fair value of net assets acquired was equal to goodwill of $11.9 million. Intangible assets acquired include the value of licenses, trade names, agency relationships, non-compete agreements, renewal rights, and valuation of business acquired. Intangible assets acquired included $17.1 million, which are not subject to amortization, and $13.6 million that amortizes over a period of 2 to 15 years. Of the $13.6 million intangible assets acquired, $0.2 million remain to be amortized at December 31, 2019. Goodwill and other intangible assets not subject to amortization are tested for impairment annually, in the fourth quarter. As of December 31, 2019, there was no impairment of goodwill or other intangible assets not subject to amortization. ($ in thousands) Goodwill Other Intangibles Total December 31, 2017 $ 11,911 $ 17,338 $ 29,249 Amortization — 30 30 December 31, 2018 $ 11,911 $ 17,308 $ 29,219 Amortization — 30 30 December 31, 2019 $ 11,911 $ 17,278 $ 29,189 The status of the goodwill and net intangible assets is presented in the following tables: Accumulated ($ in thousands) Gross Amortization Net Useful Life December 31, 2019 Goodwill $ 11,911 $ — $ 11,911 Indefinite State licenses 17,100 — 17,100 Indefinite Other 208 (30) 178 15 years Net balance $ 29,219 $ (30) $ 29,189 December 31, 2018 Goodwill $ 11,911 $ — $ 11,911 Indefinite State licenses 17,100 — 17,100 Indefinite Other 2,452 (2,244) 208 Varies up to 15 years Net balance $ 31,463 $ (2,244) $ 29,219 The estimated amortization of intangible assets for the next five years is as follows: ($ in thousands) 2020 $ 30 2021 30 2022 30 2023 30 2024 30 $ 150

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2019
Discontinued Operations
Discontinued Operations	6. Discontinued Operations Prior to April 1, 2017, the Company also conducted business in the United Kingdom (“U.K.”) through certain subsidiaries of PSIH, which was incorporated in 2011 as a Bermuda holding company. PSIH acquired several entities in the U.K. in order to build Lloyd’s Syndicate 1110 (“Syndicate”). The Company changed its strategic direction with respect to its U.K. operations and placed the Syndicate into run-off. The Company then entered into a two-phase sale transaction to exit its U.K. operations, which closed in October 2017 and March 2018. There was no gain or loss recognized from the sale of the U.K. operations. In terms of the sale agreement, the Company will continue to meet Funds at Lloyd’s (“FAL”) obligations with respect to the Syndicate. In that regard, at December 31, 2019, the Company deposited cash and securities of $10.4 million and arranged for placement $23.2 million in Letters of Credit and securities. As part of the Company’s exit from the insurance market in U.K., all of the Syndicate’s reinsurance of the Company’s U.S. based insurance companies was commuted, and business sourced by PSIB to the Syndicate was reinsured back to the Company’s U.S. based insurance subsidiaries via 100% quota share reinsurance provided by New York Marine. In connection with the above sale, the Company provided Aggregate Stop Loss reinsurance protection for development of the Syndicate covered reserves for which the Company has a liability of $24.0 million and $13.3 million as of December 31, 2019 and 2018, respectively. Additionally and also effective April 1, 2017, the Company assumed fully future and in force obligations of the Syndicate with respect to business underwritten by the Company’s U.S. based operations on Syndicate paper. Prior to its exit from the U.K. insurance market, the Company assigned functional currencies to its foreign operations, which are generally the currencies of the local operating environment. Foreign currency amounts are remeasured to the functional currency, and the resulting foreign exchange gains or losses are reflected in earnings, except for foreign currency translation differences that arise in conjunction with the recognition of unrealized gains or losses on AFS investments which are recognized in OCI. Functional currency amounts are then translated into U.S. dollars. The foreign currency remeasurement and translation are calculated using current exchange rates for items reported in the balance sheets and average exchange rates for items recorded in earnings. The resulting foreign currency translation gain or loss during the year, is a component of OCI. A foreign transaction gain of $4.6 million was recorded for the year ended December 31, 2017. These amounts are included in the net loss from discontinued operations in the consolidated statements of operations for the year ended December 31, 2017. Loss from discontinued operations, net of taxes in its consolidated statements of operations are comprised of the following: Years Ended December 31 ($ in thousands) 2019 2018 2017 Revenues Net earned premiums $ 611 $ 1,173 $ 49,233 Net investment income 142 514 2,717 Realized investment gains, net 1,267 830 14,329 Other income — 338 — Total revenue 2,020 2,855 66,279 Expenses Net losses and loss adjustment expenses incurred 10,463 11,197 50,787 Policy acquisition expenses 218 401 9,544 General and administrative expenses 57 (8,401) 27,533 Interest expense — 218 1,648 Foreign exchange gains — — (4,570) Other expense — — 19,105 Total expenses 10,738 3,415 104,047 Loss from discontinued operations before income taxes (8,718) (560) (37,768) Income tax benefit (2,114) (1,374) (679) Net (loss) income from discontinued operations $ (6,604) $ 814 $ (37,089) The following represents the carrying amounts of assets and liabilities associated with the exit from the insurance market in the U.K. reported as discontinued operations in its consolidated balance sheets: December 31 ($ in thousands) 2019 2018 Assets Total cash and investments $ 10,428 $ 10,436 Other assets 11,156 9,283 Total assets $ 21,584 $ 19,719 Liabilities Unpaid losses and loss adjustment expenses $ 24,169 $ 14,030 Other liabilities 7,409 8,226 Total liabilities $ 31,578 $ 22,256

Investments

Investments	12 Months Ended
	Dec. 31, 2019
Investments
Investments	7. Investments Fixed income securities may include U.S. Treasury securities, government agency securities, municipal debt obligations, RMBS, CMBS, CLO, ABS and corporate debt securities. (a) A summary of the Company’s investment components is presented below: December 31 ($ in thousands) 2019 2018 Fixed income securities, AFS (fair value): U.S. Treasury securities $ 49,985 2.3 % $ 5.0 % Government agency securities 6,531 0.3 % - ‐ % Corporate debt securities 1,338,812 61.8 % 66.3 % Municipal debt obligations 79,815 3.7 % 0.3 % ABS 73,582 3.4 % 4.7 % CLO 179,549 8.3 % 8.7 % CMBS 97,526 4.5 % 3.0 % RMBS – non-agency 71,610 3.3 % 4.4 % RMBS – agency 143,272 6.6 % 1.7 % Total fixed income securities, AFS 2,040,682 94.2 % 94.1 % Short-term investments 43,873 2.0 % 2.0 % Commercial levered loans (amortized cost) 14,069 0.7 % 0.9 % Limited partnerships and limited liability companies (fair value) 66,660 3.1 % 3.0 % Total investments $ 100.0 % $ 100.0 % At December 31, 2019 and 2018, 91.1% and 85.0% of the fair value of the Company’s fixed income portfolios were considered investment grade, respectively. The Company held approximately $181.0 million and $259.3 million in fixed income securities that were below investment grade as of December 31, 2019 and 2018, respectively. (b) The gross unrealized gains and losses on AFS securities included in assets from continuing operations at December 31, 2019, are as follows: Cost/ Gross Gross Amortized Unrealized Unrealized Fair ($ in thousands) Cost Gains Losses Value Fixed income securities: U.S. Treasury securities $ 49,161 $ 838 $ (14) $ 49,985 Government agency securities 6,522 23 (14) 6,531 Corporate debt securities 1,308,094 33,743 (3,025) 1,338,812 Municipal debt obligations 80,338 243 (766) 79,815 ABS 73,068 854 (340) 73,582 CLO 181,704 125 (2,280) 179,549 CMBS 95,810 1,863 (147) 97,526 RMBS - non-agency 62,343 9,458 (191) 71,610 RMBS - agency 142,363 1,256 (347) 143,272 Total fixed income securities $ 1,999,403 $ 48,403 $ (7,124) $ 2,040,682 The gross unrealized gains and losses on AFS securities included in assets from continuing operations at December 31, 2018, are as follows: Cost/ Gross Gross Amortized Unrealized Unrealized Fair ($ in thousands) Cost Gains Losses Value Fixed income securities: U.S. Treasury securities $ 92,219 $ 126 $ (2,017) $ 90,328 Corporate debt securities 1,231,352 1,216 (40,138) 1,192,430 Municipal debt obligations 6,238 — (153) 6,085 ABS 82,603 1,095 (117) 83,581 CLO 161,421 160 (4,668) 156,913 CMBS 55,980 — (2,137) 53,843 RMBS - non-agency 68,594 11,078 (121) 79,551 RMBS - agency 31,348 — (697) 30,651 Total fixed income securities $ 1,729,755 $ 13,675 $ (50,048) $ 1,693,382 (c) The following table summarizes all securities in an unrealized loss position at December 31, 2019, the fair value and gross unrealized loss by asset class and by length of time those securities have been in a loss position: Less Than 12 Months Greater Than 12 Months Total Total Fair Unrealized Fair Unrealized Total Unrealized ($ in thousands) Value Losses Value Losses Fair Value Losses U.S. Treasury securities $ — $ — $ 7,469 $ (14) $ 7,469 $ (14) Government agency securities 3,192 (14) — — 3,192 (14) Corporate debt securities 133,341 (2,509) 50,695 (516) 184,036 (3,025) Municipal debt obligations 66,355 (766) — — 66,355 (766) ABS 27,884 (175) 11,165 (165) 39,049 (340) CLO 28,485 (338) 110,825 (1,942) 139,310 (2,280) CMBS 18,307 (102) 6,053 (45) 24,360 (147) RMBS - non-agency 2,173 (14) 2,418 (177) 4,591 (191) RMBS - agency 10,450 (12) 12,367 (335) 22,817 (347) Total $ 290,187 $ (3,930) $ 200,992 $ (3,194) $ 491,179 $ (7,124) The following table summarizes all securities in an unrealized loss position at December 31, 2018, the fair value and gross unrealized loss by asset class and by length of time those securities have been in a loss position: Less Than 12 Months Greater Than 12 Months Total Total Fair Unrealized Fair Unrealized Total Unrealized ($ in thousands) Value Losses Value Losses Fair Value Losses U.S. Treasury securities $ 8,263 $ (82) $ 69,727 $ (1,935) $ 77,990 $ (2,017) Corporate debt securities 393,931 (10,241) 710,482 (29,897) 1,104,413 (40,138) Municipal debt obligations — — 6,085 (153) 6,085 (153) ABS 25,258 (61) 4,249 (56) 29,507 (117) CLO 146,004 (4,668) — — 146,004 (4,668) CMBS — — 53,843 (2,137) 53,843 (2,137) RMBS - non-agency 529 (13) 2,449 (108) 2,978 (121) RMBS - agency 27,150 (513) 3,502 (184) 30,652 (697) Total $ 601,135 $ (15,578) $ 850,337 $ (34,470) $ 1,451,472 $ (50,048) The Company was holding 313 and 708 fixed income securities that were in an unrealized loss position at December 31, 2019 and 2018, respectively. The Company believes these unrealized losses are temporary, as they resulted from changes in market conditions, including interest rates or sector spreads, and are not considered to be credit risk related. OTTI charges are recognized as a realized loss to the extent that they are credit related, unless the Company has the intent to sell the security or it is more-likely-than not that the Company will be required to sell the security. In those circumstances, the security is written down to fair value with the entire amount of the write-down charged to earnings as a component of realized losses. The Company did not record any OTTI charges for the year ended December 31, 2019 and $1.5 million of OTTI charges for the year ended December 31, 2018, respectively, in the consolidated statements of operations. (d) The amortized cost and fair value of fixed income securities, which excludes the Company’s structured securities portfolio, at December 31, 2019, by contractual maturity are shown below. Expected maturities will differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2019 Amortized Fair ($ in thousands) Cost Value Due in one year or less $ 99,035 $ 99,326 Due after one through five years 679,649 692,219 Due after five through ten years 507,803 523,276 Due after ten years 157,628 160,322 1,444,115 1,475,143 Structured securities: ABS 73,068 73,582 CLO 181,704 179,549 CMBS 95,810 97,526 RMBS - non-agency 62,343 71,610 RMBS - agency 142,363 143,272 Totals $ 1,999,403 $ 2,040,682 The Company did not have any non-income producing fixed income investments for the years ended December 31, 2019 or 2018, respectively. (e) The Company elected to account for its investments in limited partnership and limited liability companies of $66.7 million and $53.4 million at December 31, 2019 and 2018, respectively, at fair value. Changes in fair value of such investments are recorded in the consolidated statements of operations within net investment income. The largest investment within the portfolio is the Pacific Investment Management Company LLC Tactical Opportunities fund, which is carried at $36.6 million at December 31, 2019. The carrying values used for investment in limited partnerships and limited liability companies generally are established on the basis of the valuations provided monthly or quarterly by the managers of such investments. These valuations are determined based upon the valuation criteria established by the governing documents of such investments or utilized in the normal course of such manager’s business, which are reflective of fair value. Such valuations may differ significantly from the values that would have been used had available markets for these investments existed and the differences could be material. The Company’s strategies for its investments in limited partnerships and limited liability companies include investments funds that employ diverse and fundamentally driven approach to investing which includes effective risk management, hedging strategies and leverage. The portfolio of investments in limited partnerships and limited liability companies consists of common stocks, real estate assets, options, swaps, derivative instruments and other structured products. The limited partnerships and limited liability companies in which the Company invests sometimes impose limitations on the timing of withdrawals from the funds. The Company’s inability to withdraw its investment quickly from a particular limited partnership or a limited liability company that is performing poorly could result in losses and may affect liquidity. All of the Company’s limited partnerships and limited liability companies have timing limitations. Most limited partnerships and limited liability companies require a 90‑day notice period in order to withdraw funds. Some limited partnerships and limited liability companies may require a withdrawal only at the end of their fiscal year. The Company may also be subject to withdrawal fees in the event the limited partnerships and limited liability companies is sold within a minimum holding period, which may be up to one year. Many limited partnerships and limited liability companies have invoked gated provisions that allow the fund to disperse redemption proceeds to investors over an extended period. The Company is subject to such restrictions, which may delay the receipt of proceeds from limited partnerships and limited liability companies. (f) The Company invests in commercial loans, which are private placements. Loans are reported at the principal amount outstanding, reduced by unearned discounts, net deferred loan fees, and an allowance for loan losses. Interest on loans is calculated using the simple interest method on the daily principal amount outstanding. The allowance for loan losses related to impaired loans is determined based on the difference of the carrying value of loans and the present value of expected cash flows discounted at the loan’s effective interest rate or, as a practical expedient, the loan’s observable market price. There was no allowance for loan losses at December 31, 2019 and 2018, respectively. (g) Proceeds from sales and redemptions in AFS securities totaled $302.9 million, $255.2 million and $977.0 million for the years ended December 31, 2019, 2018 and 2017 respectively. Gross realized gains from sales and redemptions in AFS securities totaled $1.4 million, $0.6 million, and $5.8 million for the years ended December 31, 2019, 2018 and 2017, respectively. Gross realized losses from sales and redemptions of AFS investments totaled $0.7 million, $2.2 million and $1.6 million for the years ended December 31, 2019, 2018 and 2017, respectively. (h) Net investment income included in net income (loss) from continuing operations in the consolidated statements of operations from each major category of investments for the years ended December 31, 2019, 2018 and 2017, is as follows: ($ in thousands) 2019 2018 2017 Fixed income securities $ 66,975 $ 55,765 $ 33,467 Commercial levered loans 765 1,114 1,153 Net limited partnerships gains 3,101 1,081 3,240 Other 358 176 216 Total investment income 71,199 58,136 38,076 Less: investment income attributable to funds withheld liabilities (655) (912) — Less: expenses (1,647) (1,253) (1,880) Net investment income $ 68,897 $ 55,971 $ 36,196 (i) Included in investments at December 31, 2019 and 2018, are securities required to be held by the Company (or those that are on deposit) with various regulatory authorities as required by law with a fair value of $210.8 million and $188.6 million, respectively. Fair value and carrying value of assets in the amount of $367.1 million and $352.0 million, respectively, were on deposit in collateral agreements at December 31, 2019. Fair value and carrying value of assets in the amount of $358.5 million and $368.0 million, respectively, were on deposit in collateral agreements at December 31, 2018. (j) The investment portfolio has exposure to market risks, which include the effect of adverse changes in interest rates, credit quality, limited partnership value and illiquid securities, including commercial loan values, on the portfolio. Interest rate risk includes the changes in the fair value of fixed maturities based upon changes in interest rates. Credit quality risk includes the risk of default by issuers of debt securities. Risks from investments in limited partnerships and limited liability companies and illiquid securities risks include the potential loss from the diminution in the value of the underlying investment of the limited partnerships and limited liability companies and the potential loss from changes in the fair value of commercial loans.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2019
Fair Value Measurements
Fair Value Measurements	8. Fair Value Measurements The Company has established a framework for valuing financial assets and financial liabilities. The framework is based on a hierarchy of inputs used in valuation and gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions. The standard describes three levels of inputs that may be used to measure fair value and categorize the assets and liabilities within the hierarchy: Level 1 —  Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities. These prices generally provide the most reliable evidence and are used to measure fair value whenever available. Active markets are defined as having the following for the measured asset/liability: (i) many transactions, (ii) current prices, (iii) price quotes not varying substantially among market makers, (iv) narrow bid/ask spreads and (v) most information publicly available. As of December 31, 2019 and 2018, the Company does not hold any Level 1 securities. Level 2 —  Fair value is based on significant inputs, other than Level 1 inputs, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets, nonbinding quotes in markets that are not active for identical or similar assets and other market observable inputs (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.). The Company’s Level 2 assets include U.S. Treasury securities, government agency securities, municipal debt obligations, RMBS, CMBS, CLO, ABS and corporate debt securities. The Company generally obtains valuations from third-party pricing services and/or security dealers for identical or comparable assets or liabilities by obtaining nonbinding broker quotes (when pricing service information is not available) in order to determine an estimate of fair value. The Company bases all of its estimates of fair value for assets on the bid price as it represents what a third-party market participant would be willing to pay in an arm’s-length transaction. Level 3 —  Fair value is based on at least one or more significant unobservable inputs that are supported by little or no market activity for the asset. These inputs reflect the Company’s understanding about the assumptions market participants would use in pricing the asset or liability. The Company’s Level 3 assets include its investments in corporate debt securities and commercial levered loans as they are illiquid and trade in inactive markets. These markets are considered inactive as a result of the low level of trades of such investments. Commercial levered loans are also not considered within the Level 3 tabular disclosure, because they are in the “held for investment” category and are also not measured at fair value on a recurring basis. The corporate debt securities classified under Level 3 in the fair value hierarchy are provided to the Company by an independent valuation service provider which use both observable and unobservable inputs in the calculation of fair value. Unobservable inputs, significant to the measurement and valuation of the corporate debt securities are assumptions about prepayment speed, default rates and reinvestment parameters. Significant changes to any of these inputs, or combination of inputs, could significantly change the fair value measurement for these securities when using the income approach. The primary pricing sources for the Company’s investments in commercial levered loans are reviewed for reasonableness, based on the Company’s understanding of the respective market. Prices may then be determined using valuation methodologies such as discounted cash flow models, as well as matrix pricing analyses performed on nonbinding quotes from brokers or other market makers. The following are the major categories of assets measured at fair value on a recurring basis at December 31, 2019 and 2018, using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3): December 31, 2019 Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs ($ in thousands) (Level 1) (Level 2) (Level 3) Total Fixed income securities: U.S. Treasury securities $ — $ 49,985 $ — $ 49,985 Government agency securities — 6,531 — 6,531 Corporate debt securities — 1,189,181 149,631 1,338,812 Municipal debt obligations — 79,815 — 79,815 ABS — 73,582 — 73,582 CLO — 179,549 — 179,549 CMBS — 97,526 — 97,526 RMBS - non agency — 71,610 — 71,610 RMBS - agency — 143,272 — 143,272 Total fixed income securities $ — $ 1,891,051 $ 149,631 2,040,682 Investments measured at net asset value: Limited partnerships and limited liability companies 66,660 Total assets at fair value $ 2,107,342 December 31, 2018 Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs ($ in thousands) (Level 1) (Level 2) (Level 3) Total Fixed income securities: U.S. Treasury securities $ — $ 90,328 $ — $ 90,328 Corporate debt securities — 1,065,933 126,497 1,192,430 Municipal debt obligations — 6,085 — 6,085 ABS — 83,581 — 83,581 CLO — 156,913 — 156,913 CMBS — 53,843 — 53,843 RMBS - non agency — 79,551 — 79,551 RMBS - agency — 30,651 — 30,651 Total fixed income securities $ — $ 1,566,885 $ 126,497 1,693,382 Investments measured at net asset value: Limited partnerships and limited liability companies 53,432 Total assets at fair value $ 1,746,814 There were no transfers between Levels 1 and 2 for the years ended December 31, 2019 and 2018. In 2018, securities in the amount of $126.5 million were transferred from Level 2 into Level 3 as it was determined that these securities trade in inactive markets. Management believes that the use of the fair value option as specified in Accounting Standards Codification No. 825, Financial Instruments (ASC 825) to record limited partnerships is consistent with its objective for such investments. As such, the entire limited partnership portfolio of $66.7 million and $53.4 million at December 31, 2019 and 2018, was recorded using net asset value, which the Company has determined to be the best indicator of fair value for these investments. The following tables disclose the carrying value and fair value of financial instruments that are not recognized or are not carried at fair value in the consolidated balance sheets as of December 31, 2019 and 2018: December 31, 2019 Carrying Fair Value ($ in thousands) Value Total Level 1 Level 2 Level 3 Assets Commercial levered loans $ 14,069 $ 13,950 $ — $ — $ 13,950 Liabilities Notes payable 165,000 167,507 — 167,507 — Unamortized debt issuance costs (307) Total notes payable $ 164,693 December 31, 2018 Carrying Fair Value ($ in thousands) Value Total Level 1 Level 2 Level 3 Assets Commercial levered loans $ 16,915 $ 15,858 $ — $ — $ 15,858 Liabilities Notes payable 183,000 183,999 — 183,999 — Unamortized debt issuance costs (645) Total notes payable $ 182,355 The fair value of the notes payable at December 31, 2019, approximated a price equal to $167.5 million or 101.5% of the par value. The fair value of the notes payable at December 31, 2018, approximated a price equal to $184.0 million or 100.5% of the par value. The following table provides a summary of the changes in the fair value of securities measured using Level 3 inputs: Level 3 Corporate Debt ($ in thousands) Securities Fair value, December 31, 2017 $ — Total net (losses) gains for the period included in: OCI 764 Net realized loss (9) Purchases 9,492 Sales — Issuances — Settlements (2,754) Transfers into Level 3 119,004 Transfers out of Level 3 — Fair value, December 31, 2018 126,497 Total net (losses) gains for the period included in: OCI 3,011 Net realized loss (5) Purchases 23,905 Sales — Issuances — Settlements (3,777) Transfers into Level 3 — Transfers out of Level 3 — Fair value, December 31, 2019 $ 149,631

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)	9. Accumulated Other Comprehensive Income (Loss) The following table summarizes the components of AOCI: ($ in thousands) Gross Tax Net December 31, 2016 $ 30,630 $ 1,148 $ 29,482 Unrealized holding gains (losses) on fixed income securities 3,517 4,874 (1,357) Cumulative translation adjustment 6,881 — 6,881 Amounts reclassified into net loss 18,763 1,471 17,292 Other comprehensive (loss) income (8,365) 3,403 (11,768) Reclassification of stranded deferred taxes — (1,583) 1,583 December 31, 2017 22,265 2,968 19,297 Unrealized holding losses on fixed income securities (53,582) (10,842) (42,740) Amounts reclassified into net income (1,557) (429) (1,128) Other comprehensive loss (52,025) (10,413) (41,612) December 31, 2018 (29,760) (7,445) (22,315) Unrealized holding gains on fixed income securities 77,920 16,277 61,643 Amounts reclassified into net income 2,037 162 1,875 Other comprehensive income 75,883 16,115 59,768 December 31, 2019 $ 46,123 $ 8,670 $ 37,453 The following table presents reclassifications out of AOCI attributable to the Company during 2019, 2018 and 2017: Line in Consolidated ($ in thousands) Statements of Operations 2019 2018 2017 AOCI Unrealized gains on securities Realized investment gains (losses), net $ 2,037 $ (1,557) $ 18,763 Income tax expense (benefit) 162 (429) 1,471 Total reclassifications $ 1,875 $ (1,128) $ 17,292

Related-Party Information

Related-Party Information	12 Months Ended
	Dec. 31, 2019
Related-Party Information
Related-Party Information	10. Related-Party Information Loans to Executives and Equity Distribution The Company made loans of $4.2 million to certain executive officers, including the CEO. Most of the loans were made in connection with the settlement of RSUs and related tax withholding . On March 15, 2019, all such loans were deemed repaid. On the same date, a special equity distribution of $4.2 million was made by the Company to the same executive officers, which was accounted for as a non-cash transaction on the Company’s consolidated balance sheets. Transition and Separation Agreement On May 3, 2019, the Company entered into a Transition and Separation Agreement (the “Separation Agreement”) with its former Chief Executive Officer (the “former CEO”). Under the Separation Agreement, the former CEO and the Company agreed to a general release of claims and his compliance with the restrictive covenants. The Company recorded an expense of $8.0 million within Other Expense in the consolidated statements of operations for the year ended December 31, 2019 relating to the severance payments and benefits payable to the former CEO. Per the terms of the Separation Agreement, the former CEO’s profit interests (“P Shares”) were forfeited and outstanding RSUs are treated in accordance with the terms of the applicable award agreements. Additionally, the Company cancelled 137,987 shares of common stock in July 2019 with no consideration as per the terms of the Separation Agreement. Investment Advisory Agreements with GSAM The Company’s investment portfolio is managed by Goldman Sachs Asset Management, a related party. The Company is an investee of PI, which is held as an investment within GS Capital Partners VI funds. Related fees paid were $1.3 million, $1.1 million and $1.7 million in 2019, 2018 and 2017 respectively.

Insurance Operations

Insurance Operations	12 Months Ended
	Dec. 31, 2019
Insurance Operations
Insurance Operations	11. Insurance Operations Reinsurance Transactions The Company’s reinsurance agreements do not relieve its direct obligations to insureds. Thus, a credit exposure exists to the extent that any reinsurer fails to meet its obligations to the Company. The reinsurers with the three largest uncollateralized obligations to the Company at December 31, 2019, were the Swiss Reinsurance America Corporation, Munich Reinsurance America Inc. and Harco National Insurance Company, which represented 31.3%, 14.2% and 9.0%, respectively, of the Company’s reinsurance recoverables, net of funds held and collateral. Swiss Reinsurance America Corporation and Munich Reinsurance America Inc. and are rated A+ (Superior) by A.M. Best Company. Harco National Insurance Company is rated A- (Excellent) by A.M. Best Company. Collateral for reinsurance receivables is generally only pursued by the Company when the reinsurer’s status with the regulators of the Company’s domicile would not otherwise permit credit for reinsurance for regulatory reporting purposes. Reinsurance receivables included an allowance for uncollectible reinsurance receivables of $10.9 million and $10.0 million, for the years ended December 31, 2019 and 2018, respectively. In connection with the divestment of the Company’s U.K. business, New York Marine as reinsured entered into whole account quota share agreements (“WAQS”) with third party reinsurers to maintain reasonable underwriting leverage within New York Marine and its subsidiary insurance companies during a transition period following the U.K. divestment. The effective date of the WAQS was April 1, 2017. The reinsurers’ ceding participation is an aggregate 26.0%. A provisional ceding commission of 30.0% to 30.5% is received as a reduction in the amount of ceded premium. Subject to limits, these ceding commissions will vary in subsequent periods based on contractual ultimate loss ratios. During 2018 and following the transition of the U.S. business back to New York Marine, the WAQS were terminated. To the extent of unearned premium at the time of termination, ceded written premiums, net of the ceding commission, was returned. Reserve for unpaid losses and loss adjustment expenses on premium earned prior to the cut-off termination remained in reinsurance receivables on unpaid losses on the consolidated balance sheets. The reinsurance receivables on unpaid losses under the WAQS were $33.1 million and $43.7 million as of December 31, 2019 and 2018, respectively. Loss reserve development on the reserves ceded under the WAQS is included in continuing operations. For the years ended December 31, 2019 and 2018 under the WAQS the Company recorded the following: ($ in thousands) 2019 2018 2017 (Return of ceded prepaid) ceded written premium $ (3) $ (58,857) $ 160,779 Ceded earned premium (3) 14,560 87,362 (Increase) reduction to net loss and loss adjustment expenses incurred (4,746) 9,514 51,897 Reduction to policy acquisition expenses 4,743 3,955 29,560 Reduction to pre-tax income $ — $ 1,091 $ 5,905 Total reinsurance ceded and assumed relating to premiums written, earned premiums and net losses and loss adjustment expenses incurred for the years ended December 31, 2019, 2018 and 2017 are as follows: ($ in thousands) 2019 2018 2017 Written premiums Direct written premiums $ 964,512 $ 889,526 $ 833,536 Assumed from other companies 3,499 5,586 2,798 Ceded to other companies 115,871 45,038 276,048 Net written premiums $ 852,140 $ 850,074 $ 560,286 Earned premiums Direct earned premiums $ 918,718 $ 844,234 $ 788,862 Assumed from other companies 3,887 10,266 2,477 Ceded to other companies 114,751 123,715 181,553 Net earned premiums $ 807,854 $ 730,785 $ 609,786 Percent of amount assumed to net Losses and loss adjustment expenses incurred Direct net losses and loss adjustment expenses incurred $ 556,051 $ 485,770 $ 483,209 Assumed from other companies 9,298 (3,209) 720 Ceded to other companies 64,324 47,731 90,188 Net losses and loss adjustment expenses incurred $ 501,025 $ 434,830 $ 393,741 In 2016, the Company entered a retroactive reinsurance agreement with an authorized reinsurer covering accident year 2015 and prior Primary and Excess Workers’ Compensation net losses and loss adjustment expenses incurred. Subject carried reserves at the January 1, 2016 effective date were $306.4 million. The reinsurance provides $100.0 million limit on respective paid losses excess of $315.0 million retention. The reinsurance cover has a retrospective rating feature of $47.6 million of additional premium accumulating at approximately 3% per annum. This amount is 100% recoverable to the Company to the extent losses do not exceed the retention. At December 31, 2019, the Company’s estimate of respective loss development remains below the retention. In 2017, the Company entered into a retroactive reinsurance agreement for the 2016 accident year. Subject carried reserves at the January 1, 2017 effective date were $96.5 million. The reinsurer provides a $35.0 million limit on respective paid losses in excess of $106.5 million. The reinsurance cover has a retrospective rating feature of $18.0 million of premium accumulating at approximately 4% per annum. These amounts are 100% recoverable to the Company to the extent losses do not exceed the retention. At December 31, 2019, the Company’s estimate of respective loss development remains below the retention and the adjustable premium is accrued as fully recoverable. In 2018, the Company entered into a retroactive reinsurance agreement for the 2017 accident year. Subject carried reserves at the January 1, 2018 effective date were $107.8 million. The reinsurer provides a $40.0 million limit on respective paid losses in excess of $119.3 million. The reinsurance cover has a retrospective rating feature of $21.0 million of premium accumulating at approximately 4% per annum. These are 100% recoverable to the Company to the extent losses do not exceed the retention. At December 31, 2019, the Company’s estimate of respective loss development remains below the retention and the adjustable premium is accrued as fully recoverable. Distribution Partners The Company negotiates with distribution partners to write direct premium on behalf of the Company’s affiliates. In January 2019, a distribution partner of the Company was acquired by a third-party insurance carrier. The Company has sourced 7.1% and 13.5% of direct premium from this distribution partner as of December 31, 2019 and 2018, respectively. The Company does not anticipate any future premiums from this distribution partner other than audit premiums after the first quarter of 2019. The three distribution partners contributing the largest amounts of direct written premium (excluding the distribution partner above) totaled $267.8 million, $240.7 million and $235.0 million for the years ended December 31, 2019, 2018 and 2017 respectively. Unpaid Losses Unpaid losses are based on individual case estimates for losses reported and include a provision for incurred but not reported and for losses and loss adjustment expenses. The following table provides a roll forward of the Company’s reserve for unpaid losses and loss adjustment expenses: ($ in thousands) 2019 2018 2017 Gross reserve for unpaid losses and loss expenses, at beginning of year $ 1,396,812 $ 1,258,237 $ 1,166,619 Ceded reserve for unpaid losses and loss expenses, at beginning of year 185,295 201,156 176,651 Net reserve for unpaid losses and loss expenses, at beginning of year 1,211,517 1,057,081 989,968 Add: Incurred losses and loss expenses occurring in the: Current year 482,989 439,847 373,423 Prior years 3,154 (5,017) 20,318 Prior years attributable to adjusted premium 14,882 — — Total net losses and loss adjustment expenses incurred 501,025 434,830 393,741 Less: Paid losses and loss expenses for claims occurring in the: Current year 66,522 47,734 54,026 Prior years 318,324 232,660 272,602 Total paid losses and loss expenses for claims 384,846 280,394 326,628 Net reserve for unpaid losses and loss expenses, at end of year 1,327,696 1,211,517 1,057,081 Ceded reserve for unpaid losses and loss expenses, at end of year 193,952 185,295 201,156 Gross reserve for unpaid losses and loss expenses, at end of year $ 1,521,648 $ 1,396,812 $ 1,258,237 During the year ended December 31, 2019 the Company’s reserve for unpaid losses and loss adjustment expenses for accident years 2018 and prior developed unfavorably by $3.2 million driven primarily by unfavorable development of $16.4 million in Commercial Multiple Peril, $11.3 million in General Liability, partially offset by favorable development of $22.8 million in Workers’ Compensation. The unfavorable development in Commercial Multiple Peril was primarily from the Media and Entertainment customer segment in accident years 2013 through 2016 from a longer development trend than that underlying the historical performance of premises liability. The unfavorable development in General Liability primarily related to 2013 through 2016 accident years due to increased severities in the Real Estate customer segment and run off components within the Other customer segment. The favorable development in Workers’ Compensation derived from lower than expected claims severity across all customer segments primarily in accident years 2013 through 2015 and accident year 2017. In addition, the Company incurred $14.9 million of loss and loss adjustment expenses related to premium earned during the year ended December 31, 2019, attributable to accident year 2018. During the year ended December 31, 2018, the Company’s reserve for unpaid losses and loss adjustment expenses for accident years 2017 and prior developed favorably by $5.0 million. Favorable development of  $5.0 million for the year ended December 31, 2018, was driven primarily by favorable development of  $14.4 million in Workers’ Compensation, $15.6 million in Commercial Auto and $4.1 million from Marine Liability within the All Other lines category, partially offset by $16.5 million adverse development in General Liability and $12.2 million adverse development in Commercial Multiple Peril. Lower than expected claim severity was the main driver of the favorable development in Workers’ Compensation of which $6.2 million came from 2014, 2015 and 2016 accident years in primary Workers’ Compensation and $8.2 million came from 2014 and 2015 accident years in excess Workers’ Compensation. Favorable development in Commercial Auto was driven mainly by the 2013, 2015 and 2016 accident years where severity trends of the previous two calendar year periods improved during 2018 across multiple niches. Marine Liability is a low frequency, high severity line of business and as a result, development often varies significantly from the average expectation. The $16.5 million adverse development in General Liability primarily related to 2013, 2014 and 2015 accident years due to increased severities in the Construction customer segment from reduced effectiveness of risk transfer from our general contractor insureds to subcontractors. The $12.2 million in adverse development in Commercial Multiple Peril is primarily from the Media and Entertainment customer segment driven by a longer development trend than that underlying the historic performance of premises liability. During the year ended December 31, 2017, the Company’s reserve for unpaid losses and loss adjustment expenses for accident years 2016 and prior developed adversely by $20.3 million. Adverse development of $20.3 million was driven primarily by $33.2 million in Commercial Auto which consisted of several niches that are now terminated. Adverse development in Commercial Auto was driven primarily by higher than expected frequency and severity. The Commercial Auto experience were likely a result of industry trends such as an improving economy resulting in more drivers on the roads, the hiring of less experienced drivers, the use of personal technology while in transit and litigation of bodily-injury claims, which resulted in unexpected adverse experience from historical performance patterns. The adverse development was offset by favorable development in Workers’ Compensation of $12.4 million due to lower than expected claim severity for accident years 2016 and prior, including a decline in the frequency of large loss activity. Incurred and Paid Claims Development The following information presented summarizes incurred and paid claims development as of December 31, 2019, net of reinsurance, as well as cumulative claim frequency and the total of IBNR. IBNR anticipates both the development of existing claims and emergence of any new claims. The information about incurred and paid claims development for accident years 2010 through 2018 is unaudited and is presented as supplementary information. Information is also included for the portion of the reserve for unpaid losses and loss adjustment expenses, net of reinsurance that related to IBNR and the cumulative number of reported insurance claims. Claims are counted at the occurrence (e.g. date of the accident), line of business which is in accordance with the Company’s statutory filings, and policy level. For example, if a single occurrence (e.g. an auto accident) leads to a claim under an auto and an associated umbrella policy, they are each counted separately. Conversely, multiple claimants under the same occurrence/line/policy would contribute only a single count. The claim counts provided are on an accident year basis. A claim is considered reported when a reserve is established or a payment is made. Therefore, claims closed without payment are included in the claim counts as long as there was an associated case reserve at some point in its life cycle. The following tables are in thousands except claim counts. All Lines - Incurred Unaudited IBNR as of Cumulative For the Years Ended December 31, Claim Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 Counts Prior $ 15,481 2010 $ 131,617 $ 137,994 $ 134,941 $ 134,307 $ 136,115 $ 143,344 $ 152,840 $ 145,444 $ 148,117 $ 150,543 3,108 3,926 2011 115,644 128,879 126,752 122,773 124,543 131,081 124,798 131,385 131,360 3,772 4,419 2012 137,380 157,477 157,985 165,015 165,889 156,355 159,120 158,523 6,491 6,622 2013 210,368 222,277 232,660 251,353 243,567 237,900 249,802 16,133 13,229 2014 286,842 312,987 323,792 333,865 342,788 356,733 30,978 16,333 2015 384,269 407,279 407,427 395,751 430,942 44,665 20,869 2016 390,430 423,538 406,204 416,266 93,163 20,049 2017 354,948 361,299 339,505 127,760 18,582 2018 422,104 406,199 233,890 18,720 2019 457,973 330,679 17,591 $ 3,097,846 $ 906,120 All Lines – Paid Unaudited For the Years Ended Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 11,912 $ 38,723 $ 72,312 $ 85,754 $ 102,016 $ 114,140 $ 125,646 $ 132,525 $ 137,470 $ 140,927 2011 14,796 51,006 65,103 76,731 88,243 98,411 105,584 109,007 111,247 2012 16,619 48,276 73,249 98,960 119,374 130,200 136,909 139,793 2013 27,465 74,012 115,396 158,978 181,989 192,476 214,863 2014 44,738 111,919 166,907 217,986 250,928 280,933 2015 75,043 159,708 234,756 281,637 331,748 2016 78,271 150,198 204,589 266,496 2017 54,026 116,204 163,937 2018 45,012 112,889 2019 66,522 1,829,355 Incurred less paid 1,268,491 Reserves 2009 and prior 44,965 Other (1) 14,240 Total net reserve for unpaid losses and loss adjustment expenses $ 1,327,696 (1) Other category represents unallocated loss adjustment expense (“ULAE”) reserves $45.6 million, discounting of loss reserves $(47.4) million and retroactive reinsurance agreements $12.3 million, allowance for uncollectible reinsurance $0.5 million and other $3.2 million. The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2019: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 14 % 19 % 15 % 13 % 10 % 7 % 7 % 3 % 3 % 2 % Commercial Auto The following tables represent information on the Company’s unpaid losses and loss adjustment expenses incurred and cumulative paid losses, since 2010 for Commercial Auto line, in thousands except claim counts: Commercial Auto-Incurred Unaudited IBNR as of Cumulative For the Years Ended December 31, Claim Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 Counts Prior 2010 $ 13,046 $ 17,710 $ 18,011 $ 17,334 $ 18,717 $ 18,688 $ 19,046 $ 19,437 $ 19,280 $ 19,282 $ — 874 2011 13,864 13,462 11,260 11,231 12,547 12,547 12,508 12,476 12,476 — 1,219 2012 21,101 29,959 36,319 43,031 42,028 41,479 41,572 39,231 444 1,746 2013 47,191 50,752 63,764 77,570 76,768 72,265 81,422 993 6,224 2014 74,185 95,283 105,528 112,157 113,747 113,790 843 8,231 2015 120,137 139,415 152,268 146,757 155,266 1,981 11,153 2016 114,568 124,760 119,931 124,166 6,229 9,642 2017 81,986 79,156 71,068 12,343 7,061 2018 87,993 78,777 28,210 7,146 2019 115,393 72,508 8,141 $ 810,871 $ 123,551 Commercial Auto – Paid Unaudited For the Years Ended Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 3,105 $ 7,866 $ 12,346 $ 13,723 $ 17,275 $ 17,829 $ 18,074 $ 19,098 $ 19,138 $ 19,162 2011 4,717 7,791 7,250 9,111 11,587 12,005 12,123 12,117 12,128 2012 6,660 15,397 25,280 33,248 39,680 40,852 41,305 38,657 2013 13,015 26,773 43,403 64,073 72,906 71,010 79,066 2014 21,692 52,048 74,431 96,385 108,102 110,883 2015 37,964 74,524 107,063 126,831 142,806 2016 39,580 63,123 83,161 102,003 2017 19,950 34,659 47,199 2018 16,709 32,698 2019 22,082 606,684 Incurred less paid $ 204,187 The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2019: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 23 % 22 % 19 % 17 % 12 % 1 % 6 % (2) % — % — % General Liability The following tables represent information on unpaid losses and loss adjustment expenses incurred and cumulative paid losses, since 2010 for the Company’s General Liability line, in thousands except claim counts: General Liability – Incurred Unaudited IBNR as of Cumulative For the Years Ended December 31, Claim Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 Counts Prior $ 7,384 2010 $ 56,373 $ 59,577 $ 64,210 $ 63,596 $ 62,270 $ 69,103 $ 72,902 $ 66,226 $ 68,905 $ 69,586 746 1,682 2011 45,894 58,633 61,398 60,375 63,264 67,791 62,127 66,641 64,682 1,254 1,532 2012 42,685 43,677 38,288 42,401 45,771 46,312 48,096 50,509 1,998 1,483 2013 48,466 61,785 62,618 70,459 60,613 61,796 69,565 7,755 2,608 2014 70,878 77,255 78,801 93,468 104,281 114,976 15,352 3,093 2015 80,225 80,411 78,163 80,514 93,808 21,362 3,007 2016 93,737 101,479 92,401 91,228 28,786 2,868 2017 99,845 100,306 94,554 50,712 2,921 2018 142,486 137,525 101,954 2,949 2019 153,650 139,174 2,309 $ 940,083 $ 376,477 General Liability – Paid Unaudited For the Years Ended Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 1,692 $ 14,901 $ 34,045 $ 44,087 $ 50,830 $ 61,716 $ 66,332 $ 70,235 $ 74,101 $ 76,201 2011 5,009 18,912 30,123 37,344 44,166 50,136 54,250 56,659 57,932 2012 945 8,844 14,751 24,257 32,585 36,521 40,754 45,509 2013 1,930 10,941 22,152 36,493 46,821 55,148 66,439 2014 5,456 14,032 28,581 41,079 53,712 73,491 2015 5,404 14,720 25,931 39,407 61,168 2016 3,547 13,873 25,223 47,333 2017 2,596 11,279 26,354 2018 2,223 15,625 2019 3,487 473,539 Incurred less paid $ 466,544 The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2019: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 3 % 12 % 15 % 16 % 14 % 13 % 10 % 6 % 4 % 3 % Workers’ Compensation The following tables represent information on unpaid losses and loss adjustment expenses incurred and cumulative paid losses, since 2010 for the Company’s Workers’ Compensation line, in thousands except claim counts: Workers’ Compensation – Incurred Unaudited IBNR as of Cumulative For the Years Ended December 31, Claim Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 Counts Prior $ 5,590 2010 $ 24,965 $ 23,206 $ 26,970 $ 23,643 $ 25,751 $ 25,825 $ 28,260 $ 28,135 $ 28,597 $ 30,457 2,361 78 2011 28,987 22,186 23,576 21,411 19,489 21,943 18,986 21,247 23,750 2,508 202 2012 46,503 51,724 53,038 48,983 47,373 38,501 38,835 38,919 4,017 1,770 2013 76,844 71,683 70,939 68,109 71,532 69,729 64,727 7,141 2,694 2014 88,181 81,628 83,543 74,134 69,886 67,784 12,581 2,679 2015 101,762 101,410 89,383 82,212 87,570 14,957 3,881 2016 99,292 109,623 103,382 102,716 47,500 4,358 2017 102,250 101,691 93,134 52,781 4,678 2018 116,278 118,973 77,694 5,125 2019 97,485 76,057 4,468 $ 725,515 $ 303,187 Workers’ Compensation – Paid Unaudited For the Years Ended Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ — $ 180 $ 1,633 $ 2,907 $ 4,427 $ 6,165 $ 7,830 $ 9,706 $ 10,695 $ 11,908 2011 473 4,148 5,127 5,503 7,239 8,662 8,978 9,971 10,841 2012 2,381 5,481 10,598 14,634 18,468 23,694 25,495 26,237 2013 2,639 12,579 20,520 26,088 29,036 32,962 35,793 2014 4,644 14,901 24,411 35,131 39,846 42,423 2015 6,504 18,434 27,423 33,543 38,061 2016 10,891 24,557 35,385 43,171 2017 8,631 22,462 30,776 2018 9,563 29,008 2019 9,745 277,963 Incurred less paid $ 447,552 The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2019: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 8 % 14 % 10 % 9 % 6 % 7 % 4 % 4 % 3 % 4 % Commercial Multiple Peril The following tables represent information on unpaid losses and loss adjustment expenses incurred and cumulative paid losses, since 2010 for the Company’s Commercial Multiple Peril line, in thousands except claim counts: Commercial Multiple Peril – Incurred Unaudited IBNR as of Cumulative For the Years Ended December 31, Claim Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 Counts Prior 2010 2011 $ — $ — $ 11 $ 7 $ 6 $ 6 $ 2 $ 2 $ — — 2012         96 94 73 49 39 813 813 $ 813 — 5 2013 968 1,065 1,051 1,442 8,226 8,250 8,198 19 54 2014 13,037 15,884 16,448 25,915 27,126 30,172 1,326 614 2015 27,876 27,542 17,952 18,345 24,144 4,825 1,015 2016 34,010 30,379 34,883 44,758 8,295 1,190 2017 37,760 44,044 44,260 8,921 1,431 2018 39,507 37,015 20,432 1,184 2019 36,895 25,835 935 $ 226,257 $ 69,653 Commercial Multiple Peril – Paid Unaudited For the Years Ended Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 $ — $ — $ — $ — $ — $ — $ 2 $ 2 $ 2012 — — 1 1 2 813 813 813 2013 43 192 312 754 8,083 8,149 8,157 2014 1,795 4,271 7,358 20,545 22,880 26,366 2015 6,879 14,751 8,949 14,293 20,676 2016 4,974 7,028 16,715 27,870 2017 7,270 19,733 27,816 2018 5,323 11,953 2019 5,940 129,593 Incurred less paid $ 96,664 The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2019: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 14 % 17 % 10 % 28 % 25 % 11 % — % — % — % — % All Other The following tables represent information on unpaid losses and loss adjustment expenses incurred and cumulative paid losses, since 2010 for the Company’s all other lines in thousands except claim counts: All Other Lines – Incurred Unaudited IBNR as of Cumulative For the Years Ended December 31, Claim Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 Counts Prior $ 2,507 2010 $ 37,233 $ 37,501 $ 25,750 $ 29,735 $ 29,377 $ 29,727 $ 32,631 $ 31,647 $ 31,335 $ 31,218 1 1,292 2011 26,899 34,597 30,507 29,749 29,238 28,794 31,176 31,018 30,450 10 1,466 2012 26,995 32,022 30,266 30,551 30,678 29,250 29,803 29,051 32 1,618 2013 36,900 36,992 34,287 33,773 26,428 25,859 25,890 225 1,649 2014 40,562 42,938 39,473 28,192 27,749 30,011 876 1,716 2015 54,269 58,501 69,660 67,924 70,154 1,540 1,813 2016 48,824 57,296 55,607 53,398 2,353 1,991 2017 33,108 36,102 36,489 3,003 2,491 2018 35,839 33,909 5,600 2,316 2019 54,550 17,105 1,738 $ 395,120 $ 33,252 All Other Lines – Paid Unaudited For the Years Ended Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 7,115 $ 15,776 $ 24,288 $ 25,038 $ 29,484 $ 28,429 $ 33,410 $ 33,485 $ 33,536 $ 33,656 2011 4,597 20,155 22,603 24,773 25,251 27,608 30,231 30,259 30,344 2012 6,634 18,554 22,619 26,821 28,639 28,319 28,542 28,577 2013 9,838 23,526 29,009 31,569 25,144 25,206 25,408 2014 11,150 26,667 32,126 24,846 26,388 27,770 2015 18,292 37,279 65,390 67,563 69,037 2016 19,279 41,618 44,104 46,119 2017 15,580 28,070 31,792 2018 11,194 23,605 2019 25,268 341,576 Incurred less paid $ 53,544 The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2019: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 33 % 39 % 20 % 2 % 2 % 2 % 7 % — % — % — % The Company participated in an insurance pool in both the issuance of umbrella casualty insurance and ocean marine liability insurance during the period from 1978 to 1996. Depending on the underwriting year, the insurance pools’ net retention per occurrence after applicable reinsurance ranged from $250,000 to $2,000,000. The Company’s effective pool participation on such risks varied from 11% in 1978 to 59% in 1985, which exposed the Company to asbestos and environmental losses. Subsequent to this period, the pools substantially reduced their umbrella writings and coverage was provided to smaller insureds. The Company’s asbestos and environmental related losses were as follows: December 31, 2019 ($ in thousands) Gross Ceded Net Balance at beginning of year $ 14,262 $ 9,860 $ 4,402 Incurred losses and loss adjustment expense 430 66 364 Payments for losses and loss adjustment expenses 1,882 1,564 318 Balance at end of year $ 12,810 $ 8,362 $ 4,448 December 31, 2018 ($ in thousands) Gross Ceded Net Balance at beginning of year $ 15,628 $ 11,116 $ 4,512 Incurred losses and loss adjustment expense 30 24 6 Payments for losses and loss adjustment expenses 1,396 1,280 116 Balance at end of year $ 14,262 $ 9,860 $ 4,402 Additionally, the Company has assumed asbestos and environmental reserves on a retroactive basis from prior members of the pool. The liability related to the same was $8.4 million and $8.7 million as of December 31, 2019 and 2018 respectively. The Company believes that the uncertainty surrounding asbestos and environmental exposures, including issues as to insureds’ liabilities, ascertainment of loss date, definitions of occurrence, scope of coverage, policy limits and application and interpretation of policy terms, including exclusions, all affect the estimation of ultimate losses. Under such circumstances, it is difficult to determine the ultimate loss for asbestos and environmental-related claims. Given the uncertainty in this area, losses from asbestos and environmental-related claims may develop adversely and accordingly, management is unable to estimate the range of possible loss that could arise from asbestos and environmental-related claims. However, the Company’s net unpaid reserves for loss and loss adjustment expenses, in the aggregate, as of December 31, 2019, represent management’s best estimate. Salvage and Subrogation Estimates of salvage and subrogation recoverable on paid and unpaid losses have been recorded as a reduction of unpaid losses and amounted to $27.5 million and $27.4 million at December 31, 2019 and 2018, respectively. Deferred Policy Acquisition Costs The following table presents a roll forward of the deferred policy acquisition costs and are net of reinsurance: ($ in thousands) December 31, 2017 $ 60,759 Acquisition costs deferred 204,283 Acquisition costs expensed (171,429) December 31, 2018 93,613 Acquisition costs deferred 189,970 Acquisition costs expensed (184,771) December 31, 2019 $ 98,812

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Taxes
Income Taxes	12. Income Taxes The Company is subject to the tax laws and regulations of the United States and various state jurisdictions. The Company files a consolidated federal tax return. The Company has one non-U.S. subsidiary, PSBL, which has received an undertaking from the Minister of Finance in Bermuda that would exempt such company from Bermudian PSIH acquired several entities in the U.K. in order to build the Syndicate. The Company changed its strategic direction with respect to its U.K. operations and placed the Syndicate into run-off, and then entered into a two-phase sale transaction to exit its U.K. operations, which closed in October 2017 and March 2018. There was no gain or loss recognized from the sale of the U.K. operations. Additionally, there were no U.K. income taxes paid or recovered for the years ended December 31, 2018 and 2017. As discussed in Note. 1 Background, PSIH and PSEH were merged into the Company and PSBL became a direct subsidiary of the Company. The transactions were considered a tax-free contribution of capital from PGHL to the Company. Additionally, PGHL was merged into the Company and resulted in no tax effect in 2019, since the assets transferred were exchanged for common stock of the Company. The components of deferred tax assets and liabilities as of December 31, 2019 and 2018, are as follows: December 31 ($ in thousands) 2019 2018 Deferred tax assets: Loss reserves $ 13,289 $ 11,342 Loss reserves transitional adjustment 6,104 6,954 Unearned premiums 16,785 14,985 Net operating loss carry forwards – state and local 17,008 16,373 Net operating loss carry forwards – federal 357 16,771 Capital loss carry forwards – federal 1,519 2,577 Bad debt reserve 3,229 3,182 Impairments 517 556 Deferred compensation 5,659 5,613 Amortization of intangibles 695 813 Limited partnership income 2,566 — Unrealized depreciation of investments — 7,446 Other 3,151 2,211 Total deferred tax assets 70,879 88,823 Less: valuation allowance (17,604) (16,962) Deferred tax assets, net of allowance 53,275 71,861 Deferred tax liabilities: Deferred policy acquisition costs 20,693 19,634 Loss reserve transitional adjustment 4,578 6,085 Fair value adjustments 3,628 3,635 Unrealized appreciation of investments 8,669 — Limited partnership income — 422 Other 10,904 8,846 Total deferred tax liabilities 48,472 38,622 Net deferred income taxes $ 4,803 $ 33,239 On December 22, 2017, Tax Reform was signed into law, which among other implications, reduced the Company’s statutory corporate tax rate from 35% to 21% beginning with the 2018 tax year. The Company revalued its 2017 deferred tax assets and liabilities in response to this reduction, which resulted in a $25.1 million charge to income as illustrated in the rate reconciliation table below. The Company has recorded a $6.1 million increase to its deferred tax asset related to the change in methodology for loss reserves as a result of Tax Reform. An offsetting deferred tax liability was also recorded at December 31, 2017, which is amortized into income over 8 years. The deferred tax liability as of December 31, 2019 is $4.6 million. At December 31, 2019 and 2018, the U.S. federal net operating losses (“NOLs”) that can be carried forward are $0.4 million and $16.8 million, respectively. At December 31, 2019 and 2018, the state and local tax benefit of NOLs that can be carried forward are $17.0 million and $16.3 million, respectively, which is included in the state and local deferred tax asset. There were $1.5 million and $2.6 million of realized capital loss benefits that can be carried forward for the years ended December 31, 2019 and 2018, respectively. The range of years in which the federal NOL can be brought forward against future tax liabilities is from 2020 through 2030. The table below shows the tax benefit of the U.S. federal NOLs generated by year and expiration date: ($ in thousands) Amount Expires 2010 $ 357 2030 Total $ 357 The Company’s valuation allowance account with respect to the deferred tax asset and the change in the account is as follows: ($ in thousands) 2019 2018 Balance, beginning of year $ 16,962 $ 6,511 Change in valuation allowance 642 10,451 Balance, end of year $ 17,604 $ 16,962 As of December 31, 2019, the Company’s valuation allowance of $17.6 million is attributable to the uncertainty in the realization of certain deferred tax assets attributable to U.S. federal and state NOLs. The Company files tax returns subject to the tax regulations of federal, state and local tax authorities. A tax benefit taken in the tax return but not in the financial statements is known as an “unrecognized tax benefit.” A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: ($ in thousands) 2019 2018 Balance, beginning of year $ 528 $ 483 Additions for tax positions of prior years 260 45 Reductions for tax positions of prior years (350) — Balance, end of year $ 438 $ 528 As of December 31, 2019, the Company recorded insignificant amount of interest and penalties and reduced its positions by $0.1 million as a result of an audit settlement. Included in the balance at December 31, 2019, is $0.2 million related to favorable tax positions that impact the effective tax rate. The income tax provisions from the amounts computed by applying the federal statutory rate to the income before income taxes due to the following: ($ in thousands) 2019 2018 2017 Expected tax expense at statutory rates in taxable jurisdictions $ 12,103 $ 13,896 $ 11,384 Tax-exempt interest — (46) (42) State taxes (629) (10,746) 3,302 Valuation allowance 642 10,451 (2,819) Effect of provision to tax return filing adjustments 42 — 671 Effect of Tax Reform — — 25,108 Other (21) (166) 629 Total income tax expense $ 12,137 $ 13,389 $ 38,233 The jurisdictions contributing to taxation of the Company are calculated using the U.S. rate of 21%. The income tax benefit differs from the amounts computed due to changes in the valuation allowance, prior period adjustments and the effect of Tax Reform. There were $0.8 million of U.S. income taxes received for the year ended December 31, 2019, and $0.1 million and $0.2 million of U.S. income taxes paid for the years ended December 31, 2018 and 2017, respectively. The U.S. federal income tax recoverable included in other assets amounted to $0.2 million, $0.8 million and $0.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. The Company files a consolidated federal income tax return with the Company, PSBL, and its insurance subsidiaries. Beginning November 23, 2010, pursuant to the terms of a tax-sharing agreement, which provides that the consolidated tax liability is allocated among affiliates based on separate return calculations and tax attributes utilized within the consolidated group and are reimbursed to the affiliate that generated them. Intercompany tax balances are settled annually. Although the Company is not currently under audit, the U.S. domestic entities are subject to federal and state examinations by tax authorities for tax year 2015 and subsequent and for the tax year 2009 and subsequent for examinations by local tax authorities. Section 382 of the Internal Revenue Code (“Section 382”) contains rules that limit the ability of a corporation that experiences an “ownership change” to utilize its net operating and capital loss carry forwards and certain built-in losses recognized in periods following the ownership change. An ownership change is generally any change in ownership of more than 50‑percentage points of a corporation’s stock over a three-year period. These rules generally operate by focusing on ownership changes among stockholders owning directly or indirectly 5% or more of the stock of a corporation or any change in ownership arising from a new issuance of stock by the corporation. If a Section 382 limitation were to manifest, a portion of the tax losses could be deferred or could expire before the Company would be able to use them to offset positive taxable income in current or future tax periods. The Company’s inability to utilize tax losses could have a negative impact on the Company’s financial position and results of operations. This limitation is generally determined by multiplying the value of the entity as of the ownership change date by the applicable long-term tax-exempt rate. On November 23, 2010, the Company acquired 100% of PSIG (formerly NYMAGIC, Inc.) outstanding common stock for a cash price of $25.75 per share or approximately $231.9 million; as a result, the Company experienced an ownership change for purposes of Section 382. As a result of this ownership change, the Company’s ability to utilize the NOL that existed as of November 23, 2010, is limited to approximately $9.0 million annually. A valuation allowance of $3.1 million has been recorded as a result of the NOL limitation. On July 25, 2019, the Company merged with PGHL and the holders of PGHL equity interests received 6.46 shares of the Company’s common stock. The total merger consideration was 38,851,369 shares of the Company’s common stock which was 100% of the Company’s outstanding common stock. The Company did not experience an ownership change under Section 382. On July 29, 2019, the Company completed its IPO. The principal stockholders retained 80.3% of the Company’s outstanding common stock which did not result in an ownership change of 50% or more under Section 382. On August 15, 2019 the Principal Stockholders completed the sale of 1,178,570 shares of the Company’s outstanding common stock and retained 77.5% of the outstanding common stock. The transaction did not result in an ownership change under Section 382.

Statutory Financial Information

Statutory Financial Information	12 Months Ended
	Dec. 31, 2019
Statutory Financial Information
Statutory Financial Information	13. Statutory Financial Information The Company’s insurance subsidiaries are limited under state insurance laws, in the amount of ordinary dividends they may pay without regulatory approval. As of December 31, 2019, the maximum dividend that can be paid from the Company’s U.S. insurance subsidiaries to the Company without prior approval from the New York State Department of Financial Services is $54.7 million. Factors affecting the ability to pay dividends include levels of investment income in recent years and the Company’s statutory surplus position of the Company. Combined statutory net income and surplus of the Company’s domestic insurance subsidiaries as reported in the Combined Annual Statement were as follows: ($ in thousands) 2019 2018 2017 Combined statutory net income $ 55,681 $ 33,147 $ 26,303 Combined statutory surplus $ 568,777 $ 473,575 $ 433,946 The U.S. insurance company subsidiaries file statutory financial statements with each state in the format specified by the National Association of Insurance Commissioners (“NAIC”). The NAIC provides accounting guidelines for companies to file statutory financial statements and provides minimum solvency standards for all companies in the form of risk–based capital requirements. The policyholders’ surplus of each of the domestic insurance companies is above the minimum amount required by the NAIC. The actual statutory capital and surplus of the Company’s insurance subsidiaries was significantly above the amount of statutory capital and surplus necessary to satisfy regulatory requirements.

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt
Debt	14. Debt In November 2013, the Company issued $140.0 million of 7.5% Senior Unsecured Notes due November 2020. The notes provide for semi-annual interest payments and are to be repaid in full in November 2020. The indenture contains certain covenants that restrict the Company’s ability to, among other items, incur indebtedness, make restricted payments, incur liens and require the Company to maintain specified liquidity levels. The Company remains in compliance with the covenants. Debt issuance costs of $2.1 million were incurred and are being amortized over the life of the loan. In January 2015, the Company issued an additional $25.0 million 6.5% senior notes due November 2020. The notes provide for semi-annual interest payments and are to be repaid in full in November 2020. The indenture contains certain covenants that restrict the Company’s ability to, among other items, incur indebtedness, make restricted payments, incur liens and require the Company to maintain specified liquidity levels. The Company remains in compliance with the covenants. Debt issuance costs of $0.2 million were incurred and are being amortized over the life of the loan. In January 2018, the Company entered into a $25.0 million 4.2% revolving loan agreement. On March 15, 2019, the Company entered into an amended and restated revolving loan agreement (as amended, the “revolving facility”), among other things, (a) extended the maturity date to the earlier of (i) March 15, 2022, or (ii) 91 days before the maturity of the senior notes due November 2020 or, if such senior notes are amended or replaced, 91 days before the maturity of such amendment or replacement and (b) increased the aggregate principal amount of borrowing capacity from $25.0 million to $50.0 million. On August 8, 2019, the Company used a portion of the proceeds from the IPO to repay $18.0 million in complete satisfaction of the outstanding debt under the revolving facility. As of December 31, 2019, the revolving facility had a borrowing capacity of $50.0 million. Interest expense was $12.8 million, $12.3 million and $12.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. Amortization expense related to debt issuance cost was $0.3 million for the years ended December 31, 2019, 2018 and 2017.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies
Commitments and Contingencies	15. Commitments and Contingencies Leases The Company maintains various lease and sublease agreements for office space in New Jersey, New York, California, Florida, Georgia and the U.K. These lease terms expire on various dates through June 2025. At December 31, 2019, the minimum gross rental payments and sublease income relating to these various operating leases are as follows: Minimum Rental Sublease ($ in thousands) Payments Income 2020 $ 4,243 $ 631 2021 4,162 — 2022 1,080 — 2023 585 — 2024 585 — 2025 342 — Total $ 10,997 $ 631 The operating leases also include provisions for additional payments based on certain annual cost increases. Rent expense amounted to $3.3 million, $3.1 million and $3.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. The lease of the U.K. office had rent expense of $0.5 million for the years ended December 31, 2019, 2018 and 2017, and sublease income of $0.6 million and $0.1 million for the years ended December 31, 2019 and 2018, respectively. There was no sublease income for the year ended December 31, 2017. These amounts are included in discontinued operations. Fiduciary Funds The Company’s insurance agency subsidiary maintains separate underwriting accounts, which record all of the underlying insurance transactions of the insurance pools that it manages. These transactions primarily include collecting premiums from the insureds, collecting paid receivables from reinsurers, paying claims as losses become payable, paying reinsurance premiums to reinsurers, and remitting net account balances to member insurance companies in the pools that PSMC manages. Unremitted amounts to members of the insurance pools are held in a fiduciary capacity and interest income earned on such funds inures to the benefit of the members of the insurance pools based on their pro rata participation in the pools. Additionally, the Company’s insurance agency subsidiary, in its contractual role as escrow agent, receives and disburses bond funds for entertainment film projects for its insureds. A summary of the fiduciary and pools’ underwriting accounts as of December 31, 2019 and 2018, is as follows: ($ in thousands) 2019 2018 Assets held on behalf of unaffiliated pool members $ 10,522 $ 11,501 Escrow bond arrangements 1,014 951 Total $ 11,536 $ 12,452 The remaining two unaffiliated pool members withdrew from the pools in 1994 and 1996, respectively, and retained liability for their effective pool participation for all loss reserves, including IBNR losses and unearned premium reserves attributable to policies effective prior to their withdrawal from the pools. The Company is committed to manage this pool until expiration without further compensation. In the event that all or any of the pool companies are unable to meet their obligations to the pools, the remaining companies would be liable for such defaulted amounts on a pro rata pool participation basis. The Company is not aware of any uncertainties that could result in any possible defaults by either of the two unaffiliated pool members with respect to their pool obligations, which might impact liquidity or results of operations of the Company, but there can be no assurance that such events will not occur in the future. Unfunded Investment Commitments For the year ended December 31, 2019 the Company had $163.7 million in unfunded commitments related to limited partnerships and a fixed income security.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2019
Share-Based Compensation
Share-Based Compensation	16. Share-Based Compensation Share-Based Plans 2019 Equity Incentive Plan In connection with, and prior to the completion of the IPO, the Company’s Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”) was terminated. Immediately prior to the merger, P Shares granted under the 2010 Plan prior to the IPO, were cancelled, and all outstanding RSUs granted under the 2010 Plan were converted into RSUs based on the shares of common stock of the Company under the Company’s 2019 Equity Incentive Plan (the “2019 Plan”) and otherwise continue to be governed by their existing terms prior to the IPO. On July 24, 2019, the 2019 Plan became effective immediately prior to the effectiveness of the registration statement filed in connection with the IPO. The 2019 Plan provides for the grant of stock options, stock appreciation rights, restricted shares, RSUs, dividend equivalent rights, performance-based shares or other equity‑based or equity-related awards. The 2019 Plan is administered by the compensation committee of the Company’s Board of Directors. Subject to the provisions of the 2019 Plan, the compensation committee determines in its discretion, the persons to whom and the times at which awards are granted, the size of awards (subject to certain limitations set forth in the compensation committee charter) and the terms and conditions of awards. A total of 4,500,000 shares of common stock are initially authorized and reserved for issuance under the 2019 Plan, including shares underlying RSUs granted under the 2010 Plan. The following is a summary of the post-offering compensation included in the 2019 Plan, including the number of common stock shares granted to each award mentioned below: (i) 181,118 annual long-term incentive awards in respect of 2019, 90,559 of which are time-vesting RSUs and 90,559 of which are performance-vesting RSUs, were granted to management on July 25, 2019 in connection with the IPO. Time-vesting RSUs are subject to vesting as follows: one-third annual installments on each anniversary of grant date, subject to continued service. Performance-vesting RSUs are subject to vesting as follows: cliff vesting on the third anniversary of the grant date to the extent performance metrics are met, subject to continued service. The fair value of such awards is $2.5 million at grant date. (ii) 1,267,912 supplemental RSU awards, 100% of which are time-vesting RSUs, was granted to management on July 25, 2019 in connection with the IPO and subject to vesting as follows: 25% vested at grant date, 25% will vest on the second anniversary of the grant date, subject to continued service and 50% will vest on the third anniversary of the grant date, subject to continued service. The fair value of the supplemental RSUs is $17.8 million. (iii) 250,000 founders grant awards in the form of time-vesting RSUs with a fair value of $3.5 million at grant date, July 25, 2019. These awards will cliff vest on the third anniversary of the grant date. (iv) 33,839 non-employee director RSU awards, 26,399 of which were granted on July 25, 2019 and 7,440 of which were granted on November 15, 2019, with a fair value of $0.5 million at grant date. These awards are fully vested on grant date. (v) 668,170 RSUs initially granted under the 2010 Plan that were converted into RSUs based on shares of the Company’s common stock upon the consummation of the merger. Stock-based compensation expense was $8.6 million, $0.9 million and $1.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. The tax benefit recognized for the same was $1.8 million, $0.2 million and $0.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. Vested RSUs awaiting conversion into common stock were 906,182 for the year ended December 31, 2019, 548,292 for the year ended December 31, 2018 and 517,446 for the year ended December 31, 2017. The Company began recognizing stock-based compensation expense relating to its 2019 Plan upon its inception and initial stock grants in July 2019. All stock-based compensation expense recognized during the year ended December 31, 2019 relates to the 2019 Plan except $0.1 million of expense relating to the 2010 Plan. The following table summarizes RSU transactions for the 2019 Plan for the years ended December 31, 2019 and 2018: Weighted Number of Average Grant Date Shares Fair Value Per Share Unvested at December 31, 2017 180,647 $ 11.25 Granted in 2018 13,992 18.67 Vested in 2018 (136,855) 11.30 Forfeited in 2018 (2,520) 11.09 Unvested at December 31, 2018 55,264 11.09 Granted in 2019 1,732,869 14.00 Vested in 2019 (406,081) 13.61 Forfeited in 2019 (92,656) 14.00 Unvested at December 31, 2019 1,289,396 $ 14.00 As of December 31, 2019, The Company had approximately $14.5 million of total unrecognized stock-based compensation expense related to the RSUs expected to be recognized over a weighted-average period of 2.4 years. 2019 Employee Stock Purchase Plan On July 24, 2019, the 2019 Employee Stock Purchase Plan (the “2019 ESPP”) became effective immediately prior to the effectiveness of the registration statement filed in connection with the IPO. A total of 1,000,000 shares of the Company’s common stock are reserved and available for sale under the 2019 ESPP. The compensation committee of the Board of Directors administers the 2019 ESPP and have full authority to interpret the terms of the 2019 ESPP. There was no expense recognized related to the 2019 ESPP for the year ended December 31, 2019.

Retirement Plans

Retirement Plans	12 Months Ended
	Dec. 31, 2019
Retirement Plans
Retirement Plans	17. Retirement Plans For the benefit of its U.S.-based employees who meet certain service and age requirements, the Company offers a voluntary defined contribution 401(k) plan, a tax-qualified retirement plan subject to the Employee Retirement Income Security Act of 1974. The Company has elected to make matching contributions to eligible participants in an amount up to 100% of the first 4% of eligible compensation and 50% of the next 2% of eligible compensation contributed to the plan as deferral contributions. Expense recorded for this plan was $1.8 million, $2.1 million and $1.6 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2019
Segment Information
Segment Information	18. Segment Information The Company has one reportable segment, Specialty Insurance segment, which primarily offers property and casualty insurance products through its customers segments that include Construction, Consumer Services, Marine and Energy, Media and Entertainment, Professional Services, Real Estate, Sports, and Transportation. The primary criteria to determine the Company’s reportable segment is based on the fact that the Company’s senior management reviews, assesses and allocates resources both on a financial and personnel basis on an entity-wide level. The following table provides a summary of the Company’s gross written premiums by customer segments within our Specialty Insurance segment. “Other” includes gross written premiums from; (i) primary and excess workers’ compensation coverage for exited Self-Insured Groups, (ii) niches exited prior to 2018, many with a concentration in commercial auto , (iii) certain fronting arrangements in which all premium written is ceded to a third party (iv) participation in industry pools, and (v) emerging new business . Years Ended December 31 ($ in thousands) 2019 2018 2017 Customer segment Construction $ 117,918 12.2 % $ 101,946 11.4 % $ 73,378 8.8 % Consumer Services 133,682 13.8 107,086 12.0 94,384 11.3 Marine and Energy 94,071 9.7 82,978 9.3 79,238 9.5 Media and Entertainment 124,950 12.9 119,926 13.4 114,442 13.7 Professional Services 119,326 12.4 110,546 12.3 112,575 13.4 Real Estate 167,635 17.3 132,652 14.8 132,029 15.8 Sports 30,079 3.1 23,590 2.6 22,224 2.6 Transportation 112,191 11.6 92,169 10.3 85,079 10.2 Customer segment subtotal 899,852 93.0 770,893 86.1 713,349 85.3 Other 68,159 7.0 124,219 13.9 122,985 14.7 Specialty Insurance total $ 968,011 100.0 % $ 895,112 100.0 % $ 836,334 100.0 % The following table provides a summary of the Company’s gross written premiums by line of business within our Specialty Insurance segment. Years Ended December 31 ($ in thousands) 2019 2018 2017 Line of business Commercial Auto $ 205,303 21.2 % $ 151,612 16.9 % $ 124,688 14.9 % General Liability 335,197 34.6 277,948 31.1 272,660 32.6 Workers’ Compensation 179,432 18.6 246,302 27.5 235,668 28.2 Commercial Multiple Peril 82,126 8.5 67,351 7.5 73,859 8.8 All Other Lines 165,953 17.1 151,899 17.0 129,459 15.5 Specialty Insurance total $ 968,011 100.0 % $ 895,112 100.0 % $ 836,334 100.0 %

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share
Earnings Per Share	19. Earnings per Share The following table provides a reconciliation of the numerators and denominators of basic and diluted EPS: ($ in thousands, except per share amounts) Continuing Operations Discontinued Operations Income Shares Per Share Loss Shares Per Share 2019 (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS: Net income (loss) available to common stockholders $ 45,494 41,095 $ 1.11 $ (6,604) 41,095 $ (0.16) Effect of dilutive securities: Stock compensation plans 428 428 Diluted EPS $ 45,494 41,523 $ 1.10 $ (6,604) 41,523 $ (0.16) Continuing Operations Discontinued Operations Income Shares Per Share Income Shares Per Share 2018 (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS: Net income available to common stockholders $ 53,729 38,753 $ 1.39 $ 814 38,753 $ 0.02 Effect of dilutive securities: Stock compensation plans 688 688 Diluted EPS $ 53,729 39,441 $ 1.36 $ 814 39,441 $ 0.02 Continuing Operations Discontinued Operations Loss Shares Per Share Loss Shares Per Share 2017 (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS: Net loss available to common stockholders $ (6,904) 37,555 $ (0.18) $ (37,089) 37,555 $ (0.99) Diluted EPS $ (6,904) 37,555 $ (0.18) $ (37,089) 37,555 $ (0.99)

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information
Quarterly Financial Information	20. Quarterly Financial Information (unaudited, $ in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Year 2019 Gross written premiums $ 255,838 $ 235,032 $ 227,196 $ 249,945 $ 968,011 Revenues 212,972 220,112 219,870 225,105 878,059 Net income from continuing operations 13,695 8,696 8,361 14,742 45,494 Net income 13,440 8,618 8,312 8,520 38,890 Basic earnings per share - continuing operations 0.35 0.22 0.20 0.34 1.11 Diluted earnings per share - continuing operations 0.35 0.22 0.19 0.33 1.10 Basic earnings per share 0.35 0.22 0.19 0.19 0.95 Diluted earnings per share 0.34 0.22 0.19 0.19 0.94 2018 Gross written premiums $ 249,420 $ 222,555 $ 201,296 $ 221,841 $ 895,112 Revenues 181,046 199,525 201,726 203,575 785,872 Net income from continuing operations 10,010 14,652 15,603 13,464 53,729 Net income 10,795 14,454 15,174 14,120 54,543 Basic earnings per share - continuing operations 0.26 0.38 0.40 0.35 1.39 Diluted earnings per share - continuing operations 0.25 0.37 0.40 0.34 1.36 Basic earnings per share 0.28 0.37 0.39 0.36 1.41 Diluted earnings per share 0.27 0.36 0.38 0.36 1.38

Legal Proceedings

Legal Proceedings	12 Months Ended
	Dec. 31, 2019
Legal Proceedings
Legal Proceedings	21. Legal Proceedings In the normal course of business, the Company’s insurance subsidiaries are subject to disputes, including litigation and arbitration, arising out of the ordinary course of business. The Company’s estimates of the costs of settling such matters are reflected in its reserves for losses and loss expenses, and the Company does not believe that the ultimate outcome of such matters will have a material adverse effect on its financial condition or results of operations.

Schedule II

Schedule II	12 Months Ended
	Dec. 31, 2019
Schedule II
Condensed Financial Information of Registrant	ProSight Global, Inc. Condensed Financial Information of Registrant Balance Sheets December 31 ($ in thousands, except per share amounts) 2019 2018 Assets Investment in subsidiaries $ 702,977 $ 572,435 Cash and cash equivalents 773 522 Total cash and investments 703,750 572,957 Receivables from affiliates 6,580 12,462 Other assets 747 4,591 Total assets $ 711,077 $ 590,010 Liabilities Payables to affiliates $ 1,263 $ 9,540 Notes payable 164,693 182,355 Loan payable to affiliates — 3,173 Other liabilities 2,090 5,112 Total liabilities 168,046 200,180 Stockholders’ equity Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued or outstanding — — Common stock, $0.01 par value; 200,000,000 shares authorized; 43,071,186 and 38,864,289 shares issued, 43,058,266 and 38,851,369 shares outstanding in 2019 and 2018, respectively 431 389 Paid-in capital 661,761 607,260 Accumulated other comprehensive income (loss) 37,453 (22,315) Retained deficit (156,414) (195,304) Treasury shares – at cost (12,920 shares) (200) (200) Total stockholders’ equity 543,031 389,830 Total liabilities and stockholders’ equity $ 711,077 $ 590,010 ProSight Global, Inc. Condensed Financial Information of Registrant Statements of Operations Years Ended December 31 ($ in thousands) 2019 2018 2017 Revenues: Other income $ 33 $ 165 $ 630 Total revenues 33 165 630 Expenses: General and administrative expenses 714 5,325 13,461 Write-off of amounts related to sale of affiliate — 650 10,622 Intercompany interest expense (income) 18 (27) (29) Interest expense 12,795 12,377 12,125 Other expense 8,164 — — Total expenses 21,691 18,325 36,179 Loss before federal income taxes (21,658) (18,160) (35,549) Federal income tax benefit 4,669 3,284 8,341 Net loss from continuing operations before equity in undistributed net income (losses) of subsidiaries (16,989) (14,876) (27,208) Equity in undistributed net income (losses) of subsidiaries, net of tax 55,879 69,419 (16,785) Net income (loss) $ 38,890 $ 54,543 $ (43,993) ProSight Global, Inc. Condensed Financial Information of Registrant Statements of Cash Flows Years Ended December 31 ($ in thousands) 2019 2018 2017 Operating Activities: Net income (loss) $ 38,890 $ 54,543 $ (43,993) Adjustments to reconcile net income (loss) to net cash used in operating activities: Amortization of debt issuance costs 338 338 338 Equity in undistributed net (income) losses of subsidiaries, net of tax (55,879) (69,419) 16,785 Changes in: Decrease (increase) in receivables from affiliates 5,882 (9,957) 12,924 (Decrease) increase in payables to affiliates (8,277) 4,872 (2,121) Increase (decrease) in other assets 3,844 (1,673) (1,091) (Decrease) Increase in loans to affiliates (3,173) — — Increase in other liabilities (3,022) (6,426) (3,237) Total adjustments (60,287) (82,265) 23,598 Net cash used in operating activities (21,397) (27,722) (20,395) Investing activities: Net cash provided by (used in) investing activities — — — Financing activities Proceeds from shares issued 50,878 — 32 Proceeds from capital contributions — — 49,968 Proceeds from notes payable — 18,000 — Repayment of notes payable (18,000) — — Tax withholding on stock compensation awards (740) — — Capital contributions to affiliates (10,490) 9,747 (36,840) Net cash provided by financing activities 21,648 27,747 13,160 Net increase (decrease) in cash and cash equivalents 251 25 (7,235) Cash and cash equivalents at beginning of year 522 497 7,732 Cash and cash equivalents at end of year $ 773 $ 522 $ 497

Schedule V

Schedule V	12 Months Ended
	Dec. 31, 2019
Allowance for Uncollectible Premiums and Reinsurance Recoverables
Schedule of allowance for uncollectible premiums and reinsurance recoverables	ProSight Global, Inc. Allowance for Uncollectible Premiums and Reinsurance Recoverables Allowance on Allowance on Premiums Reinsurance ($ in thousands) Receivables Receivables December 31, 2016 4,699 7,046 Additions — — Deductions (502) — December 31, 2017 $ 4,197 $ 7,046 Additions 800 4,510 Deductions (174) (1,564) December 31, 2018 $ 4,823 $ 9,992 Additions 2,108 4,581 Deductions (1,875) (3,702) December 31, 2019 $ 5,056 $ 10,871

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Summary Of Significant Accounting Policies
Basis of Reporting	Basis of Reporting and Use of Estimates The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported financial statement balances, as well as disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Consolidation	Consolidation Unless otherwise noted, the consolidated financial statements include the accounts of the Company and its subsidiaries after elimination of intercompany balances and transactions, and relate to continuing operations. Discontinued operations are reported separately.
Investments	Investments Investment transactions are recorded on their trade date with balances pending settlement included in the consolidated balance sheets as a receivable for investments disposed of or payable for investments securities acquired and reported within other assets or other liabilities respectively. Realized investment gains and losses are determined on the basis of first-in, first-out.
Fixed Income Securities	Fixed Income Securities Fixed income securities may include U.S. treasury securities, government agency securities, municipal debt obligations, residential mortgage backed securities (“RMBS”), commercial mortgage backed securities (“CMBS”), collateralized loan obligations (“CLO”), asset backed securities (“ABS”) and corporate debt securities. Fixed income securities categorized as available-for-sale (“AFS”) are reported at estimated fair value and include those fixed income investments where the Company’s intent to carry such investments to maturity may be affected in future periods by changes in market interest rates, tax position or credit quality. Unrealized gains and losses, net of related deferred income taxes, on AFS securities are reflected in accumulated other comprehensive income (loss) (“AOCI”) in stockholders’ equity. The cost of fixed income securities is adjusted for the amortization of any purchase premiums and the accretion of purchase discounts from the time of purchase of the security to its sale or maturity. This amortization of premium and accretion of discount is recorded in net investment income in the consolidated statements of operations. Any realized gains or losses resulting from the sale of securities are recognized in realized investment gains (losses), net in the consolidated statements of operations.
Commercial Levered Loans	Commercial Levered Loans The Company’s investment portfolio includes commercial levered loans, which are classified as held-for-investment and are reported at amortized cost.
Investments in Limited Partnerships and Limited Liability Companies	Investments in Limited Partnerships and Limited Liability Companies The Company has elected to carry investments in limited partnerships and limited liability companies at fair value. Interest income, dividend income and movements in fair value respective to cost basis are recorded as investment income. The fair values are obtained from statements of net asset value made available by the respective limited partnerships and limited liability companies.
Short-Term Investments	Short-Term Investments Short-term investments, which have maturities of one year or less at acquisition, are carried at amortized cost, which approximates fair value.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on deposit with banks and treasury bills with maturities of less than 90 days at acquisition. The Company considers all highly liquid debt instruments with maturities of three months or less at acquisition to be cash equivalents. Restricted cash consists of escrow funds, trust funds and collateral related to funds withheld.
Other-Than-Temporary Impairments	Other-Than-Temporary Impairments Management reviews fixed income securities for other-than-temporary impairments (“OTTI”) based upon quantitative and qualitative criteria that include, but are not limited to, downgrades in rating agency levels for securities, the duration and extent of declines in fair value of the security below its cost or amortized cost, interest rate trends, the Company’s intent to sell or hold the security, market conditions, and the regulatory environment for the security’s issuer. The Company may also consider cash flow models and matrix analyses in connection with its OTTI evaluation. The Company will record credit impairment in the consolidated statements of operations when the present value of cash flows expected to be collected from the debt security is less than the amortized cost basis of the security. In addition, any portion of such decline to arise from factors other than credit is recorded as a component of other comprehensive income (“OCI”).
Fair Values of Financial Instruments	Fair Values of Financial Instruments For fixed income securities, quoted prices in active markets are used to determine the fair value. When such information is not available, as in the case of securities that are not publicly traded, other valuation techniques are employed. These valuation techniques may include, but are not limited to, using third-party pricing sources (dealer marks), identifying comparable securities with quoted market prices and using internally prepared valuations based on certain modeling and pricing methods. For limited partnerships and limited liability companies, the Company utilizes statements of net asset value made available by the respective limited partnerships and limited liability companies. For notes payable, the Company takes into consideration, the interest-rate environment for benchmark interest rates, credit spreads for similar securities, as well as the Company’s rating and financial performance to calculate the fair value.
Premium Recognition	Premium Recognition Premiums are reflected in income on a monthly pro rata basis over the terms of the respective policies. Accordingly, unearned premium reserves are established for the portion of premiums written applicable to unexpired policies in force. The Company has provided an allowance for uncollectible premiums receivable of $5.1 million and $4.8 million as of December 31, 2019 and 2018, respectively.
Policy Acquisition Cost Recognition	Policy Acquisition Cost Recognition Policy acquisition costs related to unearned premiums that vary with, and are directly related to, the production of such premiums are deferred. Furthermore, such deferred costs: (i) represent only incremental, direct costs associated with the successful acquisition of a new or renewal insurance contract; (ii) are essential to the contract transaction; (iii) would not have been incurred had the contract transaction not occurred; and (iv) are related directly to the acquisition activities involving underwriting, policy issuance and processing. Policy acquisition costs, such as brokerage commissions and premium taxes, and other expenses related to the underwriting process, including their employees’ compensation and benefits, are amortized to expense as the related premiums are earned. Accounting guidance requires a premium deficiency analysis to be performed at the level an entity acquires, services, and measures the profitability of its insurance contracts. Currently, the Company determines the sufficiency of unearned premium net of deferred policy acquisition costs against expected levels of losses and loss adjustment expenses by line of business. The determination anticipates investment income. To the extent carried unearned premium net of deferred policy acquisition cost is viewed as deficient, the respective deferred policy acquisition cost is first reduced and, if needed, a separate deficiency reserve is established.
Reinsurance	Reinsurance The Company’s insurance subsidiaries participate in various reinsurance agreements on both an assumed and ceded basis. The Company uses various types of reinsurance, including quota share, excess of loss and facultative agreements, to spread the risk of loss among several reinsurers and to limit its exposure from losses on any one occurrence. Any recoverable due from reinsurers is recorded in the period in which the related gross liability is established. Reinsurance reinstatement premiums are incurred by the Company based upon the provisions of the reinsurance contracts. In the event of a loss, the Company may be obligated to pay additional reinstatement premiums under its excess of loss reinsurance treaties. In such instances, the respective reinstatement premium is expensed immediately. The Company accounts for reinsurance receivables and prepaid reinsurance premiums as assets. The Company maintains an allowance for doubtful accounts, which includes amounts in dispute, amounts due from insolvent or financially impaired companies and other balances deemed uncollectible. Management continually reviews and updates such estimates. Profit commission revenue derived from reinsurance transactions is recognized when such amounts become earned as provided in the treaties with the respective reinsurers.
Depreciation	Depreciation Property, equipment, and leasehold improvements are depreciated over their estimated useful lives, which are approximately three to seven years. Costs incurred in developing or obtaining software are capitalized and depreciated on a straight-line basis over their estimated useful lives, which are approximately three to seven years. Capitalized software as of December 31, 2019 and 2018, had unamortized balances of $33.8 million and $35.0 million, respectively. Depreciation on capitalized software commences once the software is placed into service. The Company recorded depreciation expense of $7.0 million, $5.8 million and $5.4 million for the years ended 2019, 2018 and 2017, respectively. Other depreciable assets, primarily leasehold improvements, as of December 31, 2019 and 2018, had unamortized balances of $3.3 million and $3.8 million, respectively. The Company recorded depreciation expense of $1.2 million and $1.5 million and $1.7 million, for the years ended 2019, 2018 and 2017, respectively.
Income Taxes	Income Taxes The Company’s U.S. subsidiaries file a consolidated federal income tax return in the U.S. The Company provides deferred income taxes on temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities based upon enacted tax rates. The effect of a change in tax rates is recognized in income in the period of change. The Company provides for a valuation allowance on certain deferred tax assets primarily as a result of the uncertainty that the Company can fully utilize all deferred taxes that arose from net operating losses (NOL) incurred. This uncertainty stems from issues relating to the current economic conditions and limitations on the period that such losses can be carried forward prior to expiring. To the extent the Company generates future operating income to offset these losses, it may recover some or the entire amount of the deferred income taxes associated with temporary differences. On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Reform”) was enacted which reduced the corporate tax rate from 35% to 21% effective January 1, 2018. This resulted in a re-measurement of the Company’s net deferred taxes to reflect the new rate at which the deferred items will be realized. The re-measurement of the net deferred tax asset as another income tax expense resulted in tax effects of items within AOCI, which did not reflect the current enacted tax rate. As a result, the Company elected to early adopt Accounting Standards Update 2018-02 (“ASU 2018-02”), Income Statement — Reporting Comprehensive Income at December 31, 2017, by making a one-time adjustment of $1.6 million to reclassify the stranded tax effects from accumulated other comprehensive income to retained earnings, that was associated with net unrealized gains on our investment portfolio resulting from the enactment of Tax Reform.
Losses and Loss Adjustment Expenses	Losses and Loss Adjustment Expenses Losses and loss adjustment expenses are a function of the amount and type of insurance contracts the Company writes, the loss experience associated with the underlying coverage, and the expenses incurred in the handling of the losses. In general, the Company’s losses and loss adjustment expenses are affected by the frequency of claims associated with the particular types of insurance contracts, trends in the average size of losses incurred on a particular type of business, mix of business, changes in the legal or regulatory environment related to the business, trends in legal defense costs, wage inflation, and inflation in medical costs. The reserve for loss and loss adjustment expenses includes a provision for both reported claims (case reserves) and incurred but not reported claims (“IBNR”). IBNR estimates are generally calculated by first projecting the ultimate cost of all losses that have occurred (expected losses), and then subtracting paid losses, case reserves, and loss expenses. The reserve for loss and loss adjustment expenses represents management’s best estimate of unpaid losses and loss adjustment expenses using individual case-basis valuations and statistical analysis that is not discounted, with the exception of certain workers’ compensation claims. Workers’ compensation reserves for policy years between 2007 and 2019 were discounted at discount rates between 2.85% and 5.00%, for the years ended December 31, 2019 and 2018, respectively. Carried discounted reserves on these workers’ compensation claims, net of reinsurance, were $116.9 million and $96.3 million at December 31, 2019 and 2018, respectively. The amount of discount related to workers’ compensation reserves were $47.4 million and $37.0 million at December 31, 2019 and 2018, respectively. The Company’s loss reserve review processes use actuarial methods that may vary by line of business. The actuarial methods used include the following methods: · Reported Loss Development Method: a reported loss development pattern is calculated based on historical loss development data, and this pattern is then used to project the latest evaluation of cumulative reported losses for each accident year or underwriting year, as appropriate, to ultimate levels; · Paid Development Method: a paid loss development pattern is calculated based on historical paid loss development data, and this pattern is then used to project the latest evaluation of cumulative paid losses for each accident year or underwriting year, as appropriate, to ultimate levels; · Expected Loss Ratio Method: expected loss ratios are applied to premiums earned, based on actuarial pricing expectation, or historical insurance industry results when company experience is deemed not to be sufficient; and · Bornhuetter-Ferguson Method: the results from the Expected Loss Ratio Method are essentially blended with either the Reported Loss Development Method or the Paid Development Method. Although considerable variability is inherent in the estimates of reserves for losses and loss adjustment expenses, management believes the reserve is adequate. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes known. Such adjustments are included in current operations.
Share-Based Compensation	Share-Based Compensation Entities are required to measure compensation cost for awards of equity instruments to employees based on the grant-date fair value of those awards and recognize compensation expense over the service period that the awards are expected to vest. The Company records compensation costs on a straight-line basis over the vesting period of all awards except when an award requires accelerated recognition. The Company does not apply a forfeiture rate to unvested awards and accounts for forfeitures as they occur. Stock-based compensation expense related to long-term incentive awards and director restricted stock units (“RSUs”) are included in general and administrative expenses in the Company’s consolidated statements of operations. Stock-based compensation expense related to supplemental RSUs and founders grant awards are included in other expenses in the Company’s consolidated statements of operations.
Goodwill and Net Intangible Assets	Goodwill and Net Intangible Assets Goodwill represents the excess of the cost of acquiring a business enterprise over the fair value of the net assets acquired. Goodwill is deemed to have an indefinite life and is not amortized, but rather tested annually, in the fourth quarter, for impairment. A quantitative goodwill impairment analysis is performed if an annual qualitative analysis indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Finite-lived intangible assets are amortized over their estimated useful lives. Indefinite-lived other intangible assets are tested for impairment annually, in the fourth quarter, or when certain triggering events require such tests.
Earnings Per Share	Earnings Per Share Basic earnings per share of common stock is based on the weighted-average number of shares of outstanding common stock, par value $0.01 per share, of the Company (“Common Stock”) during the period, and vested RSUs. Vested RSUs awaiting conversion into common stock were 906,182 for the year ended December 31, 2019, 548,292 for the year ended December 31, 2018 and 517,446 for the year ended December 31, 2017. Diluted earnings per share of Common Stock are based on those shares used to calculate basic earnings per share of Common Stock plus the dilutive effect of unvested stock-based compensation awards. Basic and diluted earnings per share are calculated by dividing net income by the applicable weighted-average number of shares outstanding during the period. The Company did not declare any stock dividends for the years ended December 31, 2019, 2018 and 2017.
Reclassifications	Reclassifications All share and per share amounts in the financial statements, related notes and schedules have been restated for all historical periods prior to and including June 30, 2019, presented to give effect to the merger and related conversion of shares, including reclassifying an amount equal to the change in value of common stock to additional paid-in capital, as well as the effectiveness of the Certificate of Incorporation. From time to time we reallocate existing niches to new or different customer segments in order to align them more efficiently, for reasons that may include the evolution of business or customers in that niche, the establishment or discontinuance of related niches, changes in responsibilities of our management team handling the segments, among others. All historical customer segment information is presented in accordance with the current composition of our customer segments and such reallocation of premium amounts, and as a result some customer segment information may differ from amounts previously reported i n Note 18. Segments.

Statements of Cash Flow (Tables

Statements of Cash Flow (Tables)	12 Months Ended
	Dec. 31, 2019
Statements of Cash Flow
Summary of supplemental cash flow information	December 31 ($ in thousands) 2019 2018 2017 Cash paid (received) during the period for: Interest $ 12,865 $ 12,377 $ 12,125 Federal income tax (780) 135 227

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangibles
Schedule of goodwill and other intangible assets	Goodwill and other intangible assets not subject to amortization are tested for impairment annually, in the fourth quarter. As of December 31, 2019, there was no impairment of goodwill or other intangible assets not subject to amortization. ($ in thousands) Goodwill Other Intangibles Total December 31, 2017 $ 11,911 $ 17,338 $ 29,249 Amortization — 30 30 December 31, 2018 $ 11,911 $ 17,308 $ 29,219 Amortization — 30 30 December 31, 2019 $ 11,911 $ 17,278 $ 29,189 The status of the goodwill and net intangible assets is presented in the following tables: Accumulated ($ in thousands) Gross Amortization Net Useful Life December 31, 2019 Goodwill $ 11,911 $ — $ 11,911 Indefinite State licenses 17,100 — 17,100 Indefinite Other 208 (30) 178 15 years Net balance $ 29,219 $ (30) $ 29,189 December 31, 2018 Goodwill $ 11,911 $ — $ 11,911 Indefinite State licenses 17,100 — 17,100 Indefinite Other 2,452 (2,244) 208 Varies up to 15 years Net balance $ 31,463 $ (2,244) $ 29,219
Schedule of estimated amortization of intangible assets	($ in thousands) 2020 $ 30 2021 30 2022 30 2023 30 2024 30 $ 150

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2019
Discontinued Operations
Summary of results of operations and carrying amounts of assets and liabilities for discontinued operations	Years Ended December 31 ($ in thousands) 2019 2018 2017 Revenues Net earned premiums $ 611 $ 1,173 $ 49,233 Net investment income 142 514 2,717 Realized investment gains, net 1,267 830 14,329 Other income — 338 — Total revenue 2,020 2,855 66,279 Expenses Net losses and loss adjustment expenses incurred 10,463 11,197 50,787 Policy acquisition expenses 218 401 9,544 General and administrative expenses 57 (8,401) 27,533 Interest expense — 218 1,648 Foreign exchange gains — — (4,570) Other expense — — 19,105 Total expenses 10,738 3,415 104,047 Loss from discontinued operations before income taxes (8,718) (560) (37,768) Income tax benefit (2,114) (1,374) (679) Net (loss) income from discontinued operations $ (6,604) $ 814 $ (37,089) December 31 ($ in thousands) 2019 2018 Assets Total cash and investments $ 10,428 $ 10,436 Other assets 11,156 9,283 Total assets $ 21,584 $ 19,719 Liabilities Unpaid losses and loss adjustment expenses $ 24,169 $ 14,030 Other liabilities 7,409 8,226 Total liabilities $ 31,578 $ 22,256

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2019
Investments
Summary of the Company’s investment components	December 31 ($ in thousands) 2019 2018 Fixed income securities, AFS (fair value): U.S. Treasury securities $ 49,985 2.3 % $ 5.0 % Government agency securities 6,531 0.3 % - ‐ % Corporate debt securities 1,338,812 61.8 % 66.3 % Municipal debt obligations 79,815 3.7 % 0.3 % ABS 73,582 3.4 % 4.7 % CLO 179,549 8.3 % 8.7 % CMBS 97,526 4.5 % 3.0 % RMBS – non-agency 71,610 3.3 % 4.4 % RMBS – agency 143,272 6.6 % 1.7 % Total fixed income securities, AFS 2,040,682 94.2 % 94.1 % Short-term investments 43,873 2.0 % 2.0 % Commercial levered loans (amortized cost) 14,069 0.7 % 0.9 % Limited partnerships and limited liability companies (fair value) 66,660 3.1 % 3.0 % Total investments $ 100.0 % $ 100.0 %
Summary of gross unrealized gains and losses on AFS securities included in assets	The gross unrealized gains and losses on AFS securities included in assets from continuing operations at December 31, 2019, are as follows: Cost/ Gross Gross Amortized Unrealized Unrealized Fair ($ in thousands) Cost Gains Losses Value Fixed income securities: U.S. Treasury securities $ 49,161 $ 838 $ (14) $ 49,985 Government agency securities 6,522 23 (14) 6,531 Corporate debt securities 1,308,094 33,743 (3,025) 1,338,812 Municipal debt obligations 80,338 243 (766) 79,815 ABS 73,068 854 (340) 73,582 CLO 181,704 125 (2,280) 179,549 CMBS 95,810 1,863 (147) 97,526 RMBS - non-agency 62,343 9,458 (191) 71,610 RMBS - agency 142,363 1,256 (347) 143,272 Total fixed income securities $ 1,999,403 $ 48,403 $ (7,124) $ 2,040,682 The gross unrealized gains and losses on AFS securities included in assets from continuing operations at December 31, 2018, are as follows: Cost/ Gross Gross Amortized Unrealized Unrealized Fair ($ in thousands) Cost Gains Losses Value Fixed income securities: U.S. Treasury securities $ 92,219 $ 126 $ (2,017) $ 90,328 Corporate debt securities 1,231,352 1,216 (40,138) 1,192,430 Municipal debt obligations 6,238 — (153) 6,085 ABS 82,603 1,095 (117) 83,581 CLO 161,421 160 (4,668) 156,913 CMBS 55,980 — (2,137) 53,843 RMBS - non-agency 68,594 11,078 (121) 79,551 RMBS - agency 31,348 — (697) 30,651 Total fixed income securities $ 1,729,755 $ 13,675 $ (50,048) $ 1,693,382
Summary of all securities in an unrealized loss position, the fair value and gross unrealized loss by asset class and by length of time those securities have been in a loss position	The following table summarizes all securities in an unrealized loss position at December 31, 2019, the fair value and gross unrealized loss by asset class and by length of time those securities have been in a loss position: Less Than 12 Months Greater Than 12 Months Total Total Fair Unrealized Fair Unrealized Total Unrealized ($ in thousands) Value Losses Value Losses Fair Value Losses U.S. Treasury securities $ — $ — $ 7,469 $ (14) $ 7,469 $ (14) Government agency securities 3,192 (14) — — 3,192 (14) Corporate debt securities 133,341 (2,509) 50,695 (516) 184,036 (3,025) Municipal debt obligations 66,355 (766) — — 66,355 (766) ABS 27,884 (175) 11,165 (165) 39,049 (340) CLO 28,485 (338) 110,825 (1,942) 139,310 (2,280) CMBS 18,307 (102) 6,053 (45) 24,360 (147) RMBS - non-agency 2,173 (14) 2,418 (177) 4,591 (191) RMBS - agency 10,450 (12) 12,367 (335) 22,817 (347) Total $ 290,187 $ (3,930) $ 200,992 $ (3,194) $ 491,179 $ (7,124) The following table summarizes all securities in an unrealized loss position at December 31, 2018, the fair value and gross unrealized loss by asset class and by length of time those securities have been in a loss position: Less Than 12 Months Greater Than 12 Months Total Total Fair Unrealized Fair Unrealized Total Unrealized ($ in thousands) Value Losses Value Losses Fair Value Losses U.S. Treasury securities $ 8,263 $ (82) $ 69,727 $ (1,935) $ 77,990 $ (2,017) Corporate debt securities 393,931 (10,241) 710,482 (29,897) 1,104,413 (40,138) Municipal debt obligations — — 6,085 (153) 6,085 (153) ABS 25,258 (61) 4,249 (56) 29,507 (117) CLO 146,004 (4,668) — — 146,004 (4,668) CMBS — — 53,843 (2,137) 53,843 (2,137) RMBS - non-agency 529 (13) 2,449 (108) 2,978 (121) RMBS - agency 27,150 (513) 3,502 (184) 30,652 (697) Total $ 601,135 $ (15,578) $ 850,337 $ (34,470) $ 1,451,472 $ (50,048)
Summary of amortized cost and fair value of fixed income securities	December 31, 2019 Amortized Fair ($ in thousands) Cost Value Due in one year or less $ 99,035 $ 99,326 Due after one through five years 679,649 692,219 Due after five through ten years 507,803 523,276 Due after ten years 157,628 160,322 1,444,115 1,475,143 Structured securities: ABS 73,068 73,582 CLO 181,704 179,549 CMBS 95,810 97,526 RMBS - non-agency 62,343 71,610 RMBS - agency 142,363 143,272 Totals $ 1,999,403 $ 2,040,682
Summary of net investment income included in net income from continuing operations	($ in thousands) 2019 2018 2017 Fixed income securities $ 66,975 $ 55,765 $ 33,467 Commercial levered loans 765 1,114 1,153 Net limited partnerships gains 3,101 1,081 3,240 Other 358 176 216 Total investment income 71,199 58,136 38,076 Less: investment income attributable to funds withheld liabilities (655) (912) — Less: expenses (1,647) (1,253) (1,880) Net investment income $ 68,897 $ 55,971 $ 36,196

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Measurements
Summary of major categories of assets measured at fair value on a recurring basis	December 31, 2019 Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs ($ in thousands) (Level 1) (Level 2) (Level 3) Total Fixed income securities: U.S. Treasury securities $ — $ 49,985 $ — $ 49,985 Government agency securities — 6,531 — 6,531 Corporate debt securities — 1,189,181 149,631 1,338,812 Municipal debt obligations — 79,815 — 79,815 ABS — 73,582 — 73,582 CLO — 179,549 — 179,549 CMBS — 97,526 — 97,526 RMBS - non agency — 71,610 — 71,610 RMBS - agency — 143,272 — 143,272 Total fixed income securities $ — $ 1,891,051 $ 149,631 2,040,682 Investments measured at net asset value: Limited partnerships and limited liability companies 66,660 Total assets at fair value $ 2,107,342 December 31, 2018 Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs ($ in thousands) (Level 1) (Level 2) (Level 3) Total Fixed income securities: U.S. Treasury securities $ — $ 90,328 $ — $ 90,328 Corporate debt securities — 1,065,933 126,497 1,192,430 Municipal debt obligations — 6,085 — 6,085 ABS — 83,581 — 83,581 CLO — 156,913 — 156,913 CMBS — 53,843 — 53,843 RMBS - non agency — 79,551 — 79,551 RMBS - agency — 30,651 — 30,651 Total fixed income securities $ — $ 1,566,885 $ 126,497 1,693,382 Investments measured at net asset value: Limited partnerships and limited liability companies 53,432 Total assets at fair value $ 1,746,814
Summary of carrying value and fair value of financial instruments that are not recognized or are not carried at fair value	December 31, 2019 Carrying Fair Value ($ in thousands) Value Total Level 1 Level 2 Level 3 Assets Commercial levered loans $ 14,069 $ 13,950 $ — $ — $ 13,950 Liabilities Notes payable 165,000 167,507 — 167,507 — Unamortized debt issuance costs (307) Total notes payable $ 164,693 December 31, 2018 Carrying Fair Value ($ in thousands) Value Total Level 1 Level 2 Level 3 Assets Commercial levered loans $ 16,915 $ 15,858 $ — $ — $ 15,858 Liabilities Notes payable 183,000 183,999 — 183,999 — Unamortized debt issuance costs (645) Total notes payable $ 182,355
Summary of the changes in the fair value of securities measured using Level 3 inputs	Level 3 Corporate Debt ($ in thousands) Securities Fair value, December 31, 2017 $ — Total net (losses) gains for the period included in: OCI 764 Net realized loss (9) Purchases 9,492 Sales — Issuances — Settlements (2,754) Transfers into Level 3 119,004 Transfers out of Level 3 — Fair value, December 31, 2018 126,497 Total net (losses) gains for the period included in: OCI 3,011 Net realized loss (5) Purchases 23,905 Sales — Issuances — Settlements (3,777) Transfers into Level 3 — Transfers out of Level 3 — Fair value, December 31, 2019 $ 149,631

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss)
Summary of the components of accumulated other comprehensive income (loss)	($ in thousands) Gross Tax Net December 31, 2016 $ 30,630 $ 1,148 $ 29,482 Unrealized holding gains (losses) on fixed income securities 3,517 4,874 (1,357) Cumulative translation adjustment 6,881 — 6,881 Amounts reclassified into net loss 18,763 1,471 17,292 Other comprehensive (loss) income (8,365) 3,403 (11,768) Reclassification of stranded deferred taxes — (1,583) 1,583 December 31, 2017 22,265 2,968 19,297 Unrealized holding losses on fixed income securities (53,582) (10,842) (42,740) Amounts reclassified into net income (1,557) (429) (1,128) Other comprehensive loss (52,025) (10,413) (41,612) December 31, 2018 (29,760) (7,445) (22,315) Unrealized holding gains on fixed income securities 77,920 16,277 61,643 Amounts reclassified into net income 2,037 162 1,875 Other comprehensive income 75,883 16,115 59,768 December 31, 2019 $ 46,123 $ 8,670 $ 37,453
Summary of reclassifications out of accumulated other comprehensive income (loss)	Line in Consolidated ($ in thousands) Statements of Operations 2019 2018 2017 AOCI Unrealized gains on securities Realized investment gains (losses), net $ 2,037 $ (1,557) $ 18,763 Income tax expense (benefit) 162 (429) 1,471 Total reclassifications $ 1,875 $ (1,128) $ 17,292

Insurance Operations (Tables)

Insurance Operations (Tables)	12 Months Ended
	Dec. 31, 2019
Summary of effects of the termination of Quota Share Arrangements on pre-tax income	($ in thousands) 2019 2018 2017 (Return of ceded prepaid) ceded written premium $ (3) $ (58,857) $ 160,779 Ceded earned premium (3) 14,560 87,362 (Increase) reduction to net loss and loss adjustment expenses incurred (4,746) 9,514 51,897 Reduction to policy acquisition expenses 4,743 3,955 29,560 Reduction to pre-tax income $ — $ 1,091 $ 5,905
Summary of reinsurance ceded and assumed relating to premiums written, earned premiums and net losses and loss adjustment expenses	($ in thousands) 2019 2018 2017 Written premiums Direct written premiums $ 964,512 $ 889,526 $ 833,536 Assumed from other companies 3,499 5,586 2,798 Ceded to other companies 115,871 45,038 276,048 Net written premiums $ 852,140 $ 850,074 $ 560,286 Earned premiums Direct earned premiums $ 918,718 $ 844,234 $ 788,862 Assumed from other companies 3,887 10,266 2,477 Ceded to other companies 114,751 123,715 181,553 Net earned premiums $ 807,854 $ 730,785 $ 609,786 Percent of amount assumed to net Losses and loss adjustment expenses incurred Direct net losses and loss adjustment expenses incurred $ 556,051 $ 485,770 $ 483,209 Assumed from other companies 9,298 (3,209) 720 Ceded to other companies 64,324 47,731 90,188 Net losses and loss adjustment expenses incurred $ 501,025 $ 434,830 $ 393,741
Summary of unpaid losses	($ in thousands) 2019 2018 2017 Gross reserve for unpaid losses and loss expenses, at beginning of year $ 1,396,812 $ 1,258,237 $ 1,166,619 Ceded reserve for unpaid losses and loss expenses, at beginning of year 185,295 201,156 176,651 Net reserve for unpaid losses and loss expenses, at beginning of year 1,211,517 1,057,081 989,968 Add: Incurred losses and loss expenses occurring in the: Current year 482,989 439,847 373,423 Prior years 3,154 (5,017) 20,318 Prior years attributable to adjusted premium 14,882 — — Total net losses and loss adjustment expenses incurred 501,025 434,830 393,741 Less: Paid losses and loss expenses for claims occurring in the: Current year 66,522 47,734 54,026 Prior years 318,324 232,660 272,602 Total paid losses and loss expenses for claims 384,846 280,394 326,628 Net reserve for unpaid losses and loss expenses, at end of year 1,327,696 1,211,517 1,057,081 Ceded reserve for unpaid losses and loss expenses, at end of year 193,952 185,295 201,156 Gross reserve for unpaid losses and loss expenses, at end of year $ 1,521,648 $ 1,396,812 $ 1,258,237
Schedule of unpaid losses and loss adjustment expenses incurred and cumulative paid losses	All Lines - Incurred Unaudited IBNR as of Cumulative For the Years Ended December 31, Claim Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 Counts Prior $ 15,481 2010 $ 131,617 $ 137,994 $ 134,941 $ 134,307 $ 136,115 $ 143,344 $ 152,840 $ 145,444 $ 148,117 $ 150,543 3,108 3,926 2011 115,644 128,879 126,752 122,773 124,543 131,081 124,798 131,385 131,360 3,772 4,419 2012 137,380 157,477 157,985 165,015 165,889 156,355 159,120 158,523 6,491 6,622 2013 210,368 222,277 232,660 251,353 243,567 237,900 249,802 16,133 13,229 2014 286,842 312,987 323,792 333,865 342,788 356,733 30,978 16,333 2015 384,269 407,279 407,427 395,751 430,942 44,665 20,869 2016 390,430 423,538 406,204 416,266 93,163 20,049 2017 354,948 361,299 339,505 127,760 18,582 2018 422,104 406,199 233,890 18,720 2019 457,973 330,679 17,591 $ 3,097,846 $ 906,120 All Lines – Paid Unaudited For the Years Ended Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 11,912 $ 38,723 $ 72,312 $ 85,754 $ 102,016 $ 114,140 $ 125,646 $ 132,525 $ 137,470 $ 140,927 2011 14,796 51,006 65,103 76,731 88,243 98,411 105,584 109,007 111,247 2012 16,619 48,276 73,249 98,960 119,374 130,200 136,909 139,793 2013 27,465 74,012 115,396 158,978 181,989 192,476 214,863 2014 44,738 111,919 166,907 217,986 250,928 280,933 2015 75,043 159,708 234,756 281,637 331,748 2016 78,271 150,198 204,589 266,496 2017 54,026 116,204 163,937 2018 45,012 112,889 2019 66,522 1,829,355 Incurred less paid 1,268,491 Reserves 2009 and prior 44,965 Other (1) 14,240 Total net reserve for unpaid losses and loss adjustment expenses $ 1,327,696 (1) Other category represents unallocated loss adjustment expense (“ULAE”) reserves $45.6 million, discounting of loss reserves $(47.4) million and retroactive reinsurance agreements $12.3 million, allowance for uncollectible reinsurance $0.5 million and other $3.2 million.
Schedule of historical average annual percentage payout of incurred claims, net of reinsurance	The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2019: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 14 % 19 % 15 % 13 % 10 % 7 % 7 % 3 % 3 % 2 %
Schedule of the company's asbestos and environmental related losses	December 31, 2019 ($ in thousands) Gross Ceded Net Balance at beginning of year $ 14,262 $ 9,860 $ 4,402 Incurred losses and loss adjustment expense 430 66 364 Payments for losses and loss adjustment expenses 1,882 1,564 318 Balance at end of year $ 12,810 $ 8,362 $ 4,448 December 31, 2018 ($ in thousands) Gross Ceded Net Balance at beginning of year $ 15,628 $ 11,116 $ 4,512 Incurred losses and loss adjustment expense 30 24 6 Payments for losses and loss adjustment expenses 1,396 1,280 116 Balance at end of year $ 14,262 $ 9,860 $ 4,402
Schedule of deferred policy acquisition costs, net of reinsurance	($ in thousands) December 31, 2017 $ 60,759 Acquisition costs deferred 204,283 Acquisition costs expensed (171,429) December 31, 2018 93,613 Acquisition costs deferred 189,970 Acquisition costs expensed (184,771) December 31, 2019 $ 98,812
Commercial Auto
Schedule of unpaid losses and loss adjustment expenses incurred and cumulative paid losses	Commercial Auto-Incurred Unaudited IBNR as of Cumulative For the Years Ended December 31, Claim Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 Counts Prior 2010 $ 13,046 $ 17,710 $ 18,011 $ 17,334 $ 18,717 $ 18,688 $ 19,046 $ 19,437 $ 19,280 $ 19,282 $ — 874 2011 13,864 13,462 11,260 11,231 12,547 12,547 12,508 12,476 12,476 — 1,219 2012 21,101 29,959 36,319 43,031 42,028 41,479 41,572 39,231 444 1,746 2013 47,191 50,752 63,764 77,570 76,768 72,265 81,422 993 6,224 2014 74,185 95,283 105,528 112,157 113,747 113,790 843 8,231 2015 120,137 139,415 152,268 146,757 155,266 1,981 11,153 2016 114,568 124,760 119,931 124,166 6,229 9,642 2017 81,986 79,156 71,068 12,343 7,061 2018 87,993 78,777 28,210 7,146 2019 115,393 72,508 8,141 $ 810,871 $ 123,551 Commercial Auto – Paid Unaudited For the Years Ended Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 3,105 $ 7,866 $ 12,346 $ 13,723 $ 17,275 $ 17,829 $ 18,074 $ 19,098 $ 19,138 $ 19,162 2011 4,717 7,791 7,250 9,111 11,587 12,005 12,123 12,117 12,128 2012 6,660 15,397 25,280 33,248 39,680 40,852 41,305 38,657 2013 13,015 26,773 43,403 64,073 72,906 71,010 79,066 2014 21,692 52,048 74,431 96,385 108,102 110,883 2015 37,964 74,524 107,063 126,831 142,806 2016 39,580 63,123 83,161 102,003 2017 19,950 34,659 47,199 2018 16,709 32,698 2019 22,082 606,684 Incurred less paid $ 204,187
Schedule of historical average annual percentage payout of incurred claims, net of reinsurance	The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2019: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 23 % 22 % 19 % 17 % 12 % 1 % 6 % (2) % — % — %
General Liability
Schedule of unpaid losses and loss adjustment expenses incurred and cumulative paid losses	General Liability – Incurred Unaudited IBNR as of Cumulative For the Years Ended December 31, Claim Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 Counts Prior $ 7,384 2010 $ 56,373 $ 59,577 $ 64,210 $ 63,596 $ 62,270 $ 69,103 $ 72,902 $ 66,226 $ 68,905 $ 69,586 746 1,682 2011 45,894 58,633 61,398 60,375 63,264 67,791 62,127 66,641 64,682 1,254 1,532 2012 42,685 43,677 38,288 42,401 45,771 46,312 48,096 50,509 1,998 1,483 2013 48,466 61,785 62,618 70,459 60,613 61,796 69,565 7,755 2,608 2014 70,878 77,255 78,801 93,468 104,281 114,976 15,352 3,093 2015 80,225 80,411 78,163 80,514 93,808 21,362 3,007 2016 93,737 101,479 92,401 91,228 28,786 2,868 2017 99,845 100,306 94,554 50,712 2,921 2018 142,486 137,525 101,954 2,949 2019 153,650 139,174 2,309 $ 940,083 $ 376,477 General Liability – Paid Unaudited For the Years Ended Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 1,692 $ 14,901 $ 34,045 $ 44,087 $ 50,830 $ 61,716 $ 66,332 $ 70,235 $ 74,101 $ 76,201 2011 5,009 18,912 30,123 37,344 44,166 50,136 54,250 56,659 57,932 2012 945 8,844 14,751 24,257 32,585 36,521 40,754 45,509 2013 1,930 10,941 22,152 36,493 46,821 55,148 66,439 2014 5,456 14,032 28,581 41,079 53,712 73,491 2015 5,404 14,720 25,931 39,407 61,168 2016 3,547 13,873 25,223 47,333 2017 2,596 11,279 26,354 2018 2,223 15,625 2019 3,487 473,539 Incurred less paid $ 466,544
Schedule of historical average annual percentage payout of incurred claims, net of reinsurance	The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2019: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 3 % 12 % 15 % 16 % 14 % 13 % 10 % 6 % 4 % 3 %
Workers' Compensation
Schedule of unpaid losses and loss adjustment expenses incurred and cumulative paid losses	Workers’ Compensation – Incurred Unaudited IBNR as of Cumulative For the Years Ended December 31, Claim Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 Counts Prior $ 5,590 2010 $ 24,965 $ 23,206 $ 26,970 $ 23,643 $ 25,751 $ 25,825 $ 28,260 $ 28,135 $ 28,597 $ 30,457 2,361 78 2011 28,987 22,186 23,576 21,411 19,489 21,943 18,986 21,247 23,750 2,508 202 2012 46,503 51,724 53,038 48,983 47,373 38,501 38,835 38,919 4,017 1,770 2013 76,844 71,683 70,939 68,109 71,532 69,729 64,727 7,141 2,694 2014 88,181 81,628 83,543 74,134 69,886 67,784 12,581 2,679 2015 101,762 101,410 89,383 82,212 87,570 14,957 3,881 2016 99,292 109,623 103,382 102,716 47,500 4,358 2017 102,250 101,691 93,134 52,781 4,678 2018 116,278 118,973 77,694 5,125 2019 97,485 76,057 4,468 $ 725,515 $ 303,187 Workers’ Compensation – Paid Unaudited For the Years Ended Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ — $ 180 $ 1,633 $ 2,907 $ 4,427 $ 6,165 $ 7,830 $ 9,706 $ 10,695 $ 11,908 2011 473 4,148 5,127 5,503 7,239 8,662 8,978 9,971 10,841 2012 2,381 5,481 10,598 14,634 18,468 23,694 25,495 26,237 2013 2,639 12,579 20,520 26,088 29,036 32,962 35,793 2014 4,644 14,901 24,411 35,131 39,846 42,423 2015 6,504 18,434 27,423 33,543 38,061 2016 10,891 24,557 35,385 43,171 2017 8,631 22,462 30,776 2018 9,563 29,008 2019 9,745 277,963 Incurred less paid $ 447,552
Schedule of historical average annual percentage payout of incurred claims, net of reinsurance	The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2019: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 8 % 14 % 10 % 9 % 6 % 7 % 4 % 4 % 3 % 4 %
Commercial Multiple Peril
Schedule of unpaid losses and loss adjustment expenses incurred and cumulative paid losses	Commercial Multiple Peril – Incurred Unaudited IBNR as of Cumulative For the Years Ended December 31, Claim Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 Counts Prior 2010 2011 $ — $ — $ 11 $ 7 $ 6 $ 6 $ 2 $ 2 $ — — 2012         96 94 73 49 39 813 813 $ 813 — 5 2013 968 1,065 1,051 1,442 8,226 8,250 8,198 19 54 2014 13,037 15,884 16,448 25,915 27,126 30,172 1,326 614 2015 27,876 27,542 17,952 18,345 24,144 4,825 1,015 2016 34,010 30,379 34,883 44,758 8,295 1,190 2017 37,760 44,044 44,260 8,921 1,431 2018 39,507 37,015 20,432 1,184 2019 36,895 25,835 935 $ 226,257 $ 69,653 Commercial Multiple Peril – Paid Unaudited For the Years Ended Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 $ — $ — $ — $ — $ — $ — $ 2 $ 2 $ 2012 — — 1 1 2 813 813 813 2013 43 192 312 754 8,083 8,149 8,157 2014 1,795 4,271 7,358 20,545 22,880 26,366 2015 6,879 14,751 8,949 14,293 20,676 2016 4,974 7,028 16,715 27,870 2017 7,270 19,733 27,816 2018 5,323 11,953 2019 5,940 129,593 Incurred less paid $ 96,664
Schedule of historical average annual percentage payout of incurred claims, net of reinsurance	The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2019: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 14 % 17 % 10 % 28 % 25 % 11 % — % — % — % — %
All Other Lines
Schedule of unpaid losses and loss adjustment expenses incurred and cumulative paid losses	All Other Lines – Incurred Unaudited IBNR as of Cumulative For the Years Ended December 31, Claim Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 Counts Prior $ 2,507 2010 $ 37,233 $ 37,501 $ 25,750 $ 29,735 $ 29,377 $ 29,727 $ 32,631 $ 31,647 $ 31,335 $ 31,218 1 1,292 2011 26,899 34,597 30,507 29,749 29,238 28,794 31,176 31,018 30,450 10 1,466 2012 26,995 32,022 30,266 30,551 30,678 29,250 29,803 29,051 32 1,618 2013 36,900 36,992 34,287 33,773 26,428 25,859 25,890 225 1,649 2014 40,562 42,938 39,473 28,192 27,749 30,011 876 1,716 2015 54,269 58,501 69,660 67,924 70,154 1,540 1,813 2016 48,824 57,296 55,607 53,398 2,353 1,991 2017 33,108 36,102 36,489 3,003 2,491 2018 35,839 33,909 5,600 2,316 2019 54,550 17,105 1,738 $ 395,120 $ 33,252 All Other Lines – Paid Unaudited For the Years Ended Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 7,115 $ 15,776 $ 24,288 $ 25,038 $ 29,484 $ 28,429 $ 33,410 $ 33,485 $ 33,536 $ 33,656 2011 4,597 20,155 22,603 24,773 25,251 27,608 30,231 30,259 30,344 2012 6,634 18,554 22,619 26,821 28,639 28,319 28,542 28,577 2013 9,838 23,526 29,009 31,569 25,144 25,206 25,408 2014 11,150 26,667 32,126 24,846 26,388 27,770 2015 18,292 37,279 65,390 67,563 69,037 2016 19,279 41,618 44,104 46,119 2017 15,580 28,070 31,792 2018 11,194 23,605 2019 25,268 341,576 Incurred less paid $ 53,544
Schedule of historical average annual percentage payout of incurred claims, net of reinsurance	The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2019: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 33 % 39 % 20 % 2 % 2 % 2 % 7 % — % — % — %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Taxes
Schedule of components of deferred tax assets and liabilities	December 31 ($ in thousands) 2019 2018 Deferred tax assets: Loss reserves $ 13,289 $ 11,342 Loss reserves transitional adjustment 6,104 6,954 Unearned premiums 16,785 14,985 Net operating loss carry forwards – state and local 17,008 16,373 Net operating loss carry forwards – federal 357 16,771 Capital loss carry forwards – federal 1,519 2,577 Bad debt reserve 3,229 3,182 Impairments 517 556 Deferred compensation 5,659 5,613 Amortization of intangibles 695 813 Limited partnership income 2,566 — Unrealized depreciation of investments — 7,446 Other 3,151 2,211 Total deferred tax assets 70,879 88,823 Less: valuation allowance (17,604) (16,962) Deferred tax assets, net of allowance 53,275 71,861 Deferred tax liabilities: Deferred policy acquisition costs 20,693 19,634 Loss reserve transitional adjustment 4,578 6,085 Fair value adjustments 3,628 3,635 Unrealized appreciation of investments 8,669 — Limited partnership income — 422 Other 10,904 8,846 Total deferred tax liabilities 48,472 38,622 Net deferred income taxes $ 4,803 $ 33,239
Schedule of tax benefit of the U.S. federal NOLs generated by year and expiration date	($ in thousands) Amount Expires 2010 $ 357 2030 Total $ 357
Schedule of change in valuation allowance account with respect to the deferred tax asset	($ in thousands) 2019 2018 Balance, beginning of year $ 16,962 $ 6,511 Change in valuation allowance 642 10,451 Balance, end of year $ 17,604 $ 16,962
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits	($ in thousands) 2019 2018 Balance, beginning of year $ 528 $ 483 Additions for tax positions of prior years 260 45 Reductions for tax positions of prior years (350) — Balance, end of year $ 438 $ 528
Summary of effective income tax rate reconciliation	($ in thousands) 2019 2018 2017 Expected tax expense at statutory rates in taxable jurisdictions $ 12,103 $ 13,896 $ 11,384 Tax-exempt interest — (46) (42) State taxes (629) (10,746) 3,302 Valuation allowance 642 10,451 (2,819) Effect of provision to tax return filing adjustments 42 — 671 Effect of Tax Reform — — 25,108 Other (21) (166) 629 Total income tax expense $ 12,137 $ 13,389 $ 38,233

Statutory Financial Informati_2

Statutory Financial Information (Tables)	12 Months Ended
	Dec. 31, 2019
Statutory Financial Information
Schedule of statutory financial information	($ in thousands) 2019 2018 2017 Combined statutory net income $ 55,681 $ 33,147 $ 26,303 Combined statutory surplus $ 568,777 $ 473,575 $ 433,946

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies
Schedule of minimum gross rental payments and sublease income	Minimum Rental Sublease ($ in thousands) Payments Income 2020 $ 4,243 $ 631 2021 4,162 — 2022 1,080 — 2023 585 — 2024 585 — 2025 342 — Total $ 10,997 $ 631
Summary of the fiduciary and pools’ underwriting accounts	($ in thousands) 2019 2018 Assets held on behalf of unaffiliated pool members $ 10,522 $ 11,501 Escrow bond arrangements 1,014 951 Total $ 11,536 $ 12,452

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Share-Based Compensation
Summary of RSU transactions	Weighted Number of Average Grant Date Shares Fair Value Per Share Unvested at December 31, 2017 180,647 $ 11.25 Granted in 2018 13,992 18.67 Vested in 2018 (136,855) 11.30 Forfeited in 2018 (2,520) 11.09 Unvested at December 31, 2018 55,264 11.09 Granted in 2019 1,732,869 14.00 Vested in 2019 (406,081) 13.61 Forfeited in 2019 (92,656) 14.00 Unvested at December 31, 2019 1,289,396 $ 14.00

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Information
Summary of gross written premiums by customer segments	Years Ended December 31 ($ in thousands) 2019 2018 2017 Customer segment Construction $ 117,918 12.2 % $ 101,946 11.4 % $ 73,378 8.8 % Consumer Services 133,682 13.8 107,086 12.0 94,384 11.3 Marine and Energy 94,071 9.7 82,978 9.3 79,238 9.5 Media and Entertainment 124,950 12.9 119,926 13.4 114,442 13.7 Professional Services 119,326 12.4 110,546 12.3 112,575 13.4 Real Estate 167,635 17.3 132,652 14.8 132,029 15.8 Sports 30,079 3.1 23,590 2.6 22,224 2.6 Transportation 112,191 11.6 92,169 10.3 85,079 10.2 Customer segment subtotal 899,852 93.0 770,893 86.1 713,349 85.3 Other 68,159 7.0 124,219 13.9 122,985 14.7 Specialty Insurance total $ 968,011 100.0 % $ 895,112 100.0 % $ 836,334 100.0 %
Summary of gross written premiums by line of business across customer segments	Years Ended December 31 ($ in thousands) 2019 2018 2017 Line of business Commercial Auto $ 205,303 21.2 % $ 151,612 16.9 % $ 124,688 14.9 % General Liability 335,197 34.6 277,948 31.1 272,660 32.6 Workers’ Compensation 179,432 18.6 246,302 27.5 235,668 28.2 Commercial Multiple Peril 82,126 8.5 67,351 7.5 73,859 8.8 All Other Lines 165,953 17.1 151,899 17.0 129,459 15.5 Specialty Insurance total $ 968,011 100.0 % $ 895,112 100.0 % $ 836,334 100.0 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share
Summary of reconciliation of the numerators and denominators of basic and diluted EPS	($ in thousands, except per share amounts) Continuing Operations Discontinued Operations Income Shares Per Share Loss Shares Per Share 2019 (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS: Net income (loss) available to common stockholders $ 45,494 41,095 $ 1.11 $ (6,604) 41,095 $ (0.16) Effect of dilutive securities: Stock compensation plans 428 428 Diluted EPS $ 45,494 41,523 $ 1.10 $ (6,604) 41,523 $ (0.16) Continuing Operations Discontinued Operations Income Shares Per Share Income Shares Per Share 2018 (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS: Net income available to common stockholders $ 53,729 38,753 $ 1.39 $ 814 38,753 $ 0.02 Effect of dilutive securities: Stock compensation plans 688 688 Diluted EPS $ 53,729 39,441 $ 1.36 $ 814 39,441 $ 0.02 Continuing Operations Discontinued Operations Loss Shares Per Share Loss Shares Per Share 2017 (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS: Net loss available to common stockholders $ (6,904) 37,555 $ (0.18) $ (37,089) 37,555 $ (0.99) Diluted EPS $ (6,904) 37,555 $ (0.18) $ (37,089) 37,555 $ (0.99)

Quarterly Financial Informati_2

Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information
Schedule of Quarterly Financial Information	(unaudited, $ in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Year 2019 Gross written premiums $ 255,838 $ 235,032 $ 227,196 $ 249,945 $ 968,011 Revenues 212,972 220,112 219,870 225,105 878,059 Net income from continuing operations 13,695 8,696 8,361 14,742 45,494 Net income 13,440 8,618 8,312 8,520 38,890 Basic earnings per share - continuing operations 0.35 0.22 0.20 0.34 1.11 Diluted earnings per share - continuing operations 0.35 0.22 0.19 0.33 1.10 Basic earnings per share 0.35 0.22 0.19 0.19 0.95 Diluted earnings per share 0.34 0.22 0.19 0.19 0.94 2018 Gross written premiums $ 249,420 $ 222,555 $ 201,296 $ 221,841 $ 895,112 Revenues 181,046 199,525 201,726 203,575 785,872 Net income from continuing operations 10,010 14,652 15,603 13,464 53,729 Net income 10,795 14,454 15,174 14,120 54,543 Basic earnings per share - continuing operations 0.26 0.38 0.40 0.35 1.39 Diluted earnings per share - continuing operations 0.25 0.37 0.40 0.34 1.36 Basic earnings per share 0.28 0.37 0.39 0.36 1.41 Diluted earnings per share 0.27 0.36 0.38 0.36 1.38

Background (Details)

Background (Details) - shares	Jul. 25, 2019	Dec. 31, 2019	Jul. 24, 2019	Dec. 31, 2018
Background
Shares of the Company issued as merger consideration	38,851,369
Percentage of equity interests of the Company issued as merger consideration	100.00%
Conversion ratio of PGHL shares to Company shares	6.46
Common stock, shares authorized		200,000,000	200,000,000	200,000,000
Preferred stock, shares authorized		50,000,000	50,000,000	50,000,000

Background - Initial Public Off

Background - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 15, 2019	Jul. 29, 2019	Dec. 31, 2019
Initial Public Offering
Shares sold by principal shareholders in offering	1,178,570
Ownership percentage			50.00%
GS Investors | Prosight Global, Inc.
Initial Public Offering
Ownership percentage	39.50%	40.90%
TPG Investors | Prosight Global, Inc.
Initial Public Offering
Ownership percentage	38.00%	39.40%
IPO
Initial Public Offering
Total shares sold		7,857,145
Number of shares issued		4,285,715
Price per share		$ 14
Net proceeds from the IPO		$ 50.8
IPO | Principal Stockholders
Initial Public Offering
Shares sold by principal shareholders in offering		3,571,430
Principal Stockholder Offering | Principal Stockholders
Initial Public Offering
Shares sold by principal shareholders in offering	1,178,570
Price per share	$ 14

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 01, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Significant accounting policies
Allowance for uncollectible premiums receivable		$ 5,100	$ 4,800
Statutory U.S tax rate	21.00%			35.00%
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect				$ (1,583)
Carried discounted reserves on workers’ compensation claims, net of reinsurance		116,900	96,300
Workers’ compensation reserves, discount amount		$ 47,400	$ 37,000
Outstanding common stock, par value		$ 0.01	$ 0.01
Vested RSUs conversion common stock		906,182	548,292	517,446
Stock dividends declared		$ 0	$ 0	$ 0
ASU 2018-02
Significant accounting policies
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	$ 1,600
Minimum
Significant accounting policies
Workers’ compensation reserves, discount rate (as a percent)		2.85%	2.85%
Maximum
Significant accounting policies
Workers’ compensation reserves, discount rate (as a percent)		5.00%	5.00%
Property, equipment, and leasehold improvements
Significant accounting policies
Unamortized balance		$ 3,300	$ 3,800
Depreciation expense		$ 1,200	1,500	$ 1,700
Property, equipment, and leasehold improvements | Minimum
Significant accounting policies
Estimated useful lives		3 years
Property, equipment, and leasehold improvements | Maximum
Significant accounting policies
Estimated useful lives		7 years
Capitalized software
Significant accounting policies
Unamortized balance		$ 33,800	35,000
Depreciation expense		$ 7,000	$ 5,800	$ 5,400
Capitalized software | Minimum
Significant accounting policies
Estimated useful lives		3 years
Capitalized software | Maximum
Significant accounting policies
Estimated useful lives		7 years

Recently Adopted Accounting S_2

Recently Adopted Accounting Standards (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017	Mar. 31, 2020
Recently adopted accounting standards
Reclassification of stranded deferred taxes from AOCI to Retained Earnings resulting from the enactment of Tax Reform		$ 1,583
ASU 2018-02
Recently adopted accounting standards
Reclassification of stranded deferred taxes from AOCI to Retained Earnings resulting from the enactment of Tax Reform	$ (1,600)
ASU 2016-02 | Forecast
Recently adopted accounting standards
Operating lease right-of-use asset, continuing operations			$ 6,800
Operating lease liability, continuing operations			6,800
Operating lease right-of-use asset, discontinued operations			2,600
Operating lease liability, discontinued operations			$ 2,600

Statements of Cash Flow (Detail

Statements of Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Supplemental cash flow information
Interest	$ 12,865	$ 12,377	$ 12,125
Federal income tax	$ (780)	$ 135	$ 227
Conversion of restricted stock units into shares of common stock	59,169

Goodwill and Intangibles - Acqu

Goodwill and Intangibles - Acquisition of New York Marine (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 23, 2010	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business acquisition
Goodwill		$ 11,911	$ 11,911	$ 11,911
Intangible assets remaining to be amortized		$ 150
NYMAGIC
Business acquisition
Outstanding common stock acquired (as a percent)	100.00%
Cash price per share	$ 25.75
Cash price	$ 231,900
Fair value of net assets acquired	220,000
Fair value adjustments for net assets acquired	9,500
Goodwill	11,900
Intangible assets acquired, not subject to amortization	17,100
Intangible assets acquired, subject to amortization	13,600
Intangible assets remaining to be amortized	$ 200
NYMAGIC | Minimum
Business acquisition
Intangible assets acquired, subject to amortization, amortization period	2 years
NYMAGIC | Maximum
Business acquisition
Intangible assets acquired, subject to amortization, amortization period	15 years

Goodwill and Intangibles - Impa

Goodwill and Intangibles - Impairment of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangibles
Impairment of goodwill	$ 0
Impairment loss on other intangibles	0
Goodwill
Beginning balance	11,911	$ 11,911
Ending balance	11,911	11,911
Other Intangibles
Beginning balance	17,308	17,338
Amortization	30	30
Ending balance	17,278	17,308
Total
Beginning balance	29,219	29,249
Amortization	30	30
Ending balance	$ 29,189	$ 29,219

Goodwill and Intangibles - Stat

Goodwill and Intangibles - Status of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill, Gross	$ 11,911	$ 11,911
Goodwill	11,911	11,911	$ 11,911
Finite lived Intangible assets, Accumulated Amortization	(30)	(2,244)
Finite lived Intangible assets, Net	150
Net balance, Gross	29,219	31,463
Net balance, Net	29,189	29,219	$ 29,249
Other
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite lived Intangible assets, Gross	208	2,452
Finite lived Intangible assets, Accumulated Amortization	(30)	(2,244)
Finite lived Intangible assets, Net	$ 178	$ 208
Useful Life	15 years
Other | Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful Life		15 years
State licenses
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite lived intangible assets, gross	$ 17,100	$ 17,100
Indefinite lived Intangible assets, Net	$ 17,100	$ 17,100

Goodwill and Intangibles - Esti

Goodwill and Intangibles - Estimated Amortization of Intangible Assets (Details) $ in Thousands	Dec. 31, 2019USD ($)
Goodwill and Intangibles
2020	$ 30
2021	30
2022	30
2023	30
2024	30
Total	$ 150

Discontinued Operations - Resul

Discontinued Operations - Results of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Foreign currency translation gain (loss)			$ 4,570
Revenues
Net earned premiums	$ 611	$ 1,173	49,233
Net investment income	142	514	2,717
Realized Investment gains, net	1,267	830	14,329
Other Income		338
Total revenue	2,020	2,855	66,279
Expenses
Net losses and loss adjustment expenses incurred	10,463	11,197	50,787
Policy acquisition expenses	218	401	9,544
General and administrative expenses	57	(8,401)	27,533
Interest expense		218	1,648
Foreign exchange gains			(4,570)
Other expense			19,105
Total expenses	10,738	3,415	104,047
Loss from discontinued operations before income taxes	(8,718)	(560)	(37,768)
Income tax benefit	(2,114)	(1,374)	(679)
Net (loss) income from discontinued operations	(6,604)	814	$ (37,089)
Insurance Operations, U.K. | Discontinued operation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) recognized	0
Cash and securities deposited	10,400
Letters of credit and securities placed	$ 23,200
Quota share reinsurance (as a percent)	100.00%
Aggregate Stop Loss reinsurance protection, liability	$ 24,000	$ 13,300

Discontinued Operations - Conso

Discontinued Operations - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Total assets	$ 21,584	$ 19,719
Liabilities
Total liabilities	31,578	22,256
Insurance Operations, U.K. | Discontinued operation
Assets
Total cash and investments	10,428	10,436
Other assets	11,156	9,283
Total assets	21,584	19,719
Liabilities
Unpaid losses and loss adjustment expenses	24,169	14,030
Other liabilities	7,409	8,226
Total liabilities	$ 31,578	$ 22,256

Investments - Gross Unrealized

Investments - Gross Unrealized Gains and Losses on AFS Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Gross unrealized gains and losses on AFS securities included in assets
Cost/Amortized Cost	$ 1,999,403	$ 1,729,755
Gross Unrealized Gains	48,403	13,675
Gross Unrealized Losses	(7,124)	(50,048)
Fair Value	2,040,682	1,693,382
Short-term Investments	43,873	36,661
Commercial levered loans (amortized cost)	14,069	16,915
Limited partnerships and limited liability companies (fair value)	66,660	53,432
Total investments	$ 2,165,284	$ 1,800,390
Proportion of Fixed income securities, AFS to total investments (as a percent)	94.20%	94.10%
Proportion of Short-term investments to total investments (as a percent)	2.00%	2.00%
Proportion of Commercial levered loans (amortized cost) to total investments (as a percent)	0.70%	0.90%
Proportion of Limited partnerships and limited liability companies (fair value) to total investments (as a percent)	3.10%	3.00%
Total investment percentage	100.00%	100.00%
Fixed-income portfolios considered investment grade (as a percent)	91.10%	85.00%
Fixed-income securities below investment grade, held	$ 181,000	$ 259,300
U.S. Treasury securities
Gross unrealized gains and losses on AFS securities included in assets
Cost/Amortized Cost	49,161	92,219
Gross Unrealized Gains	838	126
Gross Unrealized Losses	(14)	(2,017)
Fair Value	$ 49,985	$ 90,328
Proportion of Fixed income securities, AFS to total investments (as a percent)	2.30%	5.00%
Government agency securities
Gross unrealized gains and losses on AFS securities included in assets
Cost/Amortized Cost	$ 6,522
Gross Unrealized Gains	23
Gross Unrealized Losses	(14)
Fair Value	$ 6,531
Proportion of Fixed income securities, AFS to total investments (as a percent)	0.30%
Corporate debt securities
Gross unrealized gains and losses on AFS securities included in assets
Cost/Amortized Cost	$ 1,308,094	$ 1,231,352
Gross Unrealized Gains	33,743	1,216
Gross Unrealized Losses	(3,025)	(40,138)
Fair Value	$ 1,338,812	$ 1,192,430
Proportion of Fixed income securities, AFS to total investments (as a percent)	61.80%	66.30%
Municipal debt obligations
Gross unrealized gains and losses on AFS securities included in assets
Cost/Amortized Cost	$ 80,338	$ 6,238
Gross Unrealized Gains	243
Gross Unrealized Losses	(766)	(153)
Fair Value	$ 79,815	$ 6,085
Proportion of Fixed income securities, AFS to total investments (as a percent)	3.70%	0.30%
ABS
Gross unrealized gains and losses on AFS securities included in assets
Cost/Amortized Cost	$ 73,068	$ 82,603
Gross Unrealized Gains	854	1,095
Gross Unrealized Losses	(340)	(117)
Fair Value	$ 73,582	$ 83,581
Proportion of Fixed income securities, AFS to total investments (as a percent)	3.40%	4.70%
CLO
Gross unrealized gains and losses on AFS securities included in assets
Cost/Amortized Cost	$ 181,704	$ 161,421
Gross Unrealized Gains	125	160
Gross Unrealized Losses	(2,280)	(4,668)
Fair Value	$ 179,549	$ 156,913
Proportion of Fixed income securities, AFS to total investments (as a percent)	8.30%	8.70%
CMBS
Gross unrealized gains and losses on AFS securities included in assets
Cost/Amortized Cost	$ 95,810	$ 55,980
Gross Unrealized Gains	1,863
Gross Unrealized Losses	(147)	(2,137)
Fair Value	$ 97,526	$ 53,843
Proportion of Fixed income securities, AFS to total investments (as a percent)	4.50%	3.00%
RMBS - non-agency
Gross unrealized gains and losses on AFS securities included in assets
Cost/Amortized Cost	$ 62,343	$ 68,594
Gross Unrealized Gains	9,458	11,078
Gross Unrealized Losses	(191)	(121)
Fair Value	$ 71,610	$ 79,551
Proportion of Fixed income securities, AFS to total investments (as a percent)	3.30%	4.40%
RMBS - agency
Gross unrealized gains and losses on AFS securities included in assets
Cost/Amortized Cost	$ 142,363	$ 31,348
Gross Unrealized Gains	1,256
Gross Unrealized Losses	(347)	(697)
Fair Value	$ 143,272	$ 30,651
Proportion of Fixed income securities, AFS to total investments (as a percent)	6.60%	1.70%

Investments - Unrealized Loss P

Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value
Less Than 12 Months	$ 290,187	$ 601,135
Greater Than 12 Months	200,992	850,337
Total Fair Value	491,179	1,451,472
Unrealized Losses
Less Than 12 Months	(3,930)	(15,578)
Greater Than 12 Months	(3,194)	(34,470)
Total Unrealized Losses	$ (7,124)	$ (50,048)
Fixed income securities, unrealized loss position	313	708
OTTI charges in realized investment (losses) gains, net	$ 0	$ 1,500
U.S. Treasury securities
Fair Value
Less Than 12 Months		8,263
Greater Than 12 Months	7,469	69,727
Total Fair Value	7,469	77,990
Unrealized Losses
Less Than 12 Months		(82)
Greater Than 12 Months	(14)	(1,935)
Total Unrealized Losses	(14)	(2,017)
Government agency securities
Fair Value
Less Than 12 Months	3,192
Total Fair Value	3,192
Unrealized Losses
Less Than 12 Months	(14)
Total Unrealized Losses	(14)
Corporate debt securities
Fair Value
Less Than 12 Months	133,341	393,931
Greater Than 12 Months	50,695	710,482
Total Fair Value	184,036	1,104,413
Unrealized Losses
Less Than 12 Months	(2,509)	(10,241)
Greater Than 12 Months	(516)	(29,897)
Total Unrealized Losses	(3,025)	(40,138)
Municipal debt obligations
Fair Value
Less Than 12 Months	66,355
Greater Than 12 Months		6,085
Total Fair Value	66,355	6,085
Unrealized Losses
Less Than 12 Months	(766)
Greater Than 12 Months		(153)
Total Unrealized Losses	(766)	(153)
ABS
Fair Value
Less Than 12 Months	27,884	25,258
Greater Than 12 Months	11,165	4,249
Total Fair Value	39,049	29,507
Unrealized Losses
Less Than 12 Months	(175)	(61)
Greater Than 12 Months	(165)	(56)
Total Unrealized Losses	(340)	(117)
CLO
Fair Value
Less Than 12 Months	28,485	146,004
Greater Than 12 Months	110,825
Total Fair Value	139,310	146,004
Unrealized Losses
Less Than 12 Months	(338)	(4,668)
Greater Than 12 Months	(1,942)
Total Unrealized Losses	(2,280)	(4,668)
CMBS
Fair Value
Less Than 12 Months	18,307
Greater Than 12 Months	6,053	53,843
Total Fair Value	24,360	53,843
Unrealized Losses
Less Than 12 Months	(102)
Greater Than 12 Months	(45)	(2,137)
Total Unrealized Losses	(147)	(2,137)
RMBS - non-agency
Fair Value
Less Than 12 Months	2,173	529
Greater Than 12 Months	2,418	2,449
Total Fair Value	4,591	2,978
Unrealized Losses
Less Than 12 Months	(14)	(13)
Greater Than 12 Months	(177)	(108)
Total Unrealized Losses	(191)	(121)
RMBS - agency
Fair Value
Less Than 12 Months	10,450	27,150
Greater Than 12 Months	12,367	3,502
Total Fair Value	22,817	30,652
Unrealized Losses
Less Than 12 Months	(12)	(513)
Greater Than 12 Months	(335)	(184)
Total Unrealized Losses	$ (347)	$ (697)

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Fixed Income Securities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Amortized Cost
Due in one year or less	$ 99,035
Due after one through five years	679,649
Due after five through ten years	507,803
Due after ten years	157,628
Amortized Cost	1,444,115
Fair Value
Due in one year or less	99,326
Due after one through five years	692,219
Due after five through ten years	523,276
Due after ten years	160,322
Fair Value	1,475,143
Amortized Cost - Structured securities	1,999,403
Fair Value - Structured securities	2,040,682
ABS
Fair Value
Amortized Cost - Structured securities	73,068
Fair Value - Structured securities	73,582
CLO
Fair Value
Amortized Cost - Structured securities	181,704
Fair Value - Structured securities	179,549
CMBS
Fair Value
Amortized Cost - Structured securities	95,810
Fair Value - Structured securities	97,526
RMBS - non-agency
Fair Value
Amortized Cost - Structured securities	62,343
Fair Value - Structured securities	71,610
RMBS - agency
Fair Value
Amortized Cost - Structured securities	142,363
Fair Value - Structured securities	$ 143,272

Investments - Limited Partnersh

Investments - Limited Partnerships and Limited Liability Company Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Investments
Limited partnerships and limited liability companies (fair value)	$ 66,660	$ 53,432
Threshold notice period to withdraw funds	90 days
Minimum holding period	1 year
PIMCO Tactical Opportunities Fund
Investments
Limited partnerships and limited liability companies (fair value)	$ 36,600

Investments - Gain Loss on Inve

Investments - Gain Loss on Investment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investments
Allowance for loan losses	$ 0	$ 0
Proceeds from sales and redemptions in AFS securities	302.9	255.2	$ 977
Gross realized gains from sales and redemptions in AFS securities	1.4	0.6	5.8
Gross realized losses from sales and redemptions of AFS investments	$ 0.7	$ 2.2	$ 1.6

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net investment income included in net income (loss)
Gross investment income	$ 71,199	$ 58,136	$ 38,076
Less: investment income attributable to funds withheld liabilities	(655)	(912)
Less: expenses	(1,647)	(1,253)	(1,880)
Net investment income	68,897	55,971	36,196
Fixed income securities
Net investment income included in net income (loss)
Gross investment income	66,975	55,765	33,467
Commercial levered loans
Net investment income included in net income (loss)
Gross investment income	765	1,114	1,153
Net limited partnerships gains
Net investment income included in net income (loss)
Gross investment income	3,101	1,081	3,240
Other
Net investment income included in net income (loss)
Gross investment income	$ 358	$ 176	$ 216

Investments - Other Details (De

Investments - Other Details (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Securities required to be held with various regulatory authorities as required by law	$ 210.8	$ 188.6
Fair value of assets on deposit in collateral agreements	367.1	358.5
Carrying value of assets on deposit in collateral agreements	352	$ 368
Insurance Operations, U.K. | Discontinued operation
Cash And Securities Deposited	10.4
Letters Of Credit And Securities Placed	$ 23.2

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Major categories of assets measured at fair value on a recurring basis
Limited partnerships and limited liability companies (fair value)	$ 66,660	$ 53,432
Transfers from Level 1 to Level 2	0	0
Transfers from Level 2 to Level 3		126,500
Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	2,040,682	1,693,382
Limited partnerships and limited liability companies (fair value)	66,660	53,432
Total assets at fair value	2,107,342	1,746,814
Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	1,891,051	1,566,885
Level 3 | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	149,631	126,497
U.S. Treasury securities | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	49,985	90,328
U.S. Treasury securities | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	49,985	90,328
Corporate debt securities | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	1,338,812	1,192,430
Corporate debt securities | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	1,189,181	1,065,933
Corporate debt securities | Level 3 | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	149,631	126,497
Government agency securities | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	6,531
Government agency securities | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	6,531
Municipal debt obligations | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	79,815	6,085
Municipal debt obligations | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	79,815	6,085
ABS | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	73,582	83,581
ABS | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	73,582	83,581
CLO | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	179,549	156,913
CLO | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	179,549	156,913
CMBS | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	97,526	53,843
CMBS | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	97,526	53,843
RMBS - non-agency | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	71,610	79,551
RMBS - non-agency | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	71,610	79,551
RMBS - agency | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	143,272	30,651
RMBS - agency | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Total fixed income securities	$ 143,272	$ 30,651

Fair Value Measurements - Carry

Fair Value Measurements - Carrying and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Liabilities
Total notes payable	$ 164,693	$ 182,355
Carrying Value
Assets
Commercial levered loans	14,069	16,915
Liabilities
Notes payable	165,000	183,000
Unamortized debt issuance costs	(307)	(645)
Total notes payable	164,693	182,355
Fair Value
Assets
Commercial levered loans	13,950	15,858
Liabilities
Notes payable	$ 167,507	$ 183,999
Fair value of the notes payable as a percentage of par value	101.50%	100.50%
Level 2 | Fair Value
Liabilities
Notes payable	$ 167,507	$ 183,999
Level 3 | Fair Value
Assets
Commercial levered loans	$ 13,950	$ 15,858

Fair Value Measurements - Secur

Fair Value Measurements - Securities Measured Using Level 3 (Details) - Corporate debt securities - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Changes in fair value of securities measured using Level 3 inputs
Fair value at beginning of period	$ 126,497
OCI	3,011	$ 764
Net realized loss	(5)	(9)
Purchases	23,905	9,492
Settlements	(3,777)	(2,754)
Transfers into Level 3		119,004
Fair value at end of period	$ 149,631	$ 126,497

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
AOCI Attributable to Parent, Net of Tax
Balance at the beginning of period, gross	$ (29,760)	$ 22,265	$ 30,630
Unrealized holding gains (losses) on fixed income securities, gross	77,920	(53,582)	3,517
Cumulative translation adjustment, gross			6,881
Amounts reclassified into net loss (income), gross	2,037	(1,557)	18,763
Other comprehensive loss (income), gross	75,883	(52,025)	(8,365)
Balance at the end of period, gross	46,123	(29,760)	22,265
Balance at the beginning of period, tax	(7,445)	2,968	1,148
Unrealized holding gains (losses) on fixed income securities, tax	16,277	(10,842)	4,874
Amounts reclassified into net loss (income), tax	162	(429)	1,471
Other comprehensive loss (income), tax	16,115	(10,413)	3,403
Reclassification of stranded deferred taxes			(1,583)
Balance at the end of period, tax	8,670	(7,445)	2,968
Balance at the beginning of period, net	(22,315)	19,297	29,482
Unrealized holding gains (losses) on fixed income securities	61,643	(42,740)	(1,357)
Foreign currency translation adjustment			6,881
Amounts reclassified into net loss (income)	1,875	(1,128)	17,292
Other comprehensive income (loss)	59,768	(41,612)	(11,768)
Reclassification of stranded deferred taxes, net			1,583
Balance at the end of period, net	$ 37,453	$ (22,315)	$ 19,297

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unrealized gains on securities, tax	$ 162	$ (429)	$ 1,471
Total reclassifications	1,875	(1,128)	17,292
Realized Investment Gains (Losses)
Unrealized gains on securities	2,037	(1,557)	18,763
Income Tax Benefit
Unrealized gains on securities, tax	$ 162	$ (429)	$ 1,471

Related-Party Information (Deta

Related-Party Information (Details) - USD ($) $ in Thousands	May 03, 2019	Mar. 15, 2019	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related party transactions
Equity distribution for executive loan repayment				$ 4,174
Executives
Related party transactions
Loans payable					$ 4,200
Goldman Sachs Asset Management
Related party transactions
Investment management fees				1,300	$ 1,100	$ 1,700
Former CEO
Related party transactions
Common shares cancelled as per terms of the separation agreement	137,987
Other Expense | Former CEO
Related party transactions
Severance expense			$ 8,000
Paid-in capital
Related party transactions
Equity distribution for executive loan repayment		$ 4,200		$ 4,174

Insurance Operations - Reinsura

Insurance Operations - Reinsurance Transactions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
Reinsurance
Reinsurers with largest obligations, number | item	3
Allowance for uncollectible reinsurance	$ 0.5
Aggregate reinsurers’ ceding participation (as a percent)	26.00%
Whole Account Quota Share Reinsurance Agreement
Reinsurance
Reinsurance receivable unpaid	$ 33.1	$ 43.7
Minimum | Whole Account Quota Share Reinsurance Agreement
Reinsurance
Provisional ceding commission (as a percent)	30.00%
Maximum | Whole Account Quota Share Reinsurance Agreement
Reinsurance
Provisional ceding commission (as a percent)	30.50%
Reinsurance receivables
Reinsurance
Allowance for uncollectible reinsurance	$ 10.9	$ 10
Swiss Reinsurance America Corporation | Reinsurance receivables paid, reinsurance receivables unpaid and prepaid reinsurance premiums
Reinsurance
Reinsurers with largest obligations (as a percent)	31.30%
Munich Reinsurance Company | Reinsurance receivables paid, reinsurance receivables unpaid and prepaid reinsurance premiums
Reinsurance
Reinsurers with largest obligations (as a percent)	14.20%
Harco National Insurance Company | Reinsurance receivables paid, reinsurance receivables unpaid and prepaid reinsurance premiums
Reinsurance
Reinsurers with largest obligations (as a percent)	9.00%

Insurance Operations - Quota Sh

Insurance Operations - Quota Share Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Insurance activity
Ceded earned premium	$ 114,751	$ 123,715	$ 181,553
Reduction to pre-tax income	(57,631)	(67,118)	(31,329)
Whole Account Quota Share Reinsurance Agreement
Insurance activity
(Return of ceded prepaid) ceded written premium	(3)	(58,857)	160,779
Ceded earned premium		14,560	87,362
Ceded earned premium	(3)
(Increase) reduction to net loss and loss adjustment expenses incurred	(4,746)	9,514	51,897
Reduction to policy acquisition expenses	$ 4,743	3,955	29,560
Reduction to pre-tax income		$ 1,091	$ 5,905

Insurance Operations - Reinsu_2

Insurance Operations - Reinsurance Ceded and Assumed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Written premiums
Direct written premiums	$ 964,512	$ 889,526	$ 833,536
Assumed from other companies	3,499	5,586	2,798
Ceded to other companies	115,871	45,038	276,048
Net written premiums	852,140	850,074	560,286
Earned premiums
Direct earned premiums	918,718	844,234	788,862
Assumed from other companies	3,887	10,266	2,477
Ceded to other companies	114,751	123,715	181,553
Net premiums earned	$ 807,854	$ 730,785	$ 609,786
Percent of amount assumed to net	0.50%	1.40%	0.40%
Losses and loss adjustment expenses incurred
Direct net losses and loss adjustment expenses incurred	$ 556,051	$ 485,770	$ 483,209
Assumed from other companies	9,298	(3,209)	720
Ceded to other companies	64,324	47,731	90,188
Net losses and loss adjustment expenses incurred	$ 501,025	$ 434,830	$ 393,741

Insurance Operations - Retroact

Insurance Operations - Retroactive Reinsurance Agreement (Details) - Retroactive reinsurance agreement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reinsurance Retention Policy [Line Items]
Reserves	$ 107.8	$ 96.5	$ 306.4
Limit on respective paid losses	40	35	100
Amount in excess of paid losses	119.3	106.5	315
Retrospective rating feature, additional premium amount	$ 21	$ 18	$ 47.6
Retrospective rating feature, additional premium (as a percent)	4.00%	4.00%	3.00%
Reinsurance Recoverable Percentage	100.00%	100.00%	100.00%

Insurance Operations - Gross Wr

Insurance Operations - Gross Written Premiums (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Insurance Operations
Percentage of direct premiums sourced from distribution party acquired by a third party insurance carrier	7.10%	13.50%
Number of distribution partners contributing the largest amounts of direct written premiums | item	3
Direct premiums written by the largest distribution partners | $	$ 267.8	$ 240.7	$ 235

Insurance Operations - Unpaid L

Insurance Operations - Unpaid Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserve for unpaid losses and loss expenses, at beginning of year	$ 1,396,812	$ 1,258,237	$ 1,166,619
Ceded reserve for unpaid losses and loss expenses, at beginning of year	185,295	201,156	176,651
Net reserve for unpaid losses and loss expenses, at beginning of year	1,211,517	1,057,081	989,968
Incurred losses and loss expenses occurring in the:
Current year	482,989	439,847	373,423
Prior years	3,154	(5,017)	20,318
Prior years attributable to adjusted premium	14,882
Total net losses and loss adjustment expenses incurred	501,025	434,830	393,741
Paid losses and loss expenses for claims occurring in the:
Current year	66,522	47,734	54,026
Prior years	318,324	232,660	272,602
Total paid losses and loss expenses for claims	384,846	280,394	326,628
Net reserves for unpaid losses and loss expenses, at end of period	1,327,696	1,211,517	1,057,081
Ceded reserve for unpaid losses and loss expenses, at end of period	193,952	185,295	201,156
Gross reserve for unpaid losses and loss expenses, at end of period	1,521,648	1,396,812	1,258,237
Commercial Auto
Incurred losses and loss expenses occurring in the:
Prior years		(15,600)	33,200
General Liability
Incurred losses and loss expenses occurring in the:
Prior years	11,300	16,500
Workers' Compensation
Incurred losses and loss expenses occurring in the:
Prior years	(22,800)	(14,400)	$ (12,400)
Primary Workers Compensation line
Incurred losses and loss expenses occurring in the:
Prior years		6,200
Excess Workers Compensation line
Incurred losses and loss expenses occurring in the:
Prior years		8,200
Commercial Multiple Peril
Incurred losses and loss expenses occurring in the:
Prior years	$ 16,400	12,200
Commercial Multiple Peril | Media and Entertainment
Incurred losses and loss expenses occurring in the:
Prior years		12,200
Marine Liability
Incurred losses and loss expenses occurring in the:
Prior years		$ (4,100)

Insurance Operations - Incurred

Insurance Operations - Incurred and Paid Claims Development (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Dec. 31, 2011USD ($)	Dec. 31, 2010USD ($)
Claims Development [Line Items]
Claims incurred reported	$ 3,097,846
IBNR	906,120
Claims paid	1,829,355
Incurred less paid	1,268,491
Reserves 2009 and prior	3,154	$ (5,017)	$ 20,318
Other	14,240
Total net reserve for unpaid losses and loss adjustment expenses	1,327,696	1,211,517	1,057,081	$ 989,968
ULAE reserves	45,600
Discounting of loss reserves	(47,400)
Retroactive reinsurance agreements	12,300
Allowance for uncollectible reinsurance	500
Other	3,200
Commercial Auto
Claims Development [Line Items]
Claims incurred reported	810,871
IBNR	123,551
Claims paid	606,684
Incurred less paid	204,187
Reserves 2009 and prior		(15,600)	33,200
General Liability
Claims Development [Line Items]
Claims incurred reported	940,083
IBNR	376,477
Claims paid	473,539
Incurred less paid	466,544
Reserves 2009 and prior	11,300	16,500
Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	725,515
IBNR	303,187
Claims paid	277,963
Incurred less paid	447,552
Reserves 2009 and prior	(22,800)	(14,400)	(12,400)
Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	226,257
IBNR	69,653
Claims paid	129,593
Incurred less paid	96,664
Reserves 2009 and prior	16,400	12,200
All Other Lines
Claims Development [Line Items]
Claims incurred reported	395,120
IBNR	33,252
Claims paid	341,576
Incurred less paid	53,544
Accident Years 2009 and Prior
Claims Development [Line Items]
Reserves 2009 and prior	44,965
Prior Years
Claims Development [Line Items]
IBNR	15,481
Prior Years | General Liability
Claims Development [Line Items]
IBNR	7,384
Prior Years | Workers' Compensation
Claims Development [Line Items]
IBNR	5,590
Prior Years | All Other Lines
Claims Development [Line Items]
IBNR	2,507
Accident Year 2010
Claims Development [Line Items]
Claims incurred reported	150,543	148,117	145,444	152,840	$ 143,344	$ 136,115	$ 134,307	$ 134,941	$ 137,994	$ 131,617
IBNR	$ 3,108
Cumulative claim counts | item	3,926
Claims paid	$ 140,927	137,470	132,525	125,646	114,140	102,016	85,754	72,312	38,723	11,912
Accident Year 2010 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	$ 19,282	19,280	19,437	19,046	18,688	18,717	17,334	18,011	17,710	13,046
Cumulative claim counts | item	874
Claims paid	$ 19,162	19,138	19,098	18,074	17,829	17,275	13,723	12,346	7,866	3,105
Accident Year 2010 | General Liability
Claims Development [Line Items]
Claims incurred reported	69,586	68,905	66,226	72,902	69,103	62,270	63,596	64,210	59,577	56,373
IBNR	$ 746
Cumulative claim counts | item	1,682
Claims paid	$ 76,201	74,101	70,235	66,332	61,716	50,830	44,087	34,045	14,901	1,692
Accident Year 2010 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	30,457	28,597	28,135	28,260	25,825	25,751	23,643	26,970	23,206	24,965
IBNR	$ 2,361
Cumulative claim counts | item	78
Claims paid	$ 11,908	10,695	9,706	7,830	6,165	4,427	2,907	1,633	180
Accident Year 2010 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	31,218	31,335	31,647	32,631	29,727	29,377	29,735	25,750	37,501	37,233
IBNR	$ 1
Cumulative claim counts | item	1,292
Claims paid	$ 33,656	33,536	33,485	33,410	28,429	29,484	25,038	24,288	15,776	$ 7,115
Accident Year 2011
Claims Development [Line Items]
Claims incurred reported	131,360	131,385	124,798	131,081	124,543	122,773	126,752	128,879	115,644
IBNR	$ 3,772
Cumulative claim counts | item	4,419
Claims paid	$ 111,247	109,007	105,584	98,411	88,243	76,731	65,103	51,006	14,796
Accident Year 2011 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	$ 12,476	12,476	12,508	12,547	12,547	11,231	11,260	13,462	13,864
Cumulative claim counts | item	1,219
Claims paid	$ 12,128	12,117	12,123	12,005	11,587	9,111	7,250	7,791	4,717
Accident Year 2011 | General Liability
Claims Development [Line Items]
Claims incurred reported	64,682	66,641	62,127	67,791	63,264	60,375	61,398	58,633	45,894
IBNR	$ 1,254
Cumulative claim counts | item	1,532
Claims paid	$ 57,932	56,659	54,250	50,136	44,166	37,344	30,123	18,912	5,009
Accident Year 2011 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	23,750	21,247	18,986	21,943	19,489	21,411	23,576	22,186	28,987
IBNR	$ 2,508
Cumulative claim counts | item	202
Claims paid	$ 10,841	9,971	8,978	8,662	7,239	5,503	5,127	4,148	473
Accident Year 2011 | Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	2	2	2	6	6	7	11
Claims paid	2	2	2
Accident Year 2011 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	30,450	31,018	31,176	28,794	29,238	29,749	30,507	34,597	26,899
IBNR	$ 10
Cumulative claim counts | item	1,466
Claims paid	$ 30,344	30,259	30,231	27,608	25,251	24,773	22,603	20,155	$ 4,597
Accident Year 2012
Claims Development [Line Items]
Claims incurred reported	158,523	159,120	156,355	165,889	165,015	157,985	157,477	137,380
IBNR	$ 6,491
Cumulative claim counts | item	6,622
Claims paid	$ 139,793	136,909	130,200	119,374	98,960	73,249	48,276	16,619
Accident Year 2012 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	39,231	41,572	41,479	42,028	43,031	36,319	29,959	21,101
IBNR	$ 444
Cumulative claim counts | item	1,746
Claims paid	$ 38,657	41,305	40,852	39,680	33,248	25,280	15,397	6,660
Accident Year 2012 | General Liability
Claims Development [Line Items]
Claims incurred reported	50,509	48,096	46,312	45,771	42,401	38,288	43,677	42,685
IBNR	$ 1,998
Cumulative claim counts | item	1,483
Claims paid	$ 45,509	40,754	36,521	32,585	24,257	14,751	8,844	945
Accident Year 2012 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	38,919	38,835	38,501	47,373	48,983	53,038	51,724	46,503
IBNR	$ 4,017
Cumulative claim counts | item	1,770
Claims paid	$ 26,237	25,495	23,694	18,468	14,634	10,598	5,481	2,381
Accident Year 2012 | Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	$ 813	813	813	39	49	73	94	96
Cumulative claim counts | item	5
Claims paid	$ 813	813	813	2	1	1
Accident Year 2012 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	29,051	29,803	29,250	30,678	30,551	30,266	32,022	26,995
IBNR	$ 32
Cumulative claim counts | item	1,618
Claims paid	$ 28,577	28,542	28,319	28,639	26,821	22,619	18,554	$ 6,634
Accident Year 2013
Claims Development [Line Items]
Claims incurred reported	249,802	237,900	243,567	251,353	232,660	222,277	210,368
IBNR	$ 16,133
Cumulative claim counts | item	13,229
Claims paid	$ 214,863	192,476	181,989	158,978	115,396	74,012	27,465
Accident Year 2013 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	81,422	72,265	76,768	77,570	63,764	50,752	47,191
IBNR	$ 993
Cumulative claim counts | item	6,224
Claims paid	$ 79,066	71,010	72,906	64,073	43,403	26,773	13,015
Accident Year 2013 | General Liability
Claims Development [Line Items]
Claims incurred reported	69,565	61,796	60,613	70,459	62,618	61,785	48,466
IBNR	$ 7,755
Cumulative claim counts | item	2,608
Claims paid	$ 66,439	55,148	46,821	36,493	22,152	10,941	1,930
Accident Year 2013 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	64,727	69,729	71,532	68,109	70,939	71,683	76,844
IBNR	$ 7,141
Cumulative claim counts | item	2,694
Claims paid	$ 35,793	32,962	29,036	26,088	20,520	12,579	2,639
Accident Year 2013 | Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	8,198	8,250	8,226	1,442	1,051	1,065	968
IBNR	$ 19
Cumulative claim counts | item	54
Claims paid	$ 8,157	8,149	8,083	754	312	192	43
Accident Year 2013 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	25,890	25,859	26,428	33,773	34,287	36,992	36,900
IBNR	$ 225
Cumulative claim counts | item	1,649
Claims paid	$ 25,408	25,206	25,144	31,569	29,009	23,526	$ 9,838
Accident Year 2014
Claims Development [Line Items]
Claims incurred reported	356,733	342,788	333,865	323,792	312,987	286,842
IBNR	$ 30,978
Cumulative claim counts | item	16,333
Claims paid	$ 280,933	250,928	217,986	166,907	111,919	44,738
Accident Year 2014 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	113,790	113,747	112,157	105,528	95,283	74,185
IBNR	$ 843
Cumulative claim counts | item	8,231
Claims paid	$ 110,883	108,102	96,385	74,431	52,048	21,692
Accident Year 2014 | General Liability
Claims Development [Line Items]
Claims incurred reported	114,976	104,281	93,468	78,801	77,255	70,878
IBNR	$ 15,352
Cumulative claim counts | item	3,093
Claims paid	$ 73,491	53,712	41,079	28,581	14,032	5,456
Accident Year 2014 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	67,784	69,886	74,134	83,543	81,628	88,181
IBNR	$ 12,581
Cumulative claim counts | item	2,679
Claims paid	$ 42,423	39,846	35,131	24,411	14,901	4,644
Accident Year 2014 | Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	30,172	27,126	25,915	16,448	15,884	13,037
IBNR	$ 1,326
Cumulative claim counts | item	614
Claims paid	$ 26,366	22,880	20,545	7,358	4,271	1,795
Accident Year 2014 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	30,011	27,749	28,192	39,473	42,938	40,562
IBNR	$ 876
Cumulative claim counts | item	1,716
Claims paid	$ 27,770	26,388	24,846	32,126	26,667	$ 11,150
Accident Year 2015
Claims Development [Line Items]
Claims incurred reported	430,942	395,751	407,427	407,279	384,269
IBNR	$ 44,665
Cumulative claim counts | item	20,869
Claims paid	$ 331,748	281,637	234,756	159,708	75,043
Accident Year 2015 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	155,266	146,757	152,268	139,415	120,137
IBNR	$ 1,981
Cumulative claim counts | item	11,153
Claims paid	$ 142,806	126,831	107,063	74,524	37,964
Accident Year 2015 | General Liability
Claims Development [Line Items]
Claims incurred reported	93,808	80,514	78,163	80,411	80,225
IBNR	$ 21,362
Cumulative claim counts | item	3,007
Claims paid	$ 61,168	39,407	25,931	14,720	5,404
Accident Year 2015 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	87,570	82,212	89,383	101,410	101,762
IBNR	$ 14,957
Cumulative claim counts | item	3,881
Claims paid	$ 38,061	33,543	27,423	18,434	6,504
Accident Year 2015 | Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	24,144	18,345	17,952	27,542	27,876
IBNR	$ 4,825
Cumulative claim counts | item	1,015
Claims paid	$ 20,676	14,293	8,949	14,751	6,879
Accident Year 2015 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	70,154	67,924	69,660	58,501	54,269
IBNR	$ 1,540
Cumulative claim counts | item	1,813
Claims paid	$ 69,037	67,563	65,390	37,279	$ 18,292
Accident Year 2016
Claims Development [Line Items]
Claims incurred reported	416,266	406,204	423,538	390,430
IBNR	$ 93,163
Cumulative claim counts | item	20,049
Claims paid	$ 266,496	204,589	150,198	78,271
Accident Year 2016 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	124,166	119,931	124,760	114,568
IBNR	$ 6,229
Cumulative claim counts | item	9,642
Claims paid	$ 102,003	83,161	63,123	39,580
Accident Year 2016 | General Liability
Claims Development [Line Items]
Claims incurred reported	91,228	92,401	101,479	93,737
IBNR	$ 28,786
Cumulative claim counts | item	2,868
Claims paid	$ 47,333	25,223	13,873	3,547
Accident Year 2016 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	102,716	103,382	109,623	99,292
IBNR	$ 47,500
Cumulative claim counts | item	4,358
Claims paid	$ 43,171	35,385	24,557	10,891
Accident Year 2016 | Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	44,758	34,883	30,379	34,010
IBNR	$ 8,295
Cumulative claim counts | item	1,190
Claims paid	$ 27,870	16,715	7,028	4,974
Accident Year 2016 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	53,398	55,607	57,296	48,824
IBNR	$ 2,353
Cumulative claim counts | item	1,991
Claims paid	$ 46,119	44,104	41,618	$ 19,279
Accident Year 2017
Claims Development [Line Items]
Claims incurred reported	339,505	361,299	354,948
IBNR	$ 127,760
Cumulative claim counts | item	18,582
Claims paid	$ 163,937	116,204	54,026
Accident Year 2017 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	71,068	79,156	81,986
IBNR	$ 12,343
Cumulative claim counts | item	7,061
Claims paid	$ 47,199	34,659	19,950
Accident Year 2017 | General Liability
Claims Development [Line Items]
Claims incurred reported	94,554	100,306	99,845
IBNR	$ 50,712
Cumulative claim counts | item	2,921
Claims paid	$ 26,354	11,279	2,596
Accident Year 2017 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	93,134	101,691	102,250
IBNR	$ 52,781
Cumulative claim counts | item	4,678
Claims paid	$ 30,776	22,462	8,631
Accident Year 2017 | Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	44,260	44,044	37,760
IBNR	$ 8,921
Cumulative claim counts | item	1,431
Claims paid	$ 27,816	19,733	7,270
Accident Year 2017 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	36,489	36,102	33,108
IBNR	$ 3,003
Cumulative claim counts | item	2,491
Claims paid	$ 31,792	28,070	$ 15,580
Accident Year 2018
Claims Development [Line Items]
Claims incurred reported	406,199	422,104
IBNR	$ 233,890
Cumulative claim counts | item	18,720
Claims paid	$ 112,889	45,012
Accident Year 2018 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	78,777	87,993
IBNR	$ 28,210
Cumulative claim counts | item	7,146
Claims paid	$ 32,698	16,709
Accident Year 2018 | General Liability
Claims Development [Line Items]
Claims incurred reported	137,525	142,486
IBNR	$ 101,954
Cumulative claim counts | item	2,949
Claims paid	$ 15,625	2,223
Accident Year 2018 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	118,973	116,278
IBNR	$ 77,694
Cumulative claim counts | item	5,125
Claims paid	$ 29,008	9,563
Accident Year 2018 | Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	37,015	39,507
IBNR	$ 20,432
Cumulative claim counts | item	1,184
Claims paid	$ 11,953	5,323
Accident Year 2018 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	33,909	35,839
IBNR	$ 5,600
Cumulative claim counts | item	2,316
Claims paid	$ 23,605	$ 11,194
Accident Year 2019
Claims Development [Line Items]
Claims incurred reported	457,973
IBNR	$ 330,679
Cumulative claim counts | item	17,591
Claims paid	$ 66,522
Accident Year 2019 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	115,393
IBNR	$ 72,508
Cumulative claim counts | item	8,141
Claims paid	$ 22,082
Accident Year 2019 | General Liability
Claims Development [Line Items]
Claims incurred reported	153,650
IBNR	$ 139,174
Cumulative claim counts | item	2,309
Claims paid	$ 3,487
Accident Year 2019 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	97,485
IBNR	$ 76,057
Cumulative claim counts | item	4,468
Claims paid	$ 9,745
Accident Year 2019 | Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	36,895
IBNR	$ 25,835
Cumulative claim counts | item	935
Claims paid	$ 5,940
Accident Year 2019 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	54,550
IBNR	$ 17,105
Cumulative claim counts | item	1,738
Claims paid	$ 25,268

Insurance Operations - Historic

Insurance Operations - Historical Average Annual Percentage Payout of Incurred Claims, Net of Reinsurance (Details)	12 Months Ended
	Dec. 31, 2019USD ($)
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	14.00%
Year 2	19.00%
Year 3	15.00%
Year 4	13.00%
Year 5	10.00%
Year 6	7.00%
Year 7	7.00%
Year 8	3.00%
Year 9	3.00%
Year 10	2.00%
Commercial Auto
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	23.00%
Year 2	22.00%
Year 3	19.00%
Year 4	17.00%
Year 5	12.00%
Year 6	1.00%
Year 7	6.00%
Year 8	$ (2)
General Liability
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.00%
Year 2	12.00%
Year 3	15.00%
Year 4	16.00%
Year 5	14.00%
Year 6	13.00%
Year 7	10.00%
Year 8	6.00%
Year 9	4.00%
Year 10	3.00%
Workers' Compensation
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	8.00%
Year 2	14.00%
Year 3	10.00%
Year 4	9.00%
Year 5	6.00%
Year 6	7.00%
Year 7	4.00%
Year 8	4.00%
Year 9	3.00%
Year 10	4.00%
Commercial Multiple Peril
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	14.00%
Year 2	17.00%
Year 3	10.00%
Year 4	28.00%
Year 5	25.00%
Year 6	11.00%
All Other Lines
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	33.00%
Year 2	39.00%
Year 3	20.00%
Year 4	2.00%
Year 5	2.00%
Year 6	2.00%
Year 7	7.00%

Insurance Operations - Insuranc

Insurance Operations - Insurance Pool (Details) - Information pertaining to reinsurance for umbrella casualty insurance and ocean marine liability insurance.	12 Months Ended
	Dec. 31, 2019USD ($)
Minimum
Reinsurance Retention Policy [Line Items]
Net retention per occurrence after applicable reinsurance	$ 250,000
Effective pool participation (as a percent)	11.00%
Maximum
Reinsurance Retention Policy [Line Items]
Net retention per occurrence after applicable reinsurance	$ 2,000,000
Effective pool participation (as a percent)	59.00%

Insurance Operations - Asbestos

Insurance Operations - Asbestos and Environmental Related Losses and Salvage and Subrogation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Gross
Balance at beginning of year	$ 14,262	$ 15,628
Incurred losses and loss adjustment expense	430	30
Payments for losses and loss adjustment expenses	1,882	1,396
Balance at end of year	12,810	14,262
Ceded
Balance at beginning of year	9,860	11,116
Incurred losses and loss adjustment expense	66	24
Payments for losses and loss adjustment expenses	1,564	1,280
Balance at end of year	8,362	9,860
Net
Balance at beginning of year	4,402	4,512
Incurred losses and loss adjustment expense	364	6
Payments for losses and loss adjustment expenses	318	116
Balance at end of year	4,448	4,402
Salvage and Subrogation
Estimated salvage and subrogation recoverable	27,500	27,400
Liability Related To Assumed Asbestos And Environmental Reserves On Retroactive Basis From Prior Members Of Pool [Member]
Net
Balance at beginning of year	8,700
Balance at end of year	$ 8,400	$ 8,700

Insurance Operations - Deferred

Insurance Operations - Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Beginning balance	$ 93,613	$ 60,759
Acquisition costs deferred	189,970	204,283
Acquisition costs expensed	(184,771)	(171,429)	$ (126,023)
Ending balance	$ 98,812	$ 93,613	$ 60,759

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Loss reserves	$ 13,289	$ 11,342
Loss reserves transitional adjustment	6,104	6,954
Unearned premiums	16,785	14,985
Net operating loss carry forwards – state and local	17,008	16,373
Net operating loss carry forwards – federal	357	16,771
Capital loss carry forwards – federal	1,519	2,577
Bad debt reserve	3,229	3,182
Impairments	517	556
Deferred compensation	5,659	5,613
Amortization of intangibles	695	813
Limited partnership income	2,566
Unrealized depreciation of investments		7,446
Other	3,151	2,211
Total deferred tax assets	70,879	88,823
Less valuation allowance	(17,604)	(16,962)	$ (6,511)
Deferred tax assets, net of allowance	53,275	71,861
Deferred tax liabilities:
Deferred policy acquisition costs	20,693	19,634
Loss reserve transitional adjustment	4,578	6,085
Fair value adjustments	3,628	3,635
Unrealized appreciation of investments	8,669
Limited partnership income		422
Other	10,904	8,846
Total deferred tax liabilities	48,472	38,622
Net deferred income taxes	$ 4,803	$ 33,239

Income Taxes - Tax Reform (Deta

Income Taxes - Tax Reform (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2019	Dec. 31, 2017	Dec. 31, 2018
Income Taxes
Statutory U.S tax rate	21.00%		35.00%
Charge to income resulting from revaluation of deferred tax assets and liabilities due to Tax Reform			$ 25,108
Deferred tax asset due to Tax Reform		$ 6,104		$ 6,954
Period over which transitional deferred tax liability related to tax reform will be amortized		8 years
Deferred tax liability due to Tax Reform		$ 4,578		$ 6,085

Income Taxes - Net Operating Lo

Income Taxes - Net Operating Loss Carryforwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net operating loss carryforwards
Realized capital loss carryforward	$ 1,500	$ 2,600
U.S.
Net operating loss carryforwards
Net Operating Losses carried forward	400	16,800
Tax benefit related to net operating losses	357
U.S. | 2010
Net operating loss carryforwards
Tax benefit related to net operating losses	$ 357
Net Operating Loss expiration	Dec. 31, 2030
State and Local
Net operating loss carryforwards
Net Operating Losses carried forward	$ 17,000	$ 16,300

Income Taxes - Change in Valuat

Income Taxes - Change in Valuation Allowance Account (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation Of Deferred Tax Assets, Valuation Allowance [Roll Forward]
Balance, beginning of year	$ 16,962	$ 6,511
Change in valuation allowance	642	10,451
Balance, end of year	17,604	$ 16,962
Valuation allowance for uncertain deferred tax assets attributable to U.S. federal and state NOLs	$ 17,600

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, beginning of year	$ 528	$ 483
Additions for tax positions of prior years	260	45
Reductions for tax positions of prior years	(350)
Balance, end of year	438	$ 528
Decrease in tax position	100
Favorable tax positions that impact the effective tax rate	$ 200

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes
Expected tax expense at statutory rates in taxable jurisdictions	$ 12,103	$ 13,896	$ 11,384
Tax-exempt interest		(46)	(42)
State taxes	(629)	(10,746)	3,302
Valuation allowance	642	10,451	(2,819)
Effect of provision to tax return filing adjustments	42		671
Effect of Tax Reform			25,108
Other	(21)	(166)	629
Total income tax expense	$ 12,137	$ 13,389	$ 38,233

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 15, 2019	Jul. 25, 2019	Jan. 01, 2018	Nov. 23, 2010	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Line Items]
Effective income tax rate					21.00%
Statutory income tax rate			21.00%				35.00%
Income taxes paid or (refund received)					$ (780)	$ 135	$ 227
Income tax recoverable included in other assets					$ 200	800	200
Ownership percentage					50.00%
Ownership Changes Among Shareholders					5.00%
Shares of the Company issued as merger consideration		38,851,369
Conversion ratio of PGHL shares to Company shares		6.46
Percentage of equity interests of the Company issued as merger consideration		100.00%
Percentage Of Outstanding Common Stock Retained	77.50%	80.30%
Shares Sold By Principal Stockholders In Offering	1,178,570
Valuation allowance					$ 17,604	16,962	6,511
Insurance Operations, U.K. | Discontinued operation
Income Tax Disclosure [Line Items]
Income taxes paid or (refund received)						$ 0	$ 0
Gain (loss) recognized					$ 0
NYMAGIC, Inc
Income Tax Disclosure [Line Items]
Outstanding common stock acquired (as a percent)				100.00%
Cash price per share				$ 25.75
Cash price				$ 231,900
Annual limit on utilization of Net Operating Losses due to Section 382				9,000
Valuation allowance				$ 3,100

Statutory Financial Informati_3

Statutory Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statutory Financial Information
Maximum dividend that can be paid without the prior approval from the New York State Department of Financial Services	$ 54,700
Combined statutory net income	55,681	$ 33,147	$ 26,303
Combined statutory surplus	$ 568,777	$ 473,575	$ 433,946

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Aug. 08, 2019	Mar. 15, 2019	Jan. 31, 2015	Nov. 30, 2013	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 14, 2019	Jan. 31, 2018
Debt
Number of days before the maturity of the senior notes due November 2020 that the credit facility matures		91 days
Number of days before the maturity of the senior notes due November 2020, as amended or replaced, that the credit facility matures		91 days
Repayment of outstanding debt					$ 18,000
Available borrowing capacity					50,000
Interest expense					12,795	$ 12,377	$ 12,125
Amortization of debt issuance costs					$ 300	$ 300	$ 300
Revolving facility
Debt
Face amount of the debt									$ 25,000
Interest rate (as a percent)									4.20%
Maximum borrowing capacity		$ 50,000						$ 25,000
Repayment of outstanding debt	$ 18,000
7.5% Senior Unsecured Notes due November 2020
Debt
Face amount of the debt				$ 140,000
Interest rate (as a percent)				7.50%
Debt issuance costs incurred				$ 2,100
6.5% Senior Notes due November 2020
Debt
Face amount of the debt			$ 25,000
Interest rate (as a percent)			6.50%
Debt issuance costs incurred			$ 200

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2019USD ($)
Minimum Rental Payments
2020	$ 4,243
2021	4,162
2022	1,080
2023	585
2024	585
2025	342
Total	10,997
Sublease income
2020	631
Total	$ 631

Commitments and Contingencies -

Commitments and Contingencies - Rent Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other commitments
Rent expense	$ 3,300	$ 3,100	$ 3,100
Lease liability assumed	10,997
Discontinued operations | UK Office Lease
Other commitments
Rent expense	500	500	500
Sublease income	$ 600	$ 100	$ 0

Commitments and Contingencies_3

Commitments and Contingencies - Fiduciary Funds (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
Fiduciary and pools’ underwriting accounts
Assets held on behalf of unaffiliated pool members	$ 10,522	$ 11,501
Escrow bond arrangements	1,014	951
Total	11,536	$ 12,452
Unfunded commitments related to a limited partnership and a fixed income security	$ 163,700
Number of unaffiliated pool members | item	2

Share-Based Compensation - 2019

Share-Based Compensation - 2019 Equity Incentive Plan (Details) - USD ($) $ in Millions	Nov. 15, 2019	Jul. 25, 2019	Nov. 15, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jul. 24, 2019
Share-based Compensation
Share-based compensation expense				$ 8.6	$ 0.9	$ 1.5
Tax benefit, recognized on share based compensation expense				$ 1.8	$ 0.2	$ 0.5
Restricted stock units
Share-based Compensation
Restricted stock unit awards granted				1,732,869	13,992
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Subject to Conversion, Number				906,182	548,292	517,446
2019 Equity Incentive Plan
Share-based Compensation
Number of common stock authorized							4,500,000
Number of common shares reserved for issuance							4,500,000
2019 Equity Incentive Plan | Long-term Equity Incentive Plan Awards (RSUs)
Share-based Compensation
Restricted stock unit awards granted		181,118
Grant date fair value		$ 2.5
2019 Equity Incentive Plan | LTIP Time Vesting RSUs
Share-based Compensation
Restricted stock unit awards granted		90,559
2019 Equity Incentive Plan | LTIP Time Vesting RSUs | At One Year
Share-based Compensation
Vesting percentage		33.33%
2019 Equity Incentive Plan | LTIP Time Vesting RSUs | At Two Years
Share-based Compensation
Vesting percentage		33.33%
2019 Equity Incentive Plan | LTIP Time Vesting RSUs | At Three Years
Share-based Compensation
Vesting percentage		33.33%
2019 Equity Incentive Plan | LTIP Performance Vesting RSUs
Share-based Compensation
Restricted stock unit awards granted		90,559
Cliff vesting period		3 years
2019 Equity Incentive Plan | Supplemental RSUs
Share-based Compensation
Restricted stock unit awards granted		1,267,912
Percentage of time-vesting awards		100.00%
Grant date fair value		$ 17.8
2019 Equity Incentive Plan | Supplemental RSUs | At Grant Date
Share-based Compensation
Vesting percentage		25.00%
2019 Equity Incentive Plan | Supplemental RSUs | At Two Years
Share-based Compensation
Vesting percentage		25.00%
2019 Equity Incentive Plan | Supplemental RSUs | At Three Years
Share-based Compensation
Vesting percentage		50.00%
2019 Equity Incentive Plan | Founders Grant RSUs
Share-based Compensation
Restricted stock unit awards granted		250,000
Grant date fair value		$ 3.5
Cliff vesting period		3 years
2019 Equity Incentive Plan | Director RSUs
Share-based Compensation
Restricted stock unit awards granted	7,440	26,399	33,839
Grant date fair value			$ 0.5
2010 Equity Incentive Plan
Share-based Compensation
Share-based compensation expense				$ 0.1
2010 Equity Incentive Plan | Restricted stock units
Share-based Compensation
Number of RSUs converted into RSUs based on common stock upon merger		668,170

Share-Based Compensation - 20_2

Share-Based Compensation - 2019 Plan Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Unrecognized Share-based Compensation
Unrecognized stock-based compensation expense	$ 14.5
Expected weighted average recognition period	2 years 4 months 24 days
Restricted stock units
Restricted Stock Units
Unvested outstanding at beginning of period	55,264	180,647
Granted	1,732,869	13,992
Vested	(406,081)	(136,855)
Forfeited	(92,656)	(2,520)
Unvested outstanding at end of period	1,289,396	55,264
Weighted Average Grant Date Fair Value
Non vested outstanding at beginning of period	$ 11.09	$ 11.25
Granted	14	18.67
Vested	13.61	11.30
Forfeited	14	11.09
Non vested outstanding at end of period	$ 14	$ 11.09

Share-Based Compensation - 20_3

Share-Based Compensation - 2019 Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Jul. 24, 2019
Employee stock purchase plan
Expense recognized related to plan	$ 0
ESPP
Employee stock purchase plan
Number of common shares reserved for sale		1,000,000

Retirement Plans (Details)

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
401(K) Plan
Plan expense	$ 1.8	$ 2.1	$ 1.6
Eligible Compensation, 4%
401(K) Plan
Matching contribution, percent	100.00%
Eligible compensation, percent	4.00%
Eligible Compensation, 2%
401(K) Plan
Matching contribution, percent	50.00%
Eligible compensation, percent	2.00%

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Segment information
Number of reportable segments | segment									1
Summary of the Company’s gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums	$ 249,945	$ 227,196	$ 235,032	$ 255,838	$ 221,841	$ 201,296	$ 222,555	$ 249,420	$ 968,011	$ 895,112	$ 836,334
Gross written premiums, percent									100.00%	100.00%	100.00%
Commercial Auto
Summary of the Company’s gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 205,303	$ 151,612	$ 124,688
Gross written premiums, percent									21.20%	16.90%	14.90%
General Liability
Summary of the Company’s gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 335,197	$ 277,948	$ 272,660
Gross written premiums, percent									34.60%	31.10%	32.60%
Workers' Compensation
Summary of the Company’s gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 179,432	$ 246,302	$ 235,668
Gross written premiums, percent									18.60%	27.50%	28.20%
Commercial Multiple Peril
Summary of the Company’s gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 82,126	$ 67,351	$ 73,859
Gross written premiums, percent									8.50%	7.50%	8.80%
All Other Lines
Summary of the Company’s gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 165,953	$ 151,899	$ 129,459
Gross written premiums, percent									17.10%	17.00%	15.50%
Customer Segment
Summary of the Company’s gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 899,852	$ 770,893	$ 713,349
Gross written premiums, percent									93.00%	86.10%	85.30%
Construction
Summary of the Company’s gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 117,918	$ 101,946	$ 73,378
Gross written premiums, percent									12.20%	11.40%	8.80%
Consumer Services
Summary of the Company’s gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 133,682	$ 107,086	$ 94,384
Gross written premiums, percent									13.80%	12.00%	11.30%
Marine and Energy
Summary of the Company’s gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 94,071	$ 82,978	$ 79,238
Gross written premiums, percent									9.70%	9.30%	9.50%
Media and Entertainment
Summary of the Company’s gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 124,950	$ 119,926	$ 114,442
Gross written premiums, percent									12.90%	13.40%	13.70%
Professional Services
Summary of the Company’s gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 119,326	$ 110,546	$ 112,575
Gross written premiums, percent									12.40%	12.30%	13.40%
Real Estate
Summary of the Company’s gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 167,635	$ 132,652	$ 132,029
Gross written premiums, percent									17.30%	14.80%	15.80%
Sports
Summary of the Company’s gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 30,079	$ 23,590	$ 22,224
Gross written premiums, percent									3.10%	2.60%	2.60%
Transportation
Summary of the Company’s gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 112,191	$ 92,169	$ 85,079
Gross written premiums, percent									11.60%	10.30%	10.20%
Other
Summary of the Company’s gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 68,159	$ 124,219	$ 122,985
Gross written premiums, percent									7.00%	13.90%	14.70%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Basic EPS- Income:
Net income (loss) available to common stockholders, continuing operations									$ 45,494	$ 53,729	$ (6,904)
Net income (loss) available to common stockholders, discontinued operations									$ (6,604)	$ 814	$ (37,089)
Basic EPS - Shares:
Shares outstanding, basic (in shares)									41,095	38,753	37,555
Basic EPS - Per Share Amount:
Net income (loss) from continuing operations	$ 0.34	$ 0.20	$ 0.22	$ 0.35	$ 0.35	$ 0.40	$ 0.38	$ 0.26	$ 1.11	$ 1.39	$ (0.18)
Net Income available to common stockholders, discontinued operations (in dollars per share)									$ (0.16)	$ 0.02	$ (0.99)
Effect of dilutive securities - Shares:
Stock compensation plans (in shares)									428	688
Diluted EPS - Income
Diluted EPS, continuing operations									$ 45,494	$ 53,729	$ (6,904)
Diluted EPS, discontinued operations									$ (6,604)	$ 814	$ (37,089)
Diluted EPS - Shares
Shares outstanding, diluted (in shares)									41,523	39,441	37,555
Diluted EPS - Per Share Amount
Diluted earnings per share - continuing operations (in dollars per share)	$ 0.33	$ 0.19	$ 0.22	$ 0.35	$ 0.34	$ 0.40	$ 0.37	$ 0.25	$ 1.10	$ 1.36	$ (0.18)
Diluted EPS, discontinued operations (in dollars per share)									$ (0.16)	$ 0.02	$ (0.99)

Quarterly Financial Informati_3

Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information
Gross written premiums	$ 249,945	$ 227,196	$ 235,032	$ 255,838	$ 221,841	$ 201,296	$ 222,555	$ 249,420	$ 968,011	$ 895,112	$ 836,334
Revenues	225,105	219,870	220,112	212,972	203,575	201,726	199,525	181,046	878,059	785,872	651,039
Net income (loss) from continuing operations	14,742	8,361	8,696	13,695	13,464	15,603	14,652	10,010	45,494	53,729	(6,904)
Net income (loss)	$ 8,520	$ 8,312	$ 8,618	$ 13,440	$ 14,120	$ 15,174	$ 14,454	$ 10,795	$ 38,890	$ 54,543	$ (43,993)
Basic earnings per share - continuing operations (in dollars per share)	$ 0.34	$ 0.20	$ 0.22	$ 0.35	$ 0.35	$ 0.40	$ 0.38	$ 0.26	$ 1.11	$ 1.39	$ (0.18)
Diluted earnings per share - continuing operations (in dollars per share)	0.33	0.19	0.22	0.35	0.34	0.40	0.37	0.25	1.10	1.36	(0.18)
Basic earnings per share (in dollars per share)	0.19	0.19	0.22	0.35	0.36	0.39	0.37	0.28	0.95	1.41	(1.17)
Diluted earnings per share (in dollars per share)	$ 0.19	$ 0.19	$ 0.22	$ 0.34	$ 0.36	$ 0.38	$ 0.36	$ 0.27	$ 0.94	$ 1.38	$ (1.17)

Schedule II - Balance Sheets (D

Schedule II - Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2019	Jul. 24, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 17,284		$ 22,279
Other assets	29,537		57,653
Total assets	2,877,234		2,577,106
Liabilities
Notes payable	164,693		182,355
Other liabilities	56,438		73,474
Total liabilities	2,334,203		2,187,276
Stockholders’ equity
Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.01 par value; 200,000,000 shares authorized; 43,071,186 and 38,864,289 shares issued, 43,058,266 and 38,851,369 shares outstanding in 2019 and 2018, respectively	431		389
Paid-in capital	661,761		607,260
Accumulated other comprehensive income (loss)	37,453		(22,315)	$ 19,297	$ 29,482
Retained deficit	(156,414)		(195,304)
Treasury shares – at cost (12,920 shares)	(200)		(200)
Total stockholders’ equity	543,031		389,830	$ 375,983	$ 380,655
Total liabilities and stockholders’ equity	$ 2,877,234		$ 2,577,106
Preferred stock, par value	$ 0.01		$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000	50,000,000
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Common stock, par value	$ 0.01		$ 0.01
Common stock, shares authorized	200,000,000	200,000,000	200,000,000
Common stock, shares issued	43,071,186		38,864,289
Common stock, shares outstanding	43,058,266		38,851,369
Treasury shares, shares	12,920		12,920
Parent Company | Reportable Legal Entities
Assets
Investment in subsidiaries	$ 702,977		$ 572,435
Cash and cash equivalents	773		522
Total cash and investments	703,750		572,957
Receivables from affiliates	6,580		12,462
Other assets	747		4,591
Total assets	711,077		590,010
Liabilities
Payables to affiliates	1,263		9,540
Notes payable	164,693		182,355
Loan payable to affiliates			3,173
Other liabilities	2,090		5,112
Total liabilities	168,046		200,180
Stockholders’ equity
Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.01 par value; 200,000,000 shares authorized; 43,071,186 and 38,864,289 shares issued, 43,058,266 and 38,851,369 shares outstanding in 2019 and 2018, respectively	431		389
Paid-in capital	661,761		607,260
Accumulated other comprehensive income (loss)	37,453		(22,315)
Retained deficit	(156,414)		(195,304)
Treasury shares – at cost (12,920 shares)	(200)		(200)
Total stockholders’ equity	543,031		389,830
Total liabilities and stockholders’ equity	$ 711,077		$ 590,010
Preferred stock, par value	$ 0.01		$ 0.01
Preferred stock, shares authorized	50,000,000		50,000,000
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Common stock, par value	$ 0.01		$ 0.01
Common stock, shares authorized	200,000,000		200,000,000
Common stock, shares issued	43,071,186		38,864,289
Common stock, shares outstanding	43,058,266		38,851,369
Treasury shares, shares	12,920		12,920

Schedule II - Statements of Ope

Schedule II - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Other income									$ 538	$ 673	$ 853
Total revenues	$ 225,105	$ 219,870	$ 220,112	$ 212,972	$ 203,575	$ 201,726	$ 199,525	$ 181,046	878,059	785,872	651,039
Expenses:
General and administrative expenses									105,686	100,118	87,821
Interest expense									12,795	12,377	12,125
Other expense									16,151
Total expenses									820,428	718,754	619,710
Loss before federal income taxes									57,631	67,118	31,329
Federal income tax benefit									12,137	13,389	38,233
Net loss from continuing operations before equity in undistributed net income (losses) of subsidiaries	14,742	8,361	8,696	13,695	13,464	15,603	14,652	10,010	45,494	53,729	(6,904)
Net income (loss)	$ 8,520	$ 8,312	$ 8,618	$ 13,440	$ 14,120	$ 15,174	$ 14,454	$ 10,795	38,890	54,543	(43,993)
Parent Company | Reportable Legal Entities
Revenues:
Other income									33	165	630
Total revenues									33	165	630
Expenses:
General and administrative expenses									714	5,325	13,461
Write-off of amounts related to sale of affiliate										650	10,622
Intercompany interest expense (income)									18	(27)	(29)
Interest expense									12,795	12,377	12,125
Other expense									8,164
Total expenses									21,691	18,325	36,179
Loss before federal income taxes									(21,658)	(18,160)	(35,549)
Federal income tax benefit									4,669	3,284	8,341
Net loss from continuing operations before equity in undistributed net income (losses) of subsidiaries									(16,989)	(14,876)	(27,208)
Equity in undistributed net income (losses) of subsidiaries, net of tax									55,879	69,419	(16,785)
Net income (loss)									$ 38,890	$ 54,543	$ (43,993)

Schedule II - Statements of Cas

Schedule II - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Activities:
Net income (loss)	$ 38,890	$ 54,543	$ (43,993)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of debt issuance costs	300	300	300
Changes in:
Increase (decrease) in other assets	23,938	(15,092)	(8,992)
Increase in other liabilities	(17,036)	(2,377)	48,463
Total adjustments	208,161	178,863	179,170
Net cash provided by operating activities - continuing operations	253,655	232,592	172,266
Investing activities:
Net cash used in investing activities	(288,616)	(297,952)	(160,473)
Financing activities
Proceeds from shares issued	50,878		32
Proceeds from capital contributions			49,968
Proceeds from notes payable		18,000
Repayment of notes payable	(18,000)
Tax withholding on stock compensation awards	(740)
Net cash provided by financing activities	32,138	18,000	50,000
Cash, cash equivalents and restricted cash at beginning of year - continuing operations	29,900	77,872	75,211
Cash, cash equivalents and restricted cash at end of year	27,497	29,900	77,872
Parent Company | Reportable Legal Entities
Operating Activities:
Net income (loss)	38,890	54,543	(43,993)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of debt issuance costs	338	338	338
Equity in undistributed net losses of subsidiaries, net of tax	(55,879)	(69,419)	16,785
Changes in:
Decrease (increase) in receivables from affiliates	5,882	(9,957)	12,924
(Decrease) increase in payables to affiliates	(8,277)	4,872	(2,121)
Increase (decrease) in other assets	3,844	(1,673)	(1,091)
(Decrease) increase in loans to affiliates	(3,173)
Increase in other liabilities	(3,022)	(6,426)	(3,237)
Total adjustments	(60,287)	(82,265)	23,598
Net cash provided by operating activities - continuing operations	(21,397)	(27,722)	(20,395)
Financing activities
Proceeds from shares issued	50,878		32
Proceeds from capital contributions			49,968
Proceeds from notes payable		18,000
Repayment of notes payable	(18,000)
Tax withholding on stock compensation awards	(740)
Capital contributions to affiliates	(10,490)	9,747	(36,840)
Net cash provided by financing activities	21,648	27,747	13,160
Net increase (decrease) in cash and cash equivalents	251	25	(7,235)
Cash, cash equivalents and restricted cash at beginning of year - continuing operations	522	497	7,732
Cash, cash equivalents and restricted cash at end of year	$ 773	$ 522	$ 497

Schedule V - Allowance for Unco

Schedule V - Allowance for Uncollectible Premiums and Reinsurance Recoverables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Allowance on Premiums Receivables
Allowance for Uncollectible Premiums and Reinsurance Recoverables
Beginning balance	$ 4,823	$ 4,197	$ 4,699
Additions	2,108	800
Deductions	(1,875)	(174)	(502)
Ending balance	5,056	4,823	4,197
Allowance on Reinsurance Receivables
Allowance for Uncollectible Premiums and Reinsurance Recoverables
Beginning balance	9,992	7,046	7,046
Additions	4,581	4,510
Deductions	(3,702)	(1,564)
Ending balance	$ 10,871	$ 9,992	$ 7,046