ProSight Global (PROS) 10-K 23 Feb 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-38996
Entity Registrant Name	ProSight Global, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	35-2405664
Entity Address, Address Line One	412 Mt. Kemble Avenue
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Morristown
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07960
City Area Code	973
Local Phone Number	532-1900
Title of 12(b) Security	Common Stock, Par Value $0.01 per share
Trading Symbol	PROS
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 85,065,052
Entity Common Stock, Shares Outstanding		43,657,099
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001634038
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Fixed maturity securities, available-for-sale at fair value (amortized cost $2,159,743 in 2020 and $1,999,403 in 2019, allowance for credit losses $(1,457) in 2020 and $0 in 2019)	$ 2,266,057	$ 2,040,682
Commercial levered loans at amortized cost (fair value $12,180 in 2020 and $13,950 in 2019)	12,308	14,069
Non-redeemable preferred stock securities at fair value (cost $6,541 in 2020 and $0 in 2019)	7,049
Bond exchange-traded funds at fair value (cost $44,679 in 2020 and $0 in 2019)	44,882
Limited partnerships and limited liability companies at fair value (cost $74,268 in 2020 and $62,226 in 2019)	90,468	66,660
Short-term investments	154	43,873
Total investments	2,420,918	2,165,284
Cash and cash equivalents	12,078	17,284
Restricted cash	7,525	10,213
Accrued investment income	13,693	13,610
Premiums and other receivables, net	146,243	190,004
Receivable from reinsurers on paid losses, net	10,481	3,481
Reinsurance receivables on unpaid losses, net	170,522	193,952
Deferred policy acquisition costs	94,437	98,812
Prepaid reinsurance premiums	56,787	42,861
Net deferred income taxes		4,803
Goodwill and net intangible assets	17,248	29,189
Fixed assets and capitalized software, net	33,896	37,167
Funds withheld related to sale of affiliate	19,534	19,453
Other assets	25,996	29,537
Assets of discontinued operations	21,354	21,584
Total assets	3,050,712	2,877,234
Liabilities
Reserve for unpaid losses and loss adjustment expenses	1,602,902	1,521,648
Reserve for unearned premiums	448,676	483,223
Ceded reinsurance payable	38,152	17,768
Notes payable, net of debt issuance costs	203,267	164,693
Secured notes payable, net of issuance costs	22,668
Funds held under reinsurance agreements	23,179	58,855
Net deferred income taxes	10,137
Other liabilities	40,034	56,438
Liabilities of discontinued operations	37,729	31,578
Total liabilities	2,426,744	2,334,203
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; 43,449,087 and 43,071,186 shares issued, 43,436,167 and 43,058,266 shares outstanding in 2020 and 2019, respectively	434	431
Paid-in capital	668,798	661,761
Accumulated other comprehensive income	89,122	37,453
Retained deficit	(134,186)	(156,414)
Treasury shares - at cost (12,920 shares)	(200)	(200)
Total stockholders' equity	623,968	543,031
Total liabilities and stockholders' equity	$ 3,050,712	$ 2,877,234

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Consolidated Balance Sheets
Fixed maturity securities, available-for-sale, amortized cost	$ 2,159,743	$ 1,999,403
Fixed maturity securities, available-for-sale, allowance for credit losses	(1,457)	0
Commercial levered loans, fair value	12,180	13,950
Non-redeemable preferred stock securities, cost	6,541	0
Bond exchange-traded funds, cost	44,679	0
Limited partnerships and limited liability companies, cost	$ 74,268	$ 62,226
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	43,449,087	43,071,186
Common stock, shares outstanding	43,436,167	43,058,266
Treasury shares, shares	12,920	12,920

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Operations
Gross written premiums	$ 817,090	$ 968,011	$ 895,112
Net earned premiums	737,755	807,854	730,785
Net investment income	73,021	68,897	55,971
Realized investment gains, net	4,980	770	(1,557)
Other income	351	538	673
Total revenues	816,107	878,059	785,872
Expenses:
Net losses and loss adjustment expenses incurred	472,671	501,025	434,830
Policy acquisition expenses	172,426	184,771	171,429
General and administrative expenses	100,418	105,686	100,118
Interest expense	14,363
Interest expense		12,795	12,377
Other expense	17,739	16,151
Total expenses	777,617	820,428	718,754
Net income from continuing operations before income taxes	38,490	57,631	67,118
Income tax provision:
Current	4,492	(185)	(853)
Deferred	6,248	12,322	14,242
Total income tax expense	10,740	12,137	13,389
Net income from continuing operations	27,750	45,494	53,729
Discontinued operations:
Loss from discontinued operations before income taxes	(7,583)	(8,718)	(560)
Income tax benefit	(2,061)	(2,114)	(1,374)
Net income (loss) from discontinued operations	(5,522)	(6,604)	814
Net income	$ 22,228	$ 38,890	$ 54,543
Earnings per share - basic:
Net income from continuing operations	$ 0.63	$ 1.11	$ 1.39
Net income	0.51	0.95	1.41
Earnings per share - diluted:
Net income from continuing operations	0.63	1.10	1.36
Net income	$ 0.50	$ 0.94	$ 1.38

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Comprehensive (Loss) Income
Net income	$ 22,228	$ 38,890	$ 54,543
Other comprehensive income (loss), net of taxes:
Change in unrealized holding gains (losses) on securities, net of deferred tax expense (benefit) of $15,009 in 2020, $16,277 in 2019 and $(10,842) in 2018	56,863	61,643	(42,740)
Less: reclassification adjustment for gains (losses) included in net income net of tax expense (benefit) of $1,352 in 2020, $162 in 2019 and $(429) in 2018	6,345	1,875	(1,128)
Less: reclassification adjustment for credit losses included in net income, net of tax benefit of $(306) in 2020, $0 in 2019 and $0 in 2018	(1,151)
Other comprehensive income (loss)	51,669	59,768	(41,612)
Comprehensive income	$ 73,897	$ 98,658	$ 12,931

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Comprehensive (Loss) Income
Change in unrealized holding gains (losses) on securities, deferred tax (benefit) expense	$ 15,009	$ 16,277	$ (10,842)
Reclassification adjustment for gains (losses) included in net income, tax expense (benefit)	1,352	162	(429)
Reclassification adjustment for credit losses included in net income, tax (benefit) expense	$ (306)	$ 0	$ 0

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders Equity - USD ($) $ in Thousands	Common stock	Paid-in capital	Accumulated other comprehensive (loss) income	Retained deficit	Treasury shares	Total
Balance at the beginning of the period at Dec. 31, 2017	$ 387	$ 606,346	$ 19,297	$ (249,847)	$ (200)	$ 375,983
Increase (decrease) in Stockholders' Equity
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 available-for-sale debt securities, net of deferred tax expense			(41,612)			(41,612)
Net income				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
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 available-for-sale debt securities, net of deferred tax expense			59,768			59,768
Equity distribution		(4,174)				(4,174)
Net income				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
Increase (decrease) in Stockholders' Equity
Stock based employee compensation plan	3	8,848				8,851
Stock purchase plan		165				165
Retirement of common stock (tax payments on equity compensation)		(2,578)				(2,578)
Net unrealized gain (loss) on available-for-sale debt securities, net of deferred tax expense			51,669			51,669
Tax benefit on payments related to offering costs		602				602
Net income				22,228		22,228
Balance at the end of the period at Dec. 31, 2020	$ 434	$ 668,798	$ 89,122	$ (134,186)	$ (200)	$ 623,968

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Changes in Stockholders' Equity
Net unrealized (loss) gain on available-for-sale securities, deferred tax (benefit)	$ 13,963	$ 16,115	$ (10,413)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income from continuing operations	$ 27,750	$ 45,494	$ 53,729
Net income (loss) from discontinued operations	(5,522)	(6,604)	814
Net income	22,228	38,890	54,543
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for deferred taxes	6,248	12,322	14,242
Realized investment gains, net	(4,980)	(770)	1,557
Net limited partnerships losses (gains)	(11,690)	(3,101)	(1,081)
Net amortization (accretion) from bonds and commercial loans	3,247	(2,622)	(6,083)
Net change in fair value of equity securities	(526)
Depreciation and amortization	9,313	8,737	7,351
Amortization of debt issuance costs	1,249
Impairment of goodwill	11,911
Stock based compensation	8,851	8,578	916
Changes in:
Premiums and other receivables, net	43,761	10,343	(16,013)
Receivable from reinsurers on paid losses and reinsurance receivable on unpaid losses	16,430	290	20,653
Ceded reinsurance payable	20,384	4,487	(5,167)
Accrued investment income	(83)	(1,331)	(2,870)
Deferred policy acquisition costs	4,375	(5,199)	(32,854)
Prepaid reinsurance premiums	(13,926)	1,765	78,324
Reserve for unpaid losses and loss adjustment expenses	81,254	124,836	138,575
Reserve for unearned premiums	(34,547)	47,290	40,501
Funds withheld related to sale of affiliate	(81)	(56)	7,376
Funds held under reinsurance agreements	(35,676)	(4,310)	(49,095)
Other assets	(649)	23,938	(15,092)
Other liabilities	(16,405)	(17,036)	(2,377)
Total adjustments	88,460	208,161	178,863
Net cash provided by operating activities - continuing operations	116,210	253,655	232,592
Net cash provided by (used in) operating activities - discontinued operations	180	(359)	(900)
Net cash provided by operating activities	116,390	253,296	231,692
Investing activities
Purchases of available-for-sale fixed maturity securities	(716,057)	(570,726)	(509,970)
Sales of available-for-sale fixed maturity securities	297,506	145,053	173,768
Redemptions of available-for-sale fixed maturity securities	261,239	157,860	81,417
Purchases of non-redeemable preferred stock securities	(13,070)
Purchases of exchange-traded funds	(59,069)
Purchases of commercial levered loans			(7,101)
Redemptions of commercial levered loans	1,769	2,815	14,698
Sales of bond exchange-traded funds	14,333
Purchases of limited partnerships	(15,460)	(15,407)	(33,580)
Distributions and redemptions from limited partnerships	3,342	5,280	22,832
Sales of non-redeemable preferred stock securities	6,400
Purchases of short-term investments	(34,492)	(358,296)	(172,787)
Sales of short-term investments	78,362	351,761	140,623
Acquisition of fixed assets and capitalized software	(6,013)	(6,535)	(8,489)
Net cash used in investing activities - continuing operations	(181,210)	(288,195)	(298,589)
Net cash provided by (used in) investing activities - discontinued operations	1,344	(421)	637
Net cash used in investing activities	(179,866)	(288,616)	(297,952)
Financing activities
Proceeds from notes payable, net of debt issuance costs	201,909		18,000
Repayment of notes payable	(165,000)	(18,000)
Proceeds from secured loan payable, net of debt issuance costs	22,659
Payments related to offering costs	(49)
Proceeds from shares issued		50,878
Proceeds from stock purchase plan	165
Tax withholding on stock compensation awards	(2,578)	(740)
Net cash provided by financing activities	57,106	32,138	18,000
Net change in cash and cash equivalents	(6,370)	(3,182)	(48,260)
Cash, cash equivalents and restricted cash at beginning of year - continuing operations	27,497	29,900	77,872
Cash, cash equivalents and restricted cash at beginning of year- discontinued operations	255	1,034	1,322
Less: cash, cash equivalents and restricted cash at end of period - discontinued operations	(1,779)	(255)	(1,034)
Cash, cash equivalents and restricted cash at end of period - continuing operations	$ 19,603	$ 27,497	$ 29,900

Background

Background	12 Months Ended
	Dec. 31, 2020
Background
Background	1. Background 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 “IPO 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 IPO 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 IPO 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 IPO 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 IPO 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. ​ 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, 2020
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 Maturity Securities Fixed maturity 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 maturity 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 maturity 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. Non-Redeemable Preferred Stock Securities Non-redeemable preferred stock securities with readily determinable fair values are recorded at fair value. Bond Exchange-Traded Funds Bond exchange-traded funds with readily determinable fair values are recorded at fair value. 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. Credit Losses The Company analyzes fixed maturity securities in an unrealized loss position for credit losses if they meet the following criteria: (i) they are trading in a significant loss position; (ii) failure of the issuer of the security to make scheduled interest or principal payments; (iii) there have been negative credit events with respect to the issuer; or (iv) there have been negative current events surrounding an issuer or the environment in which an issuer operates. For fixed maturity securities in an unrealized loss position that require a credit loss analysis, the Company estimates a present value of expected cash flows. If the results of the cash flow analysis indicate that the Company will not recover the full amount of its amortized cost basis, the Company records a credit loss for the excess of amortized cost over the present value of expected cash flows, not to exceed the unrealized loss. Changes in the credit loss allowance are recognized through realized investment gains, net on the consolidated statements of operations. Fair Values of Financial Instruments For fixed maturity 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 allowance for credit loss for premium receivable is an assessment of ultimate non-collectability based on historical experience applicable to the respective current collection action status, age of the amount outstanding and expected collection costs. 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 a reinsurance receivable allowance for credit losses based on sources of credit ratings of reinsurers and applies probabilities of default and loss given default to the total uncollateralized exposure including incurred but not reported (“IBNR”) by rating class. 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 three Capitalized software as of December 31, 2020 and 2019, had unamortized balances of $31.4 million and $33.8 million, respectively. Depreciation on capitalized software commences once the software is placed into service. The Company recorded depreciation expense of $7.9 million, $7.0 million and $5.8 million for the years ended 2020, 2019 and 2018, respectively. Other depreciable assets, primarily leasehold improvements, as of December 31, 2020 and 2019, had unamortized balances of $2.4 million and $3.3 million, respectively. The Company recorded depreciation expense of $1.1 million and $1.2 million and $1.5 million, for the years ended 2020, 2019 and 2018, 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 (“NOLs”) 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 On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act, among other things, includes certain income tax provisions for individuals and corporations; however, these benefits do not impact the Company’s current tax provision. 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 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 2020 were discounted at discount rates between 2.04% and 5.00%. Carried discounted reserves on these workers’ compensation claims, net of reinsurance, were $122.1 million and $116.9 million at December 31, 2020 and 2019, respectively. The amount of discount related to workers’ compensation reserves was $48.2 million and $47.4 million at December 31, 2020 and 2019, 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 489,439 for the year ended December 31, 2020, 906,182 for the year ended December 31, 2019 and 548,292 for the year ended December 31, 2018. 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, 2020, 2019 and 2018. 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 in Note 18. Segments.

Recently Adopted Accounting Sta

Recently Adopted Accounting Standards	12 Months Ended
	Dec. 31, 2020
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards	3. Recently Adopted Accounting Standards Accounting Guidance Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases The Company adopted ASU 2016-02 in the first quarter of 2020, and as part of its implementation, elected the modified retrospective method approach at the beginning of the period of adoption and did not retrospectively adjust prior periods presented. The Company elected to not separate lease components from non-lease components (such as office cleanings, security and maintenance services provided by the Company’s lessors for certain of its leases). The Company also elected the package of practical expedients under the transition guidance, which allowed the Company to not reevaluate existing lease classifications, among others. As of January 1, 2020, the Company’s adoption of this guidance resulted in recognition of a right-of-use asset of $5.6 million and a corresponding lease liability of $6.3 million in continuing operations, and a right-of-use asset of $2.5 million and a corresponding lease liability of $3.0 million in discontinued operations. The adoption of this guidance did not have a material impact on the Company’s retained earnings. See Note 15. Leases for further information on the Company’s leases. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses, Measurement of Credit Losses on Financial Instruments In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . literature are disclosure only, ASU 2018-13 did not have an impact on the Company’s financial condition or results of operations. Premium Amortization on Purchased Callable Debt Securities In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) Accounting Guidance Not Yet Adopted 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 ​ In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes within annual periods beginning after December 15, 2021. The Company is currently evaluating the impact of this guidance on its financial condition or results of operations. In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting

Statements of Cash Flow

Statements of Cash Flow	12 Months Ended
	Dec. 31, 2020
Statements of Cash Flow
Statements of Cash Flow	4. Statements of Cash Flow Supplemental cash flow information for the years ended December 31, 2020, 2019 and 2018, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ($ in thousands) 2020 2019 2018 Cash paid (received) during the period for: ​ ​ ​ ​ Interest ​ $ 12,915 ​ $ 12,865 ​ $ 12,377 Federal income tax ​ $ 5,553 ​ $ (780) $ 135 Non-cash activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets due to the adoption of ASU 2016-02 - continuing operations ​ $ 2,794 ​ $ — ​ $ — Operating lease right-of-use assets due to the adoption of ASU 2016-02 - discontinued operations ​ $ 2,173 ​ $ — ​ $ — Operating lease liabilities due to the adoption of ASU 2016-02 - continuing operations ​ $ 3,099 ​ $ — ​ $ — Operating lease liabilities due to the adoption of ASU 2016-02 - discontinued operations ​ $ 2,508 ​ $ — ​ $ — Tax benefit on payments related to offering costs ​ $ 635 ​ $ — ​ $ — ​ In 2020, there was a conversion of 364,948 RSUs into common shares accounted for as a non-cash transaction.

Goodwill and Net Intangible Ass

Goodwill and Net Intangible Assets	12 Months Ended
	Dec. 31, 2020
Goodwill and Net Intangible Assets
Goodwill and Net Intangible Assets	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, $0.1 million remain to be amortized at December 31, 2020. Goodwill and other intangible assets not subject to amortization are tested for impairment annually, in the fourth quarter. As of December 31, 2020, there was no impairment of other intangible assets not subject to amortization. On January 14, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) under the terms of which all outstanding shares of common stock of the Company would be acquired in an all-cash transaction valued at approximately $586.0 million. Using the market approach, the fair value of the Company was determined to be less than its carrying amount. As the difference between the Company’s carrying amount and its fair value was greater than the carrying amount of goodwill, the Company recognized an impairment charge of $11.9 million within other expense in the Company’s consolidated statements of operations for the year ended December 31, 2020 equal to the total carrying amount of goodwill. For a further discussion of the proposed merger and the Merger Agreement, see Item 1. “Business” and Note 22. “Subsequent Events” to our consolidated financial statements on this Annual Report. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Goodwill Other Intangibles Total December 31, 2018 ​ $ 11,911 ​ $ 17,308 ​ $ 29,219 Amortization ​ — ​ 30 ​ 30 December 31, 2019 ​ $ 11,911 ​ $ 17,278 ​ $ 29,189 Amortization ​ — ​ 30 ​ 30 Impairment ​ ​ 11,911 ​ ​ — ​ ​ 11,911 December 31, 2020 ​ $ — ​ $ 17,248 ​ $ 17,248 ​ The status of the goodwill and net intangible assets is presented in the following tables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ($ in thousands) ​ Gross ​ Amortization ​ Impairment ​ Net ​ Useful Life December 31, 2020 ​ ​ ​ ​ ​ ​ Goodwill ​ $ 11,911 ​ $ — ​ $ (11,911) ​ $ — ​ Indefinite State licenses ​ 17,100 ​ — ​ — ​ 17,100 ​ Indefinite Other ​ 178 ​ (30) ​ — ​ 148 ​ 15 years Net balance ​ $ 29,189 ​ $ (30) ​ $ (11,911) ​ $ 17,248 ​ December 31, 2019 ​ ​ ​ ​ ​ Goodwill ​ $ 11,911 ​ $ — ​ $ — ​ $ 11,911 ​ Indefinite State licenses ​ 17,100 ​ — ​ — ​ 17,100 ​ Indefinite Other ​ 208 ​ (30) ​ — ​ 178 ​ Varies up to 15 years Net balance ​ $ 29,219 ​ $ (30) ​ $ — ​ $ 29,189 ​ ​ The estimated amortization of intangible assets for the next five years is as follows: ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ 2021 $ 30 2022 ​ 30 2023 ​ 30 2024 ​ 30 2025 ​ 28 ​ ​ $ 148 ​

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2020
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, 2020, the Company has placed collateral of $35.2 million in the form of cash, securities and Letters of Credit. 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 $32.0 million and $24.0 million as of December 31, 2020 and 2019, respectively. Loss from discontinued operations, net of taxes in its consolidated statements of operations are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31 ($ in thousands) 2020 2019 2018 Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earned premiums ​ $ 295 $ 611 ​ $ 1,173 Net investment income ​ 73 142 ​ 514 Realized investment gains, net ​ 1,260 1,267 ​ 830 Other income ​ ​ — ​ ​ — ​ ​ 338 Total revenues ​ 1,628 2,020 ​ 2,855 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ Net losses and loss adjustment expenses incurred ​ 8,295 10,463 ​ 11,197 Policy acquisition expenses ​ 93 218 ​ 401 General and administrative expenses ​ 823 57 ​ (8,401) Interest expense ​ ​ — ​ ​ — ​ ​ 218 Total expenses ​ 9,211 10,738 ​ 3,415 Loss from discontinued operations before income taxes ​ (7,583) (8,718) ​ (560) Income tax benefit ​ (2,061) (2,114) ​ (1,374) Net (loss) income from discontinued operations ​ $ (5,522) $ (6,604) ​ $ 814 ​ 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) ​ 2020 ​ 2019 Assets ​ ​ ​ ​ ​ ​ Cash and investments ​ $ 10,939 ​ $ 10,428 Other assets ​ 10,415 ​ 11,156 Total assets ​ $ 21,354 ​ $ 21,584 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Reserve for unpaid losses and loss adjustment expenses ​ $ 32,414 ​ $ 24,169 Other liabilities ​ 5,315 ​ 7,409 Total liabilities ​ $ 37,729 ​ $ 31,578 ​

Investments

Investments	12 Months Ended
	Dec. 31, 2020
Investments
Investments	7. Investments The Company’s investment portfolio consists of fixed maturity securities, commercial levered loans, limited partnerships and limited liability companies, non-redeemable preferred stock securities, bond exchange-traded funds, and short-term investments. Fixed maturity securities may include U.S. Treasury securities, government agency securities, municipal debt obligations, residential mortgage-backed securities, commercial mortgage-backed securities, collateralized loan obligations, asset-backed securities and corporate debt securities. Corporate debt securities may include investment grade and below investment grade bonds, bank loan investments and redeemable preferred stock securities. The Company has designated its investments in fixed maturity securities as available-for-sale securities. (a) A summary of the Company’s investment components is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ ($ in thousands) 2020 ​ 2019 ​ Fixed maturity securities, AFS (fair value): ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities ​ $ 52,157 ​ 2.2 % $ 49,985 ​ 2.3 % Government agency securities ​ ​ 31,007 ​ 1.3 ​ ​ 6,531 ​ 0.3 ​ Corporate debt securities ​ ​ 1,397,031 ​ 57.7 ​ ​ 1,338,812 ​ 61.8 ​ Municipal debt obligations ​ ​ 207,094 ​ 8.5 ​ ​ 79,815 ​ 3.7 ​ ABS ​ ​ 55,258 ​ 2.3 ​ ​ 73,582 ​ 3.4 ​ CLO ​ ​ 139,126 ​ 5.7 ​ ​ 179,549 ​ 8.3 ​ CMBS ​ ​ 117,960 ​ 4.9 ​ ​ 97,526 ​ 4.5 ​ RMBS – non-agency ​ ​ 116,136 ​ 4.8 ​ ​ 71,610 ​ 3.3 ​ RMBS – agency ​ ​ 150,288 ​ 6.2 ​ ​ 143,272 ​ 6.6 ​ Total fixed maturity securities, AFS ​ ​ 2,266,057 ​ 93.6 ​ ​ 2,040,682 ​ 94.2 ​ Short-term investments ​ ​ 154 ​ 0.0 ​ ​ 43,873 ​ 2.0 ​ Commercial levered loans (amortized cost) ​ ​ 12,308 ​ 0.5 ​ ​ 14,069 ​ 0.7 ​ Non-redeemable preferred stock securities ​ ​ 7,049 ​ 0.3 ​ ​ — ​ — ​ Bond exchange-traded funds ​ ​ 44,882 ​ 1.9 ​ ​ — ​ — ​ Limited partnerships and limited liability companies (fair value) ​ ​ 90,468 ​ 3.7 ​ ​ 66,660 ​ 3.1 ​ Total investments ​ $ 2,420,918 ​ 100.0 % $ 2,165,284 ​ 100.0 % ​ At December 31, 2020 and 2019, 91.7% and 91.1% of the fair value of the Company’s fixed maturity portfolios were considered investment grade, respectively. The Company held approximately $187.9 million and $181.0 million in fixed maturity securities that were below investment grade as of December 31, 2020 and 2019, respectively. (b) The gross unrealized gains and losses on fixed maturity securities included in assets from continuing operations at December 31, 2020, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost/ ​ ​ Gross Gross ​ ​ ​ ​ Amortized ​ Credit Loss ​ Unrealized ​ Unrealized ​ Fair ($ in thousands) ​ Cost ​ Allowance ​ Gains ​ Losses ​ Value Fixed maturity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities $ 50,248 $ — ​ $ 1,909 $ — $ 52,157 Government agency securities ​ ​ 30,446 ​ ​ — ​ ​ 561 ​ ​ — ​ ​ 31,007 Corporate debt securities ​ 1,317,667 ​ (598) ​ ​ 86,447 ​ (6,485) ​ 1,397,031 Municipal debt obligations ​ 198,773 ​ — ​ ​ 8,437 ​ (116) ​ 207,094 ABS ​ 54,989 ​ — ​ ​ 696 ​ (427) ​ 55,258 CLO ​ 140,615 ​ — ​ ​ 154 ​ (1,643) ​ 139,126 CMBS ​ 111,313 ​ — ​ ​ 7,008 ​ (361) ​ 117,960 RMBS - non-agency ​ 109,110 ​ (859) ​ ​ 8,619 ​ (734) ​ 116,136 RMBS - agency ​ 146,582 ​ — ​ ​ 3,721 ​ (15) ​ 150,288 Total fixed maturity securities ​ $ 2,159,743 ​ $ (1,457) ​ $ 117,552 $ (9,781) ​ $ 2,266,057 ​ The gross unrealized gains and losses on fixed maturity 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 maturity 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 maturity securities ​ $ 1,999,403 $ 48,403 $ (7,124) $ 2,040,682 ​ ​ (c) The following table summarizes the fair values and gross unrealized losses for fixed maturity securities in an unrealized loss position at December 31, 2020, grouped by asset class and by duration of time in a continuous unrealized 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 Corporate debt securities $ 36,450 ​ $ (740) $ 101,628 $ (5,745) $ 138,078 $ (6,485) Municipal debt obligations ​ 12,211 ​ (73) ​ 3,344 ​ (43) ​ 15,555 ​ (116) ABS ​ 9,121 ​ (364) ​ 9,461 ​ (63) ​ 18,582 ​ (427) CLO ​ 29,909 ​ (215) ​ 82,758 ​ (1,428) ​ 112,667 ​ (1,643) CMBS ​ 17,559 ​ (348) ​ 800 ​ (13) ​ 18,359 ​ (361) RMBS - non-agency ​ 11,759 ​ (249) ​ 6,723 ​ (485) ​ 18,482 ​ (734) RMBS - agency ​ 2,467 ​ (15) ​ — ​ — ​ 2,467 ​ (15) Total fixed maturity securities $ 119,476 ​ $ (2,004) ​ $ 204,714 ​ $ (7,777) ​ $ 324,190 ​ $ (9,781) ​ The following table summarizes the fair values and gross unrealized losses for fixed maturity securities in an unrealized loss position at December 31, 2019, grouped by asset class and by duration of time in a continuous unrealized 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 fixed maturity securities ​ $ 290,187 ​ $ (3,930) ​ $ 200,992 ​ $ (3,194) ​ $ 491,179 ​ $ (7,124) ​ (d) The Company was holding 212 and 313 fixed maturity securities that were in an unrealized loss position at December 31, 2020 and 2019, respectively. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity. The Company analyzes fixed maturity securities in an unrealized loss position for credit losses if they meet the following criteria: (i) they are trading in a significant loss position, (ii) failure of the issuer of the security to make scheduled interest or principal payments, (iii) there have been negative credit events with respect to the issuer, or (iv) there have been negative current events surrounding an issuer or the environment in which an issuer operates. For fixed maturity securities in an unrealized loss position that require a credit loss analysis, the Company estimates a present value of expected cash flows. If the results of the cash flow analysis indicate that the Company will not recover the full amount of its amortized cost basis, the Company records a credit loss for the excess of amortized cost over the present value of expected cash flows, not to exceed the unrealized loss. Changes in the credit loss allowance are recognized through realized investment gains, net on the consolidated statements of operations. The credit loss allowance expense for fixed maturity securities was $1.5 million for the year ended December 31, 2020. The following table is a rollforward of the credit loss allowance for fixed maturity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Additions ​ Reduction ​ Reduction ​ Change in Securities ​ December 31, ($ in thousands) ​ 2019 ​ New Securities ​ Sales ​ Intent to Sell ​ with Previous Allowance ​ 2020 Fixed maturity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities $ — $ 1,166 $ (121) ​ $ — ​ $ (447) ​ $ 598 ABS ​ — ​ 180 ​ (3) ​ ​ — ​ ​ (177) ​ ​ — CLO ​ ​ — ​ 6 ​ — ​ ​ — ​ ​ (6) ​ ​ — RMBS - non-agency ​ ​ — ​ ​ 1,151 ​ ​ (111) ​ ​ — ​ ​ (181) ​ ​ 859 Total fixed maturity securities allowance $ — $ 2,503 $ (235) ​ $ — ​ $ (811) ​ $ 1,457 ​ ​ (e) The amortized cost and fair value of fixed maturity securities, which excludes the Company’s structured securities portfolio, at December 31, 2020, 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, 2020 ​ ​ Amortized ​ Fair ($ in thousands) Cost Value Due in one year or less ​ $ 103,243 $ 104,316 Due after one through five years ​ 628,897 657,996 Due after five through ten years ​ 522,749 561,775 Due after ten years ​ 311,799 332,195 ​ ​ 1,566,688 1,656,282 Structured securities: ​ ​ ​ ​ ​ Government agency securities ​ ​ 30,446 ​ ​ 31,007 ABS ​ 54,989 55,258 CLO ​ 140,615 139,126 CMBS ​ 111,313 117,960 RMBS - non-agency ​ 109,110 116,136 RMBS - agency ​ 146,582 150,288 Total fixed maturity securities ​ $ 2,159,743 $ 2,266,057 ​ The Company did not have any non-income producing fixed maturity investments for the years ended December 31, 2020 or 2019, respectively. (f) The Company records its limited partnership and limited liability companies using net asset value, which the Company has determined to be the best indicator of fair value for these investments. At December 31, 2020 and 2019, the fair value of limited partnerships and limited liability companies was $90.5 million and $66.7 million, respectively. 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 $46.6 million at December 31, 2020. The carrying values used for investments in limited partnerships and limited liability companies generally are established on the basis of the current valuations provided 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 investment funds that employ diverse and fundamentally driven approaches to investing which include 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 (g) 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 credit losses on loans. Interest on loans is calculated using the simple interest method on the daily principal amount outstanding. There was no allowance for credit losses on loans at December 31, 2020 and 2019, respectively. (h) Proceeds from sales and redemptions in AFS securities totaled $558.7 million, $302.9 million and $255.2 million for the years ended December 31, 2020, 2019 and 2018 respectively. Gross realized gains from sales and redemptions in AFS securities totaled $7.3 million, $1.4 million, and $0.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. Gross realized losses from sales and redemptions of AFS investments totaled $0.9 million, $0.7 million and $2.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. (i) Net investment income included in net income from continuing operations in the consolidated statements of operations from each major category of investments for the years ended December 31, 2020, 2019 and 2018, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 2018 Fixed maturity securities $ 62,621 $ 66,975 ​ $ 55,765 Net limited partnerships and limited liability companies gains ​ 11,690 ​ 3,101 ​ ​ 1,081 Other ​ 2,173 ​ 1,123 ​ ​ 1,290 Gross investment income ​ 76,484 ​ 71,199 ​ ​ 58,136 Less: investment income attributable to funds withheld liabilities ​ ​ (250) ​ ​ (655) ​ ​ (912) Less: expenses ​ (3,213) ​ (1,647) ​ ​ (1,253) Net investment income ​ $ 73,021 $ 68,897 ​ $ 55,971 ​ (j) Included in investments at December 31, 2020 and 2019, 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 $233.4 million and $210.8 million, respectively. Fair value and carrying value of assets in the amount of $256.4 million and $241.0 million, respectively, were on deposit in collateral agreements at December 31, 2020. 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. (k) 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. ​ (l) Non-redeemable preferred stock securities with readily determinable fair values are recorded at fair value. The change in fair value recognized in income on non-redeemable preferred stock securities for the year ended December 31, 2020 was a gain of $0.4 million. The gain consisted of an unrealized gain on non-redeemable preferred stock securities of $0.5 million and a loss recognized on the sale of non-redeemable preferred stock securities of $0.1 million. ​ (m) Bond exchange-traded funds with readily determinable fair values are recorded at fair value. The change in fair value recognized in income on bond exchange-traded funds for the year ended December 31, 2020 was a gain of $0.1 million. The gain consisted of an unrealized gain on bond exchange-traded funds securities of $0.2 million and a loss recognized on the sale of bond exchange-traded funds of $0.1 million.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
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 —  The Company’s Level 1 assets include bond exchange-traded funds. Level 2 —  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, corporate debt securities, and non-redeemable preferred stock 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 —  The Company’s Level 3 assets include its investments in certain corporate debt securities, certain non-redeemable preferred stock 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 and non-redeemable preferred stock securities classified under Level 3 in the fair value hierarchy are either provided to the Company by an independent valuation service provider or calculated by the Company. For certain securities, the Company uses observable inputs such as readily available indices as well as change in estimated fund returns provided by third party investment managers. Unobservable inputs, significant to the measurement and valuation of the corporate debt securities are assumptions about prepayment speed, default rates and recovery rates. 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, 2020 and 2019, 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, 2020 ​ ​ ​ ​ 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 maturity securities: ​ ​ ​ ​ U.S. Treasury securities ​ $ — $ 52,157 $ — $ 52,157 Government agency securities ​ ​ — ​ ​ 31,007 ​ ​ — ​ ​ 31,007 Corporate debt securities ​ — ​ 1,139,066 ​ 257,965 ​ 1,397,031 Municipal debt obligations ​ — ​ 207,094 ​ — ​ 207,094 ABS ​ — ​ 55,258 ​ — ​ 55,258 CLO ​ — ​ 139,126 ​ — ​ 139,126 CMBS ​ — ​ 117,960 ​ — ​ 117,960 RMBS - non agency ​ — ​ 116,136 ​ — ​ 116,136 RMBS - agency ​ — ​ 150,288 ​ — ​ 150,288 Total fixed maturity securities ​ ​ — ​ 2,008,092 ​ 257,965 ​ 2,266,057 Non-redeemable preferred stock securities ​ ​ — ​ 5,649 ​ 1,400 ​ 7,049 Bond exchange-traded funds ​ ​ 44,882 ​ — ​ — ​ 44,882 Total categorized ​ $ 44,882 ​ $ 2,013,741 ​ $ 259,365 ​ ​ 2,317,988 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments measured at net asset value: ​ ​ ​ ​ Limited partnerships and limited liability companies ​ ​ ​ ​ ​ ​ ​ ​ ​ 90,468 Total of invested assets carried at fair value ​ ​ ​ ​ ​ ​ ​ ​ $ 2,408,456 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 maturity 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 categorized ​ $ — $ 1,891,051 $ 149,631 ​ 2,040,682 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments measured at net asset value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Limited partnerships and limited liability companies ​ ​ ​ ​ ​ 66,660 Total of invested assets carried at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,107,342 ​ 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, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Carrying ​ Fair Value ($ in thousands) Value Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ Commercial levered loans ​ $ 12,308 $ 12,180 $ — $ — $ 12,180 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ Notes payable ​ 207,000 ​ 207,537 ​ — ​ 207,537 ​ — Unamortized debt issuance costs ​ (3,733) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable, net of debt issuance costs ​ $ 203,267 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured loan payable ​ 22,750 ​ 23,265 ​ — ​ 23,265 ​ — Unamortized debt issuance costs ​ (82) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured loan payable, net of debt issuance costs ​ $ 22,668 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable, net of debt issuance costs ​ $ 164,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The fair value of the notes payable at December 31, 2020, approximated a price equal to $207.5 million or 100.3% of the par value. The fair value of the secured loan payable at December 31, 2020, approximated a price equal to $23.3 million or 102.3% of the par value. The fair value of the notes payable at December 31, 2019, approximated a price equal to $167.5 million or 101.5% of the par value. The following table provides a summary of the changes in the fair value of securities measured using Level 3 inputs during the years ended December 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Redeemable ​ ​ ​ ​ Corporate Debt ​ Preferred Stock ​ Level 3 ($ in thousands) ​ Securities ​ Securities ​ Total Fair value, December 31, 2018 ​ $ 126,497 ​ $ — ​ $ 126,497 Total net gains (losses) for the period included in: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ ​ 3,011 ​ ​ — ​ ​ 3,011 Net realized loss ​ ​ (5) ​ ​ — ​ ​ (5) Purchases ​ ​ 23,905 ​ ​ — ​ ​ 23,905 Sales ​ ​ — ​ ​ — ​ ​ — Issuances ​ ​ — ​ ​ — ​ ​ — Settlements ​ ​ (3,777) ​ ​ — ​ ​ (3,777) Transfers into Level 3 ​ ​ — ​ ​ — ​ ​ — Transfers out of Level 3 ​ ​ — ​ ​ — ​ ​ — Fair value, December 31, 2019 ​ ​ 149,631 ​ ​ — ​ ​ 149,631 Total net gains (losses) for the period included in: ​ ​ ​ ​ ​ Other comprehensive income ​ ​ 6,241 ​ ​ — ​ ​ 6,241 Net realized loss ​ (5) ​ — ​ (5) Purchases ​ 107,197 ​ 1,400 ​ 108,597 Sales ​ — ​ — ​ — Issuances ​ — ​ — ​ — Settlements ​ (5,099) ​ — ​ (5,099) Transfers into Level 3 ​ — ​ — ​ — Transfers out of Level 3 ​ — ​ — ​ — Fair value, December 31, 2020 ​ $ 257,965 ​ $ 1,400 ​ $ 259,365 ​

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)	9. Accumulated Other Comprehensive Income (Loss) The following table summarizes the components of AOCI for the years ended December 31, 2020, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Gross Tax Net December 31, 2017 ​ $ 22,265 ​ $ 2,968 ​ $ 19,297 Unrealized holding losses on fixed maturity 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 maturity 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 Unrealized holding gains on fixed maturity securities ​ 71,872 ​ 15,009 ​ 56,863 Amounts reclassified into net income ​ 7,697 ​ 1,352 ​ 6,345 Amounts reclassified as credit losses ​ ​ (1,457) ​ ​ (306) ​ ​ (1,151) Other comprehensive income ​ 65,632 ​ 13,963 ​ 51,669 December 31, 2020 $ 111,755 $ 22,633 $ 89,122 ​ The following table presents reclassifications out of AOCI attributable to the Company during the years ended December 31, 2020, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line in Consolidated ​ ​ ($ in thousands) Statements of Operations 2020 2019 2018 AOCI ​ ​ ​ ​ ​ Unrealized gains (losses) on securities Realized investment gains (losses), net ​ $ 7,697 ​ $ 2,037 ​ $ (1,557) ​ Income tax expense ​ ​ 1,352 ​ ​ 162 ​ ​ (429) Reclassification adjustment for credit losses included in net income ​ Realized investment gains (losses), net ​ ​ (1,457) ​ ​ — ​ ​ — ​ ​ Income tax expense ​ ​ (306) ​ ​ — ​ ​ — Total reclassifications ​ ​ $ 5,194 ​ $ 1,875 ​ $ (1,128) ​

Related-Party Information

Related-Party Information	12 Months Ended
	Dec. 31, 2020
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 $0.3 million and $8.0 million for the years ended December 31, 2020 and 2019, respectively, within other expense in the consolidated statements of operations 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. ​ On January 23, 2020, the Company and the former CEO entered into an amendment to the Separation Agreement, which, among other things, provides that effective as of February 1, 2020, the former CEO resigned from his position as Executive Chairman of the Company. ​ Additionally, the Company entered into a niche management agreement with an independent agency founded by the former CEO. The Company recorded an expense of $0.6 million for the year ended December 31, 2020. ​ Investment Advisory Agreements with GSAM ​ A portion of 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 $1.2 million, $1.3 million and $1.1 million in 2020, 2019 and 2018 respectively.

Insurance Operations

Insurance Operations	12 Months Ended
	Dec. 31, 2020
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, 2020, were the Swiss Reinsurance America Corporation, Munich Reinsurance America Inc. and Harco National Insurance Company, which represented 26.0%, 8.0% and 8.4%, 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. 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 $0.0 million and $33.1 million as of December 31, 2020 and 2019. In January 2020, the WAQS were commuted at no gain or loss to the Company. Loss reserve development on the reserves ceded under the WAQS is included in continuing operations. For the years ended December 31, 2020, 2019 and 2018 under the WAQS the Company recorded the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 ​ 2018 (Return of ceded prepaid) ceded written premium $ — $ (3) ​ $ (58,857) Ceded earned premium ​ — ​ (3) ​ ​ 14,560 (Increase) reduction to net loss and loss adjustment expenses incurred ​ — ​ (4,746) ​ ​ 9,514 Reduction to policy acquisition expenses ​ — ​ 4,743 ​ ​ 3,955 Reduction to pre-tax income ​ $ — $ — ​ $ 1,091 ​ 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, 2020, 2019 and 2018 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 2018 Written premiums ​ ​ ​ ​ Direct written premiums $ 814,266 ​ $ 964,512 ​ $ 889,526 Assumed from other companies ​ 2,824 ​ ​ 3,499 ​ ​ 5,586 Ceded to other companies ​ 122,912 ​ ​ 115,871 ​ ​ 45,038 Net written premiums ​ $ 694,178 $ 852,140 ​ $ 850,074 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned premiums ​ ​ Direct earned premiums ​ $ 846,749 $ 918,718 ​ $ 844,234 Assumed from other companies ​ 3,017 3,887 ​ 10,266 Ceded to other companies ​ 112,011 114,751 ​ 123,715 Net earned premiums ​ $ 737,755 $ 807,854 ​ $ 730,785 Percent of amount assumed to net ​ 0.4% ​ ​ 0.5% ​ 1.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses and loss adjustment expenses incurred ​ ​ Direct net losses and loss adjustment expenses incurred ​ $ 553,967 $ 556,051 ​ $ 485,770 Assumed from other companies ​ 8,862 9,298 ​ (3,209) Ceded to other companies ​ 90,158 64,324 ​ 47,731 Net losses and loss adjustment expenses incurred ​ $ 472,671 $ 501,025 ​ $ 434,830 ​ 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, 2020, 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, 2020, 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 $21.0 million of premium accumulating at approximately 4% per annum. These are 100% recoverable to the Company to the extent losses do not exceed the retention. At December 31, 2020, the Company’s estimate of respective loss development remains below the retention and the adjustable premium is accrued as fully recoverable. Allowance for Credit Losses The following table is rollforward of the receivable allowance balances related to the risk of credit default as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ December 31, 2019 ​ Current Provision ​ Write-offs ​ Recoveries ​ December 31, 2020 Premium receivable $ 5,056 $ 2,642 ​ $ (841) ​ $ 60 ​ $ 6,917 Reinsurance receivable on paid and unpaid losses ​ 505 ​ 201 ​ ​ — ​ ​ — ​ ​ 706 Total receivable allowance $ 5,561 $ 2,843 ​ $ (841) ​ $ 60 ​ $ 7,623 ​ The majority of the allowance for credit loss for premium receivables relates to audit premium on workers’ compensation coverages assessed during or after the period of coverage whereby there is limited ability to cancel or limit coverage. In the final collection action at the insured level, collection agencies are typically engaged. The amount with collection agencies as of December 31, 2020 was $6.9 million. The reinsurance receivable allowance for credit loss is based on the credit ratings of reinsurers. Uncollateralized exposure on unrated or counterparties rated below investment grade at December 31, 2020 is $3.7 million. At December 31, 2020, 97.4% of uncollateralized exposures are rated above investment grade. 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 not received any 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 former distribution partner) totaled $275.0 million, $267.8 million and $240.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. Unpaid Losses Unpaid losses are based on individual case estimates for losses reported and include a provision for incurred but not reported and for losses and loss adjustment expenses. The following table provides a roll forward of the Company’s reserve for unpaid losses and loss adjustment expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 2018 Gross reserve for unpaid losses and loss expenses, at beginning of year ​ $ 1,521,648 ​ $ 1,396,812 ​ $ 1,258,237 Ceded reserve for unpaid losses and loss expenses, at beginning of year ​ ​ 193,952 ​ ​ 185,295 ​ ​ 201,156 Net reserve for unpaid losses and loss expenses, at beginning of year ​ ​ 1,327,696 ​ ​ 1,211,517 ​ ​ 1,057,081 Add: ​ ​ ​ ​ ​ ​ Incurred losses and loss expenses occurring in the: ​ ​ ​ ​ ​ ​ Current year ​ ​ 456,724 ​ ​ 482,989 ​ ​ 439,847 Prior years ​ ​ 710 ​ ​ 3,154 ​ ​ (5,017) Prior years attributable to adjusted premium ​ ​ 15,237 ​ ​ 14,882 ​ ​ — Total net losses and loss adjustment expenses incurred ​ ​ 472,671 ​ ​ 501,025 ​ ​ 434,830 Less: ​ ​ ​ ​ ​ ​ Paid losses and loss expenses for claims occurring in the: ​ ​ ​ ​ ​ ​ Current year ​ ​ 47,937 ​ ​ 66,522 ​ ​ 47,734 Prior years ​ ​ 320,050 ​ ​ 318,324 ​ ​ 232,660 Total paid losses and loss expenses for claims ​ ​ 367,987 ​ ​ 384,846 ​ ​ 280,394 Net reserve for unpaid losses and loss expenses, at end of year ​ ​ 1,432,380 ​ ​ 1,327,696 ​ ​ 1,211,517 Ceded reserve for unpaid losses and loss expenses, at end of year ​ ​ 170,522 ​ ​ 193,952 ​ ​ 185,295 Gross reserve for unpaid losses and loss expenses, at end of year ​ $ 1,602,902 ​ $ 1,521,648 ​ $ 1,396,812 ​ During the year ended December 31, 2020 the Company’s reserve for unpaid losses and loss adjustment expenses for accident years 2019 and prior developed unfavorably by $0.7 million driven by unfavorable development of $21.8 million in General Liability, $16.8 million unfavorable development in Commercial Multiple Peril and $8.1 million unfavorable development in Commercial Auto, partially offset by $36.5 million of favorable development in Workers’ Compensation and $9.5 million of favorable development in All Other lines. In addition, the Company incurred $15.2 million of losses and loss adjustment expenses related to premium adjustments earned during the year ended December 31, 2020, attributable to accident years 2019 and 2018. The unfavorable development in General Liability, Commercial Multiple Peril and Commercial Auto related to 2013 through 2017 accident years due largely to increased severities in runoff components. The favorable development in Workers’ Compensation derived from lower than expected claims severity across all customer segments primarily in accident years 2015 through 2018. The favorable development in All Other lines was driven mostly by Ocean Marine. 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 losses 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. Incurred and Paid Claims Development The following information presented summarizes incurred and paid claims development as of December 31, 2020, 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 2011 through 2019 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Counts Prior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 23,493 2011 ​ $ 115,644 ​ $ 128,879 ​ $ 126,752 ​ $ 122,773 ​ $ 124,543 $ 131,081 $ 124,798 $ 131,385 ​ $ 131,360 ​ $ 131,113 ​ ​ 6,974 4,421 2012 ​ ​ 137,380 ​ 157,477 ​ 157,985 ​ 165,015 ​ 165,889 ​ 156,355 ​ 159,120 ​ 158,523 ​ 164,197 ​ 4,031 6,633 2013 ​ ​ ​ 210,368 ​ 222,277 ​ 232,660 ​ 251,353 ​ 243,567 ​ 237,900 ​ 249,802 ​ 252,393 ​ 13,838 13,246 2014 ​ ​ ​ ​ 286,842 ​ 312,987 ​ 323,792 ​ 333,865 ​ 342,788 ​ 356,733 ​ 367,034 ​ 26,909 16,350 2015 ​ ​ ​ ​ ​ 384,269 ​ 407,279 ​ 407,427 ​ 395,751 ​ 430,942 ​ 433,918 ​ 34,523 20,896 2016 ​ ​ ​ ​ ​ ​ 390,430 ​ 423,538 ​ 406,204 ​ 416,266 ​ 416,317 ​ 47,411 20,124 2017 ​ ​ ​ ​ ​ ​ ​ 354,948 ​ 361,299 ​ 339,505 ​ 354,402 ​ 110,963 18,763 2018 ​ ​ ​ ​ ​ ​ ​ ​ 422,104 ​ 406,199 ​ 403,545 ​ 172,717 19,252 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ 457,973 ​ 460,080 ​ 231,758 21,018 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 430,179 ​ 303,172 12,264 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 3,413,178 ​ $ 975,789 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ All Lines – Paid ​ ​ ​ ​ ​ ​ ​ Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended ​ ​ ​ ​ ​ Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ​ ​ ​ 2011 ​ $ 14,796 ​ $ 51,006 ​ $ 65,103 ​ $ 76,731 ​ $ 88,243 ​ $ 98,411 ​ $ 105,584 ​ $ 109,007 ​ $ 111,247 ​ $ 110,798 ​ ​ ​ ​ ​ 2012 ​ ​ ​ ​ 16,619 ​ 48,276 ​ 73,249 ​ 98,960 ​ 119,374 ​ 130,200 ​ 136,909 ​ 139,793 ​ 148,826 ​ ​ ​ ​ ​ 2013 ​ ​ ​ ​ ​ ​ ​ 27,465 ​ 74,012 ​ 115,396 ​ 158,978 ​ 181,989 ​ 192,476 ​ 214,863 ​ 221,768 ​ ​ ​ ​ ​ 2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 44,738 ​ 111,919 ​ 166,907 ​ 217,986 ​ 250,928 ​ 280,933 ​ 305,157 ​ ​ ​ ​ ​ 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 75,043 ​ 159,708 ​ 234,756 ​ 281,637 ​ 331,748 ​ 360,249 ​ ​ ​ ​ ​ 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 78,271 ​ 150,198 ​ 204,589 ​ 266,496 ​ 316,092 ​ ​ ​ ​ ​ 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 54,026 ​ 116,204 ​ 163,937 ​ 194,952 ​ ​ ​ ​ ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 45,012 ​ 112,889 ​ 163,878 ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 66,522 ​ 154,243 ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 66,226 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,042,189 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred less paid ​ 1,370,989 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reserves 2010 and prior ​ 55,436 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other (1) ​ 5,955 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net reserve for unpaid losses and loss adjustment expenses ​ $ 1,432,380 ​ ​ ​ ​ ​ (1) Other category represents unallocated loss adjustment expense reserves $40.3 million, discounting of loss reserves ($48.3) million, retroactive reinsurance agreements $10.8 million and other of $3.2 million. The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 14 % 19 % 14 % 13 % 11 % 7 % 7 % 2 % 4 % — % ​ Commercial Auto The following tables represent information on the Company’s unpaid losses and loss adjustment expenses incurred and cumulative paid losses, since 2011 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Counts Prior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2011 ​ $ 13,864 ​ $ 13,462 ​ $ 11,260 ​ $ 11,231 ​ $ 12,547 ​ $ 12,547 ​ $ 12,508 ​ $ 12,476 ​ $ 12,476 ​ $ 12,755 ​ $ — 1,219 2012 ​ ​ ​ ​ 21,101 ​ 29,959 ​ 36,319 ​ 43,031 ​ 42,028 ​ 41,479 ​ 41,572 ​ 39,231 ​ 40,112 ​ — 1,746 2013 ​ ​ ​ ​ ​ ​ ​ 47,191 ​ 50,752 ​ 63,764 ​ 77,570 ​ 76,768 ​ 72,265 ​ 81,422 ​ 82,221 ​ 295 6,225 2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 74,185 ​ 95,283 ​ 105,528 ​ 112,157 ​ 113,747 ​ 113,790 ​ 115,781 ​ 735 8,232 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 120,137 ​ 139,415 ​ 152,268 ​ 146,757 ​ 155,266 ​ 158,586 ​ 1,789 11,156 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 114,568 ​ 124,760 ​ 119,931 ​ 124,166 ​ 129,184 ​ 3,616 9,651 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 81,986 ​ 79,156 ​ 71,068 ​ 71,849 ​ 6,510 7,073 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 87,993 ​ 78,777 ​ 82,562 ​ 14,403 7,216 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 115,393 ​ 109,586 ​ 33,811 9,211 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 98,045 ​ 62,409 5,403 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 900,681 ​ $ 123,568 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Auto – Paid ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended ​ ​ ​ ​ ​ Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ​ ​ ​ ​ ​ 2011 ​ $ 4,717 ​ $ 7,791 ​ $ 7,250 ​ $ 9,111 ​ $ 11,587 ​ $ 12,005 ​ $ 12,123 ​ $ 12,117 ​ $ 12,128 ​ $ 12,754 ​ ​ ​ ​ ​ 2012 ​ ​ ​ 6,660 ​ 15,397 ​ 25,280 ​ 33,248 ​ 39,680 ​ 40,852 ​ 41,305 ​ 38,657 ​ 40,090 ​ ​ ​ ​ ​ 2013 ​ ​ ​ ​ 13,015 ​ 26,773 ​ 43,403 ​ 64,073 ​ 72,906 ​ 71,010 ​ 79,066 ​ 79,556 ​ ​ ​ ​ ​ 2014 ​ ​ ​ ​ ​ 21,692 ​ 52,048 ​ 74,431 ​ 96,385 ​ 108,102 ​ 110,883 ​ 113,915 ​ ​ ​ ​ ​ 2015 ​ ​ ​ ​ ​ ​ 37,964 ​ 74,524 ​ 107,063 ​ 126,831 ​ 142,806 ​ 149,411 ​ ​ ​ ​ ​ 2016 ​ ​ ​ ​ ​ ​ ​ 39,580 ​ 63,123 ​ 83,161 ​ 102,003 ​ 118,545 ​ ​ ​ ​ ​ 2017 ​ ​ ​ ​ ​ ​ ​ ​ 19,950 ​ 34,659 ​ 47,199 ​ 58,538 ​ ​ ​ ​ ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ 16,709 ​ 32,698 ​ 52,510 ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 22,082 ​ 51,448 ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17,198 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 693,965 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred less paid ​ ​ $ 206,716 ​ ​ ​ ​ ​ ​ The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 22 % 22 % 19 % 17 % 12 % 2 % 5 % (2) % 3 % 5 % ​ General Liability The following tables represent information on unpaid losses and loss adjustment expenses incurred and cumulative paid losses, since 2011 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Counts Prior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,356 ​ ​ 2011 ​ $ 45,894 ​ $ 58,633 ​ $ 61,398 ​ $ 60,375 ​ $ 63,264 ​ $ 67,791 ​ $ 62,127 ​ $ 66,641 ​ $ 64,682 ​ $ 64,241 ​ ​ 524 1,533 2012 ​ ​ 42,685 ​ 43,677 ​ 38,288 ​ 42,401 ​ 45,771 ​ 46,312 ​ 48,096 ​ 50,509 ​ ​ 51,503 ​ 1,292 1,488 2013 ​ ​ ​ 48,466 ​ 61,785 ​ 62,618 ​ 70,459 ​ 60,613 ​ 61,796 ​ 69,565 ​ ​ 69,835 ​ 5,375 2,615 2014 ​ ​ ​ ​ 70,878 ​ 77,255 ​ 78,801 ​ 93,468 ​ 104,281 ​ 114,976 ​ ​ 120,427 ​ 11,986 3,103 2015 ​ ​ ​ ​ ​ 80,225 ​ 80,411 ​ 78,163 ​ 80,514 ​ 93,808 ​ ​ 98,153 ​ 14,628 3,018 2016 ​ ​ ​ ​ ​ ​ 93,737 ​ 101,479 ​ 92,401 ​ 91,228 ​ ​ 98,812 ​ 20,493 2,898 2017 ​ ​ ​ ​ ​ ​ ​ 99,845 ​ 100,306 ​ 94,554 ​ ​ 107,430 ​ 44,829 2,992 2018 ​ ​ ​ ​ ​ ​ ​ ​ 142,486 ​ 137,525 ​ ​ 137,672 ​ 79,149 3,113 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 153,650 ​ ​ 159,357 ​ 116,813 2,893 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 164,875 ​ 149,052 2,076 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,072,305 ​ $ 450,497 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General Liability – Paid ​ ​ ​ ​ ​ ​ ​ Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended ​ ​ ​ ​ ​ Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ​ ​ ​ ​ ​ 2011 ​ $ 5,009 ​ $ 18,912 ​ $ 30,123 ​ $ 37,344 ​ $ 44,166 ​ $ 50,136 ​ $ 54,250 ​ $ 56,659 ​ $ 57,932 ​ $ 59,367 ​ ​ ​ ​ ​ 2012 ​ ​ 945 ​ 8,844 ​ 14,751 ​ 24,257 ​ 32,585 ​ 36,521 ​ 40,754 ​ 45,509 ​ ​ 48,297 ​ ​ ​ ​ ​ 2013 ​ ​ ​ 1,930 ​ 10,941 ​ 22,152 ​ 36,493 ​ 46,821 ​ 55,148 ​ 66,439 ​ ​ 69,798 ​ ​ ​ ​ ​ 2014 ​ ​ ​ ​ 5,456 ​ 14,032 ​ 28,581 ​ 41,079 ​ 53,712 ​ 73,491 ​ ​ 84,494 ​ ​ ​ ​ ​ 2015 ​ ​ ​ ​ ​ 5,404 ​ 14,720 ​ 25,931 ​ 39,407 ​ 61,168 ​ ​ 75,037 ​ ​ ​ ​ ​ 2016 ​ ​ ​ ​ ​ ​ 3,547 ​ 13,873 ​ 25,223 ​ 47,333 ​ ​ 63,646 ​ ​ ​ ​ ​ 2017 ​ ​ ​ ​ ​ ​ ​ 2,596 ​ 11,279 ​ 26,354 ​ ​ 40,828 ​ ​ ​ ​ ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ 2,223 ​ 15,625 ​ ​ 31,347 ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,487 ​ ​ 18,404 ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,276 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 493,494 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred less paid ​ ​ ​ ​ $ 578,811 ​ ​ ​ ​ ​ ​ The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 3 % 11 % 13 % 15 % 15 % 13 % 10 % 6 % 4 % 2 % ​ Workers’ Compensation The following tables represent information on unpaid losses and loss adjustment expenses incurred and cumulative paid losses, since 2011 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Counts Prior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 13,370 ​ ​ 2011 ​ $ 28,987 ​ $ 22,186 ​ $ 23,576 ​ $ 21,411 ​ $ 19,489 ​ $ 21,943 ​ $ 18,986 ​ $ 21,247 ​ $ 23,750 ​ $ 26,870 ​ ​ 6,450 203 2012 ​ ​ ​ ​ ​ 46,503 ​ 51,724 ​ 53,038 ​ 48,983 ​ 47,373 ​ 38,501 ​ 38,835 ​ 38,919 ​ 39,689 ​ 2,739 1,776 2013 ​ ​ ​ ​ ​ ​ ​ ​ 76,844 ​ 71,683 ​ 70,939 ​ 68,109 ​ 71,532 ​ 69,729 ​ 64,727 ​ 66,457 ​ 8,150 2,702 2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 88,181 ​ 81,628 ​ 83,543 ​ 74,134 ​ 69,886 ​ 67,784 ​ 69,102 ​ 12,909 2,682 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 101,762 ​ 101,410 ​ 89,383 ​ 82,212 ​ 87,570 ​ 81,504 ​ 13,798 3,891 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 99,292 ​ 109,623 ​ 103,382 ​ 102,716 ​ 85,553 ​ 14,347 4,373 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 102,250 ​ 101,691 ​ 93,134 ​ 85,197 ​ 45,929 4,698 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 116,278 ​ 118,973 ​ 116,178 ​ 62,582 5,157 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 97,485 ​ 94,627 ​ 52,783 5,081 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 45,460 ​ 31,863 1,853 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 710,637 ​ $ 264,920 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Workers’ Compensation – Paid ​ ​ ​ ​ ​ ​ ​ Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended ​ ​ ​ ​ ​ Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ​ ​ ​ ​ ​ 2011 ​ $ 473 ​ $ 4,148 ​ $ 5,127 ​ $ 5,503 ​ $ 7,239 ​ $ 8,662 ​ $ 8,978 ​ $ 9,971 ​ $ 10,841 ​ $ 11,525 ​ ​ ​ ​ ​ 2012 ​ ​ ​ ​ ​ 2,381 ​ 5,481 ​ 10,598 ​ 14,634 ​ 18,468 ​ 23,694 ​ 25,495 ​ 26,237 ​ 27,785 ​ ​ ​ ​ ​ 2013 ​ ​ ​ ​ ​ ​ ​ ​ 2,639 ​ 12,579 ​ 20,520 ​ 26,088 ​ 29,036 ​ 32,962 ​ 35,793 ​ 38,745 ​ ​ ​ ​ ​ 2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,644 ​ 14,901 ​ 24,411 ​ 35,131 ​ 39,846 ​ 42,423 ​ 49,285 ​ ​ ​ ​ ​ 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,504 ​ 18,434 ​ 27,423 ​ 33,543 ​ 38,061 ​ 42,790 ​ ​ ​ ​ ​ 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10,891 ​ 24,557 ​ 35,385 ​ 43,171 ​ 48,867 ​ ​ ​ ​ ​ 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,631 ​ 22,462 ​ 30,776 ​ 27,305 ​ ​ ​ ​ ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,563 ​ 29,008 ​ 37,098 ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,745 ​ 26,871 ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,219 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 317,490 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred less paid ​ ​ ​ ​ $ 393,147 ​ ​ ​ ​ ​ ​ The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 9 % 15 % 10 % 7 % 6 % 6 % 6 % 4 % 4 % 3 % ​ Commercial Multiple Peril The following tables represent information on unpaid losses and loss adjustment expenses incurred and cumulative paid losses, since 2011 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Counts Prior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2011 $ — $ — ​ $ 11 ​ $ 7 ​ $ 6 ​ $ 6 ​ $ 2 ​ $ 2 ​ $ 2 ​ $ 2 ​ $ — ​ — 2012 ​ ​ ​ 96 ​ ​ 94 ​ ​ 73 ​ ​ 49 ​ ​ 39 ​ ​ 813 ​ ​ 813 ​ ​ 813 ​ ​ 813 ​ ​ — ​ 5 2013         ​ ​ ​ ​ ​ 968 ​ 1,065 ​ 1,051 ​ 1,442 ​ 8,226 ​ 8,250 ​ 8,198 ​ ​ 8,286 ​ ​ 2 54 2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ 13,037 ​ 15,884 ​ 16,448 ​ 25,915 ​ 27,126 ​ 30,172 ​ 31,876 ​ 1,067 615 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 27,876 ​ 27,542 ​ 17,952 ​ 18,345 ​ 24,144 ​ 24,637 ​ 3,462 1,017 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 34,010 ​ 30,379 ​ 34,883 ​ 44,758 ​ 48,370 ​ 8,071 1,203 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 37,760 ​ 44,044 ​ 44,260 ​ 56,196 ​ 12,530 1,455 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39,507 ​ 37,015 ​ 35,681 ​ 14,143 1,237 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 36,895 ​ 38,194 ​ 19,552 1,151 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 47,101 ​ 25,682 906 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 291,156 ​ $ 84,509 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multiple Peril – Paid ​ ​ ​ ​ ​ ​ ​ Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended ​ ​ ​ ​ ​ Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ​ ​ ​ ​ ​ 2011 $ — $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 2 ​ $ 2 ​ $ 2 ​ $ 2 ​ ​ ​ ​ ​ 2012 ​ ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ ​ 2 ​ ​ 813 ​ ​ 813 ​ ​ 813 ​ ​ 813 ​ ​ ​ ​ ​ 2013 ​ ​ ​ ​ ​ ​ 43 ​ 192 ​ 312 ​ 754 ​ 8,083 ​ 8,149 ​ 8,157 ​ 8,265 ​ ​ ​ ​ ​ 2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,795 ​ 4,271 ​ 7,358 ​ 20,545 ​ 22,880 ​ 26,366 ​ 27,666 ​ ​ ​ ​ ​ 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,879 ​ 14,751 ​ 8,949 ​ 14,293 ​ 20,676 ​ 22,552 ​ ​ ​ ​ ​ 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,974 ​ 7,028 ​ 16,715 ​ 27,870 ​ 36,813 ​ ​ ​ ​ ​ 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,270 ​ 19,733 ​ 27,816 ​ 36,941 ​ ​ ​ ​ ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,323 ​ 11,953 ​ 16,420 ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,940 ​ 12,857 ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13,054 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 175,383 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred less paid ​ ​ ​ ​ $ 115,773 ​ ​ ​ ​ ​ ​ The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 16 % 16 % 10 % 23 % 22 % 10 % 3 % 1 % — % — % ​ All Other The following tables represent information on unpaid losses and loss adjustment expenses incurred and cumulative paid losses, since 2011 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Counts Prior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 3,767 ​ ​ 2011 ​ $ 26,899 ​ $ 34,597 ​ $ 30,507 ​ $ 29,749 ​ $ 29,238 ​ $ 28,794 ​ $ 31,176 ​ $ 31,018 ​ $ 30,450 ​ $ 27,245 ​ ​ — 1,466 2012 ​ ​ 26,995 ​ 32,022 ​ 30,266 ​ 30,551 ​ 30,678 ​ 29,250 ​ 29,803 ​ 29,051 ​ 32,080 ​ — 1,618 2013 ​ ​ ​ 36,900 ​ 36,992 ​ 34,287 ​ 33,773 ​ 26,428 ​ 25,859 ​ 25,890 ​ 25,594 ​ 16 1,650 2014 ​ ​ ​ ​ 40,562 ​ 42,938 ​ 39,473 ​ 28,192 ​ 27,749 ​ 30,011 ​ 29,848 ​ 212 1,718 2015 ​ ​ ​ ​ ​ 54,269 ​ 58,501 ​ 69,660 ​ 67,924 ​ 70,154 ​ 71,038 ​ 846 1,814 2016 ​ ​ ​ ​ ​ ​ 48,824 ​ 57,296 ​ 55,607 ​ 53,398 ​ 54,398 ​ 884 1,999 2017 ​ ​ ​ ​ ​ ​ ​ 33,108 ​ 36,102 ​ 36,489 ​ 33,730 ​ 1,165 2,545 2018 ​ ​ ​ ​ ​ ​ ​ ​ 35,839 ​ 33,909 ​ 31,452 ​ 2,44

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
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 taxation until March 2035. As part of the 2019 restructuring, PSBL became a direct subsidiary of the Company and is subject to U.S. tax on its income. 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 year ended December 31, 2018. ​ 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, 2020 and 2019, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ($ in thousands) 2020 2019 Deferred tax assets: ​ ​ ​ ​ Loss reserves ​ $ 14,568 ​ $ 13,289 Loss reserves transitional adjustment ​ 6,104 ​ 6,104 Unearned premiums ​ 15,250 ​ 16,785 Net operating loss carry forwards – state and local ​ 17,444 ​ 17,008 Net operating loss carry forwards – federal ​ 646 ​ 357 Capital loss carry forwards – federal ​ 145 ​ 1,519 Bad debt reserve ​ 3,019 ​ 3,229 Impairments ​ 987 ​ 517 Deferred compensation ​ 5,268 ​ 5,659 Amortization of intangibles ​ 578 ​ 695 Limited partnership income ​ ​ 334 ​ ​ 2,566 Lease liabilities ​ ​ 602 ​ ​ — Other ​ 2,405 ​ 3,151 Total deferred tax assets ​ 67,350 ​ 70,879 Less: valuation allowance ​ (18,081) ​ (17,604) Deferred tax assets, net of allowance ​ 49,269 ​ 53,275 Deferred tax liabilities: ​ ​ Deferred policy acquisition costs ​ 19,856 ​ 20,693 Loss reserve transitional adjustment ​ 3,815 ​ 4,578 Fair value adjustments ​ 3,622 ​ 3,628 Lease right-of-use assets ​ ​ 587 ​ ​ — Unrealized appreciation of investments ​ 22,632 ​ 8,669 Other ​ 8,894 ​ 10,904 Total deferred tax liabilities ​ 59,406 ​ 48,472 Net deferred income taxes ​ $ (10,137) ​ $ 4,803 ​ 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 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, 2020 is $3.8 million. On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act, among other things, includes certain income tax provisions for individuals and corporations; however, these benefits do not impact the Company’s current tax provision. At December 31, 2020 and 2019, the U.S. federal NOLs that can be carried forward are $0.6 million and $0.4 million, respectively. As a result of the Company being able to fully utilize the remaining federal NOL after the valuation allowance, NOLs of $3.1 million, which were a component of discontinued operations, were reclassed to continuing operations as of December 31, 2020. At December 31, 2020 and 2019, the state and local tax benefit of NOLs that can be carried forward are $17.4 million and $17.0 million, respectively, which is included in the state and local deferred tax asset. There were $0.1 million and $1.5 million of realized capital loss benefits that can be carried forward for the years ended December 31, 2020 and 2019, respectively. The range of years in which the federal NOLs can be brought forward against future tax liabilities is from 2020 through 2030. The table below shows the tax benefit of the U.S. federal NOLs generated by year and expiration date: ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Amount Expires 2010 ​ $ 646 2030 Total ​ $ 646 ​ The Company’s valuation allowance account with respect to the deferred tax asset and the change in the account is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 Balance, beginning of year ​ $ 17,604 ​ $ 16,962 Change in valuation allowance ​ 477 ​ 642 Balance, end of year ​ $ 18,081 ​ $ 17,604 ​ As of December 31, 2020, the Company’s valuation allowance of $18.1 million is attributable to the uncertainty in the realization of certain deferred tax assets attributable to U.S. federal and state NOLs. The Company files tax returns subject to the tax regulations of federal, state and local tax authorities. A tax benefit taken in the tax return but not in the financial statements is known as an “unrecognized tax benefit.” A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 Balance, beginning of year ​ $ 438 ​ $ 528 Additions for tax positions of prior years ​ 34 ​ 260 Reductions for tax positions of prior years ​ (379) ​ (350) Balance, end of year ​ $ 93 ​ $ 438 ​ As of December 31, 2020, the Company recorded insignificant amount of interest and penalties and reduced its positions by $0.3 million as a result of an audit settlement. The income tax provisions differ from the amounts computed by applying the federal statutory rate to the income before income taxes due to the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 2018 Expected tax expense at statutory rates in taxable jurisdictions ​ $ 8,083 ​ $ 12,103 ​ $ 13,896 Tax-exempt interest ​ (9) ​ — ​ (46) State taxes ​ (377) ​ (629) ​ (10,746) Valuation allowance ​ 477 ​ 642 ​ 10,451 Effect of provision to tax return filing adjustments ​ — ​ 42 ​ — Goodwill impairment ​ 2,501 ​ — ​ — Other ​ 65 ​ (21) ​ (166) Total income tax expense ​ $ 10,740 ​ $ 12,137 ​ $ 13,389 ​ 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 $5.6 million and $0.1 million of U.S. income taxes paid for the years ended December 31, 2020 and 2018, respectively. There were $0.8 million of U.S. income taxes received for the year ended December 31, 2019. The U.S. federal income tax recoverable included in other assets amounted to $1.6 million, $0.2 million and $0.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company files a consolidated federal income tax return with PSBL. 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. The Company’s 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. Currently, the Company’s non-insurance subsidiaries are under an income tax examination in New York State for tax years 2015 through 2018. 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. As of December 31, 2020, a valuation allowance of $0.6 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, 2020
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, 2020, 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 $66.8 million. Factors affecting the ability to pay dividends include levels of investment income in recent years and the Company’s statutory surplus position of the Company. Combined statutory net income and surplus of the Company’s domestic insurance subsidiaries as reported in the Combined Annual Statement were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 2018 Combined statutory net income ​ $ 37,533 ​ $ 55,681 ​ $ 33,147 Combined statutory surplus ​ $ 668,060 ​ $ 568,777 ​ $ 473,575 ​ 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, 2020
Debt
Debt	14. Debt In November 2013, the Company issued $140.0 million of 7.5% senior unsecured notes (“Senior Unsecured Notes”) due November 2020 and provided for semi-annual interest payments. The Company repaid the Senior Unsecured Notes in its entirety on November 25, 2020. In January 2015, the Company issued an additional $25.0 million 6.5% senior notes (“Senior Notes”) due November 2020 and provided for semi-annual interest payments. The Company repaid the Senior Notes in its entirety on November 25, 2020. Termination of the Prior Credit Agreement The Company, as borrower, was a party to a revolving loan agreement (the “Prior Credit Agreement”) dated January 29, 2018 and amended on March 15, 2019, for $50.0 million which was scheduled to mature on the earlier of (i) March 15, 2022, or (ii) 91 days before maturity of the Company’s 7.5% Senior Unsecured Notes due November 2020 and the Company’s 6.5% Senior Unsecured Notes due November 2020 (collectively, the “Notes”) or, if the Notes are amended or replaced, 91 days before the maturity of such amendment or replacement. The Company exercised its termination rights under the Prior Credit Agreement on June 12, 2020. There were no borrowings under the Prior Credit Agreement on the date of termination. Credit Agreement On June 12, 2020, the Company entered into a credit agreement (the “Credit Agreement”) with third-party lenders and an administrative agent. The Credit Agreement, which matures on June 11, 2023, provides for (i) a delayed draw term loan facility in the aggregate principal amount of up to $165.0 million (the “Term Loan Facility”), and (ii) an uncommitted revolving credit facility of up to $35.0 million (the “Revolving Credit Facility”), for which commitments had not been obtained as of the closing date. Interest on borrowings under the Term Loan Facility and the Revolving Credit Facility are calculated at each drawdown date based on variable rates described in the Credit Agreement. On November 25, 2020, the Company drew down $165.0 million under the Term Loan Facility and used the proceeds to fully redeem the Senior Unsecured Notes and Senior Notes. Debt issuance costs of $4.6 million related to the Credit Agreement were incurred and are being amortized over the life of the loan. Incremental Facility Agreement On June 30, 2020, the Company entered into an Incremental Facility Agreement and Amendment (the “Agreement”), in the aggregate amount of $65.0 million, subject to the terms of the Credit Agreement. The Agreement had lenders commit to the previously uncommitted Revolving Credit Facility, and increased the available amount from the $35.0 million noted above to an aggregate of $65.0 million. Debt issuance costs of $0.5 million related to the Agreement were incurred and are being amortized over the life of the agreement. On July 14, 2020, the Company drew down $5.0 million on the Revolving Credit Facility and on August 3, 2020, the Company drew down an additional $30.0 million, primarily to make capital contributions to its insurance subsidiaries. On November 25, 2020, the Company drew down $7.0 million, and used the proceeds to make interest payments on the Unsecured Senior Notes and Senior Notes. Secured Loan Payable In June 2020, the Company entered into a $24.9 million lease transaction that for accounting purposes is treated as a loan secured by a portion of the Company’s fixed assets and capitalized software, payable at 4.83% interest with a maturity date of July 1, 2025 and providing for monthly interest and principal payments. ​ Interest Expense and Amortization Related to Debt Issuance Costs Interest expense was $13.1 million, $12.8 million and $12.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. Amortization expense related to debt issuance costs was $1.2 million, $0.3 million and $0.3 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	15. Commitments and Contingencies Leases The Company determines if an arrangement is a lease on the commencement date of the contract. The right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The right-of-use assets and lease liabilities are measured by the present value of the future minimum lease payments over the lease term. The Company uses the rate implicit in the lease whenever that rate is readily determinable. If the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate. The right-of-use asset is then adjusted to exclude lease incentives. Certain leases may contain rental escalation, renewal options and/or termination options that are factored into our determination of lease payments when appropriate. Variable lease payment amounts that cannot be determined at the commencement of the lease are not included in the right-to-use assets or lease liabilities. Leases covering a period of fewer than 12 months are not recorded on the Company’s consolidated balance sheets. Rent expense is calculated using the straight-line method. The Company leases certain facilities and equipment under non-cancelable lease agreements that expire at various dates through 2025, which are generally renewed or replaced by similar leases. The lease agreements do not contain any material restrictive covenants, do not contain any conditions of residual value guarantees and are substantially all considered to be operating leases. The Company’s leases relate to office facilities in New Jersey, California, Florida, Georgia and the U.K. The weighted average lease term was 2.7 years and the weighted average discount rate was 2.0%. Rent expense for the years ended December 31, 2020, 2019 and 2018 was $3.0 million, $3.3 million and $3.1 million, respectively. The operating leases also include provisions for additional payments based on certain annual cost increases. The following table presents the Company’s lease liabilities and right-of-use assets related to operating leases as of December 31, 2020: ​ ​ ​ ​ ​ ($ in thousands) December 31, 2020 One year or less ​ $ 2,922 More than one year to two years ​ 214 More than two years to three years ​ — More than three years to four years ​ ​ — More than four years to five years ​ ​ — More than five years ​ — Total undiscounted future minimum lease payments ​ 3,136 Less: difference between lease payments and discounted lease liabilities ​ 37 Lease liabilities ​ $ 3,099 ​ ​ ​ ​ Right-of-use assets ​ $ 2,794 Prepaid lease assets, net of lease allowances and incentives ​ 305 Total ​ $ 3,099 ​ The right-of-use assets lease liabilities ​ The lease of the U.K. office had rent expense of $0.5 million for the years ended December 31, 2020 Fiduciary Funds The Company’s insurance agency subsidiary maintains separate underwriting accounts, which record all of the underlying insurance transactions of the insurance pools that it manages. These transactions primarily include collecting premiums from the insureds, collecting paid receivables from reinsurers, paying claims as losses become payable, paying reinsurance premiums to reinsurers, and remitting net account balances to member insurance companies in the pools that PSMC manages. Unremitted amounts to members of the insurance pools are held in a fiduciary capacity and interest income earned on such funds inures to the benefit of the members of the insurance pools based on their pro rata participation in the pools. Additionally, the Company’s insurance agency subsidiary, in its contractual role as escrow agent, receives and disburses bond funds for entertainment film projects for its insureds. A summary of the fiduciary and pools’ underwriting accounts as of December 31, 2020 and 2019, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 Assets held on behalf of unaffiliated pool members ​ $ 1,495 ​ $ 10,522 Escrow bond arrangements ​ 571 ​ 1,014 Total ​ $ 2,066 ​ $ 11,536 ​ 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, 2020 the Company had $18.2 million in unfunded commitments related to limited partnerships and a fixed maturity security.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2020
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, and the Company adopted a new plan, the 2019 Equity Incentive Plan (the “2019 Plan”) 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 share awards (“RSAs”), RSUs, dividend equivalent rights, performance-based shares, performance-vesting share awards (“PSAs”) 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 The following is a summary of the equity-based compensation included in the 2019 Plan, including the number of common stock shares granted to each award: ​ (i) Annual long-term equity incentive plan awards (“Annual LTIP Awards”): Annual LTIP Awards in 2019 included time-vesting RSUs and performance-vesting RSUs (“PSUs). Annual LTIP Awards in 2020 included RSUs, PSUs, RSAs, and PSAs. RSUs vest annually over three years subject to continued employment through each such date. 142,739 and 90,559 time-vesting RSUs were granted in 2020 and 2019 and the fair value of the awards on grant date was $1.8 million and $1.3 million, respectively. RSAs vest annually over three years subject to continued employment through each such date. 110,466 time-vesting RSAs were granted in 2020 and the fair value of the awards on grant date was $1.5 million. PSUs vest based on the average book value per share growth over a three-year performance period and cliff vest on the third PSAs vest based on the average book value per share growth over a three-year performance period and cliff vest on the third (ii) Supplemental RSUs: 1,267,912 supplemental RSU awards, 100% of which are time-vesting RSUs, were granted to management on July 25, 2019 in connection with the IPO and are 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 at grant date was $17.8 million. (iii) Founders grant awards: 250,000 founders grant awards in the form of time-vesting RSUs were granted on July 25, 2019. The fair value of the grants was $3.5 million and will cliff vest on the third anniversary of the grant date. (iv) Non-employee Director RSUs: In 2020, 106,460 RSUs with a fair value of $0.9 million were granted to non-employee directors. In 2019, 33,839 RSUs, 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 were granted to non-employee directors. These awards were fully vested on grant date. (v) Pre-IPO RSUs: 668,170 RSUs initially granted under the 2010 Plan were converted into RSUs based on shares of the Company’s common stock upon the consummation of the IPO merger of PGHL into PGI. Stock-based compensation expense was $8.9 million, $8.6 million and $0.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. The tax benefit recognized for the same was $1.9 million, $1.8 million and $0.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. ​ Vested RSUs awaiting conversion into common stock were 489,439 for the year ended December 31, 2020, 906,182 for the year ended December 31, 2019 and 548,292 for the year ended December 31, 2018. The Company began recognizing stock-based compensation expense relating to its 2019 Plan upon its inception and initial stock grants in July 2019. The following table summarizes equity award transactions for the 2019 Plan for the years ended December 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average Grant Date ​ Shares Fair Value Per Share 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 Granted in 2020 593,147 ​ 12.30 Vested in 2020 (134,001) ​ 9.96 Forfeited in 2020 (43,101) ​ 13.58 Unvested at December 31, 2020 1,705,441 ​ $ 13.46 ​ As of December 31, 2020, The Company had approximately $11.8 million of total unrecognized stock-based compensation expense related to the equity awards expected to be recognized over a weighted-average period of 1.6 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 has full authority to interpret the terms of the 2019 ESPP. The 2019 ESPP is a shareholder-approved plan under which substantially all employees may purchase the Company’s common stock through payroll deductions at a price equal to 90% of the fair market value of the stock on the purchase date at the end of the offering period. An employee’s payroll deductions under the Purchase Plan are limited to 15% of the employee’s compensation and employees may not purchase more than $25,000 of stock during any calendar year.

Retirement Plans

Retirement Plans	12 Months Ended
	Dec. 31, 2020
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 equal to 100% subject to a maximum of 6% of eligible compensation contributed to the plan as deferral contributions. Expense recorded for this plan was $2.2 million, $1.8 million and $2.1 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2020
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) participation in industry pools; and (iv) emerging new business. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31 ​ ($ in thousands) 2020 2019 2018 ​ Customer segment ​ ​ ​ ​ ​ Construction ​ $ 109,955 13.5 % $ 117,918 12.2 % $ 101,946 11.4 % Consumer Services ​ 123,011 15.0 ​ 133,682 13.8 ​ 107,086 12.0 ​ Marine and Energy ​ 110,228 13.5 ​ 94,700 9.8 ​ 83,104 9.3 ​ Media and Entertainment ​ 88,788 10.9 ​ 124,950 12.9 ​ 119,926 13.4 ​ Professional Services ​ 130,893 16.0 ​ 119,326 12.3 ​ 110,546 12.3 ​ Real Estate ​ 159,166 19.5 ​ 167,635 17.3 ​ 132,652 14.8 ​ Sports ​ ​ 23,337 ​ 2.8 ​ ​ 30,079 ​ 3.1 ​ ​ 23,590 ​ 2.6 ​ Transportation ​ ​ 64,559 ​ 7.9 ​ ​ 112,191 ​ 11.6 ​ ​ 92,169 ​ 10.3 ​ Customer segment subtotal ​ 809,937 99.1 ​ 900,481 93.0 ​ 771,019 86.1 ​ Other ​ 7,153 0.9 ​ 67,530 7.0 ​ 124,093 13.9 ​ Specialty Insurance total ​ $ 817,090 100.0 % $ 968,011 100.0 % $ 895,112 100.0 % ​ 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) 2020 2019 2018 ​ Line of business ​ ​ ​ ​ ​ Commercial Auto ​ $ 167,219 ​ 20.5 % $ 205,303 ​ 21.2 % $ 151,612 ​ 16.9 % General Liability ​ 335,864 41.1 ​ 335,197 34.6 ​ 277,948 31.1 ​ Workers’ Compensation ​ 72,352 8.8 ​ 179,432 18.6 ​ 246,302 27.5 ​ Commercial Multiple Peril ​ 56,498 6.9 ​ 82,126 8.5 ​ 67,351 7.5 ​ All Other Lines ​ 185,157 22.7 ​ 165,953 17.1 ​ 151,899 17.0 ​ Specialty Insurance total ​ $ 817,090 100.0 % $ 968,011 100.0 % $ 895,112 100.0 % ​

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2020
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 2020 (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders ​ $ 27,750 43,888 $ 0.63 $ (5,522) 43,888 $ (0.12) Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock compensation plans ​ ​ 229 ​ ​ 229 ​ Diluted EPS ​ $ 27,750 44,117 $ 0.63 $ (5,522) 44,117 $ (0.13) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2020
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 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross written premiums ​ $ 213,784 ​ $ 186,394 ​ $ 203,539 ​ $ 213,373 ​ $ 817,090 Revenues ​ ​ 214,821 ​ ​ 207,412 ​ ​ 194,142 ​ ​ 199,732 ​ ​ 816,107 Net income from continuing operations ​ ​ 6,811 ​ ​ 17,283 ​ ​ 1,498 ​ ​ 2,158 ​ ​ 27,750 Net income (loss) ​ ​ 7,068 ​ ​ 17,562 ​ ​ 1,518 ​ ​ (3,920) ​ ​ 22,228 Basic earnings per share - continuing operations ​ ​ 0.16 ​ ​ 0.39 ​ ​ 0.03 ​ ​ 0.05 ​ ​ 0.63 Diluted earnings per share - continuing operations ​ ​ 0.15 ​ ​ 0.39 ​ ​ 0.03 ​ ​ 0.05 ​ ​ 0.63 Basic earnings (loss) per share ​ ​ 0.16 ​ ​ 0.40 ​ ​ 0.03 ​ ​ (0.09) ​ ​ 0.51 Diluted earnings (loss) per share ​ ​ 0.16 ​ ​ 0.40 ​ ​ 0.03 ​ ​ (0.09) ​ ​ 0.50 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

Legal Proceedings

Legal Proceedings	12 Months Ended
	Dec. 31, 2020
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.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events
Subsequent Events	22. Subsequent Events ​ On January 14, 2021, the Company entered into the Merger Agreement with Parent and Pedal Merger Sub, Inc., pursuant to which, subject to the terms and conditions of the Merger Agreement, Pedal Merger Sub, Inc. would merge with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent. In connection with the proposed merger, each ProSight common share held by our stockholders will be converted into the right to receive $12.85 in cash valued at approximately $586.0 million. The proposed merger is anticipated to close in the third quarter of 2021, subject to satisfaction or waiver of the closing conditions, including approval by regulatory authorities. The stockholder approval required to consummate the proposed merger has been obtained, and no further action by our stockholders in connection with the proposed merger is required.

Schedule II

Schedule II	12 Months Ended
	Dec. 31, 2020
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) 2020 2019 Assets ​ ​ Investment in subsidiaries ​ $ 825,713 ​ $ 702,977 Cash and cash equivalents ​ 619 ​ 773 Total cash and investments ​ 826,332 ​ 703,750 Receivables from affiliates ​ 7,507 ​ 6,580 Other assets ​ 1,189 ​ 747 Total assets ​ $ 835,028 ​ $ 711,077 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Payables to affiliates ​ $ 5,614 ​ $ 1,263 Notes payable, net of debt issuance costs ​ ​ 203,267 ​ ​ 164,693 Other liabilities ​ 2,179 ​ 2,090 Total liabilities ​ 211,060 ​ 168,046 ​ ​ ​ ​ ​ ​ ​ 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; 43,449,087 and 43,071,186 shares issued, 43,436,167 and 43,058,266 shares outstanding in 2020 and 2019, respectively ​ 434 ​ 431 Paid-in capital ​ 668,798 ​ 661,761 Accumulated other comprehensive income ​ 89,122 ​ 37,453 Retained deficit ​ (134,186) ​ (156,414) Treasury shares – at cost (12,920 shares) ​ (200) ​ (200) Total stockholders’ equity ​ 623,968 ​ 543,031 Total liabilities and stockholders’ equity ​ $ 835,028 ​ $ 711,077 ​ ProSight Global, Inc. Condensed Financial Information of Registrant Statements of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31 ($ in thousands) 2020 2019 2018 Revenues: ​ ​ ​ Other income ​ $ 30 ​ $ 33 ​ $ 165 Total revenues ​ 30 ​ 33 ​ 165 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses: ​ ​ ​ General and administrative expenses ​ 1,079 ​ 714 ​ 5,325 Write-off of amounts related to sale of affiliate ​ — ​ — ​ 650 Intercompany interest expense (income) ​ ​ — ​ ​ 18 ​ ​ (27) Interest expense ​ ​ 13,768 ​ ​ 12,795 ​ ​ 12,377 Other expense ​ ​ 5,484 ​ ​ 8,164 ​ ​ — Total expenses ​ 20,331 ​ 21,691 ​ 18,325 Loss before federal income taxes ​ (20,301) ​ (21,658) ​ (18,160) Federal income tax benefit ​ 2,363 ​ 4,669 ​ 3,284 Net loss from continuing operations before equity in undistributed net income of subsidiaries ​ (17,938) ​ (16,989) ​ (14,876) Equity in undistributed net income of subsidiaries, net of tax ​ 40,166 ​ 55,879 ​ 69,419 Net income ​ $ 22,228 ​ $ 38,890 ​ $ 54,543 ​ ProSight Global, Inc. Condensed Financial Information of Registrant Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31 ($ in thousands) 2020 2019 2018 Operating Activities: ​ ​ ​ Net income ​ $ 22,228 ​ $ 38,890 ​ $ 54,543 Adjustments to reconcile net income to net cash used in operating activities: ​ ​ ​ Amortization of debt issuance costs ​ ​ 1,240 ​ ​ 338 ​ ​ 338 Equity in undistributed net income of subsidiaries, net of tax ​ (40,166) ​ (55,879) ​ (69,419) Changes in: ​ ​ ​ ​ (Increase) decrease in receivables from affiliates ​ (927) ​ 5,882 ​ (9,957) Increase (decrease) in payables to affiliates ​ 4,351 ​ (8,277) ​ 4,872 (Decrease) increase in other assets ​ (16) ​ 3,844 ​ (1,673) Decrease in loans to affiliates ​ ​ — ​ ​ (3,173) ​ ​ — Increase (decrease) in other liabilities ​ 89 ​ (3,022) ​ (6,426) Total adjustments ​ (35,429) ​ (60,287) ​ (82,265) Net cash used in operating activities ​ (13,201) ​ (21,397) ​ (27,722) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investing activities: ​ ​ ​ Net cash provided by (used in) investing activities ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing activities ​ ​ ​ Proceeds from shares issued ​ — ​ 50,878 ​ — Payments related to offering costs ​ ​ (49) ​ ​ — ​ ​ — Proceeds from notes payable, net of debt issuance costs ​ ​ 201,908 ​ ​ — ​ ​ 18,000 Repayment of notes payable ​ ​ (165,000) ​ ​ (18,000) ​ ​ — Tax withholding on stock compensation awards ​ ​ (2,578) ​ ​ (740) ​ ​ — Proceeds from stock purchase plan ​ ​ 165 ​ ​ — ​ ​ — Capital contributions to affiliates ​ (21,399) ​ (10,490) ​ 9,747 Net cash provided by financing activities ​ 13,047 ​ 21,648 ​ 27,747 Net (decrease) increase in cash and cash equivalents ​ (154) ​ 251 ​ 25 Cash and cash equivalents at beginning of year ​ 773 ​ 522 ​ 497 Cash and cash equivalents at end of year ​ $ 619 ​ $ 773 ​ $ 522 ​

Schedule V

Schedule V	12 Months Ended
	Dec. 31, 2020
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, 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 Additions ​ 3,197 ​ — Deductions ​ (1,336) ​ (2,381) December 31, 2020 ​ $ 6,917 ​ $ 8,490 ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
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 Maturity Securities Fixed maturity 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 maturity 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 maturity 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. Non-Redeemable Preferred Stock Securities Non-redeemable preferred stock securities with readily determinable fair values are recorded at fair value. Bond Exchange-Traded Funds Bond exchange-traded funds with readily determinable fair values are recorded at fair value. 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. Credit Losses The Company analyzes fixed maturity securities in an unrealized loss position for credit losses if they meet the following criteria: (i) they are trading in a significant loss position; (ii) failure of the issuer of the security to make scheduled interest or principal payments; (iii) there have been negative credit events with respect to the issuer; or (iv) there have been negative current events surrounding an issuer or the environment in which an issuer operates. For fixed maturity securities in an unrealized loss position that require a credit loss analysis, the Company estimates a present value of expected cash flows. If the results of the cash flow analysis indicate that the Company will not recover the full amount of its amortized cost basis, the Company records a credit loss for the excess of amortized cost over the present value of expected cash flows, not to exceed the unrealized loss. Changes in the credit loss allowance are recognized through realized investment gains, net on the consolidated statements of operations.
Fair Values of Financial Instruments	Fair Values of Financial Instruments For fixed maturity 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 allowance for credit loss for premium receivable is an assessment of ultimate non-collectability based on historical experience applicable to the respective current collection action status, age of the amount outstanding and expected collection costs.
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 a reinsurance receivable allowance for credit losses based on sources of credit ratings of reinsurers and applies probabilities of default and loss given default to the total uncollateralized exposure including incurred but not reported (“IBNR”) by rating class. 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 three Capitalized software as of December 31, 2020 and 2019, had unamortized balances of $31.4 million and $33.8 million, respectively. Depreciation on capitalized software commences once the software is placed into service. The Company recorded depreciation expense of $7.9 million, $7.0 million and $5.8 million for the years ended 2020, 2019 and 2018, respectively. Other depreciable assets, primarily leasehold improvements, as of December 31, 2020 and 2019, had unamortized balances of $2.4 million and $3.3 million, respectively. The Company recorded depreciation expense of $1.1 million and $1.2 million and $1.5 million, for the years ended 2020, 2019 and 2018, 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 (“NOLs”) 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 On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act, among other things, includes certain income tax provisions for individuals and corporations; however, these benefits do not impact the Company’s current tax provision.
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 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 2020 were discounted at discount rates between 2.04% and 5.00%. Carried discounted reserves on these workers’ compensation claims, net of reinsurance, were $122.1 million and $116.9 million at December 31, 2020 and 2019, respectively. The amount of discount related to workers’ compensation reserves was $48.2 million and $47.4 million at December 31, 2020 and 2019, 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 489,439 for the year ended December 31, 2020, 906,182 for the year ended December 31, 2019 and 548,292 for the year ended December 31, 2018. 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, 2020, 2019 and 2018.
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 in Note 18. Segments.

Statements of Cash Flow (Tables

Statements of Cash Flow (Tables)	12 Months Ended
	Dec. 31, 2020
Statements of Cash Flow
Summary of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ($ in thousands) 2020 2019 2018 Cash paid (received) during the period for: ​ ​ ​ ​ Interest ​ $ 12,915 ​ $ 12,865 ​ $ 12,377 Federal income tax ​ $ 5,553 ​ $ (780) $ 135 Non-cash activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets due to the adoption of ASU 2016-02 - continuing operations ​ $ 2,794 ​ $ — ​ $ — Operating lease right-of-use assets due to the adoption of ASU 2016-02 - discontinued operations ​ $ 2,173 ​ $ — ​ $ — Operating lease liabilities due to the adoption of ASU 2016-02 - continuing operations ​ $ 3,099 ​ $ — ​ $ — Operating lease liabilities due to the adoption of ASU 2016-02 - discontinued operations ​ $ 2,508 ​ $ — ​ $ — Tax benefit on payments related to offering costs ​ $ 635 ​ $ — ​ $ —

Goodwill and Net Intangible A_2

Goodwill and Net Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Net Intangible Assets
Schedule of goodwill and other intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Goodwill Other Intangibles Total December 31, 2018 ​ $ 11,911 ​ $ 17,308 ​ $ 29,219 Amortization ​ — ​ 30 ​ 30 December 31, 2019 ​ $ 11,911 ​ $ 17,278 ​ $ 29,189 Amortization ​ — ​ 30 ​ 30 Impairment ​ ​ 11,911 ​ ​ — ​ ​ 11,911 December 31, 2020 ​ $ — ​ $ 17,248 ​ $ 17,248 ​ The status of the goodwill and net intangible assets is presented in the following tables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ($ in thousands) ​ Gross ​ Amortization ​ Impairment ​ Net ​ Useful Life December 31, 2020 ​ ​ ​ ​ ​ ​ Goodwill ​ $ 11,911 ​ $ — ​ $ (11,911) ​ $ — ​ Indefinite State licenses ​ 17,100 ​ — ​ — ​ 17,100 ​ Indefinite Other ​ 178 ​ (30) ​ — ​ 148 ​ 15 years Net balance ​ $ 29,189 ​ $ (30) ​ $ (11,911) ​ $ 17,248 ​ December 31, 2019 ​ ​ ​ ​ ​ Goodwill ​ $ 11,911 ​ $ — ​ $ — ​ $ 11,911 ​ Indefinite State licenses ​ 17,100 ​ — ​ — ​ 17,100 ​ Indefinite Other ​ 208 ​ (30) ​ — ​ 178 ​ Varies up to 15 years Net balance ​ $ 29,219 ​ $ (30) ​ $ — ​ $ 29,189 ​ ​
Schedule of estimated amortization of intangible assets	​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ 2021 $ 30 2022 ​ 30 2023 ​ 30 2024 ​ 30 2025 ​ 28 ​ ​ $ 148

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations
Summary of results of operations and carrying amounts of assets and liabilities for discontinued operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31 ($ in thousands) 2020 2019 2018 Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earned premiums ​ $ 295 $ 611 ​ $ 1,173 Net investment income ​ 73 142 ​ 514 Realized investment gains, net ​ 1,260 1,267 ​ 830 Other income ​ ​ — ​ ​ — ​ ​ 338 Total revenues ​ 1,628 2,020 ​ 2,855 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ Net losses and loss adjustment expenses incurred ​ 8,295 10,463 ​ 11,197 Policy acquisition expenses ​ 93 218 ​ 401 General and administrative expenses ​ 823 57 ​ (8,401) Interest expense ​ ​ — ​ ​ — ​ ​ 218 Total expenses ​ 9,211 10,738 ​ 3,415 Loss from discontinued operations before income taxes ​ (7,583) (8,718) ​ (560) Income tax benefit ​ (2,061) (2,114) ​ (1,374) Net (loss) income from discontinued operations ​ $ (5,522) $ (6,604) ​ $ 814 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ($ in thousands) ​ 2020 ​ 2019 Assets ​ ​ ​ ​ ​ ​ Cash and investments ​ $ 10,939 ​ $ 10,428 Other assets ​ 10,415 ​ 11,156 Total assets ​ $ 21,354 ​ $ 21,584 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Reserve for unpaid losses and loss adjustment expenses ​ $ 32,414 ​ $ 24,169 Other liabilities ​ 5,315 ​ 7,409 Total liabilities ​ $ 37,729 ​ $ 31,578

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Investments
Summary of the Company's investment components	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ ($ in thousands) 2020 ​ 2019 ​ Fixed maturity securities, AFS (fair value): ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities ​ $ 52,157 ​ 2.2 % $ 49,985 ​ 2.3 % Government agency securities ​ ​ 31,007 ​ 1.3 ​ ​ 6,531 ​ 0.3 ​ Corporate debt securities ​ ​ 1,397,031 ​ 57.7 ​ ​ 1,338,812 ​ 61.8 ​ Municipal debt obligations ​ ​ 207,094 ​ 8.5 ​ ​ 79,815 ​ 3.7 ​ ABS ​ ​ 55,258 ​ 2.3 ​ ​ 73,582 ​ 3.4 ​ CLO ​ ​ 139,126 ​ 5.7 ​ ​ 179,549 ​ 8.3 ​ CMBS ​ ​ 117,960 ​ 4.9 ​ ​ 97,526 ​ 4.5 ​ RMBS – non-agency ​ ​ 116,136 ​ 4.8 ​ ​ 71,610 ​ 3.3 ​ RMBS – agency ​ ​ 150,288 ​ 6.2 ​ ​ 143,272 ​ 6.6 ​ Total fixed maturity securities, AFS ​ ​ 2,266,057 ​ 93.6 ​ ​ 2,040,682 ​ 94.2 ​ Short-term investments ​ ​ 154 ​ 0.0 ​ ​ 43,873 ​ 2.0 ​ Commercial levered loans (amortized cost) ​ ​ 12,308 ​ 0.5 ​ ​ 14,069 ​ 0.7 ​ Non-redeemable preferred stock securities ​ ​ 7,049 ​ 0.3 ​ ​ — ​ — ​ Bond exchange-traded funds ​ ​ 44,882 ​ 1.9 ​ ​ — ​ — ​ Limited partnerships and limited liability companies (fair value) ​ ​ 90,468 ​ 3.7 ​ ​ 66,660 ​ 3.1 ​ Total investments ​ $ 2,420,918 ​ 100.0 % $ 2,165,284 ​ 100.0 %
Summary of gross unrealized gains and losses on fixed maturity securities included in assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost/ ​ ​ Gross Gross ​ ​ ​ ​ Amortized ​ Credit Loss ​ Unrealized ​ Unrealized ​ Fair ($ in thousands) ​ Cost ​ Allowance ​ Gains ​ Losses ​ Value Fixed maturity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities $ 50,248 $ — ​ $ 1,909 $ — $ 52,157 Government agency securities ​ ​ 30,446 ​ ​ — ​ ​ 561 ​ ​ — ​ ​ 31,007 Corporate debt securities ​ 1,317,667 ​ (598) ​ ​ 86,447 ​ (6,485) ​ 1,397,031 Municipal debt obligations ​ 198,773 ​ — ​ ​ 8,437 ​ (116) ​ 207,094 ABS ​ 54,989 ​ — ​ ​ 696 ​ (427) ​ 55,258 CLO ​ 140,615 ​ — ​ ​ 154 ​ (1,643) ​ 139,126 CMBS ​ 111,313 ​ — ​ ​ 7,008 ​ (361) ​ 117,960 RMBS - non-agency ​ 109,110 ​ (859) ​ ​ 8,619 ​ (734) ​ 116,136 RMBS - agency ​ 146,582 ​ — ​ ​ 3,721 ​ (15) ​ 150,288 Total fixed maturity securities ​ $ 2,159,743 ​ $ (1,457) ​ $ 117,552 $ (9,781) ​ $ 2,266,057 ​ The gross unrealized gains and losses on fixed maturity 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 maturity 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 maturity securities ​ $ 1,999,403 $ 48,403 $ (7,124) $ 2,040,682
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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Corporate debt securities $ 36,450 ​ $ (740) $ 101,628 $ (5,745) $ 138,078 $ (6,485) Municipal debt obligations ​ 12,211 ​ (73) ​ 3,344 ​ (43) ​ 15,555 ​ (116) ABS ​ 9,121 ​ (364) ​ 9,461 ​ (63) ​ 18,582 ​ (427) CLO ​ 29,909 ​ (215) ​ 82,758 ​ (1,428) ​ 112,667 ​ (1,643) CMBS ​ 17,559 ​ (348) ​ 800 ​ (13) ​ 18,359 ​ (361) RMBS - non-agency ​ 11,759 ​ (249) ​ 6,723 ​ (485) ​ 18,482 ​ (734) RMBS - agency ​ 2,467 ​ (15) ​ — ​ — ​ 2,467 ​ (15) Total fixed maturity securities $ 119,476 ​ $ (2,004) ​ $ 204,714 ​ $ (7,777) ​ $ 324,190 ​ $ (9,781) ​ The following table summarizes the fair values and gross unrealized losses for fixed maturity securities in an unrealized loss position at December 31, 2019, grouped by asset class and by duration of time in a continuous unrealized 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 fixed maturity securities ​ $ 290,187 ​ $ (3,930) ​ $ 200,992 ​ $ (3,194) ​ $ 491,179 ​ $ (7,124) ​
Rollforward of the credit losses allowance for fixed maturity securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Additions ​ Reduction ​ Reduction ​ Change in Securities ​ December 31, ($ in thousands) ​ 2019 ​ New Securities ​ Sales ​ Intent to Sell ​ with Previous Allowance ​ 2020 Fixed maturity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities $ — $ 1,166 $ (121) ​ $ — ​ $ (447) ​ $ 598 ABS ​ — ​ 180 ​ (3) ​ ​ — ​ ​ (177) ​ ​ — CLO ​ ​ — ​ 6 ​ — ​ ​ — ​ ​ (6) ​ ​ — RMBS - non-agency ​ ​ — ​ ​ 1,151 ​ ​ (111) ​ ​ — ​ ​ (181) ​ ​ 859 Total fixed maturity securities allowance $ — $ 2,503 $ (235) ​ $ — ​ $ (811) ​ $ 1,457
Summary of amortized cost and fair value of fixed maturity securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Amortized ​ Fair ($ in thousands) Cost Value Due in one year or less ​ $ 103,243 $ 104,316 Due after one through five years ​ 628,897 657,996 Due after five through ten years ​ 522,749 561,775 Due after ten years ​ 311,799 332,195 ​ ​ 1,566,688 1,656,282 Structured securities: ​ ​ ​ ​ ​ Government agency securities ​ ​ 30,446 ​ ​ 31,007 ABS ​ 54,989 55,258 CLO ​ 140,615 139,126 CMBS ​ 111,313 117,960 RMBS - non-agency ​ 109,110 116,136 RMBS - agency ​ 146,582 150,288 Total fixed maturity securities ​ $ 2,159,743 $ 2,266,057
Summary of net investment income included in net income from continuing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 2018 Fixed maturity securities $ 62,621 $ 66,975 ​ $ 55,765 Net limited partnerships and limited liability companies gains ​ 11,690 ​ 3,101 ​ ​ 1,081 Other ​ 2,173 ​ 1,123 ​ ​ 1,290 Gross investment income ​ 76,484 ​ 71,199 ​ ​ 58,136 Less: investment income attributable to funds withheld liabilities ​ ​ (250) ​ ​ (655) ​ ​ (912) Less: expenses ​ (3,213) ​ (1,647) ​ ​ (1,253) Net investment income ​ $ 73,021 $ 68,897 ​ $ 55,971

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Measurements
Summary of major categories of assets measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ 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 maturity securities: ​ ​ ​ ​ U.S. Treasury securities ​ $ — $ 52,157 $ — $ 52,157 Government agency securities ​ ​ — ​ ​ 31,007 ​ ​ — ​ ​ 31,007 Corporate debt securities ​ — ​ 1,139,066 ​ 257,965 ​ 1,397,031 Municipal debt obligations ​ — ​ 207,094 ​ — ​ 207,094 ABS ​ — ​ 55,258 ​ — ​ 55,258 CLO ​ — ​ 139,126 ​ — ​ 139,126 CMBS ​ — ​ 117,960 ​ — ​ 117,960 RMBS - non agency ​ — ​ 116,136 ​ — ​ 116,136 RMBS - agency ​ — ​ 150,288 ​ — ​ 150,288 Total fixed maturity securities ​ ​ — ​ 2,008,092 ​ 257,965 ​ 2,266,057 Non-redeemable preferred stock securities ​ ​ — ​ 5,649 ​ 1,400 ​ 7,049 Bond exchange-traded funds ​ ​ 44,882 ​ — ​ — ​ 44,882 Total categorized ​ $ 44,882 ​ $ 2,013,741 ​ $ 259,365 ​ ​ 2,317,988 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments measured at net asset value: ​ ​ ​ ​ Limited partnerships and limited liability companies ​ ​ ​ ​ ​ ​ ​ ​ ​ 90,468 Total of invested assets carried at fair value ​ ​ ​ ​ ​ ​ ​ ​ $ 2,408,456 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 maturity 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 categorized ​ $ — $ 1,891,051 $ 149,631 ​ 2,040,682 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments measured at net asset value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Limited partnerships and limited liability companies ​ ​ ​ ​ ​ 66,660 Total of invested assets carried at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,107,342
Summary of carrying value and fair value of financial instruments that are not recognized or are not carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Carrying ​ Fair Value ($ in thousands) Value Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ Commercial levered loans ​ $ 12,308 $ 12,180 $ — $ — $ 12,180 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ Notes payable ​ 207,000 ​ 207,537 ​ — ​ 207,537 ​ — Unamortized debt issuance costs ​ (3,733) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable, net of debt issuance costs ​ $ 203,267 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured loan payable ​ 22,750 ​ 23,265 ​ — ​ 23,265 ​ — Unamortized debt issuance costs ​ (82) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured loan payable, net of debt issuance costs ​ $ 22,668 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable, net of debt issuance costs ​ $ 164,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of the changes in the fair value of securities measured using Level 3 inputs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Redeemable ​ ​ ​ ​ Corporate Debt ​ Preferred Stock ​ Level 3 ($ in thousands) ​ Securities ​ Securities ​ Total Fair value, December 31, 2018 ​ $ 126,497 ​ $ — ​ $ 126,497 Total net gains (losses) for the period included in: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ ​ 3,011 ​ ​ — ​ ​ 3,011 Net realized loss ​ ​ (5) ​ ​ — ​ ​ (5) Purchases ​ ​ 23,905 ​ ​ — ​ ​ 23,905 Sales ​ ​ — ​ ​ — ​ ​ — Issuances ​ ​ — ​ ​ — ​ ​ — Settlements ​ ​ (3,777) ​ ​ — ​ ​ (3,777) Transfers into Level 3 ​ ​ — ​ ​ — ​ ​ — Transfers out of Level 3 ​ ​ — ​ ​ — ​ ​ — Fair value, December 31, 2019 ​ ​ 149,631 ​ ​ — ​ ​ 149,631 Total net gains (losses) for the period included in: ​ ​ ​ ​ ​ Other comprehensive income ​ ​ 6,241 ​ ​ — ​ ​ 6,241 Net realized loss ​ (5) ​ — ​ (5) Purchases ​ 107,197 ​ 1,400 ​ 108,597 Sales ​ — ​ — ​ — Issuances ​ — ​ — ​ — Settlements ​ (5,099) ​ — ​ (5,099) Transfers into Level 3 ​ — ​ — ​ — Transfers out of Level 3 ​ — ​ — ​ — Fair value, December 31, 2020 ​ $ 257,965 ​ $ 1,400 ​ $ 259,365

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss)
Summary of the components of accumulated other comprehensive (loss) income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Gross Tax Net December 31, 2017 ​ $ 22,265 ​ $ 2,968 ​ $ 19,297 Unrealized holding losses on fixed maturity 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 maturity 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 Unrealized holding gains on fixed maturity securities ​ 71,872 ​ 15,009 ​ 56,863 Amounts reclassified into net income ​ 7,697 ​ 1,352 ​ 6,345 Amounts reclassified as credit losses ​ ​ (1,457) ​ ​ (306) ​ ​ (1,151) Other comprehensive income ​ 65,632 ​ 13,963 ​ 51,669 December 31, 2020 $ 111,755 $ 22,633 $ 89,122
Summary of reclassifications out of accumulated other comprehensive (loss) income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line in Consolidated ​ ​ ($ in thousands) Statements of Operations 2020 2019 2018 AOCI ​ ​ ​ ​ ​ Unrealized gains (losses) on securities Realized investment gains (losses), net ​ $ 7,697 ​ $ 2,037 ​ $ (1,557) ​ Income tax expense ​ ​ 1,352 ​ ​ 162 ​ ​ (429) Reclassification adjustment for credit losses included in net income ​ Realized investment gains (losses), net ​ ​ (1,457) ​ ​ — ​ ​ — ​ ​ Income tax expense ​ ​ (306) ​ ​ — ​ ​ — Total reclassifications ​ ​ $ 5,194 ​ $ 1,875 ​ $ (1,128)

Insurance Operations (Tables)

Insurance Operations (Tables)	12 Months Ended
	Dec. 31, 2020
Summary of reinsurance ceded and assumed relating to premiums written, earned premiums and losses and loss adjustment expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 2018 Written premiums ​ ​ ​ ​ Direct written premiums $ 814,266 ​ $ 964,512 ​ $ 889,526 Assumed from other companies ​ 2,824 ​ ​ 3,499 ​ ​ 5,586 Ceded to other companies ​ 122,912 ​ ​ 115,871 ​ ​ 45,038 Net written premiums ​ $ 694,178 $ 852,140 ​ $ 850,074 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned premiums ​ ​ Direct earned premiums ​ $ 846,749 $ 918,718 ​ $ 844,234 Assumed from other companies ​ 3,017 3,887 ​ 10,266 Ceded to other companies ​ 112,011 114,751 ​ 123,715 Net earned premiums ​ $ 737,755 $ 807,854 ​ $ 730,785 Percent of amount assumed to net ​ 0.4% ​ ​ 0.5% ​ 1.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses and loss adjustment expenses incurred ​ ​ Direct net losses and loss adjustment expenses incurred ​ $ 553,967 $ 556,051 ​ $ 485,770 Assumed from other companies ​ 8,862 9,298 ​ (3,209) Ceded to other companies ​ 90,158 64,324 ​ 47,731 Net losses and loss adjustment expenses incurred ​ $ 472,671 $ 501,025 ​ $ 434,830
Summary of effects of the termination of Quota Share Arrangements on pre-tax income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 ​ 2018 (Return of ceded prepaid) ceded written premium $ — $ (3) ​ $ (58,857) Ceded earned premium ​ — ​ (3) ​ ​ 14,560 (Increase) reduction to net loss and loss adjustment expenses incurred ​ — ​ (4,746) ​ ​ 9,514 Reduction to policy acquisition expenses ​ — ​ 4,743 ​ ​ 3,955 Reduction to pre-tax income ​ $ — $ — ​ $ 1,091
Premium receivable allowance rollforward	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ December 31, 2019 ​ Current Provision ​ Write-offs ​ Recoveries ​ December 31, 2020 Premium receivable $ 5,056 $ 2,642 ​ $ (841) ​ $ 60 ​ $ 6,917 Reinsurance receivable on paid and unpaid losses ​ 505 ​ 201 ​ ​ — ​ ​ — ​ ​ 706 Total receivable allowance $ 5,561 $ 2,843 ​ $ (841) ​ $ 60 ​ $ 7,623
Summary of unpaid losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 2018 Gross reserve for unpaid losses and loss expenses, at beginning of year ​ $ 1,521,648 ​ $ 1,396,812 ​ $ 1,258,237 Ceded reserve for unpaid losses and loss expenses, at beginning of year ​ ​ 193,952 ​ ​ 185,295 ​ ​ 201,156 Net reserve for unpaid losses and loss expenses, at beginning of year ​ ​ 1,327,696 ​ ​ 1,211,517 ​ ​ 1,057,081 Add: ​ ​ ​ ​ ​ ​ Incurred losses and loss expenses occurring in the: ​ ​ ​ ​ ​ ​ Current year ​ ​ 456,724 ​ ​ 482,989 ​ ​ 439,847 Prior years ​ ​ 710 ​ ​ 3,154 ​ ​ (5,017) Prior years attributable to adjusted premium ​ ​ 15,237 ​ ​ 14,882 ​ ​ — Total net losses and loss adjustment expenses incurred ​ ​ 472,671 ​ ​ 501,025 ​ ​ 434,830 Less: ​ ​ ​ ​ ​ ​ Paid losses and loss expenses for claims occurring in the: ​ ​ ​ ​ ​ ​ Current year ​ ​ 47,937 ​ ​ 66,522 ​ ​ 47,734 Prior years ​ ​ 320,050 ​ ​ 318,324 ​ ​ 232,660 Total paid losses and loss expenses for claims ​ ​ 367,987 ​ ​ 384,846 ​ ​ 280,394 Net reserve for unpaid losses and loss expenses, at end of year ​ ​ 1,432,380 ​ ​ 1,327,696 ​ ​ 1,211,517 Ceded reserve for unpaid losses and loss expenses, at end of year ​ ​ 170,522 ​ ​ 193,952 ​ ​ 185,295 Gross reserve for unpaid losses and loss expenses, at end of year ​ $ 1,602,902 ​ $ 1,521,648 ​ $ 1,396,812
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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Counts Prior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 23,493 2011 ​ $ 115,644 ​ $ 128,879 ​ $ 126,752 ​ $ 122,773 ​ $ 124,543 $ 131,081 $ 124,798 $ 131,385 ​ $ 131,360 ​ $ 131,113 ​ ​ 6,974 4,421 2012 ​ ​ 137,380 ​ 157,477 ​ 157,985 ​ 165,015 ​ 165,889 ​ 156,355 ​ 159,120 ​ 158,523 ​ 164,197 ​ 4,031 6,633 2013 ​ ​ ​ 210,368 ​ 222,277 ​ 232,660 ​ 251,353 ​ 243,567 ​ 237,900 ​ 249,802 ​ 252,393 ​ 13,838 13,246 2014 ​ ​ ​ ​ 286,842 ​ 312,987 ​ 323,792 ​ 333,865 ​ 342,788 ​ 356,733 ​ 367,034 ​ 26,909 16,350 2015 ​ ​ ​ ​ ​ 384,269 ​ 407,279 ​ 407,427 ​ 395,751 ​ 430,942 ​ 433,918 ​ 34,523 20,896 2016 ​ ​ ​ ​ ​ ​ 390,430 ​ 423,538 ​ 406,204 ​ 416,266 ​ 416,317 ​ 47,411 20,124 2017 ​ ​ ​ ​ ​ ​ ​ 354,948 ​ 361,299 ​ 339,505 ​ 354,402 ​ 110,963 18,763 2018 ​ ​ ​ ​ ​ ​ ​ ​ 422,104 ​ 406,199 ​ 403,545 ​ 172,717 19,252 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ 457,973 ​ 460,080 ​ 231,758 21,018 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 430,179 ​ 303,172 12,264 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 3,413,178 ​ $ 975,789 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ All Lines – Paid ​ ​ ​ ​ ​ ​ ​ Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended ​ ​ ​ ​ ​ Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ​ ​ ​ 2011 ​ $ 14,796 ​ $ 51,006 ​ $ 65,103 ​ $ 76,731 ​ $ 88,243 ​ $ 98,411 ​ $ 105,584 ​ $ 109,007 ​ $ 111,247 ​ $ 110,798 ​ ​ ​ ​ ​ 2012 ​ ​ ​ ​ 16,619 ​ 48,276 ​ 73,249 ​ 98,960 ​ 119,374 ​ 130,200 ​ 136,909 ​ 139,793 ​ 148,826 ​ ​ ​ ​ ​ 2013 ​ ​ ​ ​ ​ ​ ​ 27,465 ​ 74,012 ​ 115,396 ​ 158,978 ​ 181,989 ​ 192,476 ​ 214,863 ​ 221,768 ​ ​ ​ ​ ​ 2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 44,738 ​ 111,919 ​ 166,907 ​ 217,986 ​ 250,928 ​ 280,933 ​ 305,157 ​ ​ ​ ​ ​ 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 75,043 ​ 159,708 ​ 234,756 ​ 281,637 ​ 331,748 ​ 360,249 ​ ​ ​ ​ ​ 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 78,271 ​ 150,198 ​ 204,589 ​ 266,496 ​ 316,092 ​ ​ ​ ​ ​ 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 54,026 ​ 116,204 ​ 163,937 ​ 194,952 ​ ​ ​ ​ ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 45,012 ​ 112,889 ​ 163,878 ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 66,522 ​ 154,243 ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 66,226 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,042,189 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred less paid ​ 1,370,989 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reserves 2010 and prior ​ 55,436 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other (1) ​ 5,955 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net reserve for unpaid losses and loss adjustment expenses ​ $ 1,432,380 ​ ​ ​ ​ ​ (1) Other category represents unallocated loss adjustment expense reserves $40.3 million, discounting of loss reserves ($48.3) million, retroactive reinsurance agreements $10.8 million and other of $3.2 million.
Schedule of historical average annual percentage payout of incurred claims, net of reinsurance	The following table presents the historical average annual percentage payout of incurred claims, net of reinsurance, as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 14 % 19 % 14 % 13 % 11 % 7 % 7 % 2 % 4 % — %
Schedule of the company's asbestos and environmental related losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ($ in thousands) Gross Ceded Net Balance at beginning of year ​ $ 12,810 ​ $ 4,518 ​ $ 8,292 Incurred losses and loss adjustment expense ​ 175 ​ 36 ​ 139 Payments for losses and loss adjustment expenses ​ 300 ​ 84 ​ 216 Balance at end of year ​ $ 12,685 ​ $ 4,470 ​ $ 8,215 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ($ in thousands) Gross Ceded Net Balance at beginning of year ​ $ 14,262 ​ $ 6,016 ​ $ 8,246 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 ​ $ 4,518 ​ $ 8,292
Schedule of deferred policy acquisition costs, net of reinsurance	​ ​ ​ ​ ​ ($ in thousands) ​ December 31, 2018 ​ $ 93,613 Acquisition costs deferred ​ 189,970 Acquisition costs expensed ​ (184,771) December 31, 2019 ​ 98,812 Acquisition costs deferred ​ 168,051 Acquisition costs expensed ​ (172,426) December 31, 2020 ​ $ 94,437
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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Counts Prior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2011 ​ $ 13,864 ​ $ 13,462 ​ $ 11,260 ​ $ 11,231 ​ $ 12,547 ​ $ 12,547 ​ $ 12,508 ​ $ 12,476 ​ $ 12,476 ​ $ 12,755 ​ $ — 1,219 2012 ​ ​ ​ ​ 21,101 ​ 29,959 ​ 36,319 ​ 43,031 ​ 42,028 ​ 41,479 ​ 41,572 ​ 39,231 ​ 40,112 ​ — 1,746 2013 ​ ​ ​ ​ ​ ​ ​ 47,191 ​ 50,752 ​ 63,764 ​ 77,570 ​ 76,768 ​ 72,265 ​ 81,422 ​ 82,221 ​ 295 6,225 2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 74,185 ​ 95,283 ​ 105,528 ​ 112,157 ​ 113,747 ​ 113,790 ​ 115,781 ​ 735 8,232 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 120,137 ​ 139,415 ​ 152,268 ​ 146,757 ​ 155,266 ​ 158,586 ​ 1,789 11,156 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 114,568 ​ 124,760 ​ 119,931 ​ 124,166 ​ 129,184 ​ 3,616 9,651 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 81,986 ​ 79,156 ​ 71,068 ​ 71,849 ​ 6,510 7,073 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 87,993 ​ 78,777 ​ 82,562 ​ 14,403 7,216 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 115,393 ​ 109,586 ​ 33,811 9,211 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 98,045 ​ 62,409 5,403 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 900,681 ​ $ 123,568 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Auto – Paid ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended ​ ​ ​ ​ ​ Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ​ ​ ​ ​ ​ 2011 ​ $ 4,717 ​ $ 7,791 ​ $ 7,250 ​ $ 9,111 ​ $ 11,587 ​ $ 12,005 ​ $ 12,123 ​ $ 12,117 ​ $ 12,128 ​ $ 12,754 ​ ​ ​ ​ ​ 2012 ​ ​ ​ 6,660 ​ 15,397 ​ 25,280 ​ 33,248 ​ 39,680 ​ 40,852 ​ 41,305 ​ 38,657 ​ 40,090 ​ ​ ​ ​ ​ 2013 ​ ​ ​ ​ 13,015 ​ 26,773 ​ 43,403 ​ 64,073 ​ 72,906 ​ 71,010 ​ 79,066 ​ 79,556 ​ ​ ​ ​ ​ 2014 ​ ​ ​ ​ ​ 21,692 ​ 52,048 ​ 74,431 ​ 96,385 ​ 108,102 ​ 110,883 ​ 113,915 ​ ​ ​ ​ ​ 2015 ​ ​ ​ ​ ​ ​ 37,964 ​ 74,524 ​ 107,063 ​ 126,831 ​ 142,806 ​ 149,411 ​ ​ ​ ​ ​ 2016 ​ ​ ​ ​ ​ ​ ​ 39,580 ​ 63,123 ​ 83,161 ​ 102,003 ​ 118,545 ​ ​ ​ ​ ​ 2017 ​ ​ ​ ​ ​ ​ ​ ​ 19,950 ​ 34,659 ​ 47,199 ​ 58,538 ​ ​ ​ ​ ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ 16,709 ​ 32,698 ​ 52,510 ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 22,082 ​ 51,448 ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17,198 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 693,965 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred less paid ​ ​ $ 206,716 ​ ​ ​ ​ ​ ​
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, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 22 % 22 % 19 % 17 % 12 % 2 % 5 % (2) % 3 % 5 %
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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Counts Prior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,356 ​ ​ 2011 ​ $ 45,894 ​ $ 58,633 ​ $ 61,398 ​ $ 60,375 ​ $ 63,264 ​ $ 67,791 ​ $ 62,127 ​ $ 66,641 ​ $ 64,682 ​ $ 64,241 ​ ​ 524 1,533 2012 ​ ​ 42,685 ​ 43,677 ​ 38,288 ​ 42,401 ​ 45,771 ​ 46,312 ​ 48,096 ​ 50,509 ​ ​ 51,503 ​ 1,292 1,488 2013 ​ ​ ​ 48,466 ​ 61,785 ​ 62,618 ​ 70,459 ​ 60,613 ​ 61,796 ​ 69,565 ​ ​ 69,835 ​ 5,375 2,615 2014 ​ ​ ​ ​ 70,878 ​ 77,255 ​ 78,801 ​ 93,468 ​ 104,281 ​ 114,976 ​ ​ 120,427 ​ 11,986 3,103 2015 ​ ​ ​ ​ ​ 80,225 ​ 80,411 ​ 78,163 ​ 80,514 ​ 93,808 ​ ​ 98,153 ​ 14,628 3,018 2016 ​ ​ ​ ​ ​ ​ 93,737 ​ 101,479 ​ 92,401 ​ 91,228 ​ ​ 98,812 ​ 20,493 2,898 2017 ​ ​ ​ ​ ​ ​ ​ 99,845 ​ 100,306 ​ 94,554 ​ ​ 107,430 ​ 44,829 2,992 2018 ​ ​ ​ ​ ​ ​ ​ ​ 142,486 ​ 137,525 ​ ​ 137,672 ​ 79,149 3,113 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 153,650 ​ ​ 159,357 ​ 116,813 2,893 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 164,875 ​ 149,052 2,076 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,072,305 ​ $ 450,497 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General Liability – Paid ​ ​ ​ ​ ​ ​ ​ Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended ​ ​ ​ ​ ​ Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ​ ​ ​ ​ ​ 2011 ​ $ 5,009 ​ $ 18,912 ​ $ 30,123 ​ $ 37,344 ​ $ 44,166 ​ $ 50,136 ​ $ 54,250 ​ $ 56,659 ​ $ 57,932 ​ $ 59,367 ​ ​ ​ ​ ​ 2012 ​ ​ 945 ​ 8,844 ​ 14,751 ​ 24,257 ​ 32,585 ​ 36,521 ​ 40,754 ​ 45,509 ​ ​ 48,297 ​ ​ ​ ​ ​ 2013 ​ ​ ​ 1,930 ​ 10,941 ​ 22,152 ​ 36,493 ​ 46,821 ​ 55,148 ​ 66,439 ​ ​ 69,798 ​ ​ ​ ​ ​ 2014 ​ ​ ​ ​ 5,456 ​ 14,032 ​ 28,581 ​ 41,079 ​ 53,712 ​ 73,491 ​ ​ 84,494 ​ ​ ​ ​ ​ 2015 ​ ​ ​ ​ ​ 5,404 ​ 14,720 ​ 25,931 ​ 39,407 ​ 61,168 ​ ​ 75,037 ​ ​ ​ ​ ​ 2016 ​ ​ ​ ​ ​ ​ 3,547 ​ 13,873 ​ 25,223 ​ 47,333 ​ ​ 63,646 ​ ​ ​ ​ ​ 2017 ​ ​ ​ ​ ​ ​ ​ 2,596 ​ 11,279 ​ 26,354 ​ ​ 40,828 ​ ​ ​ ​ ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ 2,223 ​ 15,625 ​ ​ 31,347 ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,487 ​ ​ 18,404 ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,276 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 493,494 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred less paid ​ ​ ​ ​ $ 578,811 ​ ​ ​ ​ ​
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, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 3 % 11 % 13 % 15 % 15 % 13 % 10 % 6 % 4 % 2 %
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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Counts Prior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 13,370 ​ ​ 2011 ​ $ 28,987 ​ $ 22,186 ​ $ 23,576 ​ $ 21,411 ​ $ 19,489 ​ $ 21,943 ​ $ 18,986 ​ $ 21,247 ​ $ 23,750 ​ $ 26,870 ​ ​ 6,450 203 2012 ​ ​ ​ ​ ​ 46,503 ​ 51,724 ​ 53,038 ​ 48,983 ​ 47,373 ​ 38,501 ​ 38,835 ​ 38,919 ​ 39,689 ​ 2,739 1,776 2013 ​ ​ ​ ​ ​ ​ ​ ​ 76,844 ​ 71,683 ​ 70,939 ​ 68,109 ​ 71,532 ​ 69,729 ​ 64,727 ​ 66,457 ​ 8,150 2,702 2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 88,181 ​ 81,628 ​ 83,543 ​ 74,134 ​ 69,886 ​ 67,784 ​ 69,102 ​ 12,909 2,682 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 101,762 ​ 101,410 ​ 89,383 ​ 82,212 ​ 87,570 ​ 81,504 ​ 13,798 3,891 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 99,292 ​ 109,623 ​ 103,382 ​ 102,716 ​ 85,553 ​ 14,347 4,373 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 102,250 ​ 101,691 ​ 93,134 ​ 85,197 ​ 45,929 4,698 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 116,278 ​ 118,973 ​ 116,178 ​ 62,582 5,157 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 97,485 ​ 94,627 ​ 52,783 5,081 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 45,460 ​ 31,863 1,853 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 710,637 ​ $ 264,920 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Workers’ Compensation – Paid ​ ​ ​ ​ ​ ​ ​ Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended ​ ​ ​ ​ ​ Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ​ ​ ​ ​ ​ 2011 ​ $ 473 ​ $ 4,148 ​ $ 5,127 ​ $ 5,503 ​ $ 7,239 ​ $ 8,662 ​ $ 8,978 ​ $ 9,971 ​ $ 10,841 ​ $ 11,525 ​ ​ ​ ​ ​ 2012 ​ ​ ​ ​ ​ 2,381 ​ 5,481 ​ 10,598 ​ 14,634 ​ 18,468 ​ 23,694 ​ 25,495 ​ 26,237 ​ 27,785 ​ ​ ​ ​ ​ 2013 ​ ​ ​ ​ ​ ​ ​ ​ 2,639 ​ 12,579 ​ 20,520 ​ 26,088 ​ 29,036 ​ 32,962 ​ 35,793 ​ 38,745 ​ ​ ​ ​ ​ 2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,644 ​ 14,901 ​ 24,411 ​ 35,131 ​ 39,846 ​ 42,423 ​ 49,285 ​ ​ ​ ​ ​ 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,504 ​ 18,434 ​ 27,423 ​ 33,543 ​ 38,061 ​ 42,790 ​ ​ ​ ​ ​ 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10,891 ​ 24,557 ​ 35,385 ​ 43,171 ​ 48,867 ​ ​ ​ ​ ​ 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,631 ​ 22,462 ​ 30,776 ​ 27,305 ​ ​ ​ ​ ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,563 ​ 29,008 ​ 37,098 ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,745 ​ 26,871 ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,219 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 317,490 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred less paid ​ ​ ​ ​ $ 393,147 ​ ​ ​ ​ ​ ​
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, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 9 % 15 % 10 % 7 % 6 % 6 % 6 % 4 % 4 % 3 %
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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Counts Prior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2011 $ — $ — ​ $ 11 ​ $ 7 ​ $ 6 ​ $ 6 ​ $ 2 ​ $ 2 ​ $ 2 ​ $ 2 ​ $ — ​ — 2012 ​ ​ ​ 96 ​ ​ 94 ​ ​ 73 ​ ​ 49 ​ ​ 39 ​ ​ 813 ​ ​ 813 ​ ​ 813 ​ ​ 813 ​ ​ — ​ 5 2013         ​ ​ ​ ​ ​ 968 ​ 1,065 ​ 1,051 ​ 1,442 ​ 8,226 ​ 8,250 ​ 8,198 ​ ​ 8,286 ​ ​ 2 54 2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ 13,037 ​ 15,884 ​ 16,448 ​ 25,915 ​ 27,126 ​ 30,172 ​ 31,876 ​ 1,067 615 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 27,876 ​ 27,542 ​ 17,952 ​ 18,345 ​ 24,144 ​ 24,637 ​ 3,462 1,017 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 34,010 ​ 30,379 ​ 34,883 ​ 44,758 ​ 48,370 ​ 8,071 1,203 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 37,760 ​ 44,044 ​ 44,260 ​ 56,196 ​ 12,530 1,455 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39,507 ​ 37,015 ​ 35,681 ​ 14,143 1,237 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 36,895 ​ 38,194 ​ 19,552 1,151 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 47,101 ​ 25,682 906 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 291,156 ​ $ 84,509 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial Multiple Peril – Paid ​ ​ ​ ​ ​ ​ ​ Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended ​ ​ ​ ​ ​ Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ​ ​ ​ ​ ​ 2011 $ — $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 2 ​ $ 2 ​ $ 2 ​ $ 2 ​ ​ ​ ​ ​ 2012 ​ ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ ​ 2 ​ ​ 813 ​ ​ 813 ​ ​ 813 ​ ​ 813 ​ ​ ​ ​ ​ 2013 ​ ​ ​ ​ ​ ​ 43 ​ 192 ​ 312 ​ 754 ​ 8,083 ​ 8,149 ​ 8,157 ​ 8,265 ​ ​ ​ ​ ​ 2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,795 ​ 4,271 ​ 7,358 ​ 20,545 ​ 22,880 ​ 26,366 ​ 27,666 ​ ​ ​ ​ ​ 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,879 ​ 14,751 ​ 8,949 ​ 14,293 ​ 20,676 ​ 22,552 ​ ​ ​ ​ ​ 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,974 ​ 7,028 ​ 16,715 ​ 27,870 ​ 36,813 ​ ​ ​ ​ ​ 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,270 ​ 19,733 ​ 27,816 ​ 36,941 ​ ​ ​ ​ ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,323 ​ 11,953 ​ 16,420 ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,940 ​ 12,857 ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13,054 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 175,383 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred less paid ​ ​ ​ ​ $ 115,773 ​ ​ ​ ​ ​ ​
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, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 16 % 16 % 10 % 23 % 22 % 10 % 3 % 1 % — % — %
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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Counts Prior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 3,767 ​ ​ 2011 ​ $ 26,899 ​ $ 34,597 ​ $ 30,507 ​ $ 29,749 ​ $ 29,238 ​ $ 28,794 ​ $ 31,176 ​ $ 31,018 ​ $ 30,450 ​ $ 27,245 ​ ​ — 1,466 2012 ​ ​ 26,995 ​ 32,022 ​ 30,266 ​ 30,551 ​ 30,678 ​ 29,250 ​ 29,803 ​ 29,051 ​ 32,080 ​ — 1,618 2013 ​ ​ ​ 36,900 ​ 36,992 ​ 34,287 ​ 33,773 ​ 26,428 ​ 25,859 ​ 25,890 ​ 25,594 ​ 16 1,650 2014 ​ ​ ​ ​ 40,562 ​ 42,938 ​ 39,473 ​ 28,192 ​ 27,749 ​ 30,011 ​ 29,848 ​ 212 1,718 2015 ​ ​ ​ ​ ​ 54,269 ​ 58,501 ​ 69,660 ​ 67,924 ​ 70,154 ​ 71,038 ​ 846 1,814 2016 ​ ​ ​ ​ ​ ​ 48,824 ​ 57,296 ​ 55,607 ​ 53,398 ​ 54,398 ​ 884 1,999 2017 ​ ​ ​ ​ ​ ​ ​ 33,108 ​ 36,102 ​ 36,489 ​ 33,730 ​ 1,165 2,545 2018 ​ ​ ​ ​ ​ ​ ​ ​ 35,839 ​ 33,909 ​ 31,452 ​ 2,440 2,529 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 54,550 ​ 58,316 ​ 8,799 2,682 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 74,698 ​ 34,166 2,026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 438,399 ​ $ 52,295 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ All Other Lines – Paid ​ ​ ​ ​ ​ ​ ​ Unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended ​ ​ ​ ​ ​ Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ​ ​ ​ ​ ​ 2011 ​ $ 4,597 ​ $ 20,155 ​ $ 22,603 ​ $ 24,773 ​ $ 25,251 ​ $ 27,608 ​ $ 30,231 ​ $ 30,259 ​ $ 30,344 ​ $ 27,150 ​ ​ ​ ​ ​ 2012 ​ ​ ​ ​ ​ 6,634 ​ 18,554 ​ 22,619 ​ 26,821 ​ 28,639 ​ 28,319 ​ 28,542 ​ 28,577 ​ 31,841 ​ ​ ​ ​ ​ 2013 ​ ​ ​ ​ ​ ​ ​ ​ 9,838 ​ 23,526 ​ 29,009 ​ 31,569 ​ 25,144 ​ 25,206 ​ 25,408 ​ 25,404 ​ ​ ​ ​ ​ 2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11,150 ​ 26,667 ​ 32,126 ​ 24,846 ​ 26,388 ​ 27,770 ​ 29,797 ​ ​ ​ ​ ​ 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 18,292 ​ 37,279 ​ 65,390 ​ 67,563 ​ 69,037 ​ 70,459 ​ ​ ​ ​ ​ 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19,279 ​ 41,618 ​ 44,104 ​ 46,119 ​ 48,221 ​ ​ ​ ​ ​ 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15,580 ​ 28,070 ​ 31,792 ​ 31,340 ​ ​ ​ ​ ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 11,194 ​ 23,605 ​ 26,503 ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 25,268 ​ 44,663 ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 26,479 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 361,857 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred less paid ​ ​ ​ $ 76,542 ​ ​ ​ ​ ​
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, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 34 % 39 % 18 % 2 % — % 3 % 4 % — % 6 % (12) %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes
Schedule of components of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ($ in thousands) 2020 2019 Deferred tax assets: ​ ​ ​ ​ Loss reserves ​ $ 14,568 ​ $ 13,289 Loss reserves transitional adjustment ​ 6,104 ​ 6,104 Unearned premiums ​ 15,250 ​ 16,785 Net operating loss carry forwards – state and local ​ 17,444 ​ 17,008 Net operating loss carry forwards – federal ​ 646 ​ 357 Capital loss carry forwards – federal ​ 145 ​ 1,519 Bad debt reserve ​ 3,019 ​ 3,229 Impairments ​ 987 ​ 517 Deferred compensation ​ 5,268 ​ 5,659 Amortization of intangibles ​ 578 ​ 695 Limited partnership income ​ ​ 334 ​ ​ 2,566 Lease liabilities ​ ​ 602 ​ ​ — Other ​ 2,405 ​ 3,151 Total deferred tax assets ​ 67,350 ​ 70,879 Less: valuation allowance ​ (18,081) ​ (17,604) Deferred tax assets, net of allowance ​ 49,269 ​ 53,275 Deferred tax liabilities: ​ ​ Deferred policy acquisition costs ​ 19,856 ​ 20,693 Loss reserve transitional adjustment ​ 3,815 ​ 4,578 Fair value adjustments ​ 3,622 ​ 3,628 Lease right-of-use assets ​ ​ 587 ​ ​ — Unrealized appreciation of investments ​ 22,632 ​ 8,669 Other ​ 8,894 ​ 10,904 Total deferred tax liabilities ​ 59,406 ​ 48,472 Net deferred income taxes ​ $ (10,137) ​ $ 4,803
Schedule of tax benefit of the U.S. federal NOLs generated by year and expiration date	​ ​ ​ ​ ​ ​ ​ ($ in thousands) Amount Expires 2010 ​ $ 646 2030 Total ​ $ 646
Schedule of change in valuation allowance account with respect to the deferred tax asset	​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 Balance, beginning of year ​ $ 17,604 ​ $ 16,962 Change in valuation allowance ​ 477 ​ 642 Balance, end of year ​ $ 18,081 ​ $ 17,604
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits	​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 Balance, beginning of year ​ $ 438 ​ $ 528 Additions for tax positions of prior years ​ 34 ​ 260 Reductions for tax positions of prior years ​ (379) ​ (350) Balance, end of year ​ $ 93 ​ $ 438
Summary of effective income tax rate reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 2018 Expected tax expense at statutory rates in taxable jurisdictions ​ $ 8,083 ​ $ 12,103 ​ $ 13,896 Tax-exempt interest ​ (9) ​ — ​ (46) State taxes ​ (377) ​ (629) ​ (10,746) Valuation allowance ​ 477 ​ 642 ​ 10,451 Effect of provision to tax return filing adjustments ​ — ​ 42 ​ — Goodwill impairment ​ 2,501 ​ — ​ — Other ​ 65 ​ (21) ​ (166) Total income tax expense ​ $ 10,740 ​ $ 12,137 ​ $ 13,389

Statutory Financial Informati_2

Statutory Financial Information (Tables)	12 Months Ended
	Dec. 31, 2020
Statutory Financial Information
Schedule of statutory financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 2018 Combined statutory net income ​ $ 37,533 ​ $ 55,681 ​ $ 33,147 Combined statutory surplus ​ $ 668,060 ​ $ 568,777 ​ $ 473,575

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies
Schedule of lease liabilities and right-of-use lease assets	​ ​ ​ ​ ​ ($ in thousands) December 31, 2020 One year or less ​ $ 2,922 More than one year to two years ​ 214 More than two years to three years ​ — More than three years to four years ​ ​ — More than four years to five years ​ ​ — More than five years ​ — Total undiscounted future minimum lease payments ​ 3,136 Less: difference between lease payments and discounted lease liabilities ​ 37 Lease liabilities ​ $ 3,099 ​ ​ ​ ​ Right-of-use assets ​ $ 2,794 Prepaid lease assets, net of lease allowances and incentives ​ 305 Total ​ $ 3,099
Summary of the fiduciary and pools' underwriting accounts	​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2020 2019 Assets held on behalf of unaffiliated pool members ​ $ 1,495 ​ $ 10,522 Escrow bond arrangements ​ 571 ​ 1,014 Total ​ $ 2,066 ​ $ 11,536

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-Based Compensation
Summary of RSU transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average Grant Date ​ Shares Fair Value Per Share 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 Granted in 2020 593,147 ​ 12.30 Vested in 2020 (134,001) ​ 9.96 Forfeited in 2020 (43,101) ​ 13.58 Unvested at December 31, 2020 1,705,441 ​ $ 13.46

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Information
Summary of gross written premiums by customer segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31 ​ ($ in thousands) 2020 2019 2018 ​ Customer segment ​ ​ ​ ​ ​ Construction ​ $ 109,955 13.5 % $ 117,918 12.2 % $ 101,946 11.4 % Consumer Services ​ 123,011 15.0 ​ 133,682 13.8 ​ 107,086 12.0 ​ Marine and Energy ​ 110,228 13.5 ​ 94,700 9.8 ​ 83,104 9.3 ​ Media and Entertainment ​ 88,788 10.9 ​ 124,950 12.9 ​ 119,926 13.4 ​ Professional Services ​ 130,893 16.0 ​ 119,326 12.3 ​ 110,546 12.3 ​ Real Estate ​ 159,166 19.5 ​ 167,635 17.3 ​ 132,652 14.8 ​ Sports ​ ​ 23,337 ​ 2.8 ​ ​ 30,079 ​ 3.1 ​ ​ 23,590 ​ 2.6 ​ Transportation ​ ​ 64,559 ​ 7.9 ​ ​ 112,191 ​ 11.6 ​ ​ 92,169 ​ 10.3 ​ Customer segment subtotal ​ 809,937 99.1 ​ 900,481 93.0 ​ 771,019 86.1 ​ Other ​ 7,153 0.9 ​ 67,530 7.0 ​ 124,093 13.9 ​ Specialty Insurance total ​ $ 817,090 100.0 % $ 968,011 100.0 % $ 895,112 100.0 %
Summary of gross written premiums by line of business across customer segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31 ​ ($ in thousands) 2020 2019 2018 ​ Line of business ​ ​ ​ ​ ​ Commercial Auto ​ $ 167,219 ​ 20.5 % $ 205,303 ​ 21.2 % $ 151,612 ​ 16.9 % General Liability ​ 335,864 41.1 ​ 335,197 34.6 ​ 277,948 31.1 ​ Workers’ Compensation ​ 72,352 8.8 ​ 179,432 18.6 ​ 246,302 27.5 ​ Commercial Multiple Peril ​ 56,498 6.9 ​ 82,126 8.5 ​ 67,351 7.5 ​ All Other Lines ​ 185,157 22.7 ​ 165,953 17.1 ​ 151,899 17.0 ​ Specialty Insurance total ​ $ 817,090 100.0 % $ 968,011 100.0 % $ 895,112 100.0 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
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 2020 (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders ​ $ 27,750 43,888 $ 0.63 $ (5,522) 43,888 $ (0.12) Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock compensation plans ​ ​ 229 ​ ​ 229 ​ Diluted EPS ​ $ 27,750 44,117 $ 0.63 $ (5,522) 44,117 $ (0.13) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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

Quarterly Financial Informati_2

Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2020
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 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross written premiums ​ $ 213,784 ​ $ 186,394 ​ $ 203,539 ​ $ 213,373 ​ $ 817,090 Revenues ​ ​ 214,821 ​ ​ 207,412 ​ ​ 194,142 ​ ​ 199,732 ​ ​ 816,107 Net income from continuing operations ​ ​ 6,811 ​ ​ 17,283 ​ ​ 1,498 ​ ​ 2,158 ​ ​ 27,750 Net income (loss) ​ ​ 7,068 ​ ​ 17,562 ​ ​ 1,518 ​ ​ (3,920) ​ ​ 22,228 Basic earnings per share - continuing operations ​ ​ 0.16 ​ ​ 0.39 ​ ​ 0.03 ​ ​ 0.05 ​ ​ 0.63 Diluted earnings per share - continuing operations ​ ​ 0.15 ​ ​ 0.39 ​ ​ 0.03 ​ ​ 0.05 ​ ​ 0.63 Basic earnings (loss) per share ​ ​ 0.16 ​ ​ 0.40 ​ ​ 0.03 ​ ​ (0.09) ​ ​ 0.51 Diluted earnings (loss) per share ​ ​ 0.16 ​ ​ 0.40 ​ ​ 0.03 ​ ​ (0.09) ​ ​ 0.50 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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

Background - Reorganization (De

Background - Reorganization (Details)	Jul. 25, 2019shares
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

Background - Initial Public Off

Background - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 15, 2019	Jul. 29, 2019	Dec. 31, 2020
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, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Significant accounting policies
Allowance for uncollectible premiums receivable		$ 6,917	$ 5,056
Statutory U.S tax rate	21.00%				35.00%
Carried discounted reserves on workers' compensation claims, net of reinsurance		122,100	116,900
Workers' compensation reserves, discount amount		$ 48,200	$ 47,400
Outstanding common stock, par value		$ 0.01	$ 0.01
Vested RSUs conversion common stock		489,439	906,182	548,292
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)		2.04%	2.04%
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		$ 2,400	$ 3,300
Depreciation expense		$ 1,100	1,200	$ 1,500
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		$ 31,400	33,800
Depreciation expense		$ 7,900	$ 7,000	$ 5,800
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, 2020	Jan. 01, 2020
Recently adopted accounting standards
Operating lease right-of-use asset, continuing operations		$ 3,099
Operating lease liability, continuing operations		$ 3,099
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
Recently adopted accounting standards
Operating lease right-of-use asset, continuing operations			$ 5,600
Operating lease liability, continuing operations			6,300
Operating lease right-of-use asset, discontinued operations			2,500
Operating lease liability, discontinued operations			$ 3,000

Statements of Cash Flow - Summa

Statements of Cash Flow - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statements of Cash Flow
Interest	$ 12,915	$ 12,865	$ 12,377
Federal income tax	5,553	$ (780)	$ 135
Operating lease right-of-use assets due to adoption of ASU 2016-02 - continuing operations	2,794
Operating lease right-of-use assets due to adoption of ASU 2016-02 - discontinued operations	2,173
Operating lease liabilities due to adoption of ASU 2016-02 - continuing operations	3,099
Operating lease liabilities due to adoption of ASU 2016-02 - discontinued operations	2,508
Tax benefit on payments related to offering costs	$ 635

Statements of Cash Flow - Addit

Statements of Cash Flow - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020shares
Supplemental cash flow information
Conversion of restricted stock units into shares of common stock	364,948

Goodwill and Net Intangible A_3

Goodwill and Net Intangible Assets - Acquisition of New York Marine (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 23, 2010	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business acquisition
Goodwill			$ 11,911	$ 11,911
Intangible assets remaining to be amortized		$ 148
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	$ 100
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 Net Intangible A_4

Goodwill and Net Intangible Assets - Impairment of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 14, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill
Beginning balance		$ 11,911	$ 11,911
Impairment		11,911
Ending balance			11,911
Other Intangibles
Impairment loss on other intangibles		0
Beginning balance		17,278	17,308
Amortization		30	30
Ending balance		17,248	17,278
Total
Beginning balance		29,189	29,219
Amortization		30	30
Impairment		11,911
Ending balance		$ 17,248	$ 29,189
Subsequent Event | Estimated
Subsequent events
Cash proceeds from sale of common stock under merger agreement	$ 586,000

Goodwill and Net Intangible A_5

Goodwill and Net Intangible Assets - Status of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and net intangibles
Goodwill, Gross	$ 11,911	$ 11,911
Impairment of goodwill	(11,911)
Goodwill, Net		11,911	$ 11,911
Finite lived Intangible assets, Accumulated Amortization	(30)	(30)
Finite lived Intangible assets, Net	148
Net balance, Gross	29,189	29,219
Net balance, Net	17,248	29,189	$ 29,219
Other
Goodwill and net intangibles
Finite lived Intangible assets, Gross	178	208
Finite lived Intangible assets, Accumulated Amortization	(30)	(30)
Finite lived Intangible assets, Net	$ 148	$ 178
Useful Life	15 years
Other | Maximum
Goodwill and net intangibles
Useful Life		15 years
State licenses
Goodwill and net intangibles
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, 2020USD ($)
Goodwill and Net Intangible Assets
2021	$ 30
2022	30
2023	30
2024	30
2025	28
Total	$ 148

Discontinued Operations - Resul

Discontinued Operations - Results of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Net earned premiums	$ 295	$ 611	$ 1,173
Net investment income	73	142	514
Realized Investment gains, net	1,260	1,267	830
Other Income			338
Total revenue	1,628	2,020	2,855
Expenses
Net losses and loss adjustment expenses incurred	8,295	10,463	11,197
Policy acquisition expenses	93	218	401
General and administrative expenses	823	57	(8,401)
Interest expense			218
Total expenses	9,211	10,738	3,415
Loss from discontinued operations before income taxes	(7,583)	(8,718)	(560)
Income tax benefit	(2,061)	(2,114)	(1,374)
Net (loss) income from discontinued operations	(5,522)	(6,604)	$ 814
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		35,200
Quota share reinsurance (as a percent)	100.00%
Aggregate Stop Loss reinsurance protection, liability	$ 32,000	$ 24,000

Discontinued Operations - Conso

Discontinued Operations - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net income (loss)
Net income (loss) from discontinued operations	$ (5,522)	$ (6,604)	$ 814
Assets
Total assets	21,354	21,584
Liabilities
Total liabilities	37,729	31,578
Insurance Operations, U.K. | Discontinued operation
Assets
Cash and investments	10,939	10,428
Other assets	10,415	11,156
Total assets	21,354	21,584
Liabilities
Reserve for unpaid losses and loss adjustment expenses	32,414	24,169
Other liabilities	5,315	7,409
Total liabilities	$ 37,729	$ 31,578

Investments - Gross Unrealized

Investments - Gross Unrealized Gains and Losses on AFS Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Gross unrealized gains and losses on fixed maturity securities included in assets
Fixed maturity securities, available-for-sale, amortized cost	$ 2,159,743	$ 1,999,403
Credit Loss Allowance	(1,457)	0
Fair Value	2,266,057	2,040,682
Short-term investments	154	43,873
Commercial levered loans (amortized cost)	12,308	14,069
Non-redeemable preferred stock securities	7,049
Bond exchange-traded funds	44,882
Limited partnerships and limited liability companies (fair value)	90,468	66,660
Total investments	$ 2,420,918	$ 2,165,284
Proportion of short-term investments to total investments (as a percent)	0.00%	2.00%
Proportion of commercial levered loans (amortized cost) to total investments (as a percent)	0.50%	0.70%
Proportion of non-redeemable preferred stock securities to total investments (as a percent)	0.30%
Proportion of bond exchange-traded funds to total investments (as a percent)	1.90%
Proportion of limited partnerships and limited liability companies (fair value) to total investments (as a percent)	3.70%	3.10%
Total investment percentage	100.00%	100.00%
Fixed maturity portfolios considered investment grade (as a percent)	91.70%	91.10%
Fixed maturity securities below investment grade, held	$ 187,900	$ 181,000
Fixed maturity securities
Gross unrealized gains and losses on fixed maturity securities included in assets
Fixed maturity securities, available-for-sale, amortized cost	2,159,743	1,999,403
Credit Loss Allowance	(1,457)
Gross Unrealized Gains	117,552	48,403
Gross Unrealized Losses	(9,781)	(7,124)
Fair Value	$ 2,266,057	$ 2,040,682
Proportion of fixed maturity securities, AFS to total investments (as a percent)	93.60%	94.20%
Fixed maturity securities | U.S. Treasury securities
Gross unrealized gains and losses on fixed maturity securities included in assets
Fixed maturity securities, available-for-sale, amortized cost	$ 50,248	$ 49,161
Gross Unrealized Gains	1,909	838
Gross Unrealized Losses		(14)
Fair Value	$ 52,157	$ 49,985
Proportion of fixed maturity securities, AFS to total investments (as a percent)	2.20%	2.30%
Fixed maturity securities | Government agency securities
Gross unrealized gains and losses on fixed maturity securities included in assets
Fixed maturity securities, available-for-sale, amortized cost	$ 30,446	$ 6,522
Gross Unrealized Gains	561	23
Gross Unrealized Losses		(14)
Fair Value	$ 31,007	$ 6,531
Proportion of fixed maturity securities, AFS to total investments (as a percent)	1.30%	0.30%
Fixed maturity securities | Corporate debt securities
Gross unrealized gains and losses on fixed maturity securities included in assets
Fixed maturity securities, available-for-sale, amortized cost	$ 1,317,667	$ 1,308,094
Credit Loss Allowance	(598)
Gross Unrealized Gains	86,447	33,743
Gross Unrealized Losses	(6,485)	(3,025)
Fair Value	$ 1,397,031	$ 1,338,812
Proportion of fixed maturity securities, AFS to total investments (as a percent)	57.70%	61.80%
Fixed maturity securities | Municipal debt obligations
Gross unrealized gains and losses on fixed maturity securities included in assets
Fixed maturity securities, available-for-sale, amortized cost	$ 198,773	$ 80,338
Gross Unrealized Gains	8,437	243
Gross Unrealized Losses	(116)	(766)
Fair Value	$ 207,094	$ 79,815
Proportion of fixed maturity securities, AFS to total investments (as a percent)	8.50%	3.70%
Fixed maturity securities | ABS
Gross unrealized gains and losses on fixed maturity securities included in assets
Fixed maturity securities, available-for-sale, amortized cost	$ 54,989	$ 73,068
Gross Unrealized Gains	696	854
Gross Unrealized Losses	(427)	(340)
Fair Value	$ 55,258	$ 73,582
Proportion of fixed maturity securities, AFS to total investments (as a percent)	2.30%	3.40%
Fixed maturity securities | CLO
Gross unrealized gains and losses on fixed maturity securities included in assets
Fixed maturity securities, available-for-sale, amortized cost	$ 140,615	$ 181,704
Gross Unrealized Gains	154	125
Gross Unrealized Losses	(1,643)	(2,280)
Fair Value	$ 139,126	$ 179,549
Proportion of fixed maturity securities, AFS to total investments (as a percent)	5.70%	8.30%
Fixed maturity securities | CMBS
Gross unrealized gains and losses on fixed maturity securities included in assets
Fixed maturity securities, available-for-sale, amortized cost	$ 111,313	$ 95,810
Gross Unrealized Gains	7,008	1,863
Gross Unrealized Losses	(361)	(147)
Fair Value	$ 117,960	$ 97,526
Proportion of fixed maturity securities, AFS to total investments (as a percent)	4.90%	4.50%
Fixed maturity securities | RMBS - non-agency
Gross unrealized gains and losses on fixed maturity securities included in assets
Fixed maturity securities, available-for-sale, amortized cost	$ 109,110	$ 62,343
Credit Loss Allowance	(859)
Gross Unrealized Gains	8,619	9,458
Gross Unrealized Losses	(734)	(191)
Fair Value	$ 116,136	$ 71,610
Proportion of fixed maturity securities, AFS to total investments (as a percent)	4.80%	3.30%
Fixed maturity securities | RMBS - agency
Gross unrealized gains and losses on fixed maturity securities included in assets
Fixed maturity securities, available-for-sale, amortized cost	$ 146,582	$ 142,363
Gross Unrealized Gains	3,721	1,256
Gross Unrealized Losses	(15)	(347)
Fair Value	$ 150,288	$ 143,272
Proportion of fixed maturity securities, AFS to total investments (as a percent)	6.20%	6.60%

Investments - Unrealized Loss P

Investments - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value
Less Than 12 Months	$ 119,476	$ 290,187
Greater Than 12 Months	204,714	200,992
Total Fair Value	324,190	491,179
Unrealized Losses
Less Than 12 Months	(2,004)	(3,930)
Greater Than 12 Months	(7,777)	(3,194)
Total Unrealized Losses	$ (9,781)	$ (7,124)
Fixed maturity securities, unrealized loss position	212	313
U.S. Treasury securities
Fair Value
Greater Than 12 Months		$ 7,469
Total Fair Value		7,469
Unrealized Losses
Greater Than 12 Months		(14)
Total Unrealized Losses		(14)
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	$ 36,450	133,341
Greater Than 12 Months	101,628	50,695
Total Fair Value	138,078	184,036
Unrealized Losses
Less Than 12 Months	(740)	(2,509)
Greater Than 12 Months	(5,745)	(516)
Total Unrealized Losses	(6,485)	(3,025)
Municipal debt obligations
Fair Value
Less Than 12 Months	12,211	66,355
Greater Than 12 Months	3,344
Total Fair Value	15,555	66,355
Unrealized Losses
Less Than 12 Months	(73)	(766)
Greater Than 12 Months	(43)
Total Unrealized Losses	(116)	(766)
ABS
Fair Value
Less Than 12 Months	9,121	27,884
Greater Than 12 Months	9,461	11,165
Total Fair Value	18,582	39,049
Unrealized Losses
Less Than 12 Months	(364)	(175)
Greater Than 12 Months	(63)	(165)
Total Unrealized Losses	(427)	(340)
CLO
Fair Value
Less Than 12 Months	29,909	28,485
Greater Than 12 Months	82,758	110,825
Total Fair Value	112,667	139,310
Unrealized Losses
Less Than 12 Months	(215)	(338)
Greater Than 12 Months	(1,428)	(1,942)
Total Unrealized Losses	(1,643)	(2,280)
CMBS
Fair Value
Less Than 12 Months	17,559	18,307
Greater Than 12 Months	800	6,053
Total Fair Value	18,359	24,360
Unrealized Losses
Less Than 12 Months	(348)	(102)
Greater Than 12 Months	(13)	(45)
Total Unrealized Losses	(361)	(147)
RMBS - non-agency
Fair Value
Less Than 12 Months	11,759	2,173
Greater Than 12 Months	6,723	2,418
Total Fair Value	18,482	4,591
Unrealized Losses
Less Than 12 Months	(249)	(14)
Greater Than 12 Months	(485)	(177)
Total Unrealized Losses	(734)	(191)
RMBS - agency
Fair Value
Less Than 12 Months	2,467	10,450
Greater Than 12 Months		12,367
Total Fair Value	2,467	22,817
Unrealized Losses
Less Than 12 Months	(15)	(12)
Greater Than 12 Months		(335)
Total Unrealized Losses	$ (15)	$ (347)

Investments - Rollforward of th

Investments - Rollforward of the credit losses allowance for fixed maturity securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Beginning Balance	$ 0
Ending Balance	1,457
Fixed maturity securities
Additions New Securities	2,503
Reduction Sales	(235)
Changes in securities with previous allowance	(811)
Ending Balance	1,457
Fixed maturity securities | Corporate debt securities
Additions New Securities	1,166
Reduction Sales	(121)
Changes in securities with previous allowance	(447)
Ending Balance	598
Fixed maturity securities | ABS
Additions New Securities	180
Reduction Sales	(3)
Changes in securities with previous allowance	(177)
Fixed maturity securities | CLO
Additions New Securities	6
Changes in securities with previous allowance	(6)
Fixed maturity securities | RMBS - non-agency
Additions New Securities	1,151
Reduction Sales	(111)
Changes in securities with previous allowance	(181)
Ending Balance	$ 859

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Amortized Cost
Due in one year or less	$ 103,243
Due after one through five years	628,897
Due after five through ten years	522,749
Due after ten years	311,799
Amortized Cost	1,566,688
Amortized Cost	2,159,743	$ 1,999,403
Fair Value
Due in one year or less	104,316
Due after one through five years	657,996
Due after five through ten years	561,775
Due after ten years	332,195
Fair Value	1,656,282
Debt Securities, Available-for-sale, Total	2,266,057	$ 2,040,682
Government agency securities
Amortized Cost
Amortized Cost - Structured securities	30,446
Fair Value
Fair Value - Structured securities	31,007
ABS
Amortized Cost
Amortized Cost - Structured securities	54,989
Fair Value
Fair Value - Structured securities	55,258
CLO
Amortized Cost
Amortized Cost - Structured securities	140,615
Fair Value
Fair Value - Structured securities	139,126
CMBS
Amortized Cost
Amortized Cost - Structured securities	111,313
Fair Value
Fair Value - Structured securities	117,960
RMBS - non-agency
Amortized Cost
Amortized Cost - Structured securities	109,110
Fair Value
Fair Value - Structured securities	116,136
RMBS - agency
Amortized Cost
Amortized Cost - Structured securities	146,582
Fair Value
Fair Value - Structured securities	$ 150,288

Investments - Limited Partnersh

Investments - Limited Partnerships and Limited Liability Company Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Investments
Limited partnerships and limited liability companies (fair value)	$ 90,468	$ 66,660
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)	$ 46,600

Investments - Gain Loss on Inve

Investments - Gain Loss on Investment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments
Allowance for loan losses		$ 0	$ 0
Proceeds from sales and redemptions in AFS securities	$ 558.7	302.9	255.2
Gross realized gains from sales and redemptions in AFS securities	7.3	1.4	0.6
Gross realized losses from sales and redemptions of AFS investments	$ 0.9	$ 0.7	$ 2.2

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net investment income included in net income (loss)
Gross investment income	$ 76,484	$ 71,199	$ 58,136
Less: investment income attributable to funds withheld liabilities	(250)	(655)	(912)
Less: expenses	(3,213)	(1,647)	(1,253)
Net investment income	73,021	68,897	55,971
Debt Securities Member
Net investment income included in net income (loss)
Gross investment income	62,621	66,975	55,765
Net limited partnerships gains
Net investment income included in net income (loss)
Gross investment income	11,690	3,101	1,081
Other
Net investment income included in net income (loss)
Gross investment income	$ 2,173	$ 1,123	$ 1,290

Investments - Other Details (De

Investments - Other Details (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Securities required to be held with various regulatory authorities as required by law	$ 233.4	$ 210.8
Fair value of assets on deposit in collateral agreements	256.4	367.1
Carrying value of assets on deposit in collateral agreements	241	352
Non-redeemable preferred stock securities
Net gain	0.4
Unrealized gain	0.5
Realized loss on sale	0.1
Bond exchange-traded funds
Net gain	0.1
Unrealized gain	0.2
Realized loss on sale	$ 0.1
Insurance Operations, U.K. | Discontinued operation
Cash And Securities Deposited		$ 35.2

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Major categories of assets measured at fair value on a recurring basis
Limited partnerships and limited liability companies (fair value)	$ 90,468	$ 66,660
Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	2,317,988
Limited partnerships and limited liability companies (fair value)	90,468	66,660
Total invested assets carried at fair value	2,408,456	2,107,342
Level 1 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	44,882
Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	2,013,741
Level 3 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	259,365
Non-redeemable preferred stock securities | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	7,049
Non-redeemable preferred stock securities | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	5,649
Non-redeemable preferred stock securities | Level 3 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	1,400
Bond exchange-traded funds | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	44,882
Bond exchange-traded funds | Level 1 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	44,882
Fixed maturity securities | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	2,266,057	2,040,682
Fixed maturity securities | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	2,008,092	1,891,051
Fixed maturity securities | Level 3 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	257,965	149,631
Fixed maturity securities | U.S. Treasury securities | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	52,157	49,985
Fixed maturity securities | U.S. Treasury securities | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	52,157	49,985
Fixed maturity securities | Corporate debt securities | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	1,397,031	1,338,812
Fixed maturity securities | Corporate debt securities | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	1,139,066	1,189,181
Fixed maturity securities | Corporate debt securities | Level 3 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	257,965	149,631
Fixed maturity securities | Government agency securities | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	31,007	6,531
Fixed maturity securities | Government agency securities | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	31,007	6,531
Fixed maturity securities | Municipal debt obligations | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	207,094	79,815
Fixed maturity securities | Municipal debt obligations | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	207,094	79,815
Fixed maturity securities | ABS | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	55,258	73,582
Fixed maturity securities | ABS | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	55,258	73,582
Fixed maturity securities | CLO | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	139,126	179,549
Fixed maturity securities | CLO | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	139,126	179,549
Fixed maturity securities | CMBS | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	117,960	97,526
Fixed maturity securities | CMBS | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	117,960	97,526
Fixed maturity securities | RMBS - non-agency | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	116,136	71,610
Fixed maturity securities | RMBS - non-agency | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	116,136	71,610
Fixed maturity securities | RMBS - agency | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	150,288	143,272
Fixed maturity securities | RMBS - agency | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	$ 150,288	$ 143,272

Fair Value Measurements - Carry

Fair Value Measurements - Carrying and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Liabilities
Notes payable net of debt issuance costs	$ 203,267	$ 164,693
Secured loan payable	$ 23,300
Fair value of the loan payable as a percentage of par value	102.30%
Carrying Value
Assets
Commercial levered loans	$ 12,308	14,069
Liabilities
Notes payable		165,000
Unamortized debt issuance costs		(307)
Notes payable net of debt issuance costs		164,693
Fair Value
Assets
Commercial levered loans	12,180	13,950
Liabilities
Notes payable	$ 207,500	$ 167,507
Fair value of the notes payable as a percentage of par value	100.30%	101.50%
Level 2 | Fair Value
Liabilities
Notes payable		$ 167,507
Level 3 | Fair Value
Assets
Commercial levered loans	$ 12,180	$ 13,950
Notes Payable | Carrying Value
Liabilities
Notes payable	207,000
Unamortized debt issuance costs	(3,733)
Notes payable net of debt issuance costs	203,267
Notes Payable | Fair Value
Liabilities
Notes payable	207,537
Notes Payable | Level 2 | Fair Value
Liabilities
Notes payable	207,537
Secured Loan Payable | Carrying Value
Liabilities
Unamortized debt issuance costs	(82)
Secured loan payable	22,750
Secured loan payable, net of issuance costs	22,668
Secured Loan Payable | Fair Value
Liabilities
Secured loan payable	23,265
Secured Loan Payable | Level 2 | Fair Value
Liabilities
Secured loan payable	$ 23,265

Fair Value Measurements - Secur

Fair Value Measurements - Securities Measured Using Level 3 (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes in fair value of securities measured using Level 3 inputs
Fair value at beginning of period	$ 149,631	$ 126,497
Other comprehensive loss	6,241	3,011
Net realized gain (loss)	(5)	(5)
Purchases	108,597	23,905
Settlements	(5,099)	(3,777)
Fair value at end of period	259,365	149,631
Corporate debt securities
Changes in fair value of securities measured using Level 3 inputs
Fair value at beginning of period	149,631	126,497
Other comprehensive loss	6,241	3,011
Net realized gain (loss)	(5)	(5)
Purchases	107,197	23,905
Settlements	(5,099)	(3,777)
Fair value at end of period	257,965	$ 149,631
Non-redeemable preferred stock securities
Changes in fair value of securities measured using Level 3 inputs
Purchases	1,400
Fair value at end of period	$ 1,400

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income - Components of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax
Balance at the beginning of period, gross	$ 46,123	$ (29,760)	$ 22,265
Unrealized holding gains (losses) on fixed maturity securities, gross	71,872	77,920	(53,582)
Amounts reclassified into net income, gross	7,697	2,037	(1,557)
Amounts reclassified as credit losses, gross	(1,457)
Other comprehensive (loss) income, gross	65,632	75,883	(52,025)
Balance at the end of period, gross	111,755	46,123	(29,760)
Balance at the beginning of period, tax	8,670	(7,445)	2,968
Unrealized holding gains (losses) on fixed income securities, tax	15,009	16,277	(10,842)
Amounts reclassified into net income, tax	1,352	162	(429)
Amounts reclassified as credit losses, tax expense (benefit)	(306)	0	0
Other comprehensive (loss) income, tax	13,963	16,115	(10,413)
Balance at the end of period, tax	22,633	8,670	(7,445)
Balance at the beginning of period, net	37,453	(22,315)	19,297
Unrealized holding gains (losses) on fixed income securities	56,863	61,643	(42,740)
Amounts reclassified into net income	6,345	1,875	(1,128)
Amounts reclassified as credit losses, net	(1,151)
Other comprehensive income (loss)	51,669	59,768	(41,612)
Balance at the end of period, net	$ 89,122	$ 37,453	$ (22,315)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive (Loss) Income - Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Unrealized gains on securities, tax expense (benefit)	$ 1,352	$ 162	$ (429)
Reclassification adjustment for credit losses included in net income	(1,457)
Reclassification adjustment for credit losses included in net income, tax (benefit) expense	(306)	0	0
Total reclassifications	5,194	1,875	(1,128)
Realized Investment Gains (Losses)
Unrealized gains (losses) on securities	7,697	2,037	(1,557)
Reclassification adjustment for credit losses included in net income	(1,457)
Income Tax Expense
Unrealized gains on securities, tax expense (benefit)	1,352	$ 162	$ (429)
Reclassification adjustment for credit losses included in net income, tax (benefit) expense	$ (306)

Related-Party Information (Deta

Related-Party Information (Details) - USD ($) $ in Thousands	May 03, 2019	Mar. 15, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related party transactions
Equity distribution for executive loan repayment				$ 4,174
Severance expense			$ 300
Executives
Related party transactions
Loans payable					$ 4,200
Goldman Sachs Asset Management
Related party transactions
Niche management fees			1,200	1,300	$ 1,100
Former CEO
Related party transactions
Niche management fees			$ 600
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 Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Reinsurance
Reinsurers with largest obligations, number | item	3
Allowance for uncollectible reinsurance	$ 706	$ 505
Aggregate reinsurers' ceding participation (as a percent)	26.00%
Whole Account Quota Share Reinsurance Agreement
Reinsurance
Reinsurance receivable unpaid	$ 0		$ 33,100
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%
Swiss Reinsurance America Corporation | Reinsurance receivables paid, reinsurance receivables unpaid and prepaid reinsurance premiums
Reinsurance
Reinsurers with largest obligations (as a percent)	26.00%
Munich Reinsurance Company | Reinsurance receivables paid, reinsurance receivables unpaid and prepaid reinsurance premiums
Reinsurance
Reinsurers with largest obligations (as a percent)	8.00%
Harco National Insurance Company | Reinsurance receivables paid, reinsurance receivables unpaid and prepaid reinsurance premiums
Reinsurance
Reinsurers with largest obligations (as a percent)	8.40%

Insurance Operations - Quota Sh

Insurance Operations - Quota Share Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Insurance activity
Ceded earned premium	$ 112,011	$ 114,751	$ 123,715
Reduction to pre-tax income	$ (38,490)	(57,631)	(67,118)
Whole Account Quota Share Reinsurance Agreement
Insurance activity
(Return of ceded prepaid) ceded written premium		(3)	(58,857)
Ceded earned premium			14,560
Ceded earned premium		(3)
(Increase) reduction to net loss and loss adjustment expenses incurred		(4,746)	9,514
Reduction to policy acquisition expenses		$ 4,743	3,955
Reduction to pre-tax income			$ 1,091

Insurance Operations - Reinsu_2

Insurance Operations - Reinsurance Ceded and Assumed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Written premiums
Direct written premiums	$ 814,266	$ 964,512	$ 889,526
Assumed from other companies	2,824	3,499	5,586
Ceded to other companies	122,912	115,871	45,038
Net written premiums	694,178	852,140	850,074
Earned premiums
Direct earned premiums	846,749	918,718	844,234
Assumed from other companies	3,017	3,887	10,266
Ceded to other companies	112,011	114,751	123,715
Net premiums earned	$ 737,755	$ 807,854	$ 730,785
Percent of amount assumed to net	0.40%	0.50%	1.40%
Losses and loss adjustment expenses incurred
Direct net losses and loss adjustment expenses incurred	$ 553,967	$ 556,051	$ 485,770
Assumed from other companies	8,862	9,298	(3,209)
Ceded to other companies	90,158	64,324	47,731
Net losses and loss adjustment expenses incurred	$ 472,671	$ 501,025	$ 434,830

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 - Receivab

Insurance Operations - Receivable allowance rollforward (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Premium receivable
Beginning Balance	$ 5,056
Current Provision	2,642
Write-offs	(841)
Recoveries	60
Ending Balance	6,917
Reinsurance receivable on paid and unpaid losses
Beginning Balance	505
Current Provision	201
Ending Balance	706
Total receivable allowance
Beginning Balance	5,561
Current Provision	2,843
Write-offs	(841)
Recoveries	60
Ending Balance	7,623
Amount currently with collection agencies	6,900
Uncollateralized exposure	$ 3,700
Percentage of uncollateralized exposure	97.40%

Insurance Operations - Gross Wr

Insurance Operations - Gross Written Premiums (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)item
Insurance Operations
Number of distribution partners contributing the largest amounts of direct written premiums | item	3	3	3
Direct premiums written by the largest distribution partners | $	$ 275	$ 267.8	$ 240.7

Insurance Operations - Unpaid L

Insurance Operations - Unpaid Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserve for unpaid losses and loss expenses, at beginning of year	$ 1,521,648	$ 1,396,812	$ 1,258,237
Ceded reserve for unpaid losses and loss expenses, at beginning of year	193,952	185,295	201,156
Net reserve for unpaid losses and loss expenses, at beginning of year	1,327,696	1,211,517	1,057,081
Incurred losses and loss expenses occurring in the:
Current year	456,724	482,989	439,847
Prior years	710	3,154	(5,017)
Prior years attributable to adjusted premium	15,237	14,882
Total net losses and loss adjustment expenses incurred	472,671	501,025	434,830
Paid losses and loss expenses for claims occurring in the:
Current year	47,937	66,522	47,734
Prior years	320,050	318,324	232,660
Total paid losses and loss expenses for claims	367,987	384,846	280,394
Net reserves for unpaid losses and loss expenses, at end of period	1,432,380	1,327,696	1,211,517
Ceded reserve for unpaid losses and loss expenses, at end of period	170,522	193,952	185,295
Gross reserve for unpaid losses and loss expenses, at end of period	1,602,902	1,521,648	1,396,812
Commercial Auto
Incurred losses and loss expenses occurring in the:
Prior years	8,100		(15,600)
General Liability
Incurred losses and loss expenses occurring in the:
Prior years	21,800	11,300	16,500
Workers' Compensation
Incurred losses and loss expenses occurring in the:
Prior years	(36,500)	(22,800)	(14,400)
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	16,800	$ 16,400	12,200
Commercial Multiple Peril | Media and Entertainment
Incurred losses and loss expenses occurring in the:
Prior years			12,200
All Other Lines
Incurred losses and loss expenses occurring in the:
Prior years	$ (9,500)
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, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Dec. 31, 2011USD ($)
Claims Development [Line Items]
Claims incurred reported	$ 3,413,178
IBNR	975,789
Claims paid	2,042,189
Incurred less paid	1,370,989
Reserves 2010 and prior	710	$ 3,154	$ (5,017)
Other	5,955
Total net reserve for unpaid losses and loss adjustment expenses	1,432,380	1,327,696	1,211,517	$ 1,057,081
ULAE reserves	40,300
Discounting of loss reserves	(48,300)
Retroactive reinsurance agreements	10,800
Allowance for uncollectible reinsurance	706	505
Other	3,200
Commercial Auto
Claims Development [Line Items]
Claims incurred reported	900,681
IBNR	123,568
Claims paid	693,965
Incurred less paid	206,716
Reserves 2010 and prior	8,100		(15,600)
General Liability
Claims Development [Line Items]
Claims incurred reported	1,072,305
IBNR	450,497
Claims paid	493,494
Incurred less paid	578,811
Reserves 2010 and prior	21,800	11,300	16,500
Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	710,637
IBNR	264,920
Claims paid	317,490
Incurred less paid	393,147
Reserves 2010 and prior	(36,500)	(22,800)	(14,400)
Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	291,156
IBNR	84,509
Claims paid	175,383
Incurred less paid	115,773
Reserves 2010 and prior	16,800	16,400	12,200
All Other Lines
Claims Development [Line Items]
Claims incurred reported	438,399
IBNR	52,295
Claims paid	361,857
Incurred less paid	76,542
Reserves 2010 and prior	(9,500)
Accident Years 2010 and Prior
Claims Development [Line Items]
Reserves 2010 and prior	55,436
Prior Years
Claims Development [Line Items]
IBNR	23,493
Prior Years | General Liability
Claims Development [Line Items]
IBNR	6,356
Prior Years | Workers' Compensation
Claims Development [Line Items]
IBNR	13,370
Prior Years | All Other Lines
Claims Development [Line Items]
IBNR	3,767
Accident Year 2011
Claims Development [Line Items]
Claims incurred reported	131,113	131,360	131,385	124,798	$ 131,081	$ 124,543	$ 122,773	$ 126,752	$ 128,879	$ 115,644
IBNR	$ 6,974
Cumulative claim counts | item	4,421
Claims paid	$ 110,798	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	$ 12,755	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	$ 12,754	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	64,241	64,682	66,641	62,127	67,791	63,264	60,375	61,398	58,633	45,894
IBNR	$ 524
Cumulative claim counts | item	1,533
Claims paid	$ 59,367	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	26,870	23,750	21,247	18,986	21,943	19,489	21,411	23,576	22,186	28,987
IBNR	$ 6,450
Cumulative claim counts | item	203
Claims paid	$ 11,525	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	2	6	6	7	11
Claims paid	2	2	2	2
Accident Year 2011 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	$ 27,245	30,450	31,018	31,176	28,794	29,238	29,749	30,507	34,597	26,899
Cumulative claim counts | item	1,466
Claims paid	$ 27,150	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	164,197	158,523	159,120	156,355	165,889	165,015	157,985	157,477	137,380
IBNR	$ 4,031
Cumulative claim counts | item	6,633
Claims paid	$ 148,826	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	$ 40,112	39,231	41,572	41,479	42,028	43,031	36,319	29,959	21,101
Cumulative claim counts | item	1,746
Claims paid	$ 40,090	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	51,503	50,509	48,096	46,312	45,771	42,401	38,288	43,677	42,685
IBNR	$ 1,292
Cumulative claim counts | item	1,488
Claims paid	$ 48,297	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	39,689	38,919	38,835	38,501	47,373	48,983	53,038	51,724	46,503
IBNR	$ 2,739
Cumulative claim counts | item	1,776
Claims paid	$ 27,785	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	813	39	49	73	94	96
Cumulative claim counts | item	5
Claims paid	$ 813	813	813	813	2	1	1
Accident Year 2012 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	$ 32,080	29,051	29,803	29,250	30,678	30,551	30,266	32,022	26,995
Cumulative claim counts | item	1,618
Claims paid	$ 31,841	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	252,393	249,802	237,900	243,567	251,353	232,660	222,277	210,368
IBNR	$ 13,838
Cumulative claim counts | item	13,246
Claims paid	$ 221,768	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	82,221	81,422	72,265	76,768	77,570	63,764	50,752	47,191
IBNR	$ 295
Cumulative claim counts | item	6,225
Claims paid	$ 79,556	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	69,835	69,565	61,796	60,613	70,459	62,618	61,785	48,466
IBNR	$ 5,375
Cumulative claim counts | item	2,615
Claims paid	$ 69,798	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	66,457	64,727	69,729	71,532	68,109	70,939	71,683	76,844
IBNR	$ 8,150
Cumulative claim counts | item	2,702
Claims paid	$ 38,745	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	8,286	8,198	8,250	8,226	1,442	1,051	1,065	968
IBNR	$ 2
Cumulative claim counts | item	54
Claims paid	$ 8,265	8,157	8,149	8,083	754	312	192	43
Accident Year 2013 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	25,594	25,890	25,859	26,428	33,773	34,287	36,992	36,900
IBNR	$ 16
Cumulative claim counts | item	1,650
Claims paid	$ 25,404	25,408	25,206	25,144	31,569	29,009	23,526	$ 9,838
Accident Year 2014
Claims Development [Line Items]
Claims incurred reported	367,034	356,733	342,788	333,865	323,792	312,987	286,842
IBNR	$ 26,909
Cumulative claim counts | item	16,350
Claims paid	$ 305,157	280,933	250,928	217,986	166,907	111,919	44,738
Accident Year 2014 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	115,781	113,790	113,747	112,157	105,528	95,283	74,185
IBNR	$ 735
Cumulative claim counts | item	8,232
Claims paid	$ 113,915	110,883	108,102	96,385	74,431	52,048	21,692
Accident Year 2014 | General Liability
Claims Development [Line Items]
Claims incurred reported	120,427	114,976	104,281	93,468	78,801	77,255	70,878
IBNR	$ 11,986
Cumulative claim counts | item	3,103
Claims paid	$ 84,494	73,491	53,712	41,079	28,581	14,032	5,456
Accident Year 2014 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	69,102	67,784	69,886	74,134	83,543	81,628	88,181
IBNR	$ 12,909
Cumulative claim counts | item	2,682
Claims paid	$ 49,285	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	31,876	30,172	27,126	25,915	16,448	15,884	13,037
IBNR	$ 1,067
Cumulative claim counts | item	615
Claims paid	$ 27,666	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	29,848	30,011	27,749	28,192	39,473	42,938	40,562
IBNR	$ 212
Cumulative claim counts | item	1,718
Claims paid	$ 29,797	27,770	26,388	24,846	32,126	26,667	$ 11,150
Accident Year 2015
Claims Development [Line Items]
Claims incurred reported	433,918	430,942	395,751	407,427	407,279	384,269
IBNR	$ 34,523
Cumulative claim counts | item	20,896
Claims paid	$ 360,249	331,748	281,637	234,756	159,708	75,043
Accident Year 2015 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	158,586	155,266	146,757	152,268	139,415	120,137
IBNR	$ 1,789
Cumulative claim counts | item	11,156
Claims paid	$ 149,411	142,806	126,831	107,063	74,524	37,964
Accident Year 2015 | General Liability
Claims Development [Line Items]
Claims incurred reported	98,153	93,808	80,514	78,163	80,411	80,225
IBNR	$ 14,628
Cumulative claim counts | item	3,018
Claims paid	$ 75,037	61,168	39,407	25,931	14,720	5,404
Accident Year 2015 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	81,504	87,570	82,212	89,383	101,410	101,762
IBNR	$ 13,798
Cumulative claim counts | item	3,891
Claims paid	$ 42,790	38,061	33,543	27,423	18,434	6,504
Accident Year 2015 | Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	24,637	24,144	18,345	17,952	27,542	27,876
IBNR	$ 3,462
Cumulative claim counts | item	1,017
Claims paid	$ 22,552	20,676	14,293	8,949	14,751	6,879
Accident Year 2015 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	71,038	70,154	67,924	69,660	58,501	54,269
IBNR	$ 846
Cumulative claim counts | item	1,814
Claims paid	$ 70,459	69,037	67,563	65,390	37,279	$ 18,292
Accident Year 2016
Claims Development [Line Items]
Claims incurred reported	416,317	416,266	406,204	423,538	390,430
IBNR	$ 47,411
Cumulative claim counts | item	20,124
Claims paid	$ 316,092	266,496	204,589	150,198	78,271
Accident Year 2016 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	129,184	124,166	119,931	124,760	114,568
IBNR	$ 3,616
Cumulative claim counts | item	9,651
Claims paid	$ 118,545	102,003	83,161	63,123	39,580
Accident Year 2016 | General Liability
Claims Development [Line Items]
Claims incurred reported	98,812	91,228	92,401	101,479	93,737
IBNR	$ 20,493
Cumulative claim counts | item	2,898
Claims paid	$ 63,646	47,333	25,223	13,873	3,547
Accident Year 2016 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	85,553	102,716	103,382	109,623	99,292
IBNR	$ 14,347
Cumulative claim counts | item	4,373
Claims paid	$ 48,867	43,171	35,385	24,557	10,891
Accident Year 2016 | Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	48,370	44,758	34,883	30,379	34,010
IBNR	$ 8,071
Cumulative claim counts | item	1,203
Claims paid	$ 36,813	27,870	16,715	7,028	4,974
Accident Year 2016 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	54,398	53,398	55,607	57,296	48,824
IBNR	$ 884
Cumulative claim counts | item	1,999
Claims paid	$ 48,221	46,119	44,104	41,618	$ 19,279
Accident Year 2017
Claims Development [Line Items]
Claims incurred reported	354,402	339,505	361,299	354,948
IBNR	$ 110,963
Cumulative claim counts | item	18,763
Claims paid	$ 194,952	163,937	116,204	54,026
Accident Year 2017 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	71,849	71,068	79,156	81,986
IBNR	$ 6,510
Cumulative claim counts | item	7,073
Claims paid	$ 58,538	47,199	34,659	19,950
Accident Year 2017 | General Liability
Claims Development [Line Items]
Claims incurred reported	107,430	94,554	100,306	99,845
IBNR	$ 44,829
Cumulative claim counts | item	2,992
Claims paid	$ 40,828	26,354	11,279	2,596
Accident Year 2017 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	85,197	93,134	101,691	102,250
IBNR	$ 45,929
Cumulative claim counts | item	4,698
Claims paid	$ 27,305	30,776	22,462	8,631
Accident Year 2017 | Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	56,196	44,260	44,044	37,760
IBNR	$ 12,530
Cumulative claim counts | item	1,455
Claims paid	$ 36,941	27,816	19,733	7,270
Accident Year 2017 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	33,730	36,489	36,102	33,108
IBNR	$ 1,165
Cumulative claim counts | item	2,545
Claims paid	$ 31,340	31,792	28,070	$ 15,580
Accident Year 2018
Claims Development [Line Items]
Claims incurred reported	403,545	406,199	422,104
IBNR	$ 172,717
Cumulative claim counts | item	19,252
Claims paid	$ 163,878	112,889	45,012
Accident Year 2018 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	82,562	78,777	87,993
IBNR	$ 14,403
Cumulative claim counts | item	7,216
Claims paid	$ 52,510	32,698	16,709
Accident Year 2018 | General Liability
Claims Development [Line Items]
Claims incurred reported	137,672	137,525	142,486
IBNR	$ 79,149
Cumulative claim counts | item	3,113
Claims paid	$ 31,347	15,625	2,223
Accident Year 2018 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	116,178	118,973	116,278
IBNR	$ 62,582
Cumulative claim counts | item	5,157
Claims paid	$ 37,098	29,008	9,563
Accident Year 2018 | Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	35,681	37,015	39,507
IBNR	$ 14,143
Cumulative claim counts | item	1,237
Claims paid	$ 16,420	11,953	5,323
Accident Year 2018 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	31,452	33,909	35,839
IBNR	$ 2,440
Cumulative claim counts | item	2,529
Claims paid	$ 26,503	23,605	$ 11,194
Accident Year 2019
Claims Development [Line Items]
Claims incurred reported	460,080	457,973
IBNR	$ 231,758
Cumulative claim counts | item	21,018
Claims paid	$ 154,243	66,522
Accident Year 2019 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	109,586	115,393
IBNR	$ 33,811
Cumulative claim counts | item	9,211
Claims paid	$ 51,448	22,082
Accident Year 2019 | General Liability
Claims Development [Line Items]
Claims incurred reported	159,357	153,650
IBNR	$ 116,813
Cumulative claim counts | item	2,893
Claims paid	$ 18,404	3,487
Accident Year 2019 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	94,627	97,485
IBNR	$ 52,783
Cumulative claim counts | item	5,081
Claims paid	$ 26,871	9,745
Accident Year 2019 | Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	38,194	36,895
IBNR	$ 19,552
Cumulative claim counts | item	1,151
Claims paid	$ 12,857	5,940
Accident Year 2019 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	58,316	54,550
IBNR	$ 8,799
Cumulative claim counts | item	2,682
Claims paid	$ 44,663	$ 25,268
Accident Year 2020
Claims Development [Line Items]
Claims incurred reported	430,179
IBNR	$ 303,172
Cumulative claim counts | item	12,264
Claims paid	$ 66,226
Accident Year 2020 | Commercial Auto
Claims Development [Line Items]
Claims incurred reported	98,045
IBNR	$ 62,409
Cumulative claim counts | item	5,403
Claims paid	$ 17,198
Accident Year 2020 | General Liability
Claims Development [Line Items]
Claims incurred reported	164,875
IBNR	$ 149,052
Cumulative claim counts | item	2,076
Claims paid	$ 2,276
Accident Year 2020 | Workers' Compensation
Claims Development [Line Items]
Claims incurred reported	45,460
IBNR	$ 31,863
Cumulative claim counts | item	1,853
Claims paid	$ 7,219
Accident Year 2020 | Commercial Multiple Peril
Claims Development [Line Items]
Claims incurred reported	47,101
IBNR	$ 25,682
Cumulative claim counts | item	906
Claims paid	$ 13,054
Accident Year 2020 | All Other Lines
Claims Development [Line Items]
Claims incurred reported	74,698
IBNR	$ 34,166
Cumulative claim counts | item	2,026
Claims paid	$ 26,479

Insurance Operations - Historic

Insurance Operations - Historical Average Annual Percentage Payout of Incurred Claims, Net of Reinsurance (Details)	Dec. 31, 2020
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	14.00%
Year 2	19.00%
Year 3	14.00%
Year 4	13.00%
Year 5	11.00%
Year 6	7.00%
Year 7	7.00%
Year 8	2.00%
Year 9	4.00%
Commercial Auto
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	22.00%
Year 2	22.00%
Year 3	19.00%
Year 4	17.00%
Year 5	12.00%
Year 6	2.00%
Year 7	5.00%
Year 8	(2.00%)
Year 9	3.00%
Year 10	5.00%
General Liability
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.00%
Year 2	11.00%
Year 3	13.00%
Year 4	15.00%
Year 5	15.00%
Year 6	13.00%
Year 7	10.00%
Year 8	6.00%
Year 9	4.00%
Year 10	2.00%
Workers' Compensation
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	9.00%
Year 2	15.00%
Year 3	10.00%
Year 4	7.00%
Year 5	6.00%
Year 6	6.00%
Year 7	6.00%
Year 8	4.00%
Year 9	4.00%
Year 10	3.00%
Commercial Multiple Peril
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	16.00%
Year 2	16.00%
Year 3	10.00%
Year 4	23.00%
Year 5	22.00%
Year 6	10.00%
Year 7	3.00%
Year 8	1.00%
All Other Lines
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	34.00%
Year 2	39.00%
Year 3	18.00%
Year 4	2.00%
Year 6	3.00%
Year 7	4.00%
Year 9	6.00%
Year 10	(12.00%)

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, 2020USD ($)
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, 2020	Dec. 31, 2019
Gross
Balance at beginning of year	$ 12,810	$ 14,262
Incurred losses and loss adjustment expense	175	430
Payments for losses and loss adjustment expenses	300	1,882
Balance at end of year	12,685	12,810
Ceded
Balance at beginning of year	4,518	6,016
Incurred losses and loss adjustment expense	36	66
Payments for losses and loss adjustment expenses	84	1,564
Balance at end of year	4,470	4,518
Net
Balance at beginning of year	8,292	8,246
Incurred losses and loss adjustment expense	139	364
Payments for losses and loss adjustment expenses	216	318
Balance at end of year	8,215	8,292
Salvage and Subrogation
Estimated salvage and subrogation recoverable	52,100	27,500
Liability Related To Assumed Asbestos And Environmental Reserves On Retroactive Basis From Prior Members Of Pool [Member]
Net
Balance at beginning of year	8,400
Balance at end of year	$ 7,900	$ 8,400

Insurance Operations - Deferred

Insurance Operations - Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Beginning balance	$ 98,812	$ 93,613
Acquisition costs deferred	168,051	189,970
Acquisition costs expensed	(172,426)	(184,771)	$ (171,429)
Ending balance	$ 94,437	$ 98,812	$ 93,613

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Loss reserves	$ 14,568	$ 13,289
Loss reserves transitional adjustment	6,104	6,104
Unearned premiums	15,250	16,785
Net operating loss carry forwards - state and local	17,444	17,008
Net operating loss carry forwards - federal	646	357
Capital loss carry forwards - federal	145	1,519
Bad debt reserve	3,019	3,229
Impairments	987	517
Deferred compensation	5,268	5,659
Amortization of intangibles	578	695
Limited partnership income	334	2,566
Lease liabilities	602
Other	2,405	3,151
Total deferred tax assets	67,350	70,879
Less valuation allowance	(18,081)	(17,604)	$ (16,962)
Deferred tax assets, net of allowance	49,269	53,275
Deferred tax liabilities:
Deferred policy acquisition costs	19,856	20,693
Loss reserve transitional adjustment	3,815	4,578
Fair value adjustments	3,622	3,628
Lease right-of-use assets	587
Unrealized appreciation of investments	22,632	8,669
Other	8,894	10,904
Total deferred tax liabilities	59,406	48,472
Net deferred income taxes	$ (10,137)
Net deferred income taxes		$ 4,803

Income Taxes - Tax Reform (Deta

Income Taxes - Tax Reform (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2020	Dec. 31, 2017	Dec. 31, 2019
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		$ 2,501
Deferred tax asset due to Tax Reform		$ 6,104		$ 6,104
Period over which transitional deferred tax liability related to tax reform will be amortized		8 years
Deferred tax liability due to Tax Reform		$ 3,815		$ 4,578

Income Taxes - Net Operating Lo

Income Taxes - Net Operating Loss Carryforwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net operating loss carryforwards
Realized capital loss carryforward	$ 100	$ 1,500
U.S.
Net operating loss carryforwards
Net Operating Losses carried forward	600	400
Tax benefit related to net operating losses	646
Net operating loss carryforwards from discontinued operations utilized and reclassed to continuing operations	3,100
U.S. | 2010
Net operating loss carryforwards
Tax benefit related to net operating losses	$ 646
Net Operating Loss expiration	Dec. 31, 2030
State and Local
Net operating loss carryforwards
Net Operating Losses carried forward	$ 17,400	$ 17,000

Income Taxes - Change in Valuat

Income Taxes - Change in Valuation Allowance Account (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation Of Deferred Tax Assets, Valuation Allowance [Roll Forward]
Balance, beginning of year	$ 17,604	$ 16,962
Change in valuation allowance	477	642
Balance, end of year	18,081	$ 17,604
Valuation allowance for uncertain deferred tax assets attributable to U.S. federal and state NOLs	$ 18,100

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, beginning of year	$ 438	$ 528
Additions for tax positions of prior years	34	260
Reductions for tax positions of prior years	(379)	(350)
Balance, end of year	93	$ 438
Decrease in tax position	$ 300

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Expected tax expense at statutory rates in taxable jurisdictions	$ 8,083	$ 12,103	$ 13,896
Tax-exempt interest	(9)		(46)
State taxes	(377)	(629)	(10,746)
Valuation allowance	477	642	10,451
Effect of provision to tax return filing adjustments		42
Effect of Tax Reform	2,501
Other	65	(21)	(166)
Total income tax expense	$ 10,740	$ 12,137	$ 13,389

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ / shares in Units, $ in Thousands	Aug. 15, 2019shares	Jul. 25, 2019shares	Jan. 01, 2018	Nov. 23, 2010USD ($)$ / shares	Dec. 31, 2020USD ($)subsidiary	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Income Tax Disclosure [Line Items]
Number of non-US subsidiaries | subsidiary					1
Effective income tax rate					21.00%
Statutory income tax rate			21.00%					35.00%
Income taxes paid or (refund received)					$ 5,553	$ (780)	$ 135
Income tax recoverable included in other assets					$ 1,600	200	800
Ownership percentage					50.00%
Ownership Changes Among Shareholders					5.00%
Shares of the Company issued as merger consideration | shares		38,851,369
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 | shares	1,178,570
Valuation allowance					$ 18,081	$ 17,604	16,962
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 | $ / shares				$ 25.75
Cash price				$ 231,900
Annual limit on utilization of Net Operating Losses due to Section 382				$ 9,000
Valuation allowance					$ 600

Statutory Financial Informati_3

Statutory Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statutory Financial Information
Maximum dividend that can be paid without the prior approval from the New York State Department of Financial Services	$ 66,800
Combined statutory net income	37,533	$ 55,681	$ 33,147
Combined statutory surplus	$ 668,060	$ 568,777	$ 473,575

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Nov. 25, 2020	Aug. 03, 2020	Jul. 14, 2020	Jun. 30, 2020	Mar. 15, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 12, 2020	Jan. 31, 2015	Nov. 30, 2013
Debt
Amount drawn						$ 201,909		$ 18,000
Repayment of outstanding debt						165,000	$ 18,000
Interest expense on debt						13,100	12,800	12,300
Amount of amortization expense attributable to debt issuance costs.						$ 1,200	$ 300	$ 300
7.5% Senior Unsecured Notes due November 2020
Debt
Face amount of the debt											$ 140,000
Interest rate (as a percent)						7.50%					7.50%
6.5% Senior Notes due November 2020
Debt
Face amount of the debt										$ 25,000
Interest rate (as a percent)						6.50%				6.50%
Secured Loan Payable
Debt
Face amount of the debt				$ 24,900
Interest rate (as a percent)				4.83%
Prior Credit Agreement
Debt
Maximum borrowing capacity					$ 50,000
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
Amount outstanding									$ 0
Term Loan Facility
Debt
Maximum borrowing capacity									165,000
Amount drawn	$ 165,000
Debt issuance costs incurred	4,600
Revolving Credit Facility
Debt
Maximum borrowing capacity				$ 65,000					$ 35,000
Amount drawn	$ 7,000	$ 30,000	$ 5,000
Debt issuance costs incurred				$ 500

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases
Rent expense	$ 3
Rent expense		$ 3.3	$ 3.1
Weighted Average
Leases
Lessee, operating lease, term of contract	2 years 8 months 12 days
Lessee, operating lease, discount rate	2.00%
Discontinued operations
Leases
Rent expense	$ 0.5
Rent expense		0.5	0.5
Sublease income	$ 0.7	$ 0.6	$ 0.1

Commitments and Contingencies_2

Commitments and Contingencies - Lease Liabilities and Right-of-Use Lease Assets (Details) $ in Thousands	Dec. 31, 2020USD ($)
Lease Liabilities
One year or less	$ 2,922
More than one year to two years	214
Total	3,136
Less: difference between lease payments and discounted lease liabilities	37
Lease liability	3,099
Total	3,136
Less: difference between lease payments and discounted lease liabilities	37
Lease liability	3,099
Right-of-use assets	2,794
Prepaid lease assets, net of lease allowances and incentives	305
Total	$ 3,099
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities

Commitments and Contingencies_3

Commitments and Contingencies - Fiduciary Funds (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
Fiduciary and pools' underwriting accounts
Assets held on behalf of unaffiliated pool members	$ 1,495	$ 10,522
Escrow bond arrangements	571	1,014
Total	2,066	$ 11,536
Unfunded commitments related to a limited partnership and a fixed income security	$ 18,200
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, 2020	Dec. 31, 2019	Dec. 31, 2018	Jul. 24, 2019
Share-based Compensation
Share-based compensation expense				$ 8.9	$ 8.6	$ 0.9
Tax benefit, recognized on share based compensation expense				$ 1.9	$ 1.8	$ 0.2
Restricted stock units
Share-based Compensation
Restricted stock unit awards granted				593,147	1,732,869
Vested awards awaiting conversion to common stock				489,439	906,182	548,292
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 | Restricted stock units | Non-employee directors
Share-based Compensation
Restricted stock unit awards granted	7,440	26,399		106,460	33,839
Grant date fair value			$ 0.5	$ 0.9
2019 Equity Incentive Plan | Restricted Stock Units, Time Vesting
Share-based Compensation
Restricted stock unit awards granted				142,739	90,559
Grant date fair value				$ 1.8	$ 1.3
Vesting period				3 years	3 years
2019 Equity Incentive Plan | Restricted Stock units, Performance Vesting (PSUs)
Share-based Compensation
Restricted stock unit awards granted				123,016	90,559
Grant date fair value				$ 1.6	$ 1.3
Performance period for performance vesting awards				3 years	3 years
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 | Restricted Stock Awards, Time Vesting
Share-based Compensation
Restricted stock unit awards granted				110,466
Grant date fair value				$ 1.5
Vesting period				3 years
2019 Equity Incentive Plan | Restricted Stock Awards, Performance Vesting (PSAs)
Share-based Compensation
Restricted stock unit awards granted				110,466
Grant date fair value				$ 1.5
Performance period for performance vesting awards				3 years
Cliff vesting period				3 years
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, 2020	Dec. 31, 2019
Unrecognized Share-based Compensation
Unrecognized stock-based compensation expense	$ 11.8
Expected weighted average recognition period	1 year 7 months 6 days
Restricted stock units
Restricted Stock Units
Unvested at beginning of period	1,289,396	55,264
Granted	593,147	1,732,869
Vested	(134,001)	(406,081)
Forfeited	(43,101)	(92,656)
Unvested at end of period	1,705,441	1,289,396
Weighted Average Grant Date Fair Value Per Share
Non vested outstanding at beginning of period	$ 14	$ 11.09
Granted	12.30	14
Vested	9.96	13.61
Forfeited	13.58	14
Non vested outstanding at end of period	$ 13.46	$ 14

Share-Based Compensation - 20_3

Share-Based Compensation - 2019 Employee Stock Purchase Plan (Details) - 2019 Employee Stock Purchase Plan - USD ($)	12 Months Ended
	Dec. 31, 2020	Jul. 24, 2019
Employee stock purchase plan
Number of common shares reserved for sale		1,000,000
Purchase price as a percentage of stock price	90.00%
Maximum percentage of employee gross pay the employee may contribute to the plan	15.00%
Maximum amount of stock the employee may purchase in a calendar year	$ 25,000

Retirement Plans (Details)

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
401(K) Plan
Matching contribution, percent	100.00%
Plan expense	$ 2.2	$ 1.8	$ 2.1
Maximum
401(K) Plan
Eligible compensation, percent	6.00%

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
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	$ 213,373	$ 203,539	$ 186,394	$ 213,784	$ 249,945	$ 227,196	$ 235,032	$ 255,838	$ 817,090	$ 968,011	$ 895,112
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									$ 167,219	$ 205,303	$ 151,612
Gross written premiums, percent									20.50%	21.20%	16.90%
General Liability
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 335,864	$ 335,197	$ 277,948
Gross written premiums, percent									41.10%	34.60%	31.10%
Workers' Compensation
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 72,352	$ 179,432	$ 246,302
Gross written premiums, percent									8.80%	18.60%	27.50%
Commercial Multiple Peril
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 56,498	$ 82,126	$ 67,351
Gross written premiums, percent									6.90%	8.50%	7.50%
All Other Lines
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 185,157	$ 165,953	$ 151,899
Gross written premiums, percent									22.70%	17.10%	17.00%
Customer Segment
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 809,937	$ 900,481	$ 771,019
Gross written premiums, percent									99.10%	93.00%	86.10%
Construction
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 109,955	$ 117,918	$ 101,946
Gross written premiums, percent									13.50%	12.20%	11.40%
Consumer Services
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 123,011	$ 133,682	$ 107,086
Gross written premiums, percent									15.00%	13.80%	12.00%
Marine and Energy
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 110,228	$ 94,700	$ 83,104
Gross written premiums, percent									13.50%	9.80%	9.30%
Media and Entertainment
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 88,788	$ 124,950	$ 119,926
Gross written premiums, percent									10.90%	12.90%	13.40%
Professional Services
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 130,893	$ 119,326	$ 110,546
Gross written premiums, percent									16.00%	12.30%	12.30%
Real Estate
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 159,166	$ 167,635	$ 132,652
Gross written premiums, percent									19.50%	17.30%	14.80%
Sports
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 23,337	$ 30,079	$ 23,590
Gross written premiums, percent									2.80%	3.10%	2.60%
Transportation
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 64,559	$ 112,191	$ 92,169
Gross written premiums, percent									7.90%	11.60%	10.30%
Other
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums									$ 7,153	$ 67,530	$ 124,093
Gross written premiums, percent									0.90%	7.00%	13.90%

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, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic EPS- Income:
Net income (loss) available to common stockholders, continuing operations									$ 27,750	$ 45,494	$ 53,729
Net income (loss) available to common stockholders, discontinued operations									$ (5,522)	$ (6,604)	$ 814
Basic EPS - Shares:
Shares outstanding, basic (in shares)									43,888	41,095	38,753
Basic EPS - Per Share Amount:
Net income from continuing operations	$ 0.05	$ 0.03	$ 0.39	$ 0.16	$ 0.34	$ 0.20	$ 0.22	$ 0.35	$ 0.63	$ 1.11	$ 1.39
Net Income available to common stockholders, discontinued operations (in dollars per share)									$ (0.12)	$ (0.16)	$ 0.02
Effect of dilutive securities - Shares:
Stock compensation plans (in shares)									229	428	688
Diluted EPS - Income
Diluted EPS, continuing operations									$ 27,750	$ 45,494	$ 53,729
Diluted EPS, discontinued operations									$ (5,522)	$ (6,604)	$ 814
Diluted EPS - Shares
Shares outstanding, diluted (in shares)									44,117	41,523	39,441
Diluted EPS - Per Share Amount
Diluted earnings per share - continuing operations (in dollars per share)	$ 0.05	$ 0.03	$ 0.39	$ 0.15	$ 0.33	$ 0.19	$ 0.22	$ 0.35	$ 0.63	$ 1.10	$ 1.36
Diluted EPS, discontinued operations (in dollars per share)									$ (0.13)	$ (0.16)	$ 0.02

Quarterly Financial Informati_3

Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information
Gross written premiums	$ 213,373	$ 203,539	$ 186,394	$ 213,784	$ 249,945	$ 227,196	$ 235,032	$ 255,838	$ 817,090	$ 968,011	$ 895,112
Revenues	199,732	194,142	207,412	214,821	225,105	219,870	220,112	212,972	816,107	878,059	785,872
Net income from continuing operations	2,158	1,498	17,283	6,811	14,742	8,361	8,696	13,695	27,750	45,494	53,729
Net income	$ (3,920)	$ 1,518	$ 17,562	$ 7,068	$ 8,520	$ 8,312	$ 8,618	$ 13,440	$ 22,228	$ 38,890	$ 54,543
Basic earnings per share - continuing operations (in dollars per share)	$ 0.05	$ 0.03	$ 0.39	$ 0.16	$ 0.34	$ 0.20	$ 0.22	$ 0.35	$ 0.63	$ 1.11	$ 1.39
Diluted earnings per share - continuing operations (in dollars per share)	0.05	0.03	0.39	0.15	0.33	0.19	0.22	0.35	0.63	1.10	1.36
Basic earnings per share (in dollars per share)	(0.09)	0.03	0.40	0.16	0.19	0.19	0.22	0.35	0.51	0.95	1.41
Diluted earnings per share (in dollars per share)	$ (0.09)	$ 0.03	$ 0.40	$ 0.16	$ 0.19	$ 0.19	$ 0.22	$ 0.34	$ 0.50	$ 0.94	$ 1.38

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Pedal Parent, Inc. - Prosight Global, Inc. $ / shares in Units, $ in Millions	Jan. 14, 2021USD ($)$ / shares
Subsequent events
Cash amount to be received for each common share held by the stockholders | $ / shares	$ 12.85
Aggregate cash value to be received | $	$ 586

Schedule II - Balance Sheets (D

Schedule II - Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jul. 24, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 12,078	$ 17,284
Other assets	25,996	29,537
Total assets	3,050,712	2,877,234
Liabilities
Notes payable	203,267	164,693
Other liabilities	40,034	56,438
Total liabilities	2,426,744	2,334,203
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	434	431
Paid-in capital	668,798	661,761
Accumulated other comprehensive income	89,122	37,453		$ (22,315)	$ 19,297
Retained deficit	(134,186)	(156,414)
Treasury shares - at cost (12,920 shares)	(200)	(200)
Total stockholders' equity	623,968	543,031		$ 389,830	$ 375,983
Total liabilities and stockholders' equity	$ 3,050,712	$ 2,877,234
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	43,449,087	43,071,186
Common stock, shares outstanding	43,436,167	43,058,266
Treasury shares, shares	12,920	12,920
Parent Company | Reportable Legal Entities
Assets
Investment in subsidiaries	$ 825,713	$ 702,977
Cash and cash equivalents	619	773
Total cash and investments	826,332	703,750
Receivables from affiliates	7,507	6,580
Other assets	1,189	747
Total assets	835,028	711,077
Liabilities
Payables to affiliates	5,614	1,263
Notes payable	203,267	164,693
Other liabilities	2,179	2,090
Total liabilities	211,060	168,046
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	434	431
Paid-in capital	668,798	661,761
Accumulated other comprehensive income	89,122	37,453
Retained deficit	(134,186)	(156,414)
Treasury shares - at cost (12,920 shares)	(200)	(200)
Total stockholders' equity	623,968	543,031
Total liabilities and stockholders' equity	$ 835,028	$ 711,077
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	43,449,087	43,071,186
Common stock, shares outstanding	43,436,167	43,058,266
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, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Other income									$ 351	$ 538	$ 673
Total revenues	$ 199,732	$ 194,142	$ 207,412	$ 214,821	$ 225,105	$ 219,870	$ 220,112	$ 212,972	816,107	878,059	785,872
Expenses:
General and administrative expenses									100,418	105,686	100,118
Interest expense										12,795	12,377
Other expense									17,739	16,151
Total expenses									777,617	820,428	718,754
Loss before federal income taxes									38,490	57,631	67,118
Income tax benefit									(10,740)	(12,137)	(13,389)
Net loss from continuing operations before equity in undistributed net income (losses) of subsidiaries	2,158	1,498	17,283	6,811	14,742	8,361	8,696	13,695	27,750	45,494	53,729
Net income	$ (3,920)	$ 1,518	$ 17,562	$ 7,068	$ 8,520	$ 8,312	$ 8,618	$ 13,440	22,228	38,890	54,543
Parent Company | Reportable Legal Entities
Revenues:
Other income									30	33	165
Total revenues									30	33	165
Expenses:
General and administrative expenses									1,079	714	5,325
Write-off of amounts related to sale of affiliate											650
Intercompany interest expense (income)										18	(27)
Interest expense									13,768	12,795	12,377
Other expense									5,484	8,164
Total expenses									20,331	21,691	18,325
Loss before federal income taxes									(20,301)	(21,658)	(18,160)
Income tax benefit									2,363	4,669	3,284
Net loss from continuing operations before equity in undistributed net income (losses) of subsidiaries									(17,938)	(16,989)	(14,876)
Equity in undistributed net income (losses) of subsidiaries, net of tax									40,166	55,879	69,419
Net income									$ 22,228	$ 38,890	$ 54,543

Schedule II - Statements of Cas

Schedule II - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities:
Net income (loss)	$ 22,228	$ 38,890	$ 54,543
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of debt issuance costs	1,249
Changes in:
Increase (decrease) in other assets	(649)	23,938	(15,092)
Increase in other liabilities	(16,405)	(17,036)	(2,377)
Total adjustments	88,460	208,161	178,863
Net cash provided by operating activities - continuing operations	116,210	253,655	232,592
Investing activities:
Net cash used in investing activities	(179,866)	(288,616)	(297,952)
Financing activities
Proceeds from shares issued		50,878
Payments related to offering costs	(49)
Proceeds from notes payable, net of debt issuance costs	201,909		18,000
Repayment of notes payable	(165,000)	(18,000)
Tax withholding on stock compensation awards	(2,578)	(740)
Proceeds from stock purchase plan	165
Net cash provided by financing activities	57,106	32,138	18,000
Cash, cash equivalents and restricted cash at beginning of year - continuing operations	27,497	29,900	77,872
Cash, cash equivalents and restricted cash at end of period - continuing operations	19,603	27,497	29,900
Parent Company | Reportable Legal Entities
Operating Activities:
Net income (loss)	22,228	38,890	54,543
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of debt issuance costs	1,240	338	338
Equity in undistributed net losses of subsidiaries, net of tax	(40,166)	(55,879)	(69,419)
Changes in:
Decrease (increase) in receivables from affiliates	(927)	5,882	(9,957)
(Decrease) increase in payables to affiliates	4,351	(8,277)	4,872
Increase (decrease) in other assets	(16)	3,844	(1,673)
(Decrease) increase in loans to affiliates		(3,173)
Increase in other liabilities	89	(3,022)	(6,426)
Total adjustments	(35,429)	(60,287)	(82,265)
Net cash provided by operating activities - continuing operations	(13,201)	(21,397)	(27,722)
Financing activities
Proceeds from shares issued		50,878
Payments related to offering costs	(49)
Proceeds from notes payable, net of debt issuance costs	201,908		18,000
Repayment of notes payable	(165,000)	(18,000)
Tax withholding on stock compensation awards	(2,578)	(740)
Proceeds from stock purchase plan	165
Capital contributions to affiliates	(21,399)	(10,490)	9,747
Net cash provided by financing activities	13,047	21,648	27,747
Net increase (decrease) in cash and cash equivalents	(154)	251	25
Cash, cash equivalents and restricted cash at beginning of year - continuing operations	773	522	497
Cash, cash equivalents and restricted cash at end of period - continuing operations	$ 619	$ 773	$ 522

Schedule V - Allowance for Unco

Schedule V - Allowance for Uncollectible Premiums and Reinsurance Recoverables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance on Premiums Receivables
Allowance for Uncollectible Premiums and Reinsurance Recoverables
Beginning balance	$ 5,056	$ 4,823	$ 4,197
Additions	3,197	2,108	800
Deductions	(1,336)	(1,875)	(174)
Ending balance	6,917	5,056	4,823
Allowance on Reinsurance Receivables
Allowance for Uncollectible Premiums and Reinsurance Recoverables
Beginning balance	10,871	9,992	7,046
Additions		4,581	4,510
Deductions	(2,381)	(3,702)	(1,564)
Ending balance	$ 8,490	$ 10,871	$ 9,992