ProSight Global (PROS) 10-Q 9 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 03, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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 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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,788,499
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001634038
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Fixed maturity securities, available-for-sale at fair value (amortized cost $1,651,797 in 2021 and $2,159,743 in 2020, allowance for credit losses $(1,011) in 2021 and $(1,457) in 2020)	$ 1,686,570	$ 2,266,057
Commercial levered loans at amortized cost (fair value $5,269 in 2021 and $12,180 in 2020)	5,299	12,308
Non-redeemable preferred stock securities at fair value (cost $1,400 in 2021 and $6,541 in 2020)	1,400	7,049
Bond exchange-traded funds at fair value (cost $0 in 2021 and $44,679 in 2020)		44,882
Limited partnerships and limited liability companies at fair value (cost $72,814 in 2021 and $74,268 in 2020)	97,150	90,468
Short-term investments	18,833	154
Total investments	1,809,252	2,420,918
Cash and cash equivalents	652,374	12,078
Restricted cash	24,502	7,525
Accrued investment income	9,659	13,693
Premiums and other receivables, net	131,145	146,243
Receivable from reinsurers on paid losses, net	11,167	10,481
Reinsurance receivables on unpaid losses, net	152,075	170,522
Deferred policy acquisition costs	98,424	94,437
Prepaid reinsurance premiums	46,624	56,787
Goodwill and net intangible assets	17,233	17,248
Fixed assets and capitalized software, net	31,798	33,896
Funds withheld related to sale of affiliate	19,532	19,534
Other assets	16,008	25,996
Assets of discontinued operations	22,709	21,354
Total assets	3,042,502	3,050,712
Liabilities
Reserve for unpaid losses and loss adjustment expenses	1,598,934	1,602,902
Reserve for unearned premiums	450,278	448,676
Ceded reinsurance payable	23,429	38,152
Notes payable, net of debt issuance costs	204,029	203,267
Secured notes payable, net of issuance costs	20,773	22,668
Funds held under reinsurance agreements	19,099	23,179
Net deferred income taxes	1,669	10,137
Other liabilities	59,191	40,034
Liabilities of discontinued operations	44,115	37,729
Total liabilities	2,421,517	2,426,744
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; 43,632,764 and 43,449,087 shares issued, 43,619,844 and 43,436,167 shares outstanding in 2021 and 2020, respectively	436	434
Paid-in capital	672,105	668,798
Accumulated other comprehensive income	31,103	89,122
Retained deficit	(82,459)	(134,186)
Treasury shares - at cost (12,920 shares)	(200)	(200)
Total stockholders' equity	620,985	623,968
Total liabilities and stockholders' equity	$ 3,042,502	$ 3,050,712

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Fixed maturity securities, available-for-sale, amortized cost	$ 1,651,797	$ 2,159,743
Fixed maturity securities, available-for-sale, allowance for credit losses	(1,011)	(1,457)
Commercial levered loans, fair value	5,269	12,180
Non-redeemable preferred stock securities, cost	1,400	6,541
Bond exchange-traded funds, cost	0	44,679
Limited partnerships and limited liability companies, cost	$ 72,814	$ 74,268
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	43,632,764	43,449,087
Common stock, shares outstanding	43,619,844	43,436,167
Treasury shares, shares	12,920	12,920

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated Statements of Operations
Gross written premiums	$ 238,522	$ 186,394	$ 407,913	$ 400,178
Net earned premiums	178,897	181,629	351,868	387,291
Net investment income	14,581	23,791	31,260	32,606
Realized investment gains, net	15,784	1,891	48,892	2,123
Other income	45	101	117	213
Total revenues	209,307	207,412	432,137	422,233
Expenses:
Net losses and loss adjustment expenses incurred	114,400	112,473	219,923	240,030
Policy acquisition expenses	43,696	42,033	86,055	89,019
General and administrative expenses	24,457	26,415	47,456	53,052
Interest Expense	2,666	3,067	5,324	6,172
Other expense	1,339	1,390	2,656	3,127
Total expenses	186,558	185,378	361,414	391,400
Net income from continuing operations before income taxes	22,749	22,034	70,723	30,833
Income tax provision:
Current	2,619	4,116	8,465	5,747
Deferred	2,068	635	6,649	992
Total income tax expense	4,687	4,751	15,114	6,739
Net income from continuing operations	18,062	17,283	55,609	24,094
Discontinued operations:
Net income (loss) from discontinued operations	(1,544)	279	(3,882)	536
Net income	$ 16,518	$ 17,562	$ 51,727	$ 24,630
Earnings per share - basic:
Net income from continuing operations	$ 0.41	$ 0.39	$ 1.27	$ 0.55
Net income	0.38	0.40	1.18	0.56
Earnings per share - diluted:
Net income from continuing operations	0.40	0.39	1.24	0.55
Net income	$ 0.37	$ 0.40	$ 1.16	$ 0.56

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated Statements of Comprehensive (Loss) Income
Net income	$ 16,518	$ 17,562	$ 51,727	$ 24,630
Other comprehensive income (loss), net of taxes:
Change in unrealized holding gains (losses) on available-for-sale debt securities, net of deferred tax expense (benefit) of $3,206 and $(4,849) in 2021 and $20,851 and $4,749 in 2020	12,069	78,456	(18,199)	17,492
Less: reclassification adjustment for gains included in net income, net of tax expense of $3,310 and $10,174 in 2021 and $726 and $862 in 2020	13,232	2,952	39,468	3,758
Less: reclassification adjustment for credit losses included in net income, net of tax expense (benefit) of $5 and $94 in 2021 and $(330) and $(417) in 2020	18	(1,240)	352	(1,569)
Other comprehensive income (loss)	(1,181)	76,744	(58,019)	15,303
Comprehensive income	$ 15,337	$ 94,306	$ (6,292)	$ 39,933

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated Statements of Comprehensive (Loss) Income
Change in unrealized holding gains (losses) on securities, deferred tax (benefit) expense	$ 3,206	$ 20,851	$ (4,849)	$ 4,749
Reclassification adjustment for gains (losses) included in net income, tax expense (benefit)	3,310	726	10,174	862
Reclassification adjustment for credit losses included in net income, tax expense (benefit)	$ 5	$ (330)	$ 94	$ (417)

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, 2019	$ 431	$ 661,761	$ 37,453	$ (156,414)	$ (200)	$ 543,031
Increase (decrease) in Stockholders' Equity
Stock based employee compensation plan	2	1,754				1,756
Net unrealized gain (loss) on available-for-sale debt securities, net of deferred tax expense			(61,441)			(61,441)
Retirement of common stock (tax payments on equity compensation)		(2,263)				(2,263)
Payments related to offering costs		(49)				(49)
Net income				7,068		7,068
Balance at the end of the period at Mar. 31, 2020	433	661,203	(23,988)	(149,346)	(200)	488,102
Balance at the beginning of the period at Dec. 31, 2019	431	661,761	37,453	(156,414)	(200)	543,031
Increase (decrease) in Stockholders' Equity
Net income						24,630
Balance at the end of the period at Jun. 30, 2020	433	664,895	52,756	(131,784)	(200)	586,100
Balance at the beginning of the period at Mar. 31, 2020	433	661,203	(23,988)	(149,346)	(200)	488,102
Increase (decrease) in Stockholders' Equity
Stock based employee compensation plan		3,057				3,057
Net unrealized gain (loss) on available-for-sale debt securities, net of deferred tax expense			76,744			76,744
Tax benefit on payments related to offering costs		635				635
Net income				17,562		17,562
Balance at the end of the period at Jun. 30, 2020	433	664,895	52,756	(131,784)	(200)	586,100
Balance at the beginning of the period at Dec. 31, 2020	434	668,798	89,122	(134,186)	(200)	623,968
Increase (decrease) in Stockholders' Equity
Stock based employee compensation plan	2	1,918				1,920
Share purchase plan		60				60
Net unrealized gain (loss) on available-for-sale debt securities, net of deferred tax expense			(56,838)			(56,838)
Retirement of common stock (tax payments on equity compensation)		(655)				(655)
Net income				35,209		35,209
Balance at the end of the period at Mar. 31, 2021	436	670,121	32,284	(98,977)	(200)	603,664
Balance at the beginning of the period at Dec. 31, 2020	434	668,798	89,122	(134,186)	(200)	623,968
Increase (decrease) in Stockholders' Equity
Net income						51,727
Balance at the end of the period at Jun. 30, 2021	436	672,105	31,103	(82,459)	(200)	620,985
Balance at the beginning of the period at Mar. 31, 2021	436	670,121	32,284	(98,977)	(200)	603,664
Increase (decrease) in Stockholders' Equity
Stock based employee compensation plan		1,984				1,984
Net unrealized gain (loss) on available-for-sale debt securities, net of deferred tax expense			(1,181)			(1,181)
Net income				16,518		16,518
Balance at the end of the period at Jun. 30, 2021	$ 436	$ 672,105	$ 31,103	$ (82,459)	$ (200)	$ 620,985

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Consolidated Statements of Changes in Stockholders' Equity
Net unrealized (loss) gain on available-for-sale securities, deferred tax (benefit)	$ (109)	$ (15,008)	$ 20,455	$ (16,151)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net income from continuing operations	$ 55,609	$ 24,094
Net income (loss) from discontinued operations	(3,882)	536
Net income	51,727	24,630
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for deferred taxes	6,649	992
Realized investment gains, net	(48,892)	(2,123)
Net limited partnerships and limited liability companies (gains) losses	(8,100)	(1,254)
Net amortization from bonds and commercial loans	1,157	1,808
Net change in fair value of non-redeemable preferred stock securities	22	(115)
Net change in fair value of bond exchange-traded funds	1,511
Depreciation and amortization	4,487	4,186
Amortization of debt issuance costs	858	169
Stock based compensation	3,904	4,813
Changes in:
Premiums and other receivables, net	15,098	46,485
Receivable from reinsurers on paid losses and reinsurance receivable on unpaid losses	17,761	53,509
Ceded reinsurance payable	(14,723)	2,556
Accrued investment income	4,034	(509)
Deferred policy acquisition costs	(3,987)	4,225
Prepaid reinsurance premiums	10,163	(4,976)
Reserve for unpaid losses and loss adjustment expenses	(3,968)	22,475
Reserve for unearned premiums	1,602	(32,289)
Funds withheld related to sale of affiliate	2	(76)
Funds held under reinsurance agreements	(4,080)	(35,997)
Other assets	9,901	(4,465)
Other liabilities	19,157	10,324
Total adjustments	12,556	69,738
Net cash provided by operating activities - continuing operations	68,165	93,832
Net cash provided by (used in) operating activities - discontinued operations	68	115
Net cash provided by operating activities	68,233	93,947
Investing activities
Purchases of available-for-sale fixed maturity securities	(652,395)	(408,224)
Sales of available-for-sale fixed maturity securities	1,025,174	194,904
Redemptions of available-for-sale fixed maturity securities	182,428	111,877
Purchases of non-redeemable preferred stock securities		(11,669)
Redemptions of commercial levered loans	7,026	608
Sales of bond exchange-traded funds	43,371
Purchases of limited partnerships	(2,035)	(13,651)
Distributions and redemptions from limited partnerships	3,453	1,847
Sales of non-redeemable preferred stock securities	5,627
Purchases of short-term investments	(161,382)	(34,955)
Sales of short-term investments	142,714	78,485
Acquisition of fixed assets and capitalized software	(2,373)	(2,634)
Net cash used in investing activities - continuing operations	591,608	(83,412)
Net cash provided by (used in) investing activities - discontinued operations	1,599	634
Net cash used in investing activities	593,207	(82,778)
Financing activities
Payments related to offering costs		(49)
Tax withholding on stock compensation awards	(655)	(2,263)
Proceeds from stock purchase plan	60
Proceeds from secured loan payable		24,997
Repayment of secured loan payable	(1,905)
Net cash provided by financing activities	(2,500)	22,685
Net change in cash and cash equivalents	658,940	33,854
Cash, cash equivalents and restricted cash at beginning of year - continuing operations	19,603	27,497
Cash, cash equivalents and restricted cash at beginning of year- discontinued operations	1,779	255
Less: cash, cash equivalents and restricted cash at end of period - discontinued operations	(3,446)	(1,003)
Cash, cash equivalents and restricted cash at end of period - continuing operations	$ 676,876	$ 60,603

Basis of Reporting

Basis of Reporting	6 Months Ended
	Jun. 30, 2021
Basis of Reporting
Basis of Reporting	1. Basis of Reporting The accompanying unaudited interim consolidated financial statements of ProSight Global, Inc. and its subsidiaries (the “Company”) have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company’s 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 23, 2021. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All significant intercompany balances and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year. Effective August 4, 2021, the Company completed its previously announced merger with Pedal Merger Sub, Inc. (“Merger Sub”), pursuant to the agreement and plan of merger (the “Merger Agreement”) by and among Pedal Parent Inc. (“Parent”), owned by affiliates of TowerBrook Capital Partners L.P. and Further Global Capital Management, and Merger Sub. Pursuant to the Merger Agreement, Merger Sub merged with and into the Company (the “merger”), with the Company surviving as a wholly owned subsidiary of Parent. Pursuant to the Merger Agreement, each ProSight common share held by our stockholders converted into the right to receive $12.85 in cash, without interest. In connection with the merger, the Company executed an adverse development cover and loss portfolio transfer transaction with Cavello Bay Reinsurance Limited. In connection with the merger, all outstanding obligations in respect of principal, interest and fees under the Credit Agreement, dated as of June 12, 2020, (the “Credit Agreement”) were repaid and all commitments under the Credit Agreement were terminated. Simultaneously with the consummation of the merger and the termination of the Credit Agreement, the Company entered into a credit agreement with third-party lenders and an administrative agent dated August 4, 2021, with terms that were materially similar to the Credit Agreement. Use of Estimates The preparation of the unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the financial statement balances, as well as disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Management periodically reviews its estimates and assumptions.

Recently Adopted Accounting Sta

Recently Adopted Accounting Standards	6 Months Ended
	Jun. 30, 2021
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards	2 . Recently Adopted Accounting Standards Accounting Guidance Adopted In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Accounting Guidance Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes 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

Supplemental Cash Flow

Supplemental Cash Flow	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow
Supplemental Cash Flow	3. Supplemental Cash Flow The following table represents the supplemental cash flow information for the six months ended June 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30 ($ in thousands) 2021 2020 Cash paid during the period for: ​ ​ Interest ​ $ 4,385 ​ $ 6,187 Federal income tax ​ $ 5,850 ​ $ — Non-cash activity: ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets due to the adoption of ASU 2016-02 - continuing operations ​ $ 1,461 ​ $ 4,117 Operating lease right-of-use assets due to the adoption of ASU 2016-02 - discontinued operations ​ $ 1,987 ​ $ 2,174 Operating lease liabilities due to the adoption of ASU 2016-02 - continuing operations ​ $ 1,665 ​ $ 4,624 Operating lease liabilities due to the adoption of ASU 2016-02 - discontinued operations ​ $ 2,274 ​ $ 2,526 Tax benefit on payments related to offering costs ​ $ — ​ $ 635 ​ For the six months ended June 30, 2021, the Company withheld 50,926 shares of common stock from employees related to tax liabilities incurred upon the settlement of vested restricted stock units (“RSUs”). The number of shares of common stock issued, upon the settlement of vested RSUs net of tax withholding, was 183,677.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2021
Discontinued Operations
Discontinued Operations	4. Discontinued Operations In March 2017, the Company announced its exit from the United Kingdom (“U.K.”) insurance market. The financial results and subsequent expenses directly attributable to U.K. operations are included in the Company’s financial statements and classified within discontinued operations for all periods presented. Net loss from discontinued operations was $1.5 million and $3.9 million for the three and six months ended June 30, 2021. Net income from discontinued operations was $0.3 million and $0.5 million for the three and six months ended June 30, 2020. The following table represents the carrying amounts of assets and liabilities associated with the exit from the insurance market in the U.K. reported as discontinued operations in its consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ($ in thousands) ​ 2021 ​ 2020 Assets ​ ​ ​ ​ ​ ​ Cash and investments ​ $ 11,032 ​ $ 10,939 Other assets ​ 11,677 ​ 10,415 Total assets ​ $ 22,709 ​ $ 21,354 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Reserve for unpaid losses and loss adjustment expenses ​ $ 38,668 ​ $ 32,414 Other liabilities ​ 5,447 ​ 5,315 Total liabilities ​ $ 44,115 ​ $ 37,729 ​

Investments

Investments	6 Months Ended
	Jun. 30, 2021
Investments
Investments	5. 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 (“RMBS”), commercial mortgage-backed securities (“CMBS”), collateralized loan obligations (“CLO”), asset-backed securities (“ABS”) 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 (“AFS”) securities. (a) The gross unrealized gains and losses on fixed maturity securities included in assets from continuing operations at June 30, 2021, 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 $ 45,555 ​ $ — ​ $ 1,269 $ (28) ​ $ 46,796 Government agency securities ​ ​ 19,935 ​ ​ — ​ ​ 148 ​ ​ (171) ​ ​ 19,912 Corporate debt securities ​ 1,026,771 ​ ​ (508) ​ 38,803 ​ (12,676) ​ 1,052,390 Municipal debt obligations ​ 144,356 ​ ​ — ​ 3,100 ​ (435) ​ 147,021 ABS ​ 64,590 ​ ​ — ​ 505 ​ (200) ​ 64,895 CLO ​ 90,942 ​ ​ — ​ 60 ​ ​ (427) ​ 90,575 CMBS ​ 53,219 ​ ​ — ​ 1,570 ​ (217) ​ 54,572 RMBS - non-agency ​ 89,432 ​ ​ (503) ​ 5,262 ​ (474) ​ 93,717 RMBS - agency ​ 116,997 ​ ​ — ​ 808 ​ (1,113) ​ 116,692 Total fixed maturity securities ​ $ 1,651,797 ​ $ (1,011) ​ $ 51,525 ​ $ (15,741) ​ $ 1,686,570 ​ 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 ​ (b) The following table summarizes the fair values and gross unrealized losses for fixed maturity securities in an unrealized loss position at June 30, 2021, 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 $ 23,079 ​ $ (28) $ — ​ ​ — $ 23,079 $ (28) Government agency securities ​ 11,949 ​ ​ (171) ​ ​ — ​ ​ — ​ ​ 11,949 ​ ​ (171) Corporate debt securities ​ 193,335 ​ ​ (3,096) ​ 88,194 ​ ​ (9,580) ​ 281,529 ​ (12,676) Municipal debt obligations ​ 48,243 ​ (431) ​ 2,162 ​ ​ (4) ​ 50,405 ​ (435) ABS ​ 25,627 ​ (136) ​ 6,421 ​ ​ (64) ​ 32,048 ​ (200) CLO ​ 7,596 ​ (17) ​ 41,476 ​ ​ (410) ​ 49,072 ​ (427) CMBS ​ 12,138 ​ (202) ​ 4,695 ​ ​ (15) ​ 16,833 ​ (217) RMBS - non-agency ​ 15,300 ​ (210) ​ 5,821 ​ ​ (264) ​ 21,121 ​ (474) RMBS - agency ​ 82,760 ​ (1,113) ​ — ​ ​ — ​ 82,760 ​ (1,113) Total fixed maturity securities $ 420,027 ​ $ (5,404) ​ $ 148,769 ​ $ (10,337) ​ $ 568,796 ​ $ (15,741) ​ 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) ​ (c) The Company was holding 360 and 212 fixed maturity securities that were in an unrealized loss position as of June 30, 2021 and December 31, 2020, 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 benefit for fixed maturity securities was $0.0 million and $0.4 million for the three and six months ended June 30, 2021, respectively. The credit loss allowance expense for fixed maturity securities was $1.6 million and $2.0 million for the three and six months ended June 30, 2020, respectively. The following table is a rollforward of the credit loss allowance for fixed maturity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Additions ​ Reduction ​ Reduction ​ Change in Securities ​ June 30, ($ in thousands) ​ 2020 ​ New Securities ​ Sales ​ Intent to Sell ​ with Previous Allowance ​ 2021 Fixed maturity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities $ 598 $ — $ (111) ​ $ — ​ $ 21 ​ $ 508 RMBS - non-agency ​ ​ 859 ​ ​ — ​ ​ (59) ​ ​ — ​ ​ (297) ​ ​ 503 Total fixed maturity securities allowance $ 1,457 $ — $ (170) ​ $ — ​ $ (276) ​ $ 1,011 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Additions ​ Reduction ​ Reduction ​ Change in Securities ​ June 30, ($ in thousands) ​ 2019 ​ New Securities ​ Sales ​ Intent to Sell ​ with Previous Allowance ​ 2020 Fixed maturity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities $ — $ 615 $ — ​ $ — ​ $ — ​ $ 615 ABS ​ — ​ 275 ​ — ​ ​ — ​ ​ — ​ ​ 275 CLO ​ ​ — ​ 6 ​ — ​ ​ — ​ ​ — ​ ​ 6 RMBS - non-agency ​ ​ — ​ ​ 1,090 ​ ​ (1) ​ ​ — ​ ​ — ​ ​ 1,089 Total fixed maturity securities allowance $ — $ 1,986 $ (1) ​ $ — ​ $ — ​ $ 1,985 ​ (d) The amortized cost and fair value of fixed maturity securities, excluding the Company’s structured securities portfolio, at June 30, 2021, 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ Amortized ​ Fair ($ in thousands) Cost Value Due in one year or less ​ $ 112,908 $ 114,423 Due after one through five years ​ 506,126 517,934 Due after five through ten years ​ 389,723 400,097 Due after ten years ​ 207,925 213,753 ​ ​ 1,216,682 1,246,207 Structured securities: ​ ​ ​ ​ ​ Government agency securities ​ ​ 19,935 ​ ​ 19,912 ABS ​ 64,590 64,895 CLO ​ 90,942 90,575 CMBS ​ 53,219 54,572 RMBS - non-agency ​ 89,432 93,717 RMBS - agency ​ 116,997 116,692 Total fixed maturity securities ​ $ 1,651,797 $ 1,686,570 ​ The Company did not have any non-income producing fixed maturity investments as of June 30, 2021 and December 31, 2020, respectively. (e) 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 June 30, 2021 and December 31, 2020, the fair value of limited partnerships and limited liability companies were $97.1 million and $90.5 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 $49.2 million at June 30, 2021. 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 notice period in order to withdraw funds. Some limited partnerships and limited liability companies may require a withdrawal only at the end of their fiscal year. The Company may also be subject to withdrawal fees in the event the limited partnerships and limited liability companies are sold within a minimum holding period, which may be up to one year. Many limited partnerships and limited liability companies have invoked gated provisions that allow the fund to disperse redemption proceeds to investors over an extended period. The Company is subject to such restrictions, which may delay the receipt of proceeds from limited partnerships and limited liability companies. (f) The Company invests in commercial loans, which are private placements. Loans are reported at the principal amount outstanding, reduced by unearned discounts, net deferred loan fees, and an allowance for 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 June 30, 2021 and December 31, 2020, respectively. (g) Proceeds from sales and redemptions in AFS securities totaled $726.2 million and $154.0 million for the three months ended June 30, 2021 and 2020, respectively. Proceeds from sales and redemptions in AFS securities totaled $1,207.6 million and $306.8 million for the six months ended June 30, 2021 and 2020, respectively. Gross realized gains from sales and redemptions in AFS securities totaled $17.1 million and $3.7 million for the three months ended June 30, 2021 and 2020, respectively. Gross realized gains from sales and redemptions in AFS securities totaled $49.9 million and $4.7 million for the six months ended June 30, 2021 and 2020, respectively. Gross realized losses from sales and redemptions of AFS investments totaled $1.4 million and $0.2 million for the three months ended June 30, 2021 and 2020, respectively. Gross realized losses from sales and redemptions of AFS investments totaled $1.5 million and $0.6 million for the six months ended June 30, 2021 and 2020, respectively. (h) Net investment income included in net income from continuing operations in the consolidated statements of operations from each major category of investments for the three and six months ended June 30, 2021 and 2020, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30 Six Months Ended June 30 ($ in thousands) ​ 2021 2020 2021 2020 Fixed maturity securities $ 11,826 $ 15,849 ​ $ 25,585 $ 32,131 Net limited partnerships and limited liability companies gains ​ 2,917 ​ 8,131 ​ ​ 8,100 ​ 1,254 Other ​ 1,084 ​ 461 ​ ​ (414) ​ 546 Gross investment income ​ 15,827 ​ 24,441 ​ ​ 33,271 ​ 33,931 Less: investment income attributable to funds withheld liabilities ​ ​ 98 ​ ​ 118 ​ ​ 202 ​ ​ 254 Less: expenses ​ 1,148 ​ 532 ​ ​ 1,809 ​ 1,071 Net investment income ​ $ 14,581 $ 23,791 ​ $ 31,260 $ 32,606 ​ (i) Included in investments at June 30, 2021 and December 31, 2020, 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 $230.5 million and $233.4 million, respectively. Fair value and carrying value of assets in the amount of $254.5 million and $243.5 million, respectively, were on deposit in collateral agreements at June 30, 2021. 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. (j) The investment portfolio has exposure to market risks, which include the effect of adverse changes in interest rates, credit quality, limited partnership value and illiquid securities, including commercial loan values, on the portfolio. Interest rate risk includes the changes in the fair value of fixed maturities based upon changes in interest rates. Credit quality risk includes the risk of default by issuers of debt securities. Risks from investments in limited partnerships and limited liability companies and illiquid securities risks include the potential loss from the diminution in the value of the underlying investment of the limited partnerships and limited liability companies and the potential loss from changes in the fair value of commercial loans. (k) 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 three and six months ended June 30, 2021 was a gain of $0.1 million and $0.5 million, respectively. The gain consisted of a gain recognized on the sale of non-redeemable preferred stock securities of $0.5 million and an unrealized loss of $0.4 million for the three months ended June 30 2021. The gain consisted of a gain recognized on the sale of non-redeemable preferred stock securities $0.5 million for the six months ended June 30 2021. ​ The change in fair value recognized in income on non-redeemable preferred stock securities for the three and six months ended June 30, 2020 was a gain of $0.4 million and $0.1 million, respectively. The gain consisted of an unrealized gain of $0.4 million and $0.1 million for the three and six months ended June 30 2020, respectively. ​ (l) 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 three and six months ended June 30, 2021 was a gain of $0.2 million and a loss of $1.3 million, respectively. The gain consisted of a realized gain on the sale of bond exchange-traded funds of $0.2 million for the three months ended June 30, 2021. The loss consisted of a realized loss on the sale of bond exchange-traded funds of $1.3 million for the six months ended June 30, 2021, respectively. ​ (m) The Company began participating in a securities lending program in March 2021. The Company loans certain of its securities to third parties, for short periods through a lending agent. The Company maintains legal control over the securities it lends, retains the earnings and cash flows associated with the loaned securities and receives a fee from the borrower for the temporary use of the securities and cash collateral received earns income which are both recorded within net investment income on the consolidated statement of operations. Collateral recorded within restricted cash on the consolidated balance sheet is received in an amount that is in excess of fair value at the time of borrowing (102% for domestic loaned securities and 105% for foreign loaned securities), including accrued investment income and is monitored and maintained by the lending agent. A securities lending payable is recorded within other liabilities on the consolidated balance sheet, which represents the Company’s obligation to return collateral upon receiving borrowed securities. An indemnification agreement with the lending agent protects the Company on the event a borrower becomes insolvent or fails to return any securities on loan to the Company. As of June 30, 2021, the fair value of the cash collateral received by the Company was $11.4 million.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Measurements
Fair Value Measurements	6. 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 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 June 30, 2021 and December 31, 2020, using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturity securities: ​ ​ ​ ​ U.S. Treasury securities ​ $ — $ 46,796 $ — $ 46,796 Government agency securities ​ ​ — ​ ​ 19,912 ​ ​ — ​ ​ 19,912 Corporate debt securities ​ — ​ 741,341 ​ 311,049 ​ 1,052,390 Municipal debt obligations ​ — ​ 147,021 ​ — ​ 147,021 ABS ​ — ​ 64,895 ​ — ​ 64,895 CLO ​ — ​ 90,575 ​ — ​ 90,575 CMBS ​ — ​ 54,572 ​ — ​ 54,572 RMBS - non agency ​ — ​ 93,717 ​ — ​ 93,717 RMBS - agency ​ — ​ 116,692 ​ — ​ 116,692 Total fixed maturity securities ​ ​ — ​ ​ 1,375,521 ​ ​ 311,049 ​ ​ 1,686,570 Non-redeemable preferred stock securities ​ ​ — ​ ​ — ​ ​ 1,400 ​ ​ 1,400 Total categorized ​ $ — $ 1,375,521 $ 312,449 $ 1,687,970 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments measured at net asset value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Limited partnerships and limited liability companies ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 97,150 Total of invested assets carried at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,785,120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ($ 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 ​ ​ 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 June 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ Carrying ​ Fair Value ($ in thousands) Value Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ Commercial levered loans ​ $ 5,299 $ 5,269 $ — $ — $ 5,269 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ Notes payable ​ $ 207,000 $ 207,661 $ — $ 207,661 $ — Unamortized debt issuance costs ​ (2,971) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable, net of debt issuance costs ​ $ 204,029 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured loan payable ​ $ 20,845 $ 21,039 $ — $ 21,039 $ — Unamortized debt issuance costs ​ (72) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured loan payable, net of issuance costs ​ $ 20,773 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 issuance costs ​ $ 22,668 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The fair value of the notes payable at June 30, 2021, approximated a price equal to $207.7 million or 100.3% of the par value. The fair value of the secured loan payable at June 30, 2021, approximated a price equal to $21.0 million or 101.3% of the par value. 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 $23.3 million or 102.3% of the par value. The following tables provides a summary of the changes in the fair value of securities measured using Level 3 inputs during the six months ended June 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Redeemable ​ ​ ​ ​ Corporate Debt ​ Preferred Stock ​ Level 3 ($ in thousands) ​ Securities Securities ​ Total Fair value, December 31, 2020 ​ $ 257,965 ​ $ 1,400 ​ $ 259,365 Total net losses for the period included in: ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive loss ​ ​ (2,922) ​ ​ — ​ ​ (2,922) Net realized loss ​ (165) ​ — ​ (165) Purchases ​ 70,894 ​ — ​ 70,894 Sales ​ — ​ — ​ — Issuances ​ — ​ — ​ — Settlements ​ (14,723) ​ — ​ (14,723) Transfers into Level 3 ​ — ​ — ​ — Transfers out of Level 3 ​ — ​ — ​ — Fair value, June 30, 2021 ​ $ 311,049 ​ $ 1,400 ​ $ 312,449 ​ ​ ​ ​ ​ ​ Level 3 ​ ​ Corporate Debt ($ in thousands) ​ Securities Fair value, December 31, 2019 ​ $ 149,631 Total net losses for the period included in: ​ Other comprehensive loss ​ ​ (8,563) Net realized loss ​ (2) Purchases ​ 22,634 Sales ​ — Issuances ​ — Settlements ​ (1,623) Transfers into Level 3 ​ — Transfers out of Level 3 ​ — Fair value, June 30, 2020 ​ $ 162,077 ​

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)	7. Accumulated Other Comprehensive Income The following table summarizes the components of accumulated other comprehensive income (“AOCI”) for the three and six months ended June 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Gross Tax Net March 31, 2021 $ 39,909 $ 7,625 ​ $ 32,284 Unrealized holding gains on fixed maturity securities ​ 15,275 ​ 3,206 ​ ​ 12,069 Amounts reclassified into net income ​ 16,542 ​ 3,310 ​ ​ 13,232 Amounts reclassified as credit losses ​ ​ 23 ​ ​ 5 ​ ​ 18 Other comprehensive loss ​ (1,290) ​ (109) ​ (1,181) June 30, 2021 ​ $ 38,619 $ 7,516 ​ $ 31,103 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Gross Tax Net March 31, 2020 $ (31,469) $ (7,481) ​ $ (23,988) Unrealized holding gains on fixed maturity securities ​ 99,307 ​ 20,851 ​ ​ 78,456 Amounts reclassified into net income ​ 3,678 ​ 726 ​ ​ 2,952 Amounts reclassified as credit losses ​ ​ (1,570) ​ ​ (330) ​ ​ (1,240) Other comprehensive income ​ 97,199 ​ 20,455 ​ ​ 76,744 June 30, 2020 ​ $ 65,730 $ 12,974 ​ $ 52,756 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Gross ​ Tax ​ Net December 31, 2020 $ 111,755 $ 22,633 $ 89,122 Unrealized holding losses on fixed maturity securities ​ (23,048) ​ (4,849) ​ (18,199) Amounts reclassified into net income ​ 49,642 ​ 10,174 ​ 39,468 Amounts reclassified as credit losses ​ ​ 446 ​ ​ 94 ​ ​ 352 Other comprehensive loss ​ (73,136) ​ (15,117) ​ (58,019) June 30, 2021 $ 38,619 $ 7,516 $ 31,103 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Gross Tax Net December 31, 2019 $ 46,123 $ 8,670 ​ $ 37,453 Unrealized holding gains on fixed maturity securities ​ 22,241 ​ 4,749 ​ ​ 17,492 Amounts reclassified into net income ​ 4,620 ​ 862 ​ ​ 3,758 Amounts reclassified as credit losses ​ ​ (1,986) ​ ​ (417) ​ ​ (1,569) Other comprehensive income ​ 19,607 ​ ​ 4,304 ​ ​ 15,303 June 30, 2020 ​ $ 65,730 $ 12,974 ​ $ 52,756 ​ The following table presents reclassifications out of AOCI attributable to the Company during the three and six months ended June 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line in Consolidated ​ Three Months Ended June 30 ​ Six Months Ended June 30 ($ in thousands) Statements of Operations 2021 2020 2021 2020 AOCI ​ ​ ​ ​ ​ ​ Unrealized gains on securities Realized investment gains, net ​ $ 16,542 ​ $ 3,678 ​ $ 49,642 ​ $ 4,620 ​ Income tax expense ​ ​ 3,310 ​ ​ 726 ​ ​ 10,174 ​ ​ 862 Reclassification adjustment for credit losses included in net income ​ Realized investment gains, net ​ ​ 23 ​ ​ (1,570) ​ ​ 446 ​ ​ (1,986) ​ ​ Income tax expense ​ ​ 5 ​ ​ (330) ​ ​ 94 ​ ​ (417) Total reclassifications ​ ​ $ 13,250 ​ $ 1,712 ​ $ 39,820 ​ $ 2,189 ​

Related-Party Information

Related-Party Information	6 Months Ended
	Jun. 30, 2021
Related-Party Information
Related-Party Information	8. Related-Party Information 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. 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. ​ The Company recorded no expense for the three months ended June 30, 2021 and 2020, respectively, within other expense in the consolidated statements of operations relating to the severance payments and benefits payable to the former CEO. The Company recorded no expense and $0.3 million for the six months ended June 30, 2021 and 2020, respectively, within other expense in the consolidated statements of operations relating to the severance payments and benefits payable to the former CEO. Additionally, the Company entered into a niche management agreement with an independent agency founded by the former CEO. ​

Insurance Operations

Insurance Operations	6 Months Ended
	Jun. 30, 2021
Insurance Operations
Insurance Operations	9. Insurance Operations Total reinsurance ceded and assumed relating to written premiums, earned premiums and losses and loss adjustment expenses incurred, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30 Six Months Ended June 30 ($ in thousands) 2021 2020 2021 2020 Written premiums ​ ​ ​ ​ ​ Direct written premiums $ 239,587 $ 185,722 ​ $ 408,359 $ 398,673 Assumed from other companies ​ (1,065) ​ 672 ​ ​ (446) ​ 1,505 Ceded to other companies ​ 26,811 ​ 29,771 ​ ​ 44,281 ​ 53,372 Net written premiums ​ $ 211,711 $ 156,623 ​ $ 363,632 $ 346,806 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned premiums ​ ​ Direct earned premiums ​ $ 206,280 $ 206,028 ​ $ 406,212 $ 434,608 Assumed from other companies ​ (590) 697 ​ 100 1,439 Ceded to other companies ​ 26,793 25,096 ​ 54,444 48,756 Net earned premiums ​ $ 178,897 $ 181,629 ​ $ 351,868 $ 387,291 Percent of amount assumed to net ​ (0.3)% ​ ​ 0.4% ​ 0.0% ​ ​ 0.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses and loss adjustment expenses incurred ​ ​ Direct net losses and loss adjustment expenses incurred ​ $ 136,827 $ 120,680 ​ $ 244,284 $ 265,057 Assumed from other companies ​ 3,434 1,984 ​ 3,087 627 Ceded to other companies ​ 25,861 10,191 ​ 27,448 25,654 Net losses and loss adjustment expenses incurred ​ $ 114,400 $ 112,473 ​ $ 219,923 $ 240,030 ​ Allowances for Credit Losses 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. The credit loss allowance for premium receivables as of June 30, 2021 and December 31, 2020 were $5.3 million and $6.9 million, respectively. The majority of the allowance 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 June 30, 2021 was $5.5 million. The reinsurance receivable allowance for credit loss is 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. The credit loss allowance for reinsurance receivables on paid and unpaid losses as of June 30, 2021 and December 31, 2020 were $0.7 million and $0.7 million, respectively. Distribution Partners The three distribution partners contributing the largest amounts of direct written premium totaled $96.7 million and $80.8 million for the three months ended June 30, 2021 and 2020, respectively. The three distribution partners contributing the largest amounts of direct written premium totaled $153.5 million and $146.9 million for the six months ended June 30, 2021 and 2020, respectively. ​ Unpaid Losses Unpaid losses are based on individual case estimates for losses reported and include a provision for IBNR losses and loss adjustment expenses. The following table provides a roll forward of the Company’s reserve for unpaid losses and loss adjustment expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30 ($ in thousands) 2021 2020 Gross reserve for unpaid losses and loss expenses, at beginning of year ​ $ 1,602,902 ​ $ 1,521,648 Ceded reserve for unpaid losses and loss expenses, at beginning of year ​ ​ 170,522 ​ ​ 193,952 Net reserve for unpaid losses and loss expenses, at beginning of year ​ ​ 1,432,380 ​ ​ 1,327,696 Add: ​ ​ ​ ​ Incurred losses and loss expenses occurring in the: ​ ​ ​ ​ Current year ​ ​ 210,287 ​ ​ 227,842 Prior years ​ ​ 5,690 ​ ​ 508 Prior years attributable to adjusted premium ​ ​ 3,946 ​ ​ 11,680 Total net losses and loss adjustment expenses incurred ​ ​ 219,923 ​ ​ 240,030 Less: ​ ​ ​ ​ Paid losses and loss expenses for claims occurring in the: ​ ​ ​ ​ Current year ​ ​ 24,087 ​ ​ 12,168 Prior years ​ ​ 181,357 ​ ​ 152,862 Total paid losses and loss expenses for claims ​ ​ 205,444 ​ ​ 165,030 Net reserve for unpaid losses and loss expenses, at end of period ​ ​ 1,446,859 ​ ​ 1,402,696 Ceded reserve for unpaid losses and loss expenses, at end of period ​ ​ 152,075 ​ ​ 141,427 Gross reserve for unpaid losses and loss expenses, at end of period ​ $ 1,598,934 ​ $ 1,544,123 ​ During the six months ended June 30, 2021, the Company’s reserve for unpaid losses and loss adjustment expenses for accident years 2020 and prior developed unfavorably by $5.7 million driven by $7.5 million unfavorable development in All Other lines, $4.7 million unfavorable development in Commercial Multiple Peril and $2.9 million unfavorable development in Commercial Auto offset by $6.2 million favorable development in Workers’ Compensation, $3.2 million favorable development in General Liability. In addition, the Company incurred $3.9 million of losses and loss adjustment expenses related to premium adjustments earned during the six months ended June 30, 2021 attributable to accident years 2020 and 2019. ​ The unfavorable development in All Other lines was due mainly to adverse development in accident years 2016 and 2018 from ocean marine liability exposures. The unfavorable development in Commercial Multiple Peril related primarily to accident year 2017 due largely to increased severities. The favorable development in Workers’ Compensation derived from lower than expected claims severity across all customer segments primarily in accident years 2017 and 2020. ​ During the six months ended June 30, 2020, the Company’s reserve for unpaid losses and loss adjustment expenses for accident years 2019 and prior developed unfavorably by $0.5 million driven by $12.1 million unfavorable development in General Liability and $4.3 million unfavorable development in Commercial Multiple Peril offset by $8.3 million favorable development in Workers’ Compensation, $5.2 million favorable development in Commercial Auto and $2.4 million favorable development in All Other lines. In addition, the Company incurred $11.7 million of losses and loss adjustment expenses related to premium adjustments earned during the six months ended June 30, 2020 attributable to accident years 2019 and 2018. The unfavorable development in General Liability and Commercial Multiple Peril related to 2013 through 2017 accident years due largely to increased severities in the runoff 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 and 2015 through 2017. The favorable development in Commercial Auto was derived by physical damage and liability property damage in accident year 2019. The favorable development in All Other lines was in Ocean Marine, Inland Marine, Fire and Surety lines of business.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Taxes
Income Taxes	10. 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, ProSight Specialty Bermuda Limited (“PSBL”), which has received an undertaking from the Minister of Finance in Bermuda that would exempt such company from Bermudian taxation until March 2035. In 2019, PSBL became a direct subsidiary of the Company and is subject to U.S. tax on its income. The Company uses the estimated annual effective tax rate method for calculating its tax provision in interim periods, which represents the Company’s best estimate of the effective tax rate expected for the full year. The estimated annual effective tax rate typically differs from the U.S. statutory tax rate primarily as a result of non-deductible expenses and discrete items recognized during the period. The Company’s effective tax rates were 20.6% and 21.6% for the three months ended June 30, 2021 and 2020, respectively. The decrease in the effective tax rate for the three months ended June 30, 2021 compared to the same period in 2020 was primarily due to the tax effect of share-based compensation. The Company’s effective tax rates were 21.4% and 21.9% for the six months ended June 30, 2021 and 2020, respectively. The decrease in the effective tax rate for the six months ended June 30, 2021 compared to the same period in 2020 was primarily due to the tax effect of share-based compensation. 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.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2021
Segment Information
Segment Information	11. Segment Information The Company has one reportable segment, Specialty Insurance, 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30 Six Months Ended June 30 ($ in thousands) 2021 2020 2021 2020 Customer Segment ​ ​ ​ ​ ​ ​ ​ Construction ​ $ 38,968 16.3 % $ 27,704 14.9 % $ 65,463 16.0 % $ 52,218 13.0 % Consumer Services ​ 41,784 17.5 40,730 21.8 64,408 15.8 71,298 17.8 ​ Marine and Energy ​ 33,013 13.8 26,821 14.4 ​ 57,224 14.0 59,611 14.9 ​ Media and Entertainment ​ 23,013 9.7 17,454 9.4 ​ 43,861 10.8 47,921 12.0 ​ Professional Services ​ 33,896 14.2 31,891 17.1 ​ 68,337 16.8 61,589 15.4 ​ Real Estate ​ 40,765 17.1 47,273 25.3 ​ 60,677 14.9 80,488 20.1 ​ Sports ​ ​ 5,026 ​ 2.1 ​ ​ 4,688 ​ 2.5 ​ ​ 10,683 2.6 14,253 3.6 ​ Transportation ​ 20,888 8.8 (12,340) (6.6) ​ 34,678 8.5 9,127 2.3 ​ Customer segment subtotal ​ 237,353 99.5 184,221 98.8 ​ 405,331 99.4 396,505 99.1 ​ Other ​ 1,169 0.5 2,173 1.2 ​ 2,582 0.6 3,673 0.9 ​ Specialty Insurance total ​ $ 238,522 100.0 % $ 186,394 100.0 % $ 407,913 100.0 % $ 400,178 100.0 % ​ The following table provides a summary of the Company’s gross written premiums by line of business within our Specialty Insurance segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30 ​ Six Months Ended June 30 ​ ($ in thousands) 2021 2020 2021 2020 ​ Line of Business ​ ​ ​ ​ ​ ​ ​ Commercial Auto ​ $ 58,271 24.4 % $ 20,649 11.1 % $ 94,391 23.1 % $ 60,980 15.2 % General Liability ​ 107,612 45.1 ​ 81,876 43.9 ​ 178,505 43.8 160,409 40.1 Workers’ Compensation ​ 12,007 5.0 ​ 20,420 10.9 ​ 23,852 5.9 49,241 12.3 Commercial Multiple Peril ​ 13,915 5.9 ​ 10,928 5.9 ​ 28,167 6.9 27,293 6.8 All Other Lines ​ 46,717 19.6 ​ 52,521 28.2 ​ 82,998 20.3 102,255 25.6 Specialty Insurance total ​ $ 238,522 100.0 % $ 186,394 100.0 % $ 407,913 100.0 % $ 400,178 100.0 % ​

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share
Earnings Per Share	12. Earnings per Share The following table provides a reconciliation of the numerators and denominators of basic and diluted earnings per share (“EPS”): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing Operations ​ ​ Discontinued Operations (in thousands, except per share amounts) ​ Income ​ Shares ​ Per Share ​ Loss ​ Shares ​ Per Share Three Months Ended June 30, 2021 (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders ​ $ 18,062 43,955 $ 0.41 $ (1,544) 43,955 $ (0.03) Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock compensation plans ​ ​ 868 ​ ​ 868 ​ Diluted EPS ​ $ 18,062 44,823 $ 0.40 $ (1,544) 44,823 $ (0.03) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing Operations ​ ​ Discontinued Operations (in thousands, except per share amounts) ​ Income ​ Shares ​ Per Share ​ Income ​ Shares ​ Per Share Three Months Ended June 30, 2020 (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income available to common stockholders ​ $ 17,283 43,810 $ 0.39 $ 279 43,810 $ 0.01 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock compensation plans ​ ​ 17 ​ ​ ​ ​ 17 ​ ​ Diluted EPS ​ $ 17,283 43,827 $ 0.39 $ 279 43,827 $ 0.01 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing Operations ​ ​ Discontinued Operations (in thousands, except per share amounts) ​ Income ​ Shares ​ Per Share ​ Loss ​ Shares ​ Per Share Six Months Ended June 30, 2021 (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders ​ $ 55,609 43,946 $ 1.27 $ (3,882) 43,946 $ (0.09) Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock compensation plans ​ ​ 807 ​ ​ 807 ​ Diluted EPS ​ $ 55,609 44,753 $ 1.24 $ (3,882) 44,753 $ (0.08) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing Operations ​ ​ Discontinued Operations (in thousands, except per share amounts) ​ Income ​ Shares ​ Per Share ​ Income ​ Shares ​ Per Share Six Months Ended June 30, 2020 (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income available to common stockholders ​ $ 24,094 43,866 $ 0.55 $ 536 43,866 $ 0.01 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock compensation plans ​ ​ 190 ​ ​ ​ ​ 190 ​ ​ Diluted EPS ​ $ 24,094 44,056 $ 0.55 $ 536 44,056 $ 0.01 ​ ​

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-Based Compensation
Share-Based Compensation	​ ​ 13. Share-Based Compensation On July 24, 2019, the Company’s 2019 Equity Incentive Plan (the “2019 Plan”) became effective immediately prior to the effectiveness of the registration statement filed in connection with the initial public offering. The 2019 Plan provides for the grant of stock options, stock appreciation rights, restricted shares, RSUs, dividend equivalent rights, performance-based shares or other equity-based or equity-related awards. A total of 4,500,000 shares of common stock are initially authorized and reserved The following table summarizes the stock-based compensation transactions for the 2019 Plan for the six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted Average Grant Date ​ Shares Fair Value Per Share ​ ​ ​ ​ ​ ​ ​ ​ Unvested at December 31, 2020 ​ ​ 1,705,441 $ 13.46 Granted ​ ​ 15,634 ​ $ 12.55 Vested ​ ​ (76,213) ​ $ 12.97 Forfeited ​ ​ (31,488) ​ $ 12.60 Unvested at June 30, 2021 ​ ​ 1,613,374 ​ $ 13.49 ​ As of June 30, 2021, The Company had approximately $7.8 million of total unrecognized stock-based compensation expense expected to be recognized over a weighted-average period of 1.2 years.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt
Debt	14. Debt Recent Financing Transactions 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 “Effective Date”), the Company entered into the Credit Agreement with third-party lenders and an administrative agent. The Credit Agreement, which matures on June 11, 2023 (the “Maturity Date”), 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. Debt issuance costs of $4.6 million related to the Credit Agreement were incurred and are amortized over the life of the loan. There were no borrowings under the Credit Agreement as of June 30, 2020. There were borrowings of $165.0 million under the Credit Agreement as of June 30, 2021. 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. There were no borrowings under the Agreement as of June 30, 2020. There were borrowings of $42.0 million under the Agreement as of June 30, 2021. 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. ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies
Commitments and Contingencies	15. Commitments and Contingencies Leases 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 and the U.K. The weighted average lease term was 2.3 years and the weighted average discount rate was 2.1%. ​ The Company recorded rent expense $0.7 million and $0.8 million for the three months ended June 30, 2021 and 2020, respectively. The Company recorded rent expense $1.4 million and $1.6 million for the six months ended June 30, 2021 and 2020, respectively. The following table presents the Company’s lease liabilities and right-of-use assets related to operating leases as of June 30, 2021: ​ ​ ​ ​ ​ ($ in thousands) June 30, 2021 One year or less ​ $ 1,678 More than one year to two years ​ — 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 ​ 1,678 Less: difference between lease payments and discounted lease liabilities ​ 13 Lease liabilities ​ $ 1,665 ​ ​ ​ ​ Right-of-use assets ​ $ 1,461 Prepaid lease assets, net of lease allowances and incentives ​ 204 Total ​ $ 1,665 ​ The right-of-use assets liabilities

Legal Proceedings

Legal Proceedings	6 Months Ended
	Jun. 30, 2021
Legal Proceedings
Legal Proceedings	16. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Summary Of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of the unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the financial statement balances, as well as disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Management periodically reviews its estimates and assumptions.

Supplemental Cash Flow (Tables)

Supplemental Cash Flow (Tables)	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow
Summary of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30 ($ in thousands) 2021 2020 Cash paid during the period for: ​ ​ Interest ​ $ 4,385 ​ $ 6,187 Federal income tax ​ $ 5,850 ​ $ — Non-cash activity: ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets due to the adoption of ASU 2016-02 - continuing operations ​ $ 1,461 ​ $ 4,117 Operating lease right-of-use assets due to the adoption of ASU 2016-02 - discontinued operations ​ $ 1,987 ​ $ 2,174 Operating lease liabilities due to the adoption of ASU 2016-02 - continuing operations ​ $ 1,665 ​ $ 4,624 Operating lease liabilities due to the adoption of ASU 2016-02 - discontinued operations ​ $ 2,274 ​ $ 2,526 Tax benefit on payments related to offering costs ​ $ — ​ $ 635

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2021
Discontinued Operations
Summary of results of operations and carrying amounts of assets and liabilities for discontinued operations	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ($ in thousands) ​ 2021 ​ 2020 Assets ​ ​ ​ ​ ​ ​ Cash and investments ​ $ 11,032 ​ $ 10,939 Other assets ​ 11,677 ​ 10,415 Total assets ​ $ 22,709 ​ $ 21,354 ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Reserve for unpaid losses and loss adjustment expenses ​ $ 38,668 ​ $ 32,414 Other liabilities ​ 5,447 ​ 5,315 Total liabilities ​ $ 44,115 ​ $ 37,729

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2021
Investments
Summary of gross unrealized gains and losses on fixed maturity securities included in assets	(a) The gross unrealized gains and losses on fixed maturity securities included in assets from continuing operations at June 30, 2021, 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 $ 45,555 ​ $ — ​ $ 1,269 $ (28) ​ $ 46,796 Government agency securities ​ ​ 19,935 ​ ​ — ​ ​ 148 ​ ​ (171) ​ ​ 19,912 Corporate debt securities ​ 1,026,771 ​ ​ (508) ​ 38,803 ​ (12,676) ​ 1,052,390 Municipal debt obligations ​ 144,356 ​ ​ — ​ 3,100 ​ (435) ​ 147,021 ABS ​ 64,590 ​ ​ — ​ 505 ​ (200) ​ 64,895 CLO ​ 90,942 ​ ​ — ​ 60 ​ ​ (427) ​ 90,575 CMBS ​ 53,219 ​ ​ — ​ 1,570 ​ (217) ​ 54,572 RMBS - non-agency ​ 89,432 ​ ​ (503) ​ 5,262 ​ (474) ​ 93,717 RMBS - agency ​ 116,997 ​ ​ — ​ 808 ​ (1,113) ​ 116,692 Total fixed maturity securities ​ $ 1,651,797 ​ $ (1,011) ​ $ 51,525 ​ $ (15,741) ​ $ 1,686,570 ​ 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
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	(b) The following table summarizes the fair values and gross unrealized losses for fixed maturity securities in an unrealized loss position at June 30, 2021, 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 $ 23,079 ​ $ (28) $ — ​ ​ — $ 23,079 $ (28) Government agency securities ​ 11,949 ​ ​ (171) ​ ​ — ​ ​ — ​ ​ 11,949 ​ ​ (171) Corporate debt securities ​ 193,335 ​ ​ (3,096) ​ 88,194 ​ ​ (9,580) ​ 281,529 ​ (12,676) Municipal debt obligations ​ 48,243 ​ (431) ​ 2,162 ​ ​ (4) ​ 50,405 ​ (435) ABS ​ 25,627 ​ (136) ​ 6,421 ​ ​ (64) ​ 32,048 ​ (200) CLO ​ 7,596 ​ (17) ​ 41,476 ​ ​ (410) ​ 49,072 ​ (427) CMBS ​ 12,138 ​ (202) ​ 4,695 ​ ​ (15) ​ 16,833 ​ (217) RMBS - non-agency ​ 15,300 ​ (210) ​ 5,821 ​ ​ (264) ​ 21,121 ​ (474) RMBS - agency ​ 82,760 ​ (1,113) ​ — ​ ​ — ​ 82,760 ​ (1,113) Total fixed maturity securities $ 420,027 ​ $ (5,404) ​ $ 148,769 ​ $ (10,337) ​ $ 568,796 ​ $ (15,741) ​ 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)
Rollforward of the credit losses allowance for fixed maturity securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Additions ​ Reduction ​ Reduction ​ Change in Securities ​ June 30, ($ in thousands) ​ 2020 ​ New Securities ​ Sales ​ Intent to Sell ​ with Previous Allowance ​ 2021 Fixed maturity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities $ 598 $ — $ (111) ​ $ — ​ $ 21 ​ $ 508 RMBS - non-agency ​ ​ 859 ​ ​ — ​ ​ (59) ​ ​ — ​ ​ (297) ​ ​ 503 Total fixed maturity securities allowance $ 1,457 $ — $ (170) ​ $ — ​ $ (276) ​ $ 1,011 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Additions ​ Reduction ​ Reduction ​ Change in Securities ​ June 30, ($ in thousands) ​ 2019 ​ New Securities ​ Sales ​ Intent to Sell ​ with Previous Allowance ​ 2020 Fixed maturity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities $ — $ 615 $ — ​ $ — ​ $ — ​ $ 615 ABS ​ — ​ 275 ​ — ​ ​ — ​ ​ — ​ ​ 275 CLO ​ ​ — ​ 6 ​ — ​ ​ — ​ ​ — ​ ​ 6 RMBS - non-agency ​ ​ — ​ ​ 1,090 ​ ​ (1) ​ ​ — ​ ​ — ​ ​ 1,089 Total fixed maturity securities allowance $ — $ 1,986 $ (1) ​ $ — ​ $ — ​ $ 1,985
Summary of amortized cost and fair value of fixed maturity securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ Amortized ​ Fair ($ in thousands) Cost Value Due in one year or less ​ $ 112,908 $ 114,423 Due after one through five years ​ 506,126 517,934 Due after five through ten years ​ 389,723 400,097 Due after ten years ​ 207,925 213,753 ​ ​ 1,216,682 1,246,207 Structured securities: ​ ​ ​ ​ ​ Government agency securities ​ ​ 19,935 ​ ​ 19,912 ABS ​ 64,590 64,895 CLO ​ 90,942 90,575 CMBS ​ 53,219 54,572 RMBS - non-agency ​ 89,432 93,717 RMBS - agency ​ 116,997 116,692 Total fixed maturity securities ​ $ 1,651,797 $ 1,686,570
Summary of net investment income included in net income from continuing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30 Six Months Ended June 30 ($ in thousands) ​ 2021 2020 2021 2020 Fixed maturity securities $ 11,826 $ 15,849 ​ $ 25,585 $ 32,131 Net limited partnerships and limited liability companies gains ​ 2,917 ​ 8,131 ​ ​ 8,100 ​ 1,254 Other ​ 1,084 ​ 461 ​ ​ (414) ​ 546 Gross investment income ​ 15,827 ​ 24,441 ​ ​ 33,271 ​ 33,931 Less: investment income attributable to funds withheld liabilities ​ ​ 98 ​ ​ 118 ​ ​ 202 ​ ​ 254 Less: expenses ​ 1,148 ​ 532 ​ ​ 1,809 ​ 1,071 Net investment income ​ $ 14,581 $ 23,791 ​ $ 31,260 $ 32,606

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Measurements
Summary of major categories of assets measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ($ in thousands) Level 1 Level 2 Level 3 Total Fixed maturity securities: ​ ​ ​ ​ U.S. Treasury securities ​ $ — $ 46,796 $ — $ 46,796 Government agency securities ​ ​ — ​ ​ 19,912 ​ ​ — ​ ​ 19,912 Corporate debt securities ​ — ​ 741,341 ​ 311,049 ​ 1,052,390 Municipal debt obligations ​ — ​ 147,021 ​ — ​ 147,021 ABS ​ — ​ 64,895 ​ — ​ 64,895 CLO ​ — ​ 90,575 ​ — ​ 90,575 CMBS ​ — ​ 54,572 ​ — ​ 54,572 RMBS - non agency ​ — ​ 93,717 ​ — ​ 93,717 RMBS - agency ​ — ​ 116,692 ​ — ​ 116,692 Total fixed maturity securities ​ ​ — ​ ​ 1,375,521 ​ ​ 311,049 ​ ​ 1,686,570 Non-redeemable preferred stock securities ​ ​ — ​ ​ — ​ ​ 1,400 ​ ​ 1,400 Total categorized ​ $ — $ 1,375,521 $ 312,449 $ 1,687,970 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments measured at net asset value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Limited partnerships and limited liability companies ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 97,150 Total of invested assets carried at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,785,120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ($ 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
Summary of carrying value and fair value of financial instruments that are not recognized or are not carried at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ Carrying ​ Fair Value ($ in thousands) Value Total Level 1 Level 2 Level 3 Assets ​ ​ ​ ​ ​ Commercial levered loans ​ $ 5,299 $ 5,269 $ — $ — $ 5,269 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ Notes payable ​ $ 207,000 $ 207,661 $ — $ 207,661 $ — Unamortized debt issuance costs ​ (2,971) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable, net of debt issuance costs ​ $ 204,029 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured loan payable ​ $ 20,845 $ 21,039 $ — $ 21,039 $ — Unamortized debt issuance costs ​ (72) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured loan payable, net of issuance costs ​ $ 20,773 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 issuance costs ​ $ 22,668 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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, 2020 ​ $ 257,965 ​ $ 1,400 ​ $ 259,365 Total net losses for the period included in: ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive loss ​ ​ (2,922) ​ ​ — ​ ​ (2,922) Net realized loss ​ (165) ​ — ​ (165) Purchases ​ 70,894 ​ — ​ 70,894 Sales ​ — ​ — ​ — Issuances ​ — ​ — ​ — Settlements ​ (14,723) ​ — ​ (14,723) Transfers into Level 3 ​ — ​ — ​ — Transfers out of Level 3 ​ — ​ — ​ — Fair value, June 30, 2021 ​ $ 311,049 ​ $ 1,400 ​ $ 312,449 ​ ​ ​ ​ ​ ​ Level 3 ​ ​ Corporate Debt ($ in thousands) ​ Securities Fair value, December 31, 2019 ​ $ 149,631 Total net losses for the period included in: ​ Other comprehensive loss ​ ​ (8,563) Net realized loss ​ (2) Purchases ​ 22,634 Sales ​ — Issuances ​ — Settlements ​ (1,623) Transfers into Level 3 ​ — Transfers out of Level 3 ​ — Fair value, June 30, 2020 ​ $ 162,077

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss)
Summary of the components of accumulated other comprehensive (loss) income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Gross Tax Net March 31, 2021 $ 39,909 $ 7,625 ​ $ 32,284 Unrealized holding gains on fixed maturity securities ​ 15,275 ​ 3,206 ​ ​ 12,069 Amounts reclassified into net income ​ 16,542 ​ 3,310 ​ ​ 13,232 Amounts reclassified as credit losses ​ ​ 23 ​ ​ 5 ​ ​ 18 Other comprehensive loss ​ (1,290) ​ (109) ​ (1,181) June 30, 2021 ​ $ 38,619 $ 7,516 ​ $ 31,103 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Gross Tax Net March 31, 2020 $ (31,469) $ (7,481) ​ $ (23,988) Unrealized holding gains on fixed maturity securities ​ 99,307 ​ 20,851 ​ ​ 78,456 Amounts reclassified into net income ​ 3,678 ​ 726 ​ ​ 2,952 Amounts reclassified as credit losses ​ ​ (1,570) ​ ​ (330) ​ ​ (1,240) Other comprehensive income ​ 97,199 ​ 20,455 ​ ​ 76,744 June 30, 2020 ​ $ 65,730 $ 12,974 ​ $ 52,756 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Gross ​ Tax ​ Net December 31, 2020 $ 111,755 $ 22,633 $ 89,122 Unrealized holding losses on fixed maturity securities ​ (23,048) ​ (4,849) ​ (18,199) Amounts reclassified into net income ​ 49,642 ​ 10,174 ​ 39,468 Amounts reclassified as credit losses ​ ​ 446 ​ ​ 94 ​ ​ 352 Other comprehensive loss ​ (73,136) ​ (15,117) ​ (58,019) June 30, 2021 $ 38,619 $ 7,516 $ 31,103 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) Gross Tax Net December 31, 2019 $ 46,123 $ 8,670 ​ $ 37,453 Unrealized holding gains on fixed maturity securities ​ 22,241 ​ 4,749 ​ ​ 17,492 Amounts reclassified into net income ​ 4,620 ​ 862 ​ ​ 3,758 Amounts reclassified as credit losses ​ ​ (1,986) ​ ​ (417) ​ ​ (1,569) Other comprehensive income ​ 19,607 ​ ​ 4,304 ​ ​ 15,303 June 30, 2020 ​ $ 65,730 $ 12,974 ​ $ 52,756
Summary of reclassifications out of accumulated other comprehensive (loss) income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line in Consolidated ​ Three Months Ended June 30 ​ Six Months Ended June 30 ($ in thousands) Statements of Operations 2021 2020 2021 2020 AOCI ​ ​ ​ ​ ​ ​ Unrealized gains on securities Realized investment gains, net ​ $ 16,542 ​ $ 3,678 ​ $ 49,642 ​ $ 4,620 ​ Income tax expense ​ ​ 3,310 ​ ​ 726 ​ ​ 10,174 ​ ​ 862 Reclassification adjustment for credit losses included in net income ​ Realized investment gains, net ​ ​ 23 ​ ​ (1,570) ​ ​ 446 ​ ​ (1,986) ​ ​ Income tax expense ​ ​ 5 ​ ​ (330) ​ ​ 94 ​ ​ (417) Total reclassifications ​ ​ $ 13,250 ​ $ 1,712 ​ $ 39,820 ​ $ 2,189

Insurance Operations (Tables)

Insurance Operations (Tables)	6 Months Ended
	Jun. 30, 2021
Insurance Operations
Summary of reinsurance ceded and assumed relating to premiums written, earned premiums and losses and loss adjustment expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30 Six Months Ended June 30 ($ in thousands) 2021 2020 2021 2020 Written premiums ​ ​ ​ ​ ​ Direct written premiums $ 239,587 $ 185,722 ​ $ 408,359 $ 398,673 Assumed from other companies ​ (1,065) ​ 672 ​ ​ (446) ​ 1,505 Ceded to other companies ​ 26,811 ​ 29,771 ​ ​ 44,281 ​ 53,372 Net written premiums ​ $ 211,711 $ 156,623 ​ $ 363,632 $ 346,806 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned premiums ​ ​ Direct earned premiums ​ $ 206,280 $ 206,028 ​ $ 406,212 $ 434,608 Assumed from other companies ​ (590) 697 ​ 100 1,439 Ceded to other companies ​ 26,793 25,096 ​ 54,444 48,756 Net earned premiums ​ $ 178,897 $ 181,629 ​ $ 351,868 $ 387,291 Percent of amount assumed to net ​ (0.3)% ​ ​ 0.4% ​ 0.0% ​ ​ 0.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Losses and loss adjustment expenses incurred ​ ​ Direct net losses and loss adjustment expenses incurred ​ $ 136,827 $ 120,680 ​ $ 244,284 $ 265,057 Assumed from other companies ​ 3,434 1,984 ​ 3,087 627 Ceded to other companies ​ 25,861 10,191 ​ 27,448 25,654 Net losses and loss adjustment expenses incurred ​ $ 114,400 $ 112,473 ​ $ 219,923 $ 240,030
Summary of unpaid losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30 ($ in thousands) 2021 2020 Gross reserve for unpaid losses and loss expenses, at beginning of year ​ $ 1,602,902 ​ $ 1,521,648 Ceded reserve for unpaid losses and loss expenses, at beginning of year ​ ​ 170,522 ​ ​ 193,952 Net reserve for unpaid losses and loss expenses, at beginning of year ​ ​ 1,432,380 ​ ​ 1,327,696 Add: ​ ​ ​ ​ Incurred losses and loss expenses occurring in the: ​ ​ ​ ​ Current year ​ ​ 210,287 ​ ​ 227,842 Prior years ​ ​ 5,690 ​ ​ 508 Prior years attributable to adjusted premium ​ ​ 3,946 ​ ​ 11,680 Total net losses and loss adjustment expenses incurred ​ ​ 219,923 ​ ​ 240,030 Less: ​ ​ ​ ​ Paid losses and loss expenses for claims occurring in the: ​ ​ ​ ​ Current year ​ ​ 24,087 ​ ​ 12,168 Prior years ​ ​ 181,357 ​ ​ 152,862 Total paid losses and loss expenses for claims ​ ​ 205,444 ​ ​ 165,030 Net reserve for unpaid losses and loss expenses, at end of period ​ ​ 1,446,859 ​ ​ 1,402,696 Ceded reserve for unpaid losses and loss expenses, at end of period ​ ​ 152,075 ​ ​ 141,427 Gross reserve for unpaid losses and loss expenses, at end of period ​ $ 1,598,934 ​ $ 1,544,123

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Information
Summary of gross written premiums by customer segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30 Six Months Ended June 30 ($ in thousands) 2021 2020 2021 2020 Customer Segment ​ ​ ​ ​ ​ ​ ​ Construction ​ $ 38,968 16.3 % $ 27,704 14.9 % $ 65,463 16.0 % $ 52,218 13.0 % Consumer Services ​ 41,784 17.5 40,730 21.8 64,408 15.8 71,298 17.8 ​ Marine and Energy ​ 33,013 13.8 26,821 14.4 ​ 57,224 14.0 59,611 14.9 ​ Media and Entertainment ​ 23,013 9.7 17,454 9.4 ​ 43,861 10.8 47,921 12.0 ​ Professional Services ​ 33,896 14.2 31,891 17.1 ​ 68,337 16.8 61,589 15.4 ​ Real Estate ​ 40,765 17.1 47,273 25.3 ​ 60,677 14.9 80,488 20.1 ​ Sports ​ ​ 5,026 ​ 2.1 ​ ​ 4,688 ​ 2.5 ​ ​ 10,683 2.6 14,253 3.6 ​ Transportation ​ 20,888 8.8 (12,340) (6.6) ​ 34,678 8.5 9,127 2.3 ​ Customer segment subtotal ​ 237,353 99.5 184,221 98.8 ​ 405,331 99.4 396,505 99.1 ​ Other ​ 1,169 0.5 2,173 1.2 ​ 2,582 0.6 3,673 0.9 ​ Specialty Insurance total ​ $ 238,522 100.0 % $ 186,394 100.0 % $ 407,913 100.0 % $ 400,178 100.0 %
Summary of gross written premiums by line of business across customer segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30 ​ Six Months Ended June 30 ​ ($ in thousands) 2021 2020 2021 2020 ​ Line of Business ​ ​ ​ ​ ​ ​ ​ Commercial Auto ​ $ 58,271 24.4 % $ 20,649 11.1 % $ 94,391 23.1 % $ 60,980 15.2 % General Liability ​ 107,612 45.1 ​ 81,876 43.9 ​ 178,505 43.8 160,409 40.1 Workers’ Compensation ​ 12,007 5.0 ​ 20,420 10.9 ​ 23,852 5.9 49,241 12.3 Commercial Multiple Peril ​ 13,915 5.9 ​ 10,928 5.9 ​ 28,167 6.9 27,293 6.8 All Other Lines ​ 46,717 19.6 ​ 52,521 28.2 ​ 82,998 20.3 102,255 25.6 Specialty Insurance total ​ $ 238,522 100.0 % $ 186,394 100.0 % $ 407,913 100.0 % $ 400,178 100.0 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share
Summary of reconciliation of the numerators and denominators of basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing Operations ​ ​ Discontinued Operations (in thousands, except per share amounts) ​ Income ​ Shares ​ Per Share ​ Loss ​ Shares ​ Per Share Three Months Ended June 30, 2021 (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders ​ $ 18,062 43,955 $ 0.41 $ (1,544) 43,955 $ (0.03) Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock compensation plans ​ ​ 868 ​ ​ 868 ​ Diluted EPS ​ $ 18,062 44,823 $ 0.40 $ (1,544) 44,823 $ (0.03) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing Operations ​ ​ Discontinued Operations (in thousands, except per share amounts) ​ Income ​ Shares ​ Per Share ​ Income ​ Shares ​ Per Share Three Months Ended June 30, 2020 (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income available to common stockholders ​ $ 17,283 43,810 $ 0.39 $ 279 43,810 $ 0.01 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock compensation plans ​ ​ 17 ​ ​ ​ ​ 17 ​ ​ Diluted EPS ​ $ 17,283 43,827 $ 0.39 $ 279 43,827 $ 0.01 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing Operations ​ ​ Discontinued Operations (in thousands, except per share amounts) ​ Income ​ Shares ​ Per Share ​ Loss ​ Shares ​ Per Share Six Months Ended June 30, 2021 (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders ​ $ 55,609 43,946 $ 1.27 $ (3,882) 43,946 $ (0.09) Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock compensation plans ​ ​ 807 ​ ​ 807 ​ Diluted EPS ​ $ 55,609 44,753 $ 1.24 $ (3,882) 44,753 $ (0.08) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing Operations ​ ​ Discontinued Operations (in thousands, except per share amounts) ​ Income ​ Shares ​ Per Share ​ Income ​ Shares ​ Per Share Six Months Ended June 30, 2020 (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income available to common stockholders ​ $ 24,094 43,866 $ 0.55 $ 536 43,866 $ 0.01 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock compensation plans ​ ​ 190 ​ ​ ​ ​ 190 ​ ​ Diluted EPS ​ $ 24,094 44,056 $ 0.55 $ 536 44,056 $ 0.01

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-Based Compensation
Schedule of stock-based compensation transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted Average Grant Date ​ Shares Fair Value Per Share ​ ​ ​ ​ ​ ​ ​ ​ Unvested at December 31, 2020 ​ ​ 1,705,441 $ 13.46 Granted ​ ​ 15,634 ​ $ 12.55 Vested ​ ​ (76,213) ​ $ 12.97 Forfeited ​ ​ (31,488) ​ $ 12.60 Unvested at June 30, 2021 ​ ​ 1,613,374 ​ $ 13.49

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies
Schedule of lease liabilities and right-of-use lease assets	​ ​ ​ ​ ​ ($ in thousands) June 30, 2021 One year or less ​ $ 1,678 More than one year to two years ​ — 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 ​ 1,678 Less: difference between lease payments and discounted lease liabilities ​ 13 Lease liabilities ​ $ 1,665 ​ ​ ​ ​ Right-of-use assets ​ $ 1,461 Prepaid lease assets, net of lease allowances and incentives ​ 204 Total ​ $ 1,665

Basis of Reporting (Details)

Basis of Reporting (Details)	Jan. 14, 2021$ / shares
Pedal Parent, Inc. | Prosight Global, Inc.
Business Acquisition [Line Items]
Cash amount to be received for each common share held by the stockholders	$ 12.85

Supplemental Cash Flow - Summar

Supplemental Cash Flow - Summary of supplemental cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Supplemental Cash Flow
Interest	$ 4,385	$ 6,187
Federal income tax	5,850
Operating lease right-of-use assets due to adoption of ASU 2016-02 - continuing operations	1,461	4,117
Operating lease right-of-use assets due to adoption of ASU 2016-02 - discontinued operations	1,987	2,174
Operating lease liabilities due to adoption of ASU 2016-02 - continuing operations	1,665	4,624
Operating lease liabilities due to adoption of ASU 2016-02 - discontinued operations	$ 2,274	2,526
Tax benefit on payments related to offering costs		$ 635

Supplemental Cash Flow (Details

Supplemental Cash Flow (Details)	6 Months Ended
	Jun. 30, 2021shares
Supplemental cash flow information
Shares withheld to settle tax withholding on vested RSUs	50,926
Net shares issued upon settlement of vested RSUs	183,677

Discontinued Operations - Conso

Discontinued Operations - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Net income (loss)
Net income (loss) from discontinued operations	$ (1,544)	$ 279	$ (3,882)	$ 536
Assets
Total assets	22,709		22,709		$ 21,354
Liabilities
Total liabilities	44,115		44,115		37,729
Insurance Operations, U.K. | Discontinued operation
Net income (loss)
Net income (loss) from discontinued operations	(1,500)	$ 300	(3,900)	$ 500
Assets
Cash and investments	11,032		11,032		10,939
Other assets	11,677		11,677		10,415
Total assets	22,709		22,709		21,354
Liabilities
Reserve for unpaid losses and loss adjustment expenses	38,668		38,668		32,414
Other liabilities	5,447		5,447		5,315
Total liabilities	$ 44,115		$ 44,115		$ 37,729

Investments - Gross Unrealized

Investments - Gross Unrealized Gains and Losses on AFS Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Gross unrealized gains and losses on fixed maturity securities included in assets
Fixed maturity securities, available-for-sale, amortized cost	$ 1,651,797	$ 2,159,743
Credit Loss Allowance	(1,011)	(1,457)
Gross Unrealized Losses		(9,781)
Fair Value	1,686,570	2,266,057
Short-term investments	18,833	154
Commercial levered loans (amortized cost)	5,299	12,308
Non-redeemable preferred stock securities	1,400	7,049
Bond exchange-traded funds		44,882
Limited partnerships and limited liability companies (fair value)	97,150	90,468
Total investments	1,809,252	2,420,918
Fixed maturity securities
Gross unrealized gains and losses on fixed maturity securities included in assets
Fixed maturity securities, available-for-sale, amortized cost	1,651,797	2,159,743
Credit Loss Allowance	(1,011)	(1,457)	$ (1,985)
Gross Unrealized Gains	51,525	117,552
Gross Unrealized Losses	(15,741)
Fair Value	1,686,570	2,266,057
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	45,555	50,248
Gross Unrealized Gains	1,269	1,909
Gross Unrealized Losses	(28)
Fair Value	46,796	52,157
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	19,935	30,446
Gross Unrealized Gains	148	561
Gross Unrealized Losses	(171)
Fair Value	19,912	31,007
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	1,026,771	1,317,667
Credit Loss Allowance	(508)	(598)	(615)
Gross Unrealized Gains	38,803	86,447
Gross Unrealized Losses	(12,676)	(6,485)
Fair Value	1,052,390	1,397,031
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	144,356	198,773
Gross Unrealized Gains	3,100	8,437
Gross Unrealized Losses	(435)	(116)
Fair Value	147,021	207,094
Fixed maturity securities | ABS
Gross unrealized gains and losses on fixed maturity securities included in assets
Fixed maturity securities, available-for-sale, amortized cost	64,590	54,989
Credit Loss Allowance			(275)
Gross Unrealized Gains	505	696
Gross Unrealized Losses	(200)	(427)
Fair Value	64,895	55,258
Fixed maturity securities | CLO
Gross unrealized gains and losses on fixed maturity securities included in assets
Fixed maturity securities, available-for-sale, amortized cost	90,942	140,615
Credit Loss Allowance			(6)
Gross Unrealized Gains	60	154
Gross Unrealized Losses	(427)	(1,643)
Fair Value	90,575	139,126
Fixed maturity securities | CMBS
Gross unrealized gains and losses on fixed maturity securities included in assets
Fixed maturity securities, available-for-sale, amortized cost	53,219	111,313
Gross Unrealized Gains	1,570	7,008
Gross Unrealized Losses	(217)	(361)
Fair Value	54,572	117,960
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	89,432	109,110
Credit Loss Allowance	(503)	(859)	$ (1,089)
Gross Unrealized Gains	5,262	8,619
Gross Unrealized Losses	(474)	(734)
Fair Value	93,717	116,136
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	116,997	146,582
Gross Unrealized Gains	808	3,721
Gross Unrealized Losses	(1,113)	(15)
Fair Value	$ 116,692	$ 150,288

Investments - Unrealized Loss P

Investments - Unrealized Loss Position (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)security	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)security	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)security
Unrealized Losses
Fixed maturity securities, unrealized loss position | security	360		360		212
Credit loss allowance expense (benefit) for fixed maturity securities	$ 0	$ 1,600	$ 400	$ 2,000
Fixed maturity securities
Fair Value
Less Than 12 Months	420,027		420,027		$ 119,476
Greater Than 12 Months	148,769		148,769		204,714
Total Fair Value	568,796		568,796		324,190
Unrealized Losses
Less Than 12 Months	(5,404)		(5,404)		(2,004)
Greater Than 12 Months	(10,337)		(10,337)		(7,777)
Total Unrealized Losses	(15,741)		(15,741)		(9,781)
Fixed maturity securities | U.S. Treasury securities
Fair Value
Less Than 12 Months	23,079		23,079
Total Fair Value	23,079		23,079
Unrealized Losses
Less Than 12 Months	(28)		(28)
Total Unrealized Losses	(28)		(28)
Fixed maturity securities | Government agency securities
Fair Value
Less Than 12 Months	11,949		11,949
Total Fair Value	11,949		11,949
Unrealized Losses
Less Than 12 Months	(171)		(171)
Total Unrealized Losses	(171)		(171)
Fixed maturity securities | Corporate debt securities
Fair Value
Less Than 12 Months	193,335		193,335		36,450
Greater Than 12 Months	88,194		88,194		101,628
Total Fair Value	281,529		281,529		138,078
Unrealized Losses
Less Than 12 Months	(3,096)		(3,096)		(740)
Greater Than 12 Months	(9,580)		(9,580)		(5,745)
Total Unrealized Losses	(12,676)		(12,676)		(6,485)
Fixed maturity securities | Municipal debt obligations
Fair Value
Less Than 12 Months	48,243		48,243		12,211
Greater Than 12 Months	2,162		2,162		3,344
Total Fair Value	50,405		50,405		15,555
Unrealized Losses
Less Than 12 Months	(431)		(431)		(73)
Greater Than 12 Months	(4)		(4)		(43)
Total Unrealized Losses	(435)		(435)		(116)
Fixed maturity securities | ABS
Fair Value
Less Than 12 Months	25,627		25,627		9,121
Greater Than 12 Months	6,421		6,421		9,461
Total Fair Value	32,048		32,048		18,582
Unrealized Losses
Less Than 12 Months	(136)		(136)		(364)
Greater Than 12 Months	(64)		(64)		(63)
Total Unrealized Losses	(200)		(200)		(427)
Fixed maturity securities | CLO
Fair Value
Less Than 12 Months	7,596		7,596		29,909
Greater Than 12 Months	41,476		41,476		82,758
Total Fair Value	49,072		49,072		112,667
Unrealized Losses
Less Than 12 Months	(17)		(17)		(215)
Greater Than 12 Months	(410)		(410)		(1,428)
Total Unrealized Losses	(427)		(427)		(1,643)
Fixed maturity securities | CMBS
Fair Value
Less Than 12 Months	12,138		12,138		17,559
Greater Than 12 Months	4,695		4,695		800
Total Fair Value	16,833		16,833		18,359
Unrealized Losses
Less Than 12 Months	(202)		(202)		(348)
Greater Than 12 Months	(15)		(15)		(13)
Total Unrealized Losses	(217)		(217)		(361)
Fixed maturity securities | RMBS - non-agency
Fair Value
Less Than 12 Months	15,300		15,300		11,759
Greater Than 12 Months	5,821		5,821		6,723
Total Fair Value	21,121		21,121		18,482
Unrealized Losses
Less Than 12 Months	(210)		(210)		(249)
Greater Than 12 Months	(264)		(264)		(485)
Total Unrealized Losses	(474)		(474)		(734)
Fixed maturity securities | RMBS - agency
Fair Value
Less Than 12 Months	82,760		82,760		2,467
Total Fair Value	82,760		82,760		2,467
Unrealized Losses
Less Than 12 Months	(1,113)		(1,113)		(15)
Total Unrealized Losses	$ (1,113)		$ (1,113)		$ (15)

Investments - Rollforward of th

Investments - Rollforward of the credit losses allowance for fixed maturity securities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Beginning Balance	$ 1,457
Ending Balance	1,011
Fixed maturity securities
Beginning Balance	1,457
Additions New Securities		$ 1,986
Reduction Sales	(170)	(1)
Changes in securities with previous allowance	(276)
Ending Balance	1,011	1,985
Fixed maturity securities | Corporate debt securities
Beginning Balance	598
Additions New Securities		615
Reduction Sales	(111)
Changes in securities with previous allowance	21
Ending Balance	508	615
Fixed maturity securities | ABS
Additions New Securities		275
Ending Balance		275
Fixed maturity securities | CLO
Additions New Securities		6
Ending Balance		6
Fixed maturity securities | RMBS - non-agency
Beginning Balance	859
Additions New Securities		1,090
Reduction Sales	(59)	(1)
Changes in securities with previous allowance	(297)
Ending Balance	$ 503	$ 1,089

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Amortized Cost
Due in one year or less	$ 112,908
Due after one through five years	506,126
Due after five through ten years	389,723
Due after ten years	207,925
Amortized Cost	1,216,682
Amortized Cost	1,651,797	$ 2,159,743
Fair Value
Due in one year or less	114,423
Due after one through five years	517,934
Due after five through ten years	400,097
Due after ten years	213,753
Fair Value	1,246,207
Debt Securities, Available-for-sale, Total	1,686,570	$ 2,266,057
Government agency securities
Amortized Cost
Amortized Cost - Structured securities	19,935
Fair Value
Fair Value - Structured securities	19,912
ABS
Amortized Cost
Amortized Cost - Structured securities	64,590
Fair Value
Fair Value - Structured securities	64,895
CLO
Amortized Cost
Amortized Cost - Structured securities	90,942
Fair Value
Fair Value - Structured securities	90,575
CMBS
Amortized Cost
Amortized Cost - Structured securities	53,219
Fair Value
Fair Value - Structured securities	54,572
RMBS - non-agency
Amortized Cost
Amortized Cost - Structured securities	89,432
Fair Value
Fair Value - Structured securities	93,717
RMBS - agency
Amortized Cost
Amortized Cost - Structured securities	116,997
Fair Value
Fair Value - Structured securities	$ 116,692

Investments - Limited Partnersh

Investments - Limited Partnerships and Limited Liability Company Investments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Investments
Limited partnerships and limited liability companies (fair value)	$ 97,150	$ 90,468
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)	$ 49,200

Investments - Gain Loss on Inve

Investments - Gain Loss on Investment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Investments
Allowance for loan losses	$ 0		$ 0		$ 0
Proceeds from sales and redemptions in AFS securities	726.2	$ 154	1,207.6	$ 306.8
Gross realized gains from sales and redemptions in AFS securities	17.1	3.7	49.9	4.7
Gross realized losses from sales and redemptions of AFS investments	$ 1.4	$ 0.2	$ 1.5	$ 0.6

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Investments
Gross investment income (loss)	$ 15,827	$ 24,441	$ 33,271	$ 33,931
Less: investment income attributable to funds withheld liabilities	98	118	202	254
Less: expenses	1,148	532	1,809	1,071
Net investment income	14,581	23,791	31,260	32,606
Fixed maturity securities
Investments
Gross investment income (loss)	11,826	15,849	25,585	32,131
Net limited partnerships gains
Investments
Gross investment income (loss)	2,917	8,131	8,100	1,254
Other
Investments
Gross investment income (loss)	$ 1,084	$ 461	$ (414)	$ 546

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Investments
Securities required to be held with various regulatory authorities as required by law	$ 230.5		$ 230.5		$ 233.4
Fair value of assets on deposit in collateral agreements	254.5		254.5		256.4
Carrying value of assets on deposit in collateral agreements	$ 243.5		$ 243.5		$ 241
Securities lending
Collateral received as a percentage of domestic securities loaned	102.00%		102.00%
Collateral received as a percentage of foreign securities loaned	105.00%		105.00%
Fair value of cash collateral received	$ 11.4		$ 11.4
Non-redeemable preferred stock securities
Non-redeemable preferred stock securities
Net gain (loss) recognized	0.1	$ 0.4	0.5	$ 0.1
Unrealized gain (loss)	(0.4)	$ 0.4		$ 0.1
Realized gain (loss) on sale	0.5		0.5
Bond exchange-traded funds
Bond exchange-traded funds
Net gain (loss) recognized	0.2		(1.3)
Realized gain (loss) on sale	$ 0.2		$ (1.3)

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Major categories of assets measured at fair value on a recurring basis
Limited partnerships and limited liability companies (fair value)	$ 97,150	$ 90,468
Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	1,687,970	2,317,988
Limited partnerships and limited liability companies (fair value)	97,150	90,468
Total invested assets carried at fair value	1,785,120	2,408,456
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	1,375,521	2,013,741
Level 3 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	312,449	259,365
Non-redeemable preferred stock securities | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	1,400	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	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	1,686,570	2,266,057
Fixed maturity securities | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	1,375,521	2,008,092
Fixed maturity securities | Level 3 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	311,049	257,965
Fixed maturity securities | U.S. Treasury securities | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	46,796	52,157
Fixed maturity securities | U.S. Treasury securities | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	46,796	52,157
Fixed maturity securities | Corporate debt securities | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	1,052,390	1,397,031
Fixed maturity securities | Corporate debt securities | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	741,341	1,139,066
Fixed maturity securities | Corporate debt securities | Level 3 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	311,049	257,965
Fixed maturity securities | Government agency securities | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	19,912	31,007
Fixed maturity securities | Government agency securities | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	19,912	31,007
Fixed maturity securities | Municipal debt obligations | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	147,021	207,094
Fixed maturity securities | Municipal debt obligations | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	147,021	207,094
Fixed maturity securities | ABS | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	64,895	55,258
Fixed maturity securities | ABS | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	64,895	55,258
Fixed maturity securities | CLO | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	90,575	139,126
Fixed maturity securities | CLO | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	90,575	139,126
Fixed maturity securities | CMBS | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	54,572	117,960
Fixed maturity securities | CMBS | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	54,572	117,960
Fixed maturity securities | RMBS - non-agency | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	93,717	116,136
Fixed maturity securities | RMBS - non-agency | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	93,717	116,136
Fixed maturity securities | RMBS - agency | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	116,692	150,288
Fixed maturity securities | RMBS - agency | Level 2 | Recurring
Major categories of assets measured at fair value on a recurring basis
Investments	$ 116,692	$ 150,288

Fair Value Measurements - Carry

Fair Value Measurements - Carrying and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Liabilities
Notes payable net of debt issuance costs	$ 204,029	$ 203,267
Carrying Value
Assets
Commercial levered loans	5,299	12,308
Fair Value
Assets
Commercial levered loans	5,269	12,180
Level 3 | Fair Value
Assets
Commercial levered loans	5,269	12,180
Notes Payable | Carrying Value
Liabilities
Notes payable	207,000	207,000
Unamortized debt issuance costs	(2,971)	(3,733)
Notes payable net of debt issuance costs	204,029	203,267
Notes Payable | Fair Value
Liabilities
Notes payable	$ 207,661	$ 207,537
Fair value of the notes payable as a percentage of par value	100.30%	100.30%
Notes Payable | Level 2 | Fair Value
Liabilities
Notes payable	$ 207,661	$ 207,537
Secured Loan Payable | Carrying Value
Liabilities
Unamortized debt issuance costs	(72)	(82)
Secured loan payable	20,845	22,750
Secured loan payable, net of issuance costs	20,773	22,668
Secured Loan Payable | Fair Value
Liabilities
Secured loan payable	$ 21,039	$ 23,265
Fair value of the loan payable as a percentage of par value	101.30%	102.30%
Secured Loan Payable | Level 2 | Fair Value
Liabilities
Secured loan payable	$ 21,039	$ 23,265

Fair Value Measurements - Secur

Fair Value Measurements - Securities Measured Using Level 3 (Details) - Level 3 - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Changes in fair value of securities measured using Level 3 inputs
Fair value at beginning of period	$ 259,365
Other comprehensive loss	(2,922)
Net realized gain (loss)	(165)
Purchases	70,894
Settlements	(14,723)
Fair value at end of period	312,449
Corporate debt securities
Changes in fair value of securities measured using Level 3 inputs
Fair value at beginning of period	257,965	$ 149,631
Other comprehensive loss	(2,922)	(8,563)
Net realized gain (loss)	(165)	(2)
Purchases	70,894	22,634
Settlements	(14,723)	(1,623)
Fair value at end of period	311,049	$ 162,077
Non-redeemable preferred stock securities
Changes in fair value of securities measured using Level 3 inputs
Fair value at beginning of period	1,400
Fair value at end of period	$ 1,400

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax
Balance at the beginning of period, gross	$ 39,909	$ (31,469)	$ 111,755	$ 46,123
Unrealized holding gains (losses) on fixed maturity securities, gross	15,275	99,307	(23,048)	22,241
Amounts reclassified into net income, gross	16,542	3,678	49,642	4,620
Amounts reclassified as credit losses, gross	23	(1,570)	446	(1,986)
Other comprehensive (loss) income, gross	(1,290)	97,199	(73,136)	19,607
Balance at the end of period, gross	38,619	65,730	38,619	65,730
Balance at the beginning of period, tax	7,625	(7,481)	22,633	8,670
Unrealized holding gains (losses) on fixed income securities, tax	3,206	20,851	(4,849)	4,749
Amounts reclassified into net income, tax	3,310	726	10,174	862
Amounts reclassified as credit losses, tax expense (benefit)	5	(330)	94	(417)
Other comprehensive (loss) income, tax	(109)	20,455	(15,117)	4,304
Balance at the end of period, tax	7,516	12,974	7,516	12,974
Balance at the beginning of period, net	32,284	(23,988)	89,122	37,453
Unrealized holding gains (losses) on fixed income securities	12,069	78,456	(18,199)	17,492
Amounts reclassified into net income	13,232	2,952	39,468	3,758
Amounts reclassified as credit losses, net	18	(1,240)	352	(1,569)
Other comprehensive income (loss)	(1,181)	76,744	(58,019)	15,303
Balance at the end of period, net	$ 31,103	$ 52,756	$ 31,103	$ 52,756

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Unrealized gains on securities, tax expense (benefit)	$ 3,310	$ 726	$ 10,174	$ 862
Reclassification adjustment for credit losses included in net income	23	(1,570)	446	(1,986)
Reclassification adjustment for credit losses included in net income, tax expense (benefit)	5	(330)	94	(417)
Total reclassifications	13,250	1,712	39,820	2,189
Realized Investment Gains (Losses)
Unrealized gains (losses) on securities	16,542	3,678	49,642	4,620
Reclassification adjustment for credit losses included in net income	23	(1,570)	446	(1,986)
Income Tax Expense
Unrealized gains on securities, tax expense (benefit)	3,310	726	10,174	862
Reclassification adjustment for credit losses included in net income, tax expense (benefit)	$ 5	$ (330)	$ 94	$ (417)

Related-Party Information (Deta

Related-Party Information (Details) - Former CEO - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related party transactions
Niche management fees	$ 0.3		$ 0.6
Other Expense
Related party transactions
Severance expense	$ 0	$ 0	$ 0	$ 0.3

Insurance Operations - Reinsura

Insurance Operations - Reinsurance Ceded and Assumed (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Written premiums
Direct written premiums	$ 239,587	$ 185,722	$ 408,359	$ 398,673
Assumed from other companies		672		1,505
Assumed from other companies	(1,065)		(446)
Ceded to other companies	26,811	29,771	44,281	53,372
Net written premiums	211,711	156,623	363,632	346,806
Earned premiums
Direct earned premiums	206,280	206,028	406,212	434,608
Assumed from other companies		697	100	1,439
Assumed from other companies	(590)
Ceded to other companies	26,793	25,096	54,444	48,756
Net premiums earned	$ 178,897	$ 181,629	$ 351,868	$ 387,291
Percent of amount assumed to net		0.40%	0.00%	0.40%
Percent of amount assumed to net	(0.30%)
Losses and loss adjustment expenses incurred
Direct net losses and loss adjustment expenses incurred	$ 136,827	$ 120,680	$ 244,284	$ 265,057
Assumed from other companies	3,434	1,984	3,087	627
Ceded to other companies	25,861	10,191	27,448	25,654
Net losses and loss adjustment expenses incurred	$ 114,400	$ 112,473	$ 219,923	$ 240,030

Insurance Operations - Allowanc

Insurance Operations - Allowance for Credit Losses (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Allowance for credit losses
Allowance for uncollectible premiums receivable	$ 5.3	$ 6.9
Amount currently with collection agencies	5.5
Allowance for uncollectible reinsurance	$ 0.7	$ 0.7

Insurance Operations - Gross Wr

Insurance Operations - Gross Written Premiums (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)item	Jun. 30, 2020USD ($)item	Jun. 30, 2021USD ($)item	Jun. 30, 2020USD ($)item
Insurance Operations
Number of distribution partners contributing the largest amounts of direct written premiums | item	3	3	3	3
Direct premiums written by the largest distribution partners | $	$ 96.7	$ 80.8	$ 153.5	$ 146.9

Insurance Operations - Unpaid L

Insurance Operations - Unpaid Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserve for unpaid losses and loss expenses, at beginning of year	$ 1,602,902	$ 1,521,648
Ceded reserve for unpaid losses and loss expenses, at beginning of year	170,522	193,952
Net reserve for unpaid losses and loss expenses, at beginning of year	1,432,380	1,327,696
Incurred losses and loss expenses occurring in the:
Current year	210,287	227,842
Prior years	5,690	508
Prior years attributable to adjusted premium	3,946	11,680
Total net losses and loss adjustment expenses incurred	219,923	240,030
Paid losses and loss expenses for claims occurring in the:
Current year	24,087	12,168
Prior years	181,357	152,862
Total paid losses and loss expenses for claims	205,444	165,030
Net reserves for unpaid losses and loss expenses, at end of period	1,446,859	1,402,696
Ceded reserve for unpaid losses and loss expenses, at end of period	152,075	141,427
Gross reserve for unpaid losses and loss expenses, at end of period	1,598,934	1,544,123
Commercial Auto
Incurred losses and loss expenses occurring in the:
Prior years	2,900	(5,200)
General Liability
Incurred losses and loss expenses occurring in the:
Prior years	(3,200)	12,100
Workers' Compensation
Incurred losses and loss expenses occurring in the:
Prior years	(6,200)	(8,300)
Commercial Multiple Peril
Incurred losses and loss expenses occurring in the:
Prior years	4,700	4,300
All Other Lines
Incurred losses and loss expenses occurring in the:
Prior years	$ 7,500	$ (2,400)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - subsidiary	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Taxes
Number of non-US subsidiaries			1
Effective income tax rate	20.60%	21.60%	21.40%	21.90%

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)
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	$ 238,522	$ 186,394	$ 407,913	$ 400,178
Gross written premiums, percent	100.00%	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	$ 58,271	$ 20,649	$ 94,391	$ 60,980
Gross written premiums, percent	24.40%	11.10%	23.10%	15.20%
General Liability
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums	$ 107,612	$ 81,876	$ 178,505	$ 160,409
Gross written premiums, percent	45.10%	43.90%	43.80%	40.10%
Workers' Compensation
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums	$ 12,007	$ 20,420	$ 23,852	$ 49,241
Gross written premiums, percent	5.00%	10.90%	5.90%	12.30%
Commercial Multiple Peril
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums	$ 13,915	$ 10,928	$ 28,167	$ 27,293
Gross written premiums, percent	5.90%	5.90%	6.90%	6.80%
All Other Lines
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums	$ 46,717	$ 52,521	$ 82,998	$ 102,255
Gross written premiums, percent	19.60%	28.20%	20.30%	25.60%
Customer Segment
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums	$ 237,353	$ 184,221	$ 405,331	$ 396,505
Gross written premiums, percent	99.50%	98.80%	99.40%	99.10%
Construction
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums	$ 38,968	$ 27,704	$ 65,463	$ 52,218
Gross written premiums, percent	16.30%	14.90%	16.00%	13.00%
Consumer Services
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums	$ 41,784	$ 40,730	$ 64,408	$ 71,298
Gross written premiums, percent	17.50%	21.80%	15.80%	17.80%
Marine and Energy
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums	$ 33,013	$ 26,821	$ 57,224	$ 59,611
Gross written premiums, percent	13.80%	14.40%	14.00%	14.90%
Media and Entertainment
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums	$ 23,013	$ 17,454	$ 43,861	$ 47,921
Gross written premiums, percent	9.70%	9.40%	10.80%	12.00%
Professional Services
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums	$ 33,896	$ 31,891	$ 68,337	$ 61,589
Gross written premiums, percent	14.20%	17.10%	16.80%	15.40%
Real Estate
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums	$ 40,765	$ 47,273	$ 60,677	$ 80,488
Gross written premiums, percent	17.10%	25.30%	14.90%	20.10%
Sports
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums	$ 5,026	$ 4,688	$ 10,683	$ 14,253
Gross written premiums, percent	2.10%	2.50%	2.60%	3.60%
Transportation
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums	$ 20,888		$ 34,678	$ 9,127
Gross written premiums		$ (12,340)
Gross written premiums, percent	8.80%	(6.60%)	8.50%	2.30%
Other
Summary of the Company's gross written premium by customer segments within our Specialty Insurance segment
Gross written premiums	$ 1,169	$ 2,173	$ 2,582	$ 3,673
Gross written premiums, percent	0.50%	1.20%	0.60%	0.90%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic EPS- Income:
Net income (loss) available to common stockholders, continuing operations	$ 18,062	$ 17,283	$ 55,609	$ 24,094
Net income (loss) available to common stockholders, discontinued operations	$ (1,544)	$ 279	$ (3,882)	$ 536
Basic EPS - Shares:
Shares outstanding, basic (in shares)	43,955	43,810	43,946	43,866
Basic EPS - Per Share Amount:
Net income from continuing operations	$ 0.41	$ 0.39	$ 1.27	$ 0.55
Net Income available to common stockholders, discontinued operations (in dollars per share)	$ (0.03)	$ 0.01	$ (0.09)	$ 0.01
Effect of dilutive securities - Shares:
Stock compensation plans (in shares)	868	17	807	190
Diluted EPS - Income
Diluted EPS, continuing operations	$ 18,062	$ 17,283	$ 55,609	$ 24,094
Diluted EPS, discontinued operations	$ (1,544)	$ 279	$ (3,882)	$ 536
Diluted EPS - Shares
Shares outstanding, diluted (in shares)	44,823	43,827	44,753	44,056
Diluted EPS - Per Share Amount
Diluted earnings per share - continuing operations (in dollars per share)	$ 0.40	$ 0.39	$ 1.24	$ 0.55
Diluted EPS, discontinued operations (in dollars per share)	$ (0.03)	$ 0.01	$ (0.08)	$ 0.01

Share-Based Compensation - 2019

Share-Based Compensation - 2019 Equity Incentive Plan (Details) - 2019 Equity Incentive Plan	Jul. 24, 2019shares
Share-based Compensation
Number of common stock authorized	4,500,000
Number of common shares reserved for issuance	4,500,000

Share-Based Compensation - 20_2

Share-Based Compensation - 2019 Plan Restricted Stock Activity (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares
Unrecognized Share-based Compensation
Unrecognized stock-based compensation expense | $	$ 7.8
Expected weighted average recognition period	1 year 2 months 12 days
Restricted stock units
Restricted Stock Units
Unvested at beginning of period | shares	1,705,441
Granted | shares	15,634
Vested | shares	(76,213)
Forfeited | shares	(31,488)
Unvested at end of period | shares	1,613,374
Weighted Average Grant Date Fair Value Per Share
Non vested outstanding at beginning of period | $ / shares	$ 13.46
Granted | $ / shares	12.55
Vested | $ / shares	12.97
Forfeited | $ / shares	12.60
Non vested outstanding at end of period | $ / shares	$ 13.49

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 12, 2020	Mar. 15, 2019	Jun. 30, 2021
7.5% Senior Unsecured Notes due November 2020
Debt
Interest rate (as a percent)	7.50%
6.5% Senior Notes due November 2020
Debt
Interest rate (as a percent)	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
Credit Agreement
Debt
Debt issuance costs incurred		4,600
Amount outstanding	$ 0			$ 165,000
Term Loan Facility
Debt
Maximum borrowing capacity		165,000
Revolving Credit Facility
Debt
Maximum borrowing capacity	65,000	$ 35,000
Debt issuance costs incurred	500
Amount outstanding	$ 0			$ 42,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases
Lessee, operating lease, discount rate	2.10%		2.10%
Operating lease, cost	$ 0.7	$ 0.8	$ 1.4	$ 1.6
Weighted Average
Leases
Lessee, operating lease, term of contract	2 years 3 months 18 days		2 years 3 months 18 days

Commitments and Contingencies_2

Commitments and Contingencies - Lease Liabilities and Right-of-Use Lease Assets (Details) $ in Thousands	Jun. 30, 2021USD ($)
Lease Liabilities
One year or less	$ 1,678
Total	1,678
Less: difference between lease payments and discounted lease liabilities	13
Lease liability	1,665
Right-of-use assets	1,461
Prepaid lease assets, net of lease allowances and incentives	204
Total	$ 1,665
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