Kinsale Capital (KNSL) 10-Q 31 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2019	Oct. 25, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	KINSALE CAPITAL GROUP, INC.
Entity Central Index Key	0001669162
Entity File Number	001-37848
Entity Tax Identification Number	98-0664337
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Address, Address Line One	2221 Edward Holland Drive
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Richmond,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23230
City Area Code	804
Local Phone Number	289-1300
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	KNSL
Security Exchange Name	NASDAQ
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,158,497

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Fixed-maturity securities available for sale, at fair value (amortized cost: $699,641 in 2019; $514,237 in 2018)	$ 716,639	$ 510,251
Equity securities, at fair value (cost: $56,208 in 2019 $56,051 in 2018)	65,917	57,711
Total investments	782,556	567,962
Cash and cash equivalents	86,308	75,089
Investment income due and accrued	4,106	3,783
Premiums receivable, net	33,424	24,253
Reinsurance recoverables	65,345	56,788
Ceded unearned premiums	16,445	16,072
Deferred policy acquisition costs, net of ceding commissions	21,060	14,801
Intangible assets	3,538	3,538
Deferred income tax asset, net	2,891	7,176
Other assets	20,776	3,601
Total assets	1,036,449	773,063
Liabilities
Reserves for unpaid losses and loss adjustment expenses	429,532	369,152
Unearned premiums	170,931	128,250
Payable to reinsurers	5,697	4,565
Accounts payable and accrued expenses	9,884	7,090
Credit facility	11,212	0
Other liabilities	19,157	20
Total liabilities	646,413	509,077
Stockholders' Equity
Common stock, $0.01 par value, 400,000,000 shares authorized, 22,158,663 and 21,241,504 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	222	212
Additional paid-in capital	227,661	158,485
Retained earnings	146,832	106,545
Accumulated other comprehensive income (loss)	15,321	(1,256)
Total stockholders’ equity	390,036	263,986
Total liabilities and stockholders’ equity	$ 1,036,449	$ 773,063

Consolidated Balance Sheet (Una

Consolidated Balance Sheet (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets [Abstract]
Fixed-maturity securities available-for-sale - amortized cost	$ 699,641	$ 514,237
Equity securities - cost	$ 56,207	$ 56,051
Stockholders' Equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	22,158,663	21,241,504
Common stock, shares outstanding (in shares)	22,158,663	21,241,504

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Gross written premiums	$ 97,984	$ 69,546	$ 277,557	$ 203,374
Ceded written premiums	(11,232)	(11,602)	(35,051)	(29,448)
Net written premiums	86,752	57,944	242,506	173,926
Change in unearned premiums	(14,131)	(3,648)	(42,307)	(20,676)
Net earned premiums	72,621	54,296	200,199	153,250
Net investment income	5,265	4,085	14,586	11,096
Net unrealized gains on equity securities	246	1,760	8,050	575
Realized gains (losses) on investments	185	(6)	230	280
Other income	10	2	19	9
Total revenues	78,327	60,137	223,084	165,210
Expenses:
Losses and loss adjustment expenses	44,810	32,085	118,121	90,951
Underwriting, acquisition and insurance expenses	18,324	13,850	50,377	38,767
Other expenses	0	107	57	121
Total expenses	63,134	46,042	168,555	129,839
Income before income taxes	15,193	14,095	54,529	35,371
Total income tax expense	2,217	2,155	9,066	6,032
Net income	12,976	11,940	45,463	29,339
Other comprehensive income (loss):
Change in unrealized gains (losses) on available-for-sale investments, net of taxes of $863 and $4,407 in 2019 and $(519) and $(2,080) in 2018	3,242	(1,953)	16,577	(7,825)
Total comprehensive income	$ 16,218	$ 9,987	$ 62,040	$ 21,514
Earnings per share:
Basic	$ 0.60	$ 0.57	$ 2.13	$ 1.39
Diluted	$ 0.58	$ 0.55	$ 2.07	$ 1.35
Weighted average shares outstanding:
Basic	21,660	21,102	21,348	21,073
Diluted	22,277	21,721	21,965	21,671

Consolidated Statements of In_2

Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Income taxes on change in unrealized gains (losses) on available-for-sale investments	$ 863	$ (519)	$ 4,407	$ (2,080)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2016-01 [Member]	$ 0			$ 6,490	$ (6,490)
Balance, shares at Dec. 31, 2017	21,036,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (shares)	36,000
Balance, shares at Mar. 31, 2018	21,072,000
Balance at Dec. 31, 2017	$ 238,189	$ 210	$ 155,082	73,502	9,395
Balance (Accounting Standards Update 2016-01 [Member]) at Dec. 31, 2017				79,992	2,905
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification of Tax Effects	0
Reclassification of Tax Effects | Accounting Standards Update 2018-02 [Member]				(1,308)	1,308
Issuance of stock under stock-based compensation plan	545	0	545
Stock-based compensation	158		158
Dividends declared	(1,473)			(1,473)
Other comprehensive income (loss)	(4,856)				(4,856)
Net income	7,287			7,287
Balance at Mar. 31, 2018	$ 239,850	210	155,785	84,498	(643)
Balance, shares at Dec. 31, 2017	21,036,000
Balance, shares at Sep. 30, 2018	21,227,000
Balance at Dec. 31, 2017	$ 238,189	210	155,082	73,502	9,395
Balance (Accounting Standards Update 2016-01 [Member]) at Dec. 31, 2017				79,992	2,905
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(7,825)
Net income	29,339
Balance at Sep. 30, 2018	$ 257,905	212	157,721	103,584	(3,612)
Balance, shares at Mar. 31, 2018	21,072,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (shares)	97,000
Balance, shares at Jun. 30, 2018	21,169,000
Balance at Mar. 31, 2018	$ 239,850	210	155,785	84,498	(643)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under stock-based compensation plan	79	1	78
Stock-based compensation	401		401
Dividends declared	(1,481)			(1,481)
Other comprehensive income (loss)	(1,016)				(1,016)
Net income	10,112			10,112
Balance at Jun. 30, 2018	$ 247,945	211	156,264	93,129	(1,659)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (shares)	58,000
Balance, shares at Sep. 30, 2018	21,227,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under stock-based compensation plan	$ 934	1	933
Stock-based compensation	524		524
Dividends declared	(1,485)			(1,485)
Other comprehensive income (loss)	(1,953)				(1,953)
Net income	11,940			11,940
Balance at Sep. 30, 2018	$ 257,905	212	157,721	103,584	(3,612)
Balance, shares at Dec. 31, 2018	21,241,504
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (shares)	43,000
Balance, shares at Mar. 31, 2019	21,285,000
Balance at Dec. 31, 2018	$ 263,986	212	158,485	106,545	(1,256)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under stock-based compensation plan	598	1	597
Stock-based compensation	507		507
Dividends declared	(1,702)			(1,702)
Other comprehensive income (loss)	6,780				6,780
Net income	18,720			18,720
Balance at Mar. 31, 2019	$ 288,889	213	159,589	123,563	5,524
Balance, shares at Dec. 31, 2018	21,241,504
Balance, shares at Sep. 30, 2019	22,158,663
Balance at Dec. 31, 2018	$ 263,986	212	158,485	106,545	(1,256)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	16,577
Net income	45,463
Balance at Sep. 30, 2019	$ 390,036	222	227,661	146,832	15,321
Balance, shares at Mar. 31, 2019	21,285,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares Withheld for Tax Withholding Obligation	(7,000)
Stock-based compensation (shares)	78,000
Balance, shares at Jun. 30, 2019	21,356,000
Balance at Mar. 31, 2019	$ 288,889	213	159,589	123,563	5,524
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under stock-based compensation plan	394	1	393
Stock-based compensation	621		621
Restricted shares withheld for taxes	(617)		(617)
Dividends declared	(1,702)			(1,702)
Other comprehensive income (loss)	6,555
Net income	13,767			13,767
Balance at Jun. 30, 2019	$ 307,907	214	159,986	135,628	12,079
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares	742,000
Stock-based compensation (shares)	61,000
Balance, shares at Sep. 30, 2019	22,158,663
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of transaction costs	$ 65,879	7	65,872
Issuance of stock under stock-based compensation plan	990	1	989
Stock-based compensation	814		814
Dividends declared	(1,772)			(1,772)
Other comprehensive income (loss)	3,242				3,242
Net income	12,976			12,976
Balance at Sep. 30, 2019	$ 390,036	$ 222	$ 227,661	$ 146,832	$ 15,321

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared, per share	$ 0.08	$ 0.07	$ 0.24	$ 0.21

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating Activities
Net cash provided by operating activities	$ 119,100	$ 78,406
Investing Activities
Purchase of property and equipment	(12,406)	(622)
Purchases – fixed-maturity securities	(245,335)	(170,855)
Purchases - equity securities	(21,139)	(8,761)
Sales – fixed-maturity securities	32,510	8,408
Sales - equity securities	20,755	1,974
Maturities and calls – fixed-maturity securities	44,481	77,314
Net cash used in investing activities	(181,134)	(92,542)
Financing Activities
Proceeds from issuance of common stock	65,879	0
Proceeds from credit facility	11,800	0
Debt issuance costs	(628)	0
Payroll taxes withheld and remitted on share-based payments	(617)	0
Proceeds from stock options exercised	1,982	1,558
Dividends paid	(5,163)	(4,425)
Net cash provided by (used in) financing activities	73,253	(2,867)
Net change in cash and cash equivalents	11,219	(17,003)
Cash and cash equivalents at beginning of year	75,089	81,747
Cash and cash equivalents at end of period	$ 86,308	$ 64,744

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of significant accounting policies Basis of presentation The accompanying condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. For a more complete description of the Company’s business and accounting policies, these condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements of Kinsale Capital Group, Inc. and its wholly owned subsidiaries (the "Company") included in the Annual Report on Form 10-K for the year ended December 31, 2018. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. 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. Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management periodically reviews its estimates and assumptions. Recently adopted accounting pronouncements ASU 2016-02, Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)" to improve the financial reporting of leasing transactions. Under this ASU, lessees will recognize a right-of-use ("ROU") asset and corresponding liability on the balance sheet for all leases, except for leases covering a period of 12 months or less. The lessee’s income statement treatment for leases will vary depending on the nature and classification of the lease. Effective January 1, 2019, the Company adopted this ASU and recorded a ROU asset and corresponding lease liability of approximately $0.9 million . The ROU and operating lease liability are included in "other assets" and "other liabilities," respectively, in the accompanying consolidated balance sheet. The Company elected the package of practical expedients permitted under the adoption of the new standard, which allowed the Company to account for existing leases under their current classification, as well as omit any new costs classified as initial direct costs, under the new standard. This election kept the existing agreements as operating leases. The Company also elected the practical expedient allowing an accounting policy election by class of underlying asset, to account for separate lease and nonlease components as a single lease component. In addition, the Company has implemented the necessary internal controls relating to the adoption of the standard. ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, "Premium Amortization on Purchased Callable Debt Securities," which shortens the amortization period of the premium for certain callable debt securities, from the contractual maturity date to the earliest call date. Effective January 1, 2019, the Company adopted ASU 2017-08 using a modified retrospective approach. The adoption of ASU 2017-08 did not have a material impact on the Company's financial statements. Prospective accounting pronouncements ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) In June 2016, the FASB issued ASU 2016-13, "Financial Instruments – Credit Losses (Topic 326)" to provide more useful information about the expected credit losses on financial instruments. Current GAAP delays the recognition of credit losses until it is probable a loss has been incurred. The update will require a financial asset measured at amortized cost to be presented at the net amount expected to be collected by means of an allowance for credit losses that runs through net income. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses. However, the amendments would limit the amount of the allowance to the amount by which fair value is below amortized cost. The measurement of credit losses on available-for-sale securities is similar under current GAAP, but the update requires the use of the allowance account through which amounts can be reversed, rather than through an irreversible write-down. This ASU is effective for annual and interim reporting periods beginning after December 15, 2019. Early adoption is permitted beginning after December 15, 2018. Upon adoption, the update will be applied using the modified-retrospective approach, by which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period presented. The Company is currently evaluating the impact of the adoption on its consolidated financial statements. There are no other prospective accounting standards which, upon their effective date, would have a material impact on the Company's consolidated financial statements.

Investments

Investments	9 Months Ended
	Sep. 30, 2019
Investments [Abstract]
Investments	Investments Available-for-sale investments The following tables summarize the available-for-sale investments at September 30, 2019 and December 31, 2018 : September 30, 2019 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value (in thousands) Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 110 $ 2 $ — $ 112 Obligations of states, municipalities and political subdivisions 145,834 7,990 (189 ) 153,635 Corporate and other securities 177,927 4,631 (194 ) 182,364 Commercial mortgage and asset-backed securities 190,472 3,912 (478 ) 193,906 Residential mortgage-backed securities 185,298 1,960 (636 ) 186,622 Total available-for-sale investments $ 699,641 $ 18,495 $ (1,497 ) $ 716,639 December 31, 2018 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value (in thousands) Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 610 $ 2 $ (1 ) $ 611 Obligations of states, municipalities and political subdivisions 153,884 2,010 (1,294 ) 154,600 Corporate and other securities 97,889 264 (1,401 ) 96,752 Commercial mortgage and asset-backed securities 151,137 252 (1,522 ) 149,867 Residential mortgage-backed securities 110,717 354 (2,650 ) 108,421 Total available-for-sale investments $ 514,237 $ 2,882 $ (6,868 ) $ 510,251 Available-for-sale securities in a loss position The Company regularly reviews all its available-for-sale investments with unrealized losses to assess whether the decline in the securities’ fair value is deemed to be an other-than-temporary impairment ("OTTI"). The Company considers a number of factors in completing its OTTI review, including the length of time and the extent to which a security's fair value has been below cost and the financial condition of an issuer. In addition to specific issuer information, the Company also evaluates the current market and interest rate environment. Generally, a change in a security’s value caused by a change in the market or interest rate environment does not constitute an OTTI, but rather a temporary decline in fair value. For fixed-maturity securities, the Company also considers whether it intends to sell the security or if it is more likely than not that it will be required to sell the security before recovery and the ability to recover all amounts outstanding when contractually due. When assessing whether it intends to sell a fixed-maturity security or if it is likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs and potential sales of investments to capitalize on favorable pricing. For fixed-maturity securities where a decline in fair value is considered to be other-than-temporary and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, an impairment is recognized in net income based on the fair value of the security at the time of assessment, resulting in a new cost basis for the security. If the decline in fair value of a fixed-maturity security below its amortized cost is considered to be other-than-temporary based upon other considerations, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the OTTI, which is recognized in net income, resulting in a new cost basis for the security. Any remaining decline in fair value represents the noncredit portion of the OTTI, which is recognized in other comprehensive income. The following tables summarize gross unrealized losses and fair value for available-for-sale investments by length of time that the securities have continuously been in an unrealized loss position: September 30, 2019 Less than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses (in thousands) Fixed maturities: Obligations of states, municipalities and political subdivisions $ 12,993 $ (188 ) $ 256 $ (1 ) $ 13,249 $ (189 ) Corporate and other securities 22,122 (126 ) 5,232 (68 ) 27,354 (194 ) Commercial mortgage and asset-backed securities 35,140 (130 ) 31,802 (348 ) 66,942 (478 ) Residential mortgage-backed securities 41,691 (130 ) 37,776 (506 ) 79,467 (636 ) Total available-for-sale investments $ 111,946 $ (574 ) $ 75,066 $ (923 ) $ 187,012 $ (1,497 ) At September 30, 2019 , the Company held 120 fixed-maturity securities in an unrealized loss position with a total estimated fair value of $187.0 million and gross unrealized losses of $1.5 million . Of these securities, 65 were in a continuous unrealized loss position for greater than one year. As discussed above, the Company regularly reviews all fixed-maturity securities within its investment portfolio to determine whether any other-than-temporary impairment has occurred. Based on the Company's review as of September 30, 2019 , unrealized losses were caused by interest rate changes or other market factors and were not credit-specific issues. At September 30, 2019 , 87.9% of the Company’s fixed-maturity securities were rated "A-" or better and all of the Company’s fixed-maturity securities made expected coupon payments under the contractual terms of the securities. For the nine months ended September 30, 2019 , the Company concluded that there were no other-than-temporary impairments from fixed-maturity securities with unrealized losses. December 31, 2018 Less than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses (in thousands) Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ — $ — $ 499 $ (1 ) $ 499 $ (1 ) Obligations of states, municipalities and political subdivisions 42,718 (440 ) 34,326 (854 ) 77,044 (1,294 ) Corporate and other securities 62,045 (890 ) 12,092 (511 ) 74,137 (1,401 ) Commercial mortgage and asset-backed securities 93,247 (1,017 ) 25,746 (505 ) 118,993 (1,522 ) Residential mortgage-backed securities 24,571 (155 ) 55,638 (2,495 ) 80,209 (2,650 ) Total available-for-sale investments $ 222,581 $ (2,502 ) $ 128,301 $ (4,366 ) $ 350,882 $ (6,868 ) At December 31, 2018 , the Company held 317 fixed-maturity securities in an unrealized loss position with a total estimated fair value of $350.9 million and gross unrealized losses of $6.9 million . Of those securities, 158 were in a continuous unrealized loss position for greater than one year. Based on the Company's review as of December 31, 2018, unrealized losses were caused by interest rate changes or other market factors and were not credit-specific issues. At December 31, 2018 , 86.4% of the Company’s fixed-maturity securities were rated "A-" or better and all of the Company’s fixed-maturity securities made expected coupon payments under the contractual terms of the securities. For the year ended December 31, 2018 , the Company concluded that there were no other-than-temporary impairments from fixed-maturity securities with unrealized losses. Contractual maturities of available-for-sale fixed-maturity securities The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at September 30, 2019 are summarized, by contractual maturity, as follows: September 30, 2019 Amortized Estimated Cost Fair Value (in thousands) Due in one year or less $ 12,905 $ 12,990 Due after one year through five years 110,503 113,402 Due after five years through ten years 78,077 81,102 Due after ten years 122,386 128,617 Commercial mortgage and asset-backed securities 190,472 193,906 Residential mortgage-backed securities 185,298 186,622 Total fixed maturity securities $ 699,641 $ 716,639 Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, and the lenders may have the right to put the securities back to the borrower. Net investment income The following table presents the components of net investment income for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Interest: Taxable bonds $ 4,050 $ 2,548 $ 10,593 $ 6,548 Tax exempt municipal bonds 887 1,068 2,783 3,236 Cash equivalents and short-term investments 266 327 667 804 Dividends on equity securities 406 445 1,493 1,369 Gross investment income 5,609 4,388 15,536 11,957 Investment expenses (344 ) (303 ) (950 ) (861 ) Net investment income $ 5,265 $ 4,085 $ 14,586 $ 11,096 Realized investment gains and losses The following table presents realized investment gains and losses for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Fixed-maturity securities: Realized gains $ 61 $ — $ 457 $ 244 Realized losses — (6 ) (79 ) (10 ) Net realized gains (losses) from fixed-maturity securities 61 (6 ) 378 234 Equity securities: Realized gains 505 — 539 57 Realized losses (381 ) — (687 ) (11 ) Net realized gains (losses) from equity securities 124 — (148 ) 46 Net realized investment gains (losses) $ 185 $ (6 ) $ 230 $ 280 Change in net unrealized gains (losses) on fixed-maturity securities For the three and nine months ended September 30, 2019 , the changes in net unrealized gains for fixed-maturity securities were $4.1 million and $21.0 million , respectively. For the three and nine months ended September 30, 2018 , the changes in net unrealized losses for fixed-maturity securities were $2.5 million and $9.9 million , respectively. Insurance – statutory deposits The Company had invested assets with a carrying value of $6.9 million on deposit with state regulatory authorities at September 30, 2019 and December 31, 2018 . Payable for investments purchased The Company recorded a payable for investments purchased, not yet settled, of $18.4 million at September 30, 2019

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair value measurements Fair value is estimated for each class of financial instrument for which it is practical to estimate fair value. Fair value is defined as the price in the principal market that would be received for an asset to facilitate an orderly transaction between market participants on the measurement date. Market participants are assumed to be independent, knowledgeable, able and willing to transact an exchange and not acting under duress. Fair value hierarchy disclosures are based on the quality of inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Adjustments to transaction prices or quoted market prices may be required in illiquid or disorderly markets in order to estimate fair value. The three levels of the fair value hierarchy are defined as follows: Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities traded in active markets. Level 2 - Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs. Level 3 - Inputs to the valuation methodology are unobservable for the asset or liability and are significant to the fair value measurement. Fair values of the Company's investment portfolio are estimated using unadjusted prices obtained by its investment manager from third party pricing services, where available. For securities where the Company is unable to obtain fair values from a pricing service or broker, fair values are estimated using information obtained from the Company's investment manager. Management performs several procedures to ascertain the reasonableness of investment values included in the condensed consolidated financial statements including 1) obtaining and reviewing internal control reports from the Company's investment manager that obtains fair values from third party pricing services, 2) discussing with the Company's investment manager its process for reviewing and validating pricing obtained from outside pricing services and 3) reviewing the security pricing received from the Company's investment manager and monitoring changes in unrealized gains and losses. The Company has evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. The following tables present the balances of assets measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 , by level within the fair value hierarchy. September 30, 2019 Level 1 Level 2 Level 3 Total (in thousands) Assets Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 112 $ — $ — $ 112 Obligations of states, municipalities and political subdivisions — 153,635 — 153,635 Corporate and other securities — 182,364 — 182,364 Commercial mortgage and asset-backed securities — 193,906 — 193,906 Residential mortgage-backed securities — 186,622 — 186,622 Total fixed maturities 112 716,527 — 716,639 Equity securities: Exchange traded funds 45,708 — — 45,708 Nonredeemable preferred stock — 20,209 — 20,209 Total equity securities 45,708 20,209 — 65,917 Total $ 45,820 $ 736,736 $ — $ 782,556 December 31, 2018 Level 1 Level 2 Level 3 Total (in thousands) Assets Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 611 $ — $ — $ 611 Obligations of states, municipalities and political subdivisions — 154,600 — 154,600 Corporate and other securities — 96,752 — 96,752 Commercial mortgage and asset-backed securities — 149,867 — 149,867 Residential mortgage-backed securities — 108,421 — 108,421 Total fixed maturities 611 509,640 — 510,251 Equity securities: Exchange traded funds 38,987 — — 38,987 Nonredeemable preferred stock — 18,724 — 18,724 Total equity securities 38,987 18,724 — 57,711 Total $ 39,598 $ 528,364 $ — $ 567,962 There were no transfers into or out of Level 1 and Level 2 during the nine months ended September 30, 2019 . There were no assets or liabilities measured at fair value on a nonrecurring basis as of September 30, 2019 or December 31, 2018 .

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	9 Months Ended
	Sep. 30, 2019
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Costs	Deferred policy acquisition costs The following table presents the amounts of policy acquisition costs deferred and amortized for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Balance, beginning of period $ 18,652 $ 14,123 $ 14,801 $ 11,775 Policy acquisition costs deferred: Direct commissions 14,358 10,232 40,601 29,907 Ceding commissions (2,824 ) (3,123 ) (9,338 ) (8,273 ) Other underwriting and policy acquisition costs 989 781 2,803 2,284 Policy acquisition costs deferred 12,523 7,890 34,066 23,918 Amortization of net policy acquisition costs (10,115 ) (7,528 ) (27,807 ) (21,208 ) Balance, end of period $ 21,060 $ 14,485 $ 21,060 $ 14,485

Underwriting, Acquisition and I

Underwriting, Acquisition and Insurance Expenses	9 Months Ended
	Sep. 30, 2019
Underwriting, Acquisition and Insurance Expenses [Abstract]
Underwriting, acquisition and insurance expenses	Underwriting, acquisition and insurance expenses Underwriting, acquisition and insurance expenses for the three and nine months ended September 30, 2019 and 2018 consist of the following: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Underwriting, acquisition and insurance expenses incurred: Direct commissions $ 12,409 $ 9,517 $ 34,470 $ 26,652 Ceding commissions (3,150 ) (2,716 ) (9,202 ) (7,624 ) Other operating expenses 9,065 7,049 25,109 19,739 Total $ 18,324 $ 13,850 $ 50,377 $ 38,767 Other operating expenses within underwriting, acquisition and insurance expenses include salaries, bonus and employee benefits expenses of $7.3 million and $5.3 million for the three months ended September 30, 2019 and 2018 , respectively. Salaries, bonuses, and employee benefit expenses were $21.2 million and $15.6 million for the nine months ended September 30, 2019 and 2018 , respectively.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based compensation On July 27, 2016, the Kinsale Capital Group, Inc. 2016 Omnibus Incentive Plan (the "2016 Incentive Plan") became effective. The 2016 Incentive Plan, which is administered by the Compensation, Nominating and Corporate Governance Committee of the Company's Board of Directors, provides for grants of stock options, restricted stock, restricted stock units and other stock-based awards to officers, employees, directors, independent contractors and consultants. The number of shares of common stock available for issuance under the 2016 Incentive Plan may not exceed 2,073,832 . The total compensation cost that has been charged against income for share-based compensation arrangements was $1.9 million and $1.1 million for the nine months ended September 30, 2019 and 2018, respectively. Restricted Stock Awards During the nine months ended September 30, 2019 , the Company granted restricted stock awards under the 2016 Incentive Plan. The restricted stock awards were valued on the date of grant and will vest over a period of 1 year to 4 years , corresponding to the anniversary date of the grants. The fair value of restricted stock awards was determined based on the closing trading price of the Company’s shares on the grant date or, if no shares were traded on the grant date, the last preceding date for which there was a sale of shares. Except for restrictions placed on the transferability of restricted stock, holders of unvested restricted stock have full stockholder’s rights, including voting rights and the right to receive dividends. Unvested shares of restricted stock awards and accrued dividends, if any, are forfeited upon the termination of service to or employment with the Company. A summary of all restricted stock activity under the equity compensation plan for the nine months ended September 30, 2019 is as follows: For the Nine Months Ended September 30, 2019 Number of Shares Weighted Average Grant Date Fair Value per Share Non-vested outstanding at the beginning of the period 92,465 $ 52.98 Granted 62,015 $ 80.59 Vested (27,628 ) $ 51.53 Forfeited (3,071 ) $ 59.46 Non-vested outstanding at the end of the period 123,781 $ 66.98 Employees have the option to surrender shares to pay for withholding tax obligations resulting from any vesting of restricted stock awards. During the nine months ended September 30, 2019 , restricted shares withheld for taxes in connection with the vesting of restricted stock awards totaled 7,365 . The fair value of restricted stock awards vested was $2.1 million during the nine months ended September 30, 2019 . As of September 30, 2019 , the Company had $7.3 million of total unrecognized stock-based compensation expense expected to be charged to earnings over a weighted-average period of 3.2 years . Stock Options On July 27, 2016, the Board of Directors approved, and the Company granted, 1,036,916 stock options with an exercise price equal to the Initial Public Offering price of $16.00 per share and a weighted-average grant-date fair value of $2.71 per share. The options have a maximum contractual term of 10 years and vest in 4 equal annual installments following the date of the grant. The value of the options granted was estimated at the date of grant using the Black-Scholes pricing model using the following assumptions: Risk-free rate of return 1.26 % Dividend yield 1.25 % Expected share price volatility (1) 18.50 % Expected life in years (2) 6.3 years (1) Expected volatility was based on the Company’s competitors within the industry. (2) Expected life was calculated using the simplified method, which was an average of the contractual term of the option and its ordinary vesting period, as the Company did not have sufficient historical data for determining the expected term of our stock option awards. A summary of option activity as of September 30, 2019 , and changes during the period then ended is presented below: Number of Shares Weighted-average exercise price Weighted-average remaining years of contractual term Aggregate intrinsic value (in thousands) Outstanding at January 1, 2019 804,303 $ 16.00 Granted — — Forfeited (15,984 ) 16.00 Exercised (123,830 ) 16.00 Outstanding at September 30, 2019 664,489 $ 16.00 6.8 $ 58,017 Exercisable at September 30, 2019 441,674 $ 16.00 6.8 $ 38,563 The total intrinsic value of options exercised was $8.3 million and $4.0 million during the nine months ended September 30, 2019 and 2018, respectively. As of September 30, 2019 , the Company had $0.5 million of total unrecognized stock-based compensation expense expected to be charged to earnings over a weighted-average period of 0.8

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per share The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations contained in the consolidated financial statements: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands, except per share data) Net income $ 12,976 $ 11,940 $ 45,463 $ 29,339 Weighted average common shares outstanding - basic 21,660 21,102 21,348 21,073 Effect of potential dilutive securities: Conversion of stock options 572 602 581 595 Conversion of restricted stock 45 17 36 3 Weighted average common shares outstanding - diluted 22,277 21,721 21,965 21,671 Earnings per common share: Basic $ 0.60 $ 0.57 $ 2.13 $ 1.39 Diluted $ 0.58 $ 0.55 $ 2.07 $ 1.35 There were no anti-dilutive stock awards for the three months ended September 30, 2019 and 2018. There were approximately 54 thousand and approximately 86 thousand anti-dilutive stock awards for the nine months ended September 30, 2019 and 2018, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes 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 tax-exempt investment income and any discrete items recognized during the period. The Company's effective tax rates were 14.6% and 16.6% for the three and nine months ended September 30, 2019 , respectively. The Company's effective tax rates were 15.3% and 17.1% for the three and nine months ended September 30, 2018, respectively. The decrease in the effective tax rates in the third

Reserves for Unpaid Losses and

Reserves for Unpaid Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2019
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Reserves for Unpaid Losses and Loss Adjustment Expenses	Reserves for unpaid losses and loss adjustment expenses The following table presents a reconciliation of consolidated beginning and ending reserves for unpaid losses and loss adjustment expenses: September 30, 2019 2018 (in thousands) Net reserves for unpaid losses and loss adjustment expenses, beginning of year $ 313,763 $ 267,493 Incurred losses and loss adjustment expenses: Current year 126,471 96,673 Prior years (8,350 ) (5,722 ) Total net losses and loss adjustment expenses incurred 118,121 90,951 Payments: Current year 12,258 4,095 Prior years 53,808 52,056 Total payments 66,066 56,151 Net reserves for unpaid losses and loss adjustment expenses, end of period 365,818 302,293 Reinsurance recoverable on unpaid losses 63,714 63,521 Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 429,532 $ 365,814 During the nine months ended September 30, 2019 , the reserves for unpaid losses and loss adjustment expenses held at December 31, 2018 developed favorably by $8.4 million . The favorable development was primarily attributable to the 2016 through 2018 accident years of $14.8 million , which mostly resulted from reported losses emerging at a lower level than expected across most statutory lines of business. This favorable development was offset in part by adverse development from the 2011 through 2015 accident years of $6.4 million . This adverse development largely resulted from management’s decision to lengthen the actuarial loss development factors to provide for emergence of reported losses over a longer period of time, which added a modest amount of conservatism to the Company’s incurred but not yet reported ("IBNR") reserves for those years. During the nine months ended September 30, 2018 , the reserves for unpaid losses and loss adjustment expenses held at December 31, 2017 developed favorably by $5.7 million . The favorable development was primarily attributable to the 2016 through 2017 accident years of $8.1 million , which mostly resulted from reported losses emerging at a lower level than expected. This favorable development was offset in part by adverse development from the 2011 through 2015 accident years of $2.4 million

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2019
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance The following table summarizes the effect of reinsurance on premiums written and earned for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Premiums written: Direct $ 97,984 $ 69,546 $ 277,432 $ 203,374 Assumed — — 125 — Ceded (11,232 ) (11,602 ) (35,051 ) (29,448 ) Net written $ 86,752 $ 57,944 $ 242,506 $ 173,926 Premiums earned: Direct $ 84,790 $ 64,713 $ 234,788 $ 180,909 Assumed 16 — 89 — Ceded (12,185 ) (10,417 ) (34,678 ) (27,659 ) Net earned $ 72,621 $ 54,296 $ 200,199 $ 153,250 Incurred losses and loss adjustment expenses were net of reinsurance (ceded incurred losses and loss adjustment expenses) of $4.9 million and $15.1 million for the three months ended September 30, 2019 and 2018 , respectively. Ceded incurred losses and loss adjustment expenses were $18.6 million and $23.0 million for the nine months ended September 30, 2019 and 2018 , respectively. At September 30, 2019 , reinsurance recoverables on paid and unpaid losses were $1.6 million and $63.7 million , respectively. At December 31, 2018 , reinsurance recoverables on paid and unpaid losses were $1.4 million and $55.4 million

Credit Agreement

Credit Agreement	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Credit Agreement [Text Block]	Credit Agreement On May 28, 2019, the Company entered into a Credit Agreement (the “Credit Agreement”) that provided the Company with a $50.0 million senior unsecured revolving credit facility (the “Credit Facility”) and an uncommitted accordion feature that permits the Company to increase the commitments by an additional $30.0 million . The Credit Facility has a maturity of May 28, 2024 . Borrowings under the Credit Facility will be used to fund construction of the Company’s new headquarters and may also be used for working capital and general corporate purposes. Loans under the Credit Facility may be subject to varying rates of interest depending on whether the loan is a Eurodollar loan or an alternate base rate (ABR) loan, at the Company's election. Eurodollar loans bear an interest rate per annum equal to adjusted LIBOR for the applicable interest period plus a margin of 1.75%. ABR loans bear an interest rate per annum equal to (a) the higher of the prime rate, the New York Federal Reserve Board Rate plus 0.50% or the one-month adjusted LIBOR plus 1%, plus (b) the applicable margin of 0.75%. As of September 30, 2019, there was $11.2 million outstanding under the Credit Facility, net of debt issuance cost of $0.6 million , with a weighted average interest rate of 3.89% . The Credit Agreement also contains representations and warranties and affirmative and negative covenants customary for financings of this type, as well as customary events of default provisions. As of September 30, 2019, the Company was in compliance with all of its financial covenants under the Credit Facility.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Attributable to Parent [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Stockholders' Equity On August 12, 2019, the Company completed an underwritten public offering and sold and issued an aggregate of 741,750 shares of its common stock at a price to the public of $93 per share. The shares sold and issued included 96,750 shares sold to the underwriters pursuant to their option to purchase additional shares. The Company received aggregate net proceeds from the offering of approximately $65.9 million , after deducting underwriting discounts and commissions and offering costs. Net proceeds from this offering will be used to fund organic growth.

Other Comprehensive (Loss) Inco

Other Comprehensive (Loss) Income	9 Months Ended
	Sep. 30, 2019
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Income	Other comprehensive income (loss) The following table summarizes the components of other comprehensive income (loss) for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Unrealized gains (losses) on fixed-maturity securities arising during the period, before income taxes $ 4,166 $ (2,472 ) $ 21,362 $ (9,665 ) Income taxes (875 ) 519 (4,486 ) 2,030 Unrealized gains (losses) arising during the period, net of income taxes 3,291 (1,953 ) 16,876 (7,635 ) Less reclassification adjustment: Net realized gains on fixed-maturity securities, before income taxes 61 — 378 240 Income taxes (12 ) — (79 ) (50 ) Reclassification adjustment included in net income, net of income taxes 49 — 299 190 Other comprehensive income (loss) $ 3,242 $ (1,953 ) $ 16,577 $ (7,825 ) The sale of an available-for-sale fixed-maturity security results in amounts being reclassified from accumulated other comprehensive income to realized gains or losses in current period earnings. The related tax effect of the reclassification adjustment is recorded in income tax expense in current period earnings. See Note 2 for additional information.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. For a more complete description of the Company’s business and accounting policies, these condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements of Kinsale Capital Group, Inc. and its wholly owned subsidiaries (the "Company") included in the Annual Report on Form 10-K for the year ended December 31, 2018. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. 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.
Use of Estimates	Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management periodically reviews its estimates and assumptions.
Recently Adopted Accounting Pronouncements	Recently adopted accounting pronouncements ASU 2016-02, Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)" to improve the financial reporting of leasing transactions. Under this ASU, lessees will recognize a right-of-use ("ROU") asset and corresponding liability on the balance sheet for all leases, except for leases covering a period of 12 months or less. The lessee’s income statement treatment for leases will vary depending on the nature and classification of the lease. Effective January 1, 2019, the Company adopted this ASU and recorded a ROU asset and corresponding lease liability of approximately $0.9 million . The ROU and operating lease liability are included in "other assets" and "other liabilities," respectively, in the accompanying consolidated balance sheet. The Company elected the package of practical expedients permitted under the adoption of the new standard, which allowed the Company to account for existing leases under their current classification, as well as omit any new costs classified as initial direct costs, under the new standard. This election kept the existing agreements as operating leases. The Company also elected the practical expedient allowing an accounting policy election by class of underlying asset, to account for separate lease and nonlease components as a single lease component. In addition, the Company has implemented the necessary internal controls relating to the adoption of the standard. ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, "Premium Amortization on Purchased Callable Debt Securities," which shortens the amortization period of the premium for certain callable debt securities, from the contractual maturity date to the earliest call date. Effective January 1, 2019, the Company adopted ASU 2017-08 using a modified retrospective approach. The adoption of ASU 2017-08 did not have a material impact on the Company's financial statements.
Prospective Accounting Pronouncements	Prospective accounting pronouncements ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) In June 2016, the FASB issued ASU 2016-13, "Financial Instruments – Credit Losses (Topic 326)" to provide more useful information about the expected credit losses on financial instruments. Current GAAP delays the recognition of credit losses until it is probable a loss has been incurred. The update will require a financial asset measured at amortized cost to be presented at the net amount expected to be collected by means of an allowance for credit losses that runs through net income. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses. However, the amendments would limit the amount of the allowance to the amount by which fair value is below amortized cost. The measurement of credit losses on available-for-sale securities is similar under current GAAP, but the update requires the use of the allowance account through which amounts can be reversed, rather than through an irreversible write-down. This ASU is effective for annual and interim reporting periods beginning after December 15, 2019. Early adoption is permitted beginning after December 15, 2018. Upon adoption, the update will be applied using the modified-retrospective approach, by which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period presented. The Company is currently evaluating the impact of the adoption on its consolidated financial statements. There are no other prospective accounting standards which, upon their effective date, would have a material impact on the Company's consolidated financial statements.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2019
Investments [Abstract]
Available-for-sale Investments	The following tables summarize the available-for-sale investments at September 30, 2019 and December 31, 2018 : September 30, 2019 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value (in thousands) Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 110 $ 2 $ — $ 112 Obligations of states, municipalities and political subdivisions 145,834 7,990 (189 ) 153,635 Corporate and other securities 177,927 4,631 (194 ) 182,364 Commercial mortgage and asset-backed securities 190,472 3,912 (478 ) 193,906 Residential mortgage-backed securities 185,298 1,960 (636 ) 186,622 Total available-for-sale investments $ 699,641 $ 18,495 $ (1,497 ) $ 716,639 December 31, 2018 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value (in thousands) Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 610 $ 2 $ (1 ) $ 611 Obligations of states, municipalities and political subdivisions 153,884 2,010 (1,294 ) 154,600 Corporate and other securities 97,889 264 (1,401 ) 96,752 Commercial mortgage and asset-backed securities 151,137 252 (1,522 ) 149,867 Residential mortgage-backed securities 110,717 354 (2,650 ) 108,421 Total available-for-sale investments $ 514,237 $ 2,882 $ (6,868 ) $ 510,251
Available-for-sale Securities in an Unrealized Loss Position	December 31, 2018 Less than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses (in thousands) Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ — $ — $ 499 $ (1 ) $ 499 $ (1 ) Obligations of states, municipalities and political subdivisions 42,718 (440 ) 34,326 (854 ) 77,044 (1,294 ) Corporate and other securities 62,045 (890 ) 12,092 (511 ) 74,137 (1,401 ) Commercial mortgage and asset-backed securities 93,247 (1,017 ) 25,746 (505 ) 118,993 (1,522 ) Residential mortgage-backed securities 24,571 (155 ) 55,638 (2,495 ) 80,209 (2,650 ) Total available-for-sale investments $ 222,581 $ (2,502 ) $ 128,301 $ (4,366 ) $ 350,882 $ (6,868 ) The following tables summarize gross unrealized losses and fair value for available-for-sale investments by length of time that the securities have continuously been in an unrealized loss position: September 30, 2019 Less than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses Estimated Fair Value Gross Unrealized Holding Losses (in thousands) Fixed maturities: Obligations of states, municipalities and political subdivisions $ 12,993 $ (188 ) $ 256 $ (1 ) $ 13,249 $ (189 ) Corporate and other securities 22,122 (126 ) 5,232 (68 ) 27,354 (194 ) Commercial mortgage and asset-backed securities 35,140 (130 ) 31,802 (348 ) 66,942 (478 ) Residential mortgage-backed securities 41,691 (130 ) 37,776 (506 ) 79,467 (636 ) Total available-for-sale investments $ 111,946 $ (574 ) $ 75,066 $ (923 ) $ 187,012 $ (1,497 )
Contractual Maturities of Available-for-sale Fixed Maturity Securities	The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at September 30, 2019 are summarized, by contractual maturity, as follows: September 30, 2019 Amortized Estimated Cost Fair Value (in thousands) Due in one year or less $ 12,905 $ 12,990 Due after one year through five years 110,503 113,402 Due after five years through ten years 78,077 81,102 Due after ten years 122,386 128,617 Commercial mortgage and asset-backed securities 190,472 193,906 Residential mortgage-backed securities 185,298 186,622 Total fixed maturity securities $ 699,641 $ 716,639
Net Investment Income	The following table presents the components of net investment income for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Interest: Taxable bonds $ 4,050 $ 2,548 $ 10,593 $ 6,548 Tax exempt municipal bonds 887 1,068 2,783 3,236 Cash equivalents and short-term investments 266 327 667 804 Dividends on equity securities 406 445 1,493 1,369 Gross investment income 5,609 4,388 15,536 11,957 Investment expenses (344 ) (303 ) (950 ) (861 ) Net investment income $ 5,265 $ 4,085 $ 14,586 $ 11,096
Realized Gain (Loss) on Investments	The following table presents realized investment gains and losses for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Fixed-maturity securities: Realized gains $ 61 $ — $ 457 $ 244 Realized losses — (6 ) (79 ) (10 ) Net realized gains (losses) from fixed-maturity securities 61 (6 ) 378 234 Equity securities: Realized gains 505 — 539 57 Realized losses (381 ) — (687 ) (11 ) Net realized gains (losses) from equity securities 124 — (148 ) 46 Net realized investment gains (losses) $ 185 $ (6 ) $ 230 $ 280

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on a Recurring Basis	The following tables present the balances of assets measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 , by level within the fair value hierarchy. September 30, 2019 Level 1 Level 2 Level 3 Total (in thousands) Assets Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 112 $ — $ — $ 112 Obligations of states, municipalities and political subdivisions — 153,635 — 153,635 Corporate and other securities — 182,364 — 182,364 Commercial mortgage and asset-backed securities — 193,906 — 193,906 Residential mortgage-backed securities — 186,622 — 186,622 Total fixed maturities 112 716,527 — 716,639 Equity securities: Exchange traded funds 45,708 — — 45,708 Nonredeemable preferred stock — 20,209 — 20,209 Total equity securities 45,708 20,209 — 65,917 Total $ 45,820 $ 736,736 $ — $ 782,556 December 31, 2018 Level 1 Level 2 Level 3 Total (in thousands) Assets Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 611 $ — $ — $ 611 Obligations of states, municipalities and political subdivisions — 154,600 — 154,600 Corporate and other securities — 96,752 — 96,752 Commercial mortgage and asset-backed securities — 149,867 — 149,867 Residential mortgage-backed securities — 108,421 — 108,421 Total fixed maturities 611 509,640 — 510,251 Equity securities: Exchange traded funds 38,987 — — 38,987 Nonredeemable preferred stock — 18,724 — 18,724 Total equity securities 38,987 18,724 — 57,711 Total $ 39,598 $ 528,364 $ — $ 567,962

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	9 Months Ended
	Sep. 30, 2019
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Costs	The following table presents the amounts of policy acquisition costs deferred and amortized for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Balance, beginning of period $ 18,652 $ 14,123 $ 14,801 $ 11,775 Policy acquisition costs deferred: Direct commissions 14,358 10,232 40,601 29,907 Ceding commissions (2,824 ) (3,123 ) (9,338 ) (8,273 ) Other underwriting and policy acquisition costs 989 781 2,803 2,284 Policy acquisition costs deferred 12,523 7,890 34,066 23,918 Amortization of net policy acquisition costs (10,115 ) (7,528 ) (27,807 ) (21,208 ) Balance, end of period $ 21,060 $ 14,485 $ 21,060 $ 14,485

Underwriting, Acquisition and_2

Underwriting, Acquisition and Insurance Expenses (Tables)	9 Months Ended
	Sep. 30, 2019
Underwriting, Acquisition and Insurance Expenses [Abstract]
Underwriting, acquisition and insurance expenses	Underwriting, acquisition and insurance expenses for the three and nine months ended September 30, 2019 and 2018 consist of the following: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Underwriting, acquisition and insurance expenses incurred: Direct commissions $ 12,409 $ 9,517 $ 34,470 $ 26,652 Ceding commissions (3,150 ) (2,716 ) (9,202 ) (7,624 ) Other operating expenses 9,065 7,049 25,109 19,739 Total $ 18,324 $ 13,850 $ 50,377 $ 38,767

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Restricted Stock Activity	A summary of all restricted stock activity under the equity compensation plan for the nine months ended September 30, 2019 is as follows: For the Nine Months Ended September 30, 2019 Number of Shares Weighted Average Grant Date Fair Value per Share Non-vested outstanding at the beginning of the period 92,465 $ 52.98 Granted 62,015 $ 80.59 Vested (27,628 ) $ 51.53 Forfeited (3,071 ) $ 59.46 Non-vested outstanding at the end of the period 123,781 $ 66.98
Stock Options Valuation Assumptions	The value of the options granted was estimated at the date of grant using the Black-Scholes pricing model using the following assumptions: Risk-free rate of return 1.26 % Dividend yield 1.25 % Expected share price volatility (1) 18.50 % Expected life in years (2) 6.3 years
Stock Options Activity	A summary of option activity as of September 30, 2019 , and changes during the period then ended is presented below: Number of Shares Weighted-average exercise price Weighted-average remaining years of contractual term Aggregate intrinsic value (in thousands) Outstanding at January 1, 2019 804,303 $ 16.00 Granted — — Forfeited (15,984 ) 16.00 Exercised (123,830 ) 16.00 Outstanding at September 30, 2019 664,489 $ 16.00 6.8 $ 58,017 Exercisable at September 30, 2019 441,674 $ 16.00 6.8 $ 38,563

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations contained in the consolidated financial statements: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands, except per share data) Net income $ 12,976 $ 11,940 $ 45,463 $ 29,339 Weighted average common shares outstanding - basic 21,660 21,102 21,348 21,073 Effect of potential dilutive securities: Conversion of stock options 572 602 581 595 Conversion of restricted stock 45 17 36 3 Weighted average common shares outstanding - diluted 22,277 21,721 21,965 21,671 Earnings per common share: Basic $ 0.60 $ 0.57 $ 2.13 $ 1.39 Diluted $ 0.58 $ 0.55 $ 2.07 $ 1.35

Reserves for Unpaid Losses an_2

Reserves for Unpaid Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2019
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Schedule of Unpaid Losses and Loss Adjustment Expenses	The following table presents a reconciliation of consolidated beginning and ending reserves for unpaid losses and loss adjustment expenses: September 30, 2019 2018 (in thousands) Net reserves for unpaid losses and loss adjustment expenses, beginning of year $ 313,763 $ 267,493 Incurred losses and loss adjustment expenses: Current year 126,471 96,673 Prior years (8,350 ) (5,722 ) Total net losses and loss adjustment expenses incurred 118,121 90,951 Payments: Current year 12,258 4,095 Prior years 53,808 52,056 Total payments 66,066 56,151 Net reserves for unpaid losses and loss adjustment expenses, end of period 365,818 302,293 Reinsurance recoverable on unpaid losses 63,714 63,521 Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 429,532 $ 365,814

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2019
Reinsurance Disclosures [Abstract]
Effects of Reinsurance	The following table summarizes the effect of reinsurance on premiums written and earned for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Premiums written: Direct $ 97,984 $ 69,546 $ 277,432 $ 203,374 Assumed — — 125 — Ceded (11,232 ) (11,602 ) (35,051 ) (29,448 ) Net written $ 86,752 $ 57,944 $ 242,506 $ 173,926 Premiums earned: Direct $ 84,790 $ 64,713 $ 234,788 $ 180,909 Assumed 16 — 89 — Ceded (12,185 ) (10,417 ) (34,678 ) (27,659 ) Net earned $ 72,621 $ 54,296 $ 200,199 $ 153,250

Other Comprehensive (Loss) In_2

Other Comprehensive (Loss) Income (Tables)	9 Months Ended
	Sep. 30, 2019
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive Income (Loss)	The following table summarizes the components of other comprehensive income (loss) for the three and nine months ended September 30, 2019 and 2018 : Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Unrealized gains (losses) on fixed-maturity securities arising during the period, before income taxes $ 4,166 $ (2,472 ) $ 21,362 $ (9,665 ) Income taxes (875 ) 519 (4,486 ) 2,030 Unrealized gains (losses) arising during the period, net of income taxes 3,291 (1,953 ) 16,876 (7,635 ) Less reclassification adjustment: Net realized gains on fixed-maturity securities, before income taxes 61 — 378 240 Income taxes (12 ) — (79 ) (50 ) Reclassification adjustment included in net income, net of income taxes 49 — 299 190 Other comprehensive income (loss) $ 3,242 $ (1,953 ) $ 16,577 $ (7,825 )

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - Accounting Standards Update 2016-02 [Member] $ in Thousands	Jan. 01, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Liability	$ 900
Operating Lease, Right-of-Use Asset	$ 900

Investments Investments (Availa

Investments Investments (Available for Sale) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 699,641	$ 514,237
Gross Unrealized Holding Gains	18,495	2,882
Gross Unrealized Holding Losses	1,497	6,868
Estimated Fair Value	716,639	510,251
U.S. Treasury securities and obligations of U.S. government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	110	610
Gross Unrealized Holding Gains	2	2
Gross Unrealized Holding Losses	0	1
Estimated Fair Value	112	611
Obligations of states, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	145,834	153,884
Gross Unrealized Holding Gains	7,990	2,010
Gross Unrealized Holding Losses	189	1,294
Estimated Fair Value	153,635	154,600
Corporate and other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	177,927	97,889
Gross Unrealized Holding Gains	4,631	264
Gross Unrealized Holding Losses	194	1,401
Estimated Fair Value	182,364	96,752
Commercial mortgage and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	190,472	151,137
Gross Unrealized Holding Gains	3,912	252
Gross Unrealized Holding Losses	478	1,522
Estimated Fair Value	193,906	149,867
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	185,298	110,717
Gross Unrealized Holding Gains	1,960	354
Gross Unrealized Holding Losses	636	2,650
Estimated Fair Value	$ 186,622	$ 108,421

Investments Available-for-Sale

Investments Available-for-Sale Securities in a Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	$ 111,946	$ 222,581
Less than 12 months, gross unrealized holding losses	574	2,502
12 Months or Longer, Estimated Fair Value	75,066	128,301
12 Months or Longer, Gross Unrealized Holding Losses	923	4,366
Total Estimated Fair Value	187,012	350,882
Total Gross Unrealized Holding Losses	(1,497)	(6,868)
U.S. Treasury securities and obligations of U.S. government agencies [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value		0
Less than 12 months, gross unrealized holding losses		0
12 Months or Longer, Estimated Fair Value		499
12 Months or Longer, Gross Unrealized Holding Losses		1
Total Estimated Fair Value		499
Total Gross Unrealized Holding Losses		(1)
Obligations of states, municipalities and political subdivisions [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	12,993	42,718
Less than 12 months, gross unrealized holding losses	188	440
12 Months or Longer, Estimated Fair Value	256	34,326
12 Months or Longer, Gross Unrealized Holding Losses	1	854
Total Estimated Fair Value	13,249	77,044
Total Gross Unrealized Holding Losses	(189)	(1,294)
Corporate and other securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	22,122	62,045
Less than 12 months, gross unrealized holding losses	126	890
12 Months or Longer, Estimated Fair Value	5,232	12,092
12 Months or Longer, Gross Unrealized Holding Losses	68	511
Total Estimated Fair Value	27,354	74,137
Total Gross Unrealized Holding Losses	(194)	(1,401)
Commercial mortgage and asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	35,140	93,247
Less than 12 months, gross unrealized holding losses	130	1,017
12 Months or Longer, Estimated Fair Value	31,802	25,746
12 Months or Longer, Gross Unrealized Holding Losses	348	505
Total Estimated Fair Value	66,942	118,993
Total Gross Unrealized Holding Losses	(478)	(1,522)
Residential mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	41,691	24,571
Less than 12 months, gross unrealized holding losses	130	155
12 Months or Longer, Estimated Fair Value	37,776	55,638
12 Months or Longer, Gross Unrealized Holding Losses	506	2,495
Total Estimated Fair Value	79,467	80,209
Total Gross Unrealized Holding Losses	$ (636)	$ (2,650)

Investments Available-for-Sal_2

Investments Available-for-Sale Securities in a Loss Position Narrative (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)Rate	Dec. 31, 2018USD ($)Rate
Debt Securities, Available-for-sale [Line Items]
Number of available-for-sale securities in unrealized loss positions	120	317
Total estimated fair value	$ 187,012	$ 350,882
Total gross unrealized holding losses	$ 1,497	$ 6,868
Number of available-for-sale securities in unrealized loss positions, greater than one year	65	158
Other-than- temporary impairment losses	$ 0	$ 0
Fixed maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities, percentage of securities with ratings of A minus or better | Rate	87.90%	86.40%

Investments Contractual Maturit

Investments Contractual Maturities of Available-for-Sale Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Amortized Cost
Due in one year or less, Amortized Cost	$ 12,905
Due after one year through five years, Amortized Cost	110,503
Due after five years through ten years, Amortized Cost	78,077
Due after ten years, Amortized Cost	122,386
Total fixed maturities, Amortized Cost	699,641	$ 514,237
Estimated Fair Value
Due in one year or less, Estimated Fair Value	12,990
Due after one year through five years, Estimated Fair Value	113,402
Due after five years through ten years, Estimated Fair Value	81,102
Due after ten years, Estimated Fair Value	128,617
Estimated Fair Value	716,639	510,251
Commercial mortgage and asset-backed securities [Member]
Amortized Cost
Without single maturity date, Amortized Cost	190,472
Total fixed maturities, Amortized Cost	190,472	151,137
Estimated Fair Value
Without single maturity date, Estimated Fair Value	193,906
Estimated Fair Value	193,906	149,867
Residential mortgage-backed securities [Member]
Amortized Cost
Without single maturity date, Amortized Cost	185,298
Total fixed maturities, Amortized Cost	185,298	110,717
Estimated Fair Value
Without single maturity date, Estimated Fair Value	186,622
Estimated Fair Value	$ 186,622	$ 108,421

Investments Net Investment Inco

Investments Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Components of Net Investment Income [Abstract]
Taxable bonds	$ 4,050	$ 2,548	$ 10,593	$ 6,548
Tax exempt municipal bonds	887	1,068	2,783	3,236
Cash equivalents and short-term investments	266	327	667	804
Dividends on equity securities	406	445	1,493	1,369
Gross investment income	5,609	4,388	15,536	11,957
Investment expenses	(344)	(303)	(950)	(861)
Net investment income	$ 5,265	$ 4,085	$ 14,586	$ 11,096

Investments Realized Gains (Los

Investments Realized Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Debt and Equity Securities, Realized Gain (Loss) [Abstract]
Realized gains, fixed-maturity securities	$ 61	$ 0	$ 457	$ 244
Realized losses, fixed-maturity securities	0	(6)	(79)	(10)
Net realized gains (losses), fixed-maturity securities	61	(6)	378	234
Realized gains, equity securities	505	0	539	57
Realized losses, equity securities	(381)	0	(687)	(11)
Net realized gains (losses), equity securities	124	0	(148)	46
Net realized investment gains (losses)	$ 185	$ (6)	$ 230	$ 280

Investments Unrealized Gains (L

Investments Unrealized Gains (Losses) on Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Debt Securities, Available-for-sale [Line Items]
Change in unrealized gains (losses), fixed-maturity securities	$ 4.1	$ (2.5)	$ 21	$ (9.9)

Investments Investment Narrativ

Investments Investment Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Assets on deposit with state regulatory authorities	$ 6.9	$ 6.9
Payable for investments purchased	$ 18.4

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements - Fair Value Hierarchy (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	$ 782,556	$ 567,962
Level 1
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	45,820	39,598
Level 2
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	736,736	528,364
Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Fixed maturities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	716,639	510,251
Fixed maturities [Member] | Level 1
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	112	611
Fixed maturities [Member] | Level 2
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	716,527	509,640
Fixed maturities [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
U.S. Treasury securities and obligations of U.S. government agencies [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	112	611
U.S. Treasury securities and obligations of U.S. government agencies [Member] | Level 1
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	112	611
U.S. Treasury securities and obligations of U.S. government agencies [Member] | Level 2
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
U.S. Treasury securities and obligations of U.S. government agencies [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
Obligations of states, municipalities and political subdivisions [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	153,635	154,600
Obligations of states, municipalities and political subdivisions [Member] | Level 1
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
Obligations of states, municipalities and political subdivisions [Member] | Level 2
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	153,635	154,600
Obligations of states, municipalities and political subdivisions [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
Corporate and other securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	182,364	96,752
Corporate and other securities [Member] | Level 1
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
Corporate and other securities [Member] | Level 2
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	182,364	96,752
Corporate and other securities [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
Commercial mortgage and asset-backed securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	193,906	149,867
Commercial mortgage and asset-backed securities [Member] | Level 1
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
Commercial mortgage and asset-backed securities [Member] | Level 2
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	193,906	149,867
Commercial mortgage and asset-backed securities [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
Residential mortgage-backed securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	186,622	108,421
Residential mortgage-backed securities [Member] | Level 1
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
Residential mortgage-backed securities [Member] | Level 2
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	186,622	108,421
Residential mortgage-backed securities [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
Equity securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	65,917	57,711
Equity securities [Member] | Level 1
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	45,708	38,987
Equity securities [Member] | Level 2
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	20,209	18,724
Equity securities [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Exchange traded funds [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	45,708	38,987
Exchange traded funds [Member] | Level 1
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	45,708	38,987
Exchange traded funds [Member] | Level 2
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Exchange traded funds [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Nonredeemable preferred stock [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	20,209	18,724
Nonredeemable preferred stock [Member] | Level 1
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Nonredeemable preferred stock [Member] | Level 2
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	20,209	18,724
Nonredeemable preferred stock [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	$ 0	$ 0

Fair Value Measurements Narrati

Fair Value Measurements Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers from Level 1 to Level 2	$ 0
Transfers from Level 2 to Level 1	0
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	$ 0
Liabilities measured at fair value	$ 0	$ 0

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	$ 18,652	$ 14,123	$ 14,801	$ 11,775
Policy acquisition costs deferred:
Direct commissions deferred	14,358	10,232	40,601	29,907
Ceding commissions deferred	(2,824)	(3,123)	(9,338)	(8,273)
Other underwriting and policy acquisition costs	989	781	2,803	2,284
Policy acquisition costs deferred	12,523	7,890	34,066	23,918
Amortization of net policy acquisition costs	(10,115)	(7,528)	(27,807)	(21,208)
Balance, end of period	$ 21,060	$ 14,485	$ 21,060	$ 14,485

Underwriting, Acquisition and_3

Underwriting, Acquisition and Insurance Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Underwriting, Acquisition and Insurance Expenses [Abstract]
Gross commissions	$ 12,409	$ 9,517	$ 34,470	$ 26,652
Ceding commissions	(3,150)	(2,716)	(9,202)	(7,624)
Other operating expenses	9,065	7,049	25,109	19,739
Underwriting, acquisition, and insurance expenses	18,324	13,850	50,377	38,767
Salaries, bonuses and employee benefits	$ 7,300	$ 5,300	$ 21,200	$ 15,600

Stock-based Compensation Narrat

Stock-based Compensation Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1.9	$ 1.1
2016 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	2,073,832

Stock-based Compensation Narr_2

Stock-based Compensation Narrative - Restricted Stock Awards (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2019	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares withheld for tax withholding obligation	7,000
Restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock awards vested		$ 2.1
Shares withheld for tax withholding obligation		7,365
Unrecognized stock-based compensation expense		$ 7.3
Compensation cost not yet recognized, period		3 years 2 months 12 days
Minimum [Member] | Restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Maximum [Member] | Restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years

Stock-based Compensation Restri

Stock-based Compensation Restrictive Stock Awards (Details) - Restricted stock [Member]	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Nonvested Restricted Stock, Number of Shares [Roll Forward]
Nonvested outstanding at the beginning of the period, shares | shares	92,465
Granted, shares | shares	62,015
Vested, shares | shares	(27,628)
Forfeited, shares | shares	(3,071)
Nonvested outstanding at the end of the period, shares | shares	123,781
Nonvested Restricted Stock, Weighted Average Grant Date Fair Value [Abstract]
Nonvested outstanding at the beginning of the period | $ / shares	$ 52.98
Granted | $ / shares	80.59
Vested | $ / shares	51.53
Forfeited | $ / shares	59.46
Nonvested outstanding at the end of the period | $ / shares	$ 66.98

Stock-based Compensation Narr_3

Stock-based Compensation Narrative - Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 27, 2016	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised		$ 8.3	$ 4
Weighted average exercise price, granted		$ 0
Compensation not yet recognized		$ 0.5
Stock option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price, granted	$ 16
Weighted average grant date fair value	$ 2.71
Contractual term	10 years
Vesting period	4 years
Compensation cost not yet recognized, period		9 months 18 days

Stock-based Compensation Stock

Stock-based Compensation Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 27, 2016	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding beginning of period, shares		804,303
Granted, shares		0
Forfeited, shares		(15,984)
Exercised, shares		(123,830)
Outstanding end of period, shares		664,489
Exercisable, shares		441,674
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding beginning of period		$ 16
Granted		0
Forfeited		16
Exercised		16
Outstanding end of period		16
Exercisable end of period		$ 16
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, weighted average remaining contractual term		6 years 9 months 18 days
Exercisable, weighted average remaining contractual term		6 years 9 months 18 days
Outstanding, aggregate intrinsic value		$ 58,017
Exercisable, aggregate intrinsic value		$ 38,563
Stock option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free rate of return	1.26%
Dividend yield	1.25%
Expected share price volatility	18.50%
Expected life in years	6 years 3 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Granted, shares	1,036,916
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Granted	$ 16

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share, [Line Items]
Net income	$ 12,976	$ 13,767	$ 18,720	$ 11,940	$ 10,112	$ 7,287	$ 45,463	$ 29,339
Weighted Average Number of Shares Outstanding, Basic [Abstract]
Weighted average shares outstanding - basic	21,660			21,102			21,348	21,073
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted average shares outstanding - diluted	22,277			21,721			21,965	21,671
Earnings Per Share, Basic [Abstract]
Earnings per share - basic	$ 0.60			$ 0.57			$ 2.13	$ 1.39
Earnings Per Share, Diluted [Abstract]
Earnings per share - diluted	$ 0.58			$ 0.55			$ 2.07	$ 1.35
Stock option [Member]
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Dilutive effect of shares issued under stock compensation arrangements	572			602			581	595
Restricted stock [Member]
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Dilutive effect of shares issued under stock compensation arrangements	45			17			36	3

Earnings Per Share Narrative (D

Earnings Per Share Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restricted stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0	0	54,000	86,000

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019Rate	Sep. 30, 2018Rate	Sep. 30, 2019Rate	Sep. 30, 2018Rate
Income Tax Disclosure [Abstract]
Effective tax rate	14.60%	15.30%	16.60%	17.10%

Reserves for Unpaid Losses an_3

Reserves for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Net reserves for unpaid losses and loss adjustment expenses, beginning of year	$ 313,763	$ 267,493
Incurred losses and loss adjustment expenses:
Current year	126,471	96,673
Prior years	(8,350)	(5,722)
Total net losses and loss adjustment expenses incurred	118,121	90,951
Payments:
Current year	12,258	4,095
Prior years	53,808	52,056
Total payments	66,066	56,151
Net reserves for unpaid losses and loss adjustment expenses, end of period	365,818	302,293
Reinsurance recoverable on unpaid losses	63,714	63,521
Gross reserves for unpaid losses and loss adjustment expenses, end of period	$ 429,532	$ 365,814

Reserves for Unpaid Losses an_4

Reserves for Unpaid Losses and Loss Adjustment Expenses Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Claims Development [Line Items]
Adverse (favorable) development on prior year loss reserves	$ (8,350)	$ (5,722)
Accident Year 2016-2018 [Member]
Claims Development [Line Items]
Adverse (favorable) development on prior year loss reserves	(14,800)
Accident Year 2016-2017 [Member]
Claims Development [Line Items]
Adverse (favorable) development on prior year loss reserves		(8,100)
Accident Year 2011-2015 [Member]
Claims Development [Line Items]
Adverse (favorable) development on prior year loss reserves	$ 6,400	$ 2,400

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Premiums Written, Net [Abstract]
Premiums written - direct	$ 97,984	$ 69,546	$ 277,432	$ 203,374
Premiums written - assumed	0	0	125	0
Premiums written - ceded	(11,232)	(11,602)	(35,051)	(29,448)
Net written premiums	86,752	57,944	242,506	173,926
Premiums Earned, Net [Abstract]
Premiums earned - direct	84,790	64,713	234,788	180,909
Premiums earned - assumed	16	0	89	0
Premiums earned - ceded	(12,185)	(10,417)	(34,678)	(27,659)
Net earned premiums	72,621	54,296	200,199	153,250
Ceded incurred losses and loss adjustment expenses	4,900	$ 15,100	18,600	$ 23,000
Reinsurance recoverables on paid losses	1,600		1,600		$ 1,400
Reinsurance recoverables on unpaid losses	$ 63,700		$ 63,700		$ 55,400

Credit Agreement (Details)

Credit Agreement (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Current Borrowing Capacity	$ 50,000
Credit Facility Accordion Feature	$ 30,000
Maturity Date	May 28, 2024
Interest Rate Description	Eurodollar loans bear an interest rate per annum equal to adjusted LIBOR for the applicable interest period plus a margin of 1.75%. ABR loans bear an interest rate per annum equal to (a) the higher of the prime rate, the New York Federal Reserve Board Rate plus 0.50% or the one-month adjusted LIBOR plus 1%, plus (b) the applicable margin of 0.75%.
Credit Facility	$ 11,212	$ 0
Debt Issuance Costs, Net	$ 600
Weighted Average Interest Rate	3.89%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 12, 2019	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Stockholders' Equity Attributable to Parent [Abstract]
Issuance of common stock, shares	741,750	742,000
Share Price	$ 93
Shares sold to underwriters	96,750
Proceeds from Issuance of Common Stock	$ 65,900		$ 65,879	$ 0

Other Comprehensive (Loss) In_3

Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized gains (losses) arising during the period, before income taxes	$ 4,166			$ (2,472)			$ 21,362	$ (9,665)
Income taxes	(875)			519			(4,486)	2,030
Unrealized gains (losses) arising during the period, net of income tax	3,291			(1,953)			16,876	(7,635)
Less reclassification adjustment [Abstract]
Net realized investment gains on fixed-maturity securities, before income taxes	61			0			378	240
Income taxes	(12)			0			(79)	(50)
Reclassification adjustment included in net income, net of income taxes	49			0			299	190
Other comprehensive income (loss)	$ 3,242	$ 6,555	$ 6,780	$ (1,953)	$ (1,016)	$ (4,856)	$ 16,577	$ (7,825)