Kinsale Capital (KNSL) 10-Q 29 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2021	Apr. 23, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity Registrant Name	KINSALE CAPITAL GROUP, INC.
Entity File Number	001-37848
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0664337
Entity Address, Address Line One	2035 Maywill Street
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Richmond
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23230
Entity Current Reporting Status	Yes
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		22,812,216
Entity Central Index Key	0001669162
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,074,618 – 2021; $1,031,817 – 2020)	$ 1,099,763	$ 1,081,800
Equity securities, at fair value (cost: $102,041 – 2021; $98,758 – 2020)	140,036	129,662
Total investments	1,239,799	1,211,462
Cash and cash equivalents	132,535	77,093
Investment income due and accrued	6,639	6,637
Premiums receivable, net	55,212	48,641
Reinsurance recoverables	96,191	93,215
Ceded unearned premiums	26,854	24,265
Deferred policy acquisition costs, net of ceding commissions	34,741	31,912
Intangible assets	3,538	3,538
Deferred Income Tax Assets, Net	608	0
Other assets	49,221	50,133
Total assets	1,645,338	1,546,896
Liabilities
Reserves for unpaid losses and loss adjustment expenses	688,773	636,013
Unearned premiums	284,832	260,986
Payable to reinsurers	15,010	12,672
Accounts payable and accrued expenses	6,502	13,651
Credit facility	42,601	42,570
Deferred income tax liability, net	0	4,648
Other liabilities	20,054	118
Total liabilities	1,057,772	970,658
Stockholders' Equity
Common stock, $0.01 par value, 400,000,000 shares authorized, 22,811,929 and 22,757,251 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	228	228
Additional paid-in capital	292,690	291,315
Retained earnings	272,890	243,315
Accumulated other comprehensive income	21,758	41,380
Total stockholders’ equity	587,566	576,238
Total liabilities and stockholders’ equity	$ 1,645,338	$ 1,546,896

Consolidated Balance Sheet (Una

Consolidated Balance Sheet (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets [Abstract]
Fixed-maturity securities available-for-sale - amortized cost	$ 1,074,618	$ 1,031,817
Equity securities - cost	$ 102,041	$ 98,758
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)	22,811,929	22,757,251
Common stock, shares outstanding (in shares)	22,811,929	22,757,251

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Gross written premiums	$ 168,876	$ 124,036
Ceded written premiums	(24,578)	(15,983)
Net written premiums	144,298	108,053
Change in unearned premiums	(21,257)	(18,292)
Net earned premiums	123,041	89,761
Net investment income	6,942	5,960
Change in the fair value of equity securities	7,091	(16,161)
Net realized investment gains	1,198	776
Other income	11	10
Total revenues	138,283	80,346
Expenses:
Losses and loss adjustment expenses	70,260	53,733
Underwriting, acquisition and insurance expenses	28,136	21,583
Other expenses	448	0
Total expenses	98,844	75,316
Income before income taxes	39,439	5,030
Total income tax expense (benefit)	7,360	(56)
Net income	32,079	5,086
Other comprehensive income (loss):
Change in net unrealized gains on available-for-sale investments, net of taxes	(19,622)	(9,223)
Total comprehensive income (loss)	$ 12,457	$ (4,137)
Earnings per share:
Basic	$ 1.42	$ 0.23
Diluted	$ 1.39	$ 0.22
Weighted average shares outstanding:
Basic	22,665	22,109
Diluted	23,069	22,678

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]
Balance, shares at Dec. 31, 2019	22,206,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (shares)	48,000
Balance, shares at Mar. 31, 2020	22,254,000
Balance at Dec. 31, 2019	$ 405,880	$ 222	$ 229,229	$ 162,911	$ 13,518
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under stock-based compensation plan	702	1	701
Adoption of new accounting standard for credit losses, net | Accounting Standards Update 2016-13 [Member]	78			78
Stock-based compensation	812		812
Dividends declared	(2,001)			(2,001)
Other comprehensive loss	(9,223)				(9,223)
Net income	5,086			5,086
Balance at Mar. 31, 2020	$ 401,334	223	230,742	166,074	4,295
Balance, shares at Dec. 31, 2020	22,757,251
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (shares)	55,000
Balance, shares at Mar. 31, 2021	22,811,929
Balance at Dec. 31, 2020	$ 576,238	228	291,315	243,315	41,380
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under stock-based compensation plan	339	0	339
Stock-based compensation	1,036		1,036
Dividends declared	(2,504)			(2,504)
Other comprehensive loss	(19,622)				(19,622)
Net income	32,079			32,079
Balance at Mar. 31, 2021	$ 587,566	$ 228	$ 292,690	$ 272,890	$ 21,758

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared, per share	$ 0.11	$ 0.09

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net cash provided by operating activities	$ 91,322	$ 59,683
Investing Activities
Purchase of property and equipment	(1,282)	(9,264)
Proceeds from Sale of Property, Plant, and Equipment	0	4,999
Purchases – fixed-maturity securities	(105,010)	(146,963)
Purchases - equity securities	(3,282)	(13,443)
Sales – fixed-maturity securities	30,797	31,641
Maturities and calls – fixed-maturity securities	45,053	19,482
Net cash used in investing activities	(33,724)	(113,548)
Financing Activities
Proceeds from credit facility	0	7,300
Proceeds from stock options exercised	339	702
Dividends paid	(2,495)	(1,991)
Net cash (used in) provided by financing activities	(2,156)	6,011
Net change in cash and cash equivalents	55,442	(47,854)
Cash and cash equivalents at beginning of period	77,093	100,408
Cash and cash equivalents at end of period	$ 132,535	$ 52,554

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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 Kinsale Capital Group, Inc. and its wholly owned subsidiaries' (the "Company") business and accounting policies, these condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Annual Report on Form 10-K for the year ended December 31, 2020. 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 Accounting Standard Update ("ASU") 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board ("FASB") issued updated guidance for the accounting for income taxes. The updated guidance is intended to simplify the accounting for income taxes by removing several exceptions contained in existing guidance and amending other existing guidance to simplify several other income tax accounting matters. Effective January 1, 2021, the Company adopted ASU 2019-12, which did not have a material impact on the Company's condensed consolidated financial statements. There are no prospective accounting standards which, upon their effective date, would have a material impact on the Company's condensed consolidated financial statements.

Investments

Investments	3 Months Ended
	Mar. 31, 2021
Investments [Abstract]
Investments	Investments Available-for-sale investments The following tables summarize the available-for-sale investments at March 31, 2021 and December 31, 2020: March 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Fixed maturities: Obligations of states, municipalities and political subdivisions $ 205,744 $ 10,349 $ (1,730) $ 214,363 Corporate and other securities 333,572 12,682 (3,428) 342,826 Asset-backed securities 255,544 3,951 (70) 259,425 Commercial mortgage-backed securities 62,519 2,537 (230) 64,826 Residential mortgage-backed securities 217,239 3,562 (2,478) 218,323 Total fixed-maturity investments $ 1,074,618 $ 33,081 $ (7,936) $ 1,099,763 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Fixed maturities: Obligations of states, municipalities and political subdivisions $ 216,181 $ 14,792 $ (67) $ 230,906 Corporate and other securities 294,854 21,840 (86) 316,608 Asset-backed securities 236,813 4,230 (382) 240,661 Commercial mortgage-backed securities 66,110 4,886 (27) 70,969 Residential mortgage-backed securities 217,859 4,938 (141) 222,656 Total fixed-maturity investments $ 1,031,817 $ 50,686 $ (703) $ 1,081,800 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 fair value is deemed to be a credit loss. The Company considers a number of factors in completing its review of credit losses, including 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 a credit loss. 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 its 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 below the amortized cost basis 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. For fixed-maturity securities that the Company does not intend to sell or for which it is more likely than not that the Company would not be required to sell before recovery of its amortized cost, 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 impairment, which is recognized in net income through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income. The Company reports investment income due and accrued separately from available-for-sale investments and has elected not to measure an allowance for credit losses for investment income due and accrued. Investment income due and accrued is written off through net realized gains (losses) on investments at the time the issuer of the bond defaults or is expected to default on payments. The following tables summarize gross unrealized losses and estimated fair value for available-for-sale investments by length of time that the securities have continuously been in an unrealized loss position: March 31, 2021 Less than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (in thousands) Fixed maturities: Obligations of states, municipalities and political subdivisions $ 38,432 $ (1,730) $ — $ — $ 38,432 $ (1,730) Corporate and other securities 114,920 (3,428) — — 114,920 (3,428) Asset-backed securities 25,069 (16) 17,373 (54) 42,442 (70) Commercial mortgage-backed securities 9,556 (230) — — 9,556 (230) Residential mortgage-backed securities 113,150 (2,423) 5,543 (55) 118,693 (2,478) Total fixed-maturity investments $ 301,127 $ (7,827) $ 22,916 $ (109) $ 324,043 $ (7,936) At March 31, 2021, the Company held 167 fixed-maturity securities in an unrealized loss position with a total estimated fair value of $324.0 million and gross unrealized losses of $7.9 million. Of these securities, 11 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 a credit loss has occurred. Based on the Company's review as of March 31, 2021, unrealized losses were caused by interest rate changes or other market factors and were not credit-specific issues. At March 31, 2021, 78.3% 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 three months ended March 31, 2021, the Company concluded that there were no credit losses from fixed-maturity securities with unrealized losses. December 31, 2020 Less than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (in thousands) Fixed maturities: Obligations of states, municipalities and political subdivisions $ 6,412 $ (67) $ — $ — $ 6,412 $ (67) Corporate and other securities 3,829 (86) — — 3,829 (86) Asset-backed securities 57,750 (149) 23,825 (233) 81,575 (382) Commercial mortgage-backed securities 4,971 (27) — — 4,971 (27) Residential mortgage-backed securities 46,869 (129) 266 (12) 47,135 (141) Total fixed-maturity investments $ 119,831 $ (458) $ 24,091 $ (245) $ 143,922 $ (703) Contractual maturities of available-for-sale fixed-maturity securities The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at March 31, 2021 are summarized, by contractual maturity, as follows: March 31, 2021 Amortized Estimated Cost Fair Value (in thousands) Due in one year or less $ 11,278 $ 11,466 Due after one year through five years 124,996 131,847 Due after five years through ten years 171,090 177,032 Due after ten years 231,952 236,844 Asset-backed securities 255,544 259,425 Commercial mortgage-backed securities 62,519 64,826 Residential mortgage-backed securities 217,239 218,323 Total fixed-maturity securities $ 1,074,618 $ 1,099,763 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 months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands) Interest: Taxable bonds $ 5,729 $ 4,611 Tax exempt municipal bonds 885 915 Cash equivalents and short-term investments 1 250 Dividends on equity securities 869 575 Gross investment income 7,484 6,351 Investment expenses (542) (391) Net investment income $ 6,942 $ 5,960 Realized investment gains and losses The following table presents realized investment gains and losses for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands) Fixed-maturity securities: Realized gains $ 1,199 $ 787 Realized losses (1) (23) Net realized gains from fixed-maturity securities 1,198 764 Realized gains from the sales of short-term investments — 12 Net realized investment gains $ 1,198 $ 776 Change in net unrealized gains on fixed-maturity securities For the three months ended March 31, 2021 and 2020, the changes in net unrealized gains for fixed-maturity securities were decreases of $24.8 million and $11.7 million, respectively. Insurance – statutory deposits The Company had invested assets with a carrying value of $6.8 million and $6.9 million on deposit with state regulatory authorities at March 31, 2021 and December 31, 2020, respectively. Payable for investments purchased

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair value measurements Fair value is estimated for each class of financial instrument for which it was practical to estimate fair value. Fair value is defined as the price in the principal market that would be received for an asset or paid to transfer a liability 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 accounting vendor from nationally recognized third-party pricing services, where available. Values for U.S. Treasury and exchange traded funds are generally based on Level 1 inputs which use quoted prices in active markets for identical assets. For other fixed-maturity securities and preferred stock, the pricing vendors use a pricing methodology involving the market approach, including pricing models which use prices and relevant market information regarding a particular security or securities with similar characteristics to establish a valuation. The estimates of fair value of these investments are included in the amounts disclosed as Level 2. For those investments where significant inputs are unobservable, the Company's investment accounting vendor obtains valuations from pricing vendors or brokers using the market approach and income approach valuation techniques and are disclosed as Level 3. 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 accounting vendor that assess fair values from third party pricing services, 2) discussing with the Company's investment accounting vendor its process for reviewing and validating pricing obtained from third party pricing services and 3) reviewing the security pricing received from the Company's investment accounting vendor and monitoring changes in unrealized gains and losses at the individual security level. 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 March 31, 2021 and December 31, 2020, by level within the fair value hierarchy. March 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) Assets Fixed maturities: Obligations of states, municipalities and political subdivisions $ — $ 214,363 $ — $ 214,363 Corporate and other securities — 342,826 — 342,826 Asset-backed securities — 259,425 — 259,425 Commercial mortgage-backed securities — 64,826 — 64,826 Residential mortgage-backed securities — 218,323 — 218,323 Total fixed-maturity securities — 1,099,763 — 1,099,763 Equity securities: Exchange traded funds 106,014 — — 106,014 Nonredeemable preferred stock — 34,022 — 34,022 Total equity securities 106,014 34,022 — 140,036 Total $ 106,014 $ 1,133,785 $ — $ 1,239,799 December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Assets Fixed maturities: Obligations of states, municipalities and political subdivisions $ — $ 230,906 $ — $ 230,906 Corporate and other securities — 316,608 — 316,608 Asset-backed securities — 240,661 — 240,661 Commercial mortgage-backed securities — 70,969 — 70,969 Residential mortgage-backed securities — 222,656 — 222,656 Total fixed-maturity securities — 1,081,800 — 1,081,800 Equity securities: Exchange traded funds 98,050 — — 98,050 Nonredeemable preferred stock — 31,612 — 31,612 Total equity securities 98,050 31,612 — 129,662 Total $ 98,050 $ 1,113,412 $ — $ 1,211,462 There were no assets or liabilities measured at fair value on a nonrecurring basis as of March 31, 2021 or December 31, 2020.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands) Balance, beginning of period $ 31,912 $ 23,564 Policy acquisition costs deferred: Direct commissions 24,650 18,078 Ceding commissions (6,204) (3,872) Other underwriting and policy acquisition costs 1,368 1,187 Policy acquisition costs deferred 19,814 15,393 Amortization of net policy acquisition costs (16,985) (12,952) Balance, end of period $ 34,741 $ 26,005 Amortization of net policy acquisition costs is included in the line item "Underwriting, acquisition and insurance expenses" in the accompanying consolidated statements of income and comprehensive income (loss).

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2021
Property and Equipment [Abstract]
Property and Equipment Disclosure [Text Block]	Property and equipment, net Property and equipment are included in "other assets" in the accompanying consolidated balance sheets and consists of the following: March 31, 2021 December 31, 2020 (in thousands) Building $ 31,770 $ 31,675 Parking deck 5,072 5,072 Land 3,068 3,068 Equipment 2,861 2,770 Software 5,393 4,815 Furniture and fixtures 1,778 1,731 Land improvements 317 317 Construction in progress - corporate headquarters 253 — 50,512 49,448 Accumulated depreciation (3,763) (3,262) Total property and equipment, net $ 46,749 $ 46,186

Underwriting, Acquisition and I

Underwriting, Acquisition and Insurance Expenses	3 Months Ended
	Mar. 31, 2021
Underwriting, Acquisition and Insurance Expenses [Abstract]
Underwriting, acquisition and insurance expenses	Underwriting, acquisition and insurance expenses Underwriting, acquisition and insurance expenses for the three months ended March 31, 2021 and 2020 consist of the following: Three Months Ended March 31, 2021 2020 (in thousands) Underwriting, acquisition and insurance expenses incurred: Direct commissions $ 21,165 $ 15,142 Ceding commissions (5,355) (3,183) Other operating expenses 12,326 9,624 Total $ 28,136 $ 21,583

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based compensationOn 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 $1.0 million and $0.8 million for the three months ended March 31, 2021 and 2020, respectively. Restricted Stock Awards During the three months ended March 31, 2021, 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 to 4 years. 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 restricted stock activity under the 2016 Incentive Plan for the three months ended March 31, 2021 is as follows: For the Three Months Ended Number of Shares Weighted Average Grant Date Fair Value per Share Non-vested outstanding at the beginning of the period 108,392 $ 97.40 Granted 35,870 $ 185.00 Vested (4,428) $ 101.66 Forfeited (2,406) $ 148.60 Non-vested outstanding at the end of the period 137,428 $ 119.22 The weighted average grant-date fair value of the Company's restricted stock awards granted during the three months ended March 31, 2021 and 2020 was $185.00 and $101.66, respectively. The fair value of restricted stock awards that vested during the three months ended March 31, 2021 and 2020 was $0.9 million and $0.7 million, respectively. As of March 31, 2021, the Company had $13.5 million of total unrecognized stock-based compensation expense expected to be charged to earnings over a weighted-average period of 3.1 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 vested 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 March 31, 2021, 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, 2021 387,738 $ 16.00 Granted — — Forfeited — 16.00 Exercised (21,214) 16.00 Outstanding at March 31, 2021 366,524 $ 16.00 5.3 $ 54,539 Exercisable at March 31, 2021 366,524 $ 16.00 5.3 $ 54,539

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
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 condensed consolidated financial statements: Three Months Ended March 31, 2021 2020 (in thousands, except per share data) Net income $ 32,079 $ 5,086 Weighted average common shares outstanding - basic 22,665 22,109 Effect of potential dilutive securities: Conversion of stock options 343 508 Conversion of restricted stock 61 61 Weighted average common shares outstanding - diluted 23,069 22,678 Earnings per common share: Basic $ 1.42 $ 0.23 Diluted $ 1.39 $ 0.22 There were 33 thousand anti-dilutive stock awards for the three months ended March 31, 2021. There were no anti-dilutive stock awards for the three months ended March 31, 2020.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
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 18.7% and (1.1)% for the three months ended March 31, 2021 and 2020, respectively. For the three months ended March 31, 2021, the effective tax rate was lower than the federal statutory rate of 21% primarily due to the tax benefits from stock-based compensation and tax-exempt investment income. For the three months ended March 31, 2020, the effective tax rate was lower than the federal statutory rate of 21% primarily due to the tax benefits from stock options exercised and tax-exempt investment income in relation to pretax income. Pretax income was lower in the first quarter of 2020 from the decrease in the fair value of the Company's equity investment portfolio.

Reserves for Unpaid Losses and

Reserves for Unpaid Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2021
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: March 31, 2021 2020 (in thousands) Gross reserves for unpaid losses and loss adjustment expenses, beginning of year $ 636,013 $ 460,058 Less: reinsurance recoverable on unpaid losses 83,730 69,792 Adoption of accounting standard for credit losses — (282) Net reserves for unpaid losses and loss adjustment expenses, beginning of year 552,283 390,548 Incurred losses and loss adjustment expenses: Current year 77,333 56,742 Prior years (7,073) (3,009) Total net losses and loss adjustment expenses incurred 70,260 53,733 Payments: Current year 1,018 777 Prior years 27,571 21,270 Total payments 28,589 22,047 Net reserves for unpaid losses and loss adjustment expenses, end of period 593,954 422,234 Reinsurance recoverable on unpaid losses 94,819 69,099 Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 688,773 $ 491,333 During the three months ended March 31, 2021, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2020 developed favorably by $7.1 million. The favorable development was primarily attributable to the 2020 accident year of $9.5 million, which resulted from reported losses emerging at a lower level than expected across most statutory lines of business.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2021
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance The following table summarizes the effect of reinsurance on premiums written and earned for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands) Premiums written: Direct $ 168,876 $ 124,036 Assumed — — Ceded (24,578) (15,983) Net written $ 144,298 $ 108,053 Premiums earned: Direct $ 145,031 $ 103,734 Assumed — 15 Ceded (21,990) (13,988) Net earned $ 123,041 $ 89,761 The following table summarizes ceded losses and loss adjustment expenses for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands) Ceded incurred losses and loss adjustment expenses $ 12,501 $ 6,452 The following table presents reinsurance recoverables on paid and unpaid losses as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (in thousands) Reinsurance recoverables on paid losses $ 1,372 $ 9,485 Reinsurance recoverables on unpaid losses 94,819 83,730 Reinsurance recoverables $ 96,191 $ 93,215

Credit Agreement

Credit Agreement	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Credit Agreement [Text Block]	Credit AgreementOn 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 was used to fund construction of the Company’s new headquarters but 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 March 31, 2021, there was $42.6 million outstanding under the Credit Facility, net of debt issuance cost of $0.4 million, with a weighted average interest rate of 1.95%.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 March 31, 2021, the Company was in compliance with all of its financial covenants under the Credit Facility

Other Comprehensive (Loss) Inco

Other Comprehensive (Loss) Income	3 Months Ended
	Mar. 31, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Income	Other comprehensive loss The following table summarizes the components of other comprehensive loss for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands) Unrealized losses on fixed-maturity securities arising during the period, before income taxes $ (23,650) $ (10,911) Income tax benefit 4,966 2,291 Unrealized losses arising during the period, net of income taxes (18,684) (8,620) Less reclassification adjustment: Net realized gains on fixed-maturity securities, before income taxes 1,188 764 Income tax expense (250) (161) Reclassification adjustment included in net income, net of income taxes 938 603 Other comprehensive loss $ (19,622) $ (9,223) The sale of an available-for-sale fixed-maturity security results in amounts being reclassified from accumulated other comprehensive income (loss) 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)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentationThe 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 Kinsale Capital Group, Inc. and its wholly owned subsidiaries' (the "Company") business and accounting policies, these condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements of the Company included in the Annual Report on Form 10-K for the year ended December 31, 2020. 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.
New Accounting Pronouncements, Policy	Recently adopted accounting pronouncements Accounting Standard Update ("ASU") 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board ("FASB") issued updated guidance for the accounting for income taxes. The updated guidance is intended to simplify the accounting for income taxes by removing several exceptions contained in existing guidance and amending other existing guidance to simplify several other income tax accounting matters. Effective January 1, 2021, the Company adopted ASU 2019-12, which did not have a material impact on the Company's condensed consolidated financial statements. There are no prospective accounting standards which, upon their effective date, would have a material impact on the Company's condensed consolidated financial statements.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Investments [Abstract]
Available-for-sale Investments	The following tables summarize the available-for-sale investments at March 31, 2021 and December 31, 2020: March 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Fixed maturities: Obligations of states, municipalities and political subdivisions $ 205,744 $ 10,349 $ (1,730) $ 214,363 Corporate and other securities 333,572 12,682 (3,428) 342,826 Asset-backed securities 255,544 3,951 (70) 259,425 Commercial mortgage-backed securities 62,519 2,537 (230) 64,826 Residential mortgage-backed securities 217,239 3,562 (2,478) 218,323 Total fixed-maturity investments $ 1,074,618 $ 33,081 $ (7,936) $ 1,099,763 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Fixed maturities: Obligations of states, municipalities and political subdivisions $ 216,181 $ 14,792 $ (67) $ 230,906 Corporate and other securities 294,854 21,840 (86) 316,608 Asset-backed securities 236,813 4,230 (382) 240,661 Commercial mortgage-backed securities 66,110 4,886 (27) 70,969 Residential mortgage-backed securities 217,859 4,938 (141) 222,656 Total fixed-maturity investments $ 1,031,817 $ 50,686 $ (703) $ 1,081,800
Available-for-sale Securities in an Unrealized Loss Position	The following tables summarize gross unrealized losses and estimated fair value for available-for-sale investments by length of time that the securities have continuously been in an unrealized loss position: March 31, 2021 Less than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (in thousands) Fixed maturities: Obligations of states, municipalities and political subdivisions $ 38,432 $ (1,730) $ — $ — $ 38,432 $ (1,730) Corporate and other securities 114,920 (3,428) — — 114,920 (3,428) Asset-backed securities 25,069 (16) 17,373 (54) 42,442 (70) Commercial mortgage-backed securities 9,556 (230) — — 9,556 (230) Residential mortgage-backed securities 113,150 (2,423) 5,543 (55) 118,693 (2,478) Total fixed-maturity investments $ 301,127 $ (7,827) $ 22,916 $ (109) $ 324,043 $ (7,936) December 31, 2020 Less than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (in thousands) Fixed maturities: Obligations of states, municipalities and political subdivisions $ 6,412 $ (67) $ — $ — $ 6,412 $ (67) Corporate and other securities 3,829 (86) — — 3,829 (86) Asset-backed securities 57,750 (149) 23,825 (233) 81,575 (382) Commercial mortgage-backed securities 4,971 (27) — — 4,971 (27) Residential mortgage-backed securities 46,869 (129) 266 (12) 47,135 (141) Total fixed-maturity investments $ 119,831 $ (458) $ 24,091 $ (245) $ 143,922 $ (703)
Contractual Maturities of Available-for-sale Fixed Maturity Securities	The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at March 31, 2021 are summarized, by contractual maturity, as follows: March 31, 2021 Amortized Estimated Cost Fair Value (in thousands) Due in one year or less $ 11,278 $ 11,466 Due after one year through five years 124,996 131,847 Due after five years through ten years 171,090 177,032 Due after ten years 231,952 236,844 Asset-backed securities 255,544 259,425 Commercial mortgage-backed securities 62,519 64,826 Residential mortgage-backed securities 217,239 218,323 Total fixed-maturity securities $ 1,074,618 $ 1,099,763
Net Investment Income	The following table presents the components of net investment income for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands) Interest: Taxable bonds $ 5,729 $ 4,611 Tax exempt municipal bonds 885 915 Cash equivalents and short-term investments 1 250 Dividends on equity securities 869 575 Gross investment income 7,484 6,351 Investment expenses (542) (391) Net investment income $ 6,942 $ 5,960
Realized Gain (Loss) on Investments	The following table presents realized investment gains and losses for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands) Fixed-maturity securities: Realized gains $ 1,199 $ 787 Realized losses (1) (23) Net realized gains from fixed-maturity securities 1,198 764 Realized gains from the sales of short-term investments — 12 Net realized investment gains $ 1,198 $ 776

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, by level within the fair value hierarchy. March 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) Assets Fixed maturities: Obligations of states, municipalities and political subdivisions $ — $ 214,363 $ — $ 214,363 Corporate and other securities — 342,826 — 342,826 Asset-backed securities — 259,425 — 259,425 Commercial mortgage-backed securities — 64,826 — 64,826 Residential mortgage-backed securities — 218,323 — 218,323 Total fixed-maturity securities — 1,099,763 — 1,099,763 Equity securities: Exchange traded funds 106,014 — — 106,014 Nonredeemable preferred stock — 34,022 — 34,022 Total equity securities 106,014 34,022 — 140,036 Total $ 106,014 $ 1,133,785 $ — $ 1,239,799 December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Assets Fixed maturities: Obligations of states, municipalities and political subdivisions $ — $ 230,906 $ — $ 230,906 Corporate and other securities — 316,608 — 316,608 Asset-backed securities — 240,661 — 240,661 Commercial mortgage-backed securities — 70,969 — 70,969 Residential mortgage-backed securities — 222,656 — 222,656 Total fixed-maturity securities — 1,081,800 — 1,081,800 Equity securities: Exchange traded funds 98,050 — — 98,050 Nonredeemable preferred stock — 31,612 — 31,612 Total equity securities 98,050 31,612 — 129,662 Total $ 98,050 $ 1,113,412 $ — $ 1,211,462

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands) Balance, beginning of period $ 31,912 $ 23,564 Policy acquisition costs deferred: Direct commissions 24,650 18,078 Ceding commissions (6,204) (3,872) Other underwriting and policy acquisition costs 1,368 1,187 Policy acquisition costs deferred 19,814 15,393 Amortization of net policy acquisition costs (16,985) (12,952) Balance, end of period $ 34,741 $ 26,005

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Property and Equipment [Abstract]
Property and Equipment	Property and equipment are included in "other assets" in the accompanying consolidated balance sheets and consists of the following: March 31, 2021 December 31, 2020 (in thousands) Building $ 31,770 $ 31,675 Parking deck 5,072 5,072 Land 3,068 3,068 Equipment 2,861 2,770 Software 5,393 4,815 Furniture and fixtures 1,778 1,731 Land improvements 317 317 Construction in progress - corporate headquarters 253 — 50,512 49,448 Accumulated depreciation (3,763) (3,262) Total property and equipment, net $ 46,749 $ 46,186

Underwriting, Acquisition and_2

Underwriting, Acquisition and Insurance Expenses (Tables)	3 Months Ended
	Mar. 31, 2021
Underwriting, Acquisition and Insurance Expenses [Abstract]
Underwriting, acquisition and insurance expenses	Underwriting, acquisition and insurance expenses for the three months ended March 31, 2021 and 2020 consist of the following: Three Months Ended March 31, 2021 2020 (in thousands) Underwriting, acquisition and insurance expenses incurred: Direct commissions $ 21,165 $ 15,142 Ceding commissions (5,355) (3,183) Other operating expenses 12,326 9,624 Total $ 28,136 $ 21,583

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Restricted Stock Activity	A summary of restricted stock activity under the 2016 Incentive Plan for the three months ended March 31, 2021 is as follows: For the Three Months Ended Number of Shares Weighted Average Grant Date Fair Value per Share Non-vested outstanding at the beginning of the period 108,392 $ 97.40 Granted 35,870 $ 185.00 Vested (4,428) $ 101.66 Forfeited (2,406) $ 148.60 Non-vested outstanding at the end of the period 137,428 $ 119.22
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 March 31, 2021, 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, 2021 387,738 $ 16.00 Granted — — Forfeited — 16.00 Exercised (21,214) 16.00 Outstanding at March 31, 2021 366,524 $ 16.00 5.3 $ 54,539 Exercisable at March 31, 2021 366,524 $ 16.00 5.3 $ 54,539

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
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 condensed consolidated financial statements: Three Months Ended March 31, 2021 2020 (in thousands, except per share data) Net income $ 32,079 $ 5,086 Weighted average common shares outstanding - basic 22,665 22,109 Effect of potential dilutive securities: Conversion of stock options 343 508 Conversion of restricted stock 61 61 Weighted average common shares outstanding - diluted 23,069 22,678 Earnings per common share: Basic $ 1.42 $ 0.23 Diluted $ 1.39 $ 0.22

Reserves for Unpaid Losses an_2

Reserves for Unpaid Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2021
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: March 31, 2021 2020 (in thousands) Gross reserves for unpaid losses and loss adjustment expenses, beginning of year $ 636,013 $ 460,058 Less: reinsurance recoverable on unpaid losses 83,730 69,792 Adoption of accounting standard for credit losses — (282) Net reserves for unpaid losses and loss adjustment expenses, beginning of year 552,283 390,548 Incurred losses and loss adjustment expenses: Current year 77,333 56,742 Prior years (7,073) (3,009) Total net losses and loss adjustment expenses incurred 70,260 53,733 Payments: Current year 1,018 777 Prior years 27,571 21,270 Total payments 28,589 22,047 Net reserves for unpaid losses and loss adjustment expenses, end of period 593,954 422,234 Reinsurance recoverable on unpaid losses 94,819 69,099 Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 688,773 $ 491,333

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2021
Reinsurance Disclosures [Abstract]
Effects of Reinsurance	The following table summarizes the effect of reinsurance on premiums written and earned for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands) Premiums written: Direct $ 168,876 $ 124,036 Assumed — — Ceded (24,578) (15,983) Net written $ 144,298 $ 108,053 Premiums earned: Direct $ 145,031 $ 103,734 Assumed — 15 Ceded (21,990) (13,988) Net earned $ 123,041 $ 89,761
Effects of Reinsurance on Losses	The following table summarizes ceded losses and loss adjustment expenses for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands) Ceded incurred losses and loss adjustment expenses $ 12,501 $ 6,452
Reinsurance Recoverables	The following table presents reinsurance recoverables on paid and unpaid losses as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 (in thousands) Reinsurance recoverables on paid losses $ 1,372 $ 9,485 Reinsurance recoverables on unpaid losses 94,819 83,730 Reinsurance recoverables $ 96,191 $ 93,215

Other Comprehensive (Loss) In_2

Other Comprehensive (Loss) Income (Tables)	3 Months Ended
	Mar. 31, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive Income (Loss)	The following table summarizes the components of other comprehensive loss for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands) Unrealized losses on fixed-maturity securities arising during the period, before income taxes $ (23,650) $ (10,911) Income tax benefit 4,966 2,291 Unrealized losses arising during the period, net of income taxes (18,684) (8,620) Less reclassification adjustment: Net realized gains on fixed-maturity securities, before income taxes 1,188 764 Income tax expense (250) (161) Reclassification adjustment included in net income, net of income taxes 938 603 Other comprehensive loss $ (19,622) $ (9,223)

Investments Investments (Availa

Investments Investments (Available for Sale) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,074,618	$ 1,031,817
Gross Unrealized Holding Gains	33,081	50,686
Gross Unrealized Holding Losses	7,936	703
Estimated Fair Value	1,099,763	1,081,800
Obligations of states, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	205,744	216,181
Gross Unrealized Holding Gains	10,349	14,792
Gross Unrealized Holding Losses	1,730	67
Estimated Fair Value	214,363	230,906
Corporate and other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	333,572	294,854
Gross Unrealized Holding Gains	12,682	21,840
Gross Unrealized Holding Losses	3,428	86
Estimated Fair Value	342,826	316,608
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	255,544	236,813
Gross Unrealized Holding Gains	3,951	4,230
Gross Unrealized Holding Losses	70	382
Estimated Fair Value	259,425	240,661
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	62,519	66,110
Gross Unrealized Holding Gains	2,537	4,886
Gross Unrealized Holding Losses	230	27
Estimated Fair Value	64,826	70,969
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	217,239	217,859
Gross Unrealized Holding Gains	3,562	4,938
Gross Unrealized Holding Losses	2,478	141
Estimated Fair Value	$ 218,323	$ 222,656

Investments Available-for-Sale

Investments Available-for-Sale Securities in a Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	$ 301,127	$ 119,831
Less than 12 months, gross unrealized holding losses	7,827	458
12 Months or Longer, Estimated Fair Value	22,916	24,091
12 Months or Longer, Gross Unrealized Holding Losses	109	245
Total Estimated Fair Value	324,043	143,922
Total Gross Unrealized Holding Losses	7,936	703
Obligations of states, municipalities and political subdivisions [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	38,432	6,412
Less than 12 months, gross unrealized holding losses	1,730	67
12 Months or Longer, Estimated Fair Value	0	0
12 Months or Longer, Gross Unrealized Holding Losses	0	0
Total Estimated Fair Value	38,432	6,412
Total Gross Unrealized Holding Losses	1,730	67
Corporate and other securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	114,920	3,829
Less than 12 months, gross unrealized holding losses	3,428	86
12 Months or Longer, Estimated Fair Value	0	0
12 Months or Longer, Gross Unrealized Holding Losses	0	0
Total Estimated Fair Value	114,920	3,829
Total Gross Unrealized Holding Losses	3,428	86
Asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	25,069	57,750
Less than 12 months, gross unrealized holding losses	16	149
12 Months or Longer, Estimated Fair Value	17,373	23,825
12 Months or Longer, Gross Unrealized Holding Losses	54	233
Total Estimated Fair Value	42,442	81,575
Total Gross Unrealized Holding Losses	70	382
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	9,556	4,971
Less than 12 months, gross unrealized holding losses	230	27
12 Months or Longer, Estimated Fair Value	0	0
12 Months or Longer, Gross Unrealized Holding Losses	0	0
Total Estimated Fair Value	9,556	4,971
Total Gross Unrealized Holding Losses	230	27
Residential mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	113,150	46,869
Less than 12 months, gross unrealized holding losses	2,423	129
12 Months or Longer, Estimated Fair Value	5,543	266
12 Months or Longer, Gross Unrealized Holding Losses	55	12
Total Estimated Fair Value	118,693	47,135
Total Gross Unrealized Holding Losses	$ 2,478	$ 141

Investments Available-for-Sal_2

Investments Available-for-Sale Securities in a Loss Position Narrative (Details) $ in Thousands	Mar. 31, 2021USD ($)Rate	Dec. 31, 2020USD ($)
Debt Securities, Available-for-sale [Line Items]
Number of available-for-sale securities in unrealized loss positions	167
Total Estimate Fair Value	$ 324,043	$ 143,922
Gross Unrealized Losses	$ 7,936	$ 703
Number of available-for-sale securities in unrealized loss positions, greater than one year	11
Credit losses	$ 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	78.30%

Investments Contractual Maturit

Investments Contractual Maturities of Available-for-Sale Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost
Due in one year or less, Amortized Cost	$ 11,278
Due after one year through five years, Amortized Cost	124,996
Due after five years through ten years, Amortized Cost	171,090
Due after ten years, Amortized Cost	231,952
Total fixed maturities, Amortized Cost	1,074,618	$ 1,031,817
Estimated Fair Value
Due in one year or less, Estimated Fair Value	11,466
Due after one year through five years, Estimated Fair Value	131,847
Due after five years through ten years, Estimated Fair Value	177,032
Due after ten years, Estimated Fair Value	236,844
Estimated Fair Value	1,099,763	1,081,800
Asset-backed securities [Member]
Amortized Cost
Without single maturity date, Amortized Cost	255,544
Total fixed maturities, Amortized Cost	255,544	236,813
Estimated Fair Value
Without single maturity date, Estimated Fair Value	259,425
Estimated Fair Value	259,425	240,661
Commercial mortgage-backed securities
Amortized Cost
Without single maturity date, Amortized Cost	62,519
Total fixed maturities, Amortized Cost	62,519	66,110
Estimated Fair Value
Without single maturity date, Estimated Fair Value	64,826
Estimated Fair Value	64,826	70,969
Residential mortgage-backed securities [Member]
Amortized Cost
Without single maturity date, Amortized Cost	217,239
Total fixed maturities, Amortized Cost	217,239	217,859
Estimated Fair Value
Without single maturity date, Estimated Fair Value	218,323
Estimated Fair Value	$ 218,323	$ 222,656

Investments Net Investment Inco

Investments Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Components of Net Investment Income [Abstract]
Taxable bonds	$ 5,729	$ 4,611
Tax exempt municipal bonds	885	915
Cash equivalents and short-term investments	1	250
Dividends on equity securities	869	575
Gross investment income	7,484	6,351
Investment expenses	(542)	(391)
Net investment income	$ 6,942	$ 5,960

Investments Realized Gains (Los

Investments Realized Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt and Equity Securities, Realized Gain (Loss) [Abstract]
Realized gains, fixed-maturity securities	$ 1,199	$ 787
Realized losses, fixed-maturity securities	(1)	(23)
Net realized gains, fixed-maturity securities	1,198	764
Realized gains from the sales of short-term investments	0	12
Net realized investment gains	$ 1,198	$ 776

Investments Unrealized Gains (L

Investments Unrealized Gains (Losses) on Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Change in net unrealized gains on fixed-maturity securities	$ (24.8)	$ (11.7)

Investments Investment Narrativ

Investments Investment Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Assets on deposit with state regulatory authorities	$ 6.8	$ 6.9
Payable for investments purchased	$ 13.6

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	$ 1,239,799	$ 1,211,462
Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	106,014	98,050
Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	1,133,785	1,113,412
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	1,099,763	1,081,800
Fixed maturities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
Fixed maturities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	1,099,763	1,081,800
Fixed maturities [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	214,363	230,906
Obligations of states, municipalities and political subdivisions [Member] | Fair Value, Inputs, Level 1 [Member]
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, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	214,363	230,906
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	342,826	316,608
Corporate and other securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
Corporate and other securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	342,826	316,608
Corporate and other securities [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
Asset-backed securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	259,425	240,661
Asset-backed securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
Asset-backed securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	259,425	240,661
Asset-backed securities [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
Commercial mortgage-backed securities
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	64,826	70,969
Commercial mortgage-backed securities | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
Commercial mortgage-backed securities | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	64,826	70,969
Commercial mortgage-backed securities | 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	218,323	222,656
Residential mortgage-backed securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	0	0
Residential mortgage-backed securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value - available for sale	218,323	222,656
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	140,036	129,662
Equity securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	106,014	98,050
Equity securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	34,022	31,612
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	106,014	98,050
Exchange traded funds [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	106,014	98,050
Exchange traded funds [Member] | Fair Value, Inputs, Level 2 [Member]
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	34,022	31,612
Nonredeemable preferred stock [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Nonredeemable preferred stock [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	34,022	31,612
Nonredeemable preferred stock [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	$ 0	$ 0

Fair Value Measures and Disclos

Fair Value Measures and Disclosures Narrative (Details) - Nonrecurring [Member] - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
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
	Mar. 31, 2021	Mar. 31, 2020
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	$ 31,912	$ 23,564
Policy acquisition costs deferred:
Direct commissions deferred	24,650	18,078
Ceding commissions deferred	(6,204)	(3,872)
Other underwriting and policy acquisition costs	1,368	1,187
Policy acquisition costs deferred	19,814	15,393
Amortization of net policy acquisition costs	(16,985)	(12,952)
Balance, end of period	$ 34,741	$ 26,005

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 50,512		$ 49,448
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(3,763)		(3,262)
Property, Plant and Equipment, Net	46,749		46,186
Transaction price of sale of land and parking deck		$ 6,500
Proceeds received from sale of land and parking deck	5,000
Proceeds receivable from sale of land and parking deck	1,500
Building
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	31,770		31,675
Parking
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	5,072		5,072
Land
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	3,068		3,068
Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,861		2,770
Software Development
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	5,393		4,815
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,778		1,731
Land Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	317		317
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 253		$ 0

Underwriting, Acquisition and_3

Underwriting, Acquisition and Insurance Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Underwriting, Acquisition and Insurance Expenses [Abstract]
Gross commissions	$ 21,165	$ 15,142
Ceding commissions	(5,355)	(3,183)
Other operating expenses	12,326	9,624
Underwriting, acquisition, and insurance expenses	28,136	21,583
Salaries, bonuses and employee benefits	$ 11,300	$ 8,800

Stock-based Compensation Narrat

Stock-based Compensation Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1	$ 0.8
Maximum [Member] | 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) - Restricted stock [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Grant Date Fair Value	$ 185	$ 101.66
Fair value of restricted stock awards vested	$ 0.9	$ 0.7
Unrecognized stock-based compensation expense	$ 13.5
Compensation cost not yet recognized, period	3 years 1 month 6 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Maximum [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] - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Nonvested Restricted Stock, Number of Shares [Roll Forward]
Nonvested outstanding at the beginning of the period, shares	108,392
Granted, shares	35,870
Vested, shares	(4,428)
Forfeited, shares	(2,406)
Nonvested outstanding at the end of the period, shares	137,428
Nonvested Restricted Stock, Weighted Average Grant Date Fair Value [Abstract]
Nonvested outstanding at the beginning of the period	$ 97.40
Granted	185	$ 101.66
Vested	101.66
Forfeited	148.60
Nonvested outstanding at the end of the period	$ 119.22

Stock-based Compensation Narr_3

Stock-based Compensation Narrative - Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 27, 2016	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised		$ 3.6	$ 4.6
Weighted average exercise price, granted		$ 0
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

Stock-based Compensation Stock

Stock-based Compensation Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 27, 2016	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding beginning of period, shares		387,738
Granted, shares		0
Forfeited, shares		0
Exercised, shares		(21,214)
Outstanding end of period, shares		366,524
Exercisable, shares		366,524
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		5 years 3 months 18 days
Exercisable, weighted average remaining contractual term		5 years 3 months 18 days
Outstanding, aggregate intrinsic value		$ 54,539
Exercisable, aggregate intrinsic value		$ 54,539
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
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share, [Line Items]
Net income	$ 32,079	$ 5,086
Weighted Average Number of Shares Outstanding, Basic [Abstract]
Weighted average shares outstanding - basic	22,665	22,109
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted average shares outstanding - diluted	23,069	22,678
Earnings Per Share, Basic [Abstract]
Earnings per share - basic	$ 1.42	$ 0.23
Earnings Per Share, Diluted [Abstract]
Earnings per share - diluted	$ 1.39	$ 0.22
Stock option [Member]
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Dilutive effect of shares issued under stock compensation arrangements	343	508
Restricted stock [Member]
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Dilutive effect of shares issued under stock compensation arrangements	61	61

Earnings Per Share Narrative (D

Earnings Per Share Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restricted stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	33,000	0

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2021Rate	Mar. 31, 2020Rate
Income Tax Disclosure [Abstract]
Effective tax rate	18.70%	(1.10%)
Federal statutory income tax rate	21.00%	21.00%

Reserves for Unpaid Losses an_3

Reserves for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves for unpaid losses and loss adjustment expenses, beginning of year	$ 636,013	$ 460,058
Reinsurance recoverable on unpaid losses	94,819	69,099	$ 83,730	$ 69,792
Adoption of new accounting standard for credit losses			0	(282)
Net reserves for unpaid losses and loss adjustment expenses, beginning of year	552,283	390,548
Incurred losses and loss adjustment expenses:
Current year	77,333	56,742
Prior years	(7,073)	(3,009)
Total net losses and loss adjustment expenses incurred	70,260	53,733
Payments:
Current year	1,018	777
Prior years	27,571	21,270
Total payments	28,589	22,047
Reinsurance recoverable on unpaid losses	94,819	69,099	$ 83,730	$ 69,792
Net reserves for unpaid losses and loss adjustment expenses, end of period	593,954	422,234
Gross reserves for unpaid losses and loss adjustment expenses, end of period	$ 688,773	$ 491,333

Reserves for Unpaid Losses an_4

Reserves for Unpaid Losses and Loss Adjustment Expenses Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Claims Development [Line Items]
Favorable development on prior year loss reserves	$ (7,073)	$ (3,009)
Accident Year 2020
Claims Development [Line Items]
Favorable development on prior year loss reserves	$ (9,500)

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Premiums Written, Net [Abstract]
Premiums written - direct	$ 168,876	$ 124,036
Premiums written - assumed	0	0
Premiums written - ceded	(24,578)	(15,983)
Net written premiums	144,298	108,053
Premiums Earned, Net [Abstract]
Premiums earned - direct	145,031	103,734
Premiums earned - assumed	0	15
Premiums earned - ceded	(21,990)	(13,988)
Net earned premiums	123,041	89,761
Ceded incurred losses and loss adjustment expenses	12,501	6,452
Reinsurance recoverables on paid losses	1,372		$ 9,485
Reinsurance recoverable on unpaid losses	94,819	$ 69,099	83,730	$ 69,792
Reinsurance recoverables	$ 96,191		$ 93,215

Credit Agreement (Details)

Credit Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
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	$ 42,601	$ 42,570
Debt Issuance Costs, Net	$ 400
Weighted Average Interest Rate	1.95%

Other Comprehensive (Loss) In_3

Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized (losses) gains arising during the period, before income taxes	$ (23,650)	$ (10,911)
Income taxes	4,966	2,291
Unrealized (losses) gains arising during the period, net of income tax	(18,684)	(8,620)
Less reclassification adjustment [Abstract]
Net realized investment gains on fixed-maturity securities, before income taxes	1,188	764
Income taxes	(250)	(161)
Reclassification adjustment included in net income, net of income taxes	938	603
Other comprehensive loss	$ (19,622)	$ (9,223)