Kinsale Capital (KNSL) 10-Q 27 Apr 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2023	Apr. 21, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
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 per share
Trading Symbol	KNSL
Security Exchange Name	NYSE
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		23,154,606
Entity Central Index Key	0001669162
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Fixed-maturity securities, available for sale, at fair value (amortized cost: $2,123,256 – 2023, $447 allowance for credit loss; $1,933,632 and $366 – 2022)	$ 1,971,800	$ 1,760,100
Equity securities, at fair value (cost: $141,855 – 2023; $126,478 – 2022)	171,366	152,471
Real Estate Investments, Net	76,475	76,387
Short-term investments	26,640	41,337
Total investments	2,246,281	2,030,295
Cash and Cash Equivalents, at Carrying Value	158,648	156,274
Investment income due and accrued	14,948	14,451
Premium Receivable, Allowance for Credit Loss	10,127	8,067
Premiums receivable, net	128,774	105,754
Reinsurance recoverables, net	218,796	220,454
Ceded unearned premiums	45,115	42,935
Deferred policy acquisition costs, net of ceding commissions	69,444	61,594
Intangible assets	3,538	3,538
Deferred Income Tax Assets, Net	53,320	56,983
Other assets	58,958	54,844
Total assets	2,997,822	2,747,122
Liabilities
Reserves for unpaid losses and loss adjustment expenses	1,354,151	1,238,402
Unearned premiums	563,729	499,677
Payable to reinsurers	33,111	32,024
Accounts payable and accrued expenses	12,509	31,361
Credit facility		195,747
Debt	195,812
Other liabilities	22,779	4,462
Total liabilities	2,182,091	2,001,673
Stockholders' Equity
Common stock, $0.01 par value, 400,000,000 shares authorized, 23,153,945 and 23,090,526 shares issued and outstanding at March 31, 2023 and December 31, 2022 respectively	232	231
Additional paid-in capital	347,222	347,015
Retained earnings	585,686	533,121
Accumulated other comprehensive loss	(117,409)	(134,918)
Total stockholders’ equity	815,731	745,449
Total liabilities and stockholders’ equity	$ 2,997,822	$ 2,747,122

Consolidated Balance Sheet (Una

Consolidated Balance Sheet (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Fixed-maturity securities, available for sale, amortized cost	$ 2,123,256	$ 1,933,632
Allowance for Credit Losses	(447)	(366)
Equity securities - cost	141,855	126,478
Reinsurance Recoverable, Allowance for Credit Loss	$ (459)	$ (459)
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)	23,153,945	23,090,526
Common stock, shares outstanding (in shares)	23,153,945	23,090,526

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Gross written premiums	$ 357,588	$ 245,513
Ceded written premiums	(58,558)	(29,015)
Net written premiums	299,030	216,498
Change in unearned premiums	(61,872)	(37,936)
Net earned premiums	237,158	178,562
Net investment income	20,695	9,088
Change in the fair value of equity securities	3,518	(7,751)
Net realized investment (losses) gains	(4,652)	295
Change in allowance for credit losses on investments	(81)	0
Other income	306	124
Total revenues	256,944	180,318
Expenses:
Losses and loss adjustment expenses	139,034	102,505
Underwriting, acquisition and insurance expenses	46,545	38,545
Interest Expense	2,570	253
Other expenses	402	143
Total expenses	188,551	141,446
Income before income taxes	68,393	38,872
Total income tax expense	12,593	7,081
Net income	55,800	31,791
Other comprehensive income (loss):
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes	17,509	(63,930)
Total comprehensive income (loss)	$ 73,309	$ (32,139)
Earnings per share:
Basic	$ 2.43	$ 1.40
Diluted	$ 2.40	$ 1.38
Weighted average shares outstanding:
Basic	23,008	22,753
Diluted	23,290	23,093

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 (Loss) [Member]
Balance, shares at Dec. 31, 2021		22,834,377
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (shares)		75,630
Restricted shares withheld for taxes (shares)		(2,459)
Balance, shares at Mar. 31, 2022		22,907,548
Balance at Dec. 31, 2021	$ 699,335	$ 228	$ 295,040	$ 385,942	$ 18,125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under stock-based compensation plan	378	1	377
Stock-based compensation expense	1,489		1,489
Restricted shares withheld for taxes	(516)		(516)
Dividends declared	(2,977)			(2,977)
Other comprehensive income (loss), net of tax	(63,930)				(63,930)
Net income	31,791			31,791
Balance at Mar. 31, 2022	$ 665,570	$ 229	296,390	414,756	(45,805)
Balance, shares at Dec. 31, 2022	23,090,526	23,090,526
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (shares)		70,047
Restricted shares withheld for taxes (shares)		(6,628)
Balance, shares at Mar. 31, 2023	23,153,945	23,153,945
Balance at Dec. 31, 2022	$ 745,449	$ 231	347,015	533,121	(134,918)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under stock-based compensation plan	324	1	323
Stock-based compensation expense	1,988		1,988
Restricted shares withheld for taxes	(2,104)		(2,104)
Dividends declared	(3,235)			(3,235)
Other comprehensive income (loss), net of tax	17,509				17,509
Net income	55,800			55,800
Balance at Mar. 31, 2023	$ 815,731	$ 232	$ 347,222	$ 585,686	$ (117,409)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared, per share	$ 0.14	$ 0.13

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Operating Activities
Net cash provided by operating activities	$ 197,604	$ 121,929
Investing Activities
Purchase of property and equipment	(2,660)	(703)
Purchase of real estate investment	(558)	0	$ (76,600)
Change in short-term investments, net	15,066	(840)
Purchases – fixed-maturity securities	(258,220)	(226,496)
Purchases - equity securities	(20,300)	(487)
Sales – fixed-maturity securities	49,220	54,238
Sales – equity securities	1,137	1,625
Maturities and calls – fixed-maturity securities	26,103	36,953
Net cash used in investing activities	(190,212)	(135,710)
Financing Activities
Payroll taxes withheld and remitted on share-based payments	(2,104)	(516)
Proceeds from stock options exercised	324	378
Dividends paid	(3,238)	(2,963)
Net cash used in financing activities	(5,018)	(3,101)
Net change in cash and cash equivalents	2,374	(16,882)
Cash and cash equivalents at beginning of period		121,040	$ 121,040
Cash and cash equivalents at end of period	$ 158,648	$ 104,158

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of presentation The unaudited 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. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements of Kinsale Capital Group, Inc. and its subsidiaries ("the Company") included in the Annual Report on Form 10-K for the year ended December 31, 2022. 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. Certain prior year amounts have been reclassified to conform to the current year's presentation. 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, if any, 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. Prospective accounting pronouncements 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, 2023
Investments [Abstract]
Investments	Investments Available-for-sale investments The following tables summarize the available-for-sale investments at March 31, 2023 and December 31, 2022: March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value (in thousands) Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 17,940 $ — $ (964) $ — $ 16,976 Obligations of states, municipalities and political subdivisions 206,449 327 (20,973) — 185,803 Corporate and other securities 1,008,098 1,803 (70,423) (447) 939,031 Asset-backed securities 484,384 830 (6,703) — 478,511 Residential mortgage-backed securities 341,064 52 (49,225) — 291,891 Commercial mortgage-backed securities 65,321 — (5,733) — 59,588 Total fixed-maturity investments $ 2,123,256 $ 3,012 $ (154,021) $ (447) $ 1,971,800 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value (in thousands) Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 17,934 $ — $ (1,193) $ — $ 16,741 Obligations of states, municipalities and political subdivisions 230,746 330 (26,444) — 204,632 Corporate and other securities 909,285 730 (76,757) (366) 832,892 Asset-backed securities 361,248 292 (8,534) — 353,006 Residential mortgage-backed securities 349,066 52 (55,156) — 293,962 Commercial mortgage-backed securities 65,353 — (6,486) — 58,867 Total fixed-maturity investments $ 1,933,632 $ 1,404 $ (174,570) $ (366) $ 1,760,100 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 decline 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 earnings at the time the issuer of the bond defaults or is expected to default on payments. As of March 31, 2023, the Company's credit loss review resulted in an allowance for credit losses on 7 securities. The following table presents changes in the allowance for expected credit losses on available-for-sale securities: Three Months Ended March 31, 2023 2022 (in thousands) Beginning balance $ 366 $ — Increase to allowance from securities for which credit losses were not previously recorded — — Reduction from securities sold during the period — — Net increase (decrease) from securities that had an allowance at the beginning of the period 81 — Ending balance $ 447 $ — 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, 2023 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: U.S. Treasury securities and obligations of the U.S. government agencies $ 3,344 $ (27) $ 13,632 $ (937) $ 16,976 $ (964) Obligations of states, municipalities and political subdivisions 73,448 (3,397) 62,164 (17,576) 135,612 (20,973) Corporate and other securities 380,272 (7,621) 386,348 (62,802) 766,620 (70,423) Asset-backed securities 163,407 (1,236) 201,074 (5,467) 364,481 (6,703) Residential mortgage-backed securities 9,915 (465) 281,614 (48,760) 291,529 (49,225) Commercial mortgage-backed securities 6,351 (353) 53,237 (5,380) 59,588 (5,733) Total fixed-maturity investments $ 636,737 $ (13,099) $ 998,069 $ (140,922) $ 1,634,806 $ (154,021) At March 31, 2023, the Company held 897 fixed-maturity securities in an unrealized loss position with a total estimated fair value of $1.6 billion and gross unrealized losses of $154.0 million. Of these securities, 569 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, 2023, except for securities previously discussed, unrealized losses were caused by interest rate changes or other market factors and were not credit-specific issues. At March 31, 2023, 80.3% 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. December 31, 2022 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: U.S. Treasury securities and obligations of U.S. government agencies $ 10,538 $ (447) $ 6,204 $ (746) $ 16,742 $ (1,193) Obligations of states, municipalities and political subdivisions 141,460 (20,347) 17,314 (6,097) 158,774 (26,444) Corporate and other securities 583,619 (42,675) 156,148 (34,082) 739,767 (76,757) Asset-backed securities 216,487 (5,429) 97,703 (3,105) 314,190 (8,534) Residential mortgage-backed securities 98,909 (12,324) 194,773 (42,832) 293,682 (55,156) Commercial mortgage-backed securities 50,666 (4,732) 8,201 (1,754) 58,867 (6,486) Total fixed-maturity investments $ 1,101,679 $ (85,954) $ 480,343 $ (88,616) $ 1,582,022 $ (174,570) 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, 2023 are summarized, by contractual maturity, as follows: March 31, 2023 Amortized Estimated Cost Fair Value (in thousands) Due in one year or less $ 55,240 $ 54,255 Due after one year through five years 724,427 703,547 Due after five years through ten years 214,934 189,970 Due after ten years 237,886 194,038 Asset-backed securities 484,384 478,511 Residential mortgage-backed securities 341,064 291,891 Commercial mortgage-backed securities 65,321 59,588 Total fixed-maturity securities $ 2,123,256 $ 1,971,800 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. Real estate investments In December 2022, the Company completed the purchase of a real estate investment property. Real estate investments consisted of the following: March 31, 2023 December 31, 2022 (in thousands) Building $ 45,253 $ 44,931 Land 18,166 17,946 Intangible in-place lease 9,776 9,749 Site improvements 2,714 2,686 Parking deck 1,314 1,311 77,223 76,623 Accumulated depreciation (748) (236) Total real estate investments, net $ 76,475 $ 76,387 Concurrent with the purchase of the real estate investment property, the Company entered into two operating lease agreements for office space as the lessor. The terms of these two leases are 5 years and 12 years. Future minimum rental income expected on these operating leases is $3.3 million in 2023, $4.5 million in 2024, $4.6 million in 2025, $4.8 million in 2026, $4.9 million in 2027 and $36.2 million thereafter. Net investment income The following table presents the components of net investment income for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Interest: Taxable bonds $ 18,104 $ 7,795 Tax exempt municipal bonds 636 857 Cash equivalents and short-term investments 713 19 Dividends on equity securities 1,143 1,030 Real estate investment income 1,358 — Gross investment income 21,954 9,701 Investment expenses (1,259) (613) Net investment income $ 20,695 $ 9,088 Investment expenses included depreciation expense related to real estate investments of $0.5 million for the three months ended March 31, 2023. There was no depreciation of real estate investments for the three months ended March 31, 2022. Realized investment gains and losses The following table presents realized investment gains and losses for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Fixed-maturity securities: Realized gains $ 399 $ 842 Realized losses (1,259) (365) Net realized (losses) gains from fixed-maturity securities (860) 477 Equity securities: Realized gains 15 — Realized losses (3,800) (148) Net realized losses from equity securities (3,785) (148) Realized losses from the sales of short-term investments (7) (34) Net realized investment (losses) gains $ (4,652) $ 295 The net realized gains or losses on sales of equity securities represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized gains (losses) in the consolidated statement of income consists of two components: (1) the reversal of the gain or loss recognized in previous periods on equity securities sold and (2) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held. Change in net unrealized gains (losses) on fixed-maturity securities For the three months ended March 31, 2023 and 2022, the changes in net unrealized gains (losses) for fixed-maturity securities were $22.2 million and $(80.9) million, respectively. Insurance – statutory deposits The Company had invested assets with a fair value of $5.9 million on deposit with state regulatory authorities at both March 31, 2023 and December 31, 2022. Payable for investments purchased The Company recorded a payable for investments purchased, not yet settled, of $9.6 million and $1.8 million at March 31, 2023 and December 31, 2022, respectively. The payable balance was included in the "other liabilities" line item of the consolidated balance sheet.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value MeasurementsFair value is estimated for each class of financial instrument based on the framework established in the fair value accounting guidance. 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. Treasuries, exchange traded funds and common stocks are generally based on Level 1 inputs, which use quoted prices in active markets for identical assets. For other fixed-maturity securities and non-redeemable 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, 2023 and December 31, 2022, by level within the fair value hierarchy: March 31, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 16,976 $ — $ — $ 16,976 Obligations of states, municipalities and political subdivisions — 185,803 — 185,803 Corporate and other securities — 939,031 — 939,031 Asset-backed securities — 478,511 — 478,511 Residential mortgage-backed securities — 291,891 — 291,891 Commercial mortgage-backed securities — 59,588 — 59,588 Total fixed-maturity securities 16,976 1,954,824 — 1,971,800 Equity securities: Exchange traded funds 107,367 — — 107,367 Non-redeemable preferred stock — 34,287 — 34,287 Common stocks 29,712 — — 29,712 Total equity securities 137,079 34,287 — 171,366 Short-term investments 16,909 9,731 — 26,640 Total $ 170,964 $ 1,998,842 $ — $ 2,169,806 December 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 16,741 $ — $ — $ 16,741 Obligations of states, municipalities and political subdivisions — 204,632 — 204,632 Corporate and other securities — 832,892 — 832,892 Asset-backed securities — 353,006 — 353,006 Residential mortgage-backed securities — 293,962 — 293,962 Commercial mortgage-backed securities — 58,867 — 58,867 Total fixed-maturity securities 16,741 1,743,359 — 1,760,100 Equity securities: Exchange traded funds 104,202 — — 104,202 Non-redeemable preferred stock — 38,162 — 38,162 Common stocks 10,107 — — 10,107 Total equity securities 114,309 38,162 — 152,471 Short-term investments 31,366 9,971 — 41,337 Total $ 162,416 $ 1,791,492 $ — $ 1,953,908 There were no assets or liabilities measured at fair value on a nonrecurring basis as of March 31, 2023 or December 31, 2022. The carrying amount of the Company's 5.15% Series A Senior Notes was $125.0 million, less debt issuance cost, and the corresponding estimated fair value was $120.9 million and $117.2 million at March 31, 2023 and December 31, 2022, respectively. The fair value measurement was determined using a discounted cash flow analysis that factors in current market yields for comparable borrowing arrangements under the Company's credit profile. Since this methodology is based upon market yields for comparable arrangements, the measurement is categorized as Level 2. The estimated fair value of outstanding borrowings under the Company's revolving Credit Facility approximated its carrying value at March 31, 2023 and December 31, 2022. See Note 13 for further information regarding the Company's debt arrangements.

Credit Losses

Credit Losses	3 Months Ended
	Mar. 31, 2023
Credit Loss [Abstract]
Credit Loss, Financial Instrument	Premiums receivable Premiums receivable balances are carried at face value, net of any allowance for credit losses. The allowance for credit losses represents an estimate of amounts considered uncollectible based on the Company’s assessment of the collectability of receivables that are past due. The estimate considers historical loss data, current and future economic conditions and specific identification of collectability concerns, where applicable. The following table presents the change in the allowance for credit losses for premiums receivable for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Beginning balance $ 8,067 $ 3,391 Current period change for estimated uncollectible premiums 2,407 2,016 Write-offs of uncollectible premiums receivable (347) (366) Ending balance $ 10,127 $ 5,041

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Balance, beginning of period $ 61,594 $ 41,968 Policy acquisition costs deferred: Direct commissions 51,364 35,860 Ceding commissions (17,378) (8,545) Other underwriting and policy acquisition costs 2,646 1,988 Policy acquisition costs deferred 36,632 29,303 Amortization of net policy acquisition costs (28,782) (23,788) Balance, end of period $ 69,444 $ 47,483 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.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2023
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 consist of the following: March 31, 2023 December 31, 2022 (in thousands) Building $ 36,870 $ 33,065 Parking deck 5,072 5,072 Land 3,068 3,068 Equipment 3,558 3,444 Software 12,305 11,410 Furniture and fixtures 3,011 2,615 Land improvements 474 474 Leasehold improvements 67 — Construction in progress - building — 2,618 64,425 61,766 Accumulated depreciation (9,027) (8,291) Total property and equipment, net $ 55,398 $ 53,475

Underwriting, Acquisition and I

Underwriting, Acquisition and Insurance Expenses	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022 consist of the following: Three Months Ended March 31, 2023 2022 (in thousands) Underwriting, acquisition and insurance expenses incurred: Direct commissions $ 43,169 $ 29,951 Ceding commissions (16,559) (7,829) Other underwriting expenses 19,935 16,423 Total $ 46,545 $ 38,545 Other underwriting expenses within underwriting, acquisition and insurance expenses included salaries, bonus and employee benefits expenses of $19.3 million and $15.0 million for the three months ended March 31, 2023 and 2022, respectively.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2023
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 $2.0 million and $1.5 million for the three months ended March 31, 2023 and 2022, respectively. Restricted Stock Awards During the three months ended March 31, 2023, 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 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 restricted stock activity under the 2016 Incentive Plan for the three months ended March 31, 2023 is as follows: For the Three Months Ended March 31, 2023 Number of Shares Weighted Average Grant Date Fair Value per Share Non-vested outstanding at the beginning of the period 98,621 $ 182.37 Granted 50,515 $ 313.51 Vested (22,482) $ 205.80 Forfeited (725) $ 225.64 Non-vested outstanding at the end of the period 125,929 $ 230.54 Employees surrender shares to pay for withholding tax obligations resulting from any vesting of restricted stock awards. During the three months ended March 31, 2023, shares withheld for taxes in connection with the vesting of restricted stock awards totaled 6,628. The weighted average grant-date fair value per share of the Company's restricted stock awards granted during the three months ended March 31, 2023 and 2022 was $313.51 and $211.86, respectively. The fair value of restricted stock awards that vested during the three months ended March 31, 2023 and 2022 was $6.9 million and $2.3 million, respectively. As of March 31, 2023, the Company had $26.5 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 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. A summary of option activity as of March 31, 2023, 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, 2023 256,357 $ 16.00 Granted — — Forfeited — — Exercised (20,257) 16.00 Outstanding at March 31, 2023 236,100 $ 16.00 3.3 $ 67,088 Exercisable at March 31, 2023 236,100 $ 16.00 3.3 $ 67,088

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 (in thousands, except per share data) Net income $ 55,800 $ 31,791 Weighted average common shares outstanding - basic 23,008 22,753 Effect of potential dilutive securities: Conversion of stock options 234 291 Conversion of restricted stock 48 49 Weighted average common shares outstanding - diluted 23,290 23,093 Earnings per common share: Basic $ 2.43 $ 1.40 Diluted $ 2.40 $ 1.38

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
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 18.4% and 18.2% for the three months ended March 31, 2023 and 2022, respectively. The effective tax rates were lower than the federal statutory rate of 21% due primarily to the tax benefits from stock-based compensation and from income generated by certain tax-exempt investments.

Reserves for Unpaid Losses and

Reserves for Unpaid Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 (in thousands) Gross reserves for unpaid losses and loss adjustment expenses, beginning of year $ 1,238,402 $ 881,344 Less: reinsurance recoverable on unpaid losses 177,039 117,561 Net reserves for unpaid losses and loss adjustment expenses, beginning of year 1,061,363 763,783 Incurred losses and loss adjustment expenses: Current year 148,077 110,851 Prior years (9,043) (8,346) Total net losses and loss adjustment expenses incurred 139,034 102,505 Payments: Current year 1,452 1,142 Prior years 43,749 28,938 Total payments 45,201 30,080 Net reserves for unpaid losses and loss adjustment expenses, end of period 1,155,196 836,208 Reinsurance recoverable on unpaid losses 198,955 121,367 Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 1,354,151 $ 957,575 During the three months ended March 31, 2023, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2022 developed favorably by $9.0 million, of which $12.6 million was attributable to the 2021 and 2022 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development largely from the 2017 and 2019 accident years due primarily to long-tail property damage claims within the construction-related primary casualty business that are more exposed to the recent increase in inflation. During the three months ended March 31, 2022, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2021 developed favorably by $8.3 million, of which $10.1 million was attributable to the 2020 and 2021 accident years due to lower than expected reported losses across most lines of business. This was offset by $2.0 million of unfavorable development from accident years 2016 and 2018 due to routine variability in reported losses.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Premiums written: Direct $ 357,588 $ 245,513 Ceded (58,558) (29,015) Net written $ 299,030 $ 216,498 Premiums earned: Direct $ 293,536 $ 205,628 Ceded (56,378) (27,066) Net earned $ 237,158 $ 178,562 The following table summarizes ceded losses and loss adjustment expenses for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Ceded incurred losses and loss adjustment expenses $ 36,009 $ 9,636 The following table presents reinsurance recoverables on paid and unpaid losses as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (in thousands) Reinsurance recoverables on paid losses $ 19,841 $ 43,415 Reinsurance recoverables on unpaid losses, net 198,955 177,039 Reinsurance recoverables, net $ 218,796 $ 220,454

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Note Purchase and Private Shelf Agreement On July 22, 2022, the Company entered into a Note Purchase and Private Shelf Agreement (the “Note Purchase Agreement”) with PGIM, Inc. (“Prudential”) and the purchasers of the Series A Notes (as defined below), named in the Purchaser Schedule attached thereto (collectively, the “Note Purchasers”). Pursuant to the Note Purchase Agreement, on July 22, 2022, the Company issued $125.0 million aggregate principal amount of 5.15% Series A Senior Notes Due July 22, 2034 (collectively, the "Series A Notes”) to the Note Purchasers. The Note Purchase Agreement also provides for the issuance of additional shelf notes from time to time issued thereunder (the “Shelf Notes” and, together with the Series A Notes, the “Notes”) not to exceed $150.0 million of Notes outstanding thereunder. The proceeds of the Notes may be used, among other things, to fund surplus at Kinsale Insurance Company, or any other insurance subsidiary of the Company, refinance indebtedness and for general corporate purposes. The Series A Notes are senior unsecured obligations of the Company and rank pari passu with the Company’s Amended and Restated Credit Agreement. At March 31, 2023, there was $123.2 million outstanding under the Series A Notes, net of debt issuance costs of $1.8 million. The Note Purchase Agreement contains representations and affirmative and negative covenants, including financial covenants customary for agreements of this type, as well as customary events of default provisions. As of March 31, 2023, the Company was in compliance with all of its financial covenants under the Note Purchase Agreement. The Series A Notes bear interest at 5.15% per annum and mature on July 22, 2034, unless paid earlier by the Company. Should the Company elect to prepay the Series A Notes, such aggregate prepayment will include the applicable make-whole amount(s), as defined within the applicable Note Purchase Agreement. Principal payments are required annually beginning on July 22, 2030 in equal installments of $25.0 million through July 22, 2034. 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. On July 22, 2022, the Company entered into an Amended and Restated Credit Agreement, with JPMorgan Chase Bank, N.A., as administrative agent and as issuing bank, Truist Bank, as syndication agent, and the lenders party thereto (collectively, the “Lenders”). The Amended and Restated Credit Agreement extended the maturity date to July 22, 2027, and increased the aggregate commitment to $100.0 million, with the option to increase the aggregate commitment by $30.0 million, subject to the Company obtaining commitments from existing or new lenders and satisfying other conditions specified in the Amended and Restated Credit Agreement. The Company is required to pay a Commitment Fee Rate (as defined therein) of 0.25% on the average daily amount of the Available Revolving Commitment (as defined therein). Borrowings under the Amended and Restated Credit Agreement may be used for general corporate purposes (which may include, without limitation, to fund future growth, to finance working capital needs, to fund capital expenditures, and to refinance, redeem or repay indebtedness). At March 31, 2023, there was $72.6 million outstanding, net of debt issuance costs of $0.4 million, with a weighted average interest rate of 6.4%. The Amended and Restated Credit Agreement also contains representations and affirmative and negative covenants, including financial covenants customary for agreements of this type, as well as customary events of default provisions. As of March 31, 2023, the Company was in compliance with all of its financial covenants under the Credit Facility. The loans under the Amended and Restated Credit Agreement bear interest, at the Company's option, at a rate equal to the Adjusted Term SOFR Rate (as defined therein) plus 1.625% or the Alternate Base Rate (as defined therein) plus 0.625%.

Other Comprehensive (Loss) Inco

Other Comprehensive (Loss) Income	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Unrealized gains (losses) on fixed-maturity securities arising during the period, before income taxes $ 21,170 $ (80,485) Income tax (expense) benefit (4,446) 16,902 Unrealized gains (losses) arising during the period, net of income taxes 16,724 (63,583) Less reclassification adjustment: Net realized (losses) gains on fixed-maturity securities, before income taxes (912) 439 Income tax benefit (expense) 191 (92) Reclassification adjustment included in net income (721) 347 Change in allowance for credit losses on investments, before income taxes (81) — Income tax benefit 17 — Reclassification adjustment included in net income (64) — Other comprehensive income (loss) $ 17,509 $ (63,930) The sale or credit loss of an available-for-sale fixed-maturity security results in amounts being reclassified from accumulated other comprehensive 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events During the fourth quarter of 2022, the Company completed the purchase of real estate investment property for $76.6 million. The property comprises two office buildings totaling over 580,000 square feet situated on approximately 29 acres of land. During the second quarter of 2023, the Company initiated plans to sell certain parcels and one of the office buildings. Subsequent to March 31, 2023, the Company determined that the related assets met held-for-sale accounting criteria. Upon the determination to classify a property as held for sale, the Company ceases depreciation and amortization on the real estate property held for sale, as well as amortization of acquired in-place leases. The real estate property held for sale is classified separately on the condensed consolidated balance sheets and is recorded at the lesser of the carrying value or estimated fair value less estimated cost to sell.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentationThe unaudited 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. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements of Kinsale Capital Group, Inc. and its subsidiaries ("the Company") included in the Annual Report on Form 10-K for the year ended December 31, 2022. 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. Certain prior year amounts have been reclassified to conform to the current year's presentation. Interim results are not necessarily indicative of results of operations for the full year.
Use of Estimates	Use of estimatesThe 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, if any, 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.
New Accounting Pronouncements, Policy	Prospective accounting pronouncements 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, 2023
Investments [Abstract]
Available-for-sale Investments	The following tables summarize the available-for-sale investments at March 31, 2023 and December 31, 2022: March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value (in thousands) Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 17,940 $ — $ (964) $ — $ 16,976 Obligations of states, municipalities and political subdivisions 206,449 327 (20,973) — 185,803 Corporate and other securities 1,008,098 1,803 (70,423) (447) 939,031 Asset-backed securities 484,384 830 (6,703) — 478,511 Residential mortgage-backed securities 341,064 52 (49,225) — 291,891 Commercial mortgage-backed securities 65,321 — (5,733) — 59,588 Total fixed-maturity investments $ 2,123,256 $ 3,012 $ (154,021) $ (447) $ 1,971,800 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value (in thousands) Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 17,934 $ — $ (1,193) $ — $ 16,741 Obligations of states, municipalities and political subdivisions 230,746 330 (26,444) — 204,632 Corporate and other securities 909,285 730 (76,757) (366) 832,892 Asset-backed securities 361,248 292 (8,534) — 353,006 Residential mortgage-backed securities 349,066 52 (55,156) — 293,962 Commercial mortgage-backed securities 65,353 — (6,486) — 58,867 Total fixed-maturity investments $ 1,933,632 $ 1,404 $ (174,570) $ (366) $ 1,760,100
Debt Securities, Available-for-Sale, Allowance for Credit Loss	The following table presents changes in the allowance for expected credit losses on available-for-sale securities: Three Months Ended March 31, 2023 2022 (in thousands) Beginning balance $ 366 $ — Increase to allowance from securities for which credit losses were not previously recorded — — Reduction from securities sold during the period — — Net increase (decrease) from securities that had an allowance at the beginning of the period 81 — Ending balance $ 447 $ —
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, 2023 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: U.S. Treasury securities and obligations of the U.S. government agencies $ 3,344 $ (27) $ 13,632 $ (937) $ 16,976 $ (964) Obligations of states, municipalities and political subdivisions 73,448 (3,397) 62,164 (17,576) 135,612 (20,973) Corporate and other securities 380,272 (7,621) 386,348 (62,802) 766,620 (70,423) Asset-backed securities 163,407 (1,236) 201,074 (5,467) 364,481 (6,703) Residential mortgage-backed securities 9,915 (465) 281,614 (48,760) 291,529 (49,225) Commercial mortgage-backed securities 6,351 (353) 53,237 (5,380) 59,588 (5,733) Total fixed-maturity investments $ 636,737 $ (13,099) $ 998,069 $ (140,922) $ 1,634,806 $ (154,021) December 31, 2022 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: U.S. Treasury securities and obligations of U.S. government agencies $ 10,538 $ (447) $ 6,204 $ (746) $ 16,742 $ (1,193) Obligations of states, municipalities and political subdivisions 141,460 (20,347) 17,314 (6,097) 158,774 (26,444) Corporate and other securities 583,619 (42,675) 156,148 (34,082) 739,767 (76,757) Asset-backed securities 216,487 (5,429) 97,703 (3,105) 314,190 (8,534) Residential mortgage-backed securities 98,909 (12,324) 194,773 (42,832) 293,682 (55,156) Commercial mortgage-backed securities 50,666 (4,732) 8,201 (1,754) 58,867 (6,486) Total fixed-maturity investments $ 1,101,679 $ (85,954) $ 480,343 $ (88,616) $ 1,582,022 $ (174,570)
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, 2023 are summarized, by contractual maturity, as follows: March 31, 2023 Amortized Estimated Cost Fair Value (in thousands) Due in one year or less $ 55,240 $ 54,255 Due after one year through five years 724,427 703,547 Due after five years through ten years 214,934 189,970 Due after ten years 237,886 194,038 Asset-backed securities 484,384 478,511 Residential mortgage-backed securities 341,064 291,891 Commercial mortgage-backed securities 65,321 59,588 Total fixed-maturity securities $ 2,123,256 $ 1,971,800
Schedule of Real Estate Properties	Real estate investments consisted of the following: March 31, 2023 December 31, 2022 (in thousands) Building $ 45,253 $ 44,931 Land 18,166 17,946 Intangible in-place lease 9,776 9,749 Site improvements 2,714 2,686 Parking deck 1,314 1,311 77,223 76,623 Accumulated depreciation (748) (236) Total real estate investments, net $ 76,475 $ 76,387
Net Investment Income	The following table presents the components of net investment income for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Interest: Taxable bonds $ 18,104 $ 7,795 Tax exempt municipal bonds 636 857 Cash equivalents and short-term investments 713 19 Dividends on equity securities 1,143 1,030 Real estate investment income 1,358 — Gross investment income 21,954 9,701 Investment expenses (1,259) (613) Net investment income $ 20,695 $ 9,088 Investment expenses included depreciation expense related to real estate investments of $0.5 million for the three months ended March 31, 2023. There was no depreciation of real estate investments for the three months ended March 31, 2022.
Realized Gain (Loss) on Investments	The following table presents realized investment gains and losses for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Fixed-maturity securities: Realized gains $ 399 $ 842 Realized losses (1,259) (365) Net realized (losses) gains from fixed-maturity securities (860) 477 Equity securities: Realized gains 15 — Realized losses (3,800) (148) Net realized losses from equity securities (3,785) (148) Realized losses from the sales of short-term investments (7) (34) Net realized investment (losses) gains $ (4,652) $ 295 The net realized gains or losses on sales of equity securities represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized gains (losses) in the consolidated statement of income consists of two components: (1) the reversal of the gain or loss recognized in previous periods on equity securities sold and (2) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022, by level within the fair value hierarchy: March 31, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 16,976 $ — $ — $ 16,976 Obligations of states, municipalities and political subdivisions — 185,803 — 185,803 Corporate and other securities — 939,031 — 939,031 Asset-backed securities — 478,511 — 478,511 Residential mortgage-backed securities — 291,891 — 291,891 Commercial mortgage-backed securities — 59,588 — 59,588 Total fixed-maturity securities 16,976 1,954,824 — 1,971,800 Equity securities: Exchange traded funds 107,367 — — 107,367 Non-redeemable preferred stock — 34,287 — 34,287 Common stocks 29,712 — — 29,712 Total equity securities 137,079 34,287 — 171,366 Short-term investments 16,909 9,731 — 26,640 Total $ 170,964 $ 1,998,842 $ — $ 2,169,806 December 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 16,741 $ — $ — $ 16,741 Obligations of states, municipalities and political subdivisions — 204,632 — 204,632 Corporate and other securities — 832,892 — 832,892 Asset-backed securities — 353,006 — 353,006 Residential mortgage-backed securities — 293,962 — 293,962 Commercial mortgage-backed securities — 58,867 — 58,867 Total fixed-maturity securities 16,741 1,743,359 — 1,760,100 Equity securities: Exchange traded funds 104,202 — — 104,202 Non-redeemable preferred stock — 38,162 — 38,162 Common stocks 10,107 — — 10,107 Total equity securities 114,309 38,162 — 152,471 Short-term investments 31,366 9,971 — 41,337 Total $ 162,416 $ 1,791,492 $ — $ 1,953,908

Credit Losses (Tables)

Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2023
Credit Loss [Abstract]
Premium Receivable, Allowance for Credit Loss	The following table presents the change in the allowance for credit losses for premiums receivable for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Beginning balance $ 8,067 $ 3,391 Current period change for estimated uncollectible premiums 2,407 2,016 Write-offs of uncollectible premiums receivable (347) (366) Ending balance $ 10,127 $ 5,041

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Balance, beginning of period $ 61,594 $ 41,968 Policy acquisition costs deferred: Direct commissions 51,364 35,860 Ceding commissions (17,378) (8,545) Other underwriting and policy acquisition costs 2,646 1,988 Policy acquisition costs deferred 36,632 29,303 Amortization of net policy acquisition costs (28,782) (23,788) Balance, end of period $ 69,444 $ 47,483

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property and Equipment [Abstract]
Property and Equipment	Property and equipment are included in "other assets" in the accompanying consolidated balance sheets and consist of the following: March 31, 2023 December 31, 2022 (in thousands) Building $ 36,870 $ 33,065 Parking deck 5,072 5,072 Land 3,068 3,068 Equipment 3,558 3,444 Software 12,305 11,410 Furniture and fixtures 3,011 2,615 Land improvements 474 474 Leasehold improvements 67 — Construction in progress - building — 2,618 64,425 61,766 Accumulated depreciation (9,027) (8,291) Total property and equipment, net $ 55,398 $ 53,475

Underwriting, Acquisition and_2

Underwriting, Acquisition and Insurance Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Underwriting, Acquisition and Insurance Expenses [Abstract]
Underwriting, acquisition and insurance expenses	Underwriting, acquisition and insurance expenses for the three months ended March 31, 2023 and 2022 consist of the following: Three Months Ended March 31, 2023 2022 (in thousands) Underwriting, acquisition and insurance expenses incurred: Direct commissions $ 43,169 $ 29,951 Ceding commissions (16,559) (7,829) Other underwriting expenses 19,935 16,423 Total $ 46,545 $ 38,545

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 is as follows: For the Three Months Ended March 31, 2023 Number of Shares Weighted Average Grant Date Fair Value per Share Non-vested outstanding at the beginning of the period 98,621 $ 182.37 Granted 50,515 $ 313.51 Vested (22,482) $ 205.80 Forfeited (725) $ 225.64 Non-vested outstanding at the end of the period 125,929 $ 230.54
Stock Options Activity	A summary of option activity as of March 31, 2023, 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, 2023 256,357 $ 16.00 Granted — — Forfeited — — Exercised (20,257) 16.00 Outstanding at March 31, 2023 236,100 $ 16.00 3.3 $ 67,088 Exercisable at March 31, 2023 236,100 $ 16.00 3.3 $ 67,088

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 (in thousands, except per share data) Net income $ 55,800 $ 31,791 Weighted average common shares outstanding - basic 23,008 22,753 Effect of potential dilutive securities: Conversion of stock options 234 291 Conversion of restricted stock 48 49 Weighted average common shares outstanding - diluted 23,290 23,093 Earnings per common share: Basic $ 2.43 $ 1.40 Diluted $ 2.40 $ 1.38

Reserves for Unpaid Losses an_2

Reserves for Unpaid Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 (in thousands) Gross reserves for unpaid losses and loss adjustment expenses, beginning of year $ 1,238,402 $ 881,344 Less: reinsurance recoverable on unpaid losses 177,039 117,561 Net reserves for unpaid losses and loss adjustment expenses, beginning of year 1,061,363 763,783 Incurred losses and loss adjustment expenses: Current year 148,077 110,851 Prior years (9,043) (8,346) Total net losses and loss adjustment expenses incurred 139,034 102,505 Payments: Current year 1,452 1,142 Prior years 43,749 28,938 Total payments 45,201 30,080 Net reserves for unpaid losses and loss adjustment expenses, end of period 1,155,196 836,208 Reinsurance recoverable on unpaid losses 198,955 121,367 Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 1,354,151 $ 957,575

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Premiums written: Direct $ 357,588 $ 245,513 Ceded (58,558) (29,015) Net written $ 299,030 $ 216,498 Premiums earned: Direct $ 293,536 $ 205,628 Ceded (56,378) (27,066) Net earned $ 237,158 $ 178,562
Effects of Reinsurance on Losses	The following table summarizes ceded losses and loss adjustment expenses for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Ceded incurred losses and loss adjustment expenses $ 36,009 $ 9,636
Reinsurance Recoverables	The following table presents reinsurance recoverables on paid and unpaid losses as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (in thousands) Reinsurance recoverables on paid losses $ 19,841 $ 43,415 Reinsurance recoverables on unpaid losses, net 198,955 177,039 Reinsurance recoverables, net $ 218,796 $ 220,454

Other Comprehensive (Loss) In_2

Other Comprehensive (Loss) Income (Tables)	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Unrealized gains (losses) on fixed-maturity securities arising during the period, before income taxes $ 21,170 $ (80,485) Income tax (expense) benefit (4,446) 16,902 Unrealized gains (losses) arising during the period, net of income taxes 16,724 (63,583) Less reclassification adjustment: Net realized (losses) gains on fixed-maturity securities, before income taxes (912) 439 Income tax benefit (expense) 191 (92) Reclassification adjustment included in net income (721) 347 Change in allowance for credit losses on investments, before income taxes (81) — Income tax benefit 17 — Reclassification adjustment included in net income (64) — Other comprehensive income (loss) $ 17,509 $ (63,930)

Investments Investments (Availa

Investments Investments (Available for Sale) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Total fixed maturities, Amortized Cost	$ 2,123,256	$ 1,933,632
Gross Unrealized Holding Gains	3,012	1,404
Gross Unrealized Holding Losses	154,021	174,570
Allowance for Credit Losses	(447)	(366)	$ 0	$ 0
Estimated Fair Value	1,971,800	1,760,100
U.S. Treasury securities and obligations of U.S. government agencies
Debt Securities, Available-for-sale [Line Items]
Total fixed maturities, Amortized Cost	17,940	17,934
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	964	1,193
Allowance for Credit Losses	0	0
Estimated Fair Value	16,976	16,741
Obligations of states, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Total fixed maturities, Amortized Cost	206,449	230,746
Gross Unrealized Holding Gains	327	330
Gross Unrealized Holding Losses	20,973	26,444
Allowance for Credit Losses	0	0
Estimated Fair Value	185,803	204,632
Corporate and other securities
Debt Securities, Available-for-sale [Line Items]
Total fixed maturities, Amortized Cost	1,008,098	909,285
Gross Unrealized Holding Gains	1,803	730
Gross Unrealized Holding Losses	70,423	76,757
Allowance for Credit Losses	(447)	(366)
Estimated Fair Value	939,031	832,892
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Total fixed maturities, Amortized Cost	484,384	361,248
Gross Unrealized Holding Gains	830	292
Gross Unrealized Holding Losses	6,703	8,534
Allowance for Credit Losses	0	0
Estimated Fair Value	478,511	353,006
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Total fixed maturities, Amortized Cost	341,064	349,066
Gross Unrealized Holding Gains	52	52
Gross Unrealized Holding Losses	49,225	55,156
Allowance for Credit Losses	0	0
Estimated Fair Value	291,891	293,962
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Total fixed maturities, Amortized Cost	65,321	65,353
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	5,733	6,486
Allowance for Credit Losses	0	0
Estimated Fair Value	$ 59,588	$ 58,867

Investments Available-for-Sale

Investments Available-for-Sale Securities in a Loss Position (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) security	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	$ 636,737		$ 1,101,679
Less than 12 months, gross unrealized holding losses	13,099		85,954
12 Months or Longer, Estimated Fair Value	998,069		480,343
12 Months or Longer, Gross Unrealized Holding Losses	140,922		88,616
Total Estimated Fair Value	1,634,806		1,582,022
Total Gross Unrealized Holding Losses	154,021		174,570
Beginning balance	366	$ 0
Increase to allowance from securities for which credit losses were not previously recorded	0	0
Reduction from securities sold during the period	0	0
Net increase (decrease) from securities that had an allowance at the beginning of the period	81	0
Ending balance	$ 447	$ 0
Debt Securities Available For Sale Allowance For Credit Loss Number Of Securities | security	7
U.S. Treasury securities and obligations of U.S. government agencies
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	$ 3,344		10,538
Less than 12 months, gross unrealized holding losses	27		447
12 Months or Longer, Estimated Fair Value	13,632		6,204
12 Months or Longer, Gross Unrealized Holding Losses	937		746
Total Estimated Fair Value	16,976		16,742
Total Gross Unrealized Holding Losses	964		1,193
Beginning balance	0
Ending balance	0
Obligations of states, municipalities and political subdivisions [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	73,448		141,460
Less than 12 months, gross unrealized holding losses	3,397		20,347
12 Months or Longer, Estimated Fair Value	62,164		17,314
12 Months or Longer, Gross Unrealized Holding Losses	17,576		6,097
Total Estimated Fair Value	135,612		158,774
Total Gross Unrealized Holding Losses	20,973		26,444
Beginning balance	0
Ending balance	0
Corporate and other securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	380,272		583,619
Less than 12 months, gross unrealized holding losses	7,621		42,675
12 Months or Longer, Estimated Fair Value	386,348		156,148
12 Months or Longer, Gross Unrealized Holding Losses	62,802		34,082
Total Estimated Fair Value	766,620		739,767
Total Gross Unrealized Holding Losses	70,423		76,757
Beginning balance	366
Ending balance	447
Asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	163,407		216,487
Less than 12 months, gross unrealized holding losses	1,236		5,429
12 Months or Longer, Estimated Fair Value	201,074		97,703
12 Months or Longer, Gross Unrealized Holding Losses	5,467		3,105
Total Estimated Fair Value	364,481		314,190
Total Gross Unrealized Holding Losses	6,703		8,534
Beginning balance	0
Ending balance	0
Residential mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	9,915		98,909
Less than 12 months, gross unrealized holding losses	465		12,324
12 Months or Longer, Estimated Fair Value	281,614		194,773
12 Months or Longer, Gross Unrealized Holding Losses	48,760		42,832
Total Estimated Fair Value	291,529		293,682
Total Gross Unrealized Holding Losses	49,225		55,156
Beginning balance	0
Ending balance	0
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	6,351		50,666
Less than 12 months, gross unrealized holding losses	353		4,732
12 Months or Longer, Estimated Fair Value	53,237		8,201
12 Months or Longer, Gross Unrealized Holding Losses	5,380		1,754
Total Estimated Fair Value	59,588		58,867
Total Gross Unrealized Holding Losses	5,733		$ 6,486
Beginning balance	0
Ending balance	$ 0

Investments Available-for-Sal_2

Investments Available-for-Sale Securities in a Loss Position Narrative (Details) $ in Thousands	Mar. 31, 2023 USD ($) Rate	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Number of available-for-sale securities in unrealized loss positions	897
Total Estimated Fair Value	$ 1,634,806	$ 1,582,022
Gross Unrealized Losses	$ 154,021	$ 174,570
Number of available-for-sale securities in unrealized loss positions, greater than one year	569
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	80.30%

Investments Contractual Maturit

Investments Contractual Maturities of Available-for-Sale Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less, Amortized Cost	$ 55,240
Due after one year through five years, Amortized Cost	724,427
Due after five years through ten years, Amortized Cost	214,934
Due after ten years, Amortized Cost	237,886
Total fixed maturities, Amortized Cost	2,123,256	$ 1,933,632
Estimated Fair Value
Due in one year or less, Estimated Fair Value	54,255
Due after one year through five years, Estimated Fair Value	703,547
Due after five years through ten years, Estimated Fair Value	189,970
Due after ten years, Estimated Fair Value	194,038
Estimated Fair Value	1,971,800	1,760,100
Asset-backed securities [Member]
Amortized Cost
Without single maturity date, Amortized Cost	484,384
Total fixed maturities, Amortized Cost	484,384	361,248
Estimated Fair Value
Without single maturity date, Estimated Fair Value	478,511
Estimated Fair Value	478,511	353,006
Residential mortgage-backed securities [Member]
Amortized Cost
Without single maturity date, Amortized Cost	341,064
Total fixed maturities, Amortized Cost	341,064	349,066
Estimated Fair Value
Without single maturity date, Estimated Fair Value	291,891
Estimated Fair Value	291,891	293,962
Commercial mortgage-backed securities
Amortized Cost
Without single maturity date, Amortized Cost	65,321
Total fixed maturities, Amortized Cost	65,321	65,353
Estimated Fair Value
Without single maturity date, Estimated Fair Value	59,588
Estimated Fair Value	$ 59,588	$ 58,867

Investments Net Investment Inco

Investments Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Components of Net Investment Income [Abstract]
Taxable bonds	$ 18,104	$ 7,795
Tax exempt municipal bonds	636	857
Cash equivalents and short-term investments	713	19
Dividends on equity securities	1,143	1,030
Real estate investment income	1,358	0
Gross investment income	21,954	9,701
Investment expenses	(1,259)	(613)
Net investment income	$ 20,695	$ 9,088

Investments Realized Gains (Los

Investments Realized Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt and Equity Securities, Realized Gain (Loss) [Abstract]
Realized gains, fixed-maturity securities	$ 399	$ 842
Realized losses, fixed-maturity securities	(1,259)	(365)
Net realized (losses) gains from fixed-maturity securities	(860)	477
Realized gains, equity securities	15	0
Realized losses, equity securities	(3,800)	(148)
Net realized losses from equity securities	(3,785)	(148)
Realized losses from the sales of short-term investments	(7)	(34)
Net realized investment (losses) gains	$ (4,652)	$ 295

Investments Unrealized Gains (L

Investments Unrealized Gains (Losses) on Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Change in net unrealized gains (losses) on fixed-maturity securities	$ 22.2	$ (80.9)

Investments Investment Narrativ

Investments Investment Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Assets on deposit with state regulatory authorities	$ 5.9	$ 5.9
Payable for investments purchased	$ 9.6	$ 1.8

Investments (Details), Real Est

Investments (Details), Real Estate $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) office_lease	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Investment Building and Building Improvements	$ 45,253		$ 44,931
Land	18,166		17,946
Finite-Lived Intangible Asset, Acquired-in-Place Leases	9,776		9,749
Land Improvements	2,714		2,686
Investment in Real Estate - Parking Deck	1,314		1,311
Real Estate Investment Property, at Cost	77,223		76,623
Real Estate Investment Property, Accumulated Depreciation	(748)		(236)
Real Estate Investments, Net	$ 76,475		$ 76,387
Number of operating lease agreements as lessor | office_lease	2
Lessor, Operating Lease, Payment to be Received, Year One	$ 3,300
Lessor, Operating Lease, Payment to be Received, Year Two	4,500
Lessor, Operating Lease, Payment to be Received, Year Three	4,600
Lessor, Operating Lease, Payment to be Received, Year Four	4,800
Lessor, Operating Lease, Payment to be Received, Year Five	4,900
Lessor, Operating Lease, Payment to be Received, after Year Five	36,200
Real Estate Investment
Real Estate Properties [Line Items]
Depreciation, Depletion and Amortization	$ 500	$ 0
Minimum [Member]
Real Estate Properties [Line Items]
Lessor, Operating Lease, Term of Contract	5 years
Maximum [Member]
Real Estate Properties [Line Items]
Lessor, Operating Lease, Term of Contract	12 years

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	$ 1,971,800	$ 1,760,100
U.S. Treasury securities and obligations of U.S. government agencies
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	16,976	16,741
Obligations of states, municipalities and political subdivisions [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	185,803	204,632
Corporate and other securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	939,031	832,892
Asset-backed securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	478,511	353,006
Residential mortgage-backed securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	291,891	293,962
Commercial mortgage-backed securities
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	59,588	58,867
Recurring
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	2,169,806	1,953,908
Recurring | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	170,964	162,416
Recurring | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	1,998,842	1,791,492
Recurring | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Recurring | Fixed maturities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	1,971,800	1,760,100
Recurring | Fixed maturities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	16,976	16,741
Recurring | Fixed maturities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	1,954,824	1,743,359
Recurring | Fixed maturities [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	0	0
Recurring | U.S. Treasury securities and obligations of U.S. government agencies
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	16,976	16,741
Recurring | U.S. Treasury securities and obligations of U.S. government agencies | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	16,976	16,741
Recurring | U.S. Treasury securities and obligations of U.S. government agencies | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	0	0
Recurring | U.S. Treasury securities and obligations of U.S. government agencies | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	0	0
Recurring | Obligations of states, municipalities and political subdivisions [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	185,803	204,632
Recurring | Obligations of states, municipalities and political subdivisions [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	0	0
Recurring | Obligations of states, municipalities and political subdivisions [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	185,803	204,632
Recurring | Obligations of states, municipalities and political subdivisions [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	0	0
Recurring | Corporate and other securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	939,031	832,892
Recurring | Corporate and other securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	0	0
Recurring | Corporate and other securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	939,031	832,892
Recurring | Corporate and other securities [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	0	0
Recurring | Asset-backed securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	478,511	353,006
Recurring | Asset-backed securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	0	0
Recurring | Asset-backed securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	478,511	353,006
Recurring | Asset-backed securities [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	0	0
Recurring | Residential mortgage-backed securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	291,891	293,962
Recurring | Residential mortgage-backed securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	0	0
Recurring | Residential mortgage-backed securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	291,891	293,962
Recurring | Residential mortgage-backed securities [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	0	0
Recurring | Commercial mortgage-backed securities
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	59,588	58,867
Recurring | Commercial mortgage-backed securities | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	0	0
Recurring | Commercial mortgage-backed securities | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	59,588	58,867
Recurring | Commercial mortgage-backed securities | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Estimated Fair Value	0	0
Recurring | Equity securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	171,366	152,471
Recurring | Equity securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	137,079	114,309
Recurring | Equity securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	34,287	38,162
Recurring | Equity securities [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Recurring | Exchange traded funds [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	107,367	104,202
Recurring | Exchange traded funds [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	107,367	104,202
Recurring | Exchange traded funds [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Recurring | Exchange traded funds [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Recurring | Nonredeemable preferred stock [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	34,287	38,162
Recurring | Nonredeemable preferred stock [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Recurring | Nonredeemable preferred stock [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	34,287	38,162
Recurring | Nonredeemable preferred stock [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Recurring | Common Stock [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	29,712	10,107
Recurring | Common Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	29,712	10,107
Recurring | Common Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Recurring | Common Stock [Member] | Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Recurring | Short-term Investments
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	26,640	41,337
Recurring | Short-term Investments | Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	16,909	31,366
Recurring | Short-term Investments | Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	9,731	9,971
Recurring | Short-term Investments | 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) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	$ 15,900	$ 58,000
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
Reported Value Measurement | 2034 Series A Notes
Fair Value of Investments Measured on Recurring Basis [Line Items]
Long-Term Debt, Fair Value	125,000
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 [Member] | 2034 Series A Notes
Fair Value of Investments Measured on Recurring Basis [Line Items]
Long-Term Debt, Fair Value	$ 120,900	$ 117,200

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Credit Loss [Abstract]
Beginning Balance	$ 8,067	$ 3,391
Current period change for estimated uncollectible premiums	2,407	2,016
Write-offs of uncollectible premiums receivable	(347)	(366)
Ending Balance	$ 10,127	$ 5,041

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	$ 61,594	$ 41,968
Policy acquisition costs deferred:
Direct commissions deferred	51,364	35,860
Ceding commissions deferred	(17,378)	(8,545)
Other underwriting and policy acquisition costs	2,646	1,988
Policy acquisition costs deferred	36,632	29,303
Amortization of net policy acquisition costs	(28,782)	(23,788)
Balance, end of period	$ 69,444	$ 47,483

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 64,425	$ 61,766
Accumulated Depreciation	(9,027)	(8,291)
Property, Plant and Equipment, Net	55,398	53,475
Building
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	36,870	33,065
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	3,558	3,444
Software Development
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	12,305	11,410
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	3,011	2,615
Land Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	474	474
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	67	0
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 0	$ 2,618

Underwriting, Acquisition and_3

Underwriting, Acquisition and Insurance Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Underwriting, Acquisition and Insurance Expenses [Abstract]
Gross commissions	$ 43,169	$ 29,951
Ceding commissions	(16,559)	(7,829)
Other operating expenses	19,935	16,423
Underwriting, acquisition, and insurance expenses	46,545	38,545
Salaries, bonuses and employee benefits	$ 19,300	$ 15,000

Stock-based Compensation Narrat

Stock-based Compensation Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2	$ 1.5
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, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value	$ 313.51	$ 211.86
Fair value of restricted stock awards vested	$ 6.9	$ 2.3
Unrecognized stock-based compensation expense	$ 26.5
Compensation cost not yet recognized, period	3 years 2 months 12 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, 2023	Mar. 31, 2022
Nonvested Restricted Stock, Number of Shares [Roll Forward]
Nonvested outstanding at the beginning of the period, shares	98,621
Granted, shares	50,515
Vested, shares	(22,482)
Forfeited, shares	(725)
Nonvested outstanding at the end of the period, shares	125,929
Nonvested Restricted Stock, Weighted Average Grant Date Fair Value [Abstract]
Nonvested outstanding at the beginning of the period	$ 182.37
Granted	313.51	$ 211.86
Vested	205.80
Forfeited	225.64
Nonvested outstanding at the end of the period	$ 230.54
Restricted shares withheld for taxes (shares)	6,628

Stock-based Compensation Narr_3

Stock-based Compensation Narrative - Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Jul. 27, 2016	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised		$ 6	$ 4.5
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		3 Months Ended
	Jul. 27, 2016	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding beginning of period, shares		256,357
Granted, shares		0
Forfeited, shares		0
Exercised, shares		(20,257)
Outstanding end of period, shares		236,100
Exercisable, shares		236,100
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding beginning of period		$ 16
Granted		0
Forfeited		0
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		3 years 3 months 18 days
Exercisable, weighted average remaining contractual term		3 years 3 months 18 days
Outstanding, aggregate intrinsic value		$ 67,088
Exercisable, aggregate intrinsic value		$ 67,088
Stock option [Member]
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, 2023	Mar. 31, 2022
Earnings Per Share, [Line Items]
Net income	$ 55,800	$ 31,791
Weighted Average Number of Shares Outstanding, Basic [Abstract]
Weighted average shares outstanding - basic	23,008	22,753
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted average shares outstanding - diluted	23,290	23,093
Earnings Per Share, Basic [Abstract]
Earnings per share - basic	$ 2.43	$ 1.40
Earnings Per Share, Diluted [Abstract]
Earnings per share - diluted	$ 2.40	$ 1.38
Stock option [Member]
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Dilutive effect of shares issued under stock compensation arrangements	234	291
Restricted stock [Member]
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Dilutive effect of shares issued under stock compensation arrangements	48	49

Earnings Per Share Narrative (D

Earnings Per Share Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restricted stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	47,000	53,000

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2023 Rate	Mar. 31, 2022 Rate
Income Tax Disclosure [Abstract]
Effective tax rate	18.40%	18.20%
Federal statutory income tax rate	21%	21%

Reserves for Unpaid Losses an_3

Reserves for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves for unpaid losses and loss adjustment expenses, beginning of year	$ 1,238,402	$ 881,344
Reinsurance recoverable on unpaid losses	198,955	121,367	$ 177,039	$ 117,561
Net reserves for unpaid losses and loss adjustment expenses, beginning of year	1,061,363	763,783
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Current year	148,077	110,851
Prior years	(9,043)	(8,346)
Total net losses and loss adjustment expenses incurred	139,034	102,505
Payments:
Current year	1,452	1,142
Prior years	43,749	28,938
Total payments	45,201	30,080
Net reserves for unpaid losses and loss adjustment expenses, end of period	1,155,196	836,208
Reinsurance recoverable on unpaid losses	198,955	121,367	$ 177,039	$ 117,561
Gross reserves for unpaid losses and loss adjustment expenses, end of period	$ 1,354,151	$ 957,575

Reserves for Unpaid Losses an_4

Reserves for Unpaid Losses and Loss Adjustment Expenses Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Claims Development [Line Items]
Adverse (Favorable) development on prior year loss reserves	$ (9,043)	$ (8,346)
Current year	148,077	110,851
Accident Years 2021 and 2020
Claims Development [Line Items]
Adverse (Favorable) development on prior year loss reserves		(10,100)
Accident Years 2021 and 2022
Claims Development [Line Items]
Adverse (Favorable) development on prior year loss reserves	$ (12,600)
Accident Years 2016 and 2018
Claims Development [Line Items]
Adverse (Favorable) development on prior year loss reserves		$ 2,000

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Premiums Written, Net [Abstract]
Premiums written - direct	$ 357,588	$ 245,513
Premiums written - ceded	(58,558)	(29,015)
Net written premiums	299,030	216,498
Premiums Earned, Net [Abstract]
Premiums earned - direct	293,536	205,628
Premiums earned - ceded	(56,378)	(27,066)
Net earned premiums	237,158	178,562
Ceded incurred losses and loss adjustment expenses	36,009	9,636
Reinsurance recoverables on paid losses	19,841		$ 43,415
Reinsurance recoverable on unpaid losses	198,955	$ 121,367	177,039	$ 117,561
Reinsurance recoverables, net	$ 218,796		$ 220,454

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Credit facility		$ 195,747
Senior Notes	$ 123,200
Lines of Credit, Maximum Borrowing Capacity under former agreement	$ 50,000
Line of Credit
Debt Instrument [Line Items]
Maturity Date	Jul. 22, 2027
Current Borrowing Capacity	$ 100,000
Credit Facility Accordion Feature	$ 30,000
Line of Credit Facility, Commitment Fee Percentage	0.25%
Interest Rate Description	The loans under the Amended and Restated Credit Agreement bear interest, at the Company's option, at a rate equal to the Adjusted Term SOFR Rate (as defined therein) plus 1.625% or the Alternate Base Rate (as defined therein) plus 0.625%.
Credit facility	$ 72,600
Debt Issuance Costs, Net	$ 400
Weighted Average Interest Rate	6.40%
2034 Series A Notes
Debt Instrument [Line Items]
Debt Issuance Costs, Net	$ 1,800
2034 Series A Notes | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	Jul. 22, 2022
Debt Instrument, Face Amount	$ 125,000
Debt instrument borrowing capacity	$ 150,000
Debt Instrument, Interest Rate, Stated Percentage	5.15%
Debt Instrument, Maturity Date	Jul. 22, 2034
Debt Instrument, Date of First Required Payment	Jul. 22, 2030
Debt Instrument, Periodic Payment, Principal	$ 25,000

Other Comprehensive (Loss) In_3

Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized gains (losses) on fixed-maturity securities arising during the period, before income taxes	$ 21,170	$ (80,485)
Income tax (expense) benefit	(4,446)	16,902
Unrealized gains (losses) arising during the period, net of income taxes	16,724	(63,583)
Less reclassification adjustment [Abstract]
Net realized (losses) gains on fixed-maturity securities, before income taxes	(912)	439
Income tax benefit (expense)	191	(92)
Reclassification adjustment included in net income	(721)	347
Change in allowance for credit losses on investments, before income taxes	(81)	0
Income tax benefit	17	0
Reclassification adjustment included in net income	(64)	0
Other comprehensive income (loss)	$ 17,509	$ (63,930)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Subsequent Events [Abstract]
Payments to Acquire Real Estate and Real Estate Joint Ventures	$ 558	$ 0	$ 76,600