Trean Insurance 10-Q 13 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 11, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-39392
Entity Registrant Name	TREAN INSURANCE GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4512647
Entity Address, Address Line One	150 Lake Street West
Entity Address, City or Town	Wayzata
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55391
City Area Code	952
Local Phone Number	974-2200
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	TIG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,148,782
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001801754
Current Fiscal Year End Date	--12-31

Condensed Consolidated and Cond

Condensed Consolidated and Condensed Combined Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Investments [Abstract]
Fixed maturities, at fair value (amortized cost of $358,506 and $329,640, respectively)	$ 375,286	$ 337,865
Equity securities, FV-NI	3,698	835
Equity method investments	232	12,173
Total investments	379,216	350,873
Cash and cash equivalents	165,255	74,268
Restricted cash	21,175	1,800
Accrued investment income	2,418	2,468
Premiums and other receivables	99,635	62,460
Income taxes refundable	797	0
Related party receivables	33	22,221
Reinsurance recoverable	350,425	307,338
Prepaid reinsurance premiums	103,929	80,088
Deferred policy acquisition cost, net	3,777	2,115
Property and equipment, net	8,439	7,937
Right of use asset	6,558
Deferred tax asset	0	1,367
Goodwill	139,575	2,822
Intangible assets, net	73,436	154
Other assets	9,721	3,123
Total assets	1,364,389	919,034
Liabilities
Unpaid loss and loss adjustment expenses	465,502	406,716
Unearned premiums	143,390	103,789
Funds held under reinsurance agreements	160,614	163,445
Reinsurance premiums payable	59,756	53,620
Accounts payable and accrued expenses	73,865	14,995
Lease liability	7,054
Income taxes payable	0	714
Deferred tax liability	12,597	0
Debt	39,858	29,040
Total liabilities	962,636	772,319
Commitments and contingencies
Redeemable preferred stock (0 and 1,000,000 authorized, respectively; 0 and 51 outstanding, respectively)	0	5,100
Shareholders' equity
Common stock, $0.01 par value per share (600,000,000 and 0 authorized, respectively; 51,148,782 and 0 issued and outstanding, respectively)	511
Members' equity		78,438
Additional paid-in capital	287,234	17,995
Retained earnings	104,853	40,361
Accumulated other comprehensive income	9,155	4,821
Total shareholders' equity	401,753
Total shareholders' equity		141,615
Total liabilities and shareholders' equity	1,364,389	919,034
Preferred Stock
Investments [Abstract]
Equity securities, FV-NI	240	343
Common Stock
Investments [Abstract]
Equity securities, FV-NI	$ 3,458	$ 492

Condensed Consolidated and Co_2

Condensed Consolidated and Condensed Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Amortized cost	$ 358,506	$ 329,640
Redeemable preferred stock authorized (in shares)	0	1,000,000
Redeemable preferred stock outstanding (in shares)	0	51
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	600,000,000	0
Common stock, issued (in shares)	51,148,782	0
Common stock, outstanding (in shares)	51,148,782	0
Preferred Stock
Equity securities, cost	$ 243	$ 337
Common Stock
Equity securities, cost	$ 1,554	$ 492

Condensed Consolidated and Co_3

Condensed Consolidated and Condensed Combined Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Gross written premiums	$ 132,284	$ 107,534	$ 349,755	$ 313,488
Increase in gross unearned premiums	(22,963)	(5,612)	(39,601)	(18,099)
Gross earned premiums	109,321	101,922	310,154	295,389
Ceded earned premiums	81,465	79,761	238,460	230,227
Net earned premiums	27,856	22,161	71,694	65,162
Net investment income	1,857	1,721	6,653	4,578
Gain on revaluation of Compstar investment	69,846	0	69,846	0
Net realized capital gains (losses)	115	(34)	3,345	689
Other revenue	5,401	2,561	11,323	8,049
Total revenue	105,075	26,409	162,861	78,478
Expenses
Losses and loss adjustment expenses	15,564	13,976	40,681	38,446
General and administrative expenses	6,995	5,756	23,437	15,894
IPO bonuses and contract buyout fee	11,054	0	11,054	0
Intangible asset amortization	1,120	11	1,154	35
Noncash share-based compensation	307	0	307	0
Interest expense	520	498	1,482	1,683
Total expenses	35,560	20,241	78,115	56,058
Other income (expense)	209	(8)	263	118
Income before taxes	69,724	6,160	85,009	22,538
Income tax expense	788	1,395	4,679	4,404
Equity earnings in affiliates, net of tax	401	1,021	2,333	2,494
Net income	$ 69,337	$ 5,786	$ 82,663	$ 20,628
Earnings per share:
Basic (in dollars per share)	$ 1.41	$ 0.15	$ 2	$ 0.55
Diluted (in dollars per share)	$ 1.41	$ 0.15	$ 2	$ 0.55
Weighted average shares outstanding:
Weighted average number of shares outstanding - basic (in shares)	49,054,441	37,386,394	41,304,132	37,386,394
Weighted average number of shares outstanding - diluted (in shares)	49,056,001	37,386,394	41,304,652	37,386,394

Condensed Consolidated and Co_4

Condensed Consolidated and Condensed Combined Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 69,337	$ 5,786	$ 82,663	$ 20,628
Unrealized investment gains:
Unrealized investment gains arising during the period	686	1,189	5,715	8,942
Income tax expense	144	249	1,198	1,878
Unrealized investment gains, net of tax	542	940	4,517	7,064
Less reclassification adjustments to:
Net realized investment gains (losses) included in net realized capital gains (losses)	114	(34)	232	55
Income tax expense (benefit)	24	(8)	49	11
Total reclassifications included in net income, net of tax	90	(26)	183	44
Other comprehensive income	452	966	4,334	7,020
Total comprehensive income	$ 69,789	$ 6,752	$ 86,997	$ 27,648

Condensed Consolidated and Co_5

Condensed Consolidated and Condensed Combined Statements of Shareholders’ Equity and Redeemable Preferred Stock - USD ($) $ in Thousands	Total	Compstar Holding Company LLC	Initial Public Offering	Series A Preferred Stock	Series B Preferred Stock	Common Stock	Common StockCompstar Holding Company LLC	Common StockInitial Public Offering	Common StockClass A - Non Voting	Common StockClass B - Voting	Common StockClass B - Non Voting	Common StockClass C - Non Voting	Additional Paid in Capital	Additional Paid in CapitalCompstar Holding Company LLC	Additional Paid in CapitalInitial Public Offering	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained EarningsSeries A Preferred Stock	Retained EarningsSeries B Preferred Stock	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings
Preferred Stock
Cumulative effect of adopting ASC Topic 606	$ 105,131					$ 0			$ 65,037	$ 5,045	$ 8,160	$ 118	$ 17,995			$ (2,003)	$ 9,779			$ 695	$ 695
Redeemable preferred stock beginning balance (in shares) at Dec. 31, 2018	60
Redeemable preferred stock beginning balance at Dec. 31, 2018	$ 6,000
Redeemable preferred stock ending balance (in shares) at Sep. 30, 2019	60
Redeemable preferred stock ending balance at Sep. 30, 2019	$ 6,000
Preferred stock beginning balance (in shares) at Dec. 31, 2018	10
Preferred stock beginning balance at Dec. 31, 2018	$ 1,000
Preferred stock ending balance (in shares) at Sep. 30, 2019	10
Preferred stock ending balance at Sep. 30, 2019	$ 1,000
Beginning balance (in shares) at Dec. 31, 2018						0			65,036,780	5,045,215	8,159,775	117,953
Shareholders' equity beginning balance at Dec. 31, 2018	$ 105,131					$ 0			$ 65,037	$ 5,045	$ 8,160	$ 118	17,995			(2,003)	9,779			695	695
Preferred Stock
Accounting standards update	us-gaap:AccountingStandardsUpdate201409Member
Cumulative effect of adopting ASC Topic 606	$ 132,245					$ 0			$ 65,037	$ 5,045	$ 8,160	$ 177	17,995			5,017	29,814			$ 695	$ 695
Issuance of Class C units (in shares)												58,976
Issuance of Class C units	59											$ 59
Distributions to members	(1,144)																(1,144)
Dividends paid on Series preferred stock				$ (34)	$ (110)													$ (34)	$ (110)
Stock-based compensation expense	0
Other comprehensive income	7,020															7,020
Net income	20,628																20,628
Ending balance (in shares) at Sep. 30, 2019						0			65,036,780	5,045,215	8,159,775	176,929
Members' equity ending balance at Sep. 30, 2019	132,245					$ 0			$ 65,037	$ 5,045	$ 8,160	$ 177	17,995			5,017	29,814
Shareholders' equity ending balance at Sep. 30, 2019	$ 132,245								$ 65,037	$ 5,045	$ 8,160	$ 177	17,995			5,017	29,814
Preferred Stock
Cumulative effect of adopting ASC Topic 606																4,051
Redeemable preferred stock beginning balance (in shares) at Jun. 30, 2019	60
Redeemable preferred stock beginning balance at Jun. 30, 2019	$ 6,000
Redeemable preferred stock ending balance (in shares) at Sep. 30, 2019	60
Redeemable preferred stock ending balance at Sep. 30, 2019	$ 6,000
Preferred stock beginning balance (in shares) at Jun. 30, 2019	10
Preferred stock beginning balance at Jun. 30, 2019	$ 1,000
Preferred stock ending balance (in shares) at Sep. 30, 2019	10
Preferred stock ending balance at Sep. 30, 2019	$ 1,000
Beginning balance (in shares) at Jun. 30, 2019						0			65,036,780	5,045,215	8,159,775	157,270
Members' equity beginning balance at Jun. 30, 2019	126,352					$ 0			$ 65,037	$ 5,045	$ 8,160	$ 157	17,995			4,051	24,907
Shareholders' equity beginning balance at Jun. 30, 2019																4,051
Preferred Stock
Cumulative effect of adopting ASC Topic 606	132,245								$ 65,037	$ 5,045	$ 8,160	$ 177	17,995			5,017	29,814
Issuance of Class C units (in shares)												19,659
Issuance of Class C units	20											$ 20
Distributions to members	(831)																(831)
Dividends paid on Series preferred stock				$ (12)	$ (36)													$ (12)	(36)
Other comprehensive income	966															966
Net income	5,786																5,786
Ending balance (in shares) at Sep. 30, 2019						0			65,036,780	5,045,215	8,159,775	176,929
Members' equity ending balance at Sep. 30, 2019	132,245					$ 0			$ 65,037	$ 5,045	$ 8,160	$ 177	17,995			5,017	29,814
Shareholders' equity ending balance at Sep. 30, 2019	132,245								65,037	5,045	8,160	177	17,995			5,017	29,814
Preferred Stock
Cumulative effect of adopting ASC Topic 606	$ 132,245								$ 65,037	$ 5,045	$ 8,160	$ 177	17,995			5,017	29,814
Cumulative effect of adopting ASC Topic 606																4,821
Redeemable preferred stock beginning balance (in shares) at Dec. 31, 2019	51
Redeemable preferred stock beginning balance at Dec. 31, 2019	$ 5,100
Redeemable Preferred Stock
Redemption of Series B redeemable preferred stock (in shares)					(51)
Redemption of Series B redeemable preferred stock					$ (5,100)
Redeemable preferred stock ending balance (in shares) at Sep. 30, 2020	0
Redeemable preferred stock ending balance at Sep. 30, 2020	$ 0
Preferred stock beginning balance (in shares) at Dec. 31, 2019	0
Preferred stock beginning balance at Dec. 31, 2019	$ 0
Preferred stock ending balance (in shares) at Sep. 30, 2020	0
Preferred stock ending balance at Sep. 30, 2020	$ 0
Beginning balance (in shares) at Dec. 31, 2019	0					0			65,036,780	5,045,215	8,159,775	196,588
Members' equity beginning balance at Dec. 31, 2019	$ 141,615					$ 0			$ 65,037	$ 5,045	$ 8,160	$ 196	17,995			4,821	40,361
Shareholders' equity beginning balance at Dec. 31, 2019																4,821
Preferred Stock
Accounting standards update	us-gaap:AccountingStandardsUpdate201602Member
Cumulative effect of adopting ASC Topic 606	$ 401,753					$ 511			$ 0	$ 0	$ 0	$ 0	287,234			4,821	104,853
Issuance of Class C units (in shares)								7,142,857				196,587
Issuance of Class C units	197		$ 93,139					$ 71				$ 197			$ 93,068
Distributions to members	(19,496)												(1,453)				(18,043)
Dividends paid on Series preferred stock					$ (128)														(128)
Corporate recapitalization (in shares)						37,386,394			(65,036,780)	(5,045,215)	(8,159,775)	(393,175)
Corporate recapitalization	0					$ 374			$ (65,037)	$ (5,045)	$ (8,160)	$ (393)	78,261
Issuance of common shares for acquisition of Compstar (in shares)							6,613,606
Issuance of common shares for acquisition of Compstar	99,204	$ 99,204					$ 66							$ 99,138
Common stock issuances pursuant to equity compensation awards (in shares)						5,925
Common stock issuances pursuant to equity compensation awards	(82)												(82)
Stock-based compensation expense	307												307
Other comprehensive income	4,334															4,334
Net income	$ 82,663																82,663
Ending balance (in shares) at Sep. 30, 2020	51,148,782					51,148,782			0	0	0	0
Shareholders' equity ending balance at Sep. 30, 2020	$ 401,753					$ 511			$ 0	$ 0	$ 0	$ 0	287,234			9,155	104,853
Preferred Stock
Cumulative effect of adopting ASC Topic 606	$ 139,284					$ 0			$ 65,037	$ 5,045	$ 8,160	$ 236	16,542			8,703	35,561
Redeemable preferred stock beginning balance (in shares) at Jun. 30, 2020	51
Redeemable preferred stock beginning balance at Jun. 30, 2020	$ 5,100
Redeemable Preferred Stock
Redemption of Series B redeemable preferred stock (in shares)					(51)
Redemption of Series B redeemable preferred stock					$ (5,100)
Redeemable preferred stock ending balance (in shares) at Sep. 30, 2020	0
Redeemable preferred stock ending balance at Sep. 30, 2020	$ 0
Preferred stock beginning balance (in shares) at Jun. 30, 2020	0
Preferred stock beginning balance at Jun. 30, 2020	$ 0
Preferred stock ending balance (in shares) at Sep. 30, 2020	0
Preferred stock ending balance at Sep. 30, 2020	$ 0
Beginning balance (in shares) at Jun. 30, 2020						0			65,036,780	5,045,215	8,159,775	235,905
Shareholders' equity beginning balance at Jun. 30, 2020	139,284					$ 0			$ 65,037	$ 5,045	$ 8,160	$ 236	16,542			8,703	35,561
Preferred Stock
Cumulative effect of adopting ASC Topic 606	139,284					$ 511			$ 0	$ 0	$ 0	$ 0	287,234			8,703	104,853
Issuance of Class C units (in shares)								7,142,857				157,270
Issuance of Class C units	157		$ 93,139					$ 71				$ 157			$ 93,068
Dividends paid on Series preferred stock					$ (45)														$ (45)
Corporate recapitalization (in shares)						37,386,394			(65,036,780)	(5,045,215)	(8,159,775)	(393,175)
Corporate recapitalization	0					$ 374			$ (65,037)	$ (5,045)	$ (8,160)	$ (393)	78,261
Issuance of common shares for acquisition of Compstar (in shares)							6,613,606
Issuance of common shares for acquisition of Compstar		$ 99,204					$ 66							$ 99,138
Common stock issuances pursuant to equity compensation awards (in shares)						5,925
Common stock issuances pursuant to equity compensation awards	(82)												(82)
Stock-based compensation expense	307												307
Other comprehensive income	452															452
Net income	$ 69,337																69,337
Ending balance (in shares) at Sep. 30, 2020	51,148,782					51,148,782			0	0	0	0
Shareholders' equity ending balance at Sep. 30, 2020	$ 401,753					$ 511			$ 0	$ 0	$ 0	$ 0	287,234			9,155	104,853
Preferred Stock
Cumulative effect of adopting ASC Topic 606	$ 401,753					$ 511			$ 0	$ 0	$ 0	$ 0	$ 287,234			$ 9,155	$ 104,853

Condensed Consolidated and Co_6

Condensed Consolidated and Condensed Combined Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net income	$ 82,663	$ 20,628
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	1,823	541
Stock-based compensation	307	0
Net capital gains (losses) on investments	(5,242)	333
Gain on bargain purchase of subsidiary	0	(634)
Gain on revaluation of Compstar investment	(69,846)	0
Bond amortization and accretion	1,465	1,241
Issuance of member units as compensation	197	59
Equity earnings in affiliates, net of tax	(2,333)	(2,494)
Distributions from equity method investments	2,953	3,586
Deferred income taxes	327	(737)
Deferred financing costs	90	76
Changes in operating assets and liabilities:
Accrued investment income	50	(17)
Premiums and other receivables	(13,308)	(19,024)
Reinsurance recoverable on paid and unpaid losses	(43,087)	(42,775)
Prepaid reinsurance premiums	(23,841)	(16,499)
Right of use asset	(5,538)
Other assets	(8,729)	(2,032)
Unpaid loss and loss adjustment expenses	58,787	59,409
Unearned premiums	39,601	17,213
Funds held under reinsurance agreements	(5,942)	(717)
Reinsurance premiums payable	6,136	9,971
Accounts payable and accrued expenses	11,448	5,822
Lease liability	5,752
Income taxes payable	(1,525)	(1,898)
Net cash provided by operating activities	32,208	32,052
Investing activities
Payments for capital expenditures	(665)	(567)
Proceeds from sale of equity method investment	3,000	0
Return of capital on equity method investment	115	0
Purchase of investments, available for sale	(84,125)	(74,544)
Proceeds from investments sold, matured or repaid	89,374	62,433
Acquisition of subsidiary, net of cash received	(1,098)	(5,496)
Cash received in the acquisition of Compstar	11,891	0
Net cash provided by (used in) investing activities	18,492	(18,174)
Financing activities
Shares redeemed for payroll taxes	(82)	0
Proceeds from initial public offering	99,643	0
Deferred offering costs	(5,839)	0
Proceeds from credit agreement	32,453	0
Principal payments on debt	(41,789)	(4,488)
Buyback of preferred shares	(5,100)	0
Distributions to members	(19,496)	(1,144)
Dividends paid on preferred stock	(128)	(164)
Net cash provided by (used in) financing activities	59,662	(5,796)
Net increase in cash, cash equivalents and restricted cash	110,362	8,082
Cash, cash equivalents and restricted cash ‑ beginning of period	76,068	55,962
Cash, cash equivalents and restricted cash ‑ end of period	186,430	64,044
Disaggregation of cash and restricted cash:
Total cash, cash equivalents and restricted cash	186,430	64,044
Supplemental disclosure of cash flow information:
Interest	1,391	2,053
Income taxes	5,809	$ 6,864
Right-of-use assets obtained in exchange for new operating lease liabilities	8,245
Shares issued for the acquisition of subsidiary	99,204
Operating cash flows from operating leases	$ 1,484

Business and Basis of Presentat

Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation In July 2020, Trean Insurance Group, Inc. (together with its wholly owned subsidiaries, the Company) completed its initial public offering (IPO) of common stock. Prior to the completion of the IPO, the Company effected the following reorganization transactions: (i) each of Trean Holdings LLC (Trean), an insurance services company, and BIC Holdings LLC (BIC), a property and casualty insurance holding company, contributed all of their respective assets and liabilities to Trean Insurance Group, Inc., a newly formed direct subsidiary of BIC, in exchange for shares of common stock in Trean Insurance Group, Inc. and (ii) upon the completion of the transfers by Trean and BIC, Trean and BIC were dissolved and distributed in-kind common shares to the pre-IPO unitholders. For the purpose of financial statement disclosures, references to the condensed consolidated financial statements for all post-IPO periods include the accounts of Trean Insurance Group, Inc., along with its wholly owned subsidiaries, after elimination of intercompany accounts and transactions. References to the condensed consolidated financial statements for all pre-IPO periods include the condensed combined financial statements of BIC and Trean, along with their wholly owned subsidiaries, after elimination of intercompany accounts and transactions. All dollar amounts are shown in thousands, except share and per share amounts. The Company provides products and services to the specialty insurance market. Historically, the Company has focused on specialty casualty markets that are believed to be under served and where the Company’s expertise allows the Company to achieve higher rates, such as niche workers' compensation markets and small- to medium-sized specialty casualty insurance programs. The Company underwrites specialty-casualty insurance products both through programs where the Company partners with other organizations (Program Partners), and also through the Company’s own managing general agencies (Owned MGAs). The Company also provides Program Partners with a variety of services, including issuing carrier services, claims administration, and reinsurance brokerage from which the Company generates fee-based revenues. The Company's wholly owned subsidiaries include (a) Benchmark Holding Company, a property and casualty insurance holding company, which owns Benchmark Insurance Company (Benchmark), a property and casualty insurance company domiciled in the state of Kansas, and American Liberty Insurance Company (ALIC), a property and casualty insurance company domiciled in the state of Utah; (b) Trean Compstar Holdings, LLC, a limited liability company created originally for the purchase of an interest in Compstar Insurance Services LLC, a California-based general agency; and (c) Trean Corporation (Trean Corp), a reinsurance intermediary manager and a managing general agent, which consists of the following wholly owned subsidiaries: Trean Reinsurance Services, LLC (TRS), a reinsurance intermediary broker; Benchmark Administrators LLC (BIC Admin), a claims third-party administrator; and Westcap Insurance Services, LLC (Westcap), a managing general agent based in California. The accompanying condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the instructions to Form 10-Q under the Securities Exchange Act of 1934. Accordingly, they do not contain all of the information included in the Company's annual consolidated financial statements and notes. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation of the Company’s condensed consolidated financial position and results of operations for the periods presented have been included. Although management believes the disclosures and information presented are adequate, these interim condensed consolidated financial statements should be read in conjunction with the Company's most recent audited combined financial statements and notes thereto for the year ended December 31, 2019, filed with the Securities and Exchange Commission (SEC) on Form S-1 (File No. 333-239291), which was declared effective by the SEC on July 15, 2020. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Use of estimates While preparing the condensed consolidated financial statements, the Company has made certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements, as well as reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Reported amounts that require extensive use of estimates include the reserves for unpaid losses and loss adjustment expenses (LAE), reinsurance recoveries, investments and goodwill and other intangible assets. Except for the captions on the condensed consolidated balance sheets and condensed consolidated statements of comprehensive income, generally, the term loss(es) is used to collectively refer to both loss and LAE. Accounting pronouncements Recently adopted policies In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). This update provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. This standard is effective for the period between March 12, 2020 and December 31, 2022. The adoption of this standard did not have a material impact on the condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13). This update modifies the existing disclosure requirements on fair value measurements in Topic 820 by changing requirements regarding Level 1, Level 2 and Level 3 investments. The Company adopted this standard effective January 1, 2020 on a prospective basis. The adoption of this standard did not have a material impact on the condensed consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). This update simplifies the manner in which an entity is required to test goodwill for impairment. ASU 2017-04 is effective for annual periods beginning after December 15, 2021, including interim periods thereafter, with early adoption permitted. The Company has elected to early adopt this standard effective January 1, 2020. Adoption of this standard did not have a material impact on the condensed consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016‑02 Leases (Topic 842) (ASU 2016-02), which provides guidance for accounting for leases. The new guidance requires companies to recognize the assets and liabilities for the rights and obligations created by leased assets, initially measured at the present value of lease payments. Management adopted this standard effective January 1, 2020 under the modified retrospective approach. Adoption of this standard resulted in the Company recognizing initial right-of-use assets of $5,946 and initial lease liabilities of $5,946 and did not result in a cumulative effect adjustment on retained earnings. The adoption of this standard did not have a material impact on the condensed consolidated statements of operations or condensed consolidated statements of cash flows. Pending policies The Company completed its IPO in July 2020, and is an emerging growth company as defined under federal securities laws. As such, the Company has elected to adopt pending accounting policies under the dates required for private companies. Therefore, the dates included within this section reflect the effective dates for the adoption of new accounting policies required by private companies. In March 2020, the FASB issued ASU No. 2020-03, Codification Improvements to Financial Instruments (ASU 2020-03). This update represents changes to clarify and improve the codification to allow for easier application by eliminating inconsistencies and providing clarification on items such as (i) the application of fair value option disclosures; (ii) the accounting for fees related to modifications of debt; and (iii) aligning the contractual term of a net investment in a lease in accordance with ASC Topic 326, Financial Instruments - Credit Losses , and the lease term determined in accordance with ASC Topic 842, Leases . Certain issues addressed in this update are effective for annual periods beginning after December 15, 2020 and others are effective for annual periods beginning after December 15, 2022. The Company will adopt each standard upon their respective effective dates of January 1, 2021 and January 1, 2023. Adoption of this standard is not expected to have a material impact on the condensed consolidated financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivative and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323 and Topic 815 (ASU 2020-01). This update addresses the accounting for certain equity securities upon the application or discontinuation of the equity method of accounting. Further, the update addresses scope considerations for forward contracts and purchased options on certain securities. ASU 2020-01 is effective for annual periods beginning after December 15, 2021, including interim periods thereafter. The Company will adopt this standard effective January 1, 2022. Adoption of this standard is not expected to have a material impact on the condensed consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (ASU 2016-13). This update requires financial assets measured at amortized cost to be presented at the net amount expected to be collected by means of an allowance for credit losses that runs through net income. Additionally, credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses, with the amount of the allowance limited to the amount by which the fair value is below the amortized cost. ASU 2016-13 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. The Company will adopt this standard effective January 1, 2023. The Company is currently evaluating the impact of this standard on the condensed consolidated financial statements.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions Compstar Holding Company LLC Effective July 15, 2020, Trean Compstar Holdings LLC purchased the remaining 55% ownership interest in Compstar Holding Company LLC (Compstar), a holding company along with its wholly owned subsidiary Compstar Insurance Services, a managing general agent, by issuing 6,613,606 shares of the Company’s common stock with a market price of $15 per share on the date of acquisition. Prior to the acquisition date, the Company held a 45% ownership interest in Compstar and accounted for its investment under the equity method. As of the acquisition date, the fair value attributable to the Company’s previous equity interest was $81,167 and the carrying value was $11,321. As a result, the Company recorded a gain of $69,846 from the remeasurement of its previous equity interest, which is included in gain on revaluation of Compstar investment on the condensed consolidated statement of operations. The acquisition-date fair value of the Company’s previous equity interest was revalued using the market price of the shares issued as consideration for the acquisition. The following table summarizes the consideration paid and the amounts of estimated fair value of the net assets acquired and liabilities assumed at the acquisition date. The assessment of fair value and the determination of deferred tax assets acquired is preliminary and is based on the information that was available at the time the condensed consolidated financial statements were prepared. Accordingly, the allocation of purchase price to intangible assets and to deferred tax assets and liabilities is preliminary and, therefore, subject to adjustment in future periods. Fair value of total consideration transferred $ 99,204 Previous investment in subsidiary 11,321 Fair value adjustment to prior investment 69,846 Fair value of assets acquired and liabilities assumed 180,371 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and cash equivalents 11,891 Premiums and other receivables 1,624 Property and equipment 444 Right of use asset 1,020 Goodwill 136,236 Intangible assets, net 73,954 Other assets 184 Accounts payable and accrued expenses (11,128) Lease liability (1,302) Deferred tax liabilities (12,487) Debt (20,065) Net assets acquired $ 180,371 The Company recorded $136,236 of goodwill associated with the business combination. The goodwill recognized is attributable to the assembled workforce, the expected growth resulting from the acquisition and synergies gained to assist in the reduction of operating expenses. The Company also recorded intangible assets totaling $73,954 and are included in other assets on the condensed consolidated balance sheet. Intangible assets are comprised of the following: (in thousands) Useful Life Balance Trade name 15 years $ 3,157 Customer relationships 14 years 70,797 Total intangible assets $ 73,954 Subsequent to the acquisition date, Compstar recorded total revenue of $3,320, of which $3,313 is intercompany related and is eliminated in consolidation, and contributed net income totaling $1,222 to consolidated net income on the condensed consolidated statement of operations. LCTA Risk Services, Inc. Effective April 1, 2020, Trean Corp purchased 100% of the operating assets and assumed the liabilities of LCTA Risk Services, Inc. The total purchase price was $1,400. The following table summarizes the consideration paid and the amounts of estimated fair value of the net assets acquired and liabilities assumed at the acquisition date (in thousands): Fair value of total consideration transferred $ 1,400 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and cash equivalents 302 Premiums and other receivables 55 Property and equipment 63 Goodwill 517 Intangible assets, net 482 Other assets 12 Accounts payable (17) Income taxes payable (14) Net assets acquired $ 1,400 The Company recorded $517 of goodwill associated with the business combination. The goodwill recognized is attributable to the expected growth resulting from the acquisition and the synergies gained to assist in reducing operating expenses. American Liberty Insurance Company Effective March 31, 2019, Benchmark Holdings Company purchased the remaining 25% of outstanding voting shares in ALIC for $1,155. The purchase price was determined based on the statutory surplus of ALIC. First Choice Casualty Insurance Company Effective February 19, 2019, Benchmark purchased 100% of the operating assets and assumed the liabilities of First Choice Casualty Insurance Company (FCCIC). The total purchase price was $5,314. As part of the acquisition, the Company recorded a bargain purchase gain of $634 which is included in net realized capital gains (losses) on the condensed consolidated statements of operations. The Company was able to realize a bargain purchase gain as the seller was looking to exit the workers' compensation market with the sale of their management agreement to a new manager. With the new manager, the seller had a lack of interest and expertise in maintaining workers' compensation policies, which had historically been underwritten and managed by Trean Corp. The following table summarizes the consideration paid and the amounts of estimated fair value of the assets acquired and liabilities assumed at the acquisition date (in thousands): Fair value of total consideration transferred $ 5,314 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash 973 Investments 4,252 Accrued investment income 40 Premiums and other receivables 1,571 Deferred tax asset 242 Other assets 10 Unpaid loss and loss adjustment expenses (6,426) Unearned premiums (1,003) Funds held under reinsurance agreements 7,980 Reinsurance premiums payable (1,037) Accounts payable and accrued expenses (316) Income taxes payable (338) Net assets acquired 5,948 Gain on bargain purchase $ 634

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company’s financial instruments include assets and liabilities carried at fair value. The inputs to valuation techniques used to measure fair value are prioritized into a three level hierarchy. The fair value hierarchy is as follows: Level 1 : Fair values primarily based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 : Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities. Level 3 : Fair values primarily based on valuations derived when one or more of the significant inputs are unobservable. With little or no observable market, the determination of fair value uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. The Company classifies the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. The following tables present the estimated fair value of the Company’s significant financial instruments. September 30, 2020 (in thousands) Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government and government securities $ 12,932 $ 175 $ — $ 13,107 Foreign governments — 304 — 304 States, territories and possessions — 7,804 — 7,804 Political subdivisions of states territories and possessions — 30,869 — 30,869 Special revenue and special assessment obligations — 76,494 — 76,494 Industrial and public utilities — 116,138 — 116,138 Commercial mortgage-backed securities — 18,107 — 18,107 Residential mortgage-backed securities — 70,384 — 70,384 Other loan-backed securities — 41,724 — 41,724 Hybrid securities — 355 — 355 Total fixed maturities 12,932 362,354 — 375,286 Equity securities: Preferred stock — 240 — 240 Common stock 882 576 2,000 3,458 Total equity securities 882 816 2,000 3,698 Total investments $ 13,814 $ 363,170 $ 2,000 $ 378,984 Funds held under reinsurance agreements — 160,614 — 160,614 Debt: Junior subordinated debt — 7,732 — 7,732 Secured credit facility — 32,588 — 32,588 PPP Loan — 325 — 325 Total debt $ — $ 40,645 $ — $ 40,645 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government and government securities $ 16,129 $ — $ — $ 16,129 Foreign governments — 302 — 302 States, territories and possessions — 4,923 — 4,923 Political subdivisions of states, territories and possessions — 25,104 — 25,104 Special revenue and special assessment obligations — 61,405 — 61,405 Industrial and public utilities — 123,207 — 123,207 Commercial mortgage-backed securities — 16,312 — 16,312 Residential mortgage-backed securities — 54,109 — 54,109 Other loan-backed securities — 36,011 — 36,011 Hybrid securities — 363 — 363 Total fixed maturities 16,129 321,736 — 337,865 Equity securities: Preferred stock — 343 — 343 Common stock — 492 — 492 Total equity securities — 835 — 835 Total investments $ 16,129 $ 322,571 $ — $ 338,700 Funds held under reinsurance agreements — 163,445 — 163,445 Debt: Junior subordinated debt — 7,732 — 7,732 Secured credit facility — 21,637 — 21,637 Total debt $ — $ 29,369 $ — $ 29,369 Bonds and preferred stocks: The Company, in conjunction with its third-party pricing service provider, uses a variety of sources such as Reuters, Iboxx, PricingDirect, ICE BofAML Index, ICE Data Services, and for equities, Bloomberg. Equity securities are valued at the closing price on the exchange on which they are primarily traded as provided by a third-party pricing service. Fixed income securities are generally valued at an evaluated bid as provided by a third-party pricing service. Securities and other assets generally valued using third-party pricing services may also be valued at broker/dealer bid quotations. Values obtained from third-party pricing services can utilize several data sources for inputs such as transaction data, yield, quality, coupon rate, maturity, issue type, trading characteristics and market activity. To validate the reasonableness of the quoted prices, the Company performs various qualitative and quantitative procedures such as analysis of recent trading activity, analytical review of fair values and an evaluation of the underlying pricing methodologies. Based on these procedures, the Company did not adjust the prices or quotes from the third-party pricing service. Funds held under reinsurance agreements: The Company holds certain investments as collateral under reinsurance contracts and values these investments consistent with its other investments using third-party pricing services. To validate the reasonableness of the quoted prices, the Company performs various qualitative and quantitative procedures such as analysis of recent activity, analytical review of fair values and an evaluation of the underlying pricing methodologies. Based on these procedures, the Company did not adjust the prices or quotes from the third-party pricing service. Debt: The Company holds debt related to multiple credit agreements. The Company has determined that the remaining balance of the debt reflected its fair value as this would represent the total amount to repay the debt.

Investments

Investments	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The cost or amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the investments in securities classified as available for sale are as follows: September 30, 2020 (in thousands) Cost or Gross Gross Fair Value Fixed maturities: U.S. government and government securities $ 12,701 $ 406 $ — $ 13,107 Foreign governments 300 4 — 304 States, territories and possessions 7,537 267 — 7,804 Political subdivisions of states, territories and possessions 29,514 1,356 (1) 30,869 Special revenue and special assessment obligations 72,495 4,041 (42) 76,494 Industrial and public utilities 109,330 6,972 (164) 116,138 Commercial mortgage-backed securities 16,342 1,790 (25) 18,107 Residential mortgage-backed securities 68,864 1,630 (110) 70,384 Other loan-backed securities 41,067 811 (154) 41,724 Hybrid securities 356 1 (2) 355 Total fixed maturities available for sale $ 358,506 $ 17,278 $ (498) $ 375,286 December 31, 2019 (in thousands) Cost or Gross Gross Fair Value Fixed maturities: U.S. government and government securities $ 15,965 $ 167 $ (3) $ 16,129 Foreign governments 299 3 — 302 States, territories and possessions 4,789 134 — 4,923 Political subdivisions of states, territories and possessions 24,444 670 (10) 25,104 Special revenue and special assessment obligations 59,149 2,298 (42) 61,405 Industrial and public utilities 119,735 3,490 (18) 123,207 Commercial mortgage-backed securities 15,586 757 (31) 16,312 Residential mortgage-backed securities 53,467 679 (37) 54,109 Other loan-backed securities 35,849 281 (119) 36,011 Hybrid securities 357 6 — 363 Total fixed maturities available for sale $ 329,640 $ 8,485 $ (260) $ 337,865 The following table illustrates the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: September 30, 2020 Less Than 12 Months 12 Months or More Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Fixed maturities: U.S. government and government securities $ 100 $ — $ — $ — $ 100 $ — Foreign governments — — — — — — States, territories and possessions — — — — — — Political subdivisions of states, territories and possessions 299 (1) — — 299 (1) Special revenue and special assessment obligations 2,347 (42) — — 2,347 (42) Industrial and public utilities 2,172 (164) — — 2,172 (164) Commercial mortgage-backed securities 1,000 (25) — — 1,000 (25) Residential mortgage-backed securities 13,931 (95) 280 (15) 14,211 (110) Other loan-backed securities 4,033 (28) 10,466 (126) 14,499 (154) Hybrid securities 248 (2) — — 248 (2) Total bonds $ 24,130 $ (357) $ 10,746 $ (141) $ 34,876 $ (498) December 31, 2019 Less Than 12 Months 12 Months or More Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Fixed maturities: U.S. government and government securities $ 293 $ (2) $ 1,349 $ (1) $ 1,642 $ (3) Foreign governments — — — — — — States, territories and possessions — — — — — — Political subdivisions of states, territories and possessions 1,500 (9) 690 (1) 2,190 (10) Special revenue and special assessment obligations 3,206 (42) 181 — 3,387 (42) Industrial and public utilities 5,939 (16) 1,094 (2) 7,033 (18) Commercial mortgage-backed securities 2,138 (30) 129 (1) 2,267 (31) Residential mortgage-backed securities 6,936 (13) 1,917 (24) 8,853 (37) Other loan-backed securities 2,189 (11) 13,885 (108) 16,074 (119) Hybrid securities — — — — — — Total bonds $ 22,201 $ (123) $ 19,245 $ (137) $ 41,446 $ (260) The unrealized losses on the Company’s available for sale securities as of September 30, 2020 and December 31, 2019 were primarily caused by widening in corporate and tax exempt spreads, rather than credit-related problems. The amortized cost and estimated fair value of fixed maturities as of September 30, 2020, by contractual maturity, are as follows: (in thousands) Cost or Amortized Cost Fair Value Available for sale: Due in one year or less $ 19,595 $ 19,818 Due after one year but before five years 104,832 110,134 Due after five years but before ten years 59,166 64,122 Due after ten years 48,640 50,997 Commercial mortgage-backed securities 16,342 18,107 Residential mortgage-backed securities 68,864 70,384 Other loan-backed securities 41,067 41,724 Total $ 358,506 $ 375,286 Actual maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Realized gains and losses on investments included in the condensed consolidated statements of operations for the three and nine months ended September 30, 2020 and 2019 are as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Fixed maturities: Gains $ 120 $ (42) $ 239 $ 78 Losses (6) 8 (7) (23) Total fixed maturities 114 (34) 232 55 Equity securities: Equity method investments: Gains — — 3,115 — Total equity securities — — 3,115 — Total net investment realized gains (losses) $ 114 $ (34) $ 3,347 $ 55 Net investment income consists of the following for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Fixed maturities $ 1,804 $ 1,677 $ 4,684 $ 4,504 Preferred stock 19 10 39 (13) Common stock 30 — 1,904 — Interest earned on cash and short-term investments 4 34 26 87 Net investment income $ 1,857 $ 1,721 $ 6,653 $ 4,578

Equity Method Investments

Equity Method Investments	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments The Company had investments in Compstar and Trean Intermediaries (TRI). Equity earnings and losses are reported in equity earnings in affiliates, net of tax on the condensed consolidated statements of operations. On July 15, 2020, the Company purchased the remaining 55% ownership interest in Compstar (See Note 2). Prior to the acquisition, the Company owned 45% of Compstar which had a carrying value of approximately $11,831 as of December 31, 2019. The Company recorded earnings for the three months ended September 30, 2020 and 2019 of $401 and $919, respectively. Distributions received from Compstar for the three months ended September 30, 2020 and 2019 were $540 and $1,458, respectively. The Company recorded earnings for the nine months ended September 30, 2020 and 2019 of $2,333 and $2,053, respectively. Distributions received from Compstar for the nine months ended September 30, 2020 and 2019 were $2,842 and $2,995, respectively. On January 3, 2020, the Company sold 15% of its previous 25% ownership in TRI for cash proceeds of $3,000. The Company currently maintains a 10% ownership interest in TRI. As a result of its significant ownership reduction and its lack of significant influence over the operations and policies of TRI, the Company reclassified its TRI investment, at fair value, to investments in common stock in the first quarter of 2020. The Company realized a gain on the sale of $3,115, which is included in net realized capital gains on the condensed consolidated statements of operations. The Company subsequently re-measured its TRI investment shares resulting in an unrealized gain of $2,000 which is recorded in net investment income on the condensed consolidated statement of operations. The carrying value of TRI as of December 31, 2019 was approximately $110. The Company received distributions totaling $225 for the nine months ended September 30, 2020. The Company recorded earnings of $104 and $445 for the three and nine months ended September 30, 2019, respectively. The Company received no distributions for the three months ended September 30, 2019, and $591 for the nine months ended September 30, 2019.

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following: (in thousands) September 30, 2020 December 31, 2019 Junior subordinated debt $ 7,732 $ 7,732 Secured credit facility 32,588 21,637 PPP Loan 325 — Total debt 40,645 29,369 Less: unamortized deferred financing costs (787) (329) Net debt $ 39,858 $ 29,040 Junior Subordinated Debt In June 2006, Trean Capital Trust I (the Trust) issued 7,500 shares of preferred capital securities to qualified institutional buyers and 232 common securities to Trean Corp. The proceeds of such issuances were invested by the Trust in $7,732 aggregate principal amount of Trean Corp's Junior Subordinated Debt due 2036 (the Subordinated Notes). The Subordinated Notes represent the sole assets of the Trust. The Subordinated Notes mature on July 7, 2036. The interest rate was a fixed rate of 9.167% until July 7, 2011, after which a variable interest rate of LIBOR (0.28% and 1.99% as of September 30, 2020 and December 31, 2019, respectively) plus 3.50% was in effect. The interest rate totaled 3.78% and 5.49% as of September 30, 2020 and December 31, 2019, respectively. There are optional dates for redemption of the Subordinated Notes, at the option of the Company, on any January 7, April 7, July 7, or October 7 following July 7, 2011. There are no funding requirements for Trean Corp to the Trust except for the necessary quarterly interest payments. Trean Corp is the guarantor of the Subordinated Notes. The preferred capital securities issued by the Trust in turn pay quarterly cash distributions at an annual rate of 9.167% per annum of the liquidation amount of $1 per security until July 7, 2011 and thereafter at a variable rate per annum, reset quarterly, equal to LIBOR plus 3.50%. These preferred securities were guaranteed by the Company and were paid off in full on October 7, 2020. The Company recorded $69 and $115 of interest expense associated with the Subordinated Notes during the three months ended September 30, 2020 and 2019, respectively. During the nine months ended September 30, 2020 and 2019, the Company recorded $265 and $356 of interest expense, respectively, associated with the Subordinated Notes. The terms of the Subordinated Notes require the Company to maintain certain general and financial covenants and ratios. The Company was in compliance with all covenants and ratios as of September 30, 2020 and December 31, 2019. The Subordinated Notes were redeemed in full on October 7, 2020. Secured Credit Facility In April 2018, Trean Corp entered into a credit agreement with a bank which includes a term loan facility totaling $27,500 and a revolving credit facility of $3,000. Borrowings are secured by substantially all of the assets of Trean and its subsidiaries. On May 26, 2020, the Company entered into a new Amended and Restated Credit Agreement which, among other things, extended the Company's credit facility for a period of five years through May 26, 2025 and increased its term loan facility by $11,707 resulting in a total term loan debt amount of $33,000 at the time of closing. The loan has a variable interest rate of LIBOR plus 3.50% and 3.00%, which was 4.81% and 6.33% as of September 30, 2020 and December 31, 2019, respectively. The outstanding principal balance of the loan is to be repaid in quarterly installments which escalate from $206 to $825. All equity securities of the subsidiaries of Trean Insurance Group, Inc. (other than Benchmark Holding Company and its subsidiaries) have been pledged as collateral. The Company recorded $403 and $369 of interest expense associated with its credit facility during the three months ended September 30, 2020 and 2019, respectively. During the nine months ended September 30, 2020 and 2019, the Company recorded $1,125 and $1,261 of interest expense, respectively, associated with its credit facility. The terms of the credit facility require the Company to maintain certain financial covenants and ratios. The Company was in compliance with all covenants and ratios as of September 30, 2020 and December 31, 2019. PPP Loan In conjunction with the acquisition of Compstar (See Note 2), the Company acquired a Federal Paycheck Protection Program Loan (PPP Loan) with a principal balance of $325. The PPP Loan has a fixed interest rate of 1.00%. The Company recorded $1 of interest expense for the three and nine months ended September 30, 2020. Oak Street Loan In conjunction with the acquisition of Compstar (See Note 2), the Company acquired a loan from Oak Street Funding with a total principle of $19,740. In July 2020, upon completion of the acquisition, the Company paid this loan off in full.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Revenue from contracts with customers, included in other revenue, includes brokerage, management, third-party administrative and consulting fees. Revenue from contracts with customers was $5,401 and $11,323 for the three and nine months ended September 30, 2020, respectively, compared to $2,561 and $8,049 for the three and nine months ended September 30, 2019, respectively. The following table presents the revenues recognized from contracts with customers included in the condensed consolidated statements of operations. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Brokerage $ 4,422 $ 1,820 $ 8,870 $ 5,435 Managing general agent fees 312 144 720 711 Third-party administrator fees 562 432 1,329 1,405 Consulting fees 105 165 404 498 Total revenue from contracts with customers $ 5,401 $ 2,561 $ 11,323 $ 8,049 The Company did not have any contract liabilities as of September 30, 2020 or December 31, 2019. The following table provides information related to the contract assets from contracts with customers. Contract assets are included within other assets on the condensed consolidated balance sheets. (in thousands) September 30, 2020 December 31, 2019 Contract assets $ 5,405 $ 1,103

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense for interim periods is measured using an estimated effective income tax rate for the annual period. The Company's effective tax rate was 1.1% and 5.5% for the three and nine months ended September 30, 2020, respectively. The effective tax rate differed from the statutory rate primarily due to the non-tax impact of the gain recorded on the revaluation of the Company's original 45% investment in Compstar, offset by certain IPO-related expenses not deductible for tax purposes. The Company's effective tax rate was 22.6% for the three months ended September 30, 2019. The effective tax rate differed from the statutory rate of 21% due to the impact of state taxes. The Company's effective tax rate was 19.5% for the nine months ended September 30, 2019. The effective tax rate differed from the statutory rate primarily due to book and tax basis differences resulting from the acquisition of FCCIC.

Liability for Unpaid Losses and

Liability for Unpaid Losses and Loss Adjustment Expense	9 Months Ended
	Sep. 30, 2020
Insurance [Abstract]
Liability for Unpaid Losses and Loss Adjustment Expense	Liability for Unpaid Losses and Loss Adjustment Expense The following table represents a reconciliation of changes in the liability for unpaid losses and LAE. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Unpaid losses and LAE reserves at beginning of period $ 442,500 $ 382,473 $ 406,716 $ 340,415 Less losses ceded through reinsurance (332,765) (283,974) (304,005) (257,421) Net unpaid losses and LAE at beginning of period 109,735 98,499 102,711 82,994 Acquisition of First Choice Casualty Insurance Company — — — 6,366 Incurred losses and LAE related to: Current period 15,864 14,358 43,053 41,637 Prior period (300) (382) (2,372) (3,191) Total incurred losses and LAE 15,564 13,976 40,681 38,446 Paid losses and LAE, net of reinsurance, related to: Current period 4,196 4,076 8,786 6,404 Prior period 4,771 2,107 18,274 15,110 Total paid losses and LAE 8,967 6,183 27,060 21,514 Net unpaid losses and LAE at end of period 116,332 106,292 116,332 106,292 Plus losses ceded through reinsurance 349,170 299,959 349,170 299,959 Unpaid losses and LAE reserves at end of period $ 465,502 $ 406,251 $ 465,502 $ 406,251 As a result of changes in estimates of insured events in prior years, the provision for unpaid losses and LAE decreased by approximately $300 for the three months ended September 30, 2020 and $382 for the three months ended September 30, 2019. The provision for unpaid losses and LAE decreased by approximately $2,372 and $3,191 for the nine months ended September 30, 2020 and 2019, respectively, primarily attributable to the development in the Company’s workers’ compensation book of business.

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2020
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance The Company utilizes reinsurance contracts to reduce its exposure to losses in all aspects of its insurance business. Such reinsurance permits recovery of a portion of losses from reinsurers, although it does not relieve the Company from its primary liability to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company evaluates the financial strength of potential reinsurers and continually monitors the financial condition of its reinsurers. A summary of the impact of ceded reinsurance on premiums written and premiums earned is as follows: Three Months Ended September 30, 2020 2019 (in thousands) Gross Assumed Ceded Net Gross Assumed Ceded Net Written premiums $ 129,927 $ 2,357 $ (94,083) $ 38,201 $ 105,947 $ 1,587 $ (85,073) $ 22,461 Earned premiums 107,314 2,007 (81,465) 27,856 100,297 1,625 (79,761) 22,161 Nine Months Ended September 30, 2020 2019 (in thousands) Gross Assumed Ceded Net Gross Assumed Ceded Net Written premiums $ 343,500 $ 6,255 $ (262,301) $ 87,454 $ 308,267 $ 5,221 $ (247,705) $ 65,783 Earned premiums 304,194 5,960 (238,460) 71,694 289,947 5,442 (230,227) 65,162

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	Leases Adoption of Leases, Topic 842 On January 1, 2020, the Company adopted ASU No. 2016-02 Leases (Topic 842) , and all related amendments under the modified retrospective approach. Under this transition approach, comparative prior periods, including disclosures, were not restated. The Company elected the transition package of practical expedients which, among other things, allowed the Company to carry forward historical lease classification. The Company chose not to elect the hindsight practical expedient. The Company has elected, as a practical expedient, to account for lease components and any non-lease components within a contract as a single lease component, and therefore allocates all of the expected lease payments to the lease component. The adoption of the standard did not have an impact on the Company's condensed consolidated statements of operations and there was no adjustment to its retained earnings opening balance sheet as of January 1, 2020. The Company does not expect the adoption of the new standard to have a material impact on the Company's operating results on an ongoing basis. The most significant impact of the new lease standard was the recognition of right-of-use assets and lease liabilities for operating leases. On January 1, 2020, the adoption of the new standard resulted in the recognition of a right-of-use asset and total lease liability of $5,946. The Company's leases consist of operating leases for office space and equipment. The Company determines if an arrangement is a lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets are recognized at commencement date based on the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Some of the Company's leases include options to extend the term, which is only included in the lease liability and right-of-use assets calculation when it is reasonably certain the Company will exercise that option. Our leases have remaining terms ranging from one month to 93 months, some of which have options to extend the lease for up to 5 years. As of September 30, 2020, the lease liability and right-of-use assets did not include the impact of any lease extension options as it is not reasonably certain that the Company will exercise the extension options. Total lease expense for the three months ended September 30, 2020 was $641, inclusive of $72 in variable lease expense. The Company also sublets some of its leased office space and recorded $11 of sublease income for the three months ended September 30, 2020, which is included in other income on the condensed consolidated statements of operations. Total rent expense was $382 and sublease income was $30 for the three months ended September 30, 2019, which were recorded prior to the adoption of ASU 2016-02. Total lease expense for the nine months ended September 30, 2020 was $1,755, inclusive of $214 in variable lease expense. The Company also sublets some of its leased office space and recorded $59 of sublease income for the nine months ended September 30, 2020, which is included in other income on the condensed consolidated statement of operations. Total rent expense was $1,119 and sublease income was $90 for the nine months ended September 30, 2019, which were recorded prior to the adoption of ASU 2016-02. Supplemental balance sheet information, the weighted average remaining lease term and weighted average discount rate related to leases were as follows: (dollars in thousands) September 30, 2020 Right of use asset $ 6,558 Lease liability $ 7,054 Weighted average remaining lease term 3.49 years Weighted average discount rate 6.41 % Future maturities of lease liabilities as of September 30, 2020 are as follows: (in thousands) Operating Leases 2020 $ 595 2021 2,324 2022 2,266 2023 1,686 2024 922 Thereafter 78 Total lease payments 7,871 Less: imputed interest (817) Total lease liabilities $ 7,054 The Company had the following minimum annual commitments for payment of leases as of December 31, 2019: (in thousands) Rent Expense 2020 $ 1,718 2021 1,614 2022 1,594 2023 1,191 2024 669 Thereafter 46 Total lease payments $ 6,832

Equity

Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Equity	Equity Initial Public Offering and Reorganization On July 20, 2020, Trean Insurance Group, Inc. closed the sale of 10,714,286 shares of its common stock in its IPO, comprised of 7,142,857 shares issued and sold by Trean Insurance Group, Inc. and 3,571,429 shares sold by selling shareholders. On July 22, 2020, Trean Insurance Group, Inc. closed the sale of an additional 1,207,142 shares by certain selling shareholders in the IPO pursuant to the exercise of the underwriters’ option to purchase additional shares to cover over-allotments. The IPO price per share was $15.00. The aggregate IPO price for all shares sold in the IPO was approximately $107,142 and the aggregate initial public offering price for all shares sold by the selling shareholders in the IPO was approximately $71,678. The shares began trading on the Nasdaq Global Select Market on July 16, 2020 under the symbol "TIG". The offer and sale was pursuant to a registration statement on Form S-1 (File No. 333-239291), which was declared effective by the SEC on July 15, 2020. Trean Insurance Group, Inc. received net proceeds from the sale of shares in the IPO of approximately $94,906 after deducting underwriting discounts and commissions of $7,500 and estimated offering expenses of $4,737. Trean Insurance Group, Inc. did not receive any proceeds from the sale of shares by the selling shareholders. In addition, and in conjunction with its IPO, Trean Insurance Group, Inc. issued 6,613,606 shares of common stock, with a purchase price value of $99,204, to acquire the remaining 55% ownership in Compstar Holding Company LLC. See Part II, Item 2, "Unregistered Sales of Equity Securities and Use of Proceeds" for a detailed discussion of use of proceeds associated with the IPO. Prior to the completion of the above offering, the Company effected the following reorganization transactions: (i) each of Trean and BIC contributed all of their respective assets and liabilities to Trean Insurance Group, Inc., a newly formed direct subsidiary of BIC, in exchange for shares of common stock in Trean Insurance Group, Inc. and (ii) upon the completion of the transfers by Trean and BIC, Trean and BIC were dissolved and distributed in-kind common shares to the pre-IPO unitholders. Common Stock The Company currently has authorized 600,000,000 shares of common stock with a par value of $0.01. As of September 30, 2020, there were 51,148,782 shares of common stock issued and outstanding. Members' Equity Prior to the IPO of Trean Insurance Group, Inc., the Company had three classes of ownership units, each with its respective rights, preferences and privileges as follows: 1) Class A Units : Receive an allocation of profits and losses incurred by the Company as well as maintain the right to receive distributions, along with Class B Units, on a pro rata basis prior to distributions made to other classes of ownership units. 2) Class B Units : Receive an allocation of profits and losses incurred by the Company as well as maintain the right to receive distributions, along with Class A Units, on a pro rata basis prior to distributions made to other classes of ownership units. Class B maintains both voting and non-voting units. Each Class B Voting Unit is entitled to one vote per Class B Voting Unit on each matter to which the members are entitled to vote. Class B Non-Voting Units maintain all rights, preferences and privileges allowed to Class B Voting Units with the exception of voting rights. 3) Class C Units : Receive an allocation of profits and losses incurred by the Company. Participating Class C Units maintain the right to receive distributions after any Class A or Class B units based on the unit holders’ pro rata share. As part of the corporate reorganization performed in conjunction with the IPO of Trean Insurance Group, all ownership units were exchanged for a total of 37,386,394 shares of the Company's common stock. Redeemable Preferred Stock Trean Corp has designated and authorized 1,000,000 shares as Series A Redeemable Preferred Stock (Series A) which have no voting rights. The holder is entitled to receive annual cumulative dividends at 4.5% of the original cost per share. In the event of liquidation, dissolution, or winding up of the affairs of Trean Corp, liquidation distributions are made to preferred shareholders before common shareholders. Series A contained no conversion features. During 2019 the Company redeemed all of its remaining shares of Series A. Benchmark Holding Company has designated and authorized 1,000,000 shares as Series B Redeemable Preferred Stock (Series B) which have no voting rights. The holder is entitled to receive annual cumulative dividends as a percentage of the original cost per share or the actual earning on the invested funds. In the event of liquidation, dissolution, or winding up of the affairs of Benchmark Holding Company, liquidation distributions are made to preferred shareholders before common shareholders. Series B contains no conversion features. The liquidation preference and redemptive value of Series B is equivalent to its carrying value as of September 30, 2020 and December 31, 2019. The Company classified the shares of Series B within temporary equity on the condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019, due to the liquidation rights associated with the termination of the shareholder customer agreement. In conjunction with the IPO of Trean Insurance Group, Inc. on July 15, 2020, the Company redeemed all of its remaining shares of Series B. The cumulative dividends earned by Series B holders totaled approximately $45 and $128 for the three and nine months ended September 30, 2020, respectively, which consist of the following (in thousands, except share and per share amounts): Three Months Ended September 30, 2020 Total Dividend Dividend per Share Weighted Dividends on preferred shares - Series B $ 45 $ 890.85 51.00 Nine Months Ended September 30, 2020 Total Dividend Dividend per Share Weighted Dividends on preferred shares - Series B $ 128 $ 2,513.76 51.00 The cumulative dividends earned by Series A and Series B holders totaled approximately $48 and $144 for the three and nine months ended September 30, 2019, respectively, which consist of the following (in thousands, except share and per share amounts): Three Months Ended September 30, 2019 Total Dividend Dividend per Share Weighted Dividends on preferred shares - Series A $ 12 $ 1,134.15 10.00 Dividends on preferred shares - Series B 36 605.42 60.00 Total preferred share dividends $ 48 Nine Months Ended September 30, 2019 Total Dividend Dividend per Share Weighted Dividends on preferred shares - Series A $ 34 $ 3,365.75 10.00 Dividends on preferred shares - Series B 110 1,845.88 60.00 Total preferred share dividends $ 144

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share (EPS) is computed by dividing net income by the weighted average number of shares outstanding during reported periods. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock of the Company during reported periods and is calculated using the treasury stock method. As a result of the Company's third quarter IPO and corporate reorganization, the number of shares used to compute earnings per share for pre-reorganization 2019 periods presented was retrospectively adjusted to reflect the recapitalization akin to a split-like situation. The following table presents the calculation of basic and diluted EPS of common stock: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share amounts) 2020 2019 2020 2019 Net income - basic and diluted $ 69,337 $ 5,786 $ 82,663 $ 20,628 Weighted average number of shares outstanding - basic 49,054,441 37,386,394 41,304,132 37,386,394 Effect of dilutive securities: RSUs 1,560 — 520 — Dilutive shares 1,560 — 520 — Weighted average number of shares outstanding - diluted 49,056,001 37,386,394 41,304,652 37,386,394 Earnings per share: Basic $ 1.41 $ 0.15 $ 2.00 $ 0.55 Diluted $ 1.41 $ 0.15 $ 2.00 $ 0.55 For the three and nine months ended September 30, 2020, there were no anti-dilutive shares excluded from the calculation of diluted EPS.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following table presents the changes in accumulated other comprehensive income for unrealized gains and losses on available-for-sale securities: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Balance at beginning of period $ 8,703 $ 4,051 $ 4,821 $ (2,003) Other comprehensive income, net of tax: Unrealized investment gains: Unrealized investment gains arising during the period 686 1,189 5,715 8,942 Income tax expense 144 249 1,198 1,878 Unrealized investment gains, net of tax 542 940 4,517 7,064 Less: reclassification adjustments to: Net realized investment gains (losses) included in net realized capital gains (losses) 114 (34) 232 55 Income tax expense (benefit) 24 (8) 49 11 Total reclassifications included in net income, net of tax 90 (26) 183 44 Other comprehensive income 452 966 4,334 7,020 Balance at end of period $ 9,155 $ 5,017 $ 9,155 $ 5,017

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation As of September 30, 2020, the Company has one incentive plan, the Trean Insurance Group, Inc. 2020 Omnibus Incentive Plan, (the 2020 Omnibus Plan). The purposes of the 2020 Omnibus Plan are to provide additional incentive to selected officers, employees, non-employee directors, independent contractors, and consultants of the Company whose contributions are essential to the growth and success of the business of the Company and its affiliates, in order to strengthen the commitment and motivate such individuals to faithfully and diligently perform their responsibilities and attract competent and dedicated individuals whose efforts will result in the long-term growth and profitability of the Company and its affiliates. The 2020 Omnibus Plan is administered by the Company’s board of directors and provides for the issuance of up to 5,058,085 shares of the Company's common stock granted in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, stock bonuses, other stock-based awards or any combination of the foregoing. Stock Options Compensation expense is recognized for all stock-based compensation arrangements by the Company. Stock-based compensation expense related to stock option awards was $28 for the three and nine months ended September 30, 2020. Employee stock option awards granted set forth, among other things, the option exercise price, the option term, provisions regarding option exercisability and whether the option is intended to be an incentive stock option (ISO) or a nonqualified stock option. Stock options may be granted to employees at such exercise prices as the Company’s board of directors may determine but not less than 100% of the fair market value of the underlying stock as of the date of grant. Employee options vest one third annually over a period of three years and have contractual terms of 10 years from the date of grant. The fair value of each time-based vesting option award is estimated on the date of grant using the Black-Scholes option pricing model that uses assumptions noted in the following table. The Company’s expected volatility for the period was based on a weighted average expected volatility of an industry peer group of insurance companies of similar size, life cycle and lines of business. Expected term is calculated using the simplified method taking into consideration the option's contractual life and vesting terms. The Company’s stock option grants qualify as plain vanilla options and as such the Company uses the simplified method in estimating its expected option term as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time its common shares have been publicly traded. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend yields were not used in the fair value computations as the Company has never declared or paid dividends on its common stock and currently intends to retain earnings for use in operations. Fiscal 2 Expected volatility 29.8% Expected term 6 years Risk-free interest rate 0.47% A summary of the status of the Company's stock option activity as of September 30, 2020 and changes during the nine months then ended are as follows: Stock Options Weighted Average Exercise Price Balance outstanding, December 31, 2019 — $ — Granted 89,920 $ 15.00 Balance outstanding, September 30, 2020 89,920 $ 15.00 Options exercisable, September 30, 2020 — $ — The following table summarizes information regarding stock options outstanding as of September 30, 2020: Options Outstanding Options Vested or Expected to Vest Stock Options Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Term Aggregate Intrinsic Value Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Term Aggregate Intrinsic Value 2020 Omnibus Plan 89,920 $ 15.00 9.83 years $ 22,480 89,920 $ 15.00 9.83 years $ 22,480 The weighted average grant-date fair value of options granted in the nine months ended September 30, 2020 was $4.43. As of September 30, 2020, total unrecognized compensation cost related to stock options was $370 and is expected to be recognized over a weighted average period of approximately 1.5 years. Restricted Stock Units Compensation expense relating to restricted stock unit grants was $279 for the three and nine months ended September 30, 2020. As of September 30, 2020 there was $1,458 of total unrecognized compensation cost related to non-vested restricted stock unit grants. That cost is expected to be recognized over a weighted average expected life of 2.7 years. The total fair value of restricted stock units vested during the nine months ended September 30, 2020 was $174. The estimated fair value of restricted stock units is based on the grant date closing price of the Company's stock for time-based vesting awards. The Company has granted restricted stock units to certain key employees as part of the Company's long-term incentive program. The restricted stock generally vests in three equal annual installments beginning one year from the grant date and is being amortized as compensation expense over the three-year vesting period. The Company has also granted restricted stock units to non-employee directors as part of the Company's annual director compensation program. Each restricted stock grant to non-employee directors vests on the day immediately preceding the next annual meeting of shareholders following the date of grant. The grants are amortized as director compensation expense over the twelve-month vesting period. A summary of the status of the Company’s non-vested restricted stock unit activity as of September 30, 2020 and changes during the nine-month period then ended is as follows: Employees Non-Employee Directors Total Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Non-vested outstanding, December 31, 2019 — $ — — $ — — $ — Granted 106,160 $ 15.42 6,668 $ 15.12 112,828 $ 15.40 Vested (11,240) $ 15.51 — $ — (11,240) $ 15.51 Non-vested outstanding, September 30, 2020 94,920 $ 15.41 6,668 $ 15.12 101,588 $ 15.39 Pre-IPO Stock-Based Compensation On June 15, 2017, the Company entered into a Management Incentive Unit Agreement with an individual, who is a member of the Board of Managers of the Company, to issue Class C shares as partial compensation for future services to the Company. The shares issued under this agreement are subject to terms in the agreements between the Company and the recipient. All shares granted were vested as part of the IPO of Trean Insurance Group, Inc. during the third quarter. There was no non-vested stock-based compensation related to pre-IPO grants as of September 30, 2020. The Company recognized approximately $157 and $197 of stock based compensation expense for the three and nine months ended September 30, 2020, respectively. The Company recognized approximately $20 and $59 of stock based compensation expense for the three and nine months ended September 30, 2019.

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Transactions with Related Parties	Transactions with Related Parties The Company owed Altaris Capital Partners, LLC, a private equity firm and significant shareholder of the Company, approximately $83, which is included within accounts payable and accrued expenses on the condensed consolidated balance sheet as of December 31, 2019. The Company was owed amounts from TRI of approximately $33 and $14 as of September 30, 2020 and December 31, 2019, respectively, which is included in related party receivables on the condensed consolidated balance sheet. The Company recorded $50 and $150 of revenue for consulting services provided to TRI for the three and nine months ended September 30, 2020, respectively, which is included in other revenue on the condensed consolidated statements of operations. The Company recorded $50 and $150 of revenue for consulting services provided to TRI for the three and nine months ended September 30, 2019, respectively. Effective July 15, 2020, Trean Compstar Holdings LLC purchased the remaining ownership interest in Compstar (See Note 2). Prior to the acquisition, the Company owned a 45% interest in Compstar, a program manager that handles the underwriting, premium collection and servicing of insurance policies for the Company. The Company recorded $90,199 of gross earned premiums resulting in gross commissions of $17,709 for the nine months ended September 30, 2020. The Company recorded $47,825 and $127,516 of gross earned premiums resulting in gross commissions of $9,924 and $26,478 due to Compstar for the three and nine months ended September 30, 2019, respectively. All receivables are stated net of the commissions due under the Program Manager Agreement and totaled $22,207 as of December 31, 2019 which is recorded in related party receivables on the condensed consolidated balance sheets.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Events or transactions that occur after the balance sheet date, but before the condensed consolidated financial statements are complete, are reviewed by the Company to determine if they are to be recognized and/or disclosed as appropriate. The ongoing global COVID-19 pandemic and response thereto has significantly impacted financial markets, businesses, households and communities and has caused a contraction in business activity and volatility in financial markets. The Company took several actions to protect the health of the public and its employees and to comply with directives and advice of governmental authorities, including restricting business travel and transitioning from an office-based company to primarily a remote working culture. As state, city and county guidelines progress, the Company has implemented new health and safety in-office procedures to prepare for transitioning its workforce back to working in offices on a limited basis. To date, the effects of the COVID-19 pandemic have not had a significant impact on the Company's financial position, results of operations or cash flows. However, continuation of the COVID-19 pandemic could cause additional reduction in business activity and financial market instability. The extent of the impact or continuation of the COVID-19 pandemic on the Company's future operational and financial performance will depend on several factors, including the duration of the pandemic and actions taken by government and health officials in response, all of which are uncertain and cannot be predicted. The Company will continue to monitor the impact of the ongoing continuation of the COVID-19 pandemic on its business, including how it will impact premium revenue, loss experience and loss expense, liquidity, regulatory capital and surplus, and operations. On October 1, 2020, Benchmark Holding Company acquired 7710 Holdings, LLC (7710), which includes 7710 Insurance Company as well as its associated program manager and agency, 7710 Service Company, LLC and Creekwood Insurance Agency, LLC for a purchase price of $12,140. 7710 Insurance Company underwrites workers' compensation primarily for emergency services, including firefighters and emergency medical services (EMS). 7710 focuses on reducing costs and claims through the implementation of a propriety safety preparedness and loss control program, created and staffed by experienced firefighters and EMS professionals. On October 7, 2020, Trean Corp redeemed all of the Subordinated Notes for a total payoff amount of $7,807. All of the effects of subsequent events that provide additional evidence about conditions that existed at the condensed consolidated balance sheet date, including the estimates inherent in the process of preparing the condensed consolidated financial statements, are recognized in the condensed consolidated financial statements.

Business and Basis of Present_2

Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of estimates	Use of estimates While preparing the condensed consolidated financial statements, the Company has made certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements, as well as reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Reported amounts that require extensive use of estimates include the reserves for unpaid losses and loss adjustment expenses (LAE), reinsurance recoveries, investments and goodwill and other intangible assets. Except for the captions on the
Accounting pronouncements	Accounting pronouncements Recently adopted policies In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). This update provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. This standard is effective for the period between March 12, 2020 and December 31, 2022. The adoption of this standard did not have a material impact on the condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13). This update modifies the existing disclosure requirements on fair value measurements in Topic 820 by changing requirements regarding Level 1, Level 2 and Level 3 investments. The Company adopted this standard effective January 1, 2020 on a prospective basis. The adoption of this standard did not have a material impact on the condensed consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). This update simplifies the manner in which an entity is required to test goodwill for impairment. ASU 2017-04 is effective for annual periods beginning after December 15, 2021, including interim periods thereafter, with early adoption permitted. The Company has elected to early adopt this standard effective January 1, 2020. Adoption of this standard did not have a material impact on the condensed consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016‑02 Leases (Topic 842) (ASU 2016-02), which provides guidance for accounting for leases. The new guidance requires companies to recognize the assets and liabilities for the rights and obligations created by leased assets, initially measured at the present value of lease payments. Management adopted this standard effective January 1, 2020 under the modified retrospective approach. Adoption of this standard resulted in the Company recognizing initial right-of-use assets of $5,946 and initial lease liabilities of $5,946 and did not result in a cumulative effect adjustment on retained earnings. The adoption of this standard did not have a material impact on the condensed consolidated statements of operations or condensed consolidated statements of cash flows. Pending policies The Company completed its IPO in July 2020, and is an emerging growth company as defined under federal securities laws. As such, the Company has elected to adopt pending accounting policies under the dates required for private companies. Therefore, the dates included within this section reflect the effective dates for the adoption of new accounting policies required by private companies. In March 2020, the FASB issued ASU No. 2020-03, Codification Improvements to Financial Instruments (ASU 2020-03). This update represents changes to clarify and improve the codification to allow for easier application by eliminating inconsistencies and providing clarification on items such as (i) the application of fair value option disclosures; (ii) the accounting for fees related to modifications of debt; and (iii) aligning the contractual term of a net investment in a lease in accordance with ASC Topic 326, Financial Instruments - Credit Losses , and the lease term determined in accordance with ASC Topic 842, Leases . Certain issues addressed in this update are effective for annual periods beginning after December 15, 2020 and others are effective for annual periods beginning after December 15, 2022. The Company will adopt each standard upon their respective effective dates of January 1, 2021 and January 1, 2023. Adoption of this standard is not expected to have a material impact on the condensed consolidated financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivative and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323 and Topic 815 (ASU 2020-01). This update addresses the accounting for certain equity securities upon the application or discontinuation of the equity method of accounting. Further, the update addresses scope considerations for forward contracts and purchased options on certain securities. ASU 2020-01 is effective for annual periods beginning after December 15, 2021, including interim periods thereafter. The Company will adopt this standard effective January 1, 2022. Adoption of this standard is not expected to have a material impact on the condensed consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (ASU 2016-13). This update requires financial assets measured at amortized cost to be presented at the net amount expected to be collected by means of an allowance for credit losses that runs through net income. Additionally, credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses, with the amount of the allowance limited to the amount by which the fair value is below the amortized cost. ASU 2016-13 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. The Company will adopt this standard effective January 1, 2023. The Company is currently evaluating the impact of this standard on the condensed consolidated financial statements.
Fair value measurements	Fair Value Measurements The Company’s financial instruments include assets and liabilities carried at fair value. The inputs to valuation techniques used to measure fair value are prioritized into a three level hierarchy. The fair value hierarchy is as follows: Level 1 : Fair values primarily based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 : Fair values primarily based on observable inputs, other than quoted prices included in Level 1, or based on prices for similar assets and liabilities. Level 3 : Fair values primarily based on valuations derived when one or more of the significant inputs are unobservable. With little or no observable market, the determination of fair value uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. The Company classifies the financial asset or liability by level based upon the lowest level input that is significant to the determination of the fair value. The following tables present the estimated fair value of the Company’s significant financial instruments.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Schedule of Assets Acquired and Liabilities Assumed	The following table summarizes the consideration paid and the amounts of estimated fair value of the net assets acquired and liabilities assumed at the acquisition date. The assessment of fair value and the determination of deferred tax assets acquired is preliminary and is based on the information that was available at the time the condensed consolidated financial statements were prepared. Accordingly, the allocation of purchase price to intangible assets and to deferred tax assets and liabilities is preliminary and, therefore, subject to adjustment in future periods. Fair value of total consideration transferred $ 99,204 Previous investment in subsidiary 11,321 Fair value adjustment to prior investment 69,846 Fair value of assets acquired and liabilities assumed 180,371 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and cash equivalents 11,891 Premiums and other receivables 1,624 Property and equipment 444 Right of use asset 1,020 Goodwill 136,236 Intangible assets, net 73,954 Other assets 184 Accounts payable and accrued expenses (11,128) Lease liability (1,302) Deferred tax liabilities (12,487) Debt (20,065) Net assets acquired $ 180,371 Fair value of total consideration transferred $ 1,400 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and cash equivalents 302 Premiums and other receivables 55 Property and equipment 63 Goodwill 517 Intangible assets, net 482 Other assets 12 Accounts payable (17) Income taxes payable (14) Net assets acquired $ 1,400 The following table summarizes the consideration paid and the amounts of estimated fair value of the assets acquired and liabilities assumed at the acquisition date (in thousands): Fair value of total consideration transferred $ 5,314 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash 973 Investments 4,252 Accrued investment income 40 Premiums and other receivables 1,571 Deferred tax asset 242 Other assets 10 Unpaid loss and loss adjustment expenses (6,426) Unearned premiums (1,003) Funds held under reinsurance agreements 7,980 Reinsurance premiums payable (1,037) Accounts payable and accrued expenses (316) Income taxes payable (338) Net assets acquired 5,948 Gain on bargain purchase $ 634
Schedule of Acquired Finite-Lived Intangible Assets by Major Class	Intangible assets are comprised of the following: (in thousands) Useful Life Balance Trade name 15 years $ 3,157 Customer relationships 14 years 70,797 Total intangible assets $ 73,954

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Summary of Fair Value Options	The following tables present the estimated fair value of the Company’s significant financial instruments. September 30, 2020 (in thousands) Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government and government securities $ 12,932 $ 175 $ — $ 13,107 Foreign governments — 304 — 304 States, territories and possessions — 7,804 — 7,804 Political subdivisions of states territories and possessions — 30,869 — 30,869 Special revenue and special assessment obligations — 76,494 — 76,494 Industrial and public utilities — 116,138 — 116,138 Commercial mortgage-backed securities — 18,107 — 18,107 Residential mortgage-backed securities — 70,384 — 70,384 Other loan-backed securities — 41,724 — 41,724 Hybrid securities — 355 — 355 Total fixed maturities 12,932 362,354 — 375,286 Equity securities: Preferred stock — 240 — 240 Common stock 882 576 2,000 3,458 Total equity securities 882 816 2,000 3,698 Total investments $ 13,814 $ 363,170 $ 2,000 $ 378,984 Funds held under reinsurance agreements — 160,614 — 160,614 Debt: Junior subordinated debt — 7,732 — 7,732 Secured credit facility — 32,588 — 32,588 PPP Loan — 325 — 325 Total debt $ — $ 40,645 $ — $ 40,645 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government and government securities $ 16,129 $ — $ — $ 16,129 Foreign governments — 302 — 302 States, territories and possessions — 4,923 — 4,923 Political subdivisions of states, territories and possessions — 25,104 — 25,104 Special revenue and special assessment obligations — 61,405 — 61,405 Industrial and public utilities — 123,207 — 123,207 Commercial mortgage-backed securities — 16,312 — 16,312 Residential mortgage-backed securities — 54,109 — 54,109 Other loan-backed securities — 36,011 — 36,011 Hybrid securities — 363 — 363 Total fixed maturities 16,129 321,736 — 337,865 Equity securities: Preferred stock — 343 — 343 Common stock — 492 — 492 Total equity securities — 835 — 835 Total investments $ 16,129 $ 322,571 $ — $ 338,700 Funds held under reinsurance agreements — 163,445 — 163,445 Debt: Junior subordinated debt — 7,732 — 7,732 Secured credit facility — 21,637 — 21,637 Total debt $ — $ 29,369 $ — $ 29,369

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of Debt Securities, Available-for-sale	The cost or amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the investments in securities classified as available for sale are as follows: September 30, 2020 (in thousands) Cost or Gross Gross Fair Value Fixed maturities: U.S. government and government securities $ 12,701 $ 406 $ — $ 13,107 Foreign governments 300 4 — 304 States, territories and possessions 7,537 267 — 7,804 Political subdivisions of states, territories and possessions 29,514 1,356 (1) 30,869 Special revenue and special assessment obligations 72,495 4,041 (42) 76,494 Industrial and public utilities 109,330 6,972 (164) 116,138 Commercial mortgage-backed securities 16,342 1,790 (25) 18,107 Residential mortgage-backed securities 68,864 1,630 (110) 70,384 Other loan-backed securities 41,067 811 (154) 41,724 Hybrid securities 356 1 (2) 355 Total fixed maturities available for sale $ 358,506 $ 17,278 $ (498) $ 375,286 December 31, 2019 (in thousands) Cost or Gross Gross Fair Value Fixed maturities: U.S. government and government securities $ 15,965 $ 167 $ (3) $ 16,129 Foreign governments 299 3 — 302 States, territories and possessions 4,789 134 — 4,923 Political subdivisions of states, territories and possessions 24,444 670 (10) 25,104 Special revenue and special assessment obligations 59,149 2,298 (42) 61,405 Industrial and public utilities 119,735 3,490 (18) 123,207 Commercial mortgage-backed securities 15,586 757 (31) 16,312 Residential mortgage-backed securities 53,467 679 (37) 54,109 Other loan-backed securities 35,849 281 (119) 36,011 Hybrid securities 357 6 — 363 Total fixed maturities available for sale $ 329,640 $ 8,485 $ (260) $ 337,865
Schedule of Continuous Unrealized Loss Position	The following table illustrates the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: September 30, 2020 Less Than 12 Months 12 Months or More Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Fixed maturities: U.S. government and government securities $ 100 $ — $ — $ — $ 100 $ — Foreign governments — — — — — — States, territories and possessions — — — — — — Political subdivisions of states, territories and possessions 299 (1) — — 299 (1) Special revenue and special assessment obligations 2,347 (42) — — 2,347 (42) Industrial and public utilities 2,172 (164) — — 2,172 (164) Commercial mortgage-backed securities 1,000 (25) — — 1,000 (25) Residential mortgage-backed securities 13,931 (95) 280 (15) 14,211 (110) Other loan-backed securities 4,033 (28) 10,466 (126) 14,499 (154) Hybrid securities 248 (2) — — 248 (2) Total bonds $ 24,130 $ (357) $ 10,746 $ (141) $ 34,876 $ (498) December 31, 2019 Less Than 12 Months 12 Months or More Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Fixed maturities: U.S. government and government securities $ 293 $ (2) $ 1,349 $ (1) $ 1,642 $ (3) Foreign governments — — — — — — States, territories and possessions — — — — — — Political subdivisions of states, territories and possessions 1,500 (9) 690 (1) 2,190 (10) Special revenue and special assessment obligations 3,206 (42) 181 — 3,387 (42) Industrial and public utilities 5,939 (16) 1,094 (2) 7,033 (18) Commercial mortgage-backed securities 2,138 (30) 129 (1) 2,267 (31) Residential mortgage-backed securities 6,936 (13) 1,917 (24) 8,853 (37) Other loan-backed securities 2,189 (11) 13,885 (108) 16,074 (119) Hybrid securities — — — — — — Total bonds $ 22,201 $ (123) $ 19,245 $ (137) $ 41,446 $ (260)
Summary of Investments by Contractual Maturity	The amortized cost and estimated fair value of fixed maturities as of September 30, 2020, by contractual maturity, are as follows: (in thousands) Cost or Amortized Cost Fair Value Available for sale: Due in one year or less $ 19,595 $ 19,818 Due after one year but before five years 104,832 110,134 Due after five years but before ten years 59,166 64,122 Due after ten years 48,640 50,997 Commercial mortgage-backed securities 16,342 18,107 Residential mortgage-backed securities 68,864 70,384 Other loan-backed securities 41,067 41,724 Total $ 358,506 $ 375,286
Sumnary of Realized Gain (Loss) on Investments	Realized gains and losses on investments included in the condensed consolidated statements of operations for the three and nine months ended September 30, 2020 and 2019 are as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Fixed maturities: Gains $ 120 $ (42) $ 239 $ 78 Losses (6) 8 (7) (23) Total fixed maturities 114 (34) 232 55 Equity securities: Equity method investments: Gains — — 3,115 — Total equity securities — — 3,115 — Total net investment realized gains (losses) $ 114 $ (34) $ 3,347 $ 55
Summary of Net Investment Income	Net investment income consists of the following for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Fixed maturities $ 1,804 $ 1,677 $ 4,684 $ 4,504 Preferred stock 19 10 39 (13) Common stock 30 — 1,904 — Interest earned on cash and short-term investments 4 34 26 87 Net investment income $ 1,857 $ 1,721 $ 6,653 $ 4,578

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following: (in thousands) September 30, 2020 December 31, 2019 Junior subordinated debt $ 7,732 $ 7,732 Secured credit facility 32,588 21,637 PPP Loan 325 — Total debt 40,645 29,369 Less: unamortized deferred financing costs (787) (329) Net debt $ 39,858 $ 29,040

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenue	The following table presents the revenues recognized from contracts with customers included in the condensed consolidated statements of operations. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Brokerage $ 4,422 $ 1,820 $ 8,870 $ 5,435 Managing general agent fees 312 144 720 711 Third-party administrator fees 562 432 1,329 1,405 Consulting fees 105 165 404 498 Total revenue from contracts with customers $ 5,401 $ 2,561 $ 11,323 $ 8,049
Schedule of Contract with Customer, Contract Assets	Contract assets are included within other assets on the condensed consolidated balance sheets. (in thousands) September 30, 2020 December 31, 2019 Contract assets $ 5,405 $ 1,103

Liability for Unpaid Losses a_2

Liability for Unpaid Losses and Loss Adjustment Expense (Tables)	9 Months Ended
	Sep. 30, 2020
Insurance [Abstract]
Schedule of Liability for Unpaid Losses and Loss Adjustment Expense	The following table represents a reconciliation of changes in the liability for unpaid losses and LAE. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Unpaid losses and LAE reserves at beginning of period $ 442,500 $ 382,473 $ 406,716 $ 340,415 Less losses ceded through reinsurance (332,765) (283,974) (304,005) (257,421) Net unpaid losses and LAE at beginning of period 109,735 98,499 102,711 82,994 Acquisition of First Choice Casualty Insurance Company — — — 6,366 Incurred losses and LAE related to: Current period 15,864 14,358 43,053 41,637 Prior period (300) (382) (2,372) (3,191) Total incurred losses and LAE 15,564 13,976 40,681 38,446 Paid losses and LAE, net of reinsurance, related to: Current period 4,196 4,076 8,786 6,404 Prior period 4,771 2,107 18,274 15,110 Total paid losses and LAE 8,967 6,183 27,060 21,514 Net unpaid losses and LAE at end of period 116,332 106,292 116,332 106,292 Plus losses ceded through reinsurance 349,170 299,959 349,170 299,959 Unpaid losses and LAE reserves at end of period $ 465,502 $ 406,251 $ 465,502 $ 406,251

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2020
Reinsurance Disclosures [Abstract]
Summary of Effects of Reinsurance	A summary of the impact of ceded reinsurance on premiums written and premiums earned is as follows: Three Months Ended September 30, 2020 2019 (in thousands) Gross Assumed Ceded Net Gross Assumed Ceded Net Written premiums $ 129,927 $ 2,357 $ (94,083) $ 38,201 $ 105,947 $ 1,587 $ (85,073) $ 22,461 Earned premiums 107,314 2,007 (81,465) 27,856 100,297 1,625 (79,761) 22,161 Nine Months Ended September 30, 2020 2019 (in thousands) Gross Assumed Ceded Net Gross Assumed Ceded Net Written premiums $ 343,500 $ 6,255 $ (262,301) $ 87,454 $ 308,267 $ 5,221 $ (247,705) $ 65,783 Earned premiums 304,194 5,960 (238,460) 71,694 289,947 5,442 (230,227) 65,162

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information	Supplemental balance sheet information, the weighted average remaining lease term and weighted average discount rate related to leases were as follows: (dollars in thousands) September 30, 2020 Right of use asset $ 6,558 Lease liability $ 7,054 Weighted average remaining lease term 3.49 years Weighted average discount rate 6.41 %
Schedule of Future Maturities of Lease Liabilities	Future maturities of lease liabilities as of September 30, 2020 are as follows: (in thousands) Operating Leases 2020 $ 595 2021 2,324 2022 2,266 2023 1,686 2024 922 Thereafter 78 Total lease payments 7,871 Less: imputed interest (817) Total lease liabilities $ 7,054
Schedule of Future Minimum Rental Payments for Operating Leases	The Company had the following minimum annual commitments for payment of leases as of December 31, 2019: (in thousands) Rent Expense 2020 $ 1,718 2021 1,614 2022 1,594 2023 1,191 2024 669 Thereafter 46 Total lease payments $ 6,832

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Cumulative Dividends	The cumulative dividends earned by Series B holders totaled approximately $45 and $128 for the three and nine months ended September 30, 2020, respectively, which consist of the following (in thousands, except share and per share amounts): Three Months Ended September 30, 2020 Total Dividend Dividend per Share Weighted Dividends on preferred shares - Series B $ 45 $ 890.85 51.00 Nine Months Ended September 30, 2020 Total Dividend Dividend per Share Weighted Dividends on preferred shares - Series B $ 128 $ 2,513.76 51.00 The cumulative dividends earned by Series A and Series B holders totaled approximately $48 and $144 for the three and nine months ended September 30, 2019, respectively, which consist of the following (in thousands, except share and per share amounts): Three Months Ended September 30, 2019 Total Dividend Dividend per Share Weighted Dividends on preferred shares - Series A $ 12 $ 1,134.15 10.00 Dividends on preferred shares - Series B 36 605.42 60.00 Total preferred share dividends $ 48 Nine Months Ended September 30, 2019 Total Dividend Dividend per Share Weighted Dividends on preferred shares - Series A $ 34 $ 3,365.75 10.00 Dividends on preferred shares - Series B 110 1,845.88 60.00 Total preferred share dividends $ 144

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the calculation of basic and diluted EPS of common stock: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share amounts) 2020 2019 2020 2019 Net income - basic and diluted $ 69,337 $ 5,786 $ 82,663 $ 20,628 Weighted average number of shares outstanding - basic 49,054,441 37,386,394 41,304,132 37,386,394 Effect of dilutive securities: RSUs 1,560 — 520 — Dilutive shares 1,560 — 520 — Weighted average number of shares outstanding - diluted 49,056,001 37,386,394 41,304,652 37,386,394 Earnings per share: Basic $ 1.41 $ 0.15 $ 2.00 $ 0.55 Diluted $ 1.41 $ 0.15 $ 2.00 $ 0.55

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following table presents the changes in accumulated other comprehensive income for unrealized gains and losses on available-for-sale securities: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Balance at beginning of period $ 8,703 $ 4,051 $ 4,821 $ (2,003) Other comprehensive income, net of tax: Unrealized investment gains: Unrealized investment gains arising during the period 686 1,189 5,715 8,942 Income tax expense 144 249 1,198 1,878 Unrealized investment gains, net of tax 542 940 4,517 7,064 Less: reclassification adjustments to: Net realized investment gains (losses) included in net realized capital gains (losses) 114 (34) 232 55 Income tax expense (benefit) 24 (8) 49 11 Total reclassifications included in net income, net of tax 90 (26) 183 44 Other comprehensive income 452 966 4,334 7,020 Balance at end of period $ 9,155 $ 5,017 $ 9,155 $ 5,017

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	Fiscal 2 Expected volatility 29.8% Expected term 6 years Risk-free interest rate 0.47%
Summary of Stock Option Activity	A summary of the status of the Company's stock option activity as of September 30, 2020 and changes during the nine months then ended are as follows: Stock Options Weighted Average Exercise Price Balance outstanding, December 31, 2019 — $ — Granted 89,920 $ 15.00 Balance outstanding, September 30, 2020 89,920 $ 15.00 Options exercisable, September 30, 2020 — $ —
Summary of Options, Vested and Expected to Vest, Outstanding	The following table summarizes information regarding stock options outstanding as of September 30, 2020: Options Outstanding Options Vested or Expected to Vest Stock Options Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Term Aggregate Intrinsic Value Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Term Aggregate Intrinsic Value 2020 Omnibus Plan 89,920 $ 15.00 9.83 years $ 22,480 89,920 $ 15.00 9.83 years $ 22,480
Summary of Nonvested Restricted Stock Unit Activity	A summary of the status of the Company’s non-vested restricted stock unit activity as of September 30, 2020 and changes during the nine-month period then ended is as follows: Employees Non-Employee Directors Total Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Non-vested outstanding, December 31, 2019 — $ — — $ — — $ — Granted 106,160 $ 15.42 6,668 $ 15.12 112,828 $ 15.40 Vested (11,240) $ 15.51 — $ — (11,240) $ 15.51 Non-vested outstanding, September 30, 2020 94,920 $ 15.41 6,668 $ 15.12 101,588 $ 15.39

Business and Basis of Present_3

Business and Basis of Presentation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jan. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting standards update	us-gaap:AccountingStandardsUpdate201602Member	us-gaap:AccountingStandardsUpdate201409Member
Right of use asset	$ 6,558
Lease liability	$ 7,054
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use asset			$ 5,946
Lease liability			$ 5,946

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 15, 2020	Apr. 01, 2020	Mar. 31, 2019	Feb. 19, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jul. 14, 2020	Dec. 31, 2019	Jun. 30, 2019
Business Acquisition [Line Items]
Equity method investments					$ 232		$ 232			$ 12,173
Gain on revaluation of Compstar investment					69,846	$ 0	69,846	$ 0
Goodwill					139,575		139,575			2,822
Intangible assets					73,436		73,436			$ 154
Revenues					105,075	26,409	162,861	78,478
Net income					$ 69,337	$ 5,786	82,663	20,628
Bargain purchase gain amount							0	$ 634
Compstar Holding Company LLC
Business Acquisition [Line Items]
Percentage of voting interests acquired	55.00%
Ownership percentage									45.00%
Fair value amount of equity method investment	$ 81,167
Equity method investments	11,321
Gain on revaluation of Compstar investment	69,846
Consideration transferred	99,204
Goodwill	136,236
Intangible assets	73,954
Revenues							$ 3,320
Revenue decrease from consolidation	3,313
Net income	$ 1,222
Compstar Holding Company LLC | Common Stock
Business Acquisition [Line Items]
Stock issued during period (in shares)	6,613,606				6,613,606		6,613,606
Stock issued, price per share	$ 15
LCTA Risk Services, Inc.
Business Acquisition [Line Items]
Percentage of voting interests acquired		100.00%
Consideration transferred		$ 1,400
Goodwill		$ 517
American Liberty Insurance Company
Business Acquisition [Line Items]
Percentage of voting interests acquired											25.00%
Consideration transferred			$ 1,155
First Choice Casualty Insurance Company
Business Acquisition [Line Items]
Percentage of voting interests acquired				100.00%
Consideration transferred				$ 5,314
Bargain purchase gain amount				$ 634

Acquisitions - Schedule of Asse

Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jul. 15, 2020	Apr. 01, 2020	Feb. 19, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Fair value adjustment to prior investment				$ 69,846	$ 0	$ 69,846	$ 0
Goodwill				$ 139,575		139,575		$ 2,822
Gain on bargain purchase						$ 0	$ 634
Compstar Holding Company LLC
Business Acquisition [Line Items]
Fair value of total consideration transferred	$ 99,204
Previous investment in subsidiary	11,321
Fair value adjustment to prior investment	69,846
Cash and cash equivalents	11,891
Premiums and other receivables	1,624
Property and equipment	444
Right of use asset	1,020
Goodwill	136,236
Intangible assets, net	73,954
Other assets	184
Lease liability	(1,302)
Deferred tax liabilities	(12,487)
Debt	(20,065)
Accounts payable and accrued expenses	11,128
Net assets acquired	$ 180,371
LCTA Risk Services, Inc.
Business Acquisition [Line Items]
Fair value of total consideration transferred		$ 1,400
Cash and cash equivalents		302
Premiums and other receivables		55
Property and equipment		63
Goodwill		517
Intangible assets, net		482
Other assets		12
Accounts payable		(17)
Income taxes payable		(14)
Net assets acquired		$ 1,400
First Choice Casualty Insurance Company
Business Acquisition [Line Items]
Fair value of total consideration transferred			$ 5,314
Cash and cash equivalents			973
Premiums and other receivables			1,571
Other assets			10
Funds held under reinsurance agreements			7,980
Investments			4,252
Accrued investment income			40
Deferred tax asset			242
Unpaid loss and loss adjustment expenses			(6,426)
Unearned premiums			(1,003)
Reinsurance premiums payable			(1,037)
Accounts payable and accrued expenses			(316)
Income taxes payable			(338)
Net assets acquired			5,948
Gain on bargain purchase			$ 634

Acquisitions - Schedule of Acqu

Acquisitions - Schedule of Acquired Finite-Lived Intangible Assets by Major Class (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Jul. 15, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Intangible assets	$ 73,436		$ 154
Trade Names
Business Acquisition [Line Items]
Useful life	15 years
Finite-lived intangible assets, net	$ 3,157
Customer Relationships
Business Acquisition [Line Items]
Useful life	14 years
Finite-lived intangible assets, net	$ 70,797
Compstar Holding Company LLC
Business Acquisition [Line Items]
Intangible assets		$ 73,954

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 375,286	$ 337,865
Equity securities:	3,698	835
Total investments	379,216	350,873
Funds held under reinsurance agreements	160,614	163,445
Total debt	40,645	29,369
Junior subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	7,732	7,732
Secured credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	32,588	21,637
PPP Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	325
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	12,932	16,129
Equity securities:	882	0
Funds held under reinsurance agreements	0	0
Total debt	0	0
Level 1 | Junior subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	0	0
Level 1 | Secured credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	0	0
Level 1 | PPP Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	362,354	321,736
Equity securities:	816	835
Funds held under reinsurance agreements	160,614	163,445
Total debt	40,645	29,369
Level 2 | Junior subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	7,732	7,732
Level 2 | Secured credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	32,588	21,637
Level 2 | PPP Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	325
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Equity securities:	2,000	0
Funds held under reinsurance agreements	0	0
Total debt	0	0
Level 3 | Junior subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	0	0
Level 3 | Secured credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	0	0
Level 3 | PPP Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	0
U.S. government and government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	13,107	16,129
U.S. government and government securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	12,932	16,129
U.S. government and government securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	175	0
U.S. government and government securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Foreign governments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	304	302
Foreign governments | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Foreign governments | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	304	302
Foreign governments | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
States, territories and possessions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	7,804	4,923
States, territories and possessions | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
States, territories and possessions | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	7,804	4,923
States, territories and possessions | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Political subdivisions of states territories and possessions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	30,869	25,104
Political subdivisions of states territories and possessions | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Political subdivisions of states territories and possessions | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	30,869	25,104
Political subdivisions of states territories and possessions | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Special revenue and special assessment obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	76,494	61,405
Special revenue and special assessment obligations | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Special revenue and special assessment obligations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	76,494	61,405
Special revenue and special assessment obligations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Industrial and public utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	116,138	123,207
Industrial and public utilities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Industrial and public utilities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	116,138	123,207
Industrial and public utilities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	18,107	16,312
Commercial mortgage-backed securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Commercial mortgage-backed securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	18,107	16,312
Commercial mortgage-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	70,384	54,109
Residential mortgage-backed securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Residential mortgage-backed securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	70,384	54,109
Residential mortgage-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Other loan-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	41,724	36,011
Other loan-backed securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Other loan-backed securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	41,724	36,011
Other loan-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Hybrid securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	355	363
Hybrid securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Hybrid securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	355	363
Hybrid securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities:	240	343
Preferred stock | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities:	0	0
Preferred stock | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities:	240	343
Preferred stock | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities:	0	0
Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities:	3,458	492
Common stock | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities:	882	0
Common stock | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities:	576	492
Common stock | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities:	2,000	0
Available-For-Sale and Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	378,984	338,700
Available-For-Sale and Equity Securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	13,814	16,129
Available-For-Sale and Equity Securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	363,170	322,571
Available-For-Sale and Equity Securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	$ 2,000	$ 0

Investments - Schedule of Debt

Investments - Schedule of Debt Securities, Available-for-sale (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	$ 358,506	$ 329,640
Gross Unrealized Gains	17,278	8,485
Gross Unrealized Losses	(498)	(260)
Fair Value	375,286	337,865
U.S. government and government securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	12,701	15,965
Gross Unrealized Gains	406	167
Gross Unrealized Losses	0	(3)
Fair Value	13,107	16,129
Foreign governments
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	300	299
Gross Unrealized Gains	4	3
Gross Unrealized Losses	0	0
Fair Value	304	302
States, territories and possessions
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	7,537	4,789
Gross Unrealized Gains	267	134
Gross Unrealized Losses	0	0
Fair Value	7,804	4,923
Political subdivisions of states territories and possessions
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	29,514	24,444
Gross Unrealized Gains	1,356	670
Gross Unrealized Losses	(1)	(10)
Fair Value	30,869	25,104
Special revenue and special assessment obligations
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	72,495	59,149
Gross Unrealized Gains	4,041	2,298
Gross Unrealized Losses	(42)	(42)
Fair Value	76,494	61,405
Industrial and public utilities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	109,330	119,735
Gross Unrealized Gains	6,972	3,490
Gross Unrealized Losses	(164)	(18)
Fair Value	116,138	123,207
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	16,342	15,586
Gross Unrealized Gains	1,790	757
Gross Unrealized Losses	(25)	(31)
Fair Value	18,107	16,312
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	68,864	53,467
Gross Unrealized Gains	1,630	679
Gross Unrealized Losses	(110)	(37)
Fair Value	70,384	54,109
Other loan-backed securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	41,067	35,849
Gross Unrealized Gains	811	281
Gross Unrealized Losses	(154)	(119)
Fair Value	41,724	36,011
Hybrid securities
Debt Securities, Available-for-sale [Line Items]
Cost or Amortized Cost	356	357
Gross Unrealized Gains	1	6
Gross Unrealized Losses	(2)	0
Fair Value	$ 355	$ 363

Investments - Schedule of Conti

Investments - Schedule of Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	$ 24,130	$ 22,201
Unrealized Loss, less than 12 months	(357)	(123)
Fair Value, 12 months or more	10,746	19,245
Unrealized Loss, 12 months or more	(141)	(137)
Fair Value	34,876	41,446
Unrealized Loss	(498)	(260)
U.S. government and government securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	100	293
Unrealized Loss, less than 12 months	0	(2)
Fair Value, 12 months or more	0	1,349
Unrealized Loss, 12 months or more	0	(1)
Fair Value	100	1,642
Unrealized Loss	0	(3)
Foreign governments
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	0	0
Unrealized Loss, less than 12 months	0	0
Fair Value, 12 months or more	0	0
Unrealized Loss, 12 months or more	0	0
Fair Value	0	0
Unrealized Loss	0	0
States, territories and possessions
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	0	0
Unrealized Loss, less than 12 months	0	0
Fair Value, 12 months or more	0	0
Unrealized Loss, 12 months or more	0	0
Fair Value	0	0
Unrealized Loss	0	0
Political subdivisions of states territories and possessions
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	299	1,500
Unrealized Loss, less than 12 months	(1)	(9)
Fair Value, 12 months or more	0	690
Unrealized Loss, 12 months or more	0	(1)
Fair Value	299	2,190
Unrealized Loss	(1)	(10)
Special revenue and special assessment obligations
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	2,347	3,206
Unrealized Loss, less than 12 months	(42)	(42)
Fair Value, 12 months or more	0	181
Unrealized Loss, 12 months or more	0	0
Fair Value	2,347	3,387
Unrealized Loss	(42)	(42)
Industrial and public utilities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	2,172	5,939
Unrealized Loss, less than 12 months	(164)	(16)
Fair Value, 12 months or more	0	1,094
Unrealized Loss, 12 months or more	0	(2)
Fair Value	2,172	7,033
Unrealized Loss	(164)	(18)
Commercial mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	1,000	2,138
Unrealized Loss, less than 12 months	(25)	(30)
Fair Value, 12 months or more	0	129
Unrealized Loss, 12 months or more	0	(1)
Fair Value	1,000	2,267
Unrealized Loss	(25)	(31)
Residential mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	13,931	6,936
Unrealized Loss, less than 12 months	(95)	(13)
Fair Value, 12 months or more	280	1,917
Unrealized Loss, 12 months or more	(15)	(24)
Fair Value	14,211	8,853
Unrealized Loss	(110)	(37)
Other loan-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	4,033	2,189
Unrealized Loss, less than 12 months	(28)	(11)
Fair Value, 12 months or more	10,466	13,885
Unrealized Loss, 12 months or more	(126)	(108)
Fair Value	14,499	16,074
Unrealized Loss	(154)	(119)
Hybrid securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	248	0
Unrealized Loss, less than 12 months	(2)	0
Fair Value, 12 months or more	0	0
Unrealized Loss, 12 months or more	0	0
Fair Value	248	0
Unrealized Loss	$ (2)	$ 0

Investments - Summary of Invest

Investments - Summary of Investments by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Cost or Amortized Cost
Due in one year or less	$ 19,595
Due after one year but before five years	104,832
Due after five years but before ten years	59,166
Due after ten years	48,640
Cost or Amortized Cost	358,506	$ 329,640
Fair Value
Due in one year or less	19,818
Due after one year but before five years	110,134
Due after five years but before ten years	64,122
Due after ten years	50,997
Total Fair Value	375,286	337,865
Commercial mortgage-backed securities
Cost or Amortized Cost
Cost or Amortized Cost	16,342	15,586
Fair Value
Total Fair Value	18,107	16,312
Residential mortgage-backed securities
Cost or Amortized Cost
Cost or Amortized Cost	68,864	53,467
Fair Value
Total Fair Value	70,384	54,109
Other loan-backed securities
Cost or Amortized Cost
Cost or Amortized Cost	41,067	35,849
Fair Value
Total Fair Value	$ 41,724	$ 36,011

Investments - Sumnary of Realiz

Investments - Sumnary of Realized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Securities, Available-for-sale, Realized Gain (Loss) [Abstract]
Gains	$ 120	$ (42)	$ 239	$ 78
Losses	(6)	8	(7)	(23)
Total fixed maturities	114	(34)	232	55
Equity Securities, FV-NI, Realized Gain (Loss) [Abstract]
Gains	0	0	3,115	0
Total equity securities	0	0	3,115	0
Total net investment realized gains (losses)	$ 114	$ (34)	$ 3,347	$ 55

Investments - Summary of Net In

Investments - Summary of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Investment Income [Line Items]
Net investment income	$ 1,857	$ 1,721	$ 6,653	$ 4,578
Fixed maturities
Net Investment Income [Line Items]
Net investment income	1,804	1,677	4,684	4,504
Preferred stock
Net Investment Income [Line Items]
Net investment income	19	10	39	(13)
Common stock
Net Investment Income [Line Items]
Net investment income	30	0	1,904	0
Interest earned on cash and short-term investments
Net Investment Income [Line Items]
Net investment income	$ 4	$ 34	$ 26	$ 87

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($) $ in Thousands	Jan. 03, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jul. 15, 2020	Jul. 14, 2020	Jan. 02, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Carrying value of equity method investments		$ 232		$ 232					$ 12,173
Income from equity method investments		401	$ 1,021	2,333	$ 2,494
Distributions from equity method investments				(2,953)	(3,586)
Proceeds from sale of equity method investment				3,000	0
Unrealized gain on sale of equity method investment		$ 1,857	1,721	$ 6,653	4,578
Compstar Holding Company LLC
Schedule of Equity Method Investments [Line Items]
Percentage of voting interests acquired						55.00%
Ownership percentage							45.00%
Carrying value of equity method investments						$ 11,321
Compstar Holding Company LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage		45.00%		45.00%			45.00%
Carrying value of equity method investments									11,831
Income from equity method investments		$ 401	919	$ 2,333	2,053
Distributions from equity method investments		$ (540)	(1,458)	(2,842)	(2,995)
Trean Intermediaries
Schedule of Equity Method Investments [Line Items]
Ownership percentage								25.00%
Carrying value of equity method investments									$ 110
Income from equity method investments			104		445
Distributions from equity method investments			$ 0	$ (225)	$ (591)
Ownership percentage sold	15.00%
Proceeds from sale of equity method investment	$ 3,000
Cumulative percentage ownership after all transactions				10.00%
Realized gain (loss) on sale	3,115
Unrealized gain on sale of equity method investment	$ 2,000

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Jun. 21, 2006
Debt Instrument [Line Items]
Total debt	$ 40,645	$ 29,369
Less: unamortized deferred financing costs	(787)	(329)
Net debt	39,858	29,040
Junior subordinated debt
Debt Instrument [Line Items]
Total debt	7,732	7,732	$ 7,732
Secured credit facility
Debt Instrument [Line Items]
Total debt	32,588	21,637
PPP Loan
Debt Instrument [Line Items]
Total debt	$ 325	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Sep. 30, 2020	May 26, 2020	Dec. 31, 2019	Jul. 07, 2011	Jun. 21, 2006	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2020	Apr. 03, 2018
Debt Instrument [Line Items]
Total debt	$ 40,645,000		$ 29,369,000			$ 40,645,000		$ 40,645,000		$ 40,645,000	$ 40,645,000
Interest expense						520,000	$ 498,000	1,482,000	$ 1,683,000
Junior subordinated debt
Debt Instrument [Line Items]
Total debt	$ 7,732,000		$ 7,732,000		$ 7,732,000	$ 7,732,000		$ 7,732,000		$ 7,732,000	$ 7,732,000
Effective percentage	3.78%		5.49%			3.78%		3.78%		3.78%	3.78%
Debt interest expense						$ 69,000	115,000	$ 265,000	356,000
Junior subordinated debt | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.28%		1.99%								3.50%
Secured credit facility
Debt Instrument [Line Items]
Total debt	$ 32,588,000		$ 21,637,000			32,588,000		32,588,000		$ 32,588,000	$ 32,588,000
Secured credit facility | Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity												$ 27,500,000
Secured credit facility | Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 33,000,000
Extension term		5 years
Increase (decrease) to term loan debt amount		$ 11,707,000
Secured credit facility | Amended and Restated Credit Agreement | Minimum
Debt Instrument [Line Items]
Quarterly installment payments								206,000
Secured credit facility | Amended and Restated Credit Agreement | Maximum
Debt Instrument [Line Items]
Quarterly installment payments								$ 825,000
Secured credit facility | Amended and Restated Credit Agreement | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	4.81%		6.33%					3.00%		3.50%
PPP Loan
Debt Instrument [Line Items]
Total debt	$ 325,000		$ 0			$ 325,000		$ 325,000		$ 325,000	$ 325,000
Interest rate, stated percentage	1.00%					1.00%		1.00%		1.00%	1.00%
Interest expense								$ 1,000
Oak Street Loan
Debt Instrument [Line Items]
Total debt	$ 19,740,000					$ 19,740,000		$ 19,740,000		$ 19,740,000	$ 19,740,000
Preferred Capital Securities | Junior subordinated debt
Debt Instrument [Line Items]
Shares issued during period					7,500
Preferred capital securities interest rate				9.167%
Liquidation preference per share (in dollars per share)	$ 1,000					$ 1,000		$ 1,000		$ 1,000	$ 1,000
Common Securities | Junior subordinated debt
Debt Instrument [Line Items]
Shares issued during period					232
Secured credit facility | Secured credit facility
Debt Instrument [Line Items]
Debt interest expense						$ 403,000	$ 369,000	$ 1,125,000	$ 1,261,000
Maximum borrowing capacity												$ 3,000,000

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenues	$ 5,401	$ 2,561	$ 11,323	$ 8,049

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 5,401	$ 2,561	$ 11,323	$ 8,049
Brokerage
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	4,422	1,820	8,870	5,435
Managing general agent fees
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	312	144	720	711
Third-party administrator fees
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	562	432	1,329	1,405
Consulting fees
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 105	$ 165	$ 404	$ 498

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Schedule of Contract with Customer, Contract Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract assets	$ 5,405	$ 1,103

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jul. 14, 2020
Income Tax Examination [Line Items]
Effective income tax rate, percent	1.10%	22.60%	5.50%	19.50%
Federal statutory income tax rate, percent			21.00%
Compstar Holding Company LLC
Income Tax Examination [Line Items]
Ownership percentage	45.00%		45.00%		45.00%

Liability for Unpaid Losses a_3

Liability for Unpaid Losses and Loss Adjustment Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Unpaid losses and LAE reserves at beginning of period	$ 442,500	$ 382,473	$ 406,716	$ 340,415
Less losses ceded through reinsurance	(332,765)	(283,974)	(304,005)	(257,421)
Net unpaid losses and LAE at beginning of period	116,332	106,292	116,332	106,292	$ 116,332	$ 109,735	$ 102,711	$ 106,292	$ 98,499	$ 82,994
Acquisition of First Choice Casualty Insurance Company	0	0	0	6,366
Incurred losses and LAE related to:
Current period	15,864	14,358	43,053	41,637
Prior period	(300)	(382)	(2,372)	(3,191)
Total incurred losses and LAE	15,564	13,976	40,681	38,446
Paid losses and LAE, net of reinsurance, related to:
Current period	4,196	4,076	8,786	6,404
Prior period	4,771	2,107	18,274	15,110
Total paid losses and LAE	8,967	6,183	27,060	21,514
Net unpaid losses and LAE at end of period	116,332	106,292	116,332	106,292
Plus losses ceded through reinsurance	332,765	283,974	304,005	257,421	$ 349,170	$ 332,765	$ 304,005	$ 299,959	$ 283,974	$ 257,421
Unpaid losses and LAE reserves at end of period	$ 465,502	$ 406,251	$ 465,502	$ 406,251

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Written premiums
Gross	$ 129,927	$ 105,947	$ 343,500	$ 308,267
Assumed	2,357	1,587	6,255	5,221
Ceded	(94,083)	(85,073)	(262,301)	(247,705)
Net Written Pemiums	38,201	22,461	87,454	65,783
Earned premiums
Gross	107,314	100,297	304,194	289,947
Assumed	2,007	1,625	5,960	5,442
Ceded	(81,465)	(79,761)	(238,460)	(230,227)
Net earned premiums	$ 27,856	$ 22,161	$ 71,694	$ 65,162

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jan. 01, 2020
Lessee, Lease, Description [Line Items]
Accounting standards update			us-gaap:AccountingStandardsUpdate201602Member	us-gaap:AccountingStandardsUpdate201409Member
Right of use asset	$ 6,558		$ 6,558
Lease liability	$ 7,054		$ 7,054
Renewal term	5 years		5 years
Lease expense	$ 641		$ 1,755
Variable lease expense	72		214
Sublease income	$ 11		$ 59
Rent expense		$ 382		$ 1,119
Sublease income		$ 30		$ 90
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Right of use asset					$ 5,946
Lease liability					$ 5,946
Minimum
Lessee, Lease, Description [Line Items]
Term of contract	1 month		1 month
Maximum
Lessee, Lease, Description [Line Items]
Term of contract	93 months		93 months

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information (Details) $ in Thousands	Sep. 30, 2020USD ($)
Leases [Abstract]
Right of use asset	$ 6,558
Lease liability	$ 7,054
Weighted average remaining lease term	3 years 5 months 26 days
Weighted average discount rate	6.41%

Leases - Schedule of Future Mat

Leases - Schedule of Future Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2020USD ($)
Leases [Abstract]
2020	$ 595
2021	2,324
2022	2,266
2023	1,686
2024	922
Thereafter	78
Total lease payments	7,871
Less: imputed interest	(817)
Total lease liabilities	$ 7,054

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
2020	$ 1,718
2021	1,614
2022	1,594
2023	1,191
2024	669
Thereafter	46
Total lease payments	$ 6,832

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 22, 2020	Jul. 20, 2020	Jul. 15, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Proceeds from initial public offering		$ 94,906			$ 99,643	$ 0
Payments for underwriting discounts and commissions		7,500
Payments of offering expenses		$ 4,737
Common stock, authorized (in shares)				600,000,000	600,000,000			0
Common stock, par value (in dollars per share)				$ 0.01	$ 0.01			$ 0.01
Common stock, issued (in shares)				51,148,782	51,148,782			0
Common stock, outstanding (in shares)				51,148,782	51,148,782			0
Redeemable preferred stock authorized (in shares)				0	0			1,000,000
Initial Public Offering
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction		10,714,286
Sale of stock, price per share (in dollars per share)		$ 15
IPO - Shares Issued and Sold By Trean Corporation
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction		7,142,857
Consideration received on IPO		$ 107,142
IPO - Shares Sold by Selling Stockholders
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction	1,207,142	3,571,429
Consideration received on IPO		$ 71,678
Compstar Holding Company LLC
Class of Stock [Line Items]
Consideration transferred			$ 99,204
Percentage of voting interests acquired			55.00%
Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)				51,148,782	51,148,782	0	0	0	0	0
Corporate recapitalization shares exchanged				37,386,394	37,386,394
Common Stock | Compstar Holding Company LLC
Class of Stock [Line Items]
Stock issued during period (in shares)			6,613,606	6,613,606	6,613,606
Series A Redeemable Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock authorized (in shares)				1,000,000	1,000,000
Annual cumulative dividends percentage					4.50%
Series B Redeemable Preferred Stock
Class of Stock [Line Items]
Redeemable preferred stock authorized (in shares)				1,000,000	1,000,000

Equity - Schedule of Cumulative

Equity - Schedule of Cumulative Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Class of Stock [Line Items]
Cumulative dividends		$ 48		$ 144
Series A Redeemable Preferred Stock
Class of Stock [Line Items]
Cumulative dividends		$ 12		$ 34
Dividends per share (in dollars per share)		$ 1,134.15		$ 3,365.75
Weighted Average Shares		10		10
Series B Redeemable Preferred Stock
Class of Stock [Line Items]
Cumulative dividends	$ 45	$ 36	$ 128	$ 110
Dividends per share (in dollars per share)	$ 890.85	$ 605.42	$ 2,513.76	$ 1,845.88
Weighted Average Shares	51	60	51	60

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 69,337	$ 5,786	$ 82,663	$ 20,628
Weighted average number of shares outstanding - basic
Weighted average number of shares outstanding - basic (in shares)	49,054,441	37,386,394	41,304,132	37,386,394
Effect of dilutive securities:
Dilutive securities (in shares)	1,560	0	520	0
Weighted average number of shares outstanding - diluted
Weighted average number of shares outstanding - diluted (in shares)	49,056,001	37,386,394	41,304,652	37,386,394
Earnings per share:
Basic (in dollars per share)	$ 1.41	$ 0.15	$ 2	$ 0.55
Diluted (in dollars per share)	$ 1.41	$ 0.15	$ 2	$ 0.55
Restricted Stock Units (RSUs)
Effect of dilutive securities:
Dilutive securities (in shares)	1,560	0	520	0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity beginning balance	$ 139,284			$ 105,131
Less reclassification adjustments to:
Other comprehensive income	452	$ 966	$ 4,334	7,020
Shareholders' equity ending balance	401,753	132,245	401,753	132,245
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shareholders' equity beginning balance	8,703	4,051	4,821	(2,003)
Less reclassification adjustments to:
Other comprehensive income	452	966	4,334	7,020
Shareholders' equity ending balance	9,155	5,017	9,155	5,017
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent
Unrealized investment gains:
Unrealized investment gains arising during the period	686	1,189	5,715	8,942
Income tax expense	144	249	1,198	1,878
Unrealized investment gains, net of tax	542	940	4,517	7,064
Less reclassification adjustments to:
Net realized investment gains (losses) included in net realized capital gains (losses)	114	(34)	232	55
Income tax expense (benefit)	24	(8)	49	11
Total reclassifications included in net income, net of tax	90	(26)	183	44
Other comprehensive income	$ 452	$ 966	$ 4,334	$ 7,020

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 307		$ 307	$ 0
Non-vested non-option stock-based compensation expense	$ 1,458	$ 1,458		1,458
Fair value of restricted stock units vested				$ 174
2020 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	5,058,085	5,058,085		5,058,085
Pre-IPO Stock-Based Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 157	$ 20	$ 197	$ 59
Non-vested stock-based compensation	$ 0	0		0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		28		$ 28
Weighted average grant-date fair value of options granted (in dollars per share)				$ 4.43
Unrecognized compensation cost related to stock options	$ 370	370		$ 370
Cost not yet recognized, weighted average period for recognition	9 years 9 months 29 days			1 year 6 months
Stock Options | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual vesting percentage				33.00%
Vesting period (in years)				3 years
Contractual term from date of grant (in years)				10 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 279		$ 279
Cost not yet recognized, weighted average period for recognition				2 years 8 months 12 days

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Expected volatility	29.80%
Expected term	6 years
Risk-free interest rate	0.47%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Stock Options
Options outstanding, beginning balance (in shares) | shares	0
Granted (in shares) | shares	89,920
Options outstanding, ending balance (in shares) | shares	89,920
Options exercisable (in shares) | shares	0
Weighted Average Exercise Price
Options outstanding, weighted average exercise price, beginning balance (in dollars per share) | $ / shares	$ 0
Grants in period, weighted average exercise price (in dollars per share) | $ / shares	15
Options outstanding, weighted average exercise price, ending balance (in dollars per share) | $ / shares	15
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 0

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Options, Vested and Expected to Vest, Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Options Outstanding
Aggregate Intrinsic Value	$ 22,480	$ 22,480
Options Vested or Expected to Vest
Number of Shares	89,920	89,920
Weighted Average Exercise Price (in dollars per share)	$ 15	$ 15
Weighted Average Remaining Contract Term	9 years 9 months 29 days
Aggregate Intrinsic Value	$ 22,480	$ 22,480
Stock Options
Options Outstanding
Number of Shares	89,920	89,920	0
Weighted Average Exercise Price (in dollars per share)	$ 15	$ 15	$ 0
Weighted Average Remaining Contract Term	9 years 9 months 29 days	1 year 6 months

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Nonvested Restricted Stock Unit Activity (Details)	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Shares
Non-vested outstanding, beginning balance (in shares) | shares	0
Granted (in shares) | shares	112,828
Vested (in shares) | shares	(11,240)
Non-vested outstanding, ending balance (in shares) | shares	101,588
Weighted Average Grant Date Fair Value
Non-vested outstanding, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares	$ 0
Grants in period, weighted average exercise price (in dollars per share) | $ / shares	15.40
Vested in period, weighted average exercise price (in dollars per share) | $ / shares	15.51
Non-vested outstanding, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares	$ 15.39
Employees
Shares
Non-vested outstanding, beginning balance (in shares) | shares	0
Granted (in shares) | shares	106,160
Vested (in shares) | shares	(11,240)
Non-vested outstanding, ending balance (in shares) | shares	94,920
Weighted Average Grant Date Fair Value
Non-vested outstanding, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares	$ 0
Grants in period, weighted average exercise price (in dollars per share) | $ / shares	15.42
Vested in period, weighted average exercise price (in dollars per share) | $ / shares	15.51
Non-vested outstanding, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares	$ 15.41
Non-Employee Directors
Shares
Non-vested outstanding, beginning balance (in shares) | shares	0
Granted (in shares) | shares	6,668
Vested (in shares) | shares	0
Non-vested outstanding, ending balance (in shares) | shares	6,668
Weighted Average Grant Date Fair Value
Non-vested outstanding, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares	$ 0
Grants in period, weighted average exercise price (in dollars per share) | $ / shares	15.12
Vested in period, weighted average exercise price (in dollars per share) | $ / shares	0
Non-vested outstanding, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares	$ 15.12

Transactions with Related Par_2

Transactions with Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jul. 14, 2020	Jan. 02, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due from related parties	$ 33		$ 33				$ 22,221
Gross earned premiums	109,321	$ 101,922	310,154	$ 295,389
Altaris Capital Partners | Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties							83
Trean Intermediaries
Related Party Transaction [Line Items]
Ownership percentage						25.00%
Trean Intermediaries | Affiliated Entity
Related Party Transaction [Line Items]
Due from related parties	33		33				14
Revenue from related parties	$ 50	50	$ 150	150
Compstar Holding Company LLC
Related Party Transaction [Line Items]
Ownership percentage	45.00%		45.00%		45.00%
Compstar Holding Company LLC | Program Manager Agreement
Related Party Transaction [Line Items]
Due from related parties							$ 22,207
Compstar Holding Company LLC | Affiliated Entity | Program Manager Agreement
Related Party Transaction [Line Items]
Gross earned premiums		47,825	$ 90,199	127,516
Gross commissions		$ 9,924	$ 17,709	$ 26,478

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Oct. 01, 2020	Oct. 07, 2020	Sep. 30, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Debt			$ 39,858	$ 29,040
Subsequent Event | Junior subordinated debt
Subsequent Event [Line Items]
Debt		$ 7,807
7710 Holdings, LLC | Subsequent Event
Subsequent Event [Line Items]
Purchase price	$ 12,140