Trean Insurance 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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 Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,192,196
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001801754
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments [Abstract]
Fixed maturities, at fair value (amortized cost of $464,502 and $465,459, respectively)	$ 447,349	$ 471,061
Equity securities, at fair value (cost $34,119 and $984, respectively)	34,162	969
Total investments	481,511	472,030
Cash and cash equivalents	103,865	129,577
Restricted cash	478	407
Accrued investment income	2,610	2,344
Premiums and other receivables	153,053	141,920
Income taxes receivable	0	460
Reinsurance recoverable	380,587	377,241
Prepaid reinsurance premiums	121,072	129,411
Deferred policy acquisition cost, net	15,547	13,344
Property and equipment, net	7,689	7,632
Right of use asset	4,167	4,530
Goodwill	142,347	142,347
Intangible assets, net	71,615	73,114
Other assets	10,173	8,658
Total assets	1,494,714	1,503,015
Liabilities
Unpaid loss and loss adjustment expenses	550,981	544,320
Unearned premiums	222,902	219,940
Funds held under reinsurance agreements	196,025	199,410
Reinsurance premiums payable	46,895	45,130
Accounts payable and accrued expenses	22,424	29,448
Lease liability	4,554	4,976
Income taxes payable	553	0
Deferred tax liability	3,991	7,520
Debt	29,992	30,362
Total liabilities	1,078,317	1,081,106
Commitments and contingencies
Stockholders' equity
Common stock, $0.01 par value per share (600,000,000 authorized; 51,192,196 and 51,176,887 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively)	512	512
Additional paid-in capital	288,771	288,623
Retained earnings	140,730	128,390
Accumulated other comprehensive income (loss)	(13,616)	4,384
Total stockholders' equity	416,397	421,909
Total liabilities and stockholders' equity	$ 1,494,714	$ 1,503,015

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Amortized cost	$ 464,502	$ 465,459
Equity securities, cost	$ 34,119	$ 984
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	51,192,196	51,176,887
Common stock, outstanding (in shares)	51,192,196	51,176,887

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Gross written premiums	$ 161,403	$ 146,730
Increase in gross unearned premiums	(2,864)	(18,431)
Gross earned premiums	158,539	128,299
Ceded earned premiums	(94,362)	(87,165)
Net earned premiums	64,177	41,134
Net investment income	2,576	2,272
Net realized gains (losses)	(1,047)	13
Other revenue	3,201	4,655
Total revenue	68,907	48,074
Expenses
Losses and loss adjustment expenses	39,193	24,881
General and administrative expenses	18,300	11,891
Intangible asset amortization	1,499	1,414
Noncash stock compensation	156	211
Interest expense	408	427
Total expenses	59,556	38,824
Gains on embedded derivatives	6,236	2,676
Other income	23	121
Income before taxes	15,610	12,047
Income tax expense	3,270	2,605
Net income	$ 12,340	$ 9,442
Earnings per share:
Basic (in dollars per share)	$ 0.24	$ 0.18
Diluted (in dollars per share)	$ 0.24	$ 0.18
Weighted average shares outstanding:
Weighted average number of shares outstanding - basic (in shares)	51,177,908	51,148,782
Weighted average number of shares outstanding - diluted (in shares)	51,177,908	51,179,820

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 12,340	$ 9,442
Unrealized investment losses:
Unrealized investment losses arising during the period	(23,804)	(8,576)
Income tax benefit	(4,993)	(1,801)
Unrealized investment losses, net of tax	(18,811)	(6,775)
Less reclassification adjustments to:
Net realized investment gains (losses) included in net realized gains (losses)	(1,027)	13
Income tax expense (benefit)	(216)	3
Total reclassifications included in net income, net of tax	(811)	10
Other comprehensive loss	(18,000)	(6,785)
Total comprehensive income (loss)	$ (5,660)	$ 2,657

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity and Redeemable Preferred Stock - USD ($) $ in Thousands	Total	Common stock	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2020		51,148,782
Members' equity beginning balance at Dec. 31, 2020	$ 410,107	$ 511	$ 287,110	$ 13,426	$ 109,060
Shareholders' equity beginning balance at Dec. 31, 2020				13,426
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation expense	211		211
Other comprehensive loss	(6,785)			(6,785)
Net income	9,442				9,442
Ending balance (in shares) at Mar. 31, 2021		51,148,782
Members' equity ending balance at Mar. 31, 2021	$ 412,975	$ 511	287,321	6,641	118,502
Shareholders' equity ending balance at Mar. 31, 2021				6,641
Beginning balance (in shares) at Dec. 31, 2021	51,176,887	51,176,887
Shareholders' equity beginning balance at Dec. 31, 2021	$ 421,909	$ 512	288,623	4,384	128,390
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation expense	156		156
Common stock issued pursuant to equity compensation awards (in shares)		15,309
Common stock issued pursuant to equity compensation awards	(8)	$ 0	(8)
Other comprehensive loss	(18,000)			(18,000)
Net income	$ 12,340				12,340
Ending balance (in shares) at Mar. 31, 2022	51,192,196	51,192,196
Shareholders' equity ending balance at Mar. 31, 2022	$ 416,397	$ 512	$ 288,771	$ (13,616)	$ 140,730

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net income	$ 12,340	$ 9,442
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	1,675	1,690
Stock compensation	156	211
Unrealized gains on embedded derivatives	(6,896)	(3,356)
Net (gains) losses on investments	1,047	(24)
Bond amortization and accretion	432	588
Deferred income taxes	1,249	95
Deferred financing costs	42	42
Changes in operating assets and liabilities:
Accrued investment income	(266)	206
Premiums and other receivables	(11,133)	(12,523)
Reinsurance recoverable on paid and unpaid losses	(3,346)	(17,698)
Prepaid reinsurance premiums	8,339	(2,327)
Right of use asset	363	494
Other assets	(3,718)	(6,154)
Unpaid loss and loss adjustment expenses	6,661	27,714
Unearned premiums	2,962	18,473
Funds held under reinsurance agreements	3,511	(8,869)
Reinsurance premiums payable	1,765	(94)
Accounts payable and accrued expenses	(7,025)	(12,899)
Lease liability	(423)	(521)
Income taxes payable	1,013	2,546
Net cash provided by (used in) operating activities	8,748	(2,964)
Investing activities
Payments for capital expenditures	(232)	(73)
Proceeds from sale of equity method investment	0	232
Purchase of investments, available for sale	(96,948)	(37,678)
Proceeds from investments sold, matured or repaid	63,211	20,391
Net cash used in investing activities	(33,969)	(17,128)
Financing activities
Shares redeemed for payroll taxes	(7)	0
Principal payments on debt	(413)	(206)
Net cash used in financing activities	(420)	(206)
Net decrease in cash, cash equivalents and restricted cash	(25,641)	(20,298)
Cash, cash equivalents and restricted cash – beginning of period	129,984	157,234
Cash, cash equivalents and restricted cash – end of period	104,343	136,936
Disaggregation of cash and restricted cash:
Cash and cash equivalents	103,865	130,940
Restricted cash	478	5,996
Total cash, cash equivalents and restricted cash	104,343	136,936
Supplemental disclosure of cash flow information:
Interest	366	385
Income taxes	1,002	0
Right-of-use assets obtained in exchange for new operating lease liabilities	146	2
Operating cash flows from operating leases	$ 624	$ 615

Business and Basis of Presentat

Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Trean Insurance Group, Inc. (together with its wholly owned subsidiaries, 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 Company owned 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: (i) 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, American Liberty Insurance Company ("ALIC"), a property and casualty insurance company domiciled in the state of Utah, 7710 Insurance Company ("7710"), a property and casualty insurance company domiciled in the state of South Carolina and Benchmark Specialty Insurance Company ("BSIC"), a property and casualty insurance company domiciled in the state of Arkansas; (ii) Trean Compstar Holdings, LLC, a limited liability company created originally for the purchase of Compstar Insurance Services LLC, a California-based general agency; and (iii) Trean Corporation ("Trean Corp"), a reinsurance intermediary manager and a managing general agent, which consists of the following wholly owned subsidiaries: (a) Trean Reinsurance Services, LLC ("TRS"), a reinsurance intermediary broker; Benchmark Administrators LLC (BIC Admin"), a claims third-party administrator; (b) Western Integrated Care, LLC ("WIC"), a managed care organization; and (c) 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 the Quarterly Report on 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 our Annual Report on Form 10-K for the year ended December 31, 2021 (the "2021 Form 10-K"). Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. During the second quarter of 2021, the Company determined that its funds held agreements with reinsurers contain embedded derivatives relating to a total return swap on the underlying investments. As a result, the Company has revised the presentation of its financial results to report the change in fair value of the embedded derivatives in gains on embedded derivatives in the condensed consolidated statements of operations. In addition, investment earnings credited to the funds withheld accounts are reported in gains on embedded derivatives in the condensed consolidated statements of operations, whereas previously these were reported as an offset to net investment income. While the prior period amounts have been corrected for comparability, the correction was not material to the previously reported condensed consolidated financial statements. The impact of the prior period corrections on the condensed consolidated balance sheet and the related components of stockholders' equity is as follows: December 31, 2020 March 31, 2021 Previously reported Adjustment As adjusted Previously reported Adjustment As adjusted Retained earnings $ 112,959 $ (3,899) $ 109,060 $ 119,750 $ (1,248) $ 118,502 Accumulated other comprehensive income 9,527 3,899 13,426 5,393 1,248 6,641 The impact of the prior period corrections on the condensed consolidated statements of operations and other comprehensive income is as follows: Three Months Ended March 31, 2021 Previously reported Adjustment As adjusted Net investment income $ 1,592 $ 680 $ 2,272 Total revenue 47,394 680 48,074 Gains on embedded derivatives — 2,676 2,676 Income before taxes 8,691 3,356 12,047 Income tax expense 1,900 705 2,605 Net income $ 6,791 $ 2,651 $ 9,442 Earnings per share: Basic $ 0.13 $ 0.05 $ 0.18 Diluted $ 0.13 $ 0.05 $ 0.18 Other comprehensive loss, net of tax Unrealized investment losses: Unrealized investment losses arising during the period $ (5,220) $ (3,356) $ (8,576) Income tax benefit (1,096) (705) (1,801) Unrealized investment losses, net of tax (4,124) (2,651) (6,775) Other comprehensive loss $ (4,134) $ (2,651) $ (6,785) The correction of the prior period amounts had no impact on total operating, investing, and financing activities as presented on the Company’s condensed consolidated statements of cash flows during the three months ended March 31, 2021. In conjunction with the correction of the prior period amounts; the net investment income table in Note 4 was corrected to incorporate the income from funds held investments of $680 for the three months ended March 31, 2021; the effective tax rate in Note 8 was corrected from 21.9% to 21.6% for the three months ended March 31, 2021; Note 13 has been corrected to reflect the changes to earning per share described above; and Note 14 has been corrected to reflect the changes to other comprehensive income described above. 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 recoverables, investments, 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 losses and LAE. Accounting pronouncements Recently adopted policies In January 2020, the Financial Accounting Standards Board ("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 adopted this standard effective January 1, 2022. Adoption of this standard did not have a material impact on the condensed consolidated financial statements. 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 . The Company adopted items (i) and (ii) effective January 1, 2020 and will adopt item (iii) on January 1, 2023. Adoption of this standard has not had, and 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	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	AcquisitionsWestern Integrated CareEffective July 6, 2021, Trean Corp acquired 100% ownership of WIC for a total purchase price of $5,500, which included $1,500 that is contingent on WIC's future earnings, as defined in the agreement. WIC is a managed care organization that offers services to workers' compensation insurers to enable employees who are injured on the job to access qualified medical treatment. The Company recorded $1,501 of goodwill and intangible assets of $3,624 associated with the business combination.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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. March 31, 2022 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government and government securities $ 40,610 $ — $ — $ 40,610 Foreign governments — 393 — 393 States, territories and possessions — 10,822 — 10,822 Political subdivisions of states territories and possessions — 37,419 — 37,419 Special revenue and special assessment obligations — 94,078 — 94,078 Industrial and public utilities — 106,298 — 106,298 Commercial mortgage-backed securities — 97,267 — 97,267 Residential mortgage-backed securities — 18,800 — 18,800 Other loan-backed securities — 41,662 — 41,662 Total fixed maturities 40,610 406,739 — 447,349 Equity securities 14,053 20,109 — 34,162 Total investments $ 54,663 $ 426,848 $ — $ 481,511 Embedded derivatives on funds held under reinsurance agreements $ (1,070) $ (5,555) $ — $ (6,625) Debt — 30,525 — 30,525 December 31, 2021 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government and government securities $ 2,392 $ 39,042 $ — $ 41,434 Foreign governments — 2,490 — 2,490 States, territories and possessions — 10,766 — 10,766 Political subdivisions of states, territories and possessions — 40,002 — 40,002 Special revenue and special assessment obligations — 95,991 — 95,991 Industrial and public utilities — 103,257 — 103,257 Commercial mortgage-backed securities — 118,218 — 118,218 Residential mortgage-backed securities — 17,368 — 17,368 Other loan-backed securities — 41,425 — 41,425 Hybrid securities — 110 — 110 Total fixed maturities 2,392 468,669 — 471,061 Equity securities — 969 — 969 Total investments $ 2,392 $ 469,638 $ — $ 472,030 Embedded derivatives on funds held under reinsurance agreements $ (4) $ 275 $ — $ 271 Debt — 30,938 — 30,938 Fixed maturities and equity securities: The Company, through its third-party pricing service provider, uses a variety of sources to estimate the fair value of investments such as Refinitiv (formerly Reuters), PricingDirect, ICE Data Services, and for equities, Bloomberg or S&P Capital IQ Pro. Equity securities are generally 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 indications. Values obtained from third-party pricing services can utilize several market data sources for inputs such as transaction data, yield, quality, coupon rate, maturity, issue type, trading characteristics, and other market activity. To validate the reasonableness of the 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. Embedded derivatives: The Company enters into funds held contracts under reinsurance agreements which create embedded derivatives on the underlying investments. These embedded derivatives are valued based upon the unrealized gain or loss position of the funds held portfolio, which is determined consistent with 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 its secured credit facility. 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	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Fixed maturity securities primarily include bonds and asset-backed securities. Fixed income securities, which may be sold prior to their contractual maturity, are designated as available-for-sale and are carried at fair value. Equity securities primarily include common stocks, mutual funds, and non-redeemable preferred stocks, which are carried at fair value. Equity securities includes non-redeemable preferred stock that were previously disclosed separately. The cost or amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the Company's fixed maturities investments are as follows: March 31, 2022 Cost or Gross Gross Fair Value Fixed maturities: U.S. government and government securities $ 42,026 $ 12 $ (1,428) $ 40,610 Foreign governments 400 — (7) 393 States, territories and possessions 11,388 14 (580) 10,822 Political subdivisions of states, territories and possessions 39,166 142 (1,889) 37,419 Special revenue and special assessment obligations 98,436 493 (4,851) 94,078 Industrial and public utilities 107,816 703 (2,221) 106,298 Commercial mortgage-backed securities 104,291 37 (7,061) 97,267 Residential mortgage-backed securities 19,040 83 (323) 18,800 Other loan-backed securities 41,939 24 (301) 41,662 Hybrid securities — — — — Total fixed maturities available for sale $ 464,502 $ 1,508 $ (18,661) $ 447,349 December 31, 2021 Cost or Gross Gross Fair Value Fixed maturities: U.S. government and government securities $ 41,490 $ 113 $ (169) $ 41,434 Foreign governments 2,500 — (10) 2,490 States, territories and possessions 10,593 189 (16) 10,766 Political subdivisions of states, territories and possessions 39,170 975 (143) 40,002 Special revenue and special assessment obligations 93,664 2,920 (593) 95,991 Industrial and public utilities 100,774 2,835 (352) 103,257 Commercial mortgage-backed securities 119,378 591 (1,751) 118,218 Residential mortgage-backed securities 16,549 843 (24) 17,368 Other loan-backed securities 41,236 248 (59) 41,425 Hybrid securities 105 5 — 110 Total fixed maturities available for sale $ 465,459 $ 8,719 $ (3,117) $ 471,061 The following table illustrates the Company’s gross unrealized losses and fair value of fixed maturities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: March 31, 2022 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Fixed maturities: U.S. government and government securities $ 37,166 $ (1,352) $ 1,550 $ (76) $ 38,716 $ (1,428) Foreign governments 393 (7) — — 393 (7) States, territories and possessions 6,855 (529) 274 (51) 7,129 (580) Political subdivisions of states, territories and possessions 23,420 (1,866) 277 (23) 23,697 (1,889) Special revenue and special assessment obligations 56,698 (4,375) 3,812 (476) 60,510 (4,851) Industrial and public utilities 47,899 (2,022) 1,547 (199) 49,446 (2,221) Commercial mortgage-backed securities 60,033 (3,636) 34,197 (3,425) 94,230 (7,061) Residential mortgage-backed securities 10,045 (323) — — 10,045 (323) Other loan-backed securities 33,037 (242) 2,885 (59) 35,922 (301) Total fixed maturities $ 275,546 $ (14,352) $ 44,542 $ (4,309) $ 320,088 $ (18,661) December 31, 2021 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Fixed maturities: U.S. government and government securities $ 26,935 $ (168) $ 23 $ (1) $ 26,958 $ (169) Foreign governments 2,490 (10) — — 2,490 (10) States, territories and possessions 935 (16) — — 935 (16) Political subdivisions of states, territories and possessions 11,115 (143) — — 11,115 (143) Special revenue and special assessment obligations 29,917 (593) — — 29,917 (593) Industrial and public utilities 24,042 (286) 1,058 (66) 25,100 (352) Commercial mortgage-backed securities 80,126 (1,565) 6,212 (186) 86,338 (1,751) Residential mortgage-backed securities 4,539 (24) — — 4,539 (24) Other loan-backed securities 20,153 (36) 2,477 (23) 22,630 (59) Total fixed maturities $ 200,252 $ (2,841) $ 9,770 $ (276) $ 210,022 $ (3,117) The unrealized losses on the Company’s available for sale securities as of March 31, 2022 and December 31, 2021 were primarily attributable to an increase in interest rates, which predominantly impacted fixed maturities acquired since the second quarter of 2020. The amortized cost and estimated fair value of fixed maturities as of March 31, 2022, by contractual maturity, are as follows: Cost or Amortized Cost Fair Value Available for sale: Due in one year or less $ 33,559 $ 33,669 Due after one year but before five years 110,891 108,584 Due after five years but before ten years 90,397 86,968 Due after ten years 64,385 60,399 Commercial mortgage-backed securities 104,291 97,267 Residential mortgage-backed securities 19,040 18,800 Other loan-backed securities 41,939 41,662 Total $ 464,502 $ 447,349 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 months ended March 31, 2022 and 2021 are as follows: Three Months Ended March 31, 2022 2021 Fixed maturities: Gains $ 109 $ 80 Losses (1,136) (67) Total fixed maturities (1,027) 13 Funds held investments: Gains 8 — Losses (16) — Total funds held investments (8) — Equity securities: Gains — — Losses (12) — Total equity securities (12) — Total net realized gains (losses) $ (1,047) $ 13 Net investment income consists of the following for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Fixed maturities $ 1,754 $ 1,560 Income on funds held investments 668 680 Equity securities 154 30 Interest earned on cash and short-term investments — 2 Net investment income $ 2,576 $ 2,272 Unrealized gains (losses) recognized during the three months ended March 31, 2022 and 2021 are as follows: Three Months Ended March 31, 2022 2021 Net gains and losses recognized during the period on equity securities $ 32 $ 17 Less: Net gains and (losses) recognized during the period on equity securities sold during the period (12) — Unrealized gains and (losses) recognized during the reporting period on equity securities still held at the reporting date $ 44 $ 17 Embedded derivatives The Company enters into funds held contracts under reinsurance agreements which create embedded derivatives that are measured at fair value. The embedded derivatives within our funds held under reinsurance agreements relate to a total return swap on the underlying investments. These embedded derivatives had no impact on total operating, investing and financing activities as presented on the Company’s condensed consolidated statements of cash flows during the three months ended March 31, 2022 and 2021. Total funds held under reinsurance agreements includes the following: March 31, 2022 December 31, 2021 Funds held under reinsurance agreements, at cost $ 202,650 $ 199,139 Embedded derivatives, at fair value (6,625) 271 Total funds held under reinsurance agreements $ 196,025 $ 199,410 Gains on embedded derivatives consists of the following for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Change in fair value of embedded derivatives $ 6,896 $ 3,356 Effect of net investment income on funds held investments (668) (680) Effect of realized gains on funds held investments 8 — Total gains on embedded derivatives $ 6,236 $ 2,676

Equity Method Investments

Equity Method Investments	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments On January 3, 2020, the Company sold 15% of its previous 25% ownership in TRI for cash proceeds of $3,000, resulting in a remaining ownership interest of 10%. 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 was included in net realized gains (losses) on the 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 consolidated statement of operations. The Company sold all of its remaining ownership interest in TRI during Q3 2021 for $1,888, resulting in a realized loss of $112, which was included in net realized gains (losses) on the consolidated statement of operations. The sale agreement includes an earn out which would increase the amount received based on TRI's future performance. The Company recorded $50 of revenue for consulting services provided to TRI for both the three months ended March 31, 2022 and 2021, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following: March 31, 2022 December 31, 2021 Secured credit facility $ 30,525 $ 30,938 Less: unamortized deferred financing costs (533) (576) Net debt $ 29,992 $ 30,362 Secured Credit Facility On July 16, 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 and a revolving credit facility of $2,000 at the time of closing. The loan has a variable interest rate of LIBOR plus 4.50%, which was 4.73% and 4.64% as of March 31, 2022 and December 31, 2021, 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. During the three months ended March 31, 2022 and 2021, the Company recorded $366 and $385 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 March 31, 2022.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2022
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 and other fee-based revenue. Revenue from contracts with customers was $3,201 for the three months ended March 31, 2022 compared to $4,655 for the three months ended March 31, 2021. The following table presents the revenues recognized from contracts with customers included in the condensed consolidated statements of operations. Three Months Ended March 31, 2022 2021 Brokerage $ 2,593 $ 3,455 Managing general agent fees 84 289 Third-party administrator fees 323 378 Consulting and other fee-based revenue 201 533 Total revenue from contracts with customers $ 3,201 $ 4,655 The Company did not have any contract liabilities as of March 31, 2022 or December 31, 2021. 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. March 31, 2022 December 31, 2021 Contract assets $ 4,413 $ 3,353

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesIncome 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 20.9% for the three months ended March 31, 2022. The decrease in the effective tax rate from the statutory rate for this period was primarily due to the impact of tax-exempt municipal income on the Company's investments, partially offset by the impact of state taxes. The Company’s effective tax rate was 21.6% for the three months ended March 31, 2021, which differed from the statutory rate primarily due to the impact of state taxes.

Liability for Unpaid Losses and

Liability for Unpaid Losses and Loss Adjustment Expense	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Unpaid losses and LAE reserves at beginning of period $ 544,320 $ 457,817 Less losses ceded through reinsurance (369,008) (335,655) Net unpaid losses and LAE at beginning of period 175,312 122,162 Incurred losses and LAE related to: Current period 39,568 24,907 Prior period (375) (26) Total incurred losses and LAE 39,193 24,881 Paid losses and LAE, net of reinsurance, related to: Current period 5,394 3,523 Prior period 22,409 11,146 Total paid losses and LAE 27,803 14,669 Net unpaid losses and LAE at end of period 186,702 132,374 Plus losses ceded through reinsurance 364,279 353,158 Unpaid losses and LAE reserves at end of period $ 550,981 $ 485,532

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Gross Assumed Ceded Net Gross Assumed Ceded Net Written premiums $ 159,366 $ 2,037 $ (85,925) $ 75,478 $ 144,898 $ 1,832 $ (89,484) $ 57,246 Earned premiums 156,203 2,336 (94,362) 64,177 126,404 1,895 (87,165) 41,134

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	LeasesThe Company's leases consist of operating leases for office space and equipment. The Company determines if an arrangement is a lease at its 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 are only included in the lease liability and right-of-use asset calculation when it is reasonably certain the Company will exercise an option. Our leases have remaining terms ranging from one month to 39 months, some of which have options to extend the lease for up to an additional 60 months. As of March 31, 2022, 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 March 31, 2022 was $617, inclusive of $24 in variable lease expense. Total lease expense for the three months ended March 31, 2021 was $674, inclusive of $75 in variable lease expense. The Company also sublets some of its leased office space and recorded $21 and $18 of sublease income for the three months ended March 31, 2022 and 2021, respectively, which is included in other income on the condensed consolidated statement of operations. Supplemental balance sheet information, the weighted average remaining lease term and weighted average discount rate related to leases were as follows: March 31, 2022 December 31, 2021 Right of use asset $ 4,167 $ 4,530 Lease liability $ 4,554 $ 4,976 Weighted average remaining lease term 1.56 years 2.42 years Weighted average discount rate 6.02 % 6.33 % Future maturities of lease liabilities as of March 31, 2022 are as follows: Operating Leases 2022 $ 1,846 2023 1,847 2024 1,011 2025 129 2026 33 Total lease payments 4,866 Less: imputed interest (312) Total lease liabilities $ 4,554

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Equity	Equity Common Stock The Company currently has authorized 600,000,000 shares of common stock with a par value of $0.01. As of March 31, 2022 and December 31, 2021, there were 51,192,196 and 51,176,887 shares of common stock issued and outstanding, respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareBasic 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. The following table presents the calculation of basic and diluted EPS of common stock: Three Months Ended March 31, 2022 2021 Net income — basic and diluted $ 12,340 $ 9,442 Weighted average number of shares outstanding — basic 51,177,908 51,148,782 Effect of dilutive securities: Restricted stock units — 31,038 Dilutive shares — 31,038 Weighted average number of shares outstanding — diluted 51,177,908 51,179,820 Excluded: Antidilutive common stock equivalents 117,371 60,729 Earnings per share: Basic $ 0.24 $ 0.18 Diluted $ 0.24 $ 0.18

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following table presents the changes in accumulated other comprehensive income (loss) for unrealized gains and losses on available-for-sale securities: Three Months Ended March 31, 2022 2021 Balance at beginning of period $ 4,384 $ 13,426 Other comprehensive loss, net of tax: Unrealized investment losses: Unrealized investment losses arising during the period $ (23,804) $ (8,576) Income tax benefit $ (4,993) $ (1,801) Unrealized investment losses, net of tax $ (18,811) $ (6,775) Less reclassification adjustments to: Net realized investment gains (losses) included in net realized gains (losses) $ (1,027) $ 13 Income tax expense (benefit) $ (216) $ 3 Total reclassifications included in net income, net of tax $ (811) $ 10 Other comprehensive loss $ (18,000) $ (6,785) Balance at end of period $ (13,616) $ 6,641

Stock Compensation

Stock Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock Compensation	Stock CompensationAs of March 31, 2022, 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, to strengthen the commitment and motivate such individuals to faithfully and diligently perform their responsibilities and to 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 Compensation, Nominating, and Corporate Governance Committee of 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 awards, or any combination of the foregoing. Stock Options Compensation expense is recognized for all stock compensation arrangements by the Company. Stock compensation expense related to stock option awards was $51 and $35 for the three months ended March 31, 2022 and 2021, respectively. 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 ("NQ"). 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 2022 Fiscal 2021 Expected volatility 29.8% 29.8% Expected term 6 years 6 years Risk-free interest rate 1.92% 1.32% A summary of the status of the Company's stock option activity as of March 31, 2022 and changes during the three-month period then ended are as follows: Stock Options Weighted Average Exercise Price Balance outstanding, December 31, 2021 120,187 $ 16.06 Granted 64,694 $ 7.04 Forfeited or cancelled (2,816) $ 17.50 Balance outstanding, March 31, 2022 182,065 $ 12.83 Options exercisable, March 31, 2022 40,373 $ 15.99 The following table summarizes information regarding stock options outstanding as of March 31, 2022: 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 182,065 $ 12.83 8.98 years $ — 182,065 $ 12.83 8.98 years $ — The weighted average grant-date fair value of options granted in the three months ended March 31, 2022 and 2021 was $2.30 and $5.49, respectively. As of March 31, 2022, total unrecognized compensation cost related to stock options was $449 and is expected to be recognized over a weighted average period of approximately 1.2 years. Restricted Stock Units Compensation expense relating to restricted stock unit grants was $105 and $176 for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there was $3,387 of total unrecognized compensation cost related to non-vested restricted stock unit grants, which is expected to be recognized over a weighted average life of 2.1 years. The total fair value of restricted stock units vested during the three months ended March 31, 2022 was $77. The Company has granted time-based restricted stock units ("RSUs"), performance stock units ("PSUs"), and market-based stock units ("MSUs") to certain key employees as part of the Company's long-term incentive program. The estimated fair value of restricted stock units is based on the grant date closing price of the Company's common stock for time-based and performance-based vesting awards. A Monte Carlo valuation model is used to estimate the fair value for market-based vesting awards. RSUs generally vest in three equal annual installments beginning one year from the grant date and are amortized as compensation expense over the three-year vesting period. The Company has also granted time-based restricted stock units to non-employee directors as part of the Company's annual director compensation program. Each time-based restricted stock grant to non-employee directors vests on the day immediately preceding the next annual meeting of stockholders following the date of grant. The grants are amortized as director compensation expense over the vesting period. The Company recognizes compensation expense on PSUs ratably over the requisite performance period of the award and to the extent management views the performance goal attainment as probable. The Company recognizes compensation expense on MSUs ratably over the requisite performance period of the award. For the 2022 and 2021 fiscal year, the Company granted PSUs to certain key employees pursuant to the Company's 2020 Omnibus Plan. The number of shares earned is based on the Company’s achievement of pre-established target threshold goals for total gross written premiums over a three-year performance measurement period. The performance goals allow for a payout ranging from 0% to 200% of the target award. If performance satisfies minimum requirements to result in shares of Company common stock being awarded, the number of shares will be determined between 50% and 200% of target thresholds, as defined in the applicable award agreements. Any earned PSU will vest if the employee’s service has been continuous through the vesting date. Any PSU not earned because of failure to achieve the minimum performance goal at the end of the performance period will be immediately forfeited. The grant date fair value of the PSUs was determined based on the grant date closing price of the Company’s stock. For the 2022 and 2021 fiscal year, the Company granted MSUs to certain key employees pursuant to the Company's 2020 Omnibus Plan. The number of restricted stock units earned is based on the Company’s cumulative total shareholder return ("TSR"), as defined in the applicable award agreement, over a three-year performance measurement period. If TSR satisfies minimum requirements to result in shares being awarded, the number of shares will be determined between 50% and 200% shown in the table below. Any MSU not earned because of failure to achieve the minimum performance goal at the end of the performance period will be immediately forfeited. Grant date fair values were determined using a Monte Carlo valuation model based on the following assumptions: Fiscal 2022 Fiscal 2021 Total grant date fair value $ 391 $ 845 Total grant date fair value per share $ 6.04 $ 13.92 Expected volatility 40.0 % 35.0 % Weighted average expected life 2.81 years 2.77 years Risk-free interest rate 1.79 % 0.27 % The percent of the target MSU that will be earned based on the Company’s TSR is as follows: Cumulative TSR % Percent of Units Vested Fiscal 2022 Grants Fiscal 2021 Grants Below 29.2% Below 25.1% 0% 29.2% 25.1% 50% 52.1% 47.2% 100% 74.9% and above 69.3% and above 200% A summary of the status of the Company’s non-vested restricted stock unit activity as of March 31, 2022 and changes during the three-month period then ended is as follows: RSUs MSUs PSUs Total Shares Weighted Average Grant Date Fair Value 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, 2021 117,109 $ 15.53 50,861 $ 13.92 101,748 $ 17.50 269,718 $ 15.97 Granted 64,708 $ 7.04 64,709 $ 6.04 64,693 $ 7.04 194,110 $ 6.71 Vested (16,961) $ 17.50 — $ — — $ — (16,961) $ 17.50 Forfeited or cancelled (1,877) $ 17.50 (2,815) $ 13.92 (5,632) $ 17.50 (10,324) $ 16.52 Non-vested outstanding, March 31, 2022 162,979 $ 11.93 112,755 $ 9.40 160,809 $ 13.29 436,543 $ 11.78

Business and Basis of Present_2

Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
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 recoverables, investments, 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 losses and LAE.
Accounting pronouncements	Accounting pronouncements Recently adopted policies In January 2020, the Financial Accounting Standards Board ("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 adopted this standard effective January 1, 2022. Adoption of this standard did not have a material impact on the condensed consolidated financial statements. 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 . The Company adopted items (i) and (ii) effective January 1, 2020 and will adopt item (iii) on January 1, 2023. Adoption of this standard has not had, and 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.

Business and Basis of Present_3

Business and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	December 31, 2020 March 31, 2021 Previously reported Adjustment As adjusted Previously reported Adjustment As adjusted Retained earnings $ 112,959 $ (3,899) $ 109,060 $ 119,750 $ (1,248) $ 118,502 Accumulated other comprehensive income 9,527 3,899 13,426 5,393 1,248 6,641 The impact of the prior period corrections on the condensed consolidated statements of operations and other comprehensive income is as follows: Three Months Ended March 31, 2021 Previously reported Adjustment As adjusted Net investment income $ 1,592 $ 680 $ 2,272 Total revenue 47,394 680 48,074 Gains on embedded derivatives — 2,676 2,676 Income before taxes 8,691 3,356 12,047 Income tax expense 1,900 705 2,605 Net income $ 6,791 $ 2,651 $ 9,442 Earnings per share: Basic $ 0.13 $ 0.05 $ 0.18 Diluted $ 0.13 $ 0.05 $ 0.18 Other comprehensive loss, net of tax Unrealized investment losses: Unrealized investment losses arising during the period $ (5,220) $ (3,356) $ (8,576) Income tax benefit (1,096) (705) (1,801) Unrealized investment losses, net of tax (4,124) (2,651) (6,775) Other comprehensive loss $ (4,134) $ (2,651) $ (6,785)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Fair Value Options	The following tables present the estimated fair value of the Company’s significant financial instruments. March 31, 2022 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government and government securities $ 40,610 $ — $ — $ 40,610 Foreign governments — 393 — 393 States, territories and possessions — 10,822 — 10,822 Political subdivisions of states territories and possessions — 37,419 — 37,419 Special revenue and special assessment obligations — 94,078 — 94,078 Industrial and public utilities — 106,298 — 106,298 Commercial mortgage-backed securities — 97,267 — 97,267 Residential mortgage-backed securities — 18,800 — 18,800 Other loan-backed securities — 41,662 — 41,662 Total fixed maturities 40,610 406,739 — 447,349 Equity securities 14,053 20,109 — 34,162 Total investments $ 54,663 $ 426,848 $ — $ 481,511 Embedded derivatives on funds held under reinsurance agreements $ (1,070) $ (5,555) $ — $ (6,625) Debt — 30,525 — 30,525 December 31, 2021 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government and government securities $ 2,392 $ 39,042 $ — $ 41,434 Foreign governments — 2,490 — 2,490 States, territories and possessions — 10,766 — 10,766 Political subdivisions of states, territories and possessions — 40,002 — 40,002 Special revenue and special assessment obligations — 95,991 — 95,991 Industrial and public utilities — 103,257 — 103,257 Commercial mortgage-backed securities — 118,218 — 118,218 Residential mortgage-backed securities — 17,368 — 17,368 Other loan-backed securities — 41,425 — 41,425 Hybrid securities — 110 — 110 Total fixed maturities 2,392 468,669 — 471,061 Equity securities — 969 — 969 Total investments $ 2,392 $ 469,638 $ — $ 472,030 Embedded derivatives on funds held under reinsurance agreements $ (4) $ 275 $ — $ 271 Debt — 30,938 — 30,938

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
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 Company's fixed maturities investments are as follows: March 31, 2022 Cost or Gross Gross Fair Value Fixed maturities: U.S. government and government securities $ 42,026 $ 12 $ (1,428) $ 40,610 Foreign governments 400 — (7) 393 States, territories and possessions 11,388 14 (580) 10,822 Political subdivisions of states, territories and possessions 39,166 142 (1,889) 37,419 Special revenue and special assessment obligations 98,436 493 (4,851) 94,078 Industrial and public utilities 107,816 703 (2,221) 106,298 Commercial mortgage-backed securities 104,291 37 (7,061) 97,267 Residential mortgage-backed securities 19,040 83 (323) 18,800 Other loan-backed securities 41,939 24 (301) 41,662 Hybrid securities — — — — Total fixed maturities available for sale $ 464,502 $ 1,508 $ (18,661) $ 447,349 December 31, 2021 Cost or Gross Gross Fair Value Fixed maturities: U.S. government and government securities $ 41,490 $ 113 $ (169) $ 41,434 Foreign governments 2,500 — (10) 2,490 States, territories and possessions 10,593 189 (16) 10,766 Political subdivisions of states, territories and possessions 39,170 975 (143) 40,002 Special revenue and special assessment obligations 93,664 2,920 (593) 95,991 Industrial and public utilities 100,774 2,835 (352) 103,257 Commercial mortgage-backed securities 119,378 591 (1,751) 118,218 Residential mortgage-backed securities 16,549 843 (24) 17,368 Other loan-backed securities 41,236 248 (59) 41,425 Hybrid securities 105 5 — 110 Total fixed maturities available for sale $ 465,459 $ 8,719 $ (3,117) $ 471,061
Schedule of Continuous Unrealized Loss Position	The following table illustrates the Company’s gross unrealized losses and fair value of fixed maturities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: March 31, 2022 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Fixed maturities: U.S. government and government securities $ 37,166 $ (1,352) $ 1,550 $ (76) $ 38,716 $ (1,428) Foreign governments 393 (7) — — 393 (7) States, territories and possessions 6,855 (529) 274 (51) 7,129 (580) Political subdivisions of states, territories and possessions 23,420 (1,866) 277 (23) 23,697 (1,889) Special revenue and special assessment obligations 56,698 (4,375) 3,812 (476) 60,510 (4,851) Industrial and public utilities 47,899 (2,022) 1,547 (199) 49,446 (2,221) Commercial mortgage-backed securities 60,033 (3,636) 34,197 (3,425) 94,230 (7,061) Residential mortgage-backed securities 10,045 (323) — — 10,045 (323) Other loan-backed securities 33,037 (242) 2,885 (59) 35,922 (301) Total fixed maturities $ 275,546 $ (14,352) $ 44,542 $ (4,309) $ 320,088 $ (18,661) December 31, 2021 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Fixed maturities: U.S. government and government securities $ 26,935 $ (168) $ 23 $ (1) $ 26,958 $ (169) Foreign governments 2,490 (10) — — 2,490 (10) States, territories and possessions 935 (16) — — 935 (16) Political subdivisions of states, territories and possessions 11,115 (143) — — 11,115 (143) Special revenue and special assessment obligations 29,917 (593) — — 29,917 (593) Industrial and public utilities 24,042 (286) 1,058 (66) 25,100 (352) Commercial mortgage-backed securities 80,126 (1,565) 6,212 (186) 86,338 (1,751) Residential mortgage-backed securities 4,539 (24) — — 4,539 (24) Other loan-backed securities 20,153 (36) 2,477 (23) 22,630 (59) Total fixed maturities $ 200,252 $ (2,841) $ 9,770 $ (276) $ 210,022 $ (3,117)
Summary of Investments by Contractual Maturity	The amortized cost and estimated fair value of fixed maturities as of March 31, 2022, by contractual maturity, are as follows: Cost or Amortized Cost Fair Value Available for sale: Due in one year or less $ 33,559 $ 33,669 Due after one year but before five years 110,891 108,584 Due after five years but before ten years 90,397 86,968 Due after ten years 64,385 60,399 Commercial mortgage-backed securities 104,291 97,267 Residential mortgage-backed securities 19,040 18,800 Other loan-backed securities 41,939 41,662 Total $ 464,502 $ 447,349
Summary of Realized Gain (Loss) on Investments	Realized gains and losses on investments included in the condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021 are as follows: Three Months Ended March 31, 2022 2021 Fixed maturities: Gains $ 109 $ 80 Losses (1,136) (67) Total fixed maturities (1,027) 13 Funds held investments: Gains 8 — Losses (16) — Total funds held investments (8) — Equity securities: Gains — — Losses (12) — Total equity securities (12) — Total net realized gains (losses) $ (1,047) $ 13
Summary of Net Investment Income	Net investment income consists of the following for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Fixed maturities $ 1,754 $ 1,560 Income on funds held investments 668 680 Equity securities 154 30 Interest earned on cash and short-term investments — 2 Net investment income $ 2,576 $ 2,272
Summary of Unrealized Gain (Loss) on Investments	Unrealized gains (losses) recognized during the three months ended March 31, 2022 and 2021 are as follows: Three Months Ended March 31, 2022 2021 Net gains and losses recognized during the period on equity securities $ 32 $ 17 Less: Net gains and (losses) recognized during the period on equity securities sold during the period (12) — Unrealized gains and (losses) recognized during the reporting period on equity securities still held at the reporting date $ 44 $ 17
Schedule of Funds Held Under Reinsurance Agreements	Total funds held under reinsurance agreements includes the following: March 31, 2022 December 31, 2021 Funds held under reinsurance agreements, at cost $ 202,650 $ 199,139 Embedded derivatives, at fair value (6,625) 271 Total funds held under reinsurance agreements $ 196,025 $ 199,410
Summary of Embedded Derivatives, Gain (Loss)	Gains on embedded derivatives consists of the following for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Change in fair value of embedded derivatives $ 6,896 $ 3,356 Effect of net investment income on funds held investments (668) (680) Effect of realized gains on funds held investments 8 — Total gains on embedded derivatives $ 6,236 $ 2,676

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following: March 31, 2022 December 31, 2021 Secured credit facility $ 30,525 $ 30,938 Less: unamortized deferred financing costs (533) (576) Net debt $ 29,992 $ 30,362

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Brokerage $ 2,593 $ 3,455 Managing general agent fees 84 289 Third-party administrator fees 323 378 Consulting and other fee-based revenue 201 533 Total revenue from contracts with customers $ 3,201 $ 4,655
Schedule of Contract with Customer, Contract Assets	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. March 31, 2022 December 31, 2021 Contract assets $ 4,413 $ 3,353

Liability for Unpaid Losses a_2

Liability for Unpaid Losses and Loss Adjustment Expense (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Unpaid losses and LAE reserves at beginning of period $ 544,320 $ 457,817 Less losses ceded through reinsurance (369,008) (335,655) Net unpaid losses and LAE at beginning of period 175,312 122,162 Incurred losses and LAE related to: Current period 39,568 24,907 Prior period (375) (26) Total incurred losses and LAE 39,193 24,881 Paid losses and LAE, net of reinsurance, related to: Current period 5,394 3,523 Prior period 22,409 11,146 Total paid losses and LAE 27,803 14,669 Net unpaid losses and LAE at end of period 186,702 132,374 Plus losses ceded through reinsurance 364,279 353,158 Unpaid losses and LAE reserves at end of period $ 550,981 $ 485,532

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Gross Assumed Ceded Net Gross Assumed Ceded Net Written premiums $ 159,366 $ 2,037 $ (85,925) $ 75,478 $ 144,898 $ 1,832 $ (89,484) $ 57,246 Earned premiums 156,203 2,336 (94,362) 64,177 126,404 1,895 (87,165) 41,134

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
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: March 31, 2022 December 31, 2021 Right of use asset $ 4,167 $ 4,530 Lease liability $ 4,554 $ 4,976 Weighted average remaining lease term 1.56 years 2.42 years Weighted average discount rate 6.02 % 6.33 %
Schedule of Future Maturities of Lease Liabilities	Future maturities of lease liabilities as of March 31, 2022 are as follows: Operating Leases 2022 $ 1,846 2023 1,847 2024 1,011 2025 129 2026 33 Total lease payments 4,866 Less: imputed interest (312) Total lease liabilities $ 4,554

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Net income — basic and diluted $ 12,340 $ 9,442 Weighted average number of shares outstanding — basic 51,177,908 51,148,782 Effect of dilutive securities: Restricted stock units — 31,038 Dilutive shares — 31,038 Weighted average number of shares outstanding — diluted 51,177,908 51,179,820 Excluded: Antidilutive common stock equivalents 117,371 60,729 Earnings per share: Basic $ 0.24 $ 0.18 Diluted $ 0.24 $ 0.18

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following table presents the changes in accumulated other comprehensive income (loss) for unrealized gains and losses on available-for-sale securities: Three Months Ended March 31, 2022 2021 Balance at beginning of period $ 4,384 $ 13,426 Other comprehensive loss, net of tax: Unrealized investment losses: Unrealized investment losses arising during the period $ (23,804) $ (8,576) Income tax benefit $ (4,993) $ (1,801) Unrealized investment losses, net of tax $ (18,811) $ (6,775) Less reclassification adjustments to: Net realized investment gains (losses) included in net realized gains (losses) $ (1,027) $ 13 Income tax expense (benefit) $ (216) $ 3 Total reclassifications included in net income, net of tax $ (811) $ 10 Other comprehensive loss $ (18,000) $ (6,785) Balance at end of period $ (13,616) $ 6,641

Stock Compensation (Tables)

Stock Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	Fiscal 2022 Fiscal 2021 Expected volatility 29.8% 29.8% Expected term 6 years 6 years Risk-free interest rate 1.92% 1.32%
Summary of Stock Option Activity	A summary of the status of the Company's stock option activity as of March 31, 2022 and changes during the three-month period then ended are as follows: Stock Options Weighted Average Exercise Price Balance outstanding, December 31, 2021 120,187 $ 16.06 Granted 64,694 $ 7.04 Forfeited or cancelled (2,816) $ 17.50 Balance outstanding, March 31, 2022 182,065 $ 12.83 Options exercisable, March 31, 2022 40,373 $ 15.99
Summary of Options, Vested and Expected to Vest, Outstanding	The following table summarizes information regarding stock options outstanding as of March 31, 2022: 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 182,065 $ 12.83 8.98 years $ — 182,065 $ 12.83 8.98 years $ —
Schedule of Share-based Payment Award, Restricted Stock Units, Valuation Assumptions	Grant date fair values were determined using a Monte Carlo valuation model based on the following assumptions: Fiscal 2022 Fiscal 2021 Total grant date fair value $ 391 $ 845 Total grant date fair value per share $ 6.04 $ 13.92 Expected volatility 40.0 % 35.0 % Weighted average expected life 2.81 years 2.77 years Risk-free interest rate 1.79 % 0.27 %
Summary of Share-based Payment Award, Total Shareholder Return	The percent of the target MSU that will be earned based on the Company’s TSR is as follows: Cumulative TSR % Percent of Units Vested Fiscal 2022 Grants Fiscal 2021 Grants Below 29.2% Below 25.1% 0% 29.2% 25.1% 50% 52.1% 47.2% 100% 74.9% and above 69.3% and above 200%
Summary of Nonvested Restricted Stock Unit Activity	A summary of the status of the Company’s non-vested restricted stock unit activity as of March 31, 2022 and changes during the three-month period then ended is as follows: RSUs MSUs PSUs Total Shares Weighted Average Grant Date Fair Value 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, 2021 117,109 $ 15.53 50,861 $ 13.92 101,748 $ 17.50 269,718 $ 15.97 Granted 64,708 $ 7.04 64,709 $ 6.04 64,693 $ 7.04 194,110 $ 6.71 Vested (16,961) $ 17.50 — $ — — $ — (16,961) $ 17.50 Forfeited or cancelled (1,877) $ 17.50 (2,815) $ 13.92 (5,632) $ 17.50 (10,324) $ 16.52 Non-vested outstanding, March 31, 2022 162,979 $ 11.93 112,755 $ 9.40 160,809 $ 13.29 436,543 $ 11.78

Business and Basis of Present_4

Business and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 140,730	$ 118,502	$ 128,390	$ 109,060
Accumulated other comprehensive income (loss)	(13,616)	6,641	$ 4,384	13,426
Net investment income	2,576	2,272
Total revenue	68,907	48,074
Gains on embedded derivatives	6,236	2,676
Income before taxes	15,610	12,047
Income tax expense	3,270	2,605
Net income	$ 12,340	$ 9,442
Basic (in dollars per share)	$ 0.24	$ 0.18
Diluted (in dollars per share)	$ 0.24	$ 0.18
Unrealized investment losses arising during the period	$ (23,804)	$ (8,576)
Income tax benefit	(4,993)	(1,801)
Unrealized investment losses, net of tax	(18,811)	(6,775)
Other comprehensive loss	$ (18,000)	(6,785)
Previously reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		119,750		112,959
Accumulated other comprehensive income (loss)		5,393		9,527
Net investment income		1,592
Total revenue		47,394
Gains on embedded derivatives		0
Income before taxes		8,691
Income tax expense		1,900
Net income		$ 6,791
Basic (in dollars per share)		$ 0.13
Diluted (in dollars per share)		$ 0.13
Unrealized investment losses arising during the period		$ (5,220)
Income tax benefit		(1,096)
Unrealized investment losses, net of tax		(4,124)
Other comprehensive loss		(4,134)
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		(1,248)		(3,899)
Accumulated other comprehensive income (loss)		1,248		$ 3,899
Net investment income		680
Total revenue		680
Gains on embedded derivatives		2,676
Income before taxes		3,356
Income tax expense		705
Net income		$ 2,651
Basic (in dollars per share)		$ 0.05
Diluted (in dollars per share)		$ 0.05
Unrealized investment losses arising during the period		$ (3,356)
Income tax benefit		(705)
Unrealized investment losses, net of tax		(2,651)
Other comprehensive loss		$ (2,651)

Business and Basis of Present_5

Business and Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net investment income	$ 2,576	$ 2,272
Effective income tax rate, percent	20.90%	21.60%
Previously reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net investment income		$ 1,592
Effective income tax rate, percent		21.90%
Income on funds held investments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net investment income	$ 668	$ 680

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Jul. 06, 2021	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 142,347	$ 142,347
Finite-lived intangible assets, net		71,615	$ 73,114
Western Integrated Care, LLC
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%
Consideration transferred	$ 5,500
Due to related parties		$ 1,500
Goodwill	1,501
Finite-lived intangible assets, net	$ 3,624

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	$ 447,349	$ 471,061
Equity securities	34,162	969
Total investments	481,511	472,030
Embedded derivatives on funds held under reinsurance agreements	(6,625)	271
Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	30,525	30,938
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	40,610	2,392
Embedded derivatives on funds held under reinsurance agreements	(1,070)	(4)
Level 1 | Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	406,739	468,669
Embedded derivatives on funds held under reinsurance agreements	(5,555)	275
Level 2 | Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	30,525	30,938
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
Embedded derivatives on funds held under reinsurance agreements	0	0
Level 3 | Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	0	0
Total investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	481,511	472,030
Total investments | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	54,663	2,392
Total investments | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	426,848	469,638
Total investments | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	0	0
U.S. government and government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	40,610	41,434
U.S. government and government securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	40,610	2,392
U.S. government and government securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	39,042
U.S. government and government securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
Foreign governments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	393	2,490
Foreign governments | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
Foreign governments | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	393	2,490
Foreign governments | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
States, territories and possessions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	10,822	10,766
States, territories and possessions | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
States, territories and possessions | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	10,822	10,766
States, territories and possessions | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
Political subdivisions of states territories and possessions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	37,419	40,002
Political subdivisions of states territories and possessions | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
Political subdivisions of states territories and possessions | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	37,419	40,002
Political subdivisions of states territories and possessions | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
Special revenue and special assessment obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	94,078	95,991
Special revenue and special assessment obligations | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
Special revenue and special assessment obligations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	94,078	95,991
Special revenue and special assessment obligations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
Industrial and public utilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	106,298	103,257
Industrial and public utilities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
Industrial and public utilities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	106,298	103,257
Industrial and public utilities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	97,267	118,218
Commercial mortgage-backed securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
Commercial mortgage-backed securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	97,267	118,218
Commercial mortgage-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	18,800	17,368
Residential mortgage-backed securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
Residential mortgage-backed securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	18,800	17,368
Residential mortgage-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
Other loan-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	41,662	41,425
Other loan-backed securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
Other loan-backed securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	41,662	41,425
Other loan-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	0
Hybrid securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:	0	110
Hybrid securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:		0
Hybrid securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:		110
Hybrid securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities:		0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	34,162	969
Equity securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	14,053	0
Equity securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	20,109	969
Equity securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 0	$ 0

Investments - Schedule of Debt

Investments - Schedule of Debt Securities, Available-for-sale (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fixed maturities:
Cost or Amortized Cost	$ 464,502	$ 465,459
Gross Unrealized Gains	1,508	8,719
Gross Unrealized Losses	(18,661)	(3,117)
Fair Value	447,349	471,061
U.S. government and government securities
Fixed maturities:
Cost or Amortized Cost	42,026	41,490
Gross Unrealized Gains	12	113
Gross Unrealized Losses	(1,428)	(169)
Fair Value	40,610	41,434
Foreign governments
Fixed maturities:
Cost or Amortized Cost	400	2,500
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(7)	(10)
Fair Value	393	2,490
States, territories and possessions
Fixed maturities:
Cost or Amortized Cost	11,388	10,593
Gross Unrealized Gains	14	189
Gross Unrealized Losses	(580)	(16)
Fair Value	10,822	10,766
Political subdivisions of states, territories and possessions
Fixed maturities:
Cost or Amortized Cost	39,166	39,170
Gross Unrealized Gains	142	975
Gross Unrealized Losses	(1,889)	(143)
Fair Value	37,419	40,002
Special revenue and special assessment obligations
Fixed maturities:
Cost or Amortized Cost	98,436	93,664
Gross Unrealized Gains	493	2,920
Gross Unrealized Losses	(4,851)	(593)
Fair Value	94,078	95,991
Industrial and public utilities
Fixed maturities:
Cost or Amortized Cost	107,816	100,774
Gross Unrealized Gains	703	2,835
Gross Unrealized Losses	(2,221)	(352)
Fair Value	106,298	103,257
Commercial mortgage-backed securities
Fixed maturities:
Cost or Amortized Cost	104,291	119,378
Gross Unrealized Gains	37	591
Gross Unrealized Losses	(7,061)	(1,751)
Fair Value	97,267	118,218
Residential mortgage-backed securities
Fixed maturities:
Cost or Amortized Cost	19,040	16,549
Gross Unrealized Gains	83	843
Gross Unrealized Losses	(323)	(24)
Fair Value	18,800	17,368
Other loan-backed securities
Fixed maturities:
Cost or Amortized Cost	41,939	41,236
Gross Unrealized Gains	24	248
Gross Unrealized Losses	(301)	(59)
Fair Value	41,662	41,425
Hybrid securities
Fixed maturities:
Cost or Amortized Cost	0	105
Gross Unrealized Gains	0	5
Gross Unrealized Losses	0	0
Fair Value	$ 0	$ 110

Investments - Schedule of Conti

Investments - Schedule of Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	$ 275,546	$ 200,252
Unrealized Loss, less than 12 months	(14,352)	(2,841)
Fair Value, 12 months or more	44,542	9,770
Unrealized Loss, 12 months or more	(4,309)	(276)
Fair Value	320,088	210,022
Unrealized Loss	(18,661)	(3,117)
U.S. government and government securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	37,166	26,935
Unrealized Loss, less than 12 months	(1,352)	(168)
Fair Value, 12 months or more	1,550	23
Unrealized Loss, 12 months or more	(76)	(1)
Fair Value	38,716	26,958
Unrealized Loss	(1,428)	(169)
Foreign governments
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	393	2,490
Unrealized Loss, less than 12 months	(7)	(10)
Fair Value, 12 months or more	0	0
Unrealized Loss, 12 months or more	0	0
Fair Value	393	2,490
Unrealized Loss	(7)	(10)
States, territories and possessions
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	6,855	935
Unrealized Loss, less than 12 months	(529)	(16)
Fair Value, 12 months or more	274	0
Unrealized Loss, 12 months or more	(51)	0
Fair Value	7,129	935
Unrealized Loss	(580)	(16)
Political subdivisions of states, territories and possessions
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	23,420	11,115
Unrealized Loss, less than 12 months	(1,866)	(143)
Fair Value, 12 months or more	277	0
Unrealized Loss, 12 months or more	(23)	0
Fair Value	23,697	11,115
Unrealized Loss	(1,889)	(143)
Special revenue and special assessment obligations
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	56,698	29,917
Unrealized Loss, less than 12 months	(4,375)	(593)
Fair Value, 12 months or more	3,812	0
Unrealized Loss, 12 months or more	(476)	0
Fair Value	60,510	29,917
Unrealized Loss	(4,851)	(593)
Industrial and public utilities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	47,899	24,042
Unrealized Loss, less than 12 months	(2,022)	(286)
Fair Value, 12 months or more	1,547	1,058
Unrealized Loss, 12 months or more	(199)	(66)
Fair Value	49,446	25,100
Unrealized Loss	(2,221)	(352)
Commercial mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	60,033	80,126
Unrealized Loss, less than 12 months	(3,636)	(1,565)
Fair Value, 12 months or more	34,197	6,212
Unrealized Loss, 12 months or more	(3,425)	(186)
Fair Value	94,230	86,338
Unrealized Loss	(7,061)	(1,751)
Residential mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	10,045	4,539
Unrealized Loss, less than 12 months	(323)	(24)
Fair Value, 12 months or more	0	0
Unrealized Loss, 12 months or more	0	0
Fair Value	10,045	4,539
Unrealized Loss	(323)	(24)
Other loan-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, less than 12 months	33,037	20,153
Unrealized Loss, less than 12 months	(242)	(36)
Fair Value, 12 months or more	2,885	2,477
Unrealized Loss, 12 months or more	(59)	(23)
Fair Value	35,922	22,630
Unrealized Loss	$ (301)	$ (59)

Investments - Summary of Invest

Investments - Summary of Investments by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Cost or Amortized Cost
Due in one year or less	$ 33,559
Due after one year but before five years	110,891
Due after five years but before ten years	90,397
Due after ten years	64,385
Cost or Amortized Cost	464,502	$ 465,459
Fair Value
Due in one year or less	33,669
Due after one year but before five years	108,584
Due after five years but before ten years	86,968
Due after ten years	60,399
Fair Value	447,349	471,061
Commercial mortgage-backed securities
Cost or Amortized Cost
Cost or Amortized Cost	104,291	119,378
Fair Value
Fair Value	97,267	118,218
Residential mortgage-backed securities
Cost or Amortized Cost
Cost or Amortized Cost	19,040	16,549
Fair Value
Fair Value	18,800	17,368
Other loan-backed securities
Cost or Amortized Cost
Cost or Amortized Cost	41,939	41,236
Fair Value
Fair Value	$ 41,662	$ 41,425

Investments - Summary of Realiz

Investments - Summary of Realized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fixed maturities:
Gains	$ 109	$ 80
Losses	(1,136)	(67)
Total fixed maturities	(1,027)	13
Funds held investments:
Gains	8	0
Losses	(16)	0
Total funds held investments	(8)	0
Equity securities:
Gains	0	0
Losses	(12)	0
Total equity securities	(12)	0
Total net realized gains (losses)	$ (1,047)	$ 13

Investments - Summary of Net In

Investments - Summary of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Investment Income [Line Items]
Net investment income	$ 2,576	$ 2,272
Fixed maturities
Net Investment Income [Line Items]
Net investment income	1,754	1,560
Income on funds held investments
Net Investment Income [Line Items]
Net investment income	668	680
Equity securities
Net Investment Income [Line Items]
Net investment income	154	30
Interest earned on cash and short-term investments
Net Investment Income [Line Items]
Net investment income	$ 0	$ 2

Investments - Summary of Unreal

Investments - Summary of Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Net gains and losses recognized during the period on equity securities	$ 32	$ 17
Less: Net gains and (losses) recognized during the period on equity securities sold during the period	(12)	0
Unrealized gains and (losses) recognized during the reporting period on equity securities still held at the reporting date	$ 44	$ 17

Investments - Schedule of Funds

Investments - Schedule of Funds Held Under Reinsurance Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Funds held under reinsurance agreements, at cost	$ 202,650	$ 199,139
Embedded derivatives, at fair value	(6,625)	271
Total funds held under reinsurance agreements	$ 196,025	$ 199,410

Investments - Summary of Embedd

Investments - Summary of Embedded Derivatives, Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Investment Income [Line Items]
Change in fair value of embedded derivatives	$ 6,896	$ 3,356
Effect of realized gains on funds held investments	8	0
Total gains on embedded derivatives	6,236	2,676
Income on funds held investments
Net Investment Income [Line Items]
Effect of net investment income on funds held investments	$ (668)	$ (680)

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($) $ in Thousands	Jan. 03, 2020	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Jan. 02, 2020
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investments		$ 0		$ 232
Unrealized gain on sale of equity method investment		2,576		2,272
Trean Intermediaries
Schedule of Equity Method Investments [Line Items]
Ownership percentage sold	15.00%
Ownership percentage					25.00%
Proceeds from sale of equity method investments	$ 3,000		$ 1,888
Cumulative percentage ownership after all transactions	10.00%
Realized gain (loss) on sale	$ 3,115		$ (112)
Unrealized gain on sale of equity method investment	$ 2,000
Income from equity method investments		$ 50		$ 50

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less: unamortized deferred financing costs	$ (533)	$ (576)
Net debt	29,992	30,362
Secured credit facility
Debt Instrument [Line Items]
Total debt	$ 30,525	$ 30,938

Debt - Narrative (Details)

Debt - Narrative (Details) - Secured credit facility - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Jul. 16, 2020	Mar. 31, 2022	Mar. 31, 2021
Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Extension term			5 years
Increase (decrease) to term loan debt amount			$ 11,707
Amended and Restated Credit Agreement | Minimum
Debt Instrument [Line Items]
Quarterly installment payments				$ 206
Amended and Restated Credit Agreement | Maximum
Debt Instrument [Line Items]
Quarterly installment payments				825
Amended and Restated Credit Agreement | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	4.73%	4.64%	4.50%
Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 33,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt interest expense				$ 366	$ 385
Revolving Credit Facility | Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 2,000

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenues	$ 3,201	$ 4,655

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 3,201	$ 4,655
Brokerage
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	2,593	3,455
Managing general agent fees
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	84	289
Third-party administrator fees
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	323	378
Consulting and other fee-based revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 201	$ 533

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Schedule of Contract with Customer, Contract Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 4,413	$ 3,353

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	20.90%	21.60%

Liability for Unpaid Losses a_3

Liability for Unpaid Losses and Loss Adjustment Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Unpaid losses and LAE reserves at beginning of period	$ 544,320	$ 457,817
Less losses ceded through reinsurance	(369,008)	(335,655)
Net unpaid losses and LAE at beginning of period	186,702	132,374	$ 175,312	$ 122,162
Incurred losses and LAE related to:
Current period	39,568	24,907
Prior period	(375)	(26)
Total incurred losses and LAE	39,193	24,881
Paid losses and LAE, net of reinsurance, related to:
Current period	5,394	3,523
Prior period	22,409	11,146
Total paid losses and LAE	27,803	14,669
Net unpaid losses and LAE at end of period	186,702	132,374
Plus losses ceded through reinsurance	364,279	353,158	$ 369,008	$ 335,655
Unpaid losses and LAE reserves at end of period	$ 550,981	$ 485,532

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Premiums Written, Net [Abstract]
Direct Premiums Written	$ 159,366	$ 144,898
Assumed Premiums Written	2,037	1,832
Ceded Premiums Written	(85,925)	(89,484)
Premiums Written, Net, Total	75,478	57,246
Earned premiums
Gross	156,203	126,404
Assumed	2,336	1,895
Ceded	(94,362)	(87,165)
Net earned premiums	$ 64,177	$ 41,134

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lessee, Lease, Description [Line Items]
Renewal term	60 months
Lease expense	$ 617	$ 674
Variable lease expense	24	75
Sublease income	$ 21	$ 18
Minimum
Lessee, Lease, Description [Line Items]
Term of contract	1 month
Maximum
Lessee, Lease, Description [Line Items]
Term of contract	39 months

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right of use asset	$ 4,167	$ 4,530
Lease liability	$ 4,554	$ 4,976
Weighted average remaining lease term	1 year 6 months 21 days	2 years 5 months 1 day
Weighted average discount rate	6.02%	6.33%

Leases - Schedule of Future Mat

Leases - Schedule of Future Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2022	$ 1,846
2023	1,847
2024	1,011
2025	129
2026	33
Total lease payments	4,866
Less: imputed interest	(312)
Total lease liabilities	$ 4,554	$ 4,976

Equity (Details)

Equity (Details) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	51,192,196	51,176,887
Common stock, outstanding (in shares)	51,192,196	51,176,887

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 12,340	$ 9,442
Weighted average number of shares outstanding — basic
Weighted average number of shares outstanding - basic (in shares)	51,177,908	51,148,782
Effect of dilutive securities:
Dilutive securities (in shares)	0	31,038
Weighted average number of shares outstanding — diluted
Weighted average number of shares outstanding - diluted (in shares)	51,177,908	51,179,820
Excluded: Antidilutive common stock equivalents	117,371	60,729
Earnings per share:
Basic (in dollars per share)	$ 0.24	$ 0.18
Diluted (in dollars per share)	$ 0.24	$ 0.18
Restricted stock units (RSUs) (in shares)
Effect of dilutive securities:
Dilutive securities (in shares)	0	31,038

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Shareholders' equity beginning balance	$ 421,909
Less reclassification adjustments to:
Other comprehensive loss	(18,000)	$ (6,785)
Shareholders' equity ending balance	416,397
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Shareholders' equity beginning balance	4,384	13,426
Less reclassification adjustments to:
Other comprehensive loss	(18,000)	(6,785)
Shareholders' equity ending balance	(13,616)	6,641
Unrealized investment gain (loss)
Unrealized investment losses:
Unrealized investment losses arising during the period	(23,804)	(8,576)
Income tax benefit	(4,993)	(1,801)
Unrealized investment losses, net of tax	(18,811)	(6,775)
Less reclassification adjustments to:
Net realized investment gains (losses) included in net realized gains (losses)	(1,027)	13
Income tax expense (benefit)	(216)	3
Total reclassifications included in net income, net of tax	(811)	10
Other comprehensive loss	$ (18,000)	$ (6,785)

Stock Compensation - Narrative

Stock Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense		$ 156	$ 211
Cost not yet recognized, weighted average period for recognition	8 years 11 months 23 days
2020 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	5,058,085	5,058,085
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense		$ 51	$ 35
Weighted average grant-date fair value of options granted (in dollars per share)		$ 2.30	$ 5.49
Unrecognized compensation cost related to stock options	$ 449	$ 449
Cost not yet recognized, weighted average period for recognition		1 year 2 months 12 days
Stock Options | Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Contractual term from date of grant (in years)		10 years
Stock Options | Share-based Payment Arrangement, Employee | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Stock Options | Share-based Payment Arrangement, Employee | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Stock Options | Share-based Payment Arrangement, Employee | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense		$ 105	$ 176
Vesting period (in years)		3 years
Cost not yet recognized, weighted average period for recognition		2 years 1 month 6 days
Non-vested non-option stock-based compensation expense	$ 3,387	$ 3,387
Fair value of restricted stock units vested		$ 77
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		33.33%
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Performance Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout rate (percentage)	0.00%	0.00%
Performance Stock Units | Minimum | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout rate (percentage)	50.00%	50.00%
Performance Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout rate (percentage)	200.00%	200.00%
Performance Stock Units | Maximum | Share-Based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout rate (percentage)	200.00%	200.00%
Market-Based Stock Units (MSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)		3 years
Market-Based Stock Units (MSUs) | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		0.00%
Market-Based Stock Units (MSUs) | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Market-Based Stock Units (MSUs) | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		100.00%
Market-Based Stock Units (MSUs) | Share-Based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		200.00%

Stock Compensation - Schedule o

Stock Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Expected volatility	29.80%	29.80%
Expected term	6 years	6 years
Risk-free interest rate	1.92%	1.32%

Stock Compensation - Summary of

Stock Compensation - Summary of Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Stock Options
Options outstanding, beginning balance (in shares) | shares	120,187
Granted (in shares) | shares	64,694
Forfeited or cancelled (in shares) | shares	(2,816)
Options outstanding, ending balance (in shares) | shares	182,065
Options exercisable (in shares) | shares	40,373
Weighted Average Exercise Price
Options outstanding, weighted average exercise price, beginning balance (in dollars per share) | $ / shares	$ 16.06
Grants in period, weighted average exercise price (in dollars per share) | $ / shares	7.04
Forfeited or cancelled in period, weighted average exercise price (in dollars per share) | $ / shares	17.50
Options outstanding, weighted average exercise price, ending balance (in dollars per share) | $ / shares	12.83
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 15.99

Stock Compensation - Summary _2

Stock Compensation - Summary of Options, Vested and Expected to Vest, Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Options Outstanding
Number of Shares	182,065	120,187
Weighted Average Exercise Price (in dollars per share)	$ 12.83	$ 16.06
Weighted Average Remaining Contract Term	8 years 11 months 23 days
Aggregate Intrinsic Value	$ 0
Options Vested or Expected to Vest
Number of Shares	182,065
Weighted Average Exercise Price (in dollars per share)	$ 12.83
Weighted Average Remaining Contract Term	8 years 11 months 23 days
Aggregate Intrinsic Value	$ 0

Stock Compensation - Schedule_2

Stock Compensation - Schedule of Share-based Payment Award, Restricted Stock Units, Valuation Assumptions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	29.80%	29.80%
Weighted average expected life	6 years	6 years
Risk-free interest rate	1.92%	1.32%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant date fair value	$ 391	$ 845
Total grant date fair value per share (in dollars per share)	$ 6.04	$ 13.92
Expected volatility	40.00%	35.00%
Weighted average expected life	2 years 9 months 21 days	2 years 9 months 7 days
Risk-free interest rate	1.79%	0.27%

Stock Compensation - Summary _3

Stock Compensation - Summary of Share-based Payment Award, Total Shareholder Return (Details) - Market-Based Stock Units (MSUs)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative TSR %	29.20%	25.10%
Percent of Units Vested	0.00%
Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative TSR %	29.20%	25.10%
Percent of Units Vested	50.00%
Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative TSR %	52.10%	47.20%
Percent of Units Vested	100.00%
Share-Based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative TSR %	74.90%	69.30%
Percent of Units Vested	200.00%

Stock Compensation - Summary _4

Stock Compensation - Summary of Nonvested Restricted Stock Unit Activity (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Shares
Non-vested outstanding, beginning balance (in shares) | shares	269,718
Granted (in shares) | shares	194,110
Vested (in shares) | shares	(16,961)
Forfeited or cancelled (in shares) | shares	(10,324)
Non-vested outstanding, ending balance (in shares) | shares	436,543
Weighted Average Grant Date Fair Value
Non-vested outstanding, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares	$ 15.97
Grants in period, weighted average exercise price (in dollars per share) | $ / shares	6.71
Vested in period, weighted average exercise price (in dollars per share) | $ / shares	17.50
Forfeited or cancelled in period, weighted average exercise price (in dollars per share) | $ / shares	16.52
Non-vested outstanding, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares	$ 11.78
Restricted Stock Units (RSUs)
Shares
Non-vested outstanding, beginning balance (in shares) | shares	117,109
Granted (in shares) | shares	64,708
Vested (in shares) | shares	(16,961)
Forfeited or cancelled (in shares) | shares	(1,877)
Non-vested outstanding, ending balance (in shares) | shares	162,979
Weighted Average Grant Date Fair Value
Non-vested outstanding, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares	$ 15.53
Grants in period, weighted average exercise price (in dollars per share) | $ / shares	7.04
Vested in period, weighted average exercise price (in dollars per share) | $ / shares	17.50
Forfeited or cancelled in period, weighted average exercise price (in dollars per share) | $ / shares	17.50
Non-vested outstanding, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares	$ 11.93
Market-Based Stock Units (MSUs)
Shares
Non-vested outstanding, beginning balance (in shares) | shares	50,861
Granted (in shares) | shares	64,709
Vested (in shares) | shares	0
Forfeited or cancelled (in shares) | shares	(2,815)
Non-vested outstanding, ending balance (in shares) | shares	112,755
Weighted Average Grant Date Fair Value
Non-vested outstanding, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares	$ 13.92
Grants in period, weighted average exercise price (in dollars per share) | $ / shares	6.04
Vested in period, weighted average exercise price (in dollars per share) | $ / shares	0
Forfeited or cancelled in period, weighted average exercise price (in dollars per share) | $ / shares	13.92
Non-vested outstanding, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares	$ 9.40
Performance Stock Units (PSUs)
Shares
Non-vested outstanding, beginning balance (in shares) | shares	101,748
Granted (in shares) | shares	64,693
Vested (in shares) | shares	0
Forfeited or cancelled (in shares) | shares	(5,632)
Non-vested outstanding, ending balance (in shares) | shares	160,809
Weighted Average Grant Date Fair Value
Non-vested outstanding, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares	$ 17.50
Grants in period, weighted average exercise price (in dollars per share) | $ / shares	7.04
Vested in period, weighted average exercise price (in dollars per share) | $ / shares	0
Forfeited or cancelled in period, weighted average exercise price (in dollars per share) | $ / shares	17.50
Non-vested outstanding, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares	$ 13.29