Universal Insurance (UVE) 10-Q 4 Nov 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Oct. 29, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2019
Entity File Number	001-33251
Entity Registrant Name	UNIVERSAL INSURANCE HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	65-0231984
Entity Address, Address Line One	1110 W. Commercial Blvd.
Entity Address, City or Town	Fort Lauderdale
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33309
City Area Code	954
Local Phone Number	958-1200
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	UVE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		33,211,481
Entity Central Index Key	0000891166
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
ASSETS
Available-for-sale debt securities, at fair value (amortized cost: $850,658 and $831,127)		$ 878,567	$ 820,438
Equity securities, at fair value (amortized cost: $43,772 and $86,271)		43,141	63,277
Investment real estate, net		15,688	24,439
Total invested assets		937,396	908,154
Cash and cash equivalents		159,638	166,428
Restricted cash and cash equivalents	[1]	2,635	2,635
Prepaid reinsurance premiums		280,297	142,750
Reinsurance recoverable		217,301	418,603
Premium receivable, net		70,388	59,858
Property and equipment, net		41,016	34,991
Deferred policy acquisition costs		94,820	84,686
Income taxes recoverable		9,860	11,159
Deferred income tax asset, net		0	14,586
Other assets		15,927	14,540
Total assets		1,829,278	1,858,390
LIABILITIES:
Unpaid losses and loss adjustment expenses		166,342	472,829
Unearned premiums		680,195	601,679
Advance premium		40,669	26,222
Accounts payable		3,396	3,059
Book overdraft		1,692	102,843
Reinsurance payable, net		300,094	93,306
Deferred income tax liability, net		2,571	0
Other liabilities and accrued expenses		55,044	45,422
Long-term debt		10,294	11,397
Total liabilities		1,260,297	1,356,757
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:
Cumulative convertible preferred stock, $.01 par value Authorized shares - 1,000 Issued shares - 10 and 10 Outstanding shares - 10 and 10 Minimum liquidation preference, $9.99 and $9.99 per share		0	0
Common stock, $.01 par value Authorized shares - 55,000 Issued shares - 46,713 and 46,514 Outstanding shares - 33,211 and 34,783		467	465
Treasury shares, at cost - 13,502 and 11,731		(180,331)	(130,399)
Additional paid-in capital		93,546	86,353
Accumulated other comprehensive income (loss), net of taxes		21,089	(8,010)
Retained earnings		634,210	553,224
Total stockholders’ equity		568,981	501,633
Total liabilities and stockholders’ equity		$ 1,829,278	$ 1,858,390
[1]	See “—Note 5 (Insurance Operations),” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Available for sale debt securities, amortized cost	$ 850,658	$ 831,127
Equity securities, amortized cost	$ 43,772	$ 86,271
Cumulative convertible preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Cumulative convertible preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Cumulative convertible preferred stock, shares issued (in shares)	10,000	10,000
Cumulative convertible preferred stock, shares outstanding (in shares)	10,000	10,000
Cumulative convertible preferred stock, minimum liquidation preference (in dollars per share)	$ 9.99	$ 9.99
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	55,000,000	55,000,000
Common stock, shares issued (in shares)	46,713,000	46,514,000
Common stock, shares outstanding (in shares)	33,211,000	34,783,000
Treasury stock, shares (in shares)	13,502,000	11,731,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written	$ 342,872	$ 309,176	$ 990,066	$ 921,941
Change in unearned premium	(29,807)	(20,772)	(78,516)	(97,249)
Direct premium earned	313,065	288,404	911,550	824,692
Ceded premium earned	(106,466)	(99,466)	(284,867)	(260,905)
Premiums earned, net	206,599	188,938	626,683	563,787
Net investment income	7,613	6,642	23,165	17,213
Net realized gains (losses) on investments	(22)	403	(13,152)	(2,093)
Net change in unrealized gains (losses) of equity securities	573	(2,473)	22,364	(9,103)
Commission revenue	7,380	5,658	18,933	16,638
Policy fees	5,569	5,204	16,587	15,743
Other revenue	1,929	1,783	5,369	5,258
Total premiums earned and other revenues	229,641	206,155	699,949	607,443
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses	132,571	85,947	358,961	251,715
General and administrative expenses	69,174	69,041	208,418	191,614
Total operating costs and expenses	201,745	154,988	567,379	443,329
INCOME BEFORE INCOME TAXES	27,896	51,167	132,570	164,114
Income tax expense	7,750	13,787	34,983	40,595
NET INCOME	$ 20,146	$ 37,380	$ 97,587	$ 123,519
Basic earnings per common share (in dollars per share)	$ 0.60	$ 1.07	$ 2.85	$ 3.54
Weighted average common shares outstanding - Basic (in shares)	33,649	34,861	34,230	34,870
Diluted earnings per common share (in dollars per share)	$ 0.59	$ 1.04	$ 2.82	$ 3.45
Weighted average common shares outstanding - Diluted (in shares)	33,930	35,919	34,565	35,754
Cash dividend declared per common share (in dollars per share)	$ 0.16	$ 0.16	$ 0.48	$ 0.44

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 20,146	$ 37,380	$ 97,587	$ 123,519
Other comprehensive income (loss), net of taxes	5,160	(737)	29,099	(6,636)
Comprehensive income	$ 25,306	$ 36,643	$ 126,686	$ 116,883

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Treasury Shares [Member]		Common Stock [Member]	Preferred Shares Issued [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning balance at Dec. 31, 2017	$ 439,988	$ (105,123)		$ 458		$ 86,186	$ 464,748	$ (6,281)
Beginning balance (in shares) at Dec. 31, 2017		(11,043)		(45,778)	(10)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of performance share units	(1,273)	$ (1,273)		$ 1		(1)
Vesting of performance share units (in shares)		43	[1]	127
Vesting of restricted stock units	0
Grants and vesting of restricted stock, shares (in shares)				(50)
Stock option exercises	(3,520)	$ (18,723)		$ 8		15,195
Stock option exercises (in shares)		(568)	[1]	(804)
Retirement of treasury shares	0	$ 19,996		$ (6)		(19,990)
Retirement of treasury shares, shares (in shares)		(611)		(611)
Purchases of treasury stock	(2,746)	$ (2,746)
Purchases of treasury stock (in shares)		(93)
Share-based compensation	2,904					2,904
Net income	40,055						40,055
Other comprehensive income (loss)	(4,050)							(4,050)
Reclassification of income taxes upon adoption of ASU 2018-02							582	(582)
Declaration of dividends	(4,906)						(4,906)
Ending balance at Mar. 31, 2018	466,452	$ (107,869)		$ 461		84,294	496,878	(7,312)
Ending balance (in shares) at Mar. 31, 2018		(11,136)		(46,148)	(10)
Beginning balance at Dec. 31, 2017	439,988	$ (105,123)		$ 458		86,186	464,748	(6,281)
Beginning balance (in shares) at Dec. 31, 2017		(11,043)		(45,778)	(10)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	123,519
Other comprehensive income (loss)	(6,636)
Ending balance at Sep. 30, 2018	532,382	$ (116,239)		$ 463		88,231	569,825	(9,898)
Ending balance (in shares) at Sep. 30, 2018		(11,385)		(46,318)	(10)
Beginning balance at Mar. 31, 2018	466,452	$ (107,869)		$ 461		84,294	496,878	(7,312)
Beginning balance (in shares) at Mar. 31, 2018		(11,136)		(46,148)	(10)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises	(1,716)	$ (8,015)		$ 4		6,295
Stock option exercises (in shares)		(244)	[1]	(353)
Retirement of treasury shares	0	$ 8,015		$ (2)		(8,013)
Retirement of treasury shares, shares (in shares)		(244)		(244)
Purchases of treasury stock	(8,370)	$ (8,370)
Purchases of treasury stock (in shares)		(249)
Share-based compensation	3,349					3,349
Net income	46,084						46,084
Other comprehensive income (loss)	(1,849)							(1,849)
Declaration of dividends	(4,923)						(4,923)
Declaration of third quarter dividends	(5,596)						(5,596)
Ending balance at Jun. 30, 2018	493,431	$ (116,239)		$ 463		85,925	532,443	(9,161)
Ending balance (in shares) at Jun. 30, 2018		(11,385)		(46,257)	(10)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises	(939)	$ (4,744)		$ 1		3,804
Stock option exercises (in shares)		(108)		(169)
Retirement of treasury shares	0	$ 4,744		$ (1)		(4,743)
Retirement of treasury shares, shares (in shares)		(108)		(108)
Share-based compensation	3,245					3,245
Net income	37,380						37,380
Other comprehensive income (loss)	(737)							(737)
Declaration of dividends	(3)
Other	(5)
Ending balance at Sep. 30, 2018	532,382	$ (116,239)		$ 463		88,231	569,825	(9,898)
Ending balance (in shares) at Sep. 30, 2018		(11,385)		(46,318)	(10)
Beginning balance at Dec. 31, 2018	501,633	$ (130,399)		$ 465		86,353	553,224	(8,010)
Beginning balance (in shares) at Dec. 31, 2018		(11,731)		(46,514)	(10)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of performance share units	(2,069)	$ (2,069)		$ 2		(2)
Vesting of performance share units (in shares)		56	[1]	148
Vesting of restricted stock units	(166)	$ (166)
Grants and vesting of restricted stock, shares (in shares)		(5)	[1]	(25)
Stock option exercises	72	$ (1,367)		$ 1		1,438
Stock option exercises (in shares)		(36)	[1]	(84)
Retirement of treasury shares	0	$ 3,602		$ (1)		(3,601)
Retirement of treasury shares, shares (in shares)		(97)		(97)
Purchases of treasury stock	(10,117)	$ (10,117)
Purchases of treasury stock (in shares)		(321)
Share-based compensation	3,140					3,140
Net income	40,148						40,148
Other comprehensive income (loss)	11,984							11,984
Declaration of dividends	(5,575)						(5,575)
Ending balance at Mar. 31, 2019	539,050	$ (140,516)		$ 467		87,328	587,797	3,974
Ending balance (in shares) at Mar. 31, 2019		(12,052)		(46,674)	(10)
Beginning balance at Dec. 31, 2018	501,633	$ (130,399)		$ 465		86,353	553,224	(8,010)
Beginning balance (in shares) at Dec. 31, 2018		(11,731)		(46,514)	(10)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	97,587
Other comprehensive income (loss)	29,099
Ending balance at Sep. 30, 2019	568,981	$ (180,331)		$ 467		93,546	634,210	21,089
Ending balance (in shares) at Sep. 30, 2019		(13,502)		(46,713)	(10)
Beginning balance at Mar. 31, 2019	539,050	$ (140,516)		$ 467		87,328	587,797	3,974
Beginning balance (in shares) at Mar. 31, 2019		(12,052)		(46,674)	(10)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units	(402)	$ (402)
Grants and vesting of restricted stock, shares (in shares)		(14)	[1]	(25)
Stock option exercises	(11)	$ (414)		$ 0		403
Stock option exercises (in shares)		(14)	[1]	(27)
Retirement of treasury shares	0	$ 816		$ 0		(816)
Retirement of treasury shares, shares (in shares)		(28)		(28)
Purchases of treasury stock	(14,107)	$ (14,107)
Purchases of treasury stock (in shares)		(486)
Share-based compensation	3,311					3,311
Net income	37,293						37,293
Other comprehensive income (loss)	11,955							11,955
Declaration of dividends	(5,547)						(5,547)
Declaration of third quarter dividends	(5,476)						(5,476)
Ending balance at Jun. 30, 2019	566,066	$ (154,623)		$ 467		90,226	614,067	15,929
Ending balance (in shares) at Jun. 30, 2019		(12,538)		(46,698)	(10)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units	(259)	$ (259)
Grants and vesting of restricted stock, shares (in shares)		(10)	[1]	(25)
Stock option exercises	(5)	$ (59)		$ 0		54
Stock option exercises (in shares)		(2)	[1]	(2)
Retirement of treasury shares	0	$ 318		$ 0		(318)
Retirement of treasury shares, shares (in shares)		(12)		(12)
Purchases of treasury stock	(25,708)	$ (25,708)
Purchases of treasury stock (in shares)		(964)
Share-based compensation	3,584					3,584
Net income	20,146						20,146
Other comprehensive income (loss)	5,160							5,160
Declaration of dividends	(3)						(3)
Ending balance at Sep. 30, 2019	$ 568,981	$ (180,331)		$ 467		$ 93,546	$ 634,210	$ 21,089
Ending balance (in shares) at Sep. 30, 2019		(13,502)		(46,713)	(10)
[1]	All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of stock options exercised, restricted stock vested, performance share units vested or restricted stock units vested. These shares have been cancelled by the Company.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividend declared per common share (in dollars per share)	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.14	$ 0.14
Cash dividend declared per preferred share (in dollars per share)	$ 0.25	0.25	$ 0.25	$ 0.25	0.25	$ 0.25
Cash dividend declared for third quarter per common share (in dollars per share)		$ 0.16			$ 0.16

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 56,589	$ 224,454
Cash flows from investing activities:
Proceeds from sale of property and equipment	27	30
Purchases of property and equipment	(9,723)	(6,141)
Purchases of equity securities	(1,091)	(23,568)
Purchases of available-for-sale debt securities	(194,228)	(349,617)
Purchases of investment real estate, net	(883)	(5,553)
Proceeds from sales of equity securities	29,137	8,285
Proceeds from sales of available-for-sale debt securities	73,041	132,801
Proceeds from sales of investment real estate	10,537	0
Maturities of available-for-sale debt securities	100,304	83,188
Maturities of available-for-sale short-term investments	0	10,000
Net cash provided by (used in) investing activities	7,121	(150,575)
Cash flows from financing activities:
Preferred stock dividend	(8)	(8)
Common stock dividend	(16,618)	(15,400)
Issuance of common stock for stock option exercises	239	102
Purchase of treasury stock	(49,932)	(11,116)
Payments related to tax withholding for share-based compensation	(3,078)	(7,551)
Repayment of debt	(1,103)	(1,103)
Net cash provided by (used in) financing activities	(70,500)	(35,076)
Cash and cash equivalents, and restricted cash and cash equivalents:
Net increase (decrease) during the period	(6,790)	38,803
Balance, beginning of period	169,063	216,121
Balance, end of period	162,273	254,924
Cash and cash equivalents, and restricted cash and cash equivalents within the Consolidated Balance Sheets
Total cash and cash equivalents and restricted cash and cash equivalents	$ 169,063	$ 216,121

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation Nature of Operations Universal Insurance Holdings, Inc. (together with its wholly-owned subsidiaries, “the Company”) is a Delaware corporation incorporated in 1990. The Company is a vertically integrated insurance holding company performing all aspects of insurance underwriting, distribution and claims. Through its wholly-owned insurance company subsidiaries, Universal Property & Casualty Insurance Company (“UPCIC”) and American Platinum Property and Casualty Insurance Company (“APPCIC”, and together with UPCIC, the “Insurance Entities”), the Company is principally engaged in the property and casualty insurance business offered primarily through its network of independent agents. Risk from catastrophic losses is managed through the use of reinsurance agreements. The Company’s primary product is residential homeowners’ insurance currently offered in 18 states as of September 30, 2019 , including Florida, which comprises the majority of the Company’s policies in force. See “—Note 5 (Insurance Operations)” for more information regarding the Company’s insurance operations. The Company generates revenues primarily from the collection of premiums and invests funds in excess of those retained for claims-paying obligations and insurance operations. Other significant sources of revenue include brokerage commissions collected from reinsurers on certain reinsurance programs placed by the Insurance Entities, policy fees collected from policyholders by our wholly-owned managing general agent subsidiary and payment plan fees charged to policyholders who choose to pay their premiums in installments. Our wholly-owned adjusting company receives claims-handling fees from the Insurance Entities. The Insurance Entities are reimbursed for these fees on claims that are subject to recovery under the Insurance Entities’ respective reinsurance programs. These fees, after expenses, are recorded in the Condensed Consolidated Financial Statements as an adjustment to losses and loss adjustment expense. Basis of Presentation The Company has prepared the accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, the Financial Statements do not include all of the information and footnotes required by United States Generally Accepted Accounting Principles (“U.S. GAAP”) for annual financial statements. Therefore, the Financial Statements should be read in conjunction with the audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 , filed with the SEC on March 1, 2019. The condensed consolidated balance sheet at December 31, 2018 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods do not necessarily indicate the results that may be expected for any other interim period or for the full year. To conform to the current period presentation, certain amounts in the prior periods’ condensed consolidated financial statements and notes have been reclassified. Such reclassifications were of an immaterial amount and had no effect on net income or stockholders’ equity. The Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Management must make estimates and assumptions that affect amounts reported in the Company’s Financial Statements and in disclosures of contingent assets and liabilities. Actual results could differ from those estimates.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The Company reported Significant Accounting Policies in its Annual Report on Form 10-K for the year ended December 31, 2018 . There are no new or revised disclosures or disclosures required on a quarterly basis.

Investments

Investments	9 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Securities Available for Sale The following table provides the amortized cost and fair value of debt securities available for sale as of the dates presented (in thousands): September 30, 2019 Amortized Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 71,696 $ 1,096 $ (206 ) $ 72,586 Corporate bonds 450,868 18,628 (198 ) 469,298 Mortgage-backed and asset-backed securities 313,001 8,642 (509 ) 321,134 Municipal bonds 3,399 148 (5 ) 3,542 Redeemable preferred stock 11,694 395 (82 ) 12,007 Total $ 850,658 $ 28,909 $ (1,000 ) $ 878,567 December 31, 2018 Amortized Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 67,435 $ 241 $ (1,039 ) $ 66,637 Corporate bonds 434,887 714 (6,736 ) 428,865 Mortgage-backed and asset-backed securities 312,840 912 (4,155 ) 309,597 Municipal bonds 3,405 — (43 ) 3,362 Redeemable preferred stock 12,560 55 (638 ) 11,977 Total $ 831,127 $ 1,922 $ (12,611 ) $ 820,438 The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (dollars in thousands): September 30, 2019 December 31, 2018 Equivalent S&P Credit Ratings Fair Value % of Total Fair Value Fair Value % of Total Fair Value AAA $ 406,441 46.3 % $ 388,672 47.4 % AA 93,687 10.7 % 100,791 12.3 % A 232,352 26.4 % 214,503 26.1 % BBB 141,837 16.1 % 112,613 13.7 % BB and Below — — 494 0.1 % No Rating Available 4,250 0.5 % 3,365 0.4 % Total $ 878,567 100.0 % $ 820,438 100.0 % The table above includes credit quality ratings by Standard and Poor’s Rating Services, Inc. (“S&P”), Moody’s Investors Service, Inc. and Fitch Ratings, Inc. The Company has presented the highest rating of the three rating agencies for each investment position. The following table summarizes the amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands): September 30, 2019 December 31, 2018 Amortized Fair Value Amortized Fair Value Mortgage-backed Securities: Agency $ 147,245 $ 148,465 $ 139,418 $ 136,291 Non-agency 73,119 78,794 61,689 61,933 Asset-backed Securities: Auto loan receivables 43,681 44,103 53,449 53,341 Credit card receivables 21,147 21,538 29,594 29,366 Other receivables 27,809 28,234 28,690 28,666 Total $ 313,001 $ 321,134 $ 312,840 $ 309,597 The following table summarizes the fair value and gross unrealized losses on available-for-sale debt securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates presented (in thousands): September 30, 2019 Less Than 12 Months 12 Months or Longer Number of Fair Value Unrealized Number of Fair Value Unrealized Debt Securities: U.S. government obligations and agencies 2 $ 3,907 $ (38 ) 6 $ 41,419 $ (168 ) Corporate bonds 24 24,357 (115 ) 22 19,923 (83 ) Mortgage-backed and asset-backed securities 26 30,609 (139 ) 38 53,895 (370 ) Municipal bonds — — — 1 275 (5 ) Redeemable preferred stock 8 1,116 (12 ) 8 2,094 (70 ) Total 60 $ 59,989 $ (304 ) 75 $ 117,606 $ (696 ) December 31, 2018 Less Than 12 Months 12 Months or Longer Number of Fair Value Unrealized Number of Fair Value Unrealized Debt Securities: U.S. government obligations and agencies — $ — $ — 13 $ 56,531 $ (1,039 ) Corporate bonds 228 210,152 (3,318 ) 160 131,225 (3,418 ) Mortgage-backed and asset-backed securities 36 57,487 (196 ) 103 148,436 (3,959 ) Municipal bonds 6 3,362 (43 ) — — — Redeemable preferred stock 61 8,092 (506 ) 5 1,034 (132 ) Total 331 $ 279,093 $ (4,063 ) 281 $ 337,226 $ (8,548 ) Evaluating Investments for Other Than Temporary Impairment As of September 30, 2019 , the Company held available-for-sale debt securities that were in an unrealized loss position as presented in the table above. For available-for-sale debt securities with significant declines in value, the Company performs a quarterly fundamental credit analysis on a security-by-security basis, which includes consideration of credit quality and credit ratings, review of relevant industry analyst reports and other available market data. For available-for-sale debt securities, the Company considers whether it has the intent and ability to hold the available-for-sale debt securities for a period of time sufficient to recover its cost basis. Where the Company lacks the intent and ability to hold to recovery, or believes the recovery period is extended, the security’s decline in fair value is considered other than temporary and is recorded in earnings. Based on our analysis, our fixed income portfolio is of high quality and we believe that we will recover the amortized cost basis of our available-for-sale debt securities. We continually monitor the credit quality of our investments in available-for-sale debt securities to assess if it is probable that we will receive our contractual or estimated cash flows in the form of principal and interest. Additionally, the Company considers management’s intent and ability to hold the available-for-sale debt securities until recovery and its credit analysis of the individual issuers of the securities. Based on this process and analysis, management has no reason to believe the unrealized losses of the available-for-sale debt securities as of September 30, 2019 are other than temporary. The following table presents the amortized cost and fair value of investments with maturities as of the date presented (in thousands): September 30, 2019 Amortized Cost Fair Value Due in one year or less $ 122,700 $ 122,907 Due after one year through five years 427,470 436,026 Due after five years through ten years 288,021 306,986 Due after ten years 12,040 12,173 Perpetual maturity securities 427 475 Total $ 850,658 $ 878,567 All securities, except those with perpetual maturities, were categorized in the table above utilizing years to effective maturity. Effective maturity takes into consideration all forms of potential prepayment, such as call features or prepayment schedules, that shorten the lifespan of contractual maturity dates. The following table provides certain information related to available-for-sale debt securities, equity securities and investment real estate during the periods presented (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Proceeds from sales and maturities (fair value): Available-for-sale debt securities $ 61,615 $ 32,287 $ 173,345 $ 225,989 Equity securities $ — $ 4,158 $ 29,137 $ 8,285 Gross realized gains on sale of securities: Available-for-sale debt securities $ 65 $ 1 $ 364 $ 318 Equity securities $ — $ 413 $ 335 $ 714 Gross realized losses on sale of securities: Available-for-sale debt securities $ (87 ) $ (11 ) $ (277 ) $ (3,125 ) Equity securities $ — $ — $ (14,787 ) $ — Realized gains on sales of investment real estate $ — $ — $ 1,213 $ — The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Available-for-sale debt securities $ 6,316 $ 4,595 $ 18,508 $ 12,390 Equity securities 487 722 2,091 2,016 Available-for-sale short-term investments — — — 145 Cash and cash equivalents (1) 1,374 1,854 4,066 4,100 Other (2) 243 252 754 665 Total investment income 8,420 7,423 25,419 19,316 Less: Investment expenses (3) (807 ) (781 ) (2,254 ) (2,103 ) Net investment income $ 7,613 $ 6,642 $ 23,165 $ 17,213 (1 ) Includes interest earned on restricted cash and cash equivalents. (2 ) Includes investment income earned on real estate investments. (3 ) Includes custodial fees, investment accounting and advisory fees, and expenses associated with real estate investments. Equity Securities The following table provides the unrealized gains and losses recorded during the periods presented on equity securities still held at the end of the reporting period (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Unrealized gains and (losses) recognized during the reporting period on equity securities still held at the reporting period $ 573 $ (2,473 ) $ 3,339 $ (9,103 ) Investment Real Estate Investment real estate consisted of the following as of the dates presented (in thousands): September 30, December 31, Income Producing: Investment real estate $ 14,679 $ 14,619 Less: Accumulated depreciation (1,181 ) (870 ) 13,498 13,749 Non-Income Producing: Investment real estate 2,190 10,690 Investment real estate, net $ 15,688 $ 24,439 During the nine months ended September 30, 2019 , the Company completed the sale of investment real estate. The Company received net cash proceeds of approximately $10.5 million and recognized a pre-tax gain of approximately $1.2 million that is included in net realized gains (losses) on investments on the Condensed Consolidated Statements of Income for the nine months ended September 30, 2019 . Depreciation expense related to investment real estate for the periods presented (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Depreciation expense on investment real estate $ 104 $ 103 $ 311 $ 307

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2019
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance The Company seeks to reduce its risk of loss by reinsuring certain levels of risk in various areas of exposure with other insurance enterprises or reinsurers, generally as of the beginning of the hurricane season on June 1st of each year. The Company’s current reinsurance programs consist principally of catastrophe excess of loss reinsurance, subject to the terms and conditions of the applicable agreements. The Company is responsible for certain retained loss amounts before reinsurance attaches and insured losses related to catastrophes and other events that exceed coverage provided by the reinsurance programs. The Company remains responsible for the settlement of insured losses irrespective of whether any of the reinsurers fail to make payments otherwise due. Amounts recoverable from reinsurers are estimated in a manner consistent with the provisions of the reinsurance agreements and consistent with the establishment of the gross liability for losses, loss adjustment expenses (“LAE”) and other expenses. Reinsurance premiums, losses and LAE are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. To reduce credit risk for amounts due from reinsurers, the Insurance Entities seek to do business with financially sound reinsurance companies and regularly evaluate the financial strength of all reinsurers used. The following table presents ratings from rating agencies and the unsecured amounts due from the reinsurers whose aggregate balances exceeded 3% of the Company’s stockholders’ equity as of the dates presented (in thousands): Ratings as of September 30, 2019 Due from as of Reinsurer AM Best Company Standard and Poor’s Rating Services, Inc. Moody’s Investors Service, Inc. September 30, 2019 December 31, 2018 Florida Hurricane Catastrophe Fund (1) n/a n/a n/a $ 123,037 $ 165,022 Allianz Risk Transfer A+ AA Aa3 28,088 139,565 Renaissance Reinsurance Ltd n/a n/a n/a — 39,459 Chubb Tempest Reinsurance Ltd n/a n/a n/a — 16,208 Total (2) $ 151,125 $ 360,254 (1) No rating is available, because the fund is not rated. (2) Amounts represent prepaid reinsurance premiums, reinsurance receivables and net recoverables for paid and unpaid losses, including incurred but not reported reserves, and loss adjustment expenses. The Company’s reinsurance arrangements had the following effect on certain items in the Condensed Consolidated Statements of Income for the periods presented (in thousands): Three Months Ended September 30, 2019 2018 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 342,872 $ 313,065 $ 334,440 $ 309,176 $ 288,404 $ 270,158 Ceded (4,781 ) (106,466 ) (201,869 ) (17,256 ) (99,466 ) (184,211 ) Net $ 338,091 $ 206,599 $ 132,571 $ 291,920 $ 188,938 $ 85,947 Nine Months Ended September 30, 2019 2018 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 990,066 $ 911,550 $ 663,768 $ 921,941 $ 824,692 $ 593,419 Ceded (422,414 ) (284,867 ) (304,807 ) (356,507 ) (260,905 ) (341,704 ) Net $ 567,652 $ 626,683 $ 358,961 $ 565,434 $ 563,787 $ 251,715 The following prepaid reinsurance premiums and reinsurance recoverable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands): September 30, December 31, 2019 2018 Prepaid reinsurance premiums $ 280,297 $ 142,750 Reinsurance recoverable on paid losses and LAE $ 106,988 $ 25,238 Reinsurance recoverable on unpaid losses and LAE 110,313 393,365 Reinsurance recoverable $ 217,301 $ 418,603

Insurance Operations

Insurance Operations	9 Months Ended
	Sep. 30, 2019
Insurance [Abstract]
Insurance Operations	Insurance Operations Deferred Policy Acquisition Costs The Company defers certain costs relating to written premium, called Deferred Policy Acquisition Costs (“DPAC”). DPAC is amortized over the effective period of the related insurance policies. The following table presents the beginning and ending balances and the changes in DPAC for the periods presented (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 DPAC, beginning of period $ 90,530 $ 88,756 $ 84,686 $ 73,059 Capitalized Costs 48,783 44,389 140,998 136,758 Amortization of DPAC (44,493 ) (42,502 ) (130,864 ) (119,174 ) DPAC, end of period $ 94,820 $ 90,643 $ 94,820 $ 90,643 Regulatory Requirements and Restrictions The Insurance Entities are subject to regulations and standards of the Florida Office of Insurance Regulation (“FLOIR”). UPCIC also is subject to regulations and standards of regulatory authorities in other states where it is licensed, although as a Florida-domiciled insurer, its principal regulatory authority is the FLOIR. These standards require the Insurance Entities to maintain specified levels of statutory capital and restrict the timing and amount of dividends and other distributions that may be paid by the Insurance Entities to the parent company. Except in the case of extraordinary dividends, these standards generally permit dividends to be paid from statutory unassigned surplus of the regulated subsidiary and are limited based on the regulated subsidiary’s level of statutory net income and statutory capital and surplus. The maximum dividend that may be paid by UPCIC and APPCIC to their immediate parent company, Protection Solutions, Inc. (“PSI”, formerly known as Universal Insurance Holding Company of Florida), without prior regulatory approval is limited by the provisions of the Florida Insurance Code. These dividends are referred to as “ordinary dividends.” However, if the dividend, together with other dividends paid within the preceding twelve months exceeds this statutory limit or is paid from sources other than earned surplus, the entire dividend is generally considered an “extraordinary dividend” and must receive prior regulatory approval. In accordance with Florida Insurance Code, and based on the calculations performed by the Company as of December 31, 2018 , UPCIC has the capacity to pay ordinary dividends of $14.0 million during 2019 . APPCIC did not meet the earnings or surplus regulatory requirements as of December 31, 2018 to pay ordinary dividends during 2019 . For the nine months ended September 30, 2019 , no dividends were paid from UPCIC or APPCIC to PSI. The Florida Insurance Code requires insurance companies to maintain capitalization equivalent to the greater of ten percent of the insurer’s total liabilities or $10.0 million . The following table presents the amount of capital and surplus calculated in accordance with statutory accounting principles, which differ from U.S. GAAP, and an amount representing ten percent of total liabilities for both UPCIC and APPCIC as of the dates presented (in thousands): September 30, 2019 December 31, 2018 Ten percent of total liabilities UPCIC $ 105,485 $ 90,610 APPCIC $ 594 $ 489 Statutory capital and surplus UPCIC $ 343,803 $ 291,438 APPCIC $ 16,055 $ 15,973 As of the dates in the table above, both UPCIC and APPCIC exceeded the minimum statutory capitalization requirement. UPCIC also met the capitalization requirements of the other states in which it is licensed as of September 30, 2019 . UPCIC and APPCIC are also required to adhere to prescribed premium-to-capital surplus ratios and have met those requirements at such dates. The following table summarizes combined net income (loss) for UPCIC and APPCIC determined in accordance with statutory accounting practices for the periods presented (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Combined net income (loss) $ (5,486 ) $ 5,468 $ 28,854 $ 49,190 The Insurance Entities are required by various state laws and regulations to maintain certain assets in depository accounts. The following table represents assets held by insurance regulators as of the dates presented (in thousands): September 30, 2019 December 31, 2018 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,434 $ 3,876

Liability for Unpaid Losses and

Liability for Unpaid Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2019
Insurance [Abstract]
Liability for Unpaid Losses and Loss Adjustment Expenses	Liability for Unpaid Losses and Loss Adjustment Expenses Set forth in the following table is the change in liability for unpaid losses and LAE for the periods presented (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Balance at beginning of period $ 288,296 $ 151,916 $ 472,829 $ 248,425 Less: Reinsurance recoverable (197,117 ) (96,733 ) (393,365 ) (182,405 ) Net balance at beginning of period 91,179 55,183 79,464 66,020 Incurred (recovered) related to: Current year 129,353 85,986 355,258 249,488 Prior years 3,218 (39 ) 3,703 2,227 Total incurred 132,571 85,947 358,961 251,715 Paid related to: Current year 137,313 72,034 260,955 140,013 Prior years 30,408 38,372 121,441 146,998 Total paid 167,721 110,406 382,396 287,011 Net balance at end of period 56,029 30,724 56,029 30,724 Plus: Reinsurance recoverable 110,313 127,943 110,313 127,943 Balance at end of period $ 166,342 $ 158,667 $ 166,342 $ 158,667 During the nine months ended September 30, 2019, there was adverse prior year reserve development of $305.3 million gross, less $301.6 million ceded, resulting in $3.7 million net. Gross prior year reserve development was principally the result of an increase in estimated losses and LAE for Hurricane Irma claims, which were fully ceded. Net prior year adverse reserve development of $3.7 million principally resulted from a change in the allocation of estimated Hurricane Michael losses and LAE recoveries from the Non-Florida reinsurance coverage to the All States reinsurance coverage. The Non-Florida reinsurance coverage has a lower retention and the change in the allocation of reinsurance recoveries to the All States reinsurance coverage resulted in higher retained losses. There was no change to gross Hurricane Michael losses. For the nine months ended September 30, 2018, there was $311.7 million gross, less $309.5 million ceded, resulting in $2.2 million net of prior year reserve development principally reflecting an increase in estimated Hurricane Irma claims.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consists of the following as of the dates presented (in thousands): September 30, December 31, 2019 2018 Surplus note $ 10,294 $ 11,397 In 2006, UPCIC entered into a $25.0 million surplus note with the State Board of Administration of Florida (the “SBA”) under Florida’s Insurance Capital Build-Up Incentive Program. The surplus note has a twenty-year term and accrues interest, adjusted quarterly based on the 10 -year Constant Maturity Treasury Index. Principal and interest are paid periodically pursuant to terms of the surplus note. UPCIC was in compliance with the terms of the surplus note as of September 30, 2019 .

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity From time to time, the Company’s Board of Directors authorizes share repurchase programs under which the Company may repurchase shares of the Company’s common stock in the open market. The following table presents repurchases of the Company’s common stock for the periods presented (in thousands, except total number of shares repurchased and per share data): Total Number of Shares Repurchased During the Nine Months Ended September 30, Date Authorized Expiration Date Dollar Amount Authorized 2019 2018 Aggregate Purchase Price Average Price Per Share Repurchased Plan Completed May 6, 2019 December 31, 2020 $ 40,000 1,302,401 — $ 35,419 $ 27.20 December 12, 2018 May 31, 2020 $ 20,000 468,108 — $ 14,513 $ 31.00 May 2019 September 5, 2017 December 31, 2018 $ 20,000 — 342,749 $ 11,116 $ 32.43 December 2018

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended September 30, 2019 and 2018 , the Company recorded approximately $7.8 million and $13.8 million of income tax expense, respectively. The effective tax rate (“ETR”) for the three months ended September 30, 2019 was 27.8% compared to a 26.9% ETR for the same period in 2018 . During the nine months ended September 30, 2019 and 2018 , the Company recorded approximately $35.0 million and $40.6 million of income tax expense, respectively. The ETR for the nine months ended September 30, 2019 was 26.4% compared to a 24.7% ETR for the same period in 2018 . In calculating these rates, the Company considered a variety of factors including the forecasted full year pre-tax results, the U.S. federal tax rate, expected non-deductible expenses and estimated state income taxes. The Company’s final ETR for the full year will be dependent on the level of pre-tax income, discrete items, the apportionment of taxable income among state tax jurisdictions and the extent of non-deductible expenses in relation to pre-tax income. The Company’s income tax provision reflects an estimated annual ETR of 27.1% for 2019 , calculated before the impact of discrete items. The statutory tax rate consists of a federal income tax rate of 21% and a state income tax rate, net of federal benefit, of 3.6% . Deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax bases of assets and liabilities at the enacted tax rates. We review our deferred tax assets regularly for recoverability. As of September 30, 2019 , we determined that we did not need a valuation allowance on our gross deferred tax assets. Although realization of the deferred tax assets is not assured, management believes that it is more likely than not the deferred tax assets will be realized based on our expectation that we will be able to fully utilize the deductions that are ultimately recognized for tax purposes. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. As of September 30, 2019

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) is computed based on the weighted average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution resulting from the exercises of stock options, vesting of restricted stock, vesting of performance share units, vesting of restricted stock units and conversion of preferred stock. The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted EPS computations for the periods presented (in thousands, except per share data): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Numerator for EPS: Net income $ 20,146 $ 37,380 $ 97,587 $ 123,519 Less: Preferred stock dividends (3 ) (3 ) (8 ) (8 ) Income available to common stockholders $ 20,143 $ 37,377 $ 97,579 $ 123,511 Denominator for EPS: Weighted average common shares outstanding 33,649 34,861 34,230 34,870 Plus: Assumed conversion of share-based compensation (1) 256 1,033 310 859 Assumed conversion of preferred stock 25 25 25 25 Weighted average diluted common shares outstanding 33,930 35,919 34,565 35,754 Basic earnings per common share $ 0.60 $ 1.07 $ 2.85 $ 3.54 Diluted earnings per common share $ 0.59 $ 1.04 $ 2.82 $ 3.45 (1) Represents the dilutive effect of unvested restricted stock, unvested performance share units, unvested restricted stock units and unexercised stock options.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) The following table provides the components of other comprehensive income (loss) on a pre-tax and after-tax basis for the periods presented (in thousands): Three Months Ended September 30, 2019 2018 Pre-tax Tax After-tax Pre-tax Tax After-tax Net changes related to available-for-sale securities: Unrealized holding gains (losses) arising during the period $ 6,815 $ 1,671 $ 5,144 $ (989 ) $ (244 ) $ (745 ) Less: Reclassification adjustments for (gains) losses realized in net income 22 6 16 10 2 8 Other comprehensive income (loss) $ 6,837 $ 1,677 $ 5,160 $ (979 ) $ (242 ) $ (737 ) Nine Months Ended September 30, 2019 2018 Pre-tax Tax After-tax Pre-tax Tax After-tax Net changes related to available-for-sale securities: Unrealized holding gains (losses) arising during the period $ 38,685 $ 9,520 $ 29,165 $ (11,511 ) $ (2,751 ) $ (8,760 ) Less: Reclassification adjustments for (gains) losses realized in net income (87 ) (21 ) (66 ) 2,807 683 2,124 Other comprehensive income (loss) $ 38,598 $ 9,499 $ 29,099 $ (8,704 ) $ (2,068 ) $ (6,636 ) The following table provides the reclassification adjustments for gains (losses) out of accumulated other comprehensive income for the periods presented (in thousands): Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Three Months Ended Nine Months Ended 2019 2018 2019 2018 Unrealized gains (losses) on available-for-sale debt securities $ (22 ) $ (10 ) $ 87 $ (2,807 ) Net realized gains (losses) on sale of securities 6 2 (21 ) 683 Income taxes Total reclassification for the period $ (16 ) $ (8 ) $ 66 $ (2,124 ) Net of tax

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Obligations under Multi-Year Reinsurance Contracts The Company purchases reinsurance coverage to protect its capital and to limit its losses when major events occur. Reinsurance commitments run from June 1 of the current year to May 31 of the following year. Certain of the Company’s reinsurance agreements are for periods longer than one year. Amounts payable for coverage during the current June 1 to May 31 contract period are recorded as “Reinsurance Payable” in the financial statements. Multi-year contract commitments for future years will be recorded at the commencement of the coverage period. Amounts payable for future reinsurance contract years that the Company is obligated to pay are: (1) $117.6 million in 2020 and (2) $83.6 million in 2021. Litigation Lawsuits are filed against the Company from time to time. Many of these lawsuits involve claims under policies that we underwrite and reserve for as an insurer. We are also involved in various other legal proceedings and litigation unrelated to claims under our policies that arise in the ordinary course of business operations. Management believes that any liabilities that may arise as a result of these legal matters will not have a material adverse effect on our financial condition or results of operations. The Company contests liability and/or the amount of damages as appropriate in each pending matter. In accordance with applicable accounting guidance, the Company establishes an accrued liability for legal matters when those matters present loss contingencies that are both probable and estimable. Legal proceedings are subject to many uncertain factors that generally cannot be predicted with assurance, and the Company may be exposed to losses in excess of any amounts accrued. The Company currently estimates that the reasonably possible losses for legal proceedings, whether in excess of a related accrued liability or where there is no accrued liability, and for which the Company is able to estimate a possible loss, are immaterial. This represents management’s estimate of possible loss with respect to these matters and is based on currently available information. These estimates of possible loss do not represent our maximum loss exposure, and actual results may vary significantly from current estimates.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. U.S. GAAP describes three approaches to measuring the fair value of assets and liabilities: the market approach, the income approach and the cost approach. Each approach includes multiple valuation techniques. U.S. GAAP does not prescribe which valuation technique should be used when measuring fair value, but does establish a fair value hierarchy that prioritizes the inputs used in applying the various techniques. Inputs broadly refer to the assumptions that market participants use to make pricing decisions, including assumptions about risk. Level 1 inputs are given the highest priority in the hierarchy while Level 3 inputs are given the lowest priority. Assets and liabilities carried at fair value are classified in one of the following three categories based on the nature of the inputs to the valuation technique used: • Level 1 — Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 — Observable market-based inputs or unobservable inputs that are corroborated by market data. • Level 3 — Unobservable inputs that are not corroborated by market data. These inputs reflect management’s best estimate of fair value using its own assumptions about the assumptions a market participant would use in pricing the asset or liability. Summary of Significant Valuation Techniques for Assets Measured at Fair Value on a Recurring Basis Level 1 Common stock: Comprise actively traded, exchange-listed U.S. and international equity securities. Valuation is based on unadjusted quoted prices for identical assets in active markets that the Company can access. Mutual funds: Comprise actively traded funds. Valuation is based on daily quoted net asset values for identical assets in active markets that the Company can access. Level 2 U.S. government obligations and agencies: Comprise U.S. Treasury Bills or Notes or U.S. Treasury Inflation Protected Securities. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields and credit spreads. Corporate bonds: Comprise investment-grade fixed income securities. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields and credit spreads. Mortgage-backed and asset-backed securities: Comprise securities that are collateralized by mortgage obligations and other assets. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields, collateral performance and credit spreads. Municipal bonds: Comprise fixed income securities issued by a state, municipality or county. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields and credit spreads. Redeemable preferred stock: Comprise preferred stock securities that are redeemable. The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active. As required by U.S. GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the placement of the asset or liability within the fair value hierarchy levels. The following tables set forth by level within the fair value hierarchy the Company’s assets measured at fair value on a recurring basis as of the dates presented (in thousands): Fair Value Measurements September 30, 2019 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 72,586 $ — $ 72,586 Corporate bonds — 469,298 — 469,298 Mortgage-backed and asset-backed securities — 321,134 — 321,134 Municipal bonds — 3,542 — 3,542 Redeemable preferred stock — 12,007 — 12,007 Equity Securities: Common stock 2,678 — — 2,678 Mutual funds 40,463 — — 40,463 Total assets accounted for at fair value $ 43,141 $ 878,567 $ — $ 921,708 Fair Value Measurements December 31, 2018 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 66,637 $ — $ 66,637 Corporate bonds — 428,865 — 428,865 Mortgage-backed and asset-backed securities — 309,597 — 309,597 Municipal bonds — 3,362 — 3,362 Redeemable preferred stock — 11,977 — 11,977 Equity Securities: Common stock 15,564 — — 15,564 Mutual funds 47,713 — — 47,713 Total assets accounted for at fair value $ 63,277 $ 820,438 $ — $ 883,715 The Company utilizes third-party independent pricing services that provide a price quote for each available-for-sale debt security and equity security. Management reviews the methodology used by the pricing services. If management believes that the price used by the pricing service does not reflect an orderly transaction between participants, management will use an alternative valuation methodology. There were no adjustments made by the Company to the prices obtained from the independent pricing source for any available-for-sale debt security or equity securities included in the tables above. The following table summarizes the carrying value and estimated fair values of the Company’s financial instruments not carried at fair value as of the dates presented (in thousands): September 30, 2019 December 31, 2018 Carrying Value (Level 3) Estimated Fair Value Carrying Value (Level 3) Estimated Fair Value Liabilities (debt): Surplus note $ 10,294 $ 9,584 $ 11,397 $ 10,125 Level 3 Long-term debt: The fair value of the surplus note was determined by management from the expected cash flows discounted using the interest rate quoted by the holder. The SBA is the holder of the surplus note and the quoted interest rate is below prevailing rates quoted by private lending institutions. However, as the Company’s use of funds from the surplus note is limited by the terms of the agreement, the Company has determined the interest rate quoted by the SBA to be appropriate for purposes of establishing the fair value of the note.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company performed an evaluation of subsequent events through the date the Financial Statements were issued and determined there were no recognized or unrecognized subsequent events that would require an adjustment or additional disclosure in the Financial Statements as of September 30, 2019 .

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Company has prepared the accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, the Financial Statements do not include all of the information and footnotes required by United States Generally Accepted Accounting Principles (“U.S. GAAP”) for annual financial statements. Therefore, the Financial Statements should be read in conjunction with the audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 , filed with the SEC on March 1, 2019. The condensed consolidated balance sheet at December 31, 2018 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods do not necessarily indicate the results that may be expected for any other interim period or for the full year. To conform to the current period presentation, certain amounts in the prior periods’ condensed consolidated financial statements and notes have been reclassified. Such reclassifications were of an immaterial amount and had no effect on net income or stockholders’ equity. The Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Management must make estimates and assumptions that affect amounts reported in the Company’s Financial Statements and in disclosures of contingent assets and liabilities. Actual results could differ from those estimates.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Cost or Amortized Cost and Fair Value of Securities Available for Sale	The following table provides the amortized cost and fair value of debt securities available for sale as of the dates presented (in thousands): September 30, 2019 Amortized Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 71,696 $ 1,096 $ (206 ) $ 72,586 Corporate bonds 450,868 18,628 (198 ) 469,298 Mortgage-backed and asset-backed securities 313,001 8,642 (509 ) 321,134 Municipal bonds 3,399 148 (5 ) 3,542 Redeemable preferred stock 11,694 395 (82 ) 12,007 Total $ 850,658 $ 28,909 $ (1,000 ) $ 878,567 December 31, 2018 Amortized Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 67,435 $ 241 $ (1,039 ) $ 66,637 Corporate bonds 434,887 714 (6,736 ) 428,865 Mortgage-backed and asset-backed securities 312,840 912 (4,155 ) 309,597 Municipal bonds 3,405 — (43 ) 3,362 Redeemable preferred stock 12,560 55 (638 ) 11,977 Total $ 831,127 $ 1,922 $ (12,611 ) $ 820,438
Schedule of Credit Quality of Available-for-sale Debt Securities With Contractual Maturities	The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (dollars in thousands): September 30, 2019 December 31, 2018 Equivalent S&P Credit Ratings Fair Value % of Total Fair Value Fair Value % of Total Fair Value AAA $ 406,441 46.3 % $ 388,672 47.4 % AA 93,687 10.7 % 100,791 12.3 % A 232,352 26.4 % 214,503 26.1 % BBB 141,837 16.1 % 112,613 13.7 % BB and Below — — 494 0.1 % No Rating Available 4,250 0.5 % 3,365 0.4 % Total $ 878,567 100.0 % $ 820,438 100.0 %
Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities	The following table summarizes the amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands): September 30, 2019 December 31, 2018 Amortized Fair Value Amortized Fair Value Mortgage-backed Securities: Agency $ 147,245 $ 148,465 $ 139,418 $ 136,291 Non-agency 73,119 78,794 61,689 61,933 Asset-backed Securities: Auto loan receivables 43,681 44,103 53,449 53,341 Credit card receivables 21,147 21,538 29,594 29,366 Other receivables 27,809 28,234 28,690 28,666 Total $ 313,001 $ 321,134 $ 312,840 $ 309,597
Summarized Fair Value and Gross Unrealized Losses on Available-for-sale Debt Securities	The following table summarizes the fair value and gross unrealized losses on available-for-sale debt securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates presented (in thousands): September 30, 2019 Less Than 12 Months 12 Months or Longer Number of Fair Value Unrealized Number of Fair Value Unrealized Debt Securities: U.S. government obligations and agencies 2 $ 3,907 $ (38 ) 6 $ 41,419 $ (168 ) Corporate bonds 24 24,357 (115 ) 22 19,923 (83 ) Mortgage-backed and asset-backed securities 26 30,609 (139 ) 38 53,895 (370 ) Municipal bonds — — — 1 275 (5 ) Redeemable preferred stock 8 1,116 (12 ) 8 2,094 (70 ) Total 60 $ 59,989 $ (304 ) 75 $ 117,606 $ (696 ) December 31, 2018 Less Than 12 Months 12 Months or Longer Number of Fair Value Unrealized Number of Fair Value Unrealized Debt Securities: U.S. government obligations and agencies — $ — $ — 13 $ 56,531 $ (1,039 ) Corporate bonds 228 210,152 (3,318 ) 160 131,225 (3,418 ) Mortgage-backed and asset-backed securities 36 57,487 (196 ) 103 148,436 (3,959 ) Municipal bonds 6 3,362 (43 ) — — — Redeemable preferred stock 61 8,092 (506 ) 5 1,034 (132 ) Total 331 $ 279,093 $ (4,063 ) 281 $ 337,226 $ (8,548 )
Amortized Cost and Fair Value of Investments With Contractual Maturities	The following table presents the amortized cost and fair value of investments with maturities as of the date presented (in thousands): September 30, 2019 Amortized Cost Fair Value Due in one year or less $ 122,700 $ 122,907 Due after one year through five years 427,470 436,026 Due after five years through ten years 288,021 306,986 Due after ten years 12,040 12,173 Perpetual maturity securities 427 475 Total $ 850,658 $ 878,567
Schedule of Securities Available for Sale	The following table provides certain information related to available-for-sale debt securities, equity securities and investment real estate during the periods presented (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Proceeds from sales and maturities (fair value): Available-for-sale debt securities $ 61,615 $ 32,287 $ 173,345 $ 225,989 Equity securities $ — $ 4,158 $ 29,137 $ 8,285 Gross realized gains on sale of securities: Available-for-sale debt securities $ 65 $ 1 $ 364 $ 318 Equity securities $ — $ 413 $ 335 $ 714 Gross realized losses on sale of securities: Available-for-sale debt securities $ (87 ) $ (11 ) $ (277 ) $ (3,125 ) Equity securities $ — $ — $ (14,787 ) $ — Realized gains on sales of investment real estate $ — $ — $ 1,213 $ —
Investment Income (Expense) Comprised Primarily of Interest and Dividends	The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Available-for-sale debt securities $ 6,316 $ 4,595 $ 18,508 $ 12,390 Equity securities 487 722 2,091 2,016 Available-for-sale short-term investments — — — 145 Cash and cash equivalents (1) 1,374 1,854 4,066 4,100 Other (2) 243 252 754 665 Total investment income 8,420 7,423 25,419 19,316 Less: Investment expenses (3) (807 ) (781 ) (2,254 ) (2,103 ) Net investment income $ 7,613 $ 6,642 $ 23,165 $ 17,213 (1 ) Includes interest earned on restricted cash and cash equivalents. (2 ) Includes investment income earned on real estate investments. (3 ) Includes custodial fees, investment accounting and advisory fees, and expenses associated with real estate investments.
Summary of Details on Realized and Unrealized Gains and Losses Related to Equity Securities	The following table provides the unrealized gains and losses recorded during the periods presented on equity securities still held at the end of the reporting period (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Unrealized gains and (losses) recognized during the reporting period on equity securities still held at the reporting period $ 573 $ (2,473 ) $ 3,339 $ (9,103 )
Schedule of Real Estate Investment	Investment real estate consisted of the following as of the dates presented (in thousands): September 30, December 31, Income Producing: Investment real estate $ 14,679 $ 14,619 Less: Accumulated depreciation (1,181 ) (870 ) 13,498 13,749 Non-Income Producing: Investment real estate 2,190 10,690 Investment real estate, net $ 15,688 $ 24,439
Schedule of Depreciation Expense Related to Investment Real Estate	Depreciation expense related to investment real estate for the periods presented (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Depreciation expense on investment real estate $ 104 $ 103 $ 311 $ 307

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2019
Reinsurance Disclosures [Abstract]
Current Ratings from Rating Agencies and Unsecured Net Amounts Due from Insurance Entities' Reinsurers Whose Aggregate Balance Exceeded 3% of Stockholders' Equity	The following table presents ratings from rating agencies and the unsecured amounts due from the reinsurers whose aggregate balances exceeded 3% of the Company’s stockholders’ equity as of the dates presented (in thousands): Ratings as of September 30, 2019 Due from as of Reinsurer AM Best Company Standard and Poor’s Rating Services, Inc. Moody’s Investors Service, Inc. September 30, 2019 December 31, 2018 Florida Hurricane Catastrophe Fund (1) n/a n/a n/a $ 123,037 $ 165,022 Allianz Risk Transfer A+ AA Aa3 28,088 139,565 Renaissance Reinsurance Ltd n/a n/a n/a — 39,459 Chubb Tempest Reinsurance Ltd n/a n/a n/a — 16,208 Total (2) $ 151,125 $ 360,254 (1) No rating is available, because the fund is not rated. (2) Amounts represent prepaid reinsurance premiums, reinsurance receivables and net recoverables for paid and unpaid losses, including incurred but not reported reserves, and loss adjustment expenses.
Summary of Effects of Insurance Entities' Reinsurance Arrangements	The Company’s reinsurance arrangements had the following effect on certain items in the Condensed Consolidated Statements of Income for the periods presented (in thousands): Three Months Ended September 30, 2019 2018 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 342,872 $ 313,065 $ 334,440 $ 309,176 $ 288,404 $ 270,158 Ceded (4,781 ) (106,466 ) (201,869 ) (17,256 ) (99,466 ) (184,211 ) Net $ 338,091 $ 206,599 $ 132,571 $ 291,920 $ 188,938 $ 85,947 Nine Months Ended September 30, 2019 2018 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 990,066 $ 911,550 $ 663,768 $ 921,941 $ 824,692 $ 593,419 Ceded (422,414 ) (284,867 ) (304,807 ) (356,507 ) (260,905 ) (341,704 ) Net $ 567,652 $ 626,683 $ 358,961 $ 565,434 $ 563,787 $ 251,715
Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable	The following prepaid reinsurance premiums and reinsurance recoverable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands): September 30, December 31, 2019 2018 Prepaid reinsurance premiums $ 280,297 $ 142,750 Reinsurance recoverable on paid losses and LAE $ 106,988 $ 25,238 Reinsurance recoverable on unpaid losses and LAE 110,313 393,365 Reinsurance recoverable $ 217,301 $ 418,603

Insurance Operations (Tables)

Insurance Operations (Tables)	9 Months Ended
	Sep. 30, 2019
Insurance [Abstract]
Beginning and Ending Balances and Changes in DPAC	The following table presents the beginning and ending balances and the changes in DPAC for the periods presented (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 DPAC, beginning of period $ 90,530 $ 88,756 $ 84,686 $ 73,059 Capitalized Costs 48,783 44,389 140,998 136,758 Amortization of DPAC (44,493 ) (42,502 ) (130,864 ) (119,174 ) DPAC, end of period $ 94,820 $ 90,643 $ 94,820 $ 90,643
Statutory Capital and Surplus, and an Amount Representing Ten Percent of Total Liabilities for both UPCIC and APPCIC	The following table presents the amount of capital and surplus calculated in accordance with statutory accounting principles, which differ from U.S. GAAP, and an amount representing ten percent of total liabilities for both UPCIC and APPCIC as of the dates presented (in thousands): September 30, 2019 December 31, 2018 Ten percent of total liabilities UPCIC $ 105,485 $ 90,610 APPCIC $ 594 $ 489 Statutory capital and surplus UPCIC $ 343,803 $ 291,438 APPCIC $ 16,055 $ 15,973 The following table summarizes combined net income (loss) for UPCIC and APPCIC determined in accordance with statutory accounting practices for the periods presented (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Combined net income (loss) $ (5,486 ) $ 5,468 $ 28,854 $ 49,190 The Insurance Entities are required by various state laws and regulations to maintain certain assets in depository accounts. The following table represents assets held by insurance regulators as of the dates presented (in thousands): September 30, 2019 December 31, 2018 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,434 $ 3,876

Liability for Unpaid Losses a_2

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2019
Insurance [Abstract]
Change in Liability for Unpaid Losses and LAE	Set forth in the following table is the change in liability for unpaid losses and LAE for the periods presented (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Balance at beginning of period $ 288,296 $ 151,916 $ 472,829 $ 248,425 Less: Reinsurance recoverable (197,117 ) (96,733 ) (393,365 ) (182,405 ) Net balance at beginning of period 91,179 55,183 79,464 66,020 Incurred (recovered) related to: Current year 129,353 85,986 355,258 249,488 Prior years 3,218 (39 ) 3,703 2,227 Total incurred 132,571 85,947 358,961 251,715 Paid related to: Current year 137,313 72,034 260,955 140,013 Prior years 30,408 38,372 121,441 146,998 Total paid 167,721 110,406 382,396 287,011 Net balance at end of period 56,029 30,724 56,029 30,724 Plus: Reinsurance recoverable 110,313 127,943 110,313 127,943 Balance at end of period $ 166,342 $ 158,667 $ 166,342 $ 158,667

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following as of the dates presented (in thousands): September 30, December 31, 2019 2018 Surplus note $ 10,294 $ 11,397

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Schedule of Shares Repurchased	The following table presents repurchases of the Company’s common stock for the periods presented (in thousands, except total number of shares repurchased and per share data): Total Number of Shares Repurchased During the Nine Months Ended September 30, Date Authorized Expiration Date Dollar Amount Authorized 2019 2018 Aggregate Purchase Price Average Price Per Share Repurchased Plan Completed May 6, 2019 December 31, 2020 $ 40,000 1,302,401 — $ 35,419 $ 27.20 December 12, 2018 May 31, 2020 $ 20,000 468,108 — $ 14,513 $ 31.00 May 2019 September 5, 2017 December 31, 2018 $ 20,000 — 342,749 $ 11,116 $ 32.43 December 2018

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Reconciles Numerator and Denominator of Basic and Diluted Earnings Per Share Computations	The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted EPS computations for the periods presented (in thousands, except per share data): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Numerator for EPS: Net income $ 20,146 $ 37,380 $ 97,587 $ 123,519 Less: Preferred stock dividends (3 ) (3 ) (8 ) (8 ) Income available to common stockholders $ 20,143 $ 37,377 $ 97,579 $ 123,511 Denominator for EPS: Weighted average common shares outstanding 33,649 34,861 34,230 34,870 Plus: Assumed conversion of share-based compensation (1) 256 1,033 310 859 Assumed conversion of preferred stock 25 25 25 25 Weighted average diluted common shares outstanding 33,930 35,919 34,565 35,754 Basic earnings per common share $ 0.60 $ 1.07 $ 2.85 $ 3.54 Diluted earnings per common share $ 0.59 $ 1.04 $ 2.82 $ 3.45 (1) Represents the dilutive effect of unvested restricted stock, unvested performance share units, unvested restricted stock units and unexercised stock options.

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Components of Other Comprehensive Income (Loss) Pre-Tax and After-Tax	The following table provides the components of other comprehensive income (loss) on a pre-tax and after-tax basis for the periods presented (in thousands): Three Months Ended September 30, 2019 2018 Pre-tax Tax After-tax Pre-tax Tax After-tax Net changes related to available-for-sale securities: Unrealized holding gains (losses) arising during the period $ 6,815 $ 1,671 $ 5,144 $ (989 ) $ (244 ) $ (745 ) Less: Reclassification adjustments for (gains) losses realized in net income 22 6 16 10 2 8 Other comprehensive income (loss) $ 6,837 $ 1,677 $ 5,160 $ (979 ) $ (242 ) $ (737 ) Nine Months Ended September 30, 2019 2018 Pre-tax Tax After-tax Pre-tax Tax After-tax Net changes related to available-for-sale securities: Unrealized holding gains (losses) arising during the period $ 38,685 $ 9,520 $ 29,165 $ (11,511 ) $ (2,751 ) $ (8,760 ) Less: Reclassification adjustments for (gains) losses realized in net income (87 ) (21 ) (66 ) 2,807 683 2,124 Other comprehensive income (loss) $ 38,598 $ 9,499 $ 29,099 $ (8,704 ) $ (2,068 ) $ (6,636 )
Reclassifications Adjustment for Gains (Losses) Out of Accumulated Other Comprehensive Income	The following table provides the reclassification adjustments for gains (losses) out of accumulated other comprehensive income for the periods presented (in thousands): Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented Three Months Ended Nine Months Ended 2019 2018 2019 2018 Unrealized gains (losses) on available-for-sale debt securities $ (22 ) $ (10 ) $ 87 $ (2,807 ) Net realized gains (losses) on sale of securities 6 2 (21 ) 683 Income taxes Total reclassification for the period $ (16 ) $ (8 ) $ 66 $ (2,124 ) Net of tax

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Assets Measured for at Fair Value on Recurring Basis	The following tables set forth by level within the fair value hierarchy the Company’s assets measured at fair value on a recurring basis as of the dates presented (in thousands): Fair Value Measurements September 30, 2019 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 72,586 $ — $ 72,586 Corporate bonds — 469,298 — 469,298 Mortgage-backed and asset-backed securities — 321,134 — 321,134 Municipal bonds — 3,542 — 3,542 Redeemable preferred stock — 12,007 — 12,007 Equity Securities: Common stock 2,678 — — 2,678 Mutual funds 40,463 — — 40,463 Total assets accounted for at fair value $ 43,141 $ 878,567 $ — $ 921,708 Fair Value Measurements December 31, 2018 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 66,637 $ — $ 66,637 Corporate bonds — 428,865 — 428,865 Mortgage-backed and asset-backed securities — 309,597 — 309,597 Municipal bonds — 3,362 — 3,362 Redeemable preferred stock — 11,977 — 11,977 Equity Securities: Common stock 15,564 — — 15,564 Mutual funds 47,713 — — 47,713 Total assets accounted for at fair value $ 63,277 $ 820,438 $ — $ 883,715
Summarizes Carrying Value and Estimated Fair Values of Financial Instruments not Carried at Fair Value	The following table summarizes the carrying value and estimated fair values of the Company’s financial instruments not carried at fair value as of the dates presented (in thousands): September 30, 2019 December 31, 2018 Carrying Value (Level 3) Estimated Fair Value Carrying Value (Level 3) Estimated Fair Value Liabilities (debt): Surplus note $ 10,294 $ 9,584 $ 11,397 $ 10,125

Nature of Operations and Basi_3

Nature of Operations and Basis of Presentation - Additional Information (Detail)	Sep. 30, 2019State
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states	18

Investments - Cost or Amortized

Investments - Cost or Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 850,658	$ 831,127
Gross Unrealized Gains	28,909	1,922
Gross Unrealized Losses	(1,000)	(12,611)
Fair Value	878,567	820,438
U.S. Government Obligations and Agencies [Member] | Fixed Maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71,696	67,435
Gross Unrealized Gains	1,096	241
Gross Unrealized Losses	(206)	(1,039)
Fair Value	72,586	66,637
Corporate Bonds [Member] | Fixed Maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	450,868	434,887
Gross Unrealized Gains	18,628	714
Gross Unrealized Losses	(198)	(6,736)
Fair Value	469,298	428,865
Mortgage-Backed and Asset-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	313,001	312,840
Fair Value	321,134	309,597
Mortgage-Backed and Asset-Backed Securities [Member] | Fixed Maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	313,001	312,840
Gross Unrealized Gains	8,642	912
Gross Unrealized Losses	(509)	(4,155)
Fair Value	321,134	309,597
Municipal Bonds [Member] | Fixed Maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,399	3,405
Gross Unrealized Gains	148	0
Gross Unrealized Losses	(5)	(43)
Fair Value	3,542	3,362
Redeemable Preferred Stock [Member] | Fixed Maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,694	12,560
Gross Unrealized Gains	395	55
Gross Unrealized Losses	(82)	(638)
Fair Value	$ 12,007	$ 11,977

Investments - Schedule of Credi

Investments - Schedule of Credit Quality of Investment Securities With Contractual Maturities or The Issuer of Such Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 878,567	$ 820,438
Percentage of Total Fair Value	100.00%	100.00%
AAA [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 406,441	$ 388,672
Percentage of Total Fair Value	46.30%	47.40%
AA [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 93,687	$ 100,791
Percentage of Total Fair Value	10.70%	12.30%
A [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 232,352	$ 214,503
Percentage of Total Fair Value	26.40%	26.10%
BBB [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 141,837	$ 112,613
Percentage of Total Fair Value	16.10%	13.70%
BB and Below [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 0	$ 494
Percentage of Total Fair Value	0.00%	0.10%
Not Rated Available [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 4,250	$ 3,365
Percentage of Total Fair Value	0.50%	0.40%

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 850,658	$ 831,127
Fair Value	878,567	820,438
Mortgage-Backed and Asset-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	313,001	312,840
Fair Value	321,134	309,597
Agency [Member] | Mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	147,245	139,418
Fair Value	148,465	136,291
Non Agency [Member] | Mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	73,119	61,689
Fair Value	78,794	61,933
Auto Loan Receivables [Member] | Asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	43,681	53,449
Fair Value	44,103	53,341
Credit Card Receivables [Member] | Asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,147	29,594
Fair Value	21,538	29,366
Other Receivables [Member] | Asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	27,809	28,690
Fair Value	$ 28,234	$ 28,666

Investments - Summarized Fair V

Investments - Summarized Fair Value and Gross Unrealized Losses on Available-for-sale Debt Securities (Detail) $ in Thousands	Sep. 30, 2019USD ($)security	Dec. 31, 2018USD ($)security
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	60	331
Less than 12 months, Fair value	$ 59,989	$ 279,093
Less than 12 months, Unrealized losses	$ (304)	$ (4,063)
12 months or longer, Number of issues | security	75	281
12 months or longer, Fair value	$ 117,606	$ 337,226
12 months or longer, Unrealized losses	$ (696)	$ (8,548)
Fixed Maturities [Member] | U.S. Government Obligations and Agencies [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	2	0
Less than 12 months, Fair value	$ 3,907	$ 0
Less than 12 months, Unrealized losses	$ (38)	$ 0
12 months or longer, Number of issues | security	6	13
12 months or longer, Fair value	$ 41,419	$ 56,531
12 months or longer, Unrealized losses	$ (168)	$ (1,039)
Fixed Maturities [Member] | Corporate Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	24	228
Less than 12 months, Fair value	$ 24,357	$ 210,152
Less than 12 months, Unrealized losses	$ (115)	$ (3,318)
12 months or longer, Number of issues | security	22	160
12 months or longer, Fair value	$ 19,923	$ 131,225
12 months or longer, Unrealized losses	$ (83)	$ (3,418)
Fixed Maturities [Member] | Mortgage-Backed and Asset-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	26	36
Less than 12 months, Fair value	$ 30,609	$ 57,487
Less than 12 months, Unrealized losses	$ (139)	$ (196)
12 months or longer, Number of issues | security	38	103
12 months or longer, Fair value	$ 53,895	$ 148,436
12 months or longer, Unrealized losses	$ (370)	$ (3,959)
Fixed Maturities [Member] | Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	0	6
Less than 12 months, Fair value	$ 0	$ 3,362
Less than 12 months, Unrealized losses	$ 0	$ (43)
12 months or longer, Number of issues | security	1	0
12 months or longer, Fair value	$ 275	$ 0
12 months or longer, Unrealized losses	$ (5)	$ 0
Fixed Maturities [Member] | Redeemable Preferred Stock [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	8	61
Less than 12 months, Fair value	$ 1,116	$ 8,092
Less than 12 months, Unrealized losses	$ (12)	$ (506)
12 months or longer, Number of issues | security	8	5
12 months or longer, Fair value	$ 2,094	$ 1,034
12 months or longer, Unrealized losses	$ (70)	$ (132)

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Investments With Contractual Maturities (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Amortized Cost
Due in one year or less	$ 122,700
Due after one year through five years	427,470
Due after five years through ten years	288,021
Due after ten years	12,040
Perpetual maturity securities	427
Amortized Cost	850,658	$ 831,127
Fair Value
Due in one year or less	122,907
Due after one year through five years	436,026
Due after five years through ten years	306,986
Due after ten years	12,173
Perpetual maturity securities	475
Fair Value	$ 878,567	$ 820,438

Investments - Summary of Availa

Investments - Summary of Available-for-Sale Debt Securities and Equity Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales and maturities (fair value)	$ 61,615	$ 32,287	$ 173,345	$ 225,989
Proceeds from sales of equity securities	0	4,158	29,137	8,285
Gross realized gains on sale of securities	65	1	364	318
Equity securities, FV-NI, Realized Gain	0	413	335	714
Gross realized losses on sale of securities	(87)	(11)	(277)	(3,125)
Equity securities, FV-NI, Realized Loss	0	0	(14,787)	0
Realized gains on sales of investment real estate	$ 0	$ 0	$ 1,213	$ 0

Investments - Investment Income

Investments - Investment Income (Expense) Comprised Primarily of Interest and Dividends (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net Investment Income [Line Items]
Total investment income	$ 8,420	$ 7,423	$ 25,419	$ 19,316
Less: Investment expenses	(807)	(781)	(2,254)	(2,103)
Net investment income	7,613	6,642	23,165	17,213
Debt Securities [Member]
Net Investment Income [Line Items]
Investment income	6,316	4,595	18,508	12,390
Equity Securities [Member]
Net Investment Income [Line Items]
Investment income	487	722	2,091	2,016
Short-term Investments [Member]
Net Investment Income [Line Items]
Investment income	0	0	0	145
Cash and Cash Equivalents [Member]
Net Investment Income [Line Items]
Investment income	1,374	1,854	4,066	4,100
Other [Member]
Net Investment Income [Line Items]
Investment income	$ 243	$ 252	$ 754	$ 665

Investments - Summary of Detail

Investments - Summary of Details on Realized and Unrealized Gains and Losses Related to Equity Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Unrealized gains and (losses) recognized during the reporting period on equity securities still held at the reporting period	$ 573	$ (2,473)	$ 3,339	$ (9,103)

Investments - Schedule of Real

Investments - Schedule of Real Estate Investment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Real Estate [Line Items]
Investment real estate, net	$ 15,688		$ 15,688		$ 24,439
Proceeds from sales of investment real estate			10,537	$ 0
Realized gains on sales of investment real estate	0	$ 0	1,213	$ 0
Income Producing [Member]
Real Estate [Line Items]
Investment real estate	14,679		14,679		14,619
Less: Accumulated depreciation	(1,181)		(1,181)		(870)
Investment real estate, net	13,498		13,498		13,749
Non Income Producing [Member]
Real Estate [Line Items]
Investment real estate	$ 2,190		$ 2,190		$ 10,690

Investments - Schedule of Depre

Investments - Schedule of Depreciation Expense Related to Investment Real Estate (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Real Estate Investment [Member]
Real Estate [Line Items]
Depreciation expense on investment real estate	$ 104	$ 103	$ 311	$ 307

Reinsurance - Additional Inform

Reinsurance - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity, Total [Member] | Amounts Due From Reinsurers [Member]
Effects of Reinsurance [Line Items]
Unsecured amounts due from reinsurers exceeding a fixed percentage of stockholders equity	3.00%

Reinsurance - Current Ratings f

Reinsurance - Current Ratings from Rating Agencies and Unsecured Net Amounts Due from Insurance Entities' Reinsurers Whose Aggregate Balance Exceeded 3% of Stockholders' Equity (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	$ 151,125	$ 360,254
Florida Hurricane Catastrophe Fund [Member]
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	123,037	165,022
Allianz Risk Transfer [Member] | AM Best Company A+ [Member] | Standard and Poor's AA [Member] | Moody's Investors Service Aa3 [Member]
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	28,088	139,565
Renaissance Reinsurance Ltd [Member]
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	0
Renaissance Reinsurance Ltd [Member] | AM Best Company A+ [Member] | Standard and Poor's A+ [Member] | Moody's Investors Service A1 [Member]
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers		39,459
Chubb Tempest Reinsurance LTD [Member]
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	$ 0	$ 16,208

Reinsurance - Insurance Entitie

Reinsurance - Insurance Entities' Reinsurance Arrangements (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Reinsurance Disclosures [Abstract]
Direct premiums written	$ 342,872	$ 309,176	$ 990,066	$ 921,941
Ceded premiums written	(4,781)	(17,256)	(422,414)	(356,507)
Net premiums written	338,091	291,920	567,652	565,434
Direct premiums earned	313,065	288,404	911,550	824,692
Ceded premiums earned	(106,466)	(99,466)	(284,867)	(260,905)
Premiums earned, net	206,599	188,938	626,683	563,787
Direct losses and loss adjustment expenses	334,440	270,158	663,768	593,419
Ceded Losses and Loss Adjustment Expenses	(201,869)	(184,211)	(304,807)	(341,704)
Net Losses and Loss Adjustment Expenses	$ 132,571	$ 85,947	$ 358,961	$ 251,715

Reinsurance - Prepaid Reinsuran

Reinsurance - Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Reinsurance Disclosures [Abstract]
Prepaid reinsurance premiums	$ 280,297		$ 142,750
Reinsurance recoverable on paid losses and LAE	106,988		25,238
Reinsurance recoverable on unpaid losses and LAE	110,313	$ 197,117	393,365	$ 127,943	$ 96,733	$ 182,405
Reinsurance recoverable	$ 217,301		$ 418,603

Insurance Operations - Beginnin

Insurance Operations - Beginning and Ending Balances and Changes in DPAC (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Deferred Policy Acquisition Costs [Roll Forward]
DPAC, beginning of period	$ 90,530	$ 88,756	$ 84,686	$ 73,059
Capitalized Costs	48,783	44,389	140,998	136,758
Amortization of DPAC	(44,493)	(42,502)	(130,864)	(119,174)
DPAC, end of period	$ 94,820	$ 90,643	$ 94,820	$ 90,643

Insurance Operations - Addition

Insurance Operations - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2019USD ($)
UPCIC [Member]
Statutory Accounting Practices [Line Items]
Ordinary dividend capacity accordance with Florida Insurance Code	$ 14,000,000
Dividend paid to immediate parent company	0
APPCIC [Member]
Statutory Accounting Practices [Line Items]
Dividend paid to immediate parent company	$ 0
UPCIC and APPCIC [Member]
Statutory Accounting Practices [Line Items]
Minimum capitalization rate	10.00%
Minimum capital required	greater of ten percent of the insurer’s total liabilities but not less than $10.0 million.
UPCIC and APPCIC [Member] | Minimum [Member]
Statutory Accounting Practices [Line Items]
Minimum capitalization amount	$ 10,000,000

Insurance Operations - Statutor

Insurance Operations - Statutory Capital and Surplus, and an Amount Representing Ten Percent of Total Liabilities for both UPCIC and APPCIC (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
UPCIC [Member]
Statutory Accounting Practices [Line Items]
Ten percent of total liabilities	$ 105,485	$ 90,610
Statutory capital and surplus	343,803	291,438
APPCIC [Member]
Statutory Accounting Practices [Line Items]
Ten percent of total liabilities	594	489
Statutory capital and surplus	$ 16,055	$ 15,973

Insurance Operations - Summary

Insurance Operations - Summary of Combined Net Income (Loss) for UPCIC and APPCIC (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Insurance [Abstract]
Combined net income (loss)	$ (5,486)	$ 5,468	$ 28,854	$ 49,190

Insurance Operations - Assets H

Insurance Operations - Assets Held by Insurance Regulators (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investments [Member]
Statutory Accounting Practices [Line Items]
Assets held by insurance regulators	$ 3,434	$ 3,876
Restricted Cash and Cash Equivalents [Member]
Statutory Accounting Practices [Line Items]
Assets held by insurance regulators	$ 2,635	$ 2,635

Liability for Unpaid Losses a_3

Liability for Unpaid Losses and Loss Adjustment Expenses - Change in Liability for Unpaid Losses and LAE (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance at beginning of period	$ 288,296	$ 151,916	$ 472,829	$ 248,425
Less: Reinsurance recoverable	(197,117)	(96,733)	(393,365)	(182,405)
Net balance at beginning of period	91,179	55,183	79,464	66,020
Incurred (recovered) related to current year	129,353	85,986	355,258	249,488
Incurred (recovered) related to prior years	3,218	(39)	3,703	2,227
Total incurred	132,571	85,947	358,961	251,715
Paid related to Current year	137,313	72,034	260,955	140,013
Paid related to Prior years	30,408	38,372	121,441	146,998
Total paid	167,721	110,406	382,396	287,011
Net balance at end of period	56,029	30,724	56,029	30,724
Plus: Reinsurance recoverable	(110,313)	(127,943)	(110,313)	(127,943)
Balance at end of period	$ 166,342	$ 158,667	$ 166,342	$ 158,667

Liability for Unpaid Losses a_4

Liability for Unpaid Losses and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Prior year reserve development, ceded	$ 30,408	$ 38,372	$ 121,441	$ 146,998
Prior year reserve development, net	56,029	30,724	56,029	30,724	$ 91,179	$ 79,464	$ 55,183	$ 66,020
Hurricane
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Prior year reserve development, gross	305,300	311,700	305,300	311,700
Prior year reserve development, ceded			301,600	309,500
Prior year reserve development, net	$ 3,700	$ 2,200	$ 3,700	$ 2,200

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Surplus note	$ 10,294	$ 11,397

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - Surplus Note [Member]	Dec. 31, 2006USD ($)
Debt Instrument [Line Items]
Unsecured term loan agreement	$ 25,000,000
Note term	20 years

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Shares Repurchased (Details) - USD ($)	3 Months Ended					9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	May 06, 2019	Dec. 12, 2018	Sep. 05, 2017
Equity [Line Items]
Shares repurchased during period	$ 25,708,000	$ 14,107,000	$ 10,117,000	$ 8,370,000	$ 2,746,000
May Two Thousand Nineteen Share Repurchase Program [Member]
Equity [Line Items]
Shares repurchased (in shares)						1,302,401	0
Shares repurchased during period						$ 35,419,000
Shares repurchased during period (in dollars per share)						$ 27.20
May Two Thousand Nineteen Share Repurchase Program [Member] | Maximum [Member]
Equity [Line Items]
Amount of shares authorized to repurchase								$ 40,000,000
December Two Thousand Eighteen Share Repurchase Program [Member]
Equity [Line Items]
Shares repurchased (in shares)						468,108	0
Shares repurchased during period						$ 14,513,000
Shares repurchased during period (in dollars per share)						$ 31
December Two Thousand Eighteen Share Repurchase Program [Member] | Maximum [Member]
Equity [Line Items]
Amount of shares authorized to repurchase									$ 20,000,000
September Two Thousand Seventeen Share Repurchase Program [Member]
Equity [Line Items]
Shares repurchased (in shares)						0	342,749
Shares repurchased during period						$ 11,116,000
Shares repurchased during period (in dollars per share)						$ 32.43
September Two Thousand Seventeen Share Repurchase Program [Member] | Maximum [Member]
Equity [Line Items]
Amount of shares authorized to repurchase										$ 20,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2019
Income Taxes [Line Items]
Income tax expense	$ 7,750	$ 13,787	$ 34,983	$ 40,595
Effective tax rate	27.80%	26.90%	26.40%	24.70%
Statutory Effective Tax Rate [Member]
Income Taxes [Line Items]
U.S. federal statutory rate			21.00%
State income tax rate, net of federal benefit			3.60%
Forecast [Member]
Income Taxes [Line Items]
Effective tax rate					27.10%

Earnings Per Share - Reconciles

Earnings Per Share - Reconciles Numerator and Denominator of Basic and Diluted Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator for EPS:
Net income	$ 20,146	$ 37,293	$ 40,148	$ 37,380	$ 46,084	$ 40,055	$ 97,587	$ 123,519
Less: Preferred stock dividends	(3)			(3)			(8)	(8)
Income available to common stockholders	$ 20,143			$ 37,377			$ 97,579	$ 123,511
Denominator for EPS:
Weighted average common shares outstanding (in shares)	33,649			34,861			34,230	34,870
Plus: Assumed conversion of share-based compensation	256			1,033			310	859
Assumed conversion of preferred stock	25			25			25	25
Weighted average diluted common shares outstanding (in shares)	33,930			35,919			34,565	35,754
Basic earnings per common share (in dollars per share)	$ 0.60			$ 1.07			$ 2.85	$ 3.54
Diluted earnings per common share (in dollars per share)	$ 0.59			$ 1.04			$ 2.82	$ 3.45

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (loss) Pre-Tax and After-Tax (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
After-tax:
Other comprehensive income (loss)	$ 5,160	$ 11,955	$ 11,984	$ (737)	$ (1,849)	$ (4,050)	$ 29,099	$ (6,636)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
OCI, Pre-tax:
Pre-tax, Unrealized holding gains (losses) arising during the period	6,815			(989)			38,685	(11,511)
Pre-tax, Less: Reclassification adjustments (gains) losses realized in net income	22			10			(87)	2,807
Pre-tax, Other comprehensive income (loss)	6,837			(979)			38,598	(8,704)
OCI, Tax:
Tax, Unrealized holding gains (losses) arising during the period	1,671			(244)			9,520	(2,751)
Income taxes	6			2			(21)	683
Tax, Other comprehensive income (loss)	1,677			(242)			9,499	(2,068)
After-tax:
After-tax, Unrealized holding gains (losses) arising during the period	5,144			(745)			29,165	(8,760)
After-tax, Less: Reclassification adjustments (gains) losses realized in net income	16			8			(66)	2,124
Other comprehensive income (loss)	$ 5,160			$ (737)			$ 29,099	$ (6,636)

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Reclassifications Adjustment for Gains (Losses) Out of Accumulated Other Comprehensive Income (Detail) - AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income taxes	$ 6	$ 2	$ (21)	$ 683
NET INCOME	(16)	(8)	66	(2,124)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on investments	(22)	(10)	87	(2,807)
Income taxes	6	2	(21)	683
NET INCOME	$ (16)	$ (8)	$ 66	$ (2,124)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Reinsurance Retention Policy [Line Items]
Reinsurance payable, net	$ 300,094	$ 93,306
June 1, 2019 - May 31, 2020 [Member]
Reinsurance Retention Policy [Line Items]
Reinsurance payable, net	117,600
June 1, 2020 - May 31, 2021 [Member]
Reinsurance Retention Policy [Line Items]
Reinsurance payable, net	$ 83,600

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 878,567	$ 820,438
Equity securities	43,141	63,277
Mortgage-Backed and Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	321,134	309,597
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	921,708	883,715
Fair Value, Recurring [Member] | U.S. Government Obligations and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	72,586	66,637
Fair Value, Recurring [Member] | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	469,298	428,865
Fair Value, Recurring [Member] | Mortgage-Backed and Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	321,134	309,597
Fair Value, Recurring [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	3,542	3,362
Fair Value, Recurring [Member] | Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	12,007	11,977
Fair Value, Recurring [Member] | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	2,678	15,564
Fair Value, Recurring [Member] | Mutual funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	40,463	47,713
Level 1 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	43,141	63,277
Level 1 [Member] | Fair Value, Recurring [Member] | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	2,678	15,564
Level 1 [Member] | Fair Value, Recurring [Member] | Mutual funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	40,463	47,713
Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	878,567	820,438
Level 2 [Member] | Fair Value, Recurring [Member] | U.S. Government Obligations and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	72,586	66,637
Level 2 [Member] | Fair Value, Recurring [Member] | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	469,298	428,865
Level 2 [Member] | Fair Value, Recurring [Member] | Mortgage-Backed and Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	321,134	309,597
Level 2 [Member] | Fair Value, Recurring [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	3,542	3,362
Level 2 [Member] | Fair Value, Recurring [Member] | Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 12,007	$ 11,977

Fair Value Measurements - Summa

Fair Value Measurements - Summarizes Carrying Value and Estimated Fair Values of Financial Instruments not Carried at Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Surplus note	$ 10,294	$ 11,397
Surplus Note [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Surplus note	10,294	11,397
Surplus Note [Member] | Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimated fair value	$ 9,584	$ 10,125

Uncategorized Items - uve-20190

Label	Element	Value
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 439,988,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(3,601,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	461,147,000
Additional Paid-in Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	86,186,000
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	3,601,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ (2,680,000)
Common Stock [Member]
Shares, Issued	us-gaap_SharesIssued	45,778,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 458,000
Preferred Stock [Member]
Shares, Issued	us-gaap_SharesIssued	10,000
Treasury Stock [Member]
Shares, Issued	us-gaap_SharesIssued	11,043,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ (105,123,000)