Universal Insurance (UVE) 10-Q 1 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 28, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
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)		32,403,137
Entity Central Index Key	0000891166
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
ASSETS
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $791, (amortized cost: $851,826 and $828,336)		$ 867,249	$ 855,284
Equity securities, at fair value (cost: $53,673 and $43,523)		45,838	43,717
Investment real estate, net		15,481	15,585
Total invested assets		928,568	914,586
Cash and cash equivalents		180,780	182,109
Restricted cash and cash equivalents	[1]	2,635	2,635
Prepaid reinsurance premiums		70,113	175,208
Reinsurance recoverable		108,491	193,236
Premium receivable, net		66,568	63,883
Property and equipment, net		44,859	41,351
Deferred policy acquisition costs		94,354	91,882
Income taxes recoverable		17,115	34,283
Deferred income tax asset, net		15,582	3,351
Other assets		16,448	17,328
Total assets		1,545,513	1,719,852
LIABILITIES:
Unpaid losses and loss adjustment expenses		195,978	267,760
Unearned premiums		669,881	661,279
Advance premium		55,763	30,975
Accounts payable		3,134	2,099
Book overdraft		0	90,401
Reinsurance payable, net		64,460	122,581
Other liabilities and accrued expenses		52,450	40,930
Long-term debt		9,559	9,926
Total liabilities		1,051,225	1,225,951
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 - 46,766 and 46,707 Outstanding shares - 32,385 and 32,638		468	467
Treasury shares, at cost - 14,381 and 14,069		(203,172)	(196,585)
Additional paid-in capital		97,110	96,036
Accumulated other comprehensive income, net of taxes		12,015	20,364
Retained earnings		587,867	573,619
Total stockholders’ equity		494,288	493,901
Total liabilities and stockholders’ equity		$ 1,545,513	$ 1,719,852
[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	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Available-for-sale securities, allowance for credit loss	$ 791
Available for sale debt securities, amortized cost	851,826	$ 828,336
Equity securities, amortized cost	$ 53,673	$ 43,523
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)	46,766,000	46,707,000
Common stock, shares outstanding (in shares)	32,385,000	32,638,000
Treasury stock, shares (in shares)	14,381,000	14,069,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written	$ 334,553	$ 289,234
Change in unearned premium	(8,602)	6,143
Direct premium earned	325,951	295,377
Ceded premium earned	(105,122)	(85,650)
Premiums earned, net	220,829	209,727
Net investment income	6,834	8,142
Net realized gains (losses) on investments	299	(11,525)
Net change in unrealized gains (losses) of equity securities	(8,024)	18,032
Commission revenue	7,015	5,505
Policy fees	5,540	5,021
Other revenue	2,782	1,684
Total premiums earned and other revenues	235,275	236,586
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses	135,048	113,094
General and administrative expenses	72,643	69,748
Total operating costs and expenses	207,691	182,842
INCOME BEFORE INCOME TAXES	27,584	53,744
Income tax expense	7,517	13,596
NET INCOME	$ 20,067	$ 40,148
Basic earnings per common share (in dollars per share)	$ 0.62	$ 1.16
Weighted average common shares outstanding - Basic (in shares)	32,591	34,741
Diluted earnings per common share (in dollars per share)	$ 0.61	$ 1.14
Weighted average common shares outstanding - Diluted (in shares)	32,731	35,206
Cash dividend declared per common share (in dollars per share)	$ 0.16	$ 0.16

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 20,067	$ 40,148
Other comprehensive income (loss), net of taxes	(8,946)	11,984
Comprehensive income	$ 11,121	$ 52,132

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period Of Adoption, Adjustment [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Treasury Shares [Member]		Treasury Shares [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Common Stock [Member]	Common Stock [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Preferred Shares Issued [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Retained Earnings [Member]	Retained Earnings [Member]Cumulative Effect, Period Of Adoption, Adjustment [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]Cumulative Effect, Period Of Adoption, Adjustment [Member]	Accumulated Other Comprehensive Income (Loss) [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of changes in accounting principle (ASU 2016-13)	$ 501,633			$ (130,399)			$ 465			$ 86,353		$ 553,224			$ (8,010)
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]
Cumulative effect of changes in accounting principle (ASU 2016-13)	539,050			$ (140,516)			$ 467			87,328		587,797			3,974
Vesting of performance share units	(2,069)			$ (2,069)			$ 2			(2)
Vesting of performance share units (in shares)				56	[1]		148
Grants and vesting of restricted stock	(166)			$ (166)
Grants and vesting of restricted stock (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)	[1]		(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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of changes in accounting principle (ASU 2016-13)	539,050			$ (140,516)			$ 467			87,328		587,797			3,974
Cumulative effect of changes in accounting principle (ASU 2016-13)	493,901	$ 0	$ 493,901	(196,585)		$ (196,585)	467	$ 467		96,036	$ 96,036	573,619	$ (597)	$ 573,022	20,364	$ 597	$ 20,961
Beginning balance at Dec. 31, 2019	493,901	0	493,901	$ (196,585)		(196,585)	$ 467	467		96,036	96,036	573,619	(597)	573,022	20,364	597	20,961
Beginning balance (in shares) at Dec. 31, 2019				(14,069)			(46,707)		(10)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of changes in accounting principle (ASU 2016-13)	494,288	$ 0	$ 493,901	$ (203,172)		$ (196,585)	$ 468	$ 467		97,110	$ 96,036	587,867	$ (597)	$ 573,022	12,015	$ 597	$ 20,961
Vesting of performance share units	(646)			$ (646)			$ 1			(1)
Vesting of performance share units (in shares)				25	[1]		83
Grant and issue of stock award	30									30
Grant and issue of stock award (in shares)							1
Retirement of treasury shares	0			$ 646						(646)
Retirement of treasury shares, shares (in shares)				(25)			(25)
Purchases of treasury stock	(6,587)			$ (6,587)
Purchases of treasury stock (in shares)				(312)
Share-based compensation	1,691									1,691
Net income	20,067											20,067
Other comprehensive income (loss)	(8,946)														(8,946)
Declaration of dividends	(5,222)											(5,222)
Ending balance at Mar. 31, 2020	494,288			$ (203,172)			$ 468			97,110		587,867			12,015
Ending balance (in shares) at Mar. 31, 2020				(14,381)			(46,766)		(10)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of changes in accounting principle (ASU 2016-13)	$ 494,288			$ (203,172)			$ 468			$ 97,110		$ 587,867			$ 12,015
[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
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividend declared per common share (in dollars per share)	$ 0.16	$ 0.16
Cash dividend declared per preferred share (in dollars per share)	$ 0.25	$ 0.25

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net cash provided by operating activities	$ 45,643	$ 31,451
Cash flows from investing activities:
Proceeds from sale of property and equipment	11	8
Purchases of property and equipment	(4,705)	(6,368)
Purchases of equity securities	(10,145)	(697)
Purchases of available-for-sale debt securities	(61,782)	(55,102)
Purchases of investment real estate, net	0	(734)
Proceeds from sales of equity securities	0	17,161
Proceeds from sales of available-for-sale debt securities	9,979	14,550
Maturities of available-for-sale debt securities	32,534	36,635
Net cash provided by (used in) investing activities	(34,108)	5,453
Cash flows from financing activities:
Preferred stock dividend	(3)	(3)
Common stock dividend	(5,261)	(5,620)
Issuance of common stock for stock option exercises	0	239
Purchase of treasury stock	(6,587)	(10,117)
Payments related to tax withholding for share-based compensation	(646)	(2,402)
Repayment of debt	(367)	(368)
Net cash provided by (used in) financing activities	(12,864)	(18,271)
Cash and cash equivalents, and restricted cash and cash equivalents:
Net increase (decrease) during the period	(1,329)	18,633
Balance, beginning of period	184,744	169,063
Balance, end of period	183,415	187,696
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	$ 184,744	$ 187,696

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
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. (“UVE”, and 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 March 31, 2020, 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 and used for claims-paying obligations and insurance operations. Other significant sources of revenue include brokerage commissions collected from reinsurers on certain reinsurance programs placed on behalf of 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, 2019, filed with the SEC on March 2, 2020. The condensed consolidated balance sheet at December 31, 2019 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. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s primary use of estimates is in the recognition of liabilities for unpaid losses, loss adjustment expenses (“LAE”), subrogation recoveries and reinsurance recoveries. Actual results could differ from those estimates.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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, 2019. The following are new or revised disclosures or disclosures required on a quarterly basis. Recently Adopted Accounting Pronouncements On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic ASC 326), that introduces a new process for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new ASU will apply to premiums receivable, reinsurance recoverable, available-for-sale debt securities and other specified financial assets. The ASU replaces the current practice of recording a permanent write down (other than temporary impairment) for probable credit losses with a new requirement that would estimate credit losses and record those estimated losses through a temporary allowance account that can be re-measured as estimates of credit losses change. The ASU further limited estimated credit losses relating to available-for-sale securities to the amount which fair value is below amortized cost. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable U.S. GAAP. The Company recorded a decrease to retained earnings of $0.6 million as of January 1, 2020 for the cumulative effect of adopting ASC 326. Accounting Policies The following accounting policies have been updated to reflect the Company’s adoption of ASC 326 as described above. Investment, Securities Available-for-Sale . The Company’s investments in debt securities and short-term investments are classified as available-for-sale with maturities of greater than three months. Available-for-sale debt securities and short-term investments are recorded at fair value in the condensed consolidated balance sheet. Unrealized gains and losses on available-for-sale debt securities and short-term investments are excluded from earnings and reported as a component of other comprehensive income (“OCI”), net of related deferred taxes until reclassified to earnings upon the consummation of sales transaction with an unrelated third party. Gains and losses realized on the disposition of available-for-sale debt securities are determined on the first-in, first-out (FIFO) basis and credited or charged to income. Premium and discount on investment securities are amortized and accreted using the interest method and charged or credited to investment income. Investment, Equity Securities . The Company’s investment in equity securities are recorded at fair value in the condensed consolidated balance sheet with changes in the fair value of equity securities reported in current period earnings in the condensed consolidated statements of income within net change in unrealized gains (losses) of equity securities as they occur. Allowance for Credit Losses-Available-For-Sale Securities : For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by rating agencies, market sentiment and trends and adverse conditions specifically related to the security, among other quantitative and qualitative factors utilized at establishing an estimate for credit losses. If the assessment indicates that a credit loss exists, the present values of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes an available-for-sale debt security is confirmed as uncollected or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale securities totaled $5.1 million at March 31, 2020 and is evaluated in the estimate for credit losses. Accrued interest receivable is included under Other Assets in the Condensed Consolidated Balance Sheet. Premiums Receivable. Generally, premiums are collected prior to or during the policy period as permitted under the Insurance Entities’ payment plans. Credit risk is minimized through the effective administration of policy payment plans whereby the rules governing policy cancellation minimize circumstances in which the Company extends insurance coverage without having received the corresponding premiums. The Company performs a policy level evaluation to determine the extent the premiums receivable balance exceeds the unearned premiums balance. Under ASC 326 and given the short-term nature of these receivables, we employed the aging method to estimate credit losses by pooling receivables based on the levels of delinquency and evaluating current conditions and reasonable and supportable forecasts. As of March 31, 2020 and December 31, 2019, the Company recorded an estimate of credit losses of $0.8 million and an allowance for doubtful accounts of $0.7 million, respectively. Reinsurance. Ceded written premium is recorded upon the effective date of the reinsurance contracts and earned over the contract period. 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 insurance liability to the Company. Under ASC 326 and given the short-term nature of these receivables, we considered the effects of credit enhancements (i.e. funds withheld liability, letters of credit and trust arrangements) and other qualitative factors that allowed us to conclude there was no material risk exposure. There is no estimated credit loss allowance as of March 31, 2020 and we did not have an allowance for uncollectible reinsurer accounts as of December 31, 2019.

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable U.S. GAAP. 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): March 31, 2020 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 59,090 $ — $ 2,997 $ (3) $ 62,084 Corporate bonds 464,387 (665) 11,412 (6,409) 468,725 Mortgage-backed and asset-backed securities 314,936 — 9,839 (1,393) 323,382 Municipal bonds 3,395 — 194 (3) 3,586 Redeemable preferred stock 10,018 (126) 90 (510) 9,472 Total $ 851,826 $ (791) $ 24,532 $ (8,318) $ 867,249 December 31, 2019 Amortized Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 53,688 $ 864 $ (188) $ 54,364 Corporate bonds 457,180 19,179 (141) 476,218 Mortgage-backed and asset-backed securities 304,285 7,400 (606) 311,079 Municipal bonds 3,397 103 (4) 3,496 Redeemable preferred stock 9,786 427 (86) 10,127 Total $ 828,336 $ 27,973 $ (1,025) $ 855,284 The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (dollars in thousands): March 31, 2020 December 31, 2019 Equivalent S&P Credit Ratings Fair Value % of Total Fair Value % of Total AAA $ 388,197 44.8 % $ 372,442 43.6 % AA 95,823 11.0 % 99,103 11.6 % A 242,406 28.0 % 238,766 27.9 % BBB 136,794 15.8 % 143,889 16.8 % BB and Below 242 — % — — No Rating Available 3,787 0.4 % 1,084 0.1 % Total $ 867,249 100.0 % $ 855,284 100.0 % 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): March 31, 2020 December 31, 2019 Amortized Fair Value Amortized Fair Value Mortgage-backed Securities: Agency $ 154,253 $ 159,262 $ 143,723 $ 144,729 Non-agency 69,919 74,088 71,140 75,896 Asset-backed Securities: Auto loan receivables 42,796 42,658 42,767 43,127 Credit card receivables 20,677 20,594 21,145 21,487 Other receivables 27,291 26,780 25,510 25,840 Total $ 314,936 $ 323,382 $ 304,285 $ 311,079 The following tables summarize debt securities available-for-sale for which an allowance for expected credit losses has not been recorded at March 31, 2020, and December 31, 2019 aggregated by major security type and length of time in a continuous unrealized loss position as of the dates presented (in thousands): March 31, 2020 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 — $ — $ — 1 $ 129 $ (3) Corporate bonds 75 63,401 (2,868) 1 215 (38) Mortgage-backed and asset-backed securities 58 66,017 (1,354) 5 3,534 (39) Municipal bonds — — — 1 277 (3) Redeemable preferred stock 16 1,149 (75) — — — Total 149 $ 130,567 $ (4,297) 8 $ 4,155 $ (83) December 31, 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 $ 3,836 $ (108) 4 $ 23,186 $ (80) Corporate bonds 18 16,808 (107) 7 5,866 (34) Mortgage-backed and asset-backed securities 42 58,023 (245) 26 34,985 (361) Municipal bonds — — — 1 276 (4) Redeemable preferred stock 6 630 (8) 4 1,489 (78) Total 68 $ 79,297 $ (468) 42 $ 65,802 $ (557) Unrealized losses on available-for-sale debt securities in the above chart as of March 31, 2020 have not been recognized into income as credit losses because the issuers are of high credit quality (rated AA or higher), management does not intend to sell and it is likely management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. There were no material factors impacting any one category or specific security requiring an accrual for credit loss. The issuers continue to make principal and interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity. Results for reporting periods occurring before January 1, 2020 continue to be reported in accordance with previously applicable U.S. GAAP and not presented under ASC 326, which was adopted by the Company on January 1, 2020. The following table presents the amortized cost and fair value of investments with maturities as of the date presented (in thousands): March 31, 2020 Amortized Cost Fair Value Due in one year or less $ 127,107 $ 127,033 Due after one year through five years 423,886 433,632 Due after five years through ten years 268,618 276,846 Due after ten years 30,512 28,046 Perpetual maturity securities 1,703 1,692 Total $ 851,826 $ 867,249 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 and equity securities during the periods presented (in thousands): Three Months Ended 2020 2019 Proceeds from sales and maturities (fair value): Available-for-sale debt securities $ 42,513 $ 51,185 Equity securities $ — $ 17,161 Gross realized gains on sale of securities: Available-for-sale debt securities $ 346 $ 187 Equity securities $ — $ 165 Gross realized losses on sale of securities: Available-for-sale debt securities $ (47) $ (42) Equity securities $ — $ (11,835) 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 2020 2019 Available-for-sale debt securities $ 6,015 $ 6,151 Equity securities 545 1,042 Cash and cash equivalents (1) 791 1,300 Other (2) 254 259 Total investment income 7,605 8,752 Less: Investment expenses (3) (771) (610) Net investment income $ 6,834 $ 8,142 (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 reported period (in thousands): Three Months Ended 2020 2019 Unrealized gains and (losses) recognized during the reported period on equity securities still held at the end of the reported period $ (8,024) $ 2,400 Investment Real Estate Investment real estate consisted of the following as of the dates presented (in thousands): March 31, December 31, 2020 2019 Income Producing: Investment real estate $ 14,679 $ 14,679 Less: Accumulated depreciation (1,388) (1,284) 13,291 13,395 Non-Income Producing: Investment real estate 2,190 2,190 Investment real estate, net $ 15,481 $ 15,585 Depreciation expense related to investment real estate for the periods presented (in thousands): Three Months Ended 2020 2019 Depreciation expense on investment real estate $ 104 $ 103

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2020
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 1 st 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. Notwithstanding the purchase of such reinsurance, the Company is responsible for certain retained loss amounts before reinsurance attaches and for 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 contracts and consistent with the establishment of the gross liability for losses, 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 balance exceeded 3% of the Company’s stockholders’ equity as of the dates presented (in thousands): Ratings as of March 31, 2020 Due from as of Reinsurer AM Best Standard Moody’s March 31, 2020 December 31, 2019 Florida Hurricane Catastrophe Fund (1) n/a n/a n/a $ 97,694 $ 199,647 Allianz Risk Transfer n/a n/a n/a — 19,269 Total (2) $ 97,694 $ 218,916 (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 March 31, 2020 2019 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 334,553 $ 325,951 $ 173,243 $ 289,234 $ 295,377 $ 115,742 Ceded (27) (105,122) (38,195) — (85,650) (2,648) Net $ 334,526 $ 220,829 $ 135,048 $ 289,234 $ 209,727 $ 113,094 The following prepaid reinsurance premiums and reinsurance recoverable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands): March 31, December 31, 2020 2019 Prepaid reinsurance premiums $ 70,113 $ 175,208 Reinsurance recoverable on paid losses and LAE $ 42,333 $ 70,015 Reinsurance recoverable on unpaid losses and LAE 66,158 123,221 Reinsurance recoverable $ 108,491 $ 193,236

Insurance Operations

Insurance Operations	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
Insurance Operations	Insurance Operations Deferred Policy Acquisition Costs The Company defers certain costs in connection with 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 2020 2019 DPAC, beginning of period $ 91,882 $ 84,686 Capitalized Costs 48,508 41,520 Amortization of DPAC (46,036) (42,922) DPAC, end of period $ 94,354 $ 83,284 Regulatory Requirements and Restrictions The Insurance Entities are subject to regulations and standards of the Florida Office of Insurance Regulation (“FLOIR”). The Insurance Entities are also subject to regulations and standards of regulatory authorities in other states where they are licensed, although as Florida-domiciled insurers, their 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 the Insurance Entities 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, 2019, UPCIC has the capacity to pay ordinary dividends of $12.1 million during 2020. APPCIC, based on its accumulated earnings as of December 31, 2019, is unable to pay any ordinary dividends during 2020. For the three months ended March 31, 2020, no dividends were paid from the Insurance Entities to PSI. The Florida Insurance Code requires an insurance company 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 the Insurance Entities as of the dates presented (in thousands): March 31, 2020 December 31, 2019 Statutory capital and surplus UPCIC $ 296,467 $ 301,120 APPCIC $ 16,319 $ 16,433 Ten percent of total liabilities UPCIC $ 101,715 $ 99,228 APPCIC $ 735 $ 621 As of the dates in the table above, the Insurance Entities each exceeded the minimum statutory capitalization requirement. The Insurance Entities also met the capitalization requirements of the other states in which they are licensed as of March 31, 2020. The Insurance Entities are also required to adhere to prescribed premium-to-capital surplus ratios and have met those requirements at such dates. Statutory capital and surplus for UPCIC at December 31, 2019 includes a $30 million capital contribution funded in February 2020 by UVE through PSI, the Insurance Entities’ parent company, which is permitted to be included in UPCIC’s statutory capital and surplus at December 31, 2019 with the permission of the FLOIR under statutory accounting principles. This contribution was not recognized on a U.S. GAAP basis at December 31, 2019. Through PSI, the Insurance Entities’ parent company, UVE recorded contributions for the periods presented (in thousands): Three Months Ended 2020 2019 Capital contributions $ 30,000 $ — The following table summarizes combined net income (loss) for the Insurance Entities determined in accordance with statutory accounting practices for the periods presented (in thousands): Three Months Ended 2020 2019 Combined net income (loss) $ (3,234) $ 7,623 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): March 31, 2020 December 31, 2019 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,572 $ 3,419

Liability for Unpaid Losses and

Liability for Unpaid Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2020
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 2020 2019 Balance at beginning of period $ 267,760 $ 472,829 Less: Reinsurance recoverable (123,221) (393,365) Net balance at beginning of period 144,539 79,464 Incurred (recovered) related to: Current year 130,707 113,279 Prior years 4,341 (185) Total incurred 135,048 113,094 Paid related to: Current year 61,778 34,549 Prior years 87,989 60,724 Total paid 149,767 95,273 Net balance at end of period 129,820 97,285 Plus: Reinsurance recoverable 66,158 269,071 Balance at end of period $ 195,978 $ 366,356 For the three months ended March 31, 2020, there was adverse prior year reserve development of $42.5 million gross, less $38.2 million ceded, resulting in $4.3 million net. The direct and net prior year reserve development for the quarter ended March 31, 2020 was principally due to increased ultimate losses and LAE for Hurricane Irma.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consists of the following as of the dates presented (in thousands): March 31, December 31, 2020 2019 Surplus note $ 9,559 $ 9,926 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 UPCIC was in compliance with the terms of the surplus note as of March 31, 2020.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity From time to time, the Company’s Board of Directors may authorize 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 Three Months Ended March 31, Date Authorized Expiration Date Dollar Amount Authorized 2020 2019 Aggregate Purchase Price Average Price Per Share Repurchased Plan Completed November 6, 2019 December 31, 2021 $ 40,000 312,107 — $ 6,587 $ 21.11 December 12, 2018 May 31, 2020 $ 20,000 — 320,500 $ 10,117 $ 31.57 May 2019

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended March 31, 2020 and 2019, the Company recorded approximately $7.5 million and $13.6 million of income tax expense, respectively. The effective tax rate (“ETR”) for the three months ended March 31, 2020 was 27.3% compared to a 25.3% ETR for the same period in 2019. 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 27.3% for 2020, 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 3.7%. Deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax basis of assets and liabilities at the enacted tax rates. We review our deferred tax assets regularly for recoverability. Although realization of the deferred tax assets is not assured, management believes that it is more likely than not that a portion of the capital loss carryforward will not be realized. In recognition of this risk, the Company provided a valuation allowance of $0.1 million as of March 31, 2020 on the deferred tax asset relating to capital loss carryforwards associated with 2019 capital losses. If management’s assumptions change and we determine the Company will be able to realize these capital losses, the tax benefits related to any reversal of the valuation allowance on deferred tax assets will be accounted for as a future reduction in income tax expense and a corresponding increase in equity.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
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 exercises of stock options, vesting of performance share units, vesting of restricted stock, 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 2020 2019 Numerator for EPS: Net income $ 20,067 $ 40,148 Less: Preferred stock dividends (3) (3) Income available to common stockholders $ 20,064 $ 40,145 Denominator for EPS: Weighted average common shares outstanding 32,591 34,741 Plus: Assumed conversion of share-based compensation (1) 115 440 Assumed conversion of preferred stock 25 25 Weighted average diluted common shares outstanding 32,731 35,206 Basic earnings per common share $ 0.62 $ 1.16 Diluted earnings per common share $ 0.61 $ 1.14 (1) Represents the dilutive effect of unexercised stock options, unvested performance share units, unvested restricted stock units and unvested restricted stock.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 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 $ (11,226) $ (2,505) $ (8,721) $ 16,045 $ 3,953 $ 12,092 Less: Reclassification adjustments for (gains) losses realized in net income (299) (74) (225) (145) (37) (108) Other comprehensive income (loss) (11,525) (2,579) (8,946) 15,900 3,916 11,984 Reclassification adjustment to retained earnings (1) 791 194 597 — — — Change in accumulated other comprehensive income (loss) $ (10,734) $ (2,385) $ (8,349) $ 15,900 $ 3,916 $ 11,984 (1) This amount represents reclassifications to retained earnings associated with the allowance for expected credit losses within accumulated other comprehensive income relating to available for sale debt security investments. See “—Note 2 (Significant Accounting Policies—Recently Adopted Accounting Pronouncements)” for more information. 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 Amount Reclassified from Accumulated Affected Line Item in the Statement Three Months Ended 2020 2019 Unrealized gains (losses) on $ 299 $ 145 Net realized gains (losses) on sale of securities (74) (37) Income taxes Total reclassification for the period $ 225 $ 108 Net of tax

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
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 certain major events occur. Our reinsurance commitments run from June 1 of the current year to May 31 of the following year. Certain of our reinsurance agreements are for periods longer than one year. Amounts payable for coverage during the current June 1 st to May 31 st 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) $118.9 million in 2020 and (2) $84.3 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 certainty, 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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 62,084 $ — $ 62,084 Corporate bonds — 468,725 — 468,725 Mortgage-backed and asset-backed securities — 323,382 — 323,382 Municipal bonds — 3,586 — 3,586 Redeemable preferred stock — 9,472 — 9,472 Equity Securities: Common stock 1,904 — — 1,904 Mutual funds 43,934 — — 43,934 Total assets accounted for at fair value $ 45,838 $ 867,249 $ — $ 913,087 Fair Value Measurements December 31, 2019 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 54,364 $ — $ 54,364 Corporate bonds — 476,218 — 476,218 Mortgage-backed and asset-backed securities — 311,079 — 311,079 Municipal bonds — 3,496 — 3,496 Redeemable preferred stock — 10,127 — 10,127 Equity Securities: Common stock 2,377 — — 2,377 Mutual funds 41,340 — — 41,340 Total assets accounted for at fair value $ 43,717 $ 855,284 $ — $ 899,001 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 security 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): March 31, 2020 December 31, 2019 Carrying Value (Level 3) Carrying Value (Level 3) Liabilities (debt): Surplus note $ 9,559 $ 8,975 $ 9,926 $ 9,365 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	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 16, 2020, the Company declared a dividend of $0.16 per share on its outstanding common stock payable on May 21, 2020, to shareholders of record on May 14, 2020. 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 condensed consolidated financial statements as of March 31, 2020.

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
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, 2019, filed with the SEC on March 2, 2020. The condensed consolidated balance sheet at December 31, 2019 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. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s primary use of estimates is in the recognition of liabilities for unpaid losses, loss adjustment expenses (“LAE”), subrogation recoveries and reinsurance recoveries. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting PronouncementsOn January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic ASC 326), that introduces a new process for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new ASU will apply to premiums receivable, reinsurance recoverable, available-for-sale debt securities and other specified financial assets. The ASU replaces the current practice of recording a permanent write down (other than temporary impairment) for probable credit losses with a new requirement that would estimate credit losses and record those estimated losses through a temporary allowance account that can be re-measured as estimates of credit losses change. The ASU further limited estimated credit losses relating to available-for-sale securities to the amount which fair value is below amortized cost. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable U.S. GAAP. The Company recorded a decrease to retained earnings of $0.6 million as of January 1, 2020 for the cumulative effect of adopting ASC 326.
Investment, Securities Available for Sale and Equity Securities	Investment, Securities Available-for-Sale . The Company’s investments in debt securities and short-term investments are classified as available-for-sale with maturities of greater than three months. Available-for-sale debt securities and short-term investments are recorded at fair value in the condensed consolidated balance sheet. Unrealized gains and losses on available-for-sale debt securities and short-term investments are excluded from earnings and reported as a component of other comprehensive income (“OCI”), net of related deferred taxes until reclassified to earnings upon the consummation of sales transaction with an unrelated third party. Gains and losses realized on the disposition of available-for-sale debt securities are determined on the first-in, first-out (FIFO) basis and credited or charged to income. Premium and discount on investment securities are amortized and accreted using the interest method and charged or credited to investment income.
Allowance for Credit Losses-Available-For-Sale Securities	Allowance for Credit Losses-Available-For-Sale Securities : For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by rating agencies, market sentiment and trends and adverse conditions specifically related to the security, among other quantitative and qualitative factors utilized at establishing an estimate for credit losses. If the assessment indicates that a credit loss exists, the present values of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes an available-for-sale debt security is confirmed as uncollected or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale securities totaled $5.1 million at March 31, 2020 and is evaluated in the estimate for credit losses. Accrued interest receivable is included under Other Assets in the Condensed Consolidated Balance Sheet.
Premiums Receivable	Premiums Receivable. Generally, premiums are collected prior to or during the policy period as permitted under the Insurance Entities’ payment plans. Credit risk is minimized through the effective administration of policy payment plans whereby the rules governing policy cancellation minimize circumstances in which the Company extends insurance coverage without having received the corresponding premiums. The Company performs a policy level evaluation to determine the extent the premiums receivable balance exceeds the unearned premiums balance. Under ASC 326 and given the short-term nature of these receivables, we employed the aging method to estimate credit losses by pooling receivables based on the levels of delinquency and evaluating current conditions and reasonable and supportable forecasts.
Reinsurance	Reinsurance.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
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): March 31, 2020 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 59,090 $ — $ 2,997 $ (3) $ 62,084 Corporate bonds 464,387 (665) 11,412 (6,409) 468,725 Mortgage-backed and asset-backed securities 314,936 — 9,839 (1,393) 323,382 Municipal bonds 3,395 — 194 (3) 3,586 Redeemable preferred stock 10,018 (126) 90 (510) 9,472 Total $ 851,826 $ (791) $ 24,532 $ (8,318) $ 867,249 December 31, 2019 Amortized Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 53,688 $ 864 $ (188) $ 54,364 Corporate bonds 457,180 19,179 (141) 476,218 Mortgage-backed and asset-backed securities 304,285 7,400 (606) 311,079 Municipal bonds 3,397 103 (4) 3,496 Redeemable preferred stock 9,786 427 (86) 10,127 Total $ 828,336 $ 27,973 $ (1,025) $ 855,284
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): March 31, 2020 December 31, 2019 Equivalent S&P Credit Ratings Fair Value % of Total Fair Value % of Total AAA $ 388,197 44.8 % $ 372,442 43.6 % AA 95,823 11.0 % 99,103 11.6 % A 242,406 28.0 % 238,766 27.9 % BBB 136,794 15.8 % 143,889 16.8 % BB and Below 242 — % — — No Rating Available 3,787 0.4 % 1,084 0.1 % Total $ 867,249 100.0 % $ 855,284 100.0 %
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): March 31, 2020 December 31, 2019 Amortized Fair Value Amortized Fair Value Mortgage-backed Securities: Agency $ 154,253 $ 159,262 $ 143,723 $ 144,729 Non-agency 69,919 74,088 71,140 75,896 Asset-backed Securities: Auto loan receivables 42,796 42,658 42,767 43,127 Credit card receivables 20,677 20,594 21,145 21,487 Other receivables 27,291 26,780 25,510 25,840 Total $ 314,936 $ 323,382 $ 304,285 $ 311,079
Summarized Fair Value and Gross Unrealized Losses on Available-for-sale Debt Securities	The following tables summarize debt securities available-for-sale for which an allowance for expected credit losses has not been recorded at March 31, 2020, and December 31, 2019 aggregated by major security type and length of time in a continuous unrealized loss position as of the dates presented (in thousands): March 31, 2020 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 — $ — $ — 1 $ 129 $ (3) Corporate bonds 75 63,401 (2,868) 1 215 (38) Mortgage-backed and asset-backed securities 58 66,017 (1,354) 5 3,534 (39) Municipal bonds — — — 1 277 (3) Redeemable preferred stock 16 1,149 (75) — — — Total 149 $ 130,567 $ (4,297) 8 $ 4,155 $ (83) December 31, 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 $ 3,836 $ (108) 4 $ 23,186 $ (80) Corporate bonds 18 16,808 (107) 7 5,866 (34) Mortgage-backed and asset-backed securities 42 58,023 (245) 26 34,985 (361) Municipal bonds — — — 1 276 (4) Redeemable preferred stock 6 630 (8) 4 1,489 (78) Total 68 $ 79,297 $ (468) 42 $ 65,802 $ (557)
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): March 31, 2020 Amortized Cost Fair Value Due in one year or less $ 127,107 $ 127,033 Due after one year through five years 423,886 433,632 Due after five years through ten years 268,618 276,846 Due after ten years 30,512 28,046 Perpetual maturity securities 1,703 1,692 Total $ 851,826 $ 867,249
Schedule of Securities Available for Sale	The following table provides certain information related to available-for-sale debt securities and equity securities during the periods presented (in thousands): Three Months Ended 2020 2019 Proceeds from sales and maturities (fair value): Available-for-sale debt securities $ 42,513 $ 51,185 Equity securities $ — $ 17,161 Gross realized gains on sale of securities: Available-for-sale debt securities $ 346 $ 187 Equity securities $ — $ 165 Gross realized losses on sale of securities: Available-for-sale debt securities $ (47) $ (42) Equity securities $ — $ (11,835)
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 2020 2019 Available-for-sale debt securities $ 6,015 $ 6,151 Equity securities 545 1,042 Cash and cash equivalents (1) 791 1,300 Other (2) 254 259 Total investment income 7,605 8,752 Less: Investment expenses (3) (771) (610) Net investment income $ 6,834 $ 8,142 (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 reported period (in thousands): Three Months Ended 2020 2019 Unrealized gains and (losses) recognized during the reported period on equity securities still held at the end of the reported period $ (8,024) $ 2,400
Schedule of Real Estate Investment	Investment real estate consisted of the following as of the dates presented (in thousands): March 31, December 31, 2020 2019 Income Producing: Investment real estate $ 14,679 $ 14,679 Less: Accumulated depreciation (1,388) (1,284) 13,291 13,395 Non-Income Producing: Investment real estate 2,190 2,190 Investment real estate, net $ 15,481 $ 15,585
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 2020 2019 Depreciation expense on investment real estate $ 104 $ 103

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2020
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 balance exceeded 3% of the Company’s stockholders’ equity as of the dates presented (in thousands): Ratings as of March 31, 2020 Due from as of Reinsurer AM Best Standard Moody’s March 31, 2020 December 31, 2019 Florida Hurricane Catastrophe Fund (1) n/a n/a n/a $ 97,694 $ 199,647 Allianz Risk Transfer n/a n/a n/a — 19,269 Total (2) $ 97,694 $ 218,916 (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 March 31, 2020 2019 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 334,553 $ 325,951 $ 173,243 $ 289,234 $ 295,377 $ 115,742 Ceded (27) (105,122) (38,195) — (85,650) (2,648) Net $ 334,526 $ 220,829 $ 135,048 $ 289,234 $ 209,727 $ 113,094
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): March 31, December 31, 2020 2019 Prepaid reinsurance premiums $ 70,113 $ 175,208 Reinsurance recoverable on paid losses and LAE $ 42,333 $ 70,015 Reinsurance recoverable on unpaid losses and LAE 66,158 123,221 Reinsurance recoverable $ 108,491 $ 193,236

Insurance Operations (Tables)

Insurance Operations (Tables)	3 Months Ended
	Mar. 31, 2020
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 2020 2019 DPAC, beginning of period $ 91,882 $ 84,686 Capitalized Costs 48,508 41,520 Amortization of DPAC (46,036) (42,922) DPAC, end of period $ 94,354 $ 83,284
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 the Insurance Entities as of the dates presented (in thousands): March 31, 2020 December 31, 2019 Statutory capital and surplus UPCIC $ 296,467 $ 301,120 APPCIC $ 16,319 $ 16,433 Ten percent of total liabilities UPCIC $ 101,715 $ 99,228 APPCIC $ 735 $ 621 Through PSI, the Insurance Entities’ parent company, UVE recorded contributions for the periods presented (in thousands): Three Months Ended 2020 2019 Capital contributions $ 30,000 $ — The following table summarizes combined net income (loss) for the Insurance Entities determined in accordance with statutory accounting practices for the periods presented (in thousands): Three Months Ended 2020 2019 Combined net income (loss) $ (3,234) $ 7,623 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): March 31, 2020 December 31, 2019 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,572 $ 3,419

Liability for Unpaid Losses a_2

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2020
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 2020 2019 Balance at beginning of period $ 267,760 $ 472,829 Less: Reinsurance recoverable (123,221) (393,365) Net balance at beginning of period 144,539 79,464 Incurred (recovered) related to: Current year 130,707 113,279 Prior years 4,341 (185) Total incurred 135,048 113,094 Paid related to: Current year 61,778 34,549 Prior years 87,989 60,724 Total paid 149,767 95,273 Net balance at end of period 129,820 97,285 Plus: Reinsurance recoverable 66,158 269,071 Balance at end of period $ 195,978 $ 366,356

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following as of the dates presented (in thousands): March 31, December 31, 2020 2019 Surplus note $ 9,559 $ 9,926

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
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 Three Months Ended March 31, Date Authorized Expiration Date Dollar Amount Authorized 2020 2019 Aggregate Purchase Price Average Price Per Share Repurchased Plan Completed November 6, 2019 December 31, 2021 $ 40,000 312,107 — $ 6,587 $ 21.11 December 12, 2018 May 31, 2020 $ 20,000 — 320,500 $ 10,117 $ 31.57 May 2019

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
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 2020 2019 Numerator for EPS: Net income $ 20,067 $ 40,148 Less: Preferred stock dividends (3) (3) Income available to common stockholders $ 20,064 $ 40,145 Denominator for EPS: Weighted average common shares outstanding 32,591 34,741 Plus: Assumed conversion of share-based compensation (1) 115 440 Assumed conversion of preferred stock 25 25 Weighted average diluted common shares outstanding 32,731 35,206 Basic earnings per common share $ 0.62 $ 1.16 Diluted earnings per common share $ 0.61 $ 1.14 (1) Represents the dilutive effect of unexercised stock options, unvested performance share units, unvested restricted stock units and unvested restricted stock.

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 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 $ (11,226) $ (2,505) $ (8,721) $ 16,045 $ 3,953 $ 12,092 Less: Reclassification adjustments for (gains) losses realized in net income (299) (74) (225) (145) (37) (108) Other comprehensive income (loss) (11,525) (2,579) (8,946) 15,900 3,916 11,984 Reclassification adjustment to retained earnings (1) 791 194 597 — — — Change in accumulated other comprehensive income (loss) $ (10,734) $ (2,385) $ (8,349) $ 15,900 $ 3,916 $ 11,984 (1) This amount represents reclassifications to retained earnings associated with the allowance for expected credit losses within accumulated other comprehensive income relating to available for sale debt security investments. See “—Note 2 (Significant Accounting Policies—Recently Adopted Accounting Pronouncements)” for more information.
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 Amount Reclassified from Accumulated Affected Line Item in the Statement Three Months Ended 2020 2019 Unrealized gains (losses) on $ 299 $ 145 Net realized gains (losses) on sale of securities (74) (37) Income taxes Total reclassification for the period $ 225 $ 108 Net of tax

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 62,084 $ — $ 62,084 Corporate bonds — 468,725 — 468,725 Mortgage-backed and asset-backed securities — 323,382 — 323,382 Municipal bonds — 3,586 — 3,586 Redeemable preferred stock — 9,472 — 9,472 Equity Securities: Common stock 1,904 — — 1,904 Mutual funds 43,934 — — 43,934 Total assets accounted for at fair value $ 45,838 $ 867,249 $ — $ 913,087 Fair Value Measurements December 31, 2019 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 54,364 $ — $ 54,364 Corporate bonds — 476,218 — 476,218 Mortgage-backed and asset-backed securities — 311,079 — 311,079 Municipal bonds — 3,496 — 3,496 Redeemable preferred stock — 10,127 — 10,127 Equity Securities: Common stock 2,377 — — 2,377 Mutual funds 41,340 — — 41,340 Total assets accounted for at fair value $ 43,717 $ 855,284 $ — $ 899,001
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): March 31, 2020 December 31, 2019 Carrying Value (Level 3) Carrying Value (Level 3) Liabilities (debt): Surplus note $ 9,559 $ 8,975 $ 9,926 $ 9,365

Nature of Operations and Basi_3

Nature of Operations and Basis of Presentation - Additional Information (Detail)	Mar. 31, 2020State
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states	18

Significant Accounting Polici_2

Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Schedule Of Significant Accounting Policies [Line Items]
Decrease to retained earnings	$ (587,867,000)		$ (573,619,000)
Accrued interest receivable on available-for-sale securities	5,100,000
Premium receivable, allowance for credit loss	800,000		700,000
Reinsurance, allowance for credit loss	$ 0		$ 0
Cumulative Effect, Period Of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Decrease to retained earnings		$ 600,000
Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Short-term investment maturity period	3 months

Investments - Cost or Amortized

Investments - Cost or Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 851,826	$ 828,336
Allowance for Expected Credit Losses	(791)
Gross Unrealized Gains	24,532	27,973
Gross Unrealized Losses	(8,318)	(1,025)
Fair Value	867,249	855,284
U.S. Government Obligations and Agencies [Member] | Fixed Maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	59,090	53,688
Allowance for Expected Credit Losses	0
Gross Unrealized Gains	2,997	864
Gross Unrealized Losses	(3)	(188)
Fair Value	62,084	54,364
Corporate Bonds [Member] | Fixed Maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	464,387	457,180
Allowance for Expected Credit Losses	(665)
Gross Unrealized Gains	11,412	19,179
Gross Unrealized Losses	(6,409)	(141)
Fair Value	468,725	476,218
Mortgage-Backed and Asset-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	314,936	304,285
Fair Value	323,382	311,079
Mortgage-Backed and Asset-Backed Securities [Member] | Fixed Maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	314,936	304,285
Allowance for Expected Credit Losses	0
Gross Unrealized Gains	9,839	7,400
Gross Unrealized Losses	(1,393)	(606)
Fair Value	323,382	311,079
Municipal Bonds [Member] | Fixed Maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,395	3,397
Allowance for Expected Credit Losses	0
Gross Unrealized Gains	194	103
Gross Unrealized Losses	(3)	(4)
Fair Value	3,586	3,496
Redeemable Preferred Stock [Member] | Fixed Maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,018	9,786
Allowance for Expected Credit Losses	(126)
Gross Unrealized Gains	90	427
Gross Unrealized Losses	(510)	(86)
Fair Value	$ 9,472	$ 10,127

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	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 867,249	$ 855,284
Percentage of Total Fair Value	100.00%	100.00%
AAA [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 388,197	$ 372,442
Percentage of Total Fair Value	44.80%	43.60%
AA [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 95,823	$ 99,103
Percentage of Total Fair Value	11.00%	11.60%
A [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 242,406	$ 238,766
Percentage of Total Fair Value	28.00%	27.90%
BBB [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 136,794	$ 143,889
Percentage of Total Fair Value	15.80%	16.80%
BB and Below [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 242	$ 0
Percentage of Total Fair Value	0.00%	0.00%
Not Rated Available [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 3,787	$ 1,084
Percentage of Total Fair Value	0.40%	0.10%

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 851,826	$ 828,336
Fair Value	867,249	855,284
Mortgage-Backed and Asset-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	314,936	304,285
Fair Value	323,382	311,079
Agency [Member] | Mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	154,253	143,723
Fair Value	159,262	144,729
Non Agency [Member] | Mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	69,919	71,140
Fair Value	74,088	75,896
Auto Loan Receivables [Member] | Asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	42,796	42,767
Fair Value	42,658	43,127
Credit Card Receivables [Member] | Asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	20,677	21,145
Fair Value	20,594	21,487
Other Receivables [Member] | Asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	27,291	25,510
Fair Value	$ 26,780	$ 25,840

Investments - Summarized Fair V

Investments - Summarized Fair Value and Gross Unrealized Losses on Available-for-sale Debt Securities (Detail) $ in Thousands	Mar. 31, 2020USD ($)security	Dec. 31, 2019USD ($)security
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	149	68
Less than 12 months, Fair value	$ 130,567	$ 79,297
Less than 12 months, Unrealized losses	$ (4,297)	$ (468)
12 months or longer, Number of issues | security	8	42
12 months or longer, Fair value	$ 4,155	$ 65,802
12 months or longer, Unrealized losses	$ (83)	$ (557)
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	0	2
Less than 12 months, Fair value	$ 0	$ 3,836
Less than 12 months, Unrealized losses	$ 0	$ (108)
12 months or longer, Number of issues | security	1	4
12 months or longer, Fair value	$ 129	$ 23,186
12 months or longer, Unrealized losses	$ (3)	$ (80)
Fixed Maturities [Member] | Corporate Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	75	18
Less than 12 months, Fair value	$ 63,401	$ 16,808
Less than 12 months, Unrealized losses	$ (2,868)	$ (107)
12 months or longer, Number of issues | security	1	7
12 months or longer, Fair value	$ 215	$ 5,866
12 months or longer, Unrealized losses	$ (38)	$ (34)
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	58	42
Less than 12 months, Fair value	$ 66,017	$ 58,023
Less than 12 months, Unrealized losses	$ (1,354)	$ (245)
12 months or longer, Number of issues | security	5	26
12 months or longer, Fair value	$ 3,534	$ 34,985
12 months or longer, Unrealized losses	$ (39)	$ (361)
Fixed Maturities [Member] | Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	0	0
Less than 12 months, Fair value	$ 0	$ 0
Less than 12 months, Unrealized losses	$ 0	$ 0
12 months or longer, Number of issues | security	1	1
12 months or longer, Fair value	$ 277	$ 276
12 months or longer, Unrealized losses	$ (3)	$ (4)
Fixed Maturities [Member] | Redeemable Preferred Stock [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	16	6
Less than 12 months, Fair value	$ 1,149	$ 630
Less than 12 months, Unrealized losses	$ (75)	$ (8)
12 months or longer, Number of issues | security	0	4
12 months or longer, Fair value	$ 0	$ 1,489
12 months or longer, Unrealized losses	$ 0	$ (78)

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Investments With Contractual Maturities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Amortized Cost
Due in one year or less	$ 127,107
Due after one year through five years	423,886
Due after five years through ten years	268,618
Due after ten years	30,512
Perpetual maturity securities	1,703
Amortized Cost	851,826	$ 828,336
Fair Value
Due in one year or less	127,033
Due after one year through five years	433,632
Due after five years through ten years	276,846
Due after ten years	28,046
Perpetual maturity securities	1,692
Fair Value	$ 867,249	$ 855,284

Investments - Summary of Availa

Investments - Summary of Available-for-Sale Debt Securities and Equity Securities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales and maturities (fair value)	$ 42,513	$ 51,185
Proceeds from sales of equity securities	0	17,161
Gross realized gains on sale of securities	346	187
Equity securities, FV-NI, Realized Gain	0	165
Gross realized losses on sale of securities	(47)	(42)
Equity securities, FV-NI, Realized Loss	$ 0	$ (11,835)

Investments - Investment Income

Investments - Investment Income (Expense) Comprised Primarily of Interest and Dividends (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net Investment Income [Line Items]
Total investment income	$ 7,605	$ 8,752
Less: Investment expenses	(771)	(610)
Net investment income	6,834	8,142
Debt Securities [Member]
Net Investment Income [Line Items]
Investment income	6,015	6,151
Equity Securities [Member]
Net Investment Income [Line Items]
Investment income	545	1,042
Cash and Cash Equivalents [Member]
Net Investment Income [Line Items]
Investment income	791	1,300
Other [Member]
Net Investment Income [Line Items]
Investment income	$ 254	$ 259

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
	Mar. 31, 2020	Mar. 31, 2019
Net Investment Income [Line Items]
Unrealized gains and (losses) recognized during the reported period on equity securities still held at the end of the reported period	$ (8,024)	$ 18,032
Equity Securities [Member]
Net Investment Income [Line Items]
Unrealized gains and (losses) recognized during the reported period on equity securities still held at the end of the reported period	$ (8,024)	$ 2,400

Investments - Schedule of Real

Investments - Schedule of Real Estate Investment (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate [Line Items]
Investment real estate, net	$ 15,481	$ 15,585
Income Producing [Member]
Real Estate [Line Items]
Investment real estate	14,679	14,679
Less: Accumulated depreciation	(1,388)	(1,284)
Investment real estate, net	13,291	13,395
Non Income Producing [Member]
Real Estate [Line Items]
Investment real estate	$ 2,190	$ 2,190

Investments - Schedule of Depre

Investments - Schedule of Depreciation Expense Related to Investment Real Estate (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Real Estate Investment [Member]
Real Estate [Line Items]
Depreciation expense on investment real estate	$ 104	$ 103

Reinsurance - Additional Inform

Reinsurance - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020
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	Mar. 31, 2020	Dec. 31, 2019
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	$ 97,694	$ 218,916
Florida Hurricane Catastrophe Fund [Member]
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	97,694	199,647
Allianz Risk Transfer [Member]
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	$ 0
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		$ 19,269

Reinsurance - Insurance Entitie

Reinsurance - Insurance Entities' Reinsurance Arrangements (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reinsurance Disclosures [Abstract]
Direct premiums written	$ 334,553	$ 289,234
Ceded premiums written	(27)	0
Net premiums written	334,526	289,234
Direct premiums earned	325,951	295,377
Ceded premiums earned	(105,122)	(85,650)
Premiums earned, net	220,829	209,727
Direct losses and loss adjustment expenses	173,243	115,742
Ceded Losses and Loss Adjustment Expenses	(38,195)	(2,648)
Net Losses and Loss Adjustment Expenses	$ 135,048	$ 113,094

Reinsurance - Prepaid Reinsuran

Reinsurance - Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Reinsurance Disclosures [Abstract]
Prepaid reinsurance premiums	$ 70,113	$ 175,208
Reinsurance recoverable on paid losses and LAE	42,333	70,015
Reinsurance recoverable on unpaid losses and LAE	66,158	123,221	$ 269,071	$ 393,365
Reinsurance recoverable	$ 108,491	$ 193,236

Insurance Operations - Beginnin

Insurance Operations - Beginning and Ending Balances and Changes in DPAC (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Deferred Policy Acquisition Costs [Roll Forward]
DPAC, beginning of period	$ 91,882	$ 84,686
Capitalized Costs	48,508	41,520
Amortization of DPAC	(46,036)	(42,922)
DPAC, end of period	$ 94,354	$ 83,284

Insurance Operations - Addition

Insurance Operations - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
UPCIC [Member]
Statutory Accounting Practices [Line Items]
Ordinary dividend capacity accordance with Florida Insurance Code		$ 12,100,000
Dividend paid to immediate parent company	$ 0
Statutory capital contribution		$ 30,000,000
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 or $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	Mar. 31, 2020	Dec. 31, 2019
UPCIC [Member]
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	$ 296,467	$ 301,120
Ten percent of total liabilities	101,715	99,228
APPCIC [Member]
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	16,319	16,433
Ten percent of total liabilities	$ 735	$ 621

Insurance Operations - Capital

Insurance Operations - Capital Contributions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Insurance [Abstract]
Capital contributions	$ 30,000	$ 0

Insurance Operations - Summary

Insurance Operations - Summary of Combined Net Income (Loss) for UPCIC and APPCIC (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Insurance [Abstract]
Combined net income (loss)	$ (3,234)	$ 7,623

Insurance Operations - Assets H

Insurance Operations - Assets Held by Insurance Regulators (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments [Member]
Statutory Accounting Practices [Line Items]
Assets held by insurance regulators	$ 3,572	$ 3,419
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
	Mar. 31, 2020	Mar. 31, 2019
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance at beginning of period	$ 267,760	$ 472,829
Less: Reinsurance recoverable	(123,221)	(393,365)
Net balance at beginning of period	144,539	79,464
Incurred (recovered) related to current year	130,707	113,279
Incurred (recovered) related to prior years	4,341	(185)
Total incurred	135,048	113,094
Paid related to Current year	61,778	34,549
Paid related to Prior years	87,989	60,724
Total paid	149,767	95,273
Net balance at end of period	129,820	97,285
Plus: Reinsurance recoverable	(66,158)	(269,071)
Balance at end of period	$ 195,978	$ 366,356

Liability for Unpaid Losses a_4

Liability for Unpaid Losses and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Direct losses and loss adjustment expenses	$ 173,243	$ 115,742
Ceded Losses and Loss Adjustment Expenses	38,195	2,648
Incurred (recovered) related to prior years	4,341	$ (185)
Hurricane
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Direct losses and loss adjustment expenses	42,500
Ceded Losses and Loss Adjustment Expenses	38,200
Incurred (recovered) related to prior years	$ 4,300

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Surplus note	$ 9,559	$ 9,926

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
	Mar. 31, 2020	Mar. 31, 2019	Nov. 06, 2019	Dec. 12, 2018
Equity [Line Items]
Shares repurchased during period	$ 6,587,000	$ 10,117,000
May Two Thousand Nineteen Share Repurchase Program [Member]
Equity [Line Items]
Shares repurchased (in shares)	312,107	0
Shares repurchased during period	$ 6,587,000
Shares repurchased during period (in dollars per share)	$ 21.11
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)	0	320,500
Shares repurchased during period	$ 10,117,000
Shares repurchased during period (in dollars per share)	$ 31.57
December Two Thousand Eighteen 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		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2020
Income Taxes [Line Items]
Income tax expense	$ 7,517	$ 13,596
Effective tax rate	27.30%	25.30%
Deferred tax assets, valuation allowance	$ 100
Statutory Effective Tax Rate [Member]
Income Taxes [Line Items]
U.S. federal statutory rate	21.00%
State income tax rate, net of federal benefit	3.70%
Forecast [Member]
Income Taxes [Line Items]
Effective tax rate			27.30%

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
	Mar. 31, 2020	Mar. 31, 2019
Numerator for EPS:
Net income	$ 20,067	$ 40,148
Less: Preferred stock dividends	(3)	(3)
Income available to common stockholders	$ 20,064	$ 40,145
Denominator for EPS:
Weighted average common shares outstanding (in shares)	32,591	34,741
Plus: Assumed conversion of share-based compensation	115	440
Assumed conversion of preferred stock	25	25
Weighted average diluted common shares outstanding (in shares)	32,731	35,206
Basic earnings per common share (in dollars per share)	$ 0.62	$ 1.16
Diluted earnings per common share (in dollars per share)	$ 0.61	$ 1.14

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
	Mar. 31, 2020	Mar. 31, 2019
After-tax:
Other comprehensive income (loss)	$ (8,946)	$ 11,984
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
OCI, Pre-tax:
Pre-tax, Unrealized holding gains (losses) arising during the period	(11,226)	16,045
Pre-tax, Less: Reclassification adjustments (gains) losses realized in net income	(299)	(145)
Pre-tax, Other comprehensive income (loss)	(11,525)	15,900
OCI, Tax:
Tax, Unrealized holding gains (losses) arising during the period	(2,505)	3,953
Income taxes	(74)	(37)
Tax, Other comprehensive income (loss)	(2,579)	3,916
After-tax:
After-tax, Unrealized holding gains (losses) arising during the period	(8,721)	12,092
After-tax, Less: Reclassification adjustments (gains) losses realized in net income	(225)	(108)
Other comprehensive income (loss)	(8,946)	$ 11,984
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Cumulative Effect, Period Of Adoption, Adjustment [Member]
OCI, Pre-tax:
Pre-tax, Less: Reclassification adjustments (gains) losses realized in net income	791
OCI, Tax:
Income taxes	194
After-tax:
After-tax, Less: Reclassification adjustments (gains) losses realized in net income	597
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
OCI, Pre-tax:
Pre-tax, Other comprehensive income (loss)	(10,734)
OCI, Tax:
Tax, Other comprehensive income (loss)	(2,385)
After-tax:
Other comprehensive income (loss)	$ (8,349)

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
	Mar. 31, 2020	Mar. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income taxes	$ (74)	$ (37)
NET INCOME	225	108
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	299	145
Income taxes	(74)	(37)
NET INCOME	$ 225	$ 108

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Mar. 31, 2020USD ($)
June 1, 2019 - May 31, 2020 [Member]
Reinsurance Retention Policy [Line Items]
Reinsurance payable, next twelve months	$ 118.9
June 1, 2020 - May 31, 2021 [Member]
Reinsurance Retention Policy [Line Items]
Reinsurance payable, due in second year	$ 84.3

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 867,249	$ 855,284
Equity securities	45,838	43,717
Mortgage-Backed and Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	323,382	311,079
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	913,087	899,001
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	62,084	54,364
Fair Value, Recurring [Member] | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	468,725	476,218
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	323,382	311,079
Fair Value, Recurring [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	3,586	3,496
Fair Value, Recurring [Member] | Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	9,472	10,127
Fair Value, Recurring [Member] | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	1,904	2,377
Fair Value, Recurring [Member] | Mutual funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	43,934	41,340
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	45,838	43,717
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	1,904	2,377
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	43,934	41,340
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	867,249	855,284
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	62,084	54,364
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	468,725	476,218
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	323,382	311,079
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	3,586	3,496
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	$ 9,472	$ 10,127

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	Mar. 31, 2020	Dec. 31, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Surplus note	$ 9,559	$ 9,926
Surplus Note [Member] | Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimated fair value	$ 8,975	$ 9,365

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - $ / shares	Apr. 16, 2020	Mar. 31, 2020	Mar. 31, 2019
Subsequent Event [Line Items]
Cash dividend declared per common share (in dollars per share)		$ 0.16	$ 0.16
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash dividend declared per common share (in dollars per share)	$ 0.16