Universal Insurance (UVE) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 27, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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)		31,852,829
Entity Central Index Key	0000891166
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
ASSETS
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $455 (amortized cost: $819,166 and $828,336)		$ 869,418	$ 855,284
Equity securities, at fair value (cost: $53,667 and $43,523)		49,708	43,717
Investment real estate, net		15,377	15,585
Total invested assets		934,503	914,586
Cash and cash equivalents		331,716	182,109
Restricted cash and cash equivalents	[1]	2,945	2,635
Prepaid reinsurance premiums		453,018	175,208
Reinsurance recoverable		46,860	193,236
Premiums receivable, net		76,885	63,883
Property and equipment, net		49,159	41,351
Deferred policy acquisition costs		103,527	91,882
Income taxes recoverable		29,009	34,283
Deferred income tax asset, net		0	3,351
Other assets		19,277	17,328
Total assets		2,046,899	1,719,852
LIABILITIES:
Unpaid losses and loss adjustment expenses		147,659	267,760
Unearned premiums		736,927	661,279
Advance premium		55,640	30,975
Accounts payable		3,176	2,099
Book overdraft		0	90,401
Reinsurance payable, net		499,656	122,581
Deferred income tax liability, net		13,665	0
Other liabilities and accrued expenses		53,284	40,930
Long-term debt		9,191	9,926
Total liabilities		1,519,198	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 - 46,806 and 46,707 Outstanding shares - 31,853 and 32,638		468	467
Treasury shares, at cost - 14,953 and 14,069		(213,201)	(196,585)
Additional paid-in capital		99,768	96,036
Accumulated other comprehensive income, net of taxes		38,083	20,364
Retained earnings		602,583	573,619
Total stockholders’ equity		527,701	493,901
Total liabilities and stockholders’ equity		$ 2,046,899	$ 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	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Available-for-sale securities, allowance for credit loss	$ 455	$ 0
Available for sale debt securities, amortized cost	819,166	828,336
Equity securities, amortized cost	$ 53,667	$ 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)	46,806,000	46,707,000
Common stock, shares outstanding (in shares)	31,853,000	32,638,000
Treasury stock, shares (in shares)	14,953,000	14,069,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written	$ 404,685	$ 357,960	$ 739,238	$ 647,194
Change in unearned premium	(67,046)	(54,852)	(75,648)	(48,709)
Direct premium earned	337,639	303,108	663,590	598,485
Ceded premium earned	(111,269)	(92,751)	(216,391)	(178,401)
Premiums earned, net	226,370	210,357	447,199	420,084
Net investment income	6,179	7,410	13,013	15,552
Net realized gains (losses) on investments	168	(1,605)	467	(13,130)
Net change in unrealized gains (losses) of equity securities	3,871	3,759	(4,153)	21,791
Commission revenue	7,758	6,048	14,773	11,553
Policy fees	6,546	5,997	12,086	11,018
Other revenue	1,812	1,756	4,594	3,440
Total premiums earned and other revenues	252,704	233,722	487,979	470,308
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses	151,345	113,296	286,393	226,390
General and administrative expenses	73,921	69,496	146,564	139,244
Total operating costs and expenses	225,266	182,792	432,957	365,634
INCOME BEFORE INCOME TAXES	27,438	50,930	55,022	104,674
Income tax expense	7,556	13,637	15,073	27,233
NET INCOME	$ 19,882	$ 37,293	$ 39,949	$ 77,441
Basic earnings per common share (in dollars per share)	$ 0.62	$ 1.09	$ 1.23	$ 2.24
Weighted average common shares outstanding - Basic (in shares)	32,102	34,311	32,347	34,525
Diluted earnings per common share (in dollars per share)	$ 0.62	$ 1.08	$ 1.23	$ 2.22
Weighted average common shares outstanding - Diluted (in shares)	32,170	34,612	32,440	34,903
Cash dividend declared per common share (in dollars per share)	$ 0.16	$ 0.16	$ 0.32	$ 0.32

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 19,882	$ 37,293	$ 39,949	$ 77,441
Other comprehensive income, net of taxes	26,068	11,955	17,122	23,939
Comprehensive income	$ 45,950	$ 49,248	$ 57,071	$ 101,380

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]	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), net of taxes	11,984													11,984
Declaration of dividends	(5,575)										(5,575)
Ending balance at Mar. 31, 2019	539,050			$ (140,516)			$ 467		87,328		587,797			3,974
Ending balance (in shares) at Mar. 31, 2019				12,052			46,674	10
Beginning balance at Dec. 31, 2018	501,633			$ (130,399)			$ 465		86,353		553,224			(8,010)
Beginning balance (in shares) at Dec. 31, 2018				11,731			46,514	10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of changes in accounting principle (ASU 2016-13)	566,066			$ (154,623)			$ 467		90,226		614,067			15,929
Net income	77,441
Other comprehensive income (loss), net of taxes	23,939
Ending balance at Jun. 30, 2019	566,066			$ (154,623)			$ 467		90,226		614,067			15,929
Ending balance (in shares) at Jun. 30, 2019				12,538			46,698	10
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)	501,633	$ 0	$ 493,901	$ (130,399)		$ (196,585)	$ 465		86,353	$ 96,036	553,224	$ (597)	$ 573,022	(8,010)	$ 597	$ 20,961
Ending balance at Dec. 31, 2019	$ 493,901	0	493,901	$ (196,585)		(196,585)	$ 467		96,036	96,036	573,619	(597)	573,022	20,364	597	20,961
Ending balance (in shares) at Dec. 31, 2019				14,069			46,707	10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Cumulative effect of changes in accounting principle (ASU 2016-13)	$ 539,050			$ (140,516)			$ 467		87,328		587,797			3,974
Beginning balance at Mar. 31, 2019	539,050			$ (140,516)			$ 467		87,328		587,797			3,974
Beginning balance (in shares) at Mar. 31, 2019				12,052			46,674	10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of changes in accounting principle (ASU 2016-13)	566,066			$ (154,623)			$ 467		90,226		614,067			15,929
Grants and vesting of restricted stock	(402)			$ (402)
Grants and vesting of restricted stock (in shares)				14	[1]		25
Stock option exercises	(11)			$ (414)					403
Stock option exercises (in shares)				14	[1]		27
Retirement of treasury shares	0			$ 816					(816)
Retirement of treasury shares, shares (in shares)				(28)	[1]		(28)
Purchases of treasury stock	(14,107)			$ (14,107)
Purchases of treasury stock (in shares)				(486)
Share-based compensation	3,311								3,311
Net income	37,293										37,293
Other comprehensive income (loss), net of taxes	11,955													11,955
Declaration of dividends	(5,547)										(5,547)
Declaration of third quarter dividends	(5,476)										(5,476)
Ending balance at Jun. 30, 2019	566,066			$ (154,623)			$ 467		90,226		614,067			15,929
Ending balance (in shares) at Jun. 30, 2019				12,538			46,698	10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of changes in accounting principle (ASU 2016-13)	566,066			$ (154,623)			$ 467		90,226		614,067			15,929
Cumulative effect of changes in accounting principle (ASU 2016-13)	493,901	0	493,901	(196,585)		(196,585)	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		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		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)	[1]		(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), net of taxes	(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
Beginning balance at Dec. 31, 2019	493,901	0	493,901	$ (196,585)		(196,585)	$ 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)	527,701	$ 0	$ 493,901	$ (213,201)		$ (196,585)	$ 468		99,768	$ 96,036	602,583	$ (597)	$ 573,022	38,083	$ 597	$ 20,961
Net income	39,949
Other comprehensive income (loss), net of taxes	17,122
Ending balance at Jun. 30, 2020	$ 527,701			$ (213,201)			$ 468		99,768		602,583			38,083
Ending balance (in shares) at Jun. 30, 2020				14,953			46,806	10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Cumulative effect of changes in accounting principle (ASU 2016-13)	$ 494,288			$ (203,172)			$ 468		97,110		587,867			12,015
Beginning balance at Mar. 31, 2020	494,288			$ (203,172)			$ 468		97,110		587,867			12,015
Beginning 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)	527,701			$ (213,201)			$ 468		99,768		602,583			38,083
Vesting of restricted stock units	(424)			$ (424)
Vesting of restricted stock units (in shares)				25	[1]		65
Retirement of treasury shares	0			$ 424					(424)
Retirement of treasury shares, shares (in shares)				(25)	[1]		(25)
Purchases of treasury stock	(10,029)			$ (10,029)
Purchases of treasury stock (in shares)				(572)
Share-based compensation	3,082								3,082
Net income	19,882										19,882
Other comprehensive income (loss), net of taxes	26,068													26,068
Declaration of dividends	(5,166)										(5,166)
Ending balance at Jun. 30, 2020	527,701			$ (213,201)			$ 468		99,768		602,583			38,083
Ending balance (in shares) at Jun. 30, 2020				14,953			46,806	10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of changes in accounting principle (ASU 2016-13)	$ 527,701			$ (213,201)			$ 468		$ 99,768		$ 602,583			$ 38,083
[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
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividend declared per common share (in dollars per share)	$ 0.16	$ 0.16	$ 0.16	$ 0.16
Cash dividend declared per preferred share (in dollars per share)	$ 0.25	$ 0.25	0.25	$ 0.25
Cash dividend declared for third quarter per common share (in dollars per share)			$ 0.16

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net cash provided by operating activities	$ 190,847	$ 55,988
Cash flows from investing activities:
Proceeds from sale of property and equipment	22	18
Purchases of property and equipment	(10,213)	(8,030)
Purchases of equity securities	(10,145)	(890)
Purchases of available-for-sale debt securities	(91,445)	(143,728)
Purchases of investment real estate, net	0	(883)
Proceeds from sales of equity securities	0	29,137
Proceeds from sales of available-for-sale debt securities	28,468	43,205
Proceeds from sales of investment real estate	0	10,537
Maturities of available-for-sale debt securities	71,214	68,525
Net cash provided by (used in) investing activities	(12,099)	(2,109)
Cash flows from financing activities:
Preferred stock dividend	(5)	(5)
Common stock dividend	(10,405)	(11,153)
Issuance of common stock for stock option exercises	0	239
Purchase of treasury stock	(16,616)	(24,224)
Payments related to tax withholding for share-based compensation	(1,070)	(2,815)
Repayment of debt	(735)	(735)
Net cash provided by (used in) financing activities	(28,831)	(38,693)
Cash and cash equivalents, and restricted cash and cash equivalents:
Net increase during the period	149,917	15,186
Balance, beginning of period	184,744	169,063
Balance, end of period	334,661	184,249
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	$ 334,661	$ 184,249

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 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 June 30, 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 (“LAE”). 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 condensed 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, subrogation recoveries and reinsurance recoveries. Actual results could differ from those estimates.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 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), which introduces a new process for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new ASU applies to premiums receivable, reinsurance recoverable and available-for-sale debt securities. 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 after-tax 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, net of any allowance for credit losses. 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 a 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 : 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 OCI. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense and are reported as general and administrative expenses. 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 $5.0 million at June 30, 2020 and is evaluated in the estimate for credit losses. Accrued interest receivable is included under Other Assets in the Condensed Consolidated Balance Sheet. Investment, Equity Securities . The Company’s investments 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. 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 June 30, 2020 and December 31, 2019, the Company recorded an estimate of credit losses of $0.5 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 June 30, 2020 established under ASC 326 and we did not have an allowance for uncollectible amounts due from reinsurers as of December 31, 2019.

Investments

Investments	6 Months Ended
	Jun. 30, 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): June 30, 2020 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 53,762 $ — $ 2,766 $ (7) $ 56,521 Corporate bonds 457,532 (313) 35,008 (864) 491,363 Mortgage-backed and asset-backed securities 295,075 — 13,959 (316) 308,718 Municipal bonds 3,113 — 161 — 3,274 Redeemable preferred stock 9,684 (142) 191 (191) 9,542 Total $ 819,166 $ (455) $ 52,085 $ (1,378) $ 869,418 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): June 30, 2020 December 31, 2019 Equivalent S&P Credit Ratings Fair Value % of Total Fair Value % of Total AAA $ 364,007 41.9 % $ 372,442 43.6 % AA 100,331 11.5 % 99,103 11.6 % A 249,591 28.7 % 238,766 27.9 % BBB 151,828 17.5 % 143,889 16.8 % BB and Below 1,234 0.1 % — — No Rating Available 2,427 0.3 % 1,084 0.1 % Total $ 869,418 100.0 % $ 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): June 30, 2020 December 31, 2019 Amortized Fair Value Amortized Fair Value Mortgage-backed Securities: Agency $ 145,725 $ 150,150 $ 143,723 $ 144,729 Non-agency 69,523 77,248 71,140 75,896 Asset-backed Securities: Auto loan receivables 38,453 39,030 42,767 43,127 Credit card receivables 18,676 19,370 21,145 21,487 Other receivables 22,698 22,920 25,510 25,840 Total $ 295,075 $ 308,718 $ 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 June 30, 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): June 30, 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 $ 1,995 $ (5) 1 $ 129 $ (2) Corporate bonds 14 7,463 (520) 1 223 (31) Mortgage-backed and asset-backed securities 20 24,546 (308) 3 2,151 (8) Redeemable preferred stock 2 34 — — — — Total 37 $ 34,038 $ (833) 5 $ 2,503 $ (41) 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 table as of June 30, 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 a reconciliation of the beginning and ending balances for expected credit losses on debt securities classified as available for sale (in thousands): Corporate Bonds Redeemable Preferred Shares Total Balance, December 31, 2019 $ — $ — $ — Cumulative effect adjustment as of January 1, 2020 665 126 791 Increase (decrease) (352) 16 (336) Balance, June 30, 2020 $ 313 $ 142 $ 455 See “—Note 2 (Summary of Significant Accounting Policies — Recently Adopted Accounting Pronouncements)” for more information about the methodology and significant inputs used to measure the amount related to expected credit losses on debt securities classified as available for sale. The following table presents the amortized cost and fair value of investments with maturities as of the date presented (in thousands): June 30, 2020 Amortized Cost Fair Value Due in one year or less $ 124,808 $ 125,912 Due after one year through five years 400,137 420,146 Due after five years through ten years 278,719 308,072 Due after ten years 14,639 14,403 Perpetual maturity securities 863 885 Total $ 819,166 $ 869,418 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 Six Months Ended 2020 2019 2020 2019 Proceeds from sales and maturities (fair value): Available-for-sale debt securities $ 57,169 $ 60,545 $ 99,682 $ 111,730 Equity securities $ — $ 11,976 $ — $ 29,137 Gross realized gains on sale of securities: Available-for-sale debt securities $ 540 $ 112 $ 886 $ 299 Equity securities $ — $ 170 $ — $ 335 Gross realized losses on sale of securities: Available-for-sale debt securities $ (372) $ (148) $ (419) $ (190) Equity securities $ — $ (2,952) $ — $ (14,787) Realized gains on sales of investment real estate $ — $ 1,213 $ — $ 1,213 The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Available-for-sale debt securities $ 6,016 $ 6,041 $ 12,031 $ 12,192 Equity securities 604 562 1,149 1,604 Cash and cash equivalents (1) 95 1,392 886 2,692 Other (2) 260 252 514 511 Total investment income 6,975 8,247 14,580 16,999 Less: Investment expenses (3) (796) (837) (1,567) (1,447) Net investment income $ 6,179 $ 7,410 $ 13,013 $ 15,552 (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 Six Months Ended 2020 2019 2020 2019 Unrealized gains and (losses) recognized during the reported period on equity securities still held at the end of the reported period $ 3,871 $ 880 $ (4,154) $ 2,766 Investment Real Estate Investment real estate consisted of the following as of the dates presented (in thousands): June 30, December 31, 2020 2019 Income Producing: Investment real estate $ 14,679 $ 14,679 Less: Accumulated depreciation (1,492) (1,284) 13,187 13,395 Non-Income Producing: Investment real estate 2,190 2,190 Investment real estate, net $ 15,377 $ 15,585 During the six months ended June 30, 2019, the Company completed the sale of investment real estate. The Company received net cash proceeds of approximately $10.5 million and recognized a pre-tax gain of approximately $1.2 million that is included in net realized gains (losses) on investments on the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2019. Depreciation expense related to investment real estate for the periods presented (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Depreciation expense on investment real estate $ 104 $ 104 $ 208 $ 207

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 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 June 30, 2020 Due from as of Reinsurer AM Best Standard Moody’s June 30, 2020 December 31, 2019 Florida Hurricane Catastrophe Fund (1) n/a n/a n/a $ 22,644 $ 199,647 Allianz Risk Transfer — — — — 19,269 Total (2) $ 22,644 $ 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 June 30, 2020 2019 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 404,685 $ 337,639 $ 162,446 $ 357,960 $ 303,108 $ 213,586 Ceded (494,174) (111,269) (11,101) (417,633) (92,751) (100,290) Net $ (89,489) $ 226,370 $ 151,345 $ (59,673) $ 210,357 $ 113,296 Six Months Ended June 30, 2020 2019 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 739,238 $ 663,590 $ 335,689 $ 647,194 $ 598,485 $ 329,328 Ceded (494,201) (216,391) (49,296) (417,633) (178,401) (102,938) Net $ 245,037 $ 447,199 $ 286,393 $ 229,561 $ 420,084 $ 226,390 The following prepaid reinsurance premiums and reinsurance recoverable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands): June 30, December 31, 2020 2019 Prepaid reinsurance premiums $ 453,018 $ 175,208 Reinsurance recoverable on paid losses and LAE $ 20,753 $ 70,015 Reinsurance recoverable on unpaid losses and LAE 26,107 123,221 Reinsurance recoverable $ 46,860 $ 193,236

Insurance Operations

Insurance Operations	6 Months Ended
	Jun. 30, 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 Six Months Ended 2020 2019 2020 2019 DPAC, beginning of period $ 94,354 $ 83,284 $ 91,882 $ 84,686 Capitalized Costs 57,465 50,694 105,973 92,215 Amortization of DPAC (48,292) (43,448) (94,328) (86,371) DPAC, end of period $ 103,527 $ 90,530 $ 103,527 $ 90,530 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 and regulations include a requirement that the Insurance Entities 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 and six months ended June 30, 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): June 30, 2020 December 31, 2019 Statutory capital and surplus UPCIC $ 292,770 $ 301,120 APPCIC $ 16,280 $ 16,433 Ten percent of total liabilities UPCIC $ 109,172 $ 99,228 APPCIC $ 876 $ 621 As of the dates in the table above, the Insurance Entities each exceeded the minimum statutory capitalization requirement. 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 was 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, UVE recorded contributions for the periods presented (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Capital contributions $ — $ — $ 30,000 $ — The following table summarizes combined net income for the Insurance Entities determined in accordance with statutory accounting practices for the periods presented (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Combined net income $ 7,636 $ 26,717 $ 4,402 $ 34,340 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): June 30, 2020 December 31, 2019 Restricted cash and cash equivalents $ 2,945 $ 2,635 Investments $ 3,263 $ 3,419

Liability for Unpaid Losses and

Liability for Unpaid Losses and Loss Adjustment Expenses	6 Months Ended
	Jun. 30, 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 Six Months Ended 2020 2019 2020 2019 Balance at beginning of period $ 195,978 $ 366,356 $ 267,760 $ 472,829 Less: Reinsurance recoverable (66,158) (269,071) (123,221) (393,365) Net balance at beginning of period 129,820 97,285 144,539 79,464 Incurred related to: Current year 150,867 112,626 281,574 225,905 Prior years 478 670 4,819 485 Total incurred 151,345 113,296 286,393 226,390 Paid related to: Current year 120,724 89,093 182,502 123,642 Prior years 38,889 30,309 126,878 91,033 Total paid 159,613 119,402 309,380 214,675 Net balance at end of period 121,552 91,179 121,552 91,179 Plus: Reinsurance recoverable 26,107 197,117 26,107 197,117 Balance at end of period $ 147,659 $ 288,296 $ 147,659 $ 288,296 For the three months ended June 30, 2020, there was adverse prior year reserve development of $11.6 million gross, less $11.1 million ceded, resulting in $0.5 million net. The net prior year reserve development for the quarter ended June 30, 2020 was principally due to increased ultimate losses and LAE for Hurricane Matthew. For the six months ended June 30, 2020, there was adverse prior year reserve development of $54.1 million gross, less $49.3 million ceded, resulting in $4.8 million net. The direct and net prior year reserve development for the six months ended June 30, 2020 was principally due to increased ultimate losses and LAE for Hurricane Irma.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consists of the following as of the dates presented (in thousands): June 30, December 31, 2020 2019 Surplus note $ 9,191 $ 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 June 30, 2020.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 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 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 $ 40,000 884,175 — $ 16,616 $ 18.79 May 6, 2019 December 31, 2020 $ 40,000 — 338,274 $ 9,711 $ 28.71 November 2019 December 12, 2018 May 31, 2020 $ 20,000 — 468,108 $ 14,513 $ 31.00 May 2019

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended June 30, 2020 and 2019, the Company recorded approximately $7.6 million and $13.6 million of income tax expense, respectively. The effective tax rate (“ETR”) for the three months ended June 30, 2020 was 27.5% compared to a 26.8% ETR for the same period in 2019. During the six months ended June 30, 2020 and 2019, the Company recorded approximately $15.1 million and $27.2 million of income tax expense, respectively. The ETR for the six months ended June 30, 2020 was 27.4% compared to a 26.0% 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 27.2% 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 $0.2 million as of June 30, 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	6 Months Ended
	Jun. 30, 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 Six Months Ended 2020 2019 2020 2019 Numerator for EPS: Net income $ 19,882 $ 37,293 $ 39,949 $ 77,441 Less: Preferred stock dividends (2) (2) (5) (5) Income available to common stockholders $ 19,880 $ 37,291 $ 39,944 $ 77,436 Denominator for EPS: Weighted average common shares outstanding 32,102 34,311 32,347 34,525 Plus: Assumed conversion of share-based compensation (1) 43 276 68 353 Assumed conversion of preferred stock 25 25 25 25 Weighted average diluted common shares outstanding 32,170 34,612 32,440 34,903 Basic earnings per common share $ 0.62 $ 1.09 $ 1.23 $ 2.24 Diluted earnings per common share $ 0.62 $ 1.08 $ 1.23 $ 2.22 (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)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) The following table provides the components of other comprehensive income on a pre-tax and after-tax basis for the periods presented (in thousands): Three Months Ended June 30, 2020 2019 Pre-tax Tax After-tax Pre-tax Tax After-tax Net changes related to available-for-sale securities: Unrealized holding gains arising during the period $ 34,661 $ 8,466 $ 26,195 $ 15,825 $ 3,896 $ 11,929 Less: Reclassification adjustments for (gains) losses realized in net income (168) (41) (127) 36 10 26 Other comprehensive income $ 34,493 $ 8,425 $ 26,068 $ 15,861 $ 3,906 $ 11,955 Six Months Ended June 30, 2020 2019 Pre-tax Tax After-tax Pre-tax Tax After-tax Net changes related to available-for-sale securities: Unrealized holding gains arising during the period $ 23,435 $ 5,961 $ 17,474 $ 31,870 $ 7,849 $ 24,021 Less: Reclassification adjustments for (gains) losses realized in net income (467) (115) (352) (109) (27) (82) Other comprehensive income $ 22,968 $ 5,846 $ 17,122 $ 31,761 $ 7,822 $ 23,939 Reclassification adjustment to retained earnings (1) 791 194 597 — — — Change in accumulated other comprehensive income $ 23,759 $ 6,040 $ 17,719 $ 31,761 $ 7,822 $ 23,939 (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 Where Net Income is Presented Three Months Ended Six Months Ended 2020 2019 2020 2019 Unrealized gains (losses) on $ 168 $ (36) $ 467 $ 109 Net realized gains (losses) on sale of securities (41) 10 (115) (27) Income taxes Total reclassification for the period $ 127 $ (26) $ 352 $ 82 Net of tax

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 st of the current year to May 31 st 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 Condensed Consolidated Balance Sheet. 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) $128.3 million in 2021 and (2) $71.3 million in 2022. 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	6 Months Ended
	Jun. 30, 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 June 30, 2020 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 56,521 $ — $ 56,521 Corporate bonds — 491,363 — 491,363 Mortgage-backed and asset-backed securities — 308,718 — 308,718 Municipal bonds — 3,274 — 3,274 Redeemable preferred stock — 9,542 — 9,542 Equity Securities: Common stock 1,871 — — 1,871 Mutual funds 47,837 — — 47,837 Total assets accounted for at fair value $ 49,708 $ 869,418 $ — $ 919,126 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): June 30, 2020 December 31, 2019 Carrying Value (Level 3) Carrying Value (Level 3) Liabilities (debt): Surplus note $ 9,191 $ 8,985 $ 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	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 6, 2020, the Company declared a dividend of $0.16 per share on its outstanding common stock payable on August 7, 2020, to shareholders of record on July 31, 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 June 30, 2020.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [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 condensed 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, subrogation recoveries and reinsurance recoveries. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic ASC 326), which introduces a new process for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new ASU applies to premiums receivable, reinsurance recoverable and available-for-sale debt securities. 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 after-tax 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, net of any allowance for credit losses. 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 a 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 OCI. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense and are reported as general and administrative expenses. 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 $5.0 million at June 30, 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)	6 Months Ended
	Jun. 30, 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): June 30, 2020 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 53,762 $ — $ 2,766 $ (7) $ 56,521 Corporate bonds 457,532 (313) 35,008 (864) 491,363 Mortgage-backed and asset-backed securities 295,075 — 13,959 (316) 308,718 Municipal bonds 3,113 — 161 — 3,274 Redeemable preferred stock 9,684 (142) 191 (191) 9,542 Total $ 819,166 $ (455) $ 52,085 $ (1,378) $ 869,418 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): June 30, 2020 December 31, 2019 Equivalent S&P Credit Ratings Fair Value % of Total Fair Value % of Total AAA $ 364,007 41.9 % $ 372,442 43.6 % AA 100,331 11.5 % 99,103 11.6 % A 249,591 28.7 % 238,766 27.9 % BBB 151,828 17.5 % 143,889 16.8 % BB and Below 1,234 0.1 % — — No Rating Available 2,427 0.3 % 1,084 0.1 % Total $ 869,418 100.0 % $ 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): June 30, 2020 December 31, 2019 Amortized Fair Value Amortized Fair Value Mortgage-backed Securities: Agency $ 145,725 $ 150,150 $ 143,723 $ 144,729 Non-agency 69,523 77,248 71,140 75,896 Asset-backed Securities: Auto loan receivables 38,453 39,030 42,767 43,127 Credit card receivables 18,676 19,370 21,145 21,487 Other receivables 22,698 22,920 25,510 25,840 Total $ 295,075 $ 308,718 $ 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 June 30, 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): June 30, 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 $ 1,995 $ (5) 1 $ 129 $ (2) Corporate bonds 14 7,463 (520) 1 223 (31) Mortgage-backed and asset-backed securities 20 24,546 (308) 3 2,151 (8) Redeemable preferred stock 2 34 — — — — Total 37 $ 34,038 $ (833) 5 $ 2,503 $ (41) 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)
Debt Securities, Available-for-sale, Allowance for Credit Loss	The following table presents a reconciliation of the beginning and ending balances for expected credit losses on debt securities classified as available for sale (in thousands): Corporate Bonds Redeemable Preferred Shares Total Balance, December 31, 2019 $ — $ — $ — Cumulative effect adjustment as of January 1, 2020 665 126 791 Increase (decrease) (352) 16 (336) Balance, June 30, 2020 $ 313 $ 142 $ 455 See “—Note 2 (Summary of Significant Accounting Policies — Recently Adopted Accounting Pronouncements)” for more information about the methodology and significant inputs used to measure the amount related to expected credit losses on debt securities classified as available for sale.
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): June 30, 2020 Amortized Cost Fair Value Due in one year or less $ 124,808 $ 125,912 Due after one year through five years 400,137 420,146 Due after five years through ten years 278,719 308,072 Due after ten years 14,639 14,403 Perpetual maturity securities 863 885 Total $ 819,166 $ 869,418
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 Six Months Ended 2020 2019 2020 2019 Proceeds from sales and maturities (fair value): Available-for-sale debt securities $ 57,169 $ 60,545 $ 99,682 $ 111,730 Equity securities $ — $ 11,976 $ — $ 29,137 Gross realized gains on sale of securities: Available-for-sale debt securities $ 540 $ 112 $ 886 $ 299 Equity securities $ — $ 170 $ — $ 335 Gross realized losses on sale of securities: Available-for-sale debt securities $ (372) $ (148) $ (419) $ (190) Equity securities $ — $ (2,952) $ — $ (14,787) Realized gains on sales of investment real estate $ — $ 1,213 $ — $ 1,213
Investment Income (Expense) Comprised Primarily of Interest and Dividends	The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Available-for-sale debt securities $ 6,016 $ 6,041 $ 12,031 $ 12,192 Equity securities 604 562 1,149 1,604 Cash and cash equivalents (1) 95 1,392 886 2,692 Other (2) 260 252 514 511 Total investment income 6,975 8,247 14,580 16,999 Less: Investment expenses (3) (796) (837) (1,567) (1,447) Net investment income $ 6,179 $ 7,410 $ 13,013 $ 15,552 (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 Six Months Ended 2020 2019 2020 2019 Unrealized gains and (losses) recognized during the reported period on equity securities still held at the end of the reported period $ 3,871 $ 880 $ (4,154) $ 2,766
Schedule of Real Estate Investment	Investment real estate consisted of the following as of the dates presented (in thousands): June 30, December 31, 2020 2019 Income Producing: Investment real estate $ 14,679 $ 14,679 Less: Accumulated depreciation (1,492) (1,284) 13,187 13,395 Non-Income Producing: Investment real estate 2,190 2,190 Investment real estate, net $ 15,377 $ 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 Six Months Ended 2020 2019 2020 2019 Depreciation expense on investment real estate $ 104 $ 104 $ 208 $ 207

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 Due from as of Reinsurer AM Best Standard Moody’s June 30, 2020 December 31, 2019 Florida Hurricane Catastrophe Fund (1) n/a n/a n/a $ 22,644 $ 199,647 Allianz Risk Transfer — — — — 19,269 Total (2) $ 22,644 $ 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 June 30, 2020 2019 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 404,685 $ 337,639 $ 162,446 $ 357,960 $ 303,108 $ 213,586 Ceded (494,174) (111,269) (11,101) (417,633) (92,751) (100,290) Net $ (89,489) $ 226,370 $ 151,345 $ (59,673) $ 210,357 $ 113,296 Six Months Ended June 30, 2020 2019 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 739,238 $ 663,590 $ 335,689 $ 647,194 $ 598,485 $ 329,328 Ceded (494,201) (216,391) (49,296) (417,633) (178,401) (102,938) Net $ 245,037 $ 447,199 $ 286,393 $ 229,561 $ 420,084 $ 226,390
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): June 30, December 31, 2020 2019 Prepaid reinsurance premiums $ 453,018 $ 175,208 Reinsurance recoverable on paid losses and LAE $ 20,753 $ 70,015 Reinsurance recoverable on unpaid losses and LAE 26,107 123,221 Reinsurance recoverable $ 46,860 $ 193,236

Insurance Operations (Tables)

Insurance Operations (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended 2020 2019 2020 2019 DPAC, beginning of period $ 94,354 $ 83,284 $ 91,882 $ 84,686 Capitalized Costs 57,465 50,694 105,973 92,215 Amortization of DPAC (48,292) (43,448) (94,328) (86,371) DPAC, end of period $ 103,527 $ 90,530 $ 103,527 $ 90,530
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): June 30, 2020 December 31, 2019 Statutory capital and surplus UPCIC $ 292,770 $ 301,120 APPCIC $ 16,280 $ 16,433 Ten percent of total liabilities UPCIC $ 109,172 $ 99,228 APPCIC $ 876 $ 621 Through PSI, UVE recorded contributions for the periods presented (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Capital contributions $ — $ — $ 30,000 $ — The following table summarizes combined net income for the Insurance Entities determined in accordance with statutory accounting practices for the periods presented (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Combined net income $ 7,636 $ 26,717 $ 4,402 $ 34,340 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): June 30, 2020 December 31, 2019 Restricted cash and cash equivalents $ 2,945 $ 2,635 Investments $ 3,263 $ 3,419

Liability for Unpaid Losses a_2

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended 2020 2019 2020 2019 Balance at beginning of period $ 195,978 $ 366,356 $ 267,760 $ 472,829 Less: Reinsurance recoverable (66,158) (269,071) (123,221) (393,365) Net balance at beginning of period 129,820 97,285 144,539 79,464 Incurred related to: Current year 150,867 112,626 281,574 225,905 Prior years 478 670 4,819 485 Total incurred 151,345 113,296 286,393 226,390 Paid related to: Current year 120,724 89,093 182,502 123,642 Prior years 38,889 30,309 126,878 91,033 Total paid 159,613 119,402 309,380 214,675 Net balance at end of period 121,552 91,179 121,552 91,179 Plus: Reinsurance recoverable 26,107 197,117 26,107 197,117 Balance at end of period $ 147,659 $ 288,296 $ 147,659 $ 288,296

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following as of the dates presented (in thousands): June 30, December 31, 2020 2019 Surplus note $ 9,191 $ 9,926

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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 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 $ 40,000 884,175 — $ 16,616 $ 18.79 May 6, 2019 December 31, 2020 $ 40,000 — 338,274 $ 9,711 $ 28.71 November 2019 December 12, 2018 May 31, 2020 $ 20,000 — 468,108 $ 14,513 $ 31.00 May 2019

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended 2020 2019 2020 2019 Numerator for EPS: Net income $ 19,882 $ 37,293 $ 39,949 $ 77,441 Less: Preferred stock dividends (2) (2) (5) (5) Income available to common stockholders $ 19,880 $ 37,291 $ 39,944 $ 77,436 Denominator for EPS: Weighted average common shares outstanding 32,102 34,311 32,347 34,525 Plus: Assumed conversion of share-based compensation (1) 43 276 68 353 Assumed conversion of preferred stock 25 25 25 25 Weighted average diluted common shares outstanding 32,170 34,612 32,440 34,903 Basic earnings per common share $ 0.62 $ 1.09 $ 1.23 $ 2.24 Diluted earnings per common share $ 0.62 $ 1.08 $ 1.23 $ 2.22 (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)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Components of Other Comprehensive Income (Loss) Pre-Tax and After-Tax	The following table provides the components of other comprehensive income on a pre-tax and after-tax basis for the periods presented (in thousands): Three Months Ended June 30, 2020 2019 Pre-tax Tax After-tax Pre-tax Tax After-tax Net changes related to available-for-sale securities: Unrealized holding gains arising during the period $ 34,661 $ 8,466 $ 26,195 $ 15,825 $ 3,896 $ 11,929 Less: Reclassification adjustments for (gains) losses realized in net income (168) (41) (127) 36 10 26 Other comprehensive income $ 34,493 $ 8,425 $ 26,068 $ 15,861 $ 3,906 $ 11,955 Six Months Ended June 30, 2020 2019 Pre-tax Tax After-tax Pre-tax Tax After-tax Net changes related to available-for-sale securities: Unrealized holding gains arising during the period $ 23,435 $ 5,961 $ 17,474 $ 31,870 $ 7,849 $ 24,021 Less: Reclassification adjustments for (gains) losses realized in net income (467) (115) (352) (109) (27) (82) Other comprehensive income $ 22,968 $ 5,846 $ 17,122 $ 31,761 $ 7,822 $ 23,939 Reclassification adjustment to retained earnings (1) 791 194 597 — — — Change in accumulated other comprehensive income $ 23,759 $ 6,040 $ 17,719 $ 31,761 $ 7,822 $ 23,939 (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 Where Net Income is Presented Three Months Ended Six Months Ended 2020 2019 2020 2019 Unrealized gains (losses) on $ 168 $ (36) $ 467 $ 109 Net realized gains (losses) on sale of securities (41) 10 (115) (27) Income taxes Total reclassification for the period $ 127 $ (26) $ 352 $ 82 Net of tax

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 56,521 $ — $ 56,521 Corporate bonds — 491,363 — 491,363 Mortgage-backed and asset-backed securities — 308,718 — 308,718 Municipal bonds — 3,274 — 3,274 Redeemable preferred stock — 9,542 — 9,542 Equity Securities: Common stock 1,871 — — 1,871 Mutual funds 47,837 — — 47,837 Total assets accounted for at fair value $ 49,708 $ 869,418 $ — $ 919,126 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): June 30, 2020 December 31, 2019 Carrying Value (Level 3) Carrying Value (Level 3) Liabilities (debt): Surplus note $ 9,191 $ 8,985 $ 9,926 $ 9,365

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation - Additional Information (Detail)	Jun. 30, 2020state
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states	18

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jan. 01, 2020
Schedule Of Significant Accounting Policies [Line Items]
Decrease to retained earnings for the cumulative after-tax effect of adopting ASC 326	$ (602,583,000)	$ (573,619,000)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201613Member
Accrued interest receivable on available-for-sale securities	$ 5,000,000
Premium receivable, allowance for credit loss	500,000	$ 700,000
Reinsurance, allowance for credit loss	$ 0	$ 0
Cumulative Effect, Period Of Adoption, Adjustment [Member]
Schedule Of Significant Accounting Policies [Line Items]
Decrease to retained earnings for the cumulative after-tax effect of adopting ASC 326			$ 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	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 819,166	$ 828,336
Allowance for Expected Credit Losses	(455)	0
Gross Unrealized Gains	52,085	27,973
Gross Unrealized Losses	(1,378)	(1,025)
Fair Value	869,418	855,284
U.S. Government Obligations and Agencies [Member] | Fixed Maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	53,762	53,688
Allowance for Expected Credit Losses	0
Gross Unrealized Gains	2,766	864
Gross Unrealized Losses	(7)	(188)
Fair Value	56,521	54,364
Corporate Bonds [Member] | Fixed Maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	457,532	457,180
Allowance for Expected Credit Losses	(313)
Gross Unrealized Gains	35,008	19,179
Gross Unrealized Losses	(864)	(141)
Fair Value	491,363	476,218
Mortgage-Backed and Asset-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	295,075	304,285
Fair Value	308,718	311,079
Mortgage-Backed and Asset-Backed Securities [Member] | Fixed Maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	295,075	304,285
Allowance for Expected Credit Losses	0
Gross Unrealized Gains	13,959	7,400
Gross Unrealized Losses	(316)	(606)
Fair Value	308,718	311,079
Municipal Bonds [Member] | Fixed Maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,113	3,397
Allowance for Expected Credit Losses	0
Gross Unrealized Gains	161	103
Gross Unrealized Losses	0	(4)
Fair Value	3,274	3,496
Redeemable Preferred Stock [Member]
Debt Securities, Available-for-sale [Line Items]
Allowance for Expected Credit Losses	(142)	0
Redeemable Preferred Stock [Member] | Fixed Maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,684	9,786
Allowance for Expected Credit Losses	(142)
Gross Unrealized Gains	191	427
Gross Unrealized Losses	(191)	(86)
Fair Value	$ 9,542	$ 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	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 869,418	$ 855,284
Percentage of Total Fair Value	100.00%	100.00%
AAA [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 364,007	$ 372,442
Percentage of Total Fair Value	41.90%	43.60%
AA [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 100,331	$ 99,103
Percentage of Total Fair Value	11.50%	11.60%
A [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 249,591	$ 238,766
Percentage of Total Fair Value	28.70%	27.90%
BBB [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 151,828	$ 143,889
Percentage of Total Fair Value	17.50%	16.80%
BB and Below [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 1,234	$ 0
Percentage of Total Fair Value	0.10%	0.00%
Not Rated Available [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 2,427	$ 1,084
Percentage of Total Fair Value	0.30%	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	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 819,166	$ 828,336
Fair Value	869,418	855,284
Mortgage-Backed and Asset-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	295,075	304,285
Fair Value	308,718	311,079
Agency [Member] | Mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	145,725	143,723
Fair Value	150,150	144,729
Non Agency [Member] | Mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	69,523	71,140
Fair Value	77,248	75,896
Auto Loan Receivables [Member] | Asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	38,453	42,767
Fair Value	39,030	43,127
Credit Card Receivables [Member] | Asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,676	21,145
Fair Value	19,370	21,487
Other Receivables [Member] | Asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	22,698	25,510
Fair Value	$ 22,920	$ 25,840

Investments - Summarized Fair V

Investments - Summarized Fair Value and Gross Unrealized Losses on Available-for-sale Debt Securities (Detail) $ in Thousands	Jun. 30, 2020USD ($)security	Dec. 31, 2019USD ($)security
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	37	68
Less than 12 months, Fair value	$ 34,038	$ 79,297
Less than 12 months, Unrealized losses	$ (833)	$ (468)
12 months or longer, Number of issues | security	5	42
12 months or longer, Fair value	$ 2,503	$ 65,802
12 months or longer, Unrealized losses	$ (41)	$ (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	1	2
Less than 12 months, Fair value	$ 1,995	$ 3,836
Less than 12 months, Unrealized losses	$ (5)	$ (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	$ (2)	$ (80)
Fixed Maturities [Member] | Corporate Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	14	18
Less than 12 months, Fair value	$ 7,463	$ 16,808
Less than 12 months, Unrealized losses	$ (520)	$ (107)
12 months or longer, Number of issues | security	1	7
12 months or longer, Fair value	$ 223	$ 5,866
12 months or longer, Unrealized losses	$ (31)	$ (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	20	42
Less than 12 months, Fair value	$ 24,546	$ 58,023
Less than 12 months, Unrealized losses	$ (308)	$ (245)
12 months or longer, Number of issues | security	3	26
12 months or longer, Fair value	$ 2,151	$ 34,985
12 months or longer, Unrealized losses	$ (8)	$ (361)
Fixed Maturities [Member] | Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security		0
Less than 12 months, Fair value		$ 0
Less than 12 months, Unrealized losses		$ 0
12 months or longer, Number of issues | security		1
12 months or longer, Fair value		$ 276
12 months or longer, Unrealized losses		$ (4)
Fixed Maturities [Member] | Redeemable Preferred Stock [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	2	6
Less than 12 months, Fair value	$ 34	$ 630
Less than 12 months, Unrealized losses	$ 0	$ (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 - AFS Allowance for

Investments - AFS Allowance for Credit Losses (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2019	$ 0
Increase (decrease)	(336)
Balance, June 30, 2020	455
Corporate Bond Securities [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2019	0
Increase (decrease)	(352)
Balance, June 30, 2020	313
Redeemable Preferred Stock [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2019	0
Increase (decrease)	16
Balance, June 30, 2020	142
Cumulative Effect, Period Of Adoption, Adjustment [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2019	791
Cumulative Effect, Period Of Adoption, Adjustment [Member] | Corporate Bond Securities [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2019	665
Cumulative Effect, Period Of Adoption, Adjustment [Member] | Redeemable Preferred Stock [Member]
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2019	$ 126

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Investments With Contractual Maturities (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Amortized Cost
Due in one year or less	$ 124,808
Due after one year through five years	400,137
Due after five years through ten years	278,719
Due after ten years	14,639
Perpetual maturity securities	863
Amortized Cost	819,166	$ 828,336
Fair Value
Due in one year or less	125,912
Due after one year through five years	420,146
Due after five years through ten years	308,072
Due after ten years	14,403
Perpetual maturity securities	885
Fair Value	$ 869,418	$ 855,284

Investments - Summary of Availa

Investments - Summary of Available-for-Sale Debt Securities and Equity Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales and maturities (fair value)	$ 57,169	$ 60,545	$ 99,682	$ 111,730
Proceeds from sales of equity securities	0	11,976	0	29,137
Gross realized gains on sale of securities	540	112	886	299
Equity securities, FV-NI, Realized Gain	0	170	0	335
Gross realized losses on sale of securities	(372)	(148)	(419)	(190)
Equity securities, FV-NI, Realized Loss	$ 0	$ (2,952)	$ 0	$ (14,787)

Investments - Investment Income

Investments - Investment Income (Expense) Comprised Primarily of Interest and Dividends (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Investment Income [Line Items]
Total investment income	$ 6,975	$ 8,247	$ 14,580	$ 16,999
Less: Investment expenses	(796)	(837)	(1,567)	(1,447)
Net investment income	6,179	7,410	13,013	15,552
Debt Securities [Member]
Net Investment Income [Line Items]
Investment income	6,016	6,041	12,031	12,192
Equity Securities [Member]
Net Investment Income [Line Items]
Investment income	604	562	1,149	1,604
Cash and Cash Equivalents [Member]
Net Investment Income [Line Items]
Investment income	95	1,392	886	2,692
Other [Member]
Net Investment Income [Line Items]
Investment income	$ 260	$ 252	$ 514	$ 511

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 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	$ 3,871	$ 3,759	$ (4,153)	$ 21,791
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	$ 3,871	$ 880	$ (4,154)	$ 2,766

Investments - Schedule of Real

Investments - Schedule of Real Estate Investment (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real Estate [Line Items]
Investment real estate, net	$ 15,377	$ 15,585
Income Producing [Member]
Real Estate [Line Items]
Investment real estate	14,679	14,679
Less: Accumulated depreciation	(1,492)	(1,284)
Investment real estate, net	13,187	13,395
Non Income Producing [Member]
Real Estate [Line Items]
Investment real estate	$ 2,190	$ 2,190

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of investment real estate			$ 0	$ 10,537
Realized gains on sales of investment real estate	$ 0	$ 1,213	$ 0	$ 1,213

Investments - Schedule of Depre

Investments - Schedule of Depreciation Expense Related to Investment Real Estate (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Real Estate Investment [Member]
Real Estate [Line Items]
Depreciation expense on investment real estate	$ 104	$ 104	$ 208	$ 207

Reinsurance - Additional Inform

Reinsurance - Additional Information (Detail)	6 Months Ended
	Jun. 30, 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	Jun. 30, 2020	Dec. 31, 2019
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	$ 22,644	$ 218,916
Florida Hurricane Catastrophe Fund [Member]
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	22,644	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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Reinsurance Disclosures [Abstract]
Direct premiums written	$ 404,685	$ 357,960	$ 739,238	$ 647,194
Ceded premiums written	(494,174)	(417,633)	(494,201)	(417,633)
Net premiums written	(89,489)	(59,673)	245,037	229,561
Direct premiums earned	337,639	303,108	663,590	598,485
Ceded premiums earned	(111,269)	(92,751)	(216,391)	(178,401)
Premiums earned, net	226,370	210,357	447,199	420,084
Direct losses and loss adjustment expenses	162,446	213,586	335,689	329,328
Ceded losses and loss adjustment expenses	(11,101)	(100,290)	(49,296)	(102,938)
Net Losses and Loss Adjustment Expenses	$ 151,345	$ 113,296	$ 286,393	$ 226,390

Reinsurance - Prepaid Reinsuran

Reinsurance - Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Reinsurance Disclosures [Abstract]
Prepaid reinsurance premiums	$ 453,018		$ 175,208
Reinsurance recoverable on paid losses and LAE	20,753		70,015
Reinsurance recoverable on unpaid losses and LAE	26,107	$ 66,158	123,221	$ 197,117	$ 269,071	$ 393,365
Reinsurance recoverable	$ 46,860		$ 193,236

Insurance Operations - Beginnin

Insurance Operations - Beginning and Ending Balances and Changes in DPAC (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Deferred Policy Acquisition Costs [Roll Forward]
DPAC, beginning of period	$ 94,354	$ 83,284	$ 91,882	$ 84,686
Capitalized Costs	57,465	50,694	105,973	92,215
Amortization of DPAC	(48,292)	(43,448)	(94,328)	(86,371)
DPAC, end of period	$ 103,527	$ 90,530	$ 103,527	$ 90,530

Insurance Operations - Addition

Insurance Operations - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 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	$ 0
Statutory capital contribution			$ 30,000,000
APPCIC [Member]
Statutory Accounting Practices [Line Items]
Dividend paid to immediate parent company	0	$ 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	$ 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	Jun. 30, 2020	Dec. 31, 2019
UPCIC [Member]
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	$ 292,770	$ 301,120
Ten percent of total liabilities	109,172	99,228
APPCIC [Member]
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	16,280	16,433
Ten percent of total liabilities	$ 876	$ 621

Insurance Operations - Capital

Insurance Operations - Capital Contributions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Insurance [Abstract]
Capital contributions	$ 0	$ 0	$ 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Insurance [Abstract]
Combined net income	$ 7,636	$ 26,717	$ 4,402	$ 34,340

Insurance Operations - Assets H

Insurance Operations - Assets Held by Insurance Regulators (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments [Member]
Statutory Accounting Practices [Line Items]
Assets held by insurance regulators	$ 3,263	$ 3,419
Restricted Cash and Cash Equivalents [Member]
Statutory Accounting Practices [Line Items]
Assets held by insurance regulators	$ 2,945	$ 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance at beginning of period	$ 195,978	$ 366,356	$ 267,760	$ 472,829
Less: Reinsurance recoverable	(66,158)	(269,071)	(123,221)	(393,365)
Net balance at beginning of period	129,820	97,285	144,539	79,464
Incurred (recovered) related to current year	150,867	112,626	281,574	225,905
Incurred (recovered) related to prior years	478	670	4,819	485
Total incurred	151,345	113,296	286,393	226,390
Paid related to Current year	120,724	89,093	182,502	123,642
Paid related to Prior years	38,889	30,309	126,878	91,033
Total paid	159,613	119,402	309,380	214,675
Net balance at end of period	121,552	91,179	121,552	91,179
Plus: Reinsurance recoverable	(26,107)	(197,117)	(26,107)	(197,117)
Balance at end of period	$ 147,659	$ 288,296	$ 147,659	$ 288,296

Liability for Unpaid Losses a_4

Liability for Unpaid Losses and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Direct losses and loss adjustment expenses	$ 162,446	$ 213,586	$ 335,689	$ 329,328
Ceded losses and loss adjustment expenses	11,101	100,290	49,296	102,938
Incurred (recovered) related to prior years	478	$ 670	4,819	$ 485
Hurricane
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Direct losses and loss adjustment expenses	11,600		54,100
Ceded losses and loss adjustment expenses	11,100		49,300
Incurred (recovered) related to prior years	$ 500		$ 4,800

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Surplus note	$ 9,191	$ 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				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Nov. 06, 2019	May 06, 2019	Dec. 12, 2018
Equity [Line Items]
Shares repurchased during period	$ 10,029,000	$ 6,587,000	$ 14,107,000	$ 10,117,000
November Two Thousand Nineteen Share Repurchase Program
Equity [Line Items]
Shares repurchased (in shares)					884,175	0
Shares repurchased during period					$ 16,616,000
Shares repurchased during period (in dollars per share)					$ 18.79
November Two Thousand Nineteen Share Repurchase Program | Maximum [Member]
Equity [Line Items]
Amount of shares authorized to repurchase							$ 40,000,000
May Two Thousand Nineteen Share Repurchase Program [Member]
Equity [Line Items]
Shares repurchased (in shares)					0	338,274
Shares repurchased during period					$ 9,711,000
Shares repurchased during period (in dollars per share)					$ 28.71
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	468,108
Shares repurchased during period					$ 14,513,000
Shares repurchased during period (in dollars per share)					$ 31
December Two Thousand Eighteen Share Repurchase Program [Member] | Maximum [Member]
Equity [Line Items]
Amount of shares authorized to repurchase									$ 20,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2020
Income Taxes [Line Items]
Income tax expense	$ 7,556	$ 13,637	$ 15,073	$ 27,233
Effective tax rate	27.50%	26.80%	27.40%	26.00%
Deferred tax assets, valuation allowance	$ 200		$ 200
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					27.20%

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				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator for EPS:
Net income	$ 19,882	$ 20,067	$ 37,293	$ 40,148	$ 39,949	$ 77,441
Less: Preferred stock dividends	(2)		(2)		(5)	(5)
Income available to common stockholders	$ 19,880		$ 37,291		$ 39,944	$ 77,436
Denominator for EPS:
Weighted average common shares outstanding (in shares)	32,102		34,311		32,347	34,525
Plus: Assumed conversion of share-based compensation	43		276		68	353
Assumed conversion of preferred stock	25		25		25	25
Weighted average diluted common shares outstanding (in shares)	32,170		34,612		32,440	34,903
Basic earnings per common share (in dollars per share)	$ 0.62		$ 1.09		$ 1.23	$ 2.24
Diluted earnings per common share (in dollars per share)	$ 0.62		$ 1.08		$ 1.23	$ 2.22

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				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
After-tax:
Other comprehensive income	$ 26,068	$ (8,946)	$ 11,955	$ 11,984	$ 17,122	$ 23,939
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
OCI, Pre-tax:
Pre-tax, Unrealized holding gains arising during the period	34,661		15,825		23,435	31,870
Pre-tax, Less: Reclassification adjustments (gains) losses realized in net income	(168)		36		(467)	(109)
Pre-tax, Other comprehensive income	34,493		15,861		22,968	31,761
OCI, Tax:
Tax, Unrealized holding gains arising during the period	8,466		3,896		5,961	7,849
Income taxes	(41)		10		(115)	(27)
Tax, Other comprehensive income	8,425		3,906		5,846	7,822
After-tax:
After-tax, Unrealized holding gains arising during the period	26,195		11,929		17,474	24,021
After-tax, Less: Reclassification adjustments (gains) realized in net income	(127)		26		(352)	(82)
Other comprehensive income	$ 26,068		$ 11,955		17,122	$ 23,939
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) 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					23,759
OCI, Tax:
Tax, Other comprehensive income					6,040
After-tax:
Other comprehensive income					$ 17,719

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Reclassifications Adjustment for Gains (Losses) Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on investments	$ 168		$ (1,605)		$ 467	$ (13,130)
Income taxes	(7,556)		(13,637)		(15,073)	(27,233)
NET INCOME	19,882	$ 20,067	37,293	$ 40,148	39,949	77,441
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on investments	168		(36)		467	109
Income taxes	(41)		10		(115)	(27)
NET INCOME	$ 127		$ (26)		$ 352	$ 82

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Jun. 30, 2020USD ($)
June 1, 2020 - May 31, 2021 [Member]
Reinsurance Retention Policy [Line Items]
Reinsurance payable, next twelve months	$ 128.3
June 1, 2019 - May 31, 2020 [Member]
Reinsurance Retention Policy [Line Items]
Reinsurance payable, due in second year	$ 71.3

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 869,418	$ 855,284
Equity securities	49,708	43,717
Mortgage-Backed and Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	308,718	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	919,126	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	56,521	54,364
Fair Value, Recurring [Member] | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	491,363	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	308,718	311,079
Fair Value, Recurring [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	3,274	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	9,542	10,127
Fair Value, Recurring [Member] | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	1,871	2,377
Fair Value, Recurring [Member] | Mutual funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	47,837	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	49,708	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	1,871	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	47,837	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	869,418	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	56,521	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	491,363	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	308,718	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	3,274	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	$ 9,542	$ 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	Jun. 30, 2020	Dec. 31, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Surplus note	$ 9,191	$ 9,926
Surplus Note [Member] | Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimated fair value	$ 8,985	$ 9,365

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - $ / shares	Jul. 06, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Subsequent Event [Line Items]
Cash dividend declared per common share (in dollars per share)		$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.32	$ 0.32
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash dividend declared per common share (in dollars per share)	$ 0.16