Universal Insurance (UVE) 10-Q 27 Oct 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 20, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		31,167,628
Entity Central Index Key	0000891166
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
ASSETS
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $290 and $186 (amortized cost: $1,039,042 and $815,647)		$ 1,029,157	$ 819,861
Equity securities, at fair value (cost: $79,947 and $84,667)		77,099	84,887
Assets held for sale		253	0
Investment real estate, net		5,934	15,176
Total invested assets		1,112,443	919,924
Cash and cash equivalents		224,822	167,156
Restricted cash and cash equivalents	[1]	15,836	12,715
Prepaid reinsurance premiums		386,466	215,723
Reinsurance recoverable		134,935	160,417
Premiums receivable, net		71,132	66,883
Property and equipment, net		53,222	53,572
Deferred policy acquisition costs		113,979	110,614
Income taxes recoverable		9,209	30,576
Deferred income tax asset, net		5,249	6,284
Other assets		15,935	14,877
Total assets		2,143,228	1,758,741
LIABILITIES:
Unpaid losses and loss adjustment expenses		212,488	322,465
Unearned premiums		876,259	783,135
Advance premium		71,069	49,562
Book overdraft		0	59,399
Reinsurance payable, net		399,905	10,312
Commission payable		23,857	23,809
Other liabilities and accrued expenses		58,022	52,341
Debt		7,353	8,456
Total liabilities		1,648,953	1,309,479
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:
Cumulative convertible preferred stock		0	0
Common stock		470	468
Treasury shares, at cost - 15,797 and 15,680		(227,115)	(225,506)
Additional paid-in capital		107,382	103,445
Accumulated other comprehensive income (loss), net of taxes		(7,398)	3,343
Retained earnings		620,936	567,512
Total stockholders’ equity		494,275	449,262
Total liabilities and stockholders’ equity		$ 2,143,228	$ 1,758,741
[1]	See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents and “—Note 14 (Variable Interest Entities)” for a discussion of restricted cash held in a trust account.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Available-for-sale securities, allowance for credit loss	$ 290	$ 186
Available for sale debt securities, amortized cost	1,039,042	815,647
Equity securities, amortized cost	$ 79,947	$ 84,667
Cumulative convertible preferred stock, par value (in USD 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 USD per share)	$ 9.99	$ 9.99
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	55,000,000	55,000,000
Common stock, shares issued (in shares)	46,964,000	46,817,000
Common stock, shares outstanding (in shares)	31,167,000	31,137,000
Treasury stock, shares (in shares)	15,797,000	15,680,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written	$ 432,984	$ 409,418	$ 1,271,925	$ 1,148,656
Change in unearned premium	(22,363)	(52,210)	(93,124)	(127,858)
Direct premium earned	410,621	357,208	1,178,801	1,020,798
Ceded premium earned	(145,967)	(123,017)	(414,670)	(339,408)
Premiums earned, net	264,654	234,191	764,131	681,390
Net investment income	2,797	4,557	8,641	17,570
Net realized gains (losses) on investments	4,319	53,827	5,357	54,294
Net change in unrealized gains (losses) of equity securities	(3,759)	1,991	(3,024)	(2,162)
Commission revenue	11,418	8,997	30,404	23,770
Policy fees	5,859	6,167	17,821	18,253
Other revenue	1,966	1,935	5,862	6,529
Total premiums earned and other revenues	287,254	311,665	829,192	799,644
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses	187,581	238,477	498,765	524,870
General and administrative expenses	73,209	76,980	237,553	223,544
Total operating costs and expenses	260,790	315,457	736,318	748,414
INCOME BEFORE INCOME (LOSS) TAXES	26,464	(3,792)	92,874	51,230
Income tax expense (benefit)	6,281	(623)	24,342	14,450
NET INCOME (LOSS)	$ 20,183	$ (3,169)	$ 68,532	$ 36,780
Basic earnings (loss) per common share (in USD per share)	$ 0.65	$ (0.10)	$ 2.19	$ 1.14
Weighted average common shares outstanding - Basic (in shares)	31,247	31,659	31,232	32,116
Diluted earnings (loss) per common share (in USD per share)	$ 0.64	$ (0.10)	$ 2.19	$ 1.14
Weighted average common shares outstanding - Diluted (in shares)	31,337	31,659	31,302	32,202
Cash dividend declared per common share (in USD per share)	$ 0.16	$ 0.16	$ 0.48	$ 0.48

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 20,183	$ (3,169)	$ 68,532	$ 36,780
Other comprehensive income (loss), net of taxes	(1,827)	(36,421)	(10,741)	(19,299)
Comprehensive income (loss)	$ 18,356	$ (39,590)	$ 57,791	$ 17,481

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Change in accumulated other comprehensive income (loss)	Treasury Shares		Treasury SharesChange in accumulated other comprehensive income (loss)	Common stock	Common stockChange in accumulated other comprehensive income (loss)	Preferred Shares Issued	Preferred Shares IssuedChange in accumulated other comprehensive income (loss)	Additional Paid-In Capital	Additional Paid-In CapitalChange in accumulated other comprehensive income (loss)	Retained Earnings	Retained EarningsCumulative effect of change in accounting principle (ASU 2016-13)	Retained EarningsChange in accumulated other comprehensive income (loss)	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)Cumulative effect of change in accounting principle (ASU 2016-13)	Accumulated Other Comprehensive Income (Loss)Change in accumulated other comprehensive income (loss)
Beginning balance (in shares) at Dec. 31, 2019			14,069		14,069	46,707	46,707	10	10
Beginning balance at Dec. 31, 2019	$ 493,901	$ 493,901	$ (196,585)		$ (196,585)	$ 467	$ 467	$ 0	$ 0	$ 96,036	$ 96,036	$ 573,619	$ (597)	$ 573,022	$ 20,364	$ 597	$ 20,961
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of performance share units (in shares)			25	[1]		83
Vesting of performance share units	(646)		$ (646)			$ 1				(1)
Grant and issue of stock award (in shares)						1
Grant and issue of stock award	30									30
Retirement of treasury shares (in shares)			25	[1]		25
Retirement of treasury shares	0		$ 646							(646)
Purchases of treasury stock (in shares)			(312)
Purchases of treasury stock	(6,587)		$ (6,587)
Share-based compensation	1,691									1,691
Net income (loss)	20,067											20,067
Other comprehensive loss, net of taxes	(8,946)														(8,946)
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	(5,222)											(5,222)
Ending balance (in shares) at Mar. 31, 2020			14,381			46,766		10
Ending balance at Mar. 31, 2020	494,288		$ (203,172)			$ 468		$ 0		97,110		587,867			12,015
Beginning balance (in shares) at Dec. 31, 2019			14,069		14,069	46,707	46,707	10	10
Beginning balance at Dec. 31, 2019	493,901	$ 493,901	$ (196,585)		$ (196,585)	$ 467	$ 467	$ 0	$ 0	96,036	$ 96,036	573,619	$ (597)	$ 573,022	20,364	$ 597	$ 20,961
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	36,780
Other comprehensive loss, net of taxes	(19,299)
Ending balance (in shares) at Sep. 30, 2020			15,487			46,821		10
Ending balance at Sep. 30, 2020	474,763		$ (223,086)			$ 468		$ 0		101,438		594,281			1,662
Beginning balance (in shares) at Mar. 31, 2020			14,381			46,766		10
Beginning balance at Mar. 31, 2020	494,288		$ (203,172)			$ 468		$ 0		97,110		587,867			12,015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)			25	[1]		65
Vesting of restricted stock units	(424)		$ (424)
Retirement of treasury shares (in shares)			25	[1]		25
Retirement of treasury shares	0		$ 424							(424)
Purchases of treasury stock (in shares)			(572)
Purchases of treasury stock	(10,029)		$ (10,029)
Share-based compensation	3,082									3,082
Net income (loss)	19,882											19,882
Other comprehensive loss, net of taxes	26,068														26,068
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	(5,166)											(5,166)
Ending balance (in shares) at Jun. 30, 2020			14,953			46,806		10
Ending balance at Jun. 30, 2020	527,701		$ (213,201)			$ 468		$ 0		99,768		602,583			38,083
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)			10	[1]		25
Vesting of restricted stock units	(184)		$ (184)
Retirement of treasury shares (in shares)			10	[1]		10
Retirement of treasury shares	0		$ 184							(184)
Purchases of treasury stock (in shares)			(534)
Purchases of treasury stock	(9,885)		$ (9,885)
Share-based compensation	1,854									1,854
Net income (loss)	(3,169)											(3,169)
Other comprehensive loss, net of taxes	(36,421)														(36,421)
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	(5,133)
Ending balance (in shares) at Sep. 30, 2020			15,487			46,821		10
Ending balance at Sep. 30, 2020	474,763		$ (223,086)			$ 468		$ 0		101,438		594,281			1,662
Beginning balance (in shares) at Dec. 31, 2020			15,680			46,817		10
Beginning balance at Dec. 31, 2020	449,262		$ (225,506)			$ 468		$ 0		103,445		567,512			3,343
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of performance share units (in shares)			16	[2]		62
Vesting of performance share units	(241)		$ (241)
Vesting of restricted stock units (in shares)			17	[2]		65
Vesting of restricted stock units	(254)		$ (254)			$ 1				(1)
Retirement of treasury shares (in shares)			33	[2]		33
Retirement of treasury shares	0		$ 495							(495)
Purchases of treasury stock (in shares)			(15)
Purchases of treasury stock	(245)		$ (245)
Share-based compensation	1,675									1,675
Net income (loss)	26,408											26,408
Other comprehensive loss, net of taxes	(16,910)														(16,910)
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	(5,030)											(5,030)
Ending balance (in shares) at Mar. 31, 2021			15,695			46,911		10
Ending balance at Mar. 31, 2021	454,665		$ (225,751)			$ 469		$ 0		104,624		588,890			(13,567)
Beginning balance (in shares) at Dec. 31, 2020			15,680			46,817		10
Beginning balance at Dec. 31, 2020	449,262		$ (225,506)			$ 468		$ 0		103,445		567,512			3,343
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	68,532
Other comprehensive loss, net of taxes	(10,741)
Ending balance (in shares) at Sep. 30, 2021			15,797			46,964		10
Ending balance at Sep. 30, 2021	494,275		$ (227,115)			$ 470		$ 0		107,382		620,936			(7,398)
Beginning balance (in shares) at Mar. 31, 2021			15,695			46,911		10
Beginning balance at Mar. 31, 2021	454,665		$ (225,751)			$ 469		$ 0		104,624		588,890			(13,567)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)			20	[2]		73
Vesting of restricted stock units	(288)		$ (288)			$ 1				(1)
Retirement of treasury shares (in shares)			20	[2]		20
Retirement of treasury shares	0		$ 288							(288)
Share-based compensation	1,569									1,569
Net income (loss)	21,941											21,941
Other comprehensive loss, net of taxes	7,996														7,996
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	(5,041)											(5,041)
Ending balance (in shares) at Jun. 30, 2021			15,695			46,964		10
Ending balance at Jun. 30, 2021	480,842		$ (225,751)			$ 470		$ 0		105,904		605,790			(5,571)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of treasury stock (in shares)			(102)
Purchases of treasury stock	(1,364)		$ (1,364)
Share-based compensation	1,478									1,478
Net income (loss)	20,183											20,183
Other comprehensive loss, net of taxes	(1,827)														(1,827)
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	(5,037)											(5,037)
Ending balance (in shares) at Sep. 30, 2021			15,797			46,964		10
Ending balance at Sep. 30, 2021	$ 494,275		$ (227,115)			$ 470		$ 0		$ 107,382		$ 620,936			$ (7,398)
[1]	All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of options exercised, restricted stock vested, performance share units vested, or restricted stock units vested. These shares have been cancelled by the Company.
[2]	All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of options exercised, restricted stock vested, performance share units vested, or restricted stock units vested. These shares have been cancelled by the Company.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividend declared per common share (in USD per share)	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.16
Cash dividend declared per preferred share (in USD per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)		Sep. 30, 2021USD ($)		Sep. 30, 2020USD ($)
Cash flows from operating activities:
Net cash provided by operating activities			$ 273,980		$ 173,545
Cash flows from investing activities:
Proceeds from sale of property and equipment			32		141
Purchases of property and equipment			(4,880)		(14,580)
Purchases of equity securities			(46,532)		(11,145)
Purchases of available-for-sale debt securities			(354,907)		(735,426)
Purchases of investment real estate, net			(7)		(6)
Proceeds from sales of equity securities	$ 48,486		53,651		0
Proceeds from sales of available-for-sale debt securities			76,516		757,812
Proceeds from sales of investment real estate			2,591		0
Proceeds from sale of assets held for sale			8,856		0
Maturities of available-for-sale debt securities			70,095		115,543
Net cash provided by (used in) investing activities			(194,585)		112,339
Cash flows from financing activities:
Preferred stock dividend			(8)		(8)
Common stock dividend			(15,104)		(15,516)
Purchase of treasury stock			(1,609)		(26,501)
Payments related to tax withholding for share-based compensation			(784)		(1,253)
Repayment of debt			(1,103)		(1,103)
Net cash provided by (used in) financing activities			(18,608)		(44,381)
Cash and cash equivalents, and restricted cash and cash equivalents:
Net increase (decrease) during the period			60,787		241,503
Balance, beginning of period			179,871		184,744
Balance, end of period	240,658		240,658		426,247
Cash and cash equivalents, and restricted cash and cash equivalents within the Consolidated Balance Sheets
Cash and cash equivalents	224,822		224,822
Restricted cash and cash equivalents	15,836	[1]	15,836	[1]
Total cash and cash equivalents and restricted cash and cash equivalents	$ 240,658		$ 240,658		$ 426,247
[1]	See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents and “—Note 14 (Variable Interest Entities)” for a discussion of restricted cash held in a trust account.

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	9 Months Ended
	Sep. 30, 2021
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. (“UIH”, 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 offered in 19 states as of September 30, 2021, 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 investment returns on funds invested on cash flows 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 the Company’s wholly-owned managing general agent subsidiary and payment plan fees charged to policyholders who choose to pay their premiums in installments. The Company’s 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, 2020, filed with the SEC on February 26, 2021. The Condensed Consolidated Balance Sheet at December 31, 2020 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, as well as variable interest entities (“VIE”) in which the Company is determined to be the primary beneficiary. 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	9 Months Ended
	Sep. 30, 2021
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, 2020. The following are new or revised disclosures or disclosures required on a quarterly basis. Accounting Policies Assets Held for Sale. The Company considers properties, including land, to be assets held for sale when (1) management commits to a plan to sell the property; (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and the Company expects the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property’s value at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and the Company ceases depreciation. Assets held for sale are stated separately in the accompanying Condensed Consolidated Balance Sheets.

Investments

Investments	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Available-for-Sale Securities The following table provides the amortized cost and fair value of available-for-sale debt securities as of the dates presented (in thousands): September 30, 2021 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 37,291 $ — $ 102 $ (277) $ 37,116 Corporate bonds 640,855 (236) 1,435 (7,562) 634,492 Mortgage-backed and asset-backed securities 336,881 — 493 (3,620) 333,754 Municipal bonds 14,925 (1) 1 (244) 14,681 Redeemable preferred stock 9,090 (53) 90 (13) 9,114 Total $ 1,039,042 $ (290) $ 2,121 $ (11,716) $ 1,029,157 December 31, 2020 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 59,529 $ — $ 157 $ (55) $ 59,631 Corporate bonds 416,758 (148) 3,571 (337) 419,844 Mortgage-backed and asset-backed securities 319,377 — 1,175 (615) 319,937 Municipal bonds 11,990 — 138 — 12,128 Redeemable preferred stock 7,993 (38) 424 (58) 8,321 Total $ 815,647 $ (186) $ 5,465 $ (1,065) $ 819,861 The following table provides the credit quality of available-for-sale debt securities as of the dates presented (dollars in thousands): September 30, 2021 December 31, 2020 Equivalent S&P Credit Ratings Fair Value % of Total Fair Value % of Total AAA $ 330,344 32.1 % $ 337,462 41.2 % AA 143,806 14.0 % 89,681 10.9 % A 315,761 30.7 % 230,290 28.1 % BBB 229,208 22.2 % 160,662 19.6 % BB and Below — — % 233 — % No Rating Available 10,038 1.0 % 1,533 0.2 % Total $ 1,029,157 100.0 % $ 819,861 100.0 % The table above includes credit quality ratings by Standard and Poor’s Rating Services, Inc. (“S&P”), Moody’s Investors Service, Inc. and Fitch Ratings, Inc. The Company has presented the highest rating of the three rating agencies for each investment position. The following table summarizes the amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands): September 30, 2021 December 31, 2020 Amortized Fair Value Amortized Fair Value Mortgage-backed Securities: Agency $ 149,850 $ 147,723 $ 153,937 $ 153,758 Non-agency 68,025 66,940 54,231 54,666 Asset-backed Securities: Auto loan receivables 71,716 71,764 68,188 68,440 Credit card receivables 4,756 4,749 7,878 7,891 Other receivables 42,534 42,578 35,143 35,182 Total $ 336,881 $ 333,754 $ 319,377 $ 319,937 The following tables summarize available-for-sale debt securities, aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position, for which no allowance for expected credit losses has been recorded as of the dates presented (in thousands): September 30, 2021 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 5 $ 21,069 $ (145) 2 $ 1,981 $ (132) Corporate bonds 216 304,464 (4,143) 7 12,896 (339) Mortgage-backed and asset-backed securities 108 232,904 (3,425) 5 5,320 (195) Municipal bonds 4 8,881 (199) — — — Redeemable preferred stock 1 498 (2) — — — Total 334 $ 567,816 $ (7,914) 14 $ 20,197 $ (666) December 31, 2020 Less Than 12 Months 12 Months or Longer Number of Fair Value Unrealized Number of Fair Value Unrealized Debt Securities: U.S. government obligations and agencies 8 $ 31,729 $ (55) — $ — $ — Corporate bonds 27 28,791 (162) — — — Mortgage-backed and asset-backed securities 42 112,462 (615) — — — Municipal bonds — — — — — — Redeemable preferred stock 2 688 (12) — — — Total 79 $ 173,670 $ (844) — $ — $ — Unrealized losses on available-for-sale debt securities in the above table as of September 30, 2021 have not been recognized into income as credit losses because the issuers are of high credit quality (investment grade securities), 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. The following table presents a reconciliation of the beginning and ending balances for expected credit losses on available-for-sale debt securities (in thousands): Corporate Bonds Municipal Bonds Redeemable Total Balance, December 31, 2019 $ — $ — $ — $ — Cumulative effect adjustment as of January 1, 2020 665 — 126 791 Increase (decrease) (517) — (88) (605) Balance, December 31, 2020 148 — 38 186 Increase (decrease) 88 1 15 104 Balance, September 30, 2021 $ 236 $ 1 $ 53 $ 290 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 for establishing an estimate for credit losses. If the assessment indicates that a credit loss exists, the present values of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes an available-for-sale debt security is confirmed as uncollected or when either of the criteria regarding intent or requirement to sell is met. The following table presents the amortized cost and fair value of investments with maturities as of the date presented (in thousands): September 30, 2021 Amortized Cost Fair Value Due in one year or less $ 31,202 $ 31,275 Due after one year through five years 609,963 606,996 Due after five years through ten years 370,677 363,943 Due after ten years 26,301 26,046 Perpetual maturity securities 899 897 Total $ 1,039,042 $ 1,029,157 All securities, except those with perpetual maturities, were categorized in the table above utilizing years to effective maturity. Effective maturity takes into consideration all forms of potential prepayment, such as call features or prepayment schedules, that shorten the lifespan of contractual maturity dates. The following table provides certain information related to available-for-sale debt securities, equity securities and investment in real estate during the periods presented (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Proceeds from sales and maturities (fair value): Available-for-sale debt securities (1) $ 32,320 $ 773,673 $ 146,611 $ 873,355 Equity securities $ 48,486 $ — $ 53,651 $ — Gross realized gains on sale of securities: Available-for-sale debt securities (1) $ 882 $ 53,893 $ 1,899 $ 54,779 Equity securities $ 1,315 $ — $ 2,399 $ — Gross realized losses on sale of securities: Available-for-sale debt securities (1) $ (192) $ (66) $ (1,656) $ (485) Equity securities $ — $ — $ — $ — Realized gains on sales of investment real estate (2) $ — $ — $ 401 $ — (1) In the third quarter of 2020, the Company took advantage of the market recovery and recognized $53.8 million of net realized gains on the sale of our available-for-sale debt securities that were in an unrealized gain position. (2) See the discussion below for “Investment Real Estate” sold. The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Available-for-sale debt securities $ 2,799 $ 4,394 $ 8,393 $ 16,425 Equity securities 544 583 1,787 1,732 Cash and cash equivalents (1) 2 49 28 935 Other (2) 274 268 809 782 Total investment income 3,619 5,294 11,017 19,874 Less: Investment expenses (3) (822) (737) (2,376) (2,304) Net investment income $ 2,797 $ 4,557 $ 8,641 $ 17,570 (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 recognized for the periods presented on equity securities still held at the end of the reported period (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period $ (3,418) $ 1,991 $ (2,391) $ (2,162) Assets Held for Sale as of September 30, 2021 During the second quarter of 2021, the Company committed to a plan to actively market the sale of a real estate property previously included in property and equipment, net. The real estate property is located in Pompano Beach, Florida. Proceeds from the sale are expected to exceed the property’s carrying value of $0.3 million and, accordingly, no impairment loss was recognized on the classification of this real estate property as held for sale. During the first quarter of 2021, the Company committed to a plan to actively market an income-producing investment real estate property and classified the investment property to assets held for sale. On September 30, 2021, the Company completed the sale and received net cash proceeds of approximately $8.9 million and recognized a pre-tax gain of approximately $2.3 million that is included in net realized gains (losses) on investments in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2021. Investment Real Estate Investment real estate consisted of the following as of the dates presented (in thousands): September 30, December 31, 2021 2020 Income Producing: Investment real estate $ 7,087 $ 14,685 Less: Accumulated depreciation (1,153) (1,699) 5,934 12,986 Non-Income Producing: Investment real estate — 2,190 Investment real estate, net $ 5,934 $ 15,176 During the first quarter of 2021, the Company completed the sale of a non-income producing investment real estate property. The Company received net cash proceeds of approximately $2.6 million and recognized a pre-tax gain of approximately $0.4 million that is included in net realized gains (losses) on investments in the Condensed Consolidated Statements of Income for the nine months ended September 30, 2021. Depreciation expense related to investment real estate for the periods presented (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Depreciation expense on investment real estate $ 47 $ 103 $ 139 $ 311

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 Due from as of Reinsurer AM Best Standard Moody’s September 30, 2021 December 31, 2020 Florida Hurricane Catastrophe Fund (1) n/a n/a n/a $ 52,992 $ 121,298 Allianz Risk Transfer (Bermuda) Ltd. A+ AA Aa3 41,553 96,652 Allianz Risk Transfer — — — — 21,087 Renaissance Reinsurance Ltd. — — — — 18,285 Total (2) $ 94,545 $ 257,322 (1) No rating is available because the fund is not rated. (2) Amounts represent prepaid reinsurance premiums and net recoverables for paid and unpaid losses, including incurred but not reported reserves, and loss adjustment expenses. The Company’s reinsurance arrangements had the following effect on certain items in the Condensed Consolidated Statements of Income for the periods presented (in thousands): Three Months Ended September 30, 2021 2020 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 432,984 $ 410,621 $ 264,068 $ 409,418 $ 357,208 $ 347,207 Ceded (124) (145,967) (76,487) (3,062) (123,017) (108,730) Net $ 432,860 $ 264,654 $ 187,581 $ 406,356 $ 234,191 $ 238,477 Nine Months Ended September 30, 2021 2020 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 1,271,925 $ 1,178,801 $ 777,668 $ 1,148,656 $ 1,020,798 $ 682,896 Ceded (585,413) (414,670) (278,903) (497,263) (339,408) (158,026) Net $ 686,512 $ 764,131 $ 498,765 $ 651,393 $ 681,390 $ 524,870 The following prepaid reinsurance premiums and reinsurance recoverable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands): September 30, December 31, 2021 2020 Prepaid reinsurance premiums $ 386,466 $ 215,723 Reinsurance recoverable on paid losses and LAE $ 52,215 $ 40,895 Reinsurance recoverable on unpaid losses and LAE 82,720 119,522 Reinsurance recoverable $ 134,935 $ 160,417

Insurance Operations

Insurance Operations	9 Months Ended
	Sep. 30, 2021
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 Nine Months Ended 2021 2020 2021 2020 DPAC, beginning of period $ 115,971 $ 103,527 $ 110,614 $ 91,882 Capitalized Costs 55,054 58,727 170,996 164,700 Amortization of DPAC (57,046) (50,959) (167,631) (145,287) DPAC, end of period $ 113,979 $ 111,295 $ 113,979 $ 111,295 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 require the Insurance Entities to maintain specified levels of statutory capital and restrict the timing and amount of dividends and other distributions that may be paid by the Insurance Entities to the parent company. Except in the case of extraordinary dividends, these standards generally permit dividends to be paid from statutory unassigned funds 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 September 30, 2021, UPCIC and APPCIC currently are not able to pay any ordinary dividends . For the three and nine months ended September 30, 2021 and 2020, no dividends were paid from the Insurance Entities to PSI. Effective July 1, 2021, the Florida Insurance Code requires a residential property insurance company to maintain statutory surplus as to policyholders of at least $15.0 million or ten percent of the insurer’s total liabilities, whichever is greater. As of December 31, 2020, this minimum requirement was the greater of $10.0 million or ten percent of the insurer’s total liabilities. 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 each of the Insurance Entities as of the dates presented (in thousands): September 30, 2021 December 31, 2020 Statutory capital and surplus UPCIC (1) (2) $ 363,465 $ 360,707 APPCIC $ 16,417 $ 12,918 Ten percent of total liabilities UPCIC $ 129,593 $ 98,682 APPCIC $ 7,365 $ 1,793 (1) As of the dates in the table above, statutory capital and surplus for UPCIC includes a $77 million capital contribution funded in February 2021 by UIH through PSI, the Insurance Entities’ parent company, which the FLOIR permitted to be included in the statutory capital and surplus at December 31, 2020 under statutory accounting principles. This contribution was not recognized on a U.S. GAAP basis at December 31, 2020. (2) As of the dates in the table above, statutory capital and surplus for UPCIC includes a $20 million Subordinated Surplus Debenture funded in October 2021 by UIH through PSI, the Insurance Entities’ parent company, which the FLOIR permitted to be included in UPCIC’s statutory capital and surplus at September 30, 2021 under statutory accounting principles. This contribution was not recognized on a U.S. GAAP basis at September 30, 2021. As of the dates in the table above, the Insurance Entities each exceeded the minimum statutory capitalization requirement. The Insurance Entities also met the capitalization requirements of the other states in which they were licensed as of September 30, 2021. The Insurance Entities are also required to adhere to prescribed premium-to-capital surplus ratios and each met those requirements at such dates. Through PSI, UIH recorded contributions for the periods presented (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Capital contributions - UPCIC $ 15,000 $ 44,000 $ 92,000 $ 74,000 The following table summarizes combined net income (loss) for the Insurance Entities determined in accordance with statutory accounting practices for the periods presented (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Combined net income (loss) $ (22,903) $ (41,436) $ (21,723) $ (37,034) The Insurance Entities are required by various state laws and regulations to maintain certain assets in depository accounts. The following table represents assets held by insurance regulators as of the dates presented (in thousands): September 30, 2021 December 31, 2020 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,484 $ 3,550

Liability for Unpaid Losses and

Liability for Unpaid Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2021
Insurance [Abstract]
Liability for Unpaid Losses and Loss Adjustment Expenses	Liability for Unpaid Losses and Loss Adjustment Expenses Set forth in the following table is the change in liability for unpaid losses and LAE for the periods presented (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Balance at beginning of period $ 278,658 $ 147,659 $ 322,465 $ 267,760 Less: Reinsurance recoverable (113,157) (26,107) (119,522) (123,221) Net balance at beginning of period 165,501 121,552 202,943 144,539 Incurred related to: Current year 176,092 208,392 480,782 489,966 Prior years 11,489 30,085 17,983 34,904 Total incurred 187,581 238,477 498,765 524,870 Paid related to: Current year 180,473 172,977 386,302 355,479 Prior years 42,841 43,661 185,638 170,539 Total paid 223,314 216,638 571,940 526,018 Net balance at end of period 129,768 143,391 129,768 143,391 Plus: Reinsurance recoverable 82,720 59,329 82,720 59,329 Balance at end of period $ 212,488 $ 202,720 $ 212,488 $ 202,720 During the three months ended September 30, 2021, there was adverse prior years’ reserve development of $87.9 million gross, less $76.4 million ceded, resulting in $11.5 million net development. The direct and net prior years’ reserve development for the quarter ended September 30, 2021 was principally due to a direct increase in the ultimate losses for hurricanes of $81.7 million offset by ceded hurricane losses of $76.4 million resulting in net unfavorable development of $5.3 million. Direct losses increased for Hurricanes Irma and Sally. Excluding hurricanes, there was $6.2 million of direct and net prior years’ reserve development for the quarter ended September 30, 2021. This development, primarily from the 2019 and prior accident years, resulted from settlements on litigated claims exceeding prior estimated amounts. During the three months ended September 30, 2020, there was adverse prior years’ reserve development of $136.7 million gross, less $106.7 million ceded, resulting in $30.1 million net development. The net prior years’ reserve development for the quarter ended September 30, 2020 was principally due to increased ultimate losses and LAE for Hurricane Irma not recoverable from the Florida Hurricane Catastrophe Fund (”FHCF”) and increased prior years’ companion claims in the run-up to the expiration of the statutory limitations period for filing Hurricane Irma claims. During the nine months ended September 30, 2021, there was adverse prior years’ reserve development of $296.9 million gross, less $278.9 million ceded, resulting in $18.0 million net development. The direct and net prior year reserve development for the nine months ended September 30, 2021 was principally due to a direct increase in the ultimate losses for several hurricanes of $282.9 million, offset by ceded hurricane losses of $278.9 million, resulting in net unfavorable reserve development of $4.0 million. Direct losses increased for Hurricanes Irma, Sally, Michael and Matthew. Excluding hurricanes, there was $14.0 million of direct and net prior years’ reserve development for the nine months ended September 30, 2021. This development, primarily from the 2019 and prior accident years, resulted from settlements on litigated claims exceeding prior estimated amounts. During the nine months ended September 30, 2020, there was adverse prior years’ reserve development of $190.8 million gross, less $155.9 million ceded, resulting in $34.9 million net unfavorable development. The direct and net prior years’ reserve development for the nine months ended September 30, 2020 was principally due to increased ultimate losses and LAE for Hurricane Irma not recoverable from the FHCF and increased prior years’ companion claims in the run-up to the expiration of the statutory limitations period for Hurricane Irma. With respect to hurricanes occurring prior to July 1, 2020, Florida law barred new, supplemental or reopened claims for losses caused by the perils of windstorms or hurricanes unless notice was provided within three years of the event. In September 2020, the three-year period following Hurricane Irma expired. The Company continues to adjust and settle Hurricane Irma claims that were reported prior to the expiration of the three-year period. Effective July 1, 2021, the Florida legislature amended the law to require a new or reopened claim, whether or not attributable to a hurricane, to be filed within two years of the date of loss.

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt Surplus Note Consists of the following as of the dates presented (in thousands): September 30, December 31, 2021 2020 Surplus note $ 7,353 $ 8,456 In 2006, UPCIC entered into a $25.0 million surplus note with the State Board of Administration of Florida (the “SBA”) under Florida’s Insurance Capital Build-Up Incentive Program. The surplus note has a twenty-year term and accrues interest, adjusted quarterly based on the 10-year Constant Maturity Treasury Index. Principal and interest are paid periodically pursuant to terms of the surplus note. UPCIC was in compliance with the terms of the surplus note as of September 30, 2021. Unsecured Revolving Loan In August 2021, the Company entered into a credit agreement and related revolving loan (“Revolving Loan”) with JPMorgan Chase Bank, N.A. (“JPMorgan”). The Revolving Loan makes available to the Company an unsecured revolving credit facility with an aggregate commitment not to exceed $35.0 million and carries an interest rate of prime rate plus a margin of 2%. The Company must pay an annual commitment of 0.50% of the unused portion of the commitment. Borrowings under the Revolving Loan mature 364 days after the date of the loan. The Revolving Loan contains customary financial covenants. As of September 30, 2021, the Company was in compliance with all applicable covenants, including financial covenants. The Company has not drawn any amount under the Revolving Loan as of September 30, 2021.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
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 Average Repurchased During the Aggregate Price Per Dollar Amount Nine Months Ended September 30, Purchase Share Date Authorized Expiration Date Authorized 2021 2020 Price Repurchased Plan Completed November 3, 2020 November 3, 2022 $ 20,000 116,886 — $ 1,609 $ 13.77 November 6, 2019 December 31, 2021 $ 40,000 — 1,418,087 $ 26,501 $ 18.69 November 2020

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended September 30, 2021 , the Company recorded approximately $6.3 million of income tax expense compared to $0.6 million of income tax benefit for the three months ended September 30, 2020. The effective tax rate (“ETR”) for the three months ended September 30, 2021 was 23.7% compared to a 16.4% ETR for the same period in 2020. During the nine months ended September 30, 2021 and 2020, the Company recorded approximately $24.3 million and $14.5 million of income tax expense, respectively. The ETR for the nine months ended September 30, 2021 was 26.2% compared to a 28.2% ETR for the same period in 2020. 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 26.9% for 2021, calculated before the impact of discrete items. The effect of reporting discrete items through September 30, 2021 amounts to an increase to the annual estimated ETR of 10 basis points, resulting in a total annual estimated ETR of 27.0%. The annual estimated ETR includes a federal income tax rate of 21% and a state income tax rate, net of federal benefit, of 2.4%. 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. The Company reviews its deferred tax assets regularly for recoverability. Management has reviewed all available evidence, both positive and negative, in determining the need for a valuation allowance with respect to the gross deferred tax assets. In reviewing the gross deferred tax assets, management has concluded that the likelihood for utilization of these deferred tax assets is certain (greater than 50%) and determined that a valuation allowance on any of the deferred tax assets is not required. Management will continue to analyze the gross deferred tax assets on a quarterly basis to determine whether there is a need for a valuation allowance in the future.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
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 Nine Months Ended 2021 2020 2021 2020 Numerator for EPS: Net income (loss) $ 20,183 $ (3,169) $ 68,532 $ 36,780 Less: Preferred stock dividends (3) (3) (8) (8) Income (loss) available to common stockholders $ 20,180 $ (3,172) $ 68,524 $ 36,772 Denominator for EPS: Weighted average common shares outstanding 31,247 31,659 31,232 32,116 Plus: Assumed conversion of share-based compensation (1) 65 — 45 61 Assumed conversion of preferred stock 25 — 25 25 Weighted average diluted common shares outstanding 31,337 31,659 31,302 32,202 Basic earnings (loss) per common share $ 0.65 $ (0.10) $ 2.19 $ 1.14 Diluted earnings (loss) per common share $ 0.64 $ (0.10) $ 2.19 $ 1.14 (1) Represents the dilutive effect of unexercised stock options, unvested performance share units, unvested restricted stock units and unvested restricted stock.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) The following table provides the components of other comprehensive income (loss) on a pre-tax and after-tax basis for the periods presented (in thousands): Three Months Ended September 30, 2021 2020 Pre-tax Tax After-tax Pre-tax Tax After-tax Net changes related to available-for-sale securities: Unrealized holding gains (losses) arising during the period $ (1,635) $ (334) $ (1,301) $ 5,518 $ 1,359 $ 4,159 Less: Reclassification adjustments for (gains) losses realized in net income (loss) (690) (164) (526) (53,827) (13,247) (40,580) Other comprehensive income (loss) $ (2,325) $ (498) $ (1,827) $ (48,309) $ (11,888) $ (36,421) Nine Months Ended September 30, 2021 2020 Pre-tax Tax After-tax Pre-tax Tax After-tax Net changes related to available-for-sale securities: Unrealized holding gains (losses) arising during the period $ (13,796) $ (3,241) $ (10,555) $ 28,953 $ 7,320 $ 21,633 Less: Reclassification adjustments for (gains) losses realized in net income (loss) (243) (57) (186) (54,294) (13,362) (40,932) Other comprehensive income (loss) (14,039) (3,298) (10,741) (25,341) (6,042) (19,299) Reclassification adjustment to retained earnings (1) — — — 791 194 597 Change in accumulated other comprehensive income (loss) $ (14,039) $ (3,298) $ (10,741) $ (24,550) $ (5,848) $ (18,702) (1) Effective January 1, 2020, the Company adopted Accounting Standard Update 2016-13. 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. 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 Three Months Ended Nine Months Ended 2021 2020 2021 2020 Unrealized gains (losses) on $ 690 $ 53,827 $ 243 $ 54,294 Net realized gains (losses) on sale of securities (164) (13,247) (57) (13,362) Income taxes Total reclassification for the period $ 526 $ 40,580 $ 186 $ 40,932 Net of tax

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
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. The majority of the Company’s reinsurance commitments run from June 1 st of the current year to May 31 st of the following year. Some of the Company’s 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, net” in the Condensed Consolidated Balance Sheet. Effective March 26, 2021, UPCIC entered into a three-year reinsurance agreement with Cosaint Re Pte. Ltd., a reinsurance entity incorporated in Singapore that correspondingly issued notes in a Rule 144A offering to raise proceeds to collateralize its obligations under this agreement. Amounts payable for coverage for the first year of the reinsurance agreement with Cosaint Re Pte. Ltd. are also recorded as “Reinsurance Payable, net.” 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) $94.3 million in 2022; (2) $138.2 million in 2023 and (3) $72.1 million in 2024. Litigation Lawsuits are filed against the Company from time to time. Many of these lawsuits involve claims under policies that the Company underwrites and reserves for as an insurer. The Company is also involved in various other legal proceedings and litigation unrelated to claims under the Company’s 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 the Company’s 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	9 Months Ended
	Sep. 30, 2021
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 and other: 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 debt 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 debt securities issued by a state, municipality or county. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields and credit spreads. Redeemable preferred stock: Comprise preferred stock securities that are redeemable. The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active. As required by U.S. GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the placement of the asset or liability within the fair value hierarchy levels. The following tables set forth by level within the fair value hierarchy the Company’s assets measured at fair value on a recurring basis as of the dates presented (in thousands): Fair Value Measurements September 30, 2021 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 37,116 $ — $ 37,116 Corporate bonds — 634,492 — 634,492 Mortgage-backed and asset-backed securities — 333,754 — 333,754 Municipal bonds — 14,681 — 14,681 Redeemable preferred stock — 9,114 — 9,114 Equity Securities: Common stock 5,842 — — 5,842 Mutual funds and other 71,257 — — 71,257 Total assets accounted for at fair value $ 77,099 $ 1,029,157 $ — $ 1,106,256 Fair Value Measurements December 31, 2020 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 59,631 $ — $ 59,631 Corporate bonds — 419,844 — 419,844 Mortgage-backed and asset-backed securities — 319,937 — 319,937 Municipal bonds — 12,128 — 12,128 Redeemable preferred stock — 8,321 — 8,321 Equity Securities: Common stock 2,435 — — 2,435 Mutual funds 82,452 — — 82,452 Total assets accounted for at fair value $ 84,887 $ 819,861 $ — $ 904,748 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): September 30, 2021 December 31, 2020 Carrying Value (Level 3) Carrying Value (Level 3) Liabilities (debt): Surplus note $ 7,353 $ 7,074 $ 8,456 $ 8,291 Level 3 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.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company entered into a reinsurance captive arrangement with Isosceles Insurance Ltd. acting in respect of “Separate Account UVE-01”, a VIE in the normal course of business and consolidated the VIE since the Company is the primary beneficiary. The primary beneficiary analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and the Company’s involvement with the entity. When assessing the need to consolidate a VIE, the Company evaluates the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders. The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the Company’s decision-making ability and its ability to influence activities that significantly affect the economic performance of the VIE. The following table presents, on a consolidated basis, the balance sheet classification and exposure of restricted cash held in a reinsurance trust account, which can be used only to settle specific reinsurance obligations of the VIE as of the dates presented (in thousands): September 30, 2021 December 31, 2020 Restricted cash and cash equivalents $ 13,200 $ 10,100

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe 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 September 30, 2021.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
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, 2020, filed with the SEC on February 26, 2021. The Condensed Consolidated Balance Sheet at December 31, 2020 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, as well as variable interest entities (“VIE”) in which the Company is determined to be the primary beneficiary. 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.
Assets Held for Sale	Assets Held for Sale. The Company considers properties, including land, to be assets held for sale when (1) management commits to a plan to sell the property; (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and the Company expects the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property’s value at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and the Company ceases depreciation. Assets held for sale are stated separately in the accompanying Condensed Consolidated Balance Sheets.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Cost or Amortized Cost and Fair Value of Securities Available for Sale	The following table provides the amortized cost and fair value of available-for-sale debt securities as of the dates presented (in thousands): September 30, 2021 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 37,291 $ — $ 102 $ (277) $ 37,116 Corporate bonds 640,855 (236) 1,435 (7,562) 634,492 Mortgage-backed and asset-backed securities 336,881 — 493 (3,620) 333,754 Municipal bonds 14,925 (1) 1 (244) 14,681 Redeemable preferred stock 9,090 (53) 90 (13) 9,114 Total $ 1,039,042 $ (290) $ 2,121 $ (11,716) $ 1,029,157 December 31, 2020 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 59,529 $ — $ 157 $ (55) $ 59,631 Corporate bonds 416,758 (148) 3,571 (337) 419,844 Mortgage-backed and asset-backed securities 319,377 — 1,175 (615) 319,937 Municipal bonds 11,990 — 138 — 12,128 Redeemable preferred stock 7,993 (38) 424 (58) 8,321 Total $ 815,647 $ (186) $ 5,465 $ (1,065) $ 819,861
Schedule of Credit Quality of Investment Securities	The following table provides the credit quality of available-for-sale debt securities as of the dates presented (dollars in thousands): September 30, 2021 December 31, 2020 Equivalent S&P Credit Ratings Fair Value % of Total Fair Value % of Total AAA $ 330,344 32.1 % $ 337,462 41.2 % AA 143,806 14.0 % 89,681 10.9 % A 315,761 30.7 % 230,290 28.1 % BBB 229,208 22.2 % 160,662 19.6 % BB and Below — — % 233 — % No Rating Available 10,038 1.0 % 1,533 0.2 % Total $ 1,029,157 100.0 % $ 819,861 100.0 %
Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities	The following table summarizes the amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands): September 30, 2021 December 31, 2020 Amortized Fair Value Amortized Fair Value Mortgage-backed Securities: Agency $ 149,850 $ 147,723 $ 153,937 $ 153,758 Non-agency 68,025 66,940 54,231 54,666 Asset-backed Securities: Auto loan receivables 71,716 71,764 68,188 68,440 Credit card receivables 4,756 4,749 7,878 7,891 Other receivables 42,534 42,578 35,143 35,182 Total $ 336,881 $ 333,754 $ 319,377 $ 319,937
Schedule of Fair Value and Gross Unrealized Losses on Securities Available for Sale	The following tables summarize available-for-sale debt securities, aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position, for which no allowance for expected credit losses has been recorded as of the dates presented (in thousands): September 30, 2021 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 5 $ 21,069 $ (145) 2 $ 1,981 $ (132) Corporate bonds 216 304,464 (4,143) 7 12,896 (339) Mortgage-backed and asset-backed securities 108 232,904 (3,425) 5 5,320 (195) Municipal bonds 4 8,881 (199) — — — Redeemable preferred stock 1 498 (2) — — — Total 334 $ 567,816 $ (7,914) 14 $ 20,197 $ (666) December 31, 2020 Less Than 12 Months 12 Months or Longer Number of Fair Value Unrealized Number of Fair Value Unrealized Debt Securities: U.S. government obligations and agencies 8 $ 31,729 $ (55) — $ — $ — Corporate bonds 27 28,791 (162) — — — Mortgage-backed and asset-backed securities 42 112,462 (615) — — — Municipal bonds — — — — — — Redeemable preferred stock 2 688 (12) — — — Total 79 $ 173,670 $ (844) — $ — $ —
Schedule of 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 available-for-sale debt securities (in thousands): Corporate Bonds Municipal Bonds Redeemable Total Balance, December 31, 2019 $ — $ — $ — $ — Cumulative effect adjustment as of January 1, 2020 665 — 126 791 Increase (decrease) (517) — (88) (605) Balance, December 31, 2020 148 — 38 186 Increase (decrease) 88 1 15 104 Balance, September 30, 2021 $ 236 $ 1 $ 53 $ 290
Schedule of Amortized Cost and Fair Value of Investments With Contractual Maturities	The following table presents the amortized cost and fair value of investments with maturities as of the date presented (in thousands): September 30, 2021 Amortized Cost Fair Value Due in one year or less $ 31,202 $ 31,275 Due after one year through five years 609,963 606,996 Due after five years through ten years 370,677 363,943 Due after ten years 26,301 26,046 Perpetual maturity securities 899 897 Total $ 1,039,042 $ 1,029,157
Schedule of Securities Available for Sale	The following table provides certain information related to available-for-sale debt securities, equity securities and investment in real estate during the periods presented (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Proceeds from sales and maturities (fair value): Available-for-sale debt securities (1) $ 32,320 $ 773,673 $ 146,611 $ 873,355 Equity securities $ 48,486 $ — $ 53,651 $ — Gross realized gains on sale of securities: Available-for-sale debt securities (1) $ 882 $ 53,893 $ 1,899 $ 54,779 Equity securities $ 1,315 $ — $ 2,399 $ — Gross realized losses on sale of securities: Available-for-sale debt securities (1) $ (192) $ (66) $ (1,656) $ (485) Equity securities $ — $ — $ — $ — Realized gains on sales of investment real estate (2) $ — $ — $ 401 $ — (1) In the third quarter of 2020, the Company took advantage of the market recovery and recognized $53.8 million of net realized gains on the sale of our available-for-sale debt securities that were in an unrealized gain position. (2) See the discussion below for “Investment Real Estate” sold.
Schedule of Investment Income (Expense) Comprised Primarily of Interest and Dividends	The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Available-for-sale debt securities $ 2,799 $ 4,394 $ 8,393 $ 16,425 Equity securities 544 583 1,787 1,732 Cash and cash equivalents (1) 2 49 28 935 Other (2) 274 268 809 782 Total investment income 3,619 5,294 11,017 19,874 Less: Investment expenses (3) (822) (737) (2,376) (2,304) Net investment income $ 2,797 $ 4,557 $ 8,641 $ 17,570 (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.
Schedule of Details on Realized and Unrealized Gains and Losses Related to Equity Securities	The following table provides the unrealized gains and losses recognized for the periods presented on equity securities still held at the end of the reported period (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period $ (3,418) $ 1,991 $ (2,391) $ (2,162)
Schedule of Real Estate Investment	Investment real estate consisted of the following as of the dates presented (in thousands): September 30, December 31, 2021 2020 Income Producing: Investment real estate $ 7,087 $ 14,685 Less: Accumulated depreciation (1,153) (1,699) 5,934 12,986 Non-Income Producing: Investment real estate — 2,190 Investment real estate, net $ 5,934 $ 15,176
Schedule of Depreciation Expense Related to Investment Real Estate	Depreciation expense related to investment real estate for the periods presented (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Depreciation expense on investment real estate $ 47 $ 103 $ 139 $ 311

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2021
Reinsurance Disclosures [Abstract]
Schedule of Ratings from Rating Agencies and Unsecured Amounts Due from Reinsurers 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 September 30, 2021 Due from as of Reinsurer AM Best Standard Moody’s September 30, 2021 December 31, 2020 Florida Hurricane Catastrophe Fund (1) n/a n/a n/a $ 52,992 $ 121,298 Allianz Risk Transfer (Bermuda) Ltd. A+ AA Aa3 41,553 96,652 Allianz Risk Transfer — — — — 21,087 Renaissance Reinsurance Ltd. — — — — 18,285 Total (2) $ 94,545 $ 257,322 (1) No rating is available because the fund is not rated. (2) Amounts represent prepaid reinsurance premiums and net recoverables for paid and unpaid losses, including incurred but not reported reserves, and loss adjustment expenses.
Schedule of Effects of Reinsurance Arrangements	The Company’s reinsurance arrangements had the following effect on certain items in the Condensed Consolidated Statements of Income for the periods presented (in thousands): Three Months Ended September 30, 2021 2020 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 432,984 $ 410,621 $ 264,068 $ 409,418 $ 357,208 $ 347,207 Ceded (124) (145,967) (76,487) (3,062) (123,017) (108,730) Net $ 432,860 $ 264,654 $ 187,581 $ 406,356 $ 234,191 $ 238,477 Nine Months Ended September 30, 2021 2020 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 1,271,925 $ 1,178,801 $ 777,668 $ 1,148,656 $ 1,020,798 $ 682,896 Ceded (585,413) (414,670) (278,903) (497,263) (339,408) (158,026) Net $ 686,512 $ 764,131 $ 498,765 $ 651,393 $ 681,390 $ 524,870
Schedule of Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable	The following prepaid reinsurance premiums and reinsurance recoverable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands): September 30, December 31, 2021 2020 Prepaid reinsurance premiums $ 386,466 $ 215,723 Reinsurance recoverable on paid losses and LAE $ 52,215 $ 40,895 Reinsurance recoverable on unpaid losses and LAE 82,720 119,522 Reinsurance recoverable $ 134,935 $ 160,417

Insurance Operations (Tables)

Insurance Operations (Tables)	9 Months Ended
	Sep. 30, 2021
Insurance [Abstract]
Schedule of Beginning and Ending Balances and Changes in DPAC, Net of DRCC	The following table presents the beginning and ending balances and the changes in DPAC for the periods presented (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 DPAC, beginning of period $ 115,971 $ 103,527 $ 110,614 $ 91,882 Capitalized Costs 55,054 58,727 170,996 164,700 Amortization of DPAC (57,046) (50,959) (167,631) (145,287) DPAC, end of period $ 113,979 $ 111,295 $ 113,979 $ 111,295
Schedule of 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 each of the Insurance Entities as of the dates presented (in thousands): September 30, 2021 December 31, 2020 Statutory capital and surplus UPCIC (1) (2) $ 363,465 $ 360,707 APPCIC $ 16,417 $ 12,918 Ten percent of total liabilities UPCIC $ 129,593 $ 98,682 APPCIC $ 7,365 $ 1,793 (1) As of the dates in the table above, statutory capital and surplus for UPCIC includes a $77 million capital contribution funded in February 2021 by UIH through PSI, the Insurance Entities’ parent company, which the FLOIR permitted to be included in the statutory capital and surplus at December 31, 2020 under statutory accounting principles. This contribution was not recognized on a U.S. GAAP basis at December 31, 2020. (2) As of the dates in the table above, statutory capital and surplus for UPCIC includes a $20 million Subordinated Surplus Debenture funded in October 2021 by UIH through PSI, the Insurance Entities’ parent company, which the FLOIR permitted to be included in UPCIC’s statutory capital and surplus at September 30, 2021 under statutory accounting principles. This contribution was not recognized on a U.S. GAAP basis at September 30, 2021. Through PSI, UIH recorded contributions for the periods presented (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Capital contributions - UPCIC $ 15,000 $ 44,000 $ 92,000 $ 74,000 The following table summarizes combined net income (loss) for the Insurance Entities determined in accordance with statutory accounting practices for the periods presented (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Combined net income (loss) $ (22,903) $ (41,436) $ (21,723) $ (37,034) The Insurance Entities are required by various state laws and regulations to maintain certain assets in depository accounts. The following table represents assets held by insurance regulators as of the dates presented (in thousands): September 30, 2021 December 31, 2020 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,484 $ 3,550

Liability for Unpaid Losses a_2

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2021
Insurance [Abstract]
Schedule of Changes in Liability for Unpaid Losses and LAE	Set forth in the following table is the change in liability for unpaid losses and LAE for the periods presented (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Balance at beginning of period $ 278,658 $ 147,659 $ 322,465 $ 267,760 Less: Reinsurance recoverable (113,157) (26,107) (119,522) (123,221) Net balance at beginning of period 165,501 121,552 202,943 144,539 Incurred related to: Current year 176,092 208,392 480,782 489,966 Prior years 11,489 30,085 17,983 34,904 Total incurred 187,581 238,477 498,765 524,870 Paid related to: Current year 180,473 172,977 386,302 355,479 Prior years 42,841 43,661 185,638 170,539 Total paid 223,314 216,638 571,940 526,018 Net balance at end of period 129,768 143,391 129,768 143,391 Plus: Reinsurance recoverable 82,720 59,329 82,720 59,329 Balance at end of period $ 212,488 $ 202,720 $ 212,488 $ 202,720

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Consists of the following as of the dates presented (in thousands): September 30, December 31, 2021 2020 Surplus note $ 7,353 $ 8,456

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
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 Average Repurchased During the Aggregate Price Per Dollar Amount Nine Months Ended September 30, Purchase Share Date Authorized Expiration Date Authorized 2021 2020 Price Repurchased Plan Completed November 3, 2020 November 3, 2022 $ 20,000 116,886 — $ 1,609 $ 13.77 November 6, 2019 December 31, 2021 $ 40,000 — 1,418,087 $ 26,501 $ 18.69 November 2020

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerator and Denominator of Basic and Diluted Earnings Per Share Computations	The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted EPS computations for the periods presented (in thousands, except per share data): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Numerator for EPS: Net income (loss) $ 20,183 $ (3,169) $ 68,532 $ 36,780 Less: Preferred stock dividends (3) (3) (8) (8) Income (loss) available to common stockholders $ 20,180 $ (3,172) $ 68,524 $ 36,772 Denominator for EPS: Weighted average common shares outstanding 31,247 31,659 31,232 32,116 Plus: Assumed conversion of share-based compensation (1) 65 — 45 61 Assumed conversion of preferred stock 25 — 25 25 Weighted average diluted common shares outstanding 31,337 31,659 31,302 32,202 Basic earnings (loss) per common share $ 0.65 $ (0.10) $ 2.19 $ 1.14 Diluted earnings (loss) per common share $ 0.64 $ (0.10) $ 2.19 $ 1.14 (1) Represents the dilutive effect of unexercised stock options, unvested performance share units, unvested restricted stock units and unvested restricted stock.

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table provides the components of other comprehensive income (loss) on a pre-tax and after-tax basis for the periods presented (in thousands): Three Months Ended September 30, 2021 2020 Pre-tax Tax After-tax Pre-tax Tax After-tax Net changes related to available-for-sale securities: Unrealized holding gains (losses) arising during the period $ (1,635) $ (334) $ (1,301) $ 5,518 $ 1,359 $ 4,159 Less: Reclassification adjustments for (gains) losses realized in net income (loss) (690) (164) (526) (53,827) (13,247) (40,580) Other comprehensive income (loss) $ (2,325) $ (498) $ (1,827) $ (48,309) $ (11,888) $ (36,421) Nine Months Ended September 30, 2021 2020 Pre-tax Tax After-tax Pre-tax Tax After-tax Net changes related to available-for-sale securities: Unrealized holding gains (losses) arising during the period $ (13,796) $ (3,241) $ (10,555) $ 28,953 $ 7,320 $ 21,633 Less: Reclassification adjustments for (gains) losses realized in net income (loss) (243) (57) (186) (54,294) (13,362) (40,932) Other comprehensive income (loss) (14,039) (3,298) (10,741) (25,341) (6,042) (19,299) Reclassification adjustment to retained earnings (1) — — — 791 194 597 Change in accumulated other comprehensive income (loss) $ (14,039) $ (3,298) $ (10,741) $ (24,550) $ (5,848) $ (18,702)
Schedule of Reclassifications 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 Three Months Ended Nine Months Ended 2021 2020 2021 2020 Unrealized gains (losses) on $ 690 $ 53,827 $ 243 $ 54,294 Net realized gains (losses) on sale of securities (164) (13,247) (57) (13,362) Income taxes Total reclassification for the period $ 526 $ 40,580 $ 186 $ 40,932 Net of tax

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets Measured for at Fair Value on Recurring Basis	The following tables set forth by level within the fair value hierarchy the Company’s assets measured at fair value on a recurring basis as of the dates presented (in thousands): Fair Value Measurements September 30, 2021 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 37,116 $ — $ 37,116 Corporate bonds — 634,492 — 634,492 Mortgage-backed and asset-backed securities — 333,754 — 333,754 Municipal bonds — 14,681 — 14,681 Redeemable preferred stock — 9,114 — 9,114 Equity Securities: Common stock 5,842 — — 5,842 Mutual funds and other 71,257 — — 71,257 Total assets accounted for at fair value $ 77,099 $ 1,029,157 $ — $ 1,106,256 Fair Value Measurements December 31, 2020 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 59,631 $ — $ 59,631 Corporate bonds — 419,844 — 419,844 Mortgage-backed and asset-backed securities — 319,937 — 319,937 Municipal bonds — 12,128 — 12,128 Redeemable preferred stock — 8,321 — 8,321 Equity Securities: Common stock 2,435 — — 2,435 Mutual funds 82,452 — — 82,452 Total assets accounted for at fair value $ 84,887 $ 819,861 $ — $ 904,748
Schedule of Carrying Value and Estimated Fair Values of Financial Instruments not Carried at Fair Value	The following table summarizes the carrying value and estimated fair values of the Company’s financial instruments not carried at fair value as of the dates presented (in thousands): September 30, 2021 December 31, 2020 Carrying Value (Level 3) Carrying Value (Level 3) Liabilities (debt): Surplus note $ 7,353 $ 7,074 $ 8,456 $ 8,291

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents, on a consolidated basis, the balance sheet classification and exposure of restricted cash held in a reinsurance trust account, which can be used only to settle specific reinsurance obligations of the VIE as of the dates presented (in thousands): September 30, 2021 December 31, 2020 Restricted cash and cash equivalents $ 13,200 $ 10,100

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Detail)	Sep. 30, 2021state
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states	19

Investments - Cost or Amortized

Investments - Cost or Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,039,042	$ 815,647
Allowance for Expected Credit Losses	(290)	(186)	$ 0
Gross Unrealized Gains	2,121	5,465
Gross Unrealized Losses	(11,716)	(1,065)
Fair Value	1,029,157	819,861
U.S. government obligations and agencies | Fixed Maturities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	37,291	59,529
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	102	157
Gross Unrealized Losses	(277)	(55)
Fair Value	37,116	59,631
Corporate bonds | Fixed Maturities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	640,855	416,758
Allowance for Expected Credit Losses	(236)	(148)
Gross Unrealized Gains	1,435	3,571
Gross Unrealized Losses	(7,562)	(337)
Fair Value	634,492	419,844
Mortgage-backed and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	336,881	319,377
Fair Value	333,754	319,937
Mortgage-backed and asset-backed securities | Fixed Maturities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	336,881	319,377
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	493	1,175
Gross Unrealized Losses	(3,620)	(615)
Fair Value	333,754	319,937
Municipal bonds | Fixed Maturities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,925	11,990
Allowance for Expected Credit Losses	(1)	0
Gross Unrealized Gains	1	138
Gross Unrealized Losses	(244)	0
Fair Value	14,681	12,128
Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Allowance for Expected Credit Losses	(53)	(38)	$ 0
Redeemable preferred stock | Fixed Maturities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,090	7,993
Allowance for Expected Credit Losses	(53)	(38)
Gross Unrealized Gains	90	424
Gross Unrealized Losses	(13)	(58)
Fair Value	$ 9,114	$ 8,321

Investments - Schedule of Credi

Investments - Schedule of Credit Quality of Investment Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 1,029,157	$ 819,861
% of Total Fair Value	100.00%	100.00%
AAA
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 330,344	$ 337,462
% of Total Fair Value	32.10%	41.20%
AA
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 143,806	$ 89,681
% of Total Fair Value	14.00%	10.90%
A
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 315,761	$ 230,290
% of Total Fair Value	30.70%	28.10%
BBB
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 229,208	$ 160,662
% of Total Fair Value	22.20%	19.60%
BB and Below
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 0	$ 233
% of Total Fair Value	0.00%	0.00%
No Rating Available
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 10,038	$ 1,533
% of Total Fair Value	1.00%	0.20%

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,039,042	$ 815,647
Fair Value	1,029,157	819,861
Mortgage-backed and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	336,881	319,377
Fair Value	333,754	319,937
Agency | Mortgage-backed Securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	149,850	153,937
Fair Value	147,723	153,758
Non-agency | Mortgage-backed Securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	68,025	54,231
Fair Value	66,940	54,666
Auto loan receivables | Asset-backed Securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71,716	68,188
Fair Value	71,764	68,440
Credit card receivables | Asset-backed Securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,756	7,878
Fair Value	4,749	7,891
Other receivables | Asset-backed Securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	42,534	35,143
Fair Value	$ 42,578	$ 35,182

Investments - Summarized Fair V

Investments - Summarized Fair Value and Gross Unrealized Losses on Available-for-sale Debt Securities (Detail) $ in Thousands	Sep. 30, 2021USD ($)security	Dec. 31, 2020USD ($)security
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	334	79
Less than 12 months, Fair value	$ 567,816	$ 173,670
Less than 12 months, Unrealized losses	$ (7,914)	$ (844)
12 months or longer, Number of issues | security	14	0
12 months or longer, Fair value	$ 20,197	$ 0
12 months or longer, Unrealized losses	$ (666)	$ 0
Fixed Maturities | U.S. government obligations and agencies
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	5	8
Less than 12 months, Fair value	$ 21,069	$ 31,729
Less than 12 months, Unrealized losses	$ (145)	$ (55)
12 months or longer, Number of issues | security	2	0
12 months or longer, Fair value	$ 1,981	$ 0
12 months or longer, Unrealized losses	$ (132)	$ 0
Fixed Maturities | Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	216	27
Less than 12 months, Fair value	$ 304,464	$ 28,791
Less than 12 months, Unrealized losses	$ (4,143)	$ (162)
12 months or longer, Number of issues | security	7	0
12 months or longer, Fair value	$ 12,896	$ 0
12 months or longer, Unrealized losses	$ (339)	$ 0
Fixed Maturities | Mortgage-backed and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	108	42
Less than 12 months, Fair value	$ 232,904	$ 112,462
Less than 12 months, Unrealized losses	$ (3,425)	$ (615)
12 months or longer, Number of issues | security	5	0
12 months or longer, Fair value	$ 5,320	$ 0
12 months or longer, Unrealized losses	$ (195)	$ 0
Fixed Maturities | Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	4	0
Less than 12 months, Fair value	$ 8,881	$ 0
Less than 12 months, Unrealized losses	$ (199)	$ 0
12 months or longer, Number of issues | security	0	0
12 months or longer, Fair value	$ 0	$ 0
12 months or longer, Unrealized losses	$ 0	$ 0
Fixed Maturities | Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	1	2
Less than 12 months, Fair value	$ 498	$ 688
Less than 12 months, Unrealized losses	$ (2)	$ (12)
12 months or longer, Number of issues | security	0	0
12 months or longer, Fair value	$ 0	$ 0
12 months or longer, Unrealized losses	$ 0	$ 0

Investments - AFS Allowance for

Investments - AFS Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Expected credit loss on available-for-sale debt securities at beginning of period	$ 186	$ 0
Increase (decrease)	104	(605)
Expected credit loss on available-for-sale debt securities at end of period	290	186
Corporate Bonds
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Expected credit loss on available-for-sale debt securities at beginning of period	148	0
Increase (decrease)	88	(517)
Expected credit loss on available-for-sale debt securities at end of period	236	148
Municipal Bonds
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Expected credit loss on available-for-sale debt securities at beginning of period	0	0
Increase (decrease)	1	0
Expected credit loss on available-for-sale debt securities at end of period	1	0
Redeemable preferred stock
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Expected credit loss on available-for-sale debt securities at beginning of period	38	0
Increase (decrease)	15	(88)
Expected credit loss on available-for-sale debt securities at end of period	$ 53	38
Cumulative effect adjustment as of January 1, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Expected credit loss on available-for-sale debt securities at beginning of period		791
Cumulative effect adjustment as of January 1, 2020 | Corporate Bonds
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Expected credit loss on available-for-sale debt securities at beginning of period		665
Cumulative effect adjustment as of January 1, 2020 | Municipal Bonds
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Expected credit loss on available-for-sale debt securities at beginning of period		0
Cumulative effect adjustment as of January 1, 2020 | Redeemable preferred stock
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Expected credit loss on available-for-sale debt securities at beginning of period		$ 126

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Investments With Contractual Maturities (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Amortized Cost
Due in one year or less	$ 31,202
Due after one year through five years	609,963
Due after five years through ten years	370,677
Due after ten years	26,301
Perpetual maturity securities	899
Amortized Cost	1,039,042	$ 815,647
Fair Value
Due in one year or less	31,275
Due after one year through five years	606,996
Due after five years through ten years	363,943
Due after ten years	26,046
Perpetual maturity securities	897
Fair Value	$ 1,029,157	$ 819,861

Investments - Summary of Availa

Investments - Summary of Available-for-Sale Debt Securities and Equity Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales and maturities (fair value)	$ 32,320	$ 773,673	$ 146,611	$ 873,355
Proceeds from sales of equity securities	48,486	0	53,651	0
Gross realized gains on sale of securities	882	53,893	1,899	54,779
Equity securities, FV-NI, Realized Gain	1,315	0	2,399	0
Gross realized losses on sale of securities	(192)	(66)	(1,656)	(485)
Equity securities, FV-NI, Realized Loss	0	0	0	0
Realized gains on sales of investment real estate	$ 0	0	$ 401	$ 0
Net realized gains on sales of AFS securities		$ 53,800

Investments - Investment Income

Investments - Investment Income (Expense) Comprised Primarily of Interest and Dividends (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net Investment Income [Line Items]
Total investment income	$ 3,619	$ 5,294	$ 11,017	$ 19,874
Less: Investment expenses	(822)	(737)	(2,376)	(2,304)
Net investment income	2,797	4,557	8,641	17,570
Available-for-sale debt securities
Net Investment Income [Line Items]
Investment income	2,799	4,394	8,393	16,425
Equity securities
Net Investment Income [Line Items]
Investment income	544	583	1,787	1,732
Cash and Cash Equivalents
Net Investment Income [Line Items]
Investment income	2	49	28	935
Other
Net Investment Income [Line Items]
Investment income	$ 274	$ 268	$ 809	$ 782

Investments - Summary of Detail

Investments - Summary of Details on Realized and Unrealized Gains and Losses Related to Equity Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period	$ (3,418)	$ 1,991	$ (2,391)	$ (2,162)

Investments - Schedule of Real

Investments - Schedule of Real Estate Investment (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real Estate [Line Items]
Investment real estate, net	$ 5,934	$ 15,176
Income Producing:
Real Estate [Line Items]
Investment real estate	7,087	14,685
Less: Accumulated depreciation	(1,153)	(1,699)
Investment real estate, net	5,934	12,986
Non-Income Producing:
Real Estate [Line Items]
Investment real estate	$ 0	$ 2,190

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Real Estate [Line Items]
Assets held for sale	$ 253		$ 253		$ 0
Proceeds from sales of investment real estate			2,591	$ 0
Realized gains on sales of investment real estate	0	$ 0	401	$ 0
Income Producing
Real Estate [Line Items]
Proceeds from Sale of Property Held-for-sale			8,900
Realized gains on sales of investment real estate	$ 2,300		2,300
Non Income Producing
Real Estate [Line Items]
Proceeds from sales of investment real estate			2,600
Realized gains on sales of investment real estate			$ 400

Investments - Schedule of Depre

Investments - Schedule of Depreciation Expense Related to Investment Real Estate (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Real Estate Investment
Real Estate [Line Items]
Depreciation expense on investment real estate	$ 47	$ 103	$ 139	$ 311

Reinsurance - Additional Inform

Reinsurance - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity, Total | Amounts Due From Reinsurers | Customers with Greater than 3% of Equity
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 Reinsurers Whose Aggregate Balance Exceeded 3% of Stockholders' Equity (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	$ 94,545	$ 257,322
Florida Hurricane Catastrophe Fund
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	52,992	121,298
Allianz Risk Transfer (Bermuda) Ltd. | AM Best Company A Plus Rating | Standard & Poor's, AA- Rating | Moody's, Aa3 Rating
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	41,553	96,652
Allianz Risk Transfer
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	0	21,087
Renaissance Reinsurance Ltd. | AM Best Company A Plus Rating | Standard & Poor's, A Plus Rating | Moody's A1 Rating
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	$ 0	$ 18,285

Reinsurance - Insurance Entitie

Reinsurance - Insurance Entities' Reinsurance Arrangements (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Reinsurance Disclosures [Abstract]
Direct premiums written	$ 432,984	$ 409,418	$ 1,271,925	$ 1,148,656
Ceded premiums written	(124)	(3,062)	(585,413)	(497,263)
Net premiums written	432,860	406,356	686,512	651,393
Direct premiums earned	410,621	357,208	1,178,801	1,020,798
Ceded premiums earned	(145,967)	(123,017)	(414,670)	(339,408)
Premiums earned, net	264,654	234,191	764,131	681,390
Direct losses and loss adjustment expenses	264,068	347,207	777,668	682,896
Ceded losses and loss adjustment expenses	(76,487)	(108,730)	(278,903)	(158,026)
Net Losses and Loss Adjustment Expenses	$ 187,581	$ 238,477	$ 498,765	$ 524,870

Reinsurance - Prepaid Reinsuran

Reinsurance - Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Reinsurance Disclosures [Abstract]
Prepaid reinsurance premiums	$ 386,466		$ 215,723
Reinsurance recoverable on paid losses and LAE	52,215		40,895
Reinsurance recoverable on unpaid losses and LAE	82,720	$ 113,157	119,522	$ 59,329	$ 26,107	$ 123,221
Reinsurance recoverable	$ 134,935		$ 160,417

Insurance Operations - Beginnin

Insurance Operations - Beginning and Ending Balances and Changes in DPAC, Net of DRCC (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Deferred Policy Acquisition Costs [Roll Forward]
DPAC, beginning of period	$ 115,971	$ 103,527	$ 110,614	$ 91,882
Capitalized Costs	55,054	58,727	170,996	164,700
Amortization of DPAC	(57,046)	(50,959)	(167,631)	(145,287)
DPAC, end of period	$ 113,979	$ 111,295	$ 113,979	$ 111,295

Insurance Operations - Addition

Insurance Operations - Additional Information (Detail) - USD ($)	Jul. 01, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
UPCIC
Statutory Accounting Practices [Line Items]
Dividends			$ 0	$ 0
APPCIC
Statutory Accounting Practices [Line Items]
Dividends		$ 0			$ 0
UPCIC and APPCIC
Statutory Accounting Practices [Line Items]
Minimum capitalization rate	10.00%					10.00%
UPCIC and APPCIC | Minimum
Statutory Accounting Practices [Line Items]
Minimum capitalization amount	$ 15,000,000					$ 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	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Oct. 27, 2021	Dec. 31, 2020
Statutory Accounting Practices [Line Items]
Capital contributions - UPCIC		$ 15,000	$ 44,000	$ 92,000	$ 74,000
Subsequent Event
Statutory Accounting Practices [Line Items]
Subordinated surplus debenture						$ 20,000
UPCIC
Statutory Accounting Practices [Line Items]
Statutory capital and surplus		363,465		363,465			$ 360,707
Ten percent of total liabilities		129,593		129,593			98,682
Capital contributions - UPCIC	$ 77,000
APPCIC
Statutory Accounting Practices [Line Items]
Statutory capital and surplus		16,417		16,417			12,918
Ten percent of total liabilities		$ 7,365		$ 7,365			$ 1,793

Insurance Operations - Capital

Insurance Operations - Capital Contributions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Insurance [Abstract]
Capital contributions - UPCIC	$ 15,000	$ 44,000	$ 92,000	$ 74,000

Insurance Operations - Summary

Insurance Operations - Summary of Combined Net Income for UPCIC and APPCIC (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Insurance [Abstract]
Combined net income (loss)	$ (22,903)	$ (41,436)	$ (21,723)	$ (37,034)

Insurance Operations - Assets H

Insurance Operations - Assets Held by Insurance Regulators (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investments
Statutory Accounting Practices [Line Items]
Assets held by insurance regulators	$ 3,484	$ 3,550
Restricted cash and cash equivalents
Statutory Accounting Practices [Line Items]
Assets held by insurance regulators	$ 2,635	$ 2,635

Liability for Unpaid Losses a_3

Liability for Unpaid Losses and Loss Adjustment Expenses - Change in Liability for Unpaid Losses and LAE (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance at beginning of period	$ 278,658	$ 147,659	$ 322,465	$ 267,760
Less: Reinsurance recoverable	(113,157)	(26,107)	(119,522)	(123,221)
Net balance at beginning of period	165,501	121,552	202,943	144,539
Incurred related to current year	176,092	208,392	480,782	489,966
Incurred related to prior years	11,489	30,085	17,983	34,904
Total incurred	187,581	238,477	498,765	524,870
Paid related to current year	180,473	172,977	386,302	355,479
Paid related to prior years	42,841	43,661	185,638	170,539
Total paid	223,314	216,638	571,940	526,018
Net balance at end of period	129,768	143,391	129,768	143,391
Plus: Reinsurance recoverable	82,720	59,329	82,720	59,329
Balance at end of period	$ 212,488	$ 202,720	$ 212,488	$ 202,720

Liability for Unpaid Losses a_4

Liability for Unpaid Losses and Loss Adjustment Expenses - Narrative (Detail) - USD ($) $ in Thousands	Jul. 01, 2021	Jul. 01, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Direct losses and loss adjustment expenses			$ 264,068	$ 347,207	$ 777,668	$ 682,896
Incurred related to prior years			11,489	30,085	17,983	34,904
Ceded losses and loss adjustment expenses			76,487	108,730	278,903	158,026
Term of notice	2 years	3 years
Adverse Prior Years' Reserve Development
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Direct losses and loss adjustment expenses			87,900		296,900
Incurred related to prior years			11,500		18,000
Ceded losses and loss adjustment expenses			76,400		278,900
Hurricane
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Direct losses and loss adjustment expenses			81,700	136,700	282,900	190,800
Incurred related to prior years			5,300	30,100	4,000	34,900
Ceded losses and loss adjustment expenses			76,400	$ 106,700	278,900	$ 155,900
Settlement on Litigated Claims
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred related to prior years			$ 6,200		$ 14,000

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Surplus note	$ 7,353	$ 8,456

Debt - Additional Information (

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

Debt - Unsecured Revolving Loan

Debt - Unsecured Revolving Loan Narrative (Detail)	1 Months Ended
	Aug. 31, 2020USD ($)
Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 35,000,000
Line of credit facility, unused capacity, commitment fee percentage	0.50%
Credit Agreement | Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, expiration period	364 days

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Shares Repurchased (Details) - USD ($)	3 Months Ended					9 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Nov. 03, 2020	Nov. 06, 2019
Equity [Line Items]
Shares repurchased during the period	$ 1,364,000	$ 245,000	$ 9,885,000	$ 10,029,000	$ 6,587,000
November 3, 2020
Equity [Line Items]
Shares repurchased (in shares)						116,886	0
Shares repurchased during the period						$ 1,609,000
Shares repurchased during period (in USD per share)						$ 13.77
November 3, 2020 | Maximum
Equity [Line Items]
Amount of stock repurchase plan authorized								$ 20,000,000
November 6, 2019
Equity [Line Items]
Shares repurchased (in shares)						0	1,418,087
Shares repurchased during the period							$ 26,501,000
Shares repurchased during period (in USD per share)							$ 18.69
November 6, 2019 | Maximum
Equity [Line Items]
Amount of stock repurchase plan authorized									$ 40,000,000

Income Taxes (Detail)

Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021
Income Taxes [Line Items]
Income tax expense	$ 6,281	$ (623)	$ 24,342	$ 14,450
Effective tax rate	23.70%	16.40%	26.20%	28.20%
Increase in effective tax rate			0.10%
Forecast
Income Taxes [Line Items]
Effective tax rate					27.00%
ETR, before discrete items					26.90%
Forecast | Statutory Effective Tax Rate
Income Taxes [Line Items]
U.S. federal statutory rate					21.00%
State income tax rate, net of federal benefit					2.40%

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator for EPS:
Net income (loss)	$ 20,183	$ 21,941	$ 26,408	$ (3,169)	$ 19,882	$ 20,067	$ 68,532	$ 36,780
Less: Preferred stock dividends	(3)			(3)			(8)	(8)
Income (loss) available to common stockholders	$ 20,180			$ (3,172)			$ 68,524	$ 36,772
Denominator for EPS:
Weighted average common shares outstanding (in shares)	31,247			31,659			31,232	32,116
Plus: Assumed conversion of share-based compensation (in shares)	65			0			45	61
Assumed conversion of preferred stock (in shares)	25			0			25	25
Weighted average diluted common shares outstanding (in shares)	31,337			31,659			31,302	32,202
Basic earnings (loss) per common share (in USD per share)	$ 0.65			$ (0.10)			$ 2.19	$ 1.14
Diluted earnings (loss) per common share (in USD per share)	$ 0.64			$ (0.10)			$ 2.19	$ 1.14

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (loss) Pre-Tax and After-Tax (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
After-tax
Other comprehensive income (loss)	$ (1,827)	$ 7,996	$ (16,910)	$ (36,421)	$ 26,068	$ (8,946)	$ (10,741)	$ (19,299)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent
Pre-tax
Unrealized holding gains (losses) arising during the period	(1,635)			5,518			(13,796)	28,953
Less: Reclassification adjustments for (gains) losses realized in net income (loss)	(690)			(53,827)			(243)	(54,294)
Other comprehensive income (loss)	(2,325)			(48,309)			(14,039)	(25,341)
Tax
Unrealized holding gains (losses) arising during the period	(334)			1,359			(3,241)	7,320
Income taxes	(164)			(13,247)			(57)	(13,362)
Other comprehensive income (loss)	(498)			(11,888)			(3,298)	(6,042)
After-tax
Unrealized holding gains (losses) arising during the period	(1,301)			4,159			(10,555)	21,633
Less: Reclassification adjustments for (gains) losses realized in net income (loss)	(526)			(40,580)			(186)	(40,932)
Other comprehensive income (loss)	$ (1,827)			$ (36,421)			(10,741)	(19,299)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Cumulative effect of change in accounting principle (ASU 2016-13)
Pre-tax
Other comprehensive income (loss)							0	791
Tax
Other comprehensive income (loss)							0	194
After-tax
Other comprehensive income (loss)							0	597
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Change in accumulated other comprehensive income (loss)
Pre-tax
Other comprehensive income (loss)							(14,039)	(24,550)
Tax
Other comprehensive income (loss)							(3,298)	(5,848)
After-tax
Other comprehensive income (loss)							$ (10,741)	$ (18,702)

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						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on investments	$ 4,319			$ 53,827			$ 5,357	$ 54,294
Income tax expense (benefit)	(6,281)			623			(24,342)	(14,450)
Net income (loss)	20,183	$ 21,941	$ 26,408	(3,169)	$ 19,882	$ 20,067	68,532	36,780
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on investments	690			53,827			243	54,294
Income tax expense (benefit)	(164)			(13,247)			(57)	(13,362)
Net income (loss)	$ 526			$ 40,580			$ 186	$ 40,932

Commitments and Contingencies (

Commitments and Contingencies (Detail) - Multi-Year Reinsurance Contracts - USD ($) $ in Millions	Mar. 26, 2021	Sep. 30, 2021
Reinsurance Retention Policy [Line Items]
Term of reinsurance agreement	3 years
Reinsurance payable, due in fiscal year		$ 94.3
Reinsurance payable, due in second year		138.2
Reinsurance payable, due in third year		$ 72.1

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,029,157	$ 819,861
Equity Securities:	77,099	84,887
Mortgage-backed and asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	333,754	319,937
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	1,106,256	904,748
Fair Value, Recurring | U.S. government obligations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	37,116	59,631
Fair Value, Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	634,492	419,844
Fair Value, Recurring | Mortgage-backed and asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	333,754	319,937
Fair Value, Recurring | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	14,681	12,128
Fair Value, Recurring | Redeemable preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	9,114	8,321
Fair Value, Recurring | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	5,842	2,435
Fair Value, Recurring | Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	71,257	82,452
Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	77,099	84,887
Level 1 | Fair Value, Recurring | U.S. government obligations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 1 | Fair Value, Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 1 | Fair Value, Recurring | Mortgage-backed and asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 1 | Fair Value, Recurring | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 1 | Fair Value, Recurring | Redeemable preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 1 | Fair Value, Recurring | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	5,842	2,435
Level 1 | Fair Value, Recurring | Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	71,257	82,452
Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	1,029,157	819,861
Level 2 | Fair Value, Recurring | U.S. government obligations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	37,116	59,631
Level 2 | Fair Value, Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	634,492	419,844
Level 2 | Fair Value, Recurring | Mortgage-backed and asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	333,754	319,937
Level 2 | Fair Value, Recurring | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	14,681	12,128
Level 2 | Fair Value, Recurring | Redeemable preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	9,114	8,321
Level 2 | Fair Value, Recurring | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	0	0
Level 2 | Fair Value, Recurring | Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	0	0
Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	0	0
Level 3 | Fair Value, Recurring | U.S. government obligations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 3 | Fair Value, Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 3 | Fair Value, Recurring | Mortgage-backed and asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 3 | Fair Value, Recurring | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 3 | Fair Value, Recurring | Redeemable preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 3 | Fair Value, Recurring | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	0	0
Level 3 | Fair Value, Recurring | Mutual funds and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	$ 0	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summarizes Carrying Value and Estimated Fair Values of Financial Instruments not Carried at Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Surplus note	$ 7,353	$ 8,456
Surplus Note | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimated fair value	$ 7,074	$ 8,291

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Restricted cash and cash equivalents	[1]	$ 15,836	$ 12,715
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash and cash equivalents		$ 13,200	$ 10,100
[1]	See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents and “—Note 14 (Variable Interest Entities)” for a discussion of restricted cash held in a trust account.

Uncategorized Items - uve-20210

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]