Universal Insurance (UVE) 10-Q 2 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 25, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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)		30,512,761
Entity Central Index Key	0000891166
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
ASSETS
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $724 and $489 (amortized cost: $1,150,524 and $1,061,192)		$ 996,783	$ 1,040,455
Equity securities, at fair value (cost: $102,630 and $51,151)		82,387	47,334
Investment real estate, net		5,752	5,891
Total invested assets		1,084,922	1,093,680
Cash and cash equivalents		307,435	250,508
Restricted cash and cash equivalents	[1]	2,703	2,635
Prepaid reinsurance premiums		452,230	240,993
Reinsurance recoverable		935,810	185,589
Premiums receivable, net		79,621	64,923
Property and equipment, net		52,769	53,682
Deferred policy acquisition costs		111,861	108,822
Income taxes recoverable		32,823	16,947
Deferred income tax asset, net		49,668	16,331
Other assets		17,052	22,031
Total assets		3,126,894	2,056,141
LIABILITIES:
Unpaid losses and loss adjustment expenses		1,153,627	346,216
Unearned premiums		991,596	857,769
Advance premium		78,269	53,694
Book overdraft		3,102	26,759
Reinsurance payable, net		458,865	188,662
Commission payable		21,777	22,315
Other liabilities and accrued expenses		56,053	27,348
Long-term debt, net		102,968	103,676
Total liabilities		2,866,257	1,626,439
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:
Cumulative convertible preferred stock		0	0
Common stock		471	470
Treasury shares, at cost - 16,603 and 15,797		(236,915)	(227,115)
Additional paid-in capital		111,397	108,202
Accumulated other comprehensive income (loss), net of taxes		(115,665)	(15,568)
Retained earnings		501,349	563,713
Total stockholders’ equity		260,637	429,702
Total liabilities and stockholders’ equity		$ 3,126,894	$ 2,056,141
[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, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Available-for-sale securities, allowance for credit loss	$ 724	$ 489
Available for sale debt securities, amortized cost	1,150,524	1,061,192
Equity securities, amortized cost	$ 102,630	$ 51,151
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)	47,116,000	47,018,000
Common stock, shares outstanding (in shares)	30,513,000	31,221,000
Treasury stock, shares (in shares)	16,603,000	15,797,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES
Direct premiums written	$ 500,677	$ 432,984	$ 1,429,685	$ 1,271,925
Change in unearned premium	(48,227)	(22,363)	(133,827)	(93,124)
Direct premium earned	452,450	410,621	1,295,858	1,178,801
Ceded premium earned	(161,819)	(145,967)	(459,102)	(414,670)
Premiums earned, net	290,631	264,654	836,756	764,131
Net investment income	6,074	2,797	15,337	8,641
Net realized gains (losses) on investments	292	4,319	(375)	5,357
Net change in unrealized gains (losses) of equity securities	(4,150)	(3,759)	(16,430)	(3,024)
Commission revenue	12,592	11,418	35,157	30,404
Policy fees	5,272	5,859	15,991	17,821
Other revenue	2,099	1,966	5,862	5,862
Total revenues	312,810	287,254	892,298	829,192
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses	330,444	187,581	715,854	498,765
General and administrative expenses	73,973	73,180	231,561	237,469
Total operating costs and expenses	404,417	260,761	947,415	736,234
Interest and amortization of debt issuance costs	1,630	29	4,969	84
INCOME (LOSS) BEFORE INCOME TAXES	(93,237)	26,464	(60,086)	92,874
Income tax expense (benefit)	(20,962)	6,281	(12,718)	24,342
NET INCOME (LOSS)	$ (72,275)	$ 20,183	$ (47,368)	$ 68,532
Basic earnings (loss) per common share (in USD per share)	$ (2.36)	$ 0.65	$ (1.54)	$ 2.19
Weighted average common shares outstanding - Basic (in shares)	30,604	31,247	30,858	31,232
Diluted earnings (loss) per common share (in USD per share)	$ (2.36)	$ 0.64	$ (1.54)	$ 2.19
Weighted average common shares outstanding - Diluted (in shares)	30,604	31,337	30,858	31,302
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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (72,275)	$ 20,183	$ (47,368)	$ 68,532
Other comprehensive income (loss), net of taxes	(27,531)	(1,827)	(100,097)	(10,741)
Comprehensive income (loss)	$ (99,806)	$ 18,356	$ (147,465)	$ 57,791

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Treasury Shares		Common stock	Preferred Shares Issued	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Treasury Shares, beginning balance (in shares) at Dec. 31, 2020		(15,680,000)
Common Shares Issued, beginning balance (in shares) at Dec. 31, 2020				46,817,000
Preferred Shares Issued, beginning balance (in shares) at Dec. 31, 2020					10,000
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)		16,000	[1]	62,000
Vesting of performance share units	(241)	$ (241)
Vesting of restricted stock units (in shares)		(17,000)	[1]	(65,000)
Vesting of restricted stock units	(254)	$ (254)		$ 1		(1)
Retirement of treasury shares (in shares)		33,000	[1]	33,000
Retirement of treasury shares	0	$ 495				(495)
Purchases of treasury stock (in shares)		(15,000)
Purchases of treasury stock	(245)	$ (245)
Share-based compensation	1,675					1,675
Net income (loss)	26,408						26,408
Other comprehensive income (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)
Treasury Shares, ending balance (in shares) at Mar. 31, 2021		(15,695,000)
Common Shares Issued shares, ending balance (in shares) at Mar. 31, 2021				46,911,000
Preferred Shares Issued, ending balance (in shares) at Mar. 31, 2021					10,000
Ending balance at Mar. 31, 2021	454,665	$ (225,751)		$ 469	$ 0	104,624	588,890	(13,567)
Treasury Shares, beginning balance (in shares) at Dec. 31, 2020		(15,680,000)
Common Shares Issued, beginning balance (in shares) at Dec. 31, 2020				46,817,000
Preferred Shares Issued, beginning balance (in shares) at Dec. 31, 2020					10,000
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 income (loss), net of taxes	(10,741)
Treasury Shares, ending balance (in shares) at Sep. 30, 2021		15,797,000
Common Shares Issued shares, ending balance (in shares) at Sep. 30, 2021				46,964,000
Preferred Shares Issued, ending balance (in shares) at Sep. 30, 2021					10,000
Ending balance at Sep. 30, 2021	494,275	$ (227,115)		$ 470	$ 0	107,382	620,936	(7,398)
Treasury Shares, beginning balance (in shares) at Mar. 31, 2021		(15,695,000)
Common Shares Issued, beginning balance (in shares) at Mar. 31, 2021				46,911,000
Preferred Shares Issued, beginning balance (in shares) at Mar. 31, 2021					10,000
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)		(20,000)	[1]	(73,000)
Vesting of restricted stock units	(288)	$ (288)		$ 1		(1)
Retirement of treasury shares (in shares)		20,000	[1]	20,000
Retirement of treasury shares	0	$ 288				(288)
Share-based compensation	1,569					1,569
Net income (loss)	21,941						21,941
Other comprehensive income (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)
Treasury Shares, ending balance (in shares) at Jun. 30, 2021		(15,695,000)
Common Shares Issued shares, ending balance (in shares) at Jun. 30, 2021				46,964,000
Preferred Shares Issued, ending balance (in shares) at Jun. 30, 2021					10,000
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)		(102,000)
Purchases of treasury stock	(1,364)	$ (1,364)
Share-based compensation	1,478					1,478
Net income (loss)	20,183						20,183
Other comprehensive income (loss), net of taxes	(1,827)							(1,827)
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	(5,037)
Treasury Shares, ending balance (in shares) at Sep. 30, 2021		15,797,000
Common Shares Issued shares, ending balance (in shares) at Sep. 30, 2021				46,964,000
Preferred Shares Issued, ending balance (in shares) at Sep. 30, 2021					10,000
Ending balance at Sep. 30, 2021	$ 494,275	$ (227,115)		$ 470	$ 0	107,382	620,936	(7,398)
Treasury Shares, beginning balance (in shares) at Dec. 31, 2021	(15,797,000)	(15,797,000)
Common Shares Issued, beginning balance (in shares) at Dec. 31, 2021	47,018,000			47,018,000
Preferred Shares Issued, beginning balance (in shares) at Dec. 31, 2021	10,000				10,000
Beginning balance at Dec. 31, 2021	$ 429,702	$ (227,115)		$ 470	$ 0	108,202	563,713	(15,568)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of performance share units (in shares)		9,000	[2]	33,000
Vesting of performance share units	(104)	$ (104)		$ 1		(1)
Vesting of restricted stock units (in shares)		(6,000)	[2]	(27,000)
Vesting of restricted stock units	(105)	$ (105)
Retirement of treasury shares (in shares)		15,000	[2]	15,000
Retirement of treasury shares	0	$ 209				(209)
Purchases of treasury stock (in shares)		(320,000)
Purchases of treasury stock	(3,879)	$ (3,879)
Share-based compensation	1,107					1,107
Net income (loss)	17,537						17,537
Other comprehensive income (loss), net of taxes	(42,910)							(42,910)
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	(5,007)						(5,007)
Treasury Shares, ending balance (in shares) at Mar. 31, 2022		(16,117,000)
Common Shares Issued shares, ending balance (in shares) at Mar. 31, 2022				47,063,000
Preferred Shares Issued, ending balance (in shares) at Mar. 31, 2022					10,000
Ending balance at Mar. 31, 2022	$ 396,341	$ (230,994)		$ 471	$ 0	109,099	576,243	(58,478)
Treasury Shares, beginning balance (in shares) at Dec. 31, 2021	(15,797,000)	(15,797,000)
Common Shares Issued, beginning balance (in shares) at Dec. 31, 2021	47,018,000			47,018,000
Preferred Shares Issued, beginning balance (in shares) at Dec. 31, 2021	10,000				10,000
Beginning balance at Dec. 31, 2021	$ 429,702	$ (227,115)		$ 470	$ 0	108,202	563,713	(15,568)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(47,368)
Other comprehensive income (loss), net of taxes	$ (100,097)
Treasury Shares, ending balance (in shares) at Sep. 30, 2022	(16,603,000)	(16,603,000)
Common Shares Issued shares, ending balance (in shares) at Sep. 30, 2022	47,116,000			47,116,000
Preferred Shares Issued, ending balance (in shares) at Sep. 30, 2022	10,000				10,000
Ending balance at Sep. 30, 2022	$ 260,637	$ (236,915)		$ 471	$ 0	111,397	501,349	(115,665)
Treasury Shares, beginning balance (in shares) at Mar. 31, 2022		(16,117,000)
Common Shares Issued, beginning balance (in shares) at Mar. 31, 2022				47,063,000
Preferred Shares Issued, beginning balance (in shares) at Mar. 31, 2022					10,000
Beginning balance at Mar. 31, 2022	396,341	$ (230,994)		$ 471	$ 0	109,099	576,243	(58,478)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Grant of restricted stock awards (in shares)				53,000
Grant of restricted stock awards	0
Purchases of treasury stock (in shares)		(283,000)
Purchases of treasury stock	(3,502)	$ (3,502)
Share-based compensation	990					990
Net income (loss)	7,370						7,370
Other comprehensive income (loss), net of taxes	(29,656)							(29,656)
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	(4,992)						(4,992)
Treasury Shares, ending balance (in shares) at Jun. 30, 2022		(16,400,000)
Common Shares Issued shares, ending balance (in shares) at Jun. 30, 2022				47,116,000
Preferred Shares Issued, ending balance (in shares) at Jun. 30, 2022					10,000
Ending balance at Jun. 30, 2022	366,551	$ (234,496)		$ 471	$ 0	110,089	578,621	(88,134)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of treasury stock (in shares)		(203,000)
Purchases of treasury stock	(2,419)	$ (2,419)
Share-based compensation	1,308					1,308
Net income (loss)	(72,275)						(72,275)
Other comprehensive income (loss), net of taxes	(27,531)							(27,531)
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	$ (4,997)						(4,997)
Treasury Shares, ending balance (in shares) at Sep. 30, 2022	(16,603,000)	(16,603,000)
Common Shares Issued shares, ending balance (in shares) at Sep. 30, 2022	47,116,000			47,116,000
Preferred Shares Issued, ending balance (in shares) at Sep. 30, 2022	10,000				10,000
Ending balance at Sep. 30, 2022	$ 260,637	$ (236,915)		$ 471	$ 0	$ 111,397	$ 501,349	$ (115,665)
[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, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
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, 2022 USD ($)		Sep. 30, 2022 USD ($)		Sep. 30, 2021 USD ($)
Cash flows from operating activities:
Net cash provided by operating activities			$ 223,157		$ 273,980
Cash flows from investing activities:
Proceeds from sale of property and equipment			65		32
Purchases of property and equipment			(4,388)		(4,880)
Purchases of equity securities			(67,733)		(46,532)
Purchases of available-for-sale debt securities			(178,788)		(354,907)
Purchases of investment real estate, net			0		(7)
Proceeds from sales of equity securities	$ 8,975		26,667		53,651
Proceeds from sales of available-for-sale debt securities			24,855		76,516
Proceeds from sales of investment real estate			0		2,591
Proceeds from sale of assets held for sale			0		8,856
Maturities of available-for-sale debt securities			59,291		70,095
Net cash provided by (used in) investing activities			(140,031)		(194,585)
Cash flows from financing activities:
Debt issuance costs paid			(131)		0
Preferred stock dividend			(8)		(8)
Common stock dividend			(14,880)		(15,104)
Purchase of treasury stock			(9,800)		(1,609)
Payments related to tax withholding for share-based compensation			(209)		(784)
Repayment of debt			(1,103)		(1,103)
Net cash provided by (used in) financing activities			(26,131)		(18,608)
Cash and cash equivalents and restricted cash and cash equivalents:
Net increase (decrease) during the period			56,995		60,787
Balance, beginning of period			253,143		179,871
Balance, end of period	310,138		310,138		240,658
Cash and cash equivalents, and restricted cash and cash equivalents within the Consolidated Balance Sheets
Cash and cash equivalents	307,435		307,435
Restricted cash and cash equivalents	2,703	[1]	2,703	[1]
Total cash and cash equivalents and restricted cash and cash equivalents	$ 310,138		$ 310,138		$ 240,658
[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, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation Nature of Operations Universal Insurance Holdings, Inc. (“UVE”, and together with its wholly-owned subsidiaries, “the Company”) is a Delaware corporation incorporated in 1990. The Company is a vertically integrated insurance holding company performing all aspects of insurance underwriting, distribution and claims. Through its wholly-owned insurance company subsidiaries, Universal Property & Casualty Insurance Company (“UPCIC”) and American Platinum Property and Casualty Insurance Company (“APPCIC”, and together with UPCIC, the “Insurance Entities”), the Company is principally engaged in the property and casualty insurance business offered primarily through its network of independent agents. Risk from catastrophic losses is managed through the use of reinsurance agreements. The Company’s primary product is residential homeowners’ insurance offered in 19 states as of September 30, 2022, 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 (“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, 2021, filed with the SEC on February 28, 2022. The Condensed Consolidated Balance Sheet at December 31, 2021 was derived from audited financial statements, but does not include all disclosures required by 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 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, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting PoliciesThe Company reported Significant Accounting Policies in its Annual Report on Form 10-K for the year ended December 31, 2021. There are no new or revised disclosures or disclosures required on a quarterly basis.

Investments

Investments	9 Months Ended
	Sep. 30, 2022
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, 2022 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 12,602 $ — $ — $ (1,004) $ 11,598 Corporate bonds 781,131 (589) 42 (105,221) 675,363 Mortgage-backed and asset-backed securities 332,444 — 63 (42,774) 289,733 Municipal bonds 14,924 — — (2,486) 12,438 Redeemable preferred stock 9,423 (135) — (1,637) 7,651 Total $ 1,150,524 $ (724) $ 105 $ (153,122) $ 996,783 December 31, 2021 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 27,076 $ — $ 64 $ (334) $ 26,806 Corporate bonds 687,058 (371) 843 (13,725) 673,805 Mortgage-backed and asset-backed securities 322,844 — 194 (6,920) 316,118 Municipal bonds 14,925 (1) — (350) 14,574 Redeemable preferred stock 9,289 (117) 28 (48) 9,152 Total $ 1,061,192 $ (489) $ 1,129 $ (21,377) $ 1,040,455 The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (dollars in thousands): September 30, 2022 December 31, 2021 Average Credit Ratings Fair Value % of Total Fair Value % of Total AAA $ 297,030 29.8 % $ 321,975 31.0 % AA 150,936 15.2 % 139,186 13.4 % A 320,427 32.1 % 339,500 32.6 % BBB 225,154 22.6 % 234,358 22.5 % No Rating Available 3,236 0.3 % 5,436 0.5 % Total $ 996,783 100.0 % $ 1,040,455 100.0 % 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, 2022 December 31, 2021 Amortized Fair Value Amortized Fair Value Mortgage-backed securities: Agency $ 159,177 $ 133,795 $ 147,992 $ 143,819 Non-agency 61,880 51,242 59,906 58,263 Asset-backed securities: Auto loan receivables 66,392 63,258 67,352 66,877 Credit card receivables 657 611 4,741 4,719 Other receivables 44,338 40,827 42,853 42,440 Total $ 332,444 $ 289,733 $ 322,844 $ 316,118 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, 2022 Less Than 12 Months 12 Months or Longer Number of Fair Value Unrealized Number of Fair Value Unrealized Debt Securities: U.S. government obligations and agencies 2 $ 2,720 $ (113) 5 $ 8,878 $ (891) Corporate bonds 123 136,528 (17,249) 173 202,294 (37,753) Mortgage-backed and asset-backed securities 116 121,753 (10,259) 96 157,818 (32,515) Municipal bonds 3 2,299 (390) 7 10,139 (2,096) Redeemable preferred stock 7 2,167 (427) — — — Total 251 $ 265,467 $ (28,438) 281 $ 379,129 $ (73,255) December 31, 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 4 $ 18,913 $ (111) 4 $ 5,016 $ (223) Corporate bonds 249 378,595 (7,468) 18 17,356 (679) Mortgage-backed and asset-backed securities 145 274,883 (5,969) 11 23,273 (951) Municipal bonds 5 9,811 (269) — — — Redeemable preferred stock 1 200 (1) — — — Total 404 $ 682,402 $ (13,818) 33 $ 45,645 $ (1,853) Unrealized losses on available-for-sale debt securities in the above table as of September 30, 2022 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, 2020 $ 148 $ — $ 38 $ 186 Provision for (or reversal of) credit loss expense 223 1 79 303 Balance, December 31, 2021 371 1 117 489 Provision for (or reversal of) credit loss expense 218 (1) 18 235 Balance, September 30, 2022 $ 589 $ — $ 135 $ 724 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 and are reported in general and administrative expenses in the Condensed Consolidated Statements of Income. 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, 2022 Amortized Cost Fair Value Due in one year or less $ 67,525 $ 65,865 Due after one year through five years 557,115 499,715 Due after five years through ten years 496,292 408,509 Due after ten years 27,048 20,640 Perpetual maturity securities 2,544 2,054 Total $ 1,150,524 $ 996,783 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 2022 2021 2022 2021 Proceeds from sales and maturities (fair value): Available-for-sale debt securities $ 30,929 $ 32,320 $ 84,146 $ 146,611 Equity securities $ 8,975 $ 48,486 $ 26,667 $ 53,651 Gross realized gains on sale of securities: Available-for-sale debt securities $ — $ 882 $ 242 $ 1,899 Equity securities $ 571 $ 1,315 $ 1,119 $ 2,399 Gross realized losses on sale of securities: Available-for-sale debt securities $ (210) $ (192) $ (1,665) $ (1,656) Equity securities $ (69) $ — $ (71) $ — Realized gains on sales of investment real estate (1) $ — $ — $ — $ 401 (1) 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. 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 2022 2021 2022 2021 Available-for-sale debt securities $ 4,847 $ 2,799 $ 13,791 $ 8,393 Equity securities 740 544 1,965 1,787 Cash and cash equivalents (1) 1,069 2 1,324 28 Other (2) 122 274 371 809 Total investment income 6,778 3,619 17,451 11,017 Less: Investment expenses (3) (704) (822) (2,114) (2,376) Net investment income $ 6,074 $ 2,797 $ 15,337 $ 8,641 (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 2022 2021 2022 2021 Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period $ (4,150) $ (3,418) $ (16,387) $ (2,391) Investment Real Estate Investment real estate consisted of the following as of the dates presented (in thousands): September 30, December 31, 2022 2021 Income Producing: Investment real estate $ 7,091 $ 7,091 Less: Accumulated depreciation (1,339) (1,200) Investment real estate, net $ 5,752 $ 5,891 The following table provides the depreciation expense related to investment real estate for the periods presented (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Depreciation expense on investment real estate $ 46 $ 47 $ 139 $ 139 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 was 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.

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2022
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. 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, 2022 Due from as of Reinsurer AM Best Standard Moody’s September 30, 2022 December 31, 2021 Allianz Risk Transfer A+ AA- Aa3 $ 371,290 $ — Various Lloyd’s of London Syndicates (1) A A+ n/a 132,967 — Chubb Tempest Reinsurance, Ltd. A++ AA Aa3 62,592 — Florida Hurricane Catastrophe Fund (2) n/a n/a n/a 61,024 136,298 DaVinci Reinsurance Ltd. A AA- A3 58,290 — Renaissance Reinsurance Ltd. A+ A+ A1 49,773 20,051 Markel Bermuda Ltd. A A A2 46,770 — Munich Reinsurance America Inc. A+ AA- Aa3 19,122 — Everest Reinsurance Co A+ A+ A1 11,994 — Lumen Re Ltd. (3) A n/a n/a 9,283 — Allianz Risk Transfer (Bermuda) Ltd. — — — — 44,618 Total (4) $ 823,105 $ 200,967 (1) No rating available for Moody’s Investors Service, Inc. (2) No rating is available because the fund is not rated. (3) No rating available for Standard and Poor’s Rating Service, Inc. and Moody’s Investors Service, Inc. (4) 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, 2022 2021 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 500,677 $ 452,450 $ 1,269,344 $ 432,984 $ 410,621 $ 264,068 Ceded (23,956) (161,819) (938,900) (124) (145,967) (76,487) $ 476,721 $ 290,631 $ 330,444 $ 432,860 $ 264,654 $ 187,581 Nine Months Ended September 30, 2022 2021 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 1,429,685 $ 1,295,858 $ 1,724,729 $ 1,271,925 $ 1,178,801 $ 777,668 Ceded (670,339) (459,102) (1,008,875) (585,413) (414,670) (278,903) Net $ 759,346 $ 836,756 $ 715,854 $ 686,512 $ 764,131 $ 498,765 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, 2022 2021 Prepaid reinsurance premiums $ 452,230 $ 240,993 Reinsurance recoverable on paid losses and LAE $ 6,042 $ 69,729 Reinsurance recoverable on unpaid losses and LAE 929,768 115,860 Reinsurance recoverable $ 935,810 $ 185,589

Insurance Operations

Insurance Operations	9 Months Ended
	Sep. 30, 2022
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 2022 2021 2022 2021 DPAC, beginning of period $ 110,983 $ 115,971 $ 108,822 $ 110,614 Capitalized Costs 55,552 55,054 165,983 170,996 Amortization of DPAC (54,674) (57,046) (162,944) (167,631) DPAC, end of period $ 111,861 $ 113,979 $ 111,861 $ 113,979 Regulatory Requirements and Restrictions The Insurance Entities are subject to regulations and standards of the Florida Office of Insurance Regulation (“FLOIR”). The Insurance Entities are also subject to regulations and standards of regulatory authorities in other states where they are licensed, although as Florida-domiciled insurers, their principal regulatory authority is the FLOIR. These standards and regulations include a requirement that the Insurance Entities maintain specified levels of statutory capital and restrict the timing and amount of dividends and other distributions that may be paid by the Insurance Entities to the parent company. Except in the case of extraordinary dividends, these standards generally permit dividends to be paid from statutory unassigned 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 December 31, 2021, UPCIC and APPCIC currently are not able to pay any ordinary dividends during 2022 . For the nine months ended September 30, 2022 and 2021, no dividends were paid from the Insurance Entities to PSI. 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. The following table presents the amount of capital and surplus calculated in accordance with statutory accounting principles, which differs from 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, 2022 December 31, 2021 Statutory capital and surplus UPCIC $ 386,934 $ 378,750 APPCIC $ 22,446 $ 16,104 Ten percent of total liabilities UPCIC $ 142,514 $ 122,292 APPCIC $ 2,145 $ 649 As of the dates in the table above, the Insurance Entities each exceeded the minimum statutory capitalization requirement. The Insurance Entities also met the capitalization requirements of the other states in which they are licensed as of September 30, 2022. Annually, the Insurance Entities each are also required to adhere to prescribed premium-to-capital surplus ratios and each have met those requirements. 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 2022 2021 2022 2021 Combined net income (loss) $ (67,404) $ (22,903) $ (79,479) $ (21,723) 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, 2022 December 31, 2021 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,242 $ 3,441

Liability for Unpaid Losses and

Liability for Unpaid Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 30, 2022
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 2022 2021 2022 2021 Balance at beginning of period $ 186,349 $ 278,658 $ 346,216 $ 322,465 Less: Reinsurance recoverable (18,972) (113,157) (115,860) (119,522) Net balance at beginning of period 167,377 165,501 230,356 202,943 Incurred related to: Current year 327,729 176,092 708,774 480,782 Prior years 2,715 11,489 7,080 17,983 Total incurred 330,444 187,581 715,854 498,765 Paid related to: Current year 216,735 180,473 453,350 386,302 Prior years 57,227 42,841 269,001 185,638 Total paid 273,962 223,314 722,351 571,940 Net balance at end of period 223,859 129,768 223,859 129,768 Plus: Reinsurance recoverable 929,768 82,720 929,768 82,720 Balance at end of period $ 1,153,627 $ 212,488 $ 1,153,627 $ 212,488 In late September 2022, Hurricane Ian made landfall on the Gulf Coast of Florida, continued across the state into the Atlantic Ocean and then made a second landfall in South Carolina. Current estimates for UVE’s gross ultimate loss is approximately $1 billion, well below its $3 billion reinsurance tower, with projected net exposure limited to retentions at its insurance and captive insurance entity subsidiaries. Estimated net losses and LAE exposure to the Insurance Entities, after estimated reinsurance recoveries, is $45 million. The Insurance Entities’ reinsurance recoveries include losses and LAE recoveries of $66 million from UVE’s prefunded captive insurance arrangement which is eliminated in consolidation. In total, net losses from Hurricane Ian, including losses and LAE incurred under the funded captive insurance arrangement, is currently estimated to be $111 million. During the three months ended September 30, 2022, there was adverse prior years’ reserve development of $26.4 million gross, less $23.7 million ceded, resulting in $2.7 million net unfavorable development. The direct and net prior years’ reserve development for the quarter ended September 30, 2022 was principally due to gross reserve development on Hurricane Irma. 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, from the 2019 and prior accident years, resulted from the settlement on litigated claims exceeding prior estimated amounts. During the nine months ended September 30, 2022, there was adverse prior years’ reserve development of $100.6 million gross, less $93.5 million ceded, resulting in $7.1 million net development. The direct and net prior years’ reserve development for the nine months ended September 30, 2022 was principally due to a gross reserve development on Hurricane Irma of $76.2 million , of which $69.2 million was ceded, resulting in net development on Hurricane Irma of $7.0 million in the period. Additionally, the Company concluded a favorable commutation during the quarter, favorably increasing ceded prior year loss payments which was offset by a provisory direct prior year IBNR amount, resulting in no net effect . Hurricane Matthew direct and net losses increased $0.1 million. 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 the settlement on litigated claims exceeding prior estimated amounts.

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt consists of the following as of the dates presented (in thousands): September 30, December 31, 2022 2021 Surplus note $ 5,882 $ 6,985 5.625% Senior unsecured notes 100,000 100,000 Total principal amount 105,882 106,985 Less: unamortized debt issuance costs (2,914) (3,309) Total long-term debt, net $ 102,968 $ 103,676 Surplus Note 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, 2022. Senior Unsecured Notes On November 23, 2021, the Company entered into Note Purchase Agreements with certain institutional accredited investors and qualified institutional buyers pursuant to which the Company issued and sold $100 million of 5.625% Senior Unsecured Notes due 2026 (the “Notes”). The Purchase Agreements contain certain customary representations, warranties and covenants made by the Company. The Notes were offered and sold by the Company in a private placement transaction in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended. On March 24, 2022, the Registration Statement registering the exchange of Notes for registered Notes was declared effective by the Securities and Exchange Commission, and all of the Notes have since been exchanged for registered Notes with identical financial terms. The Notes are senior unsecured debt obligations that bear interest at the rate of 5.625% per annum, payable semi-annually in arrears on May 30 th and November 30 th of each year, beginning on May 30, 2022. The Notes are subject to adjustment from time to time in the event of a downgrade or subsequent upgrade of the rating assigned to the Notes. The Notes mature on November 26, 2026 at which time the entire $100.0 million of principal is due and payable. At any time on or after November 30, 2023, the Company may redeem all or part of the Notes at redemption prices (expressed as percentages of the principal amount) equal to (i) 102.81250% for the twelve-month period beginning on November 30, 2023; (ii) 101.40625% for the twelve-month period beginning on November 30, 2024 and (iii) 100.0% at any time thereafter, plus accrued and unpaid interest up to, but not including the redemption date. The indenture governing the Notes contains financial covenants, terms, events of default and related cure provisions that are customary in agreements used in connection with similar transactions. As of September 30, 2022, the Company was in compliance with all applicable covenants, including financial covenants. T he Notes are unsecured senior obligations of the Company, are not obligations of, and are not guaranteed by, any subsidiary of the Company. The Notes rank equally in right of payment to the Unsecured Revolving Loan described below. Unsecured Revolving Loan The Company entered into a 364-day credit agreement and related revolving loan (“2021 Revolving Loan”) with JPMorgan Chase Bank, N.A. (“JPMorgan”) in August 2021. The Company and JPMorgan subsequently agreed during the term of the 2021 Revolving Loan to extend its expiration date until October 31, 2022. As discussed in “ —Note 15 (Subsequent Events),” the Company renewed this agreement on October 31, 2022, increasing the credit facility to $37.5 million and modifying other terms. The October 31, 2022 Revolving Loan agreement (“2022 Revolving Loan”) makes available to the Company an unsecured revolving credit facility with an aggregate commitment not to exceed $37.5 million (previously $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 2022 Revolving Loan mature on October 30, 2023, 364 days after the inception date of the 2022 Revolving Loan. The 2022 Revolving Loan is subject to annual renewals. The 2022 Revolving Loan contains customary financial and other covenants, with which the Company is in compliance. The Company did not borrow any amount under the 2021 Revolving Loan, and as of November 2, 2022, the Company has not borrowed any amount under the 2022 Revolving Loan. Interest Expense The following table provides interest expense related to long-term debt during the periods presented (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Interest Expense: Surplus note $ 49 $ 29 $ 115 $ 84 5.625% Senior unsecured notes 1,406 — 4,328 — Non-cash expense (1) 175 — 526 — Total $ 1,630 $ 29 $ 4,969 $ 84 (1) Represents amortization of debt issuance costs.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
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 2022 2021 Price Repurchased Plan Completed November 3, 2020 November 3, 2022 $ 20,000 806,324 — $ 9,800 $ 12.15 November 3, 2020 November 3, 2022 $ 20,000 — 116,886 $ 1,609 $ 13.77

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended September 30, 2022, the Company recorded approximately $21.0 million of income tax benefit compared to $6.3 million of income tax expense for the three months ended September 30, 2021. The effective tax rate (“ETR”) for the three months ended September 30, 2022 was 22.5% compared to a 23.7% ETR for the same period in 2021. During the nine months ended September 30, 2022, the Company recorded approximately $12.7 million of income tax benefit compared to $24.3 million of income tax expense for the nine months ended September 30, 2021. The ETR for the nine months ended September 30, 2022 as well as the estimated annual ETR was 21.2%. The ETR for the nine months ended September 30, 2021 was 26.2%. In calculating these rates, the Company considered a variety of factors including the forecasted full year pre-tax results, the federal tax rate, expected non-deductible expenses, estimated state income taxes and the allocation of income to state taxing authorities. As discussed in “—Note 14 (Variable Interest Entities)”, the results of the VIE can materially impact the state tax apportionment based on the materiality of results in the VIE compared to results in states subject to taxation. As a result of Hurricane Ian, the state tax benefit was reduced in the third quarter of 2022 due to the VIE’s absence of a state tax deduction. The annual effective tax rate can fluctuate throughout the year as estimates used in the tax provision for each quarter are updated as more relevant information becomes available. 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 and other tax jurisdictions and the extent of non-deductible expenses in relation to pre-tax income. 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, and determined that a valuation allowance is not required on any of the deferred tax assets. 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, 2022
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. In loss periods, stock options, vesting of performance share units, vesting of restricted stock, vesting of restricted stock units, and conversion of preferred stock are excluded from the calculation of diluted loss per share, as the inclusion of stock options, vesting of performance share units, vesting of restricted stock, vesting of restricted stock units, and conversion of preferred stock would have an anti-dilutive effect. There is no difference between basic and diluted income or loss per share. 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 2022 2021 2022 2021 Numerator for EPS: Net income (loss) $ (72,275) $ 20,183 $ (47,368) $ 68,532 Less: Preferred stock dividends (3) (3) (8) (8) Income (loss) available to common stockholders $ (72,278) $ 20,180 $ (47,376) $ 68,524 Denominator for EPS: Weighted average common shares outstanding 30,604 31,247 30,858 31,232 Plus: Assumed conversion of share-based compensation (1) — 65 — 45 Assumed conversion of preferred stock — 25 — 25 Weighted average diluted common shares outstanding 30,604 31,337 30,858 31,302 Basic earnings (loss) per common share $ (2.36) $ 0.65 $ (1.54) $ 2.19 Diluted earnings (loss) per common share $ (2.36) $ 0.64 $ (1.54) $ 2.19 (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, 2022
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, 2022 2021 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 $ (36,715) $ (9,026) $ (27,689) $ (1,635) $ (334) $ (1,301) Less: Reclassification adjustments for (gains) losses realized in net income (loss) 210 52 158 (690) (164) (526) Other comprehensive income (loss) $ (36,505) $ (8,974) $ (27,531) $ (2,325) $ (498) $ (1,827) Nine Months Ended September 30, 2022 2021 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 $ (134,148) $ (32,978) $ (101,170) $ (13,796) $ (3,241) $ (10,555) Less: Reclassification adjustments for (gains) losses realized in net income (loss) 1,423 350 1,073 (243) (57) (186) Other comprehensive income (loss) $ (132,725) $ (32,628) $ (100,097) $ (14,039) $ (3,298) $ (10,741) 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 2022 2021 2022 2021 Unrealized gains (losses) on available-for-sale debt securities $ (210) $ 690 $ (1,423) $ 243 Net realized gains (losses) on sale of securities 52 (164) 350 (57) Income taxes Total reclassification for the period $ (158) $ 526 $ (1,073) $ 186 Net of tax

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
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 Company’s reinsurance commitments generally run from June 1 st of the current year to May 31 st of the following year. Certain of the Company’s reinsurance agreements are for periods longer than one year. Amounts payable for coverage during the current June 1 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 the reinsurance agreement. Amounts payable for coverage for the second 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) $105.6 million in 2023, (2) $157.5 million in 2024, and (3) $66.3 million in 2025. Litigation Lawsuits and other legal proceedings are filed against the Company from time to time. Many of these legal proceedings 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, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements 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. 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. GAAP does not prescribe which valuation technique should be used when measuring fair value, but does establish a fair value hierarchy that prioritizes the inputs used in applying the various techniques. Inputs broadly refer to the assumptions that market participants use to make pricing decisions, including assumptions about risk. Level 1 inputs are given the highest priority in the hierarchy while Level 3 inputs are given the lowest priority. Assets and liabilities carried at fair value are classified in one of the following three categories based on the nature of the inputs to the valuation technique used: • Level 1 — Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 — Observable market-based inputs or unobservable inputs that are corroborated by market data. • Level 3 — Unobservable inputs that are not corroborated by market data. These inputs reflect management’s best estimate of fair value using its own assumptions about the assumptions a market participant would use in pricing the asset or liability. Summary of Significant Valuation Techniques for Assets Measured at Fair Value on a Recurring Basis Level 1 Common stock: Comprise actively traded, exchange-listed U.S. and international equity securities. Valuation is based on unadjusted quoted prices for identical assets in active markets that the Company can access. Mutual funds: Comprise actively traded funds. Valuation is based on daily quoted net asset values for identical assets in active markets that the Company can access. Level 2 U.S. government obligations and agencies: Comprise U.S. Treasury Bills or Notes or U.S. Treasury Inflation Protected Securities. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields and credit spreads. Corporate bonds: Comprise investment-grade 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 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, 2022 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 11,598 $ — $ 11,598 Corporate bonds — 675,363 — 675,363 Mortgage-backed and asset-backed securities — 289,733 — 289,733 Municipal bonds — 12,438 — 12,438 Redeemable preferred stock — 7,651 — 7,651 Equity Securities: Common stock 19,746 — — 19,746 Mutual funds 62,641 — — 62,641 Total assets accounted for at fair value $ 82,387 $ 996,783 $ — $ 1,079,170 Fair Value Measurements December 31, 2021 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 26,806 $ — $ 26,806 Corporate bonds — 673,805 — 673,805 Mortgage-backed and asset-backed securities — 316,118 — 316,118 Municipal bonds — 14,574 — 14,574 Redeemable preferred stock — 9,152 — 9,152 Equity Securities: Common stock 3,683 — — 3,683 Mutual funds 43,651 — — 43,651 Total assets accounted for at fair value $ 47,334 $ 1,040,455 $ — $ 1,087,789 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, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Liabilities (debt): Surplus note (1) $ 5,882 $ 5,516 $ 6,985 $ 6,723 5.625% Senio r unsecured notes (2) 100,000 99,042 100,000 99,464 Total debt $ 105,882 $ 104,558 $ 106,985 $ 106,187 (1) 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 (Level 3). (2) The fair value of the senior unsecured notes was determined based on pricing from quoted prices for similar assets in active markets and was included as Level 2.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company entered into a reinsurance arrangement effective June 1, 2022 with its existing captive reinsurance arrangement which uses Isosceles Insurance Ltd., a Bermuda licensed insurance company, through the establishment of a Bermuda separate account named “Separate Account UVE-01”, which is a VIE in the normal course of business and consolidated as a VIE since the Company is the primary beneficiary. The VIE files a federal tax return however the VIE is domiciled in Bermuda and therefore is not subject to state income taxes. See “—Note 9 (Income Taxes).” The reinsurance captive arrangement entered into in the prior year, which was effective June 1, 2021 through May 31, 2022, was terminated effective December 1, 2021, pursuant to the terms of the agreement. In connection with the termination of the agreement, the affiliates agreed to release funds held in trust due to one of the Insurance Entities (UPCIC) and the balance to the participant of the separate account (UVE) in December 2021. On June 1, 2022, the VIE entered into a new reinsurance arrangement with UPCIC and on September 28, 2022 Hurricane Ian made landfall on the Gulf Coast of Florida triggering a full policy limit loss, totaling $66 million, issued by the VIE to UPCIC. Amounts due under this policy were fully paid in September 2022 to UPCIC. 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. September 30, 2022 December 31, 2021 Restricted cash and cash equivalents $ 67 $ —

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company performed an evaluation of subsequent events through the date the financial statements were issued and determined there were no recognized or unrecognized subsequent events that would require an adjustment or additional disclosure in the condensed consolidated financial statements as of September 30, 2022 except as disclosed below. Unsecured Revolving Loan On October 31, 2022, the Company entered into a 364-day credit agreement and related revolving loan (“2022 Revolving Loan”) with JPMorgan Chase Bank, N.A. replacing a similar agreement which expired on October 31, 2022 (“2021 Revolving Loan”). The 2022 Revolving Loan makes available to the Company an unsecured revolving credit facility with an aggregate commitment not to exceed $37.5 million (previously $35.0 million) and carries an interest rate of prime rate plus a margin of 2%. the Company must pay an annual fee of 0.50% of the unused portion of the commitment. Borrowings under the 2022 Revolving Loan mature on October 30, 2023, 364 days after the inception date of the 2022 Revolving Loan. The 2022 Revolving Loan is subject to annual renewals and contains customary financial and other covenants, with which the Company remains in compliance. The Company did not borrow under the 2021 Revolving Loan, and as of November 2, 2022, the Company has not borrowed any amount under the new 2022 Revolving Loan. See ”—Note 7 ( Long-Term Debt).”

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
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 (“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, 2021, filed with the SEC on February 28, 2022. The Condensed Consolidated Balance Sheet at December 31, 2021 was derived from audited financial statements, but does not include all disclosures required by 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 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.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 12,602 $ — $ — $ (1,004) $ 11,598 Corporate bonds 781,131 (589) 42 (105,221) 675,363 Mortgage-backed and asset-backed securities 332,444 — 63 (42,774) 289,733 Municipal bonds 14,924 — — (2,486) 12,438 Redeemable preferred stock 9,423 (135) — (1,637) 7,651 Total $ 1,150,524 $ (724) $ 105 $ (153,122) $ 996,783 December 31, 2021 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 27,076 $ — $ 64 $ (334) $ 26,806 Corporate bonds 687,058 (371) 843 (13,725) 673,805 Mortgage-backed and asset-backed securities 322,844 — 194 (6,920) 316,118 Municipal bonds 14,925 (1) — (350) 14,574 Redeemable preferred stock 9,289 (117) 28 (48) 9,152 Total $ 1,061,192 $ (489) $ 1,129 $ (21,377) $ 1,040,455
Schedule of Credit Quality of Investment Securities	The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (dollars in thousands): September 30, 2022 December 31, 2021 Average Credit Ratings Fair Value % of Total Fair Value % of Total AAA $ 297,030 29.8 % $ 321,975 31.0 % AA 150,936 15.2 % 139,186 13.4 % A 320,427 32.1 % 339,500 32.6 % BBB 225,154 22.6 % 234,358 22.5 % No Rating Available 3,236 0.3 % 5,436 0.5 % Total $ 996,783 100.0 % $ 1,040,455 100.0 %
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, 2022 December 31, 2021 Amortized Fair Value Amortized Fair Value Mortgage-backed securities: Agency $ 159,177 $ 133,795 $ 147,992 $ 143,819 Non-agency 61,880 51,242 59,906 58,263 Asset-backed securities: Auto loan receivables 66,392 63,258 67,352 66,877 Credit card receivables 657 611 4,741 4,719 Other receivables 44,338 40,827 42,853 42,440 Total $ 332,444 $ 289,733 $ 322,844 $ 316,118
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, 2022 Less Than 12 Months 12 Months or Longer Number of Fair Value Unrealized Number of Fair Value Unrealized Debt Securities: U.S. government obligations and agencies 2 $ 2,720 $ (113) 5 $ 8,878 $ (891) Corporate bonds 123 136,528 (17,249) 173 202,294 (37,753) Mortgage-backed and asset-backed securities 116 121,753 (10,259) 96 157,818 (32,515) Municipal bonds 3 2,299 (390) 7 10,139 (2,096) Redeemable preferred stock 7 2,167 (427) — — — Total 251 $ 265,467 $ (28,438) 281 $ 379,129 $ (73,255) December 31, 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 4 $ 18,913 $ (111) 4 $ 5,016 $ (223) Corporate bonds 249 378,595 (7,468) 18 17,356 (679) Mortgage-backed and asset-backed securities 145 274,883 (5,969) 11 23,273 (951) Municipal bonds 5 9,811 (269) — — — Redeemable preferred stock 1 200 (1) — — — Total 404 $ 682,402 $ (13,818) 33 $ 45,645 $ (1,853)
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, 2020 $ 148 $ — $ 38 $ 186 Provision for (or reversal of) credit loss expense 223 1 79 303 Balance, December 31, 2021 371 1 117 489 Provision for (or reversal of) credit loss expense 218 (1) 18 235 Balance, September 30, 2022 $ 589 $ — $ 135 $ 724
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, 2022 Amortized Cost Fair Value Due in one year or less $ 67,525 $ 65,865 Due after one year through five years 557,115 499,715 Due after five years through ten years 496,292 408,509 Due after ten years 27,048 20,640 Perpetual maturity securities 2,544 2,054 Total $ 1,150,524 $ 996,783
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 2022 2021 2022 2021 Proceeds from sales and maturities (fair value): Available-for-sale debt securities $ 30,929 $ 32,320 $ 84,146 $ 146,611 Equity securities $ 8,975 $ 48,486 $ 26,667 $ 53,651 Gross realized gains on sale of securities: Available-for-sale debt securities $ — $ 882 $ 242 $ 1,899 Equity securities $ 571 $ 1,315 $ 1,119 $ 2,399 Gross realized losses on sale of securities: Available-for-sale debt securities $ (210) $ (192) $ (1,665) $ (1,656) Equity securities $ (69) $ — $ (71) $ — Realized gains on sales of investment real estate (1) $ — $ — $ — $ 401 (1) 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.
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 2022 2021 2022 2021 Available-for-sale debt securities $ 4,847 $ 2,799 $ 13,791 $ 8,393 Equity securities 740 544 1,965 1,787 Cash and cash equivalents (1) 1,069 2 1,324 28 Other (2) 122 274 371 809 Total investment income 6,778 3,619 17,451 11,017 Less: Investment expenses (3) (704) (822) (2,114) (2,376) Net investment income $ 6,074 $ 2,797 $ 15,337 $ 8,641 (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 2022 2021 2022 2021 Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period $ (4,150) $ (3,418) $ (16,387) $ (2,391)
Schedule of Real Estate Investment	Investment real estate consisted of the following as of the dates presented (in thousands): September 30, December 31, 2022 2021 Income Producing: Investment real estate $ 7,091 $ 7,091 Less: Accumulated depreciation (1,339) (1,200) Investment real estate, net $ 5,752 $ 5,891
Schedule of Depreciation Expense Related to Investment Real Estate	The following table provides the depreciation expense related to investment real estate for the periods presented (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Depreciation expense on investment real estate $ 46 $ 47 $ 139 $ 139

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 Due from as of Reinsurer AM Best Standard Moody’s September 30, 2022 December 31, 2021 Allianz Risk Transfer A+ AA- Aa3 $ 371,290 $ — Various Lloyd’s of London Syndicates (1) A A+ n/a 132,967 — Chubb Tempest Reinsurance, Ltd. A++ AA Aa3 62,592 — Florida Hurricane Catastrophe Fund (2) n/a n/a n/a 61,024 136,298 DaVinci Reinsurance Ltd. A AA- A3 58,290 — Renaissance Reinsurance Ltd. A+ A+ A1 49,773 20,051 Markel Bermuda Ltd. A A A2 46,770 — Munich Reinsurance America Inc. A+ AA- Aa3 19,122 — Everest Reinsurance Co A+ A+ A1 11,994 — Lumen Re Ltd. (3) A n/a n/a 9,283 — Allianz Risk Transfer (Bermuda) Ltd. — — — — 44,618 Total (4) $ 823,105 $ 200,967 (1) No rating available for Moody’s Investors Service, Inc. (2) No rating is available because the fund is not rated. (3) No rating available for Standard and Poor’s Rating Service, Inc. and Moody’s Investors Service, Inc. (4) 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, 2022 2021 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 500,677 $ 452,450 $ 1,269,344 $ 432,984 $ 410,621 $ 264,068 Ceded (23,956) (161,819) (938,900) (124) (145,967) (76,487) $ 476,721 $ 290,631 $ 330,444 $ 432,860 $ 264,654 $ 187,581 Nine Months Ended September 30, 2022 2021 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 1,429,685 $ 1,295,858 $ 1,724,729 $ 1,271,925 $ 1,178,801 $ 777,668 Ceded (670,339) (459,102) (1,008,875) (585,413) (414,670) (278,903) Net $ 759,346 $ 836,756 $ 715,854 $ 686,512 $ 764,131 $ 498,765
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, 2022 2021 Prepaid reinsurance premiums $ 452,230 $ 240,993 Reinsurance recoverable on paid losses and LAE $ 6,042 $ 69,729 Reinsurance recoverable on unpaid losses and LAE 929,768 115,860 Reinsurance recoverable $ 935,810 $ 185,589

Insurance Operations (Tables)

Insurance Operations (Tables)	9 Months Ended
	Sep. 30, 2022
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 2022 2021 2022 2021 DPAC, beginning of period $ 110,983 $ 115,971 $ 108,822 $ 110,614 Capitalized Costs 55,552 55,054 165,983 170,996 Amortization of DPAC (54,674) (57,046) (162,944) (167,631) DPAC, end of period $ 111,861 $ 113,979 $ 111,861 $ 113,979
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 differs from 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, 2022 December 31, 2021 Statutory capital and surplus UPCIC $ 386,934 $ 378,750 APPCIC $ 22,446 $ 16,104 Ten percent of total liabilities UPCIC $ 142,514 $ 122,292 APPCIC $ 2,145 $ 649 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 2022 2021 2022 2021 Combined net income (loss) $ (67,404) $ (22,903) $ (79,479) $ (21,723) 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, 2022 December 31, 2021 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,242 $ 3,441

Liability for Unpaid Losses a_2

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
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 2022 2021 2022 2021 Balance at beginning of period $ 186,349 $ 278,658 $ 346,216 $ 322,465 Less: Reinsurance recoverable (18,972) (113,157) (115,860) (119,522) Net balance at beginning of period 167,377 165,501 230,356 202,943 Incurred related to: Current year 327,729 176,092 708,774 480,782 Prior years 2,715 11,489 7,080 17,983 Total incurred 330,444 187,581 715,854 498,765 Paid related to: Current year 216,735 180,473 453,350 386,302 Prior years 57,227 42,841 269,001 185,638 Total paid 273,962 223,314 722,351 571,940 Net balance at end of period 223,859 129,768 223,859 129,768 Plus: Reinsurance recoverable 929,768 82,720 929,768 82,720 Balance at end of period $ 1,153,627 $ 212,488 $ 1,153,627 $ 212,488

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt consists of the following as of the dates presented (in thousands): September 30, December 31, 2022 2021 Surplus note $ 5,882 $ 6,985 5.625% Senior unsecured notes 100,000 100,000 Total principal amount 105,882 106,985 Less: unamortized debt issuance costs (2,914) (3,309) Total long-term debt, net $ 102,968 $ 103,676
Schedule of Interest Expense	The following table provides interest expense related to long-term debt during the periods presented (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Interest Expense: Surplus note $ 49 $ 29 $ 115 $ 84 5.625% Senior unsecured notes 1,406 — 4,328 — Non-cash expense (1) 175 — 526 — Total $ 1,630 $ 29 $ 4,969 $ 84 (1) Represents amortization of debt issuance costs.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
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 2022 2021 Price Repurchased Plan Completed November 3, 2020 November 3, 2022 $ 20,000 806,324 — $ 9,800 $ 12.15 November 3, 2020 November 3, 2022 $ 20,000 — 116,886 $ 1,609 $ 13.77

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
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 2022 2021 2022 2021 Numerator for EPS: Net income (loss) $ (72,275) $ 20,183 $ (47,368) $ 68,532 Less: Preferred stock dividends (3) (3) (8) (8) Income (loss) available to common stockholders $ (72,278) $ 20,180 $ (47,376) $ 68,524 Denominator for EPS: Weighted average common shares outstanding 30,604 31,247 30,858 31,232 Plus: Assumed conversion of share-based compensation (1) — 65 — 45 Assumed conversion of preferred stock — 25 — 25 Weighted average diluted common shares outstanding 30,604 31,337 30,858 31,302 Basic earnings (loss) per common share $ (2.36) $ 0.65 $ (1.54) $ 2.19 Diluted earnings (loss) per common share $ (2.36) $ 0.64 $ (1.54) $ 2.19 (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, 2022
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, 2022 2021 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 $ (36,715) $ (9,026) $ (27,689) $ (1,635) $ (334) $ (1,301) Less: Reclassification adjustments for (gains) losses realized in net income (loss) 210 52 158 (690) (164) (526) Other comprehensive income (loss) $ (36,505) $ (8,974) $ (27,531) $ (2,325) $ (498) $ (1,827) Nine Months Ended September 30, 2022 2021 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 $ (134,148) $ (32,978) $ (101,170) $ (13,796) $ (3,241) $ (10,555) Less: Reclassification adjustments for (gains) losses realized in net income (loss) 1,423 350 1,073 (243) (57) (186) Other comprehensive income (loss) $ (132,725) $ (32,628) $ (100,097) $ (14,039) $ (3,298) $ (10,741)
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 2022 2021 2022 2021 Unrealized gains (losses) on available-for-sale debt securities $ (210) $ 690 $ (1,423) $ 243 Net realized gains (losses) on sale of securities 52 (164) 350 (57) Income taxes Total reclassification for the period $ (158) $ 526 $ (1,073) $ 186 Net of tax

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 11,598 $ — $ 11,598 Corporate bonds — 675,363 — 675,363 Mortgage-backed and asset-backed securities — 289,733 — 289,733 Municipal bonds — 12,438 — 12,438 Redeemable preferred stock — 7,651 — 7,651 Equity Securities: Common stock 19,746 — — 19,746 Mutual funds 62,641 — — 62,641 Total assets accounted for at fair value $ 82,387 $ 996,783 $ — $ 1,079,170 Fair Value Measurements December 31, 2021 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 26,806 $ — $ 26,806 Corporate bonds — 673,805 — 673,805 Mortgage-backed and asset-backed securities — 316,118 — 316,118 Municipal bonds — 14,574 — 14,574 Redeemable preferred stock — 9,152 — 9,152 Equity Securities: Common stock 3,683 — — 3,683 Mutual funds 43,651 — — 43,651 Total assets accounted for at fair value $ 47,334 $ 1,040,455 $ — $ 1,087,789
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, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Liabilities (debt): Surplus note (1) $ 5,882 $ 5,516 $ 6,985 $ 6,723 5.625% Senio r unsecured notes (2) 100,000 99,042 100,000 99,464 Total debt $ 105,882 $ 104,558 $ 106,985 $ 106,187 (1) 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 (Level 3). (2) The fair value of the senior unsecured notes was determined based on pricing from quoted prices for similar assets in active markets and was included as Level 2.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2022
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. September 30, 2022 December 31, 2021 Restricted cash and cash equivalents $ 67 $ —

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Detail)	Sep. 30, 2022 state
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,150,524	$ 1,061,192
Allowance for Expected Credit Losses	(724)	(489)	$ (186)
Gross Unrealized Gains	105	1,129
Gross Unrealized Losses	(153,122)	(21,377)
Fair Value	996,783	1,040,455
U.S. government obligations and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,602	27,076
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	0	64
Gross Unrealized Losses	(1,004)	(334)
Fair Value	11,598	26,806
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	781,131	687,058
Allowance for Expected Credit Losses	(589)	(371)
Gross Unrealized Gains	42	843
Gross Unrealized Losses	(105,221)	(13,725)
Fair Value	675,363	673,805
Mortgage-backed and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	332,444	322,844
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	63	194
Gross Unrealized Losses	(42,774)	(6,920)
Fair Value	289,733	316,118
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,924	14,925
Allowance for Expected Credit Losses	0	(1)
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(2,486)	(350)
Fair Value	12,438	14,574
Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,423	9,289
Allowance for Expected Credit Losses	(135)	(117)	$ (38)
Gross Unrealized Gains	0	28
Gross Unrealized Losses	(1,637)	(48)
Fair Value	$ 7,651	$ 9,152

Investments - Schedule of Credi

Investments - Schedule of Credit Quality of Investment Securities With Contractual Maturities or The Issuer of Such Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 996,783	$ 1,040,455
% of Total Fair Value	100%	100%
AAA
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 297,030	$ 321,975
% of Total Fair Value	29.80%	31%
AA
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 150,936	$ 139,186
% of Total Fair Value	15.20%	13.40%
A
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 320,427	$ 339,500
% of Total Fair Value	32.10%	32.60%
BBB
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 225,154	$ 234,358
% of Total Fair Value	22.60%	22.50%
No Rating Available
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 3,236	$ 5,436
% of Total Fair Value	0.30%	0.50%

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, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,150,524	$ 1,061,192
Fair Value	996,783	1,040,455
Mortgage-backed and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	332,444	322,844
Fair Value	289,733	316,118
Agency | Mortgage-backed securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	159,177	147,992
Fair Value	133,795	143,819
Non-agency | Mortgage-backed securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	61,880	59,906
Fair Value	51,242	58,263
Auto loan receivables | Asset-backed securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	66,392	67,352
Fair Value	63,258	66,877
Credit card receivables | Asset-backed securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	657	4,741
Fair Value	611	4,719
Other receivables | Asset-backed securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	44,338	42,853
Fair Value	$ 40,827	$ 42,440

Investments - Summarized Fair V

Investments - Summarized Fair Value and Gross Unrealized Losses on Securities Available for Sale (Details) $ in Thousands	Sep. 30, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	251	404
Less than 12 months, Fair value	$ 265,467	$ 682,402
Less than 12 months, Unrealized losses	$ (28,438)	$ (13,818)
12 months or longer, Number of issues | security	281	33
12 months or longer, Fair value	$ 379,129	$ 45,645
12 months or longer, Unrealized losses	$ (73,255)	$ (1,853)
Fixed Maturities | U.S. government obligations and agencies
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	2	4
Less than 12 months, Fair value	$ 2,720	$ 18,913
Less than 12 months, Unrealized losses	$ (113)	$ (111)
12 months or longer, Number of issues | security	5	4
12 months or longer, Fair value	$ 8,878	$ 5,016
12 months or longer, Unrealized losses	$ (891)	$ (223)
Fixed Maturities | Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	123	249
Less than 12 months, Fair value	$ 136,528	$ 378,595
Less than 12 months, Unrealized losses	$ (17,249)	$ (7,468)
12 months or longer, Number of issues | security	173	18
12 months or longer, Fair value	$ 202,294	$ 17,356
12 months or longer, Unrealized losses	$ (37,753)	$ (679)
Fixed Maturities | Mortgage-backed and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	116	145
Less than 12 months, Fair value	$ 121,753	$ 274,883
Less than 12 months, Unrealized losses	$ (10,259)	$ (5,969)
12 months or longer, Number of issues | security	96	11
12 months or longer, Fair value	$ 157,818	$ 23,273
12 months or longer, Unrealized losses	$ (32,515)	$ (951)
Fixed Maturities | Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	3	5
Less than 12 months, Fair value	$ 2,299	$ 9,811
Less than 12 months, Unrealized losses	$ (390)	$ (269)
12 months or longer, Number of issues | security	7	0
12 months or longer, Fair value	$ 10,139	$ 0
12 months or longer, Unrealized losses	$ (2,096)	$ 0
Fixed Maturities | Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	7	1
Less than 12 months, Fair value	$ 2,167	$ 200
Less than 12 months, Unrealized losses	$ (427)	$ (1)
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, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Expected credit loss on available-for-sale debt securities at beginning of period	$ 489	$ 186
Provision for (or reversal of) credit loss expense	235	303
Expected credit loss on available-for-sale debt securities at end of period	724	489
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	371	148
Provision for (or reversal of) credit loss expense	218	223
Expected credit loss on available-for-sale debt securities at end of period	589	371
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	1	0
Provision for (or reversal of) credit loss expense	(1)	1
Expected credit loss on available-for-sale debt securities at end of period	0	1
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	117	38
Provision for (or reversal of) credit loss expense	18	79
Expected credit loss on available-for-sale debt securities at end of period	$ 135	$ 117

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Investments With Contractual Maturities (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amortized Cost
Due in one year or less	$ 67,525
Due after one year through five years	557,115
Due after five years through ten years	496,292
Due after ten years	27,048
Perpetual maturity securities	2,544
Amortized Cost	1,150,524	$ 1,061,192
Fair Value
Due in one year or less	65,865
Due after one year through five years	499,715
Due after five years through ten years	408,509
Due after ten years	20,640
Perpetual maturity securities	2,054
Fair Value	$ 996,783	$ 1,040,455

Investments - Summary of Securi

Investments - Summary of Securities Available for Sale (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales and maturities (fair value)	$ 30,929	$ 32,320	$ 84,146	$ 146,611
Proceeds from sales of equity securities	8,975	48,486	26,667	53,651
Gross realized gains on sale of securities	0	882	242	1,899
Equity securities, FV-NI, Realized Gain	571	1,315	1,119	2,399
Gross realized losses on sale of securities	(210)	(192)	(1,665)	(1,656)
Equity securities, FV-NI, Realized Loss	(69)	0	(71)	0
Realized gains on sales of investment real estate	$ 0	$ 0	0	401
Proceeds from sales of investment real estate			$ 0	$ 2,591

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Investment Income [Line Items]
Total investment income	$ 6,778	$ 3,619	$ 17,451	$ 11,017
Less: Investment expenses	(704)	(822)	(2,114)	(2,376)
Net investment income	6,074	2,797	15,337	8,641
Available-for-sale debt securities
Net Investment Income [Line Items]
Investment income	4,847	2,799	13,791	8,393
Equity securities
Net Investment Income [Line Items]
Investment income	740	544	1,965	1,787
Cash and cash equivalents
Net Investment Income [Line Items]
Investment income	1,069	2	1,324	28
Other
Net Investment Income [Line Items]
Investment income	$ 122	$ 274	$ 371	$ 809

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
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	$ (4,150)	$ (3,418)	$ (16,387)	$ (2,391)

Investments - Schedule of Real

Investments - Schedule of Real Estate Investment (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real Estate [Line Items]
Investment real estate, net	$ 5,752	$ 5,891
Income Producing:
Real Estate [Line Items]
Investment real estate	7,091	7,091
Less: Accumulated depreciation	(1,339)	(1,200)
Investment real estate, net	$ 5,752	$ 5,891

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Real Estate Investment
Real Estate [Line Items]
Depreciation expense on investment real estate	$ 46	$ 47	$ 139	$ 139

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($)		3 Months Ended			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Real Estate [Line Items]
Assets held for sale				$ 300,000
Impairment of Long-Lived Assets to be Disposed of				$ 0
Realized gains on sales of investment real estate		$ 0	$ 0		$ 0	$ 401,000
Income Producing
Real Estate [Line Items]
Proceeds from Sale of Property Held-for-sale	$ 8,900,000
Realized gains on sales of investment real estate			$ 2,300,000			$ 2,300,000

Reinsurance - Additional Inform

Reinsurance - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2022
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%

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, 2022	Dec. 31, 2021
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	$ 823,105	$ 200,967
Allianz Risk Transfer | 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	371,290	0
Various Lloyd’s of London Syndicates | AM Best, A Rating | Standard & Poor's, A Plus Rating
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	132,967	0
Chubb Tempest Reinsurance, Ltd. | AM Best, A++ Rating | Standard & Poor's, AA Rating | Moody's, Aa3 Rating
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	62,592	0
Florida Hurricane Catastrophe Fund
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	61,024	136,298
DaVinci Reinsurance Ltd. | AM Best, A Rating | Standard & Poor's, AA- Rating | Moody's, A3 Rating
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	58,290	0
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	49,773	20,051
Markel Bermuda Ltd. | AM Best, A Rating | Standard & Poor's, A Rating | Moody's, A2 Rating
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	46,770	0
Munich Reinsurance America Inc. | 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	19,122	0
Everest Reinsurance Co | 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	11,994	0
Lumen Re Ltd. | AM Best, A Rating
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	9,283	0
Allianz Risk Transfer (Bermuda) Ltd.
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	$ 0	$ 44,618

Reinsurance - Reinsurance Arran

Reinsurance - Reinsurance Arrangements (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reinsurance Disclosures [Abstract]
Direct premiums written		$ 500,677	$ 432,984	$ 1,429,685	$ 1,271,925
Ceded premiums written		(23,956)	(124)	(670,339)	(585,413)
Net premiums written		476,721	432,860	759,346	686,512
Direct premiums earned		452,450	410,621	1,295,858	1,178,801
Ceded premiums earned		(161,819)	(145,967)	(459,102)	(414,670)
Premiums earned, net		290,631	264,654	836,756	764,131
Direct losses and loss adjustment expenses		1,269,344	264,068	1,724,729	777,668
Ceded losses and loss adjustment expenses	$ (66,000)	(938,900)	(76,487)	(1,008,875)	(278,903)
Net Losses and Loss Adjustment Expenses	$ 45,000	$ 330,444	$ 187,581	$ 715,854	$ 498,765

Reinsurance - Prepaid Reinsuran

Reinsurance - Prepaid Reinsurance Premiums (Payable) and Reinsurance Recoverable and Receivable (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Reinsurance Disclosures [Abstract]
Prepaid reinsurance premiums	$ 452,230		$ 240,993
Reinsurance recoverable on paid losses and LAE	6,042		69,729
Reinsurance recoverable on unpaid losses and LAE	929,768	$ 18,972	115,860	$ 82,720	$ 113,157	$ 119,522
Reinsurance recoverable	$ 935,810		$ 185,589

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Deferred Policy Acquisition Costs [Roll Forward]
DPAC, beginning of period	$ 110,983	$ 115,971	$ 108,822	$ 110,614
Capitalized Costs	55,552	55,054	165,983	170,996
Amortization of DPAC	(54,674)	(57,046)	(162,944)	(167,631)
DPAC, end of period	$ 111,861	$ 113,979	$ 111,861	$ 113,979

Insurance Operations - Addition

Insurance Operations - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
UPCIC
Statutory Accounting Practices [Line Items]
Dividend paid to immediate parent company	$ 0
APPCIC
Statutory Accounting Practices [Line Items]
Dividend paid to immediate parent company		$ 0
UPCIC and APPCIC
Statutory Accounting Practices [Line Items]
Minimum capitalization rate	10%
UPCIC and APPCIC | Minimum
Statutory Accounting Practices [Line Items]
Minimum capitalization amount	$ 15,000,000

Insurance Operations - Statutor

Insurance Operations - Statutory Capital and Surplus, and an Amount Representing Ten Percent of Total Liabilities for both UPCIC and APPCIC (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
UPCIC
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	$ 386,934	$ 378,750
Ten percent of total liabilities	142,514	122,292
APPCIC
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	22,446	16,104
Ten percent of total liabilities	$ 2,145	$ 649

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Insurance [Abstract]
Combined net income (loss)	$ (67,404)	$ (22,903)	$ (79,479)	$ (21,723)

Insurance Operations - Assets H

Insurance Operations - Assets Held by Insurance Regulators (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investments
Statutory Accounting Practices [Line Items]
Assets held by insurance regulators	$ 3,242	$ 3,441
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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance at beginning of period	$ 186,349	$ 278,658	$ 346,216	$ 322,465
Less: Reinsurance recoverable	(18,972)	(113,157)	(115,860)	(119,522)
Net balance at beginning of period	167,377	165,501	230,356	202,943
Incurred related to current year	327,729	176,092	708,774	480,782
Incurred related to prior years	2,715	11,489	7,080	17,983
Total incurred	330,444	187,581	715,854	498,765
Paid related to current year	216,735	180,473	453,350	386,302
Paid related to prior years	57,227	42,841	269,001	185,638
Total paid	273,962	223,314	722,351	571,940
Net balance at end of period	223,859	129,768	223,859	129,768
Plus: Reinsurance recoverable	929,768	82,720	929,768	82,720
Balance at end of period	$ 1,153,627	$ 212,488	$ 1,153,627	$ 212,488

Liability for Unpaid Losses a_4

Liability for Unpaid Losses and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Direct losses and loss adjustment expenses		$ 1,269,344	$ 264,068	$ 1,724,729	$ 777,668
Losses and loss adjustment expenses	$ 45,000	330,444	187,581	715,854	498,765
Ceded losses and loss adjustment expenses	66,000	938,900	76,487	1,008,875	278,903
Incurred related to prior years		2,715	11,489	7,080	17,983
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		26,400	87,900	100,600	296,900
Ceded losses and loss adjustment expenses		23,700	76,400	93,500	278,900
Incurred related to prior years		$ 2,700	11,500	7,100	18,000
Hurricane
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Direct losses and loss adjustment expenses			81,700		282,900
Ceded losses and loss adjustment expenses			76,400		278,900
Incurred related to prior years			5,300		4,000
Hurricane Ian
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Direct losses and loss adjustment expenses	1,000,000
Reinsurance tower	3,000,000
Losses and loss adjustment expenses				111,000
Ceded losses and loss adjustment expenses	$ 66,000
Hurricane Irma
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Direct losses and loss adjustment expenses				76,200
Ceded losses and loss adjustment expenses				69,200
Incurred related to prior years				7,000
Hurricane Matthew
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Incurred related to prior years				$ 100
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

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total principal amount	$ 105,882	$ 106,985
Less: unamortized debt issuance costs	(2,914)	(3,309)
Total long-term debt, net	102,968	103,676
Surplus note
Debt Instrument [Line Items]
Total principal amount	5,882	6,985
5.625% Senior unsecured notes
Debt Instrument [Line Items]
Total principal amount	$ 100,000	$ 100,000

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail) - USD ($)				1 Months Ended	9 Months Ended
	Nov. 02, 2022	Oct. 31, 2022	Nov. 23, 2021	Aug. 31, 2021	Sep. 30, 2022	Dec. 31, 2006
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 35,000,000
Line of credit facility, expiration period				364 days
Borrowings on line of credit facility					$ 0
Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 37,500,000
Line of credit facility, unused capacity, commitment fee percentage		0.50%
Line of credit facility, expiration period		364 days
Borrowings on line of credit facility	$ 0
Revolving Credit Facility | Prime Rate | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2%
Surplus note
Debt Instrument [Line Items]
Unsecured term loan agreement						$ 25,000,000
Note term						20 years
Unsecured Debt
Debt Instrument [Line Items]
Repurchased amount			$ 100,000,000
Unsecured Debt | 5.625% Senior Unsecured Notes Due 2026
Debt Instrument [Line Items]
Unsecured term loan agreement			$ 100,000,000
Stated percentage			5.625%		5.625%
Maturity year of debt instrument			2026
Unsecured Debt | 5.625% Senior Unsecured Notes Due 2026 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price			102.8125%
Unsecured Debt | 5.625% Senior Unsecured Notes Due 2026 | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price			101.40625%
Unsecured Debt | 5.625% Senior Unsecured Notes Due 2026 | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price			100%

Long-Term Debt - Interest Expen

Long-Term Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Total	$ 1,630	$ 29	$ 4,969	$ 84
Non-cash expense	175	0	526	0
Surplus note
Debt Instrument [Line Items]
Total	49	29	115	84
5.625% Senior unsecured notes
Debt Instrument [Line Items]
Total	$ 1,406	$ 0	$ 4,328	$ 0

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Shares Repurchased (Details) - USD ($)	3 Months Ended					9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Line Items]
Shares repurchased during the period	$ 2,419,000	$ 3,502,000	$ 3,879,000	$ 1,364,000	$ 245,000
November 3, 2020
Equity [Line Items]
Shares repurchased (in shares)						806,324	116,886
Shares repurchased during the period	$ 9,800,000						$ 1,609,000
Shares repurchased during period (in USD per share)	$ 12.15						$ 13.77
November 3, 2020 | Maximum
Equity [Line Items]
Amount of stock repurchase plan authorized	$ 20,000,000			$ 20,000,000		$ 20,000,000	$ 20,000,000

Income Taxes (Detail)

Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ (20,962)	$ 6,281	$ (12,718)	$ 24,342
Effective tax rate	22.50%	23.70%	21.20%	26.20%

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, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator for EPS:
Net income (loss)	$ (72,275)	$ 7,370	$ 17,537	$ 20,183	$ 21,941	$ 26,408	$ (47,368)	$ 68,532
Less: Preferred stock dividends	(3)			(3)			(8)	(8)
Income (loss) available to common stockholders	$ (72,278)			$ 20,180			$ (47,376)	$ 68,524
Denominator for EPS:
Weighted average common shares outstanding (in shares)	30,604			31,247			30,858	31,232
Plus: Assumed conversion of share-based compensation (in shares)	0			65			0	45
Assumed conversion of preferred stock (in shares)	0			25			0	25
Weighted average diluted common shares outstanding (in shares)	30,604			31,337			30,858	31,302
Basic earnings (loss) per common share (in USD per share)	$ (2.36)			$ 0.65			$ (1.54)	$ 2.19
Diluted earnings (loss) per common share (in USD per share)	$ (2.36)			$ 0.64			$ (1.54)	$ 2.19

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, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
After-tax
Other comprehensive income (loss)	$ (27,531)	$ (29,656)	$ (42,910)	$ (1,827)	$ 7,996	$ (16,910)	$ (100,097)	$ (10,741)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent
Pre-tax
Unrealized holding gains (losses) arising during the period	(36,715)			(1,635)			(134,148)	(13,796)
Less: Reclassification adjustments for (gains) losses realized in net income (loss)	210			(690)			1,423	(243)
Other comprehensive income (loss)	(36,505)			(2,325)			(132,725)	(14,039)
Tax
Unrealized holding gains (losses) arising during the period	(9,026)			(334)			(32,978)	(3,241)
Less: Reclassification adjustments for (gains) losses realized in net income (loss)	52			(164)			350	(57)
Other comprehensive income (loss)	(8,974)			(498)			(32,628)	(3,298)
After-tax
Unrealized holding gains (losses) arising during the period	(27,689)			(1,301)			(101,170)	(10,555)
Less: Reclassification adjustments for (gains) losses realized in net income (loss)	158			(526)			1,073	(186)
Other comprehensive income (loss)	$ (27,531)			$ (1,827)			$ (100,097)	$ (10,741)

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on sale of securities	$ 292			$ 4,319			$ (375)	$ 5,357
Income taxes	20,962			(6,281)			12,718	(24,342)
Net of tax	(72,275)	$ 7,370	$ 17,537	20,183	$ 21,941	$ 26,408	(47,368)	68,532
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 sale of securities	(210)			690			(1,423)	243
Income taxes	52			(164)			350	(57)
Net of tax	$ (158)			$ 526			$ (1,073)	$ 186

Commitments and Contingencies (

Commitments and Contingencies (Detail) - USD ($) $ in Millions	Mar. 26, 2021	Sep. 30, 2022
Reinsurance Retention Policy [Line Items]
Term of reinsurance agreement	3 years
Reinsurance Contracts: 2023-01-01
Reinsurance Retention Policy [Line Items]
Reinsurance payable, due in fiscal year		$ 105.6
Reinsurance Contracts: 2024-01-01
Reinsurance Retention Policy [Line Items]
Reinsurance payable, due in second year		157.5
Reinsurance Contracts: 2025-01-01
Reinsurance Retention Policy [Line Items]
Reinsurance payable, due in third year		$ 66.3

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 996,783	$ 1,040,455
Equity Securities:	82,387	47,334
U.S. government obligations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	11,598	26,806
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	675,363	673,805
Mortgage-backed and asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	289,733	316,118
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	12,438	14,574
Redeemable preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	7,651	9,152
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	1,079,170	1,087,789
Fair Value, Recurring | U.S. government obligations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	11,598	26,806
Fair Value, Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	675,363	673,805
Fair Value, Recurring | Mortgage-backed and asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	289,733	316,118
Fair Value, Recurring | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	12,438	14,574
Fair Value, Recurring | Redeemable preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	7,651	9,152
Fair Value, Recurring | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	19,746	3,683
Fair Value, Recurring | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	62,641	43,651
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	82,387	47,334
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:	19,746	3,683
Level 1 | Fair Value, Recurring | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	62,641	43,651
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	996,783	1,040,455
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	11,598	26,806
Level 2 | Fair Value, Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	675,363	673,805
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	289,733	316,118
Level 2 | Fair Value, Recurring | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	12,438	14,574
Level 2 | Fair Value, Recurring | Redeemable preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	7,651	9,152
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
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
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, 2022	Dec. 31, 2021	Nov. 23, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 105,882	$ 106,985
Estimated Fair Value	104,558	106,187
Surplus note
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 5,882	6,985
Unsecured Debt | 5.625% Senior Unsecured Notes Due 2026
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stated percentage	5.625%		5.625%
Surplus note | Surplus note
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 5,882	6,985
Estimated Fair Value	5,516	6,723
5.625% Senior unsecured notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	100,000	100,000
Estimated Fair Value	$ 99,042	$ 99,464

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Variable Interest Entity [Line Items]
Ceded losses and loss adjustment expenses		$ 66,000	$ 938,900	$ 76,487	$ 1,008,875	$ 278,903
Restricted cash and cash equivalents	[1]	2,703	2,703		2,703		$ 2,635
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash and cash equivalents		67	$ 67		$ 67		$ 0
Hurricane
Variable Interest Entity [Line Items]
Ceded losses and loss adjustment expenses				$ 76,400		$ 278,900
Hurricane Ian
Variable Interest Entity [Line Items]
Ceded losses and loss adjustment expenses		$ 66,000
[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.

Subsequent Events (Details)

Subsequent Events (Details) - Revolving Credit Facility - USD ($)			1 Months Ended	9 Months Ended
	Nov. 02, 2022	Oct. 31, 2022	Aug. 31, 2021	Sep. 30, 2022
Subsequent Event [Line Items]
Line of credit facility, expiration period			364 days
Line of credit facility, maximum borrowing capacity				$ 35,000,000
Borrowings on line of credit facility				$ 0
Subsequent Event
Subsequent Event [Line Items]
Line of credit facility, expiration period		364 days
Line of credit facility, maximum borrowing capacity		$ 37,500,000
Line of credit facility, unused capacity, commitment fee percentage		0.50%
Borrowings on line of credit facility	$ 0
Subsequent Event | Prime Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate		2%