Universal Insurance (UVE) 10-Q/A 17 Feb 23 2022 Q1 Quarterly report (amended) Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 26, 2022
Cover [Abstract]
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Mar. 31, 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)		30,945,861
Entity Central Index Key	0000891166
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
ASSETS
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $572 and $489 (amortized cost: $1,092,438 and $1,061,192)		$ 1,014,677	$ 1,040,455
Equity securities, at fair value (cost: $72,339 and $51,151)		65,126	47,334
Investment real estate, net		5,845	5,891
Total invested assets		1,085,648	1,093,680
Cash and cash equivalents		165,398	250,508
Restricted cash and cash equivalents	[1]	2,635	2,635
Prepaid reinsurance premiums		109,401	240,993
Reinsurance recoverable		104,660	185,589
Premiums receivable, net		61,670	64,923
Property and equipment, net		54,170	53,682
Deferred policy acquisition costs		103,622	108,822
Income taxes recoverable		2,262	16,947
Deferred income tax asset, net		40,072	16,331
Other assets		19,417	22,031
Total assets		1,748,955	2,056,141
LIABILITIES:
Unpaid losses and loss adjustment expenses		244,482	346,216
Unearned premiums		839,647	857,769
Advance premium		85,120	53,694
Book overdraft		0	26,759
Reinsurance payable, net		12,723	188,662
Commission payable		23,484	22,315
Other liabilities and accrued expenses		43,774	27,348
Total long-term debt, net		103,384	103,676
Total liabilities		1,352,614	1,626,439
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:
Cumulative convertible preferred stock		0	0
Common stock		471	470
Treasury shares, at cost - 16,117 and 15,797		(230,994)	(227,115)
Additional paid-in capital		109,099	108,202
Accumulated other comprehensive income (loss), net of taxes		(58,478)	(15,568)
Retained earnings		576,243	563,713
Total stockholders’ equity		396,341	429,702
Total liabilities and stockholders’ equity		$ 1,748,955	$ 2,056,141
[1]See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Available-for-sale securities, allowance for credit loss	$ 572	$ 489
Available for sale debt securities, amortized cost	1,092,438	1,061,192
Equity securities, amortized cost	$ 72,339	$ 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)	47,063,000	47,018,000
Common stock, shares outstanding (in shares)	30,946,000	31,221,000
Treasury stock, shares (in shares)	16,117,000	15,797,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written	$ 396,481	$ 365,314
Change in unearned premium	18,122	10,292
Direct premium earned	414,603	375,606
Ceded premium earned	(145,539)	(132,301)
Premiums earned, net	269,064	243,305
Net investment income	4,042	2,986
Net realized gains (losses) on investments	58	542
Net change in unrealized gains (losses) of equity securities	(3,396)	(494)
Commission revenue	11,161	9,126
Policy fees	4,779	5,387
Other revenue	1,774	1,905
Total premiums earned and other revenues	287,482	262,757
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses	185,106	143,963
General and administrative expenses	78,297	82,423
Total operating costs and expenses	263,403	226,386
Interest and amortization of debt issuance costs	1,608	20
INCOME (LOSS) BEFORE INCOME TAXES	22,471	36,351
Income tax expense (benefit)	4,934	9,943
NET INCOME (LOSS)	$ 17,537	$ 26,408
Basic earnings (loss) per common share (in USD per share)	$ 0.56	$ 0.85
Weighted average common shares outstanding - Basic (in shares)	31,147	31,208
Diluted earnings (loss) per common share (in USD per share)	$ 0.56	$ 0.84
Weighted average common shares outstanding - Diluted (in shares)	31,227	31,277
Cash dividend declared per common share (in USD per share)	$ 0.16	$ 0.16

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 17,537	$ 26,408
Other comprehensive income (loss), net of taxes	(42,910)	(16,910)
Comprehensive income (loss)	$ (25,373)	$ 9,498

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Treasury Shares		Common stock	Preferred Shares Issued	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2020		15,680		46,817	10
Beginning balance at Dec. 31, 2020	$ 449,262	$ (225,506)		$ 468	$ 0	$ 103,445	$ 567,512	$ 3,343
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of performance share units (in shares)		16	[1]	62
Vesting of performance share units	(241)	$ (241)		$ 0		0
Vesting of restricted stock units (in shares)		(17)	[1]	65
Vesting of restricted stock units	(254)	$ (254)		$ 1		(1)
Retirement of treasury shares (in shares)		33	[1]	33
Retirement of treasury shares	0	$ 495				(495)
Purchases of treasury stock (in shares)		(15)
Purchases of treasury stock	(245)	$ (245)
Share-based compensation	1,675					1,675
Net income (loss)	26,408						26,408
Other comprehensive loss, net of taxes	(16,910)							(16,910)
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	(5,030)						(5,030)
Ending balance (in shares) at Mar. 31, 2021		15,695		46,911	10
Ending balance at Mar. 31, 2021	454,665	$ (225,751)		$ 469	$ 0	104,624	588,890	(13,567)
Beginning balance (in shares) at Dec. 31, 2021		15,797		47,018	10
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	[2]	33
Vesting of performance share units	(104)	$ (104)		$ (1)		1
Vesting of restricted stock units (in shares)		6	[2]	27
Vesting of restricted stock units	(105)	$ (105)		$ 0		0
Retirement of treasury shares (in shares)		15	[2]	15
Retirement of treasury shares	0	$ 209				(209)
Purchases of treasury stock (in shares)		(320)
Purchases of treasury stock	(3,879)	$ (3,879)
Share-based compensation	1,107					1,107
Net income (loss)	17,537						17,537
Other comprehensive 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)
Ending balance (in shares) at Mar. 31, 2022		16,117		47,063	10
Ending balance at Mar. 31, 2022	$ 396,341	$ (230,994)		$ 471	$ 0	$ 109,099	$ 576,243	$ (58,478)
[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
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividend declared per common share (in USD per share)	$ 0.16	$ 0.16
Cash dividend declared per preferred share (in USD per share)	$ 0.25	$ 0.25

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net cash provided by operating activities		$ (27,081)	$ 61,265
Cash flows from investing activities:
Proceeds from sale of property and equipment		1	16
Purchases of property and equipment		(2,185)	(1,211)
Purchases of equity securities		(29,333)	(8,175)
Purchases of available-for-sale debt securities		(57,163)	(178,828)
Proceeds from sales of equity securities		14,932	1,576
Proceeds from sales of available-for-sale debt securities		12,540	27,455
Proceeds from sales of investment real estate		0	2,591
Maturities of available-for-sale debt securities		12,766	25,178
Net cash provided by (used in) investing activities		(48,442)	(131,398)
Cash flows from financing activities:
Debt issuance costs paid		(100)	0
Preferred stock dividend		(3)	(3)
Common stock dividend		(5,029)	(5,083)
Purchase of treasury stock		(3,879)	(245)
Payments related to tax withholding for share-based compensation		(209)	(495)
Repayment of debt		(367)	(368)
Net cash provided by (used in) financing activities		(9,587)	(6,194)
Cash and cash equivalents and restricted cash and cash equivalents:
Net increase (decrease) during the period		(85,110)	(76,327)
Balance, beginning of period		253,143	179,871
Balance, end of period		168,033	103,544
Cash and cash equivalents, and restricted cash and cash equivalents within the Consolidated Balance Sheets
Cash and cash equivalents		165,398
Restricted cash and cash equivalents	[1]	2,635
Total cash and cash equivalents and restricted cash and cash equivalents		$ 168,033	$ 103,544
[1]See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 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 March 31, 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 (“U.S. GAAP”) for annual financial statements. Therefore, the Financial Statements should be read in conjunction with the audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 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 U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods do not necessarily indicate the results that may be expected for any other interim period or for the full year. To conform to the current period presentation, certain amounts in the prior periods’ condensed consolidated financial statements and notes have been reclassified. Such reclassifications were of an immaterial amount and had no effect on net income or stockholders’ equity. The Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, as well as variable interest entities (“VIE”) in which the Company is determined to be the primary beneficiary. All material intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s primary use of estimates is in the recognition of liabilities for unpaid losses, loss adjustment expenses, subrogation recoveries and reinsurance recoveries. Actual results could differ from those estimates.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 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.

Investments

Investments	3 Months Ended
	Mar. 31, 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): March 31, 2022 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 22,380 $ — $ — $ (719) $ 21,661 Corporate bonds 722,680 (456) 111 (52,427) 669,908 Mortgage-backed and asset-backed securities 323,684 — 38 (22,200) 301,522 Municipal bonds 14,924 — — (1,405) 13,519 Redeemable preferred stock 8,770 (116) — (587) 8,067 Total $ 1,092,438 $ (572) $ 149 $ (77,338) $ 1,014,677 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): March 31, 2022 December 31, 2021 Average Credit Ratings Fair Value % of Total Fair Value % of Total AAA $ 309,960 30.5 % $ 321,975 31.0 % AA 139,554 13.8 % 139,186 13.4 % A 330,751 32.6 % 339,500 32.6 % BBB 227,901 22.5 % 234,358 22.5 % No Rating Available 6,511 0.6 % 5,436 0.5 % Total $ 1,014,677 100.0 % $ 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): March 31, 2022 December 31, 2021 Amortized Fair Value Amortized Fair Value Mortgage-backed securities: Agency $ 146,674 $ 134,111 $ 147,992 $ 143,819 Non-agency 60,719 55,096 59,906 58,263 Asset-backed securities: Auto loan receivables 68,485 66,410 67,352 66,877 Credit card receivables 4,711 4,668 4,741 4,719 Other receivables 43,095 41,237 42,853 42,440 Total $ 323,684 $ 301,522 $ 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): March 31, 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 $ 11,549 $ (63) 5 $ 10,112 $ (656) Corporate bonds 188 253,022 (16,821) 95 118,710 (12,044) Mortgage-backed and asset-backed securities 118 156,773 (7,653) 70 138,894 (14,547) Municipal bonds 9 9,988 (932) 1 3,531 (473) Redeemable preferred stock 4 1,270 (122) — — — Total 321 $ 432,602 $ (25,591) 171 $ 271,247 $ (27,720) 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 March 31, 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 85 (1) (1) 83 Balance, March 31, 2022 $ 456 $ — $ 116 $ 572 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): March 31, 2022 Amortized Cost Fair Value Due in one year or less $ 53,698 $ 53,176 Due after one year through five years 504,075 475,424 Due after five years through ten years 501,063 455,448 Due after ten years 31,710 28,916 Perpetual maturity securities 1,892 1,713 Total $ 1,092,438 $ 1,014,677 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 2022 2021 Proceeds from sales and maturities (fair value): Available-for-sale debt securities $ 25,306 $ 52,633 Equity securities $ 14,932 $ 1,576 Gross realized gains on sale of securities: Available-for-sale debt securities $ 6 $ 122 Equity securities $ 324 $ 343 Gross realized losses on sale of securities: Available-for-sale debt securities $ (270) $ (324) Equity securities $ (2) $ — 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 three months ended March 31, 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 2022 2021 Available-for-sale debt securities $ 4,067 $ 2,829 Equity securities 535 591 Cash and cash equivalents (1) 22 11 Other (2) 128 268 Total investment income 4,752 3,699 Less: Investment expenses (3) (710) (713) Net investment income $ 4,042 $ 2,986 (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 2022 2021 Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period $ (3,353) $ (519) Investment Real Estate Investment real estate consisted of the following as of the dates presented (in thousands): March 31, December 31, 2022 2021 Income Producing: Investment real estate $ 7,091 $ 7,091 Less: Accumulated depreciation (1,246) (1,200) Investment real estate, net $ 5,845 $ 5,891 The following table provides the depreciation expense related to investment real estate for the periods presented (in thousands): Three Months Ended 2022 2021 Depreciation expense on investment real estate $ 46 $ 46

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 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 March 31, 2022 Due from as of Reinsurer AM Best Standard Moody’s March 31, 2022 December 31, 2021 Florida Hurricane Catastrophe Fund (1) n/a n/a n/a $ 49,707 $ 136,298 Allianz Risk Transfer A+ AA- Aa3 45,579 — Allianz Risk Transfer (Bermuda) Ltd. A+ AA- Aa3 25,724 44,618 Renaissance Reinsurance Ltd. A+ A+ A1 12,075 20,051 Total (2) $ 133,085 $ 200,967 (1) No rating is available because the fund is not rated. (2) Amounts represent prepaid reinsurance premiums and net recoverables for paid and unpaid losses, including incurred but not reported reserves, and loss adjustment expenses. The Company’s reinsurance arrangements had the following effect on certain items in the Condensed Consolidated Statements of Income for the periods presented (in thousands): Three Months Ended March 31, 2022 2021 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 396,481 $ 414,603 $ 195,155 $ 365,314 $ 375,606 $ 237,298 Ceded (13,946) (145,539) (10,049) (16,800) (132,301) (93,335) Net $ 382,535 $ 269,064 $ 185,106 $ 348,514 $ 243,305 $ 143,963 The following prepaid reinsurance premiums and reinsurance recoverable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands): March 31, December 31, 2022 2021 Prepaid reinsurance premiums $ 109,401 $ 240,993 Reinsurance recoverable on paid losses and LAE $ 39,257 $ 69,729 Reinsurance recoverable on unpaid losses and LAE 65,403 115,860 Reinsurance recoverable $ 104,660 $ 185,589

Insurance Operations

Insurance Operations	3 Months Ended
	Mar. 31, 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 2022 2021 DPAC, beginning of period $ 108,822 $ 110,614 Capitalized Costs 49,199 54,722 Amortization of DPAC (54,399) (54,143) DPAC, end of period $ 103,622 $ 111,193 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 currently is not able to pay any ordinary dividends during 2022 . APPCIC, based on its accumulated earnings history as of December 31, 2021, is unable to pay any ordinary dividends during 2022. For the three months ended March 31, 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 U.S. GAAP, and an amount representing ten percent of total liabilities for each of the Insurance Entities as of the dates presented (in thousands): March 31, 2022 December 31, 2021 Statutory capital and surplus UPCIC (1) (2) $ 389,248 $ 378,750 APPCIC (3) $ 18,539 $ 16,104 Ten percent of total liabilities UPCIC $ 114,748 $ 122,292 APPCIC $ 1,191 $ 649 (1) At March 31, 2022, statutory capital and surplus for UPCIC included a $20 million Subordinated Surplus Debenture (“Surplus Debenture”) funded in March 2022 by UVE through PSI, the Insurance Entities’ parent company, which is a component of surplus under statutory accounting principles and a liability under U.S. GAAP. The carrying amount of the Surplus Debenture included in the statutory capital and surplus of UPCIC is $130 million as of March 31, 2022. (2) At December 31, 2021, statutory capital and surplus for UPCIC included a $20 million Surplus Debenture funded in October 2021 by UVE through PSI, the Insurance Entities’ parent company, which is a component of surplus under statutory accounting principles and a liability under U.S. GAAP. In addition, capital and surplus included a contribution of $90 million Surplus Debenture funded in February 2022 which was not recognized on a U.S. GAAP basis as of December 31, 2021. The carrying amount of the Surplus Debenture included in the statutory capital and surplus of UPCIC is $110 million as of December 31, 2021. (3) At March 31, 2022, statutory capital and surplus for APPCIC included a $3 million Surplus Debenture funded in March 2022 by UVE through PSI, the Insurance Entities’ parent company, which is a component of surplus under statutory accounting principles and a liability under U.S. GAAP. The carrying amount of the Surplus Debenture included in the statutory capital and surplus of APPCIC is $3 million as of March 31, 2022. As of the dates in the table above, the Insurance Entities each exceeded the minimum statutory capitalization requirement. The Insurance Entities also met the capitalization requirements of the other states in which they are licensed as of March 31, 2022. The Insurance Entities each are also required to adhere to prescribed premium-to-capital surplus ratios and each have met those requirements at such dates. Through PSI, UVE recorded contributions for the periods presented (in thousands): Three Months Ended 2022 2021 Capital contributions - UPCIC $ — $ 77,000 The following table summarizes combined net income (loss) for the Insurance Entities determined in accordance with statutory accounting practices for the periods presented (in thousands): Three Months Ended 2022 2021 Combined net income (loss) $ (11,933) $ (7,376) The Insurance Entities are required by various state laws and regulations to maintain certain assets in depository accounts. The following table represents assets held by insurance regulators as of the dates presented (in thousands): March 31, 2022 December 31, 2021 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,317 $ 3,441

Liability for Unpaid Losses and

Liability for Unpaid Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 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 2022 2021 Balance at beginning of period $ 346,216 $ 322,465 Less: Reinsurance recoverable (115,860) (119,522) Net balance at beginning of period 230,356 202,943 Incurred related to: Current year 184,451 145,200 Prior years 655 (1,237) Total incurred 185,106 143,963 Paid related to: Current year 71,727 54,481 Prior years 164,656 95,316 Total paid 236,383 149,797 Net balance at end of period 179,079 197,109 Plus: Reinsurance recoverable 65,403 118,671 Balance at end of period $ 244,482 $ 315,780 During the three months ended March 31, 2022, there was adverse prior years’ reserve development of $10.7 million gross, less $10.0 million ceded, resulting in $0.7 million net development. The direct and net prior years’ reserve development for the quarter ended March 31, 2022 was principally due to a direct increase in the ultimate losses for Hurricanes Irma and Matthew of $10.7 million offset by ceded hurricane losses of $10.0 million resulting in net unfavorable development of $0.7 million.

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Consists of the following as of the dates presented (in thousands): March 31, December 31, 2022 2021 Surplus note $ 6,618 $ 6,985 5.625% Senior unsecured notes 100,000 100,000 Total principal amount 106,618 106,985 Less: unamortized debt issuance costs (3,234) (3,309) Total long-term debt, net $ 103,384 $ 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 March 31, 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 November 23, 2021, in connection with the issuance and sale of the Notes, the Company also entered into Registration Rights Agreements (the “Registration Rights Agreements”) with the purchasers of the Notes. Under the terms of the Registration Rights Agreements, the Company has agreed to take certain actions to provide for the exchange of the Notes for notes that are registered under the Securities Act and have substantially the same terms as the Notes (the “Exchange Offer”). Under certain circumstances, if the Company fails to meet its obligations under the Registration Rights Agreements, it would be required to pay additional interest to the holders of the Notes. The interest rate on the Notes will increase by 0.25% per annum immediately following such 120-day period in the case of such failure and will increase by an additional 0.25% per annum for each subsequent 90 day period that the Company fails to meet its obligations, up to a maximum of 0.50% per annum. The Registration Statement surrounding the Notes was deemed effective by the Securities and Exchange Commission on March 24, 2022, thus additional interest would not apply. See “Note 15 (Subsequent Events)” for additional information on the Exchange Offer. 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) 100.000% at any time thereafter, plus accrued and unpaid interest up to, but not including the redemption date. On November 23, 2021, the Company entered into an indenture, relating to the issuance of the Notes (the “Indenture”), with UMB Bank National Association, as trustee. The Notes are not subject to any sinking fund and are not convertible into or exchangeable, other than pursuant to the Exchange Offer, for any other securities or assets of the Company or any of its subsidiaries. The Notes are not subject to redemption at the option of the holder. 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 March 31, 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 In August 2021, the Company entered into a credit agreement and related revolving loan (“Revolving Loan”) with JPMorgan Chase Bank, N.A. (“JPMorgan”). The Revolving Loan makes available to the Company an unsecured revolving credit facility with an aggregate commitment not to exceed $35.0 million and carries an interest rate of prime rate plus a margin of 2%. The Company must pay an annual commitment of 0.50% of the unused portion of the commitment. Borrowings under the Revolving Loan mature 364 days after the date of the loan. The Revolving Loan contains customary financial covenants. As of March 31, 2022, the Company was in compliance with all applicable covenants, including financial covenants. The Company has not drawn any amount under the Revolving Loan as of March 31, 2022. Interest Expense The following table provides interest expense related to long-term debt during the periods presented (in thousands): Three Months Ended 2022 2021 Interest Expense: Surplus note $ 27 $ 20 5.625% Senior unsecured notes 1,406 — Non-cash expense (1) 175 — Total $ 1,608 $ 20 (1) Represents amortization of debt issuance costs.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 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 Three Months Ended March 31, Purchase Share Date Authorized Expiration Date Authorized 2022 2021 Price Repurchased Plan Completed November 3, 2020 November 3, 2022 $ 20,000 320,528 — $ 3,879 $ 12.10 November 3, 2020 November 3, 2022 $ 20,000 — 15,444 $ 245 $ 15.87

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended March 31, 2022 and 2021, the Company recorded approximately $4.9 million and $9.9 million of income tax expense, respectively. The effective tax rate (“ETR”) for the three months ended March 31, 2022 was 22.0% compared to a 27.4% ETR for the same period in 2021. In calculating these rates, the Company considered a variety of factors including the forecasted full year pre-tax results, the U.S. federal tax rate, expected non-deductible expenses and estimated state income taxes. The Company’s final ETR for the full year will be dependent on the level of pre-tax income, discrete items, the apportionment of taxable income among state tax jurisdictions and the extent of non-deductible expenses in relation to pre-tax income. The Company’s income tax provision reflects an estimated annual ETR of 25.8% for 2022, calculated before the impact of discrete items. The effect of reporting discrete items through March 31, 2022 amounts to a decrease to the annual estimated ETR of 380 basis points, resulting in an ETR for the quarter of 22.0%. The annual estimated ETR includes a federal income tax rate of 21% and a state income tax rate, net of federal benefit, of 3.7%. Deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax basis of assets and liabilities at the enacted tax rates. The Company reviews its deferred tax assets regularly for recoverability. Management has reviewed all available evidence, both positive and negative, in determining the need for a valuation allowance with respect to the gross deferred tax assets. In reviewing the gross deferred tax assets, management has concluded that the likelihood for utilization of these deferred tax assets is certain (greater than 50%) and determined that a valuation allowance on any of the deferred tax assets is not required. Management will continue to analyze the gross deferred tax assets on a quarterly basis to determine whether there is a need for a valuation allowance in the future.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 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. 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 2022 2021 Numerator for EPS: Net income (loss) $ 17,537 $ 26,408 Less: Preferred stock dividends (3) (3) Income (loss) available to common stockholders $ 17,534 $ 26,405 Denominator for EPS: Weighted average common shares outstanding 31,147 31,208 Plus: Assumed conversion of share-based compensation (1) 55 44 Assumed conversion of preferred stock 25 25 Weighted average diluted common shares outstanding 31,227 31,277 Basic earnings (loss) per common share $ 0.56 $ 0.85 Diluted earnings (loss) per common share $ 0.56 $ 0.84 (1) Represents the dilutive effect of unexercised stock options, unvested performance share units, unvested restricted stock units and unvested restricted stock.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 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 March 31, 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 $ (57,161) $ (14,052) $ (43,109) $ (22,425) $ (5,361) $ (17,064) Less: Reclassification adjustments for (gains) losses realized in net income (loss) 264 65 199 202 48 154 Other comprehensive income (loss) $ (56,897) $ (13,987) $ (42,910) $ (22,223) $ (5,313) $ (16,910) 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 2022 2021 Unrealized gains (losses) on available-for-sale debt securities $ (264) $ (202) Net realized gains (losses) on sale of securities 65 48 Income taxes Total reclassification for the period $ (199) $ (154) Net of tax

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 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) $80.2 million in 2022; (2) $152.7 million in 2023 and (3) $58.1 million in 2024. 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	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. U.S. GAAP describes three approaches to measuring the fair value of assets and liabilities: the market approach, the income approach and the cost approach. Each approach includes multiple valuation techniques. U.S. GAAP does not prescribe which valuation technique should be used when measuring fair value, but does establish a fair value hierarchy that prioritizes the inputs used in applying the various techniques. Inputs broadly refer to the assumptions that market participants use to make pricing decisions, including assumptions about risk. Level 1 inputs are given the highest priority in the hierarchy while Level 3 inputs are given the lowest priority. Assets and liabilities carried at fair value are classified in one of the following three categories based on the nature of the inputs to the valuation technique used: • Level 1 — Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 — Observable market-based inputs or unobservable inputs that are corroborated by market data. • Level 3 — Unobservable inputs that are not corroborated by market data. These inputs reflect management’s best estimate of fair value using its own assumptions about the assumptions a market participant would use in pricing the asset or liability. Summary of Significant Valuation Techniques for Assets Measured at Fair Value on a Recurring Basis Level 1 Common stock: Comprise actively traded, exchange-listed U.S. and international equity securities. Valuation is based on unadjusted quoted prices for identical assets in active markets that the Company can access. Mutual funds: Comprise actively traded funds. Valuation is based on daily quoted net asset values for identical assets in active markets that the Company can access. Level 2 U.S. government obligations and agencies: Comprise U.S. Treasury Bills or Notes or U.S. Treasury Inflation Protected Securities. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields and credit spreads. Corporate bonds: Comprise investment-grade debt securities. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields and credit spreads. Mortgage-backed and asset-backed securities: Comprise securities that are collateralized by mortgage obligations and other assets. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields, collateral performance and credit spreads. Municipal bonds: Comprise debt securities issued by a state, municipality or county. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields and credit spreads. Redeemable preferred stock: Comprise preferred stock securities that are redeemable. The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active. As required by U.S. GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the placement of the asset or liability within the fair value hierarchy levels. The following tables set forth by level within the fair value hierarchy the Company’s assets measured at fair value on a recurring basis as of the dates presented (in thousands): Fair Value Measurements March 31, 2022 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 21,661 $ — $ 21,661 Corporate bonds — 669,908 — 669,908 Mortgage-backed and asset-backed securities — 301,522 — 301,522 Municipal bonds — 13,519 — 13,519 Redeemable preferred stock — 8,067 — 8,067 Equity Securities: Common stock 4,617 — — 4,617 Mutual funds 60,509 — — 60,509 Total assets accounted for at fair value $ 65,126 $ 1,014,677 $ — $ 1,079,803 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): March 31, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Liabilities (debt): Surplus note (1) $ 6,618 $ 6,385 $ 6,985 $ 6,723 5.625% Senio r unsecured notes (2) 100,000 101,810 100,000 99,464 Total debt $ 106,618 $ 108,195 $ 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).

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company entered into a reinsurance arrangement with Isosceles Insurance Ltd. acting in respect of “Separate Account UVE-01”, a VIE in the normal course of business and consolidated the VIE since the Company is the primary beneficiary. The primary beneficiary analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and the Company’s involvement with the entity. When assessing the need to consolidate a VIE, the Company evaluates the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders. The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the Company’s decision-making ability and its ability to influence activities that significantly affect the economic performance of the VIE. The reinsurance arrangement 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 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 March 31, 2022. On April 20, 2022, the Company declared a quarterly cash dividend of $0.16 per share of common stock payable May 20, 2022, to shareholders of record on May 13, 2022.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 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 (“U.S. GAAP”) for annual financial statements. Therefore, the Financial Statements should be read in conjunction with the audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 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 U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods do not necessarily indicate the results that may be expected for any other interim period or for the full year. To conform to the current period presentation, certain amounts in the prior periods’ condensed consolidated financial statements and notes have been reclassified. Such reclassifications were of an immaterial amount and had no effect on net income or stockholders’ equity. The Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, as well as variable interest entities (“VIE”) in which the Company is determined to be the primary beneficiary. All material intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s primary use of estimates is in the recognition of liabilities for unpaid losses, loss adjustment expenses, subrogation recoveries and reinsurance recoveries. Actual results could differ from those estimates.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 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): March 31, 2022 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 22,380 $ — $ — $ (719) $ 21,661 Corporate bonds 722,680 (456) 111 (52,427) 669,908 Mortgage-backed and asset-backed securities 323,684 — 38 (22,200) 301,522 Municipal bonds 14,924 — — (1,405) 13,519 Redeemable preferred stock 8,770 (116) — (587) 8,067 Total $ 1,092,438 $ (572) $ 149 $ (77,338) $ 1,014,677 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): March 31, 2022 December 31, 2021 Average Credit Ratings Fair Value % of Total Fair Value % of Total AAA $ 309,960 30.5 % $ 321,975 31.0 % AA 139,554 13.8 % 139,186 13.4 % A 330,751 32.6 % 339,500 32.6 % BBB 227,901 22.5 % 234,358 22.5 % No Rating Available 6,511 0.6 % 5,436 0.5 % Total $ 1,014,677 100.0 % $ 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): March 31, 2022 December 31, 2021 Amortized Fair Value Amortized Fair Value Mortgage-backed securities: Agency $ 146,674 $ 134,111 $ 147,992 $ 143,819 Non-agency 60,719 55,096 59,906 58,263 Asset-backed securities: Auto loan receivables 68,485 66,410 67,352 66,877 Credit card receivables 4,711 4,668 4,741 4,719 Other receivables 43,095 41,237 42,853 42,440 Total $ 323,684 $ 301,522 $ 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): March 31, 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 $ 11,549 $ (63) 5 $ 10,112 $ (656) Corporate bonds 188 253,022 (16,821) 95 118,710 (12,044) Mortgage-backed and asset-backed securities 118 156,773 (7,653) 70 138,894 (14,547) Municipal bonds 9 9,988 (932) 1 3,531 (473) Redeemable preferred stock 4 1,270 (122) — — — Total 321 $ 432,602 $ (25,591) 171 $ 271,247 $ (27,720) 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 85 (1) (1) 83 Balance, March 31, 2022 $ 456 $ — $ 116 $ 572
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): March 31, 2022 Amortized Cost Fair Value Due in one year or less $ 53,698 $ 53,176 Due after one year through five years 504,075 475,424 Due after five years through ten years 501,063 455,448 Due after ten years 31,710 28,916 Perpetual maturity securities 1,892 1,713 Total $ 1,092,438 $ 1,014,677
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 2022 2021 Proceeds from sales and maturities (fair value): Available-for-sale debt securities $ 25,306 $ 52,633 Equity securities $ 14,932 $ 1,576 Gross realized gains on sale of securities: Available-for-sale debt securities $ 6 $ 122 Equity securities $ 324 $ 343 Gross realized losses on sale of securities: Available-for-sale debt securities $ (270) $ (324) Equity securities $ (2) $ — 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 three months ended March 31, 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 2022 2021 Available-for-sale debt securities $ 4,067 $ 2,829 Equity securities 535 591 Cash and cash equivalents (1) 22 11 Other (2) 128 268 Total investment income 4,752 3,699 Less: Investment expenses (3) (710) (713) Net investment income $ 4,042 $ 2,986 (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 2022 2021 Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period $ (3,353) $ (519)
Schedule of Real Estate Investment	Investment real estate consisted of the following as of the dates presented (in thousands): March 31, December 31, 2022 2021 Income Producing: Investment real estate $ 7,091 $ 7,091 Less: Accumulated depreciation (1,246) (1,200) Investment real estate, net $ 5,845 $ 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 2022 2021 Depreciation expense on investment real estate $ 46 $ 46

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2022 Due from as of Reinsurer AM Best Standard Moody’s March 31, 2022 December 31, 2021 Florida Hurricane Catastrophe Fund (1) n/a n/a n/a $ 49,707 $ 136,298 Allianz Risk Transfer A+ AA- Aa3 45,579 — Allianz Risk Transfer (Bermuda) Ltd. A+ AA- Aa3 25,724 44,618 Renaissance Reinsurance Ltd. A+ A+ A1 12,075 20,051 Total (2) $ 133,085 $ 200,967 (1) No rating is available because the fund is not rated. (2) Amounts represent prepaid reinsurance premiums and net recoverables for paid and unpaid losses, including incurred but not reported reserves, and loss adjustment expenses.
Schedule of Effects of Reinsurance Arrangements	The Company’s reinsurance arrangements had the following effect on certain items in the Condensed Consolidated Statements of Income for the periods presented (in thousands): Three Months Ended March 31, 2022 2021 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 396,481 $ 414,603 $ 195,155 $ 365,314 $ 375,606 $ 237,298 Ceded (13,946) (145,539) (10,049) (16,800) (132,301) (93,335) Net $ 382,535 $ 269,064 $ 185,106 $ 348,514 $ 243,305 $ 143,963
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): March 31, December 31, 2022 2021 Prepaid reinsurance premiums $ 109,401 $ 240,993 Reinsurance recoverable on paid losses and LAE $ 39,257 $ 69,729 Reinsurance recoverable on unpaid losses and LAE 65,403 115,860 Reinsurance recoverable $ 104,660 $ 185,589

Insurance Operations (Tables)

Insurance Operations (Tables)	3 Months Ended
	Mar. 31, 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 2022 2021 DPAC, beginning of period $ 108,822 $ 110,614 Capitalized Costs 49,199 54,722 Amortization of DPAC (54,399) (54,143) DPAC, end of period $ 103,622 $ 111,193
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 U.S. GAAP, and an amount representing ten percent of total liabilities for each of the Insurance Entities as of the dates presented (in thousands): March 31, 2022 December 31, 2021 Statutory capital and surplus UPCIC (1) (2) $ 389,248 $ 378,750 APPCIC (3) $ 18,539 $ 16,104 Ten percent of total liabilities UPCIC $ 114,748 $ 122,292 APPCIC $ 1,191 $ 649 (1) At March 31, 2022, statutory capital and surplus for UPCIC included a $20 million Subordinated Surplus Debenture (“Surplus Debenture”) funded in March 2022 by UVE through PSI, the Insurance Entities’ parent company, which is a component of surplus under statutory accounting principles and a liability under U.S. GAAP. The carrying amount of the Surplus Debenture included in the statutory capital and surplus of UPCIC is $130 million as of March 31, 2022. (2) At December 31, 2021, statutory capital and surplus for UPCIC included a $20 million Surplus Debenture funded in October 2021 by UVE through PSI, the Insurance Entities’ parent company, which is a component of surplus under statutory accounting principles and a liability under U.S. GAAP. In addition, capital and surplus included a contribution of $90 million Surplus Debenture funded in February 2022 which was not recognized on a U.S. GAAP basis as of December 31, 2021. The carrying amount of the Surplus Debenture included in the statutory capital and surplus of UPCIC is $110 million as of December 31, 2021. (3) At March 31, 2022, statutory capital and surplus for APPCIC included a $3 million Surplus Debenture funded in March 2022 by UVE through PSI, the Insurance Entities’ parent company, which is a component of surplus under statutory accounting principles and a liability under U.S. GAAP. The carrying amount of the Surplus Debenture included in the statutory capital and surplus of APPCIC is $3 million as of March 31, 2022. Through PSI, UVE recorded contributions for the periods presented (in thousands): Three Months Ended 2022 2021 Capital contributions - UPCIC $ — $ 77,000 The following table summarizes combined net income (loss) for the Insurance Entities determined in accordance with statutory accounting practices for the periods presented (in thousands): Three Months Ended 2022 2021 Combined net income (loss) $ (11,933) $ (7,376) The Insurance Entities are required by various state laws and regulations to maintain certain assets in depository accounts. The following table represents assets held by insurance regulators as of the dates presented (in thousands): March 31, 2022 December 31, 2021 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,317 $ 3,441

Liability for Unpaid Losses a_2

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 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 2022 2021 Balance at beginning of period $ 346,216 $ 322,465 Less: Reinsurance recoverable (115,860) (119,522) Net balance at beginning of period 230,356 202,943 Incurred related to: Current year 184,451 145,200 Prior years 655 (1,237) Total incurred 185,106 143,963 Paid related to: Current year 71,727 54,481 Prior years 164,656 95,316 Total paid 236,383 149,797 Net balance at end of period 179,079 197,109 Plus: Reinsurance recoverable 65,403 118,671 Balance at end of period $ 244,482 $ 315,780

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Consists of the following as of the dates presented (in thousands): March 31, December 31, 2022 2021 Surplus note $ 6,618 $ 6,985 5.625% Senior unsecured notes 100,000 100,000 Total principal amount 106,618 106,985 Less: unamortized debt issuance costs (3,234) (3,309) Total long-term debt, net $ 103,384 $ 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 2022 2021 Interest Expense: Surplus note $ 27 $ 20 5.625% Senior unsecured notes 1,406 — Non-cash expense (1) 175 — Total $ 1,608 $ 20 (1) Represents amortization of debt issuance costs.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 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 Three Months Ended March 31, Purchase Share Date Authorized Expiration Date Authorized 2022 2021 Price Repurchased Plan Completed November 3, 2020 November 3, 2022 $ 20,000 320,528 — $ 3,879 $ 12.10 November 3, 2020 November 3, 2022 $ 20,000 — 15,444 $ 245 $ 15.87

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 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 2022 2021 Numerator for EPS: Net income (loss) $ 17,537 $ 26,408 Less: Preferred stock dividends (3) (3) Income (loss) available to common stockholders $ 17,534 $ 26,405 Denominator for EPS: Weighted average common shares outstanding 31,147 31,208 Plus: Assumed conversion of share-based compensation (1) 55 44 Assumed conversion of preferred stock 25 25 Weighted average diluted common shares outstanding 31,227 31,277 Basic earnings (loss) per common share $ 0.56 $ 0.85 Diluted earnings (loss) per common share $ 0.56 $ 0.84 (1) Represents the dilutive effect of unexercised stock options, unvested performance share units, unvested restricted stock units and unvested restricted stock.

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 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 $ (57,161) $ (14,052) $ (43,109) $ (22,425) $ (5,361) $ (17,064) Less: Reclassification adjustments for (gains) losses realized in net income (loss) 264 65 199 202 48 154 Other comprehensive income (loss) $ (56,897) $ (13,987) $ (42,910) $ (22,223) $ (5,313) $ (16,910)
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 2022 2021 Unrealized gains (losses) on available-for-sale debt securities $ (264) $ (202) Net realized gains (losses) on sale of securities 65 48 Income taxes Total reclassification for the period $ (199) $ (154) Net of tax

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2022 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 21,661 $ — $ 21,661 Corporate bonds — 669,908 — 669,908 Mortgage-backed and asset-backed securities — 301,522 — 301,522 Municipal bonds — 13,519 — 13,519 Redeemable preferred stock — 8,067 — 8,067 Equity Securities: Common stock 4,617 — — 4,617 Mutual funds 60,509 — — 60,509 Total assets accounted for at fair value $ 65,126 $ 1,014,677 $ — $ 1,079,803 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): March 31, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Liabilities (debt): Surplus note (1) $ 6,618 $ 6,385 $ 6,985 $ 6,723 5.625% Senio r unsecured notes (2) 100,000 101,810 100,000 99,464 Total debt $ 106,618 $ 108,195 $ 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).

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Detail)	Mar. 31, 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	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,092,438	$ 1,061,192
Allowance for Expected Credit Losses	(572)	(489)	$ (186)
Gross Unrealized Gains	149	1,129
Gross Unrealized Losses	(77,338)	(21,377)
Fair Value	1,014,677	1,040,455
U.S. government obligations and agencies | Fixed Maturities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	22,380	27,076
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	0	64
Gross Unrealized Losses	(719)	(334)
Fair Value	21,661	26,806
Corporate bonds | Fixed Maturities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	722,680	687,058
Allowance for Expected Credit Losses	(456)	(371)
Gross Unrealized Gains	111	843
Gross Unrealized Losses	(52,427)	(13,725)
Fair Value	669,908	673,805
Mortgage-backed and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	323,684	322,844
Fair Value	301,522	316,118
Mortgage-backed and asset-backed securities | Fixed Maturities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	323,684	322,844
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	38	194
Gross Unrealized Losses	(22,200)	(6,920)
Fair Value	301,522	316,118
Municipal bonds | Fixed Maturities
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	(1,405)	(350)
Fair Value	13,519	14,574
Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Allowance for Expected Credit Losses	(116)	(117)	$ (38)
Redeemable preferred stock | Fixed Maturities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,770	9,289
Allowance for Expected Credit Losses	(116)	(117)
Gross Unrealized Gains	0	28
Gross Unrealized Losses	(587)	(48)
Fair Value	$ 8,067	$ 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	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 1,014,677	$ 1,040,455
% of Total Fair Value	100%	100%
AAA
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 309,960	$ 321,975
% of Total Fair Value	30.50%	31%
AA
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 139,554	$ 139,186
% of Total Fair Value	13.80%	13.40%
A
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 330,751	$ 339,500
% of Total Fair Value	32.60%	32.60%
BBB
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 227,901	$ 234,358
% of Total Fair Value	22.50%	22.50%
No Rating Available
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 6,511	$ 5,436
% of Total Fair Value	0.60%	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	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,092,438	$ 1,061,192
Fair Value	1,014,677	1,040,455
Mortgage-backed and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	323,684	322,844
Fair Value	301,522	316,118
Agency | Mortgage-backed securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	146,674	147,992
Fair Value	134,111	143,819
Non-agency | Mortgage-backed securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	60,719	59,906
Fair Value	55,096	58,263
Auto loan receivables | Asset-backed securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	68,485	67,352
Fair Value	66,410	66,877
Credit card receivables | Asset-backed securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,711	4,741
Fair Value	4,668	4,719
Other receivables | Asset-backed securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	43,095	42,853
Fair Value	$ 41,237	$ 42,440

Investments - Summarized Fair V

Investments - Summarized Fair Value and Gross Unrealized Losses on Securities Available for Sale (Details) $ in Thousands	Mar. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	321	404
Less than 12 months, Fair value	$ 432,602	$ 682,402
Less than 12 months, Unrealized losses	$ (25,591)	$ (13,818)
12 months or longer, Number of issues | security	171	33
12 months or longer, Fair value	$ 271,247	$ 45,645
12 months or longer, Unrealized losses	$ (27,720)	$ (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	$ 11,549	$ 18,913
Less than 12 months, Unrealized losses	$ (63)	$ (111)
12 months or longer, Number of issues | security	5	4
12 months or longer, Fair value	$ 10,112	$ 5,016
12 months or longer, Unrealized losses	$ (656)	$ (223)
Fixed Maturities | Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	188	249
Less than 12 months, Fair value	$ 253,022	$ 378,595
Less than 12 months, Unrealized losses	$ (16,821)	$ (7,468)
12 months or longer, Number of issues | security	95	18
12 months or longer, Fair value	$ 118,710	$ 17,356
12 months or longer, Unrealized losses	$ (12,044)	$ (679)
Fixed Maturities | Mortgage-backed and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	118	145
Less than 12 months, Fair value	$ 156,773	$ 274,883
Less than 12 months, Unrealized losses	$ (7,653)	$ (5,969)
12 months or longer, Number of issues | security	70	11
12 months or longer, Fair value	$ 138,894	$ 23,273
12 months or longer, Unrealized losses	$ (14,547)	$ (951)
Fixed Maturities | Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	9	5
Less than 12 months, Fair value	$ 9,988	$ 9,811
Less than 12 months, Unrealized losses	$ (932)	$ (269)
12 months or longer, Number of issues | security	1	0
12 months or longer, Fair value	$ 3,531	$ 0
12 months or longer, Unrealized losses	$ (473)	$ 0
Fixed Maturities | Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	4	1
Less than 12 months, Fair value	$ 1,270	$ 200
Less than 12 months, Unrealized losses	$ (122)	$ (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	3 Months Ended	12 Months Ended
	Mar. 31, 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	83	303
Expected credit loss on available-for-sale debt securities at end of period	572	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	85	223
Expected credit loss on available-for-sale debt securities at end of period	456	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	(1)	79
Expected credit loss on available-for-sale debt securities at end of period	$ 116	$ 117

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Investments With Contractual Maturities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Amortized Cost
Due in one year or less	$ 53,698
Due after one year through five years	504,075
Due after five years through ten years	501,063
Due after ten years	31,710
Perpetual maturity securities	1,892
Amortized Cost	1,092,438	$ 1,061,192
Fair Value
Due in one year or less	53,176
Due after one year through five years	475,424
Due after five years through ten years	455,448
Due after ten years	28,916
Perpetual maturity securities	1,713
Fair Value	$ 1,014,677	$ 1,040,455

Investments - Summary of Securi

Investments - Summary of Securities Available for Sale (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales and maturities (fair value)	$ 25,306	$ 52,633
Proceeds from sales of equity securities	14,932	1,576
Gross realized gains on sale of securities	6	122
Equity securities, FV-NI, Realized Gain	324	343
Gross realized losses on sale of securities	(270)	(324)
Equity securities, FV-NI, Realized Loss	(2)	0
Realized gains on sales of investment real estate	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
	Mar. 31, 2022	Mar. 31, 2021
Net Investment Income [Line Items]
Total investment income	$ 4,752	$ 3,699
Less: Investment expenses	(710)	(713)
Net investment income	4,042	2,986
Available-for-sale debt securities
Net Investment Income [Line Items]
Investment income	4,067	2,829
Equity securities
Net Investment Income [Line Items]
Investment income	535	591
Cash and Cash Equivalents
Net Investment Income [Line Items]
Investment income	22	11
Other
Net Investment Income [Line Items]
Investment income	$ 128	$ 268

Investments - Summary of Detail

Investments - Summary of Details on Realized and Unrealized Gains and Losses Related to Equity Securities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 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	$ (3,353)	$ (519)

Investments - Schedule of Real

Investments - Schedule of Real Estate Investment (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Line Items]
Investment real estate, net	$ 5,845	$ 5,891
Income Producing:
Real Estate [Line Items]
Investment real estate	7,091	7,091
Less: Accumulated depreciation	(1,246)	(1,200)
Investment real estate, net	$ 5,845	$ 5,891

Investments - Schedule of Depre

Investments - Schedule of Depreciation Expense Related to Investment Real Estate (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Real Estate Investment
Real Estate [Line Items]
Depreciation expense on investment real estate	$ 46	$ 46

Reinsurance - Additional Inform

Reinsurance - Additional Information (Detail)	3 Months Ended
	Mar. 31, 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	Mar. 31, 2022	Dec. 31, 2021
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	$ 133,085	$ 200,967
Florida Hurricane Catastrophe Fund
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	49,707	136,298
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	45,579	0
Allianz Risk Transfer (Bermuda) Ltd. | AM Best Company A Plus Rating | Standard & Poor's, AA- Rating | Moody's, Aa3 Rating
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers	25,724	44,618
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	$ 12,075	$ 20,051

Reinsurance - Reinsurance Arran

Reinsurance - Reinsurance Arrangements (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reinsurance Disclosures [Abstract]
Direct premiums written	$ 396,481	$ 365,314
Ceded premiums written	(13,946)	(16,800)
Net premiums written	382,535	348,514
Direct premiums earned	414,603	375,606
Ceded premiums earned	(145,539)	(132,301)
Premiums earned, net	269,064	243,305
Direct losses and loss adjustment expenses	195,155	237,298
Ceded losses and loss adjustment expenses	(10,049)	(93,335)
Net Losses and Loss Adjustment Expenses	$ 185,106	$ 143,963

Reinsurance - Prepaid Reinsuran

Reinsurance - Prepaid Reinsurance Premiums (Payable) and Reinsurance Recoverable and Receivable (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Reinsurance Disclosures [Abstract]
Prepaid reinsurance premiums	$ 109,401	$ 240,993
Reinsurance recoverable on paid losses and LAE	39,257	69,729
Reinsurance recoverable on unpaid losses and LAE	65,403	115,860	$ 118,671	$ 119,522
Reinsurance recoverable	$ 104,660	$ 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
	Mar. 31, 2022	Mar. 31, 2021
Deferred Policy Acquisition Costs [Roll Forward]
DPAC, beginning of period	$ 108,822	$ 110,614
Capitalized Costs	49,199	54,722
Amortization of DPAC	(54,399)	(54,143)
DPAC, end of period	$ 103,622	$ 111,193

Insurance Operations - Addition

Insurance Operations - Additional Information (Detail) - USD ($)		3 Months Ended
	Jul. 01, 2021	Mar. 31, 2022	Mar. 31, 2021
UPCIC
Statutory Accounting Practices [Line Items]
Dividend paid to immediate parent company		$ 0	$ 0
APPCIC
Statutory Accounting Practices [Line Items]
Dividend paid to immediate parent company		0	$ 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		1 Months Ended		3 Months Ended
	Mar. 31, 2022	Feb. 28, 2022	Oct. 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Statutory Accounting Practices [Line Items]
Subordinated debenture surplus funding		$ 90,000
UPCIC
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	$ 389,248			$ 389,248	$ 378,750
Ten percent of total liabilities	114,748			114,748	122,292
Subordinated debenture surplus funding	20,000		$ 20,000
Carrying amount of surplus debenture	130,000			130,000	110,000
APPCIC
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	18,539			18,539	16,104
Ten percent of total liabilities	1,191			1,191	$ 649
Subordinated debenture surplus funding				3,000
Carrying amount of surplus debenture	$ 3,000			$ 3,000

Insurance Operations - Capital

Insurance Operations - Capital Contributions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Insurance [Abstract]
Capital contributions - UPCIC	$ 0	$ 77,000

Insurance Operations - Summary

Insurance Operations - Summary of Combined Net Income for UPCIC and APPCIC (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Insurance [Abstract]
Combined net income (loss)	$ (11,933)	$ (7,376)

Insurance Operations - Assets H

Insurance Operations - Assets Held by Insurance Regulators (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments
Statutory Accounting Practices [Line Items]
Assets held by insurance regulators	$ 3,317	$ 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
	Mar. 31, 2022	Mar. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance at beginning of period	$ 346,216	$ 322,465
Less: Reinsurance recoverable	(115,860)	(119,522)
Net balance at beginning of period	230,356	202,943
Incurred related to current year	184,451	145,200
Incurred related to prior years	655	(1,237)
Total incurred	185,106	143,963
Paid related to current year	71,727	54,481
Paid related to prior years	164,656	95,316
Total paid	236,383	149,797
Net balance at end of period	179,079	197,109
Plus: Reinsurance recoverable	65,403	118,671
Balance at end of period	$ 244,482	$ 315,780

Liability for Unpaid Losses a_4

Liability for Unpaid Losses and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Direct losses and loss adjustment expenses	$ 195,155	$ 237,298
Ceded losses and loss adjustment expenses	10,049	93,335
Incurred related to prior years	655	(1,237)
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	10,700
Ceded losses and loss adjustment expenses	10,000
Incurred related to prior years	700
Hurricane
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Direct losses and loss adjustment expenses	10,700	92,100
Ceded losses and loss adjustment expenses	10,000	93,300
Incurred related to prior years	$ 700	$ (1,200)

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total principal amount	$ 106,618	$ 106,985
Less: unamortized debt issuance costs	(3,234)	(3,309)
Total long-term debt, net	103,384	103,676
Surplus note
Debt Instrument [Line Items]
Total principal amount	6,618	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)		1 Months Ended
	Nov. 23, 2021 USD ($) d	Aug. 31, 2021 USD ($)	Mar. 31, 2022	Dec. 31, 2006 USD ($)
Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 35,000,000
Line of credit facility, unused capacity, commitment fee percentage		0.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, expiration period		364 days
Prime Rate | Credit Agreement
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 Member
Debt Instrument [Line Items]
Unsecured term loan agreement	$ 100,000,000
Stated percentage			5.625%
Maturity year of debt instrument	2026
Debt instrument, convertible, threshold percentage of stock price trigger	0.25%
Debt instrument, convertible, threshold trading days | d	120
Debt instrument, convertible, threshold consecutive trading days | d	90
Unsecured Debt | 5.625% Senior Unsecured Notes Due 2026 Member | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price	102.8125%
Unsecured Debt | 5.625% Senior Unsecured Notes Due 2026 Member | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price	101.40625%
Unsecured Debt | 5.625% Senior Unsecured Notes Due 2026 Member | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price	100%
Unsecured Debt | 5.625% Senior Unsecured Notes Due 2026 Member | Maximum
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger	0.50%

Long-Term Debt - Interest Expen

Long-Term Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Total	$ 1,608	$ 20
Non cash expense	175	0
Surplus note
Debt Instrument [Line Items]
Total	27	20
5.625% Senior unsecured notes
Debt Instrument [Line Items]
Total	$ 1,406	$ 0

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Shares Repurchased (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Line Items]
Shares repurchased during the period	$ 3,879,000	$ 245,000
November 3, 2020
Equity [Line Items]
Shares repurchased (in shares)	320,528	15,444
Shares repurchased during the period	$ 3,879,000	$ 245,000
Shares repurchased during period (in USD per share)	$ 12.10	$ 15.87
November 3, 2020 | Maximum
Equity [Line Items]
Amount of stock repurchase plan authorized	$ 20,000,000	$ 20,000,000

Income Taxes (Detail)

Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Taxes [Line Items]
Income tax expense	$ 4,934	$ 9,943
Effective tax rate	22%	27.40%
ETR, before discrete items	25.80%
Increase in effective tax rate	3.80%
Statutory Effective Tax Rate
Income Taxes [Line Items]
U.S. federal statutory rate	21%
State income tax rate, net of federal benefit	3.70%

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator for EPS:
Net income (loss)	$ 17,537	$ 26,408
Less: Preferred stock dividends	(3)	(3)
Income (loss) available to common stockholders	$ 17,534	$ 26,405
Denominator for EPS:
Weighted average common shares outstanding (in shares)	31,147	31,208
Plus: Assumed conversion of share-based compensation (in shares)	55	44
Assumed conversion of preferred stock (in shares)	25	25
Weighted average diluted common shares outstanding (in shares)	31,227	31,277
Basic earnings (loss) per common share (in USD per share)	$ 0.56	$ 0.85
Diluted earnings (loss) per common share (in USD per share)	$ 0.56	$ 0.84

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (loss) Pre-Tax and After-Tax (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
After-tax
Other comprehensive income (loss)	$ (42,910)	$ (16,910)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent
Pre-tax
Unrealized holding gains (losses) arising during the period	(57,161)	(22,425)
Less: Reclassification adjustments for (gains) losses realized in net income (loss)	264	202
Other comprehensive income (loss)	(56,897)	(22,223)
Tax
Unrealized holding gains (losses) arising during the period	(14,052)	(5,361)
Income taxes	65	48
Other comprehensive income (loss)	(13,987)	(5,313)
After-tax
Unrealized holding gains (losses) arising during the period	(43,109)	(17,064)
Less: Reclassification adjustments for (gains) losses realized in net income (loss)	199	154
Other comprehensive income (loss)	$ (42,910)	$ (16,910)

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on sale of securities	$ 58	$ 542
Income taxes	(4,934)	(9,943)
NET INCOME (LOSS)	17,537	26,408
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	(264)	(202)
Income taxes	65	48
NET INCOME (LOSS)	$ (199)	$ (154)

Commitments and Contingencies (

Commitments and Contingencies (Detail) - Multi-Year Reinsurance Contracts - USD ($) $ in Millions	Mar. 26, 2021	Mar. 31, 2022
Reinsurance Retention Policy [Line Items]
Term of reinsurance agreement	3 years
Reinsurance payable, due in fiscal year		$ 80.2
Reinsurance payable, due in second year		152.7
Reinsurance payable, due in third year		$ 58.1

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,014,677	$ 1,040,455
Equity Securities:	65,126	47,334
Mortgage-backed and asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	301,522	316,118
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	1,079,803	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	21,661	26,806
Fair Value, Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	669,908	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	301,522	316,118
Fair Value, Recurring | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	13,519	14,574
Fair Value, Recurring | Redeemable preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	8,067	9,152
Fair Value, Recurring | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	4,617	3,683
Fair Value, Recurring | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	60,509	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	65,126	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:	4,617	3,683
Level 1 | Fair Value, Recurring | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	60,509	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	1,014,677	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	21,661	26,806
Level 2 | Fair Value, Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	669,908	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	301,522	316,118
Level 2 | Fair Value, Recurring | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	13,519	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	8,067	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	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 106,618	$ 106,985
Estimated Fair Value	108,195	106,187
Surplus note | Surplus note
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	6,618	6,985
Estimated Fair Value	6,385	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	$ 101,810	$ 99,464

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		3 Months Ended
	Apr. 20, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Event [Line Items]
Cash dividend declared per common share (in USD per share)		$ 0.16	$ 0.16
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared per common share (in USD per share)	$ 0.16