Universal Insurance (UVE) 10-Q 31 Jul 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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)		30,079,694
Entity Central Index Key	0000891166
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
ASSETS
Available-for-sale debt securities, at fair value, net of allowance for credit loss of $758 and $920 (amortized cost: $1,179,059 and $1,152,852)		$ 1,051,508	$ 1,014,626
Equity securities, at fair value (cost: $89,846 and $102,431)		75,571	85,469
Investment real estate, net		5,618	5,711
Total invested assets		1,132,697	1,105,806
Cash and cash equivalents		291,681	388,706
Restricted cash and cash equivalents	[1]	68,636	2,635
Prepaid reinsurance premiums		525,489	282,427
Reinsurance recoverable		590,409	808,850
Premiums receivable, net		79,503	69,574
Property and equipment, net		49,538	51,404
Deferred policy acquisition costs		107,047	103,654
Income taxes recoverable		5,572	1,528
Deferred income tax asset, net		37,543	57,258
Other assets		29,895	18,312
Total assets		2,918,010	2,890,154
LIABILITIES:
Unpaid losses and loss adjustment expenses		663,019	1,038,790
Unearned premiums		982,390	943,854
Advance premium		91,011	54,964
Book overdraft		53,839	0
Reinsurance payable, net		607,552	384,504
Commission payable		24,415	18,541
Other liabilities and accrued expenses		58,725	58,836
Long-term debt, net		102,387	102,769
Total liabilities		2,583,338	2,602,258
Commitments and Contingencies (Note 12)
STOCKHOLDERS’ EQUITY:
Cumulative convertible preferred stock		0	0
Common stock		473	472
Treasury shares, at cost - 17,186 and 16,790		(244,846)	(238,758)
Additional paid-in capital		114,685	112,509
Accumulated other comprehensive income (loss), net of taxes		(95,857)	(103,782)
Retained earnings		560,217	517,455
Total stockholders’ equity		334,672	287,896
Total liabilities and stockholders’ equity		$ 2,918,010	$ 2,890,154
[1]See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents and "—Note 14(Variable Interest Entities)” for a discussion of restricted cash held in a trust account.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Available-for-sale securities, allowance for credit loss	$ 758	$ 920
Available for sale debt securities, amortized cost	1,179,059	1,152,852
Equity securities, amortized cost	$ 89,846	$ 102,431
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)	47,266,000	47,179,000
Common stock, shares outstanding (in shares)	30,080,000	30,389,000
Treasury stock, shares (in shares)	17,186,000	16,790,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES
Direct premiums written	$ 547,126	$ 532,527	$ 957,228	$ 929,008
Change in unearned premium	(83,802)	(103,722)	(38,536)	(85,600)
Direct premium earned	463,324	428,805	918,692	843,408
Ceded premium earned	(160,050)	(151,744)	(333,194)	(297,283)
Premiums earned, net	303,274	277,061	585,498	546,125
Net investment income	11,282	5,221	21,980	9,263
Net realized gains (losses) on investments	882	(725)	94	(667)
Net change in unrealized gains (losses) of equity securities	1,731	(8,884)	2,688	(12,280)
Commission revenue	14,986	11,404	32,268	22,565
Policy fees	5,384	5,940	9,551	10,719
Other revenue	2,031	1,989	3,999	3,763
Total revenues	339,570	292,006	656,078	579,488
OPERATING COSTS AND EXPENSES
Reinsurance recoveries	223,727	200,304	429,881	385,410
General and administrative expenses	76,675	79,291	152,602	157,588
Total operating costs and expenses	300,402	279,595	582,483	542,998
Interest and amortization of debt issuance costs	1,629	1,731	3,265	3,339
INCOME (LOSS) BEFORE INCOME TAXES	37,539	10,680	70,330	33,151
Income tax expense (benefit)	8,973	3,310	17,591	8,244
NET INCOME (LOSS)	$ 28,566	$ 7,370	$ 52,739	$ 24,907
Basic earnings (loss) per common share (in USD per share)	$ 0.94	$ 0.24	$ 1.74	$ 0.80
Weighted average common shares outstanding - Basic (in shares)	30,265	30,829	30,323	30,987
Diluted earnings (loss) per common share (in USD per share)	$ 0.93	$ 0.24	$ 1.72	$ 0.80
Weighted average common shares outstanding - Diluted (in shares)	30,659	30,883	30,633	31,060
Cash dividend declared per common share (in USD per share)	$ 0.16	$ 0.16	$ 0.32	$ 0.32

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 28,566	$ 7,370	$ 52,739	$ 24,907
Other comprehensive income (loss), net of taxes	(5,866)	(29,656)	7,925	(72,566)
Comprehensive income (loss)	$ 22,700	$ (22,286)	$ 60,664	$ (47,659)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Performance Share Units	Restricted Stock Units	Treasury Shares		Treasury Shares Performance Share Units		Treasury Shares Restricted Stock Units		Common stock	Common stock Performance Share Units	Common stock Restricted Stock Units	Preferred Shares Issued	Additional Paid-In Capital	Additional Paid-In Capital Performance Share Units	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Treasury Shares, beginning balance (in shares) at Dec. 31, 2021				(15,797,000)
Common Shares Issued, beginning balance (in shares) at Dec. 31, 2021										47,018,000
Preferred Shares Issued, beginning balance (in shares) at Dec. 31, 2021													10,000
Beginning balance at Dec. 31, 2021	$ 429,702			$ (227,115)						$ 470			$ 0	$ 108,202		$ 563,713	$ (15,568)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of equity instruments other than options (in shares)						(9,000)	[1]	(6,000)	[1]		(33,000)	(27,000)
Vesting of equity instruments other than options		$ (104)	$ (105)			$ (104)		$ (105)			$ 1				$ (1)
Retirement of treasury shares (in shares)				(15,000)	[1]					(15,000)
Retirement of treasury shares	0			$ 209										(209)
Purchases of treasury stock (in shares)				(320,000)
Purchases of treasury stock	(3,879)			$ (3,879)
Share-based compensation	1,107													1,107
Net income (loss)	17,537															17,537
Other comprehensive income (loss), net of taxes	(42,910)																(42,910)
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	(5,007)															(5,007)
Treasury Shares, ending balance (in shares) at Mar. 31, 2022				(16,117,000)
Common Shares Issued shares, ending balance (in shares) at Mar. 31, 2022										47,063,000
Preferred Shares Issued, ending balance (in shares) at Mar. 31, 2022													10,000
Ending balance at Mar. 31, 2022	396,341			$ (230,994)						$ 471			$ 0	109,099		576,243	(58,478)
Treasury Shares, beginning balance (in shares) at Dec. 31, 2021				(15,797,000)
Common Shares Issued, beginning balance (in shares) at Dec. 31, 2021										47,018,000
Preferred Shares Issued, beginning balance (in shares) at Dec. 31, 2021													10,000
Beginning balance at Dec. 31, 2021	429,702			$ (227,115)						$ 470			$ 0	108,202		563,713	(15,568)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	24,907
Other comprehensive income (loss), net of taxes	(72,566)
Treasury Shares, ending balance (in shares) at Jun. 30, 2022				(16,400,000)
Common Shares Issued shares, ending balance (in shares) at Jun. 30, 2022										47,116,000
Preferred Shares Issued, ending balance (in shares) at Jun. 30, 2022													10,000
Ending balance at Jun. 30, 2022	366,551			$ (234,496)						$ 471			$ 0	110,089		578,621	(88,134)
Treasury Shares, beginning balance (in shares) at Mar. 31, 2022				(16,117,000)
Common Shares Issued, beginning balance (in shares) at Mar. 31, 2022										47,063,000
Preferred Shares Issued, beginning balance (in shares) at Mar. 31, 2022													10,000
Beginning balance at Mar. 31, 2022	396,341			$ (230,994)						$ 471			$ 0	109,099		576,243	(58,478)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Grants of restricted stock award (in shares)										53,000
Grants of restricted stock awards	0
Purchases of treasury stock (in shares)				(283,000)
Purchases of treasury stock	(3,502)			$ (3,502)
Share-based compensation	990													990
Net income (loss)	7,370															7,370
Other comprehensive income (loss), net of taxes	(29,656)																(29,656)
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	(4,992)															(4,992)
Treasury Shares, ending balance (in shares) at Jun. 30, 2022				(16,400,000)
Common Shares Issued shares, ending balance (in shares) at Jun. 30, 2022										47,116,000
Preferred Shares Issued, ending balance (in shares) at Jun. 30, 2022													10,000
Ending balance at Jun. 30, 2022	$ 366,551			$ (234,496)						$ 471			$ 0	110,089		578,621	(88,134)
Treasury Shares, beginning balance (in shares) at Dec. 31, 2022	(16,790,000)			(16,790,000)
Common Shares Issued, beginning balance (in shares) at Dec. 31, 2022	47,179,000									47,179,000
Preferred Shares Issued, beginning balance (in shares) at Dec. 31, 2022	10,000												10,000
Beginning balance at Dec. 31, 2022	$ 287,896			$ (238,758)						$ 472			$ 0	112,509		517,455	(103,782)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of equity instruments other than options (in shares)						(6,000)	[2]	(16,000)	[2]		(16,000)	(48,000)
Vesting of equity instruments other than options		$ (64)	$ (160)			$ (64)		$ (160)
Stock option exercises (in shares)				(54,000)	[2]					(63,000)
Stock option exercises	838			$ (90)										928
Retirement of treasury shares (in shares)				(76,000)	[2]					(76,000)
Retirement of treasury shares	(928)			$ 314										(1,242)
Share-based compensation	1,230													1,230
Net income (loss)	24,173															24,173
Other comprehensive income (loss), net of taxes	13,791																13,791
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	(4,970)															(4,970)
Treasury Shares, ending balance (in shares) at Mar. 31, 2023				(16,790,000)
Common Shares Issued shares, ending balance (in shares) at Mar. 31, 2023										47,230,000
Preferred Shares Issued, ending balance (in shares) at Mar. 31, 2023													10,000
Ending balance at Mar. 31, 2023	$ 321,806			$ (238,758)						$ 472			$ 0	113,425		536,658	(89,991)
Treasury Shares, beginning balance (in shares) at Dec. 31, 2022	(16,790,000)			(16,790,000)
Common Shares Issued, beginning balance (in shares) at Dec. 31, 2022	47,179,000									47,179,000
Preferred Shares Issued, beginning balance (in shares) at Dec. 31, 2022	10,000												10,000
Beginning balance at Dec. 31, 2022	$ 287,896			$ (238,758)						$ 472			$ 0	112,509		517,455	(103,782)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	52,739
Other comprehensive income (loss), net of taxes	$ 7,925
Treasury Shares, ending balance (in shares) at Jun. 30, 2023	(17,186,000)			(17,186,000)
Common Shares Issued shares, ending balance (in shares) at Jun. 30, 2023	47,266,000									47,266,000
Preferred Shares Issued, ending balance (in shares) at Jun. 30, 2023	10,000												10,000
Ending balance at Jun. 30, 2023	$ 334,672			$ (244,846)						$ 473			$ 0	114,685		560,217	(95,857)
Treasury Shares, beginning balance (in shares) at Mar. 31, 2023				(16,790,000)
Common Shares Issued, beginning balance (in shares) at Mar. 31, 2023										47,230,000
Preferred Shares Issued, beginning balance (in shares) at Mar. 31, 2023													10,000
Beginning balance at Mar. 31, 2023	321,806			$ (238,758)						$ 472			$ 0	113,425		536,658	(89,991)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Grants of restricted stock award (in shares)										36,000
Grants of restricted stock awards	0									$ 1				(1)
Purchases of treasury stock (in shares)				(396,000)
Purchases of treasury stock	(6,088)			$ (6,088)
Share-based compensation	1,261													1,261
Net income (loss)	28,566															28,566
Other comprehensive income (loss), net of taxes	(5,866)																(5,866)
Declaration of dividends ($0.16 per common share and $0.25 per preferred share)	$ (5,007)															(5,007)
Treasury Shares, ending balance (in shares) at Jun. 30, 2023	(17,186,000)			(17,186,000)
Common Shares Issued shares, ending balance (in shares) at Jun. 30, 2023	47,266,000									47,266,000
Preferred Shares Issued, ending balance (in shares) at Jun. 30, 2023	10,000												10,000
Ending balance at Jun. 30, 2023	$ 334,672			$ (244,846)						$ 473			$ 0	$ 114,685		$ 560,217	$ (95,857)
[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
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividend declared per common share (in USD per share)	$ 0.16	$ 0.16	$ 0.16	$ 0.16
Cash dividend declared per preferred share (in USD per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.25

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)		Jun. 30, 2023 USD ($)		Jun. 30, 2022 USD ($)
Cash flows from operating activities:
Net cash provided by (used in) operating activities			$ 1,400		$ 225,424
Cash flows from investing activities:
Proceeds from sale of property and equipment			24		1
Purchases of property and equipment			(1,862)		(3,793)
Purchases of equity securities			(24,820)		(55,273)
Purchases of available-for-sale debt securities			(72,698)		(134,899)
Proceeds from sales of equity securities	$ 34,444		37,233		17,692
Proceeds from sales of available-for-sale debt securities			3,695		19,534
Maturities of available-for-sale debt securities			43,032		33,683
Net cash provided by (used in) investing activities			(15,396)		(123,055)
Cash flows from financing activities:
Debt issuance costs paid			0		(131)
Preferred stock dividend			(5)		(5)
Common stock dividend			(9,885)		(9,974)
Purchase of treasury stock			(6,088)		(7,381)
Payments related to tax withholding for share-based compensation			(314)		(209)
Repayment of debt			(736)		(735)
Net cash provided by (used in) financing activities			(17,028)		(18,435)
Cash and cash equivalents and restricted cash and cash equivalents:
Net increase (decrease) during the period			(31,024)		83,934
Balance, beginning of period			391,341		253,143
Balance, end of period	360,317		360,317		337,077
Cash and cash equivalents, and restricted cash and cash equivalents within the Consolidated Balance Sheets
Cash and cash equivalents	291,681		291,681
Restricted cash and cash equivalents	68,636	[1]	68,636	[1]
Total cash and cash equivalents and restricted cash and cash equivalents	$ 360,317		$ 360,317		$ 337,077
[1]See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents and "—Note 14(Variable Interest Entities)” for a discussion of restricted cash held in a trust account.

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023, 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 and Consolidation The Company has prepared the accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, the Financial Statements do not include all of the information and footnotes required by United States Generally Accepted Accounting Principles (“GAAP”) for annual financial statements. Therefore, the Financial Statements should be read in conjunction with the audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 28, 2023. The Condensed Consolidated Balance Sheet at December 31, 2022 was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods do not necessarily indicate the results that may be expected for any 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 UVE 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. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s primary use of estimates is in the recognition of liabilities for unpaid losses, loss adjustment expenses, subrogation recoveries, and reinsurance recoveries. Actual results could differ from those estimates.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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, 2022. There are no new or revised disclosures required on a quarterly basis.

Investments

Investments	6 Months Ended
	Jun. 30, 2023
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): June 30, 2023 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 26,815 $ — $ 2 $ (1,000) $ 25,817 Corporate bonds 791,001 (609) 121 (84,529) 705,984 Mortgage-backed and asset-backed securities 333,246 — 258 (37,642) 295,862 Municipal bonds 17,137 (5) 1 (2,246) 14,887 Redeemable preferred stock 10,860 (144) — (1,758) 8,958 Total $ 1,179,059 $ (758) $ 382 $ (127,175) $ 1,051,508 December 31, 2022 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 12,602 $ — $ — $ (938) $ 11,664 Corporate bonds 788,737 (729) 130 (93,077) 695,061 Mortgage-backed and asset-backed securities 327,166 — 148 (39,707) 287,607 Municipal bonds 14,924 (2) — (2,551) 12,371 Redeemable preferred stock 9,423 (189) — (1,311) 7,923 Total $ 1,152,852 $ (920) $ 278 $ (137,584) $ 1,014,626 The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (dollars in thousands): June 30, 2023 December 31, 2022 Average Credit Ratings Fair Value % of Total Fair Value % of Total AAA $ 327,640 31.2 % $ 297,475 29.3 % AA 159,546 15.2 % 154,975 15.3 % A 337,819 32.1 % 327,427 32.3 % BBB 225,573 21.4 % 232,316 22.9 % No Rating Available 930 0.1 % 2,433 0.2 % Total $ 1,051,508 100.0 % $ 1,014,626 100.0 % The table above includes credit quality ratings by Standard and Poor’s Rating Services, Inc. (“S&P”), Moody’s Investors Service, Inc. and Fitch Ratings, Inc. The Company has presented the highest rating of the three rating agencies for each investment position. The following table summarizes the amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands): June 30, 2023 December 31, 2022 Amortized Fair Value Amortized Fair Value Mortgage-backed securities: Agency $ 159,686 $ 137,590 $ 157,672 $ 133,928 Non-agency 63,535 53,284 60,328 50,478 Asset-backed securities: Auto loan receivables 55,212 53,166 62,128 59,370 Credit card receivables 1,657 1,607 657 612 Other receivables 53,156 50,215 46,381 43,219 Total $ 333,246 $ 295,862 $ 327,166 $ 287,607 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): June 30, 2023 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 $ 9,744 $ (231) 6 $ 11,831 $ (769) Corporate bonds 35 20,399 (457) 256 317,257 (41,497) Mortgage-backed and asset-backed securities 38 47,334 (1,211) 177 222,783 (36,431) Municipal bonds 2 1,113 (10) 3 6,832 (1,247) Redeemable preferred stock 2 765 (93) 2 212 (62) Total 81 $ 79,355 $ (2,002) 444 $ 558,915 $ (80,006) December 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 $ 2,721 $ (110) 5 $ 8,943 $ (828) Corporate bonds 40 26,563 (2,910) 247 325,992 (46,451) Mortgage-backed and asset-backed securities 64 52,751 (2,974) 146 219,189 (36,733) Municipal bonds — — — 3 6,621 (1,458) Redeemable preferred stock 1 95 (51) — — — Total 107 $ 82,130 $ (6,045) 401 $ 560,745 $ (85,470) Unrealized losses on available-for-sale debt securities in the above table as of June 30, 2023 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 nor does it believe it is more likely than not it will 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, 2021 $ 371 $ 1 $ 117 $ 489 Provision for (or reversal of) credit loss expense 358 1 72 431 Balance, December 31, 2022 729 2 189 920 Provision for (or reversal of) credit loss expense (120) 3 (45) (162) Balance, June 30, 2023 $ 609 $ 5 $ 144 $ 758 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): June 30, 2023 Amortized Cost Fair Value Due in one year or less $ 101,298 $ 99,287 Due after one year through five years 599,340 547,492 Due after five years through ten years 296,330 249,578 Due after ten years 178,289 152,021 Perpetual maturity securities 3,802 3,130 Total $ 1,179,059 $ 1,051,508 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, which 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 Six Months Ended 2023 2022 2023 2022 Proceeds from sales and maturities (fair value): Available-for-sale debt securities $ 15,872 $ 27,911 $ 46,727 $ 53,217 Equity securities $ 34,444 $ 2,760 $ 37,233 $ 17,692 Gross realized gains on sale of securities: Available-for-sale debt securities $ — $ 236 $ 5 $ 242 Equity securities $ 1,498 $ 224 $ 1,552 $ 548 Gross realized losses on sale of securities: Available-for-sale debt securities $ (21) $ (1,185) $ (727) $ (1,455) Equity securities $ (595) $ — $ (736) $ (2) The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Available-for-sale debt securities $ 5,927 $ 4,877 $ 11,797 $ 8,944 Equity securities 868 690 1,921 1,225 Cash and cash equivalents (1) 4,949 233 9,152 255 Other (2) 127 121 268 249 Total investment income 11,871 5,921 23,138 10,673 Less: Investment expenses (3) (589) (700) (1,158) (1,410) Net investment income $ 11,282 $ 5,221 $ 21,980 $ 9,263 (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 Six Months Ended 2023 2022 2023 2022 Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period $ (205) $ (8,884) $ 298 $ (12,237) Investment Real Estate Investment real estate consisted of the following as of the dates presented (in thousands): June 30, December 31, 2023 2022 Income Producing: Investment real estate $ 7,097 $ 7,097 Less: Accumulated depreciation (1,479) (1,386) Investment real estate, net $ 5,618 $ 5,711 The following table provides the depreciation expense related to investment real estate for the periods presented (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Depreciation expense on investment real estate $ 47 $ 47 $ 93 $ 93

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2023
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 or otherwise are not within the scope of 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 June 30, 2023 Due from as of Reinsurer AM Best Standard Moody’s June 30, 2023 December 31, 2022 Allianz Risk Transfer A+ AA Aa3 $ 188,570 $ 285,323 Florida Hurricane Catastrophe Fund “FHCF” (1) n/a n/a n/a 73,116 134,411 Various Lloyd’s of London Syndicates (2) A A+ n/a 39,545 101,482 Chubb Tempest Reinsurance, Ltd. A++ AA Aa3 33,785 51,319 Markel Bermuda Ltd. A A A2 26,806 50,981 DaVinci Reinsurance Ltd. A A+ A3 20,372 48,115 Cosaint Re Pte. Ltd. (3) n/a n/a n/a 17,452 — Renaissance Reinsurance Ltd. A+ A+ A1 14,463 38,768 Lumen Re Ltd. n/a n/a n/a — 8,913 Munich Reinsurance America Inc. n/a n/a n/a — 14,616 Everest Reinsurance Co n/a n/a n/a — 11,536 Upsilon RFO RE Ltd. n/a n/a n/a — 11,201 D E Shaw Re (Bermuda) Ltd. n/a n/a n/a — 16,680 Total (4) $ 414,109 $ 773,345 (1) No rating is available, because the fund is not rated. (2) No rating available for Moody’s Investors Service, Inc. (3) No rating is available, because the non-catastrophe bond is not rated. (4) Amounts represent prepaid reinsurance premiums and net recoverables for paid and unpaid losses, including incurred but not reported reserves, and loss adjustment expenses. The Company’s reinsurance arrangements had the following effect on certain items in the Condensed Consolidated Statements of Income for the periods presented (in thousands): Three Months Ended June 30, 2023 2022 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 547,126 $ 463,324 $ 253,079 $ 532,527 $ 428,805 $ 260,230 Ceded (561,480) (160,050) (29,352) (632,437) (151,744) (59,926) Net $ (14,354) $ 303,274 $ 223,727 $ (99,910) $ 277,061 $ 200,304 Six Months Ended June 30, 2023 2022 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 957,228 $ 918,692 $ 461,301 $ 929,008 $ 843,408 $ 455,385 Ceded (576,256) (333,194) (31,420) (646,383) (297,283) (69,975) Net $ 380,972 $ 585,498 $ 429,881 $ 282,625 $ 546,125 $ 385,410 The following prepaid reinsurance premiums and reinsurance recoverable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands): June 30, December 31, 2023 2022 Prepaid reinsurance premiums $ 525,489 $ 282,427 Reinsurance recoverable on paid losses and LAE $ 95,159 $ 10,170 Reinsurance recoverable on unpaid losses and LAE 495,250 798,680 Reinsurance recoverable $ 590,409 $ 808,850

Insurance Operations

Insurance Operations	6 Months Ended
	Jun. 30, 2023
Insurance [Abstract]
Insurance Operations	Insurance Operations Deferred Policy Acquisition Costs The Company defers certain costs in connection with written premium, called Deferred Policy Acquisition Costs (“DPAC”). DPAC is amortized over the effective period of the related insurance policies. The following table presents the beginning and ending balances and the changes in DPAC for the periods presented (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 DPAC, beginning of period $ 97,893 $ 103,622 $ 103,654 $ 108,822 Capitalized Costs 60,893 61,232 106,887 110,431 Amortization of DPAC (51,739) (53,871) (103,494) (108,270) DPAC, end of period $ 107,047 $ 110,983 $ 107,047 $ 110,983 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, 2022, UPCIC and APPCIC currently are not able to pay any ordinary dividends during 2023 . For the six months ended June 30, 2023 and 2022, no dividends were paid from the Insurance Entities to PSI. The Florida Insurance Code requires a residential property insurance company to maintain a statutory surplus as to policyholders of at least $15.0 million or ten percent of the insurer’s total liabilities, whichever is greater. The following table presents the amount of capital and surplus calculated in accordance with statutory accounting principles, which differs from GAAP, and an amount representing ten percent of total liabilities for each of the Insurance Entities as of the dates presented (in thousands): June 30, 2023 December 31, 2022 Statutory capital and surplus UPCIC $ 362,828 $ 400,866 APPCIC $ 24,531 $ 22,786 Ten percent of total liabilities UPCIC $ 152,552 $ 151,190 APPCIC $ 2,463 $ 2,023 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 June 30, 2023. Annually, the Insurance Entities each are also required to adhere to prescribed premium-to-capital surplus ratios and each have met those requirements. The following table summarizes combined net income (loss) for the Insurance Entities determined in accordance with statutory accounting practices for the periods presented (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Combined net income (loss) $ (24,024) $ (142) $ (28,405) $ (12,075) The Insurance Entities are required by various state laws and regulations to maintain certain assets in depository accounts. The following table represents assets held by insurance regulators as of the dates presented (in thousands): June 30, 2023 December 31, 2022 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,267 $ 3,246

Liability for Unpaid Losses and

Liability for Unpaid Losses and Loss Adjustment Expenses	6 Months Ended
	Jun. 30, 2023
Insurance [Abstract]
Liability for Unpaid Losses and Loss Adjustment Expenses	Liability for Unpaid Losses and Loss Adjustment Expenses Set forth in the following table is the change in liability for unpaid losses and LAE for the periods presented (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Balance at beginning of period $ 870,407 $ 244,482 $ 1,038,790 $ 346,216 Less: Reinsurance recoverable (669,946) (65,403) (798,680) (115,860) Net balance at beginning of period 200,461 179,079 240,110 230,356 Incurred related to: Current year 209,902 196,594 412,738 381,045 Prior years 13,825 3,710 17,143 4,365 Total incurred 223,727 200,304 429,881 385,410 Paid related to: Current year 123,258 164,888 191,041 236,615 Prior years 133,161 47,118 311,181 211,774 Total paid 256,419 212,006 502,222 448,389 Net balance at end of period 167,769 167,377 167,769 167,377 Plus: Reinsurance recoverable 495,250 18,972 495,250 18,972 Balance at end of period $ 663,019 $ 186,349 $ 663,019 $ 186,349 Prior year development was $13.8 million in the second quarter ended June 30, 2023 compared to $3.7 million in the second quarter of 2022. The prior year increase in loss and LAE estimates reflects differences in the settlement of prior gross and ceded claims compared to previous estimates particularly related to non-CAT weather events and Hurricanes Irma and Sally, which predate the most significant reform legislation and have not benefited significantly from the statutory changes. Prior year development was $17.1 million in the six months ended June 30, 2023 compared to $4.4 million in the six months ended June 30, 2022. The prior year increase in loss and LAE estimates reflects differences in the settlement of prior gross and ceded claims compared to previous estimates particularly related to non-CAT weather events and Hurricanes Irma and Sally, which predate the most significant reform legislation and have not benefited significantly from the statutory changes. Prior years development was $3.7 million during the three months ended June 30, 2022. The net prior years reserve development for the quarter ended June 30, 2022 was principally due to Hurricane Irma. In addition to Hurricane Irma development, the Company concluded a favorable commutation during the quarter, favorably increasing ceded prior year loss payments which was offset by a provisory increase in direct prior incurred but not reported (“IBNR”) amount, resulting in no net effect. Prior years’ reserve development was $4.4 million during the six months ended June 30, 2022. The net prior years’ reserve development for the six months ended June 30, 2022 was principally due to Hurricane Irma of $4.2 million in the period. Additionally, the Company concluded a favorable commutation during the six months ended June 30, 2022, favorably increasing ceded prior year loss payments which was offset by a provisory direct prior year IBNR amount, resulting in no net effect . Hurricane Matthew direct and net losses increased $0.1 million.

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt consists of the following as of the dates presented (in thousands): June 30, December 31, 2023 2022 Surplus note $ 4,779 $ 5,515 5.625% Senior unsecured notes 100,000 100,000 Total principal amount 104,779 105,515 Less: unamortized debt issuance costs (2,392) (2,746) Total long-term debt, net $ 102,387 $ 102,769 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 the terms of the surplus note. UPCIC was in compliance with the terms of the surplus note as of June 30, 2023. 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 Note Purchase Agreements contain certain customary representations, warranties and covenants made by the Company. The Notes were offered and sold by the Company in a private placement transaction in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended. On March 24, 2022, the Registration Statement registering the exchange of Notes for registered Notes was declared effective by the Securities and Exchange Commission, and all of the Notes have since been exchanged for registered Notes with identical financial terms. The Notes are senior unsecured debt obligations that bear interest at the rate of 5.625% per annum, payable semi-annually in arrears on May 30 th and November 30 th of each year, beginning on May 30, 2022. The Notes are subject to adjustment from time to time in the event of a downgrade or subsequent upgrade of the rating assigned to the Notes. The Notes mature on November 30, 2026 at which time the entire $100.0 million of principal is due and payable. At any time on or after November 30, 2023, the Company may redeem all or part of the Notes at redemption prices (expressed as percentages of the principal amount) equal to (i) 102.81250% for the twelve-month period beginning on November 30, 2023; (ii) 101.40625% for the twelve-month period beginning on November 30, 2024 and (iii) 100.0% at any time thereafter, plus accrued and unpaid interest up to, but not including the redemption date. The indenture governing the Notes contains financial covenants, terms, events of default and related cure provisions that are customary in agreements used in connection with similar transactions. As of June 30, 2023, 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 On June 30, 2023, the Company entered into a committed and unsecured $40.0 million revolving credit line with JP Morgan Chase Bank, N.A. This agreement succeeds the previous $37.5 million revolving credit line with J.P. Morgan Chase, N.A., entered into on October 31, 2022. As of June 30, 2023, the Company has not borrowed any amount under this revolving loan. The Company must pay an annual commitment of 0.50% of the unused portion of the commitment. Borrowings mature on June 29, 2024, 364 days after the inception date and carry an interest rate of prime rate plus a margin of 2% . The credit line is subject to annual renewals. The credit line contains customary financial and other covenants, with which the Company is in compliance. Interest Expense The following table provides interest expense related to long-term debt during the periods presented (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Interest Expense: Surplus note $ 46 $ 39 $ 99 $ 66 5.625% Senior unsecured notes 1,406 1,516 2,812 2,922 Non-cash expense (1) 177 176 354 351 Total $ 1,629 $ 1,731 $ 3,265 $ 3,339 (1) Represents amortization of debt issuance costs.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
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 Plan Dollar Amount Six Months Ended June 30, Purchase Share Completed or Date Authorized Expiration Date Authorized 2023 2022 Price Repurchased Expired June 12, 2023 June 10, 2025 $ 20,000 — — $ — $ — December 15, 2022 (1) December 15, 2024 $ 7,997 396,371 — $ 6,088 $ 15.36 November 3, 2020 (1) November 3, 2022 $ 20,000 — 603,080 $ 7,381 $ 12.24 November 2022 (1) In November 2020, our Board of Directors authorized a share repurchase of up to $20 million of shares of common stock, which expired in November 2022. At the end of this prior authorization, the Company had repurchased slightly more than $12 million of shares of common stock. On December 15, 2022, our Board of Directors authorized a successor share repurchase program under which the Company is authorized to repurchase up to $7,997,057 of shares of common stock through December 15, 2024, which represents the unused portion of the predecessor authorization. See the “Condensed Consolidated Statements of Stockholders’ Equity” for a roll-forward of treasury shares.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes 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. As of June 30, 2023, we determined that we did not need a valuation allowance on our gross deferred tax asset. Although realization of the deferred tax assets is not assured, management believes that it is more likely than not the deferred tax assets will be realized based on our expectation that we will be able to fully utilize the deductions that are ultimately recognized for tax purposes. For the three and six months ended June 30, 2023, there was no current reporting period activity recorded in the operating statement or the balance sheet related to uncertain tax positions. The effective tax rate for the three months ended June 30, 2023 was 23.9% compared to 31.0% for the same period last year. The effective tax rate for the six months ended June 30, 2023 was 25.0% compared to 24.9% for the same period last year. The provision for income taxes differed from the statutory rate as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Expected provision at federal statutory tax rate 21.0 % 21.0 % 21.0 % 21.0 % Increases (decrease) resulting from: State income tax, net of federal tax benefit 2.4 % 2.4 % 2.4 % 3.2 % Disallowed compensation 0.6 % 6.7 % 1.7 % 3.1 % Effect of rate change — % — % — % (2.6) % Nondeductible expenses 0.3 % 0.7 % 0.3 % 0.3 % Dividend received deduction (0.2) % (0.7) % (0.3) % (0.4) % Other, net (0.2) % 0.9 % (0.1) % 0.3 % Total income tax expense (benefit) 23.9 % 31.0 % 25.0 % 24.9 %

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) 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 the impact of common shares issuable upon the exercise of stock options, non-vested performance share units, non-vested restricted stock units, non-vested restricted stock, and conversion of preferred stock. In loss periods, the impact of common shares issuable upon the exercises of stock options, non-vested performance share units, non-vested restricted stock units, non-vested restricted stock, and conversion of preferred stock are excluded from the calculation of diluted loss per share, as the inclusion of common shares issuable upon the exercise of stock options, non-vested performance share units, non-vested restricted stock units, non-vested restricted stocks, and conversion of preferred stock would have an anti-dilutive effect. There is no difference between basic and diluted loss per share. The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings (loss) per share computations for the periods presented (in thousands, except per share data): Three Months Ended Six Months Ended 2023 2022 2023 2022 Numerator for EPS: Net income (loss) $ 28,566 $ 7,370 $ 52,739 $ 24,907 Less: Preferred stock dividends (2) (2) (5) (5) Income (loss) available to common stockholders $ 28,564 $ 7,368 $ 52,734 $ 24,902 Denominator for EPS: Weighted average common shares outstanding 30,265 30,829 30,323 30,987 Plus: Assumed conversion of share-based compensation (1) 369 29 285 48 Assumed conversion of preferred stock 25 25 25 25 Weighted average diluted common shares outstanding 30,659 30,883 30,633 31,060 Basic earnings (loss) per common share $ 0.94 $ 0.24 $ 1.74 $ 0.80 Diluted earnings (loss) per common share $ 0.93 $ 0.24 $ 1.72 $ 0.80 (1) Represents the dilutive effect of common shares issuable upon the exercise of stock options, non-vested performance share units, non-vested restricted stock units and non-vested restricted stock.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 2022 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 $ (7,803) $ (1,920) $ (5,883) $ (40,272) $ (9,900) $ (30,372) Less: Reclassification adjustments for (gains) losses realized in net income (loss) 21 4 17 949 233 716 Other comprehensive income (loss) $ (7,782) $ (1,916) $ (5,866) $ (39,323) $ (9,667) $ (29,656) Six Months Ended June 30, 2023 2022 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 $ 9,790 $ 2,410 $ 7,380 $ (97,433) $ (23,952) $ (73,481) Less: Reclassification adjustments for (gains) losses realized in net income (loss) 722 177 545 1,213 298 915 Other comprehensive income (loss) $ 10,512 $ 2,587 $ 7,925 $ (96,220) $ (23,654) $ (72,566) 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 Six Months Ended 2023 2022 2023 2022 Unrealized gains (losses) on $ (21) $ (949) $ (722) $ (1,213) Net realized gains (losses) on Related tax (expense) benefit 4 233 177 298 Income tax expense (benefit) Total reclassification for the period $ (17) $ (716) $ (545) $ (915) Net of tax

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
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. 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) $72.7 million in 2024 and (2) $52.6 million in 2025. Lawsuits and Legal Proceedings From time to time, lawsuits are filed against the Company or the Company may become involved in other legal proceedings. Many of these lawsuits or legal proceedings involve claims under policies that the Company underwrites and for which it reserves. 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. The Company contests liability and/or the amount of damages as it considers appropriate according to the facts and circumstances of each matter. The Insurance Entities are obligated by regulation and by contract to commute their losses under reimbursement agreements with the FHCF. On June 1, 2023, the Insurance Entities began their respective commutation processes for the 2017-18 FHCF reimbursement contract year. As required in the commutation process, each Insurance Entity submitted a final proof of loss by June 1, 2023, verifying the amount of its paid losses previously reimbursed or to be reimbursed by the FHCF. Each insurer also submitted an estimate of its covered losses on then-outstanding claims and an estimate of its covered IBNR losses. The FHCF’s procedure provides for the insurer and the FHCF to then discuss the estimates and seek to agree on the present value of the expected outstanding losses and IBNR. If these discussions do not result in an agreement, the determination will be made by a three-member panel of actuaries in accordance with a procedure set forth in the FHCF contract. It is premature to know whether the Insurance Entities and the FHCF will agree on final amounts during commutation, the amounts by which the parties’ estimates might differ, or whether the process will entail a final determination through the dispute resolution process. In accordance with applicable accounting guidance, the Company establishes reserves intended to encompass claims-related lawsuits or legal proceedings and establishes an accrued liability for other legal matters when those matters present loss contingencies that are both probable and estimable. Lawsuits and 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 matters in excess of a related accrued liability, including reserves, or where there is no accrued liability, and for which the Company is able to estimate a possible loss, are immaterial. This represents management’s estimate of possible loss with respect to these matters and is based on currently available information. These estimates of possible loss do not represent our maximum loss exposure, and actual results may vary significantly from current estimates.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. GAAP describes three approaches to measuring the fair value of assets and liabilities: the market approach, the income approach and the cost approach. Each approach includes multiple valuation techniques. GAAP does not prescribe which valuation technique should be used when measuring fair value, but does establish a fair value hierarchy that prioritizes the inputs used in applying the various techniques. Inputs broadly refer to the assumptions that market participants use to make pricing decisions, including assumptions about risk. Level 1 inputs are given the highest priority in the hierarchy while Level 3 inputs are given the lowest priority. Assets and liabilities carried at fair value are classified in one of the following three categories based on the nature of the inputs to the valuation technique used: • Level 1 — Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 — Observable market-based inputs or unobservable inputs that are corroborated by market data. • Level 3 — Unobservable inputs that are not corroborated by market data. These inputs reflect management’s best estimate of fair value using its own assumptions about the assumptions a market participant would use in pricing the asset or liability. Summary of Significant Valuation Techniques for Assets Measured at Fair Value on a Recurring Basis Level 1 Common stock: Comprise actively traded, exchange-listed U.S. and international equity securities. Valuation is based on unadjusted quoted prices for identical assets in active markets that the Company can access. Mutual funds: Comprise actively traded funds. Valuation is based on daily quoted net asset values for identical assets in active markets that the Company can access. Level 2 U.S. government obligations and agencies: Comprise U.S. Treasury Bills or Notes or U.S. Treasury Inflation Protected Securities. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields and credit spreads. Corporate bonds: Comprise investment-grade debt securities. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields and credit spreads. Mortgage-backed and asset-backed securities: Comprise securities that are collateralized by mortgage obligations and other assets. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields, collateral performance, and credit spreads. Municipal bonds: Comprise debt securities issued by a state, municipality, or county. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields and credit spreads. Redeemable preferred stock: Comprise preferred stock securities that are redeemable. The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active. As required by GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the placement of the asset or liability within the fair value hierarchy levels. The following tables set forth by level within the fair value hierarchy the Company’s assets measured at fair value on a recurring basis as of the dates presented (in thousands): Fair Value Measurements As of June 30, 2023 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 25,817 $ — $ 25,817 Corporate bonds — 705,984 — 705,984 Mortgage-backed and asset-backed securities — 295,862 — 295,862 Municipal bonds — 14,887 — 14,887 Redeemable preferred stock — 8,958 — 8,958 Equity Securities: Common stock 12,273 — — 12,273 Mutual funds 63,298 — — 63,298 Total assets accounted for at fair value $ 75,571 $ 1,051,508 $ — $ 1,127,079 Fair Value Measurements As of December 31, 2022 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 11,664 $ — $ 11,664 Corporate bonds — 695,061 — 695,061 Mortgage-backed and asset-backed securities — 287,607 — 287,607 Municipal bonds — 12,371 — 12,371 Redeemable preferred stock — 7,923 — 7,923 Equity Securities: Common stock 15,313 — — 15,313 Mutual funds 70,156 — — 70,156 Total assets accounted for at fair value $ 85,469 $ 1,014,626 $ — $ 1,100,095 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): As of June 30, 2023 As of December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Liabilities (debt): Surplus note (1) $ 4,779 $ 4,497 $ 5,515 $ 5,126 5.625% Senio r unsecured notes (2) 100,000 97,365 100,000 100,350 Total debt $ 104,779 $ 101,862 $ 105,515 $ 105,476 (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 the purpose of establishing the fair value of the note (Level 3). (2) The fair value of the senior unsecured notes was determined based on pricing from quoted prices for similar assets in active markets and was included as Level 2.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company utilizes a captive reinsurance arrangement which uses Isosceles Insurance Ltd. a Bermuda licensed insurance company, whereby they established a Bermuda separate account named “Separate Account UVE-01” as UVE’s captive. This captive is a VIE in the normal course of business and is consolidated since the Company is the primary beneficiary. The VIE files a federal tax return, however the VIE is domiciled in Bermuda and therefore is not subject to state income taxes. Effective June 1, 2023, the VIE entered into a new reinsurance arrangement with UPCIC and APPCIC for the 2023-2024 All States Reinsurance Program. On June 1, 2022, the VIE entered into a reinsurance arrangement with UPCIC, which was effective June 1, 2022 through May 31, 2023, and on September 28, 2022 Hurricane Ian made landfall on the Gulf Coast of Florida which triggered a full policy limit loss, totaling $66 million, Amounts due under this policy were fully paid in September 2022 by the VIE to UPCIC, pursuant to the terms of the agreement. The following table presents, on a consolidated basis, the balance sheet classification and exposure of restricted cash held in a reinsurance trust account, which can be used only to settle specific reinsurance obligations of the VIE as of the dates presented (in thousands): As of June 30, 2023 December 31, 2022 Restricted cash and cash equivalents $ 66,000 $ —

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 except as disclosed below. On July 20, 2023, the Company declared a quarterly cash dividend of $0.16 per share of common stock payable August 11, 2023, to shareholders of record on August 4, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 28,566	$ 24,173	$ 7,370	$ 17,537	$ 52,739	$ 24,907

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The Company has prepared the accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, the Financial Statements do not include all of the information and footnotes required by United States Generally Accepted Accounting Principles (“GAAP”) for annual financial statements. Therefore, the Financial Statements should be read in conjunction with the audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 28, 2023. The Condensed Consolidated Balance Sheet at December 31, 2022 was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods do not necessarily indicate the results that may be expected for any 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 UVE 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.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company’s primary use of estimates is in the recognition of liabilities for unpaid losses, loss adjustment expenses, subrogation recoveries, and reinsurance recoveries. Actual results could differ from those estimates.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
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): June 30, 2023 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 26,815 $ — $ 2 $ (1,000) $ 25,817 Corporate bonds 791,001 (609) 121 (84,529) 705,984 Mortgage-backed and asset-backed securities 333,246 — 258 (37,642) 295,862 Municipal bonds 17,137 (5) 1 (2,246) 14,887 Redeemable preferred stock 10,860 (144) — (1,758) 8,958 Total $ 1,179,059 $ (758) $ 382 $ (127,175) $ 1,051,508 December 31, 2022 Amortized Allowance for Expected Credit Losses Gross Gross Fair Value Debt Securities: U.S. government obligations and agencies $ 12,602 $ — $ — $ (938) $ 11,664 Corporate bonds 788,737 (729) 130 (93,077) 695,061 Mortgage-backed and asset-backed securities 327,166 — 148 (39,707) 287,607 Municipal bonds 14,924 (2) — (2,551) 12,371 Redeemable preferred stock 9,423 (189) — (1,311) 7,923 Total $ 1,152,852 $ (920) $ 278 $ (137,584) $ 1,014,626
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): June 30, 2023 December 31, 2022 Average Credit Ratings Fair Value % of Total Fair Value % of Total AAA $ 327,640 31.2 % $ 297,475 29.3 % AA 159,546 15.2 % 154,975 15.3 % A 337,819 32.1 % 327,427 32.3 % BBB 225,573 21.4 % 232,316 22.9 % No Rating Available 930 0.1 % 2,433 0.2 % Total $ 1,051,508 100.0 % $ 1,014,626 100.0 %
Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities	The following table summarizes the amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands): June 30, 2023 December 31, 2022 Amortized Fair Value Amortized Fair Value Mortgage-backed securities: Agency $ 159,686 $ 137,590 $ 157,672 $ 133,928 Non-agency 63,535 53,284 60,328 50,478 Asset-backed securities: Auto loan receivables 55,212 53,166 62,128 59,370 Credit card receivables 1,657 1,607 657 612 Other receivables 53,156 50,215 46,381 43,219 Total $ 333,246 $ 295,862 $ 327,166 $ 287,607
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): June 30, 2023 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 $ 9,744 $ (231) 6 $ 11,831 $ (769) Corporate bonds 35 20,399 (457) 256 317,257 (41,497) Mortgage-backed and asset-backed securities 38 47,334 (1,211) 177 222,783 (36,431) Municipal bonds 2 1,113 (10) 3 6,832 (1,247) Redeemable preferred stock 2 765 (93) 2 212 (62) Total 81 $ 79,355 $ (2,002) 444 $ 558,915 $ (80,006) December 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 $ 2,721 $ (110) 5 $ 8,943 $ (828) Corporate bonds 40 26,563 (2,910) 247 325,992 (46,451) Mortgage-backed and asset-backed securities 64 52,751 (2,974) 146 219,189 (36,733) Municipal bonds — — — 3 6,621 (1,458) Redeemable preferred stock 1 95 (51) — — — Total 107 $ 82,130 $ (6,045) 401 $ 560,745 $ (85,470)
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, 2021 $ 371 $ 1 $ 117 $ 489 Provision for (or reversal of) credit loss expense 358 1 72 431 Balance, December 31, 2022 729 2 189 920 Provision for (or reversal of) credit loss expense (120) 3 (45) (162) Balance, June 30, 2023 $ 609 $ 5 $ 144 $ 758
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): June 30, 2023 Amortized Cost Fair Value Due in one year or less $ 101,298 $ 99,287 Due after one year through five years 599,340 547,492 Due after five years through ten years 296,330 249,578 Due after ten years 178,289 152,021 Perpetual maturity securities 3,802 3,130 Total $ 1,179,059 $ 1,051,508
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 Six Months Ended 2023 2022 2023 2022 Proceeds from sales and maturities (fair value): Available-for-sale debt securities $ 15,872 $ 27,911 $ 46,727 $ 53,217 Equity securities $ 34,444 $ 2,760 $ 37,233 $ 17,692 Gross realized gains on sale of securities: Available-for-sale debt securities $ — $ 236 $ 5 $ 242 Equity securities $ 1,498 $ 224 $ 1,552 $ 548 Gross realized losses on sale of securities: Available-for-sale debt securities $ (21) $ (1,185) $ (727) $ (1,455) Equity securities $ (595) $ — $ (736) $ (2)
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 Six Months Ended 2023 2022 2023 2022 Available-for-sale debt securities $ 5,927 $ 4,877 $ 11,797 $ 8,944 Equity securities 868 690 1,921 1,225 Cash and cash equivalents (1) 4,949 233 9,152 255 Other (2) 127 121 268 249 Total investment income 11,871 5,921 23,138 10,673 Less: Investment expenses (3) (589) (700) (1,158) (1,410) Net investment income $ 11,282 $ 5,221 $ 21,980 $ 9,263 (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 Six Months Ended 2023 2022 2023 2022 Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period $ (205) $ (8,884) $ 298 $ (12,237)
Schedule of Real Estate Investment	Investment real estate consisted of the following as of the dates presented (in thousands): June 30, December 31, 2023 2022 Income Producing: Investment real estate $ 7,097 $ 7,097 Less: Accumulated depreciation (1,479) (1,386) Investment real estate, net $ 5,618 $ 5,711
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 Six Months Ended 2023 2022 2023 2022 Depreciation expense on investment real estate $ 47 $ 47 $ 93 $ 93

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 Due from as of Reinsurer AM Best Standard Moody’s June 30, 2023 December 31, 2022 Allianz Risk Transfer A+ AA Aa3 $ 188,570 $ 285,323 Florida Hurricane Catastrophe Fund “FHCF” (1) n/a n/a n/a 73,116 134,411 Various Lloyd’s of London Syndicates (2) A A+ n/a 39,545 101,482 Chubb Tempest Reinsurance, Ltd. A++ AA Aa3 33,785 51,319 Markel Bermuda Ltd. A A A2 26,806 50,981 DaVinci Reinsurance Ltd. A A+ A3 20,372 48,115 Cosaint Re Pte. Ltd. (3) n/a n/a n/a 17,452 — Renaissance Reinsurance Ltd. A+ A+ A1 14,463 38,768 Lumen Re Ltd. n/a n/a n/a — 8,913 Munich Reinsurance America Inc. n/a n/a n/a — 14,616 Everest Reinsurance Co n/a n/a n/a — 11,536 Upsilon RFO RE Ltd. n/a n/a n/a — 11,201 D E Shaw Re (Bermuda) Ltd. n/a n/a n/a — 16,680 Total (4) $ 414,109 $ 773,345 (1) No rating is available, because the fund is not rated. (2) No rating available for Moody’s Investors Service, Inc. (3) No rating is available, because the non-catastrophe bond is not rated. (4) Amounts represent prepaid reinsurance premiums and net recoverables for paid and unpaid losses, including incurred but not reported reserves, and loss adjustment expenses.
Schedule of Effects of Reinsurance Arrangements	The Company’s reinsurance arrangements had the following effect on certain items in the Condensed Consolidated Statements of Income for the periods presented (in thousands): Three Months Ended June 30, 2023 2022 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 547,126 $ 463,324 $ 253,079 $ 532,527 $ 428,805 $ 260,230 Ceded (561,480) (160,050) (29,352) (632,437) (151,744) (59,926) Net $ (14,354) $ 303,274 $ 223,727 $ (99,910) $ 277,061 $ 200,304 Six Months Ended June 30, 2023 2022 Premiums Premiums Losses and Loss Premiums Premiums Losses and Loss Direct $ 957,228 $ 918,692 $ 461,301 $ 929,008 $ 843,408 $ 455,385 Ceded (576,256) (333,194) (31,420) (646,383) (297,283) (69,975) Net $ 380,972 $ 585,498 $ 429,881 $ 282,625 $ 546,125 $ 385,410
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): June 30, December 31, 2023 2022 Prepaid reinsurance premiums $ 525,489 $ 282,427 Reinsurance recoverable on paid losses and LAE $ 95,159 $ 10,170 Reinsurance recoverable on unpaid losses and LAE 495,250 798,680 Reinsurance recoverable $ 590,409 $ 808,850

Insurance Operations (Tables)

Insurance Operations (Tables)	6 Months Ended
	Jun. 30, 2023
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 Six Months Ended 2023 2022 2023 2022 DPAC, beginning of period $ 97,893 $ 103,622 $ 103,654 $ 108,822 Capitalized Costs 60,893 61,232 106,887 110,431 Amortization of DPAC (51,739) (53,871) (103,494) (108,270) DPAC, end of period $ 107,047 $ 110,983 $ 107,047 $ 110,983
Schedule of Statutory Capital and Surplus, and an Amount Representing Ten Percent of Total Liabilities for both UPCIC and APPCIC	The following table presents the amount of capital and surplus calculated in accordance with statutory accounting principles, which differs from GAAP, and an amount representing ten percent of total liabilities for each of the Insurance Entities as of the dates presented (in thousands): June 30, 2023 December 31, 2022 Statutory capital and surplus UPCIC $ 362,828 $ 400,866 APPCIC $ 24,531 $ 22,786 Ten percent of total liabilities UPCIC $ 152,552 $ 151,190 APPCIC $ 2,463 $ 2,023 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 Six Months Ended 2023 2022 2023 2022 Combined net income (loss) $ (24,024) $ (142) $ (28,405) $ (12,075) The Insurance Entities are required by various state laws and regulations to maintain certain assets in depository accounts. The following table represents assets held by insurance regulators as of the dates presented (in thousands): June 30, 2023 December 31, 2022 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,267 $ 3,246

Liability for Unpaid Losses a_2

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
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 Six Months Ended 2023 2022 2023 2022 Balance at beginning of period $ 870,407 $ 244,482 $ 1,038,790 $ 346,216 Less: Reinsurance recoverable (669,946) (65,403) (798,680) (115,860) Net balance at beginning of period 200,461 179,079 240,110 230,356 Incurred related to: Current year 209,902 196,594 412,738 381,045 Prior years 13,825 3,710 17,143 4,365 Total incurred 223,727 200,304 429,881 385,410 Paid related to: Current year 123,258 164,888 191,041 236,615 Prior years 133,161 47,118 311,181 211,774 Total paid 256,419 212,006 502,222 448,389 Net balance at end of period 167,769 167,377 167,769 167,377 Plus: Reinsurance recoverable 495,250 18,972 495,250 18,972 Balance at end of period $ 663,019 $ 186,349 $ 663,019 $ 186,349

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt consists of the following as of the dates presented (in thousands): June 30, December 31, 2023 2022 Surplus note $ 4,779 $ 5,515 5.625% Senior unsecured notes 100,000 100,000 Total principal amount 104,779 105,515 Less: unamortized debt issuance costs (2,392) (2,746) Total long-term debt, net $ 102,387 $ 102,769
Schedule of Interest Expense	The following table provides interest expense related to long-term debt during the periods presented (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Interest Expense: Surplus note $ 46 $ 39 $ 99 $ 66 5.625% Senior unsecured notes 1,406 1,516 2,812 2,922 Non-cash expense (1) 177 176 354 351 Total $ 1,629 $ 1,731 $ 3,265 $ 3,339 (1) Represents amortization of debt issuance costs.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
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 Plan Dollar Amount Six Months Ended June 30, Purchase Share Completed or Date Authorized Expiration Date Authorized 2023 2022 Price Repurchased Expired June 12, 2023 June 10, 2025 $ 20,000 — — $ — $ — December 15, 2022 (1) December 15, 2024 $ 7,997 396,371 — $ 6,088 $ 15.36 November 3, 2020 (1) November 3, 2022 $ 20,000 — 603,080 $ 7,381 $ 12.24 November 2022 (1) In November 2020, our Board of Directors authorized a share repurchase of up to $20 million of shares of common stock, which expired in November 2022. At the end of this prior authorization, the Company had repurchased slightly more than $12 million of shares of common stock. On December 15, 2022, our Board of Directors authorized a successor share repurchase program under which the Company is authorized to repurchase up to $7,997,057 of shares of common stock through December 15, 2024, which represents the unused portion of the predecessor authorization.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Summary of Reconciles Statutory Federal Income Tax Rate to Company's Effective Tax Rate	The provision for income taxes differed from the statutory rate as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Expected provision at federal statutory tax rate 21.0 % 21.0 % 21.0 % 21.0 % Increases (decrease) resulting from: State income tax, net of federal tax benefit 2.4 % 2.4 % 2.4 % 3.2 % Disallowed compensation 0.6 % 6.7 % 1.7 % 3.1 % Effect of rate change — % — % — % (2.6) % Nondeductible expenses 0.3 % 0.7 % 0.3 % 0.3 % Dividend received deduction (0.2) % (0.7) % (0.3) % (0.4) % Other, net (0.2) % 0.9 % (0.1) % 0.3 % Total income tax expense (benefit) 23.9 % 31.0 % 25.0 % 24.9 %

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerator and Denominator of Basic and Diluted Earnings (Loss) Per Share Computations	The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings (loss) per share computations for the periods presented (in thousands, except per share data): Three Months Ended Six Months Ended 2023 2022 2023 2022 Numerator for EPS: Net income (loss) $ 28,566 $ 7,370 $ 52,739 $ 24,907 Less: Preferred stock dividends (2) (2) (5) (5) Income (loss) available to common stockholders $ 28,564 $ 7,368 $ 52,734 $ 24,902 Denominator for EPS: Weighted average common shares outstanding 30,265 30,829 30,323 30,987 Plus: Assumed conversion of share-based compensation (1) 369 29 285 48 Assumed conversion of preferred stock 25 25 25 25 Weighted average diluted common shares outstanding 30,659 30,883 30,633 31,060 Basic earnings (loss) per common share $ 0.94 $ 0.24 $ 1.74 $ 0.80 Diluted earnings (loss) per common share $ 0.93 $ 0.24 $ 1.72 $ 0.80 (1) Represents the dilutive effect of common shares issuable upon the exercise of stock options, non-vested performance share units, non-vested restricted stock units and non-vested restricted stock.

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 2022 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 $ (7,803) $ (1,920) $ (5,883) $ (40,272) $ (9,900) $ (30,372) Less: Reclassification adjustments for (gains) losses realized in net income (loss) 21 4 17 949 233 716 Other comprehensive income (loss) $ (7,782) $ (1,916) $ (5,866) $ (39,323) $ (9,667) $ (29,656) Six Months Ended June 30, 2023 2022 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 $ 9,790 $ 2,410 $ 7,380 $ (97,433) $ (23,952) $ (73,481) Less: Reclassification adjustments for (gains) losses realized in net income (loss) 722 177 545 1,213 298 915 Other comprehensive income (loss) $ 10,512 $ 2,587 $ 7,925 $ (96,220) $ (23,654) $ (72,566)
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 Six Months Ended 2023 2022 2023 2022 Unrealized gains (losses) on $ (21) $ (949) $ (722) $ (1,213) Net realized gains (losses) on Related tax (expense) benefit 4 233 177 298 Income tax expense (benefit) Total reclassification for the period $ (17) $ (716) $ (545) $ (915) Net of tax

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
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 As of June 30, 2023 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 25,817 $ — $ 25,817 Corporate bonds — 705,984 — 705,984 Mortgage-backed and asset-backed securities — 295,862 — 295,862 Municipal bonds — 14,887 — 14,887 Redeemable preferred stock — 8,958 — 8,958 Equity Securities: Common stock 12,273 — — 12,273 Mutual funds 63,298 — — 63,298 Total assets accounted for at fair value $ 75,571 $ 1,051,508 $ — $ 1,127,079 Fair Value Measurements As of December 31, 2022 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: U.S. government obligations and agencies $ — $ 11,664 $ — $ 11,664 Corporate bonds — 695,061 — 695,061 Mortgage-backed and asset-backed securities — 287,607 — 287,607 Municipal bonds — 12,371 — 12,371 Redeemable preferred stock — 7,923 — 7,923 Equity Securities: Common stock 15,313 — — 15,313 Mutual funds 70,156 — — 70,156 Total assets accounted for at fair value $ 85,469 $ 1,014,626 $ — $ 1,100,095
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): As of June 30, 2023 As of December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Liabilities (debt): Surplus note (1) $ 4,779 $ 4,497 $ 5,515 $ 5,126 5.625% Senio r unsecured notes (2) 100,000 97,365 100,000 100,350 Total debt $ 104,779 $ 101,862 $ 105,515 $ 105,476 (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 the purpose of establishing the fair value of the note (Level 3). (2) The fair value of the senior unsecured notes was determined based on pricing from quoted prices for similar assets in active markets and was included as Level 2.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table presents, on a consolidated basis, the balance sheet classification and exposure of restricted cash held in a reinsurance trust account, which can be used only to settle specific reinsurance obligations of the VIE as of the dates presented (in thousands): As of June 30, 2023 December 31, 2022 Restricted cash and cash equivalents $ 66,000 $ —

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Details)	Jun. 30, 2023 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	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,179,059	$ 1,152,852
Allowance for Expected Credit Losses	(758)	(920)	$ (489)
Gross Unrealized Gains	382	278
Gross Unrealized Losses	(127,175)	(137,584)
Fair Value	1,051,508	1,014,626
U.S. government obligations and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	26,815	12,602
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	2	0
Gross Unrealized Losses	(1,000)	(938)
Fair Value	25,817	11,664
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	791,001	788,737
Allowance for Expected Credit Losses	(609)	(729)
Gross Unrealized Gains	121	130
Gross Unrealized Losses	(84,529)	(93,077)
Fair Value	705,984	695,061
Mortgage-backed and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	333,246	327,166
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	258	148
Gross Unrealized Losses	(37,642)	(39,707)
Fair Value	295,862	287,607
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	17,137	14,924
Allowance for Expected Credit Losses	(5)	(2)
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(2,246)	(2,551)
Fair Value	14,887	12,371
Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,860	9,423
Allowance for Expected Credit Losses	(144)	(189)	$ (117)
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1,758)	(1,311)
Fair Value	$ 8,958	$ 7,923

Investments - Schedule of Credi

Investments - Schedule of Credit Quality of Investment Securities With Contractual Maturities or The Issuer of Such Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 1,051,508	$ 1,014,626
% of Total Fair Value	100%	100%
AAA
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 327,640	$ 297,475
% of Total Fair Value	31.20%	29.30%
AA
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 159,546	$ 154,975
% of Total Fair Value	15.20%	15.30%
A
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 337,819	$ 327,427
% of Total Fair Value	32.10%	32.30%
BBB
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 225,573	$ 232,316
% of Total Fair Value	21.40%	22.90%
No Rating Available
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 930	$ 2,433
% of Total Fair Value	0.10%	0.20%

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,179,059	$ 1,152,852
Fair Value	1,051,508	1,014,626
Mortgage-backed and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	333,246	327,166
Fair Value	295,862	287,607
Agency | Mortgage-backed securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	159,686	157,672
Fair Value	137,590	133,928
Non-agency | Mortgage-backed securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	63,535	60,328
Fair Value	53,284	50,478
Auto loan receivables | Asset-backed securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	55,212	62,128
Fair Value	53,166	59,370
Credit card receivables | Asset-backed securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,657	657
Fair Value	1,607	612
Other receivables | Asset-backed securities:
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	53,156	46,381
Fair Value	$ 50,215	$ 43,219

Investments - Summarized Fair V

Investments - Summarized Fair Value and Gross Unrealized Losses on Securities Available for Sale (Details) $ in Thousands	Jun. 30, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	81	107
Less than 12 months, Fair value	$ 79,355	$ 82,130
Less than 12 months, Unrealized losses	$ (2,002)	$ (6,045)
12 months or longer, Number of issues | security	444	401
12 months or longer, Fair value	$ 558,915	$ 560,745
12 months or longer, Unrealized losses	$ (80,006)	$ (85,470)
Fixed Maturities | U.S. government obligations and agencies
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	4	2
Less than 12 months, Fair value	$ 9,744	$ 2,721
Less than 12 months, Unrealized losses	$ (231)	$ (110)
12 months or longer, Number of issues | security	6	5
12 months or longer, Fair value	$ 11,831	$ 8,943
12 months or longer, Unrealized losses	$ (769)	$ (828)
Fixed Maturities | Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	35	40
Less than 12 months, Fair value	$ 20,399	$ 26,563
Less than 12 months, Unrealized losses	$ (457)	$ (2,910)
12 months or longer, Number of issues | security	256	247
12 months or longer, Fair value	$ 317,257	$ 325,992
12 months or longer, Unrealized losses	$ (41,497)	$ (46,451)
Fixed Maturities | Mortgage-backed and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	38	64
Less than 12 months, Fair value	$ 47,334	$ 52,751
Less than 12 months, Unrealized losses	$ (1,211)	$ (2,974)
12 months or longer, Number of issues | security	177	146
12 months or longer, Fair value	$ 222,783	$ 219,189
12 months or longer, Unrealized losses	$ (36,431)	$ (36,733)
Fixed Maturities | Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	2	0
Less than 12 months, Fair value	$ 1,113	$ 0
Less than 12 months, Unrealized losses	$ (10)	$ 0
12 months or longer, Number of issues | security	3	3
12 months or longer, Fair value	$ 6,832	$ 6,621
12 months or longer, Unrealized losses	$ (1,247)	$ (1,458)
Fixed Maturities | Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Number of issues | security	2	1
Less than 12 months, Fair value	$ 765	$ 95
Less than 12 months, Unrealized losses	$ (93)	$ (51)
12 months or longer, Number of issues | security	2	0
12 months or longer, Fair value	$ 212	$ 0
12 months or longer, Unrealized losses	$ (62)	$ 0

Investments - AFS Allowance for

Investments - AFS Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Expected credit loss on available-for-sale debt securities at beginning of period	$ 920	$ 489
Provision for (or reversal of) credit loss expense	(162)	431
Expected credit loss on available-for-sale debt securities at end of period	758	920
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	729	371
Provision for (or reversal of) credit loss expense	(120)	358
Expected credit loss on available-for-sale debt securities at end of period	609	729
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	2	1
Provision for (or reversal of) credit loss expense	3	1
Expected credit loss on available-for-sale debt securities at end of period	5	2
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	189	117
Provision for (or reversal of) credit loss expense	(45)	72
Expected credit loss on available-for-sale debt securities at end of period	$ 144	$ 189

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Investments With Contractual Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 101,298
Due after one year through five years	599,340
Due after five years through ten years	296,330
Due after ten years	178,289
Perpetual maturity securities	3,802
Amortized Cost	1,179,059	$ 1,152,852
Fair Value
Due in one year or less	99,287
Due after one year through five years	547,492
Due after five years through ten years	249,578
Due after ten years	152,021
Perpetual maturity securities	3,130
Fair Value	$ 1,051,508	$ 1,014,626

Investments - Summary of Securi

Investments - Summary of Securities Available for Sale (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales and maturities (fair value) available for sale on debt securities	$ 15,872	$ 27,911	$ 46,727	$ 53,217
Proceeds from sales and maturities equity securities	34,444	2,760	37,233	17,692
Gross realized gains on available for sale on debt securities	0	236	5	242
Gross realized gains on available for sale equity securities	1,498	224	1,552	548
Gross realized losses on available for sale on debt securities	(21)	(1,185)	(727)	(1,455)
Gross realized losses on equity securities	$ (595)	$ 0	$ (736)	$ (2)

Investments - Investment Income

Investments - Investment Income (Expense) Comprised Primarily of Interest and Dividends (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Investment Income [Line Items]
Total investment income	$ 11,871	$ 5,921	$ 23,138	$ 10,673
Less: Investment expenses	(589)	(700)	(1,158)	(1,410)
Net investment income	11,282	5,221	21,980	9,263
Available-for-sale debt securities
Net Investment Income [Line Items]
Investment income	5,927	4,877	11,797	8,944
Equity securities
Net Investment Income [Line Items]
Investment income	868	690	1,921	1,225
Cash and cash equivalents
Net Investment Income [Line Items]
Investment income	4,949	233	9,152	255
Other
Net Investment Income [Line Items]
Investment income	$ 127	$ 121	$ 268	$ 249

Investments - Summary of Detail

Investments - Summary of Details on Realized and Unrealized Gains and Losses Related to Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
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	$ (205)	$ (8,884)	$ 298	$ (12,237)

Investments - Schedule of Real

Investments - Schedule of Real Estate Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real Estate [Line Items]
Investment real estate, net	$ 5,618	$ 5,711
Income Producing:
Real Estate [Line Items]
Investment real estate	7,097	7,097
Less: Accumulated depreciation	(1,479)	(1,386)
Investment real estate, net	$ 5,618	$ 5,711

Investments - Schedule of Depre

Investments - Schedule of Depreciation Expense Related to Investment Real Estate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Real Estate Investment
Real Estate [Line Items]
Depreciation expense on investment real estate	$ 47	$ 47	$ 93	$ 93

Reinsurance - Additional Inform

Reinsurance - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023
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 (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due fromreinsurers	$ 414,109	$ 773,345
Florida Hurricane Catastrophe Fund “FHCF”
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due fromreinsurers	73,116	134,411
Cosaint Re Pte. Ltd.
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due fromreinsurers	17,452	0
Lumen Re Ltd.
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due fromreinsurers	0	8,913
Munich Reinsurance America Inc.
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due fromreinsurers	0	14,616
Everest Reinsurance Co
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due fromreinsurers	0	11,536
Upsilon RFO RE Ltd.
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due fromreinsurers	0	11,201
D E Shaw Re (Bermuda) Ltd
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due fromreinsurers	0	16,680
AM Best Company A Plus Rating | Moody's, Aa3 Rating | Standard & Poor's, AA- Rating | Allianz Risk Transfer
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due fromreinsurers	188,570	285,323
AM Best Company A Plus Rating | Moody's A1 Rating | Standard & Poor's, A Plus Rating | Renaissance Reinsurance Ltd.
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due fromreinsurers	14,463	38,768
AM Best, A Rating | Standard & Poor's, A Plus Rating | Various Lloyd’s of London Syndicates
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due fromreinsurers	39,545	101,482
AM Best, A Rating | Moody's, A2 Rating | Standard & Poor's, A Rating | Markel Bermuda Ltd.
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due fromreinsurers	26,806	50,981
AM Best, A Rating | Moody's, A3 Rating | Standard & Poor's, A Plus Rating | DaVinci Reinsurance Ltd.
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due fromreinsurers	20,372	48,115
AM Best, A++ Rating | Moody's, Aa3 Rating | Standard & Poor's, AA Rating | Chubb Tempest Reinsurance, Ltd.
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due fromreinsurers	$ 33,785	$ 51,319

Reinsurance - Reinsurance Arran

Reinsurance - Reinsurance Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reinsurance Disclosures [Abstract]
Direct premiums written	$ 547,126	$ 532,527	$ 957,228	$ 929,008
Ceded premiums written	(561,480)	(632,437)	(576,256)	(646,383)
Net premiums written	(14,354)	(99,910)	380,972	282,625
Direct premiums earned	463,324	428,805	918,692	843,408
Ceded premiums earned	(160,050)	(151,744)	(333,194)	(297,283)
Premiums earned, net	303,274	277,061	585,498	546,125
Direct losses and loss adjustment expenses	253,079	260,230	461,301	455,385
Ceded losses and loss adjustment expenses	(29,352)	(59,926)	(31,420)	(69,975)
Net losses and loss adjustment expenses	$ 223,727	$ 200,304	$ 429,881	$ 385,410

Reinsurance - Prepaid Reinsuran

Reinsurance - Prepaid Reinsurance Premiums (Payable) and Reinsurance Recoverable and Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Reinsurance Disclosures [Abstract]
Prepaid reinsurance premiums	$ 525,489		$ 282,427
Reinsurance recoverable on paid losses and LAE	95,159		10,170
Reinsurance recoverable on unpaid losses and LAE	495,250	$ 669,946	798,680	$ 18,972	$ 65,403	$ 115,860
Reinsurance recoverable	$ 590,409		$ 808,850

Insurance Operations - Beginnin

Insurance Operations - Beginning and Ending Balances and Changes in DPAC, Net of DRCC (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Deferred Policy Acquisition Costs [Roll Forward]
DPAC, beginning of period	$ 97,893	$ 103,622	$ 103,654	$ 108,822
Capitalized Costs	60,893	61,232	106,887	110,431
Amortization of DPAC	(51,739)	(53,871)	(103,494)	(108,270)
DPAC, end of period	$ 107,047	$ 110,983	$ 107,047	$ 110,983

Insurance Operations - Addition

Insurance Operations - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
UPCIC
Statutory Accounting Practices [Line Items]
Dividend paid to immediate parent company	$ 0
APPCIC
Statutory Accounting Practices [Line Items]
Dividend paid to immediate parent company		$ 0
UPCIC and APPCIC
Statutory Accounting Practices [Line Items]
Minimum capitalization rate	10%
UPCIC and APPCIC | Minimum
Statutory Accounting Practices [Line Items]
Minimum capitalization amount	$ 15,000,000

Insurance Operations - Statutor

Insurance Operations - Statutory Capital and Surplus, and an Amount Representing Ten Percent of Total Liabilities for both UPCIC and APPCIC (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
UPCIC
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	$ 362,828	$ 400,866
Ten percent of total liabilities	152,552	151,190
APPCIC
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	24,531	22,786
Ten percent of total liabilities	$ 2,463	$ 2,023

Insurance Operations - Summary

Insurance Operations - Summary of Combined Net Income for UPCIC and APPCIC (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Insurance [Abstract]
Combined net income (loss)	$ (24,024)	$ (142)	$ (28,405)	$ (12,075)

Insurance Operations - Assets H

Insurance Operations - Assets Held by Insurance Regulators (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments
Statutory Accounting Practices [Line Items]
Assets held by insurance regulators	$ 3,267	$ 3,246
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 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance at beginning of period	$ 870,407	$ 244,482	$ 1,038,790	$ 346,216
Less: Reinsurance recoverable	(669,946)	(65,403)	(798,680)	(115,860)
Net balance at beginning of period	200,461	179,079	240,110	230,356
Incurred related to current year	209,902	196,594	412,738	381,045
Incurred related to prior years	13,825	3,710	17,143	4,365
Total incurred	223,727	200,304	429,881	385,410
Paid related to current year	123,258	164,888	191,041	236,615
Paid related to prior years	133,161	47,118	311,181	211,774
Total paid	256,419	212,006	502,222	448,389
Net balance at end of period	167,769	167,377	167,769	167,377
Plus: Reinsurance recoverable	495,250	18,972	495,250	18,972
Balance at end of period	$ 663,019	$ 186,349	$ 663,019	$ 186,349

Liability for Unpaid Losses a_4

Liability for Unpaid Losses and Loss Adjustment Expenses - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statutory Accounting Practices [Line Items]
Incurred related to prior years	$ 13,825	$ 3,710	$ 17,143	$ 4,365
Adverse Prior Years' Reserve Development
Statutory Accounting Practices [Line Items]
Incurred related to prior years		$ 3,700		4,400
Hurricane Irma
Statutory Accounting Practices [Line Items]
Incurred related to prior years				4,200
Hurricane Matthew
Statutory Accounting Practices [Line Items]
Incurred related to prior years				$ 100

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total principal amount	$ 104,779	$ 105,515
Less: unamortized debt issuance costs	(2,392)	(2,746)
Total long-term debt, net	102,387	102,769
Surplus note
Debt Instrument [Line Items]
Total principal amount	4,779	5,515
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 (Details) - USD ($)	Jun. 30, 2023	Nov. 23, 2021	Oct. 31, 2022	Dec. 31, 2006
Revolving Credit Facility | Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2%
2023 Revolving Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 40,000,000		$ 37,500,000
Line of credit facility, unused capacity, commitment fee percentage	0.50%
2022 Revolving Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, expiration period	364 days
Surplus note
Debt Instrument [Line Items]
Unsecured term loan agreement				$ 25,000,000
Note term				20 years
Unsecured Debt
Debt Instrument [Line Items]
Repurchased amount		$ 100,000,000
Unsecured Debt | 5.625% Senior Unsecured Notes Due 2026
Debt Instrument [Line Items]
Unsecured term loan agreement		$ 100,000,000
Stated percentage	5.625%	5.625%
Maturity year of debt instrument		2026
Unsecured Debt | 5.625% Senior Unsecured Notes Due 2026 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price		102.8125%
Unsecured Debt | 5.625% Senior Unsecured Notes Due 2026 | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price		101.40625%
Unsecured Debt | 5.625% Senior Unsecured Notes Due 2026 | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price		100%

Long-Term Debt - Interest Expen

Long-Term Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Total	$ 1,629	$ 1,731	$ 3,265	$ 3,339
Non-cash expense	177	176	354	351
Surplus note
Debt Instrument [Line Items]
Total	46	39	99	66
5.625% Senior unsecured notes
Debt Instrument [Line Items]
Total	$ 1,406	$ 1,516	$ 2,812	$ 2,922

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Shares Repurchased (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 15, 2022	Nov. 30, 2020
Equity [Line Items]
Shares repurchased during the period	$ 6,088,000	$ 3,502,000	$ 3,879,000
Maximum
Equity [Line Items]
Amount of stock repurchase plan authorized							$ 12,000,000
June 12, 2023
Equity [Line Items]
Shares repurchased (in shares)				0	0
Shares repurchased during the period				$ 0
Shares repurchased during period (in USD per share)				$ 0
June 12, 2023 | Maximum
Equity [Line Items]
Amount of stock repurchase plan authorized	20,000,000			$ 20,000,000
December 15, 2022
Equity [Line Items]
Shares repurchased (in shares)				396,371	0
Shares repurchased during the period				$ 6,088,000
Shares repurchased during period (in USD per share)				$ 15.36
December 15, 2022 | Maximum
Equity [Line Items]
Amount of stock repurchase plan authorized	7,997,000			$ 7,997,000		$ 7,997,057
November 3, 2020
Equity [Line Items]
Shares repurchased (in shares)				0	603,080
Shares repurchased during the period				$ 7,381,000
Shares repurchased during period (in USD per share)				$ 12.24
November 3, 2020 | Maximum
Equity [Line Items]
Amount of stock repurchase plan authorized	$ 20,000,000			$ 20,000,000			$ 20,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	23.90%	31%	25%	24.90%

Income Taxes - Reconciles Statu

Income Taxes - Reconciles Statutory Federal Income Tax Rate to Company' s Effective Tax Rate (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Expected provision at federal statutory tax rate	21%	21%	21%	21%
Increases (decrease) resulting from:
State income tax, net of federal tax benefit	2.40%	2.40%	2.40%	3.20%
Disallowed compensation	0.60%	6.70%	1.70%	3.10%
Effect of rate change	0%	0%	0%	(2.60%)
Nondeductible expenses	0.30%	0.70%	0.30%	0.30%
Dividend received deduction	(0.20%)	(0.70%)	(0.30%)	(0.40%)
Other, net	(0.20%)	0.90%	(0.10%)	0.30%
Total income tax expense (benefit)	23.90%	31%	25%	24.90%

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator for EPS:
Net income (loss)	$ 28,566	$ 24,173	$ 7,370	$ 17,537	$ 52,739	$ 24,907
Less: Preferred stock dividends	(2)		(2)		(5)	(5)
Income (loss) available to common stockholders	$ 28,564		$ 7,368		$ 52,734	$ 24,902
Denominator for EPS:
Weighted average common shares outstanding (in shares)	30,265		30,829		30,323	30,987
Plus: Assumed conversion of share-based compensation (in shares)	369		29		285	48
Assumed conversion of preferred stock (in shares)	25		25		25	25
Weighted average diluted common shares outstanding (in shares)	30,659		30,883		30,633	31,060
Basic earnings (loss) per common share (in USD per share)	$ 0.94		$ 0.24		$ 1.74	$ 0.80
Diluted earnings (loss) per common share (in USD per share)	$ 0.93		$ 0.24		$ 1.72	$ 0.80

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (loss) Pre-Tax and After-Tax (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
After-tax
Other comprehensive income (loss)	$ (5,866)	$ 13,791	$ (29,656)	$ (42,910)	$ 7,925	$ (72,566)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent
Pre-tax
Unrealized holding gains (losses) arising during the period	(7,803)		(40,272)		9,790	(97,433)
Less: Reclassification adjustments for (gains) losses realized in net income (loss)	21		949		722	1,213
Other comprehensive income (loss)	(7,782)		(39,323)		10,512	(96,220)
Tax
Unrealized holding gains (losses) arising during the period	(1,920)		(9,900)		2,410	(23,952)
Less: Reclassification adjustments for (gains) losses realized in net income (loss)	4		233		177	298
Other comprehensive income (loss)	(1,916)		(9,667)		2,587	(23,654)
After-tax
Unrealized holding gains (losses) arising during the period	(5,883)		(30,372)		7,380	(73,481)
Less: Reclassification adjustments for (gains) losses realized in net income (loss)	17		716		545	915
Other comprehensive income (loss)	$ (5,866)		$ (29,656)		$ 7,925	$ (72,566)

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on sale on investments	$ 882		$ (725)		$ 94	$ (667)
Income tax expense (benefit)	(8,973)		(3,310)		(17,591)	(8,244)
Net income (loss)	28,566	$ 24,173	7,370	$ 17,537	52,739	24,907
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 on investments	(21)		(949)		(722)	(1,213)
Income tax expense (benefit)	4		233		177	298
Net income (loss)	$ (17)		$ (716)		$ (545)	$ (915)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2023 USD ($)
Reinsurance Contracts: 2024-01-01
Reinsurance Retention Policy [Line Items]
Reinsurance payable, due in fiscal year	$ 72.7
Reinsurance Contracts: 2025-01-01
Reinsurance Retention Policy [Line Items]
Reinsurance payable, due in second year	$ 52.6

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured for at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,051,508	$ 1,014,626
Equity Securities:	75,571	85,469
U.S. government obligations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	25,817	11,664
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	705,984	695,061
Mortgage-backed and asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	295,862	287,607
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	14,887	12,371
Redeemable preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	8,958	7,923
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	1,127,079	1,100,095
Fair Value, Recurring | U.S. government obligations and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	25,817	11,664
Fair Value, Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	705,984	695,061
Fair Value, Recurring | Mortgage-backed and asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	295,862	287,607
Fair Value, Recurring | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	14,887	12,371
Fair Value, Recurring | Redeemable preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	8,958	7,923
Fair Value, Recurring | Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	12,273	15,313
Fair Value, Recurring | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	63,298	70,156
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	75,571	85,469
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:	12,273	15,313
Level 1 | Fair Value, Recurring | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities:	63,298	70,156
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	1,051,508	1,014,626
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	25,817	11,664
Level 2 | Fair Value, Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	705,984	695,061
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	295,862	287,607
Level 2 | Fair Value, Recurring | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	14,887	12,371
Level 2 | Fair Value, Recurring | Redeemable preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	8,958	7,923
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 (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Nov. 23, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 104,779	$ 105,515
Estimated Fair Value	101,862	105,476
Surplus note
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 4,779	5,515
Unsecured Debt | 5.625% Senior Unsecured Notes Due 2026
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stated percentage	5.625%		5.625%
Surplus note | Surplus note
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	$ 4,779	5,515
Estimated Fair Value	4,497	5,126
5.625% Senior unsecured notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying Value	100,000	100,000
Estimated Fair Value	$ 97,365	$ 100,350

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) $ in Millions	Sep. 28, 2022 USD ($)
Hurricane Ian
Variable Interest Entity [Line Items]
Ceded losses and loss adjustment expenses	$ 66

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Restricted cash and cash equivalents	[1]	$ 68,636	$ 2,635
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash and cash equivalents		$ 66,000	$ 0
[1]See “—Note 5 (Insurance Operations)” for a discussion of the nature of the restrictions for restricted cash and cash equivalents and "—Note 14(Variable Interest Entities)” for a discussion of restricted cash held in a trust account.

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		3 Months Ended				6 Months Ended
	Jul. 20, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event [Line Items]
Cash dividend declared per common share (in USD per share)		$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.32	$ 0.32
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared per common share (in USD per share)	$ 0.16