Universal Insurance (UVE) 10-Q 4 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	UVE
Entity Registrant Name	UNIVERSAL INSURANCE HOLDINGS, INC.
Entity Central Index Key	891,166
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		35,724,130

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 213,330	$ 115,397
Restricted cash and cash equivalents	2,635	2,635
Fixed maturities, at fair value	359,589	353,949
Equity securities, at fair value	38,515	19,642
Short-term investments, at fair value	100,025	49,990
Investment real estate, net	5,849
Prepaid reinsurance premiums	110,739	190,505
Reinsurance recoverable	38,157	55,187
Reinsurance receivable, net	716	7,468
Premiums receivable, net	59,171	50,987
Other receivables	4,524	2,763
Property and equipment, net	23,818	17,254
Deferred policy acquisition costs, net	62,181	25,660
Income taxes recoverable	12,949	5,675
Deferred income tax asset, net	10,250	11,850
Other assets	4,919	2,812
Total assets	1,047,367	911,774
LIABILITIES:
Unpaid losses and loss adjustment expenses	112,117	134,353
Unearned premiums	455,882	395,748
Advance premium	29,303	17,919
Accounts payable	1,981	4,121
Book overdraft	2,725	5,924
Reinsurance payable, net	131,738	66,066
Income taxes payable	1,659	1,799
Dividends payable to shareholders	4,283
Other liabilities and accrued expenses	27,751	36,318
Long-term debt	24,600	30,610
Total liabilities	$ 792,039	$ 692,858
Commitments and Contingencies (Note 12)
Contingently redeemable common stock Issued shares - 0 and 1,000 Outstanding shares - 0 and 1,000		$ 19,000
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock, $.01 par value Authorized shares - 1,000 Issued shares - 10 and 12 Outstanding shares - 10 and 12 Minimum liquidation preference, $9.99 and $8.49 per share
Common stock, $.01 par value Authorized shares - 55,000 Issued shares - 45,562 and 43,769 Outstanding shares - 35,695 and 34,102	$ 456	$ 448
Treasury shares, at cost - 9,867 and 9,667	(67,229)	(62,153)
Additional paid-in capital	62,845	40,987
Accumulated other comprehensive income (loss), net of taxes	(1,721)	(1,835)
Retained earnings	260,977	222,469
Total stockholders' equity	255,328	199,916
Total liabilities, contingently redeemable common stock and stockholders' equity	$ 1,047,367	$ 911,774

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Contingently redeemable common stock, issued shares	0	1,000,000
Contingently redeemable common stock, outstanding shares	0	1,000,000
Cumulative convertible preferred stock, par value	$ 0.01	$ 0.01
Cumulative convertible preferred stock, shares authorized	1,000,000	1,000,000
Cumulative convertible preferred stock, shares issued	10,000	12,000
Cumulative convertible preferred stock, shares outstanding	10,000	12,000
Cumulative convertible preferred stock, minimum liquidation preference	$ 9.99	$ 8.49
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	55,000,000	55,000,000
Common stock, shares issued	45,562,000	43,769,000
Common stock, shares outstanding	35,695,000	34,102,000
Treasury stock, shares	9,867,000	9,667,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written	$ 249,971	$ 220,009	$ 461,576	$ 411,926
Ceded premiums written	(7,933)	(76,483)	(114,430)	(198,132)
Net premiums written	242,038	143,526	347,146	213,794
Change in net unearned premiums	(129,150)	(70,164)	(139,898)	(76,625)
Premiums earned, net	112,888	73,362	207,248	137,169
Net investment income (expense)	1,207	412	2,069	930
Net realized gains (losses) on investments	110	3,950	281	4,852
Commission revenue	3,474	3,670	6,642	7,759
Policy fees	4,352	3,899	8,184	7,411
Other revenue	1,560	1,696	2,977	3,173
Total premiums earned and other revenues	123,591	86,989	227,401	161,294
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses	39,704	27,679	73,294	54,504
General and administrative expenses	42,667	28,901	74,864	53,264
Total operating costs and expenses	82,371	56,580	148,158	107,768
INCOME BEFORE INCOME TAXES	41,220	30,409	79,243	53,526
Income tax expense	16,516	13,283	32,209	22,851
NET INCOME	$ 24,704	$ 17,126	$ 47,034	$ 30,675
Basic earnings per common share	$ 0.71	$ 0.50	$ 1.35	$ 0.91
Weighted average common shares outstanding - Basic	35,019	33,968	34,800	33,696
Fully diluted earnings per common share	$ 0.69	$ 0.49	$ 1.31	$ 0.87
Weighted average common shares outstanding - Diluted	36,002	35,174	35,987	35,450
Cash dividend declared per common share	$ 0.12	$ 0.10	$ 0.24	$ 0.20

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 24,704	$ 17,126	$ 47,034	$ 30,675
Other comprehensive income (loss), net of taxes	(1,083)	(359)	114	(247)
Comprehensive income (loss)	$ 23,621	$ 16,767	$ 47,148	$ 30,428

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 47,034	$ 30,675
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense	197	166
Depreciation and amortization	803	551
Amortization of share-based compensation	7,593	5,210
Amortization of original issue discount on debt	335	480
Accretion of deferred credit	(335)	(480)
Book overdraft increase (decrease)	(3,199)	(10,635)
Net realized (gains) losses on investments	(281)	(4,852)
Amortization of premium/accretion of discount, net	897	1,007
Deferred income taxes	1,528	394
Excess tax (benefits) shortfall from share-based compensation	(4,817)	(6,342)
Other	24	(5)
Net change in assets and liabilities relating to operating activities:
Restricted cash and cash equivalents		(35)
Prepaid reinsurance premiums	79,766	47,403
Reinsurance recoverable	17,030	30,281
Reinsurance receivable, net	6,752	(26,149)
Premiums receivable, net	(8,380)	(8,707)
Accrued investment income	(164)	(30)
Other receivables	(1,593)	(721)
Income taxes recoverable	(7,274)	5,328
Deferred policy acquisition costs, net	(36,521)	(12,178)
Other assets	(1,107)	(170)
Unpaid losses and loss adjustment expenses	(22,236)	(14,597)
Unearned premiums	60,134	29,221
Accounts payable	(2,140)	1,368
Reinsurance payable, net	65,672	33,863
Income taxes payable	4,677	4,183
Other liabilities and accrued expenses	(8,232)	(6,745)
Advance premium	11,384	(288)
Net cash provided by (used in) operating activities	207,547	98,196
Cash flows from investing activities:
Proceeds from sale of property and equipment	51	30
Purchases of property and equipment	(7,414)	(1,108)
Payments to acquire a business	(1,000)
Purchases of equity securities	(36,522)	(13,251)
Purchases of fixed maturities	(73,320)	(49,230)
Purchases of short-term investments	(87,542)
Purchases of investment real estate, net	(5,882)
Proceeds from sales of equity securities	17,412	68,417
Proceeds from sales of fixed maturities	14,140	4,371
Proceeds from sales of short-term investments	12,500
Maturities of fixed maturities	53,344	12,541
Maturities of short-term investments	25,009
Net cash provided by (used in) investing activities	(89,224)	21,770
Cash flows from financing activities:
Preferred stock dividend	(5)	(8)
Common stock dividend	(4,237)	(3,464)
Issuance of common stock	504
Purchase of treasury stock	(5,076)	(19,737)
Purchase of preferred stock	(257)
Payments related to tax withholding for share-based compensation	(9,791)	(12,282)
Excess tax benefits (shortfall) from share-based compensation	4,817	6,342
Borrowings under promissory note	1,390
Repayment of debt	(7,735)	(6,735)
Net cash provided by (used in) financing activities	(20,390)	(35,884)
Net increase (decrease) in cash and cash equivalents	97,933	84,082
Cash and cash equivalents at beginning of period	115,397	117,275
Cash and cash equivalents at end of period	213,330	201,357
Supplemental cash and non-cash flow disclosures:
Interest paid	567	828
Income taxes paid	$ 33,279	$ 12,935

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Nature of Operations and Basis of Presentation	1. Nature of Operations and Basis of Presentation Nature of Operations Universal Insurance Holdings, Inc., (“UIH”) is a Delaware corporation originally incorporated as Universal Heights, Inc., in November 1990. UIH with its wholly-owned subsidiaries (the “Company”), is a vertically integrated insurance holding company performing all aspects of insurance underwriting, distribution and claims. Through its wholly-owned subsidiaries, including Universal Property & Casualty Insurance Company (“UPCIC”) and American Platinum Property and Casualty Insurance Company (“APPCIC”), collectively referred to as the “Insurance Entities,” the Company is principally engaged in the property and casualty insurance business offered primarily through a network of independent agents. Risk from catastrophic losses is managed through the use of reinsurance agreements. The Company’s primary product is homeowners insurance offered in ten states The Company generates revenues primarily from the collection of premiums and invests funds in excess of those retained for claims-paying obligations and insurance operations. Other significant sources of revenue include commissions collected from reinsurers, policy fees collected from policyholders through our wholly-owned managing general agency subsidiary and payment plan fees charged to policyholders who choose to pay their premiums in installments. Basis of Presentation The Company has prepared the accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by United States Generally Accepted Accounting Principles (“GAAP”) for complete 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, 2014, filed with the SEC on February 25, 2015. The condensed consolidated balance sheet at December 31, 2014, was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods do not necessarily indicate the results that may be expected for any other interim period or for the full year. To conform to the current period presentation, certain amounts in the prior periods’ 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 UIH and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Management must make estimates and assumptions that affect amounts reported in the Company’s Financial Statements and in disclosures of contingent assets and liabilities. Actual results could differ from those estimates.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies The Company reported Significant Accounting Policies in its Annual Report on Form 10-K for the year ended December 31, 2014. Below are revised disclosures required to be reported on a quarterly basis. Goodwill. Goodwill arising from the acquisition of a business is initially measured at cost and not subject to amortization. We assess goodwill for potential impairments at the end of each fiscal year, or during the year if an event or other circumstance indicates that we may not be able to recover the carrying amount of the asset. Goodwill is included under Other Assets in the Condensed Consolidated Balance Sheets. Investment Real Estate. Investment real estate is recorded at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets. Investment real estate is evaluated for impairment when events or circumstances indicate the carrying value may not be recoverable. Recently Issued Accounting Pronouncements In July 2013, the Financial Accounting Standards Board (“FASB”) issued accounting guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. Under this guidance, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should generally be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward. This guidance is effective for fiscal years and interim periods beginning after December 15, 2013, but earlier adoption is permitted. The Company adopted this guidance effective January 1, 2014. The adoption did not have an impact on the presentation of the Company’s financial statements and notes herein.

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investments Debt And Equity Securities [Abstract]
Investments	3. Investments Securities Available for Sale The following table provides the cost or amortized cost and fair value of securities available for sale as of the dates presented (in thousands): June 30, 2015 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed Maturities: U.S. government obligations and agencies $ 99,290 $ 71 $ (234 ) $ 99,127 Corporate bonds 126,662 263 (276 ) 126,649 Mortgage-backed and asset-backed securities 119,296 328 (536 ) 119,088 Redeemable preferred stock 9,650 156 (85 ) 9,721 Other 5,000 4 — 5,004 Equity Securities: Common stock 6,617 2 (311 ) 6,308 Mutual funds 34,382 30 (2,205 ) 32,207 Short-term investments 100,033 12 (20 ) 100,025 Total $ 500,930 $ 866 $ (3,667 ) $ 498,129 December 31, 2014 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed Maturities: U.S. government obligations and agencies $ 120,627 $ 38 $ (627 ) $ 120,038 Corporate bonds 120,025 171 (364 ) 119,832 Mortgage-backed and asset-backed securities 107,589 136 (502 ) 107,223 Redeemable preferred stock 6,700 165 (9 ) 6,856 Equity Securities: Common stock 331 4 (65 ) 270 Mutual funds 21,296 — (1,924 ) 19,372 Short-term investments 50,000 — (10 ) 49,990 Total $ 426,568 $ 514 $ (3,501 ) $ 423,581 The following table provides the credit quality of investment securities with contractual maturities or the issuer of such securities as of the dates presented (in thousands): June 30, 2015 % of Total Comparable Ratings Fair Value Fair Value AAA $ 43,819 9.5 % AA 233,077 50.8 % A 117,665 25.6 % BBB 47,328 10.3 % BB+ and Below 4,719 1.0 % No Rating Available 13,006 2.8 % Total $ 459,614 100.0 % December 31, 2014 (1) % of Total Comparable Ratings Fair Value Fair Value AAA $ 39,657 9.8 % AA 220,693 54.8 % A 83,734 20.7 % BBB 47,003 11.6 % BB+ and Below 3,401 0.8 % No Rating Available 9,451 2.3 % Total $ 403,939 100.0 % (1) The credit ratings in the table above have been reclassified from the prior periods’ consolidated financial statements to conform to the current periods’ presentation. For investment securities where no credit rating was previously available, the credit rating of the issuer of such security is disclosed in the table above, where applicable. The tables above include comparable credit quality ratings by Standard and Poor’s Rating Services, Inc., Moody’s Investors Service, Inc. and Fitch Ratings, Inc. The following table summarizes the cost or amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands): June 30, 2015 December 31, 2014 Cost or Cost or Amortized Amortized Cost Fair Value Cost Fair Value Mortgage-backed securities: Agency $ 72,375 $ 72,204 $ 64,905 $ 64,619 Non-agency 10,459 10,372 8,053 7,987 Asset-backed securities: Auto loan receivables 14,818 14,857 16,551 16,556 Credit card receivables 17,044 17,042 13,481 13,457 Other receivables 4,600 4,613 4,599 4,604 Total $ 119,296 $ 119,088 $ 107,589 $ 107,223 The following table summarizes the fair value and gross unrealized losses on securities available for sale, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates presented (in thousands): June 30, 2015 Less Than 12 Months 12 Months or Longer Number of Unrealized Number of Unrealized Issues Fair Value Losses Issues Fair Value Losses Fixed maturities: U.S. government obligations and agencies 2 $ 18,934 $ (101 ) 2 $ 3,509 $ (133 ) Corporate bonds 63 55,005 (244 ) 4 3,575 (32 ) Mortgage-backed and asset-backed securities 19 40,672 (256 ) 5 14,684 (280 ) Redeemable preferred stock 33 3,936 (85 ) — — — Equity securities: Common stock 4 6,189 (245 ) 2 92 (66 ) Mutual funds 3 13,434 (232 ) 1 8,714 (1,973 ) Short-term investments 76 40,010 (20 ) — — — Total 200 $ 178,180 $ (1,183 ) 14 $ 30,574 $ (2,484 ) December 31, 2014 Less Than 12 Months 12 Months or Longer Number of Unrealized Number of Unrealized Issues Fair Value Losses Issues Fair Value Losses Fixed maturities: U.S. government obligations and agencies 3 $ 27,341 $ (55 ) 4 $ 34,050 $ (572 ) Corporate bonds 67 58,271 (238 ) 12 15,105 (126 ) Mortgage-backed and asset-backed securities 20 48,335 (273 ) 5 16,842 (229 ) Redeemable preferred stock 12 1,153 (9 ) — — — Equity securities: Common stock 2 87 (20 ) 2 117 (45 ) Mutual funds 2 10,514 (97 ) 1 8,859 (1,827 ) Short-term investments 2 37,490 (10 ) — — — Total 108 $ 183,191 $ (702 ) 24 $ 74,973 $ (2,799 ) At June 30, 2015, we held fixed maturity, equity securities and short-term investments that were in an unrealized loss position as presented in the table above. For fixed maturity securities with significant declines in value, we perform quarterly fundamental credit analysis on a security-by-security basis, which includes consideration of credit quality and credit ratings, review of relevant industry analyst reports and other available market data. For fixed maturity, equity securities and short-term investments, the Company considers whether it has the intent and ability to hold the securities for a period of time sufficient to recover its cost basis. Where the Company lacks the intent and ability to hold to recovery, or believes the recovery period is extended, the security’s decline in fair value is considered other than temporary and is recorded in earnings. Based upon management’s intent and ability to hold the securities until recovery and its credit analysis of the individual issuers of the securities, management has no reason to believe the unrealized losses for securities available for sale at June 30, 2015 are other than temporary. The following table presents the amortized cost and fair value of investments with contractual maturities as of the date presented (in thousands): June 30, 2015 Cost or Amortized Cost Fair Value Due in one year or less $ 155,206 $ 155,253 Due after one year through five years 173,184 172,994 Due after five years through ten years 1,603 1,601 Due after ten years 3,962 3,999 Mortgage-backed and asset-backed securities 119,296 119,088 Perpetual maturity securities 6,680 6,679 Total $ 459,931 $ 459,614 Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without penalty. The following table provides certain information related to securities available for sale during the periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Sales proceeds (fair value) $ 15,861 $ 58,347 $ 44,052 $ 72,788 Gross realized gains $ 111 $ 4,189 $ 296 $ 5,188 Gross realized losses $ (1 ) $ (239 ) $ (15 ) $ (336 ) Other than temporary losses $ — $ — $ — $ — 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 June 30, June 30, 2015 2014 2015 2014 Fixed maturities $ 1,338 $ 783 $ 2,522 $ 1,511 Equity securities 206 152 263 454 Short-term investments 67 — 105 — Other (1) 79 9 145 21 Total investment income 1,690 944 3,035 1,986 Less: Investment expenses (2) (483 ) (532 ) (966 ) (1,056 ) Net investment (expense) income $ 1,207 $ 412 $ 2,069 $ 930 (1) Includes interest earned on cash and cash equivalents and restricted cash and cash equivalents. Also includes investment income earned on real estate investments. (2) Includes bank fees, investment accounting and advisory fees, and expenses associated with real estate investments. Investment Real Estate Investment real estate consisted of the following as of the dates presented (in thousands): June 30, 2015 December 31, 2014 Investment real estate $ 5,882 $ — Less: Accumulated depreciation (33 ) — Investment real estate, net $ 5,849 $ —

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2015
Insurance [Abstract]
Reinsurance	4. 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 1st of each year. The Company’s current reinsurance program consists of excess of loss and catastrophe reinsurance, subject to the terms and conditions of the applicable agreements. The Company is responsible for insured losses related to catastrophes and other events in excess of coverage provided by its reinsurance program. The Company remains responsible for the settlement of insured losses irrespective of the failure of any of its reinsurers to make payments otherwise due to the Company. The Company eliminated the quota share ceded by UPCIC to its reinsurers beginning with the reinsurance program effective June 1, 2015. Under the quota share contracts that were effective June 1, 2014 through May 31, 2015, the quota share ceded by UPCIC to its reinsurers was 30%. By eliminating the quota share, the Company expects to increase its profitability by retaining all premiums. The elimination of the quota share also decreases the amount of losses and loss adjustment expenses (“LAE”) that may be ceded by UPCIC and effectively increases the amount of risk retained by UPCIC and the Company. The elimination of the quota share also eliminates ceding commissions earned from the Company’s quota share reinsurer during the Amounts recoverable from reinsurers are estimated in a manner consistent with the reinsurance contracts. Reinsurance premiums, losses and LAE are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Deferred ceding commissions are netted against policy acquisition costs and amortized over the effective period of the related insurance policies. In order 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 Company’s reinsurers whose aggregate balance exceeded 3% of the Company’s stockholders’ equity as of the dates presented (in thousands): Ratings as of June 30, 2015 Due from as of Standard and Poor's Moody's AM Best Rating Investors June 30, December 31, Reinsurer Company Services Service, Inc. 2015 2014 Everest Reinsurance Company A+ A+ A1 $ - $ 16,780 Florida Hurricane Catastrophe Fund n/a n/a n/a - 31,870 Odyssey Reinsurance Company A A- A3 29,639 136,339 Total (1) $ 29,639 $ 184,989 (1) Amounts represent prepaid reinsurance premiums, reinsurance receivables, and net recoverables for paid and unpaid losses, including incurred but not reported reserves, loss adjustment expenses, and offsetting reinsurance payables. n/a No rating available, because entity is not rated. 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, 2015 2014 Loss and Loss Loss and Loss Premiums Premiums Adjustment Premiums Premiums Adjustment Written Earned Expenses Written Earned Expenses Direct $ 249,971 $ 204,771 $ 49,701 $ 220,009 $ 192,061 $ 46,970 Ceded (7,933 ) (91,883 ) (9,997 ) (76,483 ) (118,699 ) (19,291 ) Net $ 242,038 $ 112,888 $ 39,704 $ 143,526 $ 73,362 $ 27,679 Six Months Ended June 30, 2015 2014 Loss and Loss Loss and Loss Premiums Premiums Adjustment Premiums Premiums Adjustment Written Earned Expenses Written Earned Expenses Direct $ 461,576 $ 401,442 $ 98,991 $ 411,926 $ 382,705 $ 97,692 Ceded (114,430 ) (194,194 ) (25,697 ) (198,132 ) (245,536 ) (43,188 ) Net $ 347,146 $ 207,248 $ 73,294 $ 213,794 $ 137,169 $ 54,504 The following prepaid reinsurance premiums and reinsurance recoverable and receivable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands): June 30, December 31, 2015 2014 Prepaid reinsurance premiums $ 110,739 $ 190,505 Reinsurance recoverable on unpaid losses and LAE $ 31,777 $ 47,350 Reinsurance recoverable on paid losses 6,380 7,837 Reinsurance receivable, net 716 7,468 Reinsurance recoverable and receivable $ 38,873 $ 62,655

Insurance Operations

Insurance Operations	6 Months Ended
	Jun. 30, 2015
Insurance [Abstract]
Insurance Operations	5. Insurance Operations Deferred Policy Acquisition Costs, net The Company defers certain costs in connection with written policies, called Deferred Policy Acquisition Costs (“DPAC”), net of corresponding amounts of ceded reinsurance commissions, called Deferred Reinsurance Ceding Commissions (“DRCC”). Net 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, net of DRCC, for the periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 DPAC, beginning of period $ 56,183 $ 54,211 $ 54,603 $ 54,099 Capitalized Costs 31,722 29,993 60,289 56,775 Amortization of DPAC (25,724 ) (26,055 ) (52,711 ) (52,725 ) DPAC, end of period $ 62,181 $ 58,149 $ 62,181 $ 58,149 DRCC, beginning of period $ 29,988 $ 38,318 $ 28,943 $ 38,200 Ceding Commissions Written (22,938 ) 10,439 (5,276 ) 32,319 Earned Ceding Commissions (7,050 ) (18,685 ) (23,667 ) (40,447 ) DRCC, end of period $ — $ 30,072 $ — $ 30,072 DPAC (DRCC), net, beginning of period $ 26,195 $ 15,893 $ 25,660 $ 15,899 Capitalized Costs, net 54,660 19,554 65,565 24,456 Amortization of DPAC (DRCC), net (18,674 ) (7,370 ) (29,044 ) (12,278 ) DPAC (DRCC), net, end of period $ 62,181 $ 28,077 $ 62,181 $ 28,077 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 June 30, June 30, 2015 2014 2015 2014 Balance at beginning of period $ 125,161 $ 150,557 $ 134,353 $ 159,222 Less: Reinsurance recoverable (42,713 ) (64,109 ) (47,350 ) (68,584 ) Net balance at beginning of period 82,448 86,448 87,003 90,638 Incurred (recovered) related to: Current year 39,637 28,333 73,200 55,188 Prior years 67 (654 ) 94 (684 ) Total incurred 39,704 27,679 73,294 54,504 Paid related to: Current year 23,830 16,200 30,623 20,067 Prior years 17,982 12,007 49,334 39,155 Total paid 41,812 28,207 79,957 59,222 Net balance at end of period 80,340 85,920 80,340 85,920 Plus: Reinsurance recoverable 31,777 58,705 31,777 58,705 Balance at end of period $ 112,117 $ 144,625 $ 112,117 $ 144,625 Regulatory Requirements and Restrictions The Insurance Entities are subject to regulations and standards of the Florida Office of Insurance Regulation (“OIR”). UPCIC also is subject to regulations and standards of regulatory authorities in other states where it is licensed, although as a Florida-domiciled insurer its principal regulatory authority is the OIR. These standards require the Insurance Entities to maintain specified levels of statutory capital and restrict the timing and amount of dividends and other distributions that may be paid by the Insurance Entities to the parent company. Except in the case of extraordinary dividends, these standards generally permit dividends to be paid from statutory unassigned surplus of the regulated subsidiary and are limited based on the regulated subsidiary’s level of statutory net income and statutory capital and surplus. The maximum dividend that may be paid by UPCIC and APPCIC to their immediate parent company, Universal Insurance Holding Company of Florida (“UIHCF”), without prior regulatory approval is limited by the provisions of Florida Statutes. 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 Statutes, and based on the calculations performed by the Company as of December 31, 2014, UPCIC has the capacity to pay ordinary dividends of $27.7 million during 2015. no dividends The Florida Insurance Code requires insurance companies to maintain capitalization equivalent to the greater of ten percent of the insurer’s total liabilities or $5.0 million. The following table presents the amount of capital and surplus calculated in accordance with statutory accounting principles, which differ from GAAP, and an amount representing ten percent of total liabilities for both UPCIC and APPCIC as of the dates presented (in thousands): June 30, December 31, 2015 2014 Ten percent of total liabilities UPCIC $ 63,128 $ 42,659 APPCIC $ 625 $ 514 Statutory capital and surplus UPCIC $ 212,976 $ 200,173 APPCIC $ 14,170 $ 14,036 As of the dates in the table above, both UPCIC and APPCIC met the Florida capitalization requirement. As of June 30, 2015 UPCIC also met the capitalization requirements of the other states in which it 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, December 31, 2015 2014 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,649 $ 3,609

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	6. Long-Term Debt Long-term debt consists of the following as of the dates presented (in thousands): June 30, December 31, 2015 2014 Surplus note $ 16,545 $ 17,280 Term loan 6,665 13,330 Promissory note 1,390 — Total $ 24,600 $ 30,610 In addition to the long-term debt listed above, UIH has an unsecured line of credit and had not drawn any amounts under that debt facility. The term loan and unsecured line of credit contain certain covenants and restrictions applicable while amounts are outstanding thereunder. Pursuant to the agreements underlying the term loan and unsecured line of credit, UIH will be prohibited from paying dividends to its shareholders should UIH default. UIH was in compliance with the covenants of the term loan as of June 30, 2015. UPCIC was in compliance

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity Common Stock The following table summarizes the activity relating to shares of the Company’s common stock and contingently redeemable common stock during the six months ended June 30, 2015 (in thousands): Issued Treasury Outstanding Shares Shares Shares Balance, as of December 31, 2014 44,769 (9,667 ) 35,102 Conversion of preferred stock — — — Shares repurchased — (200 ) (200 ) Options exercised 678 — 678 Restricted stock grants 615 — 615 Shares acquired through cashless exercise (1) — (500 ) (500 ) Shares cancelled (500 ) 500 — Balance, as of June 30, 2015 45,562 (9,867 ) 35,695 (1) All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of options exercised or restricted stock vested. These shares have been cancelled by the Company. In June 2015, UIH repurchased 200,000 shares of its common stock at market price from Ananke Catastrophe Investments Limited, an affiliate of Nephila Capital Ltd., in a privately negotiated transaction for a total cost of approximately $5.1 million. Preferred Stock In June 2015, UIH entered into an agreement to repurchase 2,000 shares of UIH Series M Convertible Preferred Stock owned by Bradley I. Meier, the Company’s former Chairman, President and Chief Executive Officer, at a total cost of approximately $257 thousand. The repurchase constituted all of the outstanding shares of Series M Convertible Preferred Stock and such shares were retired and cancelled. Dividends On January 13, 2015, UIH declared a cash dividend of $0.12 per share on its outstanding common stock paid on March 2, 2015, to the shareholders of record at the close of business on February 18, 2015. On April 13, 2015, UIH declared a cash dividend of $0.12 per share on its outstanding common stock paid on July 2, 2015, to the shareholders of record at the close of business on June 18, 2015. Contingently Redeemable Common Stock On December 2, 2014, UIH sold 1,000,000 registered shares of its common stock at a price of $19.00 per share, in a privately negotiated transaction, to Ananke Catastrophe Investments Ltd. (“Ananke”), an affiliate of Nephila Capital Ltd., which is subject to certain holding period restrictions. The shares sold to Ananke had been subject to a redemption option, conditioned on a covered loss index swap being triggered for payment. On February 19, 2015, the Company entered into an amended agreement with Ananke to delete, in its entirety effective December 2, 2014, the provision giving rise to the redemption. This modification results in classification of the common shares in permanent equity on the date of the amendment. No consideration was exchanged with the amendment since both parties agreed that, given the remote possibility of the redemption to occur, the value of the redemption feature was de-minimis. The effects of the amendment were recorded during the quarter ended March 31, 2015. The following table has been provided to illustrate pro-forma effect of the amendment had it been in place as of December 31, 2014. December 31, 2014 As Reported PRO-FORMA Adjustment Unaudited PRO-FORMA Unaudited Total assets $ 911,774 — $ 911,774 Total liabilities 692,858 — 692,858 Contingently redeemable common stock 19,000 (19,000 ) — STOCKHOLDERS' EQUITY: Cumulative convertible preferred stock, $.01 par value — — — Common stock, $.01 par value 448 — 448 Treasury shares, at cost (62,153 ) — (62,153 ) Additional paid-in capital 40,987 19,000 59,987 Accumulated other comprehensive income (loss), net of taxes (1,835 ) — (1,835 ) Retained earnings 222,469 — 222,469 Total stockholders' equity 199,916 19,000 218,916 Total liabilities, contingently redeemable common stock and stockholders' equity $ 911,774 — $ 911,774

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions Scott P. Callahan, a director of the Company, provides the Company with consulting services and advice with respect to the Company’s reinsurance and related matters through SPC Global RE Advisors LLC, an entity affiliated with Mr. Callahan. The Company entered into the consulting agreement with SPC Global RE Advisors LLC effective June 6, 2013. The following table provides payments made by the Company to related parties for the periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 SPC Global RE Advisors LLC $ 30 $ 30 $ 60 $ 60 There were no amounts due to SPC Global RE Advisors LLC as of June 30, 2015, and December 31, 2014, respectively. Payments due to SPC Global RE Advisors LLC are generally made in the month the services are provided.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes During the three months ended June 30, 2015 and 2014, the Company recorded approximately $16.5 million and $13.3 million of income taxes, respectively. Our effective tax rate for the quarter ending June 30, 2015 is 40.1% compared a 43.7% effective During the six months ended June 30, 2015 and 2014, the Company recorded approximately $32.2 million and $22.9 million of income taxes, respectively. Our effective tax rate for the six months ended June 30, 2015 is 40.6% compared a 42.7% effective In arriving at these rates, the Company considers a variety of factors including the forecasted full year pre-tax results, the U.S. federal tax rate of 35%, expected non-deductible expenses, and estimated state income taxes. The Company’s final effective tax rate for the full year is dependent on the level of pre-tax income and the magnitude of any non-deductible expenses in relation to that pre-tax income. Tax years that remain open for purposes of examination of the Company’s income tax liability due to taxing authorities, include the years ended December 31, 2014, 2013, 2012 and 2011. However, there is currently an IRS examination underway related to the loss carryback of realized losses from securities sold during 2012 applied to the 2009 tax year.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	10. Earnings Per Share Basic earnings per share (“EPS”) is based on the weighted average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution resulting from exercises of stock options, vesting of restricted stock and conversion of preferred stock. The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings per share computations for the periods presented (in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator for EPS: Net income $ 24,704 $ 17,126 $ 47,034 $ 30,675 Less: Preferred stock dividends (3 ) (3 ) (5 ) (8 ) Income available to common stockholders $ 24,701 $ 17,123 $ 47,029 $ 30,667 Denominator for EPS: Weighted average common shares outstanding 35,019 33,968 34,800 33,696 Plus: Assumed conversion of stock-based compensation (1) 951 1,171 1,153 1,697 Assumed conversion of preferred stock 32 35 34 57 Weighted average diluted common shares outstanding 36,002 35,174 35,987 35,450 Basic earnings per common share $ 0.71 $ 0.50 $ 1.35 $ 0.91 Diluted earnings per common share $ 0.69 $ 0.49 $ 1.31 $ 0.87 (1) Represents the dilutive effect of unvested restricted stock and unexercised stock options.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Other Comprehensive Income (Loss)	11. 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): For the Three Months Ended June 30, 2015 2014 Pre-tax Tax After-tax Pre-tax Tax After-tax Net unrealized gains (losses) on investments available for sale arising during the period $ (1,654 ) $ (638 ) $ (1,016 ) $ 3,366 $ 1,299 $ 2,067 Less: Amounts reclassified from accumulated other comprehensive income (loss) (110 ) (43 ) (67 ) (3,950 ) (1,524 ) (2,426 ) Net current period other comprehensive income (loss) $ (1,764 ) $ (681 ) $ (1,083 ) $ (584 ) $ (225 ) $ (359 ) For the Six Months Ended June 30, 2015 2014 Pre-tax Tax After-tax Pre-tax Tax After-tax Net unrealized gains (losses) on investments available for sale arising during the period $ 467 $ 180 $ 287 $ 4,450 $ 1,717 $ 2,733 Less: Amounts reclassified from accumulated other comprehensive income (loss) (281 ) (108 ) (173 ) (4,852 ) (1,872 ) (2,980 ) Net current period other comprehensive income (loss) $ 186 $ 72 $ 114 $ (402 ) $ (155 ) $ (247 ) The following table provides the reclassifications out of accumulated other comprehensive income for the periods presented (in thousands): Amounts Reclassified from Accumulated Other Comprehensive Income Details about Accumulated Other Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Statement Comprehensive Income Components 2015 2014 2015 2014 Where Net Income is Presented Unrealized gains (losses) on investments available for sale $ 110 $ 3,950 $ 281 $ 4,852 Net realized gains (losses) on investments (43 ) (1,524 ) (108 ) (1,872 ) Income taxes $ 67 $ 2,426 $ 173 $ 2,980 Net of tax

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Litigation Certain lawsuits have been filed against the Company. These lawsuits involve routine matters incidental to the claims aspect of the Company’s business for which estimated losses are included in Unpaid Losses and Loss Adjustment Expenses in the Company’s Financial Statements. In the opinion of management, these lawsuits are not material individually or in the aggregate to the Company’s financial position or results of operations. Accruals made or assessments of materiality of disclosure related to probable or possible losses do not take into account any anticipated insurance proceeds.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	13. 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 fixed income securities. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields and credit spreads. Mortgage-backed and asset-backed securities: Comprise securities that are collateralized by mortgage obligations and other assets. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields, collateral performance and credit spreads. 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. Short-term investments: Comprise investment securities subject to remeasurement with original maturities within one year but more than three months. The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active. Other: Comprise investment securities subject to remeasurement with original maturities beyond one year. 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 that were measured at fair value including those on a recurring basis as of the dates presented (in thousands): Fair Value Measurements June 30, 2015 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations and agencies — $ 99,127 — $ 99,127 Corporate bonds — 126,649 — 126,649 Mortgage-backed and asset-backed securities — 119,088 — 119,088 Redeemable preferred stock — 9,721 — 9,721 Other — 5,004 — 5,004 Equity securities: Common stock 6,308 — — 6,308 Mutual funds 32,207 — — 32,207 Short-term investments (1) — 85,025 — 85,025 Total assets accounted for at fair value $ 38,515 $ 444,614 $ — $ 483,129 (1) Excludes $15.0 million Fair Value Measurements December 31, 2014 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations and agencies $ — $ 120,038 $ — $ 120,038 Corporate bonds — 119,832 — 119,832 Mortgage-backed and asset-backed securities — 107,223 — 107,223 Redeemable preferred stock — 6,856 — 6,856 Equity securities: Common stock 270 — — 270 Mutual funds 19,372 — — 19,372 Short-term investments (1) — 37,490 — 37,490 Total assets accounted for at fair value $ 19,642 $ 391,439 $ — $ 411,081 (1) Excludes $12.5 million The Company utilizes third-party independent pricing services that provide a price quote for each fixed maturity, equity security and short-term investment. 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 fixed maturities or equity securities included in the tables above. The following table summarizes the carrying value and estimated fair values of the Company’s financial instruments that are not carried at fair value as of the dates presented (in thousands): June 30, 2015 December 31, 2014 (Level 3) (Level 3) Estimated Estimated Carrying Value Carrying Value Liabilities (debt): Surplus note $ 16,545 $ 14,823 $ 17,280 $ 14,951 Term loan $ 6,665 $ 6,665 $ 13,330 $ 13,330 Promissory note $ 1,390 $ 1,390 $ — $ — Level 3 Long-term debt: The fair value of the surplus note was determined by management from the expected cash flows discounted using the interest rate quoted by the holder. The State Board of Administration of Florida (“SBA”) is the holder of the surplus note and the quoted interest rate is below prevailing rates quoted by private lending institutions. However, as the Company’s use of funds from the surplus note is limited by the terms of the agreement, the Company has determined the interest rate quoted by the SBA to be appropriate for purposes of establishing the fair value of the note. The fair value of the term loan approximates the carrying value given the original issue discount which was calculated based on the present value of future cash flows using the Company’s effective borrowing rate. The fair value of the promissory note is not materially different than its carrying value.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	14. 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 Financial Statements as of June 30, 2015.

Nature of Operations and Basi21

Nature of Operations and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations Universal Insurance Holdings, Inc., (“UIH”) is a Delaware corporation originally incorporated as Universal Heights, Inc., in November 1990. UIH with its wholly-owned subsidiaries (the “Company”), is a vertically integrated insurance holding company performing all aspects of insurance underwriting, distribution and claims. Through its wholly-owned subsidiaries, including Universal Property & Casualty Insurance Company (“UPCIC”) and American Platinum Property and Casualty Insurance Company (“APPCIC”), collectively referred to as the “Insurance Entities,” the Company is principally engaged in the property and casualty insurance business offered primarily through a network of independent agents. Risk from catastrophic losses is managed through the use of reinsurance agreements. The Company’s primary product is homeowners insurance offered in ten states The Company generates revenues primarily from the collection of premiums and invests funds in excess of those retained for claims-paying obligations and insurance operations. Other significant sources of revenue include commissions collected from reinsurers, policy fees collected from policyholders through our wholly-owned managing general agency subsidiary and payment plan fees charged to policyholders who choose to pay their premiums in installments.
Basis of Presentation	Basis of Presentation The Company has prepared the accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by United States Generally Accepted Accounting Principles (“GAAP”) for complete 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, 2014, filed with the SEC on February 25, 2015. The condensed consolidated balance sheet at December 31, 2014, was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods do not necessarily indicate the results that may be expected for any other interim period or for the full year. To conform to the current period presentation, certain amounts in the prior periods’ 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 UIH and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Management must make estimates and assumptions that affect amounts reported in the Company’s Financial Statements and in disclosures of contingent assets and liabilities. Actual results could differ from those estimates.
Goodwill	Goodwill. Goodwill arising from the acquisition of a business is initially measured at cost and not subject to amortization. We assess goodwill for potential impairments at the end of each fiscal year, or during the year if an event or other circumstance indicates that we may not be able to recover the carrying amount of the asset. Goodwill is included under Other Assets in the Condensed Consolidated Balance Sheets.
Investment Real Estate	Investment Real Estate. Investment real estate is recorded at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets. Investment real estate is evaluated for impairment when events or circumstances indicate the carrying value may not be recoverable.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In July 2013, the Financial Accounting Standards Board (“FASB”) issued accounting guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. Under this guidance, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should generally be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward. This guidance is effective for fiscal years and interim periods beginning after December 15, 2013, but earlier adoption is permitted. The Company adopted this guidance effective January 1, 2014. The adoption did not have an impact on the presentation of the Company’s financial statements and notes herein.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments Debt And Equity Securities [Abstract]
Cost or Amortized Cost and Fair Value of Securities Available for Sale	The following table provides the cost or amortized cost and fair value of securities available for sale as of the dates presented (in thousands): June 30, 2015 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed Maturities: U.S. government obligations and agencies $ 99,290 $ 71 $ (234 ) $ 99,127 Corporate bonds 126,662 263 (276 ) 126,649 Mortgage-backed and asset-backed securities 119,296 328 (536 ) 119,088 Redeemable preferred stock 9,650 156 (85 ) 9,721 Other 5,000 4 — 5,004 Equity Securities: Common stock 6,617 2 (311 ) 6,308 Mutual funds 34,382 30 (2,205 ) 32,207 Short-term investments 100,033 12 (20 ) 100,025 Total $ 500,930 $ 866 $ (3,667 ) $ 498,129 December 31, 2014 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed Maturities: U.S. government obligations and agencies $ 120,627 $ 38 $ (627 ) $ 120,038 Corporate bonds 120,025 171 (364 ) 119,832 Mortgage-backed and asset-backed securities 107,589 136 (502 ) 107,223 Redeemable preferred stock 6,700 165 (9 ) 6,856 Equity Securities: Common stock 331 4 (65 ) 270 Mutual funds 21,296 — (1,924 ) 19,372 Short-term investments 50,000 — (10 ) 49,990 Total $ 426,568 $ 514 $ (3,501 ) $ 423,581
Schedule of Credit Quality of Investment Securities With Contractual Maturities or The Issuer of Such Securities	The following table provides the credit quality of investment securities with contractual maturities or the issuer of such securities as of the dates presented (in thousands): June 30, 2015 % of Total Comparable Ratings Fair Value Fair Value AAA $ 43,819 9.5 % AA 233,077 50.8 % A 117,665 25.6 % BBB 47,328 10.3 % BB+ and Below 4,719 1.0 % No Rating Available 13,006 2.8 % Total $ 459,614 100.0 % December 31, 2014 (1) % of Total Comparable Ratings Fair Value Fair Value AAA $ 39,657 9.8 % AA 220,693 54.8 % A 83,734 20.7 % BBB 47,003 11.6 % BB+ and Below 3,401 0.8 % No Rating Available 9,451 2.3 % Total $ 403,939 100.0 % (1) The credit ratings in the table above have been reclassified from the prior periods’ consolidated financial statements to conform to the current periods’ presentation. For investment securities where no credit rating was previously available, the credit rating of the issuer of such security is disclosed in the table above, where applicable. The tables above include comparable credit quality ratings by Standard and Poor’s Rating Services, Inc., Moody’s Investors Service, Inc. and Fitch Ratings, Inc.
Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities	The following table summarizes the cost or amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands): June 30, 2015 December 31, 2014 Cost or Cost or Amortized Amortized Cost Fair Value Cost Fair Value Mortgage-backed securities: Agency $ 72,375 $ 72,204 $ 64,905 $ 64,619 Non-agency 10,459 10,372 8,053 7,987 Asset-backed securities: Auto loan receivables 14,818 14,857 16,551 16,556 Credit card receivables 17,044 17,042 13,481 13,457 Other receivables 4,600 4,613 4,599 4,604 Total $ 119,296 $ 119,088 $ 107,589 $ 107,223
Summarized Fair Value and Gross Unrealized Losses on Securities Available for Sale	The following table summarizes the fair value and gross unrealized losses on securities available for sale, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position as of the dates presented (in thousands): June 30, 2015 Less Than 12 Months 12 Months or Longer Number of Unrealized Number of Unrealized Issues Fair Value Losses Issues Fair Value Losses Fixed maturities: U.S. government obligations and agencies 2 $ 18,934 $ (101 ) 2 $ 3,509 $ (133 ) Corporate bonds 63 55,005 (244 ) 4 3,575 (32 ) Mortgage-backed and asset-backed securities 19 40,672 (256 ) 5 14,684 (280 ) Redeemable preferred stock 33 3,936 (85 ) — — — Equity securities: Common stock 4 6,189 (245 ) 2 92 (66 ) Mutual funds 3 13,434 (232 ) 1 8,714 (1,973 ) Short-term investments 76 40,010 (20 ) — — — Total 200 $ 178,180 $ (1,183 ) 14 $ 30,574 $ (2,484 ) December 31, 2014 Less Than 12 Months 12 Months or Longer Number of Unrealized Number of Unrealized Issues Fair Value Losses Issues Fair Value Losses Fixed maturities: U.S. government obligations and agencies 3 $ 27,341 $ (55 ) 4 $ 34,050 $ (572 ) Corporate bonds 67 58,271 (238 ) 12 15,105 (126 ) Mortgage-backed and asset-backed securities 20 48,335 (273 ) 5 16,842 (229 ) Redeemable preferred stock 12 1,153 (9 ) — — — Equity securities: Common stock 2 87 (20 ) 2 117 (45 ) Mutual funds 2 10,514 (97 ) 1 8,859 (1,827 ) Short-term investments 2 37,490 (10 ) — — — Total 108 $ 183,191 $ (702 ) 24 $ 74,973 $ (2,799 )
Amortized Cost and Fair Value of Investments With Contractual Maturities	The following table presents the amortized cost and fair value of investments with contractual maturities as of the date presented (in thousands): June 30, 2015 Cost or Amortized Cost Fair Value Due in one year or less $ 155,206 $ 155,253 Due after one year through five years 173,184 172,994 Due after five years through ten years 1,603 1,601 Due after ten years 3,962 3,999 Mortgage-backed and asset-backed securities 119,296 119,088 Perpetual maturity securities 6,680 6,679 Total $ 459,931 $ 459,614
Summary of Securities Available for Sale	The following table provides certain information related to securities available for sale during the periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Sales proceeds (fair value) $ 15,861 $ 58,347 $ 44,052 $ 72,788 Gross realized gains $ 111 $ 4,189 $ 296 $ 5,188 Gross realized losses $ (1 ) $ (239 ) $ (15 ) $ (336 ) Other than temporary losses $ — $ — $ — $ —
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 June 30, June 30, 2015 2014 2015 2014 Fixed maturities $ 1,338 $ 783 $ 2,522 $ 1,511 Equity securities 206 152 263 454 Short-term investments 67 — 105 — Other (1) 79 9 145 21 Total investment income 1,690 944 3,035 1,986 Less: Investment expenses (2) (483 ) (532 ) (966 ) (1,056 ) Net investment (expense) income $ 1,207 $ 412 $ 2,069 $ 930 (1) Includes interest earned on cash and cash equivalents and restricted cash and cash equivalents. Also includes investment income earned on real estate investments. (2) Includes bank fees, investment accounting and advisory fees, and expenses associated with real estate investments.
Schedule of Real Estate Investment	Investment real estate consisted of the following as of the dates presented (in thousands): June 30, 2015 December 31, 2014 Investment real estate $ 5,882 $ — Less: Accumulated depreciation (33 ) — Investment real estate, net $ 5,849 $ —

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2015
Insurance [Abstract]
Current Ratings from Rating Agencies and Unsecured Net Amounts Due from Reinsurers Whose Aggregate Balance Exceeded 3% of Stockholders' Equity	The following table presents ratings from rating agencies and the unsecured amounts due from the Company’s reinsurers whose aggregate balance exceeded 3% of the Company’s stockholders’ equity as of the dates presented (in thousands): Ratings as of June 30, 2015 Due from as of Standard and Poor's Moody's AM Best Rating Investors June 30, December 31, Reinsurer Company Services Service, Inc. 2015 2014 Everest Reinsurance Company A+ A+ A1 $ - $ 16,780 Florida Hurricane Catastrophe Fund n/a n/a n/a - 31,870 Odyssey Reinsurance Company A A- A3 29,639 136,339 Total (1) $ 29,639 $ 184,989 (1) Amounts represent prepaid reinsurance premiums, reinsurance receivables, and net recoverables for paid and unpaid losses, including incurred but not reported reserves, loss adjustment expenses, and offsetting reinsurance payables. n/a No rating available, because entity is not rated.
Summary 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, 2015 2014 Loss and Loss Loss and Loss Premiums Premiums Adjustment Premiums Premiums Adjustment Written Earned Expenses Written Earned Expenses Direct $ 249,971 $ 204,771 $ 49,701 $ 220,009 $ 192,061 $ 46,970 Ceded (7,933 ) (91,883 ) (9,997 ) (76,483 ) (118,699 ) (19,291 ) Net $ 242,038 $ 112,888 $ 39,704 $ 143,526 $ 73,362 $ 27,679 Six Months Ended June 30, 2015 2014 Loss and Loss Loss and Loss Premiums Premiums Adjustment Premiums Premiums Adjustment Written Earned Expenses Written Earned Expenses Direct $ 461,576 $ 401,442 $ 98,991 $ 411,926 $ 382,705 $ 97,692 Ceded (114,430 ) (194,194 ) (25,697 ) (198,132 ) (245,536 ) (43,188 ) Net $ 347,146 $ 207,248 $ 73,294 $ 213,794 $ 137,169 $ 54,504
Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable	The following prepaid reinsurance premiums and reinsurance recoverable and receivable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands): June 30, December 31, 2015 2014 Prepaid reinsurance premiums $ 110,739 $ 190,505 Reinsurance recoverable on unpaid losses and LAE $ 31,777 $ 47,350 Reinsurance recoverable on paid losses 6,380 7,837 Reinsurance receivable, net 716 7,468 Reinsurance recoverable and receivable $ 38,873 $ 62,655

Insurance Operations (Tables)

Insurance Operations (Tables)	6 Months Ended
	Jun. 30, 2015
Insurance [Abstract]
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, net of DRCC, for the periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 DPAC, beginning of period $ 56,183 $ 54,211 $ 54,603 $ 54,099 Capitalized Costs 31,722 29,993 60,289 56,775 Amortization of DPAC (25,724 ) (26,055 ) (52,711 ) (52,725 ) DPAC, end of period $ 62,181 $ 58,149 $ 62,181 $ 58,149 DRCC, beginning of period $ 29,988 $ 38,318 $ 28,943 $ 38,200 Ceding Commissions Written (22,938 ) 10,439 (5,276 ) 32,319 Earned Ceding Commissions (7,050 ) (18,685 ) (23,667 ) (40,447 ) DRCC, end of period $ — $ 30,072 $ — $ 30,072 DPAC (DRCC), net, beginning of period $ 26,195 $ 15,893 $ 25,660 $ 15,899 Capitalized Costs, net 54,660 19,554 65,565 24,456 Amortization of DPAC (DRCC), net (18,674 ) (7,370 ) (29,044 ) (12,278 ) DPAC (DRCC), net, end of period $ 62,181 $ 28,077 $ 62,181 $ 28,077
Change in Liability for Unpaid Losses and LAE	Set forth in the following table is the change in liability for unpaid losses and LAE for the periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Balance at beginning of period $ 125,161 $ 150,557 $ 134,353 $ 159,222 Less: Reinsurance recoverable (42,713 ) (64,109 ) (47,350 ) (68,584 ) Net balance at beginning of period 82,448 86,448 87,003 90,638 Incurred (recovered) related to: Current year 39,637 28,333 73,200 55,188 Prior years 67 (654 ) 94 (684 ) Total incurred 39,704 27,679 73,294 54,504 Paid related to: Current year 23,830 16,200 30,623 20,067 Prior years 17,982 12,007 49,334 39,155 Total paid 41,812 28,207 79,957 59,222 Net balance at end of period 80,340 85,920 80,340 85,920 Plus: Reinsurance recoverable 31,777 58,705 31,777 58,705 Balance at end of period $ 112,117 $ 144,625 $ 112,117 $ 144,625
Statutory Capital and Surplus, and an Amount Representing Ten Percent of Total Liabilities for both UPCIC and APPCIC	The following table presents the amount of capital and surplus calculated in accordance with statutory accounting principles, which differ from GAAP, and an amount representing ten percent of total liabilities for both UPCIC and APPCIC as of the dates presented (in thousands): June 30, December 31, 2015 2014 Ten percent of total liabilities UPCIC $ 63,128 $ 42,659 APPCIC $ 625 $ 514 Statutory capital and surplus UPCIC $ 212,976 $ 200,173 APPCIC $ 14,170 $ 14,036
Assets Held by Insurance Regulators	The following table represents assets held by insurance regulators as of the dates presented (in thousands): June 30, December 31, 2015 2014 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,649 $ 3,609

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following as of the dates presented (in thousands): June 30, December 31, 2015 2014 Surplus note $ 16,545 $ 17,280 Term loan 6,665 13,330 Promissory note 1,390 — Total $ 24,600 $ 30,610

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Activity Relating to Common Shares and Contingently Redeemable Common Shares	The following table summarizes the activity relating to shares of the Company’s common stock and contingently redeemable common stock during the six months ended June 30, 2015 (in thousands): Issued Treasury Outstanding Shares Shares Shares Balance, as of December 31, 2014 44,769 (9,667 ) 35,102 Conversion of preferred stock — — — Shares repurchased — (200 ) (200 ) Options exercised 678 — 678 Restricted stock grants 615 — 615 Shares acquired through cashless exercise (1) — (500 ) (500 ) Shares cancelled (500 ) 500 — Balance, as of June 30, 2015 45,562 (9,867 ) 35,695 (1) All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of options exercised or restricted stock vested. These shares have been cancelled by the Company.
Pro-Forma [Member]
Summary of Unaudited Pro-Forma Adjustments to Consolidated Balance Sheet	December 31, 2014 As Reported PRO-FORMA Adjustment Unaudited PRO-FORMA Unaudited Total assets $ 911,774 — $ 911,774 Total liabilities 692,858 — 692,858 Contingently redeemable common stock 19,000 (19,000 ) — STOCKHOLDERS' EQUITY: Cumulative convertible preferred stock, $.01 par value — — — Common stock, $.01 par value 448 — 448 Treasury shares, at cost (62,153 ) — (62,153 ) Additional paid-in capital 40,987 19,000 59,987 Accumulated other comprehensive income (loss), net of taxes (1,835 ) — (1,835 ) Retained earnings 222,469 — 222,469 Total stockholders' equity 199,916 19,000 218,916 Total liabilities, contingently redeemable common stock and stockholders' equity $ 911,774 — $ 911,774

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Payments Made by Company to Related Parties	The following table provides payments made by the Company to related parties for the periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 SPC Global RE Advisors LLC $ 30 $ 30 $ 60 $ 60

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Reconciles Numerator and Denominator of Basic and Diluted Earnings Per Share Computations	The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings per share computations for the periods presented (in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator for EPS: Net income $ 24,704 $ 17,126 $ 47,034 $ 30,675 Less: Preferred stock dividends (3 ) (3 ) (5 ) (8 ) Income available to common stockholders $ 24,701 $ 17,123 $ 47,029 $ 30,667 Denominator for EPS: Weighted average common shares outstanding 35,019 33,968 34,800 33,696 Plus: Assumed conversion of stock-based compensation (1) 951 1,171 1,153 1,697 Assumed conversion of preferred stock 32 35 34 57 Weighted average diluted common shares outstanding 36,002 35,174 35,987 35,450 Basic earnings per common share $ 0.71 $ 0.50 $ 1.35 $ 0.91 Diluted earnings per common share $ 0.69 $ 0.49 $ 1.31 $ 0.87 (1) Represents the dilutive effect of unvested restricted stock and unexercised stock options.

Other Comprehensive Income (L29

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Components of Other Comprehensive Income (Loss) Pre-Tax and After-Tax	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): For the Three Months Ended June 30, 2015 2014 Pre-tax Tax After-tax Pre-tax Tax After-tax Net unrealized gains (losses) on investments available for sale arising during the period $ (1,654 ) $ (638 ) $ (1,016 ) $ 3,366 $ 1,299 $ 2,067 Less: Amounts reclassified from accumulated other comprehensive income (loss) (110 ) (43 ) (67 ) (3,950 ) (1,524 ) (2,426 ) Net current period other comprehensive income (loss) $ (1,764 ) $ (681 ) $ (1,083 ) $ (584 ) $ (225 ) $ (359 ) For the Six Months Ended June 30, 2015 2014 Pre-tax Tax After-tax Pre-tax Tax After-tax Net unrealized gains (losses) on investments available for sale arising during the period $ 467 $ 180 $ 287 $ 4,450 $ 1,717 $ 2,733 Less: Amounts reclassified from accumulated other comprehensive income (loss) (281 ) (108 ) (173 ) (4,852 ) (1,872 ) (2,980 ) Net current period other comprehensive income (loss) $ 186 $ 72 $ 114 $ (402 ) $ (155 ) $ (247 )
Reclassifications Out of Accumulated Other Comprehensive Income	The following table provides the reclassifications out of accumulated other comprehensive income for the periods presented (in thousands): Amounts Reclassified from Accumulated Other Comprehensive Income Details about Accumulated Other Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Statement Comprehensive Income Components 2015 2014 2015 2014 Where Net Income is Presented Unrealized gains (losses) on investments available for sale $ 110 $ 3,950 $ 281 $ 4,852 Net realized gains (losses) on investments (43 ) (1,524 ) (108 ) (1,872 ) Income taxes $ 67 $ 2,426 $ 173 $ 2,980 Net of tax

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Assets Measured for at Fair Value on Recurring Basis	The following tables set forth by level within the fair value hierarchy the Company’s assets that were measured at fair value including those on a recurring basis as of the dates presented (in thousands): Fair Value Measurements June 30, 2015 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations and agencies — $ 99,127 — $ 99,127 Corporate bonds — 126,649 — 126,649 Mortgage-backed and asset-backed securities — 119,088 — 119,088 Redeemable preferred stock — 9,721 — 9,721 Other — 5,004 — 5,004 Equity securities: Common stock 6,308 — — 6,308 Mutual funds 32,207 — — 32,207 Short-term investments (1) — 85,025 — 85,025 Total assets accounted for at fair value $ 38,515 $ 444,614 $ — $ 483,129 (1) Excludes $15.0 million Fair Value Measurements December 31, 2014 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations and agencies $ — $ 120,038 $ — $ 120,038 Corporate bonds — 119,832 — 119,832 Mortgage-backed and asset-backed securities — 107,223 — 107,223 Redeemable preferred stock — 6,856 — 6,856 Equity securities: Common stock 270 — — 270 Mutual funds 19,372 — — 19,372 Short-term investments (1) — 37,490 — 37,490 Total assets accounted for at fair value $ 19,642 $ 391,439 $ — $ 411,081 (1) Excludes $12.5 million
Summarizes Carrying Value and Estimated Fair Values of Financial Instruments not Carried at Fair Value	The following table summarizes the carrying value and estimated fair values of the Company’s financial instruments that are not carried at fair value as of the dates presented (in thousands): June 30, 2015 December 31, 2014 (Level 3) (Level 3) Estimated Estimated Carrying Value Carrying Value Liabilities (debt): Surplus note $ 16,545 $ 14,823 $ 17,280 $ 14,951 Term loan $ 6,665 $ 6,665 $ 13,330 $ 13,330 Promissory note $ 1,390 $ 1,390 $ — $ —

Nature of Operations and Basi31

Nature of Operations and Basis of Presentation - Additional Information (Detail)	Jun. 30, 2015State
Accounting Policies [Abstract]
Number of states	10

Investments - Cost or Amortized

Investments - Cost or Amortized Cost and Fair Value of Securities Available for Sale (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	$ 500,930	$ 426,568
Gross Unrealized Gains	866	514
Gross Unrealized Losses	(3,667)	(3,501)
Fair Value	498,129	423,581
Short-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	100,033	50,000
Gross Unrealized Gains	12
Gross Unrealized Losses	(20)	(10)
Fair Value	100,025	49,990
U.S. Government Obligations and Agencies [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	99,290	120,627
Gross Unrealized Gains	71	38
Gross Unrealized Losses	(234)	(627)
Fair Value	99,127	120,038
Corporate Bonds [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	126,662	120,025
Gross Unrealized Gains	263	171
Gross Unrealized Losses	(276)	(364)
Fair Value	126,649	119,832
Mortgage-Backed and Asset-Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	119,296	107,589
Fair Value	119,088	107,223
Mortgage-Backed and Asset-Backed Securities [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	119,296	107,589
Gross Unrealized Gains	328	136
Gross Unrealized Losses	(536)	(502)
Fair Value	119,088	107,223
Redeemable Preferred Stock [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	9,650	6,700
Gross Unrealized Gains	156	165
Gross Unrealized Losses	(85)	(9)
Fair Value	9,721	6,856
Other [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	5,000
Gross Unrealized Gains	4
Fair Value	5,004
Common Stock [Member] | Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	6,617	331
Gross Unrealized Gains	2	4
Gross Unrealized Losses	(311)	(65)
Fair Value	6,308	270
Mutual Funds [Member] | Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	34,382	21,296
Gross Unrealized Gains	30
Gross Unrealized Losses	(2,205)	(1,924)
Fair Value	$ 32,207	$ 19,372

Investments - Schedule of Credi

Investments - Schedule of Credit Quality of Investment Securities With Contractual Maturities or The Issuer of Such Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 459,614	$ 403,939
Percentage of total Fair Value	100.00%	100.00%
Comparable Ratings, AAA Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 43,819	$ 39,657
Percentage of total Fair Value	9.50%	9.80%
Comparable Ratings, AA Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 233,077	$ 220,693
Percentage of total Fair Value	50.80%	54.80%
Comparable Ratings, A Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 117,665	$ 83,734
Percentage of total Fair Value	25.60%	20.70%
Comparable Ratings, BBB Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 47,328	$ 47,003
Percentage of total Fair Value	10.30%	11.60%
Comparable Ratings, BB+ and Below Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 4,719	$ 3,401
Percentage of total Fair Value	1.00%	0.80%
Comparable Ratings, No Rating Available [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 13,006	$ 9,451
Percentage of total Fair Value	2.80%	2.30%

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	$ 500,930	$ 426,568
Fair Value	498,129	423,581
Mortgage-backed securities [Member] | Agency [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	72,375	64,905
Fair Value	72,204	64,619
Mortgage-backed securities [Member] | Non Agency [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	10,459	8,053
Fair Value	10,372	7,987
Asset-backed securities [Member] | Auto Loans [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	14,818	16,551
Fair Value	14,857	16,556
Asset-backed securities [Member] | Credit Card Receivables [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	17,044	13,481
Fair Value	17,042	13,457
Asset-backed securities [Member] | Other Receivables [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	4,600	4,599
Fair Value	4,613	4,604
Mortgage-Backed and Asset-Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	119,296	107,589
Fair Value	$ 119,088	$ 107,223

Investments - Summarized Fair V

Investments - Summarized Fair Value and Gross Unrealized Losses on Securities Available for Sale (Detail) $ in Thousands	Jun. 30, 2015USD ($)Security	Dec. 31, 2014USD ($)Security
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	200	108
Less than 12 months, Fair value	$ 178,180	$ 183,191
Less than 12 months, Unrealized losses	$ (1,183)	$ (702)
12 months or longer, Number of issues | Security	14	24
12 months or longer, Fair value	$ 30,574	$ 74,973
12 months or longer, Unrealized losses	$ (2,484)	$ (2,799)
U.S. Government Obligations and Agencies [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	2	3
Less than 12 months, Fair value	$ 18,934	$ 27,341
Less than 12 months, Unrealized losses	$ (101)	$ (55)
12 months or longer, Number of issues | Security	2	4
12 months or longer, Fair value	$ 3,509	$ 34,050
12 months or longer, Unrealized losses	$ (133)	$ (572)
Corporate Bonds [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	63	67
Less than 12 months, Fair value	$ 55,005	$ 58,271
Less than 12 months, Unrealized losses	$ (244)	$ (238)
12 months or longer, Number of issues | Security	4	12
12 months or longer, Fair value	$ 3,575	$ 15,105
12 months or longer, Unrealized losses	$ (32)	$ (126)
Mortgage-Backed and Asset-Backed Securities [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	19	20
Less than 12 months, Fair value	$ 40,672	$ 48,335
Less than 12 months, Unrealized losses	$ (256)	$ (273)
12 months or longer, Number of issues | Security	5	5
12 months or longer, Fair value	$ 14,684	$ 16,842
12 months or longer, Unrealized losses	$ (280)	$ (229)
Redeemable Preferred Stock [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	33	12
Less than 12 months, Fair value	$ 3,936	$ 1,153
Less than 12 months, Unrealized losses	$ (85)	$ (9)
Common Stock [Member] | Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	4	2
Less than 12 months, Fair value	$ 6,189	$ 87
Less than 12 months, Unrealized losses	$ (245)	$ (20)
12 months or longer, Number of issues | Security	2	2
12 months or longer, Fair value	$ 92	$ 117
12 months or longer, Unrealized losses	$ (66)	$ (45)
Mutual Funds [Member] | Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	3	2
Less than 12 months, Fair value	$ 13,434	$ 10,514
Less than 12 months, Unrealized losses	$ (232)	$ (97)
12 months or longer, Number of issues | Security	1	1
12 months or longer, Fair value	$ 8,714	$ 8,859
12 months or longer, Unrealized losses	$ (1,973)	$ (1,827)
Short-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	76	2
Less than 12 months, Fair value	$ 40,010	$ 37,490
Less than 12 months, Unrealized losses	$ (20)	$ (10)

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Investments With Contractual Maturities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule Of Available For Sale Securities [Line Items]
Fixed Maturities Securities Available for Sale, Due in one year or less, Amortized cost	$ 155,206
Fixed Maturities Securities Available for Sale, Due after one year through five years, Amortized cost	173,184
Fixed Maturities Securities Available for Sale, Due after five years through ten years, Amortized cost	1,603
Fixed Maturities Securities Available for Sale, Due after ten years, Amortized cost	3,962
Fixed Maturities Securities Available for Sale, Perpetual Maturity, Amortized Cost	6,680
Fixed Maturities Securities Available for Sale, Amortized cost, Total	459,931
Fixed Maturities Securities Available for Sale, Due in one year or less, Fair Value	155,253
Fixed Maturities Securities Available for Sale, Due after one year through five years, Fair Value	172,994
Fixed Maturities Securities Available for Sale, Due after five years through ten years, Fair Value	1,601
Fixed Maturities Securities Available for Sale, Due after ten years, Fair Value	3,999
Fixed Maturities Securities Available for Sale, Perpetual Maturity, Fair Value	6,679
Fixed Maturities Securities Available for Sale, Fair Value, Total	459,614	$ 403,939
Mortgage-Backed and Asset-Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Fixed Maturities Securities Available for Sale, Mortgage-backed Securities, Amortized cost	119,296
Fixed Maturities Securities Available for Sale, Mortgage-backed Securities, Fair Value	$ 119,088

Investments - Summary of Securi

Investments - Summary of Securities Available for Sale (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investments Debt And Equity Securities [Abstract]
Sales proceeds (fair value)	$ 15,861	$ 58,347	$ 44,052	$ 72,788
Gross realized gains	111	4,189	296	5,188
Gross realized losses	$ (1)	$ (239)	$ (15)	$ (336)

Investments - Investment Income

Investments - Investment Income (Expense) Comprised Primarily of Interest and Dividends (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Investment Income [Line Items]
Total investment income	$ 1,690	$ 944	$ 3,035	$ 1,986
Less: Investment expenses	(483)	(532)	(966)	(1,056)
Net investment (expense) income	1,207	412	2,069	930
Fixed Maturities [Member]
Net Investment Income [Line Items]
Investment income	1,338	783	2,522	1,511
Equity Securities [Member]
Net Investment Income [Line Items]
Investment income	206	152	263	454
Short-term Investments [Member]
Net Investment Income [Line Items]
Investment income	67		105
Other [Member]
Net Investment Income [Line Items]
Investment income	$ 79	$ 9	$ 145	$ 21

Investments - Schedule of Real

Investments - Schedule of Real Estate Investment (Detail) $ in Thousands	Jun. 30, 2015USD ($)
Real Estate Investments [Abstract]
Investment real estate	$ 5,882
Less: Accumulated depreciation	(33)
Investment real estate, net	$ 5,849

Reinsurance - Additional Inform

Reinsurance - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity, Total [Member] | Amounts Due From Reinsurers [Member]
Effects of Reinsurance [Line Items]
Unsecured amounts due from reinsurers exceeding a fixed percentage of stockholders equity	3.00%
Reinsurance Program Effective June One Two Thousand Fourteen [Member]
Effects of Reinsurance [Line Items]
Percentage of premium ceded	30.00%

Reinsurance - Current Ratings f

Reinsurance - Current Ratings from Rating Agencies and Unsecured Net Amounts Due from Reinsurers Whose Aggregate Balance Exceeded 3% of Stockholders' Equity (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers total	$ 29,639	$ 184,989
Everest Reinsurance Company [Member] | AM Best, A+ Rating [Member] | Standard & Poor's, A+ Rating [Member] | Moody's, A1 Rating [Member]
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers total		16,780
Florida Hurricane Catastrophe Fund [Member]
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers total		31,870
Odyssey Reinsurance Company [Member] | AM Best, A Rating [Member] | Standard & Poor's, A- Rating [Member] | Moody's, A3 Rating [Member]
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers total	$ 29,639	$ 136,339

Reinsurance - Reinsurance Arran

Reinsurance - Reinsurance Arrangements (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reinsurance Disclosures [Abstract]
Direct premiums written	$ 249,971	$ 220,009	$ 461,576	$ 411,926
Ceded premiums written	(7,933)	(76,483)	(114,430)	(198,132)
Net premiums written	242,038	143,526	347,146	213,794
Direct Premiums Earned	204,771	192,061	401,442	382,705
Ceded Premiums Earned	(91,883)	(118,699)	(194,194)	(245,536)
Premiums earned, net	112,888	73,362	207,248	137,169
Direct Losses and Loss Adjustment Expenses	49,701	46,970	98,991	97,692
Ceded Losses and Loss Adjustment Expenses	(9,997)	(19,291)	(25,697)	(43,188)
Net Losses and Loss Adjustment Expenses	$ 39,704	$ 27,679	$ 73,294	$ 54,504

Reinsurance - Prepaid Reinsuran

Reinsurance - Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Reinsurance Disclosures [Abstract]
Prepaid reinsurance premiums	$ 110,739		$ 190,505
Reinsurance recoverable on unpaid losses and LAE	31,777	$ 42,713	47,350	$ 58,705	$ 64,109	$ 68,584
Reinsurance recoverable on paid losses	6,380		7,837
Reinsurance receivable, net	716		7,468
Reinsurance recoverable and receivable	$ 38,873		$ 62,655

Insurance Operations - Beginnin

Insurance Operations - Beginning and Ending Balances and Changes in DPAC, Net of DRCC (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Insurance [Abstract]
DPAC, beginning of period	$ 56,183	$ 54,211	$ 54,603	$ 54,099
Capitalized Costs	31,722	29,993	60,289	56,775
Amortization of DPAC	(25,724)	(26,055)	(52,711)	(52,725)
DPAC, end of period	62,181	58,149	62,181	58,149
DRCC, beginning of period	29,988	38,318	28,943	38,200
Ceding Commissions Written	(22,938)	10,439	(5,276)	32,319
Earned Ceding Commissions	(7,050)	(18,685)	(23,667)	(40,447)
DRCC, end of period		30,072		30,072
DPAC (DRCC), net, beginning of period	26,195	15,893	25,660	15,899
Capitalized Costs, net	54,660	19,554	65,565	24,456
Amortization of DPAC (DRCC), net	(18,674)	(7,370)	(29,044)	(12,278)
DPAC (DRCC), net, end of period	$ 62,181	$ 28,077	$ 62,181	$ 28,077

Insurance Operations - Change i

Insurance Operations - Change in Liability for Unpaid Losses and LAE (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Insurance [Abstract]
Balance at beginning of period	$ 125,161	$ 150,557	$ 134,353	$ 159,222
Less: Reinsurance recoverable	(42,713)	(64,109)	(47,350)	(68,584)
Net balance at beginning of period	82,448	86,448	87,003	90,638
Incurred (recovered) related to current year	39,637	28,333	73,200	55,188
Incurred (recovered) related to prior years	67	(654)	94	(684)
Total incurred	39,704	27,679	73,294	54,504
Paid related to Current year	23,830	16,200	30,623	20,067
Paid related to Prior years	17,982	12,007	49,334	39,155
Total paid	41,812	28,207	79,957	59,222
Net balance at end of period	80,340	85,920	80,340	85,920
Plus: Reinsurance recoverable	31,777	58,705	31,777	58,705
Balance at end of period	$ 112,117	$ 144,625	$ 112,117	$ 144,625

Insurance Operations - Addition

Insurance Operations - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
UPCIC [Member]
Statutory Accounting Practices [Line Items]
Statutory ordinary dividend capacity	$ 27,700
UPCIC and APPCIC [Member]
Statutory Accounting Practices [Line Items]
Dividend paid to UIHCF	$ 0
Minimum capitalization rate	10.00%
Statutory Accounting Practices, Statutory Capital and Surplus Required	$ 5,000
Minimum capital required	Greater of ten percent of the insurer's total liabilities or $5.0 million.

Insurance Operations - Statutor

Insurance Operations - Statutory Capital and Surplus, and an Amount Representing Ten Percent of Total Liabilities for both UPCIC and APPCIC (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
UPCIC [Member]
Statutory Accounting Practices [Line Items]
Ten percent of total liabilities	$ 63,128	$ 42,659
Statutory capital and surplus	212,976	200,173
APPCIC [Member]
Statutory Accounting Practices [Line Items]
Ten percent of total liabilities	625	514
Statutory capital and surplus	$ 14,170	$ 14,036

Insurance Operations - Assets H

Insurance Operations - Assets Held by Insurance Regulators (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Restricted Cash and Cash Equivalents [Member]
Statutory Accounting Practices [Line Items]
Assets held by insurance regulators	$ 2,635	$ 2,635
Investments [Member]
Statutory Accounting Practices [Line Items]
Assets held by insurance regulators	$ 3,649	$ 3,609

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Promissory note	$ 1,390
Total	24,600	$ 30,610
Surplus Note [Member]
Debt Instrument [Line Items]
Surplus note	16,545	17,280
Term Loan [Member]
Debt Instrument [Line Items]
Term loan	$ 6,665	$ 13,330

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	Jun. 30, 2015USD ($)
Debt Disclosure [Abstract]
Unsecured line of credit	$ 0

Stockholder's Equity - Activity

Stockholder's Equity - Activity Relating to Common Shares and Contingently Redeemable Common Shares (Detail) shares in Thousands		6 Months Ended
		Jun. 30, 2015shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, shares		43,769
Beginning balance, shares		(9,667)
Beginning balance, shares		34,102
Shares repurchased		(200)
Ending balance, shares		45,562
Ending balance, shares		(9,867)
Ending balance, shares		35,695
Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, shares		44,769
Options exercised		678
Restricted stock grants		615
Shares cancelled		(500)
Ending balance, shares		45,562
Treasury Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, shares		(9,667)
Shares repurchased		(200)
Shares acquired through cashless exercise	[1]	(500)
Shares cancelled		500
Ending balance, shares		(9,867)
Stock Compensation Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, shares		35,102
Shares repurchased		(200)
Options exercised		678
Restricted stock grants		615
Shares acquired through cashless exercise	[1]	(500)
Ending balance, shares		35,695
[1]	All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of options exercised or restricted stock vested. These shares have been cancelled by the Company.

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Apr. 13, 2015	Jan. 13, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 02, 2014
Equity [Line Items]
Treasury shares acquired						200,000
Shares repurchased during period						$ 5,100
Dividends per share declared on outstanding common stock	$ 0.12	$ 0.12	$ 0.12		$ 0.10	$ 0.24	$ 0.20
Dividends payable date				Mar. 2, 2015		Jul. 2, 2015
Dividends payable, shareholders record date				Feb. 18, 2015		Jun. 18, 2015
Contingently redeemable common stock, issued shares			0			0		1,000,000	1,000,000
Redeemable Common Stock. price per share									$ 19
Former Board Of Director S Chairman | Series M Convertible Preferred Stock
Equity [Line Items]
Preferred stock repurchased, shares						2,000
Stock repurchased and retired during period						$ 257

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Unaudited Pro-Forma Adjustments to Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Condensed Balance Sheet Statements Captions [Line Items]
Total assets	$ 1,047,367	$ 911,774
Total liabilities	$ 792,039	692,858
Contingently redeemable common stock		$ 19,000
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock, $.01 par value
Common stock, $.01 par value	$ 456	$ 448
Treasury shares, at cost	(67,229)	(62,153)
Additional paid-in capital	62,845	40,987
Accumulated other comprehensive income (loss), net of taxes	(1,721)	(1,835)
Retained earnings	260,977	222,469
Total stockholders' equity	255,328	199,916
Total liabilities, contingently redeemable common stock and stockholders' equity	$ 1,047,367	911,774
Pro-Forma Adjustment [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Contingently redeemable common stock		$ (19,000)
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock, $.01 par value
Additional paid-in capital		$ 19,000
Total stockholders' equity		19,000
Pro-Forma [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Total assets		911,774
Total liabilities		$ 692,858
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock, $.01 par value
Common stock, $.01 par value		$ 448
Treasury shares, at cost		(62,153)
Additional paid-in capital		59,987
Accumulated other comprehensive income (loss), net of taxes		(1,835)
Retained earnings		222,469
Total stockholders' equity		218,916
Total liabilities, contingently redeemable common stock and stockholders' equity		$ 911,774

Stockholders' Equity - Summar54

Stockholders' Equity - Summary of Pro-Forma Adjustments to Consolidated Balance Sheet (Parenthetical) (Detail) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Condensed Balance Sheet Statements Captions [Line Items]
Cumulative convertible preferred stock, par value	$ 0.01	$ 0.01
Common stock, par value	$ 0.01	0.01
Pro-Forma [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Cumulative convertible preferred stock, par value		0.01
Common stock, par value		$ 0.01

Related Party Transactions - Pa

Related Party Transactions - Payments Made by Company to Downes and Associates (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
SPC Global RE Advisors LLC [Member]
Related Party Transaction [Line Items]
Payments made by the company to related party	$ 30	$ 30	$ 60	$ 60

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
SPC Global RE Advisors LLC [Member]
Related Party Transaction [Line Items]
Payments due to related party	$ 0	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Income tax expense	$ 16,516	$ 13,283	$ 32,209	$ 22,851
Effective tax rate	40.10%	43.70%	40.60%	42.70%
U.S. federal statutory rate			35.00%

Earnings Per Share - Reconciles

Earnings Per Share - Reconciles Numerator and Denominator of Basic and Diluted Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator for EPS:
Net income	$ 24,704	$ 17,126	$ 47,034	$ 30,675
Less: Preferred stock dividends	(3)	(3)	(5)	(8)
Income available to common stockholders	$ 24,701	$ 17,123	$ 47,029	$ 30,667
Denominator for EPS:
Weighted average common shares outstanding	35,019	33,968	34,800	33,696
Plus: Assumed conversion of stock-based compensation	951	1,171	1,153	1,697
Assumed conversion of preferred stock	32	35	34	57
Weighted average diluted common shares outstanding	36,002	35,174	35,987	35,450
Basic earnings per common share	$ 0.71	$ 0.50	$ 1.35	$ 0.91
Diluted earnings per common share	$ 0.69	$ 0.49	$ 1.31	$ 0.87

Other Comprehensive Income (L59

Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (loss) Pre-Tax and After-Tax (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity [Abstract]
Net unrealized gains (losses) on investments available for sale arising during the period, Pre-tax	$ (1,654)	$ 3,366	$ 467	$ 4,450
Less: Amounts reclassified from accumulated other comprehensive income (loss), Pre-tax	(110)	(3,950)	(281)	(4,852)
Net current period other comprehensive income (loss), Pre-tax	(1,764)	(584)	186	(402)
Net unrealized gains (losses) on investments available for sale arising during the period, Tax	(638)	1,299	180	1,717
Less: Amounts reclassified from accumulated other comprehensive income (loss), Tax	(43)	(1,524)	(108)	(1,872)
Net current period other comprehensive income (loss), Tax	(681)	(225)	72	(155)
Net unrealized gains (losses) on investments available for sale arising during the period, After-tax	(1,016)	2,067	287	2,733
Less: Amounts reclassified from accumulated other comprehensive income (loss), After-tax	(67)	(2,426)	(173)	(2,980)
Net current period other comprehensive income (loss), After-tax	$ (1,083)	$ (359)	$ 114	$ (247)

Other Comprehensive Income (L60

Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net realized gains (losses) on investments	$ 110	$ 3,950	$ 281	$ 4,852
Income taxes	(16,516)	(13,283)	(32,209)	(22,851)
NET INCOME	24,704	17,126	47,034	30,675
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net realized gains (losses) on investments	110	3,950	281	4,852
Income taxes	(43)	(1,524)	(108)	(1,872)
NET INCOME	$ 67	$ 2,426	$ 173	$ 2,980

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 359,589	$ 353,949
Equity securities	38,515	19,642
Short-term investments	100,025	49,990
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	483,129	411,081
Fair Value, Measurements, Recurring | U.S. Government Obligations and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	99,127	120,038
Fair Value, Measurements, Recurring | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	126,649	119,832
Fair Value, Measurements, Recurring | Mortgage-Backed and Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	119,088	107,223
Fair Value, Measurements, Recurring | Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	9,721	6,856
Fair Value, Measurements, Recurring | Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	5,004
Fair Value, Measurements, Recurring | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	6,308	270
Fair Value, Measurements, Recurring | Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	32,207	19,372
Fair Value, Measurements, Recurring | Short-term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	85,025	37,490
Fair Value, Measurements, Recurring | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	38,515	19,642
Fair Value, Measurements, Recurring | Level 1 [Member] | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	6,308	270
Fair Value, Measurements, Recurring | Level 1 [Member] | Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	32,207	19,372
Fair Value, Measurements, Recurring | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	444,614	391,439
Fair Value, Measurements, Recurring | Level 2 [Member] | U.S. Government Obligations and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	99,127	120,038
Fair Value, Measurements, Recurring | Level 2 [Member] | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	126,649	119,832
Fair Value, Measurements, Recurring | Level 2 [Member] | Mortgage-Backed and Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	119,088	107,223
Fair Value, Measurements, Recurring | Level 2 [Member] | Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	9,721	6,856
Fair Value, Measurements, Recurring | Level 2 [Member] | Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	5,004
Fair Value, Measurements, Recurring | Level 2 [Member] | Short-term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 85,025	$ 37,490

Fair Value Measurements - Ass62

Fair Value Measurements - Assets Measured for at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Certificates of deposit	$ 15	$ 12.5

Fair Value Measurements - Summa

Fair Value Measurements - Summarizes Carrying Value and Estimated Fair Values of Financial Instruments not Carried at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Surplus Note [Member]
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]
Carrying value	$ 16,545	$ 17,280
Surplus Note [Member] | Level 3 [Member]
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]
Estimated Fair Value	14,823	14,951
Term Loan [Member]
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]
Carrying value	6,665	13,330
Term Loan [Member] | Level 3 [Member]
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]
Estimated Fair Value	6,665	$ 13,330
Promissory Note [Member]
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]
Carrying value	1,390
Promissory Note [Member] | Level 3 [Member]
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]
Estimated Fair Value	$ 1,390