Universal Insurance (UVE) 10-Q 9 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		35,331,319

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 160,034	$ 197,014
Restricted cash and cash equivalents	2,635	2,635
Fixed maturities, at fair value	488,725	416,083
Equity securities, at fair value	31,754	42,214
Short-term investments, at fair value	12,505	25,021
Investment real estate, net	8,110	6,117
Prepaid reinsurance premiums	119,927	114,673
Reinsurance recoverable	17,162	22,853
Reinsurance receivable, net	186	353
Premiums receivable, net	54,719	50,980
Other receivables	21,754	4,626
Property and equipment, net	28,070	27,065
Deferred policy acquisition costs, net	61,158	60,019
Income taxes recoverable	5,420	5,420
Deferred income tax asset, net	11,840	13,912
Other assets	4,997	4,563
Total assets	1,028,996	993,548
LIABILITIES:
Unpaid losses and loss adjustment expenses	84,975	98,840
Unearned premiums	449,086	442,366
Advance premium	32,289	24,813
Accounts payable	3,894	378
Reinsurance payable, net	75,446	73,585
Income taxes payable	17,383
Other liabilities and accrued expenses	28,549	36,424
Long-term debt	23,077	24,050
Total liabilities	$ 714,699	$ 700,456
Commitments and Contingencies (Note 12)
STOCKHOLDERS' EQUITY:
Cumulative convertible preferred stock, $.01 par value Authorized shares - 1,000 Issued shares - 10 and 10 Outstanding shares - 10 and 10 Minimum liquidation preference, $9.99 and $9.99 per share
Common stock, $.01 par value Authorized shares - 55,000 Issued shares - 45,315 and 45,525 Outstanding shares - 34,800 and 35,110	$ 453	$ 455
Treasury shares, at cost - 10,515 and 10,415	(82,676)	(80,802)
Additional paid-in capital	70,280	70,789
Accumulated other comprehensive income (loss), net of taxes	(725)	(4,006)
Retained earnings	326,965	306,656
Total stockholders' equity	314,297	293,092
Total liabilities and stockholders' equity	$ 1,028,996	$ 993,548

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
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	10,000
Cumulative convertible preferred stock, shares outstanding	10,000	10,000
Cumulative convertible preferred stock, minimum liquidation preference	$ 9.99	$ 9.99
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	55,000,000	55,000,000
Common stock, shares issued	45,315,000	45,525,000
Common stock, shares outstanding	34,800,000	35,110,000
Treasury stock, shares	10,515,000	10,415,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written	$ 227,973	$ 211,605
Ceded premiums written	(74,059)	(106,497)
Net premiums written	153,914	105,108
Change in net unearned premium	(1,466)	(10,748)
Premiums earned, net	152,448	94,360
Net investment income (expense)	1,605	862
Net realized gains (losses) on investments	667	171
Commission revenue	4,113	3,168
Policy fees	4,114	3,832
Other revenue	1,499	1,417
Total premiums earned and other revenues	164,446	103,810
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses	66,117	33,590
General and administrative expenses	57,230	32,197
Total operating costs and expenses	123,347	65,787
INCOME BEFORE INCOME TAXES	41,099	38,023
Income tax expense	15,873	15,693
NET INCOME	$ 25,226	$ 22,330
Basic earnings per common share	$ 0.73	$ 0.65
Weighted average common shares outstanding - Basic	34,527	34,578
Fully diluted earnings per common share	$ 0.71	$ 0.62
Weighted average common shares outstanding - Diluted	35,594	36,081
Cash dividend declared per common share	$ 0.14	$ 0.12

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 25,226	$ 22,330
Other comprehensive income (loss)	3,281	1,197
Comprehensive income (loss)	$ 28,507	$ 23,527

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Cash flows from operating activities	$ 43,737	$ 60,662
Cash flows from investing activities:
Proceeds from sale of property and equipment		50
Purchases of property and equipment	(1,728)	(7,613)
Payments to acquire a business		(1,000)
Purchases of equity securities	(20,178)	(17,056)
Purchases of fixed maturities	(95,889)	(24,965)
Purchases of investment real estate, net	(2,021)
Proceeds from sales of equity securities	13,210	15,300
Proceeds from sales of fixed maturities	16,152	12,891
Proceeds from sales of short-term investments	12,500
Maturities of fixed maturities	10,504	19,786
Maturities of short-term investments		12,500
Net cash provided by (used in) investing activities	(67,450)	9,893
Cash flows from financing activities:
Preferred stock dividend	(3)	(2)
Common stock dividend	(4,915)	(4,237)
Issuance of common stock		503
Purchase of treasury stock	(1,874)
Payments related to tax withholding for share-based compensation	(3,897)	(3,673)
Excess tax benefits (shortfall) from share-based compensation	(1,510)	4,136
Repayment of debt	(1,068)	(368)
Net cash provided by (used in) financing activities	(13,267)	(3,641)
Net increase (decrease) in cash and cash equivalents	(36,980)	66,914
Cash and cash equivalents at beginning of period	197,014	115,397
Cash and cash equivalents at end of period	160,034	182,311
Supplemental cash and non-cash flow disclosures:
Interest paid	$ 196	310
Income taxes paid		$ 1,619

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
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. (“UVE”) is a Delaware corporation incorporated in 1990. UVE 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, Universal Property & Casualty Insurance Company (“UPCIC”) and American Platinum Property and Casualty Insurance Company (“APPCIC”), together 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 currently offered in twelve 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 brokerage commissions collected from reinsurers, policy fees collected from policyholders by 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, the Financial Statements 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, 2015, filed with the SEC on February 24, 2016. The condensed consolidated balance sheet at December 31, 2015, 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 UVE 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	3 Months Ended
	Mar. 31, 2016
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, 2015. There are no new or revised disclosures or disclosures required on a quarterly basis.

Investments

Investments	3 Months Ended
	Mar. 31, 2016
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): March 31, 2016 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed Maturities: U.S. government obligations and agencies $ 131,110 $ 904 $ (91 ) $ 131,923 Corporate bonds 157,358 1,410 (445 ) 158,323 Mortgage-backed and asset-backed securities 183,108 794 (380 ) 183,522 Redeemable preferred stock 9,518 444 (11 ) 9,951 Other 5,000 6 — 5,006 Equity Securities: Common stock 215 — (96 ) 119 Mutual funds 35,340 11 (3,716 ) 31,635 Short-term investments 12,504 1 — 12,505 Total $ 534,153 $ 3,570 $ (4,739 ) $ 532,984 December 31, 2015 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed Maturities: U.S. government obligations and agencies $ 126,209 $ — $ (867 ) $ 125,342 Corporate bonds 126,421 137 (1,041 ) 125,517 Mortgage-backed and asset-backed securities 151,328 97 (1,265 ) 150,160 Redeemable preferred stock 9,665 429 (29 ) 10,065 Other 5,000 — (1 ) 4,999 Equity Securities: Common stock 10,991 15 (244 ) 10,762 Mutual funds 35,221 5 (3,774 ) 31,452 Short-term investments 25,011 10 — 25,021 Total $ 489,846 $ 693 $ (7,221 ) $ 483,318 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): March 31, 2016 December 31, 2015 % of Total % of Total Comparable Ratings Fair Value Fair Value Fair Value Fair Value AAA $ 105,619 21.1 % $ 103,097 23.4 % AA 250,589 50.0 % 189,600 43.0 % A 67,894 13.5 % 83,850 19.0 % BBB 72,580 14.5 % 41,408 9.4 % BB+ and Below 1,537 0.3 % 4,261 1.0 % No Rating Available 3,011 0.6 % 18,888 4.2 % Total $ 501,230 100.0 % $ 441,104 100.0 % 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): March 31, 2016 December 31, 2015 Cost or Cost or Amortized Amortized Cost Fair Value Cost Fair Value Mortgage-backed securities: Agency $ 83,623 $ 83,897 $ 74,353 $ 73,854 Non-agency 17,411 17,383 10,430 10,183 Asset-backed securities: Auto loan receivables 39,247 39,360 29,883 29,712 Credit card receivables 34,706 34,763 32,225 31,985 Other receivables 8,121 8,119 4,437 4,426 Total $ 183,108 $ 183,522 $ 151,328 $ 150,160 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): March 31, 2016 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 $ 28,934 $ (26 ) 2 $ 3,506 $ (64 ) Corporate bonds 28 24,139 (304 ) 7 7,826 (145 ) Mortgage-backed and asset-backed securities 17 32,977 (198 ) 5 12,486 (118 ) Redeemable preferred stock 5 2,149 (9 ) 2 257 (5 ) Other Equity securities: Common stock 1 67 (13 ) 2 119 (96 ) Mutual funds 5 34,819 (751 ) 1 8,436 (3,010 ) Short-term investments — — — — — — Total 58 $ 123,085 $ (1,301 ) 19 $ 32,630 $ (3,438 ) December 31, 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 10 $ 121,912 $ (690 ) 2 $ 3,429 $ (177 ) Corporate bonds 101 90,717 (927 ) 6 4,789 (114 ) Mortgage-backed and asset-backed securities 51 118,743 (974 ) 6 13,902 (291 ) Redeemable preferred stock 5 764 (29 ) — — — Other 1 4,999 (1 ) — — Equity securities: Common stock 3 8,690 (148 ) 2 93 (96 ) Mutual funds 3 13,192 (374 ) 1 7,867 (3,400 ) Total 174 $ 359,017 $ (3,143 ) 17 $ 30,080 $ (4,078 ) At March 31, 2016, the Company 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, the Company performs 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 March 31, 2016 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): March 31, 2016 Cost or Amortized Fair Value Due in one year or less $ 34,979 $ 34,960 Due after one year through five years 266,958 268,810 Due after five years through ten years 3,006 3,055 Due after ten years 3,990 4,084 Mortgage-backed and asset-backed securities 183,108 183,522 Perpetual maturity securities 6,557 6,799 Total $ 498,598 $ 501,230 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 March 31, 2016 2015 Sales proceeds (fair value) $ 60,167 $ 40,595 Gross realized gains $ 685 $ 186 Gross realized losses $ (18 ) $ (15 ) 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 March 31, 2016 2015 Fixed maturities $ 1,831 $ 1,184 Equity securities 203 57 Short-term investments 115 38 Other (1) 73 66 Total investment income 2,222 1,345 Less: Investment expenses (2) (617 ) (483 ) Net investment (expense) income $ 1,605 $ 862 (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): March 31, 2016 December 31, 2015 Investment real estate $ 8,242 $ 6,220 Less: Accumulated depreciation (132 ) (103 ) Investment real estate, net $ 8,110 $ 6,117

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2016
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 catastrophe excess of loss 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 contract term and eliminates deferred ceding commissions, netted against deferred policy acquisition costs. Amounts recoverable from reinsurers are estimated in a manner consistent with the terms of the respective 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 respective reinsurance contracts. Ceding commissions received in connection with quota share reinsurance are deferred and netted against deferred 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 March 31, 2016 Due from as of Standard and Poor's Moody's AM Best Rating Investors March 31, December 31, Reinsurer Company Services Service, Inc. 2016 2015 Florida Hurricane Catastrophe Fund n/a n/a n/a 16,834 42,086 Odyssey Reinsurance Company A A- A3 13,393 18,742 Total (1) $ 30,227 $ 60,828 (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 this state trust fund, which is under the direction of the Florida State Board of Administration, 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 March 31, 2016 2015 Losses and Loss Losses and Loss Premiums Premiums Adjustment Premiums Premiums Adjustment Written Earned Expenses Written Earned Expenses Direct $ 227,973 $ 221,252 $ 66,148 $ 211,605 $ 196,671 $ 49,290 Ceded (74,059 ) (68,804 ) (31 ) (106,497 ) (102,311 ) (15,700 ) Net $ 153,914 $ 152,448 $ 66,117 $ 105,108 $ 94,360 $ 33,590 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): March 31, December 31, 2016 2015 Prepaid reinsurance premiums $ 119,927 $ 114,673 Reinsurance recoverable on unpaid losses and LAE $ 7,709 $ 13,540 Reinsurance recoverable on paid losses 9,453 9,313 Reinsurance receivable, net 186 353 Reinsurance recoverable and receivable $ 17,348 $ 23,206

Insurance Operations

Insurance Operations	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 DPAC, beginning of period $ 60,019 $ 54,603 Capitalized Costs 30,735 28,567 Amortization of DPAC (29,596 ) (26,987 ) DPAC, end of period $ 61,158 $ 56,183 DRCC, beginning of period $ — $ 28,943 Ceding Commissions Written — 17,661 Earned Ceding Commissions — (16,616 ) DRCC, end of period $ — $ 29,988 DPAC (DRCC), net, beginning of period $ 60,019 $ 25,660 Capitalized Costs, net 30,735 10,906 Amortization of DPAC (DRCC), net (29,596 ) (10,371 ) DPAC (DRCC), net, end of period $ 61,158 $ 26,195 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 March 31, 2016 2015 Balance at beginning of period $ 98,840 $ 134,353 Less: Reinsurance recoverable (13,540 ) (47,350 ) Net balance at beginning of period 85,300 87,003 Incurred (recovered) related to: Current year 66,101 33,559 Prior years 16 27 Total incurred 66,117 33,586 Paid related to: Current year 18,618 6,789 Prior years 55,533 31,352 Total paid 74,151 38,141 Net balance at end of period 77,266 82,448 Plus: Reinsurance recoverable 7,709 42,713 Balance at end of period $ 84,975 $ 125,161 Regulatory Requirements and Restrictions The Insurance Entities are subject to regulations and standards of the Florida Office of Insurance Regulation (“FLOIR”). 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 FLOIR. 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 (“UVECF”), 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, 2015, UPCIC has the capacity to pay ordinary dividends of $52.9 million during 2016. no 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 U.S. GAAP, and an amount representing ten percent of total liabilities for both UPCIC and APPCIC as of the dates presented (in thousands): March 31, December 31, 2016 2015 Ten percent of total liabilities UPCIC $ 57,002 $ 55,928 APPCIC $ 449 $ 463 Statutory capital and surplus UPCIC $ 274,069 $ 256,987 APPCIC $ 14,754 $ 14,777 As of the dates in the table above, both UPCIC and APPCIC met the capitalization requirement. UPCIC also met the capitalization requirements of the other states in which it is licensed as of March 31, 2016. UPCIC and APPCIC are also required to adhere to prescribed premium-to-capital surplus ratios and have met those requirements at such dates. The Insurance Entities are required by various state laws and regulations to maintain certain assets in depository accounts. The following table represents assets held by insurance regulators as of the dates presented (in thousands): March 31, December 31, 2016 2015 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,964 $ 3,876

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt	6. Long-Term Debt Long-term debt consists of the following as of the dates presented (in thousands): March 31, December 31, 2016 2015 Surplus note $ 15,441 $ 15,809 Term loan 6,946 6,851 Promissory note 690 1,390 Total $ 23,077 $ 24,050 In addition to the long-term debt listed above, UVE 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, UVE will be prohibited from paying dividends to its shareholders should UVE default on such underlying agreements. UVE was in compliance with the covenants of the term loan as of March 31, 2016. UPCIC was in compliance

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 (in thousands): Issued Treasury Outstanding Shares Shares Shares Balance, as of December 31, 2015 45,525 (10,415 ) 35,110 Shares repurchased — (100 ) (100 ) Shares acquired through cashless exercise (1) — (210 ) (210 ) Shares cancelled (210 ) 210 — Balance, as of March 31, 2016 45,315 (10,515 ) 34,800 (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 November 2015, UVE announced that its Board of Directors authorized a share repurchase program under which UVE may repurchase in the open market in compliance with Exchange Act Rule 10b-18 up to $10 million of its outstanding shares of common stock through December 31, 2016. During the three months ended March 31, 2016, UVE repurchased 100,000 shares, at an aggregate price of $1.9 million, pursuant to such repurchase program. Dividends On January 14, 2016, UVE declared a cash dividend of $0.14 per share on its outstanding common stock paid on March 2, 2016, to the shareholders of record at the close of business on February 18, 2016.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	8. Related Party Transactions Scott P. Callahan, a director of the Company, provided 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 Company and SPC Global RE Advisors LLC terminated the consulting agreement on September 18, 2015 by mutual consent. The following table provides payments made by the Company for the periods presented (in thousands): Three Months Ended March 31, 2016 2015 SPC Global RE Advisors LLC $ — $ 30 There were no amounts due to SPC Global RE Advisors LLC as of March 31, 2016, and December 31, 2015, respectively. Payments due to SPC Global RE Advisors LLC were generally made in the month the services were provided.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes During the three months ended March 31, 2016 and 2015, the Company recorded approximately $15.9 million and $15.7 million of income taxes, respectively. The effective tax rate for the quarter ending March 31, 2016 is 38.6% compared to a 41.3% effective tax rate for the same period in the prior year. 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%, The reduction in the Company’s effective tax rates for the three months ended March 31, 2016 compared to the same periods in 2015 was primarily the result of: · a reduction in the amount of non-deductible executive compensation, and · lower state income taxes as the Company diversifies outside of Florida. 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 and 2012. The Company received notice from the IRS Joint Committee on Taxation that it has completed its consideration of the audit relating to the loss carryback of realized losses from securities sold during 2012 and applied to 2009. The IRS Joint Committee on Taxation has taken no exception to the conclusion reached by the Internal Revenue Service, the result of which yielded no material change.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
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 the exercise 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 March 31, 2016 2015 Numerator for EPS: Net income $ 25,226 $ 22,330 Less: Preferred stock dividends (3 ) (2 ) Income available to common stockholders $ 25,223 $ 22,328 Denominator for EPS: Weighted average common shares outstanding 34,527 34,578 Plus: Assumed conversion of stock-based compensation (1) 1,042 1,468 Assumed conversion of preferred stock 25 35 Weighted average diluted common shares outstanding 35,594 36,081 Basic earnings per common share $ 0.73 $ 0.65 Diluted earnings per common share $ 0.71 $ 0.62 (1) Represents the dilutive effect of unvested restricted stock and unexercised stock options.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Pre-tax Tax After-tax Pre-tax Tax After-tax Net unrealized gains (losses) on investments available for sale arising during the period $ 6,020 $ 2,327 $ 3,693 $ 2,121 $ 818 $ 1,303 Less: Amounts reclassified from accumulated other comprehensive income (loss) (667 ) (255 ) (412 ) (171 ) (65 ) (106 ) Net current period other comprehensive income (loss) $ 5,353 $ 2,072 $ 3,281 $ 1,950 $ 753 $ 1,197 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 March 31, Affected Line Item in the Statement Comprehensive Income Components 2016 2015 Where Net Income is Presented Unrealized gains (losses) on investments available for sale $ 667 $ 171 Net realized gains (losses) on investments (255 ) (65 ) Income taxes $ 412 $ 106 Net of tax

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Litigation Certain lawsuits have been filed against the Company. These lawsuits generally involve matters related to the claims aspect of the Company’s business. The Company contests liability and/or the amount of damages as appropriate in each pending matter. In accordance with applicable accounting guidance, the Company establishes an accrued liability for legal matters when those matters present loss contingencies that are both probable and estimable. Legal proceedings are subject to many uncertain factors that generally cannot be predicted with assurance, and the Company may be exposed to losses in excess of any amounts accrued. The Company currently estimates that the reasonably possible losses for legal proceedings, whether in excess of a related accrued liability or where there is no accrued liability, and for which the Company is able to estimate a possible loss, are immaterial. This represents management’s estimate of possible loss with respect to these matters and is based on currently available information. This estimate of possible loss does not represent our maximum loss exposure. The legal proceedings underlying the estimate will change from time to time and actual results may vary significantly from current estimates.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations and agencies $ — $ 131,923 $ — $ 131,923 Corporate bonds — 158,323 — 158,323 Mortgage-backed and asset-backed securities — 183,522 — 183,522 Redeemable preferred stock — 9,951 — 9,951 Other — 5,006 — 5,006 Equity securities: Common stock 119 — — 119 Mutual funds 31,635 — — 31,635 Short-term investments — 12,505 — 12,505 Total assets accounted for at fair value $ 31,754 $ 501,230 $ — $ 532,984 Fair Value Measurements December 31, 2015 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations and agencies $ — $ 125,342 $ — $ 125,342 Corporate bonds — 125,517 — 125,517 Mortgage-backed and asset-backed securities — 150,160 — 150,160 Redeemable preferred stock — 10,065 — 10,065 Other — 4,999 — 4,999 Equity securities: Common stock 10,762 — — 10,762 Mutual funds 31,452 — — 31,452 Short-term investments — 25,021 — 25,021 Total assets accounted for at fair value $ 42,214 $ 441,104 $ — $ 483,318 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): March 31, 2016 December 31, 2015 (Level 3) (Level 3) Estimated Estimated Carrying Value Carrying Value Liabilities (debt): Surplus note $ 15,441 $ 13,688 $ 15,809 $ 14,166 Term loan $ 6,946 $ 6,946 $ 6,851 $ 6,851 Promissory note $ 690 $ 690 $ 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	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016. On April 13, 2016, the Company declared a cash dividend of $0.14 per share on its outstanding common stock to be paid on July 5, 2016 to shareholders of record at the close of business on June 15, 2016. On April 28, 2016, the Company sold 583,771 shares of UVE common stock in a private placement to RenaissanceRe Ventures Ltd. (“RenRe”) at a price of $17.13 per share for total consideration of $10 million , which was comprised of $2,965,000 in cash and $7,035,000 in cancellation of outstanding indebtedness

Nature of Operations and Basi21

Nature of Operations and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations Universal Insurance Holdings, Inc. (“UVE”) is a Delaware corporation incorporated in 1990. UVE 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, Universal Property & Casualty Insurance Company (“UPCIC”) and American Platinum Property and Casualty Insurance Company (“APPCIC”), together 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 currently offered in twelve 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 brokerage commissions collected from reinsurers, policy fees collected from policyholders by 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, the Financial Statements 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, 2015, filed with the SEC on February 24, 2016. The condensed consolidated balance sheet at December 31, 2015, 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 UVE 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.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2016
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): March 31, 2016 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed Maturities: U.S. government obligations and agencies $ 131,110 $ 904 $ (91 ) $ 131,923 Corporate bonds 157,358 1,410 (445 ) 158,323 Mortgage-backed and asset-backed securities 183,108 794 (380 ) 183,522 Redeemable preferred stock 9,518 444 (11 ) 9,951 Other 5,000 6 — 5,006 Equity Securities: Common stock 215 — (96 ) 119 Mutual funds 35,340 11 (3,716 ) 31,635 Short-term investments 12,504 1 — 12,505 Total $ 534,153 $ 3,570 $ (4,739 ) $ 532,984 December 31, 2015 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed Maturities: U.S. government obligations and agencies $ 126,209 $ — $ (867 ) $ 125,342 Corporate bonds 126,421 137 (1,041 ) 125,517 Mortgage-backed and asset-backed securities 151,328 97 (1,265 ) 150,160 Redeemable preferred stock 9,665 429 (29 ) 10,065 Other 5,000 — (1 ) 4,999 Equity Securities: Common stock 10,991 15 (244 ) 10,762 Mutual funds 35,221 5 (3,774 ) 31,452 Short-term investments 25,011 10 — 25,021 Total $ 489,846 $ 693 $ (7,221 ) $ 483,318
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): March 31, 2016 December 31, 2015 % of Total % of Total Comparable Ratings Fair Value Fair Value Fair Value Fair Value AAA $ 105,619 21.1 % $ 103,097 23.4 % AA 250,589 50.0 % 189,600 43.0 % A 67,894 13.5 % 83,850 19.0 % BBB 72,580 14.5 % 41,408 9.4 % BB+ and Below 1,537 0.3 % 4,261 1.0 % No Rating Available 3,011 0.6 % 18,888 4.2 % Total $ 501,230 100.0 % $ 441,104 100.0 % 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): March 31, 2016 December 31, 2015 Cost or Cost or Amortized Amortized Cost Fair Value Cost Fair Value Mortgage-backed securities: Agency $ 83,623 $ 83,897 $ 74,353 $ 73,854 Non-agency 17,411 17,383 10,430 10,183 Asset-backed securities: Auto loan receivables 39,247 39,360 29,883 29,712 Credit card receivables 34,706 34,763 32,225 31,985 Other receivables 8,121 8,119 4,437 4,426 Total $ 183,108 $ 183,522 $ 151,328 $ 150,160
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): March 31, 2016 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 $ 28,934 $ (26 ) 2 $ 3,506 $ (64 ) Corporate bonds 28 24,139 (304 ) 7 7,826 (145 ) Mortgage-backed and asset-backed securities 17 32,977 (198 ) 5 12,486 (118 ) Redeemable preferred stock 5 2,149 (9 ) 2 257 (5 ) Other Equity securities: Common stock 1 67 (13 ) 2 119 (96 ) Mutual funds 5 34,819 (751 ) 1 8,436 (3,010 ) Short-term investments — — — — — — Total 58 $ 123,085 $ (1,301 ) 19 $ 32,630 $ (3,438 ) December 31, 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 10 $ 121,912 $ (690 ) 2 $ 3,429 $ (177 ) Corporate bonds 101 90,717 (927 ) 6 4,789 (114 ) Mortgage-backed and asset-backed securities 51 118,743 (974 ) 6 13,902 (291 ) Redeemable preferred stock 5 764 (29 ) — — — Other 1 4,999 (1 ) — — Equity securities: Common stock 3 8,690 (148 ) 2 93 (96 ) Mutual funds 3 13,192 (374 ) 1 7,867 (3,400 ) Total 174 $ 359,017 $ (3,143 ) 17 $ 30,080 $ (4,078 )
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): March 31, 2016 Cost or Amortized Fair Value Due in one year or less $ 34,979 $ 34,960 Due after one year through five years 266,958 268,810 Due after five years through ten years 3,006 3,055 Due after ten years 3,990 4,084 Mortgage-backed and asset-backed securities 183,108 183,522 Perpetual maturity securities 6,557 6,799 Total $ 498,598 $ 501,230
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 March 31, 2016 2015 Sales proceeds (fair value) $ 60,167 $ 40,595 Gross realized gains $ 685 $ 186 Gross realized losses $ (18 ) $ (15 )
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 March 31, 2016 2015 Fixed maturities $ 1,831 $ 1,184 Equity securities 203 57 Short-term investments 115 38 Other (1) 73 66 Total investment income 2,222 1,345 Less: Investment expenses (2) (617 ) (483 ) Net investment (expense) income $ 1,605 $ 862 (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): March 31, 2016 December 31, 2015 Investment real estate $ 8,242 $ 6,220 Less: Accumulated depreciation (132 ) (103 ) Investment real estate, net $ 8,110 $ 6,117

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 Due from as of Standard and Poor's Moody's AM Best Rating Investors March 31, December 31, Reinsurer Company Services Service, Inc. 2016 2015 Florida Hurricane Catastrophe Fund n/a n/a n/a 16,834 42,086 Odyssey Reinsurance Company A A- A3 13,393 18,742 Total (1) $ 30,227 $ 60,828 (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 this state trust fund, which is under the direction of the Florida State Board of Administration, 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 March 31, 2016 2015 Losses and Loss Losses and Loss Premiums Premiums Adjustment Premiums Premiums Adjustment Written Earned Expenses Written Earned Expenses Direct $ 227,973 $ 221,252 $ 66,148 $ 211,605 $ 196,671 $ 49,290 Ceded (74,059 ) (68,804 ) (31 ) (106,497 ) (102,311 ) (15,700 ) Net $ 153,914 $ 152,448 $ 66,117 $ 105,108 $ 94,360 $ 33,590
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): March 31, December 31, 2016 2015 Prepaid reinsurance premiums $ 119,927 $ 114,673 Reinsurance recoverable on unpaid losses and LAE $ 7,709 $ 13,540 Reinsurance recoverable on paid losses 9,453 9,313 Reinsurance receivable, net 186 353 Reinsurance recoverable and receivable $ 17,348 $ 23,206

Insurance Operations (Tables)

Insurance Operations (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 DPAC, beginning of period $ 60,019 $ 54,603 Capitalized Costs 30,735 28,567 Amortization of DPAC (29,596 ) (26,987 ) DPAC, end of period $ 61,158 $ 56,183 DRCC, beginning of period $ — $ 28,943 Ceding Commissions Written — 17,661 Earned Ceding Commissions — (16,616 ) DRCC, end of period $ — $ 29,988 DPAC (DRCC), net, beginning of period $ 60,019 $ 25,660 Capitalized Costs, net 30,735 10,906 Amortization of DPAC (DRCC), net (29,596 ) (10,371 ) DPAC (DRCC), net, end of period $ 61,158 $ 26,195
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 March 31, 2016 2015 Balance at beginning of period $ 98,840 $ 134,353 Less: Reinsurance recoverable (13,540 ) (47,350 ) Net balance at beginning of period 85,300 87,003 Incurred (recovered) related to: Current year 66,101 33,559 Prior years 16 27 Total incurred 66,117 33,586 Paid related to: Current year 18,618 6,789 Prior years 55,533 31,352 Total paid 74,151 38,141 Net balance at end of period 77,266 82,448 Plus: Reinsurance recoverable 7,709 42,713 Balance at end of period $ 84,975 $ 125,161
Statutory Capital and Surplus, and an Amount Representing Ten Percent of Total Liabilities for both UPCIC and APPCIC	The following table presents the amount of capital and surplus calculated in accordance with statutory accounting principles, which differ from U.S. GAAP, and an amount representing ten percent of total liabilities for both UPCIC and APPCIC as of the dates presented (in thousands): March 31, December 31, 2016 2015 Ten percent of total liabilities UPCIC $ 57,002 $ 55,928 APPCIC $ 449 $ 463 Statutory capital and surplus UPCIC $ 274,069 $ 256,987 APPCIC $ 14,754 $ 14,777
Assets Held by Insurance Regulators	The following table represents assets held by insurance regulators as of the dates presented (in thousands): March 31, December 31, 2016 2015 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,964 $ 3,876

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following as of the dates presented (in thousands): March 31, December 31, 2016 2015 Surplus note $ 15,441 $ 15,809 Term loan 6,946 6,851 Promissory note 690 1,390 Total $ 23,077 $ 24,050

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
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 three months ended March 31, 2016 (in thousands): Issued Treasury Outstanding Shares Shares Shares Balance, as of December 31, 2015 45,525 (10,415 ) 35,110 Shares repurchased — (100 ) (100 ) Shares acquired through cashless exercise (1) — (210 ) (210 ) Shares cancelled (210 ) 210 — Balance, as of March 31, 2016 45,315 (10,515 ) 34,800 (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.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Payments Made by Company	The following table provides payments made by the Company for the periods presented (in thousands): Three Months Ended March 31, 2016 2015 SPC Global RE Advisors LLC $ — $ 30

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Numerator for EPS: Net income $ 25,226 $ 22,330 Less: Preferred stock dividends (3 ) (2 ) Income available to common stockholders $ 25,223 $ 22,328 Denominator for EPS: Weighted average common shares outstanding 34,527 34,578 Plus: Assumed conversion of stock-based compensation (1) 1,042 1,468 Assumed conversion of preferred stock 25 35 Weighted average diluted common shares outstanding 35,594 36,081 Basic earnings per common share $ 0.73 $ 0.65 Diluted earnings per common share $ 0.71 $ 0.62 (1) Represents the dilutive effect of unvested restricted stock and unexercised stock options.

Other Comprehensive Income (L29

Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Pre-tax Tax After-tax Pre-tax Tax After-tax Net unrealized gains (losses) on investments available for sale arising during the period $ 6,020 $ 2,327 $ 3,693 $ 2,121 $ 818 $ 1,303 Less: Amounts reclassified from accumulated other comprehensive income (loss) (667 ) (255 ) (412 ) (171 ) (65 ) (106 ) Net current period other comprehensive income (loss) $ 5,353 $ 2,072 $ 3,281 $ 1,950 $ 753 $ 1,197
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 March 31, Affected Line Item in the Statement Comprehensive Income Components 2016 2015 Where Net Income is Presented Unrealized gains (losses) on investments available for sale $ 667 $ 171 Net realized gains (losses) on investments (255 ) (65 ) Income taxes $ 412 $ 106 Net of tax

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations and agencies $ — $ 131,923 $ — $ 131,923 Corporate bonds — 158,323 — 158,323 Mortgage-backed and asset-backed securities — 183,522 — 183,522 Redeemable preferred stock — 9,951 — 9,951 Other — 5,006 — 5,006 Equity securities: Common stock 119 — — 119 Mutual funds 31,635 — — 31,635 Short-term investments — 12,505 — 12,505 Total assets accounted for at fair value $ 31,754 $ 501,230 $ — $ 532,984 Fair Value Measurements December 31, 2015 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations and agencies $ — $ 125,342 $ — $ 125,342 Corporate bonds — 125,517 — 125,517 Mortgage-backed and asset-backed securities — 150,160 — 150,160 Redeemable preferred stock — 10,065 — 10,065 Other — 4,999 — 4,999 Equity securities: Common stock 10,762 — — 10,762 Mutual funds 31,452 — — 31,452 Short-term investments — 25,021 — 25,021 Total assets accounted for at fair value $ 42,214 $ 441,104 $ — $ 483,318
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): March 31, 2016 December 31, 2015 (Level 3) (Level 3) Estimated Estimated Carrying Value Carrying Value Liabilities (debt): Surplus note $ 15,441 $ 13,688 $ 15,809 $ 14,166 Term loan $ 6,946 $ 6,946 $ 6,851 $ 6,851 Promissory note $ 690 $ 690 $ 1,390 $ 1,390

Nature of Operations and Basi31

Nature of Operations and Basis of Presentation - Additional Information (Detail)	Mar. 31, 2016State
Accounting Policies [Abstract]
Number of states	12

Investments - Cost or Amortized

Investments - Cost or Amortized Cost and Fair Value of Securities Available for Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	$ 534,153	$ 489,846
Gross Unrealized Gains	3,570	693
Gross Unrealized Losses	(4,739)	(7,221)
Fair Value	532,984	483,318
Short-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	12,504	25,011
Gross Unrealized Gains	1	10
Fair Value	12,505	25,021
U.S. Government Obligations and Agencies [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	131,110	126,209
Gross Unrealized Gains	904
Gross Unrealized Losses	(91)	(867)
Fair Value	131,923	125,342
Corporate Bonds [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	157,358	126,421
Gross Unrealized Gains	1,410	137
Gross Unrealized Losses	(445)	(1,041)
Fair Value	158,323	125,517
Mortgage-Backed and Asset-Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	183,108	151,328
Fair Value	183,522	150,160
Mortgage-Backed and Asset-Backed Securities [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	183,108	151,328
Gross Unrealized Gains	794	97
Gross Unrealized Losses	(380)	(1,265)
Fair Value	183,522	150,160
Redeemable Preferred Stock [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	9,518	9,665
Gross Unrealized Gains	444	429
Gross Unrealized Losses	(11)	(29)
Fair Value	9,951	10,065
Other [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	5,000	5,000
Gross Unrealized Gains	6
Gross Unrealized Losses		(1)
Fair Value	5,006	4,999
Common Stock [Member] | Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	215	10,991
Gross Unrealized Gains		15
Gross Unrealized Losses	(96)	(244)
Fair Value	119	10,762
Mutual Funds [Member] | Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	35,340	35,221
Gross Unrealized Gains	11	5
Gross Unrealized Losses	(3,716)	(3,774)
Fair Value	$ 31,635	$ 31,452

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	Mar. 31, 2016	Dec. 31, 2015
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 501,230	$ 441,104
Percentage of Total Fair Value	100.00%	100.00%
Comparable Ratings, AAA Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 105,619	$ 103,097
Percentage of Total Fair Value	21.10%	23.40%
Comparable Ratings, AA Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 250,589	$ 189,600
Percentage of Total Fair Value	50.00%	43.00%
Comparable Ratings, A Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 67,894	$ 83,850
Percentage of Total Fair Value	13.50%	19.00%
Comparable Ratings, BBB Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 72,580	$ 41,408
Percentage of Total Fair Value	14.50%	9.40%
Comparable Ratings, BB+ and Below Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 1,537	$ 4,261
Percentage of Total Fair Value	0.30%	1.00%
Comparable Ratings, No Rating Available [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 3,011	$ 18,888
Percentage of Total Fair Value	0.60%	4.20%

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	$ 534,153	$ 489,846
Fair Value	532,984	483,318
Mortgage-backed securities [Member] | Agency [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	83,623	74,353
Fair Value	83,897	73,854
Mortgage-backed securities [Member] | Non Agency [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	17,411	10,430
Fair Value	17,383	10,183
Asset-backed securities [Member] | Auto Loans [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	39,247	29,883
Fair Value	39,360	29,712
Asset-backed securities [Member] | Credit Card Receivables [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	34,706	32,225
Fair Value	34,763	31,985
Asset-backed securities [Member] | Other Receivables [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	8,121	4,437
Fair Value	8,119	4,426
Mortgage-Backed and Asset-Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	183,108	151,328
Fair Value	$ 183,522	$ 150,160

Investments - Summarized Fair V

Investments - Summarized Fair Value and Gross Unrealized Losses on Securities Available for Sale (Detail) $ in Thousands	Mar. 31, 2016USD ($)Security	Dec. 31, 2015USD ($)Security
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	58	174
Less than 12 months, Fair value	$ 123,085	$ 359,017
Less than 12 months, Unrealized losses	$ (1,301)	$ (3,143)
12 months or longer, Number of issues | Security	19	17
12 months or longer, Fair value	$ 32,630	$ 30,080
12 months or longer, Unrealized losses	$ (3,438)	$ (4,078)
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	10
Less than 12 months, Fair value	$ 28,934	$ 121,912
Less than 12 months, Unrealized losses	$ (26)	$ (690)
12 months or longer, Number of issues | Security	2	2
12 months or longer, Fair value	$ 3,506	$ 3,429
12 months or longer, Unrealized losses	$ (64)	$ (177)
Corporate Bonds [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	28	101
Less than 12 months, Fair value	$ 24,139	$ 90,717
Less than 12 months, Unrealized losses	$ (304)	$ (927)
12 months or longer, Number of issues | Security	7	6
12 months or longer, Fair value	$ 7,826	$ 4,789
12 months or longer, Unrealized losses	$ (145)	$ (114)
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	17	51
Less than 12 months, Fair value	$ 32,977	$ 118,743
Less than 12 months, Unrealized losses	$ (198)	$ (974)
12 months or longer, Number of issues | Security	5	6
12 months or longer, Fair value	$ 12,486	$ 13,902
12 months or longer, Unrealized losses	$ (118)	$ (291)
Redeemable Preferred Stock [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	5	5
Less than 12 months, Fair value	$ 2,149	$ 764
Less than 12 months, Unrealized losses	$ (9)	$ (29)
12 months or longer, Number of issues | Security	2
12 months or longer, Fair value	$ 257
12 months or longer, Unrealized losses	$ (5)
Other [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security		1
Less than 12 months, Fair value		$ 4,999
Less than 12 months, Unrealized losses		$ (1)
Common Stock [Member] | Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	1	3
Less than 12 months, Fair value	$ 67	$ 8,690
Less than 12 months, Unrealized losses	$ (13)	$ (148)
12 months or longer, Number of issues | Security	2	2
12 months or longer, Fair value	$ 119	$ 93
12 months or longer, Unrealized losses	$ (96)	$ (96)
Mutual Funds [Member] | Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	5	3
Less than 12 months, Fair value	$ 34,819	$ 13,192
Less than 12 months, Unrealized losses	$ (751)	$ (374)
12 months or longer, Number of issues | Security	1	1
12 months or longer, Fair value	$ 8,436	$ 7,867
12 months or longer, Unrealized losses	$ (3,010)	$ (3,400)

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Investments With Contractual Maturities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule Of Available For Sale Securities [Line Items]
Fixed Maturities Securities Available for Sale, Due in one year or less, Amortized cost	$ 34,979
Fixed Maturities Securities Available for Sale, Due after one year through five years, Amortized cost	266,958
Fixed Maturities Securities Available for Sale, Due after five years through ten years, Amortized cost	3,006
Fixed Maturities Securities Available for Sale, Due after ten years, Amortized cost	3,990
Fixed Maturities Securities Available for Sale, Perpetual Maturity, Amortized Cost	6,557
Fixed Maturities Securities Available for Sale, Amortized cost, Total	498,598
Fixed Maturities Securities Available for Sale, Due in one year or less, Fair Value	34,960
Fixed Maturities Securities Available for Sale, Due after one year through five years, Fair Value	268,810
Fixed Maturities Securities Available for Sale, Due after five years through ten years, Fair Value	3,055
Fixed Maturities Securities Available for Sale, Due after ten years, Fair Value	4,084
Fixed Maturities Securities Available for Sale, Perpetual Maturity, Fair Value	6,799
Fixed Maturities Securities Available for Sale, Fair Value, Total	501,230	$ 441,104
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	183,108
Fixed Maturities Securities Available for Sale, Mortgage-backed Securities, Fair Value	$ 183,522

Investments - Summary of Securi

Investments - Summary of Securities Available for Sale (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Investments Debt And Equity Securities [Abstract]
Sales proceeds (fair value)	$ 60,167	$ 40,595
Gross realized gains	685	186
Gross realized losses	$ (18)	$ (15)

Investments - Investment Income

Investments - Investment Income (Expense) Comprised Primarily of Interest and Dividends (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Investment Income [Line Items]
Total investment income	$ 2,222	$ 1,345
Less: Investment expenses	(617)	(483)
Net investment (expense) income	1,605	862
Fixed Maturities [Member]
Net Investment Income [Line Items]
Investment income	1,831	1,184
Equity Securities [Member]
Net Investment Income [Line Items]
Investment income	203	57
Short-term Investments [Member]
Net Investment Income [Line Items]
Investment income	115	38
Other [Member]
Net Investment Income [Line Items]
Investment income	$ 73	$ 66

Investments - Schedule of Real

Investments - Schedule of Real Estate Investment (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real Estate Investments [Abstract]
Investment real estate	$ 8,242	$ 6,220
Less: Accumulated depreciation	(132)	(103)
Investment real estate, net	$ 8,110	$ 6,117

Reinsurance - Additional Inform

Reinsurance - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016
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	Mar. 31, 2016	Dec. 31, 2015
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers total	$ 30,227	$ 60,828
Florida Hurricane Catastrophe Fund [Member]
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers total	16,834	42,086
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	$ 13,393	$ 18,742

Reinsurance - Reinsurance Arran

Reinsurance - Reinsurance Arrangements (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reinsurance Disclosures [Abstract]
Direct premiums written	$ 227,973	$ 211,605
Ceded premiums written	(74,059)	(106,497)
Net premiums written	153,914	105,108
Direct Premiums Earned	221,252	196,671
Ceded Premiums Earned	(68,804)	(102,311)
Premiums earned, net	152,448	94,360
Direct Losses and Loss Adjustment Expenses	66,148	49,290
Ceded Losses and Loss Adjustment Expenses	(31)	(15,700)
Net Losses and Loss Adjustment Expenses	$ 66,117	$ 33,590

Reinsurance - Prepaid Reinsuran

Reinsurance - Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Reinsurance Disclosures [Abstract]
Prepaid reinsurance premiums	$ 119,927	$ 114,673
Reinsurance recoverable on unpaid losses and LAE	7,709	13,540	$ 42,713	$ 47,350
Reinsurance recoverable on paid losses	9,453	9,313
Reinsurance receivable, net	186	353
Reinsurance recoverable and receivable	$ 17,348	$ 23,206

Insurance Operations - Beginnin

Insurance Operations - Beginning and Ending Balances and Changes in DPAC, Net of DRCC (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Insurance [Abstract]
DPAC, beginning of period	$ 60,019	$ 54,603
Capitalized Costs	30,735	28,567
Amortization of DPAC	(29,596)	(26,987)
DPAC, end of period	61,158	56,183
DRCC, beginning of period		28,943
Ceding Commissions Written		17,661
Earned Ceding Commissions		(16,616)
DRCC, end of period		29,988
DPAC (DRCC), net, beginning of period	60,019	25,660
Capitalized Costs, net	30,735	10,906
Amortization of DPAC (DRCC), net	(29,596)	(10,371)
DPAC (DRCC), net, end of period	$ 61,158	$ 26,195

Insurance Operations - Change i

Insurance Operations - Change in Liability for Unpaid Losses and LAE (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Insurance [Abstract]
Balance at beginning of period	$ 98,840	$ 134,353
Less: Reinsurance recoverable	(13,540)	(47,350)
Net balance at beginning of period	85,300	87,003
Incurred (recovered) related to current year	66,101	33,559
Incurred (recovered) related to prior years	16	27
Total incurred	66,117	33,586
Paid related to Current year	18,618	6,789
Paid related to Prior years	55,533	31,352
Total paid	74,151	38,141
Net balance at end of period	77,266	82,448
Plus: Reinsurance recoverable	7,709	42,713
Balance at end of period	$ 84,975	$ 125,161

Insurance Operations - Addition

Insurance Operations - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)
UPCIC [Member]
Statutory Accounting Practices [Line Items]
Statutory ordinary dividend capacity	$ 52,900,000
UPCIC and APPCIC [Member]
Statutory Accounting Practices [Line Items]
Dividend paid to UVECF	$ 0
Minimum capitalization rate	10.00%
Statutory Accounting Practices, Statutory Capital and Surplus Required	$ 5,000,000
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	Mar. 31, 2016	Dec. 31, 2015
UPCIC [Member]
Statutory Accounting Practices [Line Items]
Ten percent of total liabilities	$ 57,002	$ 55,928
Statutory capital and surplus	274,069	256,987
APPCIC [Member]
Statutory Accounting Practices [Line Items]
Ten percent of total liabilities	449	463
Statutory capital and surplus	$ 14,754	$ 14,777

Insurance Operations - Assets H

Insurance Operations - Assets Held by Insurance Regulators (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
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	$ 3,964	$ 3,876

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total	$ 23,077	$ 24,050
Surplus Note [Member]
Debt Instrument [Line Items]
Notes payable	15,441	15,809
Term Loan [Member]
Debt Instrument [Line Items]
Term loan	6,946	6,851
Promissory Note [Member]
Debt Instrument [Line Items]
Notes payable	$ 690	$ 1,390

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	Mar. 31, 2016USD ($)
Debt Disclosure [Abstract]
Unsecured line of credit, amount drawn	$ 0

Stockholder's Equity - Activity

Stockholder's Equity - Activity Relating to Common Shares and Contingently Redeemable Common Shares (Detail) shares in Thousands	3 Months Ended
	Mar. 31, 2016shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, shares	45,525
Beginning balance, shares	(10,415)
Beginning balance, shares	35,110
Shares repurchased	(100)
Ending balance, shares	45,315
Ending balance, shares	(10,515)
Ending balance, shares	34,800
Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, shares	45,525
Shares cancelled	(210)
Ending balance, shares	45,315
Treasury Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, shares	(10,415)
Shares repurchased	(100)
Shares acquired through cashless exercise	(210)	[1]
Shares cancelled	210
Ending balance, shares	(10,515)
Stock Compensation Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, shares	35,110
Shares repurchased	(100)
Shares acquired through cashless exercise	(210)	[1]
Ending balance, shares	34,800
[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, shares in Thousands	Jan. 14, 2016	Mar. 31, 2016	Mar. 31, 2015	Nov. 30, 2015
Equity [Line Items]
Amount of shares authorized to repurchase				$ 10,000,000
Treasury shares acquired		100
Shares repurchased during period		$ 1,900,000
Dividends per share declared on outstanding common stock	$ 0.14	$ 0.14	$ 0.12
Installment1-FY2016
Equity [Line Items]
Dividends payable date		Mar. 2, 2016
Dividends payable, shareholders record date		Feb. 18, 2016

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - SPC Global RE Advisors LLC [Member] - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Consulting agreement terminated date	Sep. 18, 2015
Payments due to related party	$ 0	$ 0

Related Party Transactions - Pa

Related Party Transactions - Payments Made by Company to Downes and Associates (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)
SPC Global RE Advisors LLC [Member]
Related Party Transaction [Line Items]
Payments made by the company	$ 30

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income tax expense	$ 15,873	$ 15,693
Effective tax rate	38.60%	41.30%
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
	Mar. 31, 2016	Mar. 31, 2015
Numerator for EPS:
Net income	$ 25,226	$ 22,330
Less: Preferred stock dividends	(3)	(2)
Income available to common stockholders	$ 25,223	$ 22,328
Denominator for EPS:
Weighted average common shares outstanding	34,527	34,578
Plus: Assumed conversion of share-based compensation	1,042	1,468
Assumed conversion of preferred stock	25	35
Weighted average diluted common shares outstanding	35,594	36,081
Basic earnings per common share	$ 0.73	$ 0.65
Diluted earnings per common share	$ 0.71	$ 0.62

Other Comprehensive Income (L57

Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (loss) Pre-Tax and After-Tax (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity [Abstract]
Net unrealized gains (losses) on investments available for sale arising during the period, Pre-tax	$ 6,020	$ 2,121
Less: Amounts reclassified from accumulated other comprehensive income (loss), Pre-tax	(667)	(171)
Net current period other comprehensive income (loss), Pre-tax	5,353	1,950
Net unrealized gains (losses) on investments available for sale arising during the period, Tax	2,327	818
Less: Amounts reclassified from accumulated other comprehensive income (loss), Tax	(255)	(65)
Net current period other comprehensive income (loss), Tax	2,072	753
Net unrealized gains (losses) on investments available for sale arising during the period, After-tax	3,693	1,303
Less: Amounts reclassified from accumulated other comprehensive income (loss), After-tax	(412)	(106)
Net current period other comprehensive income (loss), After-tax	$ 3,281	$ 1,197

Other Comprehensive Income (L58

Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net realized gains (losses) on investments	$ 667	$ 171
Income taxes	(15,873)	(15,693)
NET INCOME	25,226	22,330
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	667	171
Income taxes	(255)	(65)
NET INCOME	$ 412	$ 106

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 488,725	$ 416,083
Equity securities	31,754	42,214
Short-term investments	12,505	25,021
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	12,505	25,021
Total assets accounted for at fair value	532,984	483,318
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	131,923	125,342
Fair Value, Measurements, Recurring | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	158,323	125,517
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	183,522	150,160
Fair Value, Measurements, Recurring | Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	9,951	10,065
Fair Value, Measurements, Recurring | Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	5,006	4,999
Fair Value, Measurements, Recurring | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	119	10,762
Fair Value, Measurements, Recurring | Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	31,635	31,452
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	31,754	42,214
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	119	10,762
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	31,635	31,452
Fair Value, Measurements, Recurring | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	12,505	25,021
Total assets accounted for at fair value	501,230	441,104
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	131,923	125,342
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	158,323	125,517
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	183,522	150,160
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	9,951	10,065
Fair Value, Measurements, Recurring | Level 2 [Member] | Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities	$ 5,006	$ 4,999

Fair Value Measurements - Summa

Fair Value Measurements - Summarizes Carrying Value and Estimated Fair Values of Financial Instruments not Carried at Fair Value (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Surplus Note [Member]
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]
Carrying value	$ 15,441	$ 15,809
Surplus Note [Member] | Level 3 [Member]
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]
Estimated fair value	13,688	14,166
Term Loan [Member]
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]
Carrying value	6,946	6,851
Term Loan [Member] | Level 3 [Member]
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]
Estimated fair value	6,946	6,851
Promissory Note [Member]
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]
Carrying value	690	1,390
Promissory Note [Member] | Level 3 [Member]
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]
Estimated fair value	$ 690	$ 1,390

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	Apr. 28, 2016	Apr. 13, 2016	Jan. 14, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Subsequent Event [Line Items]
Cash dividend declared per common share			$ 0.14	$ 0.14	$ 0.12
Common stock, par value				$ 0.01		$ 0.01
Issuance of common stock					$ 503,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash dividend declared per common share		$ 0.14
Dividends payable date		Jul. 5, 2016
Dividends payable, shareholders record date		Jun. 15, 2016
Subsequent Event [Member] | Private Placement [Member] | RenaissanceRe Ventures Ltd [Member]
Subsequent Event [Line Items]
Number of common stock, shares issued	583,771
Common stock, par value	$ 17.13
Issuance of common stock	$ 10,000,000
Cash proceeds from private placement	2,965,000
Proceeds used to cancellation of outstanding indebtedness	$ 7,035,000