Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 01, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | UVE | |
Entity Registrant Name | UNIVERSAL INSURANCE HOLDINGS, INC. | |
Entity Central Index Key | 891,166 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 35,077,903 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Statement Of Cash Flows [Abstract] | ||
Cash flows from operating activities | $ 152,639 | $ 207,547 |
Cash flows from investing activities: | ||
Proceeds from sale of property and equipment | 51 | |
Purchases of property and equipment | (3,637) | (7,414) |
Payments to acquire a business | (1,000) | |
Purchases of equity securities | (35,267) | (36,522) |
Purchases of fixed maturities | (241,613) | (73,320) |
Purchases of short-term investments | (87,542) | |
Purchases of investment real estate, net | (2,074) | (5,882) |
Proceeds from sales of equity securities | 43,766 | 17,412 |
Proceeds from sales of fixed maturities | 73,907 | 14,140 |
Proceeds from sales of short-term investments | 12,500 | |
Maturities of fixed maturities | 22,479 | 53,344 |
Maturities of short-term investments | 25,000 | 25,009 |
Net cash provided by (used in) investing activities | (117,439) | (89,224) |
Cash flows from financing activities: | ||
Preferred stock dividend | (5) | (5) |
Common stock dividend | (4,915) | (4,237) |
Issuance of common stock | 504 | |
Purchase of treasury stock | (6,927) | (5,076) |
Sale of treasury stock | 2,965 | |
Purchase of preferred stock | (257) | |
Payments related to tax withholding for share-based compensation | (4,831) | (9,791) |
Excess tax benefits (shortfall) from share-based compensation | (1,818) | 4,817 |
Borrowings under promissory note | 1,390 | |
Repayment of debt | (1,400) | (7,735) |
Net cash provided by (used in) financing activities | (16,931) | (20,390) |
Net increase (decrease) in cash and cash equivalents | 18,269 | 97,933 |
Cash and cash equivalents at beginning of period | 197,014 | 115,397 |
Cash and cash equivalents at end of period | 215,283 | 213,330 |
Supplemental cash and non-cash flow disclosures: | ||
Interest paid | 303 | 567 |
Income taxes paid | 35,781 | $ 33,279 |
Income tax refund | $ 5,694 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 215,283 | $ 197,014 |
Restricted cash and cash equivalents | 2,635 | 2,635 |
Fixed maturities, at fair value | 577,810 | 416,083 |
Equity securities, at fair value | 35,543 | 42,214 |
Short-term investments, at fair value | 5,004 | 25,021 |
Investment real estate, net | 8,102 | 6,117 |
Prepaid reinsurance premiums | 122,444 | 114,673 |
Reinsurance recoverable | 6,355 | 22,853 |
Premiums receivable, net | 61,433 | 50,980 |
Other receivables | 6,203 | 4,979 |
Property and equipment, net | 29,706 | 27,065 |
Deferred policy acquisition costs, net | 67,190 | 60,019 |
Income taxes recoverable | 156 | 5,420 |
Deferred income tax asset, net | 6,599 | 13,912 |
Other assets | 5,046 | 4,563 |
Total assets | 1,149,509 | 993,548 |
LIABILITIES: | ||
Unpaid losses and loss adjustment expenses | 60,144 | 98,840 |
Unearned premiums | 494,189 | 442,366 |
Advance premium | 29,589 | 24,813 |
Accounts payable | 2,926 | 378 |
Book overdraft | 539 | |
Reinsurance payable, net | 147,444 | 73,585 |
Dividends payable | 4,912 | |
Other liabilities and accrued expenses | 42,640 | 36,424 |
Long-term debt | 15,763 | 24,050 |
Total liabilities | 798,146 | 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 - 45,262 and 45,525 Outstanding shares - 35,064 and 35,110 | 453 | 455 |
Treasury shares, at cost - 10,198 and 10,415 | (85,399) | (80,802) |
Additional paid-in capital | 78,496 | 70,789 |
Accumulated other comprehensive income (loss), net of taxes | 2,116 | (4,006) |
Retained earnings | 355,697 | 306,656 |
Total stockholders' equity | 351,363 | 293,092 |
Total liabilities and stockholders' equity | $ 1,149,509 | $ 993,548 |
CONDENSED CONSOLIDATED BALANCE4
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Jun. 30, 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 | 45,262,000 | 45,525,000 |
Common stock, shares outstanding | 35,064,000 | 35,110,000 |
Treasury stock, shares | 10,198,000 | 10,415,000 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
PREMIUMS EARNED AND OTHER REVENUES | ||||
Direct premiums written | $ 271,921 | $ 249,971 | $ 499,894 | $ 461,576 |
Ceded premiums written | (72,874) | (7,933) | (146,933) | (114,430) |
Net premiums written | 199,047 | 242,038 | 352,961 | 347,146 |
Change in net unearned premium | (42,586) | (129,150) | (44,052) | (139,898) |
Premiums earned, net | 156,461 | 112,888 | 308,909 | 207,248 |
Net investment income (expense) | 2,142 | 1,207 | 3,747 | 2,069 |
Net realized gains (losses) on investments | 576 | 110 | 1,243 | 281 |
Commission revenue | 4,210 | 3,474 | 8,323 | 6,642 |
Policy fees | 4,753 | 4,352 | 8,867 | 8,184 |
Other revenue | 1,660 | 1,560 | 3,159 | 2,977 |
Total premiums earned and other revenues | 169,802 | 123,591 | 334,248 | 227,401 |
OPERATING COSTS AND EXPENSES | ||||
Losses and loss adjustment expenses | 60,083 | 39,704 | 126,200 | 73,294 |
General and administrative expenses | 54,825 | 42,667 | 112,055 | 74,864 |
Total operating costs and expenses | 114,908 | 82,371 | 238,255 | 148,158 |
INCOME BEFORE INCOME TAXES | 54,894 | 41,220 | 95,993 | 79,243 |
Income tax expense | 21,247 | 16,516 | 37,120 | 32,209 |
NET INCOME | $ 33,647 | $ 24,704 | $ 58,873 | $ 47,034 |
Basic earnings per common share | $ 0.96 | $ 0.71 | $ 1.69 | $ 1.35 |
Weighted average common shares outstanding - Basic | 35,062 | 35,019 | 34,795 | 34,800 |
Fully diluted earnings per common share | $ 0.94 | $ 0.69 | $ 1.65 | $ 1.31 |
Weighted average common shares outstanding - Diluted | 35,649 | 36,002 | 35,575 | 35,987 |
Cash dividend declared per common share | $ 0.14 | $ 0.12 | $ 0.28 | $ 0.24 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 33,647 | $ 24,704 | $ 58,873 | $ 47,034 |
Other comprehensive income (loss) | 2,841 | (1,083) | 6,122 | 114 |
Comprehensive income | $ 36,488 | $ 23,621 | $ 64,995 | $ 47,148 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 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 thirteen 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 on reinsurance programs placed by the Insurance Entities, 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 annual financial statements. Therefore, the Financial Statements should be read in conjunction with the audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 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. Condensed Consolidated Statement of Cash Flows – Additional Disclosure As discussed in “Note 7 – (Stockholders’ Equity)”, in April 2016 the Company entered into a Purchase and Exchange Agreement with RenaissanceRe Ventures Ltd. pursuant to which the Company sold an aggregate of 583,771 shares of UVE common stock at a price of $17.13 per share for a total consideration of $10 million of which $7.035 million represents cancellation of indebtedness, non-cash portion, and the balance of $2.965 million was received in cash. The noncash portion of the transaction has been excluded from the statement of cash flows. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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): June 30, 2016 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed Maturities: U.S. government obligations and agencies and municipal securities $ 144,716 $ 1,918 $ (55 ) $ 146,579 Corporate bonds 186,111 2,674 (216 ) 188,569 Mortgage-backed and asset-backed securities 230,694 1,770 (233 ) 232,231 Redeemable preferred stock 9,732 705 (6 ) 10,431 Equity Securities: Common stock 3,224 — (138 ) 3,086 Mutual funds 35,491 82 (3,116 ) 32,457 Short-term investments 5,000 4 — 5,004 Total $ 614,968 $ 7,153 $ (3,764 ) $ 618,357 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): June 30, 2016 December 31, 2015 % of Total % of Total Comparable Ratings Fair Value Fair Value Fair Value Fair Value AAA $ 128,053 22.0 % $ 103,097 23.4 % AA 277,327 47.5 % 189,600 43.0 % A 108,337 18.6 % 83,850 19.0 % BBB 65,155 11.2 % 41,408 9.4 % BB+ and Below 2,442 0.4 % 4,261 1.0 % No Rating Available 1,500 0.3 % 18,888 4.2 % Total $ 582,814 100.0 % $ 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): June 30, 2016 December 31, 2015 Cost or Cost or Amortized Amortized Cost Fair Value Cost Fair Value Mortgage-backed securities: Agency $ 113,609 $ 114,464 $ 74,353 $ 73,854 Non-agency 21,266 21,404 10,430 10,183 Asset-backed securities: Auto loan receivables 39,937 40,192 29,883 29,712 Credit card receivables 36,686 36,857 32,225 31,985 Other receivables 19,196 19,314 4,437 4,426 Total $ 230,694 $ 232,231 $ 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): June 30, 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 and municipal securities — $ — $ — 2 $ 3,524 $ (55 ) Corporate bonds 9 7,018 (49 ) 7 5,328 (166 ) Mortgage-backed and asset-backed securities 18 41,521 (107 ) 4 6,473 (126 ) Redeemable preferred stock 2 171 (6 ) — — — Equity securities: Common stock 2 2,986 (48 ) 2 100 (90 ) Mutual funds 3 12,936 (451 ) 1 8,686 (2,666 ) Total 34 $ 64,632 $ (661 ) 16 $ 24,111 $ (3,103 ) 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 ) Evaluating Investments for OTTI At June 30, 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 on our analysis, our fixed income portfolio is of high quality and we believe we will recover the amortized cost basis of our fixed income securities. We continually monitor the credit quality of our fixed income investments to assess if it is probable that we will receive our contractual or estimated cash flows in the form of principal and interest. Additionally, the Company considers management’s intent and ability to hold the securities until recovery and its credit analysis of the individual issuers of the securities. Based on this process and analysis, management has no reason to believe the unrealized losses for securities available for sale at June 30, 2016 are other than temporary. As of June 30, 2016, we held approximately $8.0 million equity securities that were in an unrealized loss position twelve months or longer. The unrealized loss on these securities was $3.5 million. Based on our analysis, we believe each security will recover in a reasonable period of time and we have the intent and ability to hold them until recovery. There were no OTTI losses recognized in the periods presented on the equity portfolio. The following table presents the amortized cost and fair value of investments with contractual maturities as of the date presented (in thousands): June 30, 2016 Cost or Amortized Fair Value Due in one year or less $ 33,796 $ 33,834 Due after one year through five years 234,677 237,846 Due after five years through ten years 19,321 19,712 Due after ten years 48,033 48,760 Mortgage-backed and asset-backed securities 230,694 232,231 Perpetual maturity securities 9,732 10,431 Total $ 576,253 $ 582,814 Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without penalty. The following table provides certain information related to securities available for sale during the periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Sales proceeds (fair value) $ 70,006 $ 15,861 $ 117,673 $ 44,052 Gross realized gains $ 576 $ 111 $ 1,261 $ 296 Gross realized losses $ — $ (1 ) $ (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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 Fixed maturities $ 2,160 $ 1,338 $ 3,992 $ 2,522 Equity securities 239 206 442 263 Short-term investments 14 67 45 105 Other (1) 281 79 437 145 Total investment income 2,694 1,690 4,916 3,035 Less: Investment expenses (2) (552 ) (483 ) (1,169 ) (966 ) Net investment (expense) income $ 2,142 $ 1,207 $ 3,747 $ 2,069 (1) Includes interest earned on cash and cash equivalents and restricted cash and cash equivalents. Also includes investment income earned on real estate investments. (2) Includes bank fees, investment accounting and advisory fees, and expenses associated with real estate investments. Investment Real Estate Investment real estate consisted of the following as of the dates presented (in thousands): June 30, 2016 December 31, 2015 Investment real estate $ 8,294 $ 6,220 Less: Accumulated depreciation (192 ) (103 ) Investment real estate, net $ 8,102 $ 6,117 |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 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 now retains 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 June 30, 2016 Due from as of Standard and Poor's Moody's AM Best Rating Investors December 31, Reinsurer Company Services Service, Inc. 2015 Florida Hurricane Catastrophe Fund n/a n/a n/a $ 42,086 Odyssey Reinsurance Company A A- A3 18,742 Total (1) $ 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. There were no amounts due from the Company’s reinsurers whose aggregate balance exceeded 3% of stockholders’ equity as of June 30, 2016. The Company’s reinsurance arrangements had the following effect on certain items in the Condensed Consolidated Statements of Income for the periods presented (in thousands): Three Months Ended June 30, 2016 2015 Losses and Loss Losses and Loss Premiums Premiums Adjustment Premiums Premiums Adjustment Written Earned Expenses Written Earned Expenses Direct $ 271,921 $ 226,819 $ 58,434 $ 249,971 $ 204,771 $ 49,701 Ceded (72,874 ) (70,358 ) 1,649 (7,933 ) (91,883 ) (9,997 ) Net $ 199,047 $ 156,461 $ 60,083 $ 242,038 $ 112,888 $ 39,704 Six Months Ended June 30, 2016 2015 Losses and Loss Losses and Loss Premiums Premiums Adjustment Premiums Premiums Adjustment Written Earned Expenses Written Earned Expenses Direct $ 499,894 $ 448,070 $ 124,581 $ 461,576 $ 401,442 $ 98,991 Ceded (146,933 ) (139,161 ) 1,619 (114,430 ) (194,194 ) (25,697 ) Net $ 352,961 $ 308,909 $ 126,200 $ 347,146 $ 207,248 $ 73,294 The following prepaid reinsurance premiums and reinsurance recoverable and receivable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands): June 30, December 31, 2016 2015 Prepaid reinsurance premiums $ 122,444 $ 114,673 Reinsurance recoverable on unpaid losses and LAE $ 2,958 $ 13,540 Reinsurance recoverable on paid losses 3,397 9,313 Reinsurance receivable, net 186 353 Reinsurance recoverable and receivable $ 6,541 $ 23,206 |
Insurance Operations
Insurance Operations | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 DPAC, beginning of period $ 61,158 $ 56,183 $ 60,019 $ 54,603 Capitalized Costs 36,825 31,722 67,411 60,289 Amortization of DPAC (30,793 ) (25,724 ) (60,240 ) (52,711 ) DPAC, end of period $ 67,190 $ 62,181 $ 67,190 $ 62,181 DRCC, beginning of period $ — $ 29,988 $ — $ 28,943 Ceding Commissions Written — (22,938 ) — (5,276 ) Earned Ceding Commissions — (7,050 ) — (23,667 ) DRCC, end of period $ — $ — $ — $ — DPAC (DRCC), net, beginning of period $ 61,158 $ 26,195 $ 60,019 $ 25,660 Capitalized Costs, net 36,825 54,660 67,411 65,565 Amortization of DPAC (DRCC), net (30,793 ) (18,674 ) (60,240 ) (29,044 ) DPAC (DRCC), net, end of period $ 67,190 $ 62,181 $ 67,190 $ 62,181 Liability for Unpaid Losses and Loss Adjustment Expenses Set forth in the following table is the change in liability for unpaid losses and LAE for the periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Balance at beginning of period $ 84,975 $ 125,161 $ 98,840 $ 134,353 Less: Reinsurance recoverable (7,709 ) (42,713 ) (13,540 ) (47,350 ) Net balance at beginning of period 77,266 82,448 85,300 87,003 Incurred (recovered) related to: Current year 60,084 39,637 126,185 73,200 Prior years (1 ) 67 15 94 Total incurred 60,083 39,704 126,200 73,294 Paid related to: Current year 54,041 23,830 72,659 30,623 Prior years 26,122 17,982 81,655 49,334 Total paid 80,163 41,812 154,314 79,957 Net balance at end of period 57,186 80,340 57,186 80,340 Plus: Reinsurance recoverable 2,958 31,777 2,958 31,777 Balance at end of period $ 60,144 $ 112,117 $ 60,144 $ 112,117 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): June 30, December 31, 2016 2015 Ten percent of total liabilities UPCIC $ 67,311 $ 55,928 APPCIC $ 566 $ 463 Statutory capital and surplus UPCIC $ 294,165 $ 256,987 APPCIC $ 14,804 $ 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 June 30, 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): June 30, December 31, 2016 2015 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,986 $ 3,876 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 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): June 30, December 31, 2016 2015 Surplus note $ 15,073 $ 15,809 Term loan — 6,851 Promissory note 690 1,390 Total $ 15,763 $ 24,050 See “—Note 7 (Stockholders’ Equity)” for details of the cancellation of the Term Loan. UPCIC was in compliance with the terms of the surplus note as of June 30, 2016. In addition to the long-term debt listed above, UVE has an unsecured line of credit which contains certain covenants and restrictions applicable while amounts are outstanding thereunder. Although UVE has not borrowed any amounts under this line of credit, if UVE were to do so and it were to be in default of any covenants or restrictions, then UVE would be prohibited from paying dividends to its shareholders. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 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 during the six months ended June 30, 2016 (in thousands): Issued Treasury Outstanding Shares Shares Shares Balance, as of December 31, 2015 45,525 (10,415 ) 35,110 Shares repurchased — (367 ) (367 ) Shares reissued — 584 584 Shares acquired through cashless exercise (1) — (263 ) (263 ) Shares cancelled (263 ) 263 — Balance, as of June 30, 2016 45,262 (10,198 ) 35,064 (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. In June 2016, UVE completed the repurchase program and during the six months ended June 30, 2016, repurchased 342,107 shares, at an aggregate price of $6.4 million, pursuant to such repurchase program. In June 2016, 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 $20 million of its outstanding shares of common stock through December 31, 2017. In June 2016, UVE repurchased 25,000 shares, at an aggregate price of $486 thousand, pursuant to such repurchase program. In April 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 million in cash and $7.035 million in cancellation of outstanding indebtedness. See “—Note 6 (Long-Term Debt)” for details of the Company’s debt structure. 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. On April 13, 2016, UVE declared a cash dividend of $0.14 per share on its outstanding common stock payable on July 5, 2016, to the shareholders of record at the close of business on June 15, 2016. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 SPC Global RE Advisors LLC $ — $ 30 $ — $ 60 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes During the three months ended June 30, 2016 and 2015, the Company recorded approximately $21.2 million and $16.5 million of income taxes, respectively. The effective tax rate for the three months ended June 30, 2016 is 38.7% compared to a 40.1% effective tax rate for the same period in the prior year. During the six months ended June 30, 2016 and 2015, the Company recorded approximately $37.1 million and $32.2 million of income taxes, respectively. The effective tax rate for the six months ended June 30, 2016 is 38.7% compared to a 40.6% 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%, 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. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 Numerator for EPS: Net income $ 33,647 $ 24,704 $ 58,873 $ 47,034 Less: Preferred stock dividends (3 ) (3 ) (5 ) (5 ) Income available to common stockholders $ 33,644 $ 24,701 $ 58,868 $ 47,029 Denominator for EPS: Weighted average common shares outstanding 35,062 35,019 34,795 34,800 Plus: Assumed conversion of stock-based compensation (1) 562 951 755 1,153 Assumed conversion of preferred stock 25 32 25 34 Weighted average diluted common shares outstanding 35,649 36,002 35,575 35,987 Basic earnings per common share $ 0.96 $ 0.71 $ 1.69 $ 1.35 Diluted earnings per common share $ 0.94 $ 0.69 $ 1.65 $ 1.31 (1) Represents the dilutive effect of unvested restricted stock and unexercised stock options. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 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 June 30, 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 $ 5,134 $ 1,937 $ 3,197 $ (1,654 ) $ (638 ) $ (1,016 ) Less: Amounts reclassified from accumulated other comprehensive income (loss) (576 ) (220 ) (356 ) (110 ) (43 ) (67 ) Net current period other comprehensive income (loss) $ 4,558 $ 1,717 $ 2,841 $ (1,764 ) $ (681 ) $ (1,083 ) For the Six Months Ended June 30, 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 $ 11,153 $ 4,263 $ 6,890 $ 467 $ 180 $ 287 Less: Amounts reclassified from accumulated other comprehensive income (loss) (1,243 ) (475 ) (768 ) (281 ) (108 ) (173 ) Net current period other comprehensive income (loss) $ 9,910 $ 3,788 $ 6,122 $ 186 $ 72 $ 114 The following table provides the reclassifications out of accumulated other comprehensive income for the periods presented (in thousands): Amounts Reclassified from Accumulated Other Comprehensive Income Details about Accumulated Other Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Statement Comprehensive Income Components 2016 2015 2016 2015 Where Net Income is Presented Unrealized gains (losses) on investments available for sale $ 576 $ 110 $ 1,243 $ 281 Net realized gains (losses) on investments (220 ) (43 ) (475 ) (108 ) Income taxes $ 356 $ 67 $ 768 $ 173 Net of tax |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Litigation Lawsuits are filed against the Company from time to time. Many of these lawsuits involve claims under policies that we underwrite and reserve for as an insurer. We believe that the resolution of these claims will not have a material adverse effect on our financial condition or results of operations. We are also involved in various other legal proceedings and litigation unrelated to claims under our policies that arise in the ordinary course of business operations. Management believes that any liabilities that may arise as a result of these legal matters will not have a material adverse effect on our financial condition or results of operations. The Company contests liability and/or the amount of damages as appropriate in each pending matter. In accordance with applicable accounting guidance, the Company establishes an accrued liability for legal matters when those matters present loss contingencies that are both probable and estimable. Legal proceedings are subject to many uncertain factors that generally cannot be predicted with 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. These estimates of possible loss do not represent our maximum loss exposure, and actual results may vary significantly from current estimates. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 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 June 30, 2016 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations and agencies and municipal securities $ — $ 146,579 $ — $ 146,579 Corporate bonds — 188,569 — 188,569 Mortgage-backed and asset-backed securities — 232,231 — 232,231 Redeemable preferred stock — 10,431 — 10,431 Equity securities: Common stock 3,086 — — 3,086 Mutual funds 32,457 — — 32,457 Short-term investments — 5,004 — 5,004 Total assets accounted for at fair value $ 35,543 $ 582,814 $ — $ 618,357 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): June 30, 2016 December 31, 2015 (Level 3) (Level 3) Estimated Estimated Carrying Value Carrying Value Liabilities (debt): Surplus note $ 15,073 $ 13,723 $ 15,809 $ 14,166 Term loan $ — $ — $ 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2016. |
Nature of Operations and Basi21
Nature of Operations and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 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 thirteen 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 on reinsurance programs placed by the Insurance Entities, 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 annual financial statements. Therefore, the Financial Statements should be read in conjunction with the audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 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) | 6 Months Ended |
Jun. 30, 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): June 30, 2016 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed Maturities: U.S. government obligations and agencies and municipal securities $ 144,716 $ 1,918 $ (55 ) $ 146,579 Corporate bonds 186,111 2,674 (216 ) 188,569 Mortgage-backed and asset-backed securities 230,694 1,770 (233 ) 232,231 Redeemable preferred stock 9,732 705 (6 ) 10,431 Equity Securities: Common stock 3,224 — (138 ) 3,086 Mutual funds 35,491 82 (3,116 ) 32,457 Short-term investments 5,000 4 — 5,004 Total $ 614,968 $ 7,153 $ (3,764 ) $ 618,357 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): June 30, 2016 December 31, 2015 % of Total % of Total Comparable Ratings Fair Value Fair Value Fair Value Fair Value AAA $ 128,053 22.0 % $ 103,097 23.4 % AA 277,327 47.5 % 189,600 43.0 % A 108,337 18.6 % 83,850 19.0 % BBB 65,155 11.2 % 41,408 9.4 % BB+ and Below 2,442 0.4 % 4,261 1.0 % No Rating Available 1,500 0.3 % 18,888 4.2 % Total $ 582,814 100.0 % $ 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): June 30, 2016 December 31, 2015 Cost or Cost or Amortized Amortized Cost Fair Value Cost Fair Value Mortgage-backed securities: Agency $ 113,609 $ 114,464 $ 74,353 $ 73,854 Non-agency 21,266 21,404 10,430 10,183 Asset-backed securities: Auto loan receivables 39,937 40,192 29,883 29,712 Credit card receivables 36,686 36,857 32,225 31,985 Other receivables 19,196 19,314 4,437 4,426 Total $ 230,694 $ 232,231 $ 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): June 30, 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 and municipal securities — $ — $ — 2 $ 3,524 $ (55 ) Corporate bonds 9 7,018 (49 ) 7 5,328 (166 ) Mortgage-backed and asset-backed securities 18 41,521 (107 ) 4 6,473 (126 ) Redeemable preferred stock 2 171 (6 ) — — — Equity securities: Common stock 2 2,986 (48 ) 2 100 (90 ) Mutual funds 3 12,936 (451 ) 1 8,686 (2,666 ) Total 34 $ 64,632 $ (661 ) 16 $ 24,111 $ (3,103 ) 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): June 30, 2016 Cost or Amortized Fair Value Due in one year or less $ 33,796 $ 33,834 Due after one year through five years 234,677 237,846 Due after five years through ten years 19,321 19,712 Due after ten years 48,033 48,760 Mortgage-backed and asset-backed securities 230,694 232,231 Perpetual maturity securities 9,732 10,431 Total $ 576,253 $ 582,814 |
Summary of Securities Available for Sale | The following table provides certain information related to securities available for sale during the periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Sales proceeds (fair value) $ 70,006 $ 15,861 $ 117,673 $ 44,052 Gross realized gains $ 576 $ 111 $ 1,261 $ 296 Gross realized losses $ — $ (1 ) $ (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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 Fixed maturities $ 2,160 $ 1,338 $ 3,992 $ 2,522 Equity securities 239 206 442 263 Short-term investments 14 67 45 105 Other (1) 281 79 437 145 Total investment income 2,694 1,690 4,916 3,035 Less: Investment expenses (2) (552 ) (483 ) (1,169 ) (966 ) Net investment (expense) income $ 2,142 $ 1,207 $ 3,747 $ 2,069 (1) Includes interest earned on cash and cash equivalents and restricted cash and cash equivalents. Also includes investment income earned on real estate investments. (2) Includes bank fees, investment accounting and advisory fees, and expenses associated with real estate investments. |
Schedule of Real Estate Investment | Investment real estate consisted of the following as of the dates presented (in thousands): June 30, 2016 December 31, 2015 Investment real estate $ 8,294 $ 6,220 Less: Accumulated depreciation (192 ) (103 ) Investment real estate, net $ 8,102 $ 6,117 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2016 Due from as of Standard and Poor's Moody's AM Best Rating Investors December 31, Reinsurer Company Services Service, Inc. 2015 Florida Hurricane Catastrophe Fund n/a n/a n/a $ 42,086 Odyssey Reinsurance Company A A- A3 18,742 Total (1) $ 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 June 30, 2016 2015 Losses and Loss Losses and Loss Premiums Premiums Adjustment Premiums Premiums Adjustment Written Earned Expenses Written Earned Expenses Direct $ 271,921 $ 226,819 $ 58,434 $ 249,971 $ 204,771 $ 49,701 Ceded (72,874 ) (70,358 ) 1,649 (7,933 ) (91,883 ) (9,997 ) Net $ 199,047 $ 156,461 $ 60,083 $ 242,038 $ 112,888 $ 39,704 Six Months Ended June 30, 2016 2015 Losses and Loss Losses and Loss Premiums Premiums Adjustment Premiums Premiums Adjustment Written Earned Expenses Written Earned Expenses Direct $ 499,894 $ 448,070 $ 124,581 $ 461,576 $ 401,442 $ 98,991 Ceded (146,933 ) (139,161 ) 1,619 (114,430 ) (194,194 ) (25,697 ) Net $ 352,961 $ 308,909 $ 126,200 $ 347,146 $ 207,248 $ 73,294 |
Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable | The following prepaid reinsurance premiums and reinsurance recoverable and receivable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands): June 30, December 31, 2016 2015 Prepaid reinsurance premiums $ 122,444 $ 114,673 Reinsurance recoverable on unpaid losses and LAE $ 2,958 $ 13,540 Reinsurance recoverable on paid losses 3,397 9,313 Reinsurance receivable, net 186 353 Reinsurance recoverable and receivable $ 6,541 $ 23,206 |
Insurance Operations (Tables)
Insurance Operations (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 DPAC, beginning of period $ 61,158 $ 56,183 $ 60,019 $ 54,603 Capitalized Costs 36,825 31,722 67,411 60,289 Amortization of DPAC (30,793 ) (25,724 ) (60,240 ) (52,711 ) DPAC, end of period $ 67,190 $ 62,181 $ 67,190 $ 62,181 DRCC, beginning of period $ — $ 29,988 $ — $ 28,943 Ceding Commissions Written — (22,938 ) — (5,276 ) Earned Ceding Commissions — (7,050 ) — (23,667 ) DRCC, end of period $ — $ — $ — $ — DPAC (DRCC), net, beginning of period $ 61,158 $ 26,195 $ 60,019 $ 25,660 Capitalized Costs, net 36,825 54,660 67,411 65,565 Amortization of DPAC (DRCC), net (30,793 ) (18,674 ) (60,240 ) (29,044 ) DPAC (DRCC), net, end of period $ 67,190 $ 62,181 $ 67,190 $ 62,181 |
Change in Liability for Unpaid Losses and LAE | Set forth in the following table is the change in liability for unpaid losses and LAE for the periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Balance at beginning of period $ 84,975 $ 125,161 $ 98,840 $ 134,353 Less: Reinsurance recoverable (7,709 ) (42,713 ) (13,540 ) (47,350 ) Net balance at beginning of period 77,266 82,448 85,300 87,003 Incurred (recovered) related to: Current year 60,084 39,637 126,185 73,200 Prior years (1 ) 67 15 94 Total incurred 60,083 39,704 126,200 73,294 Paid related to: Current year 54,041 23,830 72,659 30,623 Prior years 26,122 17,982 81,655 49,334 Total paid 80,163 41,812 154,314 79,957 Net balance at end of period 57,186 80,340 57,186 80,340 Plus: Reinsurance recoverable 2,958 31,777 2,958 31,777 Balance at end of period $ 60,144 $ 112,117 $ 60,144 $ 112,117 |
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): June 30, December 31, 2016 2015 Ten percent of total liabilities UPCIC $ 67,311 $ 55,928 APPCIC $ 566 $ 463 Statutory capital and surplus UPCIC $ 294,165 $ 256,987 APPCIC $ 14,804 $ 14,777 |
Assets Held by Insurance Regulators | The following table represents assets held by insurance regulators as of the dates presented (in thousands): June 30, December 31, 2016 2015 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,986 $ 3,876 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consists of the following as of the dates presented (in thousands): June 30, December 31, 2016 2015 Surplus note $ 15,073 $ 15,809 Term loan — 6,851 Promissory note 690 1,390 Total $ 15,763 $ 24,050 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Activity Relating to Common Shares | The following table summarizes the activity relating to shares of the Company’s common stock during the six months ended June 30, 2016 (in thousands): Issued Treasury Outstanding Shares Shares Shares Balance, as of December 31, 2015 45,525 (10,415 ) 35,110 Shares repurchased — (367 ) (367 ) Shares reissued — 584 584 Shares acquired through cashless exercise (1) — (263 ) (263 ) Shares cancelled (263 ) 263 — Balance, as of June 30, 2016 45,262 (10,198 ) 35,064 (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) | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 SPC Global RE Advisors LLC $ — $ 30 $ — $ 60 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 Numerator for EPS: Net income $ 33,647 $ 24,704 $ 58,873 $ 47,034 Less: Preferred stock dividends (3 ) (3 ) (5 ) (5 ) Income available to common stockholders $ 33,644 $ 24,701 $ 58,868 $ 47,029 Denominator for EPS: Weighted average common shares outstanding 35,062 35,019 34,795 34,800 Plus: Assumed conversion of stock-based compensation (1) 562 951 755 1,153 Assumed conversion of preferred stock 25 32 25 34 Weighted average diluted common shares outstanding 35,649 36,002 35,575 35,987 Basic earnings per common share $ 0.96 $ 0.71 $ 1.69 $ 1.35 Diluted earnings per common share $ 0.94 $ 0.69 $ 1.65 $ 1.31 (1) Represents the dilutive effect of unvested restricted stock and unexercised stock options. |
Other Comprehensive Income (L29
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 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 $ 5,134 $ 1,937 $ 3,197 $ (1,654 ) $ (638 ) $ (1,016 ) Less: Amounts reclassified from accumulated other comprehensive income (loss) (576 ) (220 ) (356 ) (110 ) (43 ) (67 ) Net current period other comprehensive income (loss) $ 4,558 $ 1,717 $ 2,841 $ (1,764 ) $ (681 ) $ (1,083 ) For the Six Months Ended June 30, 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 $ 11,153 $ 4,263 $ 6,890 $ 467 $ 180 $ 287 Less: Amounts reclassified from accumulated other comprehensive income (loss) (1,243 ) (475 ) (768 ) (281 ) (108 ) (173 ) Net current period other comprehensive income (loss) $ 9,910 $ 3,788 $ 6,122 $ 186 $ 72 $ 114 |
Reclassifications Out of Accumulated Other Comprehensive Income | The following table provides the reclassifications out of accumulated other comprehensive income for the periods presented (in thousands): Amounts Reclassified from Accumulated Other Comprehensive Income Details about Accumulated Other Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Statement Comprehensive Income Components 2016 2015 2016 2015 Where Net Income is Presented Unrealized gains (losses) on investments available for sale $ 576 $ 110 $ 1,243 $ 281 Net realized gains (losses) on investments (220 ) (43 ) (475 ) (108 ) Income taxes $ 356 $ 67 $ 768 $ 173 Net of tax |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2016 Level 1 Level 2 Level 3 Total Fixed maturities: U.S. government obligations and agencies and municipal securities $ — $ 146,579 $ — $ 146,579 Corporate bonds — 188,569 — 188,569 Mortgage-backed and asset-backed securities — 232,231 — 232,231 Redeemable preferred stock — 10,431 — 10,431 Equity securities: Common stock 3,086 — — 3,086 Mutual funds 32,457 — — 32,457 Short-term investments — 5,004 — 5,004 Total assets accounted for at fair value $ 35,543 $ 582,814 $ — $ 618,357 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): June 30, 2016 December 31, 2015 (Level 3) (Level 3) Estimated Estimated Carrying Value Carrying Value Liabilities (debt): Surplus note $ 15,073 $ 13,723 $ 15,809 $ 14,166 Term loan $ — $ — $ 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) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Apr. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2015USD ($) | Jun. 30, 2016State$ / shares | Dec. 31, 2015$ / shares | |
Equity [Line Items] | ||||
Number of states | State | 13 | |||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | ||
Issuance of common stock | $ 504 | |||
Private Placement [Member] | RenaissanceRe Ventures Ltd [Member] | ||||
Equity [Line Items] | ||||
Number of common stock, shares issued | shares | 583,771 | |||
Common stock, par value | $ / shares | $ 17.13 | |||
Issuance of common stock | $ 10,000 | |||
Proceeds used to cancellation of outstanding indebtedness | 7,035 | |||
Cash proceeds from private placement | $ 2,965 |
Investments - Cost or Amortized
Investments - Cost or Amortized Cost and Fair Value of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | $ 614,968 | $ 489,846 |
Gross Unrealized Gains | 7,153 | 693 |
Gross Unrealized Losses | (3,764) | (7,221) |
Fair Value | 618,357 | 483,318 |
Short-term Investments [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | 5,000 | 25,011 |
Gross Unrealized Gains | 4 | 10 |
Fair Value | 5,004 | 25,021 |
U.S. Government Obligations and Agencies and Municipal Securities [Member] | Fixed Maturities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | 144,716 | |
Gross Unrealized Gains | 1,918 | |
Gross Unrealized Losses | (55) | |
Fair Value | 146,579 | |
Corporate Bonds [Member] | Fixed Maturities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | 186,111 | 126,421 |
Gross Unrealized Gains | 2,674 | 137 |
Gross Unrealized Losses | (216) | (1,041) |
Fair Value | 188,569 | 125,517 |
Mortgage-Backed and Asset-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | 230,694 | 151,328 |
Fair Value | 232,231 | 150,160 |
Mortgage-Backed and Asset-Backed Securities [Member] | Fixed Maturities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | 230,694 | 151,328 |
Gross Unrealized Gains | 1,770 | 97 |
Gross Unrealized Losses | (233) | (1,265) |
Fair Value | 232,231 | 150,160 |
Redeemable Preferred Stock [Member] | Fixed Maturities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | 9,732 | 9,665 |
Gross Unrealized Gains | 705 | 429 |
Gross Unrealized Losses | (6) | (29) |
Fair Value | 10,431 | 10,065 |
Common Stock [Member] | Equity Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | 3,224 | 10,991 |
Gross Unrealized Gains | 15 | |
Gross Unrealized Losses | (138) | (244) |
Fair Value | 3,086 | 10,762 |
Mutual Funds [Member] | Equity Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | 35,491 | 35,221 |
Gross Unrealized Gains | 82 | 5 |
Gross Unrealized Losses | (3,116) | (3,774) |
Fair Value | $ 32,457 | 31,452 |
U.S. Government Obligations and Agencies [Member] | Fixed Maturities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | 126,209 | |
Gross Unrealized Losses | (867) | |
Fair Value | 125,342 | |
Other [Member] | Fixed Maturities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | 5,000 | |
Gross Unrealized Losses | (1) | |
Fair Value | $ 4,999 |
Investments - Schedule of Credi
Investments - Schedule of Credit Quality of Investment Securities With Contractual Maturities or The Issuer of Such Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value | $ 582,814 | $ 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 | $ 128,053 | $ 103,097 |
Percentage of Total Fair Value | 22.00% | 23.40% |
Comparable Ratings, AA Rating [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value | $ 277,327 | $ 189,600 |
Percentage of Total Fair Value | 47.50% | 43.00% |
Comparable Ratings, A Rating [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value | $ 108,337 | $ 83,850 |
Percentage of Total Fair Value | 18.60% | 19.00% |
Comparable Ratings, BBB Rating [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value | $ 65,155 | $ 41,408 |
Percentage of Total Fair Value | 11.20% | 9.40% |
Comparable Ratings, BB+ and Below Rating [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value | $ 2,442 | $ 4,261 |
Percentage of Total Fair Value | 0.40% | 1.00% |
Comparable Ratings, No Rating Available [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value | $ 1,500 | $ 18,888 |
Percentage of Total Fair Value | 0.30% | 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 | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | $ 614,968 | $ 489,846 |
Fair Value | 618,357 | 483,318 |
Mortgage-backed securities [Member] | Agency [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | 113,609 | 74,353 |
Fair Value | 114,464 | 73,854 |
Mortgage-backed securities [Member] | Non Agency [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | 21,266 | 10,430 |
Fair Value | 21,404 | 10,183 |
Asset-backed securities [Member] | Auto Loans [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | 39,937 | 29,883 |
Fair Value | 40,192 | 29,712 |
Asset-backed securities [Member] | Credit Card Receivables [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | 36,686 | 32,225 |
Fair Value | 36,857 | 31,985 |
Asset-backed securities [Member] | Other Receivables [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | 19,196 | 4,437 |
Fair Value | 19,314 | 4,426 |
Mortgage-Backed and Asset-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost or Amortized Cost | 230,694 | 151,328 |
Fair Value | $ 232,231 | $ 150,160 |
Investments - Summarized Fair V
Investments - Summarized Fair Value and Gross Unrealized Losses on Securities Available for Sale (Detail) $ in Thousands | Jun. 30, 2016USD ($)Security | Dec. 31, 2015USD ($)Security |
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 months, Number of issues | Security | 34 | 174 |
Less than 12 months, Fair value | $ 64,632 | $ 359,017 |
Less than 12 months, Unrealized losses | $ (661) | $ (3,143) |
12 months or longer, Number of issues | Security | 16 | 17 |
12 months or longer, Fair value | $ 24,111 | $ 30,080 |
12 months or longer, Unrealized losses | (3,103) | $ (4,078) |
Equity Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
12 months or longer, Fair value | $ 8,000 | |
U.S. Government Obligations and Agencies and Municipal Securities [Member] | Fixed Maturities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
12 months or longer, Number of issues | Security | 2 | |
12 months or longer, Fair value | $ 3,524 | |
12 months or longer, Unrealized losses | $ (55) | |
Corporate Bonds [Member] | Fixed Maturities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 months, Number of issues | Security | 9 | 101 |
Less than 12 months, Fair value | $ 7,018 | $ 90,717 |
Less than 12 months, Unrealized losses | $ (49) | $ (927) |
12 months or longer, Number of issues | Security | 7 | 6 |
12 months or longer, Fair value | $ 5,328 | $ 4,789 |
12 months or longer, Unrealized losses | $ (166) | $ (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 | 18 | 51 |
Less than 12 months, Fair value | $ 41,521 | $ 118,743 |
Less than 12 months, Unrealized losses | $ (107) | $ (974) |
12 months or longer, Number of issues | Security | 4 | 6 |
12 months or longer, Fair value | $ 6,473 | $ 13,902 |
12 months or longer, Unrealized losses | $ (126) | $ (291) |
Redeemable Preferred Stock [Member] | Fixed Maturities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 months, Number of issues | Security | 2 | 5 |
Less than 12 months, Fair value | $ 171 | $ 764 |
Less than 12 months, Unrealized losses | $ (6) | $ (29) |
Common Stock [Member] | Equity Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 months, Number of issues | Security | 2 | 3 |
Less than 12 months, Fair value | $ 2,986 | $ 8,690 |
Less than 12 months, Unrealized losses | $ (48) | $ (148) |
12 months or longer, Number of issues | Security | 2 | 2 |
12 months or longer, Fair value | $ 100 | $ 93 |
12 months or longer, Unrealized losses | $ (90) | $ (96) |
Mutual Funds [Member] | Equity Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 months, Number of issues | Security | 3 | 3 |
Less than 12 months, Fair value | $ 12,936 | $ 13,192 |
Less than 12 months, Unrealized losses | $ (451) | $ (374) |
12 months or longer, Number of issues | Security | 1 | 1 |
12 months or longer, Fair value | $ 8,686 | $ 7,867 |
12 months or longer, Unrealized losses | $ (2,666) | $ (3,400) |
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 | 10 | |
Less than 12 months, Fair value | $ 121,912 | |
Less than 12 months, Unrealized losses | $ (690) | |
12 months or longer, Number of issues | Security | 2 | |
12 months or longer, Fair value | $ 3,429 | |
12 months or longer, Unrealized losses | $ (177) | |
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) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Equity securities, Unrealized loss position twelve months or longer | $ 24,111,000 | $ 30,080,000 |
Equity securities, Unrealized loss | 3,500,000 | |
Equity Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Equity securities, Unrealized loss position twelve months or longer | 8,000,000 | |
OTTI losses on equity portfolio | $ 0 |
Investments - Amortized Cost an
Investments - Amortized Cost and Fair Value of Investments With Contractual Maturities (Detail) - USD ($) $ in Thousands | Jun. 30, 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 | $ 33,796 | |
Fixed Maturities Securities Available for Sale, Due after one year through five years, Amortized cost | 234,677 | |
Fixed Maturities Securities Available for Sale, Due after five years through ten years, Amortized cost | 19,321 | |
Fixed Maturities Securities Available for Sale, Due after ten years, Amortized cost | 48,033 | |
Fixed Maturities Securities Available for Sale, Perpetual Maturity, Amortized Cost | 9,732 | |
Fixed Maturities Securities Available for Sale, Amortized cost, Total | 576,253 | |
Fixed Maturities Securities Available for Sale, Due in one year or less, Fair Value | 33,834 | |
Fixed Maturities Securities Available for Sale, Due after one year through five years, Fair Value | 237,846 | |
Fixed Maturities Securities Available for Sale, Due after five years through ten years, Fair Value | 19,712 | |
Fixed Maturities Securities Available for Sale, Due after ten years, Fair Value | 48,760 | |
Fixed Maturities Securities Available for Sale, Perpetual Maturity, Fair Value | 10,431 | |
Fixed Maturities Securities Available for Sale, Fair Value, Total | 582,814 | $ 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 | 230,694 | |
Fixed Maturities Securities Available for Sale, Mortgage-backed Securities, Fair Value | $ 232,231 |
Investments - Summary of Securi
Investments - Summary of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Investments Debt And Equity Securities [Abstract] | ||||
Sales proceeds (fair value) | $ 70,006 | $ 15,861 | $ 117,673 | $ 44,052 |
Gross realized gains | $ 576 | 111 | 1,261 | 296 |
Gross realized losses | $ (1) | $ (18) | $ (15) |
Investments - Investment Income
Investments - Investment Income (Expense) Comprised Primarily of Interest and Dividends (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net Investment Income [Line Items] | ||||
Total investment income | $ 2,694 | $ 1,690 | $ 4,916 | $ 3,035 |
Less: Investment expenses | (552) | (483) | (1,169) | (966) |
Net investment (expense) income | 2,142 | 1,207 | 3,747 | 2,069 |
Fixed Maturities [Member] | ||||
Net Investment Income [Line Items] | ||||
Investment income | 2,160 | 1,338 | 3,992 | 2,522 |
Equity Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Investment income | 239 | 206 | 442 | 263 |
Short-term Investments [Member] | ||||
Net Investment Income [Line Items] | ||||
Investment income | 14 | 67 | 45 | 105 |
Other [Member] | ||||
Net Investment Income [Line Items] | ||||
Investment income | $ 281 | $ 79 | $ 437 | $ 145 |
Investments - Schedule of Real
Investments - Schedule of Real Estate Investment (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Real Estate Investments [Abstract] | ||
Investment real estate | $ 8,294 | $ 6,220 |
Less: Accumulated depreciation | (192) | (103) |
Investment real estate, net | $ 8,102 | $ 6,117 |
Reinsurance - Additional Inform
Reinsurance - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | May 31, 2015 | Dec. 31, 2015 | |
Effects of Reinsurance [Line Items] | |||
Reinsurance unsecured amounts due from reinsurers | $ 0 | $ 60,828,000 | |
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 ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Ceded Credit Risk [Line Items] | ||
Reinsurance unsecured amounts due from reinsurers total | $ 0 | $ 60,828,000 |
Florida Hurricane Catastrophe Fund [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance unsecured amounts due from reinsurers total | 42,086,000 | |
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 | $ 18,742,000 |
Reinsurance - Reinsurance Arran
Reinsurance - Reinsurance Arrangements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reinsurance Disclosures [Abstract] | ||||
Direct premiums written | $ 271,921 | $ 249,971 | $ 499,894 | $ 461,576 |
Ceded premiums written | (72,874) | (7,933) | (146,933) | (114,430) |
Net premiums written | 199,047 | 242,038 | 352,961 | 347,146 |
Direct Premiums Earned | 226,819 | 204,771 | 448,070 | 401,442 |
Ceded Premiums Earned | (70,358) | (91,883) | (139,161) | (194,194) |
Premiums earned, net | 156,461 | 112,888 | 308,909 | 207,248 |
Direct Losses and Loss Adjustment Expenses | 58,434 | 49,701 | 124,581 | 98,991 |
Ceded Losses and Loss Adjustment Expenses | 1,649 | (9,997) | 1,619 | (25,697) |
Net Losses and Loss Adjustment Expenses | $ 60,083 | $ 39,704 | $ 126,200 | $ 73,294 |
Reinsurance - Prepaid Reinsuran
Reinsurance - Prepaid Reinsurance Premiums and Reinsurance Recoverable and Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Reinsurance Disclosures [Abstract] | ||||||
Prepaid reinsurance premiums | $ 122,444 | $ 114,673 | ||||
Reinsurance recoverable on unpaid losses and LAE | 2,958 | $ 7,709 | 13,540 | $ 31,777 | $ 42,713 | $ 47,350 |
Reinsurance recoverable on paid losses | 3,397 | 9,313 | ||||
Reinsurance receivable, net | 186 | 353 | ||||
Reinsurance recoverable and receivable | $ 6,541 | $ 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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Insurance [Abstract] | ||||
DPAC, beginning of period | $ 61,158 | $ 56,183 | $ 60,019 | $ 54,603 |
Capitalized Costs | 36,825 | 31,722 | 67,411 | 60,289 |
Amortization of DPAC | (30,793) | (25,724) | (60,240) | (52,711) |
DPAC, end of period | 67,190 | 62,181 | 67,190 | 62,181 |
DRCC, beginning of period | 29,988 | 28,943 | ||
Ceding Commissions Written | (22,938) | (5,276) | ||
Earned Ceding Commissions | (7,050) | (23,667) | ||
DPAC (DRCC), net, beginning of period | 61,158 | 26,195 | 60,019 | 25,660 |
Capitalized Costs, net | 36,825 | 54,660 | 67,411 | 65,565 |
Amortization of DPAC (DRCC), net | (30,793) | (18,674) | (60,240) | (29,044) |
DPAC (DRCC), net, end of period | $ 67,190 | $ 62,181 | $ 67,190 | $ 62,181 |
Insurance Operations - Change i
Insurance Operations - Change in Liability for Unpaid Losses and LAE (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Insurance [Abstract] | ||||
Balance at beginning of period | $ 84,975 | $ 125,161 | $ 98,840 | $ 134,353 |
Less: Reinsurance recoverable | (7,709) | (42,713) | (13,540) | (47,350) |
Net balance at beginning of period | 77,266 | 82,448 | 85,300 | 87,003 |
Incurred (recovered) related to current year | 60,084 | 39,637 | 126,185 | 73,200 |
Incurred (recovered) related to prior years | (1) | 67 | 15 | 94 |
Total incurred | 60,083 | 39,704 | 126,200 | 73,294 |
Paid related to Current year | 54,041 | 23,830 | 72,659 | 30,623 |
Paid related to Prior years | 26,122 | 17,982 | 81,655 | 49,334 |
Total paid | 80,163 | 41,812 | 154,314 | 79,957 |
Net balance at end of period | 57,186 | 80,340 | 57,186 | 80,340 |
Plus: Reinsurance recoverable | 2,958 | 31,777 | 2,958 | 31,777 |
Balance at end of period | $ 60,144 | $ 112,117 | $ 60,144 | $ 112,117 |
Insurance Operations - Addition
Insurance Operations - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 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 | Jun. 30, 2016 | Dec. 31, 2015 |
UPCIC [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Ten percent of total liabilities | $ 67,311 | $ 55,928 |
Statutory capital and surplus | 294,165 | 256,987 |
APPCIC [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Ten percent of total liabilities | 566 | 463 |
Statutory capital and surplus | $ 14,804 | $ 14,777 |
Insurance Operations - Assets H
Insurance Operations - Assets Held by Insurance Regulators (Detail) - USD ($) $ in Thousands | Jun. 30, 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 | $ 3,986 | $ 3,876 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total | $ 15,763 | $ 24,050 |
Surplus Note [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | 15,073 | 15,809 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | 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) | Jun. 30, 2016USD ($) |
Debt Disclosure [Abstract] | |
Unsecured line of credit, amount borrowed | $ 0 |
Stockholder's Equity - Activity
Stockholder's Equity - Activity Relating to Common Shares (Detail) - shares | 1 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Beginning balance, shares | 45,525,000 | ||
Beginning balance, shares | (10,415,000) | ||
Beginning balance, shares | 35,110,000 | ||
Shares repurchased | (25,000) | (342,107) | |
Ending balance, shares | 45,262,000 | 45,262,000 | |
Ending balance, shares | (10,198,000) | (10,198,000) | |
Ending balance, shares | 35,064,000 | 35,064,000 | |
Stock Compensation Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Beginning balance, shares | 35,110,000 | ||
Shares repurchased | (367,000) | ||
Shares reissued | 584,000 | ||
Shares acquired through cashless exercise | [1] | (263,000) | |
Ending balance, shares | 35,064,000 | 35,064,000 | |
Common Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Beginning balance, shares | 45,525,000 | ||
Shares cancelled | (263,000) | ||
Ending balance, shares | 45,262,000 | 45,262,000 | |
Treasury Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Beginning balance, shares | (10,415,000) | ||
Shares repurchased | (367,000) | ||
Shares reissued | 584,000 | ||
Shares acquired through cashless exercise | [1] | (263,000) | |
Shares cancelled | 263,000 | ||
Ending balance, shares | (10,198,000) | (10,198,000) | |
[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 ($) | Apr. 13, 2016 | Jan. 14, 2016 | Jun. 30, 2016 | Apr. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Nov. 30, 2015 |
Equity [Line Items] | ||||||||||
Amount of shares authorized to repurchase | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | $ 10,000,000 | ||||||
Treasury shares acquired | 25,000 | 342,107 | ||||||||
Shares repurchased during period | $ 486,000 | $ 6,400,000 | ||||||||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Issuance of common stock | $ 504,000 | |||||||||
Dividends per share declared on outstanding common stock | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.12 | $ 0.28 | $ 0.24 | ||||
Installment1-FY2016 | ||||||||||
Equity [Line Items] | ||||||||||
Dividends payable date | Mar. 2, 2016 | |||||||||
Dividends payable, shareholders record date | Feb. 18, 2016 | |||||||||
Installment2-FY2016 | ||||||||||
Equity [Line Items] | ||||||||||
Dividends payable date | Jul. 5, 2016 | |||||||||
Dividends payable, shareholders record date | Jun. 15, 2016 | |||||||||
Private Placement [Member] | RenaissanceRe Ventures Ltd [Member] | ||||||||||
Equity [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 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2016 | |
SPC Global RE Advisors LLC [Member] | |
Related Party Transaction [Line Items] | |
Consulting agreement terminated date | Sep. 18, 2015 |
Related Party Transactions - Pa
Related Party Transactions - Payments Made by Company to Downes and Associates (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2015 | Jun. 30, 2015 | |
SPC Global RE Advisors LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Payments made by the company | $ 30 | $ 60 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 21,247 | $ 16,516 | $ 37,120 | $ 32,209 |
Effective tax rate | 38.70% | 40.10% | 38.70% | 40.60% |
U.S. federal statutory rate | 35.00% |
Earnings Per Share - Reconciles
Earnings Per Share - Reconciles Numerator and Denominator of Basic and Diluted Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Numerator for EPS: | ||||
Net income | $ 33,647 | $ 24,704 | $ 58,873 | $ 47,034 |
Less: Preferred stock dividends | (3) | (3) | (5) | (5) |
Income available to common stockholders | $ 33,644 | $ 24,701 | $ 58,868 | $ 47,029 |
Denominator for EPS: | ||||
Weighted average common shares outstanding | 35,062 | 35,019 | 34,795 | 34,800 |
Plus: Assumed conversion of share-based compensation | 562 | 951 | 755 | 1,153 |
Assumed conversion of preferred stock | 25 | 32 | 25 | 34 |
Weighted average diluted common shares outstanding | 35,649 | 36,002 | 35,575 | 35,987 |
Basic earnings per common share | $ 0.96 | $ 0.71 | $ 1.69 | $ 1.35 |
Diluted earnings per common share | $ 0.94 | $ 0.69 | $ 1.65 | $ 1.31 |
Other Comprehensive Income (L58
Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (loss) Pre-Tax and After-Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Equity [Abstract] | ||||
Net unrealized gains (losses) on investments available for sale arising during the period, Pre-tax | $ 5,134 | $ (1,654) | $ 11,153 | $ 467 |
Less: Amounts reclassified from accumulated other comprehensive income (loss), Pre-tax | (576) | (110) | (1,243) | (281) |
Net current period other comprehensive income (loss), Pre-tax | 4,558 | (1,764) | 9,910 | 186 |
Net unrealized gains (losses) on investments available for sale arising during the period, Tax | 1,937 | (638) | 4,263 | 180 |
Less: Amounts reclassified from accumulated other comprehensive income (loss), Tax | (220) | (43) | (475) | (108) |
Net current period other comprehensive income (loss), Tax | 1,717 | (681) | 3,788 | 72 |
Net unrealized gains (losses) on investments available for sale arising during the period, After-tax | 3,197 | (1,016) | 6,890 | 287 |
Less: Amounts reclassified from accumulated other comprehensive income (loss), After-tax | (356) | (67) | (768) | (173) |
Net current period other comprehensive income (loss), After-tax | $ 2,841 | $ (1,083) | $ 6,122 | $ 114 |
Other Comprehensive Income (L59
Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net realized gains (losses) on investments | $ 576 | $ 110 | $ 1,243 | $ 281 |
Income taxes | (21,247) | (16,516) | (37,120) | (32,209) |
NET INCOME | 33,647 | 24,704 | 58,873 | 47,034 |
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 | 576 | 110 | 1,243 | 281 |
Income taxes | (220) | (43) | (475) | (108) |
NET INCOME | $ 356 | $ 67 | $ 768 | $ 173 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | $ 577,810 | $ 416,083 |
Equity securities | 35,543 | 42,214 |
Short-term investments | 5,004 | 25,021 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 5,004 | 25,021 |
Total assets accounted for at fair value | 618,357 | 483,318 |
Fair Value, Measurements, Recurring | U.S. Government Obligations and Agencies and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 146,579 | |
Fair Value, Measurements, Recurring | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 188,569 | 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 | 232,231 | 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 | 10,431 | 10,065 |
Fair Value, Measurements, Recurring | Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 3,086 | 10,762 |
Fair Value, Measurements, Recurring | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 32,457 | 31,452 |
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 | 125,342 | |
Fair Value, Measurements, Recurring | Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 4,999 | |
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 | 35,543 | 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 | 3,086 | 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 | 32,457 | 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 | 5,004 | 25,021 |
Total assets accounted for at fair value | 582,814 | 441,104 |
Fair Value, Measurements, Recurring | Level 2 [Member] | U.S. Government Obligations and Agencies and Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | 146,579 | |
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 | 188,569 | 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 | 232,231 | 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 | $ 10,431 | 10,065 |
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 | 125,342 | |
Fair Value, Measurements, Recurring | Level 2 [Member] | Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities | $ 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 | Jun. 30, 2016 | Dec. 31, 2015 |
Surplus Note [Member] | ||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ||
Carrying value | $ 15,073 | $ 15,809 |
Surplus Note [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ||
Estimated fair value | 13,723 | 14,166 |
Term Loan [Member] | ||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ||
Carrying value | 6,851 | |
Term Loan [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ||
Estimated fair value | 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 |