Universal Insurance (UVE) 10-Q 1 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 27, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	UVE
Entity Registrant Name	UNIVERSAL INSURANCE HOLDINGS, INC.
Entity Central Index Key	891,166
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		35,072,667

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Fixed maturities, at fair value	$ 597,675	$ 584,361
Equity securities, at fair value	50,286	50,803
Short-term investments, at fair value	5,001	5,002
Investment real estate, net	13,104	11,435
Total invested assets	666,066	651,601
Cash and cash equivalents	160,364	105,730
Restricted cash and cash equivalents	2,635	2,635
Prepaid reinsurance premiums	49,754	124,385
Reinsurance recoverable	605	106
Premiums receivable, net	56,224	53,833
Other receivables	5,388	5,824
Property and equipment, net	32,507	32,162
Deferred policy acquisition costs	66,524	64,912
Income taxes recoverable		3,262
Deferred income tax asset, net	15,389	10,674
Other assets	4,983	4,883
Total assets	1,060,439	1,060,007
LIABILITIES:
Unpaid losses and loss adjustment expenses	31,463	58,494
Unearned premiums	484,796	475,756
Advance premium	28,397	17,796
Accounts payable	3,317	3,187
Reinsurance payable, net	42,270	80,891
Income taxes payable	19,150
Other liabilities and accrued expenses	38,310	37,665
Long-term debt	13,971	15,028
Total liabilities	661,674	688,817
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 - 45,445 and 45,324; and Outstanding shares - 35,073 and 35,052	454	453
Treasury shares, at cost - 10,372 and 10,272	(89,530)	(86,982)
Additional paid-in capital	83,657	82,263
Accumulated other comprehensive income (loss), net of taxes	(3,944)	(6,408)
Retained earnings	408,128	381,864
Total stockholders' equity	398,765	371,190
Total liabilities and stockholders' equity	$ 1,060,439	$ 1,060,007

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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	45,445,000	45,324,000
Common stock, shares outstanding	35,073,000	35,052,000
Treasury stock, shares	10,372,000	10,272,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written	$ 245,415	$ 227,973
Change in unearned premium	(9,040)	(6,721)
Direct premium earned	236,375	221,252
Ceded premium earned	(74,816)	(68,804)
Premiums earned, net	161,559	152,448
Net investment income (expense)	2,704	1,605
Net realized gains (losses) on investments	(63)	667
Commission revenue	4,598	4,113
Policy fees	4,483	4,114
Other revenue	1,593	1,499
Total premiums earned and other revenues	174,874	164,446
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses	70,570	66,117
General and administrative expenses	56,933	57,230
Total operating costs and expenses	127,503	123,347
INCOME BEFORE INCOME TAXES	47,371	41,099
Income tax expense	16,172	15,873
NET INCOME	$ 31,199	$ 25,226
Basic earnings per common share	$ 0.89	$ 0.73
Weighted average common shares outstanding - Basic	35,140	34,527
Diluted earnings per common share	$ 0.86	$ 0.71
Weighted average common shares outstanding - Diluted	36,180	35,594
Cash dividend declared per common share	$ 0.14	$ 0.14

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 31,199	$ 25,226
Other comprehensive income (loss)	2,464	3,281
Comprehensive income	$ 33,663	$ 28,507

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 71,998	$ 43,737
Cash flows from investing activities:
Proceeds from sale of property and equipment	8
Purchases of property and equipment	(1,255)	(1,728)
Purchases of equity securities	(243)	(20,178)
Purchases of fixed maturities	(26,610)	(95,889)
Purchases of investment real estate, net	(1,714)	(2,021)
Proceeds from sales of equity securities	2,500	13,210
Proceeds from sales of fixed maturities	914	16,152
Proceeds from sales of short-term investments		12,500
Maturities of fixed maturities	18,915	10,504
Net cash provided by (used in) investing activities	(7,485)	(67,450)
Cash flows from financing activities:
Preferred stock dividend	(3)	(3)
Common stock dividend	(4,924)	(4,915)
Purchase of treasury stock	(2,548)	(1,874)
Payments related to tax withholding for share-based compensation	(1,337)	(3,897)
Excess tax benefits (shortfall) from share-based compensation		(1,510)
Repayment of debt	(1,067)	(1,068)
Net cash provided by (used in) financing activities	(9,879)	(13,267)
Net increase (decrease) in cash and cash equivalents	54,634	(36,980)
Cash and cash equivalents at beginning of period	105,730	197,014
Cash and cash equivalents at end of period	$ 160,364	$ 160,034

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
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 fourteen 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, 2016, filed with the SEC on February 24, 2017. The condensed consolidated balance sheet at December 31, 2016, was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The results for interim periods do not necessarily indicate the results that may be expected for any other interim period or for the full year. To conform to the current period presentation, certain amounts in the prior periods’ consolidated financial statements and notes have been reclassified. Such reclassifications were of an immaterial amount and had no effect on net income or stockholders’ equity. The Financial Statements include the accounts of UVE and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Management must make estimates and assumptions that affect amounts reported in the Company’s Financial Statements and in disclosures of contingent assets and liabilities. Actual results could differ from those estimates.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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, 2016. The following are new or revised disclosures or disclosures required on a quarterly basis. Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued guidance which simplifies several aspects of the accounting for share-based payment transactions. The new guidance requires excess income tax benefits (windfalls) and deficiencies (shortfalls) to be recognized in the income statement as income tax benefits or charges when the awards vest or are settled. The former guidance required the recognition of excess tax benefits or deficiencies in stockholders’ equity. In addition, all income tax-related cash flows resulting from share-based payments will be reported as operating activities in the statement of cash flows under the new guidance. The guidance also allows us to repurchase more of an employee's shares for tax withholding purposes without triggering liability accounting; clarifies that all cash payments for tax withholdings made on an employee’s behalf should be presented as a financing activity on the Company’s statement of cash flows; and provides an accounting policy election to account for forfeitures as they occur. The guidance is effective for fiscal years and interim periods beginning after December 15, 2016, with early adoption permitted. The Company adopted this guidance effective January 1, 2017. The adoption of the new standard resulted in the recognition of excess tax benefits of $0.8 million reflected in the Company’s Condensed Consolidated Statements of Income as an income tax benefit for the three months ended March 31, 2017. Additionally, excess tax benefits on the Company’s Condensed Consolidated Statement of Cash Flows are presented as an operating activity on a prospective basis. The presentation requirement for cash flows related to employee taxes paid for withheld shares did not impact any of the periods presented in the Company’s Condensed Consolidated Statement of Cash Flows since these cash flows have historically been presented as a financing activity. The Company will continue to account for forfeitures as they occur. The standard also modifies the calculation of dilutive earnings per share to no longer use proceeds from tax benefits or deficiencies.

Investments

Investments	3 Months Ended
	Mar. 31, 2017
Investments Debt And Equity Securities [Abstract]
Investments	3. Investments Securities Available for Sale The following table provides the cost or amortized cost and fair value of securities available for sale as of the dates presented (in thousands): March 31, 2017 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed Maturities: U.S. government obligations and agencies $ 78,055 $ 1 $ (587 ) $ 77,469 Corporate bonds 194,289 727 (975 ) 194,041 Mortgage-backed and asset-backed securities 215,670 128 (1,797 ) 214,001 Municipal bonds 100,762 307 (3,177 ) 97,892 Redeemable preferred stock 13,777 524 (29 ) 14,272 Equity Securities: Common stock 214 — (119 ) 95 Mutual funds 51,616 953 (2,378 ) 50,191 Short-term investments 5,000 1 — 5,001 Total $ 659,383 $ 2,641 $ (9,062 ) $ 652,962 December 31, 2016 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed Maturities: U.S. government obligations and agencies $ 74,937 $ — $ (670 ) $ 74,267 Corporate bonds 192,328 402 (1,300 ) 191,430 Mortgage-backed and asset-backed securities 216,679 135 (2,038 ) 214,776 Municipal bonds 94,794 130 (3,727 ) 91,197 Redeemable preferred stock 12,723 125 (157 ) 12,691 Equity Securities: Common stock 214 — (121 ) 93 Mutual funds 53,900 407 (3,597 ) 50,710 Short-term investments 5,000 2 — 5,002 Total $ 650,575 $ 1,201 $ (11,610 ) $ 640,166 The following table provides the credit quality of investment securities with contractual maturities or the issuer of such securities as of the dates presented (in thousands): March 31, 2017 December 31, 2016 % of Total % of Total Comparable Ratings Fair Value Fair Value Fair Value Fair Value AAA $ 129,495 21.5 % $ 131,260 22.3 % AA 282,340 46.9 % 275,480 46.7 % A 111,734 18.5 % 107,418 18.2 % BBB 70,754 11.7 % 67,263 11.4 % BB+ and Below 3,706 0.6 % 3,444 0.6 % No Rating Available 4,647 0.8 % 4,498 0.8 % Total $ 602,676 100.0 % $ 589,363 100.0 % The tables above include comparable credit quality ratings by Standard and Poor’s Rating Services, Inc., Moody’s Investors Service, Inc. and Fitch Ratings, Inc. The following table summarizes the cost or amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands): March 31, 2017 December 31, 2016 Cost or Cost or Amortized Amortized Cost Fair Value Cost Fair Value Mortgage-backed Securities: Agency $ 111,148 $ 109,720 $ 110,724 $ 109,022 Non-agency 18,247 18,128 19,408 19,265 Asset-backed Securities: Auto loan receivables 36,900 36,857 37,390 37,429 Credit card receivables 38,617 38,553 38,640 38,568 Other receivables 10,758 10,743 10,517 10,492 Total $ 215,670 $ 214,001 $ 216,679 $ 214,776 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 (dollars in thousands): March 31, 2017 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 12 $ 72,345 $ (540 ) 2 $ 3,511 $ (47 ) Corporate bonds 92 76,775 (934 ) 2 289 (41 ) Mortgage-backed and asset-backed securities 86 148,308 (1,651 ) 8 14,521 (146 ) Municipal bonds 65 76,343 (3,177 ) — — — Redeemable preferred stock 14 1,606 (29 ) — — — Equity Securities: Common stock 1 20 (5 ) 2 75 (114 ) Mutual funds 1 16,685 (116 ) 1 9,090 (2,262 ) Total 271 $ 392,082 $ (6,452 ) 15 $ 27,486 $ (2,610 ) December 31, 2016 Less Than 12 Months 12 Months or Longer Number of Unrealized Number of Unrealized Issues Fair Value Losses Issues Fair Value Losses Fixed Maturities: U.S. government obligations and agencies 11 $ 70,453 $ (608 ) 2 $ 3,504 $ (62 ) Corporate bonds 116 96,379 (1,219 ) 4 3,250 (80 ) Mortgage-backed and asset-backed securities 73 149,928 (1,923 ) 5 9,660 (115 ) Municipal bonds 69 79,402 (3,726 ) — — — Redeemable preferred stock 50 6,340 (158 ) — — — Equity Securities: Common stock 1 18 (7 ) 2 75 (115 ) Mutual funds 3 28,020 (774 ) 2 11,529 (2,823 ) Total 323 $ 430,540 $ (8,415 ) 15 $ 28,018 $ (3,195 ) Evaluating Investments for Other Than Temporary Impairment (“OTTI”) At March 31, 2017, 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, we believe that our fixed income portfolio is of high quality and that 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 March 31, 2017 are other than temporary. As of March 31, 2017, the Company held approximately $9.2 million equity securities that were in an unrealized loss position twelve months or longer. The unrealized loss on these securities was $2.4 million. Based on our analysis, the Company believes each security will recover in a reasonable period of time and the Company has 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): March 31, 2017 Cost or Amortized Fair Value Due in one year or less $ 53,558 $ 53,570 Due after one year through five years 229,273 228,831 Due after five years through ten years 38,207 37,658 Due after ten years 57,068 54,344 Mortgage-backed and asset-backed securities 215,670 214,001 Perpetual maturity securities 13,777 14,272 Total $ 607,553 $ 602,676 Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without penalty. The following table provides certain information related to securities available for sale during the periods presented (in thousands): Three Months Ended March 31, 2017 2016 Proceeds from sales and maturities (fair value) $ 22,329 $ 52,366 Gross realized gains $ — $ 685 Gross realized losses $ (63 ) $ (18 ) The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands): Three Months Ended March 31, 2017 2016 Fixed maturities $ 2,710 $ 1,831 Equity securities 382 203 Short-term investments 15 115 Other (1) 144 73 Total investment income 3,251 2,222 Less: Investment expenses (2) (547 ) (617 ) Net investment (expense) income $ 2,704 $ 1,605 (1) Includes interest earned on cash and cash equivalents and restricted cash and cash equivalents. Also includes investment income earned on real estate investments. (2) Includes bank fees, investment accounting and advisory fees, and expenses associated with real estate investments. Investment Real Estate Investment real estate consisted of the following as of the dates presented (in thousands): March 31, 2017 December 31, 2016 Income Producing: Investment real estate $ 6,918 $ 6,918 Less: Accumulated depreciation (326 ) (281 ) 6,592 6,637 Non-Income Producing: Properties under development 6,512 4,798 Investment real estate, net $ 13,104 $ 11,435

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2017
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. Amounts recoverable from reinsurers are estimated in a manner consistent with the terms of the reinsurance contracts. Reinsurance premiums, losses and LAE are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. In order to reduce credit risk for amounts due from reinsurers, the Insurance Entities seek to do business with financially sound reinsurance companies and regularly evaluate the financial strength of all reinsurers used. The following table presents ratings from rating agencies and the unsecured amounts due from the Company’s reinsurers whose aggregate balance exceeded 3% of the Company’s stockholders’ equity as of the dates presented (in thousands): Ratings as of March 31, 2017 Due from as of Standard and Poor's Moody's AM Best Rating Investors March 31, December 31, Reinsurer Company Services Service, Inc. 2017 2016 Florida Hurricane Catastrophe Fund (1) n/a n/a n/a $ 18,545 $ 46,364 Total (2) $ 18,545 $ 46,364 (1) No rating is available, because the fund is not rated. (2) Amounts represent prepaid reinsurance premiums . The Company’s reinsurance arrangements had the following effect on certain items in the Condensed Consolidated Statements of Income for the periods presented (in thousands): Three Months Ended March 31, 2017 2016 Losses and Loss Losses and Loss Premiums Premiums Adjustment Premiums Premiums Adjustment Written Earned Expenses Written Earned Expenses Direct $ 245,415 $ 236,375 $ 70,783 $ 227,973 $ 221,252 $ 66,148 Ceded (186 ) (74,816 ) (213 ) (74,059 ) (68,804 ) (31 ) Net $ 245,229 $ 161,559 $ 70,570 $ 153,914 $ 152,448 $ 66,117 The following prepaid reinsurance premiums and reinsurance recoverable (payable) and receivable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands): March 31, December 31, 2017 2016 Prepaid reinsurance premiums $ 49,754 $ 124,385 Reinsurance recoverable (payable) on unpaid losses and LAE $ (2,353 ) $ 106 Reinsurance recoverable (payable) on paid losses 605 (1,532 ) Reinsurance receivable, net — 186 Reinsurance recoverable (payable) and receivable $ (1,748 ) $ (1,240 )

Insurance Operations

Insurance Operations	3 Months Ended
	Mar. 31, 2017
Insurance [Abstract]
Insurance Operations	5. Insurance Operations Deferred Policy Acquisition Costs The Company defers certain costs in connection with written policies, called Deferred Policy Acquisition Costs (“DPAC”). DPAC is amortized over the effective period of the related insurance policies. The following table presents the beginning and ending balances and the changes in DPAC for the periods presented (in thousands): Three Months Ended March 31, 2017 2016 DPAC, beginning of period $ 64,912 $ 60,019 Capitalized Costs 33,756 30,735 Amortization of DPAC (32,144 ) (29,596 ) DPAC, end of period $ 66,524 $ 61,158 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, 2016, UPCIC has the capacity to pay ordinary dividends of $57.7 million during 2017. 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 $10.0 million. The following table presents the amount of capital and surplus calculated in accordance with statutory accounting principles, which differ from U.S. GAAP, and an amount representing ten percent of total liabilities for both UPCIC and APPCIC as of the dates presented (in thousands): March 31, December 31, 2017 2016 Ten percent of total liabilities UPCIC $ 62,489 $ 57,560 APPCIC $ 541 $ 464 Statutory capital and surplus UPCIC $ 332,641 $ 313,753 APPCIC $ 17,363 $ 17,280 As of the dates in the table above, both UPCIC and APPCIC exceeded the minimum capitalization requirement. UPCIC also met the capitalization requirements of the other states in which it is licensed as of March 31, 2017. UPCIC and APPCIC are also required to adhere to prescribed premium-to-capital surplus ratios and have met those requirements at such dates. The Insurance Entities are required by various state laws and regulations to maintain certain assets in depository accounts. The following table represents assets held by insurance regulators as of the dates presented (in thousands): March 31, December 31, 2017 2016 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,959 $ 3,952

Liability for Unpaid Losses and

Liability for Unpaid Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2017
Insurance Loss Reserves [Abstract]
Liability for Unpaid Losses and Loss Adjustment Expenses	6. Set forth in the following table is the change in liability for unpaid losses and LAE for the periods presented (in thousands): Three Months Ended March 31, 2017 2016 Balance at beginning of period $ 58,494 $ 98,840 Less: Reinsurance recoverable (106 ) (13,540 ) Net balance at beginning of period 58,388 85,300 Incurred (recovered) related to: Current year 70,474 66,101 Prior years 96 16 Total incurred 70,570 66,117 Paid related to: Current year 22,890 18,618 Prior years 72,252 55,533 Total paid 95,142 74,151 Net balance at end of period 33,816 77,266 Plus: Reinsurance recoverable (payable) (2,353 ) 7,709 Balance at end of period $ 31,463 $ 84,975

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Long-Term Debt	7. Long-Term Debt Long-term debt consists of the following as of the dates presented (in thousands): March 31, December 31, 2017 2016 Surplus note $ 13,971 $ 14,338 Promissory note — 690 Total $ 13,971 $ 15,028 UPCIC was in compliance with the terms of the surplus note as of March 31, 2017. In addition to the long-term debt listed above, UVE has an unsecured line of credit that contains certain covenants and restrictions applicable while amounts are outstanding thereunder. UVE had not borrowed any amounts under this line of credit as of March 31, 2017. Should UVE borrow and default on this unsecured line of credit, it will be prohibited from paying dividends to its shareholders.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock The following table summarizes the activity relating to shares of the Company’s common stock during the three months ended March 31, 2017 (in thousands): Issued Treasury Outstanding Shares Shares Shares Balance, as of December 31, 2016 45,324 (10,272 ) 35,052 Shares repurchased — (100 ) (100 ) Vesting of performance share units 115 — 115 Stock option exercises 65 — 65 Shares acquired through cashless exercise (1) — (59 ) (59 ) Shares cancelled (59 ) 59 — Balance, as of March 31, 2017 45,445 (10,372 ) 35,073 (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 performance share units vested. These shares have been cancelled by the Company. 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. During the three months ended March 31, 2017, UVE repurchased 100,079 shares, at an aggregate price of approximately $2.5 million, pursuant to such repurchase program. Dividends On January 23, 2017, UVE declared a cash dividend of $0.14 per share on its outstanding common stock paid on March 2, 2017, to the shareholders of record at the close of business on February 17, 2017.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes During the three months ended March 31, 2017 and 2016, the Company recorded approximately $16.2 million and $15.9 million of income tax expense, respectively. The effective tax rate for the three months ended March 31, 2017 is 34.1% compared to a 38.6% effective tax rate for the same period in the prior year. In the first quarter of 2017, the Company’s excess tax benefit of $0.8 million was reflected as an income tax benefit in the condensed consolidated statements of income as a component of the provision for income taxes as a result of the adoption of the accounting guidance for share-based payment transactions. See “Note 2 – Significant Accounting Policies – Recently Adopted Accounting Pronouncements” for more information. The Company recorded another discrete item as a credit to income tax expense of $1.3 million resulting from anticipated recoveries of income taxes paid for the 2013-2015 tax years. In arriving at these rates, the Company considers a variety of factors including the forecasted full year pre-tax results, the U.S. federal tax rate of 35%, The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. The Company’s 2013 through 2015 tax years are still subject to examination by the Internal Revenue Service and v arious tax years remain open to examination in certain state jurisdiction.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
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, vesting of performance share units, and conversion of preferred stock. The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings per share computations for the periods presented (in thousands, except per share data): Three Months Ended March 31, 2017 2016 Numerator for EPS: Net income $ 31,199 $ 25,226 Less: Preferred stock dividends (3 ) (3 ) Income available to common stockholders $ 31,196 $ 25,223 Denominator for EPS: Weighted average common shares outstanding 35,140 34,527 Plus: Assumed conversion of stock-based compensation (1) 1,015 1,042 Assumed conversion of preferred stock 25 25 Weighted average diluted common shares outstanding 36,180 35,594 Basic earnings per common share $ 0.89 $ 0.73 Diluted earnings per common share $ 0.86 $ 0.71 (1) Represents the dilutive effect of unvested Restricted Stock, unvested Performance Share Units and unexercised Stock Options.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Other Comprehensive Income (Loss)	11. Other Comprehensive Income (Loss) The following table provides the components of other comprehensive income (loss) on a pre-tax and after-tax basis for the periods presented (in thousands): For the Three Months Ended March 31, 2017 2016 Pre-tax Tax After-tax Pre-tax Tax After-tax Net unrealized gains (losses) on investments available for sale arising during the period $ 3,925 $ 1,500 $ 2,425 $ 6,020 $ 2,327 $ 3,693 Less: Amounts reclassified from accumulated other comprehensive income (loss) 63 24 39 (667 ) (255 ) (412 ) Net current period other comprehensive income (loss) $ 3,988 $ 1,524 $ 2,464 $ 5,353 $ 2,072 $ 3,281 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 (Loss) Details about Accumulated Other Three Months Ended March 31, Affected Line Item in the Statement Comprehensive Income (Loss) Components 2017 2016 Where Net Income is Presented Unrealized gains (losses) on investments available for sale $ (63 ) $ 667 Net realized gains (losses) on investments 24 (255 ) Income taxes $ (39 ) $ 412 Net of tax

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
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. Other In 2014, UVE entered into a letter agreement with Ananke Catastrophe Investment Ltd., an affiliate of Nephila Capital Ltd., that calls for a minimum annual spend of $5 million towards covered loss index swaps during the period from June 1, 2016 through May 31, 2025, of which UVE incurred $900 thousand towards that minimum annual spend through March 31, 2017. UVE has an annual spend remaining of $4.1 million towards covered loss index swaps by May 31, 2017.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
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. Municipal bonds: Comprise fixed income securities issued by a state, municipality or county. The primary inputs to the valuation include quoted prices for identical assets in inactive markets or similar assets in active or inactive markets, contractual cash flows, benchmark yields and credit spreads. Redeemable preferred stock: Comprise preferred stock securities that are redeemable. The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active. 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. As required by GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the placement of the asset or liability within the fair value hierarchy levels. The following tables set forth by level within the fair value hierarchy the Company’s assets that were measured at fair value including those on a recurring basis as of the dates presented (in thousands): Fair Value Measurements March 31, 2017 Level 1 Level 2 Level 3 Total Fixed Maturities: U.S. government obligations and agencies $ — $ 77,469 $ — $ 77,469 Corporate bonds — 194,041 — 194,041 Mortgage-backed and asset-backed securities — 214,001 — 214,001 Municipal bonds — 97,892 — 97,892 Redeemable preferred stock — 14,272 — 14,272 Equity Securities: Common stock 95 — — 95 Mutual funds 50,191 — — 50,191 Short-term investments — 5,001 — 5,001 Total assets accounted for at fair value $ 50,286 $ 602,676 $ — $ 652,962 Fair Value Measurements December 31, 2016 Level 1 Level 2 Level 3 Total Fixed Maturities: U.S. government obligations and agencies $ — $ 74,267 $ — $ 74,267 Corporate bonds — 191,430 — 191,430 Mortgage-backed and asset-backed securities — 214,776 — 214,776 Municipal bonds — 91,197 — 91,197 Redeemable preferred stock — 12,691 — 12,691 Equity Securities: Common stock 93 — — 93 Mutual funds 50,710 — — 50,710 Short-term investments — 5,002 — 5,002 Total assets accounted for at fair value $ 50,803 $ 589,363 $ — $ 640,166 The Company utilizes third-party independent pricing services that provide a price quote for each fixed maturity, equity security and short-term investment. Management reviews the methodology used by the pricing services. If management believes that the price used by the pricing service does not reflect an orderly transaction between participants, management will use an alternative valuation methodology. There were no adjustments made by the Company to the prices obtained from the independent pricing source for any fixed maturities or equity securities included in the tables above. The following table summarizes the carrying value and estimated fair values of the Company’s financial instruments that are not carried at fair value as of the dates presented (in thousands): March 31, 2017 December 31, 2016 (Level 3) (Level 3) Estimated Estimated Carrying Value Carrying Value Liabilities (debt): Surplus note $ 13,971 $ 12,418 $ 14,338 $ 13,282 Promissory note $ — $ — $ 690 $ 690 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 promissory note is not materially different than its carrying value.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events The Company performed an evaluation of subsequent events through the date the Financial Statements were issued and determined there were no recognized or unrecognized subsequent events that would require an adjustment or additional disclosure in the Financial Statements as of March 31, 2017. On April 12, 2017, UVE declared a cash dividend of $0.14 per share on its outstanding common stock payable on July 3, 2017, to the shareholders of record at the close of business on June 14, 2017.

Nature of Operations and Basi21

Nature of Operations and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2017
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 fourteen 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, 2016, filed with the SEC on February 24, 2017. The condensed consolidated balance sheet at December 31, 2016, 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.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued guidance which simplifies several aspects of the accounting for share-based payment transactions. The new guidance requires excess income tax benefits (windfalls) and deficiencies (shortfalls) to be recognized in the income statement as income tax benefits or charges when the awards vest or are settled. The former guidance required the recognition of excess tax benefits or deficiencies in stockholders’ equity. In addition, all income tax-related cash flows resulting from share-based payments will be reported as operating activities in the statement of cash flows under the new guidance. The guidance also allows us to repurchase more of an employee's shares for tax withholding purposes without triggering liability accounting; clarifies that all cash payments for tax withholdings made on an employee’s behalf should be presented as a financing activity on the Company’s statement of cash flows; and provides an accounting policy election to account for forfeitures as they occur. The guidance is effective for fiscal years and interim periods beginning after December 15, 2016, with early adoption permitted. The Company adopted this guidance effective January 1, 2017. The adoption of the new standard resulted in the recognition of excess tax benefits of $0.8 million reflected in the Company’s Condensed Consolidated Statements of Income as an income tax benefit for the three months ended March 31, 2017. Additionally, excess tax benefits on the Company’s Condensed Consolidated Statement of Cash Flows are presented as an operating activity on a prospective basis. The presentation requirement for cash flows related to employee taxes paid for withheld shares did not impact any of the periods presented in the Company’s Condensed Consolidated Statement of Cash Flows since these cash flows have historically been presented as a financing activity. The Company will continue to account for forfeitures as they occur. The standard also modifies the calculation of dilutive earnings per share to no longer use proceeds from tax benefits or deficiencies.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Investments Debt And Equity Securities [Abstract]
Cost or Amortized Cost and Fair Value of Securities Available for Sale	The following table provides the cost or amortized cost and fair value of securities available for sale as of the dates presented (in thousands): March 31, 2017 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed Maturities: U.S. government obligations and agencies $ 78,055 $ 1 $ (587 ) $ 77,469 Corporate bonds 194,289 727 (975 ) 194,041 Mortgage-backed and asset-backed securities 215,670 128 (1,797 ) 214,001 Municipal bonds 100,762 307 (3,177 ) 97,892 Redeemable preferred stock 13,777 524 (29 ) 14,272 Equity Securities: Common stock 214 — (119 ) 95 Mutual funds 51,616 953 (2,378 ) 50,191 Short-term investments 5,000 1 — 5,001 Total $ 659,383 $ 2,641 $ (9,062 ) $ 652,962 December 31, 2016 Cost or Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed Maturities: U.S. government obligations and agencies $ 74,937 $ — $ (670 ) $ 74,267 Corporate bonds 192,328 402 (1,300 ) 191,430 Mortgage-backed and asset-backed securities 216,679 135 (2,038 ) 214,776 Municipal bonds 94,794 130 (3,727 ) 91,197 Redeemable preferred stock 12,723 125 (157 ) 12,691 Equity Securities: Common stock 214 — (121 ) 93 Mutual funds 53,900 407 (3,597 ) 50,710 Short-term investments 5,000 2 — 5,002 Total $ 650,575 $ 1,201 $ (11,610 ) $ 640,166
Schedule of Credit Quality of Investment Securities With Contractual Maturities or The Issuer of Such Securities	The following table provides the credit quality of investment securities with contractual maturities or the issuer of such securities as of the dates presented (in thousands): March 31, 2017 December 31, 2016 % of Total % of Total Comparable Ratings Fair Value Fair Value Fair Value Fair Value AAA $ 129,495 21.5 % $ 131,260 22.3 % AA 282,340 46.9 % 275,480 46.7 % A 111,734 18.5 % 107,418 18.2 % BBB 70,754 11.7 % 67,263 11.4 % BB+ and Below 3,706 0.6 % 3,444 0.6 % No Rating Available 4,647 0.8 % 4,498 0.8 % Total $ 602,676 100.0 % $ 589,363 100.0 % The tables above include comparable credit quality ratings by Standard and Poor’s Rating Services, Inc., Moody’s Investors Service, Inc. and Fitch Ratings, Inc.
Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities	The following table summarizes the cost or amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands): March 31, 2017 December 31, 2016 Cost or Cost or Amortized Amortized Cost Fair Value Cost Fair Value Mortgage-backed Securities: Agency $ 111,148 $ 109,720 $ 110,724 $ 109,022 Non-agency 18,247 18,128 19,408 19,265 Asset-backed Securities: Auto loan receivables 36,900 36,857 37,390 37,429 Credit card receivables 38,617 38,553 38,640 38,568 Other receivables 10,758 10,743 10,517 10,492 Total $ 215,670 $ 214,001 $ 216,679 $ 214,776
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 (dollars in thousands): March 31, 2017 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 12 $ 72,345 $ (540 ) 2 $ 3,511 $ (47 ) Corporate bonds 92 76,775 (934 ) 2 289 (41 ) Mortgage-backed and asset-backed securities 86 148,308 (1,651 ) 8 14,521 (146 ) Municipal bonds 65 76,343 (3,177 ) — — — Redeemable preferred stock 14 1,606 (29 ) — — — Equity Securities: Common stock 1 20 (5 ) 2 75 (114 ) Mutual funds 1 16,685 (116 ) 1 9,090 (2,262 ) Total 271 $ 392,082 $ (6,452 ) 15 $ 27,486 $ (2,610 ) December 31, 2016 Less Than 12 Months 12 Months or Longer Number of Unrealized Number of Unrealized Issues Fair Value Losses Issues Fair Value Losses Fixed Maturities: U.S. government obligations and agencies 11 $ 70,453 $ (608 ) 2 $ 3,504 $ (62 ) Corporate bonds 116 96,379 (1,219 ) 4 3,250 (80 ) Mortgage-backed and asset-backed securities 73 149,928 (1,923 ) 5 9,660 (115 ) Municipal bonds 69 79,402 (3,726 ) — — — Redeemable preferred stock 50 6,340 (158 ) — — — Equity Securities: Common stock 1 18 (7 ) 2 75 (115 ) Mutual funds 3 28,020 (774 ) 2 11,529 (2,823 ) Total 323 $ 430,540 $ (8,415 ) 15 $ 28,018 $ (3,195 )
Amortized Cost and Fair Value of Investments With Contractual Maturities	The following table presents the amortized cost and fair value of investments with contractual maturities as of the date presented (in thousands): March 31, 2017 Cost or Amortized Fair Value Due in one year or less $ 53,558 $ 53,570 Due after one year through five years 229,273 228,831 Due after five years through ten years 38,207 37,658 Due after ten years 57,068 54,344 Mortgage-backed and asset-backed securities 215,670 214,001 Perpetual maturity securities 13,777 14,272 Total $ 607,553 $ 602,676
Summary of Securities Available for Sale	The following table provides certain information related to securities available for sale during the periods presented (in thousands): Three Months Ended March 31, 2017 2016 Proceeds from sales and maturities (fair value) $ 22,329 $ 52,366 Gross realized gains $ — $ 685 Gross realized losses $ (63 ) $ (18 )
Investment Income (Expense) Comprised Primarily of Interest and Dividends	The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands): Three Months Ended March 31, 2017 2016 Fixed maturities $ 2,710 $ 1,831 Equity securities 382 203 Short-term investments 15 115 Other (1) 144 73 Total investment income 3,251 2,222 Less: Investment expenses (2) (547 ) (617 ) Net investment (expense) income $ 2,704 $ 1,605 (1) Includes interest earned on cash and cash equivalents and restricted cash and cash equivalents. Also includes investment income earned on real estate investments. (2) Includes bank fees, investment accounting and advisory fees, and expenses associated with real estate investments.
Schedule of Real Estate Investment	Investment real estate consisted of the following as of the dates presented (in thousands): March 31, 2017 December 31, 2016 Income Producing: Investment real estate $ 6,918 $ 6,918 Less: Accumulated depreciation (326 ) (281 ) 6,592 6,637 Non-Income Producing: Properties under development 6,512 4,798 Investment real estate, net $ 13,104 $ 11,435

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2017
Insurance [Abstract]
Current Ratings from Rating Agencies and Unsecured Net Amounts Due from Reinsurers Whose Aggregate Balance Exceeded 3% of Stockholders' Equity	The following table presents ratings from rating agencies and the unsecured amounts due from the Company’s reinsurers whose aggregate balance exceeded 3% of the Company’s stockholders’ equity as of the dates presented (in thousands): Ratings as of March 31, 2017 Due from as of Standard and Poor's Moody's AM Best Rating Investors March 31, December 31, Reinsurer Company Services Service, Inc. 2017 2016 Florida Hurricane Catastrophe Fund (1) n/a n/a n/a $ 18,545 $ 46,364 Total (2) $ 18,545 $ 46,364 (1) No rating is available, because the fund is not rated. (2) Amounts represent prepaid reinsurance premiums .
Summary of Effects of Reinsurance Arrangements	The Company’s reinsurance arrangements had the following effect on certain items in the Condensed Consolidated Statements of Income for the periods presented (in thousands): Three Months Ended March 31, 2017 2016 Losses and Loss Losses and Loss Premiums Premiums Adjustment Premiums Premiums Adjustment Written Earned Expenses Written Earned Expenses Direct $ 245,415 $ 236,375 $ 70,783 $ 227,973 $ 221,252 $ 66,148 Ceded (186 ) (74,816 ) (213 ) (74,059 ) (68,804 ) (31 ) Net $ 245,229 $ 161,559 $ 70,570 $ 153,914 $ 152,448 $ 66,117
Prepaid Reinsurance Premiums and Reinsurance Recoverable (Payable) and Receivable	The following prepaid reinsurance premiums and reinsurance recoverable (payable) and receivable are reflected in the Condensed Consolidated Balance Sheets as of the dates presented (in thousands): March 31, December 31, 2017 2016 Prepaid reinsurance premiums $ 49,754 $ 124,385 Reinsurance recoverable (payable) on unpaid losses and LAE $ (2,353 ) $ 106 Reinsurance recoverable (payable) on paid losses 605 (1,532 ) Reinsurance receivable, net — 186 Reinsurance recoverable (payable) and receivable $ (1,748 ) $ (1,240 )

Insurance Operations (Tables)

Insurance Operations (Tables)	3 Months Ended
	Mar. 31, 2017
Insurance [Abstract]
Beginning and Ending Balances and Changes in DPAC	The following table presents the beginning and ending balances and the changes in DPAC for the periods presented (in thousands): Three Months Ended March 31, 2017 2016 DPAC, beginning of period $ 64,912 $ 60,019 Capitalized Costs 33,756 30,735 Amortization of DPAC (32,144 ) (29,596 ) DPAC, end of period $ 66,524 $ 61,158
Statutory Capital and Surplus, and an Amount Representing Ten Percent of Total Liabilities for both UPCIC and APPCIC	The following table presents the amount of capital and surplus calculated in accordance with statutory accounting principles, which differ from U.S. GAAP, and an amount representing ten percent of total liabilities for both UPCIC and APPCIC as of the dates presented (in thousands): March 31, December 31, 2017 2016 Ten percent of total liabilities UPCIC $ 62,489 $ 57,560 APPCIC $ 541 $ 464 Statutory capital and surplus UPCIC $ 332,641 $ 313,753 APPCIC $ 17,363 $ 17,280
Assets Held by Insurance Regulators	The following table represents assets held by insurance regulators as of the dates presented (in thousands): March 31, December 31, 2017 2016 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,959 $ 3,952

Liability for Unpaid Losses a25

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2017
Insurance Loss Reserves [Abstract]
Change in Liability for Unpaid Losses and LAE	Set forth in the following table is the change in liability for unpaid losses and LAE for the periods presented (in thousands): Three Months Ended March 31, 2017 2016 Balance at beginning of period $ 58,494 $ 98,840 Less: Reinsurance recoverable (106 ) (13,540 ) Net balance at beginning of period 58,388 85,300 Incurred (recovered) related to: Current year 70,474 66,101 Prior years 96 16 Total incurred 70,570 66,117 Paid related to: Current year 22,890 18,618 Prior years 72,252 55,533 Total paid 95,142 74,151 Net balance at end of period 33,816 77,266 Plus: Reinsurance recoverable (payable) (2,353 ) 7,709 Balance at end of period $ 31,463 $ 84,975

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following as of the dates presented (in thousands): March 31, December 31, 2017 2016 Surplus note $ 13,971 $ 14,338 Promissory note — 690 Total $ 13,971 $ 15,028

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Activity Relating to Common Shares	The following table summarizes the activity relating to shares of the Company’s common stock during the three months ended March 31, 2017 (in thousands): Issued Treasury Outstanding Shares Shares Shares Balance, as of December 31, 2016 45,324 (10,272 ) 35,052 Shares repurchased — (100 ) (100 ) Vesting of performance share units 115 — 115 Stock option exercises 65 — 65 Shares acquired through cashless exercise (1) — (59 ) (59 ) Shares cancelled (59 ) 59 — Balance, as of March 31, 2017 45,445 (10,372 ) 35,073 (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 performance share units vested. These shares have been cancelled by the Company.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Reconciles Numerator and Denominator of Basic and Diluted Earnings Per Share Computations	The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted earnings per share computations for the periods presented (in thousands, except per share data): Three Months Ended March 31, 2017 2016 Numerator for EPS: Net income $ 31,199 $ 25,226 Less: Preferred stock dividends (3 ) (3 ) Income available to common stockholders $ 31,196 $ 25,223 Denominator for EPS: Weighted average common shares outstanding 35,140 34,527 Plus: Assumed conversion of stock-based compensation (1) 1,015 1,042 Assumed conversion of preferred stock 25 25 Weighted average diluted common shares outstanding 36,180 35,594 Basic earnings per common share $ 0.89 $ 0.73 Diluted earnings per common share $ 0.86 $ 0.71 (1) Represents the dilutive effect of unvested Restricted Stock, unvested Performance Share Units and unexercised Stock Options.

Other Comprehensive Income (L29

Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Components of Other Comprehensive Income (Loss) Pre-Tax and After-Tax	The following table provides the components of other comprehensive income (loss) on a pre-tax and after-tax basis for the periods presented (in thousands): For the Three Months Ended March 31, 2017 2016 Pre-tax Tax After-tax Pre-tax Tax After-tax Net unrealized gains (losses) on investments available for sale arising during the period $ 3,925 $ 1,500 $ 2,425 $ 6,020 $ 2,327 $ 3,693 Less: Amounts reclassified from accumulated other comprehensive income (loss) 63 24 39 (667 ) (255 ) (412 ) Net current period other comprehensive income (loss) $ 3,988 $ 1,524 $ 2,464 $ 5,353 $ 2,072 $ 3,281
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 (Loss) Details about Accumulated Other Three Months Ended March 31, Affected Line Item in the Statement Comprehensive Income (Loss) Components 2017 2016 Where Net Income is Presented Unrealized gains (losses) on investments available for sale $ (63 ) $ 667 Net realized gains (losses) on investments 24 (255 ) Income taxes $ (39 ) $ 412 Net of tax

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Assets Measured for at Fair Value on Recurring Basis	The following tables set forth by level within the fair value hierarchy the Company’s assets that were measured at fair value including those on a recurring basis as of the dates presented (in thousands): Fair Value Measurements March 31, 2017 Level 1 Level 2 Level 3 Total Fixed Maturities: U.S. government obligations and agencies $ — $ 77,469 $ — $ 77,469 Corporate bonds — 194,041 — 194,041 Mortgage-backed and asset-backed securities — 214,001 — 214,001 Municipal bonds — 97,892 — 97,892 Redeemable preferred stock — 14,272 — 14,272 Equity Securities: Common stock 95 — — 95 Mutual funds 50,191 — — 50,191 Short-term investments — 5,001 — 5,001 Total assets accounted for at fair value $ 50,286 $ 602,676 $ — $ 652,962 Fair Value Measurements December 31, 2016 Level 1 Level 2 Level 3 Total Fixed Maturities: U.S. government obligations and agencies $ — $ 74,267 $ — $ 74,267 Corporate bonds — 191,430 — 191,430 Mortgage-backed and asset-backed securities — 214,776 — 214,776 Municipal bonds — 91,197 — 91,197 Redeemable preferred stock — 12,691 — 12,691 Equity Securities: Common stock 93 — — 93 Mutual funds 50,710 — — 50,710 Short-term investments — 5,002 — 5,002 Total assets accounted for at fair value $ 50,803 $ 589,363 $ — $ 640,166
Summarizes Carrying Value and Estimated Fair Values of Financial Instruments not Carried at Fair Value	The following table summarizes the carrying value and estimated fair values of the Company’s financial instruments that are not carried at fair value as of the dates presented (in thousands): March 31, 2017 December 31, 2016 (Level 3) (Level 3) Estimated Estimated Carrying Value Carrying Value Liabilities (debt): Surplus note $ 13,971 $ 12,418 $ 14,338 $ 13,282 Promissory note $ — $ — $ 690 $ 690

Nature of Operations and Basi31

Nature of Operations and Basis of Presentation - Additional Information (Detail)	Mar. 31, 2017State
Accounting Policies [Abstract]
Number of states	14

Significant Accounting Polici32

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule Of Significant Accounting Policies [Line Items]
Income tax expense (benefit)	$ 16,172	$ 15,873
Adjustments for New Accounting Pronouncement [Member]
Schedule Of Significant Accounting Policies [Line Items]
Income tax expense (benefit)	$ (800)

Investments - Cost or Amortized

Investments - Cost or Amortized Cost and Fair Value of Securities Available for Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	$ 659,383	$ 650,575
Gross Unrealized Gains	2,641	1,201
Gross Unrealized Losses	(9,062)	(11,610)
Fair Value	652,962	640,166
Mortgage-Backed and Asset-Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	215,670	216,679
Fair Value	214,001	214,776
Fixed Maturities [Member] | U.S. Government Obligations and Agencies [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	78,055	74,937
Gross Unrealized Gains	1
Gross Unrealized Losses	(587)	(670)
Fair Value	77,469	74,267
Fixed Maturities [Member] | Corporate Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	194,289	192,328
Gross Unrealized Gains	727	402
Gross Unrealized Losses	(975)	(1,300)
Fair Value	194,041	191,430
Fixed Maturities [Member] | Mortgage-Backed and Asset-Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	215,670	216,679
Gross Unrealized Gains	128	135
Gross Unrealized Losses	(1,797)	(2,038)
Fair Value	214,001	214,776
Fixed Maturities [Member] | Municipal Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	100,762	94,794
Gross Unrealized Gains	307	130
Gross Unrealized Losses	(3,177)	(3,727)
Fair Value	97,892	91,197
Fixed Maturities [Member] | Redeemable Preferred Stock [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	13,777	12,723
Gross Unrealized Gains	524	125
Gross Unrealized Losses	(29)	(157)
Fair Value	14,272	12,691
Equity Securities [Member] | Common Stock [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	214	214
Gross Unrealized Losses	(119)	(121)
Fair Value	95	93
Equity Securities [Member] | Mutual Funds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	51,616	53,900
Gross Unrealized Gains	953	407
Gross Unrealized Losses	(2,378)	(3,597)
Fair Value	50,191	50,710
Short-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	5,000	5,000
Gross Unrealized Gains	1	2
Fair Value	$ 5,001	$ 5,002

Investments - Schedule of Credi

Investments - Schedule of Credit Quality of Investment Securities With Contractual Maturities or The Issuer of Such Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 602,676	$ 589,363
Percentage of Total Fair Value	100.00%	100.00%
Comparable Ratings, AAA Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 129,495	$ 131,260
Percentage of Total Fair Value	21.50%	22.30%
Comparable Ratings, AA Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 282,340	$ 275,480
Percentage of Total Fair Value	46.90%	46.70%
Comparable Ratings, A Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 111,734	$ 107,418
Percentage of Total Fair Value	18.50%	18.20%
Comparable Ratings, BBB Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 70,754	$ 67,263
Percentage of Total Fair Value	11.70%	11.40%
Comparable Ratings, BB+ and Below Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 3,706	$ 3,444
Percentage of Total Fair Value	0.60%	0.60%
Comparable Ratings, No Rating Available [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 4,647	$ 4,498
Percentage of Total Fair Value	0.80%	0.80%

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	$ 659,383	$ 650,575
Fair Value	652,962	640,166
Mortgage-backed securities [Member] | Agency [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	111,148	110,724
Fair Value	109,720	109,022
Mortgage-backed securities [Member] | Non Agency [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	18,247	19,408
Fair Value	18,128	19,265
Asset-backed securities [Member] | Auto Loan Receivables [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	36,900	37,390
Fair Value	36,857	37,429
Asset-backed securities [Member] | Credit Card Receivables [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	38,617	38,640
Fair Value	38,553	38,568
Asset-backed securities [Member] | Other Receivables [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	10,758	10,517
Fair Value	10,743	10,492
Mortgage-Backed and Asset-Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	215,670	216,679
Fair Value	$ 214,001	$ 214,776

Investments - Summarized Fair V

Investments - Summarized Fair Value and Gross Unrealized Losses on Securities Available for Sale (Detail) $ in Thousands	Mar. 31, 2017USD ($)Security	Dec. 31, 2016USD ($)Security
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	271	323
Less than 12 months, Fair value	$ 392,082	$ 430,540
Less than 12 months, Unrealized losses	$ (6,452)	$ (8,415)
12 months or longer, Number of issues | Security	15	15
12 months or longer, Fair value	$ 27,486	$ 28,018
12 months or longer, Unrealized losses	(2,610)	$ (3,195)
Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
12 months or longer, Fair value	$ 9,200
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	12	11
Less than 12 months, Fair value	$ 72,345	$ 70,453
Less than 12 months, Unrealized losses	$ (540)	$ (608)
12 months or longer, Number of issues | Security	2	2
12 months or longer, Fair value	$ 3,511	$ 3,504
12 months or longer, Unrealized losses	$ (47)	$ (62)
Corporate Bonds [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	92	116
Less than 12 months, Fair value	$ 76,775	$ 96,379
Less than 12 months, Unrealized losses	$ (934)	$ (1,219)
12 months or longer, Number of issues | Security	2	4
12 months or longer, Fair value	$ 289	$ 3,250
12 months or longer, Unrealized losses	$ (41)	$ (80)
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	86	73
Less than 12 months, Fair value	$ 148,308	$ 149,928
Less than 12 months, Unrealized losses	$ (1,651)	$ (1,923)
12 months or longer, Number of issues | Security	8	5
12 months or longer, Fair value	$ 14,521	$ 9,660
12 months or longer, Unrealized losses	$ (146)	$ (115)
Municipal Bonds [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	65	69
Less than 12 months, Fair value	$ 76,343	$ 79,402
Less than 12 months, Unrealized losses	$ (3,177)	$ (3,726)
Redeemable Preferred Stock [Member] | Fixed Maturities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	14	50
Less than 12 months, Fair value	$ 1,606	$ 6,340
Less than 12 months, Unrealized losses	$ (29)	$ (158)
Common Stock [Member] | Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	1	1
Less than 12 months, Fair value	$ 20	$ 18
Less than 12 months, Unrealized losses	$ (5)	$ (7)
12 months or longer, Number of issues | Security	2	2
12 months or longer, Fair value	$ 75	$ 75
12 months or longer, Unrealized losses	$ (114)	$ (115)
Mutual Funds [Member] | Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	1	3
Less than 12 months, Fair value	$ 16,685	$ 28,020
Less than 12 months, Unrealized losses	$ (116)	$ (774)
12 months or longer, Number of issues | Security	1	2
12 months or longer, Fair value	$ 9,090	$ 11,529
12 months or longer, Unrealized losses	$ (2,262)	$ (2,823)

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Schedule Of Available For Sale Securities [Line Items]
Equity securities, Unrealized loss position twelve months or longer	$ 27,486,000	$ 28,018,000
Equity securities, Unrealized loss	2,400,000
Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Equity securities, Unrealized loss position twelve months or longer	9,200,000
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	Mar. 31, 2017	Dec. 31, 2016
Schedule Of Available For Sale Securities [Line Items]
Fixed Maturities Securities Available for Sale, Due in one year or less, Amortized cost	$ 53,558
Fixed Maturities Securities Available for Sale, Due after one year through five years, Amortized cost	229,273
Fixed Maturities Securities Available for Sale, Due after five years through ten years, Amortized cost	38,207
Fixed Maturities Securities Available for Sale, Due after ten years, Amortized cost	57,068
Fixed Maturities Securities Available for Sale, Perpetual Maturity, Amortized Cost	13,777
Fixed Maturities Securities Available for Sale, Amortized cost, Total	607,553
Fixed Maturities Securities Available for Sale, Due in one year or less, Fair Value	53,570
Fixed Maturities Securities Available for Sale, Due after one year through five years, Fair Value	228,831
Fixed Maturities Securities Available for Sale, Due after five years through ten years, Fair Value	37,658
Fixed Maturities Securities Available for Sale, Due after ten years, Fair Value	54,344
Fixed Maturities Securities Available for Sale, Perpetual Maturity, Fair Value	14,272
Fixed Maturities Securities Available for Sale, Fair Value, Total	602,676	$ 589,363
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	215,670
Fixed Maturities Securities Available for Sale, Mortgage-backed Securities, Fair Value	$ 214,001

Investments - Summary of Securi

Investments - Summary of Securities Available for Sale (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Investments Debt And Equity Securities [Abstract]
Proceeds from sales and maturities (fair value)	$ 22,329	$ 52,366
Gross realized gains		685
Gross realized losses	$ (63)	$ (18)

Investments - Investment Income

Investments - Investment Income (Expense) Comprised Primarily of Interest and Dividends (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net Investment Income [Line Items]
Total investment income	$ 3,251	$ 2,222
Less: Investment expenses	(547)	(617)
Net investment (expense) income	2,704	1,605
Fixed Maturities [Member]
Net Investment Income [Line Items]
Investment income	2,710	1,831
Equity Securities [Member]
Net Investment Income [Line Items]
Investment income	382	203
Short-term Investments [Member]
Net Investment Income [Line Items]
Investment income	15	115
Other [Member]
Net Investment Income [Line Items]
Investment income	$ 144	$ 73

Investments - Schedule of Real

Investments - Schedule of Real Estate Investment (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real Estate [Line Items]
Investment real estate, net	$ 13,104	$ 11,435
Income Producing [Member]
Real Estate [Line Items]
Investment real estate	6,918	6,918
Less: Accumulated depreciation	(326)	(281)
Investment real estate, net	6,592	6,637
Non-Income Producing [Member]
Real Estate [Line Items]
Properties under development	$ 6,512	$ 4,798

Reinsurance - Additional Inform

Reinsurance - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017
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 - Current Ratings f

Reinsurance - Current Ratings from Rating Agencies and Unsecured Net Amounts Due from Reinsurers Whose Aggregate Balance Exceeded 3% of Stockholders' Equity (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers total	$ 18,545	$ 46,364
Florida Hurricane Catastrophe Fund [Member]
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers total	$ 18,545	$ 46,364

Reinsurance - Reinsurance Arran

Reinsurance - Reinsurance Arrangements (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reinsurance Disclosures [Abstract]
Direct premiums written	$ 245,415	$ 227,973
Ceded premiums written	(186)	(74,059)
Net premiums written	245,229	153,914
Direct Premiums Earned	236,375	221,252
Ceded premium earned	(74,816)	(68,804)
Premiums earned, net	161,559	152,448
Direct Losses and Loss Adjustment Expenses	70,783	66,148
Ceded Losses and Loss Adjustment Expenses	(213)	(31)
Net Losses and Loss Adjustment Expenses	$ 70,570	$ 66,117

Reinsurance - Prepaid Reinsuran

Reinsurance - Prepaid Reinsurance Premiums and Reinsurance Recoverable (Payable) and Receivable (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Reinsurance Disclosures [Abstract]
Prepaid reinsurance premiums	$ 49,754	$ 124,385
Reinsurance recoverable (payable) on unpaid losses and LAE	(2,353)	106	$ 7,709	$ 13,540
Reinsurance recoverable (payable) on paid losses	605	(1,532)
Reinsurance receivable, net		186
Reinsurance recoverable (payable) and receivable	$ (1,748)	$ (1,240)

Insurance Operations - Beginnin

Insurance Operations - Beginning and Ending Balances and Changes in DPAC (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Insurance [Abstract]
DPAC, beginning of period	$ 64,912	$ 60,019
Capitalized Costs	33,756	30,735
Amortization of DPAC	(32,144)	(29,596)
DPAC, end of period	$ 66,524	$ 61,158

Insurance Operations - Addition

Insurance Operations - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)
UPCIC [Member]
Statutory Accounting Practices [Line Items]
Statutory ordinary dividend capacity	$ 57,700,000
UPCIC and APPCIC [Member]
Statutory Accounting Practices [Line Items]
Dividend paid to UVECF	$ 0
Minimum capitalization rate	10.00%
Minimum capitalization amount	$ 10,000,000
Minimum capital required	Greater of ten percent of the insurer’s total liabilities or $10.0 million.

Insurance Operations - Statutor

Insurance Operations - Statutory Capital and Surplus, and an Amount Representing Ten Percent of Total Liabilities for both UPCIC and APPCIC (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
UPCIC [Member]
Statutory Accounting Practices [Line Items]
Ten percent of total liabilities	$ 62,489	$ 57,560
Statutory capital and surplus	332,641	313,753
APPCIC [Member]
Statutory Accounting Practices [Line Items]
Ten percent of total liabilities	541	464
Statutory capital and surplus	$ 17,363	$ 17,280

Insurance Operations - Assets H

Insurance Operations - Assets Held by Insurance Regulators (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
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	$ 3,959	$ 3,952

Liability for Unpaid Losses a50

Liability for Unpaid Losses and Loss Adjustment Expenses - Change in Liability for Unpaid Losses and LAE (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Insurance [Abstract]
Balance at beginning of period	$ 58,494	$ 98,840
Less: Reinsurance recoverable	(106)	(13,540)
Net balance at beginning of period	58,388	85,300
Incurred (recovered) related to current year	70,474	66,101
Incurred (recovered) related to prior years	96	16
Total incurred	70,570	66,117
Paid related to Current year	22,890	18,618
Paid related to Prior years	72,252	55,533
Total paid	95,142	74,151
Net balance at end of period	33,816	77,266
Plus: Reinsurance recoverable (payable)	(2,353)	7,709
Balance at end of period	$ 31,463	$ 84,975

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total	$ 13,971	$ 15,028
Surplus Note [Member]
Debt Instrument [Line Items]
Notes payable	$ 13,971	14,338
Promissory Note [Member]
Debt Instrument [Line Items]
Notes payable		$ 690

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	Mar. 31, 2017USD ($)
Debt Disclosure [Abstract]
Unsecured line of credit, amount borrowed	$ 0

Stockholders' Equity - Activity

Stockholders' Equity - Activity Relating to Common Shares (Detail)	3 Months Ended
	Mar. 31, 2017shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, shares	45,324,000
Beginning balance, shares	(10,272,000)
Beginning balance, shares	35,052,000
Shares repurchased	(100,079)
Ending balance, shares	45,445,000
Ending balance, shares	(10,372,000)
Ending balance, shares	35,073,000
Stock Compensation Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, shares	35,052,000
Shares repurchased	(100,000)
Vesting of performance share units	115,000
Stock option exercises	65,000
Shares acquired through cashless exercise	(59,000)	[1]
Shares cancelled	0
Ending balance, shares	35,073,000
Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, shares	45,324,000
Shares repurchased	0
Vesting of performance share units	115,000
Stock option exercises	65,000
Shares acquired through cashless exercise	0	[1]
Shares cancelled	(59,000)
Ending balance, shares	45,445,000
Treasury Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, shares	(10,272,000)
Shares repurchased	(100,000)
Vesting of performance share units	0
Stock option exercises	0
Shares acquired through cashless exercise	(59,000)	[1]
Shares cancelled	59,000
Ending balance, shares	(10,372,000)
[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 performance share units vested. These shares have been cancelled by the Company.

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Jan. 23, 2017	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Equity [Line Items]
Treasury shares acquired		100,079
Shares repurchased during period		$ 2,500,000
Dividends per share declared on outstanding common stock	$ 0.14	$ 0.14	$ 0.14
Installment1-FY2016
Equity [Line Items]
Dividends payable date		Mar. 2, 2017
Dividends payable, shareholders record date		Feb. 17, 2017
Maximum [Member]
Equity [Line Items]
Amount of shares authorized to repurchase				$ 20,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Taxes [Line Items]
Income tax expense (benefit)	$ 16,172	$ 15,873
Effective tax rate	34.10%	38.60%
Other tax expense (benefit)	$ (1,300)
U.S. federal statutory rate	35.00%
Adjustments for New Accounting Pronouncement [Member]
Income Taxes [Line Items]
Income tax expense (benefit)	$ (800)

Earnings Per Share - Reconciles

Earnings Per Share - Reconciles Numerator and Denominator of Basic and Diluted Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Numerator for EPS:
Net income		$ 31,199	$ 25,226
Less: Preferred stock dividends		(3)	(3)
Income available to common stockholders		$ 31,196	$ 25,223
Denominator for EPS:
Weighted average common shares outstanding		35,140	34,527
Plus: Assumed conversion of share-based compensation	[1]	1,015	1,042
Assumed conversion of preferred stock		25	25
Weighted average diluted common shares outstanding		36,180	35,594
Basic earnings per common share		$ 0.89	$ 0.73
Diluted earnings per common share		$ 0.86	$ 0.71
[1]	Represents the dilutive effect of unvested Restricted Stock, unvested Performance Share Units and unexercised Stock Options.

Other Comprehensive Income (L57

Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (loss) Pre-Tax and After-Tax (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Equity [Abstract]
Net unrealized gains (losses) on investments available for sale arising during the period, Pre-tax	$ 3,925	$ 6,020
Less: Amounts reclassified from accumulated other comprehensive income (loss), Pre-tax	63	(667)
Net current period other comprehensive income (loss), Pre-tax	3,988	5,353
Net unrealized gains (losses) on investments available for sale arising during the period, Tax	1,500	2,327
Less: Amounts reclassified from accumulated other comprehensive income (loss), Tax	24	(255)
Net current period other comprehensive income (loss), Tax	1,524	2,072
Net unrealized gains (losses) on investments available for sale arising during the period, After-tax	2,425	3,693
Less: Amounts reclassified from accumulated other comprehensive income (loss), After-tax	39	(412)
Net current period other comprehensive income (loss), After-tax	$ 2,464	$ 3,281

Other Comprehensive Income (L58

Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on investments	$ (63)	$ 667
Income taxes	(16,172)	(15,873)
NET INCOME	31,199	25,226
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on investments	(63)	667
Income taxes	24	(255)
NET INCOME	$ (39)	$ 412

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 01, 2016	Mar. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Minimum annual spend towards covered loss	$ 5,000	$ 4,100
Amount incurred towards minimum annual spending		$ 900
Agreement, terms period		June 1, 2016 through May 31, 2025
Agreement, terms expiration date		May 31, 2017

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed Maturities	$ 597,675	$ 584,361
Equity Securities	50,286	50,803
Short-term investments	5,001	5,002
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	5,001	5,002
Total assets accounted for at fair value	652,962	640,166
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	77,469	74,267
Fair Value, Measurements, Recurring | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed Maturities	194,041	191,430
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	214,001	214,776
Fair Value, Measurements, Recurring | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed Maturities	97,892	91,197
Fair Value, Measurements, Recurring | Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed Maturities	14,272	12,691
Fair Value, Measurements, Recurring | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities	95	93
Fair Value, Measurements, Recurring | Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities	50,191	50,710
Level 1 [Member] | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	50,286	50,803
Level 1 [Member] | Fair Value, Measurements, Recurring | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities	95	93
Level 1 [Member] | Fair Value, Measurements, Recurring | Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities	50,191	50,710
Level 2 [Member] | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	5,001	5,002
Total assets accounted for at fair value	602,676	589,363
Level 2 [Member] | 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	77,469	74,267
Level 2 [Member] | Fair Value, Measurements, Recurring | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed Maturities	194,041	191,430
Level 2 [Member] | 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	214,001	214,776
Level 2 [Member] | Fair Value, Measurements, Recurring | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed Maturities	97,892	91,197
Level 2 [Member] | Fair Value, Measurements, Recurring | Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed Maturities	$ 14,272	$ 12,691

Fair Value Measurements - Summa

Fair Value Measurements - Summarizes Carrying Value and Estimated Fair Values of Financial Instruments not Carried at Fair Value (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Surplus Note [Member]
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Carrying Value	$ 13,971	$ 14,338
Surplus Note [Member] | Level 3 [Member]
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Estimated Fair Value	$ 12,418	13,282
Promissory Note [Member]
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Carrying Value		690
Promissory Note [Member] | Level 3 [Member]
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Estimated Fair Value		$ 690

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - $ / shares	Apr. 12, 2017	Jan. 23, 2017	Mar. 31, 2017	Mar. 31, 2016
Subsequent Event [Line Items]
Dividends per share declared on outstanding common stock		$ 0.14	$ 0.14	$ 0.14
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends per share declared on outstanding common stock	$ 0.14
Dividends payable date	Jul. 3, 2017
Dividends payable, shareholders record date	Jun. 14, 2017