Universal Insurance (UVE) 10-Q 27 Apr 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 23, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
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		35,063,424

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Available-for-sale debt securities	$ 634,238	$ 639,334
Available-for-sale short-term investments	10,000	10,000
Equity securities	66,043	62,215
Investment real estate, net	19,406	18,474
Total invested assets	729,687	730,023
Cash and cash equivalents	244,673	213,486
Restricted cash and cash equivalents	2,635	2,635
Prepaid reinsurance premiums	53,123	132,806
Reinsurance recoverable	72,641	182,405
Reinsurance receivable, net	492
Premium receivable, net	57,455	56,500
Property and equipment, net	33,169	32,866
Deferred policy acquisition costs	78,007	73,059
Income taxes recoverable		9,472
Deferred income tax asset, net	11,436	9,286
Other assets	12,389	12,461
Total assets	1,295,707	1,454,999
LIABILITIES:
Unpaid losses and loss adjustment expenses	129,637	248,425
Unearned premiums	540,167	532,444
Advance premium	39,323	26,216
Accounts payable	3,486	2,866
Book overdraft	171	36,715
Reinsurance payable, net	54,218	110,381
Income taxes payable	4,436
Other liabilities and accrued expenses	46,675	45,096
Long-term debt	12,500	12,868
Total liabilities	830,613	1,015,011
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 - 46,148 and 45,778 Outstanding shares - 35,012 and 34,735	461	458
Treasury shares, at cost - 11,136 and 11,043	(107,869)	(105,123)
Additional paid-in capital	84,294	86,186
Accumulated other comprehensive income (loss), net of taxes	(7,312)	(6,281)
Retained earnings	495,520	464,748
Total stockholders' equity	465,094	439,988
Total liabilities and stockholders' equity	$ 1,295,707	$ 1,454,999

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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	46,148,000	45,778,000
Common stock, shares outstanding	35,012,000	34,735,000
Treasury stock, shares	11,136,000	11,043,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written	$ 269,984	$ 245,415
Change in unearned premium	(7,723)	(9,040)
Direct premium earned	262,261	236,375
Ceded premium earned	(79,684)	(74,816)
Premiums earned, net	182,577	161,559
Net investment income (expense)	4,785	2,704
Net realized gains (losses) on sale of securities	(2,641)	(63)
Net change in unrealized gains (losses) of securities	(5,109)
Commission revenue	5,271	4,598
Policy fees	4,775	4,483
Other revenue	1,842	1,593
Total premiums earned and other revenues	191,500	174,874
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses	75,926	70,570
General and administrative expenses	63,875	56,933
Total operating costs and expenses	139,801	127,503
INCOME BEFORE INCOME TAXES	51,699	47,371
Income tax expense	11,644	16,172
NET INCOME	$ 40,055	$ 31,199
Basic earnings per common share	$ 1.15	$ 0.89
Weighted average common shares outstanding - Basic	34,839	35,140
Diluted earnings per common share	$ 1.12	$ 0.86
Weighted average common shares outstanding - Diluted	35,660	36,180
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, 2018	Mar. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 40,055	$ 31,199
Other comprehensive income (loss), net of taxes	(4,050)	2,464
Comprehensive income	$ 36,005	$ 33,663

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 52,326	$ 71,998
Cash flows from investing activities:
Proceeds from sale of property and equipment	12	8
Purchases of property and equipment	(1,314)	(1,255)
Purchases of equity securities	(9,857)	(243)
Purchases of available-for-sale debt securities	(121,996)	(26,610)
Purchases of investment real estate, net	(1,034)	(1,714)
Proceeds from sales of equity securities	1,045	2,500
Proceeds from sales of available-for-sale debt securities	99,464	914
Maturities of available-for-sale debt securities	25,363	18,915
Net cash provided by (used in) investing activities	(8,317)	(7,485)
Cash flows from financing activities:
Preferred stock dividend	(3)	(3)
Common stock dividend	(4,912)	(4,924)
Purchase of treasury stock	(2,746)	(2,548)
Payments related to tax withholding for share-based compensation	(4,793)	(1,337)
Repayment of debt	(368)	(1,067)
Net cash provided by (used in) financing activities	(12,822)	(9,879)
Cash and cash equivalents, and restricted cash and cash equivalents:
Net increase (decrease) during the period	31,187	54,634
Balance, beginning of period	216,121	108,365
Balance, end of period	$ 247,308	$ 162,999

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 244,673	$ 213,486
Restricted cash and cash equivalents	2,635	2,635
Total cash and cash equivalents and restricted cash and cash equivalents	$ 247,308	$ 216,121	$ 162,999	$ 108,365

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [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 insurance company 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 its network of independent agents. Risk from catastrophic losses is managed through the use of reinsurance agreements. The Company’s primary product is residential homeowners’ insurance currently offered in 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 certain reinsurance programs placed by the Insurance Entities, policy fees collected from policyholders by our wholly-owned managing general agent 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 (“U. S. 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, 2017, filed with the SEC on February 23, 2018. The condensed consolidated balance sheet at December 31, 2017, was derived from audited financial statements, but does not include all disclosures required by U.S. 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, 2018
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, 2017. The following are new or revised disclosures or disclosures required on a quarterly basis. Recently Adopted Accounting Pronouncements In January 2016, the FASB revised U.S. GAAP with the issuance of ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In August 2016, the FASB revised U.S. GAAP with the issuance of ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB revised U.S. GAAP, Statement of Cash Flows (Topic 230): Restricted Cash In February 2018, the Financial Accounting Standards Board (“FASB”) revised U.S. GAAP, Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

Investments

Investments	3 Months Ended
	Mar. 31, 2018
Investments Debt And Equity Securities [Abstract]
Investments	3. Investments Securities Available for Sale The following table provides the amortized cost and fair value of debt and short-term investment securities available for sale as of the dates presented (in thousands): March 31, 2018 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Debt Securities: U.S. government obligations and agencies $ 60,073 $ — $ (1,276 ) $ 58,797 Corporate bonds 302,764 299 (4,333 ) 298,730 Mortgage-backed and asset-backed securities 234,053 39 (4,593 ) 229,499 Municipal bonds 34,327 4 (47 ) 34,284 Redeemable preferred stock 12,671 386 (129 ) 12,928 Short-term investments 10,000 — — 10,000 Total $ 653,888 $ 728 $ (10,378 ) $ 644,238 December 31, 2017 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Debt Securities: U.S. government obligations and agencies $ 60,481 $ — $ (877 ) $ 59,604 Corporate bonds 228,336 476 (1,308 ) 227,504 Mortgage-backed and asset-backed securities 221,956 19 (2,523 ) 219,452 Municipal bonds 120,883 599 (1,187 ) 120,295 Redeemable preferred stock 12,059 485 (65 ) 12,479 Short-term investments 10,000 — — 10,000 Total $ 653,715 $ 1,579 $ (5,960 ) $ 649,334 The following table provides the credit quality of investment in available-for-sale debt securities with contractual maturities or the issuer of such securities as of the dates presented (dollars in thousands): March 31, 2018 December 31, 2017 % of Total % of Total Comparable Ratings Fair Value Fair Value Fair Value Fair Value AAA $ 126,242 19.6 % $ 135,237 20.8 % AA 250,660 38.9 % 292,496 45.1 % A 152,908 23.7 % 134,505 20.7 % BBB 109,087 16.9 % 80,566 12.4 % BB+ and Below 2,945 0.5 % 2,919 0.4 % No Rating Available 2,396 0.4 % 3,611 0.6 % Total $ 644,238 100.0 % $ 649,334 100.0 % 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 amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands): March 31, 2018 December 31, 2017 Amortized Amortized Cost Fair Value Cost Fair Value Mortgage-backed Securities: Agency $ 132,498 $ 129,750 $ 118,014 $ 116,014 Non-agency 19,650 19,286 17,676 17,488 Asset-backed Securities: Auto loan receivables 39,313 39,011 35,105 34,962 Credit card receivables 16,172 16,017 38,844 38,719 Other receivables 26,420 25,435 12,317 12,269 Total $ 234,053 $ 229,499 $ 221,956 $ 219,452 The following table summarizes the fair value and gross unrealized losses on available-for-sale debt securities, 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, 2018 Less Than 12 Months 12 Months or Longer Number of Unrealized Number of Unrealized Issues Fair Value Losses Issues Fair Value Losses Debt Securities: U.S. government obligations and agencies 10 $ 40,203 $ (553 ) 5 $ 23,590 $ (723 ) Corporate bonds 314 226,028 (3,328 ) 35 31,603 (1,005 ) Mortgage-backed and asset-backed securities 102 140,047 (2,090 ) 47 68,200 (2,503 ) Municipal bonds 6 3,289 (47 ) — — — Redeemable preferred stock 66 3,271 (129 ) — — — Total 498 $ 412,838 $ (6,147 ) 87 $ 123,393 $ (4,231 ) December 31, 2017 Less Than 12 Months 12 Months or Longer Number of Unrealized Number of Unrealized Issues Fair Value Losses Issues Fair Value Losses Debt Securities: U.S. government obligations and agencies 7 $ 35,464 $ (301 ) 9 $ 24,140 $ (576 ) Corporate bonds 159 142,208 (792 ) 39 29,796 (516 ) Mortgage-backed and asset-backed securities 83 137,481 (955 ) 37 70,218 (1,568 ) Municipal bonds 36 28,265 (246 ) 30 48,370 (941 ) Redeemable preferred stock 21 2,464 (65 ) — — — Total 306 $ 345,882 $ (2,359 ) 115 $ 172,524 $ (3,601 ) Evaluating Investments for Other Than Temporary Impairment (“OTTI”) As of March 31, 2018, the Company held available-for-sale debt securities that were in an unrealized loss position as presented in the table above. For available-for-sale debt 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 available-for-sale debt securities, the Company considers whether it has the intent and ability to hold the available-for-sale debt securities for a period of time sufficient to recover its cost basis. Where the Company lacks the intent and ability to hold to recovery, or believes the recovery period is extended, the security’s decline in fair value is considered other than temporary and is recorded in earnings. Based on our analysis, our fixed income portfolio is of high quality and we believe that we will recover the amortized cost basis of our available-for-sale debt securities. We continually monitor the credit quality of our investments in available-for-sale debt securities 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 available-for-sale debt 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 available-for-sale debt securities available for sale as of March 31, 2018 are other than temporary. The following table presents the amortized cost and fair value of investments with contractual maturities as of the date presented (in thousands): March 31, 2018 Amortized Fair Value Due in one year or less $ 61,458 $ 61,266 Due after one year through five years 216,211 212,187 Due after five years through ten years 86,662 85,479 Due after ten years 42,833 42,879 Mortgage-backed and asset-backed securities 234,053 229,499 Perpetual maturity securities 12,671 12,928 Total $ 653,888 $ 644,238 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 available-for-sale debt securities and equity securities during the periods presented (in thousands): Three Months Ended March 31, 2018 2017 Proceeds from sales and maturities (fair value): Available-for-sale debt securities $ 124,827 $ 19,829 Equity securities $ 1,045 $ 2,500 Gross realized gains on sale of securities: Available-for-sale debt securities $ 307 $ — Equity securities $ 124 $ — Gross realized losses on sale of securities: Available-for-sale debt securities $ (3,072 ) $ (36 ) Equity securities $ — $ (27 ) 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, 2018 2017 Available-for-sale debt securities $ 3,700 $ 2,710 Equity securities 583 382 Available-for-sale short-term investments 89 15 Other (1) 1,054 144 Total investment income 5,426 3,251 Less: Investment expenses (2) (641 ) (547 ) Net investment (expense) income $ 4,785 $ 2,704 (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. Equity Securities The following table presents the portion of unrealized gains and losses related to equity securities for the periods presented (in thousands): Three Months Ended March 31, 2018 2017 Net gains and (losses) recognized during the period on equity securities $ (4,985 ) $ (27 ) Less: Net (gains) and losses recognized during the period on equity securities sold during the period (124 ) 27 Unrealized gains and (losses) recognized during the reporting period on equity securities still held at the reporting period $ (5,109 ) $ — Investment Real Estate Investment real estate consisted of the following as of the dates presented (in thousands): March 31, 2018 December 31, 2017 Income Producing: Investment real estate (1) $ 14,530 $ 6,918 Less: Accumulated depreciation (561 ) (460 ) 13,969 6,458 Non-Income Producing: Properties under development (1) 5,437 12,016 Investment real estate, net $ 19,406 $ 18,474 (1) During the three months ended March 31, 2018, the Company transferred $7.4 million from properties under development to investment real estate. Depreciation expense related to investment real estate for the periods presented (in thousands): Three Months Ended March 31, 2018 2017 Depreciation expense on investment real estate $ 103 $ 45

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2018
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 deductible amounts before reinsurance attaches and 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 whether 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 loss adjustment expenses (“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. 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, 2018 Due from as of Standard and Poor's Moody's AM Best Rating Investors March 31, December 31, Reinsurer Company Services Service, Inc. 2018 2017 Allianz Risk Transfer A+ AA- n/a $ 39,007 $ 105,573 Florida Hurricane Catastrophe Fund (1) n/a n/a n/a 20,822 52,054 Renaissance Reinsurance Ltd A+ AA- A1 — 22,545 Total (2) $ 59,829 $ 180,172 (1) No rating is available, because the fund is not rated. (2) Amounts represent prepaid reinsurance premiums, reinsurance receivables, net recoverables for paid and unpaid losses, including incurred but not reported reserves, loss adjustment expenses, and offsetting reinsurance payables . 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, 2018 2017 Losses and Loss Losses and Loss Premiums Premiums Adjustment Premiums Premiums Adjustment Written Earned Expenses Written Earned Expenses Direct $ 269,984 $ 262,261 $ 76,639 $ 245,415 $ 236,375 $ 70,783 Ceded — (79,684 ) (713 ) (186 ) (74,816 ) (213 ) Net $ 269,984 $ 182,577 $ 75,926 $ 245,229 $ 161,559 $ 70,570 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, 2018 2017 Prepaid reinsurance premiums $ 53,123 $ 132,806 Reinsurance recoverable on unpaid losses and LAE $ 72,641 $ 182,405 Reinsurance receivable, net 492 — Reinsurance recoverable (payable) and receivable $ 73,133 $ 182,405

Insurance Operations

Insurance Operations	3 Months Ended
	Mar. 31, 2018
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, 2018 2017 DPAC, beginning of period $ 73,059 $ 64,912 Capitalized Costs 41,939 33,756 Amortization of DPAC (36,991 ) (32,144 ) DPAC, end of period $ 78,007 $ 66,524 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 the Florida Insurance Code. These dividends are referred to as “ordinary dividends.” However, if the dividend, together with other dividends paid within the preceding twelve months, exceeds this statutory limit or is paid from sources other than earned surplus, the entire dividend is generally considered an “extraordinary dividend” and must receive prior regulatory approval. In accordance with Florida Insurance Code, and based on the calculations performed by the Company as of December 31, 2017, UPCIC has the capacity to pay ordinary dividends of $36.2 million during 2018. The Florida Insurance Code requires insurance companies to maintain capitalization equivalent to the greater of ten percent of the insurer’s total liabilities but not less than $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, 2018 2017 Ten percent of total liabilities UPCIC $ 76,680 $ 72,633 APPCIC $ 598 $ 572 Statutory capital and surplus UPCIC $ 321,132 $ 307,686 APPCIC $ 16,696 $ 16,633 As of the dates in the table above, both UPCIC and APPCIC exceeded the minimum statutory capitalization requirement. UPCIC also met the capitalization requirements of the other states in which it is licensed as of March 31, 2018. UPCIC and APPCIC are also required to adhere to prescribed premium-to-capital surplus ratios and have met those requirements at such dates. Combined net income for UPCIC and APPCIC, as determined in accordance with statutory accounting practices is $14.5 million and $11.8 million for the three months ended March 31, 2018 and 2017, respectively. 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, 2018 2017 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,907 $ 3,910

Liability for Unpaid Losses and

Liability for Unpaid Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2018
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, 2018 2017 Balance at beginning of period $ 248,425 $ 58,494 Less: Reinsurance recoverable (182,405 ) (106 ) Net balance at beginning of period 66,020 58,388 Incurred (recovered) related to: Current year 75,970 70,474 Prior years (44 ) 96 Total incurred 75,926 70,570 Paid related to: Current year 17,407 22,890 Prior years 65,253 72,252 Total paid 82,660 95,142 Net balance at end of period 59,286 33,816 Plus: Reinsurance recoverable/(payable) 70,351 (2,353 ) Balance at end of period $ 129,637 $ 31,463

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2018
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, 2018 2017 Surplus note $ 12,500 $ 12,868 UPCIC was in compliance with the terms of the surplus note as of March 31, 2018.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2018
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, 2018 (in thousands): Issued Treasury Outstanding Shares Shares Shares Balance, as of December 31, 2017 45,778 (11,043 ) 34,735 Shares repurchased — (93 ) (93 ) Vesting of performance share units 127 — 127 Stock option exercises 804 — 804 Restricted stock grants 50 — 50 Shares acquired through cashless exercise (1) — (611 ) (611 ) Shares cancelled (611 ) 611 — Balance, as of March 31, 2018 46,148 (11,136 ) 35,012 (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 September 2017, UVE’s 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 the Company’s outstanding shares of common stock through December 31, 2018. During the three months ended March 31, 2018, UVE repurchased 92,749 shares, at an aggregate price of approximately $2.7 million, pursuant to such repurchase program. Dividends On January 22, 2018, UVE declared a cash dividend of $0.14 per share on its outstanding common stock paid on March 12, 2018, to the shareholders of record at the close of business on February 28, 2018.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes During the three months ended March 31, 2018 and 2017, the Company recorded approximately $11.6 million and $16.2 million of income tax expense, respectively. The effective tax rate for the three months ended March 31, 2018 was 22.5% compared to a 34.1% effective tax rate for the same period in the prior year. The Company's income tax provision for the current reporting period reflects an estimated annual effective tax rate of 25.6%, calculated before the impact of discrete items. The annual estimated effective tax rate consists of a federal income tax rate of 21% and a state income tax rate, net of federal benefit, of 3.7%. The difference in the statutory rate, 24.7%, and the annual effective tax rate, 25.6%, largely consists of new limitations on the deductibility of executive compensation resulting from the new tax law’s changes to Internal Revenue Code Section 162(m). The effect of reporting discrete items in the quarter amounts to an additional decrease to the annual estimated effective tax rate of 3.1%, resulting in a total estimated effective tax rate of 22.5% for the quarter. Discrete items for the current year’s quarter included a credit to income tax expense of $1.8 million for excess tax benefits resulting from stock-based compensation awards that vested and/or were exercised during the first quarter of 2018, benefitting the current quarter’s effective tax rate. The prior year’s discrete items for the same quarter included $0.8 million of excess tax benefits resulting from stock-based compensation awards that vested and/or exercised during that period and a credit to income tax expense of $1.2 million resulting from anticipated recoveries of income taxes paid for the 2014-2015 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 21%, The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. The Company’s 2014 through 2016 tax years are still subject to examination by the Internal Revenue Service and v arious tax years remain open to examination in certain state jurisdictions. In February 2018, the Company received notification from the Internal Revenue Service for an examination of the 2015 tax return.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
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 exercises 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, 2018 2017 Numerator for EPS: Net income $ 40,055 $ 31,199 Less: Preferred stock dividends (3 ) (3 ) Income available to common stockholders $ 40,052 $ 31,196 Denominator for EPS: Weighted average common shares outstanding 34,839 35,140 Plus: Assumed conversion of share-based compensation (1) 796 1,015 Assumed conversion of preferred stock 25 25 Weighted average diluted common shares outstanding 35,660 36,180 Basic earnings per common share $ 1.15 $ 0.89 Diluted earnings per common share $ 1.12 $ 0.86 (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, 2018
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): Three Months Ended March 31, 2018 2017 Pre-tax Tax After-tax Pre-tax Tax After-tax Net changes related to available-for-sale securities: Unrealized holding gains (losses) arising during the period $ (8,034 ) $ (1,889 ) $ (6,145 ) $ 3,925 $ 1,500 $ 2,425 Less: Reclassification adjustment for (gains) losses realized in net income 2,765 670 2,095 63 24 39 Other comprehensive income (loss) (5,269 ) (1,219 ) (4,050 ) 3,988 1,524 2,464 Reclassification adjustments to retained earnings (1) 5,830 2,811 3,019 — — — Change in accumulated other comprehensive income (loss) $ 561 $ 1,592 $ (1,031 ) $ 3,988 $ 1,524 $ 2,464 (1) This amount represents reclassifications to retained earnings associated with stranded tax effects in AOCI and Unrealized Losses in AOCI relating to Available for Sale equity security investments. See “—Note 2 — Significant Accounting Polices – Recently Adopted Accounting Pronouncements” for more information. The following table provides the reclassifications out of accumulated other comprehensive income for the periods presented (in thousands): Amount 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 2018 2017 Where Net Income is Presented Unrealized gains (losses) on available-for-sale debt securities $ (2,765 ) $ (63 ) Net realized gains (losses) sale of securities 670 24 Income taxes Total reclassification for the period $ (2,095 ) $ (39 ) Net of tax

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
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 are also involved in various other legal proceedings and litigation unrelated to claims under our policies that arise in the ordinary course of business operations. Management believes that any liabilities that may arise as a result of these legal matters will not have a material adverse effect on our financial condition or results of operations. The Company contests liability and/or the amount of damages as appropriate in each pending matter. In accordance with applicable accounting guidance, the Company establishes an accrued liability for legal matters when those matters present loss contingencies that are both probable and estimable. Legal proceedings are subject to many uncertain factors that generally cannot be predicted with assurance, and the Company may be exposed to losses in excess of any amounts accrued. The Company currently estimates that the reasonably possible losses for legal proceedings, whether in excess of a related accrued liability or where there is no accrued liability, and for which the Company is able to estimate a possible loss, are immaterial. This represents management’s estimate of possible loss with respect to these matters and is based on currently available information. These estimates of possible loss do not represent our maximum loss exposure, and actual results may vary significantly from current estimates.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	13. Fair Value Measurements U.S. 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. U.S. 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. U.S. 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 re-measurement 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 U.S. 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 on a recurring basis as of the dates presented (in thousands): Fair Value Measurements March 31, 2018 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: Fixed Maturities: U.S. government obligations and agencies $ — $ 58,797 $ — $ 58,797 Corporate bonds — 298,730 — 298,730 Mortgage-backed and asset-backed securities — 229,499 — 229,499 Municipal bonds — 34,284 — 34,284 Redeemable preferred stock — 12,928 — 12,928 Equity Securities: Common stock 16,578 — — 16,578 Mutual funds 49,465 — — 49,465 Available-for-sale short-term investments — 10,000 — 10,000 Total assets accounted for at fair value $ 66,043 $ 644,238 $ — $ 710,281 Fair Value Measurements December 31, 2017 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: Fixed Maturities: U.S. government obligations and agencies $ — $ 59,604 $ — $ 59,604 Corporate bonds — 227,504 — 227,504 Mortgage-backed and asset-backed securities — 219,452 — 219,452 Municipal bonds — 120,295 — 120,295 Redeemable preferred stock — 12,479 — 12,479 Equity Securities: Common stock 18,811 — — 18,811 Mutual funds 43,404 — — 43,404 Available-for-sale short-term investments — 10,000 — 10,000 Total assets accounted for at fair value $ 62,215 $ 649,334 $ — $ 711,549 The Company utilizes third-party independent pricing services that provide a price quote for each available-for-sale debt security, equity security and available-for-sale 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 available-for-sale debt securities, equity securities or available-for-sale short-term investments 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, 2018 December 31, 2017 (Level 3) (Level 3) Estimated Estimated Carrying Value Carrying Value Liabilities (debt): Surplus note $ 12,500 $ 11,271 $ 12,868 $ 11,630 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
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, 2018. On April 12, 2018, the Company declared a dividend of $0.14 per share on its outstanding common stock payable on May 4, 2018, to shareholders of record on April 27, 2018.

Nature of Operations and Basi22

Nature of Operations and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
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 (“U. S. 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, 2017, filed with the SEC on February 23, 2018. The condensed consolidated balance sheet at December 31, 2017, was derived from audited financial statements, but does not include all disclosures required by U.S. 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 January 2016, the FASB revised U.S. GAAP with the issuance of ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In August 2016, the FASB revised U.S. GAAP with the issuance of ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB revised U.S. GAAP, Statement of Cash Flows (Topic 230): Restricted Cash In February 2018, the Financial Accounting Standards Board (“FASB”) revised U.S. GAAP, Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Investments Available For Sale Debt Securities [Abstract]
Cost or Amortized Cost and Fair Value of Debt and Short-term Investment Securities Available for Sale	The following table provides the amortized cost and fair value of debt and short-term investment securities available for sale as of the dates presented (in thousands): March 31, 2018 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Debt Securities: U.S. government obligations and agencies $ 60,073 $ — $ (1,276 ) $ 58,797 Corporate bonds 302,764 299 (4,333 ) 298,730 Mortgage-backed and asset-backed securities 234,053 39 (4,593 ) 229,499 Municipal bonds 34,327 4 (47 ) 34,284 Redeemable preferred stock 12,671 386 (129 ) 12,928 Short-term investments 10,000 — — 10,000 Total $ 653,888 $ 728 $ (10,378 ) $ 644,238 December 31, 2017 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Debt Securities: U.S. government obligations and agencies $ 60,481 $ — $ (877 ) $ 59,604 Corporate bonds 228,336 476 (1,308 ) 227,504 Mortgage-backed and asset-backed securities 221,956 19 (2,523 ) 219,452 Municipal bonds 120,883 599 (1,187 ) 120,295 Redeemable preferred stock 12,059 485 (65 ) 12,479 Short-term investments 10,000 — — 10,000 Total $ 653,715 $ 1,579 $ (5,960 ) $ 649,334
Schedule of Credit Quality of Investment Available-for-sale Debt Securities With Contractual Maturities or The Issuer of Such Securities	The following table provides the credit quality of investment in available-for-sale debt securities with contractual maturities or the issuer of such securities as of the dates presented (dollars in thousands): March 31, 2018 December 31, 2017 % of Total % of Total Comparable Ratings Fair Value Fair Value Fair Value Fair Value AAA $ 126,242 19.6 % $ 135,237 20.8 % AA 250,660 38.9 % 292,496 45.1 % A 152,908 23.7 % 134,505 20.7 % BBB 109,087 16.9 % 80,566 12.4 % BB+ and Below 2,945 0.5 % 2,919 0.4 % No Rating Available 2,396 0.4 % 3,611 0.6 % Total $ 644,238 100.0 % $ 649,334 100.0 % 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 amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands): March 31, 2018 December 31, 2017 Amortized Amortized Cost Fair Value Cost Fair Value Mortgage-backed Securities: Agency $ 132,498 $ 129,750 $ 118,014 $ 116,014 Non-agency 19,650 19,286 17,676 17,488 Asset-backed Securities: Auto loan receivables 39,313 39,011 35,105 34,962 Credit card receivables 16,172 16,017 38,844 38,719 Other receivables 26,420 25,435 12,317 12,269 Total $ 234,053 $ 229,499 $ 221,956 $ 219,452
Summarized Fair Value and Gross Unrealized Losses on Available-for-sale Debt Securities	The following table summarizes the fair value and gross unrealized losses on available-for-sale debt securities, 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, 2018 Less Than 12 Months 12 Months or Longer Number of Unrealized Number of Unrealized Issues Fair Value Losses Issues Fair Value Losses Debt Securities: U.S. government obligations and agencies 10 $ 40,203 $ (553 ) 5 $ 23,590 $ (723 ) Corporate bonds 314 226,028 (3,328 ) 35 31,603 (1,005 ) Mortgage-backed and asset-backed securities 102 140,047 (2,090 ) 47 68,200 (2,503 ) Municipal bonds 6 3,289 (47 ) — — — Redeemable preferred stock 66 3,271 (129 ) — — — Total 498 $ 412,838 $ (6,147 ) 87 $ 123,393 $ (4,231 ) December 31, 2017 Less Than 12 Months 12 Months or Longer Number of Unrealized Number of Unrealized Issues Fair Value Losses Issues Fair Value Losses Debt Securities: U.S. government obligations and agencies 7 $ 35,464 $ (301 ) 9 $ 24,140 $ (576 ) Corporate bonds 159 142,208 (792 ) 39 29,796 (516 ) Mortgage-backed and asset-backed securities 83 137,481 (955 ) 37 70,218 (1,568 ) Municipal bonds 36 28,265 (246 ) 30 48,370 (941 ) Redeemable preferred stock 21 2,464 (65 ) — — — Total 306 $ 345,882 $ (2,359 ) 115 $ 172,524 $ (3,601 )
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, 2018 Amortized Fair Value Due in one year or less $ 61,458 $ 61,266 Due after one year through five years 216,211 212,187 Due after five years through ten years 86,662 85,479 Due after ten years 42,833 42,879 Mortgage-backed and asset-backed securities 234,053 229,499 Perpetual maturity securities 12,671 12,928 Total $ 653,888 $ 644,238
Summary of Available-for-sale Debt Securities and Equity Securities	The following table provides certain information related to available-for-sale debt securities and equity securities during the periods presented (in thousands): Three Months Ended March 31, 2018 2017 Proceeds from sales and maturities (fair value): Available-for-sale debt securities $ 124,827 $ 19,829 Equity securities $ 1,045 $ 2,500 Gross realized gains on sale of securities: Available-for-sale debt securities $ 307 $ — Equity securities $ 124 $ — Gross realized losses on sale of securities: Available-for-sale debt securities $ (3,072 ) $ (36 ) Equity securities $ — $ (27 )
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, 2018 2017 Available-for-sale debt securities $ 3,700 $ 2,710 Equity securities 583 382 Available-for-sale short-term investments 89 15 Other (1) 1,054 144 Total investment income 5,426 3,251 Less: Investment expenses (2) (641 ) (547 ) Net investment (expense) income $ 4,785 $ 2,704 (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.
Summary of Portion of Unrealized Gains and Losses Related to Equity Securities	The following table presents the portion of unrealized gains and losses related to equity securities for the periods presented (in thousands): Three Months Ended March 31, 2018 2017 Net gains and (losses) recognized during the period on equity securities $ (4,985 ) $ (27 ) Less: Net (gains) and losses recognized during the period on equity securities sold during the period (124 ) 27 Unrealized gains and (losses) recognized during the reporting period on equity securities still held at the reporting period $ (5,109 ) $ —
Schedule of Real Estate Investment	Investment real estate consisted of the following as of the dates presented (in thousands): March 31, 2018 December 31, 2017 Income Producing: Investment real estate (1) $ 14,530 $ 6,918 Less: Accumulated depreciation (561 ) (460 ) 13,969 6,458 Non-Income Producing: Properties under development (1) 5,437 12,016 Investment real estate, net $ 19,406 $ 18,474 (1) During the three months ended March 31, 2018, the Company transferred $7.4 million from properties under development to investment real estate.
Schedule of Depreciation Expense Related to Investment Real Estate	Depreciation expense related to investment real estate for the periods presented (in thousands): Three Months Ended March 31, 2018 2017 Depreciation expense on investment real estate $ 103 $ 45

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 Due from as of Standard and Poor's Moody's AM Best Rating Investors March 31, December 31, Reinsurer Company Services Service, Inc. 2018 2017 Allianz Risk Transfer A+ AA- n/a $ 39,007 $ 105,573 Florida Hurricane Catastrophe Fund (1) n/a n/a n/a 20,822 52,054 Renaissance Reinsurance Ltd A+ AA- A1 — 22,545 Total (2) $ 59,829 $ 180,172 (1) No rating is available, because the fund is not rated. (2) Amounts represent prepaid reinsurance premiums, reinsurance receivables, net recoverables for paid and unpaid losses, including incurred but not reported reserves, loss adjustment expenses, and offsetting reinsurance payables .
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, 2018 2017 Losses and Loss Losses and Loss Premiums Premiums Adjustment Premiums Premiums Adjustment Written Earned Expenses Written Earned Expenses Direct $ 269,984 $ 262,261 $ 76,639 $ 245,415 $ 236,375 $ 70,783 Ceded — (79,684 ) (713 ) (186 ) (74,816 ) (213 ) Net $ 269,984 $ 182,577 $ 75,926 $ 245,229 $ 161,559 $ 70,570
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, 2018 2017 Prepaid reinsurance premiums $ 53,123 $ 132,806 Reinsurance recoverable on unpaid losses and LAE $ 72,641 $ 182,405 Reinsurance receivable, net 492 — Reinsurance recoverable (payable) and receivable $ 73,133 $ 182,405

Insurance Operations (Tables)

Insurance Operations (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 2017 DPAC, beginning of period $ 73,059 $ 64,912 Capitalized Costs 41,939 33,756 Amortization of DPAC (36,991 ) (32,144 ) DPAC, end of period $ 78,007 $ 66,524
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, 2018 2017 Ten percent of total liabilities UPCIC $ 76,680 $ 72,633 APPCIC $ 598 $ 572 Statutory capital and surplus UPCIC $ 321,132 $ 307,686 APPCIC $ 16,696 $ 16,633
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, 2018 2017 Restricted cash and cash equivalents $ 2,635 $ 2,635 Investments $ 3,907 $ 3,910

Liability for Unpaid Losses a26

Liability for Unpaid Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 2017 Balance at beginning of period $ 248,425 $ 58,494 Less: Reinsurance recoverable (182,405 ) (106 ) Net balance at beginning of period 66,020 58,388 Incurred (recovered) related to: Current year 75,970 70,474 Prior years (44 ) 96 Total incurred 75,926 70,570 Paid related to: Current year 17,407 22,890 Prior years 65,253 72,252 Total paid 82,660 95,142 Net balance at end of period 59,286 33,816 Plus: Reinsurance recoverable/(payable) 70,351 (2,353 ) Balance at end of period $ 129,637 $ 31,463

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 2017 Surplus note $ 12,500 $ 12,868

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 (in thousands): Issued Treasury Outstanding Shares Shares Shares Balance, as of December 31, 2017 45,778 (11,043 ) 34,735 Shares repurchased — (93 ) (93 ) Vesting of performance share units 127 — 127 Stock option exercises 804 — 804 Restricted stock grants 50 — 50 Shares acquired through cashless exercise (1) — (611 ) (611 ) Shares cancelled (611 ) 611 — Balance, as of March 31, 2018 46,148 (11,136 ) 35,012 (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, 2018
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, 2018 2017 Numerator for EPS: Net income $ 40,055 $ 31,199 Less: Preferred stock dividends (3 ) (3 ) Income available to common stockholders $ 40,052 $ 31,196 Denominator for EPS: Weighted average common shares outstanding 34,839 35,140 Plus: Assumed conversion of share-based compensation (1) 796 1,015 Assumed conversion of preferred stock 25 25 Weighted average diluted common shares outstanding 35,660 36,180 Basic earnings per common share $ 1.15 $ 0.89 Diluted earnings per common share $ 1.12 $ 0.86 (1) Represents the dilutive effect of unvested restricted stock, unvested performance share units and unexercised stock options.

Other Comprehensive Income (L30

Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2018
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): Three Months Ended March 31, 2018 2017 Pre-tax Tax After-tax Pre-tax Tax After-tax Net changes related to available-for-sale securities: Unrealized holding gains (losses) arising during the period $ (8,034 ) $ (1,889 ) $ (6,145 ) $ 3,925 $ 1,500 $ 2,425 Less: Reclassification adjustment for (gains) losses realized in net income 2,765 670 2,095 63 24 39 Other comprehensive income (loss) (5,269 ) (1,219 ) (4,050 ) 3,988 1,524 2,464 Reclassification adjustments to retained earnings (1) 5,830 2,811 3,019 — — — Change in accumulated other comprehensive income (loss) $ 561 $ 1,592 $ (1,031 ) $ 3,988 $ 1,524 $ 2,464 (1) This amount represents reclassifications to retained earnings associated with stranded tax effects in AOCI and Unrealized Losses in AOCI relating to Available for Sale equity security investments. See “—Note 2 — Significant Accounting Polices – Recently Adopted Accounting Pronouncements” for more information.
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): Amount 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 2018 2017 Where Net Income is Presented Unrealized gains (losses) on available-for-sale debt securities $ (2,765 ) $ (63 ) Net realized gains (losses) sale of securities 670 24 Income taxes Total reclassification for the period $ (2,095 ) $ (39 ) Net of tax

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
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 on a recurring basis as of the dates presented (in thousands): Fair Value Measurements March 31, 2018 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: Fixed Maturities: U.S. government obligations and agencies $ — $ 58,797 $ — $ 58,797 Corporate bonds — 298,730 — 298,730 Mortgage-backed and asset-backed securities — 229,499 — 229,499 Municipal bonds — 34,284 — 34,284 Redeemable preferred stock — 12,928 — 12,928 Equity Securities: Common stock 16,578 — — 16,578 Mutual funds 49,465 — — 49,465 Available-for-sale short-term investments — 10,000 — 10,000 Total assets accounted for at fair value $ 66,043 $ 644,238 $ — $ 710,281 Fair Value Measurements December 31, 2017 Level 1 Level 2 Level 3 Total Available-For-Sale Debt Securities: Fixed Maturities: U.S. government obligations and agencies $ — $ 59,604 $ — $ 59,604 Corporate bonds — 227,504 — 227,504 Mortgage-backed and asset-backed securities — 219,452 — 219,452 Municipal bonds — 120,295 — 120,295 Redeemable preferred stock — 12,479 — 12,479 Equity Securities: Common stock 18,811 — — 18,811 Mutual funds 43,404 — — 43,404 Available-for-sale short-term investments — 10,000 — 10,000 Total assets accounted for at fair value $ 62,215 $ 649,334 $ — $ 711,549
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, 2018 December 31, 2017 (Level 3) (Level 3) Estimated Estimated Carrying Value Carrying Value Liabilities (debt): Surplus note $ 12,500 $ 11,271 $ 12,868 $ 11,630

Nature of Operations and Basi32

Nature of Operations and Basis of Presentation - Additional Information (Detail)	Mar. 31, 2018State
Accounting Policies [Abstract]
Number of states	16

Significant Accounting Polici33

Significant Accounting Policies - Additional Information (Detail) $ in Millions	Mar. 31, 2018USD ($)
ASU 2016-01 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Reclassification from OCI to retained earnings	$ 3.6
ASU 2018-02 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Reclassification from OCI to retained earnings	$ 0.6

Investments - Cost or Amortized

Investments - Cost or Amortized Cost and Fair Value of Debt and Short-term Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	$ 653,888	$ 653,715
Gross Unrealized Gains	728	1,579
Gross Unrealized Losses	(10,378)	(5,960)
Fair Value	644,238	649,334
Short-term Investments [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	10,000	10,000
Fair Value	10,000	10,000
U.S. Government Obligations and Agencies [Member] | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	60,073	60,481
Gross Unrealized Losses	(1,276)	(877)
Fair Value	58,797	59,604
Corporate Bonds [Member] | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	302,764	228,336
Gross Unrealized Gains	299	476
Gross Unrealized Losses	(4,333)	(1,308)
Fair Value	298,730	227,504
Mortgage-Backed and Asset-Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	234,053	221,956
Fair Value	229,499	219,452
Mortgage-Backed and Asset-Backed Securities [Member] | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	234,053	221,956
Gross Unrealized Gains	39	19
Gross Unrealized Losses	(4,593)	(2,523)
Fair Value	229,499	219,452
Municipal Bonds [Member] | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	34,327	120,883
Gross Unrealized Gains	4	599
Gross Unrealized Losses	(47)	(1,187)
Fair Value	34,284	120,295
Redeemable Preferred Stock [Member] | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	12,671	12,059
Gross Unrealized Gains	386	485
Gross Unrealized Losses	(129)	(65)
Fair Value	$ 12,928	$ 12,479

Investments - Schedule of Credi

Investments - Schedule of Credit Quality of Investment Available-for-sale Debt Securities With Contractual Maturities or The Issuer of Such Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 644,238	$ 649,334
Percentage of Total Fair Value	100.00%	100.00%
Comparable Ratings, AAA Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 126,242	$ 135,237
Percentage of Total Fair Value	19.60%	20.80%
Comparable Ratings, AA Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 250,660	$ 292,496
Percentage of Total Fair Value	38.90%	45.10%
Comparable Ratings, A Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 152,908	$ 134,505
Percentage of Total Fair Value	23.70%	20.70%
Comparable Ratings, BBB Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 109,087	$ 80,566
Percentage of Total Fair Value	16.90%	12.40%
Comparable Ratings, BB+ and Below Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 2,945	$ 2,919
Percentage of Total Fair Value	0.50%	0.40%
Comparable Ratings, No Rating Available [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair Value	$ 2,396	$ 3,611
Percentage of Total Fair Value	0.40%	0.60%

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, 2018	Dec. 31, 2017
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	$ 653,888	$ 653,715
Fair Value	644,238	649,334
Mortgage-backed securities [Member] | Agency [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	132,498	118,014
Fair Value	129,750	116,014
Mortgage-backed securities [Member] | Non Agency [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	19,650	17,676
Fair Value	19,286	17,488
Asset-backed securities [Member] | Auto Loan Receivables [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	39,313	35,105
Fair Value	39,011	34,962
Asset-backed securities [Member] | Credit Card Receivables [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	16,172	38,844
Fair Value	16,017	38,719
Asset-backed securities [Member] | Other Receivables [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	26,420	12,317
Fair Value	25,435	12,269
Mortgage-Backed and Asset-Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost or Amortized Cost	234,053	221,956
Fair Value	$ 229,499	$ 219,452

Investments - Summarized Fair V

Investments - Summarized Fair Value and Gross Unrealized Losses on Available-for-sale Debt Securities (Detail) $ in Thousands	Mar. 31, 2018USD ($)Security	Dec. 31, 2017USD ($)Security
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	498	306
Less than 12 months, Fair value	$ 412,838	$ 345,882
Less than 12 months, Unrealized losses	$ (6,147)	$ (2,359)
12 months or longer, Number of issues | Security	87	115
12 months or longer, Fair value	$ 123,393	$ 172,524
12 months or longer, Unrealized losses	$ (4,231)	$ (3,601)
U.S. Government Obligations and Agencies [Member] | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	10	7
Less than 12 months, Fair value	$ 40,203	$ 35,464
Less than 12 months, Unrealized losses	$ (553)	$ (301)
12 months or longer, Number of issues | Security	5	9
12 months or longer, Fair value	$ 23,590	$ 24,140
12 months or longer, Unrealized losses	$ (723)	$ (576)
Corporate Bonds [Member] | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	314	159
Less than 12 months, Fair value	$ 226,028	$ 142,208
Less than 12 months, Unrealized losses	$ (3,328)	$ (792)
12 months or longer, Number of issues | Security	35	39
12 months or longer, Fair value	$ 31,603	$ 29,796
12 months or longer, Unrealized losses	$ (1,005)	$ (516)
Mortgage-Backed and Asset-Backed Securities [Member] | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	102	83
Less than 12 months, Fair value	$ 140,047	$ 137,481
Less than 12 months, Unrealized losses	$ (2,090)	$ (955)
12 months or longer, Number of issues | Security	47	37
12 months or longer, Fair value	$ 68,200	$ 70,218
12 months or longer, Unrealized losses	$ (2,503)	$ (1,568)
Municipal Bonds [Member] | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	6	36
Less than 12 months, Fair value	$ 3,289	$ 28,265
Less than 12 months, Unrealized losses	$ (47)	$ (246)
12 months or longer, Number of issues | Security		30
12 months or longer, Fair value		$ 48,370
12 months or longer, Unrealized losses		$ (941)
Redeemable Preferred Stock [Member] | Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Less than 12 months, Number of issues | Security	66	21
Less than 12 months, Fair value	$ 3,271	$ 2,464
Less than 12 months, Unrealized losses	$ (129)	$ (65)

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Investments With Contractual Maturities (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule Of Available For Sale Securities [Line Items]
Fixed Maturities Securities Available for Sale, Due in one year or less, Amortized cost	$ 61,458
Fixed Maturities Securities Available for Sale, Due after one year through five years, Amortized cost	216,211
Fixed Maturities Securities Available for Sale, Due after five years through ten years, Amortized cost	86,662
Fixed Maturities Securities Available for Sale, Due after ten years, Amortized cost	42,833
Fixed Maturities Securities Available for Sale, Perpetual Maturity, Amortized Cost	12,671
Fixed Maturities Securities Available for Sale, Amortized cost, Total	653,888
Fixed Maturities Securities Available for Sale, Due in one year or less, Fair Value	61,266
Fixed Maturities Securities Available for Sale, Due after one year through five years, Fair Value	212,187
Fixed Maturities Securities Available for Sale, Due after five years through ten years, Fair Value	85,479
Fixed Maturities Securities Available for Sale, Due after ten years, Fair Value	42,879
Fixed Maturities Securities Available for Sale, Perpetual Maturity, Fair Value	12,928
Fixed Maturities Securities Available for Sale, Fair Value, Total	644,238	$ 649,334
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	234,053
Fixed Maturities Securities Available for Sale, Mortgage-backed Securities, Fair Value	$ 229,499

Investments - Summary of Availa

Investments - Summary of Available-for-Sale Debt Securities and Equity Securities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Available-for-Sale Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Proceeds from sales and maturities (fair value)	$ 124,827	$ 19,829
Gross realized gains on sale of securities	307
Gross realized losses on sale of securities	(3,072)	(36)
Equity Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Proceeds from sales and maturities (fair value)	1,045	2,500
Gross realized gains on sale of securities	$ 124
Gross realized losses on sale of securities		$ (27)

Investments - Investment Income

Investments - Investment Income (Expense) Comprised Primarily of Interest and Dividends (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Investment Income [Line Items]
Total investment income	$ 5,426	$ 3,251
Less: Investment expenses	(641)	(547)
Net investment (expense) income	4,785	2,704
Available-for-Sale Debt Securities [Member]
Net Investment Income [Line Items]
Investment income	3,700	2,710
Equity Securities [Member]
Net Investment Income [Line Items]
Investment income	583	382
Available-for-sale Short-term Investments [Member]
Net Investment Income [Line Items]
Investment income	89	15
Other [Member]
Net Investment Income [Line Items]
Investment income	$ 1,054	$ 144

Investments - Summary of Portio

Investments - Summary of Portion of Unrealized Gains and Losses Related to Equity Securities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investments Equity Securities [Abstract]
Net gains and (losses) recognized during the period on equity securities	$ (4,985)	$ (27)
Less: Net (gains) and losses recognized during the period on equity securities sold during the period	(124)	$ 27
Unrealized gains and (losses) recognized during the reporting period on equity securities still held at the reporting period	$ (5,109)

Investments - Schedule of Real

Investments - Schedule of Real Estate Investment (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate [Line Items]
Investment real estate, net	$ 19,406	$ 18,474
Income Producing [Member]
Real Estate [Line Items]
Investment real estate	14,530	6,918
Less: Accumulated depreciation	(561)	(460)
Investment real estate, net	13,969	6,458
Non-Income Producing [Member]
Real Estate [Line Items]
Properties under development	$ 5,437	$ 12,016

Investments - Schedule of Rea43

Investments - Schedule of Real Estate Investment (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Real Estate Investments [Abstract]
Amount tranferred from properties under development to investment real estate	$ 7.4

Investments - Schedule of Depre

Investments - Schedule of Depreciation Expense Related to Investment Real Estate (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Real Estate Investment [Member]
Real Estate [Line Items]
Depreciation expense on investment real estate	$ 103	$ 45

Reinsurance - Additional Inform

Reinsurance - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2018
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, 2018	Dec. 31, 2017
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers total	$ 59,829	$ 180,172
Allianz Risk Transfer [Member] | AM Best Company A+ [Member] | Standard and Poor's AA- [Member]
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers total	39,007	105,573
Florida Hurricane Catastrophe Fund [Member]
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers total	$ 20,822	52,054
Renaissance Reinsurance Ltd [Member] | AM Best Company A+ [Member] | Standard and Poor's AA- [Member] | Moody's Investors Service A1 [Member]
Ceded Credit Risk [Line Items]
Reinsurance unsecured amounts due from reinsurers total		$ 22,545

Reinsurance - Reinsurance Arran

Reinsurance - Reinsurance Arrangements (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Reinsurance Disclosures [Abstract]
Direct premiums written	$ 269,984	$ 245,415
Ceded premiums written		(186)
Net premiums written	269,984	245,229
Direct premiums earned	262,261	236,375
Ceded premiums earned	(79,684)	(74,816)
Premiums earned, net	182,577	161,559
Direct Losses and Loss Adjustment Expenses	76,639	70,783
Ceded Losses and Loss Adjustment Expenses	(713)	(213)
Net Losses and Loss Adjustment Expenses	$ 75,926	$ 70,570

Reinsurance - Prepaid Reinsuran

Reinsurance - Prepaid Reinsurance Premiums and Reinsurance Recoverable (Payable) and Receivable (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reinsurance Disclosures [Abstract]
Prepaid reinsurance premiums	$ 53,123	$ 132,806
Reinsurance recoverable on unpaid losses and LAE	72,641	182,405	$ 106
Reinsurance receivable, net	492
Reinsurance recoverable (payable) and receivable	$ 73,133	$ 182,405

Insurance Operations - Beginnin

Insurance Operations - Beginning and Ending Balances and Changes in DPAC (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Insurance [Abstract]
DPAC, beginning of period	$ 73,059	$ 64,912
Capitalized Costs	41,939	33,756
Amortization of DPAC	(36,991)	(32,144)
DPAC, end of period	$ 78,007	$ 66,524

Insurance Operations - Addition

Insurance Operations - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statutory Accounting Practices [Line Items]
Insurance entities combined net income	$ 14,500,000	$ 11,800,000
UPCIC [Member]
Statutory Accounting Practices [Line Items]
Ordinary dividend capacity accordance with Florida Insurance Code	36,200,000
Dividend paid to immediate parent company	0
APPCIC [Member]
Statutory Accounting Practices [Line Items]
Dividend paid to immediate parent company	$ 0
UPCIC and APPCIC [Member]
Statutory Accounting Practices [Line Items]
Minimum capitalization rate	10.00%
Minimum capital required	greater of ten percent of the insurer’s total liabilities but not less than $10.0 million.
UPCIC and APPCIC [Member] | Minimum [Member]
Statutory Accounting Practices [Line Items]
Minimum capitalization amount	$ 10,000,000

Insurance Operations - Statutor

Insurance Operations - Statutory Capital and Surplus, and an Amount Representing Ten Percent of Total Liabilities for both UPCIC and APPCIC (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
UPCIC [Member]
Statutory Accounting Practices [Line Items]
Ten percent of total liabilities	$ 76,680	$ 72,633
Statutory capital and surplus	321,132	307,686
APPCIC [Member]
Statutory Accounting Practices [Line Items]
Ten percent of total liabilities	598	572
Statutory capital and surplus	$ 16,696	$ 16,633

Insurance Operations - Assets H

Insurance Operations - Assets Held by Insurance Regulators (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
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	$ 3,907	$ 3,910

Liability for Unpaid Losses a53

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, 2018	Mar. 31, 2017
Insurance [Abstract]
Balance at beginning of period	$ 248,425	$ 58,494
Less: Reinsurance recoverable	(182,405)	(106)
Net balance at beginning of period	66,020	58,388
Incurred (recovered) related to current year	75,970	70,474
Incurred (recovered) related to prior years	(44)	96
Total incurred	75,926	70,570
Paid related to Current year	17,407	22,890
Paid related to Prior years	65,253	72,252
Total paid	82,660	95,142
Net balance at end of period	59,286	33,816
Plus: Reinsurance recoverable/(payable)	70,351	(2,353)
Balance at end of period	$ 129,637	$ 31,463

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Surplus Note [Member]
Debt Instrument [Line Items]
Notes payable	$ 12,500	$ 12,868

Stockholders' Equity - Activity

Stockholders' Equity - Activity Relating to Common Shares (Detail) shares in Thousands	3 Months Ended
	Mar. 31, 2018shares
Equity [Abstract]
Issued shares, beginning balance	45,778
Treasury shares, beginning balance	(11,043)
Outstanding shares, beginning balance	34,735
Shares repurchased	(93)
Vesting of performance share units	127
Stock option exercises	804
Restricted stock grants	50
Shares acquired through cashless exercise	(611)	[1]
Issued shares, shares cancelled	(611)
Treasury shares, shares cancelled	611
Issued shares, ending balance	46,148
Treasury shares, ending balance	(11,136)
Outstanding shares, ending balance	35,012
[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. 22, 2018	Mar. 31, 2018	Mar. 31, 2017	Sep. 30, 2017
Equity [Line Items]
Treasury shares acquired		93,000
Dividends per share declared on outstanding common stock	$ 0.14	$ 0.14	$ 0.14
Dividends payable date	Mar. 12, 2018
Dividends payable, shareholders record date	Feb. 28, 2018
September 2017 Share Repurchase Program [Member]
Equity [Line Items]
Treasury shares acquired		92,749
Shares repurchased during period		$ 2,700,000
Maximum [Member] | September 2017 Share Repurchase Program [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		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2018
Income Taxes [Line Items]
Income tax expense (benefit)	$ 11,644	$ 16,172
Effective tax rate	22.50%	34.10%
Effect of reporting discrete items during the period	3.10%
Excess tax benefits from discrete items	$ 1,800	$ 800
Income tax expense credit	$ 1,200
Statutory Effective Tax Rate [Member]
Income Taxes [Line Items]
Effective tax rate	24.70%
State income tax rate, net of federal benefit	3.70%
U.S. federal statutory rate	21.00%
Forecast [Member]
Income Taxes [Line Items]
Effective tax rate			25.60%

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, 2018	Mar. 31, 2017
Numerator for EPS:
Net income		$ 40,055	$ 31,199
Less: Preferred stock dividends		(3)	(3)
Income available to common stockholders		$ 40,052	$ 31,196
Denominator for EPS:
Weighted average common shares outstanding		34,839	35,140
Plus: Assumed conversion of share-based compensation	[1]	796	1,015
Assumed conversion of preferred stock		25	25
Weighted average diluted common shares outstanding		35,660	36,180
Basic earnings per common share		$ 1.15	$ 0.89
Diluted earnings per common share		$ 1.12	$ 0.86
[1]	Represents the dilutive effect of unvested restricted stock, unvested performance share units and unexercised stock options.

Other Comprehensive Income (L59

Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (loss) Pre-Tax and After-Tax (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Equity [Abstract]
Unrealized holding gains (losses) arising during the period, Pre-tax	$ (8,034)	$ 3,925
Less: Reclassification adjustment for (gains) losses realized in net income, Pre-tax	2,765	63
Other comprehensive income (loss), Pre-tax	(5,269)	3,988
Reclassification adjustments to retained earnings, Pre-tax	5,830
Change in accumulated other comprehensive income (loss), Pre-tax	561	3,988
Unrealized holding gains (losses) arising during the period, Tax	(1,889)	1,500
Less: Reclassification adjustment for (gains) losses realized in net income, Tax	670	24
Other comprehensive income (loss), Tax	(1,219)	1,524
Reclassification adjustments to retained earnings, Tax	2,811
Change in accumulated other comprehensive income (loss), Tax	1,592	1,524
Unrealized holding gains (losses) arising during the period, After-tax	(6,145)	2,425
Less: Reclassification adjustment for (gains) losses realized in net income, After-tax	2,095	39
Other comprehensive income (loss), After-tax	(4,050)	2,464
Reclassification adjustments to retained earnings, After-tax	3,019
Change in accumulated other comprehensive income (loss), After-tax	$ (1,031)	$ 2,464

Other Comprehensive Income (L60

Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on sale of securities	$ (2,641)	$ (63)
Income taxes	(11,644)	(16,172)
NET INCOME	40,055	31,199
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] | Debt Securities [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on sale of securities	(2,765)	(63)
Income taxes	670	24
NET INCOME	$ (2,095)	$ (39)

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 634,238	$ 639,334
Equity securities	66,043	62,215
Available-for-sale short-term investments	10,000	10,000
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	710,281	711,549
Fair Value, Measurements, Recurring [Member] | U.S. Government Obligations and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	58,797	59,604
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	298,730	227,504
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed and Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	229,499	219,452
Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	34,284	120,295
Fair Value, Measurements, Recurring [Member] | Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	12,928	12,479
Fair Value, Measurements, Recurring [Member] | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	16,578	18,811
Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	49,465	43,404
Fair Value, Measurements, Recurring [Member] | Available For Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale short-term investments	10,000	10,000
Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	66,043	62,215
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	16,578	18,811
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	49,465	43,404
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets accounted for at fair value	644,238	649,334
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Government Obligations and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	58,797	59,604
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	298,730	227,504
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed and Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	229,499	219,452
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	34,284	120,295
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	12,928	12,479
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Available For Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale short-term investments	$ 10,000	$ 10,000

Fair Value Measurements - Summa

Fair Value Measurements - Summarizes Carrying Value and Estimated Fair Values of Financial Instruments not Carried at Fair Value (Detail) - Surplus Note [Member] - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Carrying Value	$ 12,500	$ 12,868
Level 3 [Member]
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Estimated Fair Value	$ 11,271	$ 11,630

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - $ / shares	Apr. 12, 2018	Jan. 22, 2018	Mar. 31, 2018	Mar. 31, 2017
Subsequent Event [Line Items]
Dividends per share declared on outstanding common stock		$ 0.14	$ 0.14	$ 0.14
Dividends payable date		Mar. 12, 2018
Dividends payable, shareholders record date		Feb. 28, 2018
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend declared date	Apr. 12, 2018
Dividends per share declared on outstanding common stock	$ 0.14
Dividends payable date	May 4, 2018
Dividends payable, shareholders record date	Apr. 27, 2018