Protective Insurance (PTVCA) 10-K 6 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 01, 2020	Jun. 28, 2019
Entity Information [Line Items]
Entity Registrant Name	Protective Insurance Corp
Entity Central Index Key	0000009346
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Public Float			$ 175,668,000
Entity Common Stock, Shares Outstanding		14,240,116
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Address, State or Province	IN
Common Class A (voting) [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,603,350
Common Class B (non-voting) [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		11,636,766

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments:
Fixed income securities (Amortized cost: 2019, $783,047; 2018, $600,504)	$ 795,538	$ 592,645
Equity securities	76,812	66,422
Limited partnerships	23,292	55,044
Commercial mortgage loans	11,782	6,672
Short-term and other	1,000	1,000
Total Investments	908,424	721,783
Cash and cash equivalents	67,851	163,996
Restricted cash and cash equivalents	21,037	6,815
Accounts receivable--less allowance (2019, $2,233; 2018, $403)	111,762	102,972
Accrued investment income	4,882	4,358
Reinsurance recoverable	432,067	392,436
Prepaid reinsurance premiums	5,820	6,095
Deferred policy acquisition costs	8,496	6,568
Property and equipment--less accumulated depreciation (2019, $20,091; 2018, $19,531)	42,542	46,645
OtherAssets	24,566	24,760
Current federal income taxes	4,878	7,441
Deferred federal income taxes	2,035	6,262
Total Assets	1,634,360	1,490,131
Reserves:
Losses and loss expenses	988,305	865,339
Unearned premiums	74,810	71,625
Total Reserves	1,063,115	936,964
Reinsurance payable	65,835	66,632
Short-term borrowings	20,000	20,000
Depository liabilities	18	173
AccountsPayableAndOtherAccruedLiabilities	121,076	110,280
Total Liabilities	1,270,044	1,134,049
Shareholders' equity:
Additional paid-in capital	53,349	54,720
Accumulated other comprehensive income (loss)	9,369	(7,347)
Retained earnings	300,988	308,075
Total Shareholders' Equity	364,316	356,082
Total Liabilities and Shareholders' Equity	1,634,360	1,490,131
Class A Voting [Member]
Shareholders' equity:
Common stock	111	112
Class B Non-voting [Member]
Shareholders' equity:
Common stock	$ 499	$ 522

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Fixed maturities, amortized cost	$ 783,047	$ 600,504
Account receivable, allowance	2,233	403
Property and equipment, accumulated depreciation	$ 20,091	$ 19,531
Class A Voting [Member]
Shareholders' equity:
Common stock, shares authorized (in shares)	3,000,000	3,000,000
Common stock, shares outstanding (in shares)	2,603,350	2,615,339
Class B Non-voting [Member]
Shareholders' equity:
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares outstanding (in shares)	11,675,956	12,253,922

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Net premiums earned	$ 447,288	$ 432,880	$ 328,145
Net investment income	26,249	22,048	18,095
Commissions and other income	9,171	9,932	5,308
Net realized gains (losses) on investments, excluding impairment losses	2,455	(6,632)	7,366
Other-than-temporary impairment losses on investments	(497)	(19)	(149)
Net unrealized gains (losses) on equity securities and limited partnership investments	10,931	(19,040)	12,469
Net realized and unrealized gains (losses) on investments	12,889	(25,691)	19,686
Total revenues	495,597	439,169	371,234
Expenses:
Losses and loss expenses incurred	348,468	345,864	247,518
Other operating expenses	138,456	137,177	113,594
Total expenses	486,924	483,041	361,112
Income (loss) before federal income tax expense (benefit)	8,673	(43,872)	10,122
Federal income tax expense (benefit)	1,326	(9,797)	(8,201)
Net income (loss)	$ 7,347	$ (34,075)	$ 18,323
Per share data:
Basic and diluted earnings (loss) (in dollars per share)	$ 0.50	$ (2.28)	$ 1.21

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income (loss)	$ 3,771	$ (707)	$ 1,535	$ 2,748	$ (24,567)	$ (12,325)	$ 2,487	$ 330	$ 7,347	$ (34,075)	$ 18,323
Other comprehensive income (loss), net of tax:
Unrealized net gains (losses) on fixed income securities									16,071	(6,868)	12,649
Foreign currency translation adjustments									645	(830)	522
Other comprehensive income (loss)									16,716	(7,698)	13,171
Comprehensive income (loss)									$ 24,063	$ (41,773)	$ 31,494

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Total	Class A [Member]Common Stock [Member]	Class A [Member]	Class B [Member]Common Stock [Member]	Class B [Member]
Beginning balance at Dec. 31, 2016	$ 54,286	$ 33,220	$ 316,195	$ 404,345	$ 112		$ 532
Beginning balance (in shares) at Dec. 31, 2016					2,623,000		12,461,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	0	0	18,323	18,323	$ 0		$ 0
Foreign currency translation adjustment, net of tax	0	522	0	522	0		0
Change in unrealized gain (loss) on investments, net of tax	0	12,649	0	12,649	0		0
Common stock dividends	0	0	(16,302)	(16,302)	0		0
Repurchase of common stock	(360)	0	(1,516)	(1,880)	$ 0		$ (4)
Repurchase of common stock (in shares)					0		(85,000)
Restricted stock grants	1,152	0	0	1,154	$ 0		$ 2
Restricted stock grants (in shares)					0		48,000
Ending balance at Dec. 31, 2017	55,078	46,391	316,700	418,811	$ 112		$ 530
Ending balance (in shares) at Dec. 31, 2017					2,623,000		12,424,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption, net of tax | ASU 2016-01 [Member]	0	(46,157)	46,157	0	$ 0		$ 0
Cumulative effect of adoption, net of tax | ASU 2018-02 [Member]	0	117	(117)	0	0		0
Net income (loss)	0	0	(34,075)	(34,075)	0		0
Foreign currency translation adjustment, net of tax	0	(830)	0	(830)	0		0
Change in unrealized gain (loss) on investments, net of tax	0	(6,868)	0	(6,868)	0		0
Common stock dividends	0	0	(16,835)	(16,835)	0		0
Repurchase of common stock	(832)	0	(3,755)	(4,596)	$ 0		$ (9)
Repurchase of common stock (in shares)					(8,000)		(192,000)
Restricted stock grants	474	0	0	475	$ 0		$ 1
Restricted stock grants (in shares)					0		22,000
Ending balance at Dec. 31, 2018	54,720	(7,347)	308,075	356,082	$ 112		$ 522
Ending balance (in shares) at Dec. 31, 2018					2,615,000		12,254,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	0	0	7,347	7,347	$ 0		$ 0
Foreign currency translation adjustment, net of tax	0	645	0	645	0		0
Change in unrealized gain (loss) on investments, net of tax	0	16,071	0	16,071	0		0
Common stock dividends	0	0	(5,857)	(5,857)	0		0
Repurchase of common stock	(2,896)	0	(8,577)	(11,501)	$ (1)		$ (27)
Repurchase of common stock (in shares)					(12,000)	(11,989)	(665,000)	(665,099)
Restricted stock grants	1,525	0	0	1,529	$ 0		$ 4
Restricted stock grants (in shares)					0		87,000
Ending balance at Dec. 31, 2019	$ 53,349	$ 9,369	$ 300,988	$ 364,316	$ 111		$ 499
Ending balance (in shares) at Dec. 31, 2019					2,603,000		11,676,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income (loss)	$ 7,347	$ (34,075)	$ 18,323
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Change in accounts receivable and unearned premium	(3,835)	(3,904)	2,678
Change in accrued investment income	(524)	(199)	(278)
Change in reinsurance recoverable on paid losses	(19,083)	956	(446)
Change in losses and loss expenses reserves, net of reinsurance	100,648	117,027	47,229
Change in other assets, other liabilities and current income taxes	10,140	8,204	49,221
Amortization of net policy acquisition costs	55,802	54,981	47,387
Net policy acquisition costs deferred	(57,731)	(55,940)	(51,824)
Provision for deferred income tax expense (benefit)	(51)	(18,794)	(3,866)
Bond amortization	(725)	184	1,865
Loss on sale of property and equipment	0	0	235
Depreciation	6,052	6,102	5,752
Net realized (gains) losses on investments	(12,889)	25,691	(19,686)
Compensation expense related to restricted stock	1,529	475	1,154
Net cash provided by operating activities	86,680	100,708	97,744
Investing activities
Purchases of fixed income securities and equity securities	(423,544)	(415,326)	(436,932)
Purchases of limited partnership interests	0	(450)	(1,097)
Distributions from limited partnerships	33,396	6,869	19,230
Proceeds from maturities	84,387	64,035	131,623
Proceeds from sales of fixed income securities	139,310	241,429	148,652
Proceeds from sales of equity securities	21,621	149,195	69,756
Net sales of short-term investments	0	0	500
Purchase of insurance company-owned life insurance	0	(10,000)	0
Purchase of commercial mortgage loans	(7,082)	(6,672)	0
Proceeds from commercial mortgage loans	1,972	0	0
Purchases of property and equipment	(1,953)	(5,439)	(6,661)
Proceeds from disposals of property and equipment	3	10	582
Net cash provided by (used in) investing activities	(151,890)	23,651	(74,347)
Financing activities
Dividends paid to shareholders	(5,857)	(16,835)	(16,302)
Repurchase of common shares	(11,501)	(4,596)	(1,880)
Net cash used in financing activities	(17,358)	(21,431)	(18,182)
Effect of foreign exchange rates on cash and cash equivalents	645	(830)	522
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	(81,923)	102,098	5,737
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	170,811	68,713	62,976
Cash, cash equivalents and restricted cash and cash equivalents at end of period	88,888	170,811	68,713
Supplemental Disclosures of Cash Flow Information
Cash paid (refunds received) for income taxes	(1,186)	9,500	0
Cash paid for interest	$ 723	$ 504	$ 456

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note A - Summary of Significant Accounting Policies Description of Business: The term “Insurance Subsidiaries,” as used throughout this Annual Report on Form 10-K, refers to Protective Insurance Company, Protective Specialty Insurance Company, Sagamore Insurance Company and B&L Insurance, Ltd. Effective August 1, 2018, the Company changed its name to Protective Insurance Corporation to better align its holding company's and Insurance Subsidiaries' identities and to reflect its position within the insurance industry. Basis of Presentation: Use of Estimates: Cash and Cash Equivalents: Investments : The Company accounts for investments in limited partnerships using the equity method of accounting, which requires an investor in a limited partnership to record its proportionate share of the limited partnership's net income. To the extent the limited partnerships include both realized and unrealized investment gains or losses in the determination of net income or loss, then the Company would also recognize, through its consolidated statements of operations, its proportionate share of the investee's unrealized, as well as realized, investment gains or losses within net unrealized gains (losses) on equity securities and limited partnership investments. Short-term and other investments are carried at cost, which approximates their fair values. Fixed income securities are considered to be available-for-sale. The related unrealized net gains or losses (net of applicable tax effects) on fixed income securities are reflected directly in shareholders' equity. Included within available-for-sale fixed income securities are convertible debt securities. A portion of the changes in the fair values of convertible debt securities is reflected as a component of net realized gains (losses) on investments, excluding impairment losses within the consolidated statements of operations. Realized gains and losses on disposals of fixed income securities are recorded on the trade date. Realized gains and losses on fixed income securities are determined by the specific identification of the cost of investments sold and are included in net realized gains (losses) on investments, excluding impairment losses. Effective January 1, 2018, the Company adopted new accounting guidance that requires equity securities to be recorded at fair value, with unrealized net gains or losses reflected as a component of net unrealized gains (losses) on equity securities and limited partnership investments within the consolidated statements of operations. Realized gains and losses on disposals of equity securities are recorded on the trade date and included in net realized gains (losses) on investments, excluding impairment losses. Prior to adoption of the new accounting guidance, unrealized gains and losses related to equity securities were reflected directly in shareholders’ equity unless a decline in value was determined to be other-than-temporary, in which case the loss was charged to income. In accordance with the Financial Accounting Standards Board's ("FASB") other-than-temporary impairment guidance, if a fixed income security is in an unrealized loss position and the Company has the intent to sell the fixed income security, or it is more likely than not that the Company will have to sell the fixed income security before recovery of its amortized cost basis, the decline in value is deemed to be other-than-temporary and is recorded to other-than-temporary impairment losses on investments in the consolidated statements of operations. For impaired fixed income securities that the Company does not intend to sell or in cases where it is more likely than not that the Company will not have to sell such securities, but the Company expects that it will not fully recover the amortized cost basis, the credit component of the other-than-temporary impairment is recognized in other-than-temporary impairment losses on investments in the consolidated statements of operations and the non-credit component of the other-than-temporary impairment is recognized directly in shareholders' equity. The credit component of an other-than-temporary impairment is determined by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed income security. The net present value is calculated by discounting the Company's best estimate of projected future cash flows at the appropriate effective interest rate. Property and Equipment: Goodwill and Other Intangible Assets: Reserves for Losses and Loss Expenses: Recognition of Revenue and Costs: Reinsurance Should impairment in the ability of a reinsurer to satisfy its obligations to the Company be determined to exist, current year operations would be charged in amounts sufficient to provide for the Company's additional liability. Such charges, when incurred, are included in other operating expenses, rather than losses and loss expenses incurred, because the inability of the Company to collect from reinsurers is a credit risk rather than a deficiency associated with the loss reserving process. Deferred Taxes: Restricted Stock: Earnings (Loss) Per Share: Comprehensive Income (Loss): Fair Value Measurements: Insurance Company-Owned Life Insurance: Recently Adopted Accounting Pronouncements: In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements. This update provided clarification, corrected errors in and made minor improvements to various ASC topics. Many of the amendments in this update had transition guidance with effective dates for annual periods beginning after December 15, 2018, and some amendments in this update did not require transition guidance and were effective upon issuance of this update. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Pronouncements: The Company adopted the guidance recognized a pre-tax cumulative effect adjustment between approxim ately $13.0 million and $18.0 million The updated guidance in ASU 2016-13 also amended the current other-than-temporary impairment (“OTTI”) model for available-for-sale fixed income securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists. The Company adopted the guidance related to available-for-sale fixed income securities on January 1, 2020 using a prospective transition approach for available-for-sale fixed income securities that were purchased with credit deterioration or had recognized an OTTI write-down prior to the effective date. The effect of the prospective transition approach was to maintain the same amortized cost basis before and after the effective date. I n August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. This update removed the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removed disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update added disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. The Company adopted ASU 2018-13 as of January 1, 2020. As the requirements of this guidance are applicable to disclosure only, the adoption of ASU 2018-13 had no material impact on the Company's consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, or ASU 2019-12. Among other items, the amendments in ASU 2019-12 simplify the accounting treatment of tax law changes and year-to-date losses in interim periods. An entity generally recognizes the effects of a change in tax law in the period of enactment; however, there is an exception for tax laws with delayed effective dates. Under current guidance, an entity may not adjust its annual effective tax rate for a tax law change until the period in which the law is effective. This exception was removed under ASU 2019-12, thereby providing that all effects of a tax law change are recognized in the period of enactment, including adjustment of the estimated annual effective tax rate. Regarding year-to-date losses in interim periods, an entity is required to estimate its annual effective tax rate for the full fiscal year at the end of each interim period and use that rate to calculate its income taxes on a year-to-date basis. However, current guidance provides an exception that when a loss in an interim period exceeds the anticipated loss for the year, the income tax benefit is limited to the amount that would be recognized if the year-to-date loss were the anticipated loss for the full year. ASU 2019-12 removes this exception and provides that in this situation, an entity would compute its income tax benefit at each interim period based on its estimated annual effective tax rate. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the effects the adoption of ASU 2019-12 will have on its consolidated financial statements.

Investments

Investments	12 Months Ended
	Dec. 31, 2019
Investments [Abstract]
Investments	Note B - Investments The following is a summary of available-for-sale securities at December 31: Fair Value Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains (Losses) December 31, 2019 Fixed income securities Agency collateralized mortgage obligations $ 12,093 $ 11,557 $ 536 $ – $ 536 Agency mortgage-backed securities 56,280 54,286 2,005 (11 ) 1,994 Asset-backed securities 106,397 107,028 499 (1,130 ) (631 ) Bank loans 14,568 14,932 106 (470 ) (364 ) Certificates of deposit 2,835 2,835 – – – Collateralized mortgage obligations 5,616 5,123 493 – 493 Corporate securities 281,381 274,340 7,492 (451 ) 7,041 Mortgage-backed securities 47,463 46,685 1,047 (269 ) 778 Municipal obligations 36,286 35,749 684 (147 ) 537 Non-U.S. government obligations 24,179 23,889 290 – 290 U.S. government obligations 208,440 206,623 2,891 (1,074 ) 1,817 Total fixed income securities $ 795,538 $ 783,047 $ 16,043 $ (3,552 ) $ 12,491 Fair Value Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains (Losses) December 31, 2018 Fixed income securities Agency collateralized mortgage obligations $ 10,687 $ 10,636 $ 145 $ (94 ) $ 51 Agency mortgage-backed securities 37,385 37,168 371 (154 ) 217 Asset-backed securities 64,422 66,241 14 (1,833 ) (1,819 ) Bank loans 9,750 10,208 27 (485 ) (458 ) Certificates of deposit 2,835 2,835 — – — Collateralized mortgage obligations 5,423 5,095 376 (48 ) 328 Corporate securities 190,450 196,925 127 (6,602 ) (6,475 ) Mortgage-backed securities 38,540 38,586 377 (423 ) (46 ) Municipal obligations 29,155 29,102 239 (186 ) 53 Non-U.S. government obligations 25,180 25,339 6 (165 ) (159 ) U.S. government obligations 178,818 178,369 1,252 (803 ) 449 Total fixed income securities $ 592,645 $ 600,504 $ 2,934 $ (10,793 ) $ (7,859 ) The following table summarizes, for available-for-sale fixed income securities in an unrealized loss position at December 31, 2019 and December 31, 2018, the aggregate fair value and gross unrealized loss categorized by the duration individual securities have been continuously in an unrealized loss position. 2019 2018 Number of Securities Fair Value Gross Unrealized Loss Number of Securities Fair Value Gross Unrealized Loss Fixed income securities: 12 months or less 88 $ 108,387 $ (2,452 ) 275 $ 282,646 $ (7,296 ) Greater than 12 months 69 66,860 (1,100 ) 217 131,001 (3,497 ) Total fixed income securities 157 175,247 (3,552 ) 492 413,647 (10,793 ) Unrealized losses in the Company's fixed income portfolio are generally the result of interest rate or foreign currency fluctuations. The Company does not intend to sell any fixed income securities in an unrealized loss position at December 31, 2019, and it is not more likely than not that the Company will have to sell any such fixed income security before recovery of its amortized cost basis. Accordingly, the Company does not believe any unrealized losses represent OTTIs as of December 31, 2019. The fair value and the cost or amortized costs of fixed income investments at December 31, 2019, organized by contractual maturity, are shown below. Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates. Fair Value Cost or Amortized Cost One year or less $ 86,368 10.9 % $ 86,144 11.0 % Excess of one year to five years 336,689 42.3 330,026 42.1 Excess of five years to ten years 135,169 17.0 132,985 17.0 Excess of ten years 15,079 1.9 14,337 1.9 Total contractual maturities 573,305 72.1 563,492 72.0 Asset-backed securities 222,233 27.9 219,555 28.0 Total $ 795,538 100.0 % $ 783,047 100.0 Major categories of investment income for the years ended December 31, 2019, 2018 and 2017 are summarized as follows: 2019 2018 2017 Interest on fixed income securities $ 24,620 $ 19,092 $ 15,340 Dividends on equity securities 2,320 4,380 4,611 Money market funds, Short-term and other 1,976 1,529 471 28,916 25,001 20,422 Investment expenses (2,667 ) (2,953 ) (2,327 ) Net investment income $ 26,249 $ 22,048 $ 18,095 Gains and losses on investments, including equity method earnings from limited partnerships, for the years ended December 31 are summarized below: 2019 2018 2017 Gross gains on available-for-sale investments sold during the period: Fixed income securities $ 11,009 $ 10,807 $ 9,135 Equity securities (1) – – 10,481 Total gains 11,009 10,807 19,616 Gross losses on available-for-sale investments sold during the period: Fixed income securities (10,492 ) (14,367 ) (9,882 ) Equity securities (1) – – (2,368 ) Total losses (10,492 ) (14,367 ) (12,250 ) Other-than-temporary impairments (497 ) (19 ) (149 ) Change in value of limited partnership investments 1,644 (9,343 ) 12,469 Gains (losses) on equity securities: Realized gains (losses) on equity securities sold during the period 1,938 (3,072 ) – Unrealized gains (losses) on equity securities held at the end of the period 9,287 (9,697 ) – Total realized and unrealized gains (losses) on equity securities 11,225 (12,769 ) – Net realized and unrealized gains (losses) on investments $ 12,889 $ (25,691 ) $ 19,686 (1) Effective January 1, 2018, the Company adopted Accounting Standards Update ("ASU") 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU 2016-01, and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. (2) During 2018, the Company sold $149,195 in equity securities, resulting in a gain on sale of $51,900. The majority of these gains were included in unrealized gains within other comprehensive income (loss) at December 31, 2017 and, as a result of the adoption of ASU 2016-01, were reclassified to retained earnings as of January 1, 2018 and were therefore not recognized in the consolidated statements of operations for the year ended December 31, 2018. Gain and loss activity for fixed income and equity security investments, as shown in the previous table, includes adjustments for other-than-temporary impairment for the years ended December 31, 2019, 2018 and 2017 summarized as follows: 2019 2018 2017 Cumulative charges to income at beginning of year $ 930 $ 4,209 $ 5,650 Writedowns based on objective and subjective criteria 497 19 149 Recovery of prior writedowns upon sale or disposal (538 ) (3,298 ) (1,590 ) Net pre-tax realized gain 41 3,279 1,441 Cumulative charges to income at end of year $ 889 $ 930 $ 4,209 There is no primary market and only a limited secondary market for the Company's investments in limited partnerships and, in most cases, the Company is prohibited from disposing of its limited partnership interests for some period of time and generally must seek approval from the applicable general partner for any such disposal. Distributions of earnings from these partnerships are largely at the sole discretion of the general partners, and distributions are generally not received by the Company for many years after the earnings have been reported. The Company has a commitment to contribute up to an additional $350 to a limited partnership as of December 31, 2019. The fair value of regulatory deposits with various insurance departments in the United States and Canada totaled $99,763 and $87,981 at December 31, 2019 and 2018, respectively. Short-term investments at December 31, 2019 included $1,000 in certificates of deposit issued by a Bermuda bank. The Company's fixed income securities are over 92% invested in investment grade fixed income investments. The Company has no fixed income investments that were originally issued with guarantees by a third-party insurance company nor does the Company have any direct exposure to any guarantor at December 31, 2019. Approximately $61,181 of fixed income investments (6.3% of the Company's consolidated investment portfolio, which includes money market instruments classified as cash equivalents) consists of non-rated bonds and bonds rated as less than investment grade at year-end. These investments have a $684 aggregate net unrealized gain position at December 31, 2019.

Loss and Loss Expense Reserves

Loss and Loss Expense Reserves	12 Months Ended
	Dec. 31, 2019
Loss and Loss Expense Reserves [Abstract]
Loss and Loss Expense Reserves	Note C - Loss and Loss Expense Reserves Activity in the reserves for losses and loss expenses for the years ended December 31, 2019, 2018 and 2017 is summarized as follows. All amounts are shown net of reinsurance, unless otherwise indicated. 2019 2018 2017 Reserves, gross of reinsurance recoverable, at the beginning of the year $ 865,339 $ 680,274 $ 576,330 Reinsurance recoverable on unpaid losses at the beginning of the year 375,935 308,143 251,563 Reserves at the beginning of the year 489,404 372,131 324,767 Provision for losses and loss expenses: Claims occurring during the current year 349,018 329,078 228,303 Claims occurring during prior years (550 ) 16,786 19,215 Total incurred losses and loss expenses 348,468 345,864 247,518 Loss and loss expense payments: Claims occurring during the current year 90,364 84,738 67,234 Claims occurring during prior years 157,508 143,853 132,920 Total paid 247,872 228,591 200,154 Reserves at the end of the year 590,000 489,404 372,131 Reinsurance recoverable on unpaid losses at the end of the year 398,305 375,935 308,143 Reserves, gross of reinsurance recoverable, at the end of the year $ 988,305 $ 865,339 $ 680,274 The table above shows that a reserve savings of $550 developed during 2019 in the settlement of claims occurring on or before December 31, 2018, compared to reserve deficiencies of $16,786 in 2018 and $19,215 in 2017. The developments for each year are composed of individual claim savings and deficiencies which, in the aggregate, have resulted from the settlement of claims at amounts higher or lower than previously reserved and from changes in estimates of losses incurred but not reported as part of the normal reserving process. The $550 prior accident year savings that developed during 2019 related to favorable loss development in the Company's workers' compensation business, partially offset by unfavorable loss development in commercial automobile coverages. This 2019 savings compares to a deficiency of $16,786 for 2018 related to unfavorable loss development from commercial automobile coverages. This unfavorable loss development was the result of increased claim severity due to a more challenging litigation environment, as well as an unexpected increase in the time to settle claims leading to an unfavorable change in claim settlement patterns. The deficiency of $19,215 for 2017, also related to unfavorable loss development from commercial automobile coverages, particularly from severe transportation loss events that occurred primarily during the first six months of 2017 and higher than expected loss development for discontinued lines of business. Loss reserves have been reduced by estimated salvage and subrogation recoverable of approximately $4,000 and $7,545 at December 31, 2019 and 2018, respectively. The following is information about incurred and paid claims development as of December 31, 2019, net of reinsurance, as well as cumulative claim frequency and the total of incurred‐but‐not‐reported liabilities plus expected development on reported claims included within the net incurred claims amounts. Workers' Compensation Accident Year As of December 31, 2019 Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Total of Incurred-but- Not- Reported Liabilities Plus Expected Development on Reported Claims Number of Reported Claims Per Year For the Years Ended December 31 (2010-2018 is Supplementary Information and Unaudited) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 20,644 $ 20,111 $ 19,400 $ 19,300 $ 18,849 $ 18,344 $ 19,195 $ 19,541 $ 19,819 $ 19,781 $ 1,294 4,226 2011 26,057 26,628 26,958 26,767 25,515 27,293 26,617 26,631 26,452 2,085 4,547 2012 23,965 25,544 24,887 24,485 25,616 27,020 26,775 25,508 2,528 4,484 2013 27,619 30,638 29,913 32,121 32,553 31,131 31,066 3,596 5,281 2014 36,768 36,968 34,009 33,427 31,031 31,579 4,217 5,410 2015 26,277 23,115 25,889 24,948 25,436 3,916 6,328 2016 35,240 29,757 29,317 30,060 4,745 6,078 2017 42,387 37,731 36,211 7,936 16,349 2018 62,973 61,530 19,836 14,060 2019 65,837 34,680 8,515 Total $ 353,460 $ 84,833 Accident Year Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 2019 For the Years Ended December 31 (2010-2018 is Supplementary Information and Unaudited) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2010 $ 3,974 $ 9,134 $ 11,963 $ 13,845 $ 14,966 $ 15,835 $ 16,590 $ 16,789 $ 17,062 $ 17,340 2011 4,916 11,912 15,973 18,884 20,617 21,622 22,569 22,991 23,366 2012 4,597 11,004 14,834 17,415 18,946 20,276 21,157 21,636 2013 4,880 12,792 18,065 21,655 23,643 24,968 25,847 2014 5,328 13,665 19,075 22,387 23,968 24,714 2015 2,918 10,128 15,020 17,487 19,385 2016 5,784 13,377 18,461 21,304 2017 6,150 15,811 20,863 2018 10,987 27,862 2019 13,171 Total $ 215,488 Outstanding liabilities prior to 2010, net of reinsurance 16,437 Liabilities for claims and claims adjustment expenses, net of reinsurance $ 154,409 Commercial Liability Accident Year As of December 31, 2019 Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Total of Incurred-but- Not- Reported Liabilities Plus Expected Development on Reported Claims Number of Reported Claims Per Year For the Years Ended December 31 (2010-2018 is Supplementary Information and Unaudited) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 31,124 $ 22,161 $ 21,899 $ 19,139 $ 20,300 $ 19,764 $ 19,377 $ 19,081 $ 19,985 $ 19,994 $ 113 2,403 2011 46,829 43,832 31,633 36,894 35,805 37,122 36,076 37,852 37,795 32 2,902 2012 49,743 54,269 49,743 51,367 48,708 51,475 51,648 51,962 266 3,131 2013 53,817 39,143 37,701 36,371 46,690 48,857 51,598 546 3,751 2014 49,971 52,254 52,483 52,964 64,372 70,841 1,268 3,323 2015 61,420 70,174 64,323 71,088 75,503 2,211 3,197 2016 61,638 68,974 77,362 79,015 4,913 3,737 2017 103,126 103,611 99,287 19,772 5,364 2018 179,589 177,262 28,324 8,003 2019 198,022 98,371 7,286 Total $ 861,279 $ 155,816 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31 (2010-2018 is Supplementary Information and Unaudited) Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 1,649 $ 7,166 $ 11,635 $ 16,052 $ 18,627 $ 18,517 $ 18,866 $ 18,662 $ 18,791 $ 18,791 2011 1,809 11,350 23,615 30,795 33,255 34,009 35,561 36,400 37,263 2012 3,086 23,252 32,942 45,303 47,601 50,036 50,750 50,882 2013 5,167 15,772 25,270 34,481 44,865 46,084 49,522 2014 4,023 9,046 28,393 45,075 57,692 68,392 2015 10,923 27,582 49,267 63,133 71,697 2016 6,843 30,377 52,764 70,324 2017 11,415 46,529 58,173 2018 18,689 66,575 2019 19,311 Total $ 510,930 Outstanding liabilities prior to 2010, net of reinsurance 4,799 Liabilities for claims and claims adjustment expenses, net of reinsurance $ 355,148 Professional Liability Reinsurance Assumed (in runoff) Accident Year As of December 31, 2019 Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Total of Incurred-but-Not- Reported Liabilities Plus Expected Development on Reported Claims Number of Reported Claims Per Year For the Years Ended December 31 (2010-2018 is Supplementary Information and Unaudited) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 2,196 $ 4,277 $ 7,827 $ 7,946 $ 9,733 $ 10,740 $ 11,689 $ 11,893 $ 11,677 $ 11,544 $ 35 N/A 2011 10,492 8,314 9,017 9,859 10,779 12,735 12,744 12,725 13,018 15 N/A 2012 10,041 9,276 5,569 10,157 14,605 16,555 14,949 16,013 335 N/A 2013 14,370 13,034 11,618 17,694 23,256 22,213 23,474 1,362 N/A 2014 12,675 8,825 7,259 9,837 12,749 10,721 1,251 N/A 2015 11,638 7,859 7,147 10,422 8,753 2,741 N/A 2016 6,368 2,482 1,522 2,993 471 N/A 2017 – – – – N/A 2018 – – – N/A 2019 – – N/A Total $ 86,516 $ 6,210 Accident Year Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31 (2010-2018 is Supplementary Information and Unaudited) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 41 $ 729 $ 3,505 $ 5,844 $ 7,758 $ 9,904 $ 11,132 $ 11,334 $ 11,334 $ 11,410 2011 50 637 2,061 4,983 8,104 10,404 11,679 12,280 12,404 2012 103 992 2,388 5,077 8,355 11,239 13,091 13,706 2013 123 1,135 5,088 10,988 14,779 18,229 19,201 2014 723 761 2,241 3,999 6,627 7,732 2015 10 390 1,899 3,207 3,964 2016 – 5 99 2,254 2017 – – – 2018 – – 2019 – Total $ 70,671 Outstanding liabilities prior to 2010, net of reinsurance 234 Liabilities for claims and claims adjustment expenses, net of reinsurance $ 16,079 Physical Damage (1) Accident Year As of December 31, 2019 Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Total of Incurred-but-Not- Reported Liabilities Plus Expected Development on Reported Claims Number of Reported Claims Per Year For the Years Ended December 31 (2017-2018 is Supplementary Information and Unaudited) 2017 2018 2019 2017 $ 48,440 $ 47,193 $ 46,236 $ 30 10,517 2018 – 53,726 50,122 234 11,108 2019 – 55,354 2,403 9,406 Total $ 151,712 $ 2,667 Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31 (2017-2018 is Supplementary Information and Unaudited) Accident Year 2017 2018 2019 2017 $ 39,517 $ 46,554 $ 46,184 2018 – 41,631 49,685 2019 – 44,197 Total $ 140,066 Outstanding liabilities prior to 2017, net of reinsurance 30 Liabilities for claims and claims adjustment expenses, net of reinsurance $ 11,676 (1) The majority of physical damage claims settle within a two-year period. The triangles above have been abbreviated to reflect the short-tail nature of this business. The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated balance sheet at December 31, 2019, 2018 and 2017 is as follows. 2019 2018 Net outstanding liabilities Commercial Liability $ 355,148 $ 268,523 Workers' Compensation 154,409 131,996 Physical Damage 11,676 13,329 Professional Liability Assumed 16,079 21,390 Other short-duration insurance lines 30,318 33,716 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 567,630 468,954 Reinsurance recoverable on unpaid claims Commercial Liability 209,152 194,483 Workers' Compensation 182,908 172,869 Physical Damage 655 1,851 Other short-duration insurance lines 5,590 6,732 Reinsurance recoverable on unpaid losses at the end of the year 398,305 375,935 Unallocated claims adjustment expenses 22,370 20,450 Total gross liability for unpaid claims and claims adjustment expense $ 988,305 $ 865,339 The following is supplementary information about average historical claims duration as of December 31, 2019: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited) Years 1 2 3 4 5 6 7 8 9 10 Commercial Liability 9.0 % 25.8 % 23.5 % 21.0 % 10.4 % 4.7 % 3.5 % 0.4 % 1.5 % – Workers' Compensation 17.5 % 26.4 % 16.1 % 10.3 % 6.2 % 4.0 % 3.4 % 1.5 % 1.4 % 1.4 % Physical Damage 81.5 % 15.6 % 2.0 % N/A N/A N/A N/A N/A N/A N/A Professional Liability Assumed 1.5 % 4.1 % 13.4 % 26.6 % 18.1 % 15.6 % 8.8 % 3.3 % 4.4 % 0.7 % Reserve methodologies for incurred but not reported losses The Company uses both standard actuarial techniques common to most insurance companies as well as proprietary techniques developed by the Company in connection with its specialty business products. For its short-tail lines of The Company also uses the loss development factor approach for its long-tail lines of business, including workers' compensation. A minimum of 15 accident years is included in the loss development triangles used to calculate link ratios and the selected loss development factors used to determine the reserves for incurred but not reported losses. Significant emphasis is placed on the use of tail factors for the Company's long-tail lines of business. For the Company's commercial automobile risks, which are covered by regularly updated reinsurance agreements and which contain wide-ranging self-insured retentions ("SIR"), traditional actuarial methods are supplemented by other methods, as described below, in consideration of the Company's exposures to loss. In situations where the Company's reinsurance structure, the insured's SIR selections, policy volume, and other factors are changing, current accident period loss exposures may not be homogenous enough with historical loss data to allow for reliable projection of future developed losses. Therefore, the Company supplements the above-described actuarial methods with loss ratio reserving techniques developed from the Company's proprietary databases to arrive at the reserve for incurred but not reported losses for the calendar/accident period under review. As losses for a given calendar/accident period develop with the passage of time, management evaluates such development on a monthly and quarterly basis and adjusts reserve factors, as necessary, to reflect current judgment with regard to the anticipated ultimate incurred losses. This process continues until all losses are settled for each period subject to this method. Claim count methodology The Company uses a claim event and coverage combination to estimate frequency. For example, a single claim event involving loss for physical damage of a vehicle and personal injury to a claimant would be considered two claims for purposes of the calculation of frequency. A single claim event causing personal injury to two claimants would be considered a single claim under the methodology. Due to the number of reinsurance assumed treaties entered into (and the varying structures: both quota share and excess of loss) the Company deems it impractical to collect claim frequency information related to this business and this information has not been made available to the Company.

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2019
Reinsurance [Abstract]
Reinsurance	Note D – Reinsurance The Insurance Subsidiaries cede portions of their gross premiums written to certain other insurers under excess of loss and quota share treaties and by facultative placements. Some reinsurance contracts provide that a loss be shared among the Company and its reinsurers on a predetermined pro-rata basis ("quota share"), while other contracts provide that the Company keep a fixed amount of the loss, similar to a deductible, with reinsurers taking all losses above this fixed amount ("excess of loss"). Reinsurance treaties with other companies permit the recovery of a portion of related direct losses. Management determines the amount of net exposure it is willing to accept generally on a product-line basis. Certain treaties covering commercial automobile risks include annual deductibles which must be exceeded before the Company can recover under the terms of the treaty. The Company retains a higher percentage of the direct premium in consideration of these deductible provisions. The Company remains liable to the extent the reinsuring companies are unable to meet their obligations under reinsurance contracts. The Company also serves as an assuming reinsurer on treaties with direct writing insurance companies and, prior to June 30, 2015, under retrocessions from other reinsurers for catastrophic property coverages. Accordingly, for periods prior to that date, the occurrence of catastrophic events could have had a significant impact on the Company's operations. In addition, the Insurance Subsidiaries participate in certain mandatory residual market pools, which require insurance companies to provide coverages on assigned risks. The assigned risk pools allocate participation to all insurers based upon each insurer's portion of premium writings on a state or national level. Historically, the operation of these assigned risk pools has resulted in net losses being allocated to the Company, although such losses have not been material in relation to the Company's operations. The following table summarizes the impact of reinsurance ceded and assumed on the Company's net premiums written and earned for the most recent three years: Premiums Written Premiums Earned 2019 2018 2017 2019 2018 2017 Direct $ 574,181 $ 581,070 $ 504,033 $ 570,959 $ 562,364 $ 470,158 Ceded on direct (122,676 ) (138,102 ) (151,348 ) (124,446 ) (131,080 ) (145,201 ) Net direct 451,505 442,968 352,685 446,513 431,284 324,957 Assumed 737 1,430 704 775 1,596 3,188 Ceded on assumed – – — – – — Net assumed 737 1,430 704 775 1,596 3,188 Net $ 452,242 $ 444,398 $ 353,389 $ 447,288 $ 432,880 $ 328,145 Net losses and loss expenses incurred for 2019, 2018 and 2017 have been reduced by ceded reinsurance recoveries of approximately $121,927, $148,173 and $128,086, respectively. Ceded reinsurance premiums and loss recoveries for the purchase of catastrophe reinsurance coverage on the Company's net direct business were not material. Net losses and loss expenses incurred include expenses of $193 for 2019, a savings of $1,300 for 2018 and expenses of $5,223 for 2017, relating to reinsurance assumed from non-affiliated insurance or reinsurance companies. Components of reinsurance recoverable at December 31, 2019, 2018 and 2017 are as follows: 2019 2018 Case unpaid losses, net of valuation allowance $ 166,675 $ 163,011 Incurred but not reported unpaid losses and loss expenses 230,459 211,805 Paid losses and loss expenses 20,334 1,250 Unearned premiums 14,599 16,370 $ 432,067 $ 392,436

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Taxes [Abstract]
Income Taxes	Note E - Income Taxes On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the "U.S. Tax Act") was signed into law, which lowered the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018. As a result, the Company recorded a tax benefit of $9,572 related to the remeasurement of its deferred tax assets and liabilities at December 31, 2017. As of December 31, 2017, the Internal Revenue Service ("IRS") had not yet published all of the detailed regulations resulting from the enactment of the U.S. Tax Act; therefore, while the Company had not completed its accounting for the tax effects, it made a reasonable estimate of the tax effects on its existing deferred tax balances at December 31, 2017. The Company finalized its accounting for the tax effects of the U.S. Tax Act during 2018. No material adjustments to income tax expense (benefit) were recorded during 2018. The U.S. Tax Act provides for a change in the methodology employed to calculate reserves for tax purposes. Beginning January 1, 2018, a higher interest rate assumption and longer payout patterns are used to discount these reserves. In addition, companies are no longer able to elect to use their own experience to discount reserves, but instead are required to use the industry-based tables published by the IRS annually. During 2017, the Company estimated the provisional tax impacts related to the change in methodology as $1,696. During 2018, the IRS published the discount factor tables and the Company calculated the tax impact of the methodology change and recorded an updated amount for deferred tax assets and an offsetting deferred tax liability of $2,262 at December 31, 2018. During 2019, the IRS published updated discount factor tables and the Company updated the tax impact. The deferred tax liability was amortized into income in the amount of $281 in 2019 in accordance with the 8-year inclusion described in the U.S. Tax Act. The deferred tax liability amortized into income in 2018 was revised to $228 compared to $323 as originally calculated in 2018 under the discount factor tables. Deferred income taxes are calculated to account for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows: 2019 2018 Deferred tax liabilities: Unrealized gain on fixed income and equity security investments $ 5,327 $ 4,572 Deferred acquisition costs 2,821 2,552 Loss and loss expense reserves 2,701 3,583 Limited partnership investments 2,587 – Accelerated depreciation 687 690 Other 1,361 1,509 Total deferred tax liabilities 15,484 12,906 Deferred tax assets: Loss and loss expense reserves 11,460 9,999 Limited partnership investments – 3,498 Unearned premiums discount 2,529 2,321 Other-than-temporary investment declines 39 625 Deferred compensation 1,181 580 Deferred ceding commission 1,037 1,173 Other 1,273 972 Total deferred tax assets 17,519 19,168 Net deferred tax assets $ (2,035 ) $ (6,262 ) A summary of the difference between federal income tax expense (benefit) computed at the statutory rate and that reported in the consolidated financial statements as of December 31, 2019, 2018 and 2017 is as follows: 2019 2018 2017 Statutory federal income rate applied to pre-tax income (loss) $ 1,821 $ (9,213 ) $ 3,543 Tax effect of (deduction): Tax-exempt investment income (402 ) (253 ) (968 ) Change in enacted tax rates – – (9,572 ) Other (93 ) (331 ) (1,204 ) Federal income tax expense (benefit) $ 1,326 $ (9,797 ) $ (8,201 ) Federal income tax expense (benefit) as of December 31, 2019, 2018 and 2017 consists of the following: 2019 2018 2017 Tax expense (benefit) on pre-tax income (loss): Current $ 1,377 $ 8,997 $ (4,335 ) Deferred (51 ) (18,794 ) (3,866 ) $ 1,326 $ (9,797 ) $ (8,201 ) The provision for deferred federal income taxes as of December 31, 2019, 2018 and 2017 consists of the following: 2019 2018 2017 Limited partnerships $ 1,143 $ (2,383 ) $ 4,099 Discounts of loss and loss expense reserves (2,269 ) (2,704 ) 1,315 Reserves - salvage and subrogation and other (74 ) 427 56 Unearned premium discount (208 ) (484 ) (1,767 ) Deferred compensation (600 ) 305 (168 ) Other-than-temporary investment declines (411 ) 695 (127 ) Deferred acquisitions costs and ceding commission 405 201 1,553 Change in enacted tax rates – – (9,572 ) Unrealized gains / losses 1,837 (13,876 ) – Other 126 (975 ) 745 Provision for deferred federal income taxes $ (51 ) $ (18,794 ) $ (3,866 ) The Company is required to establish a valuation allowance for any portion of the gross deferred tax asset that management believes will not be realized. Management has determined that no such valuation allowance was necessary at December 31, 2019 or 2018. As of December 31, 2019, calendar years 2018, 2017 and 2016 remain subject to examination by the IRS. The Company has no uncertain tax positions as of December 31, 2019 or 2018. The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits in income tax expense (benefit) and changes in such accruals would impact the Company's effective tax rate. There were no amounts accrued for the payment of interest at December 31, 2019, 2018 and 2017.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2019
Shareholders' Equity [Abstract]
Shareholders' Equity	Note F - Shareholders' Equity The Company's Class A and Class B Common Stock has a stated value of approximately $.04 per share. The Company paid a total of $5,857, or $0.40 per share, in dividends during 2019, $16,835, or $1.12 per share, during 2018 and $16,302, or $1.08 per share, during 2017. On August 31, 2017, the Company's Board of Directors authorized the reinstatement of its share repurchase program for up to 2,464,209 shares of the Company's Class A or Class B Common Stock. On August 6, 2019, the Company's Board of Directors reaffirmed its share repurchase program, but also provided that the aggregate dollar amount of shares of the Company's Common Stock that may be repurchased under the share repurchase program between August 6, 2019 and August 6, 2020 may not exceed $25,000 and added a limit of no more than $6,250 in repurchases per quarter. Pursuant to this share repurchase program, the Company entered into a Rule 10b5-1 plan on December 30, 2019 (the "Rule 10b5-1 Plan"), which authorized the repurchase of up to $625 of the Company's outstanding common shares at various pricing thresholds, in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Rule 10b5-1 Plan expired on February 26, 2020. No duration has been placed on the Company's share repurchase program, and the Company reserves the right to amend, suspend or discontinue it at any time. The share repurchase program does not commit the Company to repurchase any shares of its Common Stock. During the year ended December 31, 2019, the Company paid $11,501 to repurchase 11,989 shares of Class A Common Stock at an average share price of $15.70 and 665,099 shares of Class B Common Stock at an average share price of $17.01 under the share repurchase program. Accumulated Other Comprehensive Income (Loss) A reconciliation of the components of accumulated other comprehensive income (loss) at December 31, 2019, 2018 and 2017 is as follows: 2019 2018 Investments: Total unrealized gain (loss) before federal income tax expense (benefit) $ 12,491 $ (7,859 ) Deferred tax benefit (liability) (2,628 ) 1,651 Net unrealized gains (losses) on investments 9,863 (6,208 ) Foreign exchange adjustment: Total unrealized losses (625 ) (1,442 ) Deferred tax benefit 131 303 Net unrealized losses on foreign exchange adjustment (494 ) (1,139 ) Accumulated other comprehensive income (loss) $ 9,369 $ (7,347 ) Details of changes in net unrealized gains (losses) on investments for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Investments: Pre-tax holding gains (losses) on fixed income securities arising during period (1) $ 19,182 $ (12,253 ) $ 26,677 Less: applicable federal income tax expense (benefit) 4,028 (2,573 ) 9,337 15,154 (9,680 ) 17,340 Pre-tax gains (losses) on fixed income securities included in net income (loss) during period (1) (1,161) (3,560 ) 7,217 Less: applicable federal income tax expense (benefit) (244) (748 ) 2,526 (917) (2,812 ) 4,691 Change in unrealized gains (losses) on investments $ 16,071 $ (6,868 ) $ 12,649 (1) Effective January 1, 2018, the Company adopted ASU 2016-01 and unrealized gains (losses) related to equity securities are no longer reflected in accumulated other comprehensive income (loss). Prior periods have not been restated to conform to the current presentation.

Other Operating Expenses

Other Operating Expenses	12 Months Ended
	Dec. 31, 2019
Other Operating Expenses [Abstract]
Other Operating Expenses	Note G - Other Operating Expenses Details of other operating expenses for the years ended December 31: 2019 2018 2017 Amortization of gross deferred policy acquisition costs $ 81,734 $ 78,105 $ 70,574 Other underwriting expenses 59,975 46,638 37,230 Reinsurance ceded credits (25,932 ) (23,124 ) (23,187 ) Total underwriting expenses 115,777 101,619 84,617 Operating expenses of non-insurance companies 22,679 32,406 28,977 Goodwill impairment charge – 3,152 – Total other operating expenses $ 138,456 $ 137,177 $ 113,594

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2019
Employee Benefit Plans [Abstract]
Employee Benefit Plans	Note H - Employee Benefit Plans The Company maintains a defined contribution 401(k) Employee Savings and Profit Sharing Plan (the "Plan") which covers nearly all employees. The Company's contributions are based on a set percentage and the contributions to the Plan for 2019, 2018 and 2017 were $3,213, $3,486 and $2,797, respectively.

Stock Based Compensation

Stock Based Compensation	12 Months Ended
	Dec. 31, 2019
Stock Based Compensation [Abstract]
Stock Based Compensation	Note I - Stock Based Compensation The Company issues shares of restricted Class B Common Stock to the Company's outside directors as part of their annual retainer compensation. The shares are distributed to the outside directors on the vesting date, which, with the exception of pro-rated annual retainers granted to outside directors, is one year following the date of grant. On May 17, 2019, the Company granted shares of restricted Class B Common Stock in connection with the election of a new outside director, reflecting such director’s pro-rated annual retainer compensation, which shares will vest and be distributed on May 7, 2020. Additionally, effective May 22, 2019, John D. Nichols, Jr. ceased serving as the Company's Interim Chief Executive Officer and principal executive officer, but continued to serve as Chairman of the Company's Board of Directors. On May 22, 2019, the Company granted shares of restricted Class B Common Stock to Mr. Nichols in connection with this transition, reflecting his pro-rated annual retainer compensation, which shares will also vest and be distributed on May 7, 2020. The table below provides details of the restricted stock issuances to directors for 2019, 2018 and 2017: Grant Date Number of Shares Issued Vesting Date Service Period Grant Date Fair Value Per Share 5/9/2017 18,183 5/9/2018 7/1/2017 - 6/30/2018 $ 24.20 8/31/2017 1,257 5/9/2018 8/31/2017 - 6/30/2018 $ 21.90 2/9/2018 408 5/9/2018 2/9/2018 - 6/30/2018 $ 24.20 5/8/2018 19,085 5/8/2019 7/1/2018 - 6/30/2019 $ 23.05 5/7/2019 29,536 5/7/2020 7/1/2019 - 6/30/2020 $ 16.25 5/17/2019 3,591 5/7/2020 7/1/2019 - 6/30/2020 $ 16.25 5/22/2019 3,541 5/7/2020 7/1/2019 - 6/30/2020 $ 16.25 Compensation expense related to the above stock grants is recognized over the period in which the directors render the services. Director compensation expense associated with these restricted stock grants of $518, $464 and $454 was charged against income for the restricted stock awards granted in 2019, 2018 and 2017, respectively. On February 8, 2017, the Company issued 20,181 shares of restricted Class B Common Stock to certain of the Company's executives under the Company's Restricted Stock Compensation Plan. The shares of restricted stock represent a portion of the calendar year 2017 compensation earned by certain executives under the terms of the Company's Executive Incentive Bonus Plan. The shares of restricted stock vested over a three-year period from the date of grant. The shares of restricted stock were valued based on the closing price of the Company's Class B Common Stock on February 8, 2017, the day the shares of restricted stock were granted. Each share of restricted stock was valued at $23.80 per share, representing a total value of $480. Non-vested shares of restricted stock were forfeited if an executive's employment terminated for any reason other than death, disability or retirement, as defined by the Compensation Committee, prior to the vesting date. In May 2017, the Company's Compensation Committee granted equity-based awards pursuant to the Company's Long-Term Incentive Plan (the "Long-Term Incentive Plan"), which was approved by the Company's shareholders at the 2017 Annual Meeting of Shareholders. Certain participants under the Long-Term Incentive Plan were granted Value Creation Incentive Plan awards (the "2017 VCIP Awards"). The 2017 VCIP Awards are performance-based equity awards that will be earned based on the Company's cumulative operating income over a three-year performance period from January 1, 2017 through December 31, 2019 relative to a cumulative operating income goal for the period set by the Compensation Committee in March 2017. For the purpose of the 2017 VCIP Awards, cumulative operating income is equal to income before taxes excluding net realized gains (losses) on investments. Any 2017 VCIP Awards that are earned will be paid in unrestricted shares of the Company's Class B Common Stock at the end of the three-year performance period, but no later than March 15, 2020. No shares were earned under the 2017 VCIP Awards for the three-year performance period ended December 31, 2019. In March 2018, the Company's Compensation Committee granted equity-based awards pursuant to the Long-Term Incentive Plan. Certain participants under the Long-Term Incentive Plan were granted equity awards (the "2018 LTIP Awards"), with the number of shares of Class B Common Stock earned pursuant to such awards determined by applying a performance matrix consisting of a measurement of the combined results of the Company's 2018 growth in gross premiums earned and the Company's 2018 combined ratio. The combined ratio is calculated as a ratio of (A) losses and loss expenses incurred, plus other operating expenses, less commission and other income to (B) net premiums earned. No 2018 LTIP Awards were earned based on the Company's performance in 2018, and therefore no shares were issued pursuant to the 2018 LTIP Awards. I On November 13, 2018, the Company entered into an employment agreement with its Interim Chief Executive Officer, John D. Nichols, Jr. Pursuant to the terms of this employment agreement, on November 13, 2018, Mr. Nichols was granted 85,000 restricted shares of the Company's Class B Common Stock (the "Nichols Stock Grant"), of which 42,500 shares vested as of October 17, 2019; 21,250 shares will vest as of October 17, 2020, and 21,250 shares will vest as of October 17, 2021. The Company recorded $876 of expense during the year ended December 31, 2019 related to the Nichols Stock Grant. In March 2019, the Company's Compensation Committee granted equity-based awards pursuant to the Long-Term Incentive Plan. Certain participants under the Long-Term Incentive Plan were granted equity awards (the "2019 LTIP Awards"), with the number of shares of Class B Common Stock earned pursuant to such awards determined by applying a performance matrix consisting of a corporate performance component as well as a personal performance component. The corporate performance component of the 2019 LTIP Awards will be determined based on the Company's achievement of 2019 underwriting income compared to the plan target. The Company's underwriting income will be calculated as income (loss) before federal income tax expense (benefit), less net realized gains (losses) on investments, less net unrealized gains (losses) on equity securities and limited partnerships, less net investment income. The personal performance component of the 2019 LTIP Awards will be determined based on the achievement of personal goals that align with departmental and corporate objectives for 2019. Any 2019 LTIP Awards earned will be paid in shares of restricted Class B Common Stock in early 2020. One-third of such shares will vest annually over the three-year period beginning one year from the date of issue. The Company recorded $71 of expense during the year ended December 31, 2019 related to the 2019 LTIP Awards. On May 22, 2019, the Company entered into an employment agreement with its new Chief Executive Officer, Jeremy D. Edgecliffe-Johnson. Pursuant to the terms of this employment agreement, on May 22, 2019, Mr. Edgecliffe-Johnson was granted 70,000 restricted shares of the Company's Class B Common Stock (the "Edgecliffe-Johnson Stock Grant"), of which 35,000 shares will vest as of June 1, 2022, 21,000 shares will vest as of June 1, 2023, and 14,000 shares will vest as of June 1, 2024. The Company recorded $192 of expense during the year ended December 31, 2019 related to the Edgecliffe-Johnson Stock Grant. On November 5, 2019, the Board of the Company, upon the recommendation of the Compensation Committee, approved equity compensation awards to be granted to seven members of senior management as of November 12, 2019 under the Company’s Long-Term Incentive Plan. The Board approved a total of $1,100 in grants of restricted shares of the Company’s Class B Common Stock, which will vest on January 1, 2023, subject to the recipient’s continued employment with the Company through the vesting date. The Company recorded $44 of expense during the year ended December 31, 2019 related to this grant.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2019
Segment Information [Abstract]
Segment Information	Note J – Segment Information Effective January 1, 2017, the Company determined that its business constituted one reportable property and casualty insurance segment based on how its operating results are regularly reviewed by the Company's chief operating decision maker when making decisions about how resources are allocated and assessing performance. The property and casualty insurance segment provides multiple lines of insurance coverage primarily to commercial automobile companies, as well as to independent contractors who contract with commercial automobile companies. The following table summarizes segment revenues for the years ended December 31: 2019 2018 2017 Revenues: Net premiums earned $ 447,288 $ 432,880 $ 328,145 Net investment income 26,249 22,048 18,095 Net realized and unrealized gains (losses) on investments 12,889 (25,691 ) 19,686 Commissions and other income 9,171 9,932 5,308 Total revenues $ 495,597 $ 439,169 $ 371,234

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2019
Earnings (Loss) Per Share [Abstract]
Earnings (Loss) Per Share	Note K - Earnings (Loss) Per Share The following is a reconciliation of the denominators used in the calculation of basic and diluted earnings (loss) per share for the years ended December 31: 2019 2018 2017 Average shares outstanding for basic earnings (loss) per share 14,520,815 14,964,812 15,065,216 Dilutive effect of share equivalents 99,118 – 42,220 Average shares outstanding for diluted earnings (loss) per share 14,619,933 14,964,812 15,107,436

Concentrations of Credit Risk

Concentrations of Credit Risk	12 Months Ended
	Dec. 31, 2019
Concentrations of Credit Risk [Abstract]
Concentrations of Credit Risk	Note L - Concentrations of Credit Risk The Company writes policies of excess insurance attaching above SIRs and also writes policies that contain per-claim deductibles. Those losses and claims that fall within the SIR limits are obligations of the insured; however, the Company writes surety bonds in favor of various regulatory agencies guaranteeing the insureds' payment of claims within the SIR. Further, specified portions of losses and claims incurred under large deductible policies, while obligations of the Company, are contractually reimbursable to the Company from the insureds. The Company requires collateral from its insureds to serve as a source of reimbursement if the Company is obligated to pay claims within the SIR by reason of an insured's default or if the insured fails to reimburse the Company for deductible amounts paid by the Company. Acceptable collateral may be provided in the form of letters of credit on Company-approved banks, Company-approved marketable securities or cash. At December 31, 2019, the Company held collateral in the aggregate amount of $328,559. The amount of collateral required of an insured is determined by the financial condition of the insured, the type of obligations guaranteed by the Company, estimated reserves for incurred losses within the SIR or deductible that have been reported to the insured or the Company, estimated incurred but not reported losses, and estimated losses that are expected to occur within the SIR or be deductible prior to the next collateral adjustment date. In general, the Company attempts to hold collateral equal to 100% of the ultimate losses that would be paid by or due the Company in the event of an insured's default. Periodic audits are conducted by the Company to evaluate its exposure and the collateral required. If a deficiency in collateral is noted as the result of an audit, additional collateral is requested immediately. Because collateral amounts contain numerous estimates of the Company's exposure, are adjusted only periodically and are sometimes reduced based on the superior financial condition of the insured, the amount of collateral held by the Company at a given point in time may not be sufficient to fully reimburse the Company for all of its guarantees or amounts due in the event of an insured's default. In that regard, the Company is not fully collateralized for the guarantees made for, or the deductible amounts that may be due from, FedEx Corporation and certain of its subsidiaries and related entities ("FedEx"), and in the event of their default, such default may have a material adverse impact on the Company. The Company estimates its uncollateralized exposure related to FedEx to be as much as 79% (after-tax) of shareholders' equity at December 31, 2019. The Company's balance sheet includes paid and estimated unpaid amounts recoverable from reinsurers under various agreements. These recoverables are only partially collateralized. The two largest amounts due from individual reinsurers, net of collateral and offsets, were $53,915 and $44,462 at December 31, 2019.

Acquisition and Related Goodwil

Acquisition and Related Goodwill and Intangibles	12 Months Ended
	Dec. 31, 2019
Acquisition and Related Goodwill and Intangibles [Abstract]
Acquisition and Related Goodwill and Intangibles	Note M – Acquisition and Related Goodwill and Intangibles On October 31, 2008, the Company purchased a commercial lines specialty insurance agency for a cash purchase price of $3,500. As part of the purchase, the Company recorded goodwill of $3,152 and intangible assets of $179. Accumulated amortization of intangible assets was $179 as of both December 31, 2019 and 2018. During the fourth quarter of 2018, the Company conducted its annual impairment review. Based on the results of that review, the Company concluded that its entire goodwill balance was impaired, resulting in an impairment loss of $3,152. The Company utilized a market approach, which considered revenue and earnings multiples of its own and comparable company information. In the analysis, the Company considered the significant decline in its stock price and the decline in overall financial performance during 2018, particularly in more recent periods, as well as the downgrade to its A.M. Best Company, Inc. rating in late 2018.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2019
Fair Value [Abstract]
Fair Value	Note N – Fair Value Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis: As of December 31, 2019: Description Total Level 1 Level 2 Level 3 Fixed income securities: Agency collateralized mortgage obligations $ 12,093 $ – $ 12,093 $ – Agency mortgage-backed securities 56,280 – 56,280 – Asset-backed securities 106,397 – 106,397 – Bank loans 14,568 – 14,568 – Certificates of deposit 2,835 2,835 – – Collateralized mortgage obligations 5,616 – 5,616 – Corporate securities 276,087 – 276,087 – Options embedded in convertible securities 5,294 – 5,294 – Mortgage-backed securities 47,463 – 47,463 – Municipal obligations 36,286 – 36,286 – Non-U.S. government obligations 24,179 – 24,179 – U.S. government obligations 208,440 – 208,440 – Total fixed income securities 795,538 2,835 792,703 – Equity securities: Consumer 16,707 16,707 – – Energy 3,074 3,074 – – Financial 31,577 31,577 – – Industrial 4,927 4,927 – – Technology 2,817 2,817 – – Funds (e.g., mutual funds, closed end funds, ETFs) 9,460 9,460 – – Other 8,250 8,250 – – Total equity securities 76,812 76,812 – – Short-term 1,000 1,000 – – Cash equivalents 59,780 – 59,780 – Total $ 933,130 $ 80,647 $ 852,483 $ – As of December 31, 2018: Description Total Level 1 Level 2 Level 3 Fixed income securities: Agency collateralized mortgage obligations $ 10,687 $ – $ 10,687 $ – Agency mortgage-backed securities 37,385 – 37,385 – Asset-backed securities 64,422 – 64,422 – Bank loans 9,750 – 9,750 – Certificates of deposit 2,835 2,835 – – Collateralized mortgage obligations 5,423 – 5,423 – Corporate securities 186,651 – 186,651 – Options embedded in convertible securities 3,799 – 3,799 – Mortgage-backed securities 38,540 – 38,540 – Municipal obligations 29,155 – 29,155 – Non-U.S. government obligations 25,180 – 25,180 – U.S. government obligations 178,818 – 178,818 – Total fixed income securities 592,645 2,835 589,810 – Equity securities: Consumer 17,945 17,945 – – Energy 3,179 3,179 – – Financial 25,253 25,253 – – Industrial 6,920 6,920 – – Technology 2,303 2,303 – – Funds (e.g., mutual funds, closed end funds, ETFs) 5,489 5,489 — – Other 5,333 5,333 – – Total equity securities 66,422 66,422 — – Short-term 1,000 1,000 – – Cash equivalents 156,855 – 156,855 – Total $ 816,922 $ 70,257 $ 746,665 $ – Level inputs, as defined by the FASB guidance, are as follows: Level Input: Input Definition: Level 1 Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date. Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date. Level 3 Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The Company did not have any Level 3 assets at December 31, 2019 or 2018. Level 3 assets, when present, are valued using various unobservable inputs including extrapolated data, proprietary models and indicative quotes. Quoted market prices are obtained whenever possible. Where quoted market prices are not available, fair values are estimated using broker/dealer quotes for specific securities. These techniques are significantly affected by the Company's assumptions, including discount rates and estimates of future cash flows. Potential taxes and other transaction costs have not been considered in estimating fair values. Transfers between levels, if any, are recorded as of the beginning of the reporting period. There were no significant transfers of assets between Level 1 and Level 2 during 2019 or 2018. In addition to the preceding disclosures on assets recorded at fair value in the consolidated balance sheets, FASB guidance also requires the disclosure of fair values for certain other financial instruments for which it is practicable to estimate fair value, whether or not such values are recognized in the consolidated balance sheets. Non-financial instruments such as real estate, property and equipment, other assets, deferred income taxes and intangible assets, and certain financial instruments such as policy reserve liabilities are excluded from the fair value disclosures. Therefore, the fair value amounts cannot be aggregated to determine the underlying economic value of the Company. The following methods, assumptions and inputs were used to estimate the fair value of each class of financial instrument: Limited partnerships: The Company accounts for investments in limited partnerships using the equity method of accounting, which requires an investor in a limited partnership to carry the investment at its proportionate share of the limited partnership's equity. The underlying assets of the Company's investments in limited partnerships are carried primarily at fair value; therefore, the Company's carrying value of limited partnerships approximates fair value. As these investments are not actively traded and the corresponding inputs are based on data provided by the investees, they are classified as Level 3. Commercial mortgage loans: Commercial mortgage loans are carried primarily at amortized cost along with a valuation allowance for losses when necessary. These investments represent interests in commercial mortgage loans originated and serviced by a third party of which the Company shares, on a pro-rata basis, in all related cash flows of the underlying mortgage loans. The fair value of the Company’s investment in these commercial mortgage loans is based on expected future cash flows discounted at the current interest rate for origination of similar quality loans, adjusted for specific loan risk. These investments are classified as Level 3. Short-term borrowings: The fair value of the Company's short-term borrowings is based on quoted market prices for the same or similar debt, or, if no quoted market prices are available, on the current market interest rates available to the Company for debt of similar terms and remaining maturities. A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on the Company's consolidated balance sheets at December 31, 2019 and 2018 is as follows: 2019: Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Limited partnerships $ 23,292 $ – $ – $ 23,292 $ 23,292 Commercial mortgage loans 11,782 – – 12,068 12,068 Liabilities: Short-term borrowings 20,000 – 20,000 – 20,000 2018: Assets: Limited partnerships $ 55,044 $ – $ – $ 55,044 $ 55,044 Commercial mortgage loans 6,672 – – 6,672 6,672 Liabilities: Short-term borrowings 20,000 – 20,000 – 20,000

Quarterly Results of Operations

Quarterly Results of Operations (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Results of Operations (Unaudited) [Abstract]
Quarterly Results of Operations (Unaudited)	Note O - Quarterly Results of Operations (Unaudited) Quarterly results of operations are as follows: 2019 2018 1st 2nd 3rd 4th 1st 2nd 3rd 4th Net premiums earned $ 110,012 $ 115,631 $ 110,288 $ 111,357 $ 105,462 $ 111,940 $ 96,807 $ 118,671 Net investment income 6,231 6,500 6,703 6,815 4,636 5,796 5,578 6,038 Net realized and unrealized gains (losses) on investments 6,027 2,889 125 3,848 (4,533 ) (3,435 ) 2,373 (20,096 ) Losses and loss expenses incurred 87,122 90,433 84,781 86,132 72,298 77,488 94,540 101,537 Net income (loss) 2,748 1,535 (707 ) 3,771 330 2,487 (12,325 ) (24,567 ) Net income (loss) per share $ 0.18 $ 0.11 $ (0.05 ) $ 0.26 $ 0.02 $ 0.17 $ (0.82 ) $ (1.65 )

Statutory

Statutory	12 Months Ended
	Dec. 31, 2019
Statutory [Abstract]
Statutory	Note P - Statutory Net income of the Insurance Subsidiaries, all of which are wholly-owned, as determined in accordance with statutory accounting practices, was $25,302, $36,236 and $22,000 for 2019, 2018 and 2017, respectively. Consolidated statutory capital and surplus for these Insurance Subsidiaries was $371,793 and $395,891 at December 31, 2019 and 2018, respectively, of which $37,937 may be transferred by dividend or loan to Protective during calendar year 2020 with proper notification to, but without approval from, regulatory authorities. State regulatory authorities prescribe calculations of the minimum amount of statutory capital and surplus necessary for each insurance company to remain authorized. These computations are referred to as risk-based capital requirements and are based on a number of complex factors taking into consideration the quality and nature of assets, the historical adequacy of recorded liabilities and the specific nature of business conducted. At December 31, 2019, the minimum statutory capital and surplus requirements of the Insurance Subsidiaries was $131,608. Actual consolidated statutory capital and surplus at December 31, 2019 exceeded this requirement by $240,185.

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	Note Q - Leases The Company leases certain computer and related equipment using noncancelable operating leases. Lease expense for 2019, 2018 and 2017 was $302, $204 and $417, respectively. At December 31, 2019, future lease payments for operating leases with initial or remaining noncancelable terms of one year or more consisted of the following: 2020 $ 114 2021 15 2022 1 2023 and thereafter – Total minimum payments required $ 130 The Company recorded a right-of-use asset and lease liability on the consolidated balance sheet at December 31, 2019 of $127, which are included within other assets and accounts payable and other liabilities.

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt [Abstract]
Debt	Note R – Debt On August 9, 2018, the Company entered into a credit agreement providing a revolving credit facility with a $40,000 limit, with the option for up to an additional $35,000 in incremental loans at the discretion of the lenders. This credit agreement has an expiration date of August 9, 2022. Interest on this revolving credit facility is referenced to the London Interbank Offered Rate and can be fixed for periods of up to one year at the Company's option. Outstanding drawings on this revolving credit facility were $20,000 as of December 31, 2019. At December 31, 2019, the effective interest rate was 2.88%, and the Company had $20,000 remaining under the revolving credit facility. The current outstanding borrowings were used to repay the Company's previous line of credit. The Company's revolving credit facility has two financial covenants, each of which were met as of December 31, 2019. These covenants require the Company to have a minimum U.S. generally accepted accounting principles net worth and a maximum consolidated debt to equity ratio of 0.35.

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2019
Related Parties [Abstract]
Related Parties	Note S - Related Parties The Company utilizes the services of an investment firm of which one director of the Company is a partial owner. This investment firm manages equity securities and fixed income portfolios held by the Company with an aggregate market value of approximately $8,883 at December 31, 2019. Total commissions and net fees earned by this investment firm and its affiliates on these portfolios were $145, $103 and $97 for the years ended December 31, 2019, 2018 and 2017.

Litigation, Commitments and Con

Litigation, Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Litigation, Commitments and Contingencies [Abstract]
Litigation, Commitments and Contingencies	Note T - Litigation, Commitments and Contingencies In the ordinary, regular and routine course of their business, the Company and its Insurance Subsidiaries are frequently involved in various matters of litigation relating principally to claims for insurance coverage provided. No currently pending matter is deemed by management to be material to the Company, other than as noted below. Personnel Staffing Group Litigation In July 2019, Protective Insurance Company (“Protective”) was named as a defendant in an action brought by a former insured, Personnel Staffing Group d/b/a MVP Staffing (“PSG”), in the U.S. District Court for the Central District of California (the “California Action”) alleging that Protective had breached its workers’ compensation insurance policy and had breached the duties of good faith and fair dealing. Protective provided workers’ compensation insurance to PSG from January 1, 2017 through June 30, 2018, which was subject to a $500 per claim deductible to be paid by PSG. No specific damages were included in the complaint. In August 2019, Protective filed a motion to dismiss or stay the action, which remains pending. The Company intends to vigorously defend these claims; however, the ultimate outcome cannot be presently determined. In August 2019, Protective filed a lawsuit against PSG in Marion County Superior Court, in Indianapolis, Indiana (the “Court”) alleging breach of contract, breach of the parties' collateral agreement, breach of the parties' indemnity agreement, and seeking a declaratory judgment regarding PSG’s obligation to fund its ongoing claim deductible obligations and adequately collateralize Protective’s current and ongoing claims exposure pursuant to terms of the parties' agreements. In October 2019, Protective amended the complaint to include allegations of misrepresentation as to source of coverage, negligent misrepresentation, fraud and racketeering and seeking injunctive relief. In November 2019, PSG filed a motion to dismiss on the basis of comity with the California Action, claiming that California was the proper forum for Protective’s claims. In February 2020, the Court issued an order dismissing the Protective lawsuit without prejudice; the Court declined to rule on the legal effect of the forum selection clause in the parties’ agreements, finding that any interpretation should be addressed by the court in the California Action. As the determination of jurisdiction and proper forum remains pending in the California Action, we intend to vigorously pursue our claims against PSG. Pursuant to the terms of the workers’ compensation policies, Protective has a duty to adjust and pay claims arising under the policies regardless of whether PSG makes payments to Protective for deductible obligations under the policies. Under its contractual obligations to Protective, PSG is required to maintain a “loss fund” for the payment of claims, the balance of which is to remain at or above $4,000; in addition, PSG is required to provide collateral in an amount equal to 110% of Protective’s current open case reserves on workers’ compensation claims arising under the policies. As of December 31, 2019, Protective had approximately $10,800 in deductible receivables on claims arising under PSG’s workers’ compensation policies and had exhausted all collateral provided by PSG. Protective continues to pay claims settlements under the policies without reimbursement from PSG. For the past six months, the average monthly deductible invoices have been approximately $1,500. PSG’s estimated ultimate obligation under the agreements is approximately $44,600 as of December 31, 2019 (inclusive of the $10,800 in deductible receivables noted above). At December 31, 2019, based on the Company's assessment that PSG will continue to operate as a business and that the terms of the agreement with PSG will be legally enforceable, the Company believes that it will fully collect all current and future amounts due from PSG relating to this matter and, therefore, has not recorded a provision for any potential loss. In the event that PSG files bankruptcy or that the agreements are found to be unenforceable, Protective will likely incur a charge up to the then-estimated amount of PSG’s ultimate obligation. The Company included this matter in its assessment of the impact of adopting the accounting guidance amending ASC Topic 326, the credit losses standard, which is discussed in Note A, and has included an expected credit loss in the range of impacts related to the adoption of this guidance.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Note U – Subsequent Events In January 2020, the Company withdrew $13,167 from the New Vernon India Fund limited partnership, which reduced the Company's investment in this limited partnership. On February 12, 2020, the Board of Directors of Protective Insurance Corporation declared a quarterly dividend of $0.10 per share on the Company's Class A and Class B Common Stock. The dividend per share will be payable March 11, 2020 to shareholders of record on February 26, 2020.

SCHEDULE I - SUMMARY OF INVESTM

SCHEDULE I - SUMMARY OF INVESTMENTS OTHER THAN INVESTMENTS IN RELATED PARTIES	12 Months Ended
	Dec. 31, 2019
SCHEDULE I - SUMMARY OF INVESTMENTS OTHER THAN INVESTMENTS IN RELATED PARTIES [Abstract]
SCHEDULE I - SUMMARY OF INVESTMENTS OTHER THAN INVESTMENTS IN RELATED PARTIES	SCHEDULE I PROTECTIVE INSURANCE CORPORATION AND SUBSIDIARIES SUMMARY OF INVESTMENTS OTHER THAN INVESTMENTS IN RELATED PARTIES (in thousands) As of December 31, 2019 Type of Investment Cost Fair Value Amount at Which Shown in the Consolidated Balance Sheet (1) Fixed Income Securities: Bonds: Agency collateralized mortgage obligations $ 11,557 $ 12,093 $ 12,093 Agency mortgage-backed securities 54,286 56,280 56,280 Asset-backed securities 107,028 106,397 106,397 Bank loans 14,932 14,568 14,568 Certificates of deposit 2,835 2,835 2,835 Collateralized mortgage obligations 5,123 5,616 5,616 Corporate securities 274,340 281,381 281,381 Mortgage-backed securities 46,685 47,463 47,463 Municipal obligations 35,749 36,286 36,286 Non-U.S. government obligations 23,889 24,179 24,179 U.S. government obligations 206,623 208,440 208,440 Total fixed income securities 783,047 795,538 795,538 Equity Securities: Common Stocks: Consumer 13,473 16,707 16,707 Energy 3,618 3,074 3,074 Financial 25,523 31,577 31,577 Industrial 3,476 4,927 4,927 Technology 1,056 2,817 2,817 Funds (e.g., mutual funds, closed end funds, ETFs) 10,313 9,460 9,460 Other 6,847 8,250 8,250 Total equity securities 64,306 76,812 76,812 Commercial mortgage loans 11,782 12,068 11,782 Short-term: Certificates of deposit 1,000 1,000 1,000 Total short-term and other 1,000 1,000 1,000 Total investments $ 860,135 $ 885,418 $ 885,132 (1) Amounts presented above do not include investments of $59,780 classified as cash and cash equivalents in the consolidated balance sheet.

SCHEDULE II - CONDENSED FINANCI

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	12 Months Ended
	Dec. 31, 2019
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT [Abstract]
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	SCHEDULE II PROTECTIVE INSURANCE CORPORATION AND SUBSIDIARIES CONDENSED FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS - PARENT COMPANY ONLY (in thousands) December 31 2019 2018 Assets Investment in subsidiaries $ 398,725 $ 401,260 Due from affiliates 1,579 1,152 Investments other than subsidiaries: Fixed income securities 23,979 22,302 Limited partnerships 206 215 24,185 22,517 Cash and cash equivalents 7,059 15,185 Accounts receivable 5,606 2,276 Other assets 22,153 28,794 Total assets $ 459,307 $ 471,184 Liabilities and shareholders' equity Liabilities: Premiums payable $ 20,238 $ 22,964 Deposits from insureds 42,067 58,748 Short-term borrowings 20,000 20,000 Other liabilities 12,686 13,390 94,991 115,102 Shareholders' equity: Common stock: Class A 111 112 Class B 499 522 Additional paid-in capital 53,349 54,720 Accumulated other comprehensive income (loss) 9,369 (7,347 ) Retained earnings 300,988 308,075 364,316 356,082 Total liabilities and shareholders' equity $ 459,307 $ 471,184 SCHEDULE II PROTECTIVE INSURANCE CORPORATION AND SUBSIDIARIES CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF OPERATIONS PARENT COMPANY ONLY (in thousands) Year Ended December 31 2019 2018 2017 Revenue: Commissions and service fees $ 14,149 $ 17,456 $ 18,863 Cash dividends from subsidiaries – 5,000 10,000 Net investment income 692 569 348 Net realized gains (losses) on investments (46 ) (192 ) 308 Other 17 51 (106 ) 14,812 22,884 29,413 Expenses: Salary and related items 11,804 20,158 18,140 Other 10,386 11,724 9,686 22,190 31,882 27,826 Income (loss) before federal income tax benefit and equity in undistributed income of subsidiaries (7,378 ) (8,998 ) 1,587 Federal income tax benefit (1,452 ) (2,862 ) (2,971 ) (5,926 ) (6,136 ) 4,558 Equity in undistributed income of subsidiaries 13,273 (27,939 ) 13,765 Net income (loss) $ 7,347 $ (34,075 ) $ 18,323 SCHEDULE II PROTECTIVE INSURANCE CORPORATION AND SUBSIDIARIES CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF COMPREHENSIVE INCOME (LOSS) PARENT COMPANY ONLY (in thousands) Year Ended December 31 2019 2018 2017 Net income (loss) $ 7,347 $ (34,075 ) $ 18,323 Other comprehensive income (loss), net of tax: Unrealized net gains (losses) on fixed income securities 16,071 (6,868 ) 12,649 Foreign currency translation adjustments 645 (830 ) 522 Other comprehensive income (loss) 16,716 (7,698 ) 13,171 Comprehensive income (loss) $ 24,063 $ (41,773 ) $ 31,494 SCHEDULE II PROTECTIVE INSURANCE CORPORATION AND SUBSIDIARIES CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF CASH FLOWS - PARENT COMPANY ONLY (in thousands) Year Ended December 31 2019 2018 2017 Net cash provided by operating activities $ 10,643 $ 14,019 $ 44,998 Investing activities: Purchases of investments (4,967 ) (11,435 ) (21,365 ) Sales or maturities of investments 3,935 11,213 9,146 Net sales of short-term investments – – – Distributions from limited partnerships 1 – 298 Net purchases of property and equipment (380 ) (3,677 ) (3,394 ) Net cash used in investing activities (1,411 ) (3,899 ) (15,315 ) Financing activities: Dividends paid to shareholders (5,857 ) (16,835 ) (16,302 ) Repurchase of common shares (11,501 ) (4,596 ) (1,880 ) Net cash used in financing activities (17,358 ) (21,431 ) (18,182 ) Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (8,126 ) (11,311 ) 11,501 Cash, cash equivalents and restricted cash and cash equivalents at beginning of year 15,185 26,496 14,995 Cash, cash equivalents and restricted cash and cash equivalents at end of year $ 7,059 $ 15,185 $ 26,496 Note to Condensed Financial Statements -- Basis of Presentation The Company's investment in subsidiaries is stated at cost plus equity in the undistributed earnings of subsidiaries since the date of acquisition. The Company's share of net income of its subsidiaries is included in income using the equity method. These financial statements should be read in conjunction with the Company's consolidated financial statements.

SCHEDULE III - SUPPLEMENTARY IN

SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION	12 Months Ended
	Dec. 31, 2019
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION [Abstract]
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION	SCHEDULE III PROTECTIVE INSURANCE CORPORATION AND SUBSIDIARIES SUPPLEMENTARY INSURANCE INFORMATION (in thousands) As of December 31 Year Ended December 31 Segment Deferred Policy Acquisition Costs Reserves for Unpaid Claims and Claim Adjustment Expenses Unearned Premiums Other Policy Claims and Benefits Payable Net Premium Earned Net Investment Income Benefits, Claims, Losses and Settlement Expenses Amortization of Deferred Policy Acquisition Costs Other Operating Expenses Net Premiums Written (A) (A) (A) (B) Property/Casualty Insurance 2019 $ 8,496 $ 988,305 $ 74,810 – $ 447,288 $ 26,249 $ 348,468 $ 81,734 $ 34,043 $ 452,242 2018 6,568 865,339 71,625 – 432,880 22,048 345,864 78,105 23,514 444,398 2017 5,608 680,274 53,085 – 328,145 18,095 247,518 70,574 14,043 353,389 (A) Allocations of certain expenses have been made to investment income, settlement expenses and other operating expenses and are based on a number of assumptions and estimates. Results among these categories would change if different methods were applied. (B) Commission allowances relating to reinsurance ceded are offset against other operating expenses.

SCHEDULE IV - REINSURANCE

SCHEDULE IV - REINSURANCE	12 Months Ended
	Dec. 31, 2019
SCHEDULE IV - REINSURANCE [Abstract]
SCHEDULE IV - REINSURANCE	SCHEDULE IV PROTECTIVE INSURANCE CORPORATION AND SUBSIDIARIES REINSURANCE (in thousands) Direct Premiums Ceded to Other Companies Assumed from Other Companies Net Amount % of Amount Assumed to Net Premiums Earned - Years Ended December 31: 2019 $ 570,959 $ 124,446 $ 775 $ 447,288 0.2 % 2018 562,364 131,080 1,596 432,880 0.4 % 2017 470,158 145,201 3,188 328,145 1.0 % Note: Included in Ceded to Other Companies is $0 for each of 2019, 2018 and 2017 relating to retrocessions associated with premiums assumed from other companies. Percentage of Amount Assumed to Net above considers the impact of this retrocession.

SCHEDULE VI - SUPPLEMENTAL INFO

SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY/CASUALTY INSURANCE OPERATIONS	12 Months Ended
	Dec. 31, 2019
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY/CASUALTY INSURANCE OPERATIONS [Abstract]
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY/CASUALTY INSURANCE OPERATIONS	SCHEDULE VI PROTECTIVE INSURANCE CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION CONCERNING PROPERTY/CASUALTY INSURANCE OPERATIONS (in thousands) Affiliation with Registrant As of December 31 Year Ended December 31 Deferred Policy Acquisition Costs Reserves for Unpaid Claims Adjustment Expenses Discount, if any Deducted from Reserves Unearned Premiums Earned Premiums Net Investment Income Claims and Claim Adjustment Expenses Incurred Related to Amortization of Deferred Policy Acquisition Costs Paid Claims and Claims Adjustment Expenses Net Premiums Written Current Year Prior Years Consolidated Property/Casualty Subsidiaries: 2019 $ 8,496 $ 988,305 $ – $ 74,810 $ 447,288 $ 26,249 $ 349,018 $ (550 ) $ 81,734 $ 247,872 $ 452,242 2018 6,568 865,339 – 71,625 432,880 22,048 329,078 16,786 78,105 228,591 444,398 2017 5,608 680,274 – 53,085 328,145 18,095 228,303 19,215 70,574 200,154 353,389

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies [Abstract]
Description of Business	Description of Business: The term “Insurance Subsidiaries,” as used throughout this Annual Report on Form 10-K, refers to Protective Insurance Company, Protective Specialty Insurance Company, Sagamore Insurance Company and B&L Insurance, Ltd. Effective August 1, 2018, the Company changed its name to Protective Insurance Corporation to better align its holding company's and Insurance Subsidiaries' identities and to reflect its position within the insurance industry.
Basis of Presentation	Basis of Presentation:
Use of Estimates	Use of Estimates:
Cash and Cash Equivalents	Cash and Cash Equivalents:
Investments	Investments : The Company accounts for investments in limited partnerships using the equity method of accounting, which requires an investor in a limited partnership to record its proportionate share of the limited partnership's net income. To the extent the limited partnerships include both realized and unrealized investment gains or losses in the determination of net income or loss, then the Company would also recognize, through its consolidated statements of operations, its proportionate share of the investee's unrealized, as well as realized, investment gains or losses within net unrealized gains (losses) on equity securities and limited partnership investments. Short-term and other investments are carried at cost, which approximates their fair values. Fixed income securities are considered to be available-for-sale. The related unrealized net gains or losses (net of applicable tax effects) on fixed income securities are reflected directly in shareholders' equity. Included within available-for-sale fixed income securities are convertible debt securities. A portion of the changes in the fair values of convertible debt securities is reflected as a component of net realized gains (losses) on investments, excluding impairment losses within the consolidated statements of operations. Realized gains and losses on disposals of fixed income securities are recorded on the trade date. Realized gains and losses on fixed income securities are determined by the specific identification of the cost of investments sold and are included in net realized gains (losses) on investments, excluding impairment losses. Effective January 1, 2018, the Company adopted new accounting guidance that requires equity securities to be recorded at fair value, with unrealized net gains or losses reflected as a component of net unrealized gains (losses) on equity securities and limited partnership investments within the consolidated statements of operations. Realized gains and losses on disposals of equity securities are recorded on the trade date and included in net realized gains (losses) on investments, excluding impairment losses. Prior to adoption of the new accounting guidance, unrealized gains and losses related to equity securities were reflected directly in shareholders’ equity unless a decline in value was determined to be other-than-temporary, in which case the loss was charged to income. In accordance with the Financial Accounting Standards Board's ("FASB") other-than-temporary impairment guidance, if a fixed income security is in an unrealized loss position and the Company has the intent to sell the fixed income security, or it is more likely than not that the Company will have to sell the fixed income security before recovery of its amortized cost basis, the decline in value is deemed to be other-than-temporary and is recorded to other-than-temporary impairment losses on investments in the consolidated statements of operations. For impaired fixed income securities that the Company does not intend to sell or in cases where it is more likely than not that the Company will not have to sell such securities, but the Company expects that it will not fully recover the amortized cost basis, the credit component of the other-than-temporary impairment is recognized in other-than-temporary impairment losses on investments in the consolidated statements of operations and the non-credit component of the other-than-temporary impairment is recognized directly in shareholders' equity. The credit component of an other-than-temporary impairment is determined by comparing the net present value of projected future cash flows with the amortized cost basis of the fixed income security. The net present value is calculated by discounting the Company's best estimate of projected future cash flows at the appropriate effective interest rate.
Property and Equipment	Property and Equipment:
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets:
Reserves for Losses and Loss Expenses	Reserves for Losses and Loss Expenses:
Recognition of Revenue and Costs	Recognition of Revenue and Costs:
Reinsurance	Reinsurance Should impairment in the ability of a reinsurer to satisfy its obligations to the Company be determined to exist, current year operations would be charged in amounts sufficient to provide for the Company's additional liability. Such charges, when incurred, are included in other operating expenses, rather than losses and loss expenses incurred, because the inability of the Company to collect from reinsurers is a credit risk rather than a deficiency associated with the loss reserving process.
Deferred Taxes	Deferred Taxes:
Restricted Stock	Restricted Stock:
Earnings (Loss) Per Share	Earnings (Loss) Per Share:
Comprehensive Income (Loss)	Comprehensive Income (Loss):
Fair Value Measurements	Fair Value Measurements:
Insurance Company-Owned Life Insurance	Insurance Company-Owned Life Insurance:
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements: In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements. This update provided clarification, corrected errors in and made minor improvements to various ASC topics. Many of the amendments in this update had transition guidance with effective dates for annual periods beginning after December 15, 2018, and some amendments in this update did not require transition guidance and were effective upon issuance of this update. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements: The Company adopted the guidance recognized a pre-tax cumulative effect adjustment between approxim ately $13.0 million and $18.0 million The updated guidance in ASU 2016-13 also amended the current other-than-temporary impairment (“OTTI”) model for available-for-sale fixed income securities by requiring the recognition of impairments relating to credit losses through an allowance account and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position will no longer impact the determination of whether a credit loss exists. The Company adopted the guidance related to available-for-sale fixed income securities on January 1, 2020 using a prospective transition approach for available-for-sale fixed income securities that were purchased with credit deterioration or had recognized an OTTI write-down prior to the effective date. The effect of the prospective transition approach was to maintain the same amortized cost basis before and after the effective date. I n August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. This update removed the disclosure requirements for the amounts of and the reasons for transfers between Level 1 and Level 2 and disclosure of the policy for timing of transfers between levels. This update also removed disclosure requirements for the valuation processes for Level 3 fair value measurements. Additionally, this update added disclosure requirements for the changes in unrealized gains and losses for recurring Level 3 fair value measurements and quantitative information for certain unobservable inputs in Level 3 fair value measurements. The Company adopted ASU 2018-13 as of January 1, 2020. As the requirements of this guidance are applicable to disclosure only, the adoption of ASU 2018-13 had no material impact on the Company's consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, or ASU 2019-12. Among other items, the amendments in ASU 2019-12 simplify the accounting treatment of tax law changes and year-to-date losses in interim periods. An entity generally recognizes the effects of a change in tax law in the period of enactment; however, there is an exception for tax laws with delayed effective dates. Under current guidance, an entity may not adjust its annual effective tax rate for a tax law change until the period in which the law is effective. This exception was removed under ASU 2019-12, thereby providing that all effects of a tax law change are recognized in the period of enactment, including adjustment of the estimated annual effective tax rate. Regarding year-to-date losses in interim periods, an entity is required to estimate its annual effective tax rate for the full fiscal year at the end of each interim period and use that rate to calculate its income taxes on a year-to-date basis. However, current guidance provides an exception that when a loss in an interim period exceeds the anticipated loss for the year, the income tax benefit is limited to the amount that would be recognized if the year-to-date loss were the anticipated loss for the full year. ASU 2019-12 removes this exception and provides that in this situation, an entity would compute its income tax benefit at each interim period based on its estimated annual effective tax rate. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the effects the adoption of ASU 2019-12 will have on its consolidated financial statements.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2019
Investments [Abstract]
Available-for-Sale Securities	The following is a summary of available-for-sale securities at December 31: Fair Value Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains (Losses) December 31, 2019 Fixed income securities Agency collateralized mortgage obligations $ 12,093 $ 11,557 $ 536 $ – $ 536 Agency mortgage-backed securities 56,280 54,286 2,005 (11 ) 1,994 Asset-backed securities 106,397 107,028 499 (1,130 ) (631 ) Bank loans 14,568 14,932 106 (470 ) (364 ) Certificates of deposit 2,835 2,835 – – – Collateralized mortgage obligations 5,616 5,123 493 – 493 Corporate securities 281,381 274,340 7,492 (451 ) 7,041 Mortgage-backed securities 47,463 46,685 1,047 (269 ) 778 Municipal obligations 36,286 35,749 684 (147 ) 537 Non-U.S. government obligations 24,179 23,889 290 – 290 U.S. government obligations 208,440 206,623 2,891 (1,074 ) 1,817 Total fixed income securities $ 795,538 $ 783,047 $ 16,043 $ (3,552 ) $ 12,491 Fair Value Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains (Losses) December 31, 2018 Fixed income securities Agency collateralized mortgage obligations $ 10,687 $ 10,636 $ 145 $ (94 ) $ 51 Agency mortgage-backed securities 37,385 37,168 371 (154 ) 217 Asset-backed securities 64,422 66,241 14 (1,833 ) (1,819 ) Bank loans 9,750 10,208 27 (485 ) (458 ) Certificates of deposit 2,835 2,835 — – — Collateralized mortgage obligations 5,423 5,095 376 (48 ) 328 Corporate securities 190,450 196,925 127 (6,602 ) (6,475 ) Mortgage-backed securities 38,540 38,586 377 (423 ) (46 ) Municipal obligations 29,155 29,102 239 (186 ) 53 Non-U.S. government obligations 25,180 25,339 6 (165 ) (159 ) U.S. government obligations 178,818 178,369 1,252 (803 ) 449 Total fixed income securities $ 592,645 $ 600,504 $ 2,934 $ (10,793 ) $ (7,859 )
Fixed Maturity and Equity Security Investments in Unrealized Loss Position	The following table summarizes, for available-for-sale fixed income securities in an unrealized loss position at December 31, 2019 and December 31, 2018, the aggregate fair value and gross unrealized loss categorized by the duration individual securities have been continuously in an unrealized loss position. 2019 2018 Number of Securities Fair Value Gross Unrealized Loss Number of Securities Fair Value Gross Unrealized Loss Fixed income securities: 12 months or less 88 $ 108,387 $ (2,452 ) 275 $ 282,646 $ (7,296 ) Greater than 12 months 69 66,860 (1,100 ) 217 131,001 (3,497 ) Total fixed income securities 157 175,247 (3,552 ) 492 413,647 (10,793 )
Fair Value and Cost or Amortized Cost of Fixed Maturity Investments by Contractual Maturity	The fair value and the cost or amortized costs of fixed income investments at December 31, 2019, organized by contractual maturity, are shown below. Actual maturities may ultimately differ from contractual maturities because borrowers have, in some cases, the right to call or prepay obligations with or without call or prepayment penalties. Pre-refunded municipal bonds are classified based on their pre-refunded call dates. Fair Value Cost or Amortized Cost One year or less $ 86,368 10.9 % $ 86,144 11.0 % Excess of one year to five years 336,689 42.3 330,026 42.1 Excess of five years to ten years 135,169 17.0 132,985 17.0 Excess of ten years 15,079 1.9 14,337 1.9 Total contractual maturities 573,305 72.1 563,492 72.0 Asset-backed securities 222,233 27.9 219,555 28.0 Total $ 795,538 100.0 % $ 783,047 100.0
Major Categories of Investment Income	Major categories of investment income for the years ended December 31, 2019, 2018 and 2017 are summarized as follows: 2019 2018 2017 Interest on fixed income securities $ 24,620 $ 19,092 $ 15,340 Dividends on equity securities 2,320 4,380 4,611 Money market funds, Short-term and other 1,976 1,529 471 28,916 25,001 20,422 Investment expenses (2,667 ) (2,953 ) (2,327 ) Net investment income $ 26,249 $ 22,048 $ 18,095
Realized Gains (Losses) on Investments	Gains and losses on investments, including equity method earnings from limited partnerships, for the years ended December 31 are summarized below: 2019 2018 2017 Gross gains on available-for-sale investments sold during the period: Fixed income securities $ 11,009 $ 10,807 $ 9,135 Equity securities (1) – – 10,481 Total gains 11,009 10,807 19,616 Gross losses on available-for-sale investments sold during the period: Fixed income securities (10,492 ) (14,367 ) (9,882 ) Equity securities (1) – – (2,368 ) Total losses (10,492 ) (14,367 ) (12,250 ) Other-than-temporary impairments (497 ) (19 ) (149 ) Change in value of limited partnership investments 1,644 (9,343 ) 12,469 Gains (losses) on equity securities: Realized gains (losses) on equity securities sold during the period 1,938 (3,072 ) – Unrealized gains (losses) on equity securities held at the end of the period 9,287 (9,697 ) – Total realized and unrealized gains (losses) on equity securities 11,225 (12,769 ) – Net realized and unrealized gains (losses) on investments $ 12,889 $ (25,691 ) $ 19,686 (1) Effective January 1, 2018, the Company adopted Accounting Standards Update ("ASU") 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU 2016-01, and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. (2) During 2018, the Company sold $149,195 in equity securities, resulting in a gain on sale of $51,900. The majority of these gains were included in unrealized gains within other comprehensive income (loss) at December 31, 2017 and, as a result of the adoption of ASU 2016-01, were reclassified to retained earnings as of January 1, 2018 and were therefore not recognized in the consolidated statements of operations for the year ended December 31, 2018.
Realized Gains (Loss)	Gain and loss activity for fixed income and equity security investments, as shown in the previous table, includes adjustments for other-than-temporary impairment for the years ended December 31, 2019, 2018 and 2017 summarized as follows: 2019 2018 2017 Cumulative charges to income at beginning of year $ 930 $ 4,209 $ 5,650 Writedowns based on objective and subjective criteria 497 19 149 Recovery of prior writedowns upon sale or disposal (538 ) (3,298 ) (1,590 ) Net pre-tax realized gain 41 3,279 1,441 Cumulative charges to income at end of year $ 889 $ 930 $ 4,209

Loss and Loss Expense Reserves

Loss and Loss Expense Reserves (Tables)	12 Months Ended
	Dec. 31, 2019
Loss and Loss Expense Reserves [Abstract]
Activity in Reserves for Losses and Loss Expenses	Activity in the reserves for losses and loss expenses for the years ended December 31, 2019, 2018 and 2017 is summarized as follows. All amounts are shown net of reinsurance, unless otherwise indicated. 2019 2018 2017 Reserves, gross of reinsurance recoverable, at the beginning of the year $ 865,339 $ 680,274 $ 576,330 Reinsurance recoverable on unpaid losses at the beginning of the year 375,935 308,143 251,563 Reserves at the beginning of the year 489,404 372,131 324,767 Provision for losses and loss expenses: Claims occurring during the current year 349,018 329,078 228,303 Claims occurring during prior years (550 ) 16,786 19,215 Total incurred losses and loss expenses 348,468 345,864 247,518 Loss and loss expense payments: Claims occurring during the current year 90,364 84,738 67,234 Claims occurring during prior years 157,508 143,853 132,920 Total paid 247,872 228,591 200,154 Reserves at the end of the year 590,000 489,404 372,131 Reinsurance recoverable on unpaid losses at the end of the year 398,305 375,935 308,143 Reserves, gross of reinsurance recoverable, at the end of the year $ 988,305 $ 865,339 $ 680,274
Incurred Claims Development Net of Reinsurance	The following is information about incurred and paid claims development as of December 31, 2019, net of reinsurance, as well as cumulative claim frequency and the total of incurred‐but‐not‐reported liabilities plus expected development on reported claims included within the net incurred claims amounts. Workers' Compensation Accident Year As of December 31, 2019 Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Total of Incurred-but- Not- Reported Liabilities Plus Expected Development on Reported Claims Number of Reported Claims Per Year For the Years Ended December 31 (2010-2018 is Supplementary Information and Unaudited) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 20,644 $ 20,111 $ 19,400 $ 19,300 $ 18,849 $ 18,344 $ 19,195 $ 19,541 $ 19,819 $ 19,781 $ 1,294 4,226 2011 26,057 26,628 26,958 26,767 25,515 27,293 26,617 26,631 26,452 2,085 4,547 2012 23,965 25,544 24,887 24,485 25,616 27,020 26,775 25,508 2,528 4,484 2013 27,619 30,638 29,913 32,121 32,553 31,131 31,066 3,596 5,281 2014 36,768 36,968 34,009 33,427 31,031 31,579 4,217 5,410 2015 26,277 23,115 25,889 24,948 25,436 3,916 6,328 2016 35,240 29,757 29,317 30,060 4,745 6,078 2017 42,387 37,731 36,211 7,936 16,349 2018 62,973 61,530 19,836 14,060 2019 65,837 34,680 8,515 Total $ 353,460 $ 84,833 Accident Year Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance 2019 For the Years Ended December 31 (2010-2018 is Supplementary Information and Unaudited) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2010 $ 3,974 $ 9,134 $ 11,963 $ 13,845 $ 14,966 $ 15,835 $ 16,590 $ 16,789 $ 17,062 $ 17,340 2011 4,916 11,912 15,973 18,884 20,617 21,622 22,569 22,991 23,366 2012 4,597 11,004 14,834 17,415 18,946 20,276 21,157 21,636 2013 4,880 12,792 18,065 21,655 23,643 24,968 25,847 2014 5,328 13,665 19,075 22,387 23,968 24,714 2015 2,918 10,128 15,020 17,487 19,385 2016 5,784 13,377 18,461 21,304 2017 6,150 15,811 20,863 2018 10,987 27,862 2019 13,171 Total $ 215,488 Outstanding liabilities prior to 2010, net of reinsurance 16,437 Liabilities for claims and claims adjustment expenses, net of reinsurance $ 154,409 Commercial Liability Accident Year As of December 31, 2019 Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Total of Incurred-but- Not- Reported Liabilities Plus Expected Development on Reported Claims Number of Reported Claims Per Year For the Years Ended December 31 (2010-2018 is Supplementary Information and Unaudited) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 31,124 $ 22,161 $ 21,899 $ 19,139 $ 20,300 $ 19,764 $ 19,377 $ 19,081 $ 19,985 $ 19,994 $ 113 2,403 2011 46,829 43,832 31,633 36,894 35,805 37,122 36,076 37,852 37,795 32 2,902 2012 49,743 54,269 49,743 51,367 48,708 51,475 51,648 51,962 266 3,131 2013 53,817 39,143 37,701 36,371 46,690 48,857 51,598 546 3,751 2014 49,971 52,254 52,483 52,964 64,372 70,841 1,268 3,323 2015 61,420 70,174 64,323 71,088 75,503 2,211 3,197 2016 61,638 68,974 77,362 79,015 4,913 3,737 2017 103,126 103,611 99,287 19,772 5,364 2018 179,589 177,262 28,324 8,003 2019 198,022 98,371 7,286 Total $ 861,279 $ 155,816 Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31 (2010-2018 is Supplementary Information and Unaudited) Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 1,649 $ 7,166 $ 11,635 $ 16,052 $ 18,627 $ 18,517 $ 18,866 $ 18,662 $ 18,791 $ 18,791 2011 1,809 11,350 23,615 30,795 33,255 34,009 35,561 36,400 37,263 2012 3,086 23,252 32,942 45,303 47,601 50,036 50,750 50,882 2013 5,167 15,772 25,270 34,481 44,865 46,084 49,522 2014 4,023 9,046 28,393 45,075 57,692 68,392 2015 10,923 27,582 49,267 63,133 71,697 2016 6,843 30,377 52,764 70,324 2017 11,415 46,529 58,173 2018 18,689 66,575 2019 19,311 Total $ 510,930 Outstanding liabilities prior to 2010, net of reinsurance 4,799 Liabilities for claims and claims adjustment expenses, net of reinsurance $ 355,148 Professional Liability Reinsurance Assumed (in runoff) Accident Year As of December 31, 2019 Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Total of Incurred-but-Not- Reported Liabilities Plus Expected Development on Reported Claims Number of Reported Claims Per Year For the Years Ended December 31 (2010-2018 is Supplementary Information and Unaudited) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 2,196 $ 4,277 $ 7,827 $ 7,946 $ 9,733 $ 10,740 $ 11,689 $ 11,893 $ 11,677 $ 11,544 $ 35 N/A 2011 10,492 8,314 9,017 9,859 10,779 12,735 12,744 12,725 13,018 15 N/A 2012 10,041 9,276 5,569 10,157 14,605 16,555 14,949 16,013 335 N/A 2013 14,370 13,034 11,618 17,694 23,256 22,213 23,474 1,362 N/A 2014 12,675 8,825 7,259 9,837 12,749 10,721 1,251 N/A 2015 11,638 7,859 7,147 10,422 8,753 2,741 N/A 2016 6,368 2,482 1,522 2,993 471 N/A 2017 – – – – N/A 2018 – – – N/A 2019 – – N/A Total $ 86,516 $ 6,210 Accident Year Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31 (2010-2018 is Supplementary Information and Unaudited) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 $ 41 $ 729 $ 3,505 $ 5,844 $ 7,758 $ 9,904 $ 11,132 $ 11,334 $ 11,334 $ 11,410 2011 50 637 2,061 4,983 8,104 10,404 11,679 12,280 12,404 2012 103 992 2,388 5,077 8,355 11,239 13,091 13,706 2013 123 1,135 5,088 10,988 14,779 18,229 19,201 2014 723 761 2,241 3,999 6,627 7,732 2015 10 390 1,899 3,207 3,964 2016 – 5 99 2,254 2017 – – – 2018 – – 2019 – Total $ 70,671 Outstanding liabilities prior to 2010, net of reinsurance 234 Liabilities for claims and claims adjustment expenses, net of reinsurance $ 16,079 Physical Damage (1) Accident Year As of December 31, 2019 Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Total of Incurred-but-Not- Reported Liabilities Plus Expected Development on Reported Claims Number of Reported Claims Per Year For the Years Ended December 31 (2017-2018 is Supplementary Information and Unaudited) 2017 2018 2019 2017 $ 48,440 $ 47,193 $ 46,236 $ 30 10,517 2018 – 53,726 50,122 234 11,108 2019 – 55,354 2,403 9,406 Total $ 151,712 $ 2,667 Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31 (2017-2018 is Supplementary Information and Unaudited) Accident Year 2017 2018 2019 2017 $ 39,517 $ 46,554 $ 46,184 2018 – 41,631 49,685 2019 – 44,197 Total $ 140,066 Outstanding liabilities prior to 2017, net of reinsurance 30 Liabilities for claims and claims adjustment expenses, net of reinsurance $ 11,676 (1) The majority of physical damage claims settle within a two-year period. The triangles above have been abbreviated to reflect the short-tail nature of this business.
Reconciliation of Net Incurred and Paid Claims Development	The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated balance sheet at December 31, 2019, 2018 and 2017 is as follows. 2019 2018 Net outstanding liabilities Commercial Liability $ 355,148 $ 268,523 Workers' Compensation 154,409 131,996 Physical Damage 11,676 13,329 Professional Liability Assumed 16,079 21,390 Other short-duration insurance lines 30,318 33,716 Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance 567,630 468,954 Reinsurance recoverable on unpaid claims Commercial Liability 209,152 194,483 Workers' Compensation 182,908 172,869 Physical Damage 655 1,851 Other short-duration insurance lines 5,590 6,732 Reinsurance recoverable on unpaid losses at the end of the year 398,305 375,935 Unallocated claims adjustment expenses 22,370 20,450 Total gross liability for unpaid claims and claims adjustment expense $ 988,305 $ 865,339
Supplementary Information about Average Historical Claims Duration	The following is supplementary information about average historical claims duration as of December 31, 2019: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited) Years 1 2 3 4 5 6 7 8 9 10 Commercial Liability 9.0 % 25.8 % 23.5 % 21.0 % 10.4 % 4.7 % 3.5 % 0.4 % 1.5 % – Workers' Compensation 17.5 % 26.4 % 16.1 % 10.3 % 6.2 % 4.0 % 3.4 % 1.5 % 1.4 % 1.4 % Physical Damage 81.5 % 15.6 % 2.0 % N/A N/A N/A N/A N/A N/A N/A Professional Liability Assumed 1.5 % 4.1 % 13.4 % 26.6 % 18.1 % 15.6 % 8.8 % 3.3 % 4.4 % 0.7 %

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2019
Reinsurance [Abstract]
Impact of Reinsurance Ceded and Assumed on the Company's Net Premium Written and Earned	The following table summarizes the impact of reinsurance ceded and assumed on the Company's net premiums written and earned for the most recent three years: Premiums Written Premiums Earned 2019 2018 2017 2019 2018 2017 Direct $ 574,181 $ 581,070 $ 504,033 $ 570,959 $ 562,364 $ 470,158 Ceded on direct (122,676 ) (138,102 ) (151,348 ) (124,446 ) (131,080 ) (145,201 ) Net direct 451,505 442,968 352,685 446,513 431,284 324,957 Assumed 737 1,430 704 775 1,596 3,188 Ceded on assumed – – — – – — Net assumed 737 1,430 704 775 1,596 3,188 Net $ 452,242 $ 444,398 $ 353,389 $ 447,288 $ 432,880 $ 328,145
Components of Reinsurance Recoverable	Components of reinsurance recoverable at December 31, 2019, 2018 and 2017 are as follows: 2019 2018 Case unpaid losses, net of valuation allowance $ 166,675 $ 163,011 Incurred but not reported unpaid losses and loss expenses 230,459 211,805 Paid losses and loss expenses 20,334 1,250 Unearned premiums 14,599 16,370 $ 432,067 $ 392,436

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Taxes [Abstract]
Significant Components of Deferred Tax Assets and Liabilities	Significant components of the Company's deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows: 2019 2018 Deferred tax liabilities: Unrealized gain on fixed income and equity security investments $ 5,327 $ 4,572 Deferred acquisition costs 2,821 2,552 Loss and loss expense reserves 2,701 3,583 Limited partnership investments 2,587 – Accelerated depreciation 687 690 Other 1,361 1,509 Total deferred tax liabilities 15,484 12,906 Deferred tax assets: Loss and loss expense reserves 11,460 9,999 Limited partnership investments – 3,498 Unearned premiums discount 2,529 2,321 Other-than-temporary investment declines 39 625 Deferred compensation 1,181 580 Deferred ceding commission 1,037 1,173 Other 1,273 972 Total deferred tax assets 17,519 19,168 Net deferred tax assets $ (2,035 ) $ (6,262 )
Difference between Federal Income Taxes Expense (Benefit) Computed at Statutory Rate	A summary of the difference between federal income tax expense (benefit) computed at the statutory rate and that reported in the consolidated financial statements as of December 31, 2019, 2018 and 2017 is as follows: 2019 2018 2017 Statutory federal income rate applied to pre-tax income (loss) $ 1,821 $ (9,213 ) $ 3,543 Tax effect of (deduction): Tax-exempt investment income (402 ) (253 ) (968 ) Change in enacted tax rates – – (9,572 ) Other (93 ) (331 ) (1,204 ) Federal income tax expense (benefit) $ 1,326 $ (9,797 ) $ (8,201 )
Federal Income Tax Expense (Benefit)	Federal income tax expense (benefit) as of December 31, 2019, 2018 and 2017 consists of the following: 2019 2018 2017 Tax expense (benefit) on pre-tax income (loss): Current $ 1,377 $ 8,997 $ (4,335 ) Deferred (51 ) (18,794 ) (3,866 ) $ 1,326 $ (9,797 ) $ (8,201 )
Provision for Deferred Federal Income Tax	The provision for deferred federal income taxes as of December 31, 2019, 2018 and 2017 consists of the following: 2019 2018 2017 Limited partnerships $ 1,143 $ (2,383 ) $ 4,099 Discounts of loss and loss expense reserves (2,269 ) (2,704 ) 1,315 Reserves - salvage and subrogation and other (74 ) 427 56 Unearned premium discount (208 ) (484 ) (1,767 ) Deferred compensation (600 ) 305 (168 ) Other-than-temporary investment declines (411 ) 695 (127 ) Deferred acquisitions costs and ceding commission 405 201 1,553 Change in enacted tax rates – – (9,572 ) Unrealized gains / losses 1,837 (13,876 ) – Other 126 (975 ) 745 Provision for deferred federal income taxes $ (51 ) $ (18,794 ) $ (3,866 )

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Shareholders' Equity [Abstract]
Reconciliation of Components of Accumulated Other Comprehensive Income (Loss)	A reconciliation of the components of accumulated other comprehensive income (loss) at December 31, 2019, 2018 and 2017 is as follows: 2019 2018 Investments: Total unrealized gain (loss) before federal income tax expense (benefit) $ 12,491 $ (7,859 ) Deferred tax benefit (liability) (2,628 ) 1,651 Net unrealized gains (losses) on investments 9,863 (6,208 ) Foreign exchange adjustment: Total unrealized losses (625 ) (1,442 ) Deferred tax benefit 131 303 Net unrealized losses on foreign exchange adjustment (494 ) (1,139 ) Accumulated other comprehensive income (loss) $ 9,369 $ (7,347 )
Details of Changes in Net Unrealized Gains (Losses) on Investments	Details of changes in net unrealized gains (losses) on investments for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Investments: Pre-tax holding gains (losses) on fixed income securities arising during period (1) $ 19,182 $ (12,253 ) $ 26,677 Less: applicable federal income tax expense (benefit) 4,028 (2,573 ) 9,337 15,154 (9,680 ) 17,340 Pre-tax gains (losses) on fixed income securities included in net income (loss) during period (1) (1,161) (3,560 ) 7,217 Less: applicable federal income tax expense (benefit) (244) (748 ) 2,526 (917) (2,812 ) 4,691 Change in unrealized gains (losses) on investments $ 16,071 $ (6,868 ) $ 12,649 (1) Effective January 1, 2018, the Company adopted ASU 2016-01 and unrealized gains (losses) related to equity securities are no longer reflected in accumulated other comprehensive income (loss). Prior periods have not been restated to conform to the current presentation.

Other Operating Expenses (Table

Other Operating Expenses (Tables)	12 Months Ended
	Dec. 31, 2019
Other Operating Expenses [Abstract]
Details of Other Operating Expenses	Details of other operating expenses for the years ended December 31: 2019 2018 2017 Amortization of gross deferred policy acquisition costs $ 81,734 $ 78,105 $ 70,574 Other underwriting expenses 59,975 46,638 37,230 Reinsurance ceded credits (25,932 ) (23,124 ) (23,187 ) Total underwriting expenses 115,777 101,619 84,617 Operating expenses of non-insurance companies 22,679 32,406 28,977 Goodwill impairment charge – 3,152 – Total other operating expenses $ 138,456 $ 137,177 $ 113,594

Stock Based Compensation (Table

Stock Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Stock Based Compensation [Abstract]
Detail of Restricted Stock Issuances	The table below provides details of the restricted stock issuances to directors for 2019, 2018 and 2017: Grant Date Number of Shares Issued Vesting Date Service Period Grant Date Fair Value Per Share 5/9/2017 18,183 5/9/2018 7/1/2017 - 6/30/2018 $ 24.20 8/31/2017 1,257 5/9/2018 8/31/2017 - 6/30/2018 $ 21.90 2/9/2018 408 5/9/2018 2/9/2018 - 6/30/2018 $ 24.20 5/8/2018 19,085 5/8/2019 7/1/2018 - 6/30/2019 $ 23.05 5/7/2019 29,536 5/7/2020 7/1/2019 - 6/30/2020 $ 16.25 5/17/2019 3,591 5/7/2020 7/1/2019 - 6/30/2020 $ 16.25 5/22/2019 3,541 5/7/2020 7/1/2019 - 6/30/2020 $ 16.25

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Information [Abstract]
Segment Revenues	The following table summarizes segment revenues for the years ended December 31: 2019 2018 2017 Revenues: Net premiums earned $ 447,288 $ 432,880 $ 328,145 Net investment income 26,249 22,048 18,095 Net realized and unrealized gains (losses) on investments 12,889 (25,691 ) 19,686 Commissions and other income 9,171 9,932 5,308 Total revenues $ 495,597 $ 439,169 $ 371,234

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings (Loss) Per Share [Abstract]
Reconciliation of the Denominators used in the Calculation of Basic and Diluted Earnings (Loss) per Share	The following is a reconciliation of the denominators used in the calculation of basic and diluted earnings (loss) per share for the years ended December 31: 2019 2018 2017 Average shares outstanding for basic earnings (loss) per share 14,520,815 14,964,812 15,065,216 Dilutive effect of share equivalents 99,118 – 42,220 Average shares outstanding for diluted earnings (loss) per share 14,619,933 14,964,812 15,107,436

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value [Abstract]
Fair Value Measurements by Level for Assets Measured at Fair Value on Recurring Basis	The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis: As of December 31, 2019: Description Total Level 1 Level 2 Level 3 Fixed income securities: Agency collateralized mortgage obligations $ 12,093 $ – $ 12,093 $ – Agency mortgage-backed securities 56,280 – 56,280 – Asset-backed securities 106,397 – 106,397 – Bank loans 14,568 – 14,568 – Certificates of deposit 2,835 2,835 – – Collateralized mortgage obligations 5,616 – 5,616 – Corporate securities 276,087 – 276,087 – Options embedded in convertible securities 5,294 – 5,294 – Mortgage-backed securities 47,463 – 47,463 – Municipal obligations 36,286 – 36,286 – Non-U.S. government obligations 24,179 – 24,179 – U.S. government obligations 208,440 – 208,440 – Total fixed income securities 795,538 2,835 792,703 – Equity securities: Consumer 16,707 16,707 – – Energy 3,074 3,074 – – Financial 31,577 31,577 – – Industrial 4,927 4,927 – – Technology 2,817 2,817 – – Funds (e.g., mutual funds, closed end funds, ETFs) 9,460 9,460 – – Other 8,250 8,250 – – Total equity securities 76,812 76,812 – – Short-term 1,000 1,000 – – Cash equivalents 59,780 – 59,780 – Total $ 933,130 $ 80,647 $ 852,483 $ – As of December 31, 2018: Description Total Level 1 Level 2 Level 3 Fixed income securities: Agency collateralized mortgage obligations $ 10,687 $ – $ 10,687 $ – Agency mortgage-backed securities 37,385 – 37,385 – Asset-backed securities 64,422 – 64,422 – Bank loans 9,750 – 9,750 – Certificates of deposit 2,835 2,835 – – Collateralized mortgage obligations 5,423 – 5,423 – Corporate securities 186,651 – 186,651 – Options embedded in convertible securities 3,799 – 3,799 – Mortgage-backed securities 38,540 – 38,540 – Municipal obligations 29,155 – 29,155 – Non-U.S. government obligations 25,180 – 25,180 – U.S. government obligations 178,818 – 178,818 – Total fixed income securities 592,645 2,835 589,810 – Equity securities: Consumer 17,945 17,945 – – Energy 3,179 3,179 – – Financial 25,253 25,253 – – Industrial 6,920 6,920 – – Technology 2,303 2,303 – – Funds (e.g., mutual funds, closed end funds, ETFs) 5,489 5,489 — – Other 5,333 5,333 – – Total equity securities 66,422 66,422 — – Short-term 1,000 1,000 – – Cash equivalents 156,855 – 156,855 – Total $ 816,922 $ 70,257 $ 746,665 $ –
Carrying Value and Fair Value by Level of Financial Instruments	A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on the Company's consolidated balance sheets at December 31, 2019 and 2018 is as follows: 2019: Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Limited partnerships $ 23,292 $ – $ – $ 23,292 $ 23,292 Commercial mortgage loans 11,782 – – 12,068 12,068 Liabilities: Short-term borrowings 20,000 – 20,000 – 20,000 2018: Assets: Limited partnerships $ 55,044 $ – $ – $ 55,044 $ 55,044 Commercial mortgage loans 6,672 – – 6,672 6,672 Liabilities: Short-term borrowings 20,000 – 20,000 – 20,000

Quarterly Results of Operatio_2

Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Results of Operations (Unaudited) [Abstract]
Quarterly Results of Operations	Quarterly results of operations are as follows: 2019 2018 1st 2nd 3rd 4th 1st 2nd 3rd 4th Net premiums earned $ 110,012 $ 115,631 $ 110,288 $ 111,357 $ 105,462 $ 111,940 $ 96,807 $ 118,671 Net investment income 6,231 6,500 6,703 6,815 4,636 5,796 5,578 6,038 Net realized and unrealized gains (losses) on investments 6,027 2,889 125 3,848 (4,533 ) (3,435 ) 2,373 (20,096 ) Losses and loss expenses incurred 87,122 90,433 84,781 86,132 72,298 77,488 94,540 101,537 Net income (loss) 2,748 1,535 (707 ) 3,771 330 2,487 (12,325 ) (24,567 ) Net income (loss) per share $ 0.18 $ 0.11 $ (0.05 ) $ 0.26 $ 0.02 $ 0.17 $ (0.82 ) $ (1.65 )

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Future Lease Payments for Operating Leases with Initial or Remaining Noncancelable Terms of One Year or More	At December 31, 2019, future lease payments for operating leases with initial or remaining noncancelable terms of one year or more consisted of the following: 2020 $ 114 2021 15 2022 1 2023 and thereafter – Total minimum payments required $ 130

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)Segment	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Description of Business [Abstract]
Number of reportable segments | Segment		1
Goodwill and Other Intangible Assets [Abstract]
Goodwill impairment loss	$ 3,152	$ 0	$ 3,152	$ 0
Insurance Company-Owned Life Insurance [Abstract]
Insurance company-owned life insurance		11,049
Commercial Mortgage Loans [Member]
Investments [Abstract]
Commercial mortgage loans, valuation allowance		$ 0

Summary of Significant Accoun_4

Summary of Significant Accounting Policies, Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2017
Recently Adopted/Issued Accounting Pronouncements [Abstract]
Right-of-use asset	$ 127
Lease liability	127
ASU 2016-01 [Member]
Recently Adopted/Issued Accounting Pronouncements [Abstract]
Cumulative-effect adjustment to reclassify unrealized gains on equity securities after tax		$ 0
ASU 2018-11 [Member]
Recently Adopted/Issued Accounting Pronouncements [Abstract]
Right-of-use asset	127
Lease liability	127
ASU 2016-13 [Member] | Minimum [Member]
Recently Adopted/Issued Accounting Pronouncements [Abstract]
Pre-tax cumulative effect adjustment to opening balance of retained earnings	13,000
ASU 2016-13 [Member] | Maximum [Member]
Recently Adopted/Issued Accounting Pronouncements [Abstract]
Pre-tax cumulative effect adjustment to opening balance of retained earnings	$ 18,000
Other Comprehensive Income (Loss) [Member] | ASU 2016-01 [Member]
Recently Adopted/Issued Accounting Pronouncements [Abstract]
Cumulative-effect adjustment to reclassify unrealized gains on equity securities before tax		(71,012)
Cumulative-effect adjustment to reclassify unrealized gains on equity securities after tax		(46,157)
Retained Earnings [Member] | ASU 2016-01 [Member]
Recently Adopted/Issued Accounting Pronouncements [Abstract]
Cumulative-effect adjustment to reclassify unrealized gains on equity securities before tax		71,012
Cumulative-effect adjustment to reclassify unrealized gains on equity securities after tax		$ 46,157

Investments, Summary of Availab

Investments, Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Available-for-sale Debt Securities [Abstract]
Fair value	$ 795,538	$ 592,645
Cost or amortized cost	783,047	600,504
Gross unrealized gains	16,043	2,934
Gross unrealized losses	(3,552)	(10,793)
Net unrealized gains (losses)	12,491	(7,859)
Agency Collateralized Mortgage Obligations [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	12,093	10,687
Cost or amortized cost	11,557	10,636
Gross unrealized gains	536	145
Gross unrealized losses	0	(94)
Net unrealized gains (losses)	536	51
Agency Mortgage Backed Securities [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	56,280	37,385
Cost or amortized cost	54,286	37,168
Gross unrealized gains	2,005	371
Gross unrealized losses	(11)	(154)
Net unrealized gains (losses)	1,994	217
Asset-backed Securities [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	106,397	64,422
Cost or amortized cost	107,028	66,241
Gross unrealized gains	499	14
Gross unrealized losses	(1,130)	(1,833)
Net unrealized gains (losses)	(631)	(1,819)
Bank Loans [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	14,568	9,750
Cost or amortized cost	14,932	10,208
Gross unrealized gains	106	27
Gross unrealized losses	(470)	(485)
Net unrealized gains (losses)	(364)	(458)
Certificates of Deposit [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	2,835	2,835
Cost or amortized cost	2,835	2,835
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Net unrealized gains (losses)	0	0
Collateralized Mortgage Obligations [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	5,616	5,423
Cost or amortized cost	5,123	5,095
Gross unrealized gains	493	376
Gross unrealized losses	0	(48)
Net unrealized gains (losses)	493	328
Corporate Securities [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	281,381	190,450
Cost or amortized cost	274,340	196,925
Gross unrealized gains	7,492	127
Gross unrealized losses	(451)	(6,602)
Net unrealized gains (losses)	7,041	(6,475)
Mortgage-backed Securities [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	47,463	38,540
Cost or amortized cost	46,685	38,586
Gross unrealized gains	1,047	377
Gross unrealized losses	(269)	(423)
Net unrealized gains (losses)	778	(46)
Municipal Obligations [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	36,286	29,155
Cost or amortized cost	35,749	29,102
Gross unrealized gains	684	239
Gross unrealized losses	(147)	(186)
Net unrealized gains (losses)	537	53
Non-U.S. Government Obligations [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	24,179	25,180
Cost or amortized cost	23,889	25,339
Gross unrealized gains	290	6
Gross unrealized losses	0	(165)
Net unrealized gains (losses)	290	(159)
U.S. Government Obligations [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	208,440	178,818
Cost or amortized cost	206,623	178,369
Gross unrealized gains	2,891	1,252
Gross unrealized losses	(1,074)	(803)
Net unrealized gains (losses)	$ 1,817	$ 449

Investments, Continuous Unreali

Investments, Continuous Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 2019USD ($)Security	Dec. 31, 2018USD ($)Security
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Number of Securities 12 months or less | Security	88	275
Number of securities, Greater than 12 months | Security	69	217
Number of securities, total | Security	157	492
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair value, 12 months or less	$ 108,387	$ 282,646
Fair value, Greater than 12 months	66,860	131,001
Fair value, total	175,247	413,647
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Gross unrealized loss, less than 12 months	(2,452)	(7,296)
Gross unrealized loss, 12 months or longer	(1,100)	(3,497)
Gross unrealized loss, total	(3,552)	(10,793)
Available-for-sale Securities, Debt Maturities, Fair Value [Abstract]
One year or less, Fair Value	86,368
Excess of one year to five years, Fair Value	336,689
Excess of five years to ten years, Fair Value	135,169
Excess of ten years, Fair Value	15,079
Total contractual maturities, Fair Value	573,305
Asset-backed securities, Fair Value	222,233
Total, Fair Value	$ 795,538	592,645
Percentage of Available for sale Securities, Debt Maturities, Fair Value [Abstract]
One year or less, Fair Value	10.90%
Excess of one year to five years, Fair Value	42.30%
Excess of five years to ten years, Fair Value	17.00%
Excess of ten years, Fair Value	1.90%
Total contractual maturities, Fair Value	72.10%
Asset-backed securities, Fair Value	27.90%
Total, Fair Value	100.00%
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis [Abstract]
One year or less, Cost or Amortized Cost	$ 86,144
Excess of one year to five years, Cost or Amortized Cost	330,026
Excess of five years to ten years, Cost or Amortized Cost	132,985
Excess of ten years, Cost or Amortized Cost	14,337
Total contractual maturities, Cost or Amortized Cost	563,492
Asset-backed securities, Cost or Amortized Cost	219,555
Cost or amortized cost	$ 783,047	$ 600,504
Percentage of Available for sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less, Cost or Amortized Cost	11.00%
Excess of one year to five years, Cost or Amortized Cost	42.10%
Excess of five years to ten years, Cost or Amortized Cost	17.00%
Excess of ten years, Cost or Amortized Cost	1.90%
Total contractual maturities, Cost or Amortized Cost	72.00%
Asset-backed securities, Cost or Amortized Cost	28.00%
Cost or amortized cost	100.00%

Investments, Major Categories o

Investments, Major Categories of Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investment Income, Net [Abstract]
Investment Income	$ 28,916	$ 25,001	$ 20,422
Investment expenses	(2,667)	(2,953)	(2,327)
Net investment income	26,249	22,048	18,095
Interest on Fixed Income Securities [Member]
Investment Income, Net [Abstract]
Investment Income	24,620	19,092	15,340
Dividends on Equity Securities [Member]
Investment Income, Net [Abstract]
Investment Income	2,320	4,380	4,611
Money Market Funds, Short term and Other [Member]
Investment Income, Net [Abstract]
Investment Income	$ 1,976	$ 1,529	$ 471

Investments, Gains Losses on In

Investments, Gains Losses on Investments, Including Equity Method Earnings from Limited Partnerships (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Gross gains on available-for-sale investments sold during the period [Abstract]
Total gains										$ 11,009	$ 10,807	$ 19,616
Gross losses on available-for-sale investments sold during the period [Abstract]
Total losses										(10,492)	(14,367)	(12,250)
Other-than-temporary impairments										(497)	(19)	(149)
Change in value of limited partnership investments										1,644	(9,343)	12,469
Gains (losses) on equity securities [Abstract]
Realized gains (losses) on equity securities sold during the period										1,938	(3,072)	0
Unrealized gains (losses) on equity securities held at the end of the period										9,287	(9,697)	0
Total realized and unrealized gains (losses) on equity securities										11,225	(12,769)	0
Net realized and unrealized gains (losses) on investments		$ 3,848	$ 125	$ 2,889	$ 6,027	$ (20,096)	$ 2,373	$ (3,435)	$ (4,533)	12,889	(25,691)	19,686
Proceeds from sales of equity securities										21,621	149,195	69,756
Realized gains on equity securities											51,900
Fixed Income Securities [Member]
Gross gains on available-for-sale investments sold during the period [Abstract]
Total gains										11,009	10,807	9,135
Gross losses on available-for-sale investments sold during the period [Abstract]
Total losses										(10,492)	(14,367)	(9,882)
Equity Securities [Member]
Gross gains on available-for-sale investments sold during the period [Abstract]
Total gains	[1]									0	0	10,481
Gross losses on available-for-sale investments sold during the period [Abstract]
Total losses	[1]									$ 0	$ 0	$ (2,368)
[1]	Effective January 1, 2018, the Company adopted Accounting Standards Update ("ASU") 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU 2016-01, and equity securities are no longer classified as available-for-sale. The amendments in ASU 2016-01 changed the accounting for equity securities by requiring changes in fair value to be recognized in income. Previously, the Company's equity securities were classified as available-for-sale and changes in fair value were recognized in accumulated other comprehensive income (loss) as a component of shareholders' equity. Prior periods have not been restated to conform to the current presentation.

Investments, Gain and Loss for

Investments, Gain and Loss for Fixed Income and Equity Security Investments Including Adjustments for OTTI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Adjustments for other-than-temporary impairment [Roll Forward]
Cumulative charges to income at beginning of year	$ 930	$ 4,209	$ 5,650
Writedowns based on objective and subjective criteria	497	19	149
Recovery of prior writedowns upon sale or disposal	(538)	(3,298)	(1,590)
Net pre-tax realized gain	41	3,279	1,441
Cumulative charges to income at end of year	$ 889	$ 930	$ 4,209

Investments, Limited Partnershi

Investments, Limited Partnerships (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Investment	Dec. 31, 2018USD ($)
Limited Partners' Capital Account [Abstract]
Regulatory deposits with various insurance departments in United States and Canada, fair value	$ 99,763	$ 87,981
Time certificate of deposit included in short-term investments	$ 1,000
Percentage of fixed income securities invested in investment grade fixed income	92.00%
Number of fixed income investments issued with guarantees | Investment	0
Fixed income investment below investment grade	$ 61,181
Percentage of fixed income investment to total invested assets	6.30%
Net unrealized gain position of investments	$ 684
Limited Partnerships [Member]
Limited Partners' Capital Account [Abstract]
Commitment to make additional contributions to various limited partnerships	$ 350

Loss and Loss Expense Reserves,

Loss and Loss Expense Reserves, Activity in Reserves for Losses and Major Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Activity in the reserve for losses and loss expenses [Roll Forward]
Reserves, gross of reinsurance recoverable, at the beginning of the year	$ 865,339	$ 680,274	$ 576,330
Reinsurance recoverable on unpaid losses at the beginning of the year	375,935	308,143	251,563
Reserves at the beginning of the year	489,404	372,131	324,767
Provision for losses and loss expenses [Abstract]
Claims occurring during the current year	349,018	329,078	228,303
Claims occurring during prior years	(550)	16,786	19,215
Total incurred losses and loss expenses	348,468	345,864	247,518
Loss and loss expense payments [Abstract]
Claims occurring during the current year	90,364	84,738	67,234
Claims occurring during prior years	157,508	143,853	132,920
Total paid	247,872	228,591	200,154
Reserves at the end of the year	590,000	489,404	372,131
Reinsurance recoverable on unpaid losses at the end of the year	398,305	375,935	308,143
Reserves, gross of reinsurance recoverable, at the end of the period	988,305	865,339	$ 680,274
Salvage and Subrogation Recoveries [Abstract]
Estimated salvage and subrogation recoverable	$ 4,000	$ 7,545

Loss and Loss Expense Reserve_2

Loss and Loss Expense Reserves, Incurred Claims Development (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2019USD ($)Claim		Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Dec. 31, 2011USD ($)	Dec. 31, 2010USD ($)
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Liabilities for claims and claims adjustment expenses, net of reinsurance		$ 567,630		$ 468,954
Workers' Compensation [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		353,460
Total of incurred-but-not-reported liabilities plus expected development on reported claims		84,833
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		215,488
Outstanding liabilities prior to 2010 net of reinsurance		16,437
Liabilities for claims and claims adjustment expenses, net of reinsurance		154,409		131,996
Commercial Liability [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		861,279
Total of incurred-but-not-reported liabilities plus expected development on reported claims		155,816
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		510,930
Outstanding liabilities prior to 2010 net of reinsurance		4,799
Liabilities for claims and claims adjustment expenses, net of reinsurance		355,148		268,523
Professional Liability Reinsurance Assumed [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		86,516
Total of incurred-but-not-reported liabilities plus expected development on reported claims		6,210
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		70,671
Outstanding liabilities prior to 2010 net of reinsurance		234
Liabilities for claims and claims adjustment expenses, net of reinsurance		16,079		21,390
Physical Damage [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance	[1]	151,712
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 2,667
Short-duration Insurance Contract, Claims Settlement Period		2 years
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance	[1]	$ 140,066
Outstanding liabilities prior to 2010 net of reinsurance	[1]	30
Liabilities for claims and claims adjustment expenses, net of reinsurance		11,676	[1]	13,329
Accident Year 2010 [Member] | Workers' Compensation [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		19,781		19,819	$ 19,541	$ 19,195	$ 18,344	$ 18,849	$ 19,300	$ 19,400	$ 20,111	$ 20,644
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 1,294
Number of reported claims per year | Claim		4,226
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 17,340		17,062	16,789	16,590	15,835	14,966	13,845	11,963	9,134	3,974
Accident Year 2010 [Member] | Commercial Liability [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		19,994		19,985	19,081	19,377	19,764	20,300	19,139	21,899	22,161	31,124
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 113
Number of reported claims per year | Claim		2,403
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 18,791		18,791	18,662	18,866	18,517	18,627	16,052	11,635	7,166	1,649
Accident Year 2010 [Member] | Professional Liability Reinsurance Assumed [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		11,544		11,677	11,893	11,689	10,740	9,733	7,946	7,827	4,277	2,196
Total of incurred-but-not-reported liabilities plus expected development on reported claims		35
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		11,410		11,334	11,334	11,132	9,904	7,758	5,844	3,505	729	$ 41
Accident Year 2011 [Member] | Workers' Compensation [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		26,452		26,631	26,617	27,293	25,515	26,767	26,958	26,628	26,057
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 2,085
Number of reported claims per year | Claim		4,547
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 23,366		22,991	22,569	21,622	20,617	18,884	15,973	11,912	4,916
Accident Year 2011 [Member] | Commercial Liability [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		37,795		37,852	36,076	37,122	35,805	36,894	31,633	43,832	46,829
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 32
Number of reported claims per year | Claim		2,902
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 37,263		36,400	35,561	34,009	33,255	30,795	23,615	11,350	1,809
Accident Year 2011 [Member] | Professional Liability Reinsurance Assumed [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		13,018		12,725	12,744	12,735	10,779	9,859	9,017	8,314	10,492
Total of incurred-but-not-reported liabilities plus expected development on reported claims		15
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		12,404		12,280	11,679	10,404	8,104	4,983	2,061	637	$ 50
Accident Year 2012 [Member] | Workers' Compensation [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		25,508		26,775	27,020	25,616	24,485	24,887	25,544	23,965
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 2,528
Number of reported claims per year | Claim		4,484
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 21,636		21,157	20,276	18,946	17,415	14,834	11,004	4,597
Accident Year 2012 [Member] | Commercial Liability [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		51,962		51,648	51,475	48,708	51,367	49,743	54,269	49,743
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 266
Number of reported claims per year | Claim		3,131
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 50,882		50,750	50,036	47,601	45,303	32,942	23,252	3,086
Accident Year 2012 [Member] | Professional Liability Reinsurance Assumed [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		16,013		14,949	16,555	14,605	10,157	5,569	9,276	10,041
Total of incurred-but-not-reported liabilities plus expected development on reported claims		335
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		13,706		13,091	11,239	8,355	5,077	2,388	992	$ 103
Accident Year 2013 [Member] | Workers' Compensation [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		31,066		31,131	32,553	32,121	29,913	30,638	27,619
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 3,596
Number of reported claims per year | Claim		5,281
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 25,847		24,968	23,643	21,655	18,065	12,792	4,880
Accident Year 2013 [Member] | Commercial Liability [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		51,598		48,857	46,690	36,371	37,701	39,143	53,817
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 546
Number of reported claims per year | Claim		3,751
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 49,522		46,084	44,865	34,481	25,270	15,772	5,167
Accident Year 2013 [Member] | Professional Liability Reinsurance Assumed [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		23,474		22,213	23,256	17,694	11,618	13,034	14,370
Total of incurred-but-not-reported liabilities plus expected development on reported claims		1,362
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		19,201		18,229	14,779	10,988	5,088	1,135	$ 123
Accident Year 2014 [Member] | Workers' Compensation [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		31,579		31,031	33,427	34,009	36,968	36,768
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 4,217
Number of reported claims per year | Claim		5,410
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 24,714		23,968	22,387	19,075	13,665	5,328
Accident Year 2014 [Member] | Commercial Liability [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		70,841		64,372	52,964	52,483	52,254	49,971
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 1,268
Number of reported claims per year | Claim		3,323
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 68,392		57,692	45,075	28,393	9,046	4,023
Accident Year 2014 [Member] | Professional Liability Reinsurance Assumed [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		10,721		12,749	9,837	7,259	8,825	12,675
Total of incurred-but-not-reported liabilities plus expected development on reported claims		1,251
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		7,732		6,627	3,999	2,241	761	$ 723
Accident Year 2015 [Member] | Workers' Compensation [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		25,436		24,948	25,889	23,115	26,277
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 3,916
Number of reported claims per year | Claim		6,328
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 19,385		17,487	15,020	10,128	2,918
Accident Year 2015 [Member] | Commercial Liability [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		75,503		71,088	64,323	70,174	61,420
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 2,211
Number of reported claims per year | Claim		3,197
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 71,697		63,133	49,267	27,582	10,923
Accident Year 2015 [Member] | Professional Liability Reinsurance Assumed [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		8,753		10,422	7,147	7,859	11,638
Total of incurred-but-not-reported liabilities plus expected development on reported claims		2,741
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		3,964		3,207	1,899	390	$ 10
Accident Year 2016 [Member] | Workers' Compensation [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		30,060		29,317	29,757	35,240
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 4,745
Number of reported claims per year | Claim		6,078
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 21,304		18,461	13,377	5,784
Accident Year 2016 [Member] | Commercial Liability [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		79,015		77,362	68,974	61,638
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 4,913
Number of reported claims per year | Claim		3,737
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 70,324		52,764	30,377	6,843
Accident Year 2016 [Member] | Professional Liability Reinsurance Assumed [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		2,993		1,522	2,482	6,368
Total of incurred-but-not-reported liabilities plus expected development on reported claims		471
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		2,254		99	5	$ 0
Accident Year 2017 [Member] | Workers' Compensation [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		36,211		37,731	42,387
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 7,936
Number of reported claims per year | Claim		16,349
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 20,863		15,811	6,150
Accident Year 2017 [Member] | Commercial Liability [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		99,287		103,611	103,126
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 19,772
Number of reported claims per year | Claim		5,364
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 58,173		46,529	11,415
Accident Year 2017 [Member] | Professional Liability Reinsurance Assumed [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		0		0	0
Total of incurred-but-not-reported liabilities plus expected development on reported claims		0
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		0		0	0
Accident Year 2017 [Member] | Physical Damage [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance	[1]	46,236		47,193	48,440
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 30
Number of reported claims per year | Claim		10,517
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance	[1]	$ 46,184		46,554	39,517
Accident Year 2018 [Member] | Workers' Compensation [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		61,530		62,973
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 19,836
Number of reported claims per year | Claim		14,060
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 27,862		10,987
Accident Year 2018 [Member] | Commercial Liability [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		177,262		179,589
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 28,324
Number of reported claims per year | Claim		8,003
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 66,575		18,689
Accident Year 2018 [Member] | Professional Liability Reinsurance Assumed [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		0		0
Total of incurred-but-not-reported liabilities plus expected development on reported claims		0
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		0		0
Accident Year 2018 [Member] | Physical Damage [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance	[1]	50,122		53,726	0
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 234
Number of reported claims per year | Claim		11,108
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance	[1]	$ 49,685		41,631	$ 0
Accident Year 2019 [Member] | Workers' Compensation [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		65,837
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 34,680
Number of reported claims per year | Claim		8,515
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 13,171
Accident Year 2019 [Member] | Commercial Liability [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		198,022
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 98,371
Number of reported claims per year | Claim		7,286
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		$ 19,311
Accident Year 2019 [Member] | Professional Liability Reinsurance Assumed [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance		0
Total of incurred-but-not-reported liabilities plus expected development on reported claims		0
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance		0
Accident Year 2019 [Member] | Physical Damage [Member]
Incurred Claims Development, Net of Reinsurance [Abstract]
Incurred claims and allocated claim adjustment expenses, net of reinsurance	[1]	55,354		0
Total of incurred-but-not-reported liabilities plus expected development on reported claims		$ 2,403
Number of reported claims per year | Claim		9,406
Cumulative Paid Claims Development, Net of Reinsurance [Abstract]
Cumulative paid claims and allocated claim adjustment expense, net of reinsurance	[1]	$ 44,197		$ 0
[1]	The majority of physical damage claims settle within a two-year period. The triangles above have been abbreviated to reflect the short-tail nature of this business.

Loss and Loss Expense Reserve_3

Loss and Loss Expense Reserves, Incurred Paid Claims Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2019		Dec. 31, 2018
Net outstanding liabilities [Abstract]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	$ 567,630		$ 468,954
Reinsurance recoverable on unpaid claims [Abstract]
Reinsurance recoverable on unpaid losses	398,305		375,935
Unallocated claims adjustment expenses	22,370		20,450
Total gross liability for unpaid claims and claims adjustment expense	988,305		865,339
Workers' Compensation [Member]
Net outstanding liabilities [Abstract]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	154,409		131,996
Reinsurance recoverable on unpaid claims [Abstract]
Reinsurance recoverable on unpaid losses	182,908		172,869
Physical Damage [Member]
Net outstanding liabilities [Abstract]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	11,676	[1]	13,329
Reinsurance recoverable on unpaid claims [Abstract]
Reinsurance recoverable on unpaid losses	655		1,851
Commercial Liability [Member]
Net outstanding liabilities [Abstract]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	355,148		268,523
Reinsurance recoverable on unpaid claims [Abstract]
Reinsurance recoverable on unpaid losses	209,152		194,483
Professional Liability Assumed [Member]
Net outstanding liabilities [Abstract]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	16,079		21,390
Other Short-duration Insurance Lines [Member]
Net outstanding liabilities [Abstract]
Liabilities for unpaid claims and claim adjustment expenses, net of reinsurance	30,318		33,716
Reinsurance recoverable on unpaid claims [Abstract]
Reinsurance recoverable on unpaid losses	$ 5,590		$ 6,732
[1]	The majority of physical damage claims settle within a two-year period. The triangles above have been abbreviated to reflect the short-tail nature of this business.

Loss and Loss Expense Reserve_4

Loss and Loss Expense Reserves, Average Historical Claims Duration (Details)	12 Months Ended
	Dec. 31, 2019Quarteryr
Minimum [Member]
Reserve Methodologies for Incurred But Not Reported Losses [Abstract]
Number of running accident quarters used | Quarter	12
Number of accident years included in loss development triangles | yr	15
Workers' Compensation [Member]
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Abstract]
Year One	17.50%
Year Two	26.40%
Year Three	16.10%
Year Four	10.30%
Year Five	6.20%
Year Six	4.00%
Year Seven	3.40%
Year Eight	1.50%
Year Nine	1.40%
Year Ten	1.40%
Physical Damage [Member]
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Abstract]
Year One	81.50%
Year Two	15.60%
Year Three	2.00%
Commercial Liability [Member]
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Abstract]
Year One	9.00%
Year Two	25.80%
Year Three	23.50%
Year Four	21.00%
Year Five	10.40%
Year Six	4.70%
Year Seven	3.50%
Year Eight	0.40%
Year Nine	1.50%
Year Ten	0.00%
Professional Liability Assumed [Member]
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Abstract]
Year One	1.50%
Year Two	4.10%
Year Three	13.40%
Year Four	26.60%
Year Five	18.10%
Year Six	15.60%
Year Seven	8.80%
Year Eight	3.30%
Year Nine	4.40%
Year Ten	0.70%

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Premiums Written [Abstract]
Direct									$ 574,181	$ 581,070	$ 504,033
Ceded on direct									(122,676)	(138,102)	(151,348)
Net direct									451,505	442,968	352,685
Assumed									737	1,430	704
Ceded on assumed									0	0	0
Net assumed									737	1,430	704
Net									452,242	444,398	353,389
Premiums Earned [Abstract]
Direct									570,959	562,364	470,158
Ceded on direct									(124,446)	(131,080)	(145,201)
Net direct									446,513	431,284	324,957
Assumed									775	1,596	3,188
Ceded on assumed									0	0	0
Net assumed									775	1,596	3,188
Net	$ 111,357	$ 110,288	$ 115,631	$ 110,012	$ 118,671	$ 96,807	$ 111,940	$ 105,462	447,288	432,880	328,145
Net losses and loss expenses incurred reduced by ceded reinsurance recoveries									121,927	148,173	128,086
Net losses and loss (benefit) expense incurred from reinsurance assumed from non-affiliates									193	1,300	$ 5,223
Components of reinsurance recoverable [Abstract]
Case unpaid losses, net of valuation allowance	166,675				163,011				166,675	163,011
Incurred but not reported unpaid losses and loss expenses	230,459				211,805				230,459	211,805
Paid losses and loss expenses	20,334				1,250				20,334	1,250
Unearned premiums	14,599				16,370				14,599	16,370
Reinsurance recoverable	$ 432,067				$ 392,436				$ 432,067	$ 392,436

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Abstract]
Corporate income tax rate	21.00%		35.00%
Tax benefit related to remeasurement of deferred tax assets and liabilities			$ 9,572
Tax Cuts and Jobs Act of 2017, change in methodology, provisional income tax impact			1,696
Tax Cuts and Jobs Act of 2017, offsetting deferred tax liability		$ 2,262
Deferred tax liabilities amortized amount into income	$ 281	228
Deferred tax liabilities amortized amount into income, before revision		323
Deferred tax liabilities [Abstract]
Unrealized gain on fixed income and equity security investments	5,327	4,572
Deferred acquisition costs	2,821	2,552
Loss and loss expense reserves	2,701	3,583
Limited partnership investments	2,587	0
Accelerated depreciation	687	690
Other	1,361	1,509
Total deferred tax liabilities	15,484	12,906
Deferred tax assets [Abstract]
Loss and loss expense reserves	11,460	9,999
Limited partnership investments	0	3,498
Unearned premiums discount	2,529	2,321
Other-than-temporary investment declines	39	625
Deferred compensation	1,181	580
Deferred ceding commission	1,037	1,173
Other	1,273	972
Total deferred tax assets	17,519	19,168
Net deferred tax assets	(2,035)	(6,262)
Difference between federal income tax expense (benefit) computed at statutory rate [Abstract]
Statutory federal income rate applied to pre-tax income (loss)	1,821	(9,213)	3,543
Tax effect of (deduction) [Abstract]
Tax-exempt investment income	(402)	(253)	(968)
Change in enacted tax rates	0	0	(9,572)
Other	(93)	(331)	(1,204)
Federal income tax expense (benefit)	1,326	(9,797)	(8,201)
Tax expense (benefit) on pre-tax income (loss) [Abstract]
Current	1,377	8,997	(4,335)
Deferred	(51)	(18,794)	(3,866)
Federal income tax expense (benefit)	1,326	(9,797)	(8,201)
Provisions for deferred federal income taxes [Abstract]
Limited partnerships	1,143	(2,383)	4,099
Discounts of loss and loss expense reserves	(2,269)	(2,704)	1,315
Reserves - salvage and subrogation and other	(74)	427	56
Unearned premium discount	(208)	(484)	(1,767)
Deferred compensation	(600)	305	(168)
Other-than-temporary investment declines	(411)	695	(127)
Deferred acquisitions costs and ceding commission	405	201	1,553
Change in enacted tax rates	0	0	(9,572)
Unrealized gains / losses	1,837	(13,876)	0
Other	126	(975)	745
Provision for deferred federal income taxes	(51)	(18,794)	(3,866)
Deferred tax assets, valuation allowance	0	0
Uncertain tax positions	0	0
Accrued interest	$ 0	$ 0	$ 0

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019		Dec. 31, 2018	Dec. 31, 2017
Increase (Decrease) in Common Stock Outstanding and Additional Paid-In Capital [Roll Forward]
Dividends paid to shareholders	$ 5,857		$ 16,835	$ 16,302
Cash dividends paid (in dollars per share)	$ 0.40		$ 1.12	$ 1.08
Stock repurchase program, shares authorized (in shares)	2,464,209
Stock repurchase program, authorized amount	$ 25,000
Stock repurchase program, authorized amount per quarter	6,250
Repurchase of common shares	11,501		$ 4,596	$ 1,880
Investments [Abstract]
Total unrealized gain (loss) before federal income tax expense (benefit)	12,491		(7,859)
Deferred tax benefit (liability)	(2,628)		1,651
Net unrealized gains (losses) on investments	9,863		(6,208)
Foreign exchange adjustment [Abstract]
Total unrealized losses	(625)		(1,442)
Deferred tax benefit	131		303
Net unrealized losses on foreign exchange adjustment	(494)		(1,139)
Accumulated other comprehensive income (loss)	9,369		(7,347)
Investments [Abstract]
Pre-tax holding gains (losses) on fixed income securities arising during period	19,182	[1]	(12,253)	26,677
Less: applicable federal income tax expense (benefit)	4,028		(2,573)	9,337
Net unrealized gains (losses) on investments	15,154		(9,680)	17,340
Pre-tax gains (losses) on fixed income securities included in net income (loss) during period	(1,161)	[1]	(3,560)	7,217
Less: applicable federal income tax expense (benefit)	(244)		(748)	2,526
Other comprehensive income (loss), reclassification adjustment for sale of securities included in net income, net of tax	(917)		(2,812)	4,691
Change in unrealized gains (losses) on investments	$ 16,071		$ (6,868)	$ 12,649
Class A [Member]
Increase (Decrease) in Common Stock Outstanding and Additional Paid-In Capital [Roll Forward]
Stated value of common stock (in dollars per share)	$ 0.04
Repurchase of common stock (in shares)	11,989
Average share price (in dollars per share)	$ 15.70
Class B [Member]
Increase (Decrease) in Common Stock Outstanding and Additional Paid-In Capital [Roll Forward]
Stated value of common stock (in dollars per share)	$ 0.04
Repurchase of common stock (in shares)	665,099
Average share price (in dollars per share)	$ 17.01
Rule 10b5-1 [Member]
Increase (Decrease) in Common Stock Outstanding and Additional Paid-In Capital [Roll Forward]
Stock repurchase program, authorized amount	$ 625
[1]	Effective January 1, 2018, the Company adopted ASU 2016-01 and unrealized gains (losses) related to equity securities are no longer reflected in accumulated other comprehensive income (loss). Prior periods have not been restated to conform to the current presentation.

Other Operating Expenses (Detai

Other Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Operating Expenses [Abstract]
Amortization of gross deferred policy acquisition costs		$ 81,734	$ 78,105	$ 70,574
Other underwriting expenses		59,975	46,638	37,230
Reinsurance ceded credits		(25,932)	(23,124)	(23,187)
Total underwriting expenses		115,777	101,619	84,617
Operating expenses of non-insurance companies		22,679	32,406	28,977
Goodwill impairment charge	$ 3,152	0	3,152	0
Total other operating expenses		$ 138,456	$ 137,177	$ 113,594

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
401(k) Employee Savings and Profit Sharing Plan [Member]
Defined Contribution Plan [Abstract]
Company's contribution to the plan	$ 3,213	$ 3,486	$ 2,797

Stock Based Compensation (Detai

Stock Based Compensation (Details) $ / shares in Units, $ in Thousands	Nov. 05, 2019USD ($)Managershares	May 22, 2019shares	Nov. 13, 2018shares	Feb. 08, 2017USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Summary of stock Issuances [Abstract]
Stock based compensation expense | $					$ 1,529	$ 475	$ 1,154
Class B [Member]
Share-based Compensation [Abstract]
Shares distribution period from grant date					1 year
Summary of stock Issuances [Abstract]
Vesting period					3 years
Class B [Member] | 5/9/2017 [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)					18,183
Vesting date					May 9, 2018
Service period					7/1/2017 - 6/30/2018
Grant date fair value per share (in dollars per share) | $ / shares					$ 24.20
Class B [Member] | 8/31/2017 [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)					1,257
Vesting date					May 9, 2018
Service period					8/31/2017 - 6/30/2018
Grant date fair value per share (in dollars per share) | $ / shares					$ 21.90
Class B [Member] | 2/9/2018 [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)					408
Vesting date					May 9, 2018
Service period					2/9/2018 - 6/30/2018
Grant date fair value per share (in dollars per share) | $ / shares					$ 24.20
Class B [Member] | 5/8/2018 [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)					19,085
Vesting date					May 8, 2019
Service period					7/1/2018 - 6/30/2019
Grant date fair value per share (in dollars per share) | $ / shares					$ 23.05
Class B [Member] | 5/7/2019 [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)					29,536
Vesting date					May 7, 2020
Service period					7/1/2019 - 6/30/2020
Grant date fair value per share (in dollars per share) | $ / shares					$ 16.25
Class B [Member] | 5/17/2019 [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)					3,591
Vesting date					May 7, 2020
Service period					7/1/2019 - 6/30/2020
Grant date fair value per share (in dollars per share) | $ / shares					$ 16.25
Class B [Member] | 5/22/2019 [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)					3,541
Vesting date					May 7, 2020
Service period					7/1/2019 - 6/30/2020
Grant date fair value per share (in dollars per share) | $ / shares					$ 16.25
Class B [Member] | Outside Director [Member]
Summary of stock Issuances [Abstract]
Compensation cost charged against income | $					$ 518	$ 464	$ 454
Class B [Member] | Executives [Member]
Summary of stock Issuances [Abstract]
Grant date fair value per share (in dollars per share) | $ / shares				$ 23.80
Shares awarded (in shares)				20,181
Total value of shares issued | $				$ 480
Restricted [Member] | Class B [Member] | Chief Executive Officer [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)			85,000
Stock based compensation expense | $					$ 876
Restricted [Member] | Class B [Member] | Chief Executive Officer [Member] | 10/17/2019 [Member]
Summary of stock Issuances [Abstract]
Number of shares vested (in shares)			42,500
Restricted [Member] | Class B [Member] | Chief Executive Officer [Member] | 10/17/2020 [Member]
Summary of stock Issuances [Abstract]
Number of shares vested (in shares)			21,250
Restricted [Member] | Class B [Member] | Chief Executive Officer [Member] | 10/17/2021 [Member]
Summary of stock Issuances [Abstract]
Number of shares vested (in shares)			21,250
Restricted [Member] | Class B [Member] | Senior Management [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)	1,100
Stock based compensation expense | $	$ 44
Number of members awarded equity compensation | Manager	7
2017 VCIP Awards [Member] | Performance Based Equity Award [Member] | Class B [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)					0
Vesting period					3 years
Performance period					3 years
2018 LTIP Awards [Member] | Performance Based Equity Award [Member] | Class B [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)					0
2018 VCIP Awards [Member] | Performance Based Equity Award [Member] | Class B [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)					0
Vesting period					3 years
Performance period					3 years
2019 LTIP Awards [Member] | Performance Based Equity Award [Member] | Class B [Member]
Summary of stock Issuances [Abstract]
Vesting period					3 years
Stock based compensation expense | $					$ 71
Annual vesting percentage of shares in year one					33.30%
Annual vesting percentage of shares in year two					33.30%
Annual vesting percentage of shares in year three					33.30%
Edgecliffe-Johnson Stock Grant [Member] | Restricted [Member] | Class B [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)		70,000
Stock based compensation expense | $					$ 192
Edgecliffe-Johnson Stock Grant [Member] | Restricted [Member] | Class B [Member] | 6/01/2022 [Member]
Summary of stock Issuances [Abstract]
Number of shares vested (in shares)		35,000
Edgecliffe-Johnson Stock Grant [Member] | Restricted [Member] | Class B [Member] | 6/01/2023 [Member]
Summary of stock Issuances [Abstract]
Number of shares vested (in shares)		21,000
Edgecliffe-Johnson Stock Grant [Member] | Restricted [Member] | Class B [Member] | 6/01/2024 [Member]
Summary of stock Issuances [Abstract]
Number of shares vested (in shares)		14,000

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)Segment	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Segment Information [Abstract]
Number of reportable segments | Segment									1
Revenues [Abstract]
Net premiums earned	$ 111,357	$ 110,288	$ 115,631	$ 110,012	$ 118,671	$ 96,807	$ 111,940	$ 105,462	$ 447,288	$ 432,880	$ 328,145
Net investment income	6,815	6,703	6,500	6,231	6,038	5,578	5,796	4,636	26,249	22,048	18,095
Net realized and unrealized gains (losses) on investments	$ 3,848	$ 125	$ 2,889	$ 6,027	$ (20,096)	$ 2,373	$ (3,435)	$ (4,533)	12,889	(25,691)	19,686
Commissions and other income									9,171	9,932	5,308
Total revenues									495,597	439,169	371,234
Property and Casualty Insurance [Member]
Revenues [Abstract]
Net premiums earned									447,288	432,880	328,145
Net investment income									26,249	22,048	18,095
Net realized and unrealized gains (losses) on investments									12,889	(25,691)	19,686
Commissions and other income									9,171	9,932	5,308
Total revenues									$ 495,597	$ 439,169	$ 371,234

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of the denominators used in the calculation of basic and diluted earnings (loss) per share [Abstract]
Average shares outstanding for basic earnings (loss) per share (in shares)	14,520,815	14,964,812	15,065,216
Dilutive effect of share equivalents (in shares)	99,118	0	42,220
Average shares outstanding for diluted earnings (loss) per share (in shares)	14,619,933	14,964,812	15,107,436

Concentrations of Credit Risk (

Concentrations of Credit Risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Concentrations of Credit Risk [Abstract]
Guarantor obligations, aggregate amount of collateral held	$ 328,559
Collateral held that is equal to the ultimate losses that would be paid or due in the event of insured's default	100.00%
Uncollateralized exposure as a percentage of shareholder's equity	79.00%
First largest estimated amounts due from individual reinsurers	$ 53,915
Second largest estimated amounts due from individual reinsurers	$ 44,462

Acquisition and Related Goodw_2

Acquisition and Related Goodwill and Intangibles (Details) - USD ($) $ in Thousands	Oct. 31, 2008	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Combination [Abstract]
Goodwill impairment loss		$ 3,152	$ 0	$ 3,152	$ 0
Commercial Lines Specialty Insurance Agency [Member]
Business Combination [Abstract]
Cash purchase price	$ 3,500
Recorded goodwill	3,152
Intangible assets acquired	$ 179
Accumulated amortization on intangible assets		179	$ 179	$ 179
Goodwill impairment loss		$ 3,152

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fixed income securities [Abstract]
Total fixed income securities	$ 795,538	$ 592,645
Equity securities [Abstract]
Total equity securities	76,812	66,422
Transfers Between Levels [Abstract]
Transfers of assets from Level 1 to Level 2	0	0
Transfers of assets from Level 2 to Level 1	0	0
Recurring [Member]
Fixed income securities [Abstract]
Agency collateralized mortgage obligations	12,093	10,687
Agency mortgage-backed securities	56,280	37,385
Asset-backed securities	106,397	64,422
Bank loans	14,568	9,750
Certificates of deposit	2,835	2,835
Collateralized mortgage obligations	5,616	5,423
Corporate securities	276,087	186,651
Options embedded in convertible securities	5,294	3,799
Mortgage-backed securities	47,463	38,540
Municipal obligations	36,286	29,155
Non-U.S. government obligations	24,179	25,180
U.S. government obligations	208,440	178,818
Total fixed income securities	795,538	592,645
Equity securities [Abstract]
Consumer	16,707	17,945
Energy	3,074	3,179
Financial	31,577	25,253
Industrial	4,927	6,920
Technology	2,817	2,303
Funds (e.g., mutual funds, closed end funds, ETFs)	9,460	5,489
Other	8,250	5,333
Total equity securities	76,812	66,422
Short-term	1,000	1,000
Cash equivalents	59,780	156,855
Total	933,130	816,922
Recurring [Member] | Level 1 [Member]
Fixed income securities [Abstract]
Agency collateralized mortgage obligations	0	0
Agency mortgage-backed securities	0	0
Asset-backed securities	0	0
Bank loans	0	0
Certificates of deposit	2,835	2,835
Collateralized mortgage obligations	0	0
Corporate securities	0	0
Options embedded in convertible securities	0	0
Mortgage-backed securities	0	0
Municipal obligations	0	0
Non-U.S. government obligations	0	0
U.S. government obligations	0	0
Total fixed income securities	2,835	2,835
Equity securities [Abstract]
Consumer	16,707	17,945
Energy	3,074	3,179
Financial	31,577	25,253
Industrial	4,927	6,920
Technology	2,817	2,303
Funds (e.g., mutual funds, closed end funds, ETFs)	9,460	5,489
Other	8,250	5,333
Total equity securities	76,812	66,422
Short-term	1,000	1,000
Cash equivalents	0	0
Total	80,647	70,257
Recurring [Member] | Level 2 [Member]
Fixed income securities [Abstract]
Agency collateralized mortgage obligations	12,093	10,687
Agency mortgage-backed securities	56,280	37,385
Asset-backed securities	106,397	64,422
Bank loans	14,568	9,750
Certificates of deposit	0	0
Collateralized mortgage obligations	5,616	5,423
Corporate securities	276,087	186,651
Options embedded in convertible securities	5,294	3,799
Mortgage-backed securities	47,463	38,540
Municipal obligations	36,286	29,155
Non-U.S. government obligations	24,179	25,180
U.S. government obligations	208,440	178,818
Total fixed income securities	792,703	589,810
Equity securities [Abstract]
Consumer	0	0
Energy	0	0
Financial	0	0
Industrial	0	0
Technology	0	0
Funds (e.g., mutual funds, closed end funds, ETFs)	0	0
Other	0	0
Total equity securities	0	0
Short-term	0	0
Cash equivalents	59,780	156,855
Total	852,483	746,665
Recurring [Member] | Level 3 [Member]
Fixed income securities [Abstract]
Agency collateralized mortgage obligations	0	0
Agency mortgage-backed securities	0	0
Asset-backed securities	0	0
Bank loans	0	0
Certificates of deposit	0	0
Collateralized mortgage obligations	0	0
Corporate securities	0	0
Options embedded in convertible securities	0	0
Mortgage-backed securities	0	0
Municipal obligations	0	0
Non-U.S. government obligations	0	0
U.S. government obligations	0	0
Total fixed income securities	0	0
Equity securities [Abstract]
Consumer	0	0
Energy	0	0
Financial	0	0
Industrial	0	0
Technology	0	0
Funds (e.g., mutual funds, closed end funds, ETFs)	0	0
Other	0	0
Total equity securities	0	0
Short-term	0	0
Cash equivalents	0	0
Total	$ 0	$ 0

Fair Value, Balance Sheet Group

Fair Value, Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets [Abstract]
Limited partnerships	$ 23,292	$ 55,044
Carrying Value [Member]
Assets [Abstract]
Limited partnerships	23,292	55,044
Commercial mortgage loans	11,782	6,672
Liabilities [Abstract]
Short-term borrowings	20,000	20,000
Fair Value [Member]
Assets [Abstract]
Limited partnerships	23,292	55,044
Commercial mortgage loans	12,068	6,672
Liabilities [Abstract]
Short-term borrowings	20,000	20,000
Fair Value [Member] | Level 1 [Member]
Assets [Abstract]
Limited partnerships	0	0
Commercial mortgage loans	0	0
Liabilities [Abstract]
Short-term borrowings	0	0
Fair Value [Member] | Level 2 [Member]
Assets [Abstract]
Limited partnerships	0	0
Commercial mortgage loans	0	0
Liabilities [Abstract]
Short-term borrowings	20,000	20,000
Fair Value [Member] | Level 3 [Member]
Assets [Abstract]
Limited partnerships	23,292	55,044
Commercial mortgage loans	12,068	6,672
Liabilities [Abstract]
Short-term borrowings	$ 0	$ 0

Quarterly Results of Operatio_3

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Results of Operations (Unaudited) [Abstract]
Net premiums earned	$ 111,357	$ 110,288	$ 115,631	$ 110,012	$ 118,671	$ 96,807	$ 111,940	$ 105,462	$ 447,288	$ 432,880	$ 328,145
Net investment income	6,815	6,703	6,500	6,231	6,038	5,578	5,796	4,636	26,249	22,048	18,095
Net realized and unrealized gains (losses) on investments	3,848	125	2,889	6,027	(20,096)	2,373	(3,435)	(4,533)	12,889	(25,691)	19,686
Losses and loss expenses incurred	86,132	84,781	90,433	87,122	101,537	94,540	77,488	72,298	348,468	345,864	247,518
Net income (loss)	$ 3,771	$ (707)	$ 1,535	$ 2,748	$ (24,567)	$ (12,325)	$ 2,487	$ 330	$ 7,347	$ (34,075)	$ 18,323
Net income (loss) per share (in dollars per share)	$ 0.26	$ (0.05)	$ 0.11	$ 0.18	$ (1.65)	$ (0.82)	$ 0.17	$ 0.02	$ 0.50	$ (2.28)	$ 1.21

Statutory (Details)

Statutory (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statutory [Abstract]
Net income of the insurance subsidiaries in accordance with statutory accounting practices	$ 25,302	$ 36,236	$ 22,000
Consolidated statutory capital and surplus for subsidiaries	371,793	$ 395,891
Amount of statutory surplus transferred by dividend or loan to the parent company	37,937
Minimum statutory surplus necessary for the insurance subsidiaries to satisfy statutory risk based capital requirements	131,608
Consolidated statutory capital and surplus exceeded requirement	$ 240,185

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases [Abstract]
Lease expense	$ 302	$ 204	$ 417
Future lease payments for operating leases with initial or remaining noncancelable term of one year or more [Abstract]
2020	114
2021	15
2021	1
2023 and thereafter	0
Total minimum payments required	130
Right-of-use asset	$ 127
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets
Lease liability	$ 127
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndOtherAccruedLiabilities

Debt (Details)

Debt (Details) - Revolving Credit Facility [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Covenant	Aug. 09, 2018USD ($)
Credit Agreement [Abstract]
Maximum credit limit		$ 40,000
Additional incremental loans limit		$ 35,000
Expiration date	Aug. 9, 2022
Optional period of fixed interest	1 year
Outstanding drawings	$ 20,000
Effective interest rate	2.88%
Amount remaining under credit facility	$ 20,000
Number of financial covenants | Covenant	2
Net worth and maximum consolidated debt to equity ratio	0.35

Related Parties (Details)

Related Parties (Details) - Investment Firm Services [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Director	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Related Party [Abstract]
Management fees and commissions	$ 145	$ 103	$ 97
Director [Member]
Related Party [Abstract]
Number of related parties | Director	1
Market value of equity and fixed maturity securities portfolio	$ 8,883

Litigation, Commitments and C_2

Litigation, Commitments and Contingencies (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Loss Contingency [Abstract]
Estimated recoverable amount	$ 432,067	$ 432,067	$ 392,436
Personnel Staffing Group d/b/a MVP Staffing [Member]
Loss Contingency [Abstract]
Per claim deductible amount		500
Damages sought		$ 0
Percentage of required collateral	110.00%	110.00%
Deductible receivables	$ 10,800	$ 10,800
Average monthly deductible invoices	1,500
Estimated recoverable amount	44,600	44,600
Personnel Staffing Group d/b/a MVP Staffing [Member] | Minimum [Member]
Loss Contingency [Abstract]
Loss fund	$ 4,000	$ 4,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 12, 2020	Jan. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Subsequent Event [Abstract]
Amount withdrawn from partnership			$ 33,396	$ 6,869	$ 19,230
Subsequent Event [Member]
Subsequent Event [Abstract]
Dividend payable, date declared	Feb. 12, 2020
Dividend payable, date to be paid	Mar. 11, 2020
Dividend payable, date of record	Feb. 26, 2020
Subsequent Event [Member] | Class A [Member]
Subsequent Event [Abstract]
Dividend payable (in dollars per share)	$ 0.10
Subsequent Event [Member] | Class B [Member]
Subsequent Event [Abstract]
Dividend payable (in dollars per share)	$ 0.10
Subsequent Event [Member] | New Vernon India Fund [Member]
Subsequent Event [Abstract]
Amount withdrawn from partnership		$ 13,167

SCHEDULE I - SUMMARY OF INVES_2

SCHEDULE I - SUMMARY OF INVESTMENTS OTHER THAN INVESTMENTS IN RELATED PARTIES (Details) - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		$ 783,047	$ 600,504
Investments classified as cash and cash equivalents		59,780
Total Investments [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		860,135
Fair value		885,418
Amount at which shown in the balance sheet	[1]	885,132
Fixed Income Securities [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		783,047
Fair value		795,538
Amount at which shown in the balance sheet	[1]	795,538
Equity Securities [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		64,306
Fair value		76,812
Amount at which shown in the balance sheet	[1]	76,812
Bonds [Member] | Agency Collateralized Mortgage Obligations [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		11,557
Fair value		12,093
Amount at which shown in the balance sheet	[1]	12,093
Bonds [Member] | Agency Mortgage-backed Securities [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		54,286
Fair value		56,280
Amount at which shown in the balance sheet	[1]	56,280
Bonds [Member] | Asset-backed Securities [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		107,028
Fair value		106,397
Amount at which shown in the balance sheet	[1]	106,397
Bonds [Member] | Bank Loans [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		14,932
Fair value		14,568
Amount at which shown in the balance sheet	[1]	14,568
Bonds [Member] | Certificates of Deposit [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		2,835
Fair value		2,835
Amount at which shown in the balance sheet	[1]	2,835
Bonds [Member] | Collateralized Mortgage Obligations [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		5,123
Fair value		5,616
Amount at which shown in the balance sheet	[1]	5,616
Bonds [Member] | Corporate Securities [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		274,340
Fair value		281,381
Amount at which shown in the balance sheet	[1]	281,381
Bonds [Member] | Mortgage-backed Securities [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		46,685
Fair value		47,463
Amount at which shown in the balance sheet	[1]	47,463
Bonds [Member] | Municipal Obligations [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		35,749
Fair value		36,286
Amount at which shown in the balance sheet	[1]	36,286
Bonds [Member] | Non-U.S. Government Obligations [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		23,889
Fair value		24,179
Amount at which shown in the balance sheet	[1]	24,179
Bonds [Member] | U.S. Government Obligations [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		206,623
Fair value		208,440
Amount at which shown in the balance sheet	[1]	208,440
Common Stocks [Member] | Consumer [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		13,473
Fair value		16,707
Amount at which shown in the balance sheet	[1]	16,707
Common Stocks [Member] | Energy [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		3,618
Fair value		3,074
Amount at which shown in the balance sheet	[1]	3,074
Common Stocks [Member] | Financial [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		25,523
Fair value		31,577
Amount at which shown in the balance sheet	[1]	31,577
Common Stocks [Member] | Industrial [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		3,476
Fair value		4,927
Amount at which shown in the balance sheet	[1]	4,927
Common Stocks [Member] | Technology [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		1,056
Fair value		2,817
Amount at which shown in the balance sheet	[1]	2,817
Common Stocks [Member] | Funds (e.g. mutual funds, closed end funds, ETFs) [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		10,313
Fair value		9,460
Amount at which shown in the balance sheet	[1]	9,460
Common Stocks [Member] | Other [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		6,847
Fair value		8,250
Amount at which shown in the balance sheet	[1]	8,250
Commercial Mortgage Loans [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		11,782
Fair value		12,068
Amount at which shown in the balance sheet		11,782
Total Short-term and Other [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		1,000
Fair value		1,000
Amount at which shown in the balance sheet	[1]	1,000
Short-term [Member] | Certificates of Deposit [Member]
Summary of Investments, Other than Investments in Related Parties [Abstract]
Cost		1,000
Fair value		1,000
Amount at which shown in the balance sheet	[1]	$ 1,000
[1]	Amounts presented above do not include investments of $59,780 classified as cash and cash equivalents in the consolidated balance sheet.

SCHEDULE II - CONDENSED FINAN_2

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Investments other than subsidiaries [Abstract]
Fixed income securities												$ 795,538	$ 592,645
Limited partnerships												23,292	55,044
Total Investments												908,424	721,783
Cash and cash equivalents	$ 67,851			$ 163,996	$ 163,996				$ 67,851	$ 163,996		67,851	163,996
OtherAssets												24,566	24,760
Total Assets												1,634,360	1,490,131
Liabilities [Abstract]
Short-term borrowings												20,000	20,000
Total Liabilities												1,270,044	1,134,049
Shareholders' equity [Abstract]
Additional paid-in capital												53,349	54,720
Accumulated other comprehensive income (loss)												9,369	(7,347)
Retained earnings												300,988	308,075
Total Shareholders' Equity												364,316	356,082	$ 418,811	$ 404,345
Total Liabilities and Shareholders' Equity												1,634,360	1,490,131
Revenue [Abstract]
Net investment income	6,815	$ 6,703	$ 6,500	6,231	6,038	$ 5,578	$ 5,796	$ 4,636	26,249	22,048	$ 18,095
Net realized gains (losses) on investments	3,848	125	2,889	6,027	(20,096)	2,373	(3,435)	(4,533)	12,889	(25,691)	19,686
Total revenues									495,597	439,169	371,234
Expenses [Abstract]
Other									138,456	137,177	113,594
Total expenses									486,924	483,041	361,112
Federal income tax benefit									1,326	(9,797)	(8,201)
Net income (loss)	3,771	(707)	1,535	2,748	(24,567)	(12,325)	2,487	330	7,347	(34,075)	18,323
Condensed Statements of Comprehensive Income [Abstract]
Net income (loss)	3,771	$ (707)	$ 1,535	2,748	(24,567)	$ (12,325)	$ 2,487	330	7,347	(34,075)	18,323
Other comprehensive income (loss), net of tax [Abstract]
Foreign currency translation adjustments									645	(830)	522
Other comprehensive income (loss)									16,716	(7,698)	13,171
Unrealized net gains (losses) on fixed income securities									16,071	(6,868)	12,649
Comprehensive income (loss)									24,063	(41,773)	31,494
Condensed Statements of Cash Flows [Abstract]
Net cash provided by operating activities									86,680	100,708	97,744
Investing activities [Abstract]
Net sales of short-term investments									0	0	500
Distributions from limited partnerships									33,396	6,869	19,230
Net purchases of property and equipment									(1,953)	(5,439)	(6,661)
Net cash provided by (used in) investing activities									(151,890)	23,651	(74,347)
Financing activities [Abstract]
Dividends paid to shareholders									(5,857)	(16,835)	(16,302)
Repurchase of common shares									(11,501)	(4,596)	(1,880)
Net cash used in financing activities									(17,358)	(21,431)	(18,182)
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents									(81,923)	102,098	5,737
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year				163,996					163,996
Cash, cash equivalents and restricted cash and cash equivalents at end of year	67,851				163,996				67,851	163,996
Class A [Member]
Shareholders' equity [Abstract]
Common stock												111	112
Class B [Member]
Shareholders' equity [Abstract]
Common stock												499	522
Baldwin & Lyons, Inc. [Member]
Assets [Abstract]
Investment in subsidiaries												398,725	401,260
Due from affiliates												1,579	1,152
Investments other than subsidiaries [Abstract]
Fixed income securities												23,979	22,302
Limited partnerships												206	215
Total Investments												24,185	22,517
Cash and cash equivalents	7,059			15,185	15,185			26,496	7,059	26,496	14,995	7,059	15,185	$ 26,496	$ 14,995
Accounts receivable												5,606	2,276
OtherAssets												22,153	28,794
Total Assets												459,307	471,184
Liabilities [Abstract]
Premiums payable												20,238	22,964
Deposits from insureds												42,067	58,748
Short-term borrowings												20,000	20,000
Other liabilities												12,686	13,390
Total Liabilities												94,991	115,102
Shareholders' equity [Abstract]
Additional paid-in capital												53,349	54,720
Accumulated other comprehensive income (loss)												9,369	(7,347)
Retained earnings												300,988	308,075
Total Shareholders' Equity												364,316	356,082
Total Liabilities and Shareholders' Equity												459,307	471,184
Revenue [Abstract]
Commissions and service fees									14,149	17,456	18,863
Cash dividends from subsidiaries									0	5,000	10,000
Net investment income									692	569	348
Net realized gains (losses) on investments									(46)	(192)	308
Other									17	51	(106)
Total revenues									14,812	22,884	29,413
Expenses [Abstract]
Salary and related items									11,804	20,158	18,140
Other									10,386	11,724	9,686
Total expenses									22,190	31,882	27,826
Income (loss) before federal income tax benefit and equity in undistributed income of subsidiaries									(7,378)	(8,998)	1,587
Federal income tax benefit									(1,452)	(2,862)	(2,971)
Income after federal income taxes and equity in undistributed income of subsidiaries									(5,926)	(6,136)	4,558
Equity in undistributed income of subsidiaries									13,273	(27,939)	13,765
Net income (loss)									7,347	(34,075)	18,323
Condensed Statements of Comprehensive Income [Abstract]
Net income (loss)									7,347	(34,075)	18,323
Other comprehensive income (loss), net of tax [Abstract]
Foreign currency translation adjustments									645	(830)	522
Other comprehensive income (loss)									16,716	(7,698)	13,171
Unrealized net gains (losses) on fixed income securities									16,071	(6,868)	12,649
Comprehensive income (loss)									24,063	(41,773)	31,494
Condensed Statements of Cash Flows [Abstract]
Net cash provided by operating activities									10,643	14,019	44,998
Investing activities [Abstract]
Purchases of investments									(4,967)	(11,435)	(21,365)
Sales or maturities of investments									3,935	11,213	9,146
Net sales of short-term investments									0	0	0
Distributions from limited partnerships									1	0	298
Net purchases of property and equipment									(380)	(3,677)	(3,394)
Net cash provided by (used in) investing activities									(1,411)	(3,899)	(15,315)
Financing activities [Abstract]
Dividends paid to shareholders									(5,857)	(16,835)	(16,302)
Repurchase of common shares									(11,501)	(4,596)	(1,880)
Net cash used in financing activities									(17,358)	(21,431)	(18,182)
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents									(8,126)	(11,311)	11,501
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year				$ 15,185				$ 26,496	15,185	26,496	14,995
Cash, cash equivalents and restricted cash and cash equivalents at end of year	$ 7,059				$ 15,185				$ 7,059	$ 15,185	$ 26,496
Baldwin & Lyons, Inc. [Member] | Class A [Member]
Shareholders' equity [Abstract]
Common stock												111	112
Baldwin & Lyons, Inc. [Member] | Class B [Member]
Shareholders' equity [Abstract]
Common stock												$ 499	$ 522

SCHEDULE III - SUPPLEMENTARY _2

SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION (Details) - Property/Casualty Insurance [Member] - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Supplementary Insurance Information [Abstract]
Deferred policy acquisition costs		$ 8,496	$ 6,568	$ 5,608
Reserves for unpaid claims and claim adjustment expenses		988,305	865,339	680,274
Unearned premiums		74,810	71,625	53,085
Other policy claims and benefits payable		0	0	0
Net premium earned		447,288	432,880	328,145
Net investment income	[1]	26,249	22,048	18,095
Benefits, claims, losses and settlement expenses	[1]	348,468	345,864	247,518
Amortization of deferred policy acquisition costs		81,734	78,105	70,574
Other operating expenses	[1],[2]	34,043	23,514	14,043
Net premiums written		$ 452,242	$ 444,398	$ 353,389
[1]	Allocations of certain expenses have been made to investment income, settlement expenses and other operating expenses and are based on a number of assumptions and estimates. Results among these categories would change if different methods were applied.
[2]	Commission allowances relating to reinsurance ceded are offset against other operating expenses.

SCHEDULE IV - REINSURANCE (Deta

SCHEDULE IV - REINSURANCE (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SCHEDULE IV - REINSURANCE [Abstract]
Direct premiums										$ 570,959	$ 562,364	$ 470,158
Ceded to other companies	[1]									124,446	131,080	145,201
Assumed from other companies										775	1,596	3,188
Net		$ 111,357	$ 110,288	$ 115,631	$ 110,012	$ 118,671	$ 96,807	$ 111,940	$ 105,462	$ 447,288	$ 432,880	$ 328,145
% of amount assumed to net										0.20%	0.40%	1.00%
Retrocessions associated with premiums assumed from other companies										$ 0	$ 0	$ 0
[1]	Included in Ceded to Other Companies is $0 for each of 2019, 2018 and 2017 relating to retrocessions associated with premiums assumed from other companies. Percentage of Amount Assumed to Net above considers the impact of this retrocession.

SCHEDULE VI - SUPPLEMENTAL IN_2

SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY/CASUALTY INSURANCE OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Supplemental Information, Property-Casualty Insurance [Abstract]
Deferred policy acquisition costs	$ 8,496	$ 6,568	$ 5,608
Reserves for unpaid claims and claim adjustment expenses	988,305	865,339	680,274
Discount if any deducted from reserves	0	0	0
Unearned premiums	74,810	71,625	53,085
Earned premiums	447,288	432,880	328,145
Net investment income	26,249	22,048	18,095
Claims and claim adjustment expenses incurred related to current year	349,018	329,078	228,303
Claims and claim adjustment expenses incurred related to prior years	(550)	16,786	19,215
Amortization of deferred policy acquisition costs	81,734	78,105	70,574
Paid claims and claim adjustment expenses	247,872	228,591	200,154
Net premiums written	$ 452,242	$ 444,398	$ 353,389