Protective Insurance (PTVCA) 10-Q 6 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 05, 2020
Entity Information [Line Items]
Entity Registrant Name	Protective Insurance Corp
Entity Central Index Key	0000009346
Current Fiscal Year End Date	--12-31
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 Common Stock, Shares Outstanding		14,182,896
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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		11,579,546

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments:
Fixed income securities	$ 746,856	$ 795,538
Equity securities	70,320	76,812
Limited partnerships	7,981	23,292
Commercial mortgage loans	11,882	11,782
Short-term and other	1,000	1,000
Total Investments	838,039	908,424
Cash and cash equivalents	89,318	67,851
Restricted cash and cash equivalents	10,813	21,037
Accounts receivable	89,510	111,762
Reinsurance recoverable	415,021	432,067
Other assets	94,009	86,306
Current federal income taxes recoverable	4,381	4,878
Deferred federal income taxes	11,004	2,035
Total Assets	1,552,095	1,634,360
Liabilities and shareholders' equity
Reserves for losses and loss expenses	1,001,599	988,305
Reserves for unearned premiums	70,686	74,810
Reinsurance payable	47,562	65,835
Short-term borrowings	20,000	20,000
Accounts payable and other liabilities	106,865	121,094
Total Liabilities	1,246,712	1,270,044
Shareholders' equity:
Additional paid-in capital	53,045	53,349
Accumulated other comprehensive income (loss)	(12,179)	9,369
Retained earnings	263,911	300,988
Total Shareholders' Equity	305,383	364,316
Total Liabilities and Shareholders' Equity	1,552,095	1,634,360
Class A Voting [Member]
Shareholders' equity:
Common stock	111	111
Class B Non-voting [Member]
Shareholders' equity:
Common stock	$ 495	$ 499

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Class A Voting [Member]
Shareholders' equity:
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	3,000,000	3,000,000
Common stock, shares outstanding (in shares)	2,603,350	2,603,350
Class B Non-voting [Member]
Shareholders' equity:
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares outstanding (in shares)	11,579,546	11,675,956

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Net premiums earned	$ 109,659	$ 110,013
Net investment income	7,236	6,232
Commissions and other income	1,663	2,064
Net realized losses on investments, excluding impairment losses	(4,787)	(39)
Impairment losses on investments	(40)	(260)
Net unrealized gains (losses) on equity securities and limited partnership investments	(22,929)	6,327
Net realized and unrealized gains (losses) on investments	(27,756)	6,028
Total revenues	90,802	124,337
Expenses
Losses and loss expenses incurred	81,831	87,122
Other operating expenses	34,110	33,701
Total expenses	115,941	120,823
Income (loss) before federal income tax expense (benefit)	(25,139)	3,514
Federal income tax expense (benefit)	(2,983)	766
Net income (loss)	$ (22,156)	$ 2,748
Per share data:
Basic and diluted earnings (loss) (in dollars per share)	$ (1.56)	$ 0.18
Reconciliation of shares outstanding:
Average shares outstanding - basic (in shares)	14,169	14,848
Dilutive effect of share equivalents (in shares)	0	30
Average shares outstanding - diluted (in shares)	14,169	14,878

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income	$ (22,156)	$ 2,748
Other comprehensive income (loss), net of tax:
Unrealized net gains (losses) on fixed income securities	(20,861)	8,456
Foreign currency translation adjustments	(687)	307
Other comprehensive income (loss)	(21,548)	8,763
Comprehensive income (loss)	$ (43,704)	$ 11,511

Unaudited Condensed Consolida_5

Unaudited Condensed 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 B [Member]Common Stock [Member]	Class B [Member]
Beginning balance at Dec. 31, 2018	$ 54,720	$ (7,347)	$ 308,075	$ 356,082	$ 112	$ 522
Beginning balance (in shares) at Dec. 31, 2018					2,615,000	12,254,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss (income)	0	0	2,748	2,748	$ 0	$ 0
Foreign currency translation adjustment, net of tax	0	307	0	307	0	0
Change in unrealized gain (loss) on investments, net of tax	0	8,456	0	8,456	0	0
Common stock dividends	0	0	(1,493)	(1,493)	0	0
Repurchase of common stock	(108)	0	(359)	(468)	$ 0	$ (1)
Repurchase of common stock (in shares)					0	(25,000)
Restricted stock grants	437	0	0	438	$ 0	$ 1
Restricted stock grants (in shares)					0	20,000
Ending balance at Mar. 31, 2019	55,049	1,416	308,971	366,070	$ 112	$ 522
Ending balance (in shares) at Mar. 31, 2019					2,615,000	12,249,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of the adoption of updated accounting guidance for credit losses, net of tax | ASU 2016-13 [Member]	0	0	(12,281)	(12,281)	$ 0	$ 0
Beginning balance at Dec. 31, 2019	53,349	9,369	300,988	364,316	$ 111	$ 499
Beginning balance (in shares) at Dec. 31, 2019					2,603,000	11,676,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss (income)	0	0	(22,156)	(22,156)	$ 0	$ 0
Foreign currency translation adjustment, net of tax	0	(687)	0	(687)	0	0
Change in unrealized gain (loss) on investments, net of tax	0	(20,861)	0	(20,861)	0	0
Common stock dividends	0	0	(1,426)	(1,426)	0	0
Repurchase of common stock	(563)	0	(1,214)	(1,782)	$ 0	$ (5)
Repurchase of common stock (in shares)					0	(127,000)	(126,764)
Restricted stock grants	259	0	0	260	$ 0	$ 1
Restricted stock grants (in shares)					0	31,000
Ending balance at Mar. 31, 2020	$ 53,045	$ (12,179)	$ 263,911	$ 305,383	$ 111	$ 495
Ending balance (in shares) at Mar. 31, 2020					2,603,000	11,580,000

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net income (loss)	$ (22,156)	$ 2,748
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	20,844	8,657
Net cash provided by (used in) operating activities	(1,312)	11,405
Investing activities
Purchases of fixed income and equity securities	(82,641)	(140,645)
Purchases of limited partnership interests	0	0
Distributions from limited partnerships	14,636	17,214
Proceeds from maturities	31,088	16,776
Proceeds from sales of fixed income securities	48,552	52,199
Proceeds from sales of equity securities	5,480	9,169
Purchase of insurance company-owned life insurance	0	0
Purchase of commercial mortgage loans	(368)	(1,172)
Proceeds from commercial mortgage loans	72	0
Purchases of property and equipment	(369)	(797)
Proceeds from disposals of property and equipment	0	0
Net cash provided by (used in) investing activities	16,450	(47,256)
Financing activities
Dividends paid to shareholders	(1,426)	(1,493)
Repurchase of common shares	(1,782)	(468)
Net cash used in financing activities	(3,208)	(1,961)
Effect of foreign exchange rates on cash and cash equivalents	(687)	307
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	11,243	(37,505)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	88,888	170,811
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$ 100,131	$ 133,306

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(1) Summary of Significant Accounting Policies: Description of Business: The term “Insurance Subsidiaries,” as used throughout this document, refers to Protective Insurance Company, Protective Specialty Insurance Company, Sagamore Insurance Company and B&L Insurance, Ltd. Basis of Presentation: Accounting Policies Investments : Commercial mortgage loans are carried primarily at amortized cost along with an 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 Company recorded an allowance of $195 on its commercial mortgage loans as of March 31, 2020 in conjunction with the adoption of the new credit losses accounting standard discussed below. 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 condensed 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 other comprehensive income (loss) within 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 losses on investments, excluding impairment losses within the condensed 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 losses on investments, excluding impairment losses. Equity securities are 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 condensed consolidated statements of operations. Realized gains and losses on disposals of equity securities are recorded on the trade date and included in net realized losses on investments, excluding impairment losses. Recognition of Revenue and Costs: The following accounting policies have been updated effective January 1, 2020 to reflect the Company's adoption of Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, or ASU 2016-13, Investment Impairments: For a fixed income security 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 the security, the Company separates the credit loss component of the impairment from the amount related to all other factors and reports the credit loss component within net realized losses on investments, excluding impairment losses in the condensed consolidated statements of operations. The impairment related to all other factors (non-credit factors) is reported in other comprehensive income (loss). The allowance is adjusted for any additional credit losses and subsequent recoveries. Upon recognizing a credit loss, the cost basis is not adjusted. The Company considers the extent to which fair value is below amortized cost in determining whether a credit-related loss exists. The Company also considers the credit quality rating of the security, focusing on those below investment grade, with emphasis on securities downgraded below investment grade. Additionally, the Company may conclude that a qualitative analysis is sufficient to support its conclusion that the present value of the expected cash flows equals or exceeds a security’s amortized cost. The Company reports investment income due and accrued separately from available-for-sale fixed income securities and has elected not to measure an allowance for credit losses for investment income due and accrued. Investment income due and accrued is written off through at the time the issuer defaults or is expected to default on payments. Deductible Receivables : Recently Adopted Accounting Pronouncements: condensed condensed March 31, 2020 In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13. ASU 2016-13 introduced a current expected credit loss (CECL) model for measuring expected credit losses for certain types of financial instruments held at the reporting date requiring significant judgment in application based on historical experience, current conditions and reasonable supportable forecasts, but is not prescriptive about certain aspects of estimating expected losses. The guidance replaced the current incurred loss model for measuring expected credit losses and provided for additional disclosure requirements. Subsequently, the FASB issued additional ASUs on Topic 326 that did not change the core principle of the guidance in ASU 2016-13, but provided clarification and implementation guidance on certain aspects of ASU 2016-13, and have the same effective date and transition requirements as ASU 2016-13. The Company adopted the guidance recognized a cumulative effect adjustment of $15,545 ($12,281, net of tax), The updated guidance in ASU 2016-13 also amended the previous 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. In 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 condensed consolidated financial statements. Recently Issued Accounting Pronouncements:

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Investments	(2) Investments: The following is a summary of available-for-sale securities at March 31, 2020 and December 31, 2019: Fair Value Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains (Losses) March 31, 2020 Fixed income securities Agency collateralized mortgage obligations $ 10,460 $ 11,016 $ 390 $ (946 ) $ (556 ) Agency mortgage-backed securities 58,619 55,675 2,950 (6 ) 2,944 Asset-backed securities 93,369 107,774 237 (14,642 ) (14,405 ) Bank loans 10,187 12,455 – (2,268 ) (2,268 ) Certificates of deposit 2,835 2,835 – – – Collateralized mortgage obligations 4,076 4,327 19 (270 ) (251 ) Corporate securities 262,160 263,356 4,682 (5,878 ) (1,196 ) Mortgage-backed securities 47,993 53,697 74 (5,778 ) (5,704 ) Municipal obligations 39,132 38,474 916 (258 ) 658 Non-U.S. government obligations 28,842 27,992 850 – 850 U.S. government obligations 189,183 179,850 9,333 – 9,333 Total fixed income securities $ 746,856 $ 757,451 $ 19,451 $ (30,046 ) $ (10,595 ) 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 The following table summarizes, for available-for-sale fixed income securities in an unrealized loss position at March 31, 2020 and December 31, 2019, the aggregate fair value and gross unrealized loss categorized by the duration individual securities have been continuously in an unrealized loss position. March 31, 2020 December 31, 2019 Number of Securities Fair Value Gross Unrealized Loss Number of Securities Fair Value Gross Unrealized Loss Fixed income securities: 12 months or less 270 $ 225,745 $ (25,029 ) 88 $ 108,387 $ (2,452 ) Greater than 12 months 20 20,410 (5,017 ) 69 66,860 (1,100 ) Total fixed income securities 290 $ 246,155 $ (30,046 ) 157 $ 175,247 $ (3,552 ) The fair value and the cost or amortized costs of fixed income investments at March 31, 2020, 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 $ 97,469 $ 96,889 Excess of one year to five years 293,569 289,041 Excess of five years to ten years 132,550 130,161 Excess of ten years 12,828 13,198 Contractual maturities 536,416 529,289 Asset-backed securities 210,440 228,162 Total $ 746,856 $ 757,451 Following is a summary of the components of net realized and unrealized gains (losses) on investments for the periods presented in the accompanying condensed consolidated statements of operations. Three Months Ended March 31 2020 2019 Gross gains on available-for-sale fixed income securities during the period $ 2,652 $ 3,171 Gross losses on available-for-sale fixed income securities during the period (4,741 ) (3,527 ) Impairment losses on investments (40 ) (260 ) Change in value of limited partnership investments (676 ) 408 Gains (losses) on equity securities: Realized gains (losses) on equity securities sold during the period (2,698 ) 317 Unrealized gains (losses) on equity securities held at the end of the period (22,253 ) 5,919 Realized and unrealized gains (losses) on equity securities during the period (24,951 ) 6,236 Net realized and unrealized gains (losses) on investments $ (27,756 ) $ 6,028 As discussed in Note 1, the Company adopted the provisions of the new CECL OTTI The remaining novel COVID-19 - - Shareholders' equity at March 31, 2020 included approximately $4,453, net of federal income tax expense, of reported earnings that remain undistributed by limited partnerships.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2020
Reinsurance [Abstract]
Reinsurance	(3) Reinsurance: The following table summarizes the Company's transactions with reinsurers for the three months ended March 31, 2020 and 2019 comparative periods. 2020 2019 Three months ended March 31: Premiums ceded to reinsurers $ 28,467 $ 30,173 Losses and loss expenses ceded to reinsurers 23,536 30,789 Commissions from reinsurers 7,528 7,233

Loss and Loss Expense Reserves

Loss and Loss Expense Reserves	3 Months Ended
	Mar. 31, 2020
Loss and Loss Expense Reserves [Abstract]
Loss and Loss Expense Reserves	(4) Loss and Loss Expense Reserves: Activity in the reserves for losses and loss expenses for the three months ended March 31, 2020 and 2019 is summarized as follows. All amounts are shown net of reinsurance, unless otherwise indicated. Three Months Ended March 31 2020 2019 Reserves, gross of reinsurance recoverable, at the beginning of the year $ 988,305 $ 865,339 Reinsurance recoverable on unpaid losses at the beginning of the year 398,305 375,935 Reserves at the beginning of the year 590,000 489,404 Provision for losses and loss expenses: Claims occurring during the current period 81,839 88,180 Claims occurring during prior periods (8 ) (1,058 ) Total incurred 81,831 87,122 Loss and loss expense payments: Claims occurring during the current period 8,169 8,708 Claims occurring during prior periods 61,812 56,747 Total paid 69,981 65,455 Reserves at the end of the period 601,850 511,071 Reinsurance recoverable on unpaid losses at the end of the period 399,749 383,150 Reserves, gross of reinsurance recoverable, at the end of the period $ 1,001,599 $ 894,221 The $8 prior accident year favorable development during the three months ended March 31, 2020 was primarily due to favorable loss development in independent contractor coverages.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Information [Abstract]
Segment Information	(5) Segment Information: The Company has one reportable business segment in its operations: Property and Casualty Insurance. 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 three months ended March 31, 2020 and 2019: Three Months Ended March 31 2020 2019 Revenues: Net premiums earned $ 109,659 $ 110,013 Net investment income 7,236 6,232 Net realized and unrealized gains (losses) on investments (27,756 ) 6,028 Commissions and other income 1,663 2,064 Total revenues $ 90,802 $ 124,337

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt [Abstract]
Debt	(6) 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 March 31, 2020. At March 31, 2020, the effective interest rate was 2.03%, and the Company had $20,000 remaining available 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 March 31, 2020. 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.

Taxes

Taxes	3 Months Ended
	Mar. 31, 2020
Taxes [Abstract]
Taxes	(7) Taxes: The Company uses the estimated annual effective tax rate method for calculating its tax provision in interim periods, which represents the Company’s best estimate of the effective tax rate expected for the full year based on projected annual taxable income (loss). The effective tax rate can fluctuate throughout the year because estimates used in the quarterly tax provision are updated as more information becomes available throughout the year. The effective federal tax rate on consolidated loss for the three months ended March 31, 2020 was 11.9% compared to 21.8% on consolidated income for the three months ended March 31, 2019. The pre-tax loss for the three months ended March 31, 2020 makes these interim period effective tax rates less comparable year over year. The difference in the effective federal income tax rate from the normal statutory rate was primarily related to the recording of a valuation allowance in the current period on our deferred tax assets discussed below, in addition to the effects of tax-exempt investment income and the dividends received deduction. In assessing the valuation of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income or availability to carryback the losses to taxable income during the periods in which those temporary differences become deductible. The Company considered several factors when analyzing the need for a valuation allowance including the Company's current three year cumulative loss through March 31, 2020, the increase in deferred tax assets due to the adoption of CECL at January 1, 2020 discussed in Note 1, the change in unrealized gains and losses and the loss of a high taxable income year from the carryback period. The three year cumulative loss limits the Company's ability to use projected income beyond 2020 in the analysis. Based on this analysis, the Company has concluded that a valuation allowance is necessary for its deferred tax assets not supported by either carryback availability or future reversals of existing taxable temporary differences and recorded a valuation allowance of $4,929 for the three months ended March 31, 2020, of which $2,306 was recorded in the condensed consolidated statement of operations and the balance was recorded in shareholders' equity within accumulated other comprehensive income (loss). The Company recognized this allowance entirely in the first quarter of 2020 as it relates to realized and unrealized capital losses during the quarter that are treated as a discrete item. As of March 31, 2020, the Company's calendar years 2018, 2017 and 2016 r

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2020
Fair Value [Abstract]
Fair Value	(8) Fair Value: Assets and liabilities recorded at fair value in the condensed 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 March 31, 2020: Description Total Level 1 Level 2 Level 3 Fixed income securities: Agency collateralized mortgage obligations $ 10,460 $ – $ 10,460 $ – Agency mortgage-backed securities 58,619 – 58,619 – Asset-backed securities 93,369 – 93,369 – Bank loans 10,187 – 10,187 – Certificates of deposit 2,835 2,835 – – Collateralized mortgage obligations 4,076 – 4,076 – Corporate securities 259,528 – 259,528 – Options embedded in convertible securities 2,632 – 2,632 – Mortgage-backed securities 47,993 – 47,993 – Municipal obligations 39,132 – 39,132 – Non-U.S. government obligations 28,842 – 28,842 – U.S. government obligations 189,183 – 189,183 – Total fixed income securities 746,856 2,835 744,021 – Equity securities: Consumer 11,880 11,880 – – Energy 1,508 1,508 – – Financial 22,092 22,092 – – Industrial 3,707 3,707 – – Technology 2,963 2,963 – – Funds (e.g., mutual funds, closed end funds, ETFs) 21,837 21,837 – – Other 6,333 6,333 – – Total equity securities 70,320 70,320 – – Short-term investments 1,000 1,000 – – Cash equivalents 69,527 – 69,527 – Total $ 887,703 $ 74,155 $ 813,548 $ – 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 investments 1,000 1,000 – – Cash equivalents 59,780 – 59,780 – Total $ 933,130 $ 80,647 $ 852,483 $ – 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 March 31, 2020 or December 31, 2019. 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 the three months ended March 31, 2020. In addition to the preceding disclosures on assets recorded at fair value in the condensed 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 condensed 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 condensed consolidated balance sheets at March 31, 2020 and December 31, 2019 is as follows: Carrying Fair Value Value Level 1 Level 2 Level 3 Total March 31, 2020 Assets: Limited partnerships $ 7,981 $ – $ – $ 7,981 $ 7,981 Commercial mortgage loans 11,882 – – 12,492 12,492 Liabilities: Short-term borrowings 20,000 – 20,000 – 20,000 December 31, 2019 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

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Stock-Based Compensation [Abstract]
Stock-Based Compensation	(9) 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, Grant Date Number of Shares Issued Vesting Date Service Period Grant Date Fair Value Per Share 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 services. 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 incurred $14 of expense during the three months ended March 31, 2020 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 was determined based on the Company's achievement of 2019 underwriting income compared to the plan target. The Company's underwriting income was calculated as income (loss) before federal income tax expense (benefit), less net realized and unrealized gains (losses) on investments, less net investment income. The personal performance component of the 2019 LTIP Awards was determined based on the achievement of personal goals that align with departmental and corporate objectives for 2019. 2019 LTIP Awards earned were 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 incurred $35 of expense during the three months ended 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 incurred $39 of expense during the three months ended March 31, 2020 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 incurred $88 of expense during the three months ended March 31, 2020 related to this grant.

Litigation, Commitments and Con

Litigation, Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Litigation, Commitments and Contingencies [Abstract]
Litigation, Commitments and Contingencies	(10) 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. In August 2019, Protective filed a lawsuit against PSG in Marion County Superior Court, in Indianapolis, Indiana (the “Indiana 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 (the “Indiana Action”). 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 the Indiana Action on the basis of comity with the California Action, claiming that California was the proper forum for Protective’s claims. In February 2020, the Indiana Court issued an order dismissing the Indiana Action without prejudice; the Indiana 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. On April 28, 2020, Protective’s motion to dismiss the California Action was granted without prejudice on grounds that Indiana is the more appropriate forum. On May 4, 2020, PSG filed a notice of appeal of order of in . On 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 March 31, 2020, Protective had approximately $14,680 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 $1,300. PSG’s estimated ultimate obligation under the agreements is approximately $44,600 as of March 31, 2020 (inclusive of the $14,680 in deductible receivables noted above). At March 31, 2020, 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. The Company included this matter in its assessment of the impact of adopting ASU 2016-13, the new guidance for measuring CECL, which is discussed in Note 1. A probability-of-default methodology was applied to projected estimated cash flows to estimate the allowance for expected credit losses for this matter. The Company considered the delay in reimbursement for claims paid as well as probability of default assumptions when analyzing the credit loss related to this matter. As of January 1, 2020, in conjunction with the adoption of ASU 2016-13, the Company recorded an allowance for expected credit losses of $15,000 ($11,850, net of tax). There was no change to the allowance during the first quarter of 2020 , as the ultimate obligation and projected cash flows had not materially changed since January 1, 2020 when the initial measurement of the credit risk was conducted.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2020
Shareholders' Equity [Abstract]
Shareholders' Equity	(11) Shareholders' Equity: 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, including a limit of up to $6,250 per quarter. 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 three months ended March 31, 2020, the Company paid $1,782 to repurchase 126,764 shares of Class B Common Stock under the share repurchase program. The following table illustrates changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2020: Foreign Currency Unrealized Holding Gains (Losses) on Available-for-sale Securities Total Beginning balance at December 31, 2019 $ (494 ) $ 9,863 $ 9,369 Other comprehensive income (loss) before reclassifications (687 ) (20,256 ) (20,943 ) Amounts reclassified from accumulated other comprehensive income (loss) – (605 ) (605 ) Net current-period other comprehensive income (loss) (687 ) (20,861 ) (21,548 ) Ending balance at March 31, 2020 $ (1,181 ) $ (10,998 ) $ (12,179 ) The following table illustrates changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2019: Foreign Currency Unrealized Holding Gains (Losses) on Available-for-sale Securities Total Beginning balance at December 31, 2018 $ (1,139 ) $ (6,208 ) $ (7,347 ) Other comprehensive loss before reclassifications 307 7,671 7,978 Amounts reclassified from accumulated other comprehensive income (loss) – 785 785 Net current-period other comprehensive income (loss) 307 8,456 8,763 Ending balance at March 31, 2019 $ (832 ) $ 2,248 $ 1,416

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2020
Related Parties [Abstract]
Related Parties	(12) 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 $6,698 at March 31, 2020. Total commissions and net fees earned by this investment firm and its affiliates on these portfolios were $37 and $34 for the three months ended March 31, 2020 and 2019.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	(13) Subsequent Events: On May 5, 2020, the Company's Board of Directors declared a regular 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 June 2, 2020 to shareholders of record on May 19, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies [Abstract]
Description of Business	Description of Business: The term “Insurance Subsidiaries,” as used throughout this document, refers to Protective Insurance Company, Protective Specialty Insurance Company, Sagamore Insurance Company and B&L Insurance, Ltd.
Basis of Presentation	Basis of Presentation:
Investments	Investments : Commercial mortgage loans are carried primarily at amortized cost along with an 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 Company recorded an allowance of $195 on its commercial mortgage loans as of March 31, 2020 in conjunction with the adoption of the new credit losses accounting standard discussed below. 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 condensed 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 other comprehensive income (loss) within 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 losses on investments, excluding impairment losses within the condensed 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 losses on investments, excluding impairment losses. Equity securities are 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 condensed consolidated statements of operations. Realized gains and losses on disposals of equity securities are recorded on the trade date and included in net realized losses on investments, excluding impairment losses.
Recognition of Revenue and Costs	Recognition of Revenue and Costs: The following accounting policies have been updated effective January 1, 2020 to reflect the Company's adoption of Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, or ASU 2016-13,
Investment Impairments	Investment Impairments: For a fixed income security 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 the security, the Company separates the credit loss component of the impairment from the amount related to all other factors and reports the credit loss component within net realized losses on investments, excluding impairment losses in the condensed consolidated statements of operations. The impairment related to all other factors (non-credit factors) is reported in other comprehensive income (loss). The allowance is adjusted for any additional credit losses and subsequent recoveries. Upon recognizing a credit loss, the cost basis is not adjusted. The Company considers the extent to which fair value is below amortized cost in determining whether a credit-related loss exists. The Company also considers the credit quality rating of the security, focusing on those below investment grade, with emphasis on securities downgraded below investment grade. Additionally, the Company may conclude that a qualitative analysis is sufficient to support its conclusion that the present value of the expected cash flows equals or exceeds a security’s amortized cost. The Company reports investment income due and accrued separately from available-for-sale fixed income securities and has elected not to measure an allowance for credit losses for investment income due and accrued. Investment income due and accrued is written off through at the time the issuer defaults or is expected to default on payments.
Deductible Receivables	Deductible Receivables :
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements: condensed condensed March 31, 2020 In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13. ASU 2016-13 introduced a current expected credit loss (CECL) model for measuring expected credit losses for certain types of financial instruments held at the reporting date requiring significant judgment in application based on historical experience, current conditions and reasonable supportable forecasts, but is not prescriptive about certain aspects of estimating expected losses. The guidance replaced the current incurred loss model for measuring expected credit losses and provided for additional disclosure requirements. Subsequently, the FASB issued additional ASUs on Topic 326 that did not change the core principle of the guidance in ASU 2016-13, but provided clarification and implementation guidance on certain aspects of ASU 2016-13, and have the same effective date and transition requirements as ASU 2016-13. The Company adopted the guidance recognized a cumulative effect adjustment of $15,545 ($12,281, net of tax), The updated guidance in ASU 2016-13 also amended the previous 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. In 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 condensed consolidated financial statements.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements:

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Available-for-Sale Securities	The following is a summary of available-for-sale securities at March 31, 2020 and December 31, 2019: Fair Value Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains (Losses) March 31, 2020 Fixed income securities Agency collateralized mortgage obligations $ 10,460 $ 11,016 $ 390 $ (946 ) $ (556 ) Agency mortgage-backed securities 58,619 55,675 2,950 (6 ) 2,944 Asset-backed securities 93,369 107,774 237 (14,642 ) (14,405 ) Bank loans 10,187 12,455 – (2,268 ) (2,268 ) Certificates of deposit 2,835 2,835 – – – Collateralized mortgage obligations 4,076 4,327 19 (270 ) (251 ) Corporate securities 262,160 263,356 4,682 (5,878 ) (1,196 ) Mortgage-backed securities 47,993 53,697 74 (5,778 ) (5,704 ) Municipal obligations 39,132 38,474 916 (258 ) 658 Non-U.S. government obligations 28,842 27,992 850 – 850 U.S. government obligations 189,183 179,850 9,333 – 9,333 Total fixed income securities $ 746,856 $ 757,451 $ 19,451 $ (30,046 ) $ (10,595 ) 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
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 March 31, 2020 and December 31, 2019, the aggregate fair value and gross unrealized loss categorized by the duration individual securities have been continuously in an unrealized loss position. March 31, 2020 December 31, 2019 Number of Securities Fair Value Gross Unrealized Loss Number of Securities Fair Value Gross Unrealized Loss Fixed income securities: 12 months or less 270 $ 225,745 $ (25,029 ) 88 $ 108,387 $ (2,452 ) Greater than 12 months 20 20,410 (5,017 ) 69 66,860 (1,100 ) Total fixed income securities 290 $ 246,155 $ (30,046 ) 157 $ 175,247 $ (3,552 )
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 March 31, 2020, 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 $ 97,469 $ 96,889 Excess of one year to five years 293,569 289,041 Excess of five years to ten years 132,550 130,161 Excess of ten years 12,828 13,198 Contractual maturities 536,416 529,289 Asset-backed securities 210,440 228,162 Total $ 746,856 $ 757,451
Net Realized and Unrealized Gains (Losses) on Investments	Following is a summary of the components of net realized and unrealized gains (losses) on investments for the periods presented in the accompanying condensed consolidated statements of operations. Three Months Ended March 31 2020 2019 Gross gains on available-for-sale fixed income securities during the period $ 2,652 $ 3,171 Gross losses on available-for-sale fixed income securities during the period (4,741 ) (3,527 ) Impairment losses on investments (40 ) (260 ) Change in value of limited partnership investments (676 ) 408 Gains (losses) on equity securities: Realized gains (losses) on equity securities sold during the period (2,698 ) 317 Unrealized gains (losses) on equity securities held at the end of the period (22,253 ) 5,919 Realized and unrealized gains (losses) on equity securities during the period (24,951 ) 6,236 Net realized and unrealized gains (losses) on investments $ (27,756 ) $ 6,028

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2020
Reinsurance [Abstract]
Reinsurance	The following table summarizes the Company's transactions with reinsurers for the three months ended March 31, 2020 and 2019 comparative periods. 2020 2019 Three months ended March 31: Premiums ceded to reinsurers $ 28,467 $ 30,173 Losses and loss expenses ceded to reinsurers 23,536 30,789 Commissions from reinsurers 7,528 7,233

Loss and Loss Expense Reserves

Loss and Loss Expense Reserves (Tables)	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2020 and 2019 is summarized as follows. All amounts are shown net of reinsurance, unless otherwise indicated. Three Months Ended March 31 2020 2019 Reserves, gross of reinsurance recoverable, at the beginning of the year $ 988,305 $ 865,339 Reinsurance recoverable on unpaid losses at the beginning of the year 398,305 375,935 Reserves at the beginning of the year 590,000 489,404 Provision for losses and loss expenses: Claims occurring during the current period 81,839 88,180 Claims occurring during prior periods (8 ) (1,058 ) Total incurred 81,831 87,122 Loss and loss expense payments: Claims occurring during the current period 8,169 8,708 Claims occurring during prior periods 61,812 56,747 Total paid 69,981 65,455 Reserves at the end of the period 601,850 511,071 Reinsurance recoverable on unpaid losses at the end of the period 399,749 383,150 Reserves, gross of reinsurance recoverable, at the end of the period $ 1,001,599 $ 894,221

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Information [Abstract]
Segment Revenues	The following table summarizes segment revenues for the three months ended March 31, 2020 and 2019: Three Months Ended March 31 2020 2019 Revenues: Net premiums earned $ 109,659 $ 110,013 Net investment income 7,236 6,232 Net realized and unrealized gains (losses) on investments (27,756 ) 6,028 Commissions and other income 1,663 2,064 Total revenues $ 90,802 $ 124,337

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020: Description Total Level 1 Level 2 Level 3 Fixed income securities: Agency collateralized mortgage obligations $ 10,460 $ – $ 10,460 $ – Agency mortgage-backed securities 58,619 – 58,619 – Asset-backed securities 93,369 – 93,369 – Bank loans 10,187 – 10,187 – Certificates of deposit 2,835 2,835 – – Collateralized mortgage obligations 4,076 – 4,076 – Corporate securities 259,528 – 259,528 – Options embedded in convertible securities 2,632 – 2,632 – Mortgage-backed securities 47,993 – 47,993 – Municipal obligations 39,132 – 39,132 – Non-U.S. government obligations 28,842 – 28,842 – U.S. government obligations 189,183 – 189,183 – Total fixed income securities 746,856 2,835 744,021 – Equity securities: Consumer 11,880 11,880 – – Energy 1,508 1,508 – – Financial 22,092 22,092 – – Industrial 3,707 3,707 – – Technology 2,963 2,963 – – Funds (e.g., mutual funds, closed end funds, ETFs) 21,837 21,837 – – Other 6,333 6,333 – – Total equity securities 70,320 70,320 – – Short-term investments 1,000 1,000 – – Cash equivalents 69,527 – 69,527 – Total $ 887,703 $ 74,155 $ 813,548 $ – 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 investments 1,000 1,000 – – Cash equivalents 59,780 – 59,780 – Total $ 933,130 $ 80,647 $ 852,483 $ –
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 condensed consolidated balance sheets at March 31, 2020 and December 31, 2019 is as follows: Carrying Fair Value Value Level 1 Level 2 Level 3 Total March 31, 2020 Assets: Limited partnerships $ 7,981 $ – $ – $ 7,981 $ 7,981 Commercial mortgage loans 11,882 – – 12,492 12,492 Liabilities: Short-term borrowings 20,000 – 20,000 – 20,000 December 31, 2019 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

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Stock-Based Compensation [Abstract]
Detail of Restricted Stock Issuances	The table below provides detail of the restricted stock issuances to directors for 2019 and 2020: Grant Date Number of Shares Issued Vesting Date Service Period Grant Date Fair Value Per Share 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

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Shareholders' Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss) by Component	The following table illustrates changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2020: Foreign Currency Unrealized Holding Gains (Losses) on Available-for-sale Securities Total Beginning balance at December 31, 2019 $ (494 ) $ 9,863 $ 9,369 Other comprehensive income (loss) before reclassifications (687 ) (20,256 ) (20,943 ) Amounts reclassified from accumulated other comprehensive income (loss) – (605 ) (605 ) Net current-period other comprehensive income (loss) (687 ) (20,861 ) (21,548 ) Ending balance at March 31, 2020 $ (1,181 ) $ (10,998 ) $ (12,179 ) The following table illustrates changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2019: Foreign Currency Unrealized Holding Gains (Losses) on Available-for-sale Securities Total Beginning balance at December 31, 2018 $ (1,139 ) $ (6,208 ) $ (7,347 ) Other comprehensive loss before reclassifications 307 7,671 7,978 Amounts reclassified from accumulated other comprehensive income (loss) – 785 785 Net current-period other comprehensive income (loss) 307 8,456 8,763 Ending balance at March 31, 2019 $ (832 ) $ 2,248 $ 1,416

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Segment	Dec. 31, 2019USD ($)
Description of Business [Abstract]
Number of reportable segments | Segment	1
ASU 2016-02 [Member]
Recently Adopted Accounting Pronouncements [Abstract]
Right-of-use asset	$ 94
Lease liability	94
ASU 2016-13 [Member]
Deductible Receivables [Abstract]
Allowance for credit losses, before tax		$ 15,000
Allowance for credit losses, net of tax		11,850
Recently Adopted Accounting Pronouncements [Abstract]
Cumulative effect adjustment to opening balance of retained earnings, net of tax		12,281
Commercial Mortgage Loans [Member]
Investments [Abstract]
Allowance for credit loss	$ 195
Retained Earnings [Member] | ASU 2016-13 [Member]
Recently Adopted Accounting Pronouncements [Abstract]
Cumulative effect adjustment to opening balance of retained earnings, before tax		15,545
Cumulative effect adjustment to opening balance of retained earnings, net of tax		$ 12,281

Investments, Summary of Availab

Investments, Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Available-for-sale Debt Securities [Abstract]
Fair value	$ 746,856	$ 795,538
Cost or amortized cost	757,451	783,047
Gross unrealized gains	19,451	16,043
Gross unrealized losses	(30,046)	(3,552)
Net unrealized gains (losses)	(10,595)	12,491
Agency Collateralized Mortgage Obligations [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	10,460	12,093
Cost or amortized cost	11,016	11,557
Gross unrealized gains	390	536
Gross unrealized losses	(946)	0
Net unrealized gains (losses)	(556)	536
Agency Mortgage-backed Securities [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	58,619	56,280
Cost or amortized cost	55,675	54,286
Gross unrealized gains	2,950	2,005
Gross unrealized losses	(6)	(11)
Net unrealized gains (losses)	2,944	1,994
Asset-backed Securities [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	93,369	106,397
Cost or amortized cost	107,774	107,028
Gross unrealized gains	237	499
Gross unrealized losses	(14,642)	(1,130)
Net unrealized gains (losses)	(14,405)	(631)
Bank Loans [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	10,187	14,568
Cost or amortized cost	12,455	14,932
Gross unrealized gains	0	106
Gross unrealized losses	(2,268)	(470)
Net unrealized gains (losses)	(2,268)	(364)
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	4,076	5,616
Cost or amortized cost	4,327	5,123
Gross unrealized gains	19	493
Gross unrealized losses	(270)	0
Net unrealized gains (losses)	(251)	493
Corporate Securities [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	262,160	281,381
Cost or amortized cost	263,356	274,340
Gross unrealized gains	4,682	7,492
Gross unrealized losses	(5,878)	(451)
Net unrealized gains (losses)	(1,196)	7,041
Mortgage-backed Securities [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	47,993	47,463
Cost or amortized cost	53,697	46,685
Gross unrealized gains	74	1,047
Gross unrealized losses	(5,778)	(269)
Net unrealized gains (losses)	(5,704)	778
Municipal Obligations [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	39,132	36,286
Cost or amortized cost	38,474	35,749
Gross unrealized gains	916	684
Gross unrealized losses	(258)	(147)
Net unrealized gains (losses)	658	537
Non-U.S. Government Obligations [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	28,842	24,179
Cost or amortized cost	27,992	23,889
Gross unrealized gains	850	290
Gross unrealized losses	0	0
Net unrealized gains (losses)	850	290
U.S. Government Obligations [Member]
Available-for-sale Debt Securities [Abstract]
Fair value	189,183	208,440
Cost or amortized cost	179,850	206,623
Gross unrealized gains	9,333	2,891
Gross unrealized losses	0	(1,074)
Net unrealized gains (losses)	$ 9,333	$ 1,817

Investments, Continuous Unreali

Investments, Continuous Unrealized Loss Position (Details) $ in Thousands	Mar. 31, 2020USD ($)Security	Dec. 31, 2019USD ($)Security
Available-for-sale Securities Continuous Unrealized Loss Positions [Abstract]
Number of securities, 12 months or less | Security	270	88
Number of securities, Greater than 12 months | Security	20	69
Number of securities, total | Security	290	157
Available-for-sale Securities Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair value, 12 months or less	$ 225,745	$ 108,387
Fair value, Greater than 12 months	20,410	66,860
Fair value, total	246,155	175,247
Available-for-sale Securities Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Gross unrealized loss, 12 months or less	(25,029)	(2,452)
Gross unrealized loss, Greater than 12 months	(5,017)	(1,100)
Gross unrealized loss, total	(30,046)	(3,552)
Available-for-sale Securities Debt Maturities Fair Value [Abstract]
One year or less, Fair Value	97,469
Excess of one year to five years, Fair Value	293,569
Excess of five years to ten years, Fair Value	132,550
Excess of ten years, Fair Value	12,828
Total contractual maturities, Fair Value	536,416
Asset-backed securities, Fair Value	210,440
Total, Fair Value	746,856	795,538
Available-for-sale Securities Debt Maturities Amortized Cost Basis [Abstract]
One year or less, Cost or Amortized Cost	96,889
Excess of one year to five years, Cost or Amortized Cost	289,041
Excess of five years to ten years, Cost or Amortized Cost	130,161
Excess of ten years, Cost or Amortized Cost	13,198
Total contractual maturities, Cost or Amortized Cost	529,289
Asset-backed securities, Cost or Amortized Cost	228,162
Cost or amortized cost	$ 757,451	$ 783,047

Investments, Net Realized and U

Investments, Net Realized and Unrealized Gains (Losses) on Investments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Security	Mar. 31, 2019USD ($)
Components of net realized and unrealized gains (losses) on investments [Abstract]
Gross gains on available-for-sale fixed income securities during the period	$ 2,652	$ 3,171
Gross losses on available-for-sale fixed income securities sold during the period	(4,741)	(3,527)
Impairment losses on investments	(40)	(260)
Change in value of limited partnership investments	(676)	408
Gains (losses) on equity securities [Abstract]
Realized gains (losses) on equity securities sold during the period	(2,698)	317
Unrealized gains (losses) on equity securities held at the end of the period	(22,253)	5,919
Realized and unrealized gains (losses) on equity securities during the period	(24,951)	6,236
Net realized and unrealized gains (losses) on investments	$ (27,756)	$ 6,028
Number of security intended to sell in unrealized loss position | Security	1
Recorded write down to earnings	$ 40
Undistributed earnings, limited partnership	$ 4,453

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reinsurance [Abstract]
Premiums ceded to reinsurers	$ 28,467	$ 30,173
Losses and loss expenses ceded to reinsurers	23,536	30,789
Commissions from reinsurers	$ 7,528	$ 7,233

Loss and Loss Expense Reserve_2

Loss and Loss Expense Reserves (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Activity in the reserve for losses and loss expenses [Roll Forward]
Reserves, gross of reinsurance recoverable, at the beginning of the year	$ 988,305	$ 865,339
Reinsurance recoverable on unpaid losses at the beginning of the year	398,305	375,935
Reserves at the beginning of the year	590,000	489,404
Provision for losses and loss expenses [Abstract]
Claims occurring during the current period	81,839	88,180
Claims occurring during prior periods	(8)	(1,058)
Total incurred	81,831	87,122
Loss and loss expense payments [Abstract]
Claims occurring during the current period	8,169	8,708
Claims occurring during prior periods	61,812	56,747
Total paid	69,981	65,455
Reserves at the end of the period	601,850	511,071
Reinsurance recoverable on unpaid losses at the end of the period	399,749	383,150
Reserves, gross of reinsurance recoverable, at the end of the period	$ 1,001,599	$ 894,221

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Segment	Mar. 31, 2019USD ($)
Segment Information [Abstract]
Number of reportable segments | Segment	1
Summary of Segment Revenue [Abstract]
Net premiums earned	$ 109,659	$ 110,013
Net investment income	7,236	6,232
Net realized and unrealized gains (losses) on investments	(27,756)	6,028
Commissions and other income	1,663	2,064
Total revenues	90,802	124,337
Property and Casualty Insurance [Member]
Summary of Segment Revenue [Abstract]
Net premiums earned	109,659	110,013
Net investment income	7,236	6,232
Net realized and unrealized gains (losses) on investments	(27,756)	6,028
Commissions and other income	1,663	2,064
Total revenues	$ 90,802	$ 124,337

Debt (Details)

Debt (Details) - Revolving Credit Facility [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Covenant	Aug. 09, 2018USD ($)
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	2.03%
Amount remaining under credit facility	$ 20,000
Number of financial covenants | Covenant	2
Net worth and maximum consolidated leverage ratio	0.35

Taxes (Details)

Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Taxes [Abstract]
Effective federal tax rate on consolidated loss	11.90%	21.80%
Valuation allowance	$ 4,929
Federal Income Tax Expense (Benefit) [Member]
Taxes [Abstract]
Valuation allowance	$ 2,306

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fixed income securities [Abstract]
Total fixed income securities	$ 746,856	$ 795,538
Equity securities [Abstract]
Total equity securities	70,320	76,812
Transfers Between Levels [Abstract]
Transfers of assets from Level 1 to Level 2	0
Transfers of assets from Level 2 to Level 1	0
Recurring [Member]
Fixed income securities [Abstract]
Agency collateralized mortgage obligations	10,460	12,093
Agency mortgage-backed securities	58,619	56,280
Asset-backed securities	93,369	106,397
Bank loans	10,187	14,568
Certificates of deposit	2,835	2,835
Collateralized mortgage obligations	4,076	5,616
Corporate securities	259,528	276,087
Options embedded in convertible securities	2,632	5,294
Mortgage-backed securities	47,993	47,463
Municipal obligations	39,132	36,286
Non-U.S. government obligations	28,842	24,179
U.S. government obligations	189,183	208,440
Total fixed income securities	746,856	795,538
Equity securities [Abstract]
Consumer	11,880	16,707
Energy	1,508	3,074
Financial	22,092	31,577
Industrial	3,707	4,927
Technology	2,963	2,817
Funds (e.g., mutual funds, closed end funds, ETFs)	21,837	9,460
Other	6,333	8,250
Total equity securities	70,320	76,812
Short-term investments	1,000	1,000
Cash equivalents	69,527	59,780
Total	887,703	933,130
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	11,880	16,707
Energy	1,508	3,074
Financial	22,092	31,577
Industrial	3,707	4,927
Technology	2,963	2,817
Funds (e.g., mutual funds, closed end funds, ETFs)	21,837	9,460
Other	6,333	8,250
Total equity securities	70,320	76,812
Short-term investments	1,000	1,000
Cash equivalents	0	0
Total	74,155	80,647
Recurring [Member] | Level 2 [Member]
Fixed income securities [Abstract]
Agency collateralized mortgage obligations	10,460	12,093
Agency mortgage-backed securities	58,619	56,280
Asset-backed securities	93,369	106,397
Bank loans	10,187	14,568
Certificates of deposit	0	0
Collateralized mortgage obligations	4,076	5,616
Corporate securities	259,528	276,087
Options embedded in convertible securities	2,632	5,294
Mortgage-backed securities	47,993	47,463
Municipal obligations	39,132	36,286
Non-U.S. government obligations	28,842	24,179
U.S. government obligations	189,183	208,440
Total fixed income securities	744,021	792,703
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 investments	0	0
Cash equivalents	69,527	59,780
Total	813,548	852,483
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 investments	0	0
Cash equivalents	0	0
Total	$ 0	$ 0

Fair Value, Balance Sheet Group

Fair Value, Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets [Abstract]
Limited partnerships	$ 7,981	$ 23,292
Carrying Value [Member]
Assets [Abstract]
Limited partnerships	7,981	23,292
Commercial mortgage loans	11,882	11,782
Liabilities [Abstract]
Short-term borrowings	20,000	20,000
Fair Value [Member]
Assets [Abstract]
Limited partnerships	7,981	23,292
Commercial mortgage loans	12,492	12,068
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	7,981	23,292
Commercial mortgage loans	12,492	12,068
Liabilities [Abstract]
Short-term borrowings	$ 0	$ 0

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - Class B [Member] $ / shares in Units, $ in Thousands	Nov. 05, 2019Managershares	May 22, 2019shares	Nov. 13, 2018shares	Mar. 31, 2020USD ($)$ / sharesshares
Stock Based Compensation [Abstract]
Shares distribution period from grant date				1 year
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
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
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
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
Restricted [Member] | Chief Executive Officer [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)			85,000
Stock based compensation expense | $				$ 14
Restricted [Member] | Chief Executive Officer [Member] | 10/17/2019 [Member]
Summary of stock Issuances [Abstract]
Number of shares vested (in shares)			42,500
Restricted [Member] | Chief Executive Officer [Member] | 10/17/2020 [Member]
Summary of stock Issuances [Abstract]
Number of shares vested (in shares)			21,250
Restricted [Member] | Chief Executive Officer [Member] | 10/17/2021 [Member]
Summary of stock Issuances [Abstract]
Number of shares vested (in shares)			21,250
Restricted [Member] | Senior Management [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)	1,100
Stock based compensation expense | $				$ 88
Number of members awarded equity compensation | Manager	7
2018 LTIP Awards [Member] | Performance Based Equity Award [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)				0
2018 VCIP Awards [Member] | Performance Based Equity Award [Member]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)				0
Performance period				3 years
Vesting period				3 years
2019 LTIP Awards [Member] | Performance Based Equity Award [Member]
Summary of stock Issuances [Abstract]
Vesting period				3 years
Stock based compensation expense | $				$ 35
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]
Summary of stock Issuances [Abstract]
Number of shares issued (in shares)		70,000
Stock based compensation expense | $				$ 39
Edgecliffe-Johnson Stock Grant [Member] | Restricted [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] | 6/01/2023 [Member]
Summary of stock Issuances [Abstract]
Number of shares vested (in shares)		21,000
Edgecliffe-Johnson Stock Grant [Member] | Restricted [Member] | 6/01/2024 [Member]
Summary of stock Issuances [Abstract]
Number of shares vested (in shares)		14,000

Litigation, Commitments and C_2

Litigation, Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Loss Contingency [Abstract]
Estimated recoverable amount	$ 415,021	$ 415,021	$ 432,067
ASU 2016-13 [Member]
Loss Contingency [Abstract]
Allowance for credit losses, before tax			15,000
Allowance for credit losses, net of tax			$ 11,850
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	$ 14,680	$ 14,680
Average monthly deductible invoices		1,300
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

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock Repurchase Program [Abstract]
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	$ 1,782	$ 468
Class B [Member]
Stock Repurchase Program [Abstract]
Repurchase of common stock (in shares)	126,764

Shareholders' Equity, Changes i

Shareholders' Equity, Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 364,316	$ 356,082
Other comprehensive income (loss)	(21,548)	8,763
Ending balance	305,383	366,070
Other Comprehensive Income (Loss) [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	9,369	(7,347)
Other comprehensive income (loss) before reclassifications	(20,943)	7,978
Amounts reclassified from accumulated other comprehensive income (loss)	(605)	785
Other comprehensive income (loss)	(21,548)	8,763
Ending balance	(12,179)	1,416
Foreign Currency [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(494)	(1,139)
Other comprehensive income (loss) before reclassifications	(687)	307
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Other comprehensive income (loss)	(687)	307
Ending balance	(1,181)	(832)
Unrealized Holding Gains (Losses) on Available-for-sale Securities [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	9,863	(6,208)
Other comprehensive income (loss) before reclassifications	(20,256)	7,671
Amounts reclassified from accumulated other comprehensive income (loss)	(605)	785
Other comprehensive income (loss)	(20,861)	8,456
Ending balance	$ (10,998)	$ 2,248

Related Parties (Details)

Related Parties (Details) - Investment Firm Services [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Director	Mar. 31, 2019USD ($)
Related Party [Abstract]
Management fees and commissions	$ 37	$ 34
Director [Member]
Related Party [Abstract]
Number of related parties | Director	1
Market value of equity and fixed maturity securities portfolio	$ 6,698

Subsequent Events (Details)

Subsequent Events (Details)	May 05, 2020$ / shares
Subsequent Event [Abstract]
Dividend payable, date declared	May 5, 2020
Dividend payable, date to be paid	Jun. 2, 2020
Dividend payable, date of record	May 19, 2020
Class A [Member]
Subsequent Event [Abstract]
Dividend payable (in dollars per share)	$ 0.10
Class B [Member]
Subsequent Event [Abstract]
Dividend payable (in dollars per share)	$ 0.10