0001519449-24-000047 | 10-Q | XBRL Viewer | Skyward Specialty Insurance Group INC

Commission and Fee Income

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Skyward Underwriters Agency, Inc. (“SUA”), a subsidiary of the Company, is a managing general insurance agent and reinsurance broker for property and casualty and accident and health risks in specialty niche markets. Commission and fee income is primarily generated from SUA for the placement of insurance policies on either a third-party insurance or reinsurance company.

The following table sets forth the Company’s disaggregated revenues from contracts with customers for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2024		2023		2024		2023
SUA commission revenue	$	1,436	$	1,357	$	3,125	$	3,599
SUA fee income	1,027		672		2,437		1,933
Other	(645)		56		335		285
Total commission and fee income	$	1,818	$	2,085	$	5,897	$	5,817

The Company’s contract assets from commission and fee income as of September 30, 2024 and December 31, 2023 were $2.4 million and $1.0 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Trading, and Equity Securities, FV-NI

The following tables set forth the amortized cost and the fair value by investment category at September 30, 2024 and December 31, 2023:


($ in thousands)	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
September 30, 2024
Fixed maturity securities, available-for-sale:
U.S. government securities	$	29,416	$	460	$	(235)	$	—	$	29,641
Corporate securities and miscellaneous	497,305		12,109		(11,307)		—		498,107
Municipal securities	102,865		1,245		(4,624)		—		99,486
Residential mortgage-backed securities	399,951		8,757		(11,413)		—		397,295
Commercial mortgage-backed securities	66,704		1,050		(1,525)		—		66,229
Other asset-backed securities	263,459		4,433		(1,150)		—		266,742
Total fixed maturity securities, available-for-sale	$	1,359,700	$	28,054	$	(30,254)	$	—	$	1,357,500
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	39,560	$	4	$	(1,450)	$	(239)	$	37,875
Total fixed maturity securities, held-to-maturity	$	39,560	$	4	$	(1,450)	$	(239)	$	37,875


($ in thousands)	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Allowance for Credit Losses		Fair Value
December 31, 2023
Fixed maturity securities, available-for-sale:
U.S. government securities	$	44,685	$	202	$	(721)	$	—	$	44,166
Corporate securities and miscellaneous	392,773		6,408		(15,761)		—		383,420
Municipal securities	98,266		655		(6,143)		—		92,778
Residential mortgage-backed securities	292,568		3,556		(14,498)		—		281,626
Commercial mortgage-backed securities	31,411		449		(1,926)		—		29,934
Other asset-backed securities	188,010		1,221		(3,504)		—		185,727
Total fixed maturity securities, available-for-sale	$	1,047,713	$	12,491	$	(42,553)	$	—	$	1,017,651
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	43,315	$	—	$	(1,969)	$	(329)	$	41,017
Total fixed maturity securities, held-to-maturity	$	43,315	$	—	$	(1,969)	$	(329)	$	41,017

Investments Classified by Contractual Maturity Date

The following table sets forth the amortized cost and fair value of available-for-sale fixed maturity securities by contractual maturity at September 30, 2024:



($ in thousands)	Amortized Cost		Fair Value
Due in less than one year	$	35,936	$	35,733
Due after one year through five years	346,637		344,147
Due after five years through ten years	202,691		205,283
Due after ten years	44,322		42,071
Mortgage-backed securities	466,655		463,524
Other asset-backed securities	263,459		266,742
Total	$	1,359,700	$	1,357,500

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The following tables set forth the gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities had been in a continuous unrealized loss position as of September 30, 2024 and December 31, 2023:


	Less than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
September 30, 2024
Fixed maturity securities, available-for-sale:
U.S. government securities	$	—	$	—	$	6,264	$	(235)	$	6,264	$	(235)
Corporate securities and miscellaneous	11,689		(57)		158,937		(11,250)		170,626		(11,307)
Municipal securities	9,899		(77)		47,299		(4,547)		57,198		(4,624)
Residential mortgage-backed securities	19,453		(193)		105,880		(11,220)		125,333		(11,413)
Commercial mortgage-backed securities	—		—		17,731		(1,525)		17,731		(1,525)
Other asset-backed securities	31,803		(113)		38,198		(1,037)		70,001		(1,150)
Total fixed maturity securities, available-for-sale	72,844		(440)		374,309		(29,814)		447,153		(30,254)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		35,749		(1,450)		35,749		(1,450)
Total fixed maturity securities, held-to-maturity:	—		—		35,749		(1,450)		35,749		(1,450)
Total	$	72,844	$	(440)	$	410,058	$	(31,264)	$	482,902	$	(31,704)


	Less than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2023
Fixed maturity securities, available-for-sale:
U.S. government securities	$	7,342	$	(25)	$	25,604	$	(696)	$	32,946	$	(721)
Corporate securities and miscellaneous	26,742		(570)		174,947		(15,191)		201,689		(15,761)
Municipal securities	16,815		(290)		47,269		(5,853)		64,084		(6,143)
Residential mortgage-backed securities	37,634		(602)		103,495		(13,896)		141,129		(14,498)
Commercial mortgage-backed securities	4,942		(74)		15,290		(1,852)		20,232		(1,926)
Other asset-backed securities	27,887		(106)		75,253		(3,398)		103,140		(3,504)
Total fixed maturity securities, available-for-sale	121,362		(1,667)		441,858		(40,886)		563,220		(42,553)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		41,017		(1,969)		41,017		(1,969)
Total fixed maturity securities, held-to-maturity:	—		—		41,017		(1,969)		41,017		(1,969)
Total	$	121,362	$	(1,667)	$	482,875	$	(42,855)	$	604,237	$	(44,522)

Gain (Loss) on Securities

The following table sets forth the components of net investment gains (losses) for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2024		2023		2024		2023
Gross realized gains
Fixed maturity securities, available-for sale	$	575	$	156	$	1,405	$	860
Equity securities	1,591		3,959		3,165		6,000
Other	62		—		80		1
Total	2,228		4,115		4,650		6,861
Gross realized losses
Fixed maturity securities, available-for sale	(11)		(381)		(871)		(837)
Equity securities	(280)		(245)		(2,571)		(5,006)
Other	(128)		(82)		(152)		(84)
Total	(419)		(708)		(3,594)		(5,927)
Net unrealized gains (losses) on investments
Equity securities	7,512		(6,417)		14,802		2,367
Mortgage loans	866		26		807		27
Net investment gains (losses)	$	10,187	$	(2,984)	$	16,665	$	3,328

Investment Income

The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the nine months ended September 30, 2024 and 2023:


	Nine months ended September 30,
($ in thousands)	2024		2023
Fixed maturity securities, available-for sale	$	17,540	$	25,465
Equity securities	22,993		38,581

The following table sets forth the components of net investment income for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2024		2023		2024		2023
Income:
Fixed maturity securities, available-for sale	$	15,461	$	9,180	$	41,099	$	23,439
Fixed maturity securities, held-to-maturity	939		1,067		3,295		3,321
Equity securities	591		769		1,969		2,539
Equity method investments	(1,144)		(4)		2,596		(6,772)
Mortgage loans	1,158		1,249		4,165		3,997
Indirect loans	(401)		(761)		(1,874)		(4,009)
Short-term investments and cash	3,709		3,165		11,370		8,140
Other	836		(115)		2,360		(106)
Total investment income	21,149		14,550		64,980		30,549
Investment expenses	(1,628)		(1,461)		(5,024)		(4,231)
Net investment income	$	19,521	$	13,089	$	59,956	$	26,318

The following table sets forth the Company’s gross investment income for mortgage loans for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2024		2023		2024		2023
Commercial	$	376	$	588	$	1,685	$	1,637
Retail	513		364		1,473		1,375
Hospitality	269		204		1,007		497
Office	—		—		—		203
Multi-family	—		93		—		285


	$	1,158	$	1,249	$	4,165	$	3,997

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table sets forth the change in net unrealized gains (losses) on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive loss for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2024		2023		2024		2023
Fixed maturity securities	$	37,257	$	(15,706)	$	26,898	$	(12,933)
Deferred income taxes	(7,824)		3,317		(5,648)		2,745
Total	$	29,433	$	(12,389)	$	21,250	$	(10,188)

Equity Method Investments and Other - Investment in JVN Funds (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 102,111	$ 110,653
JVM Funds LLC
Schedule of Equity Method Investments [Line Items]
Underlying equity	17,188	19,304
Difference	643	757
Recorded investment balance	$ 17,831	$ 20,061

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Commission and Fee Income - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total commission and fee income	$ 1,818	$ 2,085	$ 5,897	$ 5,817
SUA commission revenue
Disaggregation of Revenue [Line Items]
Total commission and fee income	1,436	1,357	3,125	3,599
SUA fee income
Disaggregation of Revenue [Line Items]
Total commission and fee income	1,027	672	2,437	1,933
Other
Disaggregation of Revenue [Line Items]
Total commission and fee income	$ (645)	$ 56	$ 335	$ 285

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 36,668	$ 21,711	$ 104,422	$ 56,719
Adjustments to reconcile net income to net cash provided by operating activities			178,793	161,820
Net cash provided by operating activities			283,216	218,539
Cash flows from investing activities:
Purchase of fixed maturity securities, available-for-sale			(425,642)	(342,088)
Purchase of illiquid investments			0	(1,156)
Purchase of equity securities			(14,156)	(22,436)
Purchase of equity method investments			(22,377)	0
Investment in direct and indirect loans			18,445	(3,313)
Purchase of property and equipment			(3,148)	0
Sales and maturities of investment securities			142,184	110,695
Distributions from equity method investments			0	1,704
Proceeds from equity method and other long-term investments			10,054	0
Change in short-term investments			63,868	(72,891)
Change in receivable/payable for securities			34	14,442
Cash provided by deposit accounting			2,775	8,631
Other, net			0	(1,421)
Net cash used in investment activities			(227,963)	(307,833)
Cash flows from financing activities:
Employee share purchases			0	1,287
Repayment of stock notes receivable			5,561	0
Proceeds from long-term debt			107,000	50,000
Repayment of term loan			(116,794)	(50,000)
Proceeds from initial public offering			0	66,262
Net cash (used in) provided by financing activities			(4,233)	67,549
Net increase (decrease) in cash and cash equivalents and restricted cash			51,020	(21,745)
Cash and cash equivalents and restricted cash at beginning of period			100,336	125,011	$ 125,011
Cash and cash equivalents and restricted cash at end of period	151,356	$ 103,266	151,356	103,266	$ 100,336
Supplemental disclosure of cash flow information:
Cash paid for interest			6,943	8,503
Cash paid for federal income taxes	$ 8,500		$ 22,480	$ 10,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 36,668	$ 21,711	$ 104,422	$ 56,719

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Equity Method Investments and Other - Schedule of Indirect Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 102,111	$ 110,653
SMA1
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	20,915	30,816
SMA2
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	11,967	5,209
Investment in indirect loans and loan collateral
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 32,882	$ 36,025

- Definition

+ References + Details

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Related Party Transactions

Net earned premium and gross commission expense related to these agreements for the three and nine months ended September 30, 2024 and 2023 were as follows:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2024		2023		2024		2023
Net earned premium	$	27,456	$	31,649	$	79,511	$	73,750
Commissions	6,448		6,119		19,682		19,122

Earnings Per Share - Schedule of Earnings Per Share, Excluded from Basic Earnings (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	932,588	0	932,588

Reinsurance - Reinsurance Recoverable and Ceded Premiums (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Insurance [Abstract]
Ceded unpaid losses and LAE	$ 542,884	$ 455,484	$ 438,652	$ 435,986
Ceded paid losses and LAE	131,812	122,287
Loss portfolio transfer	14,324	20,858
Allowance for credit losses	(2,295)	(2,295)
Reinsurance recoverables	686,725	596,334
Ceded unearned premium	$ 236,962	$ 186,121

- Definition

Amount, after valuation allowance, recoverable under reinsurance contracts for losses reported to the ceding insurer but not yet paid and amounts expected for incurred losses and settlement expenses, which have not yet been reported to the ceding insurer.

+ References + Details

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the compilation of basic and diluted net earnings per share for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands, except for share and per share amounts)	2024		2023		2024		2023
Numerator
Net income	$	36,668	$	21,711	$	104,422	$	56,719
Less: Undistributed income allocated to participating securities	—		—		—		(1,492)
Net income attributable to common stockholders (numerator for basic earnings per share)	36,668		21,711		104,422		55,227
Add back: Undistributed income allocated to participating securities	—		—		—		1,492
Net income (numerator for diluted earnings per share under the two-class method)	$	36,668	$	21,711	$	104,422	$	56,719
Denominator
Basic weighted-average common shares	40,098,345		36,743,393		40,039,269		35,502,843

Dilutive effect of preferred shares	—		—		—		959,124
Dilutive effect of stock notes	—		706,794		—		684,017
Dilutive effect of stock units	932,030		799,982		895,468		609,601
Dilutive effect of options	398,182		153,674		367,371		74,846
Diluted weighted-average common share equivalents	41,428,557		38,403,843		41,302,108		37,830,431
Basic earnings per share	$	0.91	$	0.59	$	2.61	$	1.56
Diluted earnings per share	$	0.89	$	0.57	$	2.53	$	1.50

The Company’s preferred shares participate in dividends and distributions with common stock on an as-converted basis and represent a participating security. Instruments awarded to employees that provide the holder the right to purchase common stock at a fixed price were included as potential common shares, weighted for the portion of the period they were granted, if dilutive.

The following table presents anti-dilutive instruments that were excluded from the calculation of diluted weighted-average common share equivalents during the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023

Stock units	7,152	5,069	165,072	4,546
Options	16	2	561	364,714

The following table presents common share equivalents of contingently issuable instruments that were excluded from basic earnings per share in the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Common shares	—	932,588	—	932,588

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Income [Line Items]
Total investment income	$ 21,149	$ 14,550	$ 64,980	$ 30,549
Investment expenses	(1,628)	(1,461)	(5,024)	(4,231)
Net investment income	19,521	13,089	59,956	26,318
Fixed maturity securities, available-for sale
Net Investment Income [Line Items]
Total investment income	15,461	9,180	41,099	23,439
Fixed maturity securities, held-to-maturity
Net Investment Income [Line Items]
Total investment income	939	1,067	3,295	3,321
Equity securities
Net Investment Income [Line Items]
Total investment income	591	769	1,969	2,539
Equity method investments
Net Investment Income [Line Items]
Total investment income	(1,144)	(4)	2,596	(6,772)
Mortgage loans
Net Investment Income [Line Items]
Total investment income	1,158	1,249	4,165	3,997
Indirect loans
Net Investment Income [Line Items]
Total investment income	(401)	(761)	(1,874)	(4,009)
Short-term investments and cash
Net Investment Income [Line Items]
Total investment income	3,709	3,165	11,370	8,140
Other
Net Investment Income [Line Items]
Total investment income	$ 836	$ (115)	$ 2,360	$ (106)

Reinsurance - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Insurance [Abstract]
Market value of trust funds	$ 196.4
Deposit asset	$ 27.1	$ 29.9

Losses and Loss Adjustment Expenses

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Losses and Loss Adjustment Expenses

The following table sets forth the reconciliation of unpaid losses and loss adjustment expenses (“LAE”) as reported in the condensed consolidated balance sheets as of and for the nine months ended September 30, 2024 and 2023:


	Nine months ended September 30,
($ in thousands)	2024		2023
Reserves for losses and LAE, beginning of period	$	1,314,501	$	1,141,757
Less: reinsurance recoverable on unpaid claims, beginning of period	(455,484)		(435,986)
Reserves for losses and LAE, beginning of period, net of reinsurance	859,017		705,771
Incurred, net of reinsurance, related to:
Current period	474,289		378,811
Prior years	—		—
Total incurred, net of reinsurance	474,289		378,811
Paid, net of reinsurance, related to:
Current period	82,653		67,267
Prior years	224,760		187,256
Total paid	307,413		254,523
Net reserves for losses and LAE, end of period	1,025,893		830,059
Plus: reinsurance recoverable on unpaid claims, end of period	542,884		438,652
Reserves for losses and LAE, end of period	$	1,568,777	$	1,268,711

Equity Method Investments and Other - Investment in RISCOM (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 102,111	$ 110,653
RISCOM
Schedule of Equity Method Investments [Line Items]
Underlying equity	3,370	2,620
Difference	1,319	1,501
Recorded investment balance	$ 4,689	$ 4,121

- Definition

+ References + Details

Commission and Fee Income (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table sets forth the Company’s disaggregated revenues from contracts with customers for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2024		2023		2024		2023
SUA commission revenue	$	1,436	$	1,357	$	3,125	$	3,599
SUA fee income	1,027		672		2,437		1,933
Other	(645)		56		335		285
Total commission and fee income	$	1,818	$	2,085	$	5,897	$	5,817

Equity Method Investments and Other (Tables)

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Carrying Value of Equity Method Investments

The following table sets forth the carrying value and ownership percentage of the Company’s equity method investments as of September 30, 2024 and December 31, 2023:


($ in thousands)	September 30, 2024				December 31, 2023
	Carrying Value		Ownership %		Carrying Value		Ownership %
Arena Special Opportunities Fund, LP units	$	38,137	15.9	%	$	41,046	16.2	%
JVM Funds LLC units	17,831		10.1	%	20,061		10.1	%
Arena SOP LP units	2,530		12.6	%	2,463		12.3	%
RISCOM	4,689		20.0	%	4,121		20.0	%
Hudson Ventures Fund 2 LP units	4,634		2.5	%	4,669		2.5	%
Dowling Capital Partners LP units	652		5.0	%	1,708		6.2	%

Brewer Lane Ventures Fund II LP units	756		2.4	%	560		2.5	%
	$	69,229			$	74,628

The following table sets forth the components of net investment income (loss) from equity method investments for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2024		2023		2024		2023
Dowling Capital Partners LP units	$	67	$	172	$	1,449	$	777
RISCOM	493		468		1,168		773
Brewer Lane Ventures Fund II LP	(31)		(25)		(87)		(54)
Hudson Ventures Fund II LP units	(594)		551		(436)		138
JVM Funds LLC	(261)		(252)		(1,280)		(893)
Universa Black Swan LP units	—		(84)		—		(988)
Arena SOP LP units	(612)		(1,160)		67		(3,938)
Arena Special Opportunities Fund, LP units	(206)		326		1,715		(2,587)
	$	(1,144)	$	(4)	$	2,596	$	(6,772)

The following table sets forth the unfunded commitment of equity method investments as of September 30, 2024 and December 31, 2023:


($ in thousands)	September 30, 2024		December 31, 2023
Brewer Lane Ventures Fund II LP units	$	4,227	$	4,610
Hudson Ventures Fund 2 LP units	447		848
Dowling Capital Partners LP units	386		386
	$	5,060	$	5,844

The following table sets forth the Company’s recorded investment in RISCOM compared to its share of underlying equity as of September 30, 2024 and December 31, 2023:


($ in thousands)	September 30, 2024		December 31, 2023
Investment in RISCOM:
Underlying equity	$	3,370	$	2,620
Difference	1,319		1,501
Recorded investment balance	$	4,689	$	4,121

The following table sets forth the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of September 30, 2024 and December 31, 2023:


($ in thousands)	September 30, 2024		December 31, 2023
Investment in JVM Funds LLC:
Underlying equity	$	17,188	$	19,304
Difference	643		757
Recorded investment balance	$	17,831	$	20,061

The carrying value of the SMA1 and SMA2 as of September 30, 2024 and December 31, 2023 were as follows:


($ in thousands)	September 30, 2024		December 31, 2023

SMA1	$	20,915	$	30,816
SMA2	11,967		5,209
Investment in indirect loans and loan collateral	$	32,882	$	36,025

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s financial instruments include assets and liabilities carried at fair value, as well as assets and liabilities carried at cost or amortized cost but disclosed at fair value in its consolidated financial statements. In determining fair value, the market approach is generally applied, which uses prices and other relevant data based on market transactions involving identical or comparable assets and liabilities.

The Company uses data primarily provided by third-party investment managers or pricing vendors to determine the fair value of its investments. Periodic analyses are performed on prices received from third parties to determine whether the prices are reasonable estimates of fair value. The analyses include a review of month-to-month price fluctuations and, as needed, a comparison of pricing services’ valuations to other pricing services’ valuations for the identical security.

The Company classifies its financial instruments into the following three-level hierarchy:

Level 1 - Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement

date.

Level 2 - Inputs are 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 following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying consolidated financial statements and in these notes:

U.S. government securities, mutual funds and common stock

The Company uses unadjusted quoted prices for identical instruments in an active exchange to measure fair value which represent Level 1 inputs.

Preferred stocks, municipal securities, corporate securities and miscellaneous

The Company uses a pricing model that utilizes market-based inputs such as trades in an illiquid market for a particular security or trades in active markets for securities with similar characteristics. The model considers other inputs such as benchmark yields, issuer spreads, security terms and conditions, and other market data. These represent Level 2 fair value inputs.

Commercial mortgage-backed securities, residential mortgage-backed securities and other asset-backed securities

The Company uses a pricing model that utilizes market-based inputs that may include dealer quotes, market spreads, and yield curves. It may evaluate individual tranches in a security by determining cash flows using the security’s terms and conditions, collateral performance, credit information benchmark yields and estimated prepayments. These represent Level 2 fair value inputs.

Fixed maturity securities, available for sale and equity securities classified as Level 3

The Company has corporate securities and miscellaneous, other asset-backed securities and preferred stock that are managed by an independent asset manager that uses an independent pricing model to estimate the value of the securities it manages. These represent Level 3 fair value inputs.

Mortgage loans

Mortgage loans have variable interest rates and are collateralized by real property. The Company determines fair value of mortgage loans using the income approach utilizing inputs that are observable and unobservable (Level 3). The unobservable input consists of the spread applied to a prime rate used to discount cash flows. The spread represents the incremental cost of capital based on the borrower’s ability to make future payments and the value of the collateral relative to the loan balance and is subject to judgement and uncertainty.

The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of September 30, 2024 and December 31, 2023.



	September 30, 2024		December 31, 2023
High	10.92	%	9.50	%
Low	3.61	%	3.25	%
Weighted average	7.47	%	7.05	%

The following tables set forth the Company’s investments within the fair value hierarchy at September 30, 2024 and December 31, 2023:


September 30, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	29,641	$	—	$	—	$	29,641
Corporate securities and miscellaneous	—		456,797		41,310		498,107
Municipal securities	—		99,486		—		99,486
Residential mortgage-backed securities	—		397,295		—		397,295
Commercial mortgage-backed securities	—		66,229		—		66,229
Other asset-backed securities	—		259,378		7,364		266,742
Total fixed maturity securities, available-for-sale	29,641		1,279,185		48,674		1,357,500
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		37,875		37,875
Total fixed maturity securities, held-to-maturity	—		—		37,875		37,875
Equity securities:









Common stocks	74,526		—		—		74,526





Preferred stocks	—		1,418		5,817		7,235




Mutual funds	42,958		—		—		42,958
Total equity securities	117,484		1,418		5,817		124,719
Mortgage loans	—		—		36,267		36,267
Short-term investments	206,358		—		—		206,358
Total	$	353,483	$	1,280,603	$	128,633	$	1,762,719


December 31, 2023
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	44,166	$	—	$	—	$	44,166
Corporate securities and miscellaneous	—		383,420		—		383,420
Municipal securities	—		92,778		—		92,778
Residential mortgage-backed securities	—		281,626		—		281,626
Commercial mortgage-backed securities	—		29,934		—		29,934
Other asset-backed securities	—		185,727		—		185,727
Total fixed maturity securities, available-for-sale	44,166		973,485		—		1,017,651
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		41,017		41,017
Total fixed maturity securities, held-to-maturity:	—		—		41,017		41,017
Equity securities:









Common stocks	67,425		—		—		67,425





Preferred stocks	—		7,358		—		7,358




Mutual funds	43,466		—		—		43,466
Total equity securities	110,891		7,358		—		118,249
Mortgage loans	—		—		50,070		50,070
Short-term investments	270,226		—		—		270,226
Total	$	425,283	$	980,843	$	91,087	$	1,497,213

The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the nine months ended September 30, 2024 and 2023:


($ in thousands)	Fixed Maturity Securities, Available-For-Sale		Equity Securities		Mortgage Loans
Balance at December 31, 2023	$	—	$	—	$	50,070
Total gains for the period recognized in net investment gains (losses)	—		—		971
Issuances	—		—		187
Settlements	—		—		(6,919)



Balance at March 31, 2024	$	—	$	—	$	44,309
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	—	$	952
Total losses for the period recognized in net investment gains (losses)	—		—		(1,030)
Issuances	—		—		449
Settlements	—		—		(58)



Balance at June 30, 2024	$	—	$	—	$	43,670
Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	—	$	(1,031)
Total (losses) gains for the period recognized in net investment gains (losses)	(118)		246		866
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)	1,592		—		—
Transfers into Level 3	23,533		—		—

Purchases	23,820		5,571		—
Sales/Disposals	(153)		—		—
Issuances	—		—		8
Settlements	—		—		(8,277)
Balance at September 30, 2024	$	48,674	$	5,817	$	36,267
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$	—	$	246	$	829


($ in thousands)	Mortgage Loans
Balance at December 31, 2022	$	52,842
Total gains for the period recognized in net investment gains (losses)	22
Issuances	892
Settlements	(11,421)



Balance at March 31, 2023	$	42,335
Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$	(14)
Total losses for the period recognized in net investment gains (losses)	(21)
Issuances	30
Settlements	(9,582)



Balance at June 30, 2023	$	32,762
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$	3
Total gains for the period recognized in net investment gains (losses)	26
Issuances	26,530
Settlements	—



Balance at September 30, 2023	$	59,318
Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$	26

The transfers into Level 3 during the three and nine months ended September 30, 2024 were the result of securities that began receiving valuations from asset managers that utilized unobservable inputs at the end of the period.

The Company measures certain assets, including investments in indirect loans and loan collateral, equity method investments and other invested assets, at fair value on a nonrecurring basis only when they are deemed to be impaired.

In addition to the preceding disclosures on assets and liabilities recorded at fair value in the consolidated balance sheets, the Company is also required to disclose the fair values of certain other financial instruments for which it is practicable to estimate fair value. Estimated fair value amounts, defined as the quoted market price of a financial instrument, have been determined using available market information and other appropriate valuation methodologies. However, considerable judgements are required in developing the estimates of fair value where quoted market prices are not available. Accordingly, these estimates are not necessarily indicative of the amounts that could be realized in a current market exchange. The use of different market assumptions or estimating methodologies may have an effect on the estimated fair value amounts.

The following methods and assumptions were used in estimating the fair value disclosures of other financial instruments:

Fixed maturity securities, held-to-maturity: Fixed maturity securities, held-to-maturity consists of senior and junior notes with target rates of return. As of September 30, 2024, the Company determined the fair value of these instruments using the income approach utilizing inputs that are unobservable (Level 3).

Notes payable: The carrying value approximates the estimated fair value for notes payable as the notes payable accrue interest at current market rates plus a spread. The Company determines fair value using the income approach utilizing inputs that are observable (Level 2). The Company estimates the fair value of the FHLB Loan by discounting cash flows using a borrowing rate currently available to the Company for loans with similar terms (Level 3).

Subordinated debt: Subordinated debt consists of two debt instruments, the Junior Subordinated Interest Debentures, due September 15, 2036, and Unsecured Subordinated Notes, due May 24, 2039. The carrying value of the Junior Subordinated Interest Debentures approximates the estimated fair value as the instrument accrues interest at current market rates plus a spread. Unsecured Subordinated Notes have a fixed interest rate. The Company determines the fair value of these instruments using the income approach utilizing inputs that are observable (Level 2).

The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
($ in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable
FHLB Loan	$	57,000	$	57,000	$	—	$	—
Revolving credit facility	$	43,000	$	43,000	$	50,000	$	50,000
Notes payable	$	100,000	$	100,000	$	50,000	$	50,000
Subordinated debt
Junior subordinated interest debentures	$	—	$	—	$	59,186	$	59,794
Unsecured subordinated notes	18,956		21,535		19,504		21,378
Subordinated debt, net of debt issuance costs	$	18,956	$	21,535	$	78,690	$	81,172

Other financial instruments qualify as insurance-related products and are specifically exempted from fair value disclosure requirements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 1,357,500	$ 1,017,651
Total fixed maturity securities, held-to-maturity	37,875	41,017
Equity securities, at fair value	124,719	118,249
Mortgage loans	36,267	50,070
Short-term investments	206,358	270,226
Total	1,762,719	1,497,213
U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	29,641	44,166
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	498,107	383,420
Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	99,486	92,778
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	397,295	281,626
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	66,229	29,934
Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	266,742	185,727
Total fixed maturity securities, held-to-maturity	37,875	41,017
Common stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	74,526	67,425
Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	7,235	7,358
Mutual funds:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	42,958	43,466
Level 1
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	29,641	44,166
Total fixed maturity securities, held-to-maturity	0	0
Equity securities, at fair value	117,484	110,891
Mortgage loans	0	0
Short-term investments	206,358	270,226
Total	353,483	425,283
Level 1 \| U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	29,641	44,166
Level 1 \| Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 \| Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 \| Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 \| Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 1 \| Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Total fixed maturity securities, held-to-maturity	0	0
Level 1 \| Common stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	74,526	67,425
Level 1 \| Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 1 \| Mutual funds:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	42,958	43,466
Level 2
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,279,185	973,485
Total fixed maturity securities, held-to-maturity	0	0
Equity securities, at fair value	1,418	7,358
Mortgage loans	0	0
Short-term investments	0	0
Total	1,280,603	980,843
Level 2 \| U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 2 \| Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	456,797	383,420
Level 2 \| Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	99,486	92,778
Level 2 \| Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	397,295	281,626
Level 2 \| Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	66,229	29,934
Level 2 \| Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	259,378	185,727
Total fixed maturity securities, held-to-maturity	0	0
Level 2 \| Common stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 2 \| Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	1,418	7,358
Level 2 \| Mutual funds:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	48,674	0
Total fixed maturity securities, held-to-maturity	37,875	41,017
Equity securities, at fair value	5,817	0
Mortgage loans	36,267	50,070
Short-term investments	0	0
Total	128,633	91,087
Level 3 \| U.S. government securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 \| Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	41,310	0
Level 3 \| Municipal securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 \| Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 \| Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Level 3 \| Other asset-backed securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	7,364	0
Total fixed maturity securities, held-to-maturity	37,875	41,017
Level 3 \| Common stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	0	0
Level 3 \| Preferred stocks:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	5,817	0
Level 3 \| Mutual funds:
Fixed maturity securities, available-for-sale:
Equity securities, at fair value	$ 0	$ 0

Commission and Fee Income - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract asset after allowance for credit loss	$ 2.4	$ 1.0

Investments - Debt Securities, Trading, and Equity Securities, FV-NI (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	$ 1,359,700	$ 1,047,713
Gross Unrealized Gains	28,054	12,491
Gross Unrealized Losses	(30,254)	(42,553)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	1,357,500	1,017,651
Fixed maturity securities, held-to-maturity:
Gross Amortized Cost	39,560	43,315
Gross Unrealized Gains	4	0
Gross Unrealized Losses	(1,450)	(1,969)
Allowance for Credit Losses	(239)	(329)
Total fixed maturity securities, held-to-maturity	37,875	41,017
U.S. government securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	29,416	44,685
Gross Unrealized Gains	460	202
Gross Unrealized Losses	(235)	(721)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	29,641	44,166
Corporate securities and miscellaneous
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	497,305	392,773
Gross Unrealized Gains	12,109	6,408
Gross Unrealized Losses	(11,307)	(15,761)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	498,107	383,420
Municipal securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	102,865	98,266
Gross Unrealized Gains	1,245	655
Gross Unrealized Losses	(4,624)	(6,143)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	99,486	92,778
Residential mortgage-backed securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	399,951	292,568
Gross Unrealized Gains	8,757	3,556
Gross Unrealized Losses	(11,413)	(14,498)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	397,295	281,626
Commercial mortgage-backed securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	66,704	31,411
Gross Unrealized Gains	1,050	449
Gross Unrealized Losses	(1,525)	(1,926)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	66,229	29,934
Other asset-backed securities
Fixed maturity securities, available-for-sale:
Gross Amortized Cost	263,459	188,010
Gross Unrealized Gains	4,433	1,221
Gross Unrealized Losses	(1,150)	(3,504)
Allowance for Credit Losses	0	0
Total fixed maturity securities, available-for-sale	266,742	185,727
Fixed maturity securities, held-to-maturity:
Gross Amortized Cost	39,560	43,315
Gross Unrealized Gains	4	0
Gross Unrealized Losses	(1,450)	(1,969)
Allowance for Credit Losses	(239)	(329)
Total fixed maturity securities, held-to-maturity	$ 37,875	$ 41,017

Investments - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities	$ 37,257	$ (15,706)	$ 26,898	$ (12,933)
Deferred income taxes	(7,824)	3,317	(5,648)	2,745
Total other comprehensive income (loss)	$ 29,433	$ (12,389)	$ 21,250	$ (10,188)

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table sets forth the Company’s income tax expense and effective tax rates for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,						Nine months ended September 30,
($ in thousands)	2024			2023			2024			2023
Income tax expense	$	10,185		$	6,084		$	29,763		$	15,814
Effective tax rate	21.7		%	21.9		%	22.2		%	21.8		%

Notes Payable & Subordinated Debt	9 Months Ended
Notes Payable & Subordinated Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Notes Payable & Subordinated Debt	Notes Payable & Subordinated Debt FHLB Loan On August 30, 2024, the Company entered into the FHLB Loan pursuant to the Advances and Security Agreement. The FHLB Loan is a 4.5-year term loan in the principal amount of $57.0 million. The FHLB Loan provides for interest-only payments during its term, with principal due in full at maturity. The interest rate is fixed over the term of the loan at 4.00%. The FHLB Loan is fully secured by a pledge of specific investment securities of HSIC. The Company used the proceeds to fund redemptions of the draws on the Revolving Credit Facility (see “Revolving Credit Facility” below for additional information regarding the redemption). Revolving Credit Facility The Company entered into an agreement to obtain a new unsecured revolving credit facility (the “Revolving Credit Facility”) with a syndicate of participating banks during the first quarter of 2023. The Revolving Credit Facility provided the Company with up to a $150.0 million revolving credit facility and a letter of credit sub-facility of up to $30.0 million. As of December 31, 2023, the Company drew $50.0 million on the Revolving Credit Facility. During the nine months ended September 30, 2024, the Company drew an additional $50.0 million on the Revolving Credit Facility and used the proceeds to pay off the principal on its existing Debentures (defined below). On September 6, 2024, the Company redeemed $57.0 million of the draws on the Revolving Credit Facility. Interest on the Revolving Credit Facility is payable quarterly. The interest rate on the Revolving Credit Facility is the Secured Overnight Financing Rate (“SOFR”) plus a margin of between 150 and 190 basis points based on the ratio of debt to total capital and a credit spread adjustment of 10 basis points. At September 30, 2024, the six-month SOFR on the Revolving Credit Facility was 4.25%, plus a margin of 1.60%. The Company was subject to covenants on the Revolving Credit Facility based on minimum net worth, maximum debt to capital ratio, minimum A.M. Best Rating and minimum liquidity. As of September 30, 2024, the Company was in compliance with all covenants. Debentures In August 2006, the Company received $58.0 million of proceeds from a debenture offering through a statutory trust, Delos Capital Trust (the “Trust”). The sole asset of the Trust consists of Fixed/Floating Rate Junior Subordinated Deferrable Interest Debentures (the “Debentures”) with a principal amount of $59.8 million issued by the Company and cash of $1.8 million from the issuance of Trust common shares purchased by the Company equal to 3% of the Trust capitalization. On March 15, 2024, the Company redeemed the Debentures and paid $1.4 million of accrued interest.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
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+ Details

Underwriting, Acquisition and Insurance Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Underwriting, Acquisition and Insurance Expenses

The following table sets forth the components of underwriting, acquisition and insurance expenses for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in thousands)	2024		2023		2024		2023
Amortization of policy acquisition costs	$	37,365	$	34,071	$	105,273	$	78,442
Other operating and general expenses	42,452		34,244		120,997		98,211
Total underwriting, acquisition and insurance expenses	$	79,817	$	68,315	$	226,270	$	176,653

Mortgage Loans - Portfolios (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	$ 36,267		$ 36,267		$ 50,070
Total investment income	1,158	$ 1,249	4,165	$ 3,997
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	14,697		14,697		14,469
Total investment income	376	588	1,685	1,637
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	13,638		13,638		16,072
Total investment income	513	364	1,473	1,375
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	7,932		7,932		12,744
Total investment income	269	204	1,007	497
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	0		0		$ 6,785
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	0	0	0	203
Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total investment income	$ 0	$ 93	$ 0	$ 285

Losses and Loss Adjustment Expenses - Schedule of Liability for Unpaid Claims and Claims Adjustment Expense (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reserves for losses and LAE, beginning of period	$ 1,314,501	$ 1,141,757
Less: reinsurance recoverable on unpaid claims, beginning of period	(455,484)	(435,986)
Reserves for losses and LAE, beginning of period, net of reinsurance	859,017	705,771
Incurred, net of reinsurance, related to:
Current period	474,289	378,811
Prior years	0	0
Total incurred, net of reinsurance	474,289	378,811
Paid, net of reinsurance, related to:
Current period	82,653	67,267
Prior years	224,760	187,256
Total paid	307,413	254,523
Net reserves for losses and LAE, end of period	1,025,893	830,059
Plus: reinsurance recoverable on unpaid claims, end of period	542,884	438,652
Reserves for losses and LAE, end of period	$ 1,568,777	$ 1,268,711

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The material terms of these trading plans are set forth in the table below.

Name (Title)

Date of Adoption

Nature of Trading Arrangement

Duration of Trading Arrangement

Aggregate Number of Securities

Andrew Robinson (Chief Executive Officer)

8/8/2024