0001620459-23-000093 | 10-Q | XBRL Viewer | James River Group Holdings LTD

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Invested assets:
Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2023 – $2,049,221; 2022 – $1,969,783)	$ 1,898,758	$ 1,783,417
Equity securities, at fair value (cost: 2023 – $115,854; 2022 – $117,169)	116,091	118,627
Bank loan participations, at fair value	146,768	154,991
Short-term investments	25,061	107,812
Other invested assets	27,184	27,447
Total invested assets	2,213,862	2,192,294
Cash and cash equivalents	199,898	173,164
Restricted cash equivalents	104,254	103,215
Accrued investment income	15,892	14,418
Premiums receivable and agents’ balances, net	326,499	340,525
Reinsurance recoverable on unpaid losses, net	1,541,497	1,520,113
Reinsurance recoverable on paid losses	158,761	114,242
Prepaid reinsurance premiums	261,693	274,165
Deferred policy acquisition costs	54,535	59,603
Intangible assets, net	35,585	35,676
Goodwill	181,831	181,831
Other assets	110,780	127,829
Total assets	5,205,087	5,137,075
Liabilities:
Reserve for losses and loss adjustment expenses	2,841,993	2,768,995
Unearned premiums	638,856	676,016
Payables to reinsurers	139,934	123,502
Funds held	297,002	310,953
Deferred reinsurance gain	36,954	20,091
Senior debt	222,300	222,300
Junior subordinated debt	104,055	104,055
Accrued expenses	43,732	59,566
Other liabilities	144,448	152,933
Total liabilities	4,469,274	4,438,411
Commitments and contingent liabilities
Series A redeemable preferred shares – 2023 and 2022: $0.00125 par value; 20,000,000 shares authorized; 150,000 shares issued and outstanding	144,898	144,898
Shareholders’ equity:
Common shares – 2023 and 2022: $0.0002 par value; 200,000,000 shares authorized; 37,619,226 and 37,470,237 shares issued and outstanding, respectively	7	7
Additional paid-in capital	870,043	868,858
Retained deficit	(146,993)	(152,055)
Accumulated other comprehensive loss	(132,142)	(163,044)
Total shareholders’ equity	590,915	553,766
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$ 5,205,087	$ 5,137,075

Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2023

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Components of Comprehensive (Income) Loss

The following table summarizes the components of other comprehensive income (loss):


	Three Months Ended March 31,
		2023		2022
		(in thousands)
Unrealized gains (losses) arising during the period, before U.S. income taxes		$	35,812	$	(97,418)
U.S. income taxes		(5,000)		11,608
Unrealized gains (losses) arising during the period, net of U.S. income taxes		30,812		(85,810)
Less reclassification adjustment:
Net realized investment (losses) gains		(91)		202
U.S. income taxes		1		(41)
Reclassification adjustment for investment (losses) gains realized in net income		(90)		161
Other comprehensive income (loss)		$	30,902	$	(85,971)

Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	$ 564,300	$ 1,112,489
Fixed maturity securities, less than 12 months, gross unrealized losses	(19,911)	(101,608)
Fixed maturity securities, 12 months or more, fair value	1,010,635	475,703
Fixed maturity securities, 12 months or more, gross unrealized losses	(137,827)	(87,883)
Fixed maturity securities, fair value	1,574,935	1,588,192
Fixed maturity securities, gross unrealized losses	(157,738)	(189,491)
State and municipal
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	69,241	241,586
Fixed maturity securities, less than 12 months, gross unrealized losses	(3,073)	(34,840)
Fixed maturity securities, 12 months or more, fair value	222,575	72,805
Fixed maturity securities, 12 months or more, gross unrealized losses	(41,390)	(21,476)
Fixed maturity securities, fair value	291,816	314,391
Fixed maturity securities, gross unrealized losses	(44,463)	(56,316)
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	148,585	225,870
Fixed maturity securities, less than 12 months, gross unrealized losses	(4,758)	(18,823)
Fixed maturity securities, 12 months or more, fair value	177,694	98,594
Fixed maturity securities, 12 months or more, gross unrealized losses	(27,122)	(18,431)
Fixed maturity securities, fair value	326,279	324,464
Fixed maturity securities, gross unrealized losses	(31,880)	(37,254)
Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	256,892	412,942
Fixed maturity securities, less than 12 months, gross unrealized losses	(9,429)	(33,417)
Fixed maturity securities, 12 months or more, fair value	334,957	167,541
Fixed maturity securities, 12 months or more, gross unrealized losses	(47,399)	(32,875)
Fixed maturity securities, fair value	591,849	580,483
Fixed maturity securities, gross unrealized losses	(56,828)	(66,292)
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	66,808	184,985
Fixed maturity securities, less than 12 months, gross unrealized losses	(2,291)	(12,829)
Fixed maturity securities, 12 months or more, fair value	235,846	114,955
Fixed maturity securities, 12 months or more, gross unrealized losses	(19,546)	(13,298)
Fixed maturity securities, fair value	302,654	299,940
Fixed maturity securities, gross unrealized losses	(21,837)	(26,127)
U.S. Treasury securities and obligations guaranteed by the U.S. government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	22,774	47,106
Fixed maturity securities, less than 12 months, gross unrealized losses	(360)	(1,699)
Fixed maturity securities, 12 months or more, fair value	39,563	21,808
Fixed maturity securities, 12 months or more, gross unrealized losses	(2,370)	(1,803)
Fixed maturity securities, fair value	62,337	68,914
Fixed maturity securities, gross unrealized losses	$ (2,730)	$ (3,502)

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
Earnings Per Share - Narrative (Details) - shares	Mar. 31, 2023	Mar. 31, 2022
Stock options, restricted share units ("RSU's") and convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of securities excluded from the calculations of diluted earnings per share (in shares)	5,640,158	2,230,695

Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 9,608	$ 10,205
Less: Dividends on Series A preferred shares	(2,625)	(875)
Net income available to common shareholders	$ 6,983	$ 9,330
Weighted average common shares outstanding:
Basic (in shares)	37,531,819	37,406,913
Dilutive potential common shares (in shares)	253,633	147,749
Diluted (in shares)	37,785,452	37,554,662
Net income per common share:
Basic (in dollars per share)	$ 0.19	$ 0.25
Dilutive potential common shares (in dollars per share)	(0.01)	0
Diluted (in dollars per share)	$ 0.18	$ 0.25

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-36777
Entity Registrant Name	JAMES RIVER GROUP HOLDINGS, LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0585280
Entity Address, Address Line Three	Wellesley House
Entity Address, Address Line Two	2nd Floor
Entity Address, Address Line One	90 Pitts Bay Road
Entity Address, City or Town	Pembroke
Entity Address, Postal Zip Code	HM08
Entity Address, Country	BM
City Area Code	441
Local Phone Number	278-4580
Title of 12(b) Security	Common Shares, par value $0.0002 per share
Trading Symbol	JRVR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,619,226
Entity Central Index Key	0001620459
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Gross written premiums	$ 363,893	$ 359,936
Ceded written premiums	(180,673)	(184,077)
Net written premiums	183,220	175,859
Change in net unearned premiums	24,893	13,965
Net earned premiums	208,113	189,824
Net investment income	25,772	16,267
Net realized and unrealized gains (losses) on investments	407	(5,010)
Other income	1,309	867
Total revenues	235,601	201,948
Expenses
Losses and loss adjustment expenses	155,288	135,608
Other operating expenses	60,259	50,061
Other expenses	603	368
Interest expense	6,616	2,292
Amortization of intangible assets	91	91
Total expenses	222,857	188,420
Income before taxes	12,744	13,528
Income tax expense	3,136	3,323
Net income	9,608	10,205
Dividends on Series A preferred shares	(2,625)	(875)
Net income available to common shareholders	6,983	9,330
Other comprehensive income (loss):
Net unrealized gains (losses), net of taxes of $5,001 in 2023 and $(11,649) in 2022	30,902	(85,971)
Total comprehensive income (loss)	$ 40,510	$ (75,766)
Net income per common share:
Basic (in dollars per share)	$ 0.19	$ 0.25
Diluted (in dollars per share)	0.18	0.25
Dividend declared per common share (in dollars per share)	$ 0.05	$ 0.05
Weighted-average common shares outstanding:
Basic (in shares)	37,531,819	37,406,913
Diluted (in shares)	37,785,452	37,554,662

Capital Stock and Equity Awards - Summary of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Share based compensation expense	$ 2,692	$ 1,786
U.S. tax benefit on share based compensation expense	$ 516	$ 336

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Summary of Company's Segment Results

The following table summarizes the Company’s segment results:


	Excess and Surplus Lines		Specialty Admitted Insurance		Casualty Reinsurance		Corporate and Other		Total
	(in thousands)




















Three Months Ended March 31, 2023
Gross written premiums	$	228,903	$	124,551	$	10,439	$	—	$	363,893
Net earned premiums	151,359		20,481		36,273		—		208,113
Underwriting profit (loss) of operating segments	19,995		(469)		306		—		19,832
Net investment income	15,053		2,985		7,347		387		25,772
Interest expense	—		—		1,033		5,583		6,616
Segment revenues	166,650		24,510		43,867		574		235,601
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,695,612		1,322,102		1,107,266		80,107		5,205,087

Three Months Ended March 31, 2022
Gross written premiums	$	204,282	$	125,710	$	29,944	$	—	$	359,936
Net earned premiums	131,301		19,318		39,205		—		189,824
Underwriting profit (loss) of operating segments	21,457		209		(8,837)		—		12,829
Net investment income	5,542		757		9,713		255		16,267
Interest expense	—		—		15		2,277		2,292
Segment revenues	133,392		20,363		47,871		322		201,948
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,000,524		1,103,658		2,126,040		36,996		5,267,218

Schedule of Underwriting Profit of Operating Segments by Individual Segment and Reconciliation to Consolidated Income Before Taxes

The following table reconciles the underwriting profit (loss) of the operating segments by individual segment to consolidated income before income taxes:


	Three Months Ended March 31,
		2023		2022
		(in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines		$	19,995	$	21,457
Specialty Admitted Insurance		(469)		209
Casualty Reinsurance		306		(8,837)
Total underwriting profit of operating segments		19,832		12,829
Other operating expenses of the Corporate and Other segment		(9,282)		(7,874)
Underwriting profit		10,550		4,955
Losses and loss adjustment expenses - retroactive reinsurance		(16,863)		—
Net investment income		25,772		16,267
Net realized and unrealized gains (losses) on investments		407		(5,010)
Amortization of intangible assets		(91)		(91)
Other income and expenses		(415)		(301)
Interest expense		(6,616)		(2,292)
Income before income taxes		$	12,744	$	13,528

Segment Information - Reconciliation of Operating Segments by Individual Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total underwriting profit of operating segments	$ 19,832	$ 12,829
Other operating expenses of the Corporate and Other segment	(9,282)	(7,874)
Underwriting profit	10,550	4,955
Net investment income	25,772	16,267
Net realized and unrealized gains (losses) on investments	407	(5,010)
Amortization of intangible assets	(91)	(91)
Other income and expenses	(415)	(301)
Interest expense	(6,616)	(2,292)
Income before taxes	12,744	13,528
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Total underwriting profit of operating segments	19,995	21,457
Net investment income	15,053	5,542
Interest expense	0	0
Excess and Surplus Lines \| Commercial Auto Business \| Loss Portfolio Transfer
Segment Reporting Information [Line Items]
Losses and loss adjustment expenses - retroactive reinsurance	(16,863)	0
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Total underwriting profit of operating segments	(469)	209
Net investment income	2,985	757
Interest expense	0	0
Casualty Reinsurance
Segment Reporting Information [Line Items]
Total underwriting profit of operating segments	306	(8,837)
Net investment income	7,347	9,713
Interest expense	(1,033)	(15)
Excess And Surplus Lines and Casualty Reinsurance \| Commercial Auto Business \| Loss Portfolio Transfer
Segment Reporting Information [Line Items]
Losses and loss adjustment expenses - retroactive reinsurance	$ (16,863)	$ 0

Investments - Summary of Private Debt and Equity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) note	Dec. 31, 2022 USD ($) project	Mar. 31, 2022 USD ($)
Net Investment Income [Line Items]
Carrying Value	$ 27,184	$ 27,447
Investment Income	1,591		$ 2,899
Proceeds from sales	1,153		0
Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	9,155	$ 9,159
Investment Income	1,173		2,524
Number of underlying projects sold \| project		2
Proceeds from sales	1,200
Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	2,705	$ 2,705
Investment Income	81		157
Limited partnerships
Net Investment Income [Line Items]
Carrying Value	10,824	11,083
Investment Income	251		132
Bank holding companies
Net Investment Income [Line Items]
Carrying Value	4,500	4,500
Investment Income	86		86
Excess and Surplus Lines
Net Investment Income [Line Items]
Carrying Value	24,617	24,880
Investment Income	1,376		2,568
Excess and Surplus Lines \| Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	9,155	9,159
Investment Income	1,003		2,280
Proceeds from sales	984
Excess and Surplus Lines \| Renewable energy LLCs \| Investment in LLC
Net Investment Income [Line Items]
Cash distributions from LLCs	$ 24,000		951,000
Excess and Surplus Lines \| Renewable energy LLCs \| Minimum \| Investment in LLC \| Various LLCs
Net Investment Income [Line Items]
Ownership percentage	2.60%
Excess and Surplus Lines \| Renewable energy LLCs \| Maximum \| Investment in LLC \| Various LLCs
Net Investment Income [Line Items]
Ownership percentage	4.90%
Excess and Surplus Lines \| Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	$ 1,202	1,202
Investment Income	$ 36		70
Number of notes issued \| note	2
Rate of interest	12.00%
Excess and Surplus Lines \| Limited partnerships
Net Investment Income [Line Items]
Carrying Value	$ 9,760	10,019
Investment Income	251		132
Outstanding commitments to invest	5,400
Excess and Surplus Lines \| Bank holding companies
Net Investment Income [Line Items]
Carrying Value	4,500	4,500
Investment Income	$ 86		86
Rate of interest	7.60%
Investment in private subordinated notes	$ 4,500
Corporate and Other
Net Investment Income [Line Items]
Carrying Value	2,567	2,567
Investment Income	215		331
Corporate and Other \| Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	0	0
Investment Income	170		244
Proceeds from sales	$ 170
Corporate and Other \| Renewable energy LLCs \| Investment in LLC
Net Investment Income [Line Items]
Cash distributions from LLCs			951,000
Corporate and Other \| Renewable energy LLCs \| Minimum \| Investment in LLC \| Various LLCs
Net Investment Income [Line Items]
Ownership percentage	2.60%
Corporate and Other \| Renewable energy LLCs \| Maximum \| Investment in LLC \| Various LLCs
Net Investment Income [Line Items]
Ownership percentage	4.90%
Corporate and Other \| Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	$ 1,503	1,503
Investment Income	$ 45		87
Number of notes issued \| note	2
Rate of interest	12.00%
Corporate and Other \| Limited partnerships
Net Investment Income [Line Items]
Carrying Value	$ 1,064	1,064
Investment Income	0		0
Corporate and Other \| Bank holding companies
Net Investment Income [Line Items]
Carrying Value	0	$ 0
Investment Income	$ 0		$ 0

Capital Stock and Equity Awards - Summary of Option Activity (Details) - Options - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Shares
Beginning of period (in shares)	287,974	287,974
Granted (in shares)	0	0
Exercised (in shares)	0	0
Forfeited (in shares)	(45,106)	0
Lapsed (in shares)	(164,548)	0
End of period (in shares)	78,320	287,974
Exercisable, end of period (in shares)	78,320	287,974
Weighted- Average Exercise Price
Beginning of period (in dollars per share)	$ 35.26	$ 35.26
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	0	0
Forfeited (in dollars per share)	34.92	0
Lapsed (in dollars per share)	32.07	0
End of period (in dollars per share)	42.17	35.26
Exercisable, end of period (in dollars per share)	$ 42.17	$ 35.26
Vesting period (in years)	3 years
Contractual life (in years)	7 years
Weighted-average remaining contractual life of options outstanding	10 months 24 days
Weighted-average remaining contractual life of options exercisable	10 months 24 days

Contingent Liabilities	3 Months Ended
Contingent Liabilities	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities The Company is involved in various legal proceedings, including commercial matters and litigation regarding insurance claims which arise in the ordinary course of business, as well as an alleged class action lawsuit. In addition, the Company is involved from time to time in legal actions which seek extra-contractual damages, punitive damages or penalties, including claims alleging bad faith in handling of insurance claims. The Company believes that the outcome of such matters, individually and in the aggregate, is not reasonably likely to have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows. On July 9, 2021 a purported class action lawsuit was filed in the U.S. District Court, Eastern District of Virginia (the “Court”) by Employees’ Retirement Fund of the City of Fort Worth against James River Group Holdings, Ltd. and certain of its present and former officers (together, “Defendants”). On September 22, 2021, the Court entered an order appointing Employees’ Retirement Fund of the City of Fort Worth and the City of Miami General Employees’ and Sanitation Employees’ Retirement Trust as co-lead plaintiffs (together, “Plaintiffs”). Plaintiffs’ consolidated amended complaint was filed on November 19, 2021 (the “First Amended Complaint”). The Defendants filed a motion to dismiss the First Amended Complaint on January 18, 2022, Plaintiffs’ opposition thereto was filed on March 4, 2022, and the Defendants’ reply to the Plaintiffs’ opposition was filed on April 4, 2022. On August 25, 2022, Plaintiffs filed a motion for leave to file a second amended class action complaint (the "Second Amended Complaint"). On September 8, 2022, the Defendants consented to the Plaintiffs’ motion to file the Second Amended Complaint, and filed a motion to dismiss the Second Amended Complaint on October 24, 2022 (the "Second MTD"). The Plaintiffs’ opposition to the Second MTD was filed on November 7, 2022, and the Defendant's reply to the Plaintiffs' opposition was filed on November 14, 2022. The First Amended Complaint and Second Amended Complaint assert claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of a putative class of persons and entities that purchased the Company's stock between February 22, 2019 and October 25, 2021, and allege that Defendants failed to make appropriate disclosures concerning the adequacy of reserves for policies that covered Rasier LLC, a subsidiary of Uber Technologies, Inc., and seek unspecified damages, costs, attorneys’ fees and such other relief as the court may deem proper. The Company believes that the Plaintiffs’ claims are without merit and intends to vigorously defend this lawsuit. For a description of the potential future impacts of COVID-19 on the Company, see the “The global coronavirus outbreak could harm business and results of operations of the Company” risk factor in Part I—Item IA in our Annual Report on Form 10-K for the year ended December 31, 2022. The Company’s reinsurance subsidiary, JRG Re, entered into three letter of credit facilities with banks as security to third-party reinsureds on reinsurance assumed by JRG Re. JRG Re has established custodial accounts to secure these letters of credit. Under a $30.0 million facility, $4.4 million of letters of credit were issued through March 31, 2023 which were secured by deposits of $5.7 million. Under a $102.5 million facility, $44.2 million of letters of credit were issued through March 31, 2023 which were secured by deposits of $54.9 million. Under a $100.0 million facility, $36.0 million of letters of credit were issued through March 31, 2023 which were secured by deposits of $45.8 million. JRG Re has also established trust accounts to secure its obligations to selected reinsureds. The total amount deposited in the trust accounts for the benefit of third-party reinsureds was $426.3 million at March 31, 2023. Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book James River previously issued a set of commercial auto insurance contracts (the “Rasier Commercial Auto Policies”) to Rasier under which James River pays losses and loss adjustment expenses on the contracts. James River has indemnity agreements with Rasier (non-insurance entities) (collectively, the “Indemnity Agreements”) and is contractually entitled to reimbursement for the portion of the losses and loss adjustment expenses paid on behalf of Rasier under the Rasier Commercial Auto Policies and other expenses incurred by James River. On September 27, 2021, James River entered into the Commercial Auto LPT with Aleka to reinsure substantially all of the Rasier Commercial Auto Policies for which James River is not otherwise indemnified by Rasier under the Indemnity Agreements. Under the terms of the Commercial Auto LPT, effective as of July 1, 2021, James River ceded to Aleka approximately $345.1 million of commercial auto liabilities relating to Rasier Commercial Auto Policies written in the years 2013-2019, which amount constituted the reinsurance premium. Since inception, due to adverse paid and reported loss trends on the legacy Rasier business, the Company has recognized adverse prior year development of $87.7 million on the reserves subject to the Commercial Auto LPT, bringing the cumulative amount ceded under the Commercial Auto LPT to $432.8 million at March 31, 2023. Each of Rasier and Aleka are required to post collateral under the Indemnity Agreements and the Commercial Auto LPT, respectively: •Pursuant to the Indemnity Agreements, Rasier is required to post collateral equal to 102% of James River's estimate of the amounts that are recoverable or may be recoverable under the Indemnity Agreements, including, among other things, case loss and loss adjustment expense reserves, IBNR loss and loss adjustment expense reserves, extra contractual obligations and excess policy limits liabilities. The collateral is provided through a collateral trust arrangement (the “Indemnity Trust”) in favor of James River by Aleka. In connection with the execution of the Commercial Auto LPT, James River returned $691.3 million to the Indemnity Trust, representing the remaining balance of the amount withdrawn in October 2019, as was permitted under the indemnification agreements with Rasier and the associated trust agreement. At March 31, 2023, the balance in the Indemnity Trust was $175.8 million, and, together with the balance of the Loss Fund Trust (as defined below) attributable to the Indemnity Agreements as described below, the total balance of collateral securing Rasier’s obligations under the Indemnity Agreements was $245.0 million. •Pursuant to the Commercial Auto LPT, Aleka is required to post collateral equal to 102% of James River's estimate of Aleka's obligations under the Commercial Auto LPT, calculated in accordance with standard actuarial principles and based on reserves recorded in the Company’s statutory financial statements. The collateral is provided through a collateral trust arrangement (the “LPT Trust”) established in favor of James River by Aleka. At March 31, 2023, the balance in the LPT Trust was $80.5 million, and, together with the balance of the Loss Fund Trust (as defined below) attributable to the Commercial Auto LPT as described below, the total balance of collateral securing Aleka’s obligations under the Commercial Auto LPT was $108.7 million. At March 31, 2023, the total reinsurance recoverables under the Commercial Auto LPT was $145.3 million (including $135.4 million of unpaid recoverables and $9.9 million of paid recoverables). In connection with the execution of the Commercial Auto LPT, James River and Aleka entered into an administrative services agreement (the “Administrative Services Agreement”) with a third party claims administrator (the “Administrator”) pursuant to which the Administrator handles the claims on the Rasier Commercial Auto Policies for the remaining life of those claims. The claims paid by the Administrator are reimbursable by James River, and pursuant to the Administrative Services Agreement, James River established a loss fund trust account for the benefit of the Administrator (the “Loss Fund Trust”) to collateralize its claims payment reimbursement obligations. James River funds the Loss Fund Trust using funds withdrawn from the Indemnity Trust, funds withdrawn from the LPT Trust, and its own funds, in each case in an amount equal to the pro rata portion of the required Loss Fund Trust balance attributable to the Indemnity Agreements, the Commercial Auto LPT and James River’s existing third party reinsurance agreements, respectively. At March 31, 2023, the balance in the Loss Fund Trust was $104.3 million, including $69.2 million representing collateral supporting Rasier’s obligations under the Indemnity Agreements and $28.2 million representing collateral supporting Aleka’s obligations under the Commercial Auto LPT. Funds posted to the Loss Fund Trust are classified as restricted cash equivalents on the Company's balance sheets. While the Commercial Auto LPT brings economic finality to substantially all of the Rasier Commercial Auto Policies, the Company has credit exposure to Rasier and Aleka under the Indemnity Agreements and the Commercial Auto LPT if the estimated losses and expenses of the Rasier Commercial Auto Policies grow at a faster pace than the growth in the collateral balances. In addition, the Company has credit exposure if its estimates of future losses and loss adjustment expenses and other amounts recoverable under the Indemnity Agreements and the Commercial Auto LPT, which are the basis for establishing the collateral balances, are lower than actual amounts paid or payable. The amount of our credit exposure in any of these instances could be material. To mitigate these risks, the Company closely and frequently monitors its exposure compared to the collateral held, and requests additional collateral in accordance with the terms of the Commercial Auto LPT and Indemnity Agreements when its analysis indicates that it has uncollateralized exposure.

Series A Preferred Shares (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 24, 2022 USD ($) d $ / shares shares	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 $ / shares
Temporary Equity [Line Items]
Series A convertible preferred shares (in dollars per share) \| $ / shares		$ 0.00125		$ 0.00125
Dividends on Series A preferred shares \| $		$ 5,250	$ 0
Issuance of Series A preferred shares \| $		0	144,898
Convertible Preferred Stock \| Private Placement
Temporary Equity [Line Items]
Number of shares issued during period (in shares) \| shares	150,000
Preferred stock, dividend rate, percentage	7.00%
Series A convertible preferred shares (in dollars per share) \| $ / shares	$ 0.00125
Sale of stock, consideration received on transaction \| $	$ 150,000
Per share price (in dollars per share) \| $ / shares	$ 1,000
Liquidation preference (in dollars per share) \| $ / shares	$ 1,000
Preferred stock, dividend term	5 years
Preferred stock, dividend payment rate, variable spread	5.20%
Dividends on Series A preferred shares \| $		$ 5,300
Dividends payable \| $			$ 875
Preferred stock, convertible, conversion price \| $ / shares	$ 26.5950
Convertible preferred stock, shares issued upon conversion \| shares	5,640,158
Cash dividend declared (in dollars per share)	2 years
Percentage of then-applicable conversion price threshold	130.00%
Number of trading days \| d	20
Preferred stock, discount rate, percentage	3.50%
Number of trading days immediately preceding Mandatory Conversion \| d	5
Issuance costs \| $	$ 5,100
Issuance of Series A preferred shares \| $	$ 144,900
Series A Preferred Stock \| Private Placement \| Common Shares
Temporary Equity [Line Items]
Common Stock, Covenant Threshold, Per Share \| $ / shares	$ 0.05
Common stock, covenant, threshold, cash paid (in dollars per share) \| $ / shares	$ 0.10

Capital Stock and Equity Awards - Summary of RSU Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
RSUs
Shares
Unvested, beginning of period (in shares)	665,458	292,135
Granted (in shares)	363,484	538,778
Vested (in shares)	(212,128)	(109,589)
Forfeited (in shares)	(4,293)	0
Unvested, end of period (in shares)	812,521	721,324
Weighted- Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share)	$ 25.98	$ 45.89
Granted (in dollars per share)	24.83	20.50
Vested (in dollars per share)	28.93	45.57
Forfeited (in dollars per share)	22.49	0
Unvested, end of period (in dollars per share)	$ 24.71	$ 26.97
Vesting period (in years)	3 years
RSUs \| Non-employee directors
Weighted- Average Grant Date Fair Value
Vesting period (in years)	1 year
PRSU
Shares
Granted (in shares)	91,818

Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments [Abstract]

Schedule of Summary of Available-for-Sale Investments

The Company’s available-for-sale fixed maturity securities are summarized as follows:


	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
March 31, 2023
Fixed maturity securities:
State and municipal	$	388,817	$	1,840	$	(44,463)	$	346,194
Residential mortgage-backed	471,852		2,109		(31,880)		442,081
Corporate	772,885		3,116		(56,828)		719,173
Commercial mortgage and asset-backed	341,742		149		(21,837)		320,054

U.S. Treasury securities and obligations guaranteed by the U.S. government	73,925		61		(2,730)		71,256

Total fixed maturity securities, available-for-sale	$	2,049,221	$	7,275	$	(157,738)	$	1,898,758
December 31, 2022
Fixed maturity securities:
State and municipal	$	386,456	$	712	$	(56,316)	$	330,852
Residential mortgage-backed	437,702		801		(37,254)		401,249
Corporate	734,976		1,528		(66,292)		670,212
Commercial mortgage and asset-backed	335,066		76		(26,127)		309,015

U.S. Treasury securities and obligations guaranteed by the U.S. government	75,583		8		(3,502)		72,089

Total fixed maturity securities, available-for-sale	$	1,969,783	$	3,125	$	(189,491)	$	1,783,417

Schedule of Summary of Available-for-Sale Investments by Contractual Maturity

The amortized cost and fair value of available-for-sale investments in fixed maturity securities at March 31, 2023 are summarized, by contractual maturity, as follows:


	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	65,003	$	63,951
After one year through five years	525,508		504,265
After five years through ten years	378,716		339,759
After ten years	266,400		228,648
Residential mortgage-backed	471,852		442,081
Commercial mortgage and asset-backed	341,742		320,054

Total	$	2,049,221	$	1,898,758

Schedule of Gross Unrealized Losses and Fair Value for Available-for-Sale Securities

The following table shows the Company’s gross unrealized losses and fair value for available-for-sale securities aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:


	Less Than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
March 31, 2023
Fixed maturity securities:
State and municipal	$	69,241	$	(3,073)	$	222,575	$	(41,390)	$	291,816	$	(44,463)
Residential mortgage-backed	148,585		(4,758)		177,694		(27,122)		326,279		(31,880)
Corporate	256,892		(9,429)		334,957		(47,399)		591,849		(56,828)
Commercial mortgage and asset-backed	66,808		(2,291)		235,846		(19,546)		302,654		(21,837)

U.S. Treasury securities and obligations guaranteed by the U.S. government	22,774		(360)		39,563		(2,370)		62,337		(2,730)

Total fixed maturity securities, available-for-sale	$	564,300	$	(19,911)	$	1,010,635	$	(137,827)	$	1,574,935	$	(157,738)
December 31, 2022
Fixed maturity securities:
State and municipal	$	241,586	$	(34,840)	$	72,805	$	(21,476)	$	314,391	$	(56,316)
Residential mortgage-backed	225,870		(18,823)		98,594		(18,431)		324,464		(37,254)
Corporate	412,942		(33,417)		167,541		(32,875)		580,483		(66,292)
Commercial mortgage and asset-backed	184,985		(12,829)		114,955		(13,298)		299,940		(26,127)

U.S. Treasury securities and obligations guaranteed by the U.S. government	47,106		(1,699)		21,808		(1,803)		68,914		(3,502)

Total fixed maturity securities, available-for-sale	$	1,112,489	$	(101,608)	$	475,703	$	(87,883)	$	1,588,192	$	(189,491)

Summary of Net Unrealized Gains and Losses on Investments

The Company’s net realized and unrealized gains and losses on investments are summarized as follows:


	Three Months Ended March 31,
		2023		2022
		(in thousands)
Fixed maturity securities:
Gross realized gains		$	—	$	366
Gross realized losses		(91)		(164)
		(91)		202
Bank loan participations:
Gross realized gains		81		95
Gross realized losses		(1,211)		(184)
Changes in fair values of bank loan participations		2,545		(2,009)
		1,415		(2,098)
Equity securities:
Gross realized gains		581		24
Gross realized losses		(267)		(381)
Changes in fair values of equity securities		(1,221)		(2,742)
		(907)		(3,099)
Short-term investments and other:
Gross realized gains		3		—
Gross realized losses		(13)		(15)
Changes in fair values of short-term investments and other		—		—
		(10)		(15)
Total		$	407	$	(5,010)

Summary of Net Realized Gains and Losses on Investments

The Company’s net realized and unrealized gains and losses on investments are summarized as follows:


	Three Months Ended March 31,
		2023		2022
		(in thousands)
Fixed maturity securities:
Gross realized gains		$	—	$	366
Gross realized losses		(91)		(164)
		(91)		202
Bank loan participations:
Gross realized gains		81		95
Gross realized losses		(1,211)		(184)
Changes in fair values of bank loan participations		2,545		(2,009)
		1,415		(2,098)
Equity securities:
Gross realized gains		581		24
Gross realized losses		(267)		(381)
Changes in fair values of equity securities		(1,221)		(2,742)
		(907)		(3,099)
Short-term investments and other:
Gross realized gains		3		—
Gross realized losses		(13)		(15)
Changes in fair values of short-term investments and other		—		—
		(10)		(15)
Total		$	407	$	(5,010)

Schedule of Other Invested Assets

The Company invests selectively in private debt and equity opportunities. These investments, which together comprise the Company’s other invested assets, are primarily focused in renewable energy, limited partnerships, and bank holding companies.


	Carrying Value					Investment Income
	March 31,		December 31,		Three Months Ended March 31,
	2023		2022			2023		2022
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	9,155	$	9,159		$	1,003	$	2,280
Corporate & Other	—		—			170		244
	9,155		9,159			1,173		2,524
Renewable energy notes receivable (b)
Excess and Surplus Lines	1,202		1,202			36		70
Corporate & Other	1,503		1,503			45		87
	2,705		2,705			81		157
Limited partnerships (c)
Excess and Surplus Lines	9,760		10,019			251		132
Corporate & Other	1,064		1,064			—		—
	10,824		11,083			251		132
Bank holding companies (d)
Excess and Surplus Lines	4,500		4,500			86		86
Corporate & Other	—		—			—		—
	4,500		4,500			86		86
Total other invested assets
Excess and Surplus Lines	24,617		24,880			1,376		2,568
Corporate & Other	2,567		2,567			215		331
	$	27,184	$	27,447		$	1,591	$	2,899

(a)The Company's Excess and Surplus Lines segment owns equity interests ranging from 2.6% to 4.9% in various LLCs whose principal objective is capital appreciation and income generation from owning and operating renewable energy production facilities (wind and solar). The Corporate and Other segment also held an interest in one of the LLCs until the fourth quarter of 2022. The LLCs are managed by an entity for which two former directors served as officers, and the Company’s Non-Executive Chairman has invested in certain of these LLCs. The equity method is used to account for the Company’s LLC investments. Income for the LLCs primarily reflects adjustments to the carrying values of investments in renewable energy projects to their determined fair values. The fair value adjustments are included in revenues for the LLCs. Expenses for the LLCs are not significant and are comprised of administrative and interest expenses. The Company received cash distributions from these investments totaling $24,000 and $951,000 in the three months ended March 31, 2023 and 2022, respectively. During the fourth quarter of 2022, the underlying projects in two of our LLCs were sold at the manager's discretion. In the three months ended March 31, 2023, we received additional proceeds from the sales of $1.2 million comprised of $984,000 in the Excess and Surplus Lines segment and $170,000 in the Corporate and Other segment. We could receive additional contingent payments in the future according to terms of the transaction.

(b)The Company's Excess and Surplus Lines and Corporate and Other segments have invested in notes receivable for renewable energy projects. At March 31, 2023, the Company held two notes issued by an entity for which two of our former directors serve as officers. Interest on the notes, which mature in 2025, is fixed at 12%.

(c)The Company owns investments in limited partnerships that invest in concentrated portfolios including publicly-traded small cap equities, loans of middle market private equity sponsored companies, private equity general partnership interests, commercial mortgage-backed securities, and tranches of distressed home loans. Income from the partnerships is recognized under the equity method of accounting. At March 31, 2023, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $5.4 million in the other limited partnerships.

(d)The Company's Excess and Surplus Lines segment holds $4.5 million of subordinated notes issued by a bank holding company for which the Company’s Non-Executive Chairman was previously the Lead Independent Director and an investor and for which one of the Company’s directors is also an investor (the "Bank Holding Company"). Interest on the notes, which mature on August 12, 2023, is fixed at 7.6% per annum.

Accounting Policies (Policies)	3 Months Ended
Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include the results of the Company and its subsidiaries from their respective dates of inception or acquisition, as applicable. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for a more complete description of the Company’s business and accounting policies. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results of operations for the full year. The consolidated balance sheet as of December 31, 2022 was derived from the Company’s audited annual consolidated financial statements. Intercompany transactions and balances have been eliminated.
Estimates and Assumptions	Estimates and Assumptions Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.
Variable Interest Entities	Variable Interest Entities Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as variable interest entities (“VIE”). A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose, and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. The Company holds interests in VIEs through certain equity method investments included in “other invested assets” in the accompanying condensed consolidated balance sheets. The Company has determined that it should not consolidate any of the VIEs as it is not the primary beneficiary in any of the relationships. Although the investments resulted in the Company holding variable interests in the entities, they did not empower the Company to direct the activities that most significantly impact the economic performance of the entities.
Income Tax Expense	Income Tax ExpenseOur effective tax rate fluctuates from period to period based on the relative mix of income reported by country and the respective tax rates imposed by each tax jurisdiction. For U.S.-sourced income, the Company’s U.S. federal income tax expense differs from the amounts computed by applying the federal statutory income tax rate to income before taxes due primarily to interest income on tax-advantaged state and municipal securities, dividends received income, and excess tax benefits on share based compensation.
Adopted Accounting Standards	Adopted Accounting Standards There were no new accounting standards adopted in 2023 that materially impacted the Company's financial statements.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 31,164	$ 31,164
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	7,190	7,099
Total Intangible Assets, Gross	42,775	42,775
Broker relationships
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	$ 7,190	7,099
Life (Years)	24 years 7 months 6 days
Trademarks
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 22,200	22,200
Insurance licenses and authorities
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 8,964	$ 8,964

Fair Value Measurements - Narrative (Details) $ in Thousands	Mar. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) security
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of equity securities held \| security	1	1		1
Recurring basis \| Available-for-sale fixed maturity securities and equity securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Asset value \| $	$ 17	$ 17	$ 0	$ 102

Other Operating Expenses and Other Expenses

3 Months Ended

Mar. 31, 2023

Other Operating Expenses and Other Expenses [Abstract]

Other Operating Expenses and Other Expenses

Other operating expenses consist of the following:


	Three Months Ended March 31,
		2023		2022
		(in thousands)
Amortization of policy acquisition costs		$	28,046	$	22,837
Other underwriting expenses of the operating segments		22,931		19,350
Other operating expenses of the Corporate and Other segment		9,282		7,874
Total		$	60,259	$	50,061

Other expenses of $603,000 and $368,000 for the three months ended March 31, 2023 and 2022, respectively, primarily consist of certain nonoperating expenses including legal fees related to a purported class action lawsuit, legal and other professional fees and other expenses related to various strategic initiatives including loss portfolio transfers accounted for as retroactive reinsurance, and employee severance costs.

Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

The Company has four reportable segments: the Excess and Surplus Lines segment, the Specialty Admitted Insurance segment, the Casualty Reinsurance segment, and the Corporate and Other segment. Segment profit (loss) is measured by underwriting profit (loss), which is generally defined as net earned premiums and gross fee income (in specific instances when the Company is not retaining insurance risk) in “other income” in the condensed consolidated statements of income and comprehensive income (loss) less loss and loss adjustment expenses on business not subject to retroactive reinsurance accounting for loss portfolio transfers (see Loss Portfolio Transfers in Note 5 - Reserve for Losses and Loss Adjustment Expenses) and other operating expenses of the operating segments. Gross fee income of $1.1 million and $800,000 for the Specialty Admitted Insurance segment was included in other income and in underwriting profit (loss) for the three months ended March 31, 2023 and 2022, respectively. Segment results are reported prior to the effects of intercompany reinsurance agreements among the Company’s insurance subsidiaries.

The following table summarizes the Company’s segment results:


	Excess and Surplus Lines		Specialty Admitted Insurance		Casualty Reinsurance		Corporate and Other		Total
	(in thousands)




















Three Months Ended March 31, 2023
Gross written premiums	$	228,903	$	124,551	$	10,439	$	—	$	363,893
Net earned premiums	151,359		20,481		36,273		—		208,113
Underwriting profit (loss) of operating segments	19,995		(469)		306		—		19,832
Net investment income	15,053		2,985		7,347		387		25,772
Interest expense	—		—		1,033		5,583		6,616
Segment revenues	166,650		24,510		43,867		574		235,601
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,695,612		1,322,102		1,107,266		80,107		5,205,087

Three Months Ended March 31, 2022
Gross written premiums	$	204,282	$	125,710	$	29,944	$	—	$	359,936
Net earned premiums	131,301		19,318		39,205		—		189,824
Underwriting profit (loss) of operating segments	21,457		209		(8,837)		—		12,829
Net investment income	5,542		757		9,713		255		16,267
Interest expense	—		—		15		2,277		2,292
Segment revenues	133,392		20,363		47,871		322		201,948
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,000,524		1,103,658		2,126,040		36,996		5,267,218

The following table reconciles the underwriting profit (loss) of the operating segments by individual segment to consolidated income before income taxes:


	Three Months Ended March 31,
		2023		2022
		(in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines		$	19,995	$	21,457
Specialty Admitted Insurance		(469)		209
Casualty Reinsurance		306		(8,837)
Total underwriting profit of operating segments		19,832		12,829
Other operating expenses of the Corporate and Other segment		(9,282)		(7,874)
Underwriting profit		10,550		4,955
Losses and loss adjustment expenses - retroactive reinsurance		(16,863)		—
Net investment income		25,772		16,267
Net realized and unrealized gains (losses) on investments		407		(5,010)
Amortization of intangible assets		(91)		(91)
Other income and expenses		(415)		(301)
Interest expense		(6,616)		(2,292)
Income before income taxes		$	12,744	$	13,528

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (d)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 280
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-Paragraph 22
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Operating activities

Net cash provided by operating activities

^[1]

$ 19,452

$ 65,355

Securities available-for-sale:

Purchases – fixed maturity securities

(101,374)

(154,091)

Sales – fixed maturity securities

22,450

Maturities and calls – fixed maturity securities

21,726

48,781

Purchases – equity securities

(5,081)

(2,747)

Sales – equity securities

6,745

5,089

Bank loan participations:

Purchases

(8,288)

(33,536)

Sales

10,494

20,983

Maturities

7,755

7,571

Other invested assets:

Return of capital

510

214

Proceeds from sales

1,153

Short-term investments, net

82,751

(10,771)

Securities receivable or payable, net

2,032

10,652

Purchases of property and equipment

(1,297)

(1,729)

Net cash provided by (used in) investing activities

17,126

(87,134)

Financing activities

Senior debt repayments

(40,000)

Issuance of Series A preferred shares

144,898

Common share repurchases

(1,507)

(922)

Dividends on Series A preferred shares

(5,250)

Dividends on common shares

(2,048)

(2,121)

Net cash (used in) provided by financing activities

(8,805)

101,855

Change in cash, cash equivalents, and restricted cash equivalents

27,773

80,076

Cash, cash equivalents, and restricted cash equivalents at beginning of period

276,379

292,128

Cash, cash equivalents, and restricted cash equivalents at end of period

304,152

372,204

Supplemental information

Interest paid

7,307

2,495

Restricted cash equivalents at beginning of period

103,215

102,005

Restricted cash equivalents at end of period

104,254

102,009

Change in restricted cash equivalents

$ 1,039

$ 4

[1]

Cash provided by operating activities for the three months ended March 31, 2023 and 2022 includes the restricted cash activity above related to a former insured, per the terms of a collateral trust. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book”. Excluding the restricted cash activity, cash provided by operating activities was $18.4 million and $65.4 million for the three months ended March 31, 2023 and 2022, respectively.

Other Operating Expenses and Other Expenses (Tables)

3 Months Ended

Mar. 31, 2023

Other Operating Expenses and Other Expenses [Abstract]

Schedule of Other Operating Expenses

Other operating expenses consist of the following:


	Three Months Ended March 31,
		2023		2022
		(in thousands)
Amortization of policy acquisition costs		$	28,046	$	22,837
Other underwriting expenses of the operating segments		22,931		19,350
Other operating expenses of the Corporate and Other segment		9,282		7,874
Total		$	60,259	$	50,061

Capital Stock and Equity Awards - Common Shares (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	37,619,226		37,470,237
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit dividend equivalents	$ 41	$ 36
Dividends payable	$ 207		$ 335
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	37,619,226	37,448,314	37,470,237	37,373,066
Vesting of RSUs (in shares)	148,989	75,248

Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended
Accounting Policies - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($) insurance_company	Mar. 31, 2022	Dec. 31, 2022 USD ($)
Accounting Policies [Line Items]
Investment in variable interest entities \| $	$ 9.2		$ 9.2
Effective U.S. federal income tax expense (benefit) rate	24.60%	24.60%
UNITED STATES
Accounting Policies [Line Items]
Number of insurance companies \| insurance_company	5

Capital Stock and Equity Awards - Compensation Expense (Details) - RSUs $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 17.4
Weighted-average period of unrecognized share based compensation expense	2 years 2 months 12 days

Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	Jun. 30, 2023	Jun. 15, 2023	Jun. 12, 2023	Apr. 27, 2023
Convertible Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage				7.00%
Dividends payable				$ 2.6
Convertible Preferred Stock \| Forecast
Subsequent Event [Line Items]
Dividends payable, date to be paid	Jun. 30, 2023
Dividend payable, record date		Jun. 15, 2023
Common Shares
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)				$ 0.05
Common Shares \| Forecast
Subsequent Event [Line Items]
Dividends payable, date to be paid	Jun. 30, 2023
Dividend payable, record date			Jun. 12, 2023

Investments - Schedule of Contract Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cost or Amortized Cost
One year or less	$ 65,003
After one year through five years	525,508
After five years through ten years	378,716
After ten years	266,400
Residential mortgage-backed	471,852
Commercial mortgage and asset-backed	341,742
Total fixed maturity securities, Cost or Amortized Cost	2,049,221
Fair Value
One year or less	63,951
After one year through five years	504,265
After five years through ten years	339,759
After ten years	228,648
Residential mortgage-backed	442,081
Commercial mortgage and asset-backed	320,054
Total investments available-for-sale, Fair Value	$ 1,898,758	$ 1,783,417

Investments

3 Months Ended

Mar. 31, 2023

Investments [Abstract]

Investments

The Company’s available-for-sale fixed maturity securities are summarized as follows:


	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
March 31, 2023
Fixed maturity securities:
State and municipal	$	388,817	$	1,840	$	(44,463)	$	346,194
Residential mortgage-backed	471,852		2,109		(31,880)		442,081
Corporate	772,885		3,116		(56,828)		719,173
Commercial mortgage and asset-backed	341,742		149		(21,837)		320,054

U.S. Treasury securities and obligations guaranteed by the U.S. government	73,925		61		(2,730)		71,256

Total fixed maturity securities, available-for-sale	$	2,049,221	$	7,275	$	(157,738)	$	1,898,758
December 31, 2022
Fixed maturity securities:
State and municipal	$	386,456	$	712	$	(56,316)	$	330,852
Residential mortgage-backed	437,702		801		(37,254)		401,249
Corporate	734,976		1,528		(66,292)		670,212
Commercial mortgage and asset-backed	335,066		76		(26,127)		309,015

U.S. Treasury securities and obligations guaranteed by the U.S. government	75,583		8		(3,502)		72,089

Total fixed maturity securities, available-for-sale	$	1,969,783	$	3,125	$	(189,491)	$	1,783,417

The amortized cost and fair value of available-for-sale investments in fixed maturity securities at March 31, 2023 are summarized, by contractual maturity, as follows:


	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	65,003	$	63,951
After one year through five years	525,508		504,265
After five years through ten years	378,716		339,759
After ten years	266,400		228,648
Residential mortgage-backed	471,852		442,081
Commercial mortgage and asset-backed	341,742		320,054

Total	$	2,049,221	$	1,898,758

Actual maturities may differ for some securities because borrowers have the right to call or prepay obligations with or without penalties.


	Less Than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
March 31, 2023
Fixed maturity securities:
State and municipal	$	69,241	$	(3,073)	$	222,575	$	(41,390)	$	291,816	$	(44,463)
Residential mortgage-backed	148,585		(4,758)		177,694		(27,122)		326,279		(31,880)
Corporate	256,892		(9,429)		334,957		(47,399)		591,849		(56,828)
Commercial mortgage and asset-backed	66,808		(2,291)		235,846		(19,546)		302,654		(21,837)

U.S. Treasury securities and obligations guaranteed by the U.S. government	22,774		(360)		39,563		(2,370)		62,337		(2,730)

Total fixed maturity securities, available-for-sale	$	564,300	$	(19,911)	$	1,010,635	$	(137,827)	$	1,574,935	$	(157,738)
December 31, 2022
Fixed maturity securities:
State and municipal	$	241,586	$	(34,840)	$	72,805	$	(21,476)	$	314,391	$	(56,316)
Residential mortgage-backed	225,870		(18,823)		98,594		(18,431)		324,464		(37,254)
Corporate	412,942		(33,417)		167,541		(32,875)		580,483		(66,292)
Commercial mortgage and asset-backed	184,985		(12,829)		114,955		(13,298)		299,940		(26,127)

U.S. Treasury securities and obligations guaranteed by the U.S. government	47,106		(1,699)		21,808		(1,803)		68,914		(3,502)

Total fixed maturity securities, available-for-sale	$	1,112,489	$	(101,608)	$	475,703	$	(87,883)	$	1,588,192	$	(189,491)

At March 31, 2023, the Company held fixed maturity securities of 543 issuers that were in an unrealized loss position with a total fair value of $1,574.9 million and gross unrealized losses of $157.7 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on, a scheduled principal or interest payment. At March 31, 2023, 99.9% of the Company’s fixed maturity security portfolio was rated “BBB-” or better (“investment grade”) by Standard & Poor’s or received an equivalent rating from another nationally recognized rating agency. Fixed maturity securities with ratings below investment grade by Standard & Poor’s or another nationally recognized rating agency at March 31, 2023 had an aggregate fair value of $2.3 million and an aggregate net unrealized loss of $174,000.

The Company reviews its available-for-sale fixed maturities to determine whether unrealized losses are due to credit-related factors. An allowance for credit losses is established for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in net realized and unrealized gains (losses) on investments. Unrealized losses that are not credit-related are recognized in other comprehensive income.

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, with a special emphasis on securities downgraded below investment grade. A comparison is made between the present value of expected future cash flows for a security and its amortized cost. If the present value of future expected cash flows is less than amortized cost, a credit loss is presumed to exist and an allowance for credit losses is established. Management 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. As a result of this review, management concluded that there were no credit-related impairments of fixed maturity securities at March 31, 2023, December 31, 2022, or March 31, 2022. During the three months ended March 31, 2023, management recognized an impairment loss of $85,000 for one fixed maturity security due to its intent to sell the security. For the remainder of securities in an unrealized loss position, management does not intend to sell the securities, and it is not “more likely than not” that the Company will be required to sell these securities before a recovery in their value to their amortized cost basis occurs.

Bank loan participations are measured at fair value pursuant to the Company's election of the fair value option, and changes in unrealized gains and losses in bank loan participations are reported in the income statement as net realized and unrealized gains (losses) on investments. Applying the fair value option to the bank loan portfolio increases volatility in the Company's financial statements, but management believes it is less subjective and less burdensome to implement and maintain than the requirements of ASU 2016-13. At March 31, 2023, the Company's bank loan portfolio had an aggregate fair value of $146.8 million and unpaid principal of $164.8 million. Investment income on bank loan participations included in net investment income was $4.3 million and $2.4 million for the three months ended March 31, 2023 and 2022, respectively. Net realized and unrealized gains (losses) on bank loan participations were $1.4 million and $(2.1) million for the three months ended March 31, 2023 and 2022, respectively. For the three months ended March 31, 2023, management concluded that $1.9 million of the unrealized losses associated with loans from two issuers were due to credit-related impairments. For the three months ended March 31, 2022, management concluded that unrealized losses were largely market-driven and that none of the unrealized losses were due to credit-related impairments. Losses due to credit-related impairments are determined based upon consultations and advice from the Company's specialized investment manager and consideration of any adverse situations that could affect the borrower's ability to repay, the estimated value of underlying collateral, and other relevant factors.

Bank loan participations generally provide a higher yield than our portfolio of fixed maturities and have a credit rating that is below investment grade (i.e. below “BBB-” for Standard & Poor’s) at the date of purchase. These bank loans are primarily senior, secured floating-rate debt rated “BB”, “B”, or “CCC” by Standard & Poor’s or an equivalent rating from another nationally recognized rating agency. These bank loans include assignments of, and participations in, performing and non-performing senior corporate debt generally acquired through primary bank syndications and in secondary markets. Bank loans consist of, but are not limited to, term loans, the funded and unfunded portions of revolving credit loans, and other similar loans and investments. Management believed that it was probable at the time that these loans were acquired that the Company would be able to collect all contractually required payments receivable.

Interest income on bank loan participations is accrued on the unpaid principal balance, and discounts and premiums on bank loan participations are amortized to income using the interest method. Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at March 31, 2023 or December 31, 2022.

The Company’s net realized and unrealized gains and losses on investments are summarized as follows:


	Three Months Ended March 31,
		2023		2022
		(in thousands)
Fixed maturity securities:
Gross realized gains		$	—	$	366
Gross realized losses		(91)		(164)
		(91)		202
Bank loan participations:
Gross realized gains		81		95
Gross realized losses		(1,211)		(184)
Changes in fair values of bank loan participations		2,545		(2,009)
		1,415		(2,098)
Equity securities:
Gross realized gains		581		24
Gross realized losses		(267)		(381)
Changes in fair values of equity securities		(1,221)		(2,742)
		(907)		(3,099)
Short-term investments and other:
Gross realized gains		3		—
Gross realized losses		(13)		(15)
Changes in fair values of short-term investments and other		—		—
		(10)		(15)
Total		$	407	$	(5,010)

Realized investment gains or losses are determined on a specific identification basis.


	Carrying Value					Investment Income
	March 31,		December 31,		Three Months Ended March 31,
	2023		2022			2023		2022
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	9,155	$	9,159		$	1,003	$	2,280
Corporate & Other	—		—			170		244
	9,155		9,159			1,173		2,524
Renewable energy notes receivable (b)
Excess and Surplus Lines	1,202		1,202			36		70
Corporate & Other	1,503		1,503			45		87
	2,705		2,705			81		157
Limited partnerships (c)
Excess and Surplus Lines	9,760		10,019			251		132
Corporate & Other	1,064		1,064			—		—
	10,824		11,083			251		132
Bank holding companies (d)
Excess and Surplus Lines	4,500		4,500			86		86
Corporate & Other	—		—			—		—
	4,500		4,500			86		86
Total other invested assets
Excess and Surplus Lines	24,617		24,880			1,376		2,568
Corporate & Other	2,567		2,567			215		331
	$	27,184	$	27,447		$	1,591	$	2,899

Segment Information - Narrative (Details) $ in Thousands	3 Months Ended
Segment Information - Narrative (Details) $ in Thousands	Mar. 31, 2023 USD ($) Segment	Mar. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| Segment	4
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Gross fee income \| $	$ 1,100	$ 800

Fair Value Measurements - Summary of Available-for-Sale Fixed Maturity Securities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - Available-for-sale fixed maturity securities and equity securities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 17	$ 102
Transfers out of Level 3	0	0
Transfers in to Level 3	0	0
Purchases	0	0
Sales	0	(92)
Maturities, calls and paydowns	0	0
Amortization of discount	0	0
Total gains or losses (realized/unrealized)-Included in earnings	0	(10)
Total gains or losses (realized/unrealized)-Included in other comprehensive income	0	0
Ending balance	$ 17	$ 0

Other Comprehensive Income (Loss) - Summary of Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized gains (losses) arising during the period, before U.S. income taxes	$ 35,812	$ (97,418)
U.S. income taxes	(5,000)	11,608
Unrealized gains (losses) arising during the period, net of U.S. income taxes	30,812	(85,810)
Less reclassification adjustment:
Net realized investment (losses) gains	(91)	202
U.S. income taxes	1	(41)
Reclassification adjustment for investment (losses) gains realized in net income	(90)	161
Other comprehensive income (loss)	$ 30,902	$ (85,971)

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Tax on net unrealized gains (losses)	$ 5,001	$ (11,649)

Capital Stock and Equity Awards

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Capital Stock and Equity Awards

Common Shares

Total common shares outstanding increased from 37,470,237 at December 31, 2022 to 37,619,226 at March 31, 2023, reflecting 148,989 common shares issued in the three months ended March 31, 2023 related to vesting of RSUs.

Dividends

The Company declared the following dividends on common shares during the first three months of 2023 and 2022:


Date of Declaration	Dividend per Common Share		Payable to Shareholders of Record on	Payment Date	Total Amount

2023
February 16, 2023	$	0.05	March 13, 2023	March 31, 2023	$	1,921,802




2022
February 16, 2022	$	0.05	March 14, 2022	March 31, 2022	$	1,908,482

Included in the total dividends for the three months ended March 31, 2023 and 2022 are $41,000 and $36,000, respectively, of dividend equivalents on unvested RSUs. The balance of dividends payable on unvested RSUs was $207,000 at March 31, 2023 and $335,000 at December 31, 2022.

Equity Incentive Plans

The Company’s shareholders have approved various equity incentive plans, including the 2014 Long Term Incentive Plan (“2014 LTIP”) and the 2014 Non-Employee Director Incentive Plan (“2014 Director Plan”) (collectively, the “Plans”). All awards issued under the Plans are issued at the discretion of the Board of Directors.

Employees are eligible to receive non-qualified stock options, incentive stock options, share appreciation rights, performance shares, restricted shares, RSUs, and other awards under the 2014 LTIP. The maximum number of shares available for issuance under the 2014 LTIP is 4,982,650, and at March 31, 2023, 1,491,839 shares are available for grant.

On July 26, 2022, the Board of Directors of the Company approved a new long-term incentive plan (the “LTI Plan”) under the 2014 LTIP. The LTI Plan is designed to align compensation of designated senior officers of the Company with Company performance and shareholder interests over the long-term. Awards under the LTI Plan are made in the form of performance restricted share units (a “PRSU”) and service based restricted share units (RSUs). Initial awards were granted in the first quarter of 2023.

Each PRSU represents a contingent right to receive one Company common share based upon the level of achievement of certain performance metrics during the performance period, with payout for achievement of threshold, target and maximum performance levels to be set at 50%, 100% and 200% of the target number of PRSUs, respectively. The initial PRSU awards have a performance period of January 1, 2023 through December 31, 2025.

Non-employee directors of the Company are eligible to receive non-qualified stock options, share appreciation rights, performance shares, restricted shares, RSUs, and other awards under the 2014 Director Plan. The maximum number of shares available for issuance under the 2014 Director Plan is 150,000, and at March 31, 2023, 70,508 shares are available for grant.

Generally, awards issued under the 2014 LTIP and 2014 Director Plan vest immediately in the event that an award recipient is terminated without Cause (as defined in the applicable plans), and in the case of the 2014 LTIP for Good Reason (as defined in the applicable plans), at any time following a Change in Control (as defined in the applicable plans).

Options

The following table summarizes option activity:


	Three Months Ended March 31,
	2023			2022
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
Outstanding:
Beginning of period	287,974	$	35.26	287,974	$	35.26
Granted	—	$	—	—	$	—
Exercised	—	$	—	—	$	—
Forfeited	(45,106)	$	34.92	—	$	—
Lapsed	(164,548)	$	32.07	—	$	—
End of period	78,320	$	42.17	287,974	$	35.26
Exercisable, end of period	78,320	$	42.17	287,974	$	35.26

All of the outstanding options are fully vested (vesting period of three years from date of grant) and have a contractual life of seven years from the original date of grant. All of the outstanding options have an exercise price equal to the fair value of the underlying shares at the date of grant. The weighted-average remaining contractual life of the options outstanding and exercisable at March 31, 2023 was 0.9 years.

RSUs

The following table summarizes RSU activity:


	Three Months Ended March 31,
	2023			2022
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value

Unvested, beginning of period	665,458	$	25.98	292,135	$	45.89
Granted	363,484	$	24.83	538,778	$	20.50
Vested	(212,128)	$	28.93	(109,589)	$	45.57
Forfeited	(4,293)	$	22.49	—	$	—
Unvested, end of period	812,521	$	24.71	721,324	$	26.97

Outstanding RSUs granted to employees generally vest ratably over a three year vesting period. RSUs granted to non-employee directors have a one year vesting period. The holders of RSUs are entitled to dividend equivalents. The dividend equivalents are settled in cash at the same time that the underlying RSUs vest and are subject to the same risk of forfeiture as the underlying shares. The fair value of the RSUs granted is based on the market price of the underlying shares at the date of grant. The RSUs granted in 2023 include 91,818 PRSU awards.

Compensation Expense

Share based compensation expense is recognized on a straight-line basis over the vesting period. The amount of expense and related tax benefit is summarized below:


	Three Months Ended March 31,
		2023		2022
		(in thousands)
Share based compensation expense		$	2,692	$	1,786
U.S. tax benefit on share based compensation expense		516		336

At March 31, 2023, the Company had $17.4 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 2.2 years.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Reserve for Losses and Loss Adjustment Expenses

3 Months Ended

Mar. 31, 2023

Liability for Claims and Claims Adjustment Expense [Abstract]

Reserve for Losses and Loss Adjustment Expenses

The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses, net of reinsurance, to the gross amounts reported in the condensed consolidated balance sheets. Reinsurance recoverables on unpaid losses and loss adjustment expenses are presented gross of an allowance for credit losses on reinsurance balances of $661,000 at March 31, 2023, $612,000 at December 31, 2022, $604,000 at March 31, 2022, and $631,000 at December 31, 2021.


	Three Months Ended March 31,
		2023		2022
		(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period		$	1,248,270	$	1,399,214
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year		137,063		128,804
Prior years - retroactive reinsurance		16,863		—
Prior years - excluding retroactive reinsurance		1,362		6,804
Total incurred losses and loss and adjustment expenses		155,288		135,608
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year		2,852		2,774
Prior years		84,008		100,855
Total loss and loss adjustment expense payments		86,860		103,629
Deduct: Change in deferred reinsurance gain - retroactive reinsurance		16,863		—
Deduct: Loss reserves ceded in Casualty Re LPT		—		299,493

Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period		1,299,835		1,131,700
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period		1,542,158		1,618,488
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period		$	2,841,993	$	2,750,188

The Company experienced $1.4 million of net adverse reserve development in the three months ended March 31, 2023 on the reserve for losses and loss adjustment expenses held at December 31, 2022 (excluding adverse prior year development on the loss portfolio transfers subject to retroactive reinsurance accounting - see Loss Portfolio Transfers below). This reserve development included $324,000 of net favorable development in the Excess and Surplus Lines segment, $171,000 of net favorable development in the Specialty Admitted Insurance segment, and $1.9 million of net adverse development in the Casualty Reinsurance segment.

The Company experienced $6.8 million of net adverse reserve development in the three months ended March 31, 2022 on the reserve for losses and loss adjustment expenses held at December 31, 2021. This reserve development included $59,000 of net favorable development in the Excess and Surplus Lines segment, $63,000 of net adverse development in the Specialty Admitted Insurance segment, and $6.8 million of net adverse development in the Casualty Reinsurance segment that was associated with the Casualty Re LPT (as defined below).

Loss Portfolio Transfers

The Company has entered into two loss portfolio transfers, which are a form of reinsurance utilized by the Company to transfer losses and loss adjustment expenses and associated risk of adverse development on covered subject business, as defined in the respective agreements, to an assuming reinsurer in exchange for a reinsurance premium.

Commercial Auto Loss Portfolio Transfer

On September 27, 2021, James River Insurance Company and James River Casualty Company (together, “James River”) entered into a loss portfolio transfer transaction (the “Commercial Auto LPT”) with Aleka Insurance, Inc. (“Aleka”), a captive insurance company affiliate of Rasier LLC, to reinsure substantially all of the Excess and Surplus Lines segment's legacy portfolio of commercial auto policies previously issued to Rasier LLC and its affiliates (collectively, “Rasier”) for which James

River is not otherwise indemnified by Rasier. The reinsurance coverage is structured to be fully collateralized, is not subject to an aggregate limit, and is subject to certain exclusions.

Casualty Re Loss Portfolio Transfer

On February 23, 2022, JRG Re entered into a loss portfolio transfer retrocession agreement (the “Casualty Re LPT”) with Fortitude Reinsurance Company Ltd. (“FRL”) under which FRL reinsures the majority of the reserves in the Company’s Casualty Reinsurance segment. Under the terms of the transaction, which closed on March 31, 2022 (the “Retrocession Closing Date”), JRG Re (a) ceded to FRL all existing and future claims for losses arising under certain casualty reinsurance agreements with underlying insurance companies with treaty inception dates ranging from 2011 to 2020 (the “Subject Business”), in each case net of third-party reinsurance and other recoveries, up to an aggregate limit of $400.0 million; (b) continues to manage and retain the benefit of other third-party reinsurance on the Subject Business; (c) paid FRL a reinsurance premium of $335.0 million, $310.0 million of which JRG Re credited to a notional funds withheld account (the “Funds Withheld Account”) and $25.0 million of which was paid in cash to FRL; and (d) pays FRL a 2% per annum crediting rate on the Funds Withheld Account balance on a quarterly basis. The total premium, initial Funds Withheld Account credit, and aggregate limit were adjusted for claims paid from October 1, 2021 to the Retrocession Closing Date. The Casualty Reinsurance segment incurred $6.8 million of net adverse reserve development in the three months ended March 31, 2022 associated with the Casualty Re LPT.

Retroactive Reinsurance Accounting

The Company periodically reevaluates the remaining reserves subject to the Commercial Auto LPT and the Casualty Re LPT. For the three months ended March 31, 2023, due to adverse paid and reported loss trends, the Company recognized adverse prior year development of $48.9 million on the reserves subject to the Commercial Auto LPT ($41.0 million) and Casualty Re LPT ($7.8 million), resulting in corresponding additional amounts ceded under the respective loss portfolio transfers. Both loss portfolio transfers are in gain positions as the cumulative amounts ceded under the loss portfolio transfers exceed the consideration paid, requiring the application of retroactive reinsurance accounting under GAAP.

Under retroactive reinsurance accounting, gains are deferred and recognized in earnings in proportion to actual paid recoveries under the loss portfolio transfers using the recovery method. Over the life of the contracts, we would expect no economic impact to the Company as long as any additional losses are within the limit of the loss portfolio transfer and the counterparty performs under the contract. In periods where the Company recognizes a change in the estimate of the reserves subject to the loss portfolio transfers that increases or decreases the amounts ceded under the loss portfolio transfers, the proportion of actual paid recoveries to total ceded losses is affected and the change in deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the loss portfolio transfer. The effect of the deferred retroactive reinsurance benefit is recorded in losses and loss adjustment expenses on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss).

For the three months ended March 31, 2023, retroactive reinsurance benefits totaling $32.0 million ($29.3 million for the Commercial Auto LPT and $2.7 million for the Casualty Re LPT) were recorded in losses and loss adjustment expenses on the Condensed Consolidated Statements of Income and Comprehensive Income (Loss) using the recovery method. As of March 31, 2023, the cumulative amounts ceded under the loss portfolio transfers was $781.7 million ($432.8 million under the Commercial Auto LPT and $348.9 million under the Casualty Re LPT). The total unrecognized deferred retroactive reinsurance gain of $37.0 million at March 31, 2023 under the loss portfolio transfers ($27.4 million related to the Commercial Auto LPT and $9.5 million related to the Casualty Re LPT) is separately presented on the Company's Condensed Consolidated Balance Sheets. The Company has $51.1 million of aggregate limit remaining under the Casualty Re LPT at March 31, 2023.

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Gross Carrying Amounts and Accumulated Amortization for Finite-Lived Intangible Assets

The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows:


		March 31, 2023				December 31, 2022
	Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		($ in thousands)
Intangible Assets
Trademarks	Indefinite	$	22,200	$	—	$	22,200	$	—
Insurance licenses and authorities	Indefinite	8,964		—		8,964		—
Identifiable intangible assets not subject to amortization		31,164		—		31,164		—
Broker relationships	24.6	11,611		7,190		11,611		7,099
Identifiable intangible assets subject to amortization		11,611		7,190		11,611		7,099
		$	42,775	$	7,190	$	42,775	$	7,099

Schedule of Gross Carrying Amounts for Indefinite-Lived Intangible Assets

The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows:


		March 31, 2023				December 31, 2022
	Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		($ in thousands)
Intangible Assets
Trademarks	Indefinite	$	22,200	$	—	$	22,200	$	—
Insurance licenses and authorities	Indefinite	8,964		—		8,964		—
Identifiable intangible assets not subject to amortization		31,164		—		31,164		—
Broker relationships	24.6	11,611		7,190		11,611		7,099
Identifiable intangible assets subject to amortization		11,611		7,190		11,611		7,099
		$	42,775	$	7,190	$	42,775	$	7,099

Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net realized investment (losses) gains	$ (91)	$ 202
Net gain (loss) in bank loan participations	1,415	(2,098)
Net realized and unrealized gains (losses) on investments in equity securities	$ (907)	$ (3,099)

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Retained Deficit	Accumulated Other Comprehensive (Loss) Income
Balance (in shares) at Dec. 31, 2021		37,373,066
Balance at Dec. 31, 2021	$ 725,362	$ 7	$ 862,040	$ (166,663)	$ 29,978
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	10,205			10,205
Other comprehensive (loss) income	(85,971)				(85,971)
Vesting of RSUs (in shares)		75,248
Vesting of RSUs	(922)		(922)
Compensation expense under share incentive plans	1,786		1,786
Dividends on Series A preferred shares	(875)			(875)
Dividends on common shares	(1,908)			(1,908)
Balance (in shares) at Mar. 31, 2022		37,448,314
Balance at Mar. 31, 2022	$ 647,677	$ 7	862,904	(159,241)	(55,993)
Balance (in shares) at Dec. 31, 2022	37,470,237	37,470,237
Balance at Dec. 31, 2022	$ 553,766	$ 7	868,858	(152,055)	(163,044)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,608			9,608
Other comprehensive (loss) income	30,902				30,902
Vesting of RSUs (in shares)		148,989
Vesting of RSUs	(1,507)		(1,507)
Compensation expense under share incentive plans	2,692		2,692
Dividends on Series A preferred shares	(2,625)			(2,625)
Dividends on common shares	$ (1,921)			(1,921)
Balance (in shares) at Mar. 31, 2023	37,619,226	37,619,226
Balance at Mar. 31, 2023	$ 590,915	$ 7	$ 870,043	$ (146,993)	$ (132,142)

Contingent Liabilities - Narrative (Details)			3 Months Ended		21 Months Ended
Contingent Liabilities - Narrative (Details)	Sep. 27, 2021 USD ($)	Jul. 01, 2021 USD ($)	Mar. 31, 2023 USD ($) credit_facility	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) credit_facility	Dec. 31, 2022 USD ($)
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance			$ 1,362,000	$ 6,804,000
Reinsurance recoverable on unpaid losses, net			1,541,497,000		$ 1,541,497,000	$ 1,520,113,000
Reinsurance recoverable on paid losses			158,761,000		158,761,000	$ 114,242,000
Excess and Surplus Lines
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance			(324,000)	$ (59,000)
Excess and Surplus Lines \| Commercial Auto Business \| Raiser \| Indemnity Trust
Contingent Liabilities [Line Items]
Required collateral, percentage	102.00%
Cash equivalent collateral returned to trust	$ 691,300,000
Cash equivalent collateral trust arrangement			175,800,000		175,800,000
Excess and Surplus Lines \| Commercial Auto Business \| Raiser \| Indemnity Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			245,000,000		245,000,000
Excess and Surplus Lines \| Commercial Auto Business \| Raiser \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			69,200,000		69,200,000
Excess and Surplus Lines \| Commercial Auto Business \| Aleka \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			28,200,000		28,200,000
Excess and Surplus Lines \| Commercial Auto Business \| Rasier and Aleka \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			104,300,000		104,300,000
Loss Portfolio Transfer \| Excess and Surplus Lines \| Commercial Auto Business
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance			41,000,000		87,700,000
Cumulative amounts ceded under loss portfolio transfer			432,800,000		432,800,000
Loss Portfolio Transfer \| Excess and Surplus Lines \| Commercial Auto Business \| Aleka
Contingent Liabilities [Line Items]
Reinsurance premium		$ 345,100,000
Required collateral, percentage	102.00%
Reinsurance recoverables			145,300,000		145,300,000
Reinsurance recoverable on unpaid losses, net			135,400,000		135,400,000
Reinsurance recoverable on paid losses			9,900,000		9,900,000
Loss Portfolio Transfer \| Excess and Surplus Lines \| Commercial Auto Business \| Aleka \| L PT Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			80,500,000		80,500,000
Loss Portfolio Transfer \| Excess and Surplus Lines \| Commercial Auto Business \| Aleka \| LPT Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement			$ 108,700,000		$ 108,700,000
JRG Reinsurance Company, Ltd.
Contingent Liabilities [Line Items]
Number of credit facilities \| credit_facility			3		3
JRG Reinsurance Company, Ltd. \| Third-party Reinsureds
Contingent Liabilities [Line Items]
Assets held in trust			$ 426,300,000		$ 426,300,000
JRG Reinsurance Company, Ltd. \| Letter of Credit 30 Million
Contingent Liabilities [Line Items]
Letters of credit facility, amount			30,000,000		30,000,000
Amount of letters of credit issued			4,400,000		4,400,000
Assets deposited for securing letters of credit			5,700,000		5,700,000
JRG Reinsurance Company, Ltd. \| Letter of credit 102.5 Million
Contingent Liabilities [Line Items]
Letters of credit facility, amount			102,500,000		102,500,000
Amount of letters of credit issued			44,200,000		44,200,000
Assets deposited for securing letters of credit			54,900,000		54,900,000
JRG Reinsurance Company, Ltd. \| Letter of credit 100 Million
Contingent Liabilities [Line Items]
Amount of letters of credit issued			36,000,000		36,000,000
Assets deposited for securing letters of credit			45,800,000		45,800,000
Line of credit (up to)			$ 100,000,000		$ 100,000,000

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Cash provided by (used in) operating activities excluding reduction in collateral funds	$ 18.4	$ 65.4

Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Other Comprehensive Income (Loss)

The following table summarizes the components of other comprehensive income (loss):


	Three Months Ended March 31,
		2023		2022
		(in thousands)
Unrealized gains (losses) arising during the period, before U.S. income taxes		$	35,812	$	(97,418)
U.S. income taxes		(5,000)		11,608
Unrealized gains (losses) arising during the period, net of U.S. income taxes		30,812		(85,810)
Less reclassification adjustment:
Net realized investment (losses) gains		(91)		202
U.S. income taxes		1		(41)
Reclassification adjustment for investment (losses) gains realized in net income		(90)		161
Other comprehensive income (loss)		$	30,902	$	(85,971)

In addition to the $91,000 of net realized investment losses and $202,000 of net realized investment gains on available-for-sale fixed maturities for the three months ended March 31, 2023 and 2022, respectively, the Company also recognized net realized and unrealized investment gains (losses) in the respective periods of $1.4 million and $(2.1) million on its investments in bank loan participations and $(907,000) and $(3.1) million on its investments in equity securities.

Capital Stock and Equity Awards - Equity Incentive Plans (Details) - shares	Mar. 31, 2023	Jul. 26, 2022
PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares to be received per PRSU (in shares)		1
Payout for achievement, threshold		50.00%
Payout for achievement, target		100.00%
Payout for achievement, maximum		200.00%
2014 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance (in shares)	4,982,650
Number of shares available for grant (in shares)	1,491,839
2014 Director Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance (in shares)	150,000
Number of shares available for grant (in shares)	70,508

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Three levels of inputs are used to measure fair value of financial instruments: (1) Level 1: quoted price (unadjusted) in active markets for identical assets, (2) Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument, and (3) Level 3: inputs to the valuation methodology are unobservable for the asset or liability.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.

The fair values of fixed maturity securities, equity securities, and bank loan participations have been determined using fair value prices provided by the Company’s investment accounting services provider or investment managers, who utilize internationally recognized independent pricing services. The prices provided by the independent pricing services are generally based on observable market data in active markets (e.g. broker quotes and prices observed for comparable securities). Values for U.S. Treasury and publicly-traded equity securities are generally based on Level 1 inputs which use the market approach valuation technique. The values for all other fixed maturity securities (including state and municipal securities and obligations

of U.S. government corporations and agencies) and bank loan participations generally incorporate significant Level 2 inputs, and in some cases, Level 3 inputs, using the market approach and income approach valuation techniques. There have been no changes in the Company’s use of valuation techniques since December 31, 2021.

The Company reviews fair value prices provided by its outside investment accounting service provider or investment managers for reasonableness by comparing the fair values provided by the managers to those provided by its investment custodian. The Company also reviews and monitors changes in unrealized gains and losses. The Company has not historically adjusted security prices. The Company obtains an understanding of the methods, models and inputs used by the investment managers and independent pricing services, and controls are in place to validate that prices provided represent fair values. The Company’s control process includes, but is not limited to, initial and ongoing evaluation of the methodologies used, a review of specific securities and an assessment for proper classification within the fair value hierarchy, and obtaining and reviewing internal control reports for our investment manager that obtains fair values from independent pricing services.

Assets measured at fair value on a recurring basis as of March 31, 2023 are summarized below:


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
	(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—	$	346,194	$	—	$	346,194
Residential mortgage-backed	—		442,081		—		442,081
Corporate	—		719,173		—		719,173
Commercial mortgage and asset-backed	—		320,054		—		320,054

U.S. Treasury securities and obligations guaranteed by the U.S. government	71,256		—		—		71,256

Total fixed maturity securities, available-for-sale	$	71,256	$	1,827,502	$	—	$	1,898,758
Equity securities:
Preferred stock	—		69,996		—		69,996
Common stock	44,748		1,330		17		46,095
Total equity securities	$	44,748	$	71,326	$	17	$	116,091

Bank loan participations	$	—	$	146,768	$	—	$	146,768
Short-term investments	$	—	$	25,061	$	—	$	25,061

Assets measured at fair value on a recurring basis as of December 31, 2022 are summarized below:


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
	(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—	$	330,852	$	—	$	330,852
Residential mortgage-backed	—		401,249		—		401,249
Corporate	—		670,212		—		670,212
Commercial mortgage and asset-backed	—		309,015		—		309,015

U.S. Treasury securities and obligations guaranteed by the U.S. government	71,770		319		—		72,089

Total fixed maturity securities, available-for-sale	$	71,770	$	1,711,647	$	—	$	1,783,417
Equity securities:
Preferred stock	—		70,831		—		70,831
Common stock	45,232		2,547		17		47,796
Total equity securities	$	45,232	$	73,378	$	17	$	118,627
Bank loan participations	$	—	$	154,991	$	—	$	154,991
Short-term investments	$	—	$	107,812	$	—	$	107,812

A reconciliation of the beginning and ending balances of available-for-sale fixed maturity securities, equity securities, and bank loan participations measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is shown below:


	Three Months Ended March 31,
		2023		2022
	(in thousands)
Beginning balance		$	17	$	102
Transfers out of Level 3		—		—
Transfers in to Level 3		—		—
Purchases		—		—
Sales		—		(92)
Maturities, calls and paydowns		—		—
Amortization of discount		—		—
Total gains or losses (realized/unrealized):
Included in earnings		—		(10)
Included in other comprehensive income		—		—
Ending balance		$	17	$	—

The Company had one equity security at December 31, 2022 and March 31, 2023 for which the fair value was determined using significant unobservable inputs (Level 3). The fair value of $17,000 for the equity security was obtained from our asset manager and was derived from an internal model.

The Company held one equity security at December 31, 2021 for which the fair value was determined using significant unobservable inputs (Level 3). The fair value of $102,000 for the equity security was based on expected proceeds from its sale. During the three months ended March 31, 2022, the Company sold the equity security.

Transfers out of Level 3 occur when the Company is able to obtain reliable prices from pricing vendors for securities for which the Company was previously unable to obtain reliable prices. Transfers in to Level 3 occur when the Company is unable to obtain reliable prices for securities from pricing vendors and instead must use broker price quotes to value the securities.

There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2023 or 2022. The Company recognizes transfers between levels at the beginning of the reporting period.

In the determination of the fair value for bank loan participations and certain high yield bonds, the Company’s investment manager endeavors to obtain data from multiple external pricing sources. External pricing sources may include brokers, dealers and price data vendors that provide a composite price based on prices from multiple dealers. Such external pricing sources typically provide valuations for normal institutional size trading units of such securities using methods based on market transactions for comparable securities, and various relationships between securities, as generally recognized by institutional dealers. For investments in which the investment manager determines that only one external pricing source is appropriate or if only one external price is available, the relevant investment is generally recorded at fair value based on such price.

Investments for which external sources are not available or are determined by the investment manager not to be representative of fair value are recorded at fair value as determined by the Company, with input from its investment managers and valuation specialists as considered necessary. In determining the fair value of such investments, the Company considers one or more of the following factors: type of security held, convertibility or exchangeability of the security, redeemability of the security (including the timing of redemptions), application of industry accepted valuation models, recent trading activity, liquidity, estimates of liquidation value, purchase cost, and prices received for securities with similar terms of the same issuer or similar issuers. At March 31, 2023 and December 31, 2022, there were no investments for which external sources were unavailable to determine fair value.

The carrying values and fair values of financial instruments are summarized below:


	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,898,758	$	1,898,758	$	1,783,417	$	1,783,417
Equity securities	116,091		116,091		118,627		118,627

Bank loan participations	146,768		146,768		154,991		154,991
Cash and cash equivalents	199,898		199,898		173,164		173,164
Restricted cash equivalents	104,254		104,254		103,215		103,215
Short-term investments	25,061		25,061		107,812		107,812
Other invested assets – notes receivable	7,205		7,683		7,205		7,703
Liabilities
Senior debt	222,300		228,346		222,300		226,063
Junior subordinated debt	104,055		134,371		104,055		127,149

The fair values of fixed maturity securities, equity securities, and bank loan participations have been determined using quoted market prices for securities traded in the public market or prices using bid or closing prices for securities not traded in the public marketplace. The fair values of cash and cash equivalents and short-term investments approximate their carrying values due to their short-term maturity.

The fair values of other invested assets-notes receivable, senior debt, and junior subordinated debt at March 31, 2023 and December 31, 2022 were determined by calculating the present value of expected future cash flows under the terms of the note agreements or debt agreements, as applicable, discounted at an estimated market rate of interest at March 31, 2023 and December 31, 2022, respectively.

The fair values of senior debt and junior subordinated debt at March 31, 2023 and December 31, 2022 were determined using inputs to the valuation methodology that are unobservable (Level 3).

- 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 + Details

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fixed maturity securities, available-for-sale, at amortized cost	$ 2,049,221
Equity securities, at cost	$ 115,854	$ 117,169
Series A convertible preferred shares (in dollars per share)	$ 0.00125	$ 0.00125
Series A convertible preferred shares, authorized (in shares)	20,000,000	20,000,000
Series A convertible preferred shares, issued (in shares)	150,000	150,000
Series A convertible preferred shares, outstanding (in shares)	150,000	150,000
Common stock, par value (in dollars per share)	$ 0.0002	$ 0.0002
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	37,619,226	37,470,237
Common stock, shares outstanding (in shares)	37,619,226	37,470,237
Fixed maturity securities
Fixed maturity securities, available-for-sale, at amortized cost	$ 2,049,221	$ 1,969,783

Capital Stock and Equity Awards (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Dividends

The Company declared the following dividends on common shares during the first three months of 2023 and 2022:


Date of Declaration	Dividend per Common Share		Payable to Shareholders of Record on	Payment Date	Total Amount

2023
February 16, 2023	$	0.05	March 13, 2023	March 31, 2023	$	1,921,802




2022
February 16, 2022	$	0.05	March 14, 2022	March 31, 2022	$	1,908,482

Schedule of Summary of Option Activity

The following table summarizes option activity:


	Three Months Ended March 31,
	2023			2022
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
Outstanding:
Beginning of period	287,974	$	35.26	287,974	$	35.26
Granted	—	$	—	—	$	—
Exercised	—	$	—	—	$	—
Forfeited	(45,106)	$	34.92	—	$	—
Lapsed	(164,548)	$	32.07	—	$	—
End of period	78,320	$	42.17	287,974	$	35.26
Exercisable, end of period	78,320	$	42.17	287,974	$	35.26

Schedule of Summary of RSU Activity

The following table summarizes RSU activity:


	Three Months Ended March 31,
	2023			2022
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value

Unvested, beginning of period	665,458	$	25.98	292,135	$	45.89
Granted	363,484	$	24.83	538,778	$	20.50
Vested	(212,128)	$	28.93	(109,589)	$	45.57
Forfeited	(4,293)	$	22.49	—	$	—
Unvested, end of period	812,521	$	24.71	721,324	$	26.97

Schedule of Summary of Share Based Compensation Expense and Related Tax Benefit

Share based compensation expense is recognized on a straight-line basis over the vesting period. The amount of expense and related tax benefit is summarized below:


	Three Months Ended March 31,
		2023		2022
		(in thousands)
Share based compensation expense		$	2,692	$	1,786
U.S. tax benefit on share based compensation expense		516		336

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 11, 2007
Business Acquisition [Line Items]
Goodwill	$ 181,831	$ 181,831	$ 181,831
James River Group, Inc.
Business Acquisition [Line Items]
Percentage of outstanding shares				100.00%

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) $ in Thousands		3 Months Ended		21 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) portfolio_loss_transfer	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Liability for Claims and Claims Adjustment Expense [Abstract]
Allowance for credit losses on reinsurance recoverables	$ 604	$ 661	$ 604	$ 661	$ 612	$ 631
Development on prior year loss reserves
Development on prior year loss reserves		$ 1,362	6,804
Number of loss portfolio transfers \| portfolio_loss_transfer		2
Funds held		$ 297,002		297,002	310,953
Deferred reinsurance gain		36,954		36,954	$ 20,091
Excess and Surplus Lines
Development on prior year loss reserves
Development on prior year loss reserves		(324)	(59)
Excess and Surplus Lines \| Commercial Auto Business \| Loss Portfolio Transfer
Development on prior year loss reserves
Development on prior year loss reserves		41,000		87,700
Retroactive reinsurance benefit recognized		29,300
Cumulative amounts ceded under loss portfolio transfer		432,800		432,800
Deferred reinsurance gain		27,400		27,400
Specialty Admitted Insurance
Development on prior year loss reserves
Development on prior year loss reserves		(171)	63
Casualty Reinsurance
Development on prior year loss reserves
Development on prior year loss reserves		1,900	6,800
Casualty Reinsurance \| Loss Portfolio Transfer \| Fortitude Reinsurance \| JRG Reinsurance Company Ltd
Development on prior year loss reserves
Development on prior year loss reserves		7,800	6,800
Reinsurance, aggregate coverage limit	400,000		400,000
Ceded premiums payable	335,000		335,000
Funds held	310,000		$ 310,000
Payments for reinsurance	$ 25,000
Crediting rate on funds withheld	2.00%
Retroactive reinsurance benefit recognized		2,700
Cumulative amounts ceded under loss portfolio transfer		348,900		348,900
Deferred reinsurance gain		9,500		9,500
Reinsurance, amount remaining		51,100		51,100
Excess And Surplus Lines and Casualty Reinsurance \| Loss Portfolio Transfer
Development on prior year loss reserves
Development on prior year loss reserves		48,900
Retroactive reinsurance benefit recognized		32,000
Cumulative amounts ceded under loss portfolio transfer		781,700		781,700
Deferred reinsurance gain		$ 37,000		$ 37,000

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Numerator and Denominator of Basic and Diluted Earnings Per Share

The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per common share computations contained in the condensed consolidated financial statements:


	Three Months Ended March 31,
		2023		2022
		(in thousands, except share and per share amounts)
Net income		$	9,608	$	10,205
Less: Dividends on Series A preferred shares		(2,625)		(875)
Net income available to common shareholders		$	6,983	$	9,330

Weighted average common shares outstanding:
Basic		37,531,819		37,406,913
Dilutive potential common shares		253,633		147,749
Diluted		37,785,452		37,554,662

Net income per common share:
Basic		$	0.19	$	0.25
Dilutive potential common shares		(0.01)		—
Diluted		$	0.18	$	0.25

Senior Debt (Details) - USD ($)	3 Months Ended
Senior Debt (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Repayments of senior debt	$ 0	$ 40,000,000
Senior debt	222,300,000		$ 222,300,000
2017 Facility \| JRG Reinsurance Company, Ltd.
Debt Instrument [Line Items]
Amount of letters of credit issued	36,000,000
Line of credit (up to)	100,000,000
Unsecured Debt \| 2017 Facility
Debt Instrument [Line Items]
Repayments of senior debt		$ 40,000,000
Senior debt	$ 21,500,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Senior Debt	3 Months Ended
Senior Debt	Mar. 31, 2023
Debt Disclosure [Abstract]
Senior Debt	Senior DebtThe Company repaid $40.0 million of loans that were outstanding under a credit agreement (the “2017 Facility”) in the three months ended March 31, 2022. At March 31, 2023, unsecured loans of $21.5 million and secured letters of credit totaling $36.0 million were outstanding under the 2017 Facility. The 2017 Facility provides the Company with a revolving line of credit of up to $100.0 million, which may be used for loans and letters of credit made or issued, at the borrowers’ option, on a secured or unsecured basis. The 2017 Facility contains certain financial and other covenants which the Company was in compliance with at March 31, 2023.

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

On December 11, 2007, the Company completed an acquisition of James River Group by acquiring 100% of the outstanding shares of James River Group common stock, referred to herein as the “Merger”. The transaction was accounted for under the purchase method of accounting, and goodwill and intangible assets were recognized by the Company as a result of the transaction. Goodwill resulting from the Merger was $181.8 million at March 31, 2023 and December 31, 2022.

The gross carrying amounts and accumulated amortization for each major specifically identifiable intangible asset class were as follows:


		March 31, 2023				December 31, 2022
	Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		($ in thousands)
Intangible Assets
Trademarks	Indefinite	$	22,200	$	—	$	22,200	$	—
Insurance licenses and authorities	Indefinite	8,964		—		8,964		—
Identifiable intangible assets not subject to amortization		31,164		—		31,164		—
Broker relationships	24.6	11,611		7,190		11,611		7,099
Identifiable intangible assets subject to amortization		11,611		7,190		11,611		7,099
		$	42,775	$	7,190	$	42,775	$	7,099

Fair Value Measurements - Summary of the Carrying Value and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets
Fixed maturity securities, available-for-sale	$ 1,898,758	$ 1,783,417
Bank loan participations	146,768	154,991
Cash and cash equivalents	199,898	173,164
Restricted cash equivalents	104,254	103,215	$ 102,009	$ 102,005
Short-term investments	25,061	107,812
Liabilities
Senior debt	222,300	222,300
Junior subordinated debt	104,055	104,055
Carrying Value
Assets
Fixed maturity securities, available-for-sale	1,898,758	1,783,417
Equity securities	116,091	118,627
Bank loan participations	146,768	154,991
Cash and cash equivalents	199,898	173,164
Restricted cash equivalents	104,254	103,215
Short-term investments	25,061	107,812
Other invested assets – notes receivable	7,205	7,205
Liabilities
Senior debt	222,300	222,300
Junior subordinated debt	104,055	104,055
Fair Value
Assets
Fixed maturity securities, available-for-sale	1,898,758	1,783,417
Equity securities	116,091	118,627
Bank loan participations	146,768	154,991
Cash and cash equivalents	199,898	173,164
Restricted cash equivalents	104,254	103,215
Short-term investments	25,061	107,812
Other invested assets – notes receivable	7,683	7,703
Liabilities
Senior debt	228,346	226,063
Junior subordinated debt	$ 134,371	$ 127,149

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 27, 2023, the Board of Directors declared a cash dividend of $0.05 per common share. The dividend is payable on June 30, 2023 to shareholders of record on June 12, 2023. On April 27, 2023, the Board of Directors declared a 7% dividend on the Series A Preferred Shares. The dividend of $2.6 million will be payable in cash on June 30, 2023 to shareholders of record on June 15, 2023.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis as of March 31, 2023 are summarized below:


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
	(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—	$	346,194	$	—	$	346,194
Residential mortgage-backed	—		442,081		—		442,081
Corporate	—		719,173		—		719,173
Commercial mortgage and asset-backed	—		320,054		—		320,054

U.S. Treasury securities and obligations guaranteed by the U.S. government	71,256		—		—		71,256

Total fixed maturity securities, available-for-sale	$	71,256	$	1,827,502	$	—	$	1,898,758
Equity securities:
Preferred stock	—		69,996		—		69,996
Common stock	44,748		1,330		17		46,095
Total equity securities	$	44,748	$	71,326	$	17	$	116,091

Bank loan participations	$	—	$	146,768	$	—	$	146,768
Short-term investments	$	—	$	25,061	$	—	$	25,061

Assets measured at fair value on a recurring basis as of December 31, 2022 are summarized below:


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
	(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—	$	330,852	$	—	$	330,852
Residential mortgage-backed	—		401,249		—		401,249
Corporate	—		670,212		—		670,212
Commercial mortgage and asset-backed	—		309,015		—		309,015

U.S. Treasury securities and obligations guaranteed by the U.S. government	71,770		319		—		72,089

Total fixed maturity securities, available-for-sale	$	71,770	$	1,711,647	$	—	$	1,783,417
Equity securities:
Preferred stock	—		70,831		—		70,831
Common stock	45,232		2,547		17		47,796
Total equity securities	$	45,232	$	73,378	$	17	$	118,627
Bank loan participations	$	—	$	154,991	$	—	$	154,991
Short-term investments	$	—	$	107,812	$	—	$	107,812

Schedule of Reconciliation of Securities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs


	Three Months Ended March 31,
		2023		2022
	(in thousands)
Beginning balance		$	17	$	102
Transfers out of Level 3		—		—
Transfers in to Level 3		—		—
Purchases		—		—
Sales		—		(92)
Maturities, calls and paydowns		—		—
Amortization of discount		—		—
Total gains or losses (realized/unrealized):
Included in earnings		—		(10)
Included in other comprehensive income		—		—
Ending balance		$	17	$	—

Schedule of Carrying Value and Fair Value

The carrying values and fair values of financial instruments are summarized below:


	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,898,758	$	1,898,758	$	1,783,417	$	1,783,417
Equity securities	116,091		116,091		118,627		118,627

Bank loan participations	146,768		146,768		154,991		154,991
Cash and cash equivalents	199,898		199,898		173,164		173,164
Restricted cash equivalents	104,254		104,254		103,215		103,215
Short-term investments	25,061		25,061		107,812		107,812
Other invested assets – notes receivable	7,205		7,683		7,205		7,703
Liabilities
Senior debt	222,300		228,346		222,300		226,063
Junior subordinated debt	104,055		134,371		104,055		127,149

Investments - Schedule of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	$ 2,049,221
Fixed maturity securities, available-for-sale	1,898,758	$ 1,783,417
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	2,049,221	1,969,783
Total investments available-for-sale, Gross Unrealized Gains	7,275	3,125
Total investments available-for-sale, Gross Unrealized Losses	(157,738)	(189,491)
Fixed maturity securities, available-for-sale	1,898,758	1,783,417
State and municipal
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	388,817	386,456
Total investments available-for-sale, Gross Unrealized Gains	1,840	712
Total investments available-for-sale, Gross Unrealized Losses	(44,463)	(56,316)
Fixed maturity securities, available-for-sale	346,194	330,852
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	471,852	437,702
Total investments available-for-sale, Gross Unrealized Gains	2,109	801
Total investments available-for-sale, Gross Unrealized Losses	(31,880)	(37,254)
Fixed maturity securities, available-for-sale	442,081	401,249
Corporate
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	772,885	734,976
Total investments available-for-sale, Gross Unrealized Gains	3,116	1,528
Total investments available-for-sale, Gross Unrealized Losses	(56,828)	(66,292)
Fixed maturity securities, available-for-sale	719,173	670,212
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	341,742	335,066
Total investments available-for-sale, Gross Unrealized Gains	149	76
Total investments available-for-sale, Gross Unrealized Losses	(21,837)	(26,127)
Fixed maturity securities, available-for-sale	320,054	309,015
U.S. Treasury securities and obligations guaranteed by the U.S. government
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	73,925	75,583
Total investments available-for-sale, Gross Unrealized Gains	61	8
Total investments available-for-sale, Gross Unrealized Losses	(2,730)	(3,502)
Fixed maturity securities, available-for-sale	$ 71,256	$ 72,089

Segment Information - Summary of Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Gross written premiums	$ 363,893	$ 359,936
Net earned premiums	208,113	189,824
Underwriting profit (loss) of operating segments	19,832	12,829
Net investment income	25,772	16,267
Interest expense	6,616	2,292
Segment revenues	235,601	201,948
Segment goodwill	181,831	181,831	$ 181,831
Segment assets	5,205,087	5,267,218	$ 5,137,075
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Gross written premiums	228,903	204,282
Net earned premiums	151,359	131,301
Underwriting profit (loss) of operating segments	19,995	21,457
Net investment income	15,053	5,542
Interest expense	0	0
Segment revenues	166,650	133,392
Segment goodwill	181,831	181,831
Segment assets	2,695,612	2,000,524
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Gross written premiums	124,551	125,710
Net earned premiums	20,481	19,318
Underwriting profit (loss) of operating segments	(469)	209
Net investment income	2,985	757
Interest expense	0	0
Segment revenues	24,510	20,363
Segment goodwill	0	0
Segment assets	1,322,102	1,103,658
Casualty Reinsurance
Segment Reporting Information [Line Items]
Gross written premiums	10,439	29,944
Net earned premiums	36,273	39,205
Underwriting profit (loss) of operating segments	306	(8,837)
Net investment income	7,347	9,713
Interest expense	1,033	15
Segment revenues	43,867	47,871
Segment goodwill	0	0
Segment assets	1,107,266	2,126,040
Corporate and Other
Segment Reporting Information [Line Items]
Gross written premiums	0	0
Net earned premiums	0	0
Underwriting profit (loss) of operating segments	0	0
Net investment income	387	255
Interest expense	5,583	2,277
Segment revenues	574	322
Segment goodwill	0	0
Segment assets	$ 80,107	$ 36,996

Investments - Narrative (Details)	3 Months Ended
Investments - Narrative (Details)	Mar. 31, 2023 USD ($) issuer security	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Gain (Loss) on Securities [Line Items]
Fixed maturity securities, available-for-sale	$ 1,898,758,000		$ 1,783,417,000
Bank loan participations	146,768,000		154,991,000
Unpaid principal balance	164,800,000
Net investment income	25,772,000	$ 16,267,000
Net gain (loss) in bank loan participations	1,415,000	(2,098,000)
Unrealized losses	1,900,000	0
Bank Loan Participations
Gain (Loss) on Securities [Line Items]
Net investment income	$ 4,300,000	$ 2,400,000
Fixed maturity securities
Gain (Loss) on Securities [Line Items]
Number of issuers \| issuer	543
Total fair value	$ 1,574,935,000		1,588,192,000
Gross unrealized losses	157,738,000		189,491,000
Fixed maturity securities, available-for-sale	1,898,758,000		1,783,417,000
Aggregate net unrealized loss	157,738,000		$ 189,491,000
Impairment losses	$ 85,000
Number of impaired securities \| security	1
Fixed maturity securities \| BBB- or better
Gain (Loss) on Securities [Line Items]
Percentage of available for sale securities	99.90%
Fixed maturity securities \| Below BBB-
Gain (Loss) on Securities [Line Items]
Fixed maturity securities, available-for-sale	$ 2,300,000
Aggregate net unrealized loss	$ 174,000

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share


	Three Months Ended March 31,
		2023		2022
		(in thousands, except share and per share amounts)
Net income		$	9,608	$	10,205
Less: Dividends on Series A preferred shares		(2,625)		(875)
Net income available to common shareholders		$	6,983	$	9,330

Weighted average common shares outstanding:
Basic		37,531,819		37,406,913
Dilutive potential common shares		253,633		147,749
Diluted		37,785,452		37,554,662

Net income per common share:
Basic		$	0.19	$	0.25
Dilutive potential common shares		(0.01)		—
Diluted		$	0.18	$	0.25

For the three months ended March 31, 2023, 5,640,158 of potential common shares were excluded from the calculation of diluted earnings per common share as their effects were anti-dilutive. For the three months ended March 31, 2022, 2,230,695 of potential common shares were excluded from the calculation of diluted earnings per common share as their effects were anti-dilutive.

Investments - Summary of Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments [Abstract]
Fixed maturity securities, gross realized gains	$ 0	$ 366
Fixed maturity securities, gross realized losses	(91)	(164)
Fixed maturity securities	(91)	202
Bank loan participations, gross realized gains	81	95
Bank loan participations, gross realized losses	(1,211)	(184)
Changes in fair values of bank loan participations	2,545	(2,009)
Bank loan participations	1,415	(2,098)
Equity securities, gross realized gain	581	24
Equity securities, gross realized losses	(267)	(381)
Changes in fair values of equity securities	(1,221)	(2,742)
Equity securities	(907)	(3,099)
Short-term investments and other, gross realized gains	3	0
Short-term investments and other, gross realized losses	(13)	(15)
Changes in fair values of short-term investments and other	0	0
Short-term investments and other	(10)	(15)
Total	$ 407	$ (5,010)

Accounting Policies	3 Months Ended
Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Organization James River Group Holdings, Ltd. (referred to as “JRG Holdings” or, with its subsidiaries, the “Company”) is an exempted holding company registered in Bermuda, organized for the purpose of acquiring and managing insurance and reinsurance entities. The Company owns five insurance companies based in the United States (“U.S.”) focused on specialty insurance niches and a Bermuda-based reinsurance company as described below: •James River Group Holdings UK Limited (“James River UK”) is an insurance holding company formed in 2015 in the United Kingdom (“U.K.”). JRG Holdings contributed James River Group, Inc. (“James River Group”), a U.S. insurance holding company, to James River UK in 2015. •James River Group is a Delaware domiciled insurance holding company formed in 2002 which owns all of the Company’s U.S.-based subsidiaries, either directly or indirectly through one of its wholly-owned U.S. subsidiaries. James River Group oversees the Company’s U.S. insurance operations and maintains all of the outstanding debt in the U.S. •James River Insurance Company is an Ohio domiciled excess and surplus lines insurance company that, with its wholly-owned insurance subsidiary, James River Casualty Company, a Virginia domiciled company, is authorized to write business in every state and the District of Columbia. •Falls Lake National Insurance Company (“Falls Lake National”) is an Ohio domiciled insurance company which wholly owns Stonewood Insurance Company (“Stonewood Insurance”), a North Carolina domiciled company, and Falls Lake Fire and Casualty Company, a California domiciled company. Falls Lake National and its subsidiaries primarily write specialty admitted fronting and program business and individual risk workers' compensation insurance. •JRG Reinsurance Company Ltd. (“JRG Re”) was formed in 2007 and commenced operations in 2008. JRG Re, a Bermuda domiciled reinsurer, primarily provides non-catastrophe casualty reinsurance to U.S. third parties and, through December 31, 2017, to the Company’s U.S.-based insurance subsidiaries. Basis of Presentation The accompanying condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include the results of the Company and its subsidiaries from their respective dates of inception or acquisition, as applicable. Readers are urged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for a more complete description of the Company’s business and accounting policies. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results of operations for the full year. The consolidated balance sheet as of December 31, 2022 was derived from the Company’s audited annual consolidated financial statements. Intercompany transactions and balances have been eliminated. Estimates and Assumptions Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates. Variable Interest Entities Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as variable interest entities (“VIE”). A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose, and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. The Company holds interests in VIEs through certain equity method investments included in “other invested assets” in the accompanying condensed consolidated balance sheets. The Company has determined that it should not consolidate any of the VIEs as it is not the primary beneficiary in any of the relationships. Although the investments resulted in the Company holding variable interests in the entities, they did not empower the Company to direct the activities that most significantly impact the economic performance of the entities. The Company’s investments related to these VIEs totaled $9.2 million at March 31, 2023 and December 31, 2022, representing the Company’s maximum exposure to loss. Income Tax Expense Our effective tax rate fluctuates from period to period based on the relative mix of income reported by country and the respective tax rates imposed by each tax jurisdiction. For U.S.-sourced income, the Company’s U.S. federal income tax expense differs from the amounts computed by applying the federal statutory income tax rate to income before taxes due primarily to interest income on tax-advantaged state and municipal securities, dividends received income, and excess tax benefits on share based compensation. For the three months ended March 31, 2023 and 2022, our U.S. federal income tax expense was 24.6% of the income before taxes in each period. The effective rate exceeded the 21.0% U.S. statutory rate in both periods due to projected annual losses in Bermuda that do not provide a tax benefit and due to discrete items in the respective quarters primarily related to excess tax expenses associated with vested restricted share units (“RSUs”). Adopted Accounting Standards There were no new accounting standards adopted in 2023 that materially impacted the Company's financial statements.

Reserve for Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2023

Liability for Claims and Claims Adjustment Expense [Abstract]

Schedule of Reconciliation of Beginning and Ending Reserve Balances for Losses and Loss Adjustment Expenses


	Three Months Ended March 31,
		2023		2022
		(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period		$	1,248,270	$	1,399,214
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year		137,063		128,804
Prior years - retroactive reinsurance		16,863		—
Prior years - excluding retroactive reinsurance		1,362		6,804
Total incurred losses and loss and adjustment expenses		155,288		135,608
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year		2,852		2,774
Prior years		84,008		100,855
Total loss and loss adjustment expense payments		86,860		103,629
Deduct: Change in deferred reinsurance gain - retroactive reinsurance		16,863		—
Deduct: Loss reserves ceded in Casualty Re LPT		—		299,493

Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period		1,299,835		1,131,700
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period		1,542,158		1,618,488
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period		$	2,841,993	$	2,750,188

Reserve for Losses and Loss Adjustment Expenses - Reserve for Losses and Loss Adjustment Expenses, Net of Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended		21 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) [Abstract]
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$ 1,248,270	$ 1,399,214
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	137,063	128,804
Prior years - excluding retroactive reinsurance	1,362	6,804
Total incurred losses and loss and adjustment expenses	155,288	135,608
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	2,852	2,774
Prior years	84,008	100,855
Total loss and loss adjustment expense payments	86,860	103,629
Deduct: Loss reserves ceded in Casualty Re LPT	1,541,497		$ 1,541,497	$ 1,520,113
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,299,835	1,131,700	1,299,835
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,542,158	1,618,488	1,542,158
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	2,841,993	2,750,188	2,841,993
Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance	(324)	(59)
Casualty Reinsurance
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance	1,900	6,800
Loss Portfolio Transfer \| Excess and Surplus Lines \| Commercial Auto Business
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - retroactive reinsurance	16,863	0
Prior years - excluding retroactive reinsurance	41,000		87,700
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Change in deferred reinsurance gain - retroactive reinsurance	16,863	0	16,863
Loss Portfolio Transfer \| Casualty Reinsurance
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Loss reserves ceded in Casualty Re LPT	$ 0	$ 299,493	$ 0

Series A Preferred Shares	3 Months Ended
Series A Preferred Shares	Mar. 31, 2023
Temporary Equity [Abstract]
Series A Preferred Shares	Series A Preferred Shares On February 24, 2022, the Company entered into an Investment Agreement with GPC Partners Investments (Thames) LP (“GPC Partners”), an affiliate of Gallatin Point Capital LLC, relating to the issuance and sale of 150,000 7% Series A Perpetual Cumulative Convertible Preferred Shares, par value $0.00125 per share (the “Series A Preferred Shares”), for an aggregate purchase price of $150.0 million, or $1,000 per share, in a private placement. The transaction closed on March 1, 2022 (the “Series A Closing Date”). The Series A Preferred Shares rank senior to our common shares with respect to dividend rights and rights on the distribution of assets on any liquidation, dissolution or winding up of the affairs of the Company, upon which the holders of Series A Preferred Shares would receive the greater of the $1,000 liquidation preference per share (the “Liquidation Preference”) plus accrued and unpaid dividends, or the amount they would have received if they had converted all of their Series A Preferred Shares to common shares immediately before such liquidation, dissolution or winding up. Holders of the Series A Preferred Shares are entitled to a dividend at the initial rate of 7% of the Liquidation Preference per annum, paid in cash, in-kind in common shares or in Series A Preferred Shares, at the Company's election. On the five-year anniversary of the Series A Closing Date, and each five-year anniversary thereafter, the dividend rate will reset to a rate equal to the five-year U.S. treasury rate plus 5.2%. Dividends accrue and are payable quarterly. Cash dividends of $5.3 million were paid in the three months ended March 31, 2023 including cash dividends paid in January for the three months ended December 31, 2022 and cash dividends paid in March for the three months ended March 31, 2023. In 2022, the first dividend payment was paid on June 30, 2022, of which $875,000 was accrued at March 31, 2022. The Series A Preferred Shares are convertible at the option of the holders thereof at any time into common shares at an initial conversion price of $26.5950, making the Series A Preferred Shares initially convertible into 5,640,158 common shares. The conversion price is subject to customary anti-dilution adjustments, including cash dividends on the common shares above specified levels, as well as certain adjustments in case of adverse reserve developments. None of the triggers that would result in adjustments to the conversion price have been met at March 31, 2023. The Certificate of Designations setting forth the terms of the Series A Preferred Shares limits the Company's ability to pay dividends to its common shareholders. If the Company pays cash dividends of more than $0.05 per common share per quarter, without the consent of at least the majority of the Series A Preferred Shares then outstanding, the Company will be required to reduce the conversion price of the Series A Preferred Shares. Additionally, the payment of cash dividends in excess of $0.10 per common share per quarter is not permitted if the dividends on the Series A Preferred Shares for that quarter are not paid in cash, unless the Company’s U.S.-based insurance subsidiaries and direct Bermuda-based insurance subsidiary satisfy certain capital requirements. Share dividends payable on the common shares to the Company's shareholders also trigger a reduction of the conversion price applicable to the Series A Preferred Shares. At any time on or after the two year anniversary of the Series A Closing Date, if the volume-weighted average price (“VWAP”) per common share is greater than 130% of the then-applicable conversion price for at least twenty consecutive trading days, the Company will be able to elect to convert (a “Mandatory Conversion”) all of the outstanding Series A Preferred Shares into common shares. In the case of a Mandatory Conversion, each Series A Preferred Share then outstanding will be converted into (i) the number of common shares equal to the quotient of (A) the sum of the Liquidation Preference and the accrued and unpaid dividends with respect to such Series A Preferred Share to be converted divided by (B) the conversion price of such share in effect as of the date of the Mandatory Conversion plus (ii) cash in lieu of fractional shares. Upon any Mandatory Conversion on or before the five-year anniversary of the Series A Closing Date, all dividends that would have accrued from the date of the Mandatory Conversion to the later of the five-year anniversary of the Series A Closing Date or the last day of the eighth quarter following the date of the Mandatory Conversion, the last eight quarters of which will be discounted to present value using a discount rate of 3.5% per annum, and will be immediately payable in common shares, valued at the average of the daily VWAP of the Company’s common shares during the five (5) trading days immediately preceding the Mandatory Conversion. The holders of the Series A Preferred Shares may require the Company to repurchase their shares upon the occurrence of certain change of control events. Upon the occurrence of a Fundamental Change (as defined in the Certificate of Designations designating the Series A Preferred Shares), each holder of outstanding Series A Preferred Shares will be permitted to, at its election, (i) effective as of immediately prior to the Fundamental Change, convert all or a portion of its Series A Preferred Shares into common shares, or (ii) require the Company to repurchase any or all of such holder’s Series A Preferred Shares at a purchase price per Series A Preferred Share equal to the Liquidation Preference of such Series A Preferred Share plus accrued and unpaid dividends plus, if the Fundamental Change repurchase occurs prior to the five-year anniversary of the Series A Closing Date, all dividends that would have accrued up to such five-year anniversary, but that have not been repaid. The repurchase price will be payable in cash. Because the Company may be required to repurchase all or a portion of the Series A Preferred Shares at the option of the holder upon the occurrence of certain change of control events, the Series A Preferred Shares have been classified as mezzanine equity in the Company's condensed consolidated balance sheets and are recognized at fair value of $150.0 million (the proceeds on the date of issuance) less issuance costs of $5.1 million, resulting in a carrying value of $144.9 million. Under the terms of the Investment Agreement, GPC Partners has the right to designate one member of the Board (the “Series A Designee”). GPC Partners has designated Matthew Botein as the Series A Designee and, accordingly, the Board approved the appointment of Mr. Botein to serve as a Class I director with a term expiring at the 2024 annual meeting of the Company’s shareholders.

Capital Stock and Equity Awards - Summary of Cash Dividends Declared (Details) - USD ($)					3 Months Ended
	Mar. 31, 2023	Feb. 16, 2023	Mar. 31, 2022	Feb. 16, 2022	Mar. 31, 2023	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Dividend declared per share (in dollars per share)		$ 0.05		$ 0.05	$ 0.05	$ 0.05
Total Amount	$ 1,921,802		$ 1,908,482

Other Operating Expenses and Other Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Operating Expenses and Other Expenses [Abstract]
Amortization of policy acquisition costs	$ 28,046	$ 22,837
Other underwriting expenses of the operating segments	22,931	19,350
Other operating expenses of the Corporate and Other segment	9,282	7,874
Total	60,259	50,061
Other expenses	$ 603	$ 368

- Definition

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

+ References + Details

Fair Value Measurements - Summary of Assets Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 1,898,758	$ 1,783,417
Equity securities:
Bank loan participations	146,768	154,991
Short-term investments	25,061	107,812
Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,898,758	1,783,417
State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	346,194	330,852
Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	442,081	401,249
Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	719,173	670,212
Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	320,054	309,015
U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	71,256	72,089
Recurring basis
Equity securities:
Bank loan participations	146,768	154,991
Short-term investments	25,061	107,812
Recurring basis \| Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,898,758	1,783,417
Recurring basis \| State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	346,194	330,852
Recurring basis \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	442,081	401,249
Recurring basis \| Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	719,173	670,212
Recurring basis \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	320,054	309,015
Recurring basis \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	71,256	72,089
Recurring basis \| Equity securities
Equity securities:
Total equity securities	116,091	118,627
Recurring basis \| Preferred stock
Equity securities:
Total equity securities	69,996	70,831
Recurring basis \| Common stock
Equity securities:
Total equity securities	46,095	47,796
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1
Equity securities:
Bank loan participations	0	0
Short-term investments	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	71,256	71,770
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	71,256	71,770
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Equity securities
Equity securities:
Total equity securities	44,748	45,232
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Preferred stock
Equity securities:
Total equity securities	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Common stock
Equity securities:
Total equity securities	44,748	45,232
Recurring basis \| Significant Other Observable Inputs Level 2
Equity securities:
Bank loan participations	146,768	154,991
Short-term investments	25,061	107,812
Recurring basis \| Significant Other Observable Inputs Level 2 \| Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,827,502	1,711,647
Recurring basis \| Significant Other Observable Inputs Level 2 \| State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	346,194	330,852
Recurring basis \| Significant Other Observable Inputs Level 2 \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	442,081	401,249
Recurring basis \| Significant Other Observable Inputs Level 2 \| Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	719,173	670,212
Recurring basis \| Significant Other Observable Inputs Level 2 \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	320,054	309,015
Recurring basis \| Significant Other Observable Inputs Level 2 \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	319
Recurring basis \| Significant Other Observable Inputs Level 2 \| Equity securities
Equity securities:
Total equity securities	71,326	73,378
Recurring basis \| Significant Other Observable Inputs Level 2 \| Preferred stock
Equity securities:
Total equity securities	69,996	70,831
Recurring basis \| Significant Other Observable Inputs Level 2 \| Common stock
Equity securities:
Total equity securities	1,330	2,547
Recurring basis \| Significant Unobservable Inputs Level 3
Equity securities:
Bank loan participations	0	0
Short-term investments	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Equity securities
Equity securities:
Total equity securities	17	17
Recurring basis \| Significant Unobservable Inputs Level 3 \| Preferred stock
Equity securities:
Total equity securities	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Common stock
Equity securities:
Total equity securities	$ 17	$ 17