0001620459-23-000136 | 10-Q/A | XBRL Viewer | James River Group Holdings LTD

$ 588,313

^[1]

$ 647,677

$ 553,766

^[1]

$ 725,362

15,914

^[2]

7,664

22,920

^[2]

17,869

Increase (Decrease) in Stockholders' Equity [Roll Forward]

585,542

^[3]

594,386

585,542

^[3]

594,386

Retained Deficit

(149,595)

^[1]

(159,241)

(152,055)

^[1]

(166,663)

15,914

^[1]

7,664

22,920

^[1]

17,869

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(138,225)

^[1]

$ (156,109)

(138,225)

^[1]

$ (156,109)

As Previously Reported

590,915

553,766

23,693

33,301

As Previously Reported | Retained Deficit

595,923

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(146,993)

(152,055)

23,693

33,301

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(127,844)

Adjustment

(2,602)

(7,779)

(10,381)

Adjustment | Retained Deficit

(10,381)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(2,602)

(7,779)

(10,381)

$ (10,381)

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.
[2]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.
[3]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

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

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Other Operating Expenses and Other Expenses [Abstract]

Other Operating Expenses and Other Expenses (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Amortization of policy acquisition costs

$ 27,457

$ 23,188

$ 55,503

$ 46,025

Other underwriting expenses of the operating segments

22,860

16,960

45,791

36,310

Other operating expenses of the Corporate and Other segment

8,548

8,888

17,830

16,762

Total

58,865

^[1]

49,036

119,124

^[1]

99,097

Other expenses

$ 223

^[1]

$ 0

$ 826

^[1]

$ 368

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

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

Capital Stock and Equity Awards - Common Shares (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 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		$ 81	$ 72
Dividends payable		$ 244			$ 335
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	37,450,264	37,619,226	37,450,264	37,619,226	37,470,237	37,448,314	37,373,066
Vesting of RSUs (in shares)	1,950	148,989	77,198

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

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Liability for Claims and Claims Adjustment Expense [Abstract]

Reserve for Losses and Loss Adjustment Expenses

6 Months Ended

Jun. 30, 2023

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 $670,000 at June 30, 2023, $661,000 at March 31, 2023, $612,000 at December 31, 2022, $601,000 at June 30, 2022, $604,000 at March 31, 2022, and $631,000 at December 31, 2021.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$	1,299,835	$	1,131,700	$	1,248,270	$	1,399,214
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	138,402		122,945		275,465		251,749
Prior years - retroactive reinsurance	618		—		17,481		—
Prior years - excluding retroactive reinsurance	2,288		(1,576)		3,650		5,228
Total incurred losses and loss and adjustment expenses	141,308		121,369		296,596		256,977
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	5,859		6,832		8,711		9,606
Prior years	95,693		92,765		179,701		193,620
Total loss and loss adjustment expense payments	101,552		99,597		188,412		203,226
Deduct: Change in deferred reinsurance gain - retroactive reinsurance	618		—		17,481		—
Deduct: Loss reserves ceded in Casualty Re LPT	—		—		—		299,493
Add: Changes in reinsurance recoverable of Casualty Re LPT unrelated to net reserve activity	—		5,673		—		5,673
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,338,973		1,159,145		1,338,973		1,159,145
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,546,406		1,571,486		1,546,406		1,571,486
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	2,885,379	$	2,730,631	$	2,885,379	$	2,730,631

The Company experienced $2.3 million of net adverse reserve development in the three months ended June 30, 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 $118,000 of net adverse development in the Excess and Surplus Lines segment, $839,000 of net favorable development in the Specialty Admitted Insurance segment, and $3.0 million of net adverse development in the Casualty Reinsurance segment.

The Company experienced $1.6 million of net favorable reserve development in the three months ended June 30, 2022 on the reserve for losses and loss adjustment expenses held at December 31, 2021. This reserve development included $32,000 of net favorable development in the Excess and Surplus Lines segment, $1.5 million of net favorable development in the Specialty Admitted Insurance segment, and no development in the Casualty Reinsurance segment.

The Company experienced $3.7 million of net adverse reserve development in the six months ended June 30, 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 $206,000 of net favorable development in the Excess and Surplus Lines segment, $1.0 million of net favorable development in the Specialty Admitted Insurance segment, and $4.9 million of net adverse development in the Casualty Reinsurance segment.

The Company experienced $5.2 million of net adverse reserve development in the six months ended June 30, 2022 on the reserve for losses and loss adjustment expenses held at December 31, 2021. This reserve development included $91,000 of net favorable development in the Excess and Surplus Lines segment, $1.5 million of net favorable 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 and six months ended June 30, 2023, due to adverse paid and reported loss trends, the Company recognized adverse prior year development of $18.4 million and $67.2 million, respectively, on the reserves subject to the Commercial Auto LPT ($12.6 million and $53.6 million, respectively) and Casualty Re LPT ($5.8 million and $13.7 million, respectively), 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 and six months ended June 30, 2023, retroactive reinsurance benefits totaling $17.8 million and $49.8 million, respectively ($14.8 million and $44.1 million for the Commercial Auto LPT, respectively, and $2.9 million and $5.6 million for the Casualty Re LPT, respectively), 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 June 30, 2023, the cumulative

amounts ceded under the loss portfolio transfers was $800.1 million ($445.4 million under the Commercial Auto LPT and $354.7 million under the Casualty Re LPT). The total unrecognized deferred retroactive reinsurance gain of $37.6 million at June 30, 2023 under the loss portfolio transfers ($25.2 million related to the Commercial Auto LPT and $12.4 million related to the Casualty Re LPT) is separately presented on the Company's Condensed Consolidated Balance Sheets. The Company has $45.3 million of aggregate limit remaining under the Casualty Re LPT at June 30, 2023.

Fair Value Measurements - Narrative (Details) $ in Thousands	Jun. 30, 2023 USD ($) security	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) security	Jun. 30, 2022 USD ($)	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 \| $	$ 16	$ 17	$ 17	$ 0	$ 0	$ 102

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

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Operating activities

Net cash provided by operating activities

^[1]

$ 42,621

$ 139,321

Securities available-for-sale:

Purchases – fixed maturity securities

(142,680)

(351,715)

Sales – fixed maturity securities

10,092

158,469

Maturities and calls – fixed maturity securities

55,520

109,184

Purchases – equity securities

(8,557)

(6,751)

Sales – equity securities

8,548

5,171

Bank loan participations:

Purchases

(17,119)

(59,450)

Sales

20,020

32,679

Maturities

12,650

11,360

Other invested assets:

Purchases

(375)

Return of capital

682

998

Short-term investments, net

1,153

85,684

6,128

Securities receivable or payable, net

3,625

22,042

Purchases of property and equipment

(2,173)

(3,175)

Net cash provided by (used in) investing activities

27,070

(75,060)

Financing activities

Senior debt repayments

(40,000)

Issuance of Series A preferred shares (Note 12)

144,898

Payroll taxes withheld and remitted on net settlement of RSUs

(1,507)

(941)

(7,875)

(3,500)

Other financing activities

(3,931)

(4,007)

(16)

Net cash (used in) provided by financing activities

(13,329)

96,450

Change in cash, cash equivalents, and restricted cash equivalents

56,362

160,711

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

332,741

452,839

Supplemental information

Interest paid

14,877

5,455

Restricted cash equivalents at beginning of period

103,215

102,005

Restricted cash equivalents at end of period

105,502

^[2]

102,099

Change in restricted cash equivalents

$ 2,287

$ 94

[1]

Cash provided by operating activities for the six months ended June 30, 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 $40.3 million and $139.2 million for the six months ended June 30, 2023 and 2022, respectively.

[2]

For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Other Operating Expenses and Other Expenses

6 Months Ended

Jun. 30, 2023

Other Operating Expenses and Other Expenses [Abstract]

Other Operating Expenses and Other Expenses

Other operating expenses consist of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Amortization of policy acquisition costs	$	27,457	$	23,188	$	55,503	$	46,025
Other underwriting expenses of the operating segments	22,860		16,960		45,791		36,310
Other operating expenses of the Corporate and Other segment	8,548		8,888		17,830		16,762
Total	$	58,865	$	49,036	$	119,124	$	99,097

Other expenses of $223,000 and $826,000 for the three and six months ended June 30, 2023, respectively ($0 and $368,000 in the respective prior year periods), primarily consist of certain nonoperating expenses including legal fees related to a purported class action lawsuit and legal and other professional fees and other expenses related to various strategic initiatives including loss portfolio transfers accounted for as retroactive reinsurance.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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	$	—	$	337,970	$	—	$	337,970
Residential mortgage-backed	—		430,248		—		430,248
Corporate	—		722,401		—		722,401
Commercial mortgage and asset-backed	—		315,506		—		315,506

U.S. Treasury securities and obligations guaranteed by the U.S. government	69,570		—		—		69,570

Total fixed maturity securities, available-for-sale	$	69,570	$	1,806,125	$	—	$	1,875,695
Equity securities:
Preferred stock	—		70,514		—		70,514
Common stock	45,321		2,265		16		47,602
Total equity securities	$	45,321	$	72,779	$	16	$	118,116

Bank loan participations	$	—	$	143,762	$	—	$	143,762
Short-term investments	$	—	$	22,128	$	—	$	22,128

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

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Beginning balance	$	17	$	—	$	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	(1)		—		(1)		(10)
Included in other comprehensive income	—		—		—		—
Ending balance	$	16	$	—	$	16	$	—

Schedule of Carrying Value and Fair Value

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


	June 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,875,695	$	1,875,695	$	1,783,417	$	1,783,417
Equity securities	118,116		118,116		118,627		118,627

Bank loan participations	143,762		143,762		154,991		154,991
Cash and cash equivalents	227,239		227,239		173,164		173,164
Restricted cash equivalents	105,502		105,502		103,215		103,215
Short-term investments	22,128		22,128		107,812		107,812
Other invested assets – notes receivable	7,205		7,676		7,205		7,703
Liabilities
Senior debt	222,300		228,409		222,300		226,063
Junior subordinated debt	104,055		136,328		104,055		127,149

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 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 June 30, 2023 and December 31, 2022.

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


		June 30, 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		7,281		11,611		7,099
Identifiable intangible assets subject to amortization		11,611		7,281		11,611		7,099
		$	42,775	$	7,281	$	42,775	$	7,099

Senior Debt (Details) - USD ($)

3 Months Ended

6 Months Ended

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Debt Instrument [Line Items]

Repayments of senior debt

$ 0

$ 40,000,000

2017 Facility | JRG Reinsurance Company, Ltd.

222,300,000

^[1]

$ 222,300,000

Debt Instrument [Line Items]

Unsecured Debt | 2017 Facility

28,200,000

Line of credit (up to)

100,000,000

Debt Instrument [Line Items]

Repayments of senior debt

$ 40,000,000

$ 21,500,000

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

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

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-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1D
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

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.

Balance (in shares) at Dec. 31, 2021

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

37,373,066

Balance at Dec. 31, 2021

$ 725,362

$ 7

$ 862,040

$ (166,663)

$ 29,978

Increase (Decrease) in Stockholders' Equity [Roll Forward]

17,869

Vesting of RSUs (in shares)

(144,571)

77,198

Vesting of RSUs

(941)

3,982

(3,500)

Balance (in shares) at Jun. 30, 2022

(3,815)

37,450,264

Balance at Jun. 30, 2022

594,386

$ 7

865,081

(156,109)

(114,593)

Balance (in shares) at Mar. 31, 2022

37,448,314

Balance at Mar. 31, 2022

647,677

$ 7

862,904

(159,241)

(55,993)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

7,664

Vesting of RSUs (in shares)

(58,600)

1,950

Vesting of RSUs

(19)

2,196

(2,625)

Balance (in shares) at Jun. 30, 2022

(1,907)

37,450,264

Balance at Jun. 30, 2022

$ 594,386

$ 7

865,081

(156,109)

(114,593)

Balance (in shares) at Dec. 31, 2022

37,470,237

Balance at Dec. 31, 2022

$ 553,766

^[1]

$ 7

868,858

(152,055)

^[1]

(163,044)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

22,920

^[2]

22,920

^[1]

Vesting of RSUs (in shares)

14,445

^[2]

14,445

148,989

Vesting of RSUs

(1,507)

^[1]

(1,507)

5,008

^[1]

5,008

^[1]

(5,250)

Balance (in shares) at Jun. 30, 2023

^[1]

$ (3,840)

(3,840)

37,619,226

Balance at Jun. 30, 2023

$ 585,542

^[3]

$ 7

872,359

(138,225)

^[1]

(148,599)

Balance (in shares) at Mar. 31, 2023

37,619,226

Balance at Mar. 31, 2023

588,313

^[1]

$ 7

870,043

(149,595)

^[1]

(132,142)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

15,914

^[2]

15,914

^[1]

(16,457)

^[2]

(16,457)

2,316

^[1]

2,316

^[1]

(2,625)

Balance (in shares) at Jun. 30, 2023

^[1]

$ (1,919)

(1,919)

37,619,226

Balance at Jun. 30, 2023

$ 585,542

^[3]

$ 7

$ 872,359

$ (138,225)

^[1]

$ (148,599)

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.
[2]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.
[3]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Restated Amounts, Adjustments Made and Previously Reported Amounts to Summarize the Effect of the Corrections on Previously Filed Financial Statements

The Company recorded the following adjustments to correct the prior period errors in the financial statements as of and for the period ended June 30, 2023:

Condensed Consolidated Balance Sheet (Unaudited)


	As of June 30, 2023
	As Previously Reported		Adjustment		As Restated
	($ in thousands)
Liabilities and Shareholders' Equity
Liabilities:
Payables to reinsurers	$	170,004	$	12,321	$	182,325
Other liabilities	142,712		(1,940)		140,772
Total liabilities	$	4,555,049	$	10,381	$	4,565,430
Shareholders’ equity:
Retained deficit	$	(127,844)	$	(10,381)	$	(138,225)
Total shareholders’ equity	$	595,923	$	(10,381)	$	585,542

Condensed Consolidated Statements of Income and Comprehensive (Loss) Income (Unaudited)


	Three Months Ended June 30, 2023
	As Previously Reported		Adjustment		As Restated
	($ in thousands)
Revenues
Ceded written premiums	$	(209,562)	$	(9,391)	$	(218,953)
Net written premiums	218,179		(9,391)		208,788
Net earned premiums	209,658		(9,391)		200,267
Total revenues	$	238,442	$	(9,391)	$	229,051

Income before taxes	$	31,014	$	(9,391)	$	21,623
Income tax expense	7,321		(1,612)		5,709
Net income	$	23,693	$	(7,779)	$	15,914
Net income available to common shareholders	$	21,068	$	(7,779)	$	13,289
Total comprehensive income (loss)	$	7,236	$	(7,779)	$	(543)

Net income per common share:
Basic	$	0.56	$	(0.21)	$	0.35
Diluted	$	0.54	$	(0.19)	$	0.35


	Six Months Ended June 30, 2023
	As Previously Reported		Adjustment		As Restated
	($ in thousands)
Revenues
Ceded written premiums	$	(390,235)	$	(12,321)	$	(402,556)
Net written premiums	401,399		(12,321)		389,078
Net earned premiums	417,771		(12,321)		405,450
Total revenues	$	474,043	$	(12,321)	$	461,722

Income before taxes	$	43,758	$	(12,321)	$	31,437
Income tax expense	10,457		(1,940)		8,517
Net income	$	33,301	$	(10,381)	$	22,920
Net income available to common shareholders	$	28,051	$	(10,381)	$	17,670
Total comprehensive income	$	47,746	$	(10,381)	$	37,365

Net income per common share:
Basic	$	0.75	$	(0.28)	$	0.47
Diluted	$	0.74	$	(0.27)	$	0.47

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)


	Retained Deficit						Total Shareholders' Equity
	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
	(in thousands)
Balances at March 31, 2023	$	(146,993)	$	(2,602)	$	(149,595)	$	590,915	$	(2,602)	$	588,313
Net income	23,693		(7,779)		15,914		23,693		(7,779)		15,914
Balances at June 30, 2023	$	(127,844)	$	(10,381)	$	(138,225)	$	595,923	$	(10,381)	$	585,542

Balances at December 31, 2022	$	(152,055)	$	—	$	(152,055)	$	553,766	$	—	$	553,766
Net income	33,301		(10,381)		22,920		33,301		(10,381)		22,920
Balances at June 30, 2023	$	(127,844)	$	(10,381)	$	(138,225)	$	595,923	$	(10,381)	$	585,542

Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Earnings Per Share [Abstract]

Less: Dividends on Series A preferred shares

$ 15,914

^[1]

$ 7,664

$ 22,920

^[1]

$ 17,869

(2,625)

^[1]

(2,625)

(5,250)

^[1]

(3,500)

Weighted average common shares outstanding:

$ 13,289

^[1]

$ 5,039

$ 17,670

^[1]

$ 14,369

Basic (in shares)

37,642,289

^[1]

37,449,621

37,587,359

^[1]

37,428,385

Dilutive potential common shares (in shares)

216,458

282,750

235,046

215,249

Diluted (in shares)

37,858,747

^[1]

37,732,371

37,822,405

^[1]

37,643,634

Net income per common share:

Basic (in dollars per share)

$ 0.35

^[1]

$ 0.13

$ 0.47

^[1]

$ 0.38

Dilutive potential common shares (in dollars per share)

Diluted (in dollars per share)

$ 0.35

^[1]

$ 0.13

$ 0.47

^[1]

$ 0.38

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Cash provided by (used in) operating activities excluding reduction in collateral funds	$ 40.3	$ 139.2

Accounting Policies - Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Error Corrections and Prior Period Adjustments Restatement [Line Items]

$ (218,953)

^[1]

$ (205,023)

$ (402,556)

^[1]

$ (389,100)

208,788

^[1]

194,691

389,078

^[1]

370,550

200,267

^[1]

186,262

405,450

^[1]

376,086

229,051

^[1]

184,806

461,722

^[1]

386,754

21,623

^[1]

10,261

31,437

^[1]

23,789

5,709

^[1]

2,597

8,517

^[1]

5,920

15,914

^[1]

7,664

22,920

^[1]

17,869

13,289

^[1]

5,039

17,670

^[1]

14,369

Basic (loss) earnings per share (in dollars per share)

$ (543)

^[1]

$ (50,936)

$ 37,365

^[1]

$ (126,702)

$ 0.35

^[1]

$ 0.13

$ 0.47

^[1]

$ 0.38

Diluted (loss) earnings per share (in dollars per share)

$ 0.35

^[1]

$ 0.13

$ 0.47

^[1]

$ 0.38

As Previously Reported

Error Corrections and Prior Period Adjustments Restatement [Line Items]

$ (209,562)

$ (390,235)

218,179

401,399

209,658

417,771

238,442

474,043

31,014

43,758

7,321

10,457

23,693

33,301

21,068

28,051

Basic (loss) earnings per share (in dollars per share)

$ 7,236

$ 47,746

$ 0.56

$ 0.75

Diluted (loss) earnings per share (in dollars per share)

$ 0.54

$ 0.74

Adjustment

Error Corrections and Prior Period Adjustments Restatement [Line Items]

$ (9,391)

$ (12,321)

(9,391)

(12,321)

(9,391)

(12,321)

(9,391)

(12,321)

(9,391)

(12,321)

(1,612)

(1,940)

(7,779)

(10,381)

(7,779)

(10,381)

Basic (loss) earnings per share (in dollars per share)

$ (7,779)

$ (10,381)

$ (0.21)

$ (0.28)

Diluted (loss) earnings per share (in dollars per share)

$ (0.19)

$ (0.27)

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	$ 527,225	$ 1,112,489
Fixed maturity securities, less than 12 months, gross unrealized losses	(16,230)	(101,608)
Fixed maturity securities, 12 months or more, fair value	1,180,130	475,703
Fixed maturity securities, 12 months or more, gross unrealized losses	(157,546)	(87,883)
Fixed maturity securities, fair value	1,707,355	1,588,192
Fixed maturity securities, gross unrealized losses	(173,776)	(189,491)
State and municipal
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	61,424	241,586
Fixed maturity securities, less than 12 months, gross unrealized losses	(1,782)	(34,840)
Fixed maturity securities, 12 months or more, fair value	237,616	72,805
Fixed maturity securities, 12 months or more, gross unrealized losses	(43,470)	(21,476)
Fixed maturity securities, fair value	299,040	314,391
Fixed maturity securities, gross unrealized losses	(45,252)	(56,316)
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	192,536	225,870
Fixed maturity securities, less than 12 months, gross unrealized losses	(7,046)	(18,823)
Fixed maturity securities, 12 months or more, fair value	184,815	98,594
Fixed maturity securities, 12 months or more, gross unrealized losses	(30,415)	(18,431)
Fixed maturity securities, fair value	377,351	324,464
Fixed maturity securities, gross unrealized losses	(37,461)	(37,254)
Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	204,182	412,942
Fixed maturity securities, less than 12 months, gross unrealized losses	(5,482)	(33,417)
Fixed maturity securities, 12 months or more, fair value	443,535	167,541
Fixed maturity securities, 12 months or more, gross unrealized losses	(57,582)	(32,875)
Fixed maturity securities, fair value	647,717	580,483
Fixed maturity securities, gross unrealized losses	(63,064)	(66,292)
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	51,158	184,985
Fixed maturity securities, less than 12 months, gross unrealized losses	(1,508)	(12,829)
Fixed maturity securities, 12 months or more, fair value	262,838	114,955
Fixed maturity securities, 12 months or more, gross unrealized losses	(23,208)	(13,298)
Fixed maturity securities, fair value	313,996	299,940
Fixed maturity securities, gross unrealized losses	(24,716)	(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	17,925	47,106
Fixed maturity securities, less than 12 months, gross unrealized losses	(412)	(1,699)
Fixed maturity securities, 12 months or more, fair value	51,326	21,808
Fixed maturity securities, 12 months or more, gross unrealized losses	(2,871)	(1,803)
Fixed maturity securities, fair value	69,251	68,914
Fixed maturity securities, gross unrealized losses	$ (3,283)	$ (3,502)

Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information

Segment InformationThe 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 $1.3 million and $2.4 million for the Specialty Admitted Insurance segment was included in other income and in underwriting profit (loss) for the three and six months ended June 30, 2023, respectively ($900,000 and $1.7 million in the respective prior year periods). 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
	(As Restated) (1)								(As Restated) (1)
	(in thousands)
Three Months Ended June 30, 2023
Gross written premiums	$	286,126	$	136,924	$	4,691	$	—	$	427,741
Net earned premiums	149,611		23,858		26,798		—		200,267
Underwriting profit of operating segments	10,042		384		128		—		10,554
Net investment income	14,903		3,173		6,941		158		25,175
Interest expense	—		—		944		5,997		6,941
Segment revenues	166,130		28,330		34,269		322		229,051
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,880,824		1,381,877		945,628		87,541		5,295,870

Three Months Ended June 30, 2022
Gross written premiums	$	266,635	$	124,967	$	8,112	$	—	$	399,714
Net earned premiums	137,884		18,141		30,237		—		186,262
Underwriting profit of operating segments	22,334		1,252		2,059		—		25,645
Net investment income	3,298		934		10,441		32		14,705
Interest expense	—		—		1,327		2,722		4,049
Segment revenues	131,659		19,187		33,854		106		184,806
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,096,138		1,135,839		1,999,687		33,611		5,265,275

Six Months Ended June 30, 2023
Gross written premiums	$	515,029	$	261,475	$	15,130	$	—	$	791,634
Net earned premiums	298,040		44,339		63,071		—		405,450
Underwriting profit (loss) of operating segments	27,107		(85)		434		—		27,456
Net investment income	29,956		6,158		14,288		545		50,947
Interest expense	—		—		1,977		11,580		13,557
Segment revenues	329,850		52,840		78,136		896		461,722
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,880,824		1,381,877		945,628		87,541		5,295,870

Six Months Ended June 30, 2022
Gross written premiums	$	470,917	$	250,677	$	38,056	$	—	$	759,650
Net earned premiums	269,185		37,459		69,442		—		376,086
Underwriting profit (loss) of operating segments	43,791		1,461		(6,778)		—		38,474
Net investment income	8,840		1,691		20,154		287		30,972
Interest expense	—		—		1,342		4,999		6,341
Segment revenues	265,051		39,550		81,725		428		386,754
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,096,138		1,135,839		1,999,687		33,611		5,265,275

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(As Restated) (1)				(As Restated) (1)
	(in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines	$	10,042	$	22,334	$	27,107	$	43,791
Specialty Admitted Insurance	384		1,252		(85)		1,461
Casualty Reinsurance	128		2,059		434		(6,778)
Total underwriting profit of operating segments	10,554		25,645		27,456		38,474
Other operating expenses of the Corporate and Other segment	(8,548)		(8,888)		(17,830)		(16,762)
Underwriting profit	2,006		16,757		9,626		21,712
Losses and loss adjustment expenses - retroactive reinsurance	(618)		—		(17,481)		—
Net investment income	25,175		14,705		50,947		30,972
Net realized and unrealized gains (losses) on investments	2,145		(17,110)		2,552		(22,120)
Amortization of intangible assets	(91)		(91)		(182)		(182)
Other income and expenses	(53)		49		(468)		(252)
Interest expense	(6,941)		(4,049)		(13,557)		(6,341)
Income before income taxes	$	21,623	$	10,261	$	31,437	$	23,789

(1)For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error. Net earned premiums, underwriting profit, and segment revenues for the Excess and Surplus Lines segment were restated for the three and six months ended June 30, 2023 in the tables above.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Contingent Liabilities - Narrative (Details)

3 Months Ended

6 Months Ended

24 Months Ended

Sep. 27, 2021

USD ($)

Jul. 01, 2021

USD ($)

Jun. 30, 2023

USD ($)

credit_facility

Jun. 30, 2022

USD ($)

Jun. 30, 2023

USD ($)

credit_facility

Jun. 30, 2022

USD ($)

Jun. 30, 2023

USD ($)

credit_facility

Dec. 31, 2022

USD ($)

Reinsurance recoverable on unpaid losses, net

$ 2,288,000

$ (1,576,000)

$ 3,650,000

$ 5,228,000

1,545,736,000

^[1]

1,545,736,000

^[1]

$ 1,545,736,000

^[1]

$ 1,520,113,000

Reinsurance recoverable on paid losses

181,956,000

^[1]

181,956,000

^[1]

181,956,000

^[1]

$ 114,242,000

Excess and Surplus Lines | Commercial Auto Business | Raiser | Indemnity Trust

118,000

$ (32,000)

(206,000)

$ (91,000)

Required collateral, percentage

102.00%

Cash equivalent collateral returned to trust

$ 691,300,000

Excess and Surplus Lines | Commercial Auto Business | Raiser | Indemnity Trust And Loss Fund Trust

187,300,000

Excess and Surplus Lines | Commercial Auto Business | Raiser | Loss Fund Trust

256,500,000

Excess and Surplus Lines | Commercial Auto Business | Aleka | Loss Fund Trust

69,200,000

Excess and Surplus Lines | Commercial Auto Business | Rasier and Aleka | Loss Fund Trust

28,200,000

Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business

105,500,000

Cumulative amounts ceded under loss portfolio transfer

12,600,000

53,600,000

100,300,000

445,400,000

Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business | Aleka

Required collateral, percentage

Reinsurance premium

$ 345,100,000

102.00%

Reinsurance recoverables

122,400,000

Reinsurance recoverable on unpaid losses, net

111,900,000

Reinsurance recoverable on paid losses

10,500,000

Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business | Aleka | L PT Trust

Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business | Aleka | LPT Trust And Loss Fund Trust

85,600,000

JRG Reinsurance Company, Ltd.

$ 113,800,000

Number of credit facilities | credit_facility

JRG Reinsurance Company, Ltd. | Third-party Reinsureds

JRG Reinsurance Company, Ltd. | Letter of Credit 30 Million

Assets held in trust

$ 399,800,000

Letters of credit facility, amount

30,000,000

Assets deposited for securing letters of credit

4,400,000

5,700,000

JRG Reinsurance Company, Ltd. | Letter of credit 102.5 Million

Letters of credit facility, amount

102,500,000

Assets deposited for securing letters of credit

42,300,000

53,000,000

JRG Reinsurance Company, Ltd. | Letter of credit 100 Million

Assets deposited for securing letters of credit

28,200,000

43,700,000

Line of credit (up to)

$ 100,000,000

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 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	7,281	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	$ 7,281	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

Subsequent Events (Details) - USD ($)

3 Months Ended

6 Months Ended

Nov. 08, 2023

Oct. 02, 2023

Sep. 29, 2023

Sep. 15, 2023

Sep. 11, 2023

Aug. 09, 2023

Jul. 27, 2023

Jul. 07, 2023

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Specialty Admitted Insurance

Gross written premiums

$ 427,741,000

^[1]

$ 399,714,000

$ 791,634,000

^[1]

$ 759,650,000

Subsequent Event | JRG Reinsurance Company Ltd

Gross written premiums

$ 136,924,000

$ 124,967,000

$ 261,475,000

$ 250,677,000

Estimated transaction value

$ 277,000,000

Pre close dividend

139,000,000

Cash payment

138,000,000

Amount owed by buyer

$ 2,500,000

Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Individual Risk Workers Compensation | Specialty Admitted Insurance

Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Individual Risk Workers Compensation | Specialty Admitted Insurance | Trademarks [Member]

Gain on sale of business

$ 2,200,000

Impairment charge related to trademark intangible asset

$ 2,500,000

Subsequent Event | 2014 LTIP

Subsequent Event | Revolving Credit Facility | Line of Credit

Value of awards granted

$ 50,000

$ 187,000

Maturity date of credit facility

Line of credit

$ 315,000,000

Jul. 07, 2026

Subsequent Event | Convertible Preferred Stock

Preferred stock, dividend rate, percentage

7.00%

Dividends payable

$ 2,600,000

Subsequent Event | Convertible Preferred Stock | Forecast

Dividends payable, date to be paid

Oct. 02, 2023

Dividend payable, record date

Sep. 15, 2023

Subsequent Event | Common Shares

Cash dividend declared (in dollars per share)

$ 0.05

Subsequent Event | Common Shares | Forecast

Dividends payable, date to be paid

Sep. 29, 2023

Dividend payable, record date

Sep. 11, 2023

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Reserve for Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$	1,299,835	$	1,131,700	$	1,248,270	$	1,399,214
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	138,402		122,945		275,465		251,749
Prior years - retroactive reinsurance	618		—		17,481		—
Prior years - excluding retroactive reinsurance	2,288		(1,576)		3,650		5,228
Total incurred losses and loss and adjustment expenses	141,308		121,369		296,596		256,977
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	5,859		6,832		8,711		9,606
Prior years	95,693		92,765		179,701		193,620
Total loss and loss adjustment expense payments	101,552		99,597		188,412		203,226
Deduct: Change in deferred reinsurance gain - retroactive reinsurance	618		—		17,481		—
Deduct: Loss reserves ceded in Casualty Re LPT	—		—		—		299,493
Add: Changes in reinsurance recoverable of Casualty Re LPT unrelated to net reserve activity	—		5,673		—		5,673
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,338,973		1,159,145		1,338,973		1,159,145
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,546,406		1,571,486		1,546,406		1,571,486
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	2,885,379	$	2,730,631	$	2,885,379	$	2,730,631

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Tax on net unrealized gains (losses)	$ (3,633)	$ (7,998)	$ 1,369	$ (19,648)

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details)

3 Months Ended

6 Months Ended

24 Months Ended

Mar. 31, 2022

USD ($)

Jun. 30, 2023

USD ($)

Jun. 30, 2022

USD ($)

Mar. 31, 2022

USD ($)

Jun. 30, 2023

USD ($)

portfolio_loss_transfer

Jun. 30, 2022

USD ($)

Jun. 30, 2023

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

$ 604,000

$ 670,000

$ 601,000

$ 604,000

$ 670,000

$ 601,000

$ 670,000

$ 661,000

$ 612,000

$ 631,000

Number of loss portfolio transfers | portfolio_loss_transfer

2,288,000

(1,576,000)

$ 3,650,000

5,228,000

Funds held

275,331,000

^[1]

$ 275,331,000

^[1]

275,331,000

^[1]

310,953,000

37,572,000

^[1]

37,572,000

^[1]

37,572,000

^[1]

$ 20,091,000

Excess and Surplus Lines | Commercial Auto Business | Loss Portfolio Transfer

118,000

(32,000)

(206,000)

(91,000)

Retroactive reinsurance benefit recognized

12,600,000

53,600,000

100,300,000

14,800,000

44,100,000

Cumulative amounts ceded under loss portfolio transfer

445,400,000

Specialty Admitted Insurance

25,200,000

(839,000)

(1,500,000)

(1,000,000)

(1,500,000)

Casualty Reinsurance

Casualty Reinsurance | Loss Portfolio Transfer | Fortitude Reinsurance | JRG Reinsurance Company Ltd

3,000,000

$ 0

4,900,000

$ 6,800,000

Reinsurance, aggregate coverage limit

5,800,000

6,800,000

13,700,000

400,000,000

Ceded premiums payable

335,000,000

Funds held

310,000,000

$ 310,000,000

Payments for reinsurance

$ 25,000,000

Crediting rate on funds withheld

2.00%

Retroactive reinsurance benefit recognized

2,900,000

5,600,000

Cumulative amounts ceded under loss portfolio transfer

354,700,000

Reinsurance, amount remaining

12,400,000

45,300,000

Excess And Surplus Lines and Casualty Reinsurance | Loss Portfolio Transfer

Retroactive reinsurance benefit recognized

18,400,000

67,200,000

17,800,000

49,800,000

Cumulative amounts ceded under loss portfolio transfer

800,100,000

Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2023 – $2,046,249; 2022 – $1,969,783)

$ 37,600,000

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2023

^[1]

Dec. 31, 2022

Invested assets:

$ 1,875,695

$ 1,783,417

Equity securities, at fair value (cost: 2023 – $117,920; 2022 – $117,169)

118,116

118,627

Bank loan participations, at fair value

143,762

154,991

22,128

107,812

Other invested assets

27,415

27,447

Total invested assets

2,187,116

2,192,294

227,239

173,164

Accrued investment income

105,502

103,215

16,805

14,418

Premiums receivable and agents’ balances, net

364,842

340,525

Reinsurance recoverable on unpaid losses, net

1,545,736

1,520,113

Reinsurance recoverable on paid losses

181,956

114,242

Prepaid reinsurance premiums

279,507

274,165

Deferred policy acquisition costs

51,668

59,603

Intangible assets, net

35,494

35,676

Goodwill

181,831

Other assets

118,174

127,829

Total assets

5,295,870

5,137,075

Liabilities:

Reserve for losses and loss adjustment expenses

2,885,379

2,768,995

Unearned premiums

665,189

676,016

182,325

123,502

Funds held

275,331

310,953

37,572

20,091

222,300

104,055

Accrued expenses

52,507

59,566

140,772

152,933

Commitments and contingent liabilities

4,565,430

4,438,411

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

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

Additional paid-in capital

872,359

868,858

Accumulated other comprehensive loss

(138,225)

(152,055)

(148,599)

(163,044)

Total liabilities, Series A redeemable preferred shares, and shareholders’ equity

585,542

553,766

^[2]

$ 5,295,870

$ 5,137,075

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.
[2]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
Accounting Policies - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($) insurance_company	Jun. 30, 2022	Jun. 30, 2023 USD ($) insurance_company	Jun. 30, 2022	Dec. 31, 2022 USD ($)
Accounting Policies [Line Items]
Investment in variable interest entities	$ 8.8		$ 8.8		$ 9.2
Effective U.S. federal income tax expense (benefit) rate	26.40%	25.30%	27.10%	24.90%
Excess and Surplus Lines \| Adjustment
Accounting Policies [Line Items]
Reinstatement premium			$ 2.9
UNITED STATES
Accounting Policies [Line Items]
Number of insurance companies \| insurance_company	5		5

Segment Information - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information - Narrative (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Segment	Jun. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| Segment			4
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Gross fee income \| $	$ 1,300	$ 900	$ 2,400	$ 1,700

Capital Stock and Equity Awards - Summary of Cash Dividends Declared (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2023

Apr. 27, 2023

Mar. 31, 2023

Feb. 16, 2023

Jun. 30, 2022

Apr. 28, 2022

Mar. 31, 2022

Feb. 16, 2022

Jun. 30, 2023

^[1]

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Dividend declared per share (in dollars per share)

$ 0.05

$ 0.10

^[1]

$ 0.10

Total Amount

$ 1,921,040

$ 1,921,802

$ 1,907,953

$ 1,908,482

$ 3,842,842

$ 3,816,435

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
Earnings Per Share - Narrative (Details) - shares	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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	5,928,132	5,640,158	4,089,627

Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

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 $8.8 million at June 30, 2023 and $9.2 million at 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 or expenses on share based compensation. For the three and six months ended June 30, 2023, our U.S. federal income tax expense was 26.4% and 27.1%, respectively, of the income before taxes (25.3% and 24.9% in the respective prior year periods). The effective rate exceeded the 21.0% U.S. statutory rate in all periods due to projected annual losses in Bermuda that do not provide a tax benefit and due to discrete items in the respective periods 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.

Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error

We have restated herein our condensed consolidated financial statements as of June 30, 2023 and for the three and six month periods then ended (the “Affected Financials”). The restatement reflects the correction of an error related to the accounting for reinstatement premium on a specialty casualty reinsurance treaty in the Excess & Surplus Lines segment. Certain of the Company’s reinsurance treaties include a requirement to pay additional reinsurance premiums after the initial coverage limit has been exhausted. In determining whether the Company owed reinstatement premium on one of its treaties, the Company found that the liability for the reinstatement premium payable on certain claims was recorded in a subsequent quarter of 2023 from the quarter in 2023 when the incurred losses that triggered the reinstatement premiums were recorded.

The Company assessed the materiality of the error, both quantitatively and qualitatively, in accordance with the SEC’s Staff Accounting Bulletin No. 99, and concluded that the error is material to the Affected Financials based upon quantitative aspects of the error.

As part of the restatement of the financial statements for the six months ended June 30, 2023, the Company also recorded the correction of a $2.9 million immaterial error also related to reinstatement premium associated with one claim for a different treaty year on the same specialty casualty reinsurance treaty in the Excess and Surplus Lines segment.

The Company recorded the following adjustments to correct the prior period errors in the financial statements as of and for the period ended June 30, 2023:

Condensed Consolidated Balance Sheet (Unaudited)


	As of June 30, 2023
	As Previously Reported		Adjustment		As Restated
	($ in thousands)
Liabilities and Shareholders' Equity
Liabilities:
Payables to reinsurers	$	170,004	$	12,321	$	182,325
Other liabilities	142,712		(1,940)		140,772
Total liabilities	$	4,555,049	$	10,381	$	4,565,430
Shareholders’ equity:
Retained deficit	$	(127,844)	$	(10,381)	$	(138,225)
Total shareholders’ equity	$	595,923	$	(10,381)	$	585,542

Condensed Consolidated Statements of Income and Comprehensive (Loss) Income (Unaudited)


	Three Months Ended June 30, 2023
	As Previously Reported		Adjustment		As Restated
	($ in thousands)
Revenues
Ceded written premiums	$	(209,562)	$	(9,391)	$	(218,953)
Net written premiums	218,179		(9,391)		208,788
Net earned premiums	209,658		(9,391)		200,267
Total revenues	$	238,442	$	(9,391)	$	229,051

Income before taxes	$	31,014	$	(9,391)	$	21,623
Income tax expense	7,321		(1,612)		5,709
Net income	$	23,693	$	(7,779)	$	15,914
Net income available to common shareholders	$	21,068	$	(7,779)	$	13,289
Total comprehensive income (loss)	$	7,236	$	(7,779)	$	(543)

Net income per common share:
Basic	$	0.56	$	(0.21)	$	0.35
Diluted	$	0.54	$	(0.19)	$	0.35


	Six Months Ended June 30, 2023
	As Previously Reported		Adjustment		As Restated
	($ in thousands)
Revenues
Ceded written premiums	$	(390,235)	$	(12,321)	$	(402,556)
Net written premiums	401,399		(12,321)		389,078
Net earned premiums	417,771		(12,321)		405,450
Total revenues	$	474,043	$	(12,321)	$	461,722

Income before taxes	$	43,758	$	(12,321)	$	31,437
Income tax expense	10,457		(1,940)		8,517
Net income	$	33,301	$	(10,381)	$	22,920
Net income available to common shareholders	$	28,051	$	(10,381)	$	17,670
Total comprehensive income	$	47,746	$	(10,381)	$	37,365

Net income per common share:
Basic	$	0.75	$	(0.28)	$	0.47
Diluted	$	0.74	$	(0.27)	$	0.47

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)


	Retained Deficit						Total Shareholders' Equity
	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
	(in thousands)
Balances at March 31, 2023	$	(146,993)	$	(2,602)	$	(149,595)	$	590,915	$	(2,602)	$	588,313
Net income	23,693		(7,779)		15,914		23,693		(7,779)		15,914
Balances at June 30, 2023	$	(127,844)	$	(10,381)	$	(138,225)	$	595,923	$	(10,381)	$	585,542

Balances at December 31, 2022	$	(152,055)	$	—	$	(152,055)	$	553,766	$	—	$	553,766
Net income	33,301		(10,381)		22,920		33,301		(10,381)		22,920
Balances at June 30, 2023	$	(127,844)	$	(10,381)	$	(138,225)	$	595,923	$	(10,381)	$	585,542

There was no impact to net cash provided by operating activities for the six months ended June 30, 2023 (All affected items were within operating activities). In addition to the changes reflected above, amounts were restated in the following Notes as a result of these adjustments:

Note 4 Earnings Per Share

Note 8 Segment Information

We have also updated Note 14 Subsequent Events to reflect any information or events occurring after August 8, 2023, the original filing date of the Original Form 10-Q, to the extent they are required to be disclosed herein.

Reserve for Losses and Loss Adjustment Expenses - Reserve for Losses and Loss Adjustment Expenses, Net of Reinsurance (Details) - USD ($)

3 Months Ended

6 Months Ended

24 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 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

$ 1,299,835,000

$ 1,131,700,000

$ 1,399,214,000

$ 1,248,270,000

$ 1,399,214,000

Add: Incurred losses and loss adjustment expenses net of reinsurance:

Current year

138,402,000

122,945,000

275,465,000

251,749,000

Total incurred losses and loss and adjustment expenses

2,288,000

(1,576,000)

3,650,000

5,228,000

141,308,000

121,369,000

296,596,000

256,977,000

Deduct: Loss and loss adjustment expense payments net of reinsurance:

Current year

5,859,000

6,832,000

8,711,000

9,606,000

Prior years

95,693,000

92,765,000

179,701,000

193,620,000

Total loss and loss adjustment expense payments

101,552,000

99,597,000

188,412,000

203,226,000

Deduct: Loss reserves ceded in Casualty Re LPT

1,545,736,000

^[1]

1,545,736,000

^[1]

$ 1,545,736,000

^[1]

$ 1,520,113,000

Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period

1,338,973,000

1,159,145,000

$ 1,131,700,000

1,338,973,000

1,159,145,000

1,338,973,000

Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period

1,546,406,000

1,571,486,000

1,546,406,000

1,571,486,000

1,546,406,000

Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period

2,885,379,000

2,730,631,000

2,885,379,000

2,730,631,000

2,885,379,000

Add: Incurred losses and loss adjustment expenses net of reinsurance:

Add: Incurred losses and loss adjustment expenses net of reinsurance:

118,000

(32,000)

(206,000)

(91,000)

Casualty Reinsurance

Loss Portfolio Transfer | Excess And Surplus Lines and Casualty Reinsurance

3,000,000

4,900,000

6,800,000

Add: Incurred losses and loss adjustment expenses net of reinsurance:

Loss Portfolio Transfer | Excess And Surplus Lines and Casualty Reinsurance | Commercial Auto Business

18,400,000

67,200,000

Add: Incurred losses and loss adjustment expenses net of reinsurance:

Prior years - retroactive reinsurance

618,000

17,481,000

Deduct: Loss and loss adjustment expense payments net of reinsurance:

Deduct: Change in deferred reinsurance gain - retroactive reinsurance

618,000

17,481,000

Loss Portfolio Transfer | Excess and Surplus Lines | Commercial Auto Business

Add: Incurred losses and loss adjustment expenses net of reinsurance:

Loss Portfolio Transfer | Casualty Reinsurance

12,600,000

53,600,000

$ 100,300,000

Deduct: Loss and loss adjustment expense payments net of reinsurance:

Deduct: Loss reserves ceded in Casualty Re LPT

299,493,000

Add: Changes in reinsurance recoverable of Casualty Re LPT unrelated to net reserve activity

$ 0

$ 5,673,000

$ 0

$ 5,673,000

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(As Restated) (1)				(As Restated) (1)
	(in thousands, except share and per share amounts)
Net income	$	15,914	$	7,664	$	22,920	$	17,869
Less: Dividends on Series A preferred shares	(2,625)		(2,625)		(5,250)		(3,500)
Net income available to common shareholders	$	13,289	$	5,039	$	17,670	$	14,369

Weighted average common shares outstanding:
Basic	37,642,289		37,449,621		37,587,359		37,428,385
Dilutive potential common shares	216,458		282,750		235,046		215,249
Diluted	37,858,747		37,732,371		37,822,405		37,643,634

Net income per common share:
Basic	$	0.35	$	0.13	$	0.47	$	0.38
Dilutive potential common shares	—		—		—		—
Diluted	$	0.35	$	0.13	$	0.47	$	0.38

For the three and six months ended June 30, 2023, potential common shares of 5,640,158 were excluded from the calculation of diluted earnings per common share as their effects were anti-dilutive. For the three and six months ended June 30, 2022, potential common shares of 5,928,132 and 4,089,627, respectively, were excluded from the calculation of diluted earnings per common share as their effects were anti-dilutive.

(1)For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Segment Information (Tables)

6 Months Ended

Jun. 30, 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
	(As Restated) (1)								(As Restated) (1)
	(in thousands)
Three Months Ended June 30, 2023
Gross written premiums	$	286,126	$	136,924	$	4,691	$	—	$	427,741
Net earned premiums	149,611		23,858		26,798		—		200,267
Underwriting profit of operating segments	10,042		384		128		—		10,554
Net investment income	14,903		3,173		6,941		158		25,175
Interest expense	—		—		944		5,997		6,941
Segment revenues	166,130		28,330		34,269		322		229,051
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,880,824		1,381,877		945,628		87,541		5,295,870

Three Months Ended June 30, 2022
Gross written premiums	$	266,635	$	124,967	$	8,112	$	—	$	399,714
Net earned premiums	137,884		18,141		30,237		—		186,262
Underwriting profit of operating segments	22,334		1,252		2,059		—		25,645
Net investment income	3,298		934		10,441		32		14,705
Interest expense	—		—		1,327		2,722		4,049
Segment revenues	131,659		19,187		33,854		106		184,806
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,096,138		1,135,839		1,999,687		33,611		5,265,275

Six Months Ended June 30, 2023
Gross written premiums	$	515,029	$	261,475	$	15,130	$	—	$	791,634
Net earned premiums	298,040		44,339		63,071		—		405,450
Underwriting profit (loss) of operating segments	27,107		(85)		434		—		27,456
Net investment income	29,956		6,158		14,288		545		50,947
Interest expense	—		—		1,977		11,580		13,557
Segment revenues	329,850		52,840		78,136		896		461,722
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,880,824		1,381,877		945,628		87,541		5,295,870

Six Months Ended June 30, 2022
Gross written premiums	$	470,917	$	250,677	$	38,056	$	—	$	759,650
Net earned premiums	269,185		37,459		69,442		—		376,086
Underwriting profit (loss) of operating segments	43,791		1,461		(6,778)		—		38,474
Net investment income	8,840		1,691		20,154		287		30,972
Interest expense	—		—		1,342		4,999		6,341
Segment revenues	265,051		39,550		81,725		428		386,754
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,096,138		1,135,839		1,999,687		33,611		5,265,275

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(As Restated) (1)				(As Restated) (1)
	(in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines	$	10,042	$	22,334	$	27,107	$	43,791
Specialty Admitted Insurance	384		1,252		(85)		1,461
Casualty Reinsurance	128		2,059		434		(6,778)
Total underwriting profit of operating segments	10,554		25,645		27,456		38,474
Other operating expenses of the Corporate and Other segment	(8,548)		(8,888)		(17,830)		(16,762)
Underwriting profit	2,006		16,757		9,626		21,712
Losses and loss adjustment expenses - retroactive reinsurance	(618)		—		(17,481)		—
Net investment income	25,175		14,705		50,947		30,972
Net realized and unrealized gains (losses) on investments	2,145		(17,110)		2,552		(22,120)
Amortization of intangible assets	(91)		(91)		(182)		(182)
Other income and expenses	(53)		49		(468)		(252)
Interest expense	(6,941)		(4,049)		(13,557)		(6,341)
Income before income taxes	$	21,623	$	10,261	$	31,437	$	23,789

Investments - Summary of Realized Gains and Losses (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Investments [Abstract]

Fixed maturity securities, gross realized gains

$ 45

$ 1,332

$ 45

$ 1,698

Fixed maturity securities, gross realized losses

(322)

(278)

(414)

(442)

Fixed maturity securities

(277)

1,054

(369)

1,256

Bank loan participations, gross realized gains

105

113

Bank loan participations, gross realized losses

(3,142)

(122)

(4,353)

(306)

Changes in fair values of bank loan participations

5,234

(9,791)

7,779

(11,800)

Equity securities, gross realized gain

2,116

(9,895)

3,531

(11,993)

353

935

Equity securities, gross realized losses

(267)

(381)

Changes in fair values of equity securities

(41)

(8,250)

(1,262)

(10,992)

Short-term investments and other, gross realized gains

312

(8,245)

(594)

(11,344)

Short-term investments and other, gross realized losses

(6)

(24)

(19)

(39)

Changes in fair values of short-term investments and other

Short-term investments and other

(6)

(24)

(16)

(39)

Total

$ 2,145

^[1]

$ (17,110)

$ 2,552

^[1]

$ (22,120)

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value MeasurementsThree 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 June 30, 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	$	—	$	337,970	$	—	$	337,970
Residential mortgage-backed	—		430,248		—		430,248
Corporate	—		722,401		—		722,401
Commercial mortgage and asset-backed	—		315,506		—		315,506

U.S. Treasury securities and obligations guaranteed by the U.S. government	69,570		—		—		69,570

Total fixed maturity securities, available-for-sale	$	69,570	$	1,806,125	$	—	$	1,875,695
Equity securities:
Preferred stock	—		70,514		—		70,514
Common stock	45,321		2,265		16		47,602
Total equity securities	$	45,321	$	72,779	$	16	$	118,116

Bank loan participations	$	—	$	143,762	$	—	$	143,762
Short-term investments	$	—	$	22,128	$	—	$	22,128

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Beginning balance	$	17	$	—	$	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	(1)		—		(1)		(10)
Included in other comprehensive income	—		—		—		—
Ending balance	$	16	$	—	$	16	$	—

The Company had one equity security at December 31, 2022 and June 30, 2023 for which the fair value was determined using significant unobservable inputs (Level 3). The fair value of $16,000 at June 30, 2023 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 six months ended June 30, 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 six months ended June 30, 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 June 30, 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:


	June 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,875,695	$	1,875,695	$	1,783,417	$	1,783,417
Equity securities	118,116		118,116		118,627		118,627

Bank loan participations	143,762		143,762		154,991		154,991
Cash and cash equivalents	227,239		227,239		173,164		173,164
Restricted cash equivalents	105,502		105,502		103,215		103,215
Short-term investments	22,128		22,128		107,812		107,812
Other invested assets – notes receivable	7,205		7,676		7,205		7,703
Liabilities
Senior debt	222,300		228,409		222,300		226,063
Junior subordinated debt	104,055		136,328		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 June 30, 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 June 30, 2023 and December 31, 2022, respectively.

The fair values of senior debt and junior subordinated debt at June 30, 2023 and December 31, 2022 were determined using inputs to the valuation methodology that are unobservable (Level 3).

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.

Other Operating Expenses and Other Expenses [Abstract]

Other Operating Expenses and Other Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Other Operating Expenses

Other operating expenses consist of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Amortization of policy acquisition costs	$	27,457	$	23,188	$	55,503	$	46,025
Other underwriting expenses of the operating segments	22,860		16,960		45,791		36,310
Other operating expenses of the Corporate and Other segment	8,548		8,888		17,830		16,762
Total	$	58,865	$	49,036	$	119,124	$	99,097

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(As Restated) (1)				(As Restated) (1)
	(in thousands, except share and per share amounts)
Net income	$	15,914	$	7,664	$	22,920	$	17,869
Less: Dividends on Series A preferred shares	(2,625)		(2,625)		(5,250)		(3,500)
Net income available to common shareholders	$	13,289	$	5,039	$	17,670	$	14,369

Weighted average common shares outstanding:
Basic	37,642,289		37,449,621		37,587,359		37,428,385
Dilutive potential common shares	216,458		282,750		235,046		215,249
Diluted	37,858,747		37,732,371		37,822,405		37,643,634

Net income per common share:
Basic	$	0.35	$	0.13	$	0.47	$	0.38
Dilutive potential common shares	—		—		—		—
Diluted	$	0.35	$	0.13	$	0.47	$	0.38

Capital Stock and Equity Awards (Tables)

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of Dividends

The Company declared the following dividends on common shares during the first six 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
April 27, 2023	$	0.05	June 12, 2023	June 30, 2023	1,921,040

	$	0.10			$	3,842,842

2022
February 16, 2022	$	0.05	March 14, 2022	March 31, 2022	$	1,908,482
April 28, 2022	$	0.05	June 13, 2022	June 30, 2022	$	1,907,953

	$	0.10			$	3,816,435

Schedule of Summary of Option Activity

The following table summarizes option activity:


	Six Months Ended June 30,
	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:


	Six Months Ended June 30,
	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	(112,353)	$	45.49
Forfeited	(15,233)	$	23.10	(9,760)	$	22.97
Unvested, end of period	801,581	$	24.73	708,800	$	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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Share based compensation expense	$	2,316	$	2,196	$	5,008	$	3,982
U.S. tax benefit on share based compensation expense	427		409		943		745

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fixed maturity securities, available-for-sale, at amortized cost	$ 2,046,249
Equity securities, at cost	$ 117,920	$ 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	$ 2,046,249	$ 1,969,783

Investments (Tables)

6 Months Ended

Jun. 30, 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)
June 30, 2023
Fixed maturity securities:
State and municipal	$	381,802	$	1,420	$	(45,252)	$	337,970
Residential mortgage-backed	467,134		575		(37,461)		430,248
Corporate	784,248		1,217		(63,064)		722,401
Commercial mortgage and asset-backed	340,212		10		(24,716)		315,506

U.S. Treasury securities and obligations guaranteed by the U.S. government	72,853		—		(3,283)		69,570

Total fixed maturity securities, available-for-sale	$	2,046,249	$	3,222	$	(173,776)	$	1,875,695
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 June 30, 2023 are summarized, by contractual maturity, as follows:


	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	94,222	$	92,437
After one year through five years	519,366		492,322
After five years through ten years	364,892		323,047
After ten years	260,423		222,135
Residential mortgage-backed	467,134		430,248
Commercial mortgage and asset-backed	340,212		315,506

Total	$	2,046,249	$	1,875,695

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)
June 30, 2023
Fixed maturity securities:
State and municipal	$	61,424	$	(1,782)	$	237,616	$	(43,470)	$	299,040	$	(45,252)
Residential mortgage-backed	192,536		(7,046)		184,815		(30,415)		377,351		(37,461)
Corporate	204,182		(5,482)		443,535		(57,582)		647,717		(63,064)
Commercial mortgage and asset-backed	51,158		(1,508)		262,838		(23,208)		313,996		(24,716)

U.S. Treasury securities and obligations guaranteed by the U.S. government	17,925		(412)		51,326		(2,871)		69,251		(3,283)

Total fixed maturity securities, available-for-sale	$	527,225	$	(16,230)	$	1,180,130	$	(157,546)	$	1,707,355	$	(173,776)
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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	45	$	1,332	$	45	$	1,698
Gross realized losses	(322)		(278)		(414)		(442)
	(277)		1,054		(369)		1,256
Bank loan participations:
Gross realized gains	24		18		105		113
Gross realized losses	(3,142)		(122)		(4,353)		(306)
Changes in fair values of bank loan participations	5,234		(9,791)		7,779		(11,800)
	2,116		(9,895)		3,531		(11,993)
Equity securities:
Gross realized gains	353		5		935		29
Gross realized losses	—		—		(267)		(381)
Changes in fair values of equity securities	(41)		(8,250)		(1,262)		(10,992)
	312		(8,245)		(594)		(11,344)
Short-term investments and other:
Gross realized gains	—		—		3		—
Gross realized losses	(6)		(24)		(19)		(39)
Changes in fair values of short-term investments and other	—		—		—		—
	(6)		(24)		(16)		(39)
Total	$	2,145	$	(17,110)	$	2,552	$	(22,120)

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	45	$	1,332	$	45	$	1,698
Gross realized losses	(322)		(278)		(414)		(442)
	(277)		1,054		(369)		1,256
Bank loan participations:
Gross realized gains	24		18		105		113
Gross realized losses	(3,142)		(122)		(4,353)		(306)
Changes in fair values of bank loan participations	5,234		(9,791)		7,779		(11,800)
	2,116		(9,895)		3,531		(11,993)
Equity securities:
Gross realized gains	353		5		935		29
Gross realized losses	—		—		(267)		(381)
Changes in fair values of equity securities	(41)		(8,250)		(1,262)		(10,992)
	312		(8,245)		(594)		(11,344)
Short-term investments and other:
Gross realized gains	—		—		3		—
Gross realized losses	(6)		(24)		(19)		(39)
Changes in fair values of short-term investments and other	—		—		—		—
	(6)		(24)		(16)		(39)
Total	$	2,145	$	(17,110)	$	2,552	$	(22,120)

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
	June 30,		December 31,		Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022		2023		2022
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	8,849	$	9,159	$	(305)	$	81	$	698	$	2,361
Corporate & Other	—		—		—		15		170		259
	8,849		9,159		(305)		96		868		2,620
Renewable energy notes receivable (b)
Excess and Surplus Lines	1,202		1,202		36		70		72		140
Corporate & Other	1,503		1,503		45		87		90		174
	2,705		2,705		81		157		162		314
Limited partnerships (c)
Excess and Surplus Lines	10,297		10,019		370		(828)		621		(696)
Corporate & Other	1,064		1,064		—		—		—		—
	11,361		11,083		370		(828)		621		(696)
Bank holding companies (d)
Excess and Surplus Lines	4,500		4,500		86		86		172		172
Corporate & Other	—		—		—		—		—		—
	4,500		4,500		86		86		172		172
Total other invested assets
Excess and Surplus Lines	24,848		24,880		187		(591)		1,563		1,977
Corporate & Other	2,567		2,567		45		102		260		433
	$	27,415	$	27,447	$	232	$	(489)	$	1,823	$	2,410

(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 six months ended June 30, 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, the Company 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 June 30, 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 June 30, 2023, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $5.0 million in the limited partnerships and a $20.0 million commitment to invest in a new limited partnership.

(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.

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Capital Stock and Equity Awards - Summary of Option Activity (Details) - Options - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 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	7 months 6 days
Weighted-average remaining contractual life of options exercisable	7 months 6 days

Accounting Policies - Condensed Consolidated Balance Sheet (Unaudited) (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

$ 182,325

^[1]

$ 123,502

140,772

^[1]

152,933

4,565,430

^[1]

4,438,411

(138,225)

^[1]

(152,055)

Error Corrections and Prior Period Adjustments Restatement [Line Items]

585,542

^[1]

$ 588,313

^[2]

553,766

^[2]

$ 594,386

$ 647,677

$ 725,362

As Previously Reported

170,004

142,712

4,555,049

(127,844)

Error Corrections and Prior Period Adjustments Restatement [Line Items]

595,923

590,915

553,766

Adjustment

12,321

(1,940)

10,381

(10,381)

$ (10,381)

$ (2,602)

$ 0

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.
[2]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

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

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 21: http://www.xbrl.org/2003/role/exampleRef
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Amount of accumulated undistributed earnings (deficit).

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

Stockholders' Equity Note [Abstract]

Capital Stock and Equity Awards

6 Months Ended

Jun. 30, 2023

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 June 30, 2023, reflecting 148,989 common shares issued in the six months ended June 30, 2023 related to vesting of RSUs.

Dividends

The Company declared the following dividends on common shares during the first six 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
April 27, 2023	$	0.05	June 12, 2023	June 30, 2023	1,921,040

	$	0.10			$	3,842,842

2022
February 16, 2022	$	0.05	March 14, 2022	March 31, 2022	$	1,908,482
April 28, 2022	$	0.05	June 13, 2022	June 30, 2022	$	1,907,953

	$	0.10			$	3,816,435

Included in the total dividends for the six months ended June 30, 2023 and 2022 are $81,000 and $72,000, respectively, of dividend equivalents on unvested RSUs. The balance of dividends payable on unvested RSUs was $244,000 at June 30, 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 June 30, 2023, 1,502,779 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 June 30, 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:


	Six Months Ended June 30,
	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 June 30, 2023 was 0.6 years.

RSUs

The following table summarizes RSU activity:


	Six Months Ended June 30,
	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	(112,353)	$	45.49
Forfeited	(15,233)	$	23.10	(9,760)	$	22.97
Unvested, end of period	801,581	$	24.73	708,800	$	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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Share based compensation expense	$	2,316	$	2,196	$	5,008	$	3,982
U.S. tax benefit on share based compensation expense	427		409		943		745

At June 30, 2023, the Company had $14.8 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 2.0 years.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Investments - Summary of Private Debt and Equity (Details)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

USD ($)

note

Mar. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

project

Jun. 30, 2022

USD ($)

Jun. 30, 2023

USD ($)

note

Jun. 30, 2022

USD ($)

$ 27,415

^[1]

$ 27,447

$ 27,415

^[1]

232

$ (489)

1,823

$ 2,410

1,153

Renewable energy LLCs

8,849

$ 9,159

8,849

Number of underlying projects sold | project

(305)

868

2,620

Renewable energy notes receivable

$ 1,200

2,705

$ 2,705

2,705

157

162

314

Limited partnerships

11,361

11,083

11,361

370

(828)

621

(696)

Bank holding companies

4,500

172

24,848

24,880

24,848

Excess and Surplus Lines | Renewable energy LLCs

187

(591)

1,563

1,977

8,849

9,159

8,849

$ (305)

698

2,361

Excess and Surplus Lines | Renewable energy LLCs | Investment in LLC

984

Cash distributions from LLCs

$ 24,000

951,000

Excess and Surplus Lines | Renewable energy LLCs | Minimum | Investment in LLC | Various LLCs

Excess and Surplus Lines | Renewable energy LLCs | Maximum | Investment in LLC | Various LLCs

Ownership percentage

2.60%

Excess and Surplus Lines | Renewable energy notes receivable

Ownership percentage

4.90%

$ 1,202

1,202

$ 1,202

Number of notes issued | note

$ 36

$ 72

140

Rate of interest

12.00%

Excess and Surplus Lines | Limited partnerships

$ 10,297

10,019

$ 10,297

Outstanding commitments to invest

370

(828)

621

(696)

5,000

Newly acquired limited partnership

20,000

Excess and Surplus Lines | Bank holding companies

4,500

Investment in private subordinated notes

$ 86

$ 172

172

Rate of interest

7.60%

$ 4,500

Corporate and Other

2,567

Corporate and Other | Renewable energy LLCs

102

260

433

170

259

Corporate and Other | Renewable energy LLCs | Investment in LLC

$ 170

Cash distributions from LLCs

951,000

Corporate and Other | Renewable energy notes receivable

1,503

Number of notes issued | note

$ 45

$ 90

174

Rate of interest

12.00%

Corporate and Other | Limited partnerships

$ 1,064

1,064

$ 1,064

Corporate and Other | Bank holding companies

$ 0

Goodwill and Intangible Assets Disclosure [Abstract]

$ 0

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

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:


		June 30, 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		7,281		11,611		7,099
Identifiable intangible assets subject to amortization		11,611		7,281		11,611		7,099
		$	42,775	$	7,281	$	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:


		June 30, 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		7,281		11,611		7,099
Identifiable intangible assets subject to amortization		11,611		7,281		11,611		7,099
		$	42,775	$	7,281	$	42,775	$	7,099

Capital Stock and Equity Awards - Summary of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Share based compensation expense	$ 2,316	$ 2,196	$ 5,008	$ 3,982
U.S. tax benefit on share based compensation expense	$ 427	$ 409	$ 943	$ 745

Contingent Liabilities	6 Months Ended
Contingent Liabilities	Jun. 30, 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. We believe that the Plaintiffs’ claims are without merit and we intend to vigorously defend this lawsuit. 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 June 30, 2023 which were secured by deposits of $5.7 million. Under a $102.5 million facility, $42.3 million of letters of credit were issued through June 30, 2023 which were secured by deposits of $53.0 million. Under a $100.0 million facility, $28.2 million of letters of credit were issued through June 30, 2023 which were secured by deposits of $43.7 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 $399.8 million at June 30, 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 $100.3 million on the reserves subject to the Commercial Auto LPT, bringing the cumulative amount ceded under the Commercial Auto LPT to $445.4 million at June 30, 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 June 30, 2023, the balance in the Indemnity Trust was $187.3 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 $256.5 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 June 30, 2023, the balance in the LPT Trust was $85.6 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 $113.8 million. At June 30, 2023, the total reinsurance recoverables under the Commercial Auto LPT was $122.4 million (including $111.9 million of unpaid recoverables and $10.5 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 June 30, 2023, the balance in the Loss Fund Trust was $105.5 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	6 Months Ended
Series A Preferred Shares	Jun. 30, 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 $7.9 million were paid in the six months ended June 30, 2023 including cash dividends paid in January, March, and June for the three month periods ended December 31, 2022, March 31, 2023, and June 30, 2023, respectively. In 2022, the first dividend payment of $3.5 million was paid on June 30, 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 June 30, 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.

Fair Value Measurements - Summary of the Carrying Value and Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

Dec. 31, 2021

Assets

$ 1,875,695

^[1]

$ 1,783,417

118,116

^[1]

118,627

143,762

^[1]

154,991

227,239

^[1]

173,164

105,502

^[1]

103,215

$ 102,099

$ 102,005

22,128

^[1]

107,812

Liabilities

222,300

^[1]

222,300

104,055

^[1]

104,055

Assets

1,875,695

1,783,417

118,116

118,627

143,762

154,991

227,239

173,164

105,502

103,215

Other invested assets – notes receivable

22,128

107,812

7,205

Liabilities

222,300

104,055

Fair Value

Assets

1,875,695

1,783,417

118,116

118,627

143,762

154,991

227,239

173,164

105,502

103,215

Other invested assets – notes receivable

22,128

107,812

7,676

7,703

Liabilities

228,409

226,063

Percentage of outstanding shares

$ 136,328

$ 127,149

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

^[1]

Dec. 31, 2022

Jun. 30, 2022

Dec. 11, 2007

Business Acquisition [Line Items]

Goodwill

$ 181,831

James River Group, Inc.

Business Acquisition [Line Items]

100.00%

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

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.

Debt Securities, Available-for-sale [Line Items]

Investments

6 Months Ended

Jun. 30, 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)
June 30, 2023
Fixed maturity securities:
State and municipal	$	381,802	$	1,420	$	(45,252)	$	337,970
Residential mortgage-backed	467,134		575		(37,461)		430,248
Corporate	784,248		1,217		(63,064)		722,401
Commercial mortgage and asset-backed	340,212		10		(24,716)		315,506

U.S. Treasury securities and obligations guaranteed by the U.S. government	72,853		—		(3,283)		69,570

Total fixed maturity securities, available-for-sale	$	2,046,249	$	3,222	$	(173,776)	$	1,875,695
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 June 30, 2023 are summarized, by contractual maturity, as follows:


	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	94,222	$	92,437
After one year through five years	519,366		492,322
After five years through ten years	364,892		323,047
After ten years	260,423		222,135
Residential mortgage-backed	467,134		430,248
Commercial mortgage and asset-backed	340,212		315,506

Total	$	2,046,249	$	1,875,695

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)
June 30, 2023
Fixed maturity securities:
State and municipal	$	61,424	$	(1,782)	$	237,616	$	(43,470)	$	299,040	$	(45,252)
Residential mortgage-backed	192,536		(7,046)		184,815		(30,415)		377,351		(37,461)
Corporate	204,182		(5,482)		443,535		(57,582)		647,717		(63,064)
Commercial mortgage and asset-backed	51,158		(1,508)		262,838		(23,208)		313,996		(24,716)

U.S. Treasury securities and obligations guaranteed by the U.S. government	17,925		(412)		51,326		(2,871)		69,251		(3,283)

Total fixed maturity securities, available-for-sale	$	527,225	$	(16,230)	$	1,180,130	$	(157,546)	$	1,707,355	$	(173,776)
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 June 30, 2023, the Company held fixed maturity securities of 552 issuers that were in an unrealized loss position with a total fair value of $1,707.4 million and gross unrealized losses of $173.8 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on a scheduled principal or interest payment. At June 30, 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 June 30, 2023 had an aggregate fair value of $2.3 million and an aggregate net unrealized loss of $160,000.

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 June 30, 2023, December 31, 2022, or June 30, 2022. In the six months ended June 30, 2023, management recognized an impairment loss of $85,000 for one fixed maturity security due to an 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 June 30, 2023, the Company's bank loan portfolio had an aggregate fair value of $143.8 million and unpaid principal of $156.3 million. Investment income on bank loan participations included in net investment income was $4.4 million and $8.7 million for the three and six months ended June 30, 2023, respectively ($2.7 million and $5.1 million for the three and six months ended June 30, 2022, respectively). Net realized and unrealized gains (losses) on bank loan participations included losses of $2.1 million and gains of $3.5 million for the three and six months ended June 30, 2023, respectively (losses of $9.9 million and $12.0 million for the three and six months ended June 30, 2022, respectively). For the three and six months ended June 30, 2023, management concluded that $497,000 and $2.4 million, respectively, of the unrealized losses were due to credit-related impairments. For the three and six months ended June 30, 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 June 30, 2023 or December 31, 2022.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	45	$	1,332	$	45	$	1,698
Gross realized losses	(322)		(278)		(414)		(442)
	(277)		1,054		(369)		1,256
Bank loan participations:
Gross realized gains	24		18		105		113
Gross realized losses	(3,142)		(122)		(4,353)		(306)
Changes in fair values of bank loan participations	5,234		(9,791)		7,779		(11,800)
	2,116		(9,895)		3,531		(11,993)
Equity securities:
Gross realized gains	353		5		935		29
Gross realized losses	—		—		(267)		(381)
Changes in fair values of equity securities	(41)		(8,250)		(1,262)		(10,992)
	312		(8,245)		(594)		(11,344)
Short-term investments and other:
Gross realized gains	—		—		3		—
Gross realized losses	(6)		(24)		(19)		(39)
Changes in fair values of short-term investments and other	—		—		—		—
	(6)		(24)		(16)		(39)
Total	$	2,145	$	(17,110)	$	2,552	$	(22,120)

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


	Carrying Value				Investment Income
	June 30,		December 31,		Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022		2023		2022
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	8,849	$	9,159	$	(305)	$	81	$	698	$	2,361
Corporate & Other	—		—		—		15		170		259
	8,849		9,159		(305)		96		868		2,620
Renewable energy notes receivable (b)
Excess and Surplus Lines	1,202		1,202		36		70		72		140
Corporate & Other	1,503		1,503		45		87		90		174
	2,705		2,705		81		157		162		314
Limited partnerships (c)
Excess and Surplus Lines	10,297		10,019		370		(828)		621		(696)
Corporate & Other	1,064		1,064		—		—		—		—
	11,361		11,083		370		(828)		621		(696)
Bank holding companies (d)
Excess and Surplus Lines	4,500		4,500		86		86		172		172
Corporate & Other	—		—		—		—		—		—
	4,500		4,500		86		86		172		172
Total other invested assets
Excess and Surplus Lines	24,848		24,880		187		(591)		1,563		1,977
Corporate & Other	2,567		2,567		45		102		260		433
	$	27,415	$	27,447	$	232	$	(489)	$	1,823	$	2,410

Investments - Schedule of Available-for-Sale Investments (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Total fixed maturity securities, Cost or Amortized Cost

$ 2,046,249

Fixed maturity securities

1,875,695

^[1]

$ 1,783,417

Debt Securities, Available-for-sale [Line Items]

Total fixed maturity securities, Cost or Amortized Cost

2,046,249

1,969,783

Total investments available-for-sale, Gross Unrealized Gains

3,222

3,125

Total investments available-for-sale, Gross Unrealized Losses

(173,776)

(189,491)

Debt Securities, Available-for-sale [Line Items]

1,875,695

1,783,417

State and municipal

Total fixed maturity securities, Cost or Amortized Cost

381,802

386,456

Total investments available-for-sale, Gross Unrealized Gains

1,420

712

Total investments available-for-sale, Gross Unrealized Losses

(45,252)

(56,316)

Residential mortgage-backed

337,970

330,852

Debt Securities, Available-for-sale [Line Items]

Total fixed maturity securities, Cost or Amortized Cost

467,134

437,702

Total investments available-for-sale, Gross Unrealized Gains

575

801

Total investments available-for-sale, Gross Unrealized Losses

(37,461)

(37,254)

Debt Securities, Available-for-sale [Line Items]

430,248

401,249

Corporate

Total fixed maturity securities, Cost or Amortized Cost

784,248

734,976

Total investments available-for-sale, Gross Unrealized Gains

1,217

1,528

Total investments available-for-sale, Gross Unrealized Losses

(63,064)

(66,292)

Commercial mortgage and asset-backed

722,401

670,212

Debt Securities, Available-for-sale [Line Items]

Total fixed maturity securities, Cost or Amortized Cost

340,212

335,066

Total investments available-for-sale, Gross Unrealized Gains

Total investments available-for-sale, Gross Unrealized Losses

(24,716)

(26,127)

U.S. Treasury securities and obligations guaranteed by the U.S. government

315,506

309,015

Debt Securities, Available-for-sale [Line Items]

Total fixed maturity securities, Cost or Amortized Cost

72,853

75,583

Total investments available-for-sale, Gross Unrealized Gains

Total investments available-for-sale, Gross Unrealized Losses

(3,283)

(3,502)

$ 69,570

$ 72,089

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Segment Information - Reconciliation of Operating Segments by Individual Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Other operating expenses of the Corporate and Other segment

$ 10,554

$ 25,645

$ 27,456

$ 38,474

(8,548)

(8,888)

(17,830)

(16,762)

Underwriting profit

2,006

16,757

9,626

21,712

Net realized and unrealized gains (losses) on investments

25,175

^[1]

14,705

50,947

^[1]

30,972

2,145

^[1]

(17,110)

2,552

^[1]

(22,120)

Amortization of intangible assets

(91)

^[1]

(91)

(182)

^[1]

(182)

Other income and expenses

(53)

(468)

(252)

(6,941)

^[1]

(4,049)

(13,557)

^[1]

(6,341)

21,623

^[1]

10,261

31,437

^[1]

23,789

10,042

22,334

27,107

43,791

14,903

3,298

29,956

8,840

Specialty Admitted Insurance

384

1,252

(85)

1,461

3,173

934

6,158

1,691

Casualty Reinsurance

128

2,059

434

(6,778)

6,941

10,441

14,288

20,154

Excess And Surplus Lines and Casualty Reinsurance | Commercial Auto Business | Loss Portfolio Transfer

(944)

(1,327)

(1,977)

(1,342)

Losses and loss adjustment expenses - retroactive reinsurance

$ (618)

$ 0

$ (17,481)

$ 0

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		37,619,749
Entity Central Index Key	0001620459
Current Fiscal Year End Date	--12-31
Amendment Flag	true
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Amendment Description	EXPLANATORY NOTEJames River Group Holdings, Ltd. (the “Company”) is filing this Amendment No. 1 on Form 10-Q/A for the quarter ended June 30, 2023 (this “Form 10-Q/A”), that was originally filed with the U.S. Securities and Exchange Commission (the "SEC") on August 8, 2023 (the "Original Filing"). On November 7, 2023, the Company filed a Current Report on Form 8-K with the SEC disclosing the determination by the audit committee of the Company's board of directors, after considering the recommendations of management and discussions with Ernst & Young LLP (“EY”), the Company’s independent registered public accounting firm, that, as a result of the error described in Note 1 - Accounting Policies, the Company would restate previously issued unaudited condensed consolidated financial statements and related disclosures as of and for the interim period ended June 30, 2023. Refer to Note 1, Accounting Policies to our unaudited condensed consolidated financial statements included in this Form 10-Q/A for the adjustments to the condensed consolidated financial statements related to this restatement.In accordance with applicable SEC rules, this Form 10-Q/A also includes new certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”), from our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), dated as of the date of filing this Form 10-Q/A.This Form 10-Q/A also amends and restates the Company’s Management’s Discussion and Analysis of Financial Condition and Results of Operations, Disclosure Controls and Procedures, Risk Factors and other disclosures made in the Original Filing resulting from the restatement and revision of the relevant periods. The items amended in the Original Filing are listed under “Items Amended in this Form 10-Q/A" below. Other than the “Items Amended in this Form 10-Q/A,” disclosures in the Original Form 10-Q remain unchanged, including forward-looking statements made in the Original Filing which are not changed to reflect events, results, or developments that occurred or facts that became known to the Company after the date of the Original Filing, and such forward-looking statements should be read in conjunction with our filings with the SEC, including those subsequent to the filing of the Original Filing. However, for the convenience of the reader, this Form 10-Q/A restates in its entirety, as amended, the Company’s Original Filing. The Company has not modified or updated disclosures presented in the Original Filing, and does not reflect or purport to reflect any information or events occurring after August 8, 2023, the original filing date of the Original Form 10-Q, or modify or update those disclosures affected by subsequent events, except to the extent they are otherwise required to be included and discussed herein. Accordingly, this Form 10-Q/A should be read in conjunction with the Company’s filings with the SEC subsequent to the filing of the Original Filing.Because these revisions are treated as corrections of errors to our prior period financial results, the revisions are considered to be a "restatement” under U.S. generally accepted accounting principles (“US GAAP”). Accordingly, the revised financial information included in this Form 10-Q/A has been identified as “As Restated.”The Company’s management has assessed the effect of the foregoing on the Company’s internal control over financial reporting and disclosure controls and procedures. The Company's control over the review of the determination of when reinstatement premiums for reinsurance should be recognized did not operate effectively as of March 31, 2023 and June 30, 2023 resulting in a material weakness in the Company's internal control over financial reporting. Based on this assessment, the Company's disclosure controls and procedures were ineffective in the first and second quarter of 2023. For a discussion of management’s consideration of the material weakness identified, see Part I, Item 4, “Controls and Procedures” of this Form 10-Q/A.Items Amended in this Form 10-Q/AThe following sections in the Original Report are revised in this Form 10-Q/A to reflect the restatement:• Part I, Item 1: Financial Statements• Part I, Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations• Part I, Item 4: Controls and Procedures• Part II, Item 1A: Risk Factors• Part II, Item 6: Exhibits

Capital Stock and Equity Awards - Summary of RSU Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 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)	(112,353)
Forfeited (in shares)	(15,233)	(9,760)
Unvested, end of period (in shares)	801,581	708,800
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	45.49
Forfeited (in dollars per share)	23.10	22.97
Unvested, end of period (in dollars per share)	$ 24.73	$ 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

Other Comprehensive (Loss) Income (Tables)

6 Months Ended

Jun. 30, 2023

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

Schedule of Components of Comprehensive (Loss) Income

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Unrealized (losses) gains arising during the period, before U.S. income taxes	$	(20,367)	$	(65,544)	$	15,445	$	(162,963)
U.S. income taxes	3,637		7,777		(1,363)		19,385
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(16,730)		(57,767)		14,082		(143,578)
Less reclassification adjustment:
Net realized investment (losses) gains	(277)		1,054		(369)		1,256
U.S. income taxes	4		(221)		6		(263)
Reclassification adjustment for investment (losses) gains realized in net income	(273)		833		(363)		993
Other comprehensive (loss) income	$	(16,457)	$	(58,600)	$	14,445	$	(144,571)

Investments - Schedule of Contract Maturities (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Cost or Amortized Cost

One year or less

$ 94,222

After one year through five years

519,366

After five years through ten years

364,892

After ten years

260,423

Residential mortgage-backed

467,134

Commercial mortgage and asset-backed

340,212

Total fixed maturity securities, Cost or Amortized Cost

2,046,249

Fair Value

One year or less

92,437

After one year through five years

492,322

After five years through ten years

323,047

After ten years

222,135

Residential mortgage-backed

430,248

Commercial mortgage and asset-backed

315,506

Total investments available-for-sale, Fair Value

$ 1,875,695

^[1]

$ 1,783,417

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Senior Debt	6 Months Ended
Senior Debt	Jun. 30, 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 June 30, 2023, unsecured loans of $21.5 million and secured letters of credit totaling $28.2 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 June 30, 2023.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Capital Stock and Equity Awards - Compensation Expense (Details) - RSUs $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 14.8
Weighted-average period of unrecognized share based compensation expense	2 years

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

Accounting Policies (Policies)	6 Months Ended
Accounting Policies (Policies)	Jun. 30, 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 or expenses 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.

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.

Investments - Narrative (Details)

3 Months Ended

6 Months Ended

Jun. 30, 2023

USD ($)

issuer

Jun. 30, 2022

USD ($)

Jun. 30, 2023

USD ($)

issuer

security

Jun. 30, 2022

USD ($)

Dec. 31, 2022

USD ($)

$ 1,875,695,000

^[1]

$ 1,875,695,000

^[1]

$ 1,783,417,000

143,762,000

^[1]

143,762,000

^[1]

154,991,000

Unpaid principal balance

156,300,000

Net gain (loss) in bank loan participations

25,175,000

^[2]

$ 14,705,000

50,947,000

^[2]

$ 30,972,000

2,116,000

(9,895,000)

3,531,000

(11,993,000)

Unrealized losses

497,000

2,400,000

Bank Loan Participations

Fixed maturity securities

$ 4,400,000

$ 2,700,000

$ 8,700,000

$ 5,100,000

Number of issuers | issuer

552

Total fair value

$ 1,707,355,000

1,588,192,000

Gross unrealized losses

173,776,000

189,491,000

Aggregate net unrealized loss

1,875,695,000

1,783,417,000

$ 173,776,000

173,776,000

$ 189,491,000

Impairment losses

$ 85,000

Number of impaired securities | security

Fixed maturity securities | BBB- or better

Percentage of available for sale securities

99.90%

Fixed maturity securities | Below BBB-

Aggregate net unrealized loss

$ 2,300,000

$ 160,000

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.
[2]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Other Comprehensive (Loss) Income - Summary of Components of Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

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

Unrealized (losses) gains arising during the period, before U.S. income taxes

$ (20,367)

$ (65,544)

$ 15,445

$ (162,963)

U.S. income taxes

3,637

7,777

(1,363)

19,385

Unrealized (losses) gains arising during the period, net of U.S. income taxes

(16,730)

(57,767)

14,082

(143,578)

Less reclassification adjustment:

Net realized investment (losses) gains

(277)

1,054

(369)

1,256

U.S. income taxes

(221)

(263)

Reclassification adjustment for investment (losses) gains realized in net income

(273)

833

(363)

993

$ (16,457)

^[1]

$ (58,600)

$ 14,445

^[1]

$ (144,571)

[1]	For discussion on the restatement adjustments, see Note 1 - Accounting Policies - Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Error.

Series A Preferred Shares (Details) $ / shares in Units, $ in Thousands			6 Months Ended
	Jun. 30, 2022 USD ($)	Feb. 24, 2022 USD ($) d $ / shares shares	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 $ / shares
Temporary Equity [Line Items]
Series A convertible preferred shares (in dollars per share)			$ 0.00125		$ 0.00125
Dividends on Series A preferred shares \| $			$ 7,875	$ 3,500
Issuance of Series A preferred shares (Note 12) \| $			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)		$ 0.00125
Sale of stock, consideration received on transaction \| $		$ 150,000
Per share price (in dollars per share)		$ 1,000
Liquidation preference (in dollars per share)		$ 1,000
Preferred stock, dividend term		5 years
Preferred stock, dividend payment rate, variable spread		5.20%
Dividends on Series A preferred shares \| $	$ 3,500		$ 7,900
Preferred stock, convertible, conversion price		$ 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 (Note 12) \| $		$ 144,900
Series A Preferred Stock \| Private Placement \| Common Shares
Temporary Equity [Line Items]
Common stock, covenant, threshold, cash paid		$ 0.05
Common stock, covenant, threshold, cash paid (in dollars per share)		$ 0.10

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

^[1]

Jun. 30, 2022

Jun. 30, 2023

^[1]

Jun. 30, 2022

Revenues

Gross written premiums

$ 427,741

$ 399,714

$ 791,634

$ 759,650

(218,953)

(205,023)

(402,556)

(389,100)

Change in net unearned premiums

208,788

194,691

389,078

370,550

(8,521)

(8,429)

16,372

5,536

200,267

186,262

405,450

376,086

Net realized and unrealized gains (losses) on investments

25,175

14,705

50,947

30,972

2,145

(17,110)

2,552

(22,120)

Other income

1,464

949

2,773

1,816

Losses and loss adjustment expenses

229,051

184,806

461,722

386,754

Expenses

141,308

121,369

296,596

256,977

Other operating expenses

58,865

49,036

119,124

99,097

Other expenses

223

826

368

Amortization of intangible assets

6,941

4,049

13,557

6,341

182

Total expenses

207,428

174,545

430,285

362,965

21,623

10,261

31,437

23,789

5,709

2,597

8,517

5,920

15,914

7,664

22,920

17,869

(2,625)

(5,250)

(3,500)

Net unrealized (losses) gains, net of taxes of $(3,633) and $1,369 in 2023 and $(7,998) and $(19,648) in 2022

13,289

5,039

17,670

14,369

Other comprehensive (loss) income:

(16,457)

(58,600)

14,445

(144,571)