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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Nov. 07, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	James River Group Holdings, Ltd.
Entity Central Index Key	0001620459
Trading Symbol	jrvr
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		29,953,371
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2018

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fixed maturity securities:
Available-for-sale, at fair value (amortized cost: 2018 – $1,177,675; 2017 – $1,008,662)	$ 1,154,488	$ 1,016,098
Trading, at fair value (amortized cost: 2018 – $0; 2017 – $3,801)	0	3,808
Equity securities, at fair value (cost: 2018 – $78,319; 2017 – $75,318)	84,827	82,522
Bank loan participations held-for-investment, at amortized cost, net of allowance	262,779	238,214
Short-term investments	40,219	36,804
Other invested assets	76,973	70,208
Total invested assets	1,619,286	1,447,654
Cash and cash equivalents	184,417	163,495
Accrued investment income	10,554	8,381
Premiums receivable and agents’ balances, net	315,287	352,436
Reinsurance recoverable on unpaid losses	424,400	302,524
Reinsurance recoverable on paid losses	18,832	11,292
Prepaid reinsurance premiums	109,755	91,979
Deferred policy acquisition costs	57,474	72,365
Intangible assets, net	37,887	38,334
Goodwill	181,831	181,831
Other assets	75,711	86,404
Total assets	3,035,434	2,756,695
Liabilities:
Reserve for losses and loss adjustment expenses	1,569,761	1,292,349
Unearned premiums	394,994	418,114
Payables to reinsurers	74,180	56,268
Senior debt	98,300	98,300
Junior subordinated debt	104,055	104,055
Accrued expenses	47,763	39,295
Other liabilities	48,973	53,615
Total liabilities	2,338,026	2,061,996
Commitments and contingent liabilities
Shareholders’ equity:
Common Shares – 2018 and 2017: $0.0002 par value; 200,000,000 shares authorized; 29,950,120 and 29,696,682 shares issued and outstanding, respectively	6	6
Preferred Shares – 2018 and 2017: $0.00125 par value; 20,000,000 shares authorized; no shares issued and outstanding	0	0
Additional paid-in capital	643,343	636,149
Retained earnings	77,178	48,198
Accumulated other comprehensive (loss) income	(23,119)	10,346
Total shareholders’ equity	697,408	694,699
Total liabilities and shareholders’ equity	$ 3,035,434	$ 2,756,695

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Available-for-sale debt securities, amortized cost	$ 1,177,675	$ 1,008,662
Trading securities, debt, amortized cost	0	3,801
Available-for-sale equity securities, amortized cost	$ 78,319	$ 75,318
Common stock, par value (in dollars per share)	$ 0.0002	$ 0.0002
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	29,950,120	29,696,682
Common stock, shares outstanding	29,950,120	29,696,682
Preferred stock par value (in dollars per share)	$ 0.00125	$ 0.00125
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues
Gross written premiums	$ 279,969	$ 338,351	$ 871,463	$ 844,005
Ceded written premiums	(106,528)	(81,587)	(298,438)	(221,507)
Net written premiums	173,441	256,764	573,025	622,498
Change in net unearned premiums	31,249	(54,648)	40,817	(81,618)
Net earned premiums	204,690	202,116	613,842	540,880
Net investment income	16,410	14,880	45,801	45,327
Net realized and unrealized gains (losses) on investments	467	(171)	(407)	1,183
Other income	3,125	4,041	11,841	12,272
Total revenues	224,692	220,866	671,077	599,662
Expenses
Losses and loss adjustment expenses	150,387	150,445	448,754	386,898
Other operating expenses	49,180	54,260	155,714	156,189
Other expenses	(131)	119	(34)	351
Interest expense	2,991	2,304	8,459	6,651
Amortization of intangible assets	149	149	447	447
Total expenses	202,576	207,277	613,340	550,536
Income before taxes	22,116	13,589	57,737	49,126
Income tax expense	2,535	3,238	5,539	5,784
Net income	19,581	10,351	52,198	43,342
Other comprehensive (loss) income:
Net unrealized (losses) gains, net of taxes of $(407) and $(1,134) in 2018 and $(136) and $2,535 in 2017	(4,389)	716	(29,494)	11,458
Total comprehensive income	$ 15,192	$ 11,067	$ 22,704	$ 54,800
Per share data:
Basic earnings per share (in dollars per share)	$ 0.65	$ 0.35	$ 1.75	$ 1.47
Diluted earnings per share (in dollars per share)	0.64	0.34	1.72	1.43
Dividend declared per share (in dollars per share)	$ 0.30	$ 0.30	$ 0.90	$ 0.90
Weighted-average common shares outstanding:
Basic (in shares)	29,935,216	29,524,243	29,861,467	29,407,762
Diluted (in shares)	30,380,145	30,220,077	30,290,183	30,285,733

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Tax on net unrealized gains (losses)	$ (407)	$ (136)	$ (1,134)	$ 2,535

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Preferred Shares	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Balance (in shares) at Dec. 31, 2016		29,257,566
Balance at Dec. 31, 2016	$ 693,221	$ 6	$ 0	$ 636,856	$ 55,232	$ 1,127
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	43,342				43,342
Other comprehensive income	11,458					11,458
Dividends	(26,670)				(26,670)
Exercised (in shares)		300,168
Exercise of stock options	(5,093)			(5,093)
Vesting of RSUs (in shares)		24,922
Vesting of RSUs	(627)			(627)
Compensation expense under share incentive plans	5,338			5,338
Balance (in shares) at Sep. 30, 2017		29,582,656
Balance at Sep. 30, 2017	$ 720,969	$ 6	0	636,474	71,904	12,585
Balance (in shares) at Dec. 31, 2017	29,696,682	29,696,682
Balance at Dec. 31, 2017	$ 694,699	$ 6	0	636,149	48,198	10,346
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	52,198				52,198
Net income \| ASU 2016-01					(502)
Other comprehensive income	(29,494)					(29,494)
Dividends	(27,189)				(27,189)
Exercised (in shares)		210,134
Exercise of stock options	3,175			3,175
Vesting of RSUs (in shares)		43,304
Vesting of RSUs	(777)			(777)
Compensation expense under share incentive plans	$ 4,796			4,796
Balance (in shares) at Sep. 30, 2018	29,950,120	29,950,120
Balance at Sep. 30, 2018	$ 697,408	$ 6	$ 0	$ 643,343	77,178	(23,119)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of ASU \| ASU 2016-01	0				4,682	(4,682)
Cumulative effect of adoption of ASU \| ASU 2018-02	$ 0				$ (711)	$ 711

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating activities
Net cash provided by operating activities	$ 251,913	$ 121,001
Securities available-for-sale:
Purchases – fixed maturity securities	(367,279)	(174,635)
Sales – fixed maturity securities	82,498	58,678
Maturities and calls – fixed maturity securities	113,980	48,172
Purchases – equity securities	(6,274)	0
Sales – equity securities	3,180	2,748
Bank loan participations:
Purchases	(165,878)	(192,624)
Sales	98,739	105,747
Maturities	43,139	47,157
Other invested assets:
Purchases	(6,993)	(6,322)
Return of capital	260	0
Short-term investments, net	(3,415)	8,513
Securities receivable or payable, net	3,064	12,682
Purchases of property and equipment	(595)	(2,118)
Net cash used in investing activities	(205,574)	(92,002)
Financing activities
Dividends paid	(27,024)	(26,596)
Issuance of common shares under equity incentive plans	4,296	1,548
Common share repurchases	(1,898)	(6,613)
Other financing activities	(791)	(622)
Net cash used in financing activities	(25,417)	(32,283)
Change in cash and cash equivalents	20,922	(3,284)
Cash and cash equivalents at beginning of period	163,495	109,784
Cash and cash equivalents at end of period	184,417	106,500
Supplemental information
Interest paid	$ 8,380	$ 6,626

Accounting Policies

9 Months Ended

Sep. 30, 2018

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 six insurance companies based in the United States (“U.S.”) focused on specialty insurance niches and two Bermuda-based reinsurance companies 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, 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, Falls Lake General Insurance Company, an Ohio domiciled company, and Falls Lake Fire and Casualty Company, a California domiciled company. Falls Lake National began writing specialty admitted fronting and program business in late 2013. Falls Lake Fire and Casualty began operations in 2016.


•	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.


•	Carolina Re Ltd (“Carolina Re”) was formed in 2018 and provides reinsurance to the Company’s U.S.-based insurance subsidiaries. Carolina Re is a party to a stop loss reinsurance treaty with JRG Re.

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, 2017 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, 2017 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 $31.9 million and $32.1 million as of September 30, 2018 and December 31, 2017, respectively, 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 the three months ended September 30, 2018 and 2017, our U.S. federal income tax expense was 11.5% and 23.8% of income before taxes, respectively (9.6% and 11.8% for the nine months ended September 30, 2018 and 2017, respectively). 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 (21% in 2018 and 35% in 2017) to income before taxes due primarily to interest income on tax-advantaged state and municipal securities (state and municipal securities represent 11.8% and 12.2% of our available-for-sale securities at September 30, 2018 and 2017, respectively), dividends received income, and excess tax benefits on share based compensation.

Financial results reflect provisional amounts related to the December 2017 enactment of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). These provisional estimates are based on the Company’s initial analysis and current interpretation of the legislation. Given the complexity of the legislation, anticipated guidance from the U.S. Treasury, and the potential for additional guidance from the SEC or the Financial Accounting Standards Board (“FASB”), these estimates may be adjusted during 2018.

Adopted Accounting Standards

Effective January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance applies to all companies that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards, such as insurance contracts. Under this guidance, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Judgments required in adopting this update may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The adoption of ASU 2014-09 had no impact on reported fee income and there was no cumulative effect of initially applying the update.

Effective January 1, 2018, the Company adopted ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. Among other things, this ASU requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Upon adoption on January 1, 2018, the Company made a $4.7 million cumulative-effect adjustment to increase retained earnings and reduce accumulated other comprehensive income. The adoption of ASU 2016-01 did not materially impact the Company's financial position, cash flows, or total comprehensive income. The Company's results of operations were impacted as changes in fair value of equity instruments are now presented in net income rather than other comprehensive (loss) income. For the three and nine months ended September 30, 2018, the respective impact on net income was an increase of $420,000 ($0.01 increase in basic and diluted earnings per share) and a reduction of $502,000 ($0.02 reduction in basic and diluted earnings per share).

Effective January 1, 2018, the Company adopted ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This update was issued as a result of the enactment of the Tax Act on December 22, 2017. The ASU allows for the option to reclassify the stranded tax effects resulting from the implementation of the Tax Act out of accumulated other comprehensive income and into retained earnings. As the adoption of ASU 2016-01 in 2018 resulted in the reclassification of the entire unrealized balance on equity securities from accumulated other comprehensive income into retained earnings, only the stranded tax effects on the unrealized balances of fixed income securities were impacted by the adoption of ASU 2018-02. The reclassification resulted in a $711,000 decrease to the Company's retained earnings with a corresponding increase to accumulated other comprehensive income in the first quarter of 2018.

Prospective Accounting Standards

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under current guidance for lessees, leases are only included on the balance sheet if they are designated as capital leases. This update will require the recognition of a right-of-use asset and a corresponding lease liability, discounted to the present value, for all leases that extend beyond 12 months. This ASU is effective for annual and interim reporting periods beginning after December 15, 2018. In the third quarter of 2018, the FASB issued ASU 2018-10 to clarify certain aspects of the guidance and ASU 2018-11, which provides an optional alternative transition method to initially apply the new leases standard at the adoption date (collectively, with ASU 2016-02, Topic 842). Topic 842 now allows for the use of either the modified retrospective adoption method or the alternative transition method. The Company plans to elect the alternative transition method, which does not require the restatement of prior years. Adoption of this standard will impact the Company's consolidated balance sheets but is not expected to have a material impact on the Company's results of operations or cash flows. The Company will finalize its evaluation of the new standard in the fourth quarter of 2018.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Current GAAP delays the recognition of credit losses until it is probable a loss has been incurred. The update will require financial assets measured at amortized cost, such as bank loan participations held for investment, to be presented at the net amount expected to be collected by means of an allowance for credit losses that runs through net income. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses, with the amount of the allowance limited to the amount by which fair value is below amortized cost. This ASU is effective for annual and interim reporting periods beginning after December 15, 2019. Upon adoption, this ASU will be applied using the modified-retrospective approach, by which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period presented. The Company has not yet completed the analysis of how adopting this ASU will affect the Company’s financial statements.

Investments

9 Months Ended

Sep. 30, 2018

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)
September 30, 2018
Fixed maturity securities:
State and municipal	$	146,597	$	2,922	$	(3,232	)	$	146,287
Residential mortgage-backed	213,908		370		(7,690		)	206,588
Corporate	517,313		1,190		(11,788		)	506,715
Commercial mortgage and asset-backed	189,203		45		(3,164		)	186,084
U.S. Treasury securities and obligations guaranteed by the U.S. government	108,629		19		(1,773		)	106,875
Redeemable preferred stock	2,025		—		(86		)	1,939
Total fixed maturity securities, available-for-sale	$	1,177,675	$	4,546	$	(27,733	)	$	1,154,488
December 31, 2017
Fixed maturity securities:
State and municipal	$	139,382	$	5,587	$	(603	)	$	144,366
Residential mortgage-backed	160,379		723		(2,441		)	158,661
Corporate	408,857		7,503		(2,639		)	413,721
Commercial mortgage and asset-backed	182,595		714		(698		)	182,611
Obligations of U.S. government corporations and agencies	35,948		—		(101		)	35,847
U.S. Treasury securities and obligations guaranteed by the U.S. government	79,476		37		(639		)	78,874
Redeemable preferred stock	2,025		—		(7		)	2,018
Total fixed maturity securities, available-for-sale	$	1,008,662	$	14,564	$	(7,128	)	$	1,016,098

The amortized cost and fair value of available-for-sale investments in fixed maturity securities at September 30, 2018 are summarized, by contractual maturity, as follows:



	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	38,130	$	37,994
After one year through five years	402,788		397,242
After five years through ten years	210,301		203,281
After ten years	121,320		121,360
Residential mortgage-backed	213,908		206,588
Commercial mortgage and asset-backed	189,203		186,084
Redeemable preferred stock	2,025		1,939
Total	$	1,177,675	$	1,154,488

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

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)
September 30, 2018
Fixed maturity securities:
State and municipal	$	64,821	$	(1,933	)	$	26,258	$	(1,299	)	$	91,079	$	(3,232	)
Residential mortgage-backed	110,232		(2,505		)	83,413		(5,185		)	193,645		(7,690		)
Corporate	338,976		(7,157		)	90,063		(4,631		)	429,039		(11,788		)
Commercial mortgage and asset-backed	114,909		(1,861		)	32,726		(1,303		)	147,635		(3,164		)
U.S. Treasury securities and obligations guaranteed by the U.S. government	72,263		(814		)	31,789		(959		)	104,052		(1,773		)
Redeemable preferred stock	1,939		(86		)	—		—			1,939		(86		)
Total fixed maturity securities, available-for-sale	$	703,140	$	(14,356	)	$	264,249	$	(13,377	)	$	967,389	$	(27,733	)
December 31, 2017
Fixed maturity securities:
State and municipal	$	40,117	$	(318	)	$	10,662	$	(285	)	$	50,779	$	(603	)
Residential mortgage-backed	50,447		(261		)	84,193		(2,180		)	134,640		(2,441		)
Corporate	113,464		(846		)	66,954		(1,793		)	180,418		(2,639		)
Commercial mortgage and asset-backed	53,965		(244		)	25,299		(454		)	79,264		(698		)
Obligations of U.S. government corporations and agencies	3,024		(1		)	32,154		(100		)	35,178		(101		)
U.S. Treasury securities and obligations guaranteed by the U.S. government	50,760		(430		)	26,707		(209		)	77,467		(639		)
Redeemable preferred stock	2,018		(7		)	—		—			2,018		(7		)
Total fixed maturity securities, available-for-sale	$	313,795	$	(2,107	)	$	245,969	$	(5,021	)	$	559,764	$	(7,128	)

The Company held securities of 248 issuers that were in an unrealized loss position at September 30, 2018 with a total fair value of $967.4 million and gross unrealized losses of $27.7 million. The unrealized loss position is generally due to a rise in interest rates. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on, a scheduled principal or interest payment.

At September 30, 2018, 99.7% 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.

Management concluded that none of the fixed maturity securities with an unrealized loss at September 30, 2018 or December 31, 2017 experienced an other-than-temporary impairment. Management does not intend to sell available-for-sale securities in an unrealized loss position, 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.

At December 31, 2017, management concluded that one equity security, based on the severity and duration of the impairment, had experienced an other-than-temporary impairment. Accordingly, the Company recorded an impairment loss of $1.5 million in 2017. Management concluded that none of the other equity securities with an unrealized loss at December 31, 2017 experienced an other-than-temporary impairment.

At December 31, 2017, the Company held a participation in a loan with unpaid principal of $807,000 issued by a company that produces and supplies power to Puerto Rico through a power purchase agreement with Puerto Rico Electric Power Authority (“PREPA”), a public corporation and governmental agency of the Commonwealth of Puerto Rico. Management concluded that an allowance for credit losses should be established on the loan at December 31, 2017 to reduce its carrying value to $0. In the first quarter of 2018, the full outstanding principal on the loan was repaid and the Company recognized a realized gain of $807,000 on the repayment.

Management concluded that none of the loans in the Company's bank loan portfolio were impaired as of September 30, 2018. At December 31, 2017, the aggregate allowance for credit losses was $3.2 million on impaired loans from five issuers with a total carrying value of $5.1 million and unpaid principal of $8.4 million. The aggregate allowance for credit losses on impaired loans was $1.5 million at September 30, 2017 and $943,000 at December 31, 2016.

Bank loan participations generally 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.

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 September 30, 2018 or December 31, 2017.

The allowance for credit losses is maintained at a level believed adequate by management to absorb estimated probable credit losses. Management’s periodic evaluation of the adequacy of the allowance is based on consultations and advice of the Company’s independent investment manager, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, current economic conditions, and other relevant factors. The Company generally records an allowance equal to the difference between the fair value and the amortized cost of bank loans that it has determined to be impaired as a practical expedient for an estimate of probable future cash flows to be collected on those bank loans. Bank loans are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

The average recorded investment in impaired bank loans was $2.6 million and $4.5 million during the nine months ended September 30, 2018 and 2017, respectively. Investment income of $125,000 and $231,000, respectively, was recognized during the time within those periods that the loans were impaired. The Company recorded net realized investment gains of $42,000 and net realized investment losses of $851,000 in the three and nine months ended September 30, 2018, respectively, for changes in the fair value of impaired bank loans ($729,000 and $594,000 of net realized investment losses in the three and nine months ended September 30, 2017, respectively).

Changes in unrealized gains or losses on securities held for trading are recorded as trading gains or losses within net investment income. Net investment income for the nine months ended September 30, 2018 includes $4,000 of net trading losses, all relating to securities sold during the nine months ended September 30, 2018.

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	12		$	378		$	394		$	734
Gross realized losses	(225		)	(4		)	(700		)	(331		)
	(213		)	374			(306		)	403
Bank loan participations:
Gross realized gains	186			341			1,766			1,948
Gross realized losses	—			(839		)	(1,106		)	(1,528		)
	186			(498		)	660			420
Equity securities:
Gross realized gains	—			—			—			409
Gross realized losses	—			(45		)	(62		)	(45		)
Changes in fair values of equity securities	494			—			(695		)	—
	494			(45		)	(757		)	364
Short-term investments and other:
Gross realized gains	—			1			—			1
Gross realized losses	—			(3		)	(4		)	(5		)
	—			(2		)	(4		)	(4		)
Total	$	467		$	(171	)	$	(407	)	$	1,183

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

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
	September 30,		December 31,		Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017		2018		2017
	(in thousands)
Renewable energy LLCs (a)	$	31,875	$	32,063	$	329	$	1,516	$	2,070	$	8,631
Renewable energy notes receivable (b)	8,750		7,278		328		238		954		287
Limited partnerships (c)	31,848		26,367		989		477		2,307		1,562
Bank holding companies (d)	4,500		4,500		85		85		257		257
Total other invested assets	$	76,973	$	70,208	$	1,731	$	2,316	$	5,588	$	10,737

(a)

The Company’s Corporate and Other segment owns equity interests ranging from 2.6% to 32.8% in various LLCs whose principal objective is capital appreciation and income generation from owning and operating renewable energy production facilities (wind and solar). The LLCs are managed by an entity for which two of our directors are 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 $2.8 million and $4.4 million in the nine months ended September 30, 2018 and 2017, respectively.

(b)

The Company has invested in notes receivable for renewable energy projects. At September 30, 2018, the Company holds an $8.8 million note issued by an entity for which two of our directors are officers. Interest on the note, which matures in 2021, is fixed at 15.0%. Interest income on the note was $328,000 and $954,000 for the three and nine months ended September 30, 2018, respectively ($238,000 and $287,000 for the three and nine months ended September 30, 2017, respectively).

(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, equity tranches of collateralized loan obligations (“CLOs”), and tranches of distressed home loans. Income from the partnerships is recognized under the equity method of accounting. The Company’s Corporate and Other segment held an investment in a limited partnership with a carrying value of $3.5 million at September 30, 2018. The Company recognized investment income of $266,000 and $474,000 on the investment for the three and nine months ended September 30, 2018, respectively ($26,000 and $246,000 for the three and nine months ended September 30, 2017, respectively). The Company’s Excess and Surplus Lines segment holds investments in limited partnerships of $28.4 million at September 30, 2018. Investment income of $723,000 and $1.8 million was recognized on the investments for the three and nine months ended September 30, 2018, respectively ($450,000 and $1.3 million for the three and nine months ended September 30, 2017, respectively). At September 30, 2018, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $625,000 in these limited partnerships.

(d)

The Company holds $4.5 million of subordinated notes issued by a bank holding company. Interest on the notes, which mature on August 12, 2023, is fixed at 7.6% per annum. Interest income on the notes was $85,000 and $257,000, respectively, in both the three and nine months ended September 30, 2018 and 2017. The Company’s Non-Executive Chairman was previously the Lead Independent Director of the bank holding company and an investor in the bank holding company. Additionally, one of the Company’s directors was an investor in the bank holding company and is currently a lender to the bank holding company.

At September 30, 2018, the Company held an investment in a CLO where one of the underlying loans was issued by the bank holding company. The investment, with a carrying value of $4.4 million at September 30, 2018, is classified as an available-for-sale fixed maturity.

The Company previously held common shares issued by the bank holding company. Realized investments gains of $409,000 were recognized in the nine months ended September 30, 2017 related to the sale of common shares of the bank holding company.

The Company holds a $1.0 million certificate of deposit issued by the bank holding company. The certificate of deposit, which matures on December 19, 2018, is carried as a short-term investment. Interest income of $4,000 and $2,000 was recognized on this investment for the nine months ended September 30, 2018 and 2017, respectively.

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2018

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 September 30, 2018 and December 31, 2017.

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



		September 30, 2018				December 31, 2017
	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	9,164		—		9,164		—
Identifiable intangibles not subject to amortization		31,364		—		31,364		—
Broker relationships	24.6	11,611		5,088		11,611		4,641
Identifiable intangible assets subject to amortization		11,611		5,088		11,611		4,641
		$	42,975	$	5,088	$	42,975	$	4,641

Earnings Per Share

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(in thousands, except share and per share amounts)
Net income to shareholders	$	19,581		$	10,351		$	52,198		$	43,342

Weighted average common shares outstanding:
Basic	29,935,216			29,524,243			29,861,467			29,407,762
Common share equivalents	444,929			695,834			428,716			877,971
Diluted	30,380,145			30,220,077			30,290,183			30,285,733

Earnings per share:
Basic	$	0.65		$	0.35		$	1.75		$	1.47
Common share equivalents	(0.01		)	(0.01		)	(0.03		)	(0.04		)
Diluted	$	0.64		$	0.34		$	1.72		$	1.43

Common share equivalents relate to stock options and restricted share units (“RSUs”). For the three and nine months ended September 30, 2018, common share equivalents of 173,758 and 182,870 shares, respectively, were excluded from the calculations of diluted earnings per share as their effects were anti-dilutive. For the three and nine months ended September 30, 2017, common share equivalents of 203,758 and 168,167 shares, respectively, were excluded from the calculations of diluted earnings per share as their effects were anti-dilutive.

Reserve for Losses and Loss Adjustment Expenses

9 Months Ended

Sep. 30, 2018

Liability for Claims and Claims Adjustment Expense [Abstract]

Reserve for Losses and Loss Adjustment Expenses

The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses, net of reinsurance, to the gross amounts reported in the condensed consolidated balance sheets:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2018		2017			2018		2017
	(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$	1,092,818	$	839,508		$	989,825	$	761,128
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	138,168		158,009			436,921		396,161
Prior years	12,219		(7,564		)	11,833		(9,263		)
Total incurred losses and loss and adjustment expenses	150,387		150,445			448,754		386,898
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	25,149		21,305			57,903		38,911
Prior years	72,695		65,349			235,315		205,816
Total loss and loss adjustment expense payments	97,844		86,654			293,218		244,727
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,145,361		903,299			1,145,361		903,299
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	424,400		283,949			424,400		283,949
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	1,569,761	$	1,187,248		$	1,569,761	$	1,187,248

The Company experienced $12.2 million of adverse reserve development in the three months ended September 30, 2018 on the reserve for losses and loss adjustment expenses held at December 31, 2017. This reserve development included $10.4 million of adverse development in the Excess and Surplus Lines segment, primarily from adverse development in commercial auto business which was partially offset by $3.0 million of favorable development on the property catastrophe losses from the September 2017 storms. The Specialty Admitted Insurance segment experienced $833,000 of favorable development, primarily due to favorable development in the workers' compensation business for prior accident years. The Company also experienced $2.7 million of adverse development in the Casualty Reinsurance segment primarily related to losses from risk profiles and treaty structures that the Company no longer writes.

The Company experienced $7.6 million of favorable reserve development in the three months ended September 30, 2017 on the reserve for losses and loss adjustment expenses held at December 31, 2016. This reserve development included $5.1 million of favorable development in the core excess and surplus lines. The Specialty Admitted Insurance segment experienced $3.0 million of favorable development, primarily due to favorable development in the workers' compensation business for prior accident years. The Company also experienced $581,000 of adverse development for the Casualty Reinsurance segment. The development was mostly related to the 2011 and 2013 contracts with one reinsured.

The Company experienced $11.8 million of adverse reserve development in the nine months ended September 30, 2018 on the reserve for losses and loss adjustment expenses held at December 31, 2017. This reserve development included $9.2 million of adverse development in the Excess and Surplus Lines segment, primarily from adverse development in commercial auto business which was partially offset by favorable development in other core Excess and Surplus Lines including $4.9 million of favorable development on the property catastrophe losses from the September 2017 storms. The Specialty Admitted Insurance segment experienced $2.3 million of favorable development, primarily due to favorable development in the workers' compensation business for prior accident years, partially offset by adverse development on certain terminated program business. The Company also experienced $4.9 million of adverse development in the Casualty Reinsurance segment primarily related to losses from risk profiles and treaty structures that the Company no longer writes.

The Company experienced $9.3 million of favorable reserve development in the nine months ended September 30, 2017 on the reserve for losses and loss adjustment expenses held at December 31, 2016. This reserve development included $9.8 million of favorable development in the core Excess and Surplus Lines. The Specialty Admitted Insurance segment experienced $2.1 million of favorable development, primarily due to favorable development in the workers' compensation business for prior accident years which was partially offset by adverse development in programs for prior accident years. The Company also experienced $2.6 million of adverse development for the Casualty Reinsurance segment. The development was mostly related to the 2011 and 2013 contracts with one reinsured.

Other Comprehensive (Loss) Income

9 Months Ended

Sep. 30, 2018

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

Other Comprehensive (Loss) Income

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(in thousands)
Unrealized (losses) gains arising during the period, before U.S. income taxes	$	(5,009	)	$	909		$	(30,934	)	$	14,760
U.S. income taxes	425			21			1,124			(2,771		)
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(4,584		)	930			(29,810		)	11,989
Less reclassification adjustment:
Net realized investment (gains) losses	(213		)	329			(306		)	767
U.S. income taxes	18			(115		)	(10		)	(236		)
Reclassification adjustment for investment (gains) losses realized in net income	(195		)	214			(316		)	531
Other comprehensive (loss) income	$	(4,389	)	$	716		$	(29,494	)	$	11,458

Contingent Liabilities	9 Months Ended
Contingent Liabilities	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities The Company is a party to various lawsuits arising in the ordinary course of its operations. The Company believes that the ultimate resolution of these matters will not materially impact its financial position, cash flows, or results of operations. The Company’s reinsurance subsidiary, JRG Re, has 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 $100.0 million facility, $45.3 million of letters of credit were issued through September 30, 2018 which were secured by deposits of $54.1 million. Under a $102.5 million facility, $100.8 million of letters of credit were issued through September 30, 2018 which were secured by deposits of $126.4 million. Under a $100.0 million facility, $6.9 million of letters of credit were issued through September 30, 2018 which were secured by deposits of $10.1 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 $272.9 million at September 30, 2018. The Company is also exposed to credit risk relating to a set of insurance contracts with an insured group of companies under which the Company pays losses and loss adjustment expenses on the contract. The Company has indemnity agreements with this group of insured parties (non-insurance entities) and is contractually entitled to receive reimbursement for a significant portion of the losses and loss adjustment expenses paid on behalf of the insured parties and other expenses incurred by the Company. The insured parties are required to collateralize all amounts currently due to the Company and to provide additional collateral sufficient to cover the amounts that may be recoverable under the indemnity agreement, including among other things case loss and loss adjustment expense reserves, IBNR loss and loss adjustment expense reserves, extra contractual obligations and excess of policy limits liabilities. This collateral is currently provided through a collateral trust arrangement established in favor of the Company by a captive insurance company affiliate of the insured group. At September 30, 2018, the cash equivalent collateral held in the collateral trust arrangement was approximately $1,014.7 million, which exceeds the amount of claims receivable and unpaid reported losses and loss adjustment expenses outstanding. The Company has ongoing exposure to estimated losses and expenses on these contracts growing at a faster pace than growth in our collateral balances. In addition, we have credit exposure if our estimates of future losses and loss adjustment expenses and other amounts recoverable, which are the basis for establishing 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, we closely and frequently monitor our exposure compared to our collateral held, and we request additional collateral when our analysis indicates that we have uncollateralized exposure.

Segment Information

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment Information

The Company has four reportable segments: the Excess and Surplus Lines segment, the Specialty Admitted Insurance segment, the Casualty Reinsurance segment, and the Corporate and Other segment. Segment profit (loss) is measured by underwriting profit (loss), which is generally defined as net earned premiums less loss and loss adjustment expenses and other operating expenses of the operating segments. Gross fee income of the Excess and Surplus Lines segment is included in that segment’s underwriting profit. Gross fee income of $3.0 million and $3.9 million was included in underwriting profit for the three months ended September 30, 2018 and 2017, respectively. For the nine months ended September 30, 2018 and 2017, gross fee income of $11.5 million and $12.0 million, respectively, was included in underwriting profit. Segment results are reported prior to the effects of intercompany reinsurance agreements among the Company’s insurance subsidiaries.

The following table summarizes the Company’s segment results:



	Excess and Surplus Lines		Specialty Admitted Insurance		Casualty Reinsurance			Corporate and Other		Total
	(in thousands)
Three Months Ended September 30, 2018
Gross written premiums	$	157,237	$	98,607	$	24,125		$	—	$	279,969
Net earned premiums	141,529		13,898		49,263			—		204,690
Underwriting profit of insurance segments	11,302		1,769		1,576			—		14,647
Net investment income	4,542		825		10,031			1,012		16,410
Interest expense	—		—		—			2,991		2,991
Segment revenues	149,807		14,400		59,416			1,069		224,692
Segment goodwill	181,831		—		—			—		181,831
Segment assets	929,408		630,982		1,393,721			81,323		3,035,434

Three Months Ended September 30, 2017
Gross written premiums	$	140,425	$	84,838	$	113,088		$	—	$	338,351
Net earned premiums	123,606		19,324		59,186			—		202,116
Underwriting profit (loss) of insurance segments	9,946		851		(2,933		)	—		7,864
Net investment income	3,727		626		8,590			1,937		14,880
Interest expense	—		—		—			2,304		2,304
Segment revenues	131,033		19,992		67,860			1,981		220,866
Segment goodwill	181,831		—		—			—		181,831
Segment assets	821,668		405,209		1,372,234			122,541		2,721,652



	Excess and Surplus Lines		Specialty Admitted Insurance		Casualty Reinsurance			Corporate and Other		Total
	(in thousands)
Nine Months Ended September 30, 2018
Gross written premiums	$	490,121	$	283,108	$	98,234		$	—	$	871,463
Net earned premiums	410,627		41,504		161,711			—		613,842
Underwriting profit of insurance segments	32,718		4,380		5,049			—		42,147
Net investment income	11,934		2,375		27,710			3,782		45,801
Interest expense	—		—		—			8,459		8,459
Segment revenues	434,146		43,791		189,196			3,944		671,077
Segment goodwill	181,831		—		—			—		181,831
Segment assets	929,408		630,982		1,393,721			81,323		3,035,434

Nine Months Ended September 30, 2017
Gross written premiums	$	387,424	$	234,073	$	222,508		$	—	$	844,005
Net earned premiums	334,723		53,337		152,820			—		540,880
Underwriting profit (loss) of insurance segments	30,475		2,246		(3,863		)	—		28,858
Net investment income	10,751		1,893		23,100			9,583		45,327
Interest expense	—		—		—			6,651		6,651
Segment revenues	357,607		55,351		176,580			10,124		599,662
Segment goodwill	181,831		—		—			—		181,831
Segment assets	821,668		405,209		1,372,234			122,541		2,721,652

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(in thousands)
Underwriting profit (loss) of the insurance segments:
Excess and Surplus Lines	$	11,302		$	9,946		$	32,718		$	30,475
Specialty Admitted Insurance	1,769			851			4,380			2,246
Casualty Reinsurance	1,576			(2,933		)	5,049			(3,863		)
Total underwriting profit of insurance segments	14,647			7,864			42,147			28,858
Other operating expenses of the Corporate and Other segment	(6,526		)	(6,507		)	(21,264		)	(19,063		)
Underwriting profit	8,121			1,357			20,883			9,795
Net investment income	16,410			14,880			45,801			45,327
Net realized and unrealized gains (losses) on investments	467			(171		)	(407		)	1,183
Amortization of intangible assets	(149		)	(149		)	(447		)	(447		)
Other income and expenses	258			(24		)	366			(81		)
Interest expense	(2,991		)	(2,304		)	(8,459		)	(6,651		)
Income before taxes	$	22,116		$	13,589		$	57,737		$	49,126

Underwriting profit (loss) for the three and nine months ended September 30, 2017 reflects $10.0 million of catastrophe losses from Hurricanes Harvey, Irma, and Maria. The Excess and Surplus Lines segment includes $7.3 million of such losses primarily related to property losses in Florida. The Casualty Reinsurance segment includes $2.7 million of losses primarily related to nonstandard auto losses in Texas. Underwriting profit (loss) for the three and nine months ended September 30, 2018 includes favorable development on the reserves for the 2017 storms of $3.0 million and $4.9 million, respectively, in the Excess and Surplus Lines segment.

The correction of a contingent commission accrual and related commission expense increased underwriting expenses of the Casualty Reinsurance segment by $0 and $2.0 million in the three and nine months ended September 30, 2017, respectively. In addition, the correction of an expense reimbursement accrual for the Excess and Surplus Lines segment reduced underwriting expenses by $1.3 million and $0 for the three and nine months ended September 30, 2017, respectively. There was also a third quarter adjustment to increase the investment income of the Casualty Reinsurance segment by $480,000 for the three months ended September 30, 2017. Investment income for the Casualty Reinsurance segment had been understated for the three months ended June 30, 2017.

Other Operating Expenses and Other Expenses

9 Months Ended

Sep. 30, 2018

Other Operating Expenses And Other Expenses [Abstract]

Other Operating Expenses and Other Expenses

Other operating expenses consist of the following:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(in thousands)
Amortization of policy acquisition costs	$	27,511	$	35,311	$	86,381	$	94,563
Other underwriting expenses of the operating segments	15,143		12,442		48,069		42,563
Other operating expenses of the Corporate and Other segment	6,526		6,507		21,264		19,063
Total	$	49,180	$	54,260	$	155,714	$	156,189

Other expenses of $(131,000) and $(34,000) for the three and nine months ended September 30, 2018, respectively, included employee severance, legal and other professional services associated with the Company's May 2018 secondary offering, and depreciation expense related to a leased building that the Company is deemed to own for accounting purposes, offset by rental income on the leased building.

Other expenses of $119,000 and $351,000 for the three and nine months ended September 30, 2017 respectively, were primarily employee severance and legal and other professional services associated with the Company's May 2017 secondary offering.

Fair Value Measurements

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

To measure fair value, the Company obtains quoted market prices for its investment securities from its outside investment managers. If a quoted market price is not available, the Company uses prices of similar 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) 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, 2016.

The Company reviews fair value prices provided by its outside 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 September 30, 2018 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	$	—	$	146,287	$	—	$	146,287
Residential mortgage-backed	—		206,588		—		206,588
Corporate	—		506,715		—		506,715
Commercial mortgage and asset-backed	—		181,720		4,364		186,084
U.S. Treasury securities and obligations guaranteed by the U.S. government	106,344		531		—		106,875
Redeemable preferred stock	—		1,939		—		1,939
Total fixed maturity securities, available-for-sale	$	106,344	$	1,043,780	$	4,364	$	1,154,488
Equity securities:
Preferred stock	—		64,614		—		64,614
Common stock	19,131		1,082		—		20,213
Total equity securities	$	19,131	$	65,696	$	—	$	84,827
Short-term investments	$	1,000	$	39,219	$	—	$	40,219

Assets measured at fair value on a recurring basis as of December 31, 2017 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	$	—	$	144,366	$	—	$	144,366
Residential mortgage-backed	—		158,661		—		158,661
Corporate	—		413,721		—		413,721
Commercial mortgage and asset-backed	—		177,931		4,680		182,611
Obligations of U.S. government corporations and agencies	—		35,847		—		35,847
U.S. Treasury securities and obligations guaranteed by the U.S. government	78,265		609		—		78,874
Redeemable preferred stock	—		2,018		—		2,018
Total fixed maturity securities, available-for-sale	$	78,265	$	933,153	$	4,680	$	1,016,098
Equity securities:
Preferred stock	—		66,281		—		66,281
Common stock	15,507		734		—		16,241
Total equity securities	$	15,507	$	67,015	$	—	$	82,522
Trading securities:
Fixed maturity securities	$	—	$	3,808	$	—	$	3,808
Short-term investments	$	1,000	$	35,804	$	—	$	36,804

The beginning and ending balances of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) consist of one available-for-sale fixed maturity security with a fair value of $4.4 million, and there were no purchases, sales, or transfers involving Level 3 securities for the nine months ended September 30, 2018 and 2017. A principal payment of $316,000 was received on the Company's one Level 3 security in the three months ended September 30, 2018. A market approach using prices in trades of comparable securities was utilized to determine the fair value for this security at September 30, 2018 and December 31, 2017.

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 nine months ended September 30, 2018 or 2017. The Company recognizes transfers between levels at the beginning of the reporting period.

There were no realized gains or losses included in earnings for the nine months ended September 30, 2018 attributable to the change in unrealized gains or losses relating to Level 3 assets valued at fair value on a recurring basis that are still held at September 30, 2018.

The Company measures certain bank loan participations at fair value on a non-recurring basis during the year as part of the Company’s impairment evaluation when loans are determined by management to be impaired.

Assets measured at fair value on a nonrecurring basis 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)
September 30, 2018
Bank loan participations held-for-investment	$	—	$	—	$	—	$	—
December 31, 2017
Bank loan participations held-for-investment	$	—	$	—	$	5,111	$	5,111

Management concluded that none of the bank loan participations held-for-investment were impaired as of September 30, 2018. At December 31, 2017, bank loan participations held-for-investment that were determined to be impaired were written down to their fair value of $5.1 million.

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 September 30, 2018, there were no investments for which external sources were unavailable to determine fair value. At December 31, 2017, there was one bank loan participation with an unpaid principal balance of $807,000 and a carrying value of zero for which external sources were unavailable to determine fair value.

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



	September 30, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,154,488	$	1,154,488	$	1,016,098	$	1,016,098
Equity securities	84,827		84,827		82,522		82,522
Fixed maturity securities, trading	—		—		3,808		3,808
Bank loan participations held-for-investment	262,779		262,429		238,214		236,532
Cash and cash equivalents	184,417		184,417		163,495		163,495
Short-term investments	40,219		40,219		36,804		36,804
Other invested assets – notes receivable	13,250		18,758		11,778		17,104
Liabilities
Senior debt	98,300		98,139		98,300		97,884
Junior subordinated debt	104,055		115,490		104,055		116,569

The fair values of fixed maturity securities and equity securities 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 September 30, 2018 and December 31, 2017 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 September 30, 2018 and December 31, 2017, respectively.

The fair values of bank loan participations held-for-investment, senior debt, and junior subordinated debt at September 30, 2018 and December 31, 2017 were determined using inputs to the valuation methodology that are unobservable (Level 3).

- Definition

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

+ References + Details

Capital Stock and Equity Awards

9 Months Ended

Sep. 30, 2018

Stockholders' Equity Note [Abstract]

Capital Stock and Equity Awards

The Company issued 253,438 common shares in the nine months ended September 30, 2018 with 210,134 new shares related to stock option exercises and 43,304 new shares related to vesting of RSUs. The total common shares outstanding increased from 29,696,682 at December 31, 2017 to 29,950,120 at September 30, 2018.

The Company declared the following dividends during the first nine months of 2018 and 2017:



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

2018
February 22, 2018	$	0.30	March 12, 2018	March 30, 2018	$	9.0	million
May 1, 2018	$	0.30	June 11, 2018	June 29, 2018	$	9.1	million
August 1, 2018	$	0.30	September 10, 2018	September 28, 2018	$	9.1	million
	$	0.90			$	27.2	million

2017
February 14, 2017	$	0.30	March 13, 2017	March 31, 2017	$	8.9	million
May 2, 2017	$	0.30	June 12, 2017	June 30, 2017	$	8.9	million
August 1, 2017	$	0.30	September 11, 2017	September 29, 2017	$	8.9	million
	$	0.90			$	26.7	million

Included in the total dividends for the nine months ended September 30, 2018 and 2017 are $297,000 and $232,000 of dividend equivalents on RSUs, respectively. The balance of dividends payable was $599,000 at September 30, 2018 and $434,000 at December 31, 2017.

Equity Incentive Plans

The Company’s shareholders have approved various equity incentive plans, including the Amended and Restated 2009 Equity Incentive Plan (the “Legacy Plan”), 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. Under the Legacy Plan, employees received non-qualified stock options. Options are outstanding under the Legacy Plan; however, no additional awards may be granted.

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 4,171,150, and at September 30, 2018, 1,703,251 shares are available for grant.

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 50,000, and at September 30, 2018, 21,663 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 the option activity:



	Nine Months Ended September 30,
	2018				2017
	Shares		Weighted- Average Exercise Price		Shares		Weighted- Average Exercise Price
Outstanding:
Beginning of period	1,479,236		$	27.81	2,234,699		$	22.84
Granted	—		$	—	205,244		$	42.24
Exercised	(280,683	)	$	21.03	(735,587	)	$	18.00
Forfeited	(42,215	)	$	36.86	(62,489	)	$	30.80
End of period	1,156,338		$	29.13	1,641,867		$	27.13
Exercisable, end of period	841,763		$	26.64	699,922		$	22.63

All of the outstanding options vest over two to four years and have a contractual life of seven years from the original date of grant. All of the outstanding options have an exercise price greater than the fair value of the underlying shares at the date of grant. The weighted-average remaining contractual life of the options outstanding and options exercisable was 3.9 years and 3.6 years, respectively.

RSUs

The following table summarizes the RSU activity:



	Nine Months Ended September 30,
	2018				2017
	Shares		Weighted- Average Grant Date Fair Value		Shares		Weighted- Average Grant Date Fair Value

Unvested, beginning of period	178,882		$	37.93	196,800		$	24.38
Granted	218,475		$	39.75	119,312		$	42.19
Vested	(63,191	)	$	40.92	(39,113	)	$	32.01
Forfeited	(5,889	)	$	40.81	(22,188	)	$	26.06
Unvested, end of period	328,277		$	38.51	254,811		$	31.40

The vesting period of RSUs granted to employees range from one to five years and vest ratably over the respective vesting period, and the majority vest in three years. All RSUs granted to date to non-employee directors had 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.

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 September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(in thousands)
Share based compensation expense	$	1,681	$	1,760	$	4,796	$	5,338
U.S. tax benefit on share based compensation expense	198		467		569		1,413

As of September 30, 2018, the Company had $10.2 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 1.9 years.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On November 6, 2018, the Board of Directors declared a cash dividend of $0.30 per common share. The dividend is payable on December 28, 2018 to shareholders of record on December 14, 2018.

Accounting Policies (Policies)	9 Months Ended
Accounting Policies (Policies)	Sep. 30, 2018
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, 2017 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, 2017 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 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 the three months ended September 30, 2018 and 2017, our U.S. federal income tax expense was 11.5% and 23.8% of income before taxes, respectively (9.6% and 11.8% for the nine months ended September 30, 2018 and 2017, respectively). 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 (21% in 2018 and 35% in 2017) to income before taxes due primarily to interest income on tax-advantaged state and municipal securities (state and municipal securities represent 11.8% and 12.2% of our available-for-sale securities at September 30, 2018 and 2017, respectively), dividends received income, and excess tax benefits on share based compensation.
Adopted Accounting Standards	Adopted Accounting Standards Effective January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance applies to all companies that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards, such as insurance contracts. Under this guidance, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Judgments required in adopting this update may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The adoption of ASU 2014-09 had no impact on reported fee income and there was no cumulative effect of initially applying the update. Effective January 1, 2018, the Company adopted ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. Among other things, this ASU requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Upon adoption on January 1, 2018, the Company made a $4.7 million cumulative-effect adjustment to increase retained earnings and reduce accumulated other comprehensive income. The adoption of ASU 2016-01 did not materially impact the Company's financial position, cash flows, or total comprehensive income. The Company's results of operations were impacted as changes in fair value of equity instruments are now presented in net income rather than other comprehensive (loss) income. For the three and nine months ended September 30, 2018, the respective impact on net income was an increase of $420,000 ($0.01 increase in basic and diluted earnings per share) and a reduction of $502,000 ($0.02 reduction in basic and diluted earnings per share). Effective January 1, 2018, the Company adopted ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This update was issued as a result of the enactment of the Tax Act on December 22, 2017. The ASU allows for the option to reclassify the stranded tax effects resulting from the implementation of the Tax Act out of accumulated other comprehensive income and into retained earnings. As the adoption of ASU 2016-01 in 2018 resulted in the reclassification of the entire unrealized balance on equity securities from accumulated other comprehensive income into retained earnings, only the stranded tax effects on the unrealized balances of fixed income securities were impacted by the adoption of ASU 2018-02. The reclassification resulted in a $711,000 decrease to the Company's retained earnings with a corresponding increase to accumulated other comprehensive income in the first quarter of 2018.
Prospective Accounting Standards	Prospective Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under current guidance for lessees, leases are only included on the balance sheet if they are designated as capital leases. This update will require the recognition of a right-of-use asset and a corresponding lease liability, discounted to the present value, for all leases that extend beyond 12 months. This ASU is effective for annual and interim reporting periods beginning after December 15, 2018. In the third quarter of 2018, the FASB issued ASU 2018-10 to clarify certain aspects of the guidance and ASU 2018-11, which provides an optional alternative transition method to initially apply the new leases standard at the adoption date (collectively, with ASU 2016-02, Topic 842). Topic 842 now allows for the use of either the modified retrospective adoption method or the alternative transition method. The Company plans to elect the alternative transition method, which does not require the restatement of prior years. Adoption of this standard will impact the Company's consolidated balance sheets but is not expected to have a material impact on the Company's results of operations or cash flows. The Company will finalize its evaluation of the new standard in the fourth quarter of 2018. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Current GAAP delays the recognition of credit losses until it is probable a loss has been incurred. The update will require financial assets measured at amortized cost, such as bank loan participations held for investment, to be presented at the net amount expected to be collected by means of an allowance for credit losses that runs through net income. Credit losses relating to available-for-sale debt securities will also be recorded through an allowance for credit losses, with the amount of the allowance limited to the amount by which fair value is below amortized cost. This ASU is effective for annual and interim reporting periods beginning after December 15, 2019. Upon adoption, this ASU will be applied using the modified-retrospective approach, by which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period presented. The Company has not yet completed the analysis of how adopting this ASU will affect the Company’s financial statements.

- Definition

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

+ References + Details

Investments (Tables)

9 Months Ended

Sep. 30, 2018

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)
September 30, 2018
Fixed maturity securities:
State and municipal	$	146,597	$	2,922	$	(3,232	)	$	146,287
Residential mortgage-backed	213,908		370		(7,690		)	206,588
Corporate	517,313		1,190		(11,788		)	506,715
Commercial mortgage and asset-backed	189,203		45		(3,164		)	186,084
U.S. Treasury securities and obligations guaranteed by the U.S. government	108,629		19		(1,773		)	106,875
Redeemable preferred stock	2,025		—		(86		)	1,939
Total fixed maturity securities, available-for-sale	$	1,177,675	$	4,546	$	(27,733	)	$	1,154,488
December 31, 2017
Fixed maturity securities:
State and municipal	$	139,382	$	5,587	$	(603	)	$	144,366
Residential mortgage-backed	160,379		723		(2,441		)	158,661
Corporate	408,857		7,503		(2,639		)	413,721
Commercial mortgage and asset-backed	182,595		714		(698		)	182,611
Obligations of U.S. government corporations and agencies	35,948		—		(101		)	35,847
U.S. Treasury securities and obligations guaranteed by the U.S. government	79,476		37		(639		)	78,874
Redeemable preferred stock	2,025		—		(7		)	2,018
Total fixed maturity securities, available-for-sale	$	1,008,662	$	14,564	$	(7,128	)	$	1,016,098

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 September 30, 2018 are summarized, by contractual maturity, as follows:



	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	38,130	$	37,994
After one year through five years	402,788		397,242
After five years through ten years	210,301		203,281
After ten years	121,320		121,360
Residential mortgage-backed	213,908		206,588
Commercial mortgage and asset-backed	189,203		186,084
Redeemable preferred stock	2,025		1,939
Total	$	1,177,675	$	1,154,488

Schedule of gross unrealized losses and fair value for available-for-sale securities



	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)
September 30, 2018
Fixed maturity securities:
State and municipal	$	64,821	$	(1,933	)	$	26,258	$	(1,299	)	$	91,079	$	(3,232	)
Residential mortgage-backed	110,232		(2,505		)	83,413		(5,185		)	193,645		(7,690		)
Corporate	338,976		(7,157		)	90,063		(4,631		)	429,039		(11,788		)
Commercial mortgage and asset-backed	114,909		(1,861		)	32,726		(1,303		)	147,635		(3,164		)
U.S. Treasury securities and obligations guaranteed by the U.S. government	72,263		(814		)	31,789		(959		)	104,052		(1,773		)
Redeemable preferred stock	1,939		(86		)	—		—			1,939		(86		)
Total fixed maturity securities, available-for-sale	$	703,140	$	(14,356	)	$	264,249	$	(13,377	)	$	967,389	$	(27,733	)
December 31, 2017
Fixed maturity securities:
State and municipal	$	40,117	$	(318	)	$	10,662	$	(285	)	$	50,779	$	(603	)
Residential mortgage-backed	50,447		(261		)	84,193		(2,180		)	134,640		(2,441		)
Corporate	113,464		(846		)	66,954		(1,793		)	180,418		(2,639		)
Commercial mortgage and asset-backed	53,965		(244		)	25,299		(454		)	79,264		(698		)
Obligations of U.S. government corporations and agencies	3,024		(1		)	32,154		(100		)	35,178		(101		)
U.S. Treasury securities and obligations guaranteed by the U.S. government	50,760		(430		)	26,707		(209		)	77,467		(639		)
Redeemable preferred stock	2,018		(7		)	—		—			2,018		(7		)
Total fixed maturity securities, available-for-sale	$	313,795	$	(2,107	)	$	245,969	$	(5,021	)	$	559,764	$	(7,128	)

Schedule of summary of realized gains and losses

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	12		$	378		$	394		$	734
Gross realized losses	(225		)	(4		)	(700		)	(331		)
	(213		)	374			(306		)	403
Bank loan participations:
Gross realized gains	186			341			1,766			1,948
Gross realized losses	—			(839		)	(1,106		)	(1,528		)
	186			(498		)	660			420
Equity securities:
Gross realized gains	—			—			—			409
Gross realized losses	—			(45		)	(62		)	(45		)
Changes in fair values of equity securities	494			—			(695		)	—
	494			(45		)	(757		)	364
Short-term investments and other:
Gross realized gains	—			1			—			1
Gross realized losses	—			(3		)	(4		)	(5		)
	—			(2		)	(4		)	(4		)
Total	$	467		$	(171	)	$	(407	)	$	1,183

Schedule of other invested assets



	Carrying Value				Investment Income
	September 30,		December 31,		Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017		2018		2017
	(in thousands)
Renewable energy LLCs (a)	$	31,875	$	32,063	$	329	$	1,516	$	2,070	$	8,631
Renewable energy notes receivable (b)	8,750		7,278		328		238		954		287
Limited partnerships (c)	31,848		26,367		989		477		2,307		1,562
Bank holding companies (d)	4,500		4,500		85		85		257		257
Total other invested assets	$	76,973	$	70,208	$	1,731	$	2,316	$	5,588	$	10,737

(a)

(b)

(c)

(d)

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of gross carrying amounts and accumulated amortization

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



		September 30, 2018				December 31, 2017
	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	9,164		—		9,164		—
Identifiable intangibles not subject to amortization		31,364		—		31,364		—
Broker relationships	24.6	11,611		5,088		11,611		4,641
Identifiable intangible assets subject to amortization		11,611		5,088		11,611		4,641
		$	42,975	$	5,088	$	42,975	$	4,641

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Schedule of reconciliation of numerator and denominator of basic and diluted earnings per share

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(in thousands, except share and per share amounts)
Net income to shareholders	$	19,581		$	10,351		$	52,198		$	43,342

Weighted average common shares outstanding:
Basic	29,935,216			29,524,243			29,861,467			29,407,762
Common share equivalents	444,929			695,834			428,716			877,971
Diluted	30,380,145			30,220,077			30,290,183			30,285,733

Earnings per share:
Basic	$	0.65		$	0.35		$	1.75		$	1.47
Common share equivalents	(0.01		)	(0.01		)	(0.03		)	(0.04		)
Diluted	$	0.64		$	0.34		$	1.72		$	1.43

Reserve for Losses and Loss Adjustment Expenses (Tables)

9 Months Ended

Sep. 30, 2018

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 September 30,					Nine Months Ended September 30,
	2018		2017			2018		2017
	(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$	1,092,818	$	839,508		$	989,825	$	761,128
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	138,168		158,009			436,921		396,161
Prior years	12,219		(7,564		)	11,833		(9,263		)
Total incurred losses and loss and adjustment expenses	150,387		150,445			448,754		386,898
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	25,149		21,305			57,903		38,911
Prior years	72,695		65,349			235,315		205,816
Total loss and loss adjustment expense payments	97,844		86,654			293,218		244,727
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,145,361		903,299			1,145,361		903,299
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	424,400		283,949			424,400		283,949
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	1,569,761	$	1,187,248		$	1,569,761	$	1,187,248

Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2018

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

Schedule of components of comprehensive income (loss)

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(in thousands)
Unrealized (losses) gains arising during the period, before U.S. income taxes	$	(5,009	)	$	909		$	(30,934	)	$	14,760
U.S. income taxes	425			21			1,124			(2,771		)
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(4,584		)	930			(29,810		)	11,989
Less reclassification adjustment:
Net realized investment (gains) losses	(213		)	329			(306		)	767
U.S. income taxes	18			(115		)	(10		)	(236		)
Reclassification adjustment for investment (gains) losses realized in net income	(195		)	214			(316		)	531
Other comprehensive (loss) income	$	(4,389	)	$	716		$	(29,494	)	$	11,458

Segment Information (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Schedule of summary of company's segment results

The following table summarizes the Company’s segment results:



	Excess and Surplus Lines		Specialty Admitted Insurance		Casualty Reinsurance			Corporate and Other		Total
	(in thousands)
Three Months Ended September 30, 2018
Gross written premiums	$	157,237	$	98,607	$	24,125		$	—	$	279,969
Net earned premiums	141,529		13,898		49,263			—		204,690
Underwriting profit of insurance segments	11,302		1,769		1,576			—		14,647
Net investment income	4,542		825		10,031			1,012		16,410
Interest expense	—		—		—			2,991		2,991
Segment revenues	149,807		14,400		59,416			1,069		224,692
Segment goodwill	181,831		—		—			—		181,831
Segment assets	929,408		630,982		1,393,721			81,323		3,035,434

Three Months Ended September 30, 2017
Gross written premiums	$	140,425	$	84,838	$	113,088		$	—	$	338,351
Net earned premiums	123,606		19,324		59,186			—		202,116
Underwriting profit (loss) of insurance segments	9,946		851		(2,933		)	—		7,864
Net investment income	3,727		626		8,590			1,937		14,880
Interest expense	—		—		—			2,304		2,304
Segment revenues	131,033		19,992		67,860			1,981		220,866
Segment goodwill	181,831		—		—			—		181,831
Segment assets	821,668		405,209		1,372,234			122,541		2,721,652



	Excess and Surplus Lines		Specialty Admitted Insurance		Casualty Reinsurance			Corporate and Other		Total
	(in thousands)
Nine Months Ended September 30, 2018
Gross written premiums	$	490,121	$	283,108	$	98,234		$	—	$	871,463
Net earned premiums	410,627		41,504		161,711			—		613,842
Underwriting profit of insurance segments	32,718		4,380		5,049			—		42,147
Net investment income	11,934		2,375		27,710			3,782		45,801
Interest expense	—		—		—			8,459		8,459
Segment revenues	434,146		43,791		189,196			3,944		671,077
Segment goodwill	181,831		—		—			—		181,831
Segment assets	929,408		630,982		1,393,721			81,323		3,035,434

Nine Months Ended September 30, 2017
Gross written premiums	$	387,424	$	234,073	$	222,508		$	—	$	844,005
Net earned premiums	334,723		53,337		152,820			—		540,880
Underwriting profit (loss) of insurance segments	30,475		2,246		(3,863		)	—		28,858
Net investment income	10,751		1,893		23,100			9,583		45,327
Interest expense	—		—		—			6,651		6,651
Segment revenues	357,607		55,351		176,580			10,124		599,662
Segment goodwill	181,831		—		—			—		181,831
Segment assets	821,668		405,209		1,372,234			122,541		2,721,652

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 taxes:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(in thousands)
Underwriting profit (loss) of the insurance segments:
Excess and Surplus Lines	$	11,302		$	9,946		$	32,718		$	30,475
Specialty Admitted Insurance	1,769			851			4,380			2,246
Casualty Reinsurance	1,576			(2,933		)	5,049			(3,863		)
Total underwriting profit of insurance segments	14,647			7,864			42,147			28,858
Other operating expenses of the Corporate and Other segment	(6,526		)	(6,507		)	(21,264		)	(19,063		)
Underwriting profit	8,121			1,357			20,883			9,795
Net investment income	16,410			14,880			45,801			45,327
Net realized and unrealized gains (losses) on investments	467			(171		)	(407		)	1,183
Amortization of intangible assets	(149		)	(149		)	(447		)	(447		)
Other income and expenses	258			(24		)	366			(81		)
Interest expense	(2,991		)	(2,304		)	(8,459		)	(6,651		)
Income before taxes	$	22,116		$	13,589		$	57,737		$	49,126

Other Operating Expenses and Other Expenses (Tables)

9 Months Ended

Sep. 30, 2018

Other Operating Expenses And Other Expenses [Abstract]

Schedule of other operating expenses

Other operating expenses consist of the following:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(in thousands)
Amortization of policy acquisition costs	$	27,511	$	35,311	$	86,381	$	94,563
Other underwriting expenses of the operating segments	15,143		12,442		48,069		42,563
Other operating expenses of the Corporate and Other segment	6,526		6,507		21,264		19,063
Total	$	49,180	$	54,260	$	155,714	$	156,189

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

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 September 30, 2018 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	$	—	$	146,287	$	—	$	146,287
Residential mortgage-backed	—		206,588		—		206,588
Corporate	—		506,715		—		506,715
Commercial mortgage and asset-backed	—		181,720		4,364		186,084
U.S. Treasury securities and obligations guaranteed by the U.S. government	106,344		531		—		106,875
Redeemable preferred stock	—		1,939		—		1,939
Total fixed maturity securities, available-for-sale	$	106,344	$	1,043,780	$	4,364	$	1,154,488
Equity securities:
Preferred stock	—		64,614		—		64,614
Common stock	19,131		1,082		—		20,213
Total equity securities	$	19,131	$	65,696	$	—	$	84,827
Short-term investments	$	1,000	$	39,219	$	—	$	40,219

Assets measured at fair value on a recurring basis as of December 31, 2017 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	$	—	$	144,366	$	—	$	144,366
Residential mortgage-backed	—		158,661		—		158,661
Corporate	—		413,721		—		413,721
Commercial mortgage and asset-backed	—		177,931		4,680		182,611
Obligations of U.S. government corporations and agencies	—		35,847		—		35,847
U.S. Treasury securities and obligations guaranteed by the U.S. government	78,265		609		—		78,874
Redeemable preferred stock	—		2,018		—		2,018
Total fixed maturity securities, available-for-sale	$	78,265	$	933,153	$	4,680	$	1,016,098
Equity securities:
Preferred stock	—		66,281		—		66,281
Common stock	15,507		734		—		16,241
Total equity securities	$	15,507	$	67,015	$	—	$	82,522
Trading securities:
Fixed maturity securities	$	—	$	3,808	$	—	$	3,808
Short-term investments	$	1,000	$	35,804	$	—	$	36,804

Schedule of assets measured at fair value on a nonrecurring basis

Assets measured at fair value on a nonrecurring basis 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)
September 30, 2018
Bank loan participations held-for-investment	$	—	$	—	$	—	$	—
December 31, 2017
Bank loan participations held-for-investment	$	—	$	—	$	5,111	$	5,111

Schedule of carrying value and fair value

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



	September 30, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,154,488	$	1,154,488	$	1,016,098	$	1,016,098
Equity securities	84,827		84,827		82,522		82,522
Fixed maturity securities, trading	—		—		3,808		3,808
Bank loan participations held-for-investment	262,779		262,429		238,214		236,532
Cash and cash equivalents	184,417		184,417		163,495		163,495
Short-term investments	40,219		40,219		36,804		36,804
Other invested assets – notes receivable	13,250		18,758		11,778		17,104
Liabilities
Senior debt	98,300		98,139		98,300		97,884
Junior subordinated debt	104,055		115,490		104,055		116,569

Capital Stock and Equity Awards (Tables)

9 Months Ended

Sep. 30, 2018

Stockholders' Equity Note [Abstract]

Schedule of dividends

The Company declared the following dividends during the first nine months of 2018 and 2017:



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

2018
February 22, 2018	$	0.30	March 12, 2018	March 30, 2018	$	9.0	million
May 1, 2018	$	0.30	June 11, 2018	June 29, 2018	$	9.1	million
August 1, 2018	$	0.30	September 10, 2018	September 28, 2018	$	9.1	million
	$	0.90			$	27.2	million

2017
February 14, 2017	$	0.30	March 13, 2017	March 31, 2017	$	8.9	million
May 2, 2017	$	0.30	June 12, 2017	June 30, 2017	$	8.9	million
August 1, 2017	$	0.30	September 11, 2017	September 29, 2017	$	8.9	million
	$	0.90			$	26.7	million

Schedule of summary of option activity

The following table summarizes the option activity:



	Nine Months Ended September 30,
	2018				2017
	Shares		Weighted- Average Exercise Price		Shares		Weighted- Average Exercise Price
Outstanding:
Beginning of period	1,479,236		$	27.81	2,234,699		$	22.84
Granted	—		$	—	205,244		$	42.24
Exercised	(280,683	)	$	21.03	(735,587	)	$	18.00
Forfeited	(42,215	)	$	36.86	(62,489	)	$	30.80
End of period	1,156,338		$	29.13	1,641,867		$	27.13
Exercisable, end of period	841,763		$	26.64	699,922		$	22.63

Schedule of summary of RSU activity

The following table summarizes the RSU activity:



	Nine Months Ended September 30,
	2018				2017
	Shares		Weighted- Average Grant Date Fair Value		Shares		Weighted- Average Grant Date Fair Value

Unvested, beginning of period	178,882		$	37.93	196,800		$	24.38
Granted	218,475		$	39.75	119,312		$	42.19
Vested	(63,191	)	$	40.92	(39,113	)	$	32.01
Forfeited	(5,889	)	$	40.81	(22,188	)	$	26.06
Unvested, end of period	328,277		$	38.51	254,811		$	31.40

Schedule of summary of amount of 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 September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(in thousands)
Share based compensation expense	$	1,681	$	1,760	$	4,796	$	5,338
U.S. tax benefit on share based compensation expense	198		467		569		1,413

Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018 USD ($) company $ / shares	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) company $ / shares	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of insurance companies based in the United States \| company	6		6
Investment in variable interest entities	$ 31,900		$ 31,900		$ 32,100
Effective U.S. federal income tax expense rate	11.50%	23.80%	9.60%	11.80%
Percentage of available for sale securities	11.80%	12.20%	11.80%	12.20%
Net income	$ 19,581	$ 10,351	$ 52,198	$ 43,342
ASU 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adoption of ASU	0		0
ASU 2018-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adoption of ASU	0		0
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income			52,198	$ 43,342
Retained Earnings \| ASU 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adoption of ASU	4,682		4,682
Net income	$ 420		$ (502)
Reduction in basic and diluted earnings per share \| $ / shares	$ (0.01)		$ 0.02
Retained Earnings \| ASU 2018-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adoption of ASU	$ (711)		$ (711)

Investments - Narrative (Details) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
Investments - Narrative (Details) $ in Thousands	Sep. 30, 2018 USD ($) issuer	Mar. 31, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) issuer	Sep. 30, 2017 USD ($)	Dec. 31, 2017 USD ($) loan	Dec. 31, 2016 USD ($)
Gain (Loss) on Securities [Line Items]
Number of available-for-sale securities held in an unrealized loss position \| issuer	248			248
Total fair value of unrealized loss position securities	$ 967,389			$ 967,389
Total gross unrealized losses of unrealized loss position securities	$ 27,733			$ 27,733
Percentage of available for sale securities	11.80%		12.20%	11.80%	12.20%
Impairment loss						$ 1,500
Unpaid principal on impaired loans						8,400
Carrying value of loan	$ 262,779			$ 262,779		238,214
Allowance for credit losses on impaired loans			$ 1,500		$ 1,500	$ 3,200	$ 943
Number of impaired loans held \| loan						5
Carrying value of impaired loans						$ 5,100
Average recorded investment in impaired bank loans				2,600	4,500
Investment income during period loans were impaired				125	231
Net realized gain (loss) on changes in fair value of impaired bank loans	42		(729)	(851)	(594)
Net trading losses still held				4
Carrying value of collateralized loan obligation held	4,400			4,400
Net realized and unrealized gains (losses) on investments	467		(171)	(407)	1,183
Investment income	$ 1,731		$ 2,316	5,588	10,737
Bank Holding Company
Gain (Loss) on Securities [Line Items]
Net realized and unrealized gains (losses) on investments					409
Investment in certificate of deposit				1,000
Interest income				$ 4	$ 2
Puerto Rico loan
Gain (Loss) on Securities [Line Items]
Unpaid principal on impaired loans						807
Carrying value of loan						$ 0
Net realized and unrealized gains (losses) on investments		$ 807
BBB- or better \| Fixed maturity securities
Gain (Loss) on Securities [Line Items]
Percentage of available for sale securities	99.70%			99.70%

Investments - Schedule of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	$ 1,177,675	$ 1,008,662
Total investments available-for-sale, Fair Value	1,154,488	1,016,098
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	1,177,675	1,008,662
Total investments available-for-sale, Gross Unrealized Gains	4,546	14,564
Total investments available-for-sale, Gross Unrealized Losses	(27,733)	(7,128)
Total investments available-for-sale, Fair Value	1,154,488	1,016,098
State and municipal
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	146,597	139,382
Total investments available-for-sale, Gross Unrealized Gains	2,922	5,587
Total investments available-for-sale, Gross Unrealized Losses	(3,232)	(603)
Total investments available-for-sale, Fair Value	146,287	144,366
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	213,908	160,379
Total investments available-for-sale, Gross Unrealized Gains	370	723
Total investments available-for-sale, Gross Unrealized Losses	(7,690)	(2,441)
Total investments available-for-sale, Fair Value	206,588	158,661
Corporate
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	517,313	408,857
Total investments available-for-sale, Gross Unrealized Gains	1,190	7,503
Total investments available-for-sale, Gross Unrealized Losses	(11,788)	(2,639)
Total investments available-for-sale, Fair Value	506,715	413,721
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	189,203	182,595
Total investments available-for-sale, Gross Unrealized Gains	45	714
Total investments available-for-sale, Gross Unrealized Losses	(3,164)	(698)
Total investments available-for-sale, Fair Value	186,084	182,611
Obligations of U.S. government corporations and agencies
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost		35,948
Total investments available-for-sale, Gross Unrealized Gains		0
Total investments available-for-sale, Gross Unrealized Losses		(101)
Total investments available-for-sale, Fair Value		35,847
U.S. Treasury securities and obligations guaranteed by the U.S. government
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	108,629	79,476
Total investments available-for-sale, Gross Unrealized Gains	19	37
Total investments available-for-sale, Gross Unrealized Losses	(1,773)	(639)
Total investments available-for-sale, Fair Value	106,875	78,874
Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	2,025	2,025
Total investments available-for-sale, Gross Unrealized Gains	0	0
Total investments available-for-sale, Gross Unrealized Losses	(86)	(7)
Total investments available-for-sale, Fair Value	$ 1,939	$ 2,018

Investments - Schedule of Contract Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Cost or Amortized Cost
One year or less	$ 38,130
After one year through five years	402,788
After five years through ten years	210,301
After ten years	121,320
Residential mortgage-backed	213,908
Commercial mortgage and asset-backed	189,203
Redeemable preferred stock	2,025
Total fixed maturity securities, Cost or Amortized Cost	1,177,675	$ 1,008,662
Fair Value
One year or less	37,994
After one year through five years	397,242
After five years through ten years	203,281
After ten years	121,360
Residential mortgage-backed	206,588
Commercial mortgage and asset-backed	186,084
Redeemable preferred stock	1,939
Total investments available-for-sale, Fair Value	$ 1,154,488	$ 1,016,098

Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	$ 967,389
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss	27,733
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	703,140	$ 313,795
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(14,356)	(2,107)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	264,249	245,969
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(13,377)	(5,021)
Debt Securities, Available-for-sale, Unrealized Loss Position		559,764
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss		(7,128)
State and municipal
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	64,821	40,117
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(1,933)	(318)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	26,258	10,662
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,299)	(285)
Debt Securities, Available-for-sale, Unrealized Loss Position	91,079	50,779
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(3,232)	(603)
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	110,232	50,447
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(2,505)	(261)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	83,413	84,193
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(5,185)	(2,180)
Debt Securities, Available-for-sale, Unrealized Loss Position	193,645	134,640
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(7,690)	(2,441)
Corporate
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	338,976	113,464
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(7,157)	(846)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	90,063	66,954
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(4,631)	(1,793)
Debt Securities, Available-for-sale, Unrealized Loss Position	429,039	180,418
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(11,788)	(2,639)
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	114,909	53,965
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(1,861)	(244)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	32,726	25,299
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,303)	(454)
Debt Securities, Available-for-sale, Unrealized Loss Position	147,635	79,264
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(3,164)	(698)
Obligations of U.S. government corporations and agencies
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		3,024
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss		(1)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		32,154
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		(100)
Debt Securities, Available-for-sale, Unrealized Loss Position		35,178
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss		(101)
U.S. Treasury securities and obligations guaranteed by the U.S. government
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	72,263	50,760
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(814)	(430)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	31,789	26,707
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(959)	(209)
Debt Securities, Available-for-sale, Unrealized Loss Position	104,052	77,467
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(1,773)	(639)
Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	1,939	2,018
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(86)	(7)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Debt Securities, Available-for-sale, Unrealized Loss Position	1,939	2,018
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (86)	$ (7)

Investments - Summary of Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Investments [Abstract]
Fixed maturity securities, gross realized gains	$ 12	$ 378	$ 394	$ 734
Fixed maturity securities, gross realized losses	(225)	(4)	(700)	(331)
Fixed maturity securities	(213)	374	(306)	403
Bank loan participations, gross realized gains	186	341	1,766	1,948
Bank loan participations, gross realized losses	0	(839)	(1,106)	(1,528)
Bank loan participations	186	(498)	660	420
Equity securities, gross realized gain	0	0	0	409
Equity securities, gross realized losses	0	(45)	(62)	(45)
Equity securities, changes in fair values of equity securities	494	0	(695)	0
Equity securities	494	(45)	(757)	364
Short-term investments and other, gross realized gains	0	1	0	1
Short-term investments and other, gross realized losses	0	(3)	(4)	(5)
Short-term investments and other	0	(2)	(4)	(4)
Total	$ 467	$ (171)	$ (407)	$ 1,183

Investments - Summary of Private Debt and Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Net Investment Income [Line Items]
Total other invested assets	$ 76,973		$ 76,973		$ 70,208
Investment income	1,731	$ 2,316	5,588	$ 10,737
Renewable energy LLCs
Net Investment Income [Line Items]
Total other invested assets	31,875		31,875		32,063
Investment income	329	1,516	2,070	8,631
Renewable energy bridge financing notes
Net Investment Income [Line Items]
Total other invested assets	8,750		8,750		7,278
Investment income	328	238	$ 954	287
Rate of interest			15.00%
Interest income	328	238	$ 954	287
Limited partnerships
Net Investment Income [Line Items]
Total other invested assets	31,848		31,848		26,367
Investment income	989	477	2,307	1,562
Bank Holding Companies [Member]
Net Investment Income [Line Items]
Total other invested assets	4,500		4,500		$ 4,500
Investment income	85	85	257	257
Interest income	85		$ 257
Bank Holding Company
Net Investment Income [Line Items]
Rate of interest			7.60%
Interest income			$ 4	2
Investment in private subordinated notes			4,500
Corporate and other \| Limited partnerships
Net Investment Income [Line Items]
Carrying values of limited partnerships held	3,500		3,500
Investment income (loss)	266	26	474	246
Corporate and other \| Investment in LLC
Net Investment Income [Line Items]
Cash distributions from LLCs			2,800	4,400
Excess and Surplus Lines \| Limited partnerships
Net Investment Income [Line Items]
Carrying values of limited partnerships held	28,400		28,400
Investment income (loss)	723	$ 450	1,800	$ 1,300
Commitment to investment in limited partnership	$ 625		$ 625
Minimum \| Corporate and other \| Investment in LLC
Net Investment Income [Line Items]
Ownership percentage	2.60%		2.60%
Maximum \| Corporate and other \| Investment in LLC
Net Investment Income [Line Items]
Ownership percentage	32.80%		32.80%

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 11, 2007
Business Acquisition [Line Items]
Goodwill	$ 181,831	$ 181,831	$ 181,831
James River Group, Inc.
Business Acquisition [Line Items]
Percentage of outstanding shares				100.00%

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 31,364	$ 31,364
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	5,088	4,641
Total Intangible Assets, Gross	42,975	42,975
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	9,164	9,164
Broker relationships
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	$ 5,088	$ 4,641
Life (Years)	24 years 7 months 6 days

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Stock options and restricted share units ("RSU's")
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of securities excluded from the calculations of diluted earnings per share	173,758	203,758	182,870	168,167

Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Net income to shareholders	$ 19,581	$ 10,351	$ 52,198	$ 43,342
Weighted average common shares outstanding:
Basic (in shares)	29,935,216	29,524,243	29,861,467	29,407,762
Common share equivalents (in shares)	444,929	695,834	428,716	877,971
Diluted (in shares)	30,380,145	30,220,077	30,290,183	30,285,733
Earnings per share:
Basic (in dollars per share)	$ 0.65	$ 0.35	$ 1.75	$ 1.47
Common share equivalents (in dollars per share)	(0.01)	(0.01)	(0.03)	(0.04)
Diluted (in dollars per share)	$ 0.64	$ 0.34	$ 1.72	$ 1.43

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Favorable development on prior year loss reserves
Reserve for losses and loss adjustment expenses	$ (12,219)	$ 7,564	$ (11,833)	$ 9,263
Excess and Surplus Lines
Favorable development on prior year loss reserves
Reserve for losses and loss adjustment expenses	(10,400)	5,100	(9,200)	9,800
Excess and Surplus Lines \| 2017 Catastrophe Losses
Favorable development on prior year loss reserves
Reserve for losses and loss adjustment expenses	3,000		4,900
Specialty Admitted Insurance
Favorable development on prior year loss reserves
Reserve for losses and loss adjustment expenses	833	3,000	2,300	2,100
Casualty Reinsurance
Favorable development on prior year loss reserves
Reserve for losses and loss adjustment expenses	$ (2,700)	$ (581)	$ (4,900)	$ (2,600)

Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Losses and Loss Adjustment Balances (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
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	$ 1,092,818	$ 839,508	$ 989,825	$ 761,128
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	138,168	158,009	436,921	396,161
Prior years	12,219	(7,564)	11,833	(9,263)
Total incurred losses and loss and adjustment expenses	150,387	150,445	448,754	386,898
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	25,149	21,305	57,903	38,911
Prior years	72,695	65,349	235,315	205,816
Total loss and loss adjustment expense payments	97,844	86,654	293,218	244,727
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,145,361	903,299	1,145,361	903,299
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	424,400	283,949	424,400	283,949	$ 302,524
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$ 1,569,761	$ 1,187,248	$ 1,569,761	$ 1,187,248	$ 1,292,349

Other Comprehensive Income - Summary of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized (losses) gains arising during the period, before U.S. income taxes	$ (5,009)	$ 909	$ (30,934)	$ 14,760
U.S. income taxes	425	21	1,124	(2,771)
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(4,584)	930	(29,810)	11,989
Less reclassification adjustment:
Net realized investment (gains) losses	(213)	329	(306)	767
U.S. income taxes	18	(115)	(10)	(236)
Reclassification adjustment for investment (gains) losses realized in net income	(195)	214	(316)	531
Other comprehensive (loss) income	$ (4,389)	$ 716	$ (29,494)	$ 11,458

Contingent Liabilities - Narrative (Details) $ in Millions	Sep. 30, 2018 USD ($)
JRG Reinsurance Company, Ltd. \| Letter of credit 100 Million
Contingent Liabilities [Line Items]
Letters of credit facility, amount	$ 100.0
Amount of letters of credit issued	45.3
Assets deposited for securing letters of credit	54.1
JRG Reinsurance Company, Ltd. \| Letter of credit 102.5 Million
Contingent Liabilities [Line Items]
Letters of credit facility, amount	102.5
Amount of letters of credit issued	100.8
Assets deposited for securing letters of credit	126.4
JRG Reinsurance Company, Ltd. \| Letter of credit 100 Million one
Contingent Liabilities [Line Items]
Letters of credit facility, amount	100.0
Amount of letters of credit issued	6.9
Assets deposited for securing letters of credit	10.1
James River Insurance Co
Contingent Liabilities [Line Items]
Total amount deposited in trust accounts	1,014.7
Third-party Reinsureds \| JRG Reinsurance Company, Ltd.
Contingent Liabilities [Line Items]
Total amount deposited in trust accounts	$ 272.9

Segment Information - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information - Narrative (Details) $ in Thousands	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) segment	Sep. 30, 2017 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			4
Fee income in Excess and Surplus Lines segment	$ 3,000	$ 3,900	$ 11,500	$ 12,000
Catastrophe losses		10,000		10,000
Favorable development on reserves	(12,219)	7,564	(11,833)	9,263
Casualty Reinsurance
Segment Reporting Information [Line Items]
Catastrophe losses		2,700
Favorable development on reserves	(2,700)	(581)	(4,900)	(2,600)
Increase (decrease) in underwriting expense		0		2,000
Increase (decrease) in investment income		480
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Catastrophe losses		7,300
Favorable development on reserves	(10,400)	5,100	(9,200)	9,800
Increase (decrease) in underwriting expense		$ (1,300)		$ 0
2017 Catastrophe Losses \| Excess and Surplus Lines
Segment Reporting Information [Line Items]
Favorable development on reserves	$ 3,000		$ 4,900

Segment Information - Summary of Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Gross written premiums	$ 279,969	$ 338,351	$ 871,463	$ 844,005
Net earned premiums	204,690	202,116	613,842	540,880
Underwriting profit of insurance segments	14,647	7,864	42,147	28,858
Net investment income	16,410	14,880	45,801	45,327
Interest expense	2,991	2,304	8,459	6,651
Segment revenues	224,692	220,866	671,077	599,662
Segment goodwill	181,831	181,831	181,831	181,831	$ 181,831
Segment assets	3,035,434	2,721,652	3,035,434	2,721,652	$ 2,756,695
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Gross written premiums	157,237	140,425	490,121	387,424
Net earned premiums	141,529	123,606	410,627	334,723
Underwriting profit of insurance segments	11,302	9,946	32,718	30,475
Net investment income	4,542	3,727	11,934	10,751
Interest expense	0	0	0	0
Segment revenues	149,807	131,033	434,146	357,607
Segment goodwill	181,831	181,831	181,831	181,831
Segment assets	929,408	821,668	929,408	821,668
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Gross written premiums	98,607	84,838	283,108	234,073
Net earned premiums	13,898	19,324	41,504	53,337
Underwriting profit of insurance segments	1,769	851	4,380	2,246
Net investment income	825	626	2,375	1,893
Interest expense	0	0	0	0
Segment revenues	14,400	19,992	43,791	55,351
Segment goodwill	0	0	0	0
Segment assets	630,982	405,209	630,982	405,209
Casualty Reinsurance
Segment Reporting Information [Line Items]
Gross written premiums	24,125	113,088	98,234	222,508
Net earned premiums	49,263	59,186	161,711	152,820
Underwriting profit of insurance segments	1,576	(2,933)	5,049	(3,863)
Net investment income	10,031	8,590	27,710	23,100
Interest expense	0	0	0	0
Segment revenues	59,416	67,860	189,196	176,580
Segment goodwill	0	0	0	0
Segment assets	1,393,721	1,372,234	1,393,721	1,372,234
Corporate and other
Segment Reporting Information [Line Items]
Gross written premiums	0	0	0	0
Net earned premiums	0	0	0	0
Underwriting profit of insurance segments	0	0	0	0
Net investment income	1,012	1,937	3,782	9,583
Interest expense	2,991	2,304	8,459	6,651
Segment revenues	1,069	1,981	3,944	10,124
Segment goodwill	0	0	0	0
Segment assets	$ 81,323	$ 122,541	$ 81,323	$ 122,541

Segment Information - Reconciliation of Operating Segments by Individual Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Total underwriting profit of insurance segments	$ 14,647	$ 7,864	$ 42,147	$ 28,858
Other operating expenses of the Corporate and Other segment	(6,526)	(6,507)	(21,264)	(19,063)
Underwriting profit	8,121	1,357	20,883	9,795
Net investment income	16,410	14,880	45,801	45,327
Net realized and unrealized gains (losses) on investments	467	(171)	(407)	1,183
Amortization of intangible assets	(149)	(149)	(447)	(447)
Other income and expenses	258	(24)	366	(81)
Interest expense	(2,991)	(2,304)	(8,459)	(6,651)
Income before taxes	22,116	13,589	57,737	49,126
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Total underwriting profit of insurance segments	11,302	9,946	32,718	30,475
Net investment income	4,542	3,727	11,934	10,751
Interest expense	0	0	0	0
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Total underwriting profit of insurance segments	1,769	851	4,380	2,246
Net investment income	825	626	2,375	1,893
Interest expense	0	0	0	0
Casualty Reinsurance
Segment Reporting Information [Line Items]
Total underwriting profit of insurance segments	1,576	(2,933)	5,049	(3,863)
Net investment income	10,031	8,590	27,710	23,100
Interest expense	0	0	0	0
Corporate and other
Segment Reporting Information [Line Items]
Total underwriting profit of insurance segments	0	0	0	0
Net investment income	1,012	1,937	3,782	9,583
Interest expense	$ (2,991)	$ (2,304)	$ (8,459)	$ (6,651)

Other Operating Expenses and Other Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other Operating Expenses And Other Expenses [Abstract]
Amortization of policy acquisition costs	$ 27,511	$ 35,311	$ 86,381	$ 94,563
Other underwriting expenses of the operating segments	15,143	12,442	48,069	42,563
Other operating expenses of the Corporate and Other segment	6,526	6,507	21,264	19,063
Total	49,180	54,260	155,714	156,189
Other expenses	$ (131)	$ 119	$ (34)	$ 351

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired bank loan participations held for investment				$ 5,100,000
Unpaid principal on bank loan participations for which external sources were unavailable to determine fair value				807,000
Carrying value of bank loan participations for which external sources were unavailable to determine fair value				$ 0
Principal payment received		$ 113,980,000	$ 48,172,000
Market approach \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale securities	$ 4,400,000	$ 4,400,000
Recurring basis \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Principal payment received	$ 316,000

Fair Value Measurements - Summary of Assets Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Bank loan participations held-for-investment		$ 5,100
Nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Bank loan participations held-for-investment	$ 0	5,111
Nonrecurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Bank loan participations held-for-investment	0	0
Nonrecurring basis \| Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Bank loan participations held-for-investment	0	0
Nonrecurring basis \| Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Bank loan participations held-for-investment	$ 0	$ 5,111

Fair Value Measurements - Summary of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Assets
Fixed maturity securities, available-for-sale	$ 1,154,488	$ 1,016,098
Equity securities	84,827	82,522
Bank loan participations held-for-investment	262,779	238,214
Cash and cash equivalents	184,417	163,495	$ 106,500	$ 109,784
Short-term investments	40,219	36,804
Liabilities
Senior debt	98,300	98,300
Junior subordinated debt	104,055	104,055
Carrying Value
Assets
Fixed maturity securities, available-for-sale	1,154,488	1,016,098
Equity securities	84,827	82,522
Fixed maturity securities, trading	0	3,808
Bank loan participations held-for-investment	262,779	238,214
Cash and cash equivalents	184,417	163,495
Short-term investments	40,219	36,804
Other invested assets – notes receivable	13,250	11,778
Liabilities
Senior debt	98,300	98,300
Junior subordinated debt	104,055	104,055
Fair Value
Assets
Fixed maturity securities, available-for-sale	1,154,488	1,016,098
Equity securities	84,827	82,522
Fixed maturity securities, trading	0	3,808
Bank loan participations held-for-investment	262,429	236,532
Cash and cash equivalents	184,417	163,495
Short-term investments	40,219	36,804
Other invested assets – notes receivable	18,758	17,104
Liabilities
Senior debt	98,139	97,884
Junior subordinated debt	$ 115,490	$ 116,569

Capital Stock and Equity Awards - Commons Shares (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding	29,950,120	29,696,682
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares issued during period	253,438
Common stock, shares outstanding	29,950,120	29,696,682	29,582,656	29,257,566
Options \| Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares issued during period	210,134
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit dividend equivalents	$ 297,000		$ 232,000
Dividends payable	$ 599,000	$ 434,000
RSUs \| Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares issued during period	43,304

Capital Stock and Equity Awards - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Millions													3 Months Ended		9 Months Ended
	Sep. 28, 2018	Aug. 01, 2018	Jun. 29, 2018	May 01, 2018	Mar. 30, 2018	Feb. 22, 2018	Sep. 29, 2017	Aug. 01, 2017	Jun. 30, 2017	May 02, 2017	Mar. 31, 2017	Feb. 14, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
Dividend declared per share (in dollars per share)		$ 0.30		$ 0.30		$ 0.30		$ 0.30		$ 0.30		$ 0.30	$ 0.30	$ 0.30	$ 0.90	$ 0.90
Total Amount	$ 9.1		$ 9.1		$ 9.0		$ 8.9		$ 8.9		$ 8.9				$ 27.2	$ 26.7

Capital Stock and Equity Awards - Equity Incentive Plans (Details)	Sep. 30, 2018 shares
2014 LTIP \| Non-qualified stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance	4,171,150
Number of shares available for grant	1,703,251
2014 Director Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance	50,000
Number of shares available for grant	21,663

Capital Stock and Equity Awards - Summary of Option Activity (Details) - Options - $ / shares	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Shares
Beginning of period (in shares)	1,479,236	2,234,699
Granted (in shares)	0	205,244
Exercised (in shares)	(280,683)	(735,587)
Forfeited (in shares)	(42,215)	(62,489)
End of period (in shares)	1,156,338	1,641,867
Exercisable, end of period (in shares)	841,763	699,922
Weighted- Average Exercise Price
Beginning of period (in dollars per share)	$ 27.81	$ 22.84
Granted (in dollars per share)	0.00	42.24
Exercised (in dollars per share)	21.03	18.00
Forfeited (in dollars per share)	36.86	30.80
End of period (in dollars per share)	29.13	27.13
Exercisable, end of period (in dollars per share)	$ 26.64	$ 22.63
Vesting period (in years)	7 years
Minimum
Weighted- Average Exercise Price
Vesting period (in years)	2 years
Maximum
Weighted- Average Exercise Price
Vesting period (in years)	4 years

Capital Stock and Equity Awards - Summary of RSU Activity (Details) - RSUs - $ / shares	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Shares
Unvested, beginning of period (in shares)	178,882	196,800
Granted (in shares)	218,475	119,312
Vested (in shares)	(63,191)	(39,113)
Forfeited (in shares)	(5,889)	(22,188)
Unvested, end of period (in shares)	328,277	254,811
Shares
Unvested, beginning of period (in dollars per share)	$ 37.93	$ 24.38
Granted (in dollars per share)	39.75	42.19
Vested (in dollars per share)	40.92	32.01
Forfeited (in dollars per share)	40.81	26.06
Unvested, end of period (in dollars per share)	$ 38.51	$ 31.40
Vesting period (in years)	3 years
Non-employee directors
Shares
Vesting period (in years)	1 year
Minimum
Shares
Vesting period (in years)	1 year
Maximum
Shares
Vesting period (in years)	5 years

Capital Stock and Equity Awards - Summary of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
Share based compensation expense	$ 1,681	$ 1,760	$ 4,796	$ 5,338
U.S. tax benefit on share based compensation expense	$ 198	$ 467	$ 569	$ 1,413

Capital Stock and Equity Awards - Compensation Expense (Details) $ in Millions	3 Months Ended
	Sep. 30, 2018 USD ($)
Equity [Abstract]
Unrecognized share based compensation expense	$ 10.2
Weighted-average period of unrecognized share based compensation expense (in years)	1 year 11 months 1 day
Weighted-average remaining contractual life of options outstanding (in years)	3 years 11 months 1 day
Weighted-average remaining contractual life of options exercisable (in years)	3 years 7 months 10 days

Subsequent Events (Details) - Subsequent event - $ / shares	Dec. 28, 2018	Dec. 14, 2018	Nov. 06, 2018
Subsequent Event [Line Items]
Dividends payable, date declared			Nov. 06, 2018
Cash dividend declared (in dollars per share)			$ 0.30
Dividends payable, date to be paid	Dec. 28, 2018
Dividend payable, record date		Dec. 14, 2018

Fair Value Measurements - Summary of Assets Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 1,154,488	$ 1,016,098
Equity securities:
Total equity securities	84,827	82,522
Trading securities:
Fixed maturity securities	0	3,808
Short-term investments	40,219	36,804
Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,154,488	1,016,098
State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	146,287	144,366
Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	206,588	158,661
Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	506,715	413,721
Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	186,084	182,611
Obligations of U.S. government corporations and agencies
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale		35,847
U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	106,875	78,874
Redeemable preferred stock
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,939	2,018
Recurring basis
Trading securities:
Fixed maturity securities		3,808
Short-term investments	40,219	36,804
Recurring basis \| Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,154,488
Available-for-sale securities		1,016,098
Recurring basis \| State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	146,287
Available-for-sale securities		144,366
Recurring basis \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	206,588
Available-for-sale securities		158,661
Recurring basis \| Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	506,715
Available-for-sale securities		413,721
Recurring basis \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	186,084
Available-for-sale securities		182,611
Recurring basis \| Obligations of U.S. government corporations and agencies
Fixed maturity securities, available-for-sale:
Available-for-sale securities		35,847
Recurring basis \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	106,875
Available-for-sale securities		78,874
Recurring basis \| Redeemable preferred stock
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,939
Available-for-sale securities		2,018
Recurring basis \| Equity securities
Fixed maturity securities, available-for-sale:
Available-for-sale securities		82,522
Equity securities:
Total equity securities	84,827
Recurring basis \| Preferred stock
Fixed maturity securities, available-for-sale:
Available-for-sale securities		66,281
Equity securities:
Total equity securities	64,614
Recurring basis \| Common stock
Fixed maturity securities, available-for-sale:
Available-for-sale securities		16,241
Equity securities:
Total equity securities	20,213
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1
Trading securities:
Fixed maturity securities		0
Short-term investments	1,000	1,000
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	106,344
Available-for-sale securities		78,265
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0
Available-for-sale securities		0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0
Available-for-sale securities		0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0
Available-for-sale securities		0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0
Available-for-sale securities		0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Obligations of U.S. government corporations and agencies
Fixed maturity securities, available-for-sale:
Available-for-sale securities		0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	106,344
Available-for-sale securities		78,265
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Redeemable preferred stock
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0
Available-for-sale securities		0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Equity securities
Fixed maturity securities, available-for-sale:
Available-for-sale securities		15,507
Equity securities:
Total equity securities	19,131
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Preferred stock
Fixed maturity securities, available-for-sale:
Available-for-sale securities		0
Equity securities:
Total equity securities	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Common stock
Fixed maturity securities, available-for-sale:
Available-for-sale securities		15,507
Equity securities:
Total equity securities	19,131
Recurring basis \| Significant Other Observable Inputs Level 2
Trading securities:
Fixed maturity securities		3,808
Short-term investments	39,219	35,804
Recurring basis \| Significant Other Observable Inputs Level 2 \| Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,043,780
Available-for-sale securities		933,153
Recurring basis \| Significant Other Observable Inputs Level 2 \| State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	146,287
Available-for-sale securities		144,366
Recurring basis \| Significant Other Observable Inputs Level 2 \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	206,588
Available-for-sale securities		158,661
Recurring basis \| Significant Other Observable Inputs Level 2 \| Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	506,715
Available-for-sale securities		413,721
Recurring basis \| Significant Other Observable Inputs Level 2 \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	181,720
Available-for-sale securities		177,931
Recurring basis \| Significant Other Observable Inputs Level 2 \| Obligations of U.S. government corporations and agencies
Fixed maturity securities, available-for-sale:
Available-for-sale securities		35,847
Recurring basis \| Significant Other Observable Inputs Level 2 \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	531
Available-for-sale securities		609
Recurring basis \| Significant Other Observable Inputs Level 2 \| Redeemable preferred stock
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	1,939
Available-for-sale securities		2,018
Recurring basis \| Significant Other Observable Inputs Level 2 \| Equity securities
Fixed maturity securities, available-for-sale:
Available-for-sale securities		67,015
Equity securities:
Total equity securities	65,696
Recurring basis \| Significant Other Observable Inputs Level 2 \| Preferred stock
Fixed maturity securities, available-for-sale:
Available-for-sale securities		66,281
Equity securities:
Total equity securities	64,614
Recurring basis \| Significant Other Observable Inputs Level 2 \| Common stock
Fixed maturity securities, available-for-sale:
Available-for-sale securities		734
Equity securities:
Total equity securities	1,082
Recurring basis \| Significant Unobservable Inputs Level 3
Trading securities:
Fixed maturity securities		0
Short-term investments	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Fixed maturity securities
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	4,364
Available-for-sale securities		4,680
Recurring basis \| Significant Unobservable Inputs Level 3 \| State and municipal
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0
Available-for-sale securities		0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0
Available-for-sale securities		0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Corporate
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0
Available-for-sale securities		0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	4,364
Available-for-sale securities		4,680
Recurring basis \| Significant Unobservable Inputs Level 3 \| Obligations of U.S. government corporations and agencies
Fixed maturity securities, available-for-sale:
Available-for-sale securities		0
Recurring basis \| Significant Unobservable Inputs Level 3 \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0
Available-for-sale securities		0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Redeemable preferred stock
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	0
Available-for-sale securities		0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Equity securities
Fixed maturity securities, available-for-sale:
Available-for-sale securities		0
Equity securities:
Total equity securities	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Preferred stock
Fixed maturity securities, available-for-sale:
Available-for-sale securities		0
Equity securities:
Total equity securities	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Common stock
Fixed maturity securities, available-for-sale:
Available-for-sale securities		$ 0
Equity securities:
Total equity securities	$ 0