0001620459-22-000015 | 10-K | XBRL Viewer | James River Group Holdings LTD

(362,537)

(573,482)

(450,793)

Sales

135,913

37,674

121,245

Maturities and calls

296,170

240,322

128,809

Equity Securities:

(21,845)

(16,713)

(4,975)

Sales

7,227

6,838

8,656

Bank loan participations:

(126,369)

(77,965)

(102,794)

Sales

65,291

135,664

48,415

Maturities

59,799

32,653

45,277

Other invested assets:

Repayments and redemptions

(12,394)

(1,937)

Return of capital

1,758

353

1,877

3,760

16,292

10,998

Securities receivable or payable, net

1,627

(1,777)

5,404

Short-term investments, net

(6,274)

26,636

(74,959)

Purchases of property and equipment

(6,303)

(549)

(519)

Net cash provided by (used in) investing activities

35,823

(175,991)

(263,359)

Financing activities

Senior debt issuances

164,000

60,000

Senior debt repayments

(60,000)

(20,000)

Dividends paid

(43,236)

(37,051)

(36,720)

Issuances of common shares - public offering

192,107

Issuances of common shares under equity incentive plans

1,877

2,580

8,286

Common share repurchases

(3,077)

(3,604)

(2,899)

Other financing activities

(711)

Net cash provided by financing activities

147,671

65,925

7,956

Change in cash, cash equivalents, and restricted cash equivalents

(730,052)

(383,896)

1,233,619

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

1,022,180

1,406,076

172,457

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

292,128

1,022,180

1,406,076

Supplemental information

U.S. federal income taxes (refunded) paid, net

(3,932)

17,236

18,719

Interest paid

9,927

11,305

12,354

Restricted cash equivalents at beginning of year

859,920

1,199,164

Restricted cash equivalents at end of year

102,005

859,920

1,199,164

Change in restricted cash equivalents

$ (757,915)

$ (339,244)

$ 1,199,164

[1]

Cash (used in) provided by operating activities for the years ended December 31, 2021, 2020, and 2019 primarily reflects the activity in restricted cash equivalents above. As permitted under the agreements establishing the Indemnity Trust and the LPT Trust, we have withdrawn collateral from the Indemnity Trust and the LPT Trust to fund the Loss Fund Trust as required under the Administrative Services Agreement. Amounts on deposit in the Loss Fund Trust are included in restricted cash equivalents on the Company's consolidated balance sheets. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book”. Excluding the restricted cash activity above, cash (used in) provided by operating activities was $(155.6) million, $65.4 million, and $289.9 million for the years ended December 31, 2021, 2020, and 2019, respectively. The cash used in operating activities (excluding restricted cash equivalents) in 2021 was largely driven by the $317.6 million of reinsurance premium paid in September 2021 to effect the LPT transaction.

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash provided by operating activities, excluding the reduction in collateral funds	$ (155.6)	$ 65.4	$ 289.9
Loss Portfolio Transfer \| Excess and Surplus Lines
Payment to effect a loss portfolio transfer reinsurance transaction	$ 317.6

Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Accounting Policies

Organization

James River Group Holdings, Ltd. (referred to as “JRG Holdings” or, with its subsidiaries, the “Company”) is an exempted holding company registered in Bermuda, organized for the purpose of acquiring and managing insurance and reinsurance entities.

The Company owns five insurance companies based in the United States (“U.S.”) focused on specialty insurance niches and 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.”). The Company 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 (“James River Insurance”) 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, and Falls Lake Fire and Casualty Company, a California domiciled company. Falls Lake National primarily writes specialty admitted fronting and program business and individual risk workers' compensation insurance.

• JRG Reinsurance Company Ltd. (“JRG Re”) was formed in 2007 and commenced operations in 2008. JRG Re, a Bermuda domiciled reinsurer, primarily provides non-catastrophe casualty reinsurance to U.S. third parties and, through December 31, 2017, to the Company’s U.S.-based insurance subsidiaries.

•Carolina Re Ltd ("Carolina Re") was formed in 2018 and as of January 1, 2018 provides reinsurance to the Company's U.S.-based insurance subsidiaries. Carolina Re is also the cedent on a stop loss reinsurance treaty with JRG Re.

Basis of Presentation and Principles of Consolidation

The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which vary in some respects from statutory accounting practices (“SAP”) which are prescribed or permitted by the various state insurance departments in the U.S. or by insurance regulators in Bermuda. The accompanying consolidated financial statements include the accounts and operations of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated.

Estimates and Assumptions

Preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.

Fixed Maturity and Equity Securities

Fixed maturity securities classified as “available-for-sale” are carried at fair value, and unrealized gains and losses on such securities, net of any deferred taxes, are reported as a separate component of accumulated other comprehensive income. The Company does not have any securities classified as “held-to-maturity” or “trading”.

Fair value generally represents quoted market value prices for securities traded in the public marketplace or prices analytically determined using bid or closing prices for securities not traded in the public marketplace.

Premiums and discounts on mortgage-backed securities and asset-backed securities are amortized or accrued using the constant yield method which considers anticipated prepayments at the date of purchase. To the extent that the estimated lives of

such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the retrospective method.

Realized investment gains or losses are determined on a specific identification basis. Interest income is recognized as earned, and dividend income is recognized on the ex-dividend date.

The Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments on January 1, 2020. This update changed the impairment model for available-for-sale fixed maturities and requires the Company to determine whether unrealized losses on available-for-sale fixed maturities are due to credit-related factors. An allowance for credit losses is established for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in net realized and unrealized gains (losses) on investments. Unrealized losses that are not credit-related continue to be recognized in other comprehensive income.

Bank Loan Participations

Bank loan participations are managed by a specialized outside investment manager. In connection with the adoption of ASU 2016-13, the Company elected the fair value option in accounting for bank loan participations effective January 1, 2020. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in our income statement as net realized and unrealized gains (losses) on investments.

Losses due to credit-related impairments on bank loan participations are determined based upon consultations and advice from the Company's specialized investment manager and consideration of any adverse situations that could affect the borrower's ability to repay, the estimated value of underlying collateral, and other relevant factors.

Interest income is accrued on the unpaid principal balance. Discounts and premiums are amortized to income using the interest method. Prior to the election of the fair value option on January 1, 2020, bank loan participations were generally stated at their outstanding unpaid principal balances net of unamortized premiums or discounts and net of any allowance for credit losses. The allowance for credit losses was maintained at a level considered adequate to absorb estimated probable credit losses.

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. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at December 31, 2021 or 2020.

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.

Other Invested Assets

Other invested assets at December 31, 2021 and 2020 include the Company’s interests in private debt and equity investments. The investments are primarily focused in renewable energy, limited partnerships, and bank holding companies. Equity interests in various limited liability companies (“LLCs”) and limited partnerships are accounted for under the equity method, as the Company has determined that the equity method best reflects its economic interest in the underlying equity investment.

Short-Term Investments

Short-term investments are carried at amortized cost, which approximates fair value. Short-term investments have maturities greater than three months but less than one year at the date of purchase.

Cash Equivalents

The Company considers highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.

Restricted Cash Equivalents

The Company considers highly liquid investments with maturities of three months or less at the date of purchase that are segregated for a specific use to be restricted cash equivalents. Certain restricted cash equivalents invested in funds with floating net asset values are measured at fair value with changes in fair value recognized in net income.

Direct Written Premiums

Direct written premiums are earned on a pro rata basis over the terms of the policies, generally 12 months. The portion of premiums written applicable to the unexpired terms of the policies in force is recorded as unearned premiums. Policies are accounted for on an individual basis, with no aggregation by counterparty.

Assumed Reinsurance Premiums

Assumed reinsurance written premiums include amounts reported by brokers and ceding companies, supplemented by the Company’s own estimates of premiums when reports have not been received. Premiums on the Company’s excess of loss and pro rata reinsurance contracts are estimated when the business is underwritten. For excess of loss contracts, the deposit premium, as defined in the contract, is generally recorded as an estimate of premiums written at the inception date of the treaty. Estimates of premiums written under pro rata contracts are recorded in the period in which the underlying risks are expected to begin and are based on information provided by the brokers and the ceding companies.

Reinsurance premium estimates are reviewed by management periodically. Any adjustment to these estimates is recorded in the period in which it becomes known.

Reinsurance premiums assumed are earned over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a “losses occurring” basis cover claims that may occur during the term of the contract or policy, which is typically 12 months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a “risks attaching” basis cover claims which attach to the underlying insurance policies written during the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned over a 24-month period in proportion to the level of underlying exposure. Contracts are accounted for on an individual basis, with no aggregation by counterparty.

Premiums Receivable and Agents’ Balances, Net

Premiums receivable and agents’ balances are carried at face value net of any allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses based on the Company’s assessment of the collectability of receivables that are past due, historical collection percentages, and consideration of current economic conditions and expectations of future conditions that could affect ultimate collections. Receivables greater than 90 days past due were $7.5 million and $6.9 million at December 31, 2021 and 2020, respectively. The allowance for credit losses was $16.7 million and $8.3 million at December 31, 2021 and 2020, respectively. Credit loss expense was $9.4 million for the year ended December 31, 2021 ($7.1 million of which will be deducted from amounts due to our reinsurers), $3.3 million for the year ended December 31, 2020, and $2.5 million for the year ended December 31, 2019. Receivables written off against the allowance for credit losses totaled $1.1 million for the year ended December 31, 2021, $660,000 for the year ended December 31, 2020, and $812,000 for the year ended December 31, 2019. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

Deferred Policy Acquisition Costs

Costs which are incrementally or directly related to the successful acquisition of new or renewal insurance business are deferred. These deferred costs are primarily commissions to agents, ceding commissions paid on reinsurance assumed, premium taxes, and the portion of underwriting fixed compensation and payroll related fringe benefits directly related to an insurance contract that has been acquired, net of ceding commissions related to reinsurance ceded. Amortization of such policy acquisition costs is charged to expense in proportion to premium earned over the estimated policy life. To the extent that unearned premiums on existing policies are not adequate to cover projected related costs and expenses, deferred policy acquisition costs are charged to earnings. The Company considers anticipated investment income in determining whether a premium deficiency exists.

Reinsurance and Adjustable Features of Insurance and Reinsurance Contracts

Certain premiums and losses are ceded to other insurance companies or assumed from other insurance companies under various excess of loss and quota-share reinsurance contracts. The Company enters into ceded reinsurance contracts to limit its exposure to large losses, to limit exposure on new lines of insurance written by the Company, and to provide additional capacity for growth.

Premiums, commissions, and losses and loss adjustment expenses on reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and the terms of the reinsurance contracts. Reinsurance recoverables and prepaid reinsurance premiums are reported as assets. The Company uses a provision matrix to calculate the allowance for credit losses on reinsurance recoverables by applying impairment rates based on historical loss data to similarly rated reinsurance companies based on the expected duration of the receivables. The Company also considers the expected impact of current and future expected economic conditions and adjusts estimates if needed based on an evaluation of these factors. The allowance for credit losses on reinsurance recoverables at December 31, 2021 and 2020 was $631,000 and $335,000, respectively. Other amounts payable to insurance companies and reinsurers or receivable from insurance companies and reinsurers are netted where the right of offset exists. The Company receives ceding commissions in connection with certain ceded reinsurance. The ceding commissions are recorded as a reduction of other operating expenses.

Certain reinsurance contracts include provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses are recorded based upon the projected loss experience under the contracts.

The Company’s Specialty Admitted Insurance segment writes insurance under specialty admitted fronting and program arrangements. The fronting and program arrangements may contain contractual provisions that adjust acquisition expenses based upon loss experience under the contracts. The specialty admitted fronting and program arrangements are significantly reinsured. These reinsurance contracts may also contain provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses, are recorded based upon the projected loss experience under the contracts.

Other Income

Other income is principally comprised of fee income earned on policies for which the Company has no exposure to underwriting risk. Fee income of $4.5 million, $3.4 million, and $9.5 million is included in other income for the years ended December 31, 2021, 2020, and 2019, respectively. Fees are earned on a pro rata basis over the service period of the underlying business. Policies are accounted for on an individual basis, with no aggregation by counterparty.

Income Taxes

Deferred tax assets and deferred tax liabilities are provided for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective U.S. tax basis. Deferred tax assets and liabilities are measured using enacted U.S. corporate tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance only when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. The Company determined that no valuation allowance was necessary at December 31, 2021 or 2020.

Goodwill

Goodwill is tested annually for impairment in the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the carrying amount of the Company’s reporting units, including goodwill, may exceed their fair values. The Company first assesses qualitative factors in determining whether it is necessary to perform the quantitative goodwill impairment test. If management determines that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on qualitative factors then they will perform the quantitative goodwill impairment test. For the quantitative goodwill impairment testing, the fair value of the reporting units is determined using a combination of a market approach and an income approach which projects the future cash flows produced by the reporting units and discounts those cash flows to their present value. The projection of future cash flows is necessarily dependent upon assumptions on the future levels of income as well as business trends, prospects, market, and economic conditions. The results of the two approaches are weighted to determine the fair value of each reporting unit. When the fair value is less than the carrying value of the net assets of the reporting unit, including goodwill, an impairment loss is charged to operations. To determine the amount of any goodwill impairment, the implied fair value of reporting unit goodwill is compared to the carrying amount of that goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business

combination is determined. That is, the fair value of a reporting unit is assigned to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill.

Intangible Assets, Net

Intangible assets are initially recognized and measured at fair value. Specifically identified intangible assets with indefinite lives include trademarks and state insurance licenses and authorities. Other specifically identified intangible assets with lives ranging from 7.0 to 27.5 years represent relationships with brokers. These intangible assets are amortized on a straight-line basis over their estimated useful lives.

Intangible assets with indefinite useful lives are reviewed for impairment at least annually. In evaluating whether there has been impairment to the intangible asset, management determines the fair value of the intangible asset and compares the resulting fair value to the carrying value of the intangible asset. If the carrying value exceeds the fair value, the intangible asset is written down to fair value, and the impairment is reported through earnings. The Company evaluates intangible assets with definite lives for impairment when impairment indicators are noted.

Impairment of Long-Lived Assets

Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. That assessment is based on the carrying amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value.

Property and Equipment, Net

Property and equipment, which is included in “other assets” in the accompanying consolidated balance sheets, is reported at cost less accumulated depreciation and is depreciated principally on a straight-line basis over the estimated useful lives of the depreciable assets, generally three to ten years.

Reserve for Losses and Loss Adjustment Expenses

The reserve for losses and loss adjustment expenses represents the estimated ultimate cost of all reported and unreported losses and loss adjustment expenses incurred and unpaid at the balance sheet date. The Company does not discount this reserve. The process of estimating the reserve for losses and loss adjustment expenses requires a high degree of judgment and is subject to a number of variables. The reserve for losses and loss adjustment expenses is estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in loss severity and frequency.

The Company utilizes various actuarially-accepted reserving methodologies in determining the continuum of expected outcomes for its reserves. These methodologies utilize various inputs, including management’s initial expected loss ratio (the ratio of losses and loss adjustment expenses incurred to net earned premiums), expected reporting patterns and payment patterns for losses and loss adjustment expenses (based on insurance industry data and the Company’s own experience), and the Company’s actual paid and reported losses and loss adjustment expenses. An internal actuary reviews these results and (after applying appropriate professional judgment and other actuarial techniques that are considered necessary) presents recommendations to the Company’s management. Management uses this information and its judgment to make decisions on the final recorded reserve for losses and loss adjustment expenses. Management believes that the use of judgment is necessary to arrive at a best estimate for the reserve for losses and loss adjustment expenses given the long-tailed nature of the business generally written by the Company and the limited operating experience of the Casualty Reinsurance segment, the fronting and program business in the Specialty Admitted Insurance segment, and the commercial auto business in the Excess and Surplus Lines segment.

Catastrophes of significant magnitude, including hurricanes and earthquakes, involve complex coverage issues. In estimating the reserve for losses and loss adjustment expenses for these catastrophes, management uses case reserve estimates based on information obtained from site inspections by the Company’s adjustors and the terms of coverage provided in the policies. Management estimates reserves for incurred but not reported claims for these catastrophes using judgment based on an assessment of the Company’s property insurance exposures where the catastrophes occur and the Company’s progress in settling claims.

Although management believes that the reserve for losses and loss adjustment expenses is reasonable, it is possible that the Company’s actual incurred losses and loss adjustment expenses will not develop in a manner consistent with the assumptions inherent in the determination of these reserves. Specifically, the Company’s actual ultimate loss ratio could differ from management’s initial expected loss ratio and/or the Company’s actual reporting patterns for losses could differ from the expected reporting patterns. Accordingly, the ultimate settlement of losses and the related loss adjustment expenses may vary significantly from the estimates included in the Company’s consolidated financial statements. These estimates are reviewed continually by management and are adjusted as necessary as experience develops or new information becomes known; such adjustments are included in current operations.

Share Based Compensation

The Company expenses the fair value of share equity awards over the vesting period of the award on a straight-line basis. The Black-Scholes-Merton option pricing model is used to value the options granted (see Note 12). Forfeitures of share-based awards are recognized as they occur. As the share based compensation expense is incurred, a corresponding increase to additional paid-in capital in shareholders’ equity is recognized. Share based compensation expense is reflected in “other operating expenses” in the accompanying consolidated statements of (loss) income and comprehensive (loss) income.

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 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 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 $26.9 million and $30.1 million as of December 31, 2021 and 2020, respectively, representing the Company’s maximum exposure to loss.

(Loss) Earnings Per Share

Basic (loss) earnings per share excludes dilution and is computed by dividing net (loss) income by the weighted-average number of common shares outstanding for the period. Diluted (loss) earnings per share reflects the dilution that could occur if securities or other contracts to issue common shares or common share equivalents were exercised or converted into common shares as calculated using the treasury stock method. When inclusion of common share equivalents increases the earnings per share or reduces the loss per share, the effect on earnings is anti-dilutive, and the diluted net earnings or net loss per share is computed excluding these common share equivalents.

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


	Net (Loss) Income (Numerator)		Weighted-Average Common Shares (Denominator)	(Loss) Earnings Per Share
	(in thousands, except per share data)
Year ended December 31, 2021
Basic	$	(172,799)	34,956,957	$	(4.94)
Common share equivalents	—		—	—
Diluted	$	(172,799)	34,956,957	$	(4.94)
Year ended December 31, 2020
Basic	$	4,824	30,552,210	$	0.16
Common share equivalents	—		332,206	—
Diluted	$	4,824	30,884,416	$	0.16
Year ended December 31, 2019
Basic	$	38,339	30,275,184	$	1.27
Common share equivalents	—		398,740	(0.02)
Diluted	$	38,339	30,673,924	$	1.25

Common share equivalents relate to our outstanding equity awards (stock options and RSUs).

For the year ended December 31, 2021, common share equivalents of 175,360 were excluded from the calculation of diluted loss per share as their effects were anti-dilutive. For the year ended December 31, 2020, all common share equivalents were dilutive. For the year ended December 31, 2019, 9,735 shares were excluded from the calculation of diluted earnings per share as their effects were anti-dilutive.

Adopted Accounting Standards

There were no new accounting standards adopted in 2021 that materially impacted the Company's financial statements.

Prospective Accounting Standards

There are no prospective accounting standards which are expected to have a material impact on our financial statements subsequent to December 31, 2021.

Investments

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [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)
December 31, 2021
Fixed maturity securities:
State and municipal	$	323,773	$	12,156	$	(2,212)	$	333,717
Residential mortgage-backed	246,586		2,384		(2,339)		246,631
Corporate	711,930		26,119		(5,714)		732,335
Commercial mortgage and asset-backed	301,247		4,941		(1,700)		304,488

U.S. Treasury securities and obligations guaranteed by the U.S. government	60,329		653		(592)		60,390

Total fixed maturity securities, available-for-sale	$	1,643,865	$	46,253	$	(12,557)	$	1,677,561
December 31, 2020
Fixed maturity securities:
State and municipal	$	277,241	$	19,203	$	(39)	$	296,405
Residential mortgage-backed	286,104		7,784		(40)		293,848
Corporate	715,145		52,098		(421)		766,822
Commercial mortgage and asset-backed	314,911		12,611		(803)		326,719

U.S. Treasury securities and obligations guaranteed by the U.S. government	97,489		2,360		(1)		99,848
Total fixed maturity securities, available-for-sale	$	1,690,890	$	94,056	$	(1,304)	$	1,783,642

The amortized cost and fair value of available-for-sale investments in fixed maturity securities at December 31, 2021 are summarized, by contractual maturity, as follows:


	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	86,238	$	86,948
After one year through five years	463,670		477,474
After five years through ten years	310,943		314,147
After ten years	235,181		247,873
Residential mortgage-backed	246,586		246,631
Commercial mortgage and asset-backed	301,247		304,488
Total	$	1,643,865	$	1,677,561

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)
December 31, 2021
Fixed maturity securities:
State and municipal	$	93,313	$	(2,162)	$	1,150	$	(50)	$	94,463	$	(2,212)
Residential mortgage-backed	140,386		(2,337)		147		(2)		140,533		(2,339)
Corporate	179,078		(4,232)		18,635		(1,482)		197,713		(5,714)
Commercial mortgage and asset-backed	159,289		(1,695)		1,229		(5)		160,518		(1,700)

U.S. Treasury securities and obligations guaranteed by the U.S. government	24,378		(592)		—		—		24,378		(592)

Total fixed maturity securities, available-for-sale	$	596,444	$	(11,018)	$	21,161	$	(1,539)	$	617,605	$	(12,557)
December 31, 2020
Fixed maturity securities:
State and municipal	$	7,193	$	(39)	$	—	$	—	$	7,193	$	(39)
Residential mortgage-backed	3,649		(40)		—		—		3,649		(40)
Corporate	28,607		(421)		—		—		28,607		(421)
Commercial mortgage and asset-backed	18,427		(447)		38,802		(356)		57,229		(803)

U.S. Treasury securities and obligations guaranteed by the U.S. government	2,291		(1)		—		—		2,291		(1)

Total fixed maturity securities, available-for-sale	$	60,167	$	(948)	$	38,802	$	(356)	$	98,969	$	(1,304)

The Company held securities of 230 issuers that were in an unrealized loss position at December 31, 2021 with a total fair value of $617.6 million and gross unrealized losses of $12.6 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on, a scheduled principal or interest payment.

At December 31, 2021, 99.5% 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.

The Company considers the extent to which fair value is below amortized cost in determining whether a credit-related loss exists. The Company also considers the credit quality rating of the security, with a special emphasis on securities downgraded below investment grade. A comparison is made between the present value of expected future cash flows for a security and its amortized cost. If the present value of future expected cash flows is less than amortized cost, a credit loss is presumed to exist and an allowance for credit losses is established. Management may conclude that a qualitative analysis is sufficient to support its conclusion that the present value of expected cash flows equals or exceeds a security's amortized cost. As a result of this review, management concluded that there were no credit-related impairments of fixed maturities at December 31, 2021 or 2020. Management does not intend to sell the 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.

Management concluded that none of the fixed maturity securities with an unrealized loss at December 31, 2019 experienced an other-than-temporary impairment.

In connection with the adoption of ASU 2016-13, the Company elected the fair value option in accounting for bank loan participations effective January 1, 2020. The targeted transition relief offered by ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief was applied to elect the fair value option to account for bank loan participations already held at the January 1, 2020 date of adoption. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in our income statement as net realized and unrealized gains (losses) on investments. At adoption on January 1, 2020, the Company applied the amendments on a modified retrospective basis, reducing the carrying value of its bank loan portfolio to fair value through an $8.4 million adjustment with a $7.8 million (net of tax) cumulative effect adjustment to reduce retained earnings.

Applying the fair value option to the bank loan portfolio increases volatility in the Company's financial statements, but management believes it is less subjective and less burdensome to implement and maintain than ASU 2016-13, which would have otherwise been required. At December 31, 2021, the Company's bank loan portfolio had an aggregate unpaid principal balance of $159.0 million and an aggregate fair value of $156.0 million. Investment income on bank loan participations included in net investment income was $10.6 million and $12.2 million during the years ended December 31, 2021 and 2020, respectively. Net realized and unrealized gains (losses) on investments includes gains of $6.7 million and $1.3 million related to changes in unrealized gains and losses on bank loan participations for the years ended December 31, 2021 and 2020, respectively. Management concluded that none of the unrealized losses were due to credit-related impairments for the year ended December 31, 2021. For the year ended December 31, 2020, management concluded that $8.3 million of unrealized losses were due to credit-related impairments. Losses due to credit-related impairments were determined based upon consultations and advice from the Company's specialized investment manager and consideration of any adverse situations that could affect the borrower's ability to repay, the estimated value of underlying collateral, and other relevant factors.

Prior to the election of the fair value option on January 1, 2020, bank loan participations were classified as held-for-investment and carried at amortized cost net of any allowance for credit losses. Under the prior accounting method, management concluded that seven loans from six issuers in the Company's bank loan portfolio were impaired at December 31, 2019. At December 31, 2019, the impaired loans had a carrying value of $6.9 million, unpaid principal of $14.3 million, and an allowance for credit losses of $7.2 million, $5.1 million of which related to two loans from one issuer that was experiencing liquidity concerns resulting from revenue declines and poor growth prospects in its most profitable segment.

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.

Interest income on bank loan participations is accrued on the unpaid principal balance, and discounts and premiums on bank loan participations are amortized to income using the interest method. Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at December 31, 2021 or 2020.

The average recorded investment in impaired bank loans was $3.5 million during the year ended December 31, 2019 and investment income of $293,000 was recognized during the time that the loans were impaired. The Company recorded losses of $8.9 million during the year ended December 31, 2019 for changes in the fair value of impaired bank loans.

At December 31, 2019, unamortized discounts on bank loan participations were $2.4 million, and unamortized premiums were $4,000.

Major categories of the Company’s net investment income are summarized as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Fixed maturity securities	$	42,968	$	45,070	$	39,875
Bank loan participations	10,571		12,150		19,772
Equity securities	4,883		4,800		5,262
Other invested assets	2,200		9,181		6,254
Cash, cash equivalents, restricted cash equivalents, and short-term investments	260		6,619		9,210

Gross investment income	60,882		77,820		80,373
Investment expense	(4,017)		(4,452)		(4,721)
Net investment income	$	56,865	$	73,368	$	75,652

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


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	4,988	$	1,098	$	1,575
Gross realized losses	(64)		(53)		(494)
	4,924		1,045		1,081
Equity securities:
Gross realized gains	284		—		11
Gross realized losses	(827)		(1,441)		(232)
Changes in fair values of equity securities	5,350		(215)		6,257
	4,807		(1,656)		6,036
Bank loan participations:
Gross realized gains	555		554		846
Gross realized losses	(1,388)		(17,286)		(10,902)
Changes in fair values of bank loan participations	6,661		1,318		—
	5,828		(15,414)		(10,056)
Short-term investments and other:
Gross realized gains	75		77		21
Gross realized losses	(150)		(2)		(1)
Changes in fair values of short-term investments and other	80		(80)		—
	5		(5)		20
Total	$	15,564	$	(16,030)	$	(2,919)

The change in the Company’s available-for-sale fixed maturity gross unrealized net gains was $(59.1) million, $57.7 million, and $50.3 million for the years ended December 31, 2021, 2020, and 2019, respectively.

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
	December 31,				Year Ended December 31,
	2021		2020		2021		2020		2019
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	24,211	$	—	$	(625)	$	—	$	—
Corporate & Other	2,709		30,145		(812)		2,016		2,181
	26,920		30,145		(1,437)		2,016		2,181
Renewable energy notes receivable (b)
Excess and Surplus Lines	2,329		—		417		—		—
Corporate & Other	2,911		—		522		5,630		1,313
	5,240		—		939		5,630		1,313
Limited partnerships (c)
Excess and Surplus Lines	13,098		4,096		1,417		272		2,090
Corporate & Other	2,150		7,807		938		920		327
	15,248		11,903		2,355		1,192		2,417
Bank holding companies (d)
Excess and Surplus Lines	4,500		—		200		—		—
Corporate & Other	—		4,500		143		343		343
	4,500		4,500		343		343		343
Total other invested assets
Excess and Surplus Lines	44,138		4,096		1,409		272		2,090
Corporate & Other	7,770		42,452		791		8,909		4,164
	$	51,908	$	46,548	$	2,200	$	9,181	$	6,254

(a) The Company’s Excess and Surplus Lines and Corporate and Other segments own equity interests ranging from 2.6% to 32.6% 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 former directors serve as officers, and the Company’s Non-Executive Chairman has invested in certain of these LLCs. The equity method is used to account for the Company’s LLC investments. Income for the LLCs primarily reflects adjustments to the carrying values of investments in renewable energy projects to their determined fair values. The fair value adjustments are included in revenues for the LLCs. Expenses for the LLCs are not significant and are comprised of administrative and interest expenses. During the year ended December 31, 2021, the Company transferred $26.3 million of its investments in the LLCs from the Corporate and Other segment to the Excess and Surplus Lines segment. The Company received cash distributions from these investments totaling $1.8 million and $3.1 million for the years ended December 31, 2021 and 2020, respectively.

(b) The Company's Excess and Surplus Lines and Corporate and Other segments have invested in notes receivable for renewable energy projects. At December 31, 2021, the Company held two notes issued by an entity for which two of our former directors serve as officers. Interest on the notes, which mature in 2025, is fixed at 12%. During the year ended December 31, 2021, the Company received principal repayments of $1.7 million and $2.1 million on the notes receivable in the Company's Excess and Surplus Lines segment and Corporate and Other segment, respectively. During the year ended December 31, 2020, the Company received the total principal balance of $8.8 million plus a $5.3 million gain at maturity on an earlier note receivable for renewable energy projects. Interest on that note was fixed at 15%.

(c) The Company owns investments in limited partnerships that invest in concentrated portfolios including publicly-traded small cap equities, loans of middle market private equity sponsored companies, private equity general partnership interests, commercial mortgage-backed securities, and tranches of distressed home loans. Income from the partnerships is recognized under the equity method of accounting. During the year ended December 31, 2021, the Company transferred $5.1 million of its investments in the limited partnerships from the Corporate and Other segment to the Excess and Surplus Lines segment. At December 31, 2021, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $5.3 million in these limited partnerships.

(d) The Company's Excess and Surplus Lines segment holds $4.5 million of subordinated notes issued by a bank holding company for which the Company’s Non-Executive Chairman was previously the Lead Independent Director and an investor and for which one of the Company’s directors is also an investor (the "Bank Holding Company"). During the year ended December 31, 2021, the Company transferred ownership of the subordinated notes from the Corporate and Other segment to the Excess and Surplus Lines segment. Interest on the notes, which mature in 2023, is fixed at 7.6% per annum.

At December 31, 2020, the Company held an investment in a collateralized loan obligation (CLO) where one of the underlying loans was issued by the Bank Holding Company. The investment, with a carrying value of $520,000 at December 31, 2020, was classified as an available-for-sale fixed maturity. During the year ended December 31, 2021, the Company received the final principal repayment for the investment.

The Company maintains fixed maturity securities, short-term investments, accrued investment income, and cash and cash equivalents amounting to $478.4 million at December 31, 2021 in trust accounts or on deposit as collateral for outstanding letters of credit issued as security to third-party reinsureds on reinsurance assumed by JRG Re.

At December 31, 2021 and 2020, cash and investments with a fair value of $54.9 million and $46.9 million, respectively, were on deposit with state insurance departments to satisfy regulatory requirements.

Deferred Policy Acquisition Costs

12 Months Ended

Dec. 31, 2021

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

An analysis of deferred policy acquisition costs is as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Balance at beginning of period	$	62,953	$	62,006	$	54,450
Policy acquisition costs deferred:
Commissions	51,466		51,306		67,303
Underwriting and other issue expenses	23,770		25,219		24,146
	75,236		76,525		91,449
Amortization of policy acquisition costs	(69,663)		(75,578)		(83,893)
Net change	5,573		947		7,556
Balance at end of period	$	68,526	$	62,953	$	62,006

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

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.

All of the Company’s goodwill is an asset of the Excess and Surplus Lines segment. The Company’s annual testing performed in the fourth quarter of 2021, 2020 and 2019 indicated that no impairment of goodwill had occurred. The carrying amount of goodwill at December 31, 2021 and 2020 was $181.8 million. Accumulated goodwill impairment losses were $99.6 million at December 31, 2021 and 2020. The most recent goodwill impairment losses occurred in 2010.

Specifically identifiable intangible assets were acquired in the Merger. During the fourth quarters of 2021, 2020 and 2019, the indefinite-lived intangible assets for trademarks and insurance licenses and authorities were tested for impairment. Intangible assets for broker relationships that have specific lives and are subject to amortization were also reviewed for impairment. There were no impairments recognized in 2021, 2020, or 2019.

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


		December 31,
		2021				2020
	Weighted- Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		(in thousands)
Trademarks	Indefinite	$	22,200	$	—	$	22,200	$	—
Insurance licenses and authorities	Indefinite	8,964		—		8,964		—
Identifiable intangibles not subject to amortization		31,164		—		31,164		—
Broker relationships	24.6	11,611		6,736		11,611		6,373
Identifiable intangible assets subject to amortization		11,611		6,736		11,611		6,373
		$	42,775	$	6,736	$	42,775	$	6,373

Future estimated amortization of specifically identifiable intangible assets as of December 31, 2021 is as follows (in thousands):


2022	$	363
2023	363
2024	363
2025	363
2026	363
Thereafter	3,059
Total	$	4,874

The table below summarizes the changes in the net carrying values of intangible assets by segment for 2021:


	December 31, 2020						December 31, 2021
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	5,237		(363)		—		4,874
	29,837		(363)		—		29,474
Specialty Admitted Insurance
Trademarks	2,500		—		—		2,500
Insurance licenses and authorities	4,065		—		—		4,065
Broker relationships	—		—		—		—
	6,565		—		—		6,565
Total identifiable intangible assets	$	36,402	$	(363)	$	—	$	36,039

The table below summarizes the changes in the net carrying values of intangible assets by segment for 2020:


	December 31, 2019						December 31, 2020
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	5,603		(366)		—		5,237
	30,203		(366)		—		29,837
Specialty Admitted Insurance
Trademarks	2,500		—		—		2,500
Insurance licenses and authorities	4,065		—		—		4,065
Broker relationships	172		(172)		—		—
	6,737		(172)		—		6,565
Total identifiable intangible assets	$	36,940	$	(538)	$	—	$	36,402

Amortization of intangible assets was $362,000 for the Excess and Surplus Lines segment and $235,000 for the Specialty Admitted Insurance segment for the year ended December 31, 2019.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net of accumulated depreciation, is included in "other assets" on the consolidated balance sheets and consists of the following:


	December 31,
	2021		2020
	(in thousands)
Electronic data processing hardware and software	$	2,492	$	3,238
Furniture and equipment	2,221		2,025
Property and equipment, cost basis	4,713		5,263
Accumulated depreciation	(3,932)		(3,975)
Property and equipment, net	$	781	$	1,288

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

The Company has entered into operating leases for office space in Bermuda, North Carolina, Virginia, Arizona, and Georgia. Following the adoption of ASU 2016-02, Leases (Topic 842), effective January 1, 2019, the present value of future lease payments for the Company’s leases with terms greater than 12 months are included on the consolidated balance sheets as lease liabilities and right-of-use lease assets. For leases with terms of 12 months or less, lease payments are recognized in other operating expenses on a straight-line basis over the lease term.

Total expected lease payments are based on the lease payments specified in the contract and the stated term, including any options to extend or terminate that the Company is reasonably certain to exercise. The Company has elected the practical expedient to account for lease components and any associated non-lease components as a single lease component, and therefore allocates all of the expected lease payments to the lease component.

The lease liability, which represents the Company’s obligation to make lease payments arising from the lease, is calculated based on the present value of expected lease payments over the remaining lease term, discounted using the Company’s collateralized incremental borrowing rate at the commencement date. The lease liability is then adjusted for any prepaid rent, lease incentives received or capitalized initial direct costs to determine the lease asset, which represents the Company's right to use the underlying asset for the lease term. Lease liabilities and right-of-use assets are included in other liabilities and other assets, respectively, on the Company's consolidated balance sheets.

Upon adoption of the new standard on January 1, 2019, the Company derecognized assets of $22.6 million and liabilities of $30.9 million associated with a lease that was designated as build-to-suit under the previous guidance, and recorded a cumulative-effect adjustment to increase retained earnings by $8.3 million. The Company also recorded right-of-use assets of $17.2 million and lease liabilities of $17.8 million at adoption of the new standard associated with the Company's operating leases.

At December 31, 2021, lease liabilities and right-of-use assets associated with the Company's operating leases were $12.8 million and $11.7 million, respectively ($14.9 million and $14.0 million at December 31, 2020, respectively). The weighted-average discount rate and weighted average remaining lease term for operating leases was 4.1% and 3.6 years, respectively, as of December 31, 2021.

The table below summarizes maturities of the Company’s operating lease liabilities as of December 31, 2021, which reconciles to total lease liabilities included in other liabilities on the Company’s consolidated balance sheets:


Years ending December 31,	(in thousands)
2022	$	4,146
2023	3,935
2024	2,625
2025	2,556
2026	407
Thereafter	90
Total lease payments	13,759
Less imputed interest	(967)
Total operating lease liabilities	$	12,792

Operating lease liabilities include $8.5 million associated with office space in a building that is owned by a partnership in which the Company has a minority interest.

Operating lease costs were $5.1 million, $5.0 million, and $5.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. Operating lease costs are primarily comprised of rental expense for operating leases. Rental expense is recognized on a straight line basis over the lease term and includes amortization of the right-of-use lease asset and imputed interest on the lease liability. Operating lease costs are included in other operating expenses in the Company's consolidated statements of (loss) income and comprehensive (loss) income.

Reserve for Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2021

Liability for Claims and Claims Adjustment Expense [Abstract]

Reserve for Losses and Loss Adjustment Expenses

In establishing the reserve for losses and loss adjustment expenses, the Company’s internal actuaries estimate an initial expected ultimate loss ratio for each of our lines of business by accident year (or for our Casualty Reinsurance segment, on a contract by contract basis). Input from the Company’s underwriting and claims departments, including premium pricing assumptions and historical experience, are considered by the Company’s internal actuaries in estimating the initial expected loss ratios. The Company’s internal actuaries generally utilize five actuarial methods in their estimation process for the reserve for losses and loss adjustment expenses. These five methods utilize, to varying degrees, the initial expected loss ratio, detailed statistical analysis of past claims reporting and payment patterns, claims frequency and severity, paid loss experience, industry loss experience, and changes in market conditions, policy forms, exclusions, and exposures.

In applying these methods to develop an estimate of the reserve for losses and loss adjustment expenses, our internal actuaries use judgment to determine three key parameters for each accident year and line of business: the initial expected loss ratios, the incurred and paid loss development factors and the weighting of the five actuarial methods to be used for each accident year and line of business. For the Excess and Surplus Lines and Specialty Admitted Insurance segments, the internal actuaries perform a study on each of these parameters annually and make recommendations for the initial expected loss ratios, the incurred and paid loss development factors and the weighting of the five actuarial methods by accident year and line of business. Members of management’s Reserve Committee review and approve the parameter review actuarial recommendations, and absent any developments requiring an earlier review, these approved parameters are used in the reserve estimation process for the next four quarters at which time a new parameter study is performed. For the Casualty Reinsurance segment, periodic assessments are made on a contract by contract basis. Method weights are generally less rigid for the Casualty Reinsurance

segment given the heterogeneous nature of the various contracts, and the potential for significant changes in mix of business within individual treaties.

Different reserving methods are appropriate in different situations, and the Company’s internal actuaries use their judgment and experience to determine the weighting of the methods to use for each accident year and each line of business and, for our Casualty Reinsurance segment, on a contract by contract basis. For example, the current accident year has very little incurred and paid loss development data on which to base reserve projections. As a result, the Company relies heavily on the initial expected loss ratio in estimating reserves for the current accident year. The Company generally sets the initial expected loss ratio for the current accident year consistent with the internal actuaries’ pricing assumptions adjusted upward where warranted based on management's judgment in order to produce the best estimate. We believe that this is a reasonable and appropriate reserving assumption for the current accident year since our pricing assumptions are actuarially driven and since the Company expects to make an acceptable return on the new business written. If actual loss emergence is better than our initial expected loss ratio assumptions, we will experience favorable development and if it is worse than our initial expected loss ratio assumptions, we will experience adverse development. Conversely, sufficient incurred and paid loss development data is available for the oldest accident years, so more weight is given to this development data and less weight is given to the initial expected loss ratio.

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 consolidated balance sheets. Reinsurance recoverables on unpaid losses and loss adjustment expenses are presented gross of an allowance for credit losses on reinsurance balances of $631,000 and $335,000 at December 31, 2021 and 2020, respectively.


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$	1,386,061	$	1,377,461	$	1,194,088
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	466,574		386,341		603,094
Prior years	325,778		92,204		69,008
Total incurred losses and loss and adjustment expenses	792,352		478,545		672,102
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	35,006		31,952		75,249
Prior years	487,741		437,993		413,480
Total loss and loss adjustment expense payments	522,747		469,945		488,729
Deduct: Loss reserves ceded in LPT Transaction	256,452		—		—
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,399,214		1,386,061		1,377,461
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,349,259		806,019		668,045
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	2,748,473	$	2,192,080	$	2,045,506

The foregoing reconciliation shows that $325.8 million of adverse development was experienced in 2021 on the reserve for losses and loss adjustment expenses held at December 31, 2020. This adverse reserve development included $190.7 million of adverse development in the Excess and Surplus Lines segment, including $200.1 million of adverse development in the commercial auto line of business that was primarily related to the 2019 and prior accident years with Rasier LLC and its affiliates (collectively, “Rasier”). The adverse development for commercial auto was partially offset by $9.4 million of favorable development in other Excess and Surplus Lines underwriting divisions. Favorable reserve development in the Specialty Admitted Insurance segment was $2.5 million as losses on our workers’ compensation business written prior to 2020 continued to develop more favorably than we had anticipated. The Casualty Reinsurance segment experienced $137.6 million of adverse development on prior underwriting years. Actual reported and paid losses in the Casualty Reinsurance segment significantly exceeded expectations in 2021, particularly in the fourth quarter of 2021, causing us to refine some of the assumptions used to determine our best estimate of ultimate losses for this segment. Specifically, we responded to this highly

elevated loss emergence by making significant adjustments to our assumed tail factors, other development factors, initial expected loss ratios, and weights given to various actuarial methods. In particular, we gave significantly more weight to incurred loss development methods and Bornhuetter – Ferguson incurred loss development methods than had been done previously. These actuarial refinements resulted in material deterioration in ultimate loss selections for underwriting years 2014 through 2018. The adverse development was concentrated in four treaties, three of which were general liability and one which was professional liability. Of the $137.6 million of adverse development recognized in 2021, $113.4 million was concentrated in these four treaties.

The foregoing reconciliation shows that $92.2 million of adverse development was experienced in 2020 on the reserve for losses and loss adjustment expenses held at December 31, 2019. This adverse reserve development included $59.4 million of adverse development in the Excess and Surplus Lines segment including $91.4 million of adverse development in the commercial auto line of business that was primarily related to the 2018 and prior accident years with Rasier. The adverse development for commercial auto was partially offset by $32.0 million of favorable development in other Excess and Surplus Lines underwriting divisions that was primarily related to the 2018 and 2019 accident years. The Company also experienced $5.0 million of favorable development on prior accident years in the Specialty Admitted Insurance segment, as losses on our workers’ compensation business written prior to 2019 continued to develop more favorably than we had anticipated. The Casualty Reinsurance segment experienced $37.8 million of adverse development on prior accident years primarily in accident years 2014 through 2018. This adverse development was mainly in the general liability and commercial auto lines of business.

The foregoing reconciliation shows that $69.0 million of adverse development was experienced in 2019 on the reserve for losses and loss adjustment expenses held at December 31, 2018. This adverse reserve development included $51.2 million of adverse development in the Excess and Surplus Lines segment including $57.4 million of adverse development in the commercial auto line of business that was primarily related to the 2016 and 2017 accident years with Rasier. The adverse development for commercial auto was partially offset by $6.2 million of favorable development in other Excess and Surplus Lines underwriting divisions. The Company also experienced $5.3 million of favorable development on prior accident years in the Specialty Admitted Insurance segment, as losses on our workers’ compensation business written prior to 2018 continued to develop more favorably than we had anticipated. The Casualty Reinsurance segment experienced $23.1 million of adverse development on prior accident years primarily in accident years 2011 through 2016. This adverse development was mainly in the general liability and commercial auto lines of business.

The following tables present incurred and paid losses and loss adjustment expenses, net of reinsurance as of December 31, 2021 for: (1) the Excess and Surplus Lines segment split between all excess and surplus lines business excluding commercial auto, and separately, commercial auto, (2) the Specialty Admitted Insurance segment split between individual risk workers’ compensation and fronting and programs, and (3) the Casualty Reinsurance segment. The information provided herein about incurred and paid accident year claims development for the years ended December 31, 2020 and prior is presented as “unaudited” supplementary information.

Excess and Surplus Lines — Excluding Commercial Auto

Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
2012	$	97,908	$	98,672	$	97,829	$	96,497	$	97,306	$	99,619	$	101,271	$	103,061	$	106,118	$	108,336
2013			96,729		96,064		85,433		81,009		82,830		83,855		82,732		82,517		83,594
2014					114,942		104,092		90,267		82,232		84,074		88,904		90,191		90,944
2015							126,443		113,417		104,847		102,434		103,688		110,466		114,398
2016									138,507		125,093		126,050		126,971		125,097		132,235
2017											144,349		131,897		132,136		124,265		128,674
2018													167,004		158,458		146,633		150,687
2019															214,653		194,759		189,671
2020																	239,897		211,732
2021																			304,435
Total																			$	1,514,706

Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021

2012	$	6,944	$	33,757	$	49,604	$	63,216	$	74,869	$	82,545	$	88,812	$	94,588	$	99,628	$	101,669
2013			3,867		14,509		30,382		44,421		59,641		66,553		71,035		74,635		76,295
2014					3,412		16,969		28,212		43,891		58,774		71,549		76,523		79,980
2015							4,048		17,164		34,801		55,911		73,455		87,344		94,494
2016									5,180		22,852		46,045		70,105		90,166		102,072
2017											5,290		22,956		42,764		64,924		81,303
2018													6,000		26,160		50,679		76,494
2019															8,235		31,346		62,227
2020																	8,642		34,561
2021																			11,693
Total																			$	720,788
All outstanding losses and loss adjustment expenses prior to 2012, net of reinsurance (44 claims outstanding)																			$	6,714
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	800,632

Excess and Surplus Lines — Commercial Auto

Incurred losses and adjustment expenses, net of reinsurance (in thousands)


Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021
2013	$	1,255	$	1,300	$	1,451	$	1,351	$	1,301	$	1,277	$	1,277	$	1,277	$	1,277
2014			20,487		14,071		17,233		18,953		19,779		18,303		19,196		20,013
2015					30,109		33,113		35,149		36,139		36,636		37,839		38,046
2016							74,340		109,286		126,791		147,122		157,712		164,399
2017									207,355		208,743		272,421		319,472		355,713
2018											255,881		230,220		283,408		349,067
2019													262,306		240,773		339,771
2020															19,133		10,899
2021																	21,154
Total																	$	1,300,339

Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021
2013	$	60	$	1,182	$	1,285	$	1,291	$	1,275	$	1,275	$	1,275	$	1,275	$	1,275
2014			6,166		8,645		12,679		16,359		18,678		17,745		18,301		19,163
2015					8,356		15,234		24,282		31,592		34,819		35,983		36,710
2016							18,295		54,054		89,381		125,108		141,545		152,030
2017									41,467		107,377		192,961		252,169		309,860
2018											45,136		119,099		184,686		257,346
2019													44,225		107,182		192,982
2020															628		2,854
2021																	2,810
Total																	$	975,030
Total outstanding losses and loss adjustment expenses, net of reinsurance before Rasier LPT																	$	325,309
Reinsurance recoverable for Rasier LPT																	$	256,452
Total outstanding losses and loss adjustment expenses, net of reinsurance																	$	68,857

Specialty Admitted — Individual Risk Workers’ Compensation

Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
2012	$	32,116	$	32,420	$	31,490	$	29,689	$	28,255	$	28,174	$	28,186	$	28,186	$	27,741	$	27,386
2013			12,525		13,668		12,786		11,578		10,907		10,909		10,909		10,598		10,573
2014					16,638		16,652		14,620		13,890		12,704		12,704		12,573		12,685
2015							20,938		21,274		19,741		18,376		17,626		16,492		16,468
2016									21,678		20,299		18,050		15,800		14,050		13,069
2017											24,869		22,071		19,779		18,810		16,606
2018													16,432		16,288		16,038		14,200
2019															20,253		21,056		20,631
2020																	20,137		22,240
2021																			14,519
Total																			$	168,377

Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
2012	$	9,222	$	20,308	$	24,755	$	26,435	$	26,897	$	26,932	$	26,963	$	26,994	$	27,128	$	27,140
2013			4,487		8,723		9,846		10,246		10,263		10,309		10,337		10,335		10,336
2014					4,633		10,648		12,041		12,236		12,282		12,282		12,276		12,287
2015							6,604		13,285		15,118		15,889		15,901		16,068		16,069
2016									4,664		10,227		12,135		12,432		12,481		12,483
2017											6,546		12,782		14,285		15,195		15,210
2018													4,497		9,034		11,412		11,746
2019															5,473		13,776		16,254
2020																	7,394		14,668
2021																			5,874
Total																			$	142,067
All outstanding losses and loss adjustment expenses prior to 2012, net of reinsurance (6 claims outstanding)																			$	927
Outstanding losses and loss adjustment expenses assumed from involuntary workers’ compensation pools																			$	3,941
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	31,178

Specialty Admitted — Fronting and Programs

Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021
2013	$	104	$	80	$	52	$	52	$	52	$	52	$	52	$	52	$	52
2014			3,460		3,468		3,818		3,425		3,228		3,083		3,081		3,068
2015					7,136		9,632		9,358		8,974		8,384		8,444		8,436
2016							11,542		15,670		14,682		15,522		14,468		15,090
2017									21,229		24,271		25,201		24,728		25,097
2018											21,758		20,677		19,822		20,158
2019													18,832		19,020		19,991
2020															25,433		28,131
2021																	39,999
Total																	$	160,022

Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021
2013	$	28	$	52	$	52	$	52	$	52	$	52	$	52	$	52	$	52
2014			883		1,687		2,369		2,728		2,854		2,916		2,917		2,926
2015					2,058		4,666		6,165		6,919		7,329		7,654		7,728
2016							1,894		5,123		6,888		10,732		10,896		11,711
2017									1,223		6,682		13,065		15,854		18,219
2018											885		4,972		10,495		12,631
2019													4,358		5,125		9,958
2020															5,375		15,678
2021																	8,347
Total																	$	87,250
All outstanding losses and loss adjustment expenses, net of reinsurance																	$	72,772
Outstanding losses and loss adjustment expenses, assumed from involuntary pools																	$	781
Total outstanding losses and loss adjustment expenses, net of reinsurance																	$	73,553

Casualty Reinsurance

Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
2012	$	148,251	$	132,388	$	131,281	$	135,594	$	136,813	$	139,978	$	143,305	$	146,045	$	147,413	$	148,103
2013			133,230		130,361		131,352		134,446		137,801		143,124		146,760		149,682		153,622
2014					118,881		115,927		114,636		116,981		121,200		126,160		130,822		139,208
2015							119,157		108,870		108,699		109,117		114,517		120,185		133,790
2016									112,759		105,533		103,544		108,222		114,979		132,058
2017											134,628		128,472		129,800		138,831		176,828
2018													121,529		119,098		125,715		163,957
2019															86,022		85,549		100,895
2020																	80,374		81,800
2021																			82,610
Total																			$	1,312,871

Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
2012	$	73,124	$	81,859	$	97,215	$	113,943	$	121,026	$	128,567	$	133,606	$	137,430	$	139,719	$	141,563
2013			59,756		75,094		93,902		108,396		119,256		127,732		134,644		139,250		142,824
2014					41,421		58,601		76,302		89,899		101,366		110,374		117,971		125,444
2015							40,021		53,986		68,002		80,208		90,661		100,548		110,692
2016									36,268		50,905		65,409		78,145		90,356		104,115
2017											47,739		72,891		90,117		106,942		126,747
2018													30,903		50,274		69,123		90,054
2019															12,646		25,453		37,488
2020																	5,589		15,270
2021																			2,082
Total																			$	896,279
All outstanding losses and loss adjustment expenses prior to 2012, net of reinsurance																			$	8,402
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	424,994

The reconciliation of the net incurred and paid claims development tables to the reserve for losses and loss adjustment expenses in the consolidated balance sheet at December 31, 2021 is as follows (in thousands):


E&S – excluding commercial auto	$	800,632
E&S – commercial auto	68,857
Specialty Admitted – individual risk workers’ compensation	31,178
Specialty Admitted – fronting and programs	73,553
Casualty Reinsurance	424,994
Net reserve for losses and loss adjustment expenses	1,399,214
Reinsurance recoverables on unpaid losses (gross of $631,000 allowance for credit losses on reinsurance recoverables)	1,349,259
Gross reserve for losses and loss adjustment expenses	$	2,748,473

The following is unaudited supplementary information about average annual percentage payouts of incurred claims by age, net of reinsurance, as of December 31, 2021.


	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
E&S – excluding commercial auto	8.7	%	15.1	%	17.1	%	18.2	%	14.7	%	8.4	%	5.3	%	4.1	%	2.3	%	1.8	%
E&S – commercial auto	17.7	%	35.0	%	17.9	%	13.9	%	8.4	%	3.2	%	1.1	%	0.6	%	2.1	%
Specialty Admitted – individual risk workers’ compensation	27.8	%	31.3	%	15.2	%	8.7	%	6.5	%	3.4	%	2.2	%	1.1	%	1.2	%	0.9	%
Specialty Admitted – fronting and programs	17.8	%	22.3	%	21.2	%	14.1	%	9.3	%	6.0	%	4.7	%	2.3	%	2.3	%
Casualty Reinsurance	13.2	%	9.7	%	7.7	%	7.0	%	7.5	%	7.4	%	7.4	%	7.0	%	6.8	%	6.1	%

In determining the cumulative number of reported claims, the Company measures claim counts by individual claimant for individual risk workers’ compensation policies in the Specialty Admitted Insurance segment. In the Excess and Surplus Lines insurance segment and for fronting and programs in the Specialty Admitted Insurance segment, the Company measures claim counts by claim event. The claim counts include all claims reported, even if the Company does not establish a liability for the claim (i.e. reserve for loss and loss adjustment expenses).

The Casualty Reinsurance segment typically assumes written premium under quota share arrangements. The Company typically does not have direct access to claim frequency information underlying its assumed quota share arrangements given the nature of that business. In addition, multiple claims are often aggregated by the ceding company before being reported to the Company. We do not use claim frequency information in the Casualty Reinsurance segment in the determination of loss

reserves or for other internal purposes. Based on these considerations, the Company does not believe providing claims frequency information is practicable as it relates to the Casualty Reinsurance segment.

The table below provides information on IBNR liabilities and claims frequency for: (1) the Excess and Surplus Lines segment split between commercial auto and all non commercial auto, and (2) the Specialty Admitted Insurance segment split between individual risk workers’ compensation and fronting and programs:

Excess and Surplus Lines — Excluding Commercial Auto


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2012	$	108,336	$	1,449	1,868
2013	83,594		2,624		2,510
2014	90,944		4,040		2,225
2015	114,398		5,543		2,636
2016	132,235		10,541		3,102
2017	128,674		14,307		3,197
2018	150,687		31,961		4,465
2019	189,671		77,244		5,417
2020	211,732		128,364		4,442
2021	304,435		252,419		2,964

Excess and Surplus Lines — Commercial Auto


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2013	$	1,277	$	2	54
2014	20,013		266		7,764
2015	38,046		741		41,770
2016	164,399		4,895		89,117
2017	355,713		9,690		134,150
2018	349,067		22,594		97,334
2019	339,771		54,011		71,428
2020	10,899		3,442		594
2021	21,154		14,481		699

Specialty Admitted - Individual Risk Workers’ Compensation


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2012	$	27,386	$	247	1,323
2013	10,573		237		540
2014	12,685		319		851
2015	16,468		391		975
2016	13,069		585		836
2017	16,606		1,283		1,093
2018	14,200		2,253		1,238
2019	20,631		3,057		1,552
2020	22,240		3,890		1,367
2021	14,519		2,845		1,238

Specialty Admitted — Fronting and Programs


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2013	$	52	$	—	22
2014	3,068		134		858
2015	8,436		502		1,361
2016	15,090		2,241		2,816
2017	25,097		4,630		6,788
2018	20,158		4,000		7,360
2019	19,991		5,316		8,084
2020	28,131		5,843		8,680
2021	39,999		22,373		8,253

The table below provides information on IBNR liabilities for the Casualty Reinsurance segment:


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR
	($ in thousands)
2012	$	148,103	$	906
2013	153,622		2,566
2014	139,208		5,712
2015	133,790		9,817
2016	132,058		14,766
2017	176,828		33,463
2018	163,957		42,942
2019	100,895		49,980
2020	81,800		94,855
2021	82,610		24,450

The Company has not provided insurance coverage that could reasonably be expected to produce material levels of asbestos claims activity. In addition, management does not believe that the Company is exposed to environmental liability claims other than those which it has specifically underwritten and priced as an environmental exposure.

Reinsurance

12 Months Ended

Dec. 31, 2021

Reinsurance Disclosures [Abstract]

Reinsurance

The Company remains liable to policyholders if its reinsurers are unable to meet their contractual obligations under applicable reinsurance agreements. To minimize exposure to significant losses from reinsurance insolvencies, the Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk. The Company’s reinsurance contracts generally require reinsurers that are not authorized as reinsurers under U.S. state insurance regulations or that experience rating downgrades from rating agencies below specified levels to fund their share of the Company’s ceded outstanding losses and loss adjustment expense reserves, typically through the use of irrevocable and unconditional letters of credit. In fronting arrangements, which the Company conducts through its Specialty Admitted Insurance segment, the Company is subject to credit risk with regard to insurance companies who act as reinsurers for the Company in such arrangements. The Company customarily requires a collateral trust arrangement to secure the obligations of the insurance entity for whom it is fronting.

At December 31, 2021, the Company had reinsurance recoverables on unpaid losses of $1,348.6 million and reinsurance recoverables on paid losses of $82.2 million. All material reinsurance recoverables are from companies with A.M. Best Company ratings of “A-” (Excellent) or better, or are collateralized by the reinsurer for our benefit through letters of credit or trust agreements, or represent recoverables from a state residual market for automobile insurance.

At December 31, 2021, reinsurance recoverables on unpaid losses from the Company’s three largest reinsurers were $325.0 million, $256.5 million, and $125.4 million, representing 52.4% of the total balance.

At December 31, 2021, prepaid reinsurance premiums ceded to three reinsurers totaled $80.7 million, $43.2 million, and $19.8 million, representing 49.3% of the total balance.

Premiums written, premiums earned, and losses and loss adjustment expenses incurred are summarized as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Written premiums:
Direct	$	1,322,034	$	1,103,994	$	1,305,948
Assumed	185,265		153,006		164,787
Ceded	(762,919)		(609,226)		(574,585)
Net	$	744,380	$	647,774	$	896,150
Earned premiums:
Direct	$	1,255,875	$	1,005,138	$	1,182,501
Assumed	154,243		145,867		150,330
Ceded	(714,524)		(544,199)		(509,085)
Net	$	695,594	$	606,806	$	823,746
Losses and loss adjustment expenses:
Direct	$	1,117,673	$	709,545	$	953,548
Assumed	232,240		125,096		113,843
Ceded	(557,561)		(356,096)		(395,289)
Net	$	792,352	$	478,545	$	672,102

Senior Debt	12 Months Ended
Senior Debt	Dec. 31, 2021
Debt Disclosure [Abstract]
Senior Debt	Senior Debt The Company has a $315.0 million senior revolving credit facility (as amended or amended and restated, the "2013 Facility”). The 2013 Facility is comprised of the following at December 31, 2021: • A $102.5 million secured revolving facility utilized by JRG Re to issue letters of credit for the benefit of third-party reinsureds. This portion of our credit facility is secured by our investment securities. At December 31, 2021, the Company had $34.3 million of letters of credit issued under the secured facility. • A $212.5 million unsecured revolving facility to meet the working capital needs of the Company. All unpaid principal on the revolver is due at maturity. Interest accrues quarterly and is payable in arrears at LIBOR plus a margin (1.625% at December 31, 2021), which is subject to change according to terms in the credit agreement. At December 31, 2021 and 2020, the Company had a drawn balance of $185.8 million outstanding on the unsecured revolver. In 2020, we borrowed an additional $52.5 million to support our growth and for general corporate purposes. James River Group Holdings, Ltd. and JRG Re are borrowers on the 2013 Facility. The 2013 Facility has been amended from time to time since its inception in 2013. On November 8, 2019, the Company entered into a Second Amended and Restated Credit Agreement for the 2013 Facility which, among other things, extended the maturity date of the 2013 Facility until November 8, 2024, increased the amount available under the unsecured revolving credit facility to $212.5 million, lowered the applicable interest rate and letter of credit fees, and modified certain negative covenants to be less restrictive. A subsidiary of the Bank Holding Company is one of the lenders for the 2013 Facility, with a $36.0 million commitment allocation on the total $315.0 million 2013 Facility. The 2013 Facility contains certain financial and other covenants (including minimum net worth, maximum ratio of total adjusted debt outstanding to total capitalization, and financial strength ratings) with which the Company was in compliance, at December 31, 2021. On August 2, 2017, the Company and its wholly-owned subsidiary, JRG Re, together as borrowers, entered into a credit agreement (the "2017 Facility") that provides the Company with a revolving line of credit of up to $100.0 million, which may be used for loans and letters of credit made or issued, at the borrowers' option, on a secured or unsecured basis. The loans and letters of credit made or issued under the revolving line of credit may be used to finance the Borrowers’ general corporate purposes. On November 8, 2019, the Company entered into a First Amendment to Credit Agreement which, among other things, lowered the applicable interest rate and modified certain negative covenants to be less restrictive. Obligations under the 2017 Facility carry a variable rate of interest subject to terms in the credit agreement (LIBOR plus a margin of 1.625% at December 31, 2021) and will mature 30 days after notice of termination from the lender. Interest accrues quarterly and is payable in arrears at variable rates which are subject to change according to terms in the credit agreement. At December 31, 2021, unsecured loans of $61.5 million and secured letters of credit totaling $20.5 million were outstanding under the facility. During 2020, we borrowed an additional $51.5 million in unsecured loans to support our growth and for general corporate purposes. In order to secure borrowings and letters of credit made or issued under the secured portion of the revolving line of credit, JRG Re entered into a pledge and security agreement on August 2, 2017 with the lender, pursuant to which JRG Re will pledge certain investment securities. In the event the Company elects to pledge investment securities as collateral for the secured portion of the revolving credit facility, the Company will enter into a similar pledge and security agreement. The lender under the credit agreement and its affiliate is a joint bookrunner and joint lead arranger under the Company’s Second Amended and Restated Credit Agreement dated as of November 8, 2019, as amended, and its affiliate was also an underwriter in the December 2014 initial public offering of the Company’s common shares. The 2017 Facility contains certain financial and other covenants which we are in compliance with at December 31, 2021. On May 26, 2004, James River Group issued $15.0 million of unsecured, floating rate senior debentures (the “Senior Debt”), due April 29, 2034 unless accelerated earlier, through an indenture. The Senior Debt is not redeemable by the holder and is not subject to sinking fund requirements. Interest accrues quarterly and is payable in arrears at a per annum rate of the three-month LIBOR on the Determination Date (as defined in the indenture) plus 3.85%. The Senior Debt is redeemable prior to its stated maturity in whole or in part, at the option of James River Group. The terms of the indenture generally provide that so long as the Senior Debt is outstanding, neither James River Group nor any of its subsidiaries may: • assume or permit to exist any indebtedness that is secured by any encumbrance on the capital stock of James River Group or any of its subsidiaries which is senior to the Senior Debt; or • issue, sell, transfer or otherwise dispose of any shares of, securities convertible into, or warrants, rights or options to subscribe for or purchase shares of, capital stock of any subsidiary. The terms of the Senior Debt contain certain covenants, with which we are in compliance at December 31, 2021, and which, among other things, restrict our ability to assume senior indebtedness secured by our U.S. holding company's common stock or its subsidiaries' capital stock or to issue shares of its subsidiaries' capital stock. Interest payable is included in “accrued expenses” in the accompanying consolidated balance sheets.

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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

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

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

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

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

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

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

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

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

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

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

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

Stockholders' Equity Note [Abstract]

Junior Subordinated Debt

12 Months Ended

Dec. 31, 2021

Subordinated Borrowings [Abstract]

Junior Subordinated Debt

The Company issued trust preferred securities (“Trust Preferred Securities”) through James River Capital Trust I, James River Capital Trust II, James River Capital Trust III, James River Capital Trust IV, and Franklin Holdings II (Bermuda) Capital Trust I, (each, a “Trust”; collectively, the “Trusts”). These Delaware statutory trusts are sponsored and wholly-owned by the Company. Each Trust was created solely for the purpose of issuing the Trust Preferred Securities.

Each Trust used proceeds from the sale of its Trust Preferred Securities to purchase the Company’s floating rate junior subordinated debentures (the “Junior Subordinated Debt”) issued to the Trust under an indenture (each, an “Indenture”; collectively, the “Indentures”). The Junior Subordinated Debt is the sole asset of each Trust, and the Trust Preferred Securities are the sole liabilities of each Trust. The Company purchased all of the outstanding common stock of the Trusts, and the investment in the Trusts is included in “other assets” in the accompanying consolidated balance sheets.

The following table summarizes the nature and terms of the junior subordinated debt and trust preferred securities outstanding at December 31, 2021 (including the Company’s repurchases of a portion of these trust preferred securities):


	James River Capital Trust I	James River Capital Trust II	James River Capital Trust III	James River Capital Trust IV	Franklin Holdings II (Bermuda) Capital Trust I
	($ in thousands)
Issue date	May 26, 2004	December 15, 2004	June 15, 2006	December 11, 2007	January 10, 2008
Principal amount of Trust Preferred Securities	$7,000	$15,000	$20,000	$54,000	$30,000
Principal amount of Junior Subordinated Debt	$7,217	$15,464	$20,619	$55,670	$30,928
Carrying amount of Junior Subordinated Debt net of repurchases	$7,217	$15,464	$20,619	$44,827	$15,928
Maturity date of Junior Subordinated Debt, unless accelerated earlier	May 24, 2034	December 15, 2034	June 15, 2036	December 15, 2037	March 15, 2038
Trust common stock	$217	$464	$619	$1,670	$928
Interest rate, per annum	Three-Month LIBOR plus 4.0%	Three-Month LIBOR plus 3.4%	Three-Month LIBOR plus 3.0%	Three-Month LIBOR plus 3.1%	Three-Month LIBOR plus 4.0%

All of the Junior Subordinated Debt is currently redeemable at 100.0% of the unpaid principal amount at the Company’s option. Interest on the Trust Preferred Securities and interest paid to the Trusts on the Junior Subordinated Debt is payable quarterly in arrears at a per annum rate as described in the table above. The Company has the right to defer interest payments on the Junior Subordinated Debt for up to five years without triggering an event of default.

The Trust Preferred Securities are subject to mandatory redemption in a like amount (a) upon repayment of all of the Junior Subordinated Debt on the stated maturity date, (b) contemporaneously with the optional prepayment of all of the Junior Subordinated Debt in conjunction with a special event (as defined), and (c) five years or more after the issue date, contemporaneously with the optional prepayment, in whole or in part, of the Junior Subordinated Debt. The Indentures contain certain covenants which the Company is in compliance with as of December 31, 2021.

Interest payable is included in “accrued expenses” on the accompanying consolidated balance sheets.

Capital Stock

12 Months Ended

Dec. 31, 2021

Capital Stock

The Company’s authorized share capital consists of 200,000,000 common shares, par value $0.0002 per share (37,373,066 shares issued and outstanding at December 31, 2021) and 20,000,000 undesignated preferred shares, par value $0.00125 per share (no shares issued or outstanding at December 31, 2021).

On May 10, 2021, the Company closed the offering and public sale (the “Offering”) of an aggregate of 6,497,500 of the Company’s common shares at a public offering price of $31.00 per share. The Company received net proceeds (before expenses) from the Offering of $192.1 million, which were used for general corporate purposes. The common shares were offered and sold pursuant to an underwriting agreement entered into by the Company, Barclays Capital, Inc., and Keefe, Bruyette & Woods, Inc., as representatives of the several underwriters named therein.

The Company also issued 226,305 common shares in 2021 related to outstanding equity incentive plan awards. Of the new shares issued, 93,446 were related to employee stock option exercises and 132,859 were related to vesting of restricted share units (“RSUs”).

As a result of the Offering and the issuances related to equity incentive plan awards, the total common shares outstanding increased from 30,649,261 at December 31, 2020 to 37,373,066 at December 31, 2021.

In 2020, the Company issued 224,870 shares related to outstanding equity incentive plan awards, increasing the number of common shares outstanding from 30,424,391 at December 31, 2019 to 30,649,261 at December 31, 2020. Of the new shares issued, 113,346 were related to employee stock option exercises and 111,524 were related to vesting of restricted share units (“RSUs”).

The Company has 4,321,150 common shares reserved for future issuance upon exercise or vesting of equity awards, as applicable.

The Board of Directors declared the following cash dividends in 2021, 2020, and 2019:


Date of Declaration	Dividend per Common Share	Payable to Shareholders of Record on	Payment Date	Total Amount (thousands)
2021
February 24, 2021	$0.30	March 15, 2021	March 31, 2021	$	9,345
April 27, 2021	$0.30	June 14, 2021	June 30, 2021	$	11,291
July 27, 2021	$0.30	September 13, 2021	September 30, 2021	$	11,282
October 26, 2021	$0.30	December 13, 2021	December 31, 2021	$	11,292
Total	$1.20			$	43,210
2020
February 19, 2020	$0.30	March 16, 2020	March 31, 2020	$	9,269
April 28, 2020	$0.30	June 15, 2020	June 30, 2020	$	9,271
July 28, 2020	$0.30	September 14, 2020	September 30, 2020	$	9,292
October 27, 2020	$0.30	December 14, 2020	December 31, 2020	$	9,305
Total	$1.20			$	37,137
2019
February 20, 2019	$0.30	March 11, 2019	March 29, 2019	$	9,146
April 30, 2019	$0.30	June 10, 2019	June 28, 2019	$	9,205
July 30, 2019	$0.30	September 16, 2019	September 30, 2019	$	9,231
November 5, 2019	$0.30	December 16, 2019	December 31, 2019	$	9,229
Total	$1.20			$	36,811

Included in the dividends are $404,000, $449,000 and $433,000 of dividend equivalents on RSUs, of which $518,000, $663,000 and $623,000 were payable as of December 31, 2021, 2020, and 2019, respectively.

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

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

Share-based Payment Arrangement [Abstract]

Equity Awards

12 Months Ended

Dec. 31, 2021

Equity Awards

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. There are no options outstanding under the Legacy Plan as of December 31, 2021 and 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 December 31, 2021, 1,326,456 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. At the 2019 Annual General Meeting of Shareholders of the Company held on April 30, 2019, the Company's shareholders approved an amendment to the 2014 Director Plan. The Board of Directors of the Company had previously approved the amendment. The amendment increased the number of the Company's common shares authorized for issuance under the 2014 Director Plan by 100,000 shares. The maximum number of shares available for issuance under the 2014 Director Plan is 150,000, and at December 31, 2021, 94,781 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), and in the case of the 2014 LTIP for Good Reason (as defined), at any time following a Change in Control (as defined in the applicable plans).

Options

The following table summarizes the option activity:


	Year Ended December 31,
	2021			2020			2019
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
Outstanding:
Beginning of year	463,324	$	32.25	643,851	$	30.41	1,115,324	$	29.02
Granted	—	$	—	—	$	—	—	$	—
Exercised	(126,798)	$	22.26	(180,527)	$	25.70	(459,415)	$	26.87
Forfeited	(48,552)	$	40.42	—	$	—	(12,058)	$	36.84
End of year	287,974	$	35.26	463,324	$	32.25	643,851	$	30.41
Exercisable, end of year	287,974	$	35.26	463,324	$	32.25	590,340	$	29.34

All of the outstanding options vested over three years and have a contractual life of seven years from the original date of grant. All of the outstanding options have an exercise price equal to the fair value of the underlying shares at the date of grant.

The intrinsic value of each option is determined based on the difference between the fair value of the underlying share and the exercise price of the underlying option. The total intrinsic value of options exercised during 2021, 2020 and 2019 was $1.3 million, $3.8 million and $8.2 million, respectively. The aggregate intrinsic value of options outstanding at December 31, 2021, 2020 and 2019 was $0, $7.8 million and $7.1 million, respectively. The aggregate intrinsic value of options exercisable at December 31, 2021, 2020 and 2019 was $0, $7.8 million and $7.1 million, respectively. The fair value used for calculating intrinsic values was $28.81, $49.15 and $41.21 at December 31, 2021, 2020 and 2019, respectively.

The weighted-average remaining contractual life of the options outstanding and exercisable at December 31, 2021 is 1.4 years. There were no options granted in 2021, 2020, or 2019. The value of the options granted was estimated at the date of grant using the Black-Scholes-Merton option pricing model.

RSUs

The following table summarizes RSU activity:


	Year Ended December 31,
	2021			2020			2019
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Unvested, beginning of year	399,856	$	43.59	340,368	$	41.50	300,142	$	39.22
Granted	161,971	$	47.82	272,608	$	45.11	197,078	$	42.56
Vested	(194,157)	$	42.74	(165,344)	$	41.49	(134,407)	$	37.99
Forfeited	(75,535)	$	45.98	(47,776)	$	44.57	(22,445)	$	41.32
Unvested, end of year	292,135	$	45.89	399,856	$	43.59	340,368	$	41.50

The vesting period of RSUs granted to employees have ranged from one to five years and vest ratably over the respective vesting period, with the majority vesting in three years. All RSUs granted to date to non-employee directors had a one year vesting period. The total fair value of shares vested in 2021, 2020 and 2019 was $9.1 million, $7.2 million and $5.3 million, respectively. 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:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Share based compensation expense	$	6,658	$	7,625	$	7,178
U.S. tax benefit on share based compensation expense	$	1,206	$	1,001	$	872

As of December 31, 2021, the Company had $8.7 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 1.8 years.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Under current Bermuda law, James River Group Holdings, Ltd. and its Bermuda based subsidiaries, JRG Re and Carolina Re, are not required to pay any Bermuda taxes on their income or capital gains. Those companies have received an undertaking from the Minister of Finance in Bermuda that, in the event of any taxes being imposed, the Company will be exempt from taxation in Bermuda until March 2035.

Distributions from the Company’s U.S. subsidiaries to its U.K. intermediate holding company, James River UK, are generally subject to a 5% dividend withholding tax. No distributions occurred in 2021, 2020 or 2019.

The Company’s U.S. subsidiaries are subject to federal, state and local corporate income taxes, and other taxes applicable to U.S. corporations. In addition, Carolina Re is subject to Federal income taxes as a result of its irrevocable election to be taxed as a U.S. domestic corporation under Section 953(d) of the Code. The Company’s U.S.-domiciled subsidiaries and Carolina Re file a consolidated U.S. federal income tax return.

The Company’s U.S.-based subsidiaries are generally no longer subject to income tax examination by U.S. income tax authorities for the tax years ending before January 1, 2017.

During 2018, the IRS published factors that allowed the Company to adjust its current and deferred tax liabilities based on the provisions of the Tax Act. The Tax Act has specific transition provisions associated with reserve discounting. The initial impact of the proposed regulations in 2018 was an increase to our deferred tax asset for the additional discount as of December 31, 2017 of $8.8 million offset by an increase to our deferred tax liability of $8.8 million representing the 8 year transition provision required by the Tax Act. During 2018, $1.1 million of this transition provision was recognized in our current

provision and adjusted out of our deferred tax liability. The regulations were finalized in 2019, and the remaining reserve adjustment at December 31, 2019 based on these final regulations is $5.7 million to be recognized over the next six years at $950,000 per year.

The expected income tax provision computed from pre-tax income at the weighted-average tax rate has been calculated as the sum of the pre-tax income in each jurisdiction multiplied by that jurisdiction’s applicable Federal statutory tax rate. Federal statutory tax rates of 0% and 21% have been used in 2021, 2020 and 2019 for Bermuda and the U.S., respectively. The U.S. (loss) income before Federal income taxes was $(89.3) million, $25.1 million, and $70.7 million for the years ending December 31, 2021, 2020, and 2019, respectively. The Tax Act base-erosion and anti-abuse tax (“BEAT”) provisions impose a minimum tax on applicable taxpayers that make certain payments to related foreign persons. BEAT subjects the modified taxable income of an applicable taxpayer to a specified tax rate (10% in 2021). Modified taxable income is generally calculated by adding back certain payments to related foreign persons to regular taxable income. For the Company, reinsurance premiums paid by the Company’s U.S. insurance subsidiaries to JRG Re, a Bermuda entity that is not a U.S. taxpayer, are added back to regular taxable income in applying the BEAT provisions. A reconciliation of the difference between the Company’s Federal income tax provision on U.S. income and the expected Federal tax provision on U.S. income using the weighted-average tax rate as well as a reconciliation to total tax expense is as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Federal income tax (benefit) expense at applicable statutory rates	$	(18,750)	$	5,272	$	14,843
Tax-exempt investment income	(278)		(260)		(230)
Dividends received deduction	(298)		(283)		(307)
Excess tax benefits on share based compensation	(208)		(679)		(1,099)
Provision to return and amended tax returns	(3,945)		—		—
Base Erosion and Anti-Abuse Tax	—		2,843		—
Other	233		17		99
Federal income tax (benefit) expense	$	(23,246)	$	6,910	$	13,306
U.S. state income tax expense	11		203		222

Total income tax (benefit) expense	$	(23,235)	$	7,113	$	13,528

The significant components of net deferred tax assets (liabilities) at the corporate income tax rate of 21% for the years ended December 31, 2021 and 2020 are summarized as follows:


	December 31,
	2021		2020
	(in thousands)
Deferred tax assets:
Accrued compensation expenses	$	2,604	$	2,308
Reserve for losses and loss adjustment expenses	18,016		14,265
Unearned premiums	10,675		9,753
Share based compensation	1,541		1,427
Allowance for credit losses	2,516		2,130

Property and equipment	144		213

Net operating loss carryforward	15,221		—
Other	7,053		4,810
Total deferred tax assets	57,770		34,906
Deferred tax liabilities:
Intangible assets	7,289		7,324
Net unrealized gains	6,626		12,201
Deferred policy acquisition costs	4,494		4,786
Equity method investments	10,257		8,839
Other	2,674		2,861
Total deferred tax liabilities	31,340		36,011
Net deferred tax assets (liabilities)	$	26,430	$	(1,105)

Deferred income taxes have not been accrued with respect to certain undistributed earnings of foreign subsidiaries. If the earnings were to be distributed, as dividends or otherwise, such amounts may be subject to withholding taxation in the jurisdiction of the paying entity. The Company asserts that U.S. unremitted earnings as of December 31, 2021 will be permanently reinvested in the U.S. and, accordingly, no provision for withholding taxes arising in respect to U.S. unremitted earnings has been made.

The company is considered a mixed company for net operating loss carryforward rules. A 20-year carryforward without an annual income limitation is applicable for insurance companies. The carryforward period for non-insurance companies is unlimited but limited to 80% of the current year taxable income.

The Company had no reserve for future tax contingencies or liabilities (“unrecognized tax benefits”) at December 31, 2021 or 2020.

The U.S. imposes a 1% excise tax on reinsurance premiums paid to non-U.S. reinsurers with respect to risks located in the U.S. The rates of tax are established based on the nature of the risk, unless reduced by an applicable U.S. tax treaty. For the years ended December 31, 2021, 2020, and 2019, the Company paid $338,000, $468,000, and $586,000, respectively, of federal excise taxes on its intercompany reinsurance transactions. The Company also paid excise taxes of $1.5 million, $1.2 million, and $1.5 million for the years ended December 31, 2021, 2020, and 2019, respectively, on written premiums assumed from third-party insurers with respect to risks located in the U.S. These excise taxes are reflected as “other operating expenses” in the Company’s consolidated income statements.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Other Operating Expenses And Other Expenses [Abstract]

Other Operating Expenses and Other Expenses

12 Months Ended

Dec. 31, 2021

Other Operating Expenses and Other Expenses

Other operating expenses consist of the following:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Amortization of policy acquisition costs	$	69,663	$	75,578	$	83,893
Other underwriting expenses of the insurance segments	67,420		60,502		59,351
Other operating expenses of the Corporate and Other segment	27,609		29,418		27,664
Total	$	164,692	$	165,498	$	170,908

Other expenses of $2.6 million for the year ended December 31, 2021 primarily consist of legal and other professional fees related to the Company’s May 2021 common share offering, certain legal and professional consulting fees related to various strategic initiatives, and employee severance costs. Other expenses of $2.1 million and $1.1 million for the years ended December 31, 2020 and 2019, respectively, primarily consist of employee severance costs.

Employee Benefits	12 Months Ended
Employee Benefits	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee Benefits	Employee BenefitsThe Company and its subsidiaries offer savings plans (the “Savings Plans”) which qualify under Section 401(k) of the U.S. Internal Revenue Code. Participants may contribute certain percentages of their pre-tax salary to the Savings Plans subject to statutory limitations. The Company and its subsidiaries match employee contributions at various rates up to a maximum contribution of 6.0% of the participant’s earnings subject to certain statutory limits. For the years ended December 31, 2021, 2020, and 2019, the expense associated with the Savings Plans totaled $3.4 million, $3.5 million, and $3.2 million, respectively.

Commitments and Contingent Liabilities	12 Months Ended
Commitments and Contingent Liabilities	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities The Company is involved in various legal proceedings, including commercial matters and litigation regarding insurance claims arising in the ordinary course of business as well as an alleged class action lawsuit. In addition, the Company is involved from time to time in legal actions which seek extra-contractual damages, punitive damages or penalties, including claims alleging bad faith in the handling of insurance claims. The Company believes that the outcome of such matters, individually and in the aggregate, is not reasonably likely to have a material adverse effect on its consolidated financial position, results of operations or cash flows. On July 9, 2021 a purported class action lawsuit was filed in the U.S. District Court, Eastern District of Virginia (the "Court") by Employees' Retirement Fund of the City of Fort Worth against James River Group Holdings, Ltd. and certain of its present and former officers (together, "Defendants"). On September 22, 2021, the Court entered an order appointing Employees' Retirement Fund of the City of Fort Worth and the City of Miami General Employees' and Sanitation Employees' Retirement Trust as co-lead plaintiffs (together, "Plaintiffs"). Plaintiffs' consolidated amended complaint was filed on November 19, 2021 (the "Amended Complaint"), which asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of a putative class of persons and entities that purchased the Company's stock between February 22, 2019 and October 25, 2021. The Amended Complaint alleges that Defendants failed to make appropriate disclosures concerning the adequacy of reserves for policies that covered Rasier LLC, a subsidiary of Uber Technologies, Inc., and seeks unspecified damages, costs, attorneys’ fees and such other relief as the court may deem proper. The Defendants filed a motion to dismiss on January 18, 2022. Plaintiffs' response to the motion to dismiss is due to be filed on March 4, 2022. For a description of the potential future impacts of COVID-19 on the Company, see the “The global coronavirus outbreak could harm business and results of operations of the Company” risk factor in Part I—Item IA in this Annual Report. The Company’s reinsurance subsidiary, JRG Re, entered into three letter of credit facilities with banks as security to third-party reinsureds on reinsurance assumed by JRG Re. JRG Re has established custodial accounts to secure these letters of credit. Under a $30.0 million facility, $5.9 million of letters of credit were issued through December 31, 2021 which were secured by deposits of $9.6 million. Under the 2013 Facility, $34.3 million of letters of credit were issued through December 31, 2021 which were secured by deposits of $53.2 million. Under the 2017 Facility, $20.5 million of letters of credit were issued through December 31, 2021 which were secured by deposits of $33.1 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 $382.4 million at December 31, 2021. Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book James River previously issued a set of commercial auto insurance contracts to Rasier (the “Rasier Commercial Auto Policies”) under which James River pays losses and loss adjustment expenses on the contracts. James River has indemnity agreements with Rasier (non-insurance entities) (collectively, the “Indemnity Agreements”) and is contractually entitled to reimbursement for the portion of the losses and loss adjustment expenses paid on behalf of Rasier under the Rasier Commercial Auto Policies and other expenses incurred by James River. On September 27, 2021, James River entered into a loss portfolio transfer reinsurance agreement (the “LPT Agreement”) with Aleka to reinsure substantially all of the Rasier Commercial Auto Policies for which James River is not otherwise indemnified by Rasier under the Indemnity Agreements. Under the terms of the LPT Agreement, effective as of July 1, 2021, James River ceded to Aleka approximately $345.1 million of commercial auto liabilities relating to Rasier Commercial Auto Policies written in the years 2013-2019, which amount constituted the reinsurance premium. Each of Rasier and Aleka are required to post collateral under the Indemnity Agreements and the LPT Agreement, respectively: •Pursuant to the Indemnity Agreements, Rasier is required to post collateral for the amounts that are recoverable or may be recoverable under the indemnity agreements, including, among other things, case loss and loss adjustment expense reserves, IBNR loss and loss adjustment expense reserves, extra contractual obligations and excess policy limits liabilities. The collateral is provided through a collateral trust arrangement (the “Indemnity Trust”) in favor of James River by Aleka. In connection with the execution of the LPT Agreement, James River returned $691.3 million to the Indemnity Trust, representing the remaining balance of the amount withdrawn in October 2019, as was permitted under the indemnification agreements with Rasier and the associated trust agreement. At December 31, 2021, the balance in the Indemnity Trust was $584.6 million, and, together with the balance of the Loss Fund Trust (as defined below) attributable to the Indemnity Agreements as described below, the total balance of collateral securing Rasier’s obligations under the Indemnity Agreements was $653.7 million. •Pursuant to the LPT Agreement, Aleka is required to post collateral equal to 102% of James River's estimate of Aleka's obligations under the LPT Agreement, calculated in accordance with statutory accounting principles. The collateral is provided through a collateral trust arrangement (the “LPT Trust”) established in favor of James River by Aleka. At December 31, 2021, the balance in the LPT Trust was $251.7 million, and, together with the balance of the Loss Fund Trust (as defined below) attributable to the LPT Agreement as described below, the total balance of collateral securing Aleka’s obligations under the LPT Agreement was $279.9 million. At December 31, 2021, the total reinsurance recoverables under the LPT Agreement was $272.3 million (including $256.5 million of unpaid recoverables and $15.9 million of paid recoverables). In connection with the execution of the LPT Agreement, James River and Aleka entered into an administrative services agreement (the “Administrative Services Agreement”) with a third party claims administrator (the “Administrator”) pursuant to which the Administrator handles the claims on the Rasier Commercial Auto Policies for the remaining life of those claims. The claims paid by the Administrator are reimbursable by James River, and pursuant to the Administrative Services Agreement, James River established a loss fund trust account for the benefit of the Administrator (the “Loss Fund Trust”) to collateralize its claims payment reimbursement obligations. James River funds the Loss Fund Trust using funds withdrawn from the Indemnity Trust, funds withdrawn from the LPT Trust, and its own funds, in each case in an amount equal to the pro rata portion of the required Loss Fund Trust balance attributable to the Indemnity Agreements, the LPT Agreement and James River’s existing third party reinsurance agreements, respectively. At December 31, 2021, the balance in the Loss Fund Trust was $102.0 million, including $69.2 million representing collateral supporting Rasier’s obligations under the Indemnity Agreements and $28.2 million representing collateral supporting Aleka’s obligations under the LPT Agreement. Funds posted to the Loss Fund Trust are classified as restricted cash equivalents on the Company's balance sheet. While the LPT Agreement brings economic finality to substantially all of the Rasier Commercial Auto Policies, the Company has credit exposure to Rasier and Aleka under the Indemnity Agreements and the LPT Agreement if the estimated losses and expenses of the Rasier Commercial Auto Policies grow at a faster pace than the 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 under the Indemnity Agreements and the LPT Agreement, which are the basis for establishing the collateral balances, are lower than actual amounts paid or payable. The amount of our credit exposure in any of these instances could be material. To mitigate these risks, 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.

Other Comprehensive (Loss) Income

12 Months Ended

Dec. 31, 2021

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

Other Comprehensive (Loss) Income

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


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Unrealized (losses) gains arising during the period, before U.S. income taxes	$	(54,132)	$	58,704	$	51,381
U.S. income taxes	6,189		(6,967)		(3,510)
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(47,943)		51,737		47,871
Less reclassification adjustment:
Net realized investment gains	4,924		1,045		1,081
U.S. income taxes	(946)		(93)		(152)
Reclassification adjustment for investment gains realized in net income	3,978		952		929
Other comprehensive (loss) income	$	(51,921)	$	50,785	$	46,942

In addition to the net realized investment gains of $4.9 million, $1.0 million, and $1.1 million on available-for-sale fixed maturity securities for the years ended December 31, 2021, 2020, and 2019, the Company recognized net realized and unrealized investment gains (losses) in the respective years of $5.8 million, $(15.4) million, and $(10.1) million on its investments in bank loan participations and $4.8 million, $(1.7) million, and $6.0 million on its investments in equity securities.

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

The Company has four reportable segments, three of which are separately managed business units and the fourth (“Corporate and Other”) includes the Company’s remaining operations. The Excess and Surplus Lines segment primarily offers commercial excess and surplus lines liability and excess property insurance products. The Specialty Admitted Insurance segment offers workers’ compensation insurance coverage as well as specialty admitted fronting and program business. The Casualty Reinsurance segment offers commercial liability and non-catastrophe property reinsurance to U.S. insurance companies and to the Company’s U.S.-based insurance subsidiaries. The Corporate and Other segment consists of certain management and treasury activities of James River Group, James River UK, and JRG Holdings as well as interest expense associated with senior debt and Junior Subordinated Debt, and investment income from investments classified as other invested assets. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies.

Segment revenues for each reportable segment consist of net earned premiums, net investment income, and realized and unrealized (losses) gains on investments. Segment profit (loss) for each reportable segment is measured by underwriting profit (loss), which is generally defined as net earned premiums less losses and loss adjustment expenses and other operating expenses of the operating segments. Gross fee income of the Excess and Surplus Lines segment and Specialty Admitted Insurance segment is included in the respective segment’s underwriting (loss) profit. Gross fee income of $4.5 million ($0.0 million from the Excess and Surplus Lines segment and $4.5 million from the Specialty Admitted Insurance segment), $3.4 million ($1.6 million from the Excess and Surplus Lines segment and $1.8 million from the Specialty Admitted Insurance segment) and $9.5 million ($9.1 million from the Excess and Surplus Lines segment and $421,000 from the Specialty Admitted Insurance segment) was included in other income and in underwriting (loss) profit for the years ended December 31, 2021, 2020 and 2019, respectively. Segment results are reported prior to the effects of the intercompany reinsurance agreements between the Company’s insurance and reinsurance subsidiaries. All gross written premiums and net earned premiums for all periods presented were generated from policies issued to U.S. based insureds.


	Excess and Surplus Lines		Specialty Admitted Insurance		Casualty Reinsurance		Corporate and Other		Total
	(in thousands)
As of and for the Year Ended December 31, 2021
Gross written premiums	$	833,657	$	491,561	$	182,081	$	—	$	1,507,299
Net earned premiums	486,000		75,371		134,223		—		695,594
Segment revenues	508,829		83,855		179,354		842		772,880
Net investment income	13,811		3,044		39,445		565		56,865
Interest expense	—		—		—		8,922		8,922
Underwriting (loss) profit of operating segments	(121,478)		9,667		(117,526)		—		(229,337)
Segment goodwill	181,831		—		—		—		181,831
Segment assets	1,997,192		1,062,125		1,857,462		31,771		4,948,550




As of and for the Year Ended December 31, 2020
Gross written premiums	$	699,143	$	408,691	$	149,166	$	—	$	1,257,000
Net earned premiums	415,168		57,505		134,133		—		606,806
Segment revenues	429,918		62,790		166,837		9,144		668,689
Net investment income	18,664		3,392		42,554		8,758		73,368
Interest expense	—		—		—		10,033		10,033
Underwriting profit (loss) of operating segments	9,752		4,185		(18,364)		—		(4,427)
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,208,344		907,604		1,899,328		47,796		5,063,072




As of and for the Year Ended December 31, 2019
Gross written premiums	$	922,320	$	387,642	$	160,773	$	—	$	1,470,735
Net earned premiums	625,528		54,338		143,880		—		823,746
Segment revenues	657,501		61,241		183,700		4,683		907,125
Net investment income	21,358		3,802		46,325		4,167		75,652
Interest expense	—		—		—		10,596		10,596
Underwriting profit (loss) of operating segments	19,157		5,913		(7,161)		—		17,909
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,481,934		786,433		1,699,473		56,565		5,024,405

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


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Underwriting (loss) profit of the operating segments:
Excess and Surplus Lines	$	(121,478)	$	9,752	$	19,157
Specialty Admitted Insurance	9,667		4,185		5,913
Casualty Reinsurance	(117,526)		(18,364)		(7,161)
Total underwriting (loss) profit of operating segments	(229,337)		(4,427)		17,909
Other operating expenses of the Corporate and Other segment	(27,609)		(29,418)		(27,664)
Underwriting loss	(256,946)		(33,845)		(9,755)
Net investment income	56,865		73,368		75,652
Net realized and unrealized gains (losses) on investments	15,564		(16,030)		(2,919)
Other income	353		1,153		1,137
Other expenses	(2,585)		(2,138)		(1,055)
Interest expense	(8,922)		(10,033)		(10,596)
Amortization of intangible assets	(363)		(538)		(597)
(Loss) income before income taxes	$	(196,034)	$	11,937	$	51,867

The Company currently has 15 underwriting divisions, including 13 in the Excess and Surplus Lines segment, one in the Specialty Admitted Insurance segment, and one in the Casualty Reinsurance segment. Each underwriting division focuses on a specific industry group or coverage.

Gross written premiums by segment and underwriting division are presented below:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Excess Casualty	$	285,082	$	213,037	$	118,954
General Casualty	140,608		125,433		115,832
Manufacturers and Contractors	139,720		122,880		105,096
Excess Property	47,241		37,332		31,606
Energy	46,216		51,109		45,442
Life Sciences	35,935		35,163		24,462
Commercial Auto	34,630		30,029		405,565
Allied Health	35,192		26,918		26,713
Small Business	32,593		24,790		19,725
Environmental	17,050		17,753		16,539
Professional Liability	8,104		6,881		6,441
Sports and Entertainment	9,442		6,118		4,212
Medical Professionals	1,844		1,700		1,733
Total Excess and Surplus Lines segment	833,657		699,143		922,320
Specialty Admitted Insurance segment	491,561		408,691		387,642
Casualty Reinsurance segment	182,081		149,166		160,773
Total	$	1,507,299	$	1,257,000	$	1,470,735

The Company does business with three brokers that generated $239.1 million, $197.3 million and $132.5 million of gross written premiums for the Excess and Surplus Lines segment for the year ended December 31, 2021, representing 15.9%, 13.1%

and 8.8% of consolidated gross written premiums and 28.7%, 23.7% and 15.9% of the Excess and Surplus Lines segment’s gross written premiums, respectively. The Company has agency contracts with various branches within the aforementioned brokers. No other broker generated 10.0% or more of the gross written premiums for the Excess and Surplus Lines segment for the year ended December 31, 2021. No individual insured generated 10.0% or more of the gross written premiums for the Excess and Surplus Lines segment for the year ended December 31, 2021.

The Specialty Admitted Insurance segment accepts applications for insurance from a variety of sources, including independent retail agents, program administrators and managing general agents (“MGAs”). The Company does business with two agencies that generated $124.1 million (Atlas General Insurance Services) and $89.5 million of gross written premiums for the Specialty Admitted Insurance segment for the year ended December 31, 2021, representing 8.2% and 5.9% of the consolidated gross written premiums and 25.2% and 18.2% of the Specialty Admitted Insurance segment’s gross written premiums, respectively. No other agency generated 10.0% or more of the gross written premiums for the Specialty Admitted Insurance segment for the year ended December 31, 2021.

The Company does business with three brokers that generated $80.1 million, $53.9 million, and $20.0 million of gross written premiums for the Casualty Reinsurance segment for the year ended December 31, 2021, representing 5.3%, 3.6%, and 1.3% of consolidated gross written premiums and 44.0%, 29.6%, and 11.0% of the Casualty Reinsurance segment’s gross written premiums, respectively. No other broker generated 10.0% or more of the gross written premiums for the Casualty Reinsurance segment for the year ended December 31, 2021. The Casualty Reinsurance segment assumed business from three unaffiliated ceding companies that generated $76.6 million, $22.9 million, and $16.2 million of gross written premiums for the year ended December 31, 2021, representing 5.1%, 1.5%, and 1.1% of consolidated gross written premiums and 42.1%, 12.6%, and 8.9% of the Casualty Reinsurance segment’s gross written premiums, respectively.

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

The fair values of fixed maturity securities, equity securities, and bank loan participations have been determined using fair value prices provided by the Company's investment accounting services provider or investment managers, who utilize internationally recognized independent pricing services. The prices provided by the independent pricing services are generally based on observable market data in active markets (e.g. broker quotes and prices observed for comparable securities). Values for U.S. Treasury and publicly-traded equity securities are generally based on Level 1 inputs which use the market approach valuation technique. The values for all other fixed maturity securities (including state and municipal securities and obligations of U.S. government corporations and agencies) and bank loan participations generally incorporate significant Level 2 inputs, and in some cases, Level 3 inputs, using the market approach and income approach valuation techniques. There have been no changes in the Company’s use of valuation techniques since December 31, 2019.

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

Assets measured at fair value on a recurring basis as of December 31, 2021 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	$	—	$	333,717	$	—	$	333,717
Residential mortgage-backed	—		246,631		—		246,631
Corporate	—		732,335		—		732,335
Commercial mortgage and asset-backed	—		304,488				304,488

U.S. Treasury securities and obligations guaranteed by the U.S. government	59,988		402		—		60,390

Total fixed maturity securities, available-for-sale	$	59,988	$	1,617,573	$	—	$	1,677,561
Equity securities:
Preferred stock	$	—	$	63,612	$	—	$	63,612
Common stock	41,244		3,452		102		44,798
Total equity securities	$	41,244	$	67,064	$	102	$	108,410
Bank loan participations	$	—	$	156,043	$	—	$	156,043

Short-term investments	$	—	$	136,563	$	—	$	136,563

Assets measured at fair value on a recurring basis as of December 31, 2020 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	$	—		$	296,405	$	—	$	296,405
Residential mortgage-backed	—			293,848		—		293,848
Corporate	—			766,822		—		766,822
Commercial mortgage and asset-backed	—			326,719		—		326,719

U.S. Treasury securities and obligations guaranteed by the U.S. government	99,384			464		—		99,848
Total fixed maturity securities, available-for-sale	$	99,384		$	1,684,258	$	—	$	1,783,642
Equity securities:
Preferred stock	$	—		$	67,495	$	—	$	67,495
Common stock	15,793			5,015		672		21,480
Total equity securities	$	15,793		$	72,510	$	672	$	88,975
Bank loan participations	$	—		$	147,296	$	308	$	147,604
Short-term investments	$	—		$	130,289	$	—	$	130,289

A reconciliation of the beginning and ending balances of available-for-sale fixed maturity securities, equity securities, and bank loan participations (following the Company's election of the fair value option in accounting for bank loan participations

effective January 1, 2020) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is shown below:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Beginning balance	$	980	$	43	$	4,442
Transfers in to Level 3	8		358		3,010
Transfers out of Level 3	(6)		(767)		(7,238)
Purchases	—		1,417		—
Sales	(426)		—		—
Maturities, calls and paydowns	(379)		(17)		—
Amortization of discount	—		2		—
Total gains or losses (realized/unrealized):
Included in earnings	(75)		(56)		(171)
Included in other comprehensive income	—		—		—
Ending balance	$	102	$	980	$	43

The Company held one equity security at December 31, 2021 for which the fair value was determined using significant unobservable inputs (Level 3). The fair value of $102,000 for the equity security was based on expected proceeds from its sale. During 2021, one equity security was transferred from Level 2 to Level 3 as the security was no longer actively traded. This security was exchanged for an equity security that is publicly traded and it was transferred from Level 3 to Level 1.

The Company held one bank loan participation and two equity securities at December 31, 2020 and one equity security at December 31, 2019 for which the fair value was determined using significant unobservable inputs (Level 3). A market approach using prices in trades of comparable securities was utilized to determine a fair value of $980,000 at December 31, 2020 and $43,000 at December 31, 2019. During 2019, one equity security was transferred from Level 1 to Level 3 as the security was no longer actively traded. The Company was subsequently able to obtain a quoted price from a pricing vendor for the equity security and it was transferred from Level 3 to Level 2. During 2020, the Company was able to obtain a quoted price from a vendor for two bank loan participations and one equity security and transferred them to Level 2.

Transfers out of Level 3 occur when the Company is able to obtain reliable prices from pricing vendors 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.

There were no transfers between Level 1 and Level 2 during 2021, 2020 or 2019. The Company recognizes transfers between levels at the beginning of the reporting period.

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

Investments for which external sources are not available or are determined by the investment manager not to be representative of fair value are recorded at fair value as determined by the Company, with input from its investment managers and valuation specialists as considered necessary. In determining the fair value of such investments, the Company considers one or more of the following factors: type of security held, convertibility or exchangeability of the security, redeemability of the security (including the timing of redemptions), application of industry accepted valuation models, recent trading activity, liquidity, estimates of liquidation value, purchase cost, and prices received for securities with similar terms of the same issuer or similar issuers. There were no investments for which external sources were unavailable to determine fair value as of December 31, 2021 and 2020.

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


	December 31,
	2021				2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,677,561	$	1,677,561	$	1,783,642	$	1,783,642
Equity securities	108,410		108,410		88,975		88,975

Bank loan participations	156,043		156,043		147,604		147,604
Cash and cash equivalents	190,123		190,123		162,260		162,260
Restricted cash equivalents	102,005		102,005		859,920		859,920
Short-term investments	136,563		136,563		130,289		130,289
Other invested assets – notes receivable	4,500		4,834		4,500		5,302
Liabilities
Senior debt	262,300		252,213		262,300		250,953
Junior subordinated debt	104,055		106,635		104,055		110,612

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

The fair values of other invested assets-notes receivable, senior debt, and junior subordinated debt at December 31, 2021 and 2020 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 December 31, 2021 and 2020, respectively.

The fair values of senior debt and junior subordinated debt at December 31, 2021 and 2020 were determined using inputs to the valuation methodology that are unobservable (Level 3).

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

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

Statutory Matters

12 Months Ended

Dec. 31, 2021

Statutory Matters [Abstract]

Statutory Matters

U.S.

U.S. state insurance laws and regulations prescribe accounting practices for determining statutory net income and capital and surplus for insurance companies. In addition, state regulators may permit statutory accounting practices that differ from prescribed practices. Statutory accounting practices prescribed or permitted by regulatory authorities for the Company’s insurance subsidiaries differ from U.S. GAAP. The principal differences between SAP and GAAP as they relate to the financial statements of the Company’s insurance subsidiaries are (a) policy acquisition costs are expensed as incurred under SAP, whereas they are deferred and amortized under GAAP, (b) certain assets are not admitted for purposes of determining surplus under SAP, (c) the classification and carrying amounts of investments in certain securities are different under SAP and GAAP, and (d) the criteria for providing asset valuation allowances and the methodologies used to determine the amount thereof are different under SAP and GAAP.

Combined net income, statutory capital and surplus and minimum required statutory capital and surplus, as determined in accordance with statutory accounting practices, for the U.S. insurance subsidiaries as of December 31, 2021, 2020, and 2019 and for the years then ended are summarized as follows:


	2021		2020		2019
	(in thousands)
Statutory net (loss) income	$	(3,847)	$	(710)	$	3,586
Statutory capital and surplus	325,368		286,449		266,715
Minimum required statutory capital and surplus	111,031		100,170		111,208

Risk-Based Capital (“RBC”) requirements promulgated by the National Association of Insurance Commissioners require property-casualty insurers to maintain minimum capitalization levels determined based on formulas incorporating various business risks of the insurance subsidiaries. As of December 31, 2021, the insurance subsidiaries’ adjusted capital and surplus exceeds their authorized control level RBC.

Bermuda

The Company has two Bermuda-based insurance subsidiaries: JRG Re, a Class 3B insurer and Carolina Re, a Class 3A insurer. Under the Bermuda Insurance Act 1978 and related regulations, an insurer must maintain minimum statutory capital and surplus at the greater of a minimum solvency margin (“MSM”) and the Enhanced Capital Requirement (“ECR”), which is the higher of the MSM and capital calculated by the Bermuda Solvency Capital Requirement (“BSCR”) model or an approved internal model. The combined estimated Bermuda insurers minimum statutory solvency margin required at December 31, 2021 was approximately $167.1 million (2020: $172.9 million). Actual combined statutory capital and surplus at December 31, 2021 was $518.7 million (2020: $615.2 million). The insurers had combined statutory net (loss) income of $(141.5) million for 2021, $20.8 million for 2020, and $53.2 million for 2019. The combined ECR for the year ended December 31, 2020 was $419.7 million. The BSCR models for the year ended December 31, 2021 will not be filed with the Bermuda Monetary Authority until April 30, 2022. The Company believes that the minimum statutory capital and surplus requirements will be met.

The insurers must also maintain a minimum liquidity ratio in which the value of its relevant assets is not less than 75.0% of the amount of its relevant liabilities for general business. Relevant assets include cash and cash equivalents, fixed maturities, quoted alternative investments, accrued interest income, premiums receivable, losses recoverable from reinsurers, and funds withheld. The relevant liabilities include total insurance provisions and other liabilities less deferred income taxes and letters of credit, guarantees and other instruments. As of December 31, 2021, the minimum liquidity ratio requirements were met.

Dividend Restrictions	12 Months Ended
Dividend Restrictions	Dec. 31, 2021
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]
Dividend Restrictions	Dividend Restrictions U.S. The insurance statutes of the U.S.-based insurance subsidiaries’ states of domicile limit the amount of dividends that they may pay annually without first obtaining regulatory approval. Generally, the limitations are based on the greater of statutory net income for the preceding year or 10.0% of statutory surplus at the end of the preceding year. The maximum amount of dividends available to James River Group from its U.S. insurance subsidiaries during 2022 without regulatory approval is $27.2 million. However, U.S. insurance regulators have broad powers to prevent the reduction of statutory surplus to inadequate levels and could refuse to permit the payment of dividends. Distributions from the Company’s U.S.-based subsidiaries to its U.K. intermediate holding company, James River UK, are generally subject to a 5% dividend withholding tax. The payment of any dividends by the Company’s U.S.-based subsidiaries directly to a Bermuda-based entity is subject to U.S. taxes at a 30.0% tax rate. JRG Holdings has determined that earnings of its U.S. subsidiaries have been and will be indefinitely reinvested in U.S. operations. Bermuda The Bermuda Insurance Act of 1978 prohibits an insurer from declaring or paying a dividend if it is in breach of its minimum solvency margin, its enhanced capital requirement, or its minimum liquidity ratio, or if the declaration or payment of such dividend would cause such a breach. An insurer can declare or pay dividends without prior regulatory approval up to 25% of the total statutory capital and surplus (as shown on its previous financial year's statutory balance sheet). The maximum combined amount of dividends and return of capital that can be paid without prior regulatory approval from our Bermuda insurers at December 31, 2021 is calculated to be approximately $129.7 million. However, this dividend amount is subject to annual enhanced solvency requirement calculations.

Other Related Party Transactions	12 Months Ended
Other Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Other Related Party Transactions	Other Related Party Transactions The Company leases a commercial office building which houses the Company’s Richmond, Virginia operations under the terms of a non-cancelable lease from an entity with which it is affiliated. The term of the lease, which has been amended from time to time, runs through 2026. Operating costs under the lease were $2.1 million, $1.9 million, and $2.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. Upon retiring effective July 31, 2021, the Company’s former President and Chief Operating Officer entered into a consulting agreement with the Company to provide consulting services as requested by the Company’s Chief Executive Officer during the period August 1, 2021 through December 31, 2021. The Company incurred expenses of $146,000 in 2021 as compensation for rendering these consulting services.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 21, 2022, the Board of Directors declared a cash dividend of $0.05 per share. The dividend is payable on March 31, 2022 to shareholders of record on March 14, 2022. On February 21, 2022, the Board of Directors approved awards under the 2014 LTIP and the 2014 Director Plan to the Company’s employees and directors with an aggregate fair value of $11.0 million and a grant date of March 2, 2022. On February 23, 2022, one of the Company’s primary operating subsidiaries, JRG Reinsurance Company Ltd., entered into a loss portfolio transfer retrocession agreement (the “Retrocession Agreement”) with Fortitude Reinsurance Company Ltd. (“FRL”) under which FRL will reinsure the majority of the reserves in the Company’s Casualty Reinsurance segment. Under the terms of the transaction, at closing, JRG Re will (a) cede to FRL all existing and future claims for losses arising under certain casualty reinsurance agreements with underlying insurance companies with treaty inception dates ranging from 2011 to 2020 (the “Subject Business”), in each case net of third-party reinsurance and other recoveries, up to an aggregate limit of $400.0 million; (b) continue to manage and retain the benefit of other third-party reinsurance on the Subject Business; (c) pay FRL a reinsurance premium of $335.0 million, $310.0 million of which JRG Re will credit to a notional funds withheld account (the “Funds Withheld Account”) and $25.0 million of which JRG Re will pay in cash to FRL; and (d) pay FRL a 2% per annum crediting rate on the Funds Withheld Account balance on a quarterly basis. The total premium, initial Funds Withheld Account credit, and aggregate limit will be adjusted for claims paid from October 1, 2021 to the closing date. An after-tax loss of $6.8 million will be recognized as adverse loss and loss adjustment reserve development in the Casualty Reinsurance segment associated with the Retrocession Agreement during the first quarter of 2022. The Retrocession Agreement will close upon receipt of required regulatory approvals by FRL and satisfaction of other customary closing conditions. On February 24, 2022, we entered into an Investment Agreement with GPC Partners Investments (Thames) LP, an affiliate of Gallatin Point Capital LLC, relating to the issuance and sale of 150,000 7% Series A Perpetual Cumulative Convertible Preferred Shares, par value $0.00125 per share, for an aggregate purchase price of $150.0 million, or $1,000 per share, in a private placement. The closing of the transaction is expected to occur on March 1, 2022. In connection with the offering, the Company's Board of Directors approved the appointment of Matthew Botein, a co-founder of Gallatin Point Capital LLC, to serve as a member of the Board, effective following receipt of any necessary regulatory approvals.

SCHEDULE I - Summary of Investments - Other than Investments in Related Parties

12 Months Ended

Dec. 31, 2021

Summary of Investments - Other than Investments in Related Parties

Summary of Investments—Other than Investments in Related Parties


Type of Investment	Cost or Amortized Cost		Fair Value		Amount at which shown on Balance Sheet(1)
	(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	323,773	$	333,717	$	333,717
Residential mortgage-backed	246,586		246,631		246,631
Corporate	711,930		732,335		732,335
Commercial mortgage and asset-backed	301,247		304,488		304,488

U.S. Treasury securities and obligations guaranteed by the U.S. government	60,329		60,390		60,390

Total fixed maturity securities, available-for-sale	1,643,865		1,677,561		1,677,561

Equity securities:
Preferred Stock	51,584		63,612		63,612
Common Stock	44,199		44,798		44,798
Total equity securities	95,783		108,410		108,410
Bank loan participations	156,505		156,043		156,043
Short-term investments	136,563		136,563		136,563
Other invested assets					15,248
Total invested assets					$	2,093,825

(1) Differences between the amounts in this column and the amounts in the consolidated balance sheet are due to this schedule excluding investments in related parties.

SCHEDULE II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

SCHEDULE II - Condensed Financial Information of Registrant

Condensed Financial Information of Registrant

Balance Sheets (Parent Company)


	December 31,
	2021		2020
	(in thousands)
Assets
Cash and cash equivalents	$	157	$	571
Investment in subsidiaries	1,003,762		1,145,887
Due from subsidiaries	3,356		1,140
Other assets	3,197		3,116
Total assets	$	1,010,472	$	1,150,714
Liabilities and shareholders’ equity
Liabilities:
Accrued expenses	$	1,419	$	1,824
Senior debt	247,300		247,300
Junior subordinated debt	15,928		15,928
Notes payable to subsidiary	—		70,000
Due to subsidiaries	19,847		19,391
Other liabilities	616		663
Total liabilities	285,110		355,106
Commitments and contingent liabilities
Shareholders’ equity:
Class A common shares	7		6
Additional paid-in capital	862,040		664,476
Retained (deficit) earnings	(166,663)		49,227
Accumulated other comprehensive income	29,978		81,899
Total shareholders’ equity	725,362		795,608
Total liabilities and shareholders’ equity	$	1,010,472	$	1,150,714

See accompanying notes.

SCHEDULE II

JAMES RIVER GROUP HOLDINGS, LTD. AND SUBSIDIARIES

Condensed Financial Information of Registrant

Statements of (Loss) Income and Comprehensive (Loss) Income (Parent Company)


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Revenues:
Other income	$	39	$	45	$	61
Total revenues	39		45		61
Expenses:
Other operating expenses	11,632		14,960		14,267
Other expenses	469		—		—
Interest expense	5,532		6,234		5,047
Total expenses	17,633		21,194		19,314
Loss before equity in net income of subsidiaries	(17,594)		(21,149)		(19,253)
Equity in net (loss) income of subsidiaries	(155,205)		25,973		57,592
Net (loss) income	$	(172,799)	$	4,824	$	38,339
Other comprehensive (loss) income:
Equity in other comprehensive (losses) earnings of subsidiaries	(51,921)		50,785		46,942
Total comprehensive (loss) income	$	(224,720)	$	55,609	$	85,281

See accompanying notes.

SCHEDULE II

JAMES RIVER GROUP HOLDINGS, LTD. AND SUBSIDIARIES

Condensed Financial Information of Registrant

Statements of Cash Flows (Parent Company)


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Operating activities
Net (loss) income	$	(172,799)	$	4,824	$	38,339
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Provision for depreciation and amortization	216		216		182
Share based compensation expense	6,658		7,625		7,178
Equity in undistributed earnings of subsidiaries	218,204		(25,973)		(49,592)
Changes in operating assets and liabilities	(2,364)		6,433		(2,782)
Net cash provided by (used in) operating activities	49,915		(6,875)		(6,675)
Investing activities

Net cash provided by investing activities	—		—		—
Financing activities
Dividends paid	(43,236)		(37,051)		(36,720)
Senior debt issuance	—		164,000		60,000
Senior debt repayments	—		(60,000)		(20,000)
Subsidiary note issuance	—		30,000		—
Subsidiary note repayments	(70,000)		—		—
Contribution to subsidiary	(128,000)		(90,000)		—
Debt issue costs paid	—		—		(711)
Issuances of common shares - public offering	192,107		—		—
Issuances of common shares under equity incentive plans	1,877		2,580		8,286
Common share repurchases	(3,077)		(3,604)		(2,899)
Net cash (used in) provided by financing activities	(50,329)		5,925		7,956
Change in cash and cash equivalents	(414)		(950)		1,281
Cash and cash equivalents at beginning of period	571		1,521		240
Cash and cash equivalents at end of period	$	157	$	571	$	1,521
Supplemental information
Interest paid	$	5,954	$	6,530	$	5,710

See accompanying notes.

SCHEDULE II

JAMES RIVER GROUP HOLDINGS, LTD. AND SUBSIDIARIES

Condensed Financial Information of Registrant

Notes to Condensed Financial Statements

1. Accounting Policies

Organization

James River Group Holdings, Ltd. (the “Company”) is an exempted holding company registered in Bermuda, organized for the purpose of acquiring and managing insurance and reinsurance entities.

Basis of Presentation

The accompanying condensed financial statements have been prepared using the equity method. Under the equity method, the investment in consolidated subsidiaries is stated at cost plus equity in undistributed earnings of consolidated subsidiaries since the date of acquisition. These condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.

Estimates and Assumptions

Preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.

Adopted Accounting Standards

There were no new accounting standards adopted in 2021 that materially impacted the Company's financial statements.

SCHEDULE III - Supplementary Insurance Information

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

Supplementary Insurance Information

(in thousands)


	Deferred Policy Acquisition Costs		Reserve for Losses and Loss Adjustment Expenses		Unearned Premiums		Net Earned Premiums		Net Investment Income		Losses and Loss Adjustment Expenses		Amortization of Policy Acquisition Costs		Other Operating Expenses		Net Written Premiums
December 31, 2021
Excess and Surplus Lines	$	26,297	$	1,623,635	$	382,479	$	486,000	$	13,811	$	516,299	$	50,283	$	91,179	$	501,250
Specialty Admitted	(4,889)		686,643		165,998		75,371		3,044		55,875		(8,395)		14,333		83,935
Casualty Reinsurance	47,118		438,195		179,075		134,223		39,445		220,178		27,775		31,571		159,195
Corporate and Other	—		—		—		—		565		—		—		27,609		—
Total	$	68,526	$	2,748,473	$	727,552	$	695,594	$	56,865	$	792,352	$	69,663	$	164,692	$	744,380
December 31, 2020
Excess and Surplus Lines	$	25,875	$	1,276,054	$	345,976	$	415,168	$	18,664	$	318,467	$	49,387	$	88,520	$	450,346
Specialty Admitted	(3,073)		600,309		136,355		57,505		3,392		41,928		(4,525)		13,213		59,884
Casualty Reinsurance	40,151		315,717		148,040		134,133		42,554		118,150		30,716		34,347		137,544
Corporate and Other	—		—		—		—		8,758		—		—		29,418		—
Total	$	62,953	$	2,192,080	$	630,371	$	606,806	$	73,368	$	478,545	$	75,578	$	165,498	$	647,774
December 31, 2019
Excess and Surplus Lines	$	24,428	$	1,245,581	$	267,924	$	625,528	$	21,358	$	528,133	$	49,720	$	87,326	$	685,814
Specialty Admitted	(2,902)		511,027		115,606		54,338		3,802		34,860		(3,560)		13,986		58,637
Casualty Reinsurance	40,480		288,898		140,847		143,880		46,325		109,109		37,733		41,932		151,699
Corporate and Other	—		—		—		—		4,167		—		—		27,664		—
Total	$	62,006	$	2,045,506	$	524,377	$	823,746	$	75,652	$	672,102	$	83,893	$	170,908	$	896,150

SCHEDULE IV - Reinsurance

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Reinsurance


	Direct Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount Assumed to Net
	(in thousands)
Year Ended December 31, 2021
Excess and Surplus Lines Written Premiums	$	833,657	$	332,407	$	—	$	501,250	—
Specialty Admitted Written Premiums	488,377		407,626		3,184		83,935		3.8	%
Casualty Reinsurance Written Premiums	—		22,886		182,081		159,195		114.4	%
Total Written Premiums	$	1,322,034	$	762,919	$	185,265	$	744,380	24.9	%
Year Ended December 31, 2020
Excess and Surplus Lines Written Premiums	$	699,143	$	248,797	$	—	$	450,346	—
Specialty Admitted Written Premiums	404,851		348,807		3,840		59,884		6.4	%
Casualty Reinsurance Written Premiums	—		11,622		149,166		137,544		108.4	%
Total Written Premiums	$	1,103,994	$	609,226	$	153,006	$	647,774	23.6	%
Year Ended December 31, 2019
Excess and Surplus Lines Written Premiums	$	922,320	$	236,506	$	—	$	685,814	—
Specialty Admitted Written Premiums	383,628		329,005		4,014		58,637		6.8	%
Casualty Reinsurance Written Premiums	—		9,074		160,773		151,699		106.0	%
Total Written Premiums	$	1,305,948	$	574,585	$	164,787	$	896,150	18.4	%

SCHEDULE V - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts


	Balance at Beginning of Period		Additions Amounts Charged to Expense		Deductions Amounts Written Off or Disposals		Balance at End of Period
	(in thousands)
Year Ended December 31, 2021
Allowance for Credit Losses on Premiums Receivable and Agents' Balances	$	8,317	$	9,426	$	(1,063)	$	16,680
Allowance for Credit Losses on Reinsurance Balances	335		296		—		631
Allowance for Credit Losses on Bank Loans	—		—		—		—
Total	$	8,652	$	9,722	$	(1,063)	$	17,311
Year Ended December 31, 2020
Allowance for Credit Losses on Premiums Receivable and Agents' Balances	$	5,659	$	3,318	$	(660)	$	8,317
Allowance for Credit Losses on Reinsurance Balances	335		—		—		335
Allowance for Credit Losses on Bank Loans	7,181		—		(7,181)		—
Total	$	13,175	$	3,318	$	(7,841)	$	8,652
Year Ended December 31, 2019
Allowance for Credit Losses on Premiums Receivable and Agents' Balances	$	3,948	$	2,523	$	(812)	$	5,659
Allowance for Credit Losses on Bank Loans	—		8,898		(1,717)		7,181
Total	$	3,948	$	11,421	$	(2,529)	$	12,840

In connection with the adoption of ASU 2016-13, the Company elected the fair value option in accounting for bank loan participations effective January 1, 2020. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in our income statement as net realized and unrealized gains (losses) on investments. Also upon adoption of ASU 2016-13, the Company established an allowance for credit losses on reinsurance balances.

SCHEDULE VI - Supplementary Information Concerning Property Casualty Insurance Operations

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]

Supplementary Information Concerning Property Casualty Insurance Operations


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Deferred policy acquisition costs	$	68,526	$	62,953	$	62,006
Reserve for losses and loss adjustment expenses	2,748,473		2,192,080		2,045,506
Unearned premiums	727,552		630,371		524,377
Net earned premiums	695,594		606,806		823,746
Net investment income	56,865		73,368		75,652
Losses and loss adjustment expenses incurred:
Current year	466,574		386,341		603,094
Prior year	325,778		92,204		69,008
Total losses and loss adjustment expenses incurred	792,352		478,545		672,102
Amortization of policy acquisition costs	69,663		75,578		83,893
Paid losses and loss adjustment expenses, net of reinsurance	522,747		469,945		488,729
Net written premiums	744,380		647,774		896,150

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which vary in some respects from statutory accounting practices (“SAP”) which are prescribed or permitted by the various state insurance departments in the U.S. or by insurance regulators in Bermuda. The accompanying consolidated financial statements include the accounts and operations of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated.
Estimates and Assumptions	Estimates and Assumptions Preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.
Fixed Maturity and Equity Securities	Fixed Maturity and Equity Securities Fixed maturity securities classified as “available-for-sale” are carried at fair value, and unrealized gains and losses on such securities, net of any deferred taxes, are reported as a separate component of accumulated other comprehensive income. The Company does not have any securities classified as “held-to-maturity” or “trading”. Fair value generally represents quoted market value prices for securities traded in the public marketplace or prices analytically determined using bid or closing prices for securities not traded in the public marketplace. Premiums and discounts on mortgage-backed securities and asset-backed securities are amortized or accrued using the constant yield method which considers anticipated prepayments at the date of purchase. To the extent that the estimated lives of such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the retrospective method. Realized investment gains or losses are determined on a specific identification basis. Interest income is recognized as earned, and dividend income is recognized on the ex-dividend date. The Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments on January 1, 2020. This update changed the impairment model for available-for-sale fixed maturities and requires the Company to determine whether unrealized losses on available-for-sale fixed maturities are due to credit-related factors. An allowance for credit losses is established for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in net realized and unrealized gains (losses) on investments. Unrealized losses that are not credit-related continue to be recognized in other comprehensive income. The Company considers the extent to which fair value is below amortized cost in determining whether a credit-related loss exists. The Company also considers the credit quality rating of the security, with a special emphasis on securities downgraded below investment grade. A comparison is made between the present value of expected future cash flows for a security and its amortized cost. If the present value of future expected cash flows is less than amortized cost, a credit loss is presumed to exist and an allowance for credit losses is established. Management may conclude that a qualitative analysis is sufficient to support its conclusion that the present value of the expected cash flows equals or exceeds a security’s amortized cost.
Bank Loan Participations	Bank Loan Participations Bank loan participations are managed by a specialized outside investment manager. In connection with the adoption of ASU 2016-13, the Company elected the fair value option in accounting for bank loan participations effective January 1, 2020. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in our income statement as net realized and unrealized gains (losses) on investments. Losses due to credit-related impairments on bank loan participations are determined based upon consultations and advice from the Company's specialized investment manager and consideration of any adverse situations that could affect the borrower's ability to repay, the estimated value of underlying collateral, and other relevant factors. Interest income is accrued on the unpaid principal balance. Discounts and premiums are amortized to income using the interest method. Prior to the election of the fair value option on January 1, 2020, bank loan participations were generally stated at their outstanding unpaid principal balances net of unamortized premiums or discounts and net of any allowance for credit losses. The allowance for credit losses was maintained at a level considered adequate to absorb estimated probable credit losses. 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. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at December 31, 2021 or 2020. 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.
Other Invested Assets	Other Invested Assets Other invested assets at December 31, 2021 and 2020 include the Company’s interests in private debt and equity investments. The investments are primarily focused in renewable energy, limited partnerships, and bank holding companies. Equity interests in various limited liability companies (“LLCs”) and limited partnerships are accounted for under the equity method, as the Company has determined that the equity method best reflects its economic interest in the underlying equity investment.
Short-Term Investments	Short-Term Investments Short-term investments are carried at amortized cost, which approximates fair value. Short-term investments have maturities greater than three months but less than one year at the date of purchase.
Cash Equivalents and Restricted Cash Equivalents	Cash Equivalents The Company considers highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash Equivalents The Company considers highly liquid investments with maturities of three months or less at the date of purchase that are segregated for a specific use to be restricted cash equivalents. Certain restricted cash equivalents invested in funds with floating net asset values are measured at fair value with changes in fair value recognized in net income.
Direct Written Premiums	Direct Written Premiums Direct written premiums are earned on a pro rata basis over the terms of the policies, generally 12 months. The portion of premiums written applicable to the unexpired terms of the policies in force is recorded as unearned premiums. Policies are accounted for on an individual basis, with no aggregation by counterparty.
Assumed Reinsurance Premiums	Assumed Reinsurance Premiums Assumed reinsurance written premiums include amounts reported by brokers and ceding companies, supplemented by the Company’s own estimates of premiums when reports have not been received. Premiums on the Company’s excess of loss and pro rata reinsurance contracts are estimated when the business is underwritten. For excess of loss contracts, the deposit premium, as defined in the contract, is generally recorded as an estimate of premiums written at the inception date of the treaty. Estimates of premiums written under pro rata contracts are recorded in the period in which the underlying risks are expected to begin and are based on information provided by the brokers and the ceding companies. Reinsurance premium estimates are reviewed by management periodically. Any adjustment to these estimates is recorded in the period in which it becomes known. Reinsurance premiums assumed are earned over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a “losses occurring” basis cover claims that may occur during the term of the contract or policy, which is typically 12 months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a “risks attaching” basis cover claims which attach to the underlying insurance policies written during the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned over a 24-month period in proportion to the level of underlying exposure. Contracts are accounted for on an individual basis, with no aggregation by counterparty.
Premiums Receivable and Agents' Balances, Net	Premiums Receivable and Agents’ Balances, Net Premiums receivable and agents’ balances are carried at face value net of any allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses based on the Company’s assessment of the collectability of receivables that are past due, historical collection percentages, and consideration of current economic conditions and expectations of future conditions that could affect ultimate collections. Receivables greater than 90 days past due were $7.5 million and $6.9 million at December 31, 2021 and 2020, respectively. The allowance for credit losses was $16.7 million and $8.3 million at December 31, 2021 and 2020, respectively. Credit loss expense was $9.4 million for the year ended December 31, 2021 ($7.1 million of which will be deducted from amounts due to our reinsurers), $3.3 million for the year ended December 31, 2020, and $2.5 million for the year ended December 31, 2019. Receivables written off against the allowance for credit losses totaled $1.1 million for the year ended December 31, 2021, $660,000 for the year ended December 31, 2020, and $812,000 for the year ended December 31, 2019. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs Costs which are incrementally or directly related to the successful acquisition of new or renewal insurance business are deferred. These deferred costs are primarily commissions to agents, ceding commissions paid on reinsurance assumed, premium taxes, and the portion of underwriting fixed compensation and payroll related fringe benefits directly related to an insurance contract that has been acquired, net of ceding commissions related to reinsurance ceded. Amortization of such policy acquisition costs is charged to expense in proportion to premium earned over the estimated policy life. To the extent that unearned premiums on existing policies are not adequate to cover projected related costs and expenses, deferred policy acquisition costs are charged to earnings. The Company considers anticipated investment income in determining whether a premium deficiency exists.
Reinsurance and Adjustable Features of Insurance and Reinsurance Contracts	Reinsurance and Adjustable Features of Insurance and Reinsurance Contracts Certain premiums and losses are ceded to other insurance companies or assumed from other insurance companies under various excess of loss and quota-share reinsurance contracts. The Company enters into ceded reinsurance contracts to limit its exposure to large losses, to limit exposure on new lines of insurance written by the Company, and to provide additional capacity for growth. Premiums, commissions, and losses and loss adjustment expenses on reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and the terms of the reinsurance contracts. Reinsurance recoverables and prepaid reinsurance premiums are reported as assets. The Company uses a provision matrix to calculate the allowance for credit losses on reinsurance recoverables by applying impairment rates based on historical loss data to similarly rated reinsurance companies based on the expected duration of the receivables. The Company also considers the expected impact of current and future expected economic conditions and adjusts estimates if needed based on an evaluation of these factors. The allowance for credit losses on reinsurance recoverables at December 31, 2021 and 2020 was $631,000 and $335,000, respectively. Other amounts payable to insurance companies and reinsurers or receivable from insurance companies and reinsurers are netted where the right of offset exists. The Company receives ceding commissions in connection with certain ceded reinsurance. The ceding commissions are recorded as a reduction of other operating expenses. Certain reinsurance contracts include provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses are recorded based upon the projected loss experience under the contracts. The Company’s Specialty Admitted Insurance segment writes insurance under specialty admitted fronting and program arrangements. The fronting and program arrangements may contain contractual provisions that adjust acquisition expenses based upon loss experience under the contracts. The specialty admitted fronting and program arrangements are significantly reinsured. These reinsurance contracts may also contain provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses, are recorded based upon the projected loss experience under the contracts.
Other Income	Other Income Other income is principally comprised of fee income earned on policies for which the Company has no exposure to underwriting risk. Fee income of $4.5 million, $3.4 million, and $9.5 million is included in other income for the years ended December 31, 2021, 2020, and 2019, respectively. Fees are earned on a pro rata basis over the service period of the underlying business. Policies are accounted for on an individual basis, with no aggregation by counterparty.
Income Taxes	Income TaxesDeferred tax assets and deferred tax liabilities are provided for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective U.S. tax basis. Deferred tax assets and liabilities are measured using enacted U.S. corporate tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance only when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. The Company determined that no valuation allowance was necessary at December 31, 2021 or 2020.
Goodwill	Goodwill Goodwill is tested annually for impairment in the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the carrying amount of the Company’s reporting units, including goodwill, may exceed their fair values. The Company first assesses qualitative factors in determining whether it is necessary to perform the quantitative goodwill impairment test. If management determines that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on qualitative factors then they will perform the quantitative goodwill impairment test. For the quantitative goodwill impairment testing, the fair value of the reporting units is determined using a combination of a market approach and an income approach which projects the future cash flows produced by the reporting units and discounts those cash flows to their present value. The projection of future cash flows is necessarily dependent upon assumptions on the future levels of income as well as business trends, prospects, market, and economic conditions. The results of the two approaches are weighted to determine the fair value of each reporting unit. When the fair value is less than the carrying value of the net assets of the reporting unit, including goodwill, an impairment loss is charged to operations. To determine the amount of any goodwill impairment, the implied fair value of reporting unit goodwill is compared to the carrying amount of that goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. That is, the fair value of a reporting unit is assigned to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill.
Intangible Assets, Net	Intangible Assets, Net Intangible assets are initially recognized and measured at fair value. Specifically identified intangible assets with indefinite lives include trademarks and state insurance licenses and authorities. Other specifically identified intangible assets with lives ranging from 7.0 to 27.5 years represent relationships with brokers. These intangible assets are amortized on a straight-line basis over their estimated useful lives. Intangible assets with indefinite useful lives are reviewed for impairment at least annually. In evaluating whether there has been impairment to the intangible asset, management determines the fair value of the intangible asset and compares the resulting fair value to the carrying value of the intangible asset. If the carrying value exceeds the fair value, the intangible asset is written down to fair value, and the impairment is reported through earnings. The Company evaluates intangible assets with definite lives for impairment when impairment indicators are noted.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. That assessment is based on the carrying amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, which is included in “other assets” in the accompanying consolidated balance sheets, is reported at cost less accumulated depreciation and is depreciated principally on a straight-line basis over the estimated useful lives of the depreciable assets, generally three to ten years.
Reserve for Losses and Loss Adjustment Expenses	Reserve for Losses and Loss Adjustment Expenses The reserve for losses and loss adjustment expenses represents the estimated ultimate cost of all reported and unreported losses and loss adjustment expenses incurred and unpaid at the balance sheet date. The Company does not discount this reserve. The process of estimating the reserve for losses and loss adjustment expenses requires a high degree of judgment and is subject to a number of variables. The reserve for losses and loss adjustment expenses is estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in loss severity and frequency. The Company utilizes various actuarially-accepted reserving methodologies in determining the continuum of expected outcomes for its reserves. These methodologies utilize various inputs, including management’s initial expected loss ratio (the ratio of losses and loss adjustment expenses incurred to net earned premiums), expected reporting patterns and payment patterns for losses and loss adjustment expenses (based on insurance industry data and the Company’s own experience), and the Company’s actual paid and reported losses and loss adjustment expenses. An internal actuary reviews these results and (after applying appropriate professional judgment and other actuarial techniques that are considered necessary) presents recommendations to the Company’s management. Management uses this information and its judgment to make decisions on the final recorded reserve for losses and loss adjustment expenses. Management believes that the use of judgment is necessary to arrive at a best estimate for the reserve for losses and loss adjustment expenses given the long-tailed nature of the business generally written by the Company and the limited operating experience of the Casualty Reinsurance segment, the fronting and program business in the Specialty Admitted Insurance segment, and the commercial auto business in the Excess and Surplus Lines segment. Catastrophes of significant magnitude, including hurricanes and earthquakes, involve complex coverage issues. In estimating the reserve for losses and loss adjustment expenses for these catastrophes, management uses case reserve estimates based on information obtained from site inspections by the Company’s adjustors and the terms of coverage provided in the policies. Management estimates reserves for incurred but not reported claims for these catastrophes using judgment based on an assessment of the Company’s property insurance exposures where the catastrophes occur and the Company’s progress in settling claims. Although management believes that the reserve for losses and loss adjustment expenses is reasonable, it is possible that the Company’s actual incurred losses and loss adjustment expenses will not develop in a manner consistent with the assumptions inherent in the determination of these reserves. Specifically, the Company’s actual ultimate loss ratio could differ from management’s initial expected loss ratio and/or the Company’s actual reporting patterns for losses could differ from the expected reporting patterns. Accordingly, the ultimate settlement of losses and the related loss adjustment expenses may vary significantly from the estimates included in the Company’s consolidated financial statements. These estimates are reviewed continually by management and are adjusted as necessary as experience develops or new information becomes known; such adjustments are included in current operations.
Share Based Compensation	Share Based Compensation The Company expenses the fair value of share equity awards over the vesting period of the award on a straight-line basis. The Black-Scholes-Merton option pricing model is used to value the options granted (see Note 12). Forfeitures of share-based awards are recognized as they occur. As the share based compensation expense is incurred, a corresponding increase to additional paid-in capital in shareholders’ equity is recognized. Share based compensation expense is reflected in “other operating expenses” in the accompanying consolidated statements of (loss) income and comprehensive (loss) income.
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 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 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.
(Loss) Earnings Per Share	(Loss) Earnings Per Share Basic (loss) earnings per share excludes dilution and is computed by dividing net (loss) income by the weighted-average number of common shares outstanding for the period. Diluted (loss) earnings per share reflects the dilution that could occur if securities or other contracts to issue common shares or common share equivalents were exercised or converted into common shares as calculated using the treasury stock method. When inclusion of common share equivalents increases the earnings per share or reduces the loss per share, the effect on earnings is anti-dilutive, and the diluted net earnings or net loss per share is computed excluding these common share equivalents.
Adopted Accounting Standards	Adopted Accounting Standards There were no new accounting standards adopted in 2021 that materially impacted the Company's financial statements. Prospective Accounting Standards There are no prospective accounting standards which are expected to have a material impact on our financial statements subsequent to December 31, 2021.
Leases	Operating lease costs are primarily comprised of rental expense for operating leases. Rental expense is recognized on a straight line basis over the lease term and includes amortization of the right-of-use lease asset and imputed interest on the lease liability. Operating lease costs are included in other operating expenses in the Company's consolidated statements of (loss) income and comprehensive (loss) income.

Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [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 (loss) earnings per share computations contained in the consolidated financial statements.


	Net (Loss) Income (Numerator)		Weighted-Average Common Shares (Denominator)	(Loss) Earnings Per Share
	(in thousands, except per share data)
Year ended December 31, 2021
Basic	$	(172,799)	34,956,957	$	(4.94)
Common share equivalents	—		—	—
Diluted	$	(172,799)	34,956,957	$	(4.94)
Year ended December 31, 2020
Basic	$	4,824	30,552,210	$	0.16
Common share equivalents	—		332,206	—
Diluted	$	4,824	30,884,416	$	0.16
Year ended December 31, 2019
Basic	$	38,339	30,275,184	$	1.27
Common share equivalents	—		398,740	(0.02)
Diluted	$	38,339	30,673,924	$	1.25

Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [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)
December 31, 2021
Fixed maturity securities:
State and municipal	$	323,773	$	12,156	$	(2,212)	$	333,717
Residential mortgage-backed	246,586		2,384		(2,339)		246,631
Corporate	711,930		26,119		(5,714)		732,335
Commercial mortgage and asset-backed	301,247		4,941		(1,700)		304,488

U.S. Treasury securities and obligations guaranteed by the U.S. government	60,329		653		(592)		60,390

Total fixed maturity securities, available-for-sale	$	1,643,865	$	46,253	$	(12,557)	$	1,677,561
December 31, 2020
Fixed maturity securities:
State and municipal	$	277,241	$	19,203	$	(39)	$	296,405
Residential mortgage-backed	286,104		7,784		(40)		293,848
Corporate	715,145		52,098		(421)		766,822
Commercial mortgage and asset-backed	314,911		12,611		(803)		326,719

U.S. Treasury securities and obligations guaranteed by the U.S. government	97,489		2,360		(1)		99,848
Total fixed maturity securities, available-for-sale	$	1,690,890	$	94,056	$	(1,304)	$	1,783,642

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 December 31, 2021 are summarized, by contractual maturity, as follows:


	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	86,238	$	86,948
After one year through five years	463,670		477,474
After five years through ten years	310,943		314,147
After ten years	235,181		247,873
Residential mortgage-backed	246,586		246,631
Commercial mortgage and asset-backed	301,247		304,488
Total	$	1,643,865	$	1,677,561

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)
December 31, 2021
Fixed maturity securities:
State and municipal	$	93,313	$	(2,162)	$	1,150	$	(50)	$	94,463	$	(2,212)
Residential mortgage-backed	140,386		(2,337)		147		(2)		140,533		(2,339)
Corporate	179,078		(4,232)		18,635		(1,482)		197,713		(5,714)
Commercial mortgage and asset-backed	159,289		(1,695)		1,229		(5)		160,518		(1,700)

U.S. Treasury securities and obligations guaranteed by the U.S. government	24,378		(592)		—		—		24,378		(592)

Total fixed maturity securities, available-for-sale	$	596,444	$	(11,018)	$	21,161	$	(1,539)	$	617,605	$	(12,557)
December 31, 2020
Fixed maturity securities:
State and municipal	$	7,193	$	(39)	$	—	$	—	$	7,193	$	(39)
Residential mortgage-backed	3,649		(40)		—		—		3,649		(40)
Corporate	28,607		(421)		—		—		28,607		(421)
Commercial mortgage and asset-backed	18,427		(447)		38,802		(356)		57,229		(803)

U.S. Treasury securities and obligations guaranteed by the U.S. government	2,291		(1)		—		—		2,291		(1)

Total fixed maturity securities, available-for-sale	$	60,167	$	(948)	$	38,802	$	(356)	$	98,969	$	(1,304)

Schedule of Major Categories of the Company' s Net Investment Income

Major categories of the Company’s net investment income are summarized as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Fixed maturity securities	$	42,968	$	45,070	$	39,875
Bank loan participations	10,571		12,150		19,772
Equity securities	4,883		4,800		5,262
Other invested assets	2,200		9,181		6,254
Cash, cash equivalents, restricted cash equivalents, and short-term investments	260		6,619		9,210

Gross investment income	60,882		77,820		80,373
Investment expense	(4,017)		(4,452)		(4,721)
Net investment income	$	56,865	$	73,368	$	75,652

Schedule of Summary of Realized Gains and Losses

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


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	4,988	$	1,098	$	1,575
Gross realized losses	(64)		(53)		(494)
	4,924		1,045		1,081
Equity securities:
Gross realized gains	284		—		11
Gross realized losses	(827)		(1,441)		(232)
Changes in fair values of equity securities	5,350		(215)		6,257
	4,807		(1,656)		6,036
Bank loan participations:
Gross realized gains	555		554		846
Gross realized losses	(1,388)		(17,286)		(10,902)
Changes in fair values of bank loan participations	6,661		1,318		—
	5,828		(15,414)		(10,056)
Short-term investments and other:
Gross realized gains	75		77		21
Gross realized losses	(150)		(2)		(1)
Changes in fair values of short-term investments and other	80		(80)		—
	5		(5)		20
Total	$	15,564	$	(16,030)	$	(2,919)

Schedule of Available-for-Sale Gross Unrealized Gains or Losses

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


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	4,988	$	1,098	$	1,575
Gross realized losses	(64)		(53)		(494)
	4,924		1,045		1,081
Equity securities:
Gross realized gains	284		—		11
Gross realized losses	(827)		(1,441)		(232)
Changes in fair values of equity securities	5,350		(215)		6,257
	4,807		(1,656)		6,036
Bank loan participations:
Gross realized gains	555		554		846
Gross realized losses	(1,388)		(17,286)		(10,902)
Changes in fair values of bank loan participations	6,661		1,318		—
	5,828		(15,414)		(10,056)
Short-term investments and other:
Gross realized gains	75		77		21
Gross realized losses	(150)		(2)		(1)
Changes in fair values of short-term investments and other	80		(80)		—
	5		(5)		20
Total	$	15,564	$	(16,030)	$	(2,919)

Schedule of Other Invested Assets



	Carrying Value				Investment Income
	December 31,				Year Ended December 31,
	2021		2020		2021		2020		2019
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	24,211	$	—	$	(625)	$	—	$	—
Corporate & Other	2,709		30,145		(812)		2,016		2,181
	26,920		30,145		(1,437)		2,016		2,181
Renewable energy notes receivable (b)
Excess and Surplus Lines	2,329		—		417		—		—
Corporate & Other	2,911		—		522		5,630		1,313
	5,240		—		939		5,630		1,313
Limited partnerships (c)
Excess and Surplus Lines	13,098		4,096		1,417		272		2,090
Corporate & Other	2,150		7,807		938		920		327
	15,248		11,903		2,355		1,192		2,417
Bank holding companies (d)
Excess and Surplus Lines	4,500		—		200		—		—
Corporate & Other	—		4,500		143		343		343
	4,500		4,500		343		343		343
Total other invested assets
Excess and Surplus Lines	44,138		4,096		1,409		272		2,090
Corporate & Other	7,770		42,452		791		8,909		4,164
	$	51,908	$	46,548	$	2,200	$	9,181	$	6,254

Deferred Policy Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2021

Deferred Policy Acquisition Costs Disclosures [Abstract]

Schedule of Deferred Policy Acquisition Costs

An analysis of deferred policy acquisition costs is as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Balance at beginning of period	$	62,953	$	62,006	$	54,450
Policy acquisition costs deferred:
Commissions	51,466		51,306		67,303
Underwriting and other issue expenses	23,770		25,219		24,146
	75,236		76,525		91,449
Amortization of policy acquisition costs	(69,663)		(75,578)		(83,893)
Net change	5,573		947		7,556
Balance at end of period	$	68,526	$	62,953	$	62,006

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

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

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


		December 31,
		2021				2020
	Weighted- Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		(in thousands)
Trademarks	Indefinite	$	22,200	$	—	$	22,200	$	—
Insurance licenses and authorities	Indefinite	8,964		—		8,964		—
Identifiable intangibles not subject to amortization		31,164		—		31,164		—
Broker relationships	24.6	11,611		6,736		11,611		6,373
Identifiable intangible assets subject to amortization		11,611		6,736		11,611		6,373
		$	42,775	$	6,736	$	42,775	$	6,373

Schedule of Gross Carrying Amounts for Indefinite-Lived Intangible Assets

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


		December 31,
		2021				2020
	Weighted- Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		(in thousands)
Trademarks	Indefinite	$	22,200	$	—	$	22,200	$	—
Insurance licenses and authorities	Indefinite	8,964		—		8,964		—
Identifiable intangibles not subject to amortization		31,164		—		31,164		—
Broker relationships	24.6	11,611		6,736		11,611		6,373
Identifiable intangible assets subject to amortization		11,611		6,736		11,611		6,373
		$	42,775	$	6,736	$	42,775	$	6,373

Schedule of Future Estimated Amortization

Future estimated amortization of specifically identifiable intangible assets as of December 31, 2021 is as follows (in thousands):


2022	$	363
2023	363
2024	363
2025	363
2026	363
Thereafter	3,059
Total	$	4,874

Schedule of Acquired Indefinite-Lived Intangible Assets

The table below summarizes the changes in the net carrying values of intangible assets by segment for 2021:


	December 31, 2020						December 31, 2021
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	5,237		(363)		—		4,874
	29,837		(363)		—		29,474
Specialty Admitted Insurance
Trademarks	2,500		—		—		2,500
Insurance licenses and authorities	4,065		—		—		4,065
Broker relationships	—		—		—		—
	6,565		—		—		6,565
Total identifiable intangible assets	$	36,402	$	(363)	$	—	$	36,039

The table below summarizes the changes in the net carrying values of intangible assets by segment for 2020:


	December 31, 2019						December 31, 2020
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	5,603		(366)		—		5,237
	30,203		(366)		—		29,837
Specialty Admitted Insurance
Trademarks	2,500		—		—		2,500
Insurance licenses and authorities	4,065		—		—		4,065
Broker relationships	172		(172)		—		—
	6,737		(172)		—		6,565
Total identifiable intangible assets	$	36,940	$	(538)	$	—	$	36,402

Schedule of Acquired Finite-Lived Intangible Assets

The table below summarizes the changes in the net carrying values of intangible assets by segment for 2021:


	December 31, 2020						December 31, 2021
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	5,237		(363)		—		4,874
	29,837		(363)		—		29,474
Specialty Admitted Insurance
Trademarks	2,500		—		—		2,500
Insurance licenses and authorities	4,065		—		—		4,065
Broker relationships	—		—		—		—
	6,565		—		—		6,565
Total identifiable intangible assets	$	36,402	$	(363)	$	—	$	36,039

The table below summarizes the changes in the net carrying values of intangible assets by segment for 2020:


	December 31, 2019						December 31, 2020
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	5,603		(366)		—		5,237
	30,203		(366)		—		29,837
Specialty Admitted Insurance
Trademarks	2,500		—		—		2,500
Insurance licenses and authorities	4,065		—		—		4,065
Broker relationships	172		(172)		—		—
	6,737		(172)		—		6,565
Total identifiable intangible assets	$	36,940	$	(538)	$	—	$	36,402

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net of accumulated depreciation, is included in "other assets" on the consolidated balance sheets and consists of the following:


	December 31,
	2021		2020
	(in thousands)
Electronic data processing hardware and software	$	2,492	$	3,238
Furniture and equipment	2,221		2,025
Property and equipment, cost basis	4,713		5,263
Accumulated depreciation	(3,932)		(3,975)
Property and equipment, net	$	781	$	1,288

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of Lease Maturities


Years ending December 31,	(in thousands)
2022	$	4,146
2023	3,935
2024	2,625
2025	2,556
2026	407
Thereafter	90
Total lease payments	13,759
Less imputed interest	(967)
Total operating lease liabilities	$	12,792

Reserve for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Liability for Claims and Claims Adjustment Expense [Abstract]

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


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$	1,386,061	$	1,377,461	$	1,194,088
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	466,574		386,341		603,094
Prior years	325,778		92,204		69,008
Total incurred losses and loss and adjustment expenses	792,352		478,545		672,102
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	35,006		31,952		75,249
Prior years	487,741		437,993		413,480
Total loss and loss adjustment expense payments	522,747		469,945		488,729
Deduct: Loss reserves ceded in LPT Transaction	256,452		—		—
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,399,214		1,386,061		1,377,461
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,349,259		806,019		668,045
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	2,748,473	$	2,192,080	$	2,045,506

Schedule of Incurred and Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance

Excess and Surplus Lines — Excluding Commercial Auto

Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
2012	$	97,908	$	98,672	$	97,829	$	96,497	$	97,306	$	99,619	$	101,271	$	103,061	$	106,118	$	108,336
2013			96,729		96,064		85,433		81,009		82,830		83,855		82,732		82,517		83,594
2014					114,942		104,092		90,267		82,232		84,074		88,904		90,191		90,944
2015							126,443		113,417		104,847		102,434		103,688		110,466		114,398
2016									138,507		125,093		126,050		126,971		125,097		132,235
2017											144,349		131,897		132,136		124,265		128,674
2018													167,004		158,458		146,633		150,687
2019															214,653		194,759		189,671
2020																	239,897		211,732
2021																			304,435
Total																			$	1,514,706

Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021

2012	$	6,944	$	33,757	$	49,604	$	63,216	$	74,869	$	82,545	$	88,812	$	94,588	$	99,628	$	101,669
2013			3,867		14,509		30,382		44,421		59,641		66,553		71,035		74,635		76,295
2014					3,412		16,969		28,212		43,891		58,774		71,549		76,523		79,980
2015							4,048		17,164		34,801		55,911		73,455		87,344		94,494
2016									5,180		22,852		46,045		70,105		90,166		102,072
2017											5,290		22,956		42,764		64,924		81,303
2018													6,000		26,160		50,679		76,494
2019															8,235		31,346		62,227
2020																	8,642		34,561
2021																			11,693
Total																			$	720,788
All outstanding losses and loss adjustment expenses prior to 2012, net of reinsurance (44 claims outstanding)																			$	6,714
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	800,632

Excess and Surplus Lines — Commercial Auto

Incurred losses and adjustment expenses, net of reinsurance (in thousands)


Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021
2013	$	1,255	$	1,300	$	1,451	$	1,351	$	1,301	$	1,277	$	1,277	$	1,277	$	1,277
2014			20,487		14,071		17,233		18,953		19,779		18,303		19,196		20,013
2015					30,109		33,113		35,149		36,139		36,636		37,839		38,046
2016							74,340		109,286		126,791		147,122		157,712		164,399
2017									207,355		208,743		272,421		319,472		355,713
2018											255,881		230,220		283,408		349,067
2019													262,306		240,773		339,771
2020															19,133		10,899
2021																	21,154
Total																	$	1,300,339

Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021
2013	$	60	$	1,182	$	1,285	$	1,291	$	1,275	$	1,275	$	1,275	$	1,275	$	1,275
2014			6,166		8,645		12,679		16,359		18,678		17,745		18,301		19,163
2015					8,356		15,234		24,282		31,592		34,819		35,983		36,710
2016							18,295		54,054		89,381		125,108		141,545		152,030
2017									41,467		107,377		192,961		252,169		309,860
2018											45,136		119,099		184,686		257,346
2019													44,225		107,182		192,982
2020															628		2,854
2021																	2,810
Total																	$	975,030
Total outstanding losses and loss adjustment expenses, net of reinsurance before Rasier LPT																	$	325,309
Reinsurance recoverable for Rasier LPT																	$	256,452
Total outstanding losses and loss adjustment expenses, net of reinsurance																	$	68,857

Specialty Admitted — Individual Risk Workers’ Compensation

Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
2012	$	32,116	$	32,420	$	31,490	$	29,689	$	28,255	$	28,174	$	28,186	$	28,186	$	27,741	$	27,386
2013			12,525		13,668		12,786		11,578		10,907		10,909		10,909		10,598		10,573
2014					16,638		16,652		14,620		13,890		12,704		12,704		12,573		12,685
2015							20,938		21,274		19,741		18,376		17,626		16,492		16,468
2016									21,678		20,299		18,050		15,800		14,050		13,069
2017											24,869		22,071		19,779		18,810		16,606
2018													16,432		16,288		16,038		14,200
2019															20,253		21,056		20,631
2020																	20,137		22,240
2021																			14,519
Total																			$	168,377

Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
2012	$	9,222	$	20,308	$	24,755	$	26,435	$	26,897	$	26,932	$	26,963	$	26,994	$	27,128	$	27,140
2013			4,487		8,723		9,846		10,246		10,263		10,309		10,337		10,335		10,336
2014					4,633		10,648		12,041		12,236		12,282		12,282		12,276		12,287
2015							6,604		13,285		15,118		15,889		15,901		16,068		16,069
2016									4,664		10,227		12,135		12,432		12,481		12,483
2017											6,546		12,782		14,285		15,195		15,210
2018													4,497		9,034		11,412		11,746
2019															5,473		13,776		16,254
2020																	7,394		14,668
2021																			5,874
Total																			$	142,067
All outstanding losses and loss adjustment expenses prior to 2012, net of reinsurance (6 claims outstanding)																			$	927
Outstanding losses and loss adjustment expenses assumed from involuntary workers’ compensation pools																			$	3,941
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	31,178

Specialty Admitted — Fronting and Programs

Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021
2013	$	104	$	80	$	52	$	52	$	52	$	52	$	52	$	52	$	52
2014			3,460		3,468		3,818		3,425		3,228		3,083		3,081		3,068
2015					7,136		9,632		9,358		8,974		8,384		8,444		8,436
2016							11,542		15,670		14,682		15,522		14,468		15,090
2017									21,229		24,271		25,201		24,728		25,097
2018											21,758		20,677		19,822		20,158
2019													18,832		19,020		19,991
2020															25,433		28,131
2021																	39,999
Total																	$	160,022

Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021
2013	$	28	$	52	$	52	$	52	$	52	$	52	$	52	$	52	$	52
2014			883		1,687		2,369		2,728		2,854		2,916		2,917		2,926
2015					2,058		4,666		6,165		6,919		7,329		7,654		7,728
2016							1,894		5,123		6,888		10,732		10,896		11,711
2017									1,223		6,682		13,065		15,854		18,219
2018											885		4,972		10,495		12,631
2019													4,358		5,125		9,958
2020															5,375		15,678
2021																	8,347
Total																	$	87,250
All outstanding losses and loss adjustment expenses, net of reinsurance																	$	72,772
Outstanding losses and loss adjustment expenses, assumed from involuntary pools																	$	781
Total outstanding losses and loss adjustment expenses, net of reinsurance																	$	73,553

Casualty Reinsurance

Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
2012	$	148,251	$	132,388	$	131,281	$	135,594	$	136,813	$	139,978	$	143,305	$	146,045	$	147,413	$	148,103
2013			133,230		130,361		131,352		134,446		137,801		143,124		146,760		149,682		153,622
2014					118,881		115,927		114,636		116,981		121,200		126,160		130,822		139,208
2015							119,157		108,870		108,699		109,117		114,517		120,185		133,790
2016									112,759		105,533		103,544		108,222		114,979		132,058
2017											134,628		128,472		129,800		138,831		176,828
2018													121,529		119,098		125,715		163,957
2019															86,022		85,549		100,895
2020																	80,374		81,800
2021																			82,610
Total																			$	1,312,871

Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)


Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
2012	$	73,124	$	81,859	$	97,215	$	113,943	$	121,026	$	128,567	$	133,606	$	137,430	$	139,719	$	141,563
2013			59,756		75,094		93,902		108,396		119,256		127,732		134,644		139,250		142,824
2014					41,421		58,601		76,302		89,899		101,366		110,374		117,971		125,444
2015							40,021		53,986		68,002		80,208		90,661		100,548		110,692
2016									36,268		50,905		65,409		78,145		90,356		104,115
2017											47,739		72,891		90,117		106,942		126,747
2018													30,903		50,274		69,123		90,054
2019															12,646		25,453		37,488
2020																	5,589		15,270
2021																			2,082
Total																			$	896,279
All outstanding losses and loss adjustment expenses prior to 2012, net of reinsurance																			$	8,402
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	424,994

Schedule of Reserve for Losses and Loss Adjustment Expenses


E&S – excluding commercial auto	$	800,632
E&S – commercial auto	68,857
Specialty Admitted – individual risk workers’ compensation	31,178
Specialty Admitted – fronting and programs	73,553
Casualty Reinsurance	424,994
Net reserve for losses and loss adjustment expenses	1,399,214
Reinsurance recoverables on unpaid losses (gross of $631,000 allowance for credit losses on reinsurance recoverables)	1,349,259
Gross reserve for losses and loss adjustment expenses	$	2,748,473

Schedule of Average Annual Percentage Payouts of Incurred Claims by Age, Net of Reinsurance

The following is unaudited supplementary information about average annual percentage payouts of incurred claims by age, net of reinsurance, as of December 31, 2021.


	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
E&S – excluding commercial auto	8.7	%	15.1	%	17.1	%	18.2	%	14.7	%	8.4	%	5.3	%	4.1	%	2.3	%	1.8	%
E&S – commercial auto	17.7	%	35.0	%	17.9	%	13.9	%	8.4	%	3.2	%	1.1	%	0.6	%	2.1	%
Specialty Admitted – individual risk workers’ compensation	27.8	%	31.3	%	15.2	%	8.7	%	6.5	%	3.4	%	2.2	%	1.1	%	1.2	%	0.9	%
Specialty Admitted – fronting and programs	17.8	%	22.3	%	21.2	%	14.1	%	9.3	%	6.0	%	4.7	%	2.3	%	2.3	%
Casualty Reinsurance	13.2	%	9.7	%	7.7	%	7.0	%	7.5	%	7.4	%	7.4	%	7.0	%	6.8	%	6.1	%

Schedule of Incurred But Not Reported Liabilities and Claims Frequency

Excess and Surplus Lines — Excluding Commercial Auto


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2012	$	108,336	$	1,449	1,868
2013	83,594		2,624		2,510
2014	90,944		4,040		2,225
2015	114,398		5,543		2,636
2016	132,235		10,541		3,102
2017	128,674		14,307		3,197
2018	150,687		31,961		4,465
2019	189,671		77,244		5,417
2020	211,732		128,364		4,442
2021	304,435		252,419		2,964

Excess and Surplus Lines — Commercial Auto


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2013	$	1,277	$	2	54
2014	20,013		266		7,764
2015	38,046		741		41,770
2016	164,399		4,895		89,117
2017	355,713		9,690		134,150
2018	349,067		22,594		97,334
2019	339,771		54,011		71,428
2020	10,899		3,442		594
2021	21,154		14,481		699

Specialty Admitted - Individual Risk Workers’ Compensation


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2012	$	27,386	$	247	1,323
2013	10,573		237		540
2014	12,685		319		851
2015	16,468		391		975
2016	13,069		585		836
2017	16,606		1,283		1,093
2018	14,200		2,253		1,238
2019	20,631		3,057		1,552
2020	22,240		3,890		1,367
2021	14,519		2,845		1,238

Specialty Admitted — Fronting and Programs


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2013	$	52	$	—	22
2014	3,068		134		858
2015	8,436		502		1,361
2016	15,090		2,241		2,816
2017	25,097		4,630		6,788
2018	20,158		4,000		7,360
2019	19,991		5,316		8,084
2020	28,131		5,843		8,680
2021	39,999		22,373		8,253

The table below provides information on IBNR liabilities for the Casualty Reinsurance segment:


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR
	($ in thousands)
2012	$	148,103	$	906
2013	153,622		2,566
2014	139,208		5,712
2015	133,790		9,817
2016	132,058		14,766
2017	176,828		33,463
2018	163,957		42,942
2019	100,895		49,980
2020	81,800		94,855
2021	82,610		24,450

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2021

Reinsurance Disclosures [Abstract]

Schedule of Premiums Written, Premiums Earned, and Losses and Loss Adjustment Expenses

Premiums written, premiums earned, and losses and loss adjustment expenses incurred are summarized as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Written premiums:
Direct	$	1,322,034	$	1,103,994	$	1,305,948
Assumed	185,265		153,006		164,787
Ceded	(762,919)		(609,226)		(574,585)
Net	$	744,380	$	647,774	$	896,150
Earned premiums:
Direct	$	1,255,875	$	1,005,138	$	1,182,501
Assumed	154,243		145,867		150,330
Ceded	(714,524)		(544,199)		(509,085)
Net	$	695,594	$	606,806	$	823,746
Losses and loss adjustment expenses:
Direct	$	1,117,673	$	709,545	$	953,548
Assumed	232,240		125,096		113,843
Ceded	(557,561)		(356,096)		(395,289)
Net	$	792,352	$	478,545	$	672,102

Junior Subordinated Debt (Tables)

12 Months Ended

Dec. 31, 2021

Subordinated Borrowings [Abstract]

Schedule of Junior Subordinated Debt


	James River Capital Trust I	James River Capital Trust II	James River Capital Trust III	James River Capital Trust IV	Franklin Holdings II (Bermuda) Capital Trust I
	($ in thousands)
Issue date	May 26, 2004	December 15, 2004	June 15, 2006	December 11, 2007	January 10, 2008
Principal amount of Trust Preferred Securities	$7,000	$15,000	$20,000	$54,000	$30,000
Principal amount of Junior Subordinated Debt	$7,217	$15,464	$20,619	$55,670	$30,928
Carrying amount of Junior Subordinated Debt net of repurchases	$7,217	$15,464	$20,619	$44,827	$15,928
Maturity date of Junior Subordinated Debt, unless accelerated earlier	May 24, 2034	December 15, 2034	June 15, 2036	December 15, 2037	March 15, 2038
Trust common stock	$217	$464	$619	$1,670	$928
Interest rate, per annum	Three-Month LIBOR plus 4.0%	Three-Month LIBOR plus 3.4%	Three-Month LIBOR plus 3.0%	Three-Month LIBOR plus 3.1%	Three-Month LIBOR plus 4.0%

Capital Stock (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of Cash Dividends Declared

The Board of Directors declared the following cash dividends in 2021, 2020, and 2019:


Date of Declaration	Dividend per Common Share	Payable to Shareholders of Record on	Payment Date	Total Amount (thousands)
2021
February 24, 2021	$0.30	March 15, 2021	March 31, 2021	$	9,345
April 27, 2021	$0.30	June 14, 2021	June 30, 2021	$	11,291
July 27, 2021	$0.30	September 13, 2021	September 30, 2021	$	11,282
October 26, 2021	$0.30	December 13, 2021	December 31, 2021	$	11,292
Total	$1.20			$	43,210
2020
February 19, 2020	$0.30	March 16, 2020	March 31, 2020	$	9,269
April 28, 2020	$0.30	June 15, 2020	June 30, 2020	$	9,271
July 28, 2020	$0.30	September 14, 2020	September 30, 2020	$	9,292
October 27, 2020	$0.30	December 14, 2020	December 31, 2020	$	9,305
Total	$1.20			$	37,137
2019
February 20, 2019	$0.30	March 11, 2019	March 29, 2019	$	9,146
April 30, 2019	$0.30	June 10, 2019	June 28, 2019	$	9,205
July 30, 2019	$0.30	September 16, 2019	September 30, 2019	$	9,231
November 5, 2019	$0.30	December 16, 2019	December 31, 2019	$	9,229
Total	$1.20			$	36,811

Equity Awards (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Summary of Option Activity

The following table summarizes the option activity:


	Year Ended December 31,
	2021			2020			2019
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
Outstanding:
Beginning of year	463,324	$	32.25	643,851	$	30.41	1,115,324	$	29.02
Granted	—	$	—	—	$	—	—	$	—
Exercised	(126,798)	$	22.26	(180,527)	$	25.70	(459,415)	$	26.87
Forfeited	(48,552)	$	40.42	—	$	—	(12,058)	$	36.84
End of year	287,974	$	35.26	463,324	$	32.25	643,851	$	30.41
Exercisable, end of year	287,974	$	35.26	463,324	$	32.25	590,340	$	29.34

Schedule of Summary of RSU Activity

The following table summarizes RSU activity:


	Year Ended December 31,
	2021			2020			2019
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Unvested, beginning of year	399,856	$	43.59	340,368	$	41.50	300,142	$	39.22
Granted	161,971	$	47.82	272,608	$	45.11	197,078	$	42.56
Vested	(194,157)	$	42.74	(165,344)	$	41.49	(134,407)	$	37.99
Forfeited	(75,535)	$	45.98	(47,776)	$	44.57	(22,445)	$	41.32
Unvested, end of year	292,135	$	45.89	399,856	$	43.59	340,368	$	41.50

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

The amount of expense and related tax benefit is summarized below:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Share based compensation expense	$	6,658	$	7,625	$	7,178
U.S. tax benefit on share based compensation expense	$	1,206	$	1,001	$	872

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of the Difference Between Federal Income Tax Provision (Benefit) and Expected Tax Provision (Benefit)

A reconciliation of the difference between the Company’s Federal income tax provision on U.S. income and the expected Federal tax provision on U.S. income using the weighted-average tax rate as well as a reconciliation to total tax expense is as follows:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Federal income tax (benefit) expense at applicable statutory rates	$	(18,750)	$	5,272	$	14,843
Tax-exempt investment income	(278)		(260)		(230)
Dividends received deduction	(298)		(283)		(307)
Excess tax benefits on share based compensation	(208)		(679)		(1,099)
Provision to return and amended tax returns	(3,945)		—		—
Base Erosion and Anti-Abuse Tax	—		2,843		—
Other	233		17		99
Federal income tax (benefit) expense	$	(23,246)	$	6,910	$	13,306
U.S. state income tax expense	11		203		222

Total income tax (benefit) expense	$	(23,235)	$	7,113	$	13,528

Schedule of Deferred Tax Assets (Liabilities) at the Current Prevailing Corporate Income Tax Rate

The significant components of net deferred tax assets (liabilities) at the corporate income tax rate of 21% for the years ended December 31, 2021 and 2020 are summarized as follows:


	December 31,
	2021		2020
	(in thousands)
Deferred tax assets:
Accrued compensation expenses	$	2,604	$	2,308
Reserve for losses and loss adjustment expenses	18,016		14,265
Unearned premiums	10,675		9,753
Share based compensation	1,541		1,427
Allowance for credit losses	2,516		2,130

Property and equipment	144		213

Net operating loss carryforward	15,221		—
Other	7,053		4,810
Total deferred tax assets	57,770		34,906
Deferred tax liabilities:
Intangible assets	7,289		7,324
Net unrealized gains	6,626		12,201
Deferred policy acquisition costs	4,494		4,786
Equity method investments	10,257		8,839
Other	2,674		2,861
Total deferred tax liabilities	31,340		36,011
Net deferred tax assets (liabilities)	$	26,430	$	(1,105)

Other Operating Expenses and Other Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Other Operating Expenses And Other Expenses [Abstract]

Schedule of Other Operating Expenses

Other operating expenses consist of the following:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Amortization of policy acquisition costs	$	69,663	$	75,578	$	83,893
Other underwriting expenses of the insurance segments	67,420		60,502		59,351
Other operating expenses of the Corporate and Other segment	27,609		29,418		27,664
Total	$	164,692	$	165,498	$	170,908

Other Comprehensive (Loss) Income (Tables)

12 Months Ended

Dec. 31, 2021

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:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Unrealized (losses) gains arising during the period, before U.S. income taxes	$	(54,132)	$	58,704	$	51,381
U.S. income taxes	6,189		(6,967)		(3,510)
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(47,943)		51,737		47,871
Less reclassification adjustment:
Net realized investment gains	4,924		1,045		1,081
U.S. income taxes	(946)		(93)		(152)
Reclassification adjustment for investment gains realized in net income	3,978		952		929
Other comprehensive (loss) income	$	(51,921)	$	50,785	$	46,942

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Summary of Company's Segment Results

Segment results are reported prior to the effects of the intercompany reinsurance agreements between the Company’s insurance and reinsurance subsidiaries. All gross written premiums and net earned premiums for all periods presented were generated from policies issued to U.S. based insureds.


	Excess and Surplus Lines		Specialty Admitted Insurance		Casualty Reinsurance		Corporate and Other		Total
	(in thousands)
As of and for the Year Ended December 31, 2021
Gross written premiums	$	833,657	$	491,561	$	182,081	$	—	$	1,507,299
Net earned premiums	486,000		75,371		134,223		—		695,594
Segment revenues	508,829		83,855		179,354		842		772,880
Net investment income	13,811		3,044		39,445		565		56,865
Interest expense	—		—		—		8,922		8,922
Underwriting (loss) profit of operating segments	(121,478)		9,667		(117,526)		—		(229,337)
Segment goodwill	181,831		—		—		—		181,831
Segment assets	1,997,192		1,062,125		1,857,462		31,771		4,948,550




As of and for the Year Ended December 31, 2020
Gross written premiums	$	699,143	$	408,691	$	149,166	$	—	$	1,257,000
Net earned premiums	415,168		57,505		134,133		—		606,806
Segment revenues	429,918		62,790		166,837		9,144		668,689
Net investment income	18,664		3,392		42,554		8,758		73,368
Interest expense	—		—		—		10,033		10,033
Underwriting profit (loss) of operating segments	9,752		4,185		(18,364)		—		(4,427)
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,208,344		907,604		1,899,328		47,796		5,063,072




As of and for the Year Ended December 31, 2019
Gross written premiums	$	922,320	$	387,642	$	160,773	$	—	$	1,470,735
Net earned premiums	625,528		54,338		143,880		—		823,746
Segment revenues	657,501		61,241		183,700		4,683		907,125
Net investment income	21,358		3,802		46,325		4,167		75,652
Interest expense	—		—		—		10,596		10,596
Underwriting profit (loss) of operating segments	19,157		5,913		(7,161)		—		17,909
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,481,934		786,433		1,699,473		56,565		5,024,405

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

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


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Underwriting (loss) profit of the operating segments:
Excess and Surplus Lines	$	(121,478)	$	9,752	$	19,157
Specialty Admitted Insurance	9,667		4,185		5,913
Casualty Reinsurance	(117,526)		(18,364)		(7,161)
Total underwriting (loss) profit of operating segments	(229,337)		(4,427)		17,909
Other operating expenses of the Corporate and Other segment	(27,609)		(29,418)		(27,664)
Underwriting loss	(256,946)		(33,845)		(9,755)
Net investment income	56,865		73,368		75,652
Net realized and unrealized gains (losses) on investments	15,564		(16,030)		(2,919)
Other income	353		1,153		1,137
Other expenses	(2,585)		(2,138)		(1,055)
Interest expense	(8,922)		(10,033)		(10,596)
Amortization of intangible assets	(363)		(538)		(597)
(Loss) income before income taxes	$	(196,034)	$	11,937	$	51,867

Schedule of Gross Written Premiums by Segment and Underwriting Division

Gross written premiums by segment and underwriting division are presented below:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Excess Casualty	$	285,082	$	213,037	$	118,954
General Casualty	140,608		125,433		115,832
Manufacturers and Contractors	139,720		122,880		105,096
Excess Property	47,241		37,332		31,606
Energy	46,216		51,109		45,442
Life Sciences	35,935		35,163		24,462
Commercial Auto	34,630		30,029		405,565
Allied Health	35,192		26,918		26,713
Small Business	32,593		24,790		19,725
Environmental	17,050		17,753		16,539
Professional Liability	8,104		6,881		6,441
Sports and Entertainment	9,442		6,118		4,212
Medical Professionals	1,844		1,700		1,733
Total Excess and Surplus Lines segment	833,657		699,143		922,320
Specialty Admitted Insurance segment	491,561		408,691		387,642
Casualty Reinsurance segment	182,081		149,166		160,773
Total	$	1,507,299	$	1,257,000	$	1,470,735

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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 December 31, 2021 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	$	—	$	333,717	$	—	$	333,717
Residential mortgage-backed	—		246,631		—		246,631
Corporate	—		732,335		—		732,335
Commercial mortgage and asset-backed	—		304,488				304,488

U.S. Treasury securities and obligations guaranteed by the U.S. government	59,988		402		—		60,390

Total fixed maturity securities, available-for-sale	$	59,988	$	1,617,573	$	—	$	1,677,561
Equity securities:
Preferred stock	$	—	$	63,612	$	—	$	63,612
Common stock	41,244		3,452		102		44,798
Total equity securities	$	41,244	$	67,064	$	102	$	108,410
Bank loan participations	$	—	$	156,043	$	—	$	156,043

Short-term investments	$	—	$	136,563	$	—	$	136,563

Assets measured at fair value on a recurring basis as of December 31, 2020 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	$	—		$	296,405	$	—	$	296,405
Residential mortgage-backed	—			293,848		—		293,848
Corporate	—			766,822		—		766,822
Commercial mortgage and asset-backed	—			326,719		—		326,719

U.S. Treasury securities and obligations guaranteed by the U.S. government	99,384			464		—		99,848
Total fixed maturity securities, available-for-sale	$	99,384		$	1,684,258	$	—	$	1,783,642
Equity securities:
Preferred stock	$	—		$	67,495	$	—	$	67,495
Common stock	15,793			5,015		672		21,480
Total equity securities	$	15,793		$	72,510	$	672	$	88,975
Bank loan participations	$	—		$	147,296	$	308	$	147,604
Short-term investments	$	—		$	130,289	$	—	$	130,289

Schedule of Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)

effective January 1, 2020) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is shown below:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Beginning balance	$	980	$	43	$	4,442
Transfers in to Level 3	8		358		3,010
Transfers out of Level 3	(6)		(767)		(7,238)
Purchases	—		1,417		—
Sales	(426)		—		—
Maturities, calls and paydowns	(379)		(17)		—
Amortization of discount	—		2		—
Total gains or losses (realized/unrealized):
Included in earnings	(75)		(56)		(171)
Included in other comprehensive income	—		—		—
Ending balance	$	102	$	980	$	43

Schedule of Carrying Value and Fair Value

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


	December 31,
	2021				2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,677,561	$	1,677,561	$	1,783,642	$	1,783,642
Equity securities	108,410		108,410		88,975		88,975

Bank loan participations	156,043		156,043		147,604		147,604
Cash and cash equivalents	190,123		190,123		162,260		162,260
Restricted cash equivalents	102,005		102,005		859,920		859,920
Short-term investments	136,563		136,563		130,289		130,289
Other invested assets – notes receivable	4,500		4,834		4,500		5,302
Liabilities
Senior debt	262,300		252,213		262,300		250,953
Junior subordinated debt	104,055		106,635		104,055		110,612

Statutory Matters (Tables)

12 Months Ended

Dec. 31, 2021

Statutory Matters [Abstract]

Schedule of Statutory Accounting


	2021		2020		2019
	(in thousands)
Statutory net (loss) income	$	(3,847)	$	(710)	$	3,586
Statutory capital and surplus	325,368		286,449		266,715
Minimum required statutory capital and surplus	111,031		100,170		111,208

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

Accounting Policies - Narrative (Details) $ in Thousands	12 Months Ended
Accounting Policies - Narrative (Details) $ in Thousands	Dec. 31, 2021 USD ($) insurance_company reinsurance_company shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) shares
Accounting Policies [Line Items]
Premiums receivable and agents’ balances, net	$ 393,967	$ 369,577
Allowance for credit losses	16,700	8,300
Credit loss expense	9,400	3,300	$ 2,500
Amount of credit loss expense that is reinsured	7,100
Allowance for credit losses written off	1,100	660	812
Allowance for credit losses on reinsurance recoverables	631	335
Fee income	4,500	3,400	$ 9,500
Investment in variable interest entities	$ 26,900	30,100
Common share equivalents excluded from calculations of diluted earnings per share \| shares	175,360		9,735
Minimum
Accounting Policies [Line Items]
Intangible assets, useful life (in years)	7 years
Property and equipment, estimated useful lives (in years)	3 years
Maximum
Accounting Policies [Line Items]
Intangible assets, useful life (in years)	27 years 6 months
Property and equipment, estimated useful lives (in years)	10 years
Receivables greater than 90 days past due
Accounting Policies [Line Items]
Premiums receivable and agents’ balances, net	$ 7,500	$ 6,900
United States
Accounting Policies [Line Items]
Number of insurance companies \| insurance_company	5
Bermuda
Accounting Policies [Line Items]
Number of insurance companies \| reinsurance_company	2

Accounting Policies - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Net (Loss) Income (Numerator)	$ (172,799)	$ 4,824	$ 38,339
Weighted-Average Common Shares (Denominator)
Basic (in shares)	34,956,957	30,552,210	30,275,184
Common share equivalents (in shares)	0	332,206	398,740
Diluted (in shares)	34,956,957	30,884,416	30,673,924
(Loss) Earnings Per Share
Basic (in dollars per share)	$ (4.94)	$ 0.16	$ 1.27
Common share equivalents (in dollars per share)	0	0	(0.02)
Diluted (in dollars per share)	$ (4.94)	$ 0.16	$ 1.25

Investments - Schedule of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	$ 1,643,865
Fair Value	1,677,561	$ 520
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	1,643,865	1,690,890
Total investments available-for-sale, Gross Unrealized Gains	46,253	94,056
Total investments available-for-sale, Gross Unrealized Losses	(12,557)	(1,304)
Fair Value	1,677,561	1,783,642
State and municipal
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	323,773	277,241
Total investments available-for-sale, Gross Unrealized Gains	12,156	19,203
Total investments available-for-sale, Gross Unrealized Losses	(2,212)	(39)
Fair Value	333,717	296,405
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	246,586	286,104
Total investments available-for-sale, Gross Unrealized Gains	2,384	7,784
Total investments available-for-sale, Gross Unrealized Losses	(2,339)	(40)
Fair Value	246,631	293,848
Corporate
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	711,930	715,145
Total investments available-for-sale, Gross Unrealized Gains	26,119	52,098
Total investments available-for-sale, Gross Unrealized Losses	(5,714)	(421)
Fair Value	732,335	766,822
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	301,247	314,911
Total investments available-for-sale, Gross Unrealized Gains	4,941	12,611
Total investments available-for-sale, Gross Unrealized Losses	(1,700)	(803)
Fair Value	304,488	326,719
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	60,329	97,489
Total investments available-for-sale, Gross Unrealized Gains	653	2,360
Total investments available-for-sale, Gross Unrealized Losses	(592)	(1)
Fair Value	$ 60,390	$ 99,848

Investments - Schedule of Contract Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cost or Amortized Cost
One year or less	$ 86,238
After one year through five years	463,670
After five years through ten years	310,943
After ten years	235,181
Residential mortgage-backed	246,586
Commercial mortgage and asset-backed	301,247
Total fixed maturity securities, Cost or Amortized Cost	1,643,865
Fair Value
One year or less	86,948
After one year through five years	477,474
After five years through ten years	314,147
After ten years	247,873
Residential mortgage-backed	246,631
Commercial mortgage and asset-backed	304,488
Total, Fair Value	$ 1,677,561	$ 520

Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	$ 596,444	$ 60,167
Fixed maturity securities, less than 12 months, gross unrealized losses	(11,018)	(948)
Fixed maturity securities, 12 months or more, fair value	21,161	38,802
Fixed maturity securities, 12 months or more, gross unrealized losses	(1,539)	(356)
Fixed maturity securities, fair value	617,605	98,969
Fixed maturity securities, gross unrealized losses	(12,557)	(1,304)
State and municipal
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	93,313	7,193
Fixed maturity securities, less than 12 months, gross unrealized losses	(2,162)	(39)
Fixed maturity securities, 12 months or more, fair value	1,150	0
Fixed maturity securities, 12 months or more, gross unrealized losses	(50)	0
Fixed maturity securities, fair value	94,463	7,193
Fixed maturity securities, gross unrealized losses	(2,212)	(39)
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	140,386	3,649
Fixed maturity securities, less than 12 months, gross unrealized losses	(2,337)	(40)
Fixed maturity securities, 12 months or more, fair value	147	0
Fixed maturity securities, 12 months or more, gross unrealized losses	(2)	0
Fixed maturity securities, fair value	140,533	3,649
Fixed maturity securities, gross unrealized losses	(2,339)	(40)
Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	179,078	28,607
Fixed maturity securities, less than 12 months, gross unrealized losses	(4,232)	(421)
Fixed maturity securities, 12 months or more, fair value	18,635	0
Fixed maturity securities, 12 months or more, gross unrealized losses	(1,482)	0
Fixed maturity securities, fair value	197,713	28,607
Fixed maturity securities, gross unrealized losses	(5,714)	(421)
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	159,289	18,427
Fixed maturity securities, less than 12 months, gross unrealized losses	(1,695)	(447)
Fixed maturity securities, 12 months or more, fair value	1,229	38,802
Fixed maturity securities, 12 months or more, gross unrealized losses	(5)	(356)
Fixed maturity securities, fair value	160,518	57,229
Fixed maturity securities, gross unrealized losses	(1,700)	(803)
U.S. Treasury securities and obligations guaranteed by the U.S. government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	24,378	2,291
Fixed maturity securities, less than 12 months, gross unrealized losses	(592)	(1)
Fixed maturity securities, 12 months or more, fair value	0	0
Fixed maturity securities, 12 months or more, gross unrealized losses	0	0
Fixed maturity securities, fair value	24,378	2,291
Fixed maturity securities, gross unrealized losses	$ (592)	$ (1)

Investments - Narrative (Details)	12 Months Ended
Investments - Narrative (Details)	Dec. 31, 2021 USD ($) issuer	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) issuer loan	Jan. 01, 2020 USD ($)	Dec. 31, 2018 USD ($)
Debt Securities, Available-for-sale [Line Items]
Number of available-for-sale securities held in an unrealized loss position \| issuer	230
Shareholders' equity	$ 725,362,000	$ 795,608,000	$ 778,581,000		$ 709,241,000
Bank loan portfolio aggregated unpaid principal balance	159,000,000
Bank loan portfolio aggregate fair value	156,043,000	147,604,000
Net Investment Income	56,865,000	73,368,000	75,652,000
Changes in fair values of bank loan participations	6,661,000	1,318,000	0
Losses due to credit-related impairments	0	8,300,000
Carrying value of impaired loans			6,900,000
Unpaid principal on impaired loans			14,300,000
Allowance for credit losses			7,200,000
Fixed maturity securities, available-for-sale	1,677,561,000	520,000
Investment as collateral for outstanding letters of credit	478,400,000
Investments on deposit with state insurance departments	54,900,000	46,900,000
Retained Earnings
Debt Securities, Available-for-sale [Line Items]
Shareholders' equity	(166,663,000)	49,227,000	89,586,000		79,753,000
Cumulative Effect, Period of Adoption, Adjustment
Debt Securities, Available-for-sale [Line Items]
Shareholders' equity					8,280,000
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings
Debt Securities, Available-for-sale [Line Items]
Shareholders' equity					$ 8,280,000
Cumulative Effect, Period of Adoption, Adjustment \| ASU 2019-05
Debt Securities, Available-for-sale [Line Items]
Bank loan participations				$ (8,400,000)
Shareholders' equity			(7,827,000)
Cumulative Effect, Period of Adoption, Adjustment \| ASU 2019-05 \| Retained Earnings
Debt Securities, Available-for-sale [Line Items]
Shareholders' equity			(7,827,000)	$ (7,800,000)
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Total fair value of unrealized loss position securities	617,605,000	98,969,000
Gross unrealized losses	12,557,000	1,304,000
Available-for-sale securities, change in gross unrealized gains (losses)	(59,100,000)	57,700,000	50,300,000
Fixed maturity securities, available-for-sale	$ 1,677,561,000	1,783,642,000
Impaired bank loans
Debt Securities, Available-for-sale [Line Items]
Net Investment Income			$ 293,000
Number of impaired loans \| loan			7
Number of issuers with impaired loans \| issuer			6
Average recorded investment in impaired bank loans			$ 3,500,000
Net realized gain (loss) on changes in fair value of impaired bank loans			$ (8,900,000)
Loans from issuer experiencing liquidity concerns
Debt Securities, Available-for-sale [Line Items]
Number of impaired loans \| loan			2
Number of issuers with impaired loans \| issuer			1
Allowance for credit losses			$ 5,100,000
Bank loan participations
Debt Securities, Available-for-sale [Line Items]
Unamortized discount			2,400,000
Unamortized premium			$ 4,000
BBB- or better \| Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Percentage of available for sale securities	99.50%
Loan Participations and Assignments
Debt Securities, Available-for-sale [Line Items]
Net Investment Income	$ 10,600,000	$ 12,200,000

Investments - Summary of Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Investment Income [Line Items]
Gross investment income	$ 60,882	$ 77,820	$ 80,373
Investment expense	(4,017)	(4,452)	(4,721)
Net investment income	56,865	73,368	75,652
Fixed maturity securities
Net Investment Income [Line Items]
Gross investment income	42,968	45,070	39,875
Bank loan participations
Net Investment Income [Line Items]
Gross investment income	10,571	12,150	19,772
Equity securities
Net Investment Income [Line Items]
Gross investment income	4,883	4,800	5,262
Other invested assets
Net Investment Income [Line Items]
Gross investment income	2,200	9,181	6,254
Cash, cash equivalents, restricted cash equivalents, and short-term investments
Net Investment Income [Line Items]
Gross investment income	$ 260	$ 6,619	$ 9,210

Investments - Summary of Realized Gains and Losses on Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities, gross realized gains	$ 4,988	$ 1,098	$ 1,575
Fixed maturity securities, gross realized losses	(64)	(53)	(494)
Fixed maturity securities	4,924	1,045	1,081
Equity securities, gross realized gains	284	0	11
Equity securities, gross realized losses	(827)	(1,441)	(232)
Changes in fair values of equity securities	5,350	(215)	6,257
Equity securities	4,807	(1,656)	6,036
Bank loan participations, gross realized gain	555	554	846
Bank loan participations, gross realized losses	(1,388)	(17,286)	(10,902)
Changes in fair values of bank loan participations	6,661	1,318	0
Bank loan participations	5,828	(15,414)	(10,056)
Short-term investments and other, gross realized gains	75	77	21
Short-term investments and other, gross realized losses	(150)	(2)	(1)
Changes in fair values of short-term investments and other	80	(80)	0
Short-term investments and other	5	(5)	20
Total	$ 15,564	$ (16,030)	$ (2,919)

Investments - Summary of Private Debt and Equity Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Investment Income [Line Items]
Carrying Value	$ 51,908	$ 46,548
Investment Income	2,200	9,181	$ 6,254
Distributions from equity method investments	2,434	3,162	2,834
Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	26,920	30,145
Investment Income	(1,437)	2,016	2,181
Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	5,240	0
Investment Income	$ 939	$ 5,630	1,313
Investment interest rate	12.00%	15.00%
Limited partnerships
Net Investment Income [Line Items]
Carrying Value	$ 15,248	$ 11,903
Investment Income	2,355	1,192	2,417
Bank holding companies
Net Investment Income [Line Items]
Carrying Value	4,500	4,500
Investment Income	343	343	343
Excess and Surplus Lines
Net Investment Income [Line Items]
Carrying Value	44,138	4,096
Investment Income	1,409	272	2,090
Excess and Surplus Lines \| Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	24,211	0
Investment Income	(625)	0	0
Excess and Surplus Lines \| Renewable energy LLCs \| Investment in LLC
Net Investment Income [Line Items]
Equity method investment transfer	$ 26,300
Excess and Surplus Lines \| Renewable energy LLCs \| Minimum \| Investment in LLC
Net Investment Income [Line Items]
Ownership percentage	2.60%
Excess and Surplus Lines \| Renewable energy LLCs \| Maximum \| Investment in LLC
Net Investment Income [Line Items]
Ownership percentage	32.60%
Excess and Surplus Lines \| Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	$ 2,329	0
Investment Income	417	0	0
Total principal balance received	1,700	8,800
Excess and Surplus Lines \| Limited partnerships
Net Investment Income [Line Items]
Carrying Value	13,098	4,096
Investment Income	1,417	272	2,090
Equity method investment transfer	5,100
Commitment to investment in limited partnership	5,300
Excess and Surplus Lines \| Bank holding companies
Net Investment Income [Line Items]
Carrying Value	4,500	0
Investment Income	$ 200	0	0
Investment interest rate	7.60%
Investment in private subordinated notes	$ 4,500
Corporate and Other
Net Investment Income [Line Items]
Carrying Value	7,770	42,452
Investment Income	791	8,909	4,164
Corporate and Other \| Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	2,709	30,145
Investment Income	(812)	2,016	2,181
Corporate and Other \| Renewable energy LLCs \| Investment in LLC
Net Investment Income [Line Items]
Equity method investment transfer	(26,300)
Distributions from equity method investments	$ 1,800	3,100
Corporate and Other \| Renewable energy LLCs \| Minimum \| Investment in LLC
Net Investment Income [Line Items]
Ownership percentage	2.60%
Corporate and Other \| Renewable energy LLCs \| Maximum \| Investment in LLC
Net Investment Income [Line Items]
Ownership percentage	32.60%
Corporate and Other \| Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	$ 2,911	0
Investment Income	522	5,630	1,313
Total principal balance received	2,100	5,300
Corporate and Other \| Limited partnerships
Net Investment Income [Line Items]
Carrying Value	2,150	7,807
Investment Income	938	920	327
Equity method investment transfer	(5,100)
Corporate and Other \| Bank holding companies
Net Investment Income [Line Items]
Carrying Value	0	4,500
Investment Income	$ 143	$ 343	$ 343

Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance at beginning of period	$ 62,953	$ 62,006	$ 54,450
Policy acquisition costs deferred:
Commissions	51,466	51,306	67,303
Underwriting and other issue expenses	23,770	25,219	24,146
Policy acquisition costs deferred	75,236	76,525	91,449
Amortization of policy acquisition costs	(69,663)	(75,578)	(83,893)
Net change	5,573	947	7,556
Balance at end of period	$ 68,526	$ 62,953	$ 62,006

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

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 11, 2007
Business Acquisition [Line Items]
Goodwill impairment	$ 0	$ 0	$ 0
Goodwill	181,831,000	181,831,000	181,831,000
Accumulated goodwill impairment losses	99,600,000	99,600,000
Impairment of intangible assets	0	0	0
Amortization of intangible assets	363,000	538,000	597,000
Excess and Surplus Lines
Business Acquisition [Line Items]
Goodwill	181,831,000	181,831,000	181,831,000
Impairment of intangible assets	0	0
Amortization of intangible assets	363,000	366,000	362,000
Specialty Admitted Insurance
Business Acquisition [Line Items]
Goodwill	0	0	0
Impairment of intangible assets	0	0
Amortization of intangible assets	$ 0	$ 172,000	$ 235,000
James River Group, Inc.
Business Acquisition [Line Items]
Percentage of outstanding shares acquired				100.00%

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 31,164	$ 31,164
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	6,736	6,373
Total intangible assets, gross	42,775	42,775
Broker relationships
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	$ 6,736	6,373
Weighted- Average Life (Years)	24 years 7 months 6 days
Trademarks
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 22,200	22,200
Insurance licenses and authorities
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 8,964	$ 8,964

Goodwill and Intangible Assets - Schedule of Future Estimated Amortization (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 363
2023	363
2024	363
2025	363
2026	363
Thereafter	3,059
Total	$ 4,874

Goodwill and Intangible Assets - Summary of Changes in Net Carrying Value of Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets [Roll Forward]
Net Carrying Value	$ 36,402,000	$ 36,940,000
Amortization	(363,000)	(538,000)	$ (597,000)
Impairment Losses	0	0	0
Net Carrying Value	36,039,000	36,402,000	36,940,000
Excess and Surplus Lines
Intangible Assets [Roll Forward]
Net Carrying Value	29,837,000	30,203,000
Amortization	(363,000)	(366,000)	(362,000)
Impairment Losses	0	0
Net Carrying Value	29,474,000	29,837,000	30,203,000
Excess and Surplus Lines \| Trademarks
Intangible Assets [Roll Forward]
Net Carrying Value	19,700,000	19,700,000
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	19,700,000	19,700,000	19,700,000
Excess and Surplus Lines \| Insurance licenses and authorities
Intangible Assets [Roll Forward]
Net Carrying Value	4,900,000	4,900,000
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	4,900,000	4,900,000	4,900,000
Excess and Surplus Lines \| Broker relationships
Intangible Assets [Roll Forward]
Net Carrying Value	5,237,000	5,603,000
Amortization	(363,000)	(366,000)
Impairment Losses	0	0
Net Carrying Value	4,874,000	5,237,000	5,603,000
Specialty Admitted Insurance
Intangible Assets [Roll Forward]
Net Carrying Value	6,565,000	6,737,000
Amortization	0	(172,000)	(235,000)
Impairment Losses	0	0
Net Carrying Value	6,565,000	6,565,000	6,737,000
Specialty Admitted Insurance \| Trademarks
Intangible Assets [Roll Forward]
Net Carrying Value	2,500,000	2,500,000
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	2,500,000	2,500,000	2,500,000
Specialty Admitted Insurance \| Insurance licenses and authorities
Intangible Assets [Roll Forward]
Net Carrying Value	4,065,000	4,065,000
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	4,065,000	4,065,000	4,065,000
Specialty Admitted Insurance \| Broker relationships
Intangible Assets [Roll Forward]
Net Carrying Value	0	172,000
Amortization	0	(172,000)
Impairment Losses	0	0
Net Carrying Value	$ 0	$ 0	$ 172,000

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, cost basis	$ 4,713	$ 5,263
Accumulated depreciation	(3,932)	(3,975)
Property and equipment, net	781	1,288
Electronic data processing hardware and software
Property, Plant and Equipment [Line Items]
Property and equipment, cost basis	2,492	3,238
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost basis	$ 2,221	$ 2,025

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets	us-gaap:OtherAssets
Assets derecognized	$ (4,948,550)	$ (5,063,072)	$ (5,024,405)
Liabilities derecognized	(4,223,188)	(4,267,464)
Shareholders' equity	725,362	795,608	778,581		$ 709,241
Lease liabilities	12,792	14,900
Right-of-use assets	$ 11,700	14,000
Weighted average discount rate	4.10%
Weighted average remaining lease term	3 years 7 months 6 days
Operating lease costs	$ 5,100	$ 5,000	$ 5,200
ASU 2016-02
Related Party Transaction [Line Items]
Assets derecognized				$ 22,600
Liabilities derecognized				30,900
Lease liabilities				17,800
Right-of-use assets				17,200
Cumulative Effect, Period of Adoption, Adjustment
Related Party Transaction [Line Items]
Shareholders' equity					$ 8,280
Cumulative Effect, Period of Adoption, Adjustment \| ASU 2016-02
Related Party Transaction [Line Items]
Shareholders' equity				$ 8,300
Minority interest in partnership
Related Party Transaction [Line Items]
Lease liabilities	$ 8,500

Leases - Summary of Operating Lease Liabilities Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 4,146
2023	3,935
2024	2,625
2025	2,556
2026	407
Thereafter	90
Total lease payments	13,759
Less imputed interest	(967)
Total operating lease liabilities	$ 12,792	$ 14,900

Reserve for Losses and Loss Adjustment Expenses - Reserve for Losses and Loss Adjustment Expenses, Net of Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Liability for Claims and Claims Adjustment Expense [Abstract]
Allowance for credit losses on reinsurance recoverables	$ 631	$ 335
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	1,386,061	1,377,461	$ 1,194,088
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	466,574	386,341	603,094
Prior years	325,778	92,204	69,008
Total incurred losses and loss and adjustment expenses	792,352	478,545	672,102
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	35,006	31,952	75,249
Prior years	487,741	437,993	413,480
Total loss and loss adjustment expense payments	522,747	469,945	488,729
Reinsurance recoverable on unpaid losses, net	1,348,628	805,684
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,399,214	1,386,061	1,377,461
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,349,259	806,019	668,045
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	2,748,473	2,192,080	2,045,506
Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years	190,700	59,400	51,200
Loss Portfolio Transfer \| Excess and Surplus Lines
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Reinsurance recoverable on unpaid losses, net	$ 256,452	$ 0	$ 0

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Development on prior year loss reserves
Reserves for losses and loss adjustment expenses	$ 325,778	$ 92,204	$ 69,008
Excess and Surplus Lines
Development on prior year loss reserves
Reserves for losses and loss adjustment expenses	190,700	59,400	51,200
Specialty Admitted Insurance \| Accident years prior to 2019
Development on prior year loss reserves
Reserves for losses and loss adjustment expenses		(5,000)
Specialty Admitted Insurance \| Accident years prior to 2020
Development on prior year loss reserves
Reserves for losses and loss adjustment expenses	(2,500)
Specialty Admitted Insurance \| Accident years prior to 2018
Development on prior year loss reserves
Reserves for losses and loss adjustment expenses			(5,300)
Casualty Reinsurance
Development on prior year loss reserves
Reserves for losses and loss adjustment expenses	137,600
Casualty Reinsurance \| General liability and professional liability treaties
Development on prior year loss reserves
Reserves for losses and loss adjustment expenses	113,400
Casualty Reinsurance \| Accident years 2014 through 2018
Development on prior year loss reserves
Reserves for losses and loss adjustment expenses		37,800
Casualty Reinsurance \| Accident years 2011 through 2016
Development on prior year loss reserves
Reserves for losses and loss adjustment expenses			23,100
Commercial Auto \| Excess and Surplus Lines \| Accident years prior to 2019
Development on prior year loss reserves
Reserves for losses and loss adjustment expenses	200,100
Commercial Auto \| Excess and Surplus Lines \| Accident years 2018 and prior
Development on prior year loss reserves
Reserves for losses and loss adjustment expenses		91,400
Commercial Auto \| Excess and Surplus Lines \| Accident years 2016 and 2017
Development on prior year loss reserves
Reserves for losses and loss adjustment expenses			57,400
Excluding Commercial Auto \| Excess and Surplus Lines
Development on prior year loss reserves
Reserves for losses and loss adjustment expenses	$ (9,400)		$ (6,200)
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident years 2018 and 2019
Development on prior year loss reserves
Reserves for losses and loss adjustment expenses		$ (32,000)

Reserve for Losses and Loss Adjustment Expenses - Cumulative Paid Losses and Loss Adjustment Expenses (Details) $ in Thousands	Dec. 31, 2021 USD ($) claim	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Claims Development [Line Items]
Reinsurance recoverable on unpaid losses, net	$ 1,348,628	$ 805,684
Casualty Reinsurance
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	896,279
All outstanding losses and loss adjustment expenses prior to 2012, net of reinsurance	8,402
Total outstanding losses and loss adjustment expenses, net of reinsurance	424,994
Casualty Reinsurance \| Accident year 2012
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	141,563	139,719	$ 137,430	$ 133,606	$ 128,567	$ 121,026	$ 113,943	$ 97,215	$ 81,859	$ 73,124
Casualty Reinsurance \| Accident year 2013
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	142,824	139,250	134,644	127,732	119,256	108,396	93,902	75,094	59,756
Casualty Reinsurance \| Accident year 2014
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	125,444	117,971	110,374	101,366	89,899	76,302	58,601	41,421
Casualty Reinsurance \| Accident year 2015
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	110,692	100,548	90,661	80,208	68,002	53,986	40,021
Casualty Reinsurance \| Accident year 2016
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	104,115	90,356	78,145	65,409	50,905	36,268
Casualty Reinsurance \| Accident year 2017
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	126,747	106,942	90,117	72,891	47,739
Casualty Reinsurance \| Accident year 2018
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	90,054	69,123	50,274	30,903
Casualty Reinsurance \| Accident year 2019
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	37,488	25,453	12,646
Casualty Reinsurance \| Accident year 2020
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	15,270	5,589
Excluding Commercial Auto \| Excess and Surplus Lines
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	720,788
All outstanding losses and loss adjustment expenses prior to 2012, net of reinsurance	6,714
Total outstanding losses and loss adjustment expenses, net of reinsurance	$ 800,632
Claims outstanding \| claim	44
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2012
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 101,669	99,628	94,588	88,812	82,545	74,869	63,216	49,604	33,757	6,944
Claims outstanding \| claim	1,868
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2013
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 76,295	74,635	71,035	66,553	59,641	44,421	30,382	14,509	3,867
Claims outstanding \| claim	2,510
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2014
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 79,980	76,523	71,549	58,774	43,891	28,212	16,969	3,412
Claims outstanding \| claim	2,225
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2015
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 94,494	87,344	73,455	55,911	34,801	17,164	4,048
Claims outstanding \| claim	2,636
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2016
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 102,072	90,166	70,105	46,045	22,852	5,180
Claims outstanding \| claim	3,102
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2017
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 81,303	64,924	42,764	22,956	5,290
Claims outstanding \| claim	3,197
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2018
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 76,494	50,679	26,160	6,000
Claims outstanding \| claim	4,465
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2019
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 62,227	31,346	8,235
Claims outstanding \| claim	5,417
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2020
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 34,561	8,642
Claims outstanding \| claim	4,442
Fronting and Programs \| Specialty Admitted Insurance
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 87,250
All outstanding losses and loss adjustment expenses prior to 2012, net of reinsurance	72,772
Outstanding losses and loss adjustment expenses assumed from involuntary workers compensation pools	781
Total outstanding losses and loss adjustment expenses, net of reinsurance	73,553
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2013
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 52	52	52	52	52	52	52	52	28
Claims outstanding \| claim	22
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2014
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 2,926	2,917	2,916	2,854	2,728	2,369	1,687	883
Claims outstanding \| claim	858
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2015
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 7,728	7,654	7,329	6,919	6,165	4,666	2,058
Claims outstanding \| claim	1,361
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2016
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 11,711	10,896	10,732	6,888	5,123	1,894
Claims outstanding \| claim	2,816
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2017
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 18,219	15,854	13,065	6,682	1,223
Claims outstanding \| claim	6,788
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2018
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 12,631	10,495	4,972	885
Claims outstanding \| claim	7,360
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2019
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 9,958	5,125	4,358
Claims outstanding \| claim	8,084
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2020
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 15,678	5,375
Claims outstanding \| claim	8,680
Individual Risk Workers' Compensation \| Specialty Admitted Insurance
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 142,067
All outstanding losses and loss adjustment expenses prior to 2012, net of reinsurance	927
Outstanding losses and loss adjustment expenses assumed from involuntary workers compensation pools	3,941
Total outstanding losses and loss adjustment expenses, net of reinsurance	$ 31,178
Claims outstanding \| claim	6
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2012
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 27,140	27,128	26,994	26,963	26,932	26,897	26,435	24,755	20,308	$ 9,222
Claims outstanding \| claim	1,323
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2013
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 10,336	10,335	10,337	10,309	10,263	10,246	9,846	8,723	4,487
Claims outstanding \| claim	540
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2014
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 12,287	12,276	12,282	12,282	12,236	12,041	10,648	4,633
Claims outstanding \| claim	851
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2015
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 16,069	16,068	15,901	15,889	15,118	13,285	6,604
Claims outstanding \| claim	975
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2016
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 12,483	12,481	12,432	12,135	10,227	4,664
Claims outstanding \| claim	836
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2017
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 15,210	15,195	14,285	12,782	6,546
Claims outstanding \| claim	1,093
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2018
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 11,746	11,412	9,034	4,497
Claims outstanding \| claim	1,238
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2019
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 16,254	13,776	5,473
Claims outstanding \| claim	1,552
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2020
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 14,668	7,394
Claims outstanding \| claim	1,367
Commercial Auto \| Excess and Surplus Lines
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 975,030
All outstanding losses and loss adjustment expenses prior to 2012, net of reinsurance	325,309
Reinsurance recoverable on unpaid losses, net	256,452
Total outstanding losses and loss adjustment expenses, net of reinsurance	68,857
Commercial Auto \| Excess and Surplus Lines \| Accident year 2013
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 1,275	1,275	1,275	1,275	1,275	1,291	1,285	1,182	$ 60
Claims outstanding \| claim	54
Commercial Auto \| Excess and Surplus Lines \| Accident year 2014
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 19,163	18,301	17,745	18,678	16,359	12,679	8,645	$ 6,166
Claims outstanding \| claim	7,764
Commercial Auto \| Excess and Surplus Lines \| Accident year 2015
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 36,710	35,983	34,819	31,592	24,282	15,234	$ 8,356
Claims outstanding \| claim	41,770
Commercial Auto \| Excess and Surplus Lines \| Accident year 2016
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 152,030	141,545	125,108	89,381	54,054	$ 18,295
Claims outstanding \| claim	89,117
Commercial Auto \| Excess and Surplus Lines \| Accident year 2017
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 309,860	252,169	192,961	107,377	$ 41,467
Claims outstanding \| claim	134,150
Commercial Auto \| Excess and Surplus Lines \| Accident year 2018
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 257,346	184,686	119,099	$ 45,136
Claims outstanding \| claim	97,334
Commercial Auto \| Excess and Surplus Lines \| Accident year 2019
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 192,982	107,182	$ 44,225
Claims outstanding \| claim	71,428
Commercial Auto \| Excess and Surplus Lines \| Accident year 2020
Claims Development [Line Items]
Cumulative paid losses and loss adjustment expenses, net of reinsurance	$ 2,854	$ 628
Claims outstanding \| claim	594

Reserve for Losses and Loss Adjustment Expenses - Reserves for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	$ 1,399,214	$ 1,386,061	$ 1,377,461	$ 1,194,088
Allowance for credit losses on reinsurance recoverables	631	335
Reinsurance recoverables on unpaid losses (gross of $631,000 allowance for credit losses on reinsurance recoverables)	1,349,259	806,019	668,045
Gross reserve for losses and loss adjustment expenses	2,748,473	$ 2,192,080	$ 2,045,506
Casualty Reinsurance
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	424,994
Excluding Commercial Auto \| Excess and Surplus Lines
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	800,632
Commercial Auto \| Excess and Surplus Lines
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	68,857
Individual Risk Workers' Compensation \| Specialty Admitted Insurance
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	31,178
Fronting and Programs \| Specialty Admitted Insurance
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	$ 73,553

Reserve for Losses and Loss Adjustment Expenses - Average Annual Percentage Payouts of Incurred Claims (Details)	Dec. 31, 2021
Casualty Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	13.20%
Year 2	9.70%
Year 3	7.70%
Year 4	7.00%
Year 5	7.50%
Year 6	7.40%
Year 7	7.40%
Year 8	7.00%
Year 9	6.80%
Year 10	6.10%
Excluding Commercial Auto \| E&S
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	8.70%
Year 2	15.10%
Year 3	17.10%
Year 4	18.20%
Year 5	14.70%
Year 6	8.40%
Year 7	5.30%
Year 8	4.10%
Year 9	2.30%
Year 10	1.80%
Commercial Auto \| E&S
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	17.70%
Year 2	35.00%
Year 3	17.90%
Year 4	13.90%
Year 5	8.40%
Year 6	3.20%
Year 7	1.10%
Year 8	0.60%
Year 9	2.10%
Individual Risk Workers' Compensation \| Specialty Admitted Insurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	27.80%
Year 2	31.30%
Year 3	15.20%
Year 4	8.70%
Year 5	6.50%
Year 6	3.40%
Year 7	2.20%
Year 8	1.10%
Year 9	1.20%
Year 10	0.90%
Fronting and Programs \| Specialty Admitted Insurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	17.80%
Year 2	22.30%
Year 3	21.20%
Year 4	14.10%
Year 5	9.30%
Year 6	6.00%
Year 7	4.70%
Year 8	2.30%
Year 9	2.30%

Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	$ 1,348,628	$ 805,684
Reinsurance recoverable on paid losses	$ 82,235	46,118
Percentage of reinsurance recoverables on unpaid losses for 3 largest reinsurers	52.40%
Prepaid reinsurance premiums ceded	$ 291,498	$ 243,741
Percentage of prepaid reinsurance premiums ceded for 3 largest reinsurers	49.30%
Largest reinsurer one
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	$ 325,000
Prepaid reinsurance premiums ceded	80,700
Largest reinsurer two
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	256,500
Prepaid reinsurance premiums ceded	43,200
Largest reinsurer three
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	125,400
Prepaid reinsurance premiums ceded	$ 19,800

Reinsurance - Summary of Premiums Written, Premiums Earned, and Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Written premiums:
Direct	$ 1,322,034	$ 1,103,994	$ 1,305,948
Assumed	185,265	153,006	164,787
Ceded	(762,919)	(609,226)	(574,585)
Net written premiums	744,380	647,774	896,150
Earned premiums:
Direct	1,255,875	1,005,138	1,182,501
Assumed	154,243	145,867	150,330
Ceded	(714,524)	(544,199)	(509,085)
Net earned premiums	695,594	606,806	823,746
Losses and loss adjustment expenses:
Direct	1,117,673	709,545	953,548
Assumed	232,240	125,096	113,843
Ceded	(557,561)	(356,096)	(395,289)
Net	$ 792,352	$ 478,545	$ 672,102

Senior Debt (Details) - USD ($)	12 Months Ended
Senior Debt (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2021	Nov. 08, 2019	Aug. 02, 2017	May 26, 2004
Line of Credit Facility [Line Items]
Amount outstanding on line of credit	$ 262,300,000	$ 262,300,000
2013 Facility
Line of Credit Facility [Line Items]
Current total capacity		315,000,000
Letters of credit outstanding		34,300,000
2013 Facility \| Bank Holding Company
Line of Credit Facility [Line Items]
Commitment to lend		36,000,000
2013 Facility \| Secured
Line of Credit Facility [Line Items]
Total capacity		102,500,000
Letters of credit outstanding		34,300,000
2013 Facility \| Unsecured
Line of Credit Facility [Line Items]
Total capacity		212,500,000	$ 212,500,000
Amount outstanding on line of credit	185,800,000	$ 185,800,000
Additional borrowings	52,500,000
2013 Facility \| LIBOR \| Unsecured
Line of Credit Facility [Line Items]
Margin above LIBOR, percentage rate		1.625%
2017 Facility
Line of Credit Facility [Line Items]
Total capacity				$ 100,000,000
Letters of credit outstanding		$ 20,500,000
2017 Facility \| Secured
Line of Credit Facility [Line Items]
Letters of credit outstanding		20,500,000
2017 Facility \| Unsecured
Line of Credit Facility [Line Items]
Amount outstanding on line of credit		$ 61,500,000
Additional borrowings	$ 51,500,000
2017 Facility \| LIBOR \| Unsecured
Line of Credit Facility [Line Items]
Margin above LIBOR, percentage rate		1.625%
James River Group Senior Debt
Line of Credit Facility [Line Items]
Principal amount of Senior Debt					$ 15,000,000
James River Group Senior Debt \| LIBOR
Line of Credit Facility [Line Items]
Margin above LIBOR, percentage rate					3.85%

Junior Subordinated Debt - Summary of Junior Subordinated Debt and Trust Preferred Securities (Details) - Junior Subordinated Debt $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
James River Capital Trust I
Debt Instrument [Line Items]
Issue date	May 26, 2004
Principal amount of Trust Preferred Securities	$ 7,000
Principal amount of Junior Subordinated Debt	7,217
Carrying amount of Junior Subordinated Debt net of repurchases	$ 7,217
Maturity date of Junior Subordinated Debt, unless accelerated earlier	May 24, 2034
Trust common stock	$ 217
James River Capital Trust I \| LIBOR
Debt Instrument [Line Items]
Interest rate, per annum	4.00%
James River Capital Trust II
Debt Instrument [Line Items]
Issue date	Dec. 15, 2004
Principal amount of Trust Preferred Securities	$ 15,000
Principal amount of Junior Subordinated Debt	15,464
Carrying amount of Junior Subordinated Debt net of repurchases	$ 15,464
Maturity date of Junior Subordinated Debt, unless accelerated earlier	Dec. 15, 2034
Trust common stock	$ 464
James River Capital Trust II \| LIBOR
Debt Instrument [Line Items]
Interest rate, per annum	3.40%
James River Capital Trust III
Debt Instrument [Line Items]
Issue date	Jun. 15, 2006
Principal amount of Trust Preferred Securities	$ 20,000
Principal amount of Junior Subordinated Debt	20,619
Carrying amount of Junior Subordinated Debt net of repurchases	$ 20,619
Maturity date of Junior Subordinated Debt, unless accelerated earlier	Jun. 15, 2036
Trust common stock	$ 619
James River Capital Trust III \| LIBOR
Debt Instrument [Line Items]
Interest rate, per annum	3.00%
James River Capital Trust IV
Debt Instrument [Line Items]
Issue date	Dec. 11, 2007
Principal amount of Trust Preferred Securities	$ 54,000
Principal amount of Junior Subordinated Debt	55,670
Carrying amount of Junior Subordinated Debt net of repurchases	$ 44,827
Maturity date of Junior Subordinated Debt, unless accelerated earlier	Dec. 15, 2037
Trust common stock	$ 1,670
James River Capital Trust IV \| LIBOR
Debt Instrument [Line Items]
Interest rate, per annum	3.10%
Franklin Holdings II (Bermuda) Capital Trust I
Debt Instrument [Line Items]
Issue date	Jan. 10, 2008
Principal amount of Trust Preferred Securities	$ 30,000
Principal amount of Junior Subordinated Debt	30,928
Carrying amount of Junior Subordinated Debt net of repurchases	$ 15,928
Maturity date of Junior Subordinated Debt, unless accelerated earlier	Mar. 15, 2038
Trust common stock	$ 928
Franklin Holdings II (Bermuda) Capital Trust I \| LIBOR
Debt Instrument [Line Items]
Interest rate, per annum	4.00%

Junior Subordinated Debt - Narrative (Details) - Junior Subordinated Debt	12 Months Ended
	Dec. 31, 2021
Debt Instrument [Line Items]
Debt redemption percentage	100.00%
Deferred interest payment period (in years)	5 years

Capital Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 10, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)		200,000,000	200,000,000
Common stock, par value (in dollars per share)		$ 0.0002	$ 0.0002
Common stock, shares outstanding (in shares)		37,373,066	30,649,261
Common stock, shares issued (in shares)		37,373,066	30,649,261
Undesignated preferred stock, shares authorized		20,000,000	20,000,000
Undesignated stock par value (in dollars per share)		$ 0.00125	$ 0.00125
Preferred stock, shares issued (in shares)		0	0
Preferred stock, shares outstanding (in shares)		0	0
Proceeds from issuance of stock		$ 192,107	$ 0	$ 0
Common shares reserved for future issuance		4,321,150
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit dividend equivalents		$ 404	449	433
Dividends payable		$ 518	$ 663	$ 623
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares outstanding (in shares)		37,373,066	30,649,261	30,424,391	29,988,460
Issuance of common shares related to outstanding equity plan awards (in shares)		226,305	224,870
Exercise of stock options (in shares)		93,446	113,346	345,434
Vesting of RSUs (in shares)		132,859	111,524	90,497
Public Stock Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares issued during period (in shares)	6,497,500
Shares issued at a public offering price (in dollars per share)	$ 31.00
Proceeds from issuance of stock	$ 192,100

Capital Stock - Summary of Cash Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands																									12 Months Ended
	Dec. 31, 2021	Oct. 26, 2021	Sep. 30, 2021	Jul. 27, 2021	Jun. 30, 2021	Apr. 27, 2021	Mar. 31, 2021	Feb. 24, 2021	Dec. 31, 2020	Oct. 27, 2020	Sep. 30, 2020	Jul. 28, 2020	Jun. 30, 2020	Apr. 28, 2020	Mar. 31, 2020	Feb. 19, 2020	Dec. 31, 2019	Nov. 05, 2019	Sep. 30, 2019	Jul. 30, 2019	Jun. 28, 2019	Apr. 30, 2019	Mar. 29, 2019	Feb. 20, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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		$ 0.30		$ 0.30		$ 0.30		$ 0.30	$ 1.20	$ 1.20	$ 1.20
Total Amount (thousands)	$ 11,292		$ 11,282		$ 11,291		$ 9,345		$ 9,305		$ 9,292		$ 9,271		$ 9,269		$ 9,229		$ 9,231		$ 9,205		$ 9,146		$ 43,210	$ 37,137	$ 36,811

Equity Awards - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	0	0	0
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, outstanding	287,974	463,324	643,851		1,115,324
Vesting period (in years)	3 years
Contractual life of option (in years)	7 years
Total intrinsic value of options exercised	$ 1.3	$ 3.8	$ 8.2
Aggregate intrinsic value of options outstanding	0.0	7.8	7.1
Aggregate intrinsic value of options exercisable	$ 0.0	$ 7.8	$ 7.1
Fair value of shares used in calculation of intrinsic values (in dollars per share)	$ 28.81	$ 49.15	$ 41.21
Weighted-average remaining contractual life of options outstanding (in years)	1 year 4 months 24 days
Options granted	0	0	0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Total fair value of shares vested	$ 9.1	$ 7.2	$ 5.3
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years
Legacy Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, outstanding	0
2014 Long Term Incentive Plan
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	1,326,456
2014 Non-Employee Director Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance	150,000
Number of shares available for grant	94,781
Increase in number of common shares authorized for issuance				100,000
Non-employee directors \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year

Equity Awards - Summary of Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Granted (in shares)	0	0	0
Options
Shares
Beginning of year (in shares)	463,324	643,851	1,115,324
Granted (in shares)	0	0	0
Exercised (in shares)	(126,798)	(180,527)	(459,415)
Forfeited (in shares)	(48,552)	0	(12,058)
End of year (in shares)	287,974	463,324	643,851
Exercisable, end of year (in shares)	287,974	463,324	590,340
Weighted- Average Exercise Price
Beginning of year (in dollars per share)	$ 32.25	$ 30.41	$ 29.02
Granted (in dollars per share)	0	0	0
Exercised (in dollars per share)	22.26	25.70	26.87
Forfeited (in dollars per share)	40.42	0	36.84
End of year (in dollars per share)	35.26	32.25	30.41
Exercisable, end of year (in dollars per share)	$ 35.26	$ 32.25	$ 29.34

Equity Awards - Summary of RSU Activity (Details) - RSUs - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Unvested, beginning of year (in shares)	399,856	340,368	300,142
Granted (in shares)	161,971	272,608	197,078
Vested (in shares)	(194,157)	(165,344)	(134,407)
Forfeited (in shares)	(75,535)	(47,776)	(22,445)
Unvested, end of year (in shares)	292,135	399,856	340,368
Weighted- Average Grant Date Fair Value
Unvested, beginning of year (in dollars per share)	$ 43.59	$ 41.50	$ 39.22
Granted (in dollars per share)	47.82	45.11	42.56
Vested (in dollars per share)	42.74	41.49	37.99
Forfeited (in dollars per share)	45.98	44.57	41.32
Unvested, end of year (in dollars per share)	$ 45.89	$ 43.59	$ 41.50

Equity Awards - Summary of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share based compensation expense	$ 6,658	$ 7,625	$ 7,178
U.S. tax benefit on share based compensation expense	$ 1,206	$ 1,001	$ 872

Equity Awards - Compensation Expense (Details) - RSUs $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 8.7
Weighted-average period of unrecognized share based compensation expense	1 year 9 months 18 days

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Percentage of dividend withholding tax	5.00%	5.00%	5.00%
Dividend distributions to intermediate holding company	$ 0	$ 0	$ 0
Increase to deferred tax asset for additional discount					$ 8,800,000
Deferred tax liability					$ 8,800,000
Transition provision expense				$ 1,100,000
Income tax expense recognized over next six years			5,700,000
Income tax expense recognized over next six years per year			950,000
U.S. income before Federal income taxes	$ (89,300,000)	25,100,000	70,700,000
Percentage of excise tax on reinsurance premiums paid	1.00%
Payment of federal excise taxes	$ 338,000	468,000	586,000
Excise taxes paid	$ 1,500,000	$ 1,200,000	$ 1,500,000

Income Taxes - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Federal income tax (benefit) expense at applicable statutory rates	$ (18,750)	$ 5,272	$ 14,843
Tax-exempt investment income	(278)	(260)	(230)
Dividends received deduction	(298)	(283)	(307)
Excess tax benefits on share based compensation	(208)	(679)	(1,099)
Provision to return and amended tax returns	(3,945)	0	0
Base Erosion and Anti-Abuse Tax	0	2,843	0
Other	233	17	99
Federal income tax (benefit) expense	(23,246)	6,910	13,306
U.S. state income tax expense	11	203	222
Total income tax (benefit) expense	$ (23,235)	$ 7,113	$ 13,528

Income Taxes - Summary of Net Deferred Tax Asset (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Accrued compensation expenses	$ 2,604	$ 2,308
Reserve for losses and loss adjustment expenses	18,016	14,265
Unearned premiums	10,675	9,753
Share based compensation	1,541	1,427
Allowance for credit losses	2,516	2,130
Property and equipment	144	213
Net operating loss carryforward	15,221	0
Other	7,053	4,810
Total deferred tax assets	57,770	34,906
Deferred tax liabilities:
Intangible assets	7,289	7,324
Net unrealized gains	6,626	12,201
Deferred policy acquisition costs	4,494	4,786
Equity method investments	10,257	8,839
Other	2,674	2,861
Total deferred tax liabilities	31,340	36,011
Net deferred tax assets (liabilities)	$ 26,430
Net deferred tax assets (liabilities)		$ (1,105)

Other Operating Expenses and Other Expenses - Summary of Other Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Operating Expenses And Other Expenses [Abstract]
Amortization of policy acquisition costs	$ 69,663	$ 75,578	$ 83,893
Other underwriting expenses of the insurance segments	67,420	60,502	59,351
Other operating expenses of the Corporate and Other segment	27,609	29,418	27,664
Total	$ 164,692	$ 165,498	$ 170,908

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

Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:

Other Operating Expenses and Other Expenses - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Operating Expenses And Other Expenses [Abstract]
Other expenses	$ 2,585	$ 2,138	$ 1,055

Employee Benefits (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Maximum matching employer contribution	6.00%
Expense associated with Savings Plans	$ 3.4	$ 3.5	$ 3.2

Commitments and Contingent Liabilities (Details)	Sep. 27, 2021 USD ($)	Jul. 01, 2021 USD ($)	Dec. 31, 2021 USD ($) credit_facility	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Contingent Liabilities [Line Items]
Number of credit facilities \| credit_facility			3
Reinsurance recoverable on unpaid losses, net			$ 1,348,628,000	$ 805,684,000
Reinsurance recoverable on paid losses			82,235,000	46,118,000
Loss Portfolio Transfer \| Excess and Surplus Lines
Contingent Liabilities [Line Items]
Reinsurance recoverable on unpaid losses, net			256,452,000	$ 0	$ 0
Aleka \| Excess and Surplus Lines \| Commercial Auto Business \| LPT Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral held in trust arrangement			251,700,000
Aleka \| Excess and Surplus Lines \| Commercial Auto Business \| LPT Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral held in trust arrangement			279,900,000
Aleka \| Excess and Surplus Lines \| Commercial Auto Business \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral held in trust arrangement			28,200,000
Aleka \| Loss Portfolio Transfer \| Excess and Surplus Lines \| Commercial Auto Business
Contingent Liabilities [Line Items]
Reinsurance premium		$ 345,100,000
Required collateral percentage	102.00%
Reinsurance recoverables			272,300,000
Reinsurance recoverable on unpaid losses, net			256,500,000
Reinsurance recoverable on paid losses			15,900,000
Rasier And Aleka \| Excess and Surplus Lines \| Commercial Auto Business \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral held in trust arrangement			102,000,000
Rasier \| Excess and Surplus Lines \| Commercial Auto Business \| Indemnity Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral held in trust arrangement			584,600,000
Cash Equivalent Collateral Returned to Trust	$ 691,300,000
Rasier \| Excess and Surplus Lines \| Commercial Auto Business \| Indemnity Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral held in trust arrangement			653,700,000
Rasier \| Excess and Surplus Lines \| Commercial Auto Business \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral held in trust arrangement			69,200,000
Third-party Reinsureds
Contingent Liabilities [Line Items]
Total amount deposited in trust accounts			382,400,000
Letter Of Credit 30 Million
Contingent Liabilities [Line Items]
Letters of credit facility, amount			30,000,000
Amount of letters of credit issued			5,900,000
Assets deposited for securing letters of credit			9,600,000
2013 Facility
Contingent Liabilities [Line Items]
Amount of letters of credit issued			34,300,000
Assets deposited for securing letters of credit			53,200,000
2017 Facility
Contingent Liabilities [Line Items]
Amount of letters of credit issued			20,500,000
Assets deposited for securing letters of credit			$ 33,100,000

Other Comprehensive (Loss) Income - Summary of Components of Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized (losses) gains arising during the period, before U.S. income taxes	$ (54,132)	$ 58,704	$ 51,381
U.S. income taxes	6,189	(6,967)	(3,510)
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(47,943)	51,737	47,871
Less reclassification adjustment:
Net realized investment gains	4,924	1,045	1,081
U.S. income taxes	(946)	(93)	(152)
Reclassification adjustment for investment gains realized in net income	3,978	952	929
Other comprehensive (loss) income	$ (51,921)	$ 50,785	$ 46,942

Other Comprehensive (Loss) Income - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net realized investment gains	$ 4,924	$ 1,045	$ 1,081
Bank loan participations net realized and unrealized gains (losses)	5,828	(15,414)	(10,056)
Equity securities net realized and unrealized gains (losses)	$ 4,807	$ (1,656)	$ 6,036

Segment Information - Narrative (Details) $ in Thousands	12 Months Ended
Segment Information - Narrative (Details) $ in Thousands	Dec. 31, 2021 USD ($) Segment Underwriting_division broker agency Company	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	4
Fee income	$ 4,500	$ 3,400	$ 9,500
Number of underwriting divisions \| Underwriting_division	15
Gross written premiums	$ 1,507,299	1,257,000	1,470,735
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Fee income	$ 0	1,600	9,100
Number of underwriting divisions \| Underwriting_division	13
Number of brokers \| broker	3
Gross written premiums	$ 833,657	699,143	922,320
Excess and Surplus Lines \| Broker one
Segment Reporting Information [Line Items]
Gross written premiums	$ 239,100
Consolidated gross written premiums percentage	15.90%
Gross written premiums percentage	28.70%
Excess and Surplus Lines \| Broker two
Segment Reporting Information [Line Items]
Gross written premiums	$ 197,300
Consolidated gross written premiums percentage	13.10%
Gross written premiums percentage	23.70%
Excess and Surplus Lines \| Broker three
Segment Reporting Information [Line Items]
Gross written premiums	$ 132,500
Consolidated gross written premiums percentage	8.80%
Gross written premiums percentage	15.90%
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Fee income	$ 4,500	1,800	421
Number of underwriting divisions \| Underwriting_division	1
Gross written premiums	$ 491,561	408,691	387,642
Number of agencies \| agency	2
Specialty Admitted Insurance \| Agency one
Segment Reporting Information [Line Items]
Gross written premiums	$ 124,100
Consolidated gross written premiums percentage	8.20%
Gross written premiums percentage	25.20%
Specialty Admitted Insurance \| Agency two
Segment Reporting Information [Line Items]
Gross written premiums	$ 89,500
Consolidated gross written premiums percentage	5.90%
Gross written premiums percentage	18.20%
Casualty Reinsurance
Segment Reporting Information [Line Items]
Number of underwriting divisions \| Underwriting_division	1
Number of brokers \| broker	3
Gross written premiums	$ 182,081	$ 149,166	$ 160,773
Number of unaffiliated ceding companies \| Company	3
Casualty Reinsurance \| Broker one
Segment Reporting Information [Line Items]
Gross written premiums	$ 80,100
Consolidated gross written premiums percentage	5.30%
Gross written premiums percentage	44.00%
Casualty Reinsurance \| Broker two
Segment Reporting Information [Line Items]
Gross written premiums	$ 53,900
Consolidated gross written premiums percentage	3.60%
Gross written premiums percentage	29.60%
Casualty Reinsurance \| Broker three
Segment Reporting Information [Line Items]
Gross written premiums	$ 20,000
Consolidated gross written premiums percentage	1.30%
Gross written premiums percentage	11.00%
Casualty Reinsurance \| Unaffiliated ceding company one
Segment Reporting Information [Line Items]
Gross written premiums	$ 76,600
Consolidated gross written premiums percentage	5.10%
Gross written premiums percentage	42.10%
Casualty Reinsurance \| Unaffiliated ceding company two
Segment Reporting Information [Line Items]
Gross written premiums	$ 22,900
Consolidated gross written premiums percentage	1.50%
Gross written premiums percentage	12.60%
Casualty Reinsurance \| Unaffiliated ceding company three
Segment Reporting Information [Line Items]
Gross written premiums	$ 16,200
Consolidated gross written premiums percentage	1.10%
Gross written premiums percentage	8.90%

Segment Information - Summary of Segment Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Gross written premiums	$ 1,507,299	$ 1,257,000	$ 1,470,735
Net earned premiums	695,594	606,806	823,746
Segment revenues	772,880	668,689	907,125
Net investment income	56,865	73,368	75,652
Interest expense	8,922	10,033	10,596
Underwriting (loss) profit of operating segments	(229,337)	(4,427)	17,909
Segment goodwill	181,831	181,831	181,831
Segment assets	4,948,550	5,063,072	5,024,405
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Gross written premiums	833,657	699,143	922,320
Net earned premiums	486,000	415,168	625,528
Segment revenues	508,829	429,918	657,501
Net investment income	13,811	18,664	21,358
Interest expense	0	0	0
Underwriting (loss) profit of operating segments	(121,478)	9,752	19,157
Segment goodwill	181,831	181,831	181,831
Segment assets	1,997,192	2,208,344	2,481,934
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Gross written premiums	491,561	408,691	387,642
Net earned premiums	75,371	57,505	54,338
Segment revenues	83,855	62,790	61,241
Net investment income	3,044	3,392	3,802
Interest expense	0	0	0
Underwriting (loss) profit of operating segments	9,667	4,185	5,913
Segment goodwill	0	0	0
Segment assets	1,062,125	907,604	786,433
Casualty Reinsurance
Segment Reporting Information [Line Items]
Gross written premiums	182,081	149,166	160,773
Net earned premiums	134,223	134,133	143,880
Segment revenues	179,354	166,837	183,700
Net investment income	39,445	42,554	46,325
Interest expense	0	0	0
Underwriting (loss) profit of operating segments	(117,526)	(18,364)	(7,161)
Segment goodwill	0	0	0
Segment assets	1,857,462	1,899,328	1,699,473
Corporate and Other
Segment Reporting Information [Line Items]
Gross written premiums	0	0	0
Net earned premiums	0	0	0
Segment revenues	842	9,144	4,683
Net investment income	565	8,758	4,167
Interest expense	8,922	10,033	10,596
Underwriting (loss) profit of operating segments	0	0	0
Segment goodwill	0	0	0
Segment assets	$ 31,771	$ 47,796	$ 56,565

Segment Information - Reconciliation of Operating Segments by Individual Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total underwriting (loss) profit of operating segments	$ (229,337)	$ (4,427)	$ 17,909
Other operating expenses of the Corporate and Other segment	(27,609)	(29,418)	(27,664)
Underwriting loss	(256,946)	(33,845)	(9,755)
Net investment income	56,865	73,368	75,652
Net realized and unrealized gains (losses) on investments	15,564	(16,030)	(2,919)
Other income	353	1,153	1,137
Other expenses	(2,585)	(2,138)	(1,055)
Interest expense	(8,922)	(10,033)	(10,596)
Amortization of intangible assets	(363)	(538)	(597)
(Loss) income before income taxes	(196,034)	11,937	51,867
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Total underwriting (loss) profit of operating segments	(121,478)	9,752	19,157
Net investment income	13,811	18,664	21,358
Interest expense	0	0	0
Amortization of intangible assets	(363)	(366)	(362)
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Total underwriting (loss) profit of operating segments	9,667	4,185	5,913
Net investment income	3,044	3,392	3,802
Interest expense	0	0	0
Amortization of intangible assets	0	(172)	(235)
Casualty Reinsurance
Segment Reporting Information [Line Items]
Total underwriting (loss) profit of operating segments	(117,526)	(18,364)	(7,161)
Net investment income	39,445	42,554	46,325
Interest expense	$ 0	$ 0	$ 0

Segment Information - Gross Written Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total gross written premiums	$ 1,507,299	$ 1,257,000	$ 1,470,735
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Total gross written premiums	833,657	699,143	922,320
Excess and Surplus Lines \| Excess Casualty
Segment Reporting Information [Line Items]
Total gross written premiums	285,082	213,037	118,954
Excess and Surplus Lines \| General Casualty
Segment Reporting Information [Line Items]
Total gross written premiums	140,608	125,433	115,832
Excess and Surplus Lines \| Manufacturers and Contractors
Segment Reporting Information [Line Items]
Total gross written premiums	139,720	122,880	105,096
Excess and Surplus Lines \| Excess Property
Segment Reporting Information [Line Items]
Total gross written premiums	47,241	37,332	31,606
Excess and Surplus Lines \| Energy
Segment Reporting Information [Line Items]
Total gross written premiums	46,216	51,109	45,442
Excess and Surplus Lines \| Life Sciences
Segment Reporting Information [Line Items]
Total gross written premiums	35,935	35,163	24,462
Excess and Surplus Lines \| Commercial Auto
Segment Reporting Information [Line Items]
Total gross written premiums	34,630	30,029	405,565
Excess and Surplus Lines \| Allied Health
Segment Reporting Information [Line Items]
Total gross written premiums	35,192	26,918	26,713
Excess and Surplus Lines \| Small Business
Segment Reporting Information [Line Items]
Total gross written premiums	32,593	24,790	19,725
Excess and Surplus Lines \| Environmental
Segment Reporting Information [Line Items]
Total gross written premiums	17,050	17,753	16,539
Excess and Surplus Lines \| Professional Liability
Segment Reporting Information [Line Items]
Total gross written premiums	8,104	6,881	6,441
Excess and Surplus Lines \| Sports and Entertainment
Segment Reporting Information [Line Items]
Total gross written premiums	9,442	6,118	4,212
Excess and Surplus Lines \| Medical Professionals
Segment Reporting Information [Line Items]
Total gross written premiums	1,844	1,700	1,733
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Total gross written premiums	491,561	408,691	387,642
Casualty Reinsurance
Segment Reporting Information [Line Items]
Total gross written premiums	$ 182,081	$ 149,166	$ 160,773

Fair Value Measurements - Summary of Available-for-Sale Fixed Maturity Securities Measured at Fair Value on a Recurring Basis (Details) - Available-for-sale fixed maturity securities and equity securities - Fair Value, Recurring - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 980	$ 43	$ 4,442
Transfers in to Level 3	8	358	3,010
Transfers out of Level 3	(6)	(767)	(7,238)
Purchases	0	1,417	0
Sales	(426)	0	0
Maturities, calls and paydowns	(379)	(17)	0
Amortization of discount	0	2	0
Total gains or losses (realized/unrealized) - Included in earnings	(75)	(56)	(171)
Total gains or losses (realized/unrealized) - Included in other comprehensive income	0	0	0
Ending balance	$ 102	$ 980	$ 43

Fair Value Measurements - Narrative (Details)	Dec. 31, 2021 security	Dec. 31, 2020 security bank_loan_participation	Dec. 31, 2019 security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of bank loan participations held \| bank_loan_participation		1
Number of equity securities held \| security	1	2	1
Number of equity securities transferred \| security	1	1	1
Number of bank loan participations transferred \| bank_loan_participation		2

Fair Value Measurements - Summary of the Carrying Value and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Fixed maturity securities, available-for-sale	$ 1,677,561	$ 520
Equity securities	108,410	88,975
Bank loan participations	156,043	147,604
Cash and cash equivalents	190,123	162,260
Restricted cash equivalents	102,005	859,920	$ 1,199,164	$ 0
Short-term investments	136,563	130,289
Liabilities
Senior debt	262,300	262,300
Junior subordinated debt	104,055	104,055
Carrying Value
Assets
Fixed maturity securities, available-for-sale	1,677,561	1,783,642
Equity securities	108,410	88,975
Bank loan participations	156,043	147,604
Cash and cash equivalents	190,123	162,260
Restricted cash equivalents	102,005	859,920
Short-term investments	136,563	130,289
Other invested assets – notes receivable	4,500	4,500
Liabilities
Senior debt	262,300	262,300
Junior subordinated debt	104,055	104,055
Fair Value
Assets
Fixed maturity securities, available-for-sale	1,677,561	1,783,642
Equity securities	108,410	88,975
Bank loan participations	156,043	147,604
Cash and cash equivalents	190,123	162,260
Restricted cash equivalents	102,005	859,920
Short-term investments	136,563	130,289
Other invested assets – notes receivable	4,834	5,302
Liabilities
Senior debt	252,213	250,953
Junior subordinated debt	$ 106,635	$ 110,612

Statutory Matters - Schedule of Statutory Accounting (Details) - United States - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statutory Accounting Practices [Line Items]
Statutory net (loss) income	$ (3,847)	$ (710)	$ 3,586
Statutory capital and surplus	325,368	286,449	266,715
Minimum required statutory capital and surplus	$ 111,031	$ 100,170	$ 111,208

Statutory Matters - Narrative (Details) $ in Millions	12 Months Ended
Statutory Matters - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($) subsidiary	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Statutory Accounting Practices [Line Items]
Number of subsidiaries \| subsidiary	2
Casualty Reinsurance \| Bermuda
Statutory Accounting Practices [Line Items]
Minimum statutory solvency margin	$ 167.1	$ 172.9
Actual statutory capital and surplus	518.7	615.2
Statutory net (loss) income	$ (141.5)	20.8	$ 53.2
Combined ECR		$ 419.7
Minimum liquidity ratio	75.00%

Dividend Restrictions (Details) $ in Millions	12 Months Ended
Dividend Restrictions (Details) $ in Millions	Dec. 31, 2021 USD ($)
Statutory Accounting Practices [Line Items]
Percentage of dividend withholding tax for distributions	5.00%
Percentage of dividend distribution tax	30.00%
United States
Statutory Accounting Practices [Line Items]
Dividend limitations percentage of statutory surplus	10.00%
Maximum amount of dividends available without regulatory approval	$ 27.2
Bermuda
Statutory Accounting Practices [Line Items]
Maximum amount of dividends and return of capital available	$ 129.7

Other Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Chief Operating Officer
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 146
Minority interest in partnership
Related Party Transaction [Line Items]
Operating costs under lease	$ 2,100	$ 1,900	$ 2,100

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 14, 2022	Feb. 24, 2022	Feb. 23, 2022	Feb. 21, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Funds held							$ 97,360	$ 859,920
Reserves for losses and loss adjustment expenses							$ 325,778	$ 92,204	$ 69,008
Preferred stock par value (in dollars per share)							$ 0.00125	$ 0.00125
Casualty Reinsurance
Subsequent Event [Line Items]
Reserves for losses and loss adjustment expenses							$ 137,600
Forecast
Subsequent Event [Line Items]
Dividends payable, date to be paid	Mar. 31, 2022
Dividend payable, record date		Mar. 14, 2022
Forecast \| Loss Portfolio Transfer \| Fortitude Reinsurance
Subsequent Event [Line Items]
Ceded premiums payable	$ 335,000					$ 335,000
Subsequent Event
Subsequent Event [Line Items]
Dividends payable, per common share					$ 0.05
Fair value of awards granted					$ 11,000
Subsequent Event \| Convertible Preferred Stock \| Private Placement
Subsequent Event [Line Items]
Number of common shares issued during period (in shares)			150,000
Preferred stock, dividend rate, percentage					7.00%
Preferred stock par value (in dollars per share)			$ 0.00125
Sale of stock, consideration received on transaction			$ 150,000
Per share price (in dollars per share)			$ 1,000
Subsequent Event \| Loss Portfolio Transfer \| Fortitude Reinsurance
Subsequent Event [Line Items]
Aggregate coverage limit				$ 400,000
Funds held				310,000
Payments for reinsurance				$ 25,000
Crediting rate on funds withheld				2.00%
Subsequent Event \| Loss Portfolio Transfer \| Fortitude Reinsurance \| Casualty Reinsurance
Subsequent Event [Line Items]
Reserves for losses and loss adjustment expenses						$ 6,800

SCHEDULE I - Summary of Investments - Other than Investments in Related Parties (Details) $ in Thousands	Dec. 31, 2021 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amount at which shown on Balance Sheet	$ 2,093,825
Equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	95,783
Fair Value	108,410
Amount at which shown on Balance Sheet	108,410
Preferred stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	51,584
Fair Value	63,612
Amount at which shown on Balance Sheet	63,612
Common stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	44,199
Fair Value	44,798
Amount at which shown on Balance Sheet	44,798
Bank loan participations
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	156,505
Fair Value	156,043
Amount at which shown on Balance Sheet	156,043
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	136,563
Fair Value	136,563
Amount at which shown on Balance Sheet	136,563
Other invested assets
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amount at which shown on Balance Sheet	15,248
Available-for-sale Securities \| Fixed maturity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	1,643,865
Fair Value	1,677,561
Amount at which shown on Balance Sheet	1,677,561
Available-for-sale Securities \| State and municipal
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	323,773
Fair Value	333,717
Amount at which shown on Balance Sheet	333,717
Available-for-sale Securities \| Residential mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	246,586
Fair Value	246,631
Amount at which shown on Balance Sheet	246,631
Available-for-sale Securities \| Corporate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	711,930
Fair Value	732,335
Amount at which shown on Balance Sheet	732,335
Available-for-sale Securities \| Commercial mortgage and asset-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	301,247
Fair Value	304,488
Amount at which shown on Balance Sheet	304,488
Available-for-sale Securities \| U.S. Treasury securities and obligations guaranteed by the U.S. government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	60,329
Fair Value	60,390
Amount at which shown on Balance Sheet	$ 60,390

SCHEDULE II - Condensed Financial Information of Registrant - Balance Sheets (Parent Company) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 190,123	$ 162,260
Other assets	82,409	82,115
Total assets	4,948,550	5,063,072	$ 5,024,405
Liabilities:
Accrued expenses	57,920	55,989
Senior debt	262,300	262,300
Junior subordinated debt	104,055	104,055
Other liabilities	89,911	51,213
Total liabilities	4,223,188	4,267,464
Commitments and contingent liabilities
Shareholders’ equity:
Class A common shares	7	6
Additional paid-in capital	862,040	664,476
Retained (deficit) earnings	(166,663)	49,227
Accumulated other comprehensive income	29,978	81,899
Total shareholders’ equity	725,362	795,608	778,581	$ 709,241
Total liabilities and shareholders’ equity	4,948,550	5,063,072
Parent Company
Assets
Cash and cash equivalents	157	571	$ 1,521	$ 240
Investment in subsidiaries	1,003,762	1,145,887
Due from subsidiaries	3,356	1,140
Other assets	3,197	3,116
Total assets	1,010,472	1,150,714
Liabilities:
Accrued expenses	1,419	1,824
Senior debt	247,300	247,300
Junior subordinated debt	15,928	15,928
Notes payable to subsidiary	0	70,000
Due to subsidiaries	19,847	19,391
Other liabilities	616	663
Total liabilities	285,110	355,106
Commitments and contingent liabilities
Shareholders’ equity:
Class A common shares	7	6
Additional paid-in capital	862,040	664,476
Retained (deficit) earnings	(166,663)	49,227
Accumulated other comprehensive income	29,978	81,899
Total shareholders’ equity	725,362	795,608
Total liabilities and shareholders’ equity	$ 1,010,472	$ 1,150,714

SCHEDULE II - Condensed Financial Information of Registrant - Statements of (Loss) Income and Comprehensive (Loss) Income (Parent Company) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Other income	$ 4,857	$ 4,545	$ 10,646
Total revenues	772,880	668,689	907,125
Expenses:
Other operating expenses	164,692	165,498	170,908
Other expenses	2,585	2,138	1,055
Interest expense	8,922	10,033	10,596
Equity in net (loss) income of subsidiaries	918	3,208	4,598
Net (loss) income	(172,799)	4,824	38,339
Other comprehensive (loss) income:
Total comprehensive (loss) income	(224,720)	55,609	85,281
Parent Company
Revenues:
Other income	39	45	61
Total revenues	39	45	61
Expenses:
Other operating expenses	11,632	14,960	14,267
Other expenses	469	0	0
Interest expense	5,532	6,234	5,047
Total expenses	17,633	21,194	19,314
Loss before equity in net income of subsidiaries	(17,594)	(21,149)	(19,253)
Equity in net (loss) income of subsidiaries	(155,205)	25,973	57,592
Net (loss) income	(172,799)	4,824	38,339
Other comprehensive (loss) income:
Equity in other comprehensive (losses) earnings of subsidiaries	(51,921)	50,785	46,942
Total comprehensive (loss) income	$ (224,720)	$ 55,609	$ 85,281

SCHEDULE II - Condensed Financial Information of Registrant - Statements of Cash Flows (Parent Company) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Operating activities

Net (loss) income

$ (172,799)

$ 4,824

$ 38,339

Provision for depreciation and amortization

4,715

5,019

4,063

Share based compensation expense

6,658

7,625

7,178

Net cash provided by (used in) operating activities

^[1]

(913,546)

(273,830)

1,489,022

Investing activities

Net cash provided by (used in) investing activities

35,823

(175,991)

(263,359)

Financing activities

Dividends paid

(43,236)

(37,051)

(36,720)

Senior debt issuance

164,000

60,000

Senior debt repayments

(60,000)

(20,000)

Issuances of common shares - public offering

192,107

Issuances of common shares under equity incentive plans

1,877

2,580

8,286

Common share repurchases

(3,077)

(3,604)

(2,899)

Net cash provided by financing activities

147,671

65,925

7,956

Change in cash, cash equivalents, and restricted cash equivalents

(730,052)

(383,896)

1,233,619

Cash and cash equivalents at beginning of year

162,260

Cash and cash equivalents at end of year

190,123

162,260

Supplemental information

Interest paid

9,927

11,305

12,354

Parent Company

Operating activities

Net (loss) income

(172,799)

4,824

38,339

Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:

Provision for depreciation and amortization

216

182

Share based compensation expense

6,658

7,625

7,178

Equity in undistributed earnings of subsidiaries

218,204

(25,973)

(49,592)

Changes in operating assets and liabilities

(2,364)

6,433

(2,782)

Net cash provided by (used in) operating activities

49,915

(6,875)

(6,675)

Investing activities

Net cash provided by (used in) investing activities

Financing activities

Dividends paid

(43,236)

(37,051)

(36,720)

Senior debt issuance

164,000

60,000

Senior debt repayments

(60,000)

(20,000)

Subsidiary note issuance

30,000

Subsidiary note repayments

(70,000)

Contribution to subsidiary

(128,000)

(90,000)

Debt issue costs paid

(711)

Issuances of common shares - public offering

192,107

Issuances of common shares under equity incentive plans

1,877

2,580

8,286

Common share repurchases

(3,077)

(3,604)

(2,899)

Net cash provided by financing activities

(50,329)

5,925

7,956

Change in cash, cash equivalents, and restricted cash equivalents

(414)

(950)

1,281

Cash and cash equivalents at beginning of year

571

1,521

240

Cash and cash equivalents at end of year

157

571

1,521

Supplemental information

Interest paid

$ 5,954

$ 6,530

$ 5,710

[1]

SCHEDULE III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	$ 68,526	$ 62,953	$ 62,006
Reserve for Losses and Loss Adjustment Expenses	2,748,473	2,192,080	2,045,506
Unearned Premiums	727,552	630,371	524,377
Net Earned Premiums	695,594	606,806	823,746
Net Investment Income	56,865	73,368	75,652
Losses and Loss Adjustment Expenses	792,352	478,545	672,102
Amortization of Policy Acquisition Costs	69,663	75,578	83,893
Other Operating Expenses	164,692	165,498	170,908
Net Written Premiums	744,380	647,774	896,150
Excess and Surplus Lines
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	26,297	25,875	24,428
Reserve for Losses and Loss Adjustment Expenses	1,623,635	1,276,054	1,245,581
Unearned Premiums	382,479	345,976	267,924
Net Earned Premiums	486,000	415,168	625,528
Net Investment Income	13,811	18,664	21,358
Losses and Loss Adjustment Expenses	516,299	318,467	528,133
Amortization of Policy Acquisition Costs	50,283	49,387	49,720
Other Operating Expenses	91,179	88,520	87,326
Net Written Premiums	501,250	450,346	685,814
Specialty Admitted Insurance
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	(4,889)	(3,073)	(2,902)
Reserve for Losses and Loss Adjustment Expenses	686,643	600,309	511,027
Unearned Premiums	165,998	136,355	115,606
Net Earned Premiums	75,371	57,505	54,338
Net Investment Income	3,044	3,392	3,802
Losses and Loss Adjustment Expenses	55,875	41,928	34,860
Amortization of Policy Acquisition Costs	(8,395)	(4,525)	(3,560)
Other Operating Expenses	14,333	13,213	13,986
Net Written Premiums	83,935	59,884	58,637
Casualty Reinsurance
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	47,118	40,151	40,480
Reserve for Losses and Loss Adjustment Expenses	438,195	315,717	288,898
Unearned Premiums	179,075	148,040	140,847
Net Earned Premiums	134,223	134,133	143,880
Net Investment Income	39,445	42,554	46,325
Losses and Loss Adjustment Expenses	220,178	118,150	109,109
Amortization of Policy Acquisition Costs	27,775	30,716	37,733
Other Operating Expenses	31,571	34,347	41,932
Net Written Premiums	159,195	137,544	151,699
Corporate and Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	0	0	0
Reserve for Losses and Loss Adjustment Expenses	0	0	0
Unearned Premiums	0	0	0
Net Earned Premiums	0	0	0
Net Investment Income	565	8,758	4,167
Losses and Loss Adjustment Expenses	0	0	0
Amortization of Policy Acquisition Costs	0	0	0
Other Operating Expenses	27,609	29,418	27,664
Net Written Premiums	$ 0	$ 0	$ 0

SCHEDULE IV - Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct Amount	$ 1,322,034	$ 1,103,994	$ 1,305,948
Ceded to Other Companies	762,919	609,226	574,585
Assumed from Other Companies	185,265	153,006	164,787
Net written premiums	$ 744,380	$ 647,774	$ 896,150
Percentage of Amount Assumed to Net	24.90%	23.60%	18.40%
Excess and Surplus Lines
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct Amount	$ 833,657	$ 699,143	$ 922,320
Ceded to Other Companies	332,407	248,797	236,506
Assumed from Other Companies	0	0	0
Net written premiums	$ 501,250	$ 450,346	$ 685,814
Percentage of Amount Assumed to Net	0.00%	0.00%	0.00%
Specialty Admitted Insurance
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct Amount	$ 488,377	$ 404,851	$ 383,628
Ceded to Other Companies	407,626	348,807	329,005
Assumed from Other Companies	3,184	3,840	4,014
Net written premiums	$ 83,935	$ 59,884	$ 58,637
Percentage of Amount Assumed to Net	3.80%	6.40%	6.80%
Casualty Reinsurance
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct Amount	$ 0	$ 0	$ 0
Ceded to Other Companies	22,886	11,622	9,074
Assumed from Other Companies	182,081	149,166	160,773
Net written premiums	$ 159,195	$ 137,544	$ 151,699
Percentage of Amount Assumed to Net	114.40%	108.40%	106.00%

SCHEDULE V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 8,652	$ 12,840	$ 3,948
Additions Amounts Charged to Expense	9,722	3,318	11,421
Deductions Amounts Written Off or Disposals	(1,063)	(7,841)	(2,529)
Balance at End of Period	17,311	8,652	12,840
Adjusted Balance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period		13,175
Balance at End of Period			13,175
Allowance for Credit Losses on Premiums Receivable and Agents' Balances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	8,317	5,659	3,948
Additions Amounts Charged to Expense	9,426	3,318	2,523
Deductions Amounts Written Off or Disposals	(1,063)	(660)	(812)
Balance at End of Period	16,680	8,317	5,659
Allowance for Credit Losses on Reinsurance Balances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	335	335
Additions Amounts Charged to Expense	296	0
Deductions Amounts Written Off or Disposals	0	0
Balance at End of Period	631	335	335
Allowance for Credit Losses on Bank Loans
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	0	7,181	0
Additions Amounts Charged to Expense	0	0	8,898
Deductions Amounts Written Off or Disposals	0	(7,181)	(1,717)
Balance at End of Period	$ 0	$ 0	$ 7,181

SCHEDULE VI - Supplementary Information Concerning Property Casualty Insurance Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]
Deferred policy acquisition costs	$ 68,526	$ 62,953	$ 62,006
Reserve for losses and loss adjustment expenses	2,748,473	2,192,080	2,045,506
Unearned premiums	727,552	630,371	524,377
Net earned premiums	695,594	606,806	823,746
Net investment income	56,865	73,368	75,652
Current year	466,574	386,341	603,094
Prior years	325,778	92,204	69,008
Total incurred losses and loss and adjustment expenses	792,352	478,545	672,102
Amortization of policy acquisition costs	69,663	75,578	83,893
Paid losses and loss adjustment expenses, net of reinsurance	522,747	469,945	488,729
Net written premiums	$ 744,380	$ 647,774	$ 896,150

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-02 [Member]

Indicates amendment to accounting standards.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL122642865-165497

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL120254526-165497

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (b)(1)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=122150657&loc=SL122150809-237846

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL122642865-165497

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S65
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=124359872&loc=SL124427846-239511

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL120254526-165497

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 53: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 54: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 55: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 58: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 59: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 60: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(1)

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(2)

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(3)(iii)(01)

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(3)(iii)(03)