0001519449-24-000012 | 10-K | XBRL Viewer | Skyward Specialty Insurance Group INC

Notes Payable

Subordinated Debt

The following table summarizes the Company’s subordinated debt as of December 31, 2023 and 2022:



($ in thousands)	2023		2022
Junior subordinated interest debentures, due September 15, 2036, payable quarterly
Principal	$	59,794	$	59,794
Less: Debt issuance costs	(608)		(657)
Unsecured subordinated notes, due May 24, 2039, interest payable quarterly
Principal	20,000		20,000
Less: Debt issuance costs	(496)		(528)
Subordinated debt, net of debt issuance costs	$	78,690	$	78,609

In May 2019, the Company entered into an agreement to issue unsecured subordinated notes (the “Notes”) with an aggregate principal amount of $20.0 million. Interest on the Notes is fixed at 7.25% for the first 8 years and fixed at 8.25% thereafter. Early retirement of the debt ahead of 8 year commitment requires all interest payments to be paid in full as well as the return of outstanding principal. Principal is due at maturity on May 24, 2039 and interest is payable quarterly. The Notes have junior priority to all previously issued debt. The Company reports debt related to the Notes in its December 31, 2023 and 2022 consolidated balance sheets, net of debt issuance costs of approximately $0.5 million. These deferred financing costs are presented as a direct deduction from the carrying amount of the subordinated debt.

On August 2, 2006, the Trust issued $58.0 million of fixed/floating rate capital securities guaranteed by us. The Trust also issued us $1.8 million of common stock, classified within other long-term investments. The Company has not consolidated the Trust as it does not meet the criteria for consolidation and the Company does not have significant influence over the investee. The Company carries its investment in the common stock of the Trust at cost. There was no impairment or observable change in price during the year ended December 31, 2023.

The sole asset of the Trust consists of Fixed/Floating Rate Junior Subordinated Deferrable Interest Debentures (the “Debentures”) with a principal amount of $59.8 million issued by the Company. The Debentures are an unsecured obligation that are currently redeemable, and have a maturity date of September 15, 2036. Interest on the Debentures is payable quarterly at an annual rate based on the three-month LIBOR (5.59% and 4.77% at December 31, 2023 and 2022, respectively) plus 3.4%. The Company reflects debt related to the Debentures in its December 31, 2023 and 2022 consolidated balance sheets, net of debt issuance costs of approximately $0.6 million and $0.7 million, respectively. These deferred financing costs are presented as a direct deduction from the carrying amount of the subordinated debt.

Notes Payable

The Company entered into an agreement to obtain a new unsecured revolving credit facility (the “Revolving Credit Facility”) with a syndicate of participating banks during the first quarter of 2023. The Revolving Credit Facility provided

the Company with up to $150.0 million, with an accordion that can increase the capacity by $50.0 million, and a letter of credit sub-facility of up to $30.0 million.

During the year ended December 31, 2023, the Company drew $50.0 million on the Revolving Credit Facility and used the proceeds to pay off the principal on its existing term loan. The Company subsequently terminated the existing term loan and revolving line of credit.

Interest on the Revolving Credit Facility is payable quarterly. The interest rate on the Revolving Credit Facility is the Secured Overnight Financing Rate (“SOFR”) plus a margin of between 150 and 190 basis points, based on the ratio of debt to total capital, and a credit spread adjustment of 10 basis points. At December 31, 2023, the six-month SOFR on the Revolving Credit Facility was 5.47%, plus a margin of 1.60%.

The interest rate on the term loan was the one-month LIBOR (4.39% on December 31, 2022) plus the “Applicable Margin,” which was defined as 1.65%. The revolving line of credit included a fee of 0.25% on the unused portion.

The following table sets forth the interest payments on the Company’s notes payable during the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Interest payments on terminated term loan	$	1,396	$	1,443
Interest payments on revolving credit facility	2,598		—

The Company was subject to covenants on the Revolving Credit Facility based on minimum net worth, maximum debt to capital ratio, minimum A.M. Best Rating and minimum liquidity. As of December 31, 2023, the Company was in compliance with all covenants.

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.

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

Investments - Proceeds from Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities, available-for-sale	$ 26,626	$ 13,964
Equity securities	$ 40,201	$ 37,177

SCHEDULE I — SUMMARY OF INVESTMENTS — OTHER THAN IN RELATED PARTIES

12 Months Ended

Dec. 31, 2023

SCHEDULE I — SUMMARY OF INVESTMENTS — OTHER THAN IN RELATED PARTIES


($ in thousands)	Cost		Fair Value (if applicable)		Amount on Balance Sheet
December 31, 2023
Fixed maturity securities, available for sale:
U.S. government securities	$	44,685	$	44,166	$	44,166
Corporate securities and miscellaneous	392,773		383,420		383,420
Municipal securities	98,266		92,778		92,778
Residential mortgage-backed securities	292,568		281,626		281,626
Commercial mortgage-backed securities	31,411		29,934		29,934
Other asset-backed securities	188,010		185,727		185,727
Total fixed maturity securities, available for sale	1,047,713		1,017,651		1,017,651
Fixed maturity securities, held to maturity:
Other asset-backed securities	43,315		41,017		42,986
Total fixed maturity securities, held to maturity	43,315		41,017		42,986
Equity securities:
Common stocks	54,672		67,425		67,425
Preferred stocks	8,736		7,358		7,358
Mutual funds	39,429		43,466		43,466
Total equity securities	102,837		118,249		118,249
Mortgage loans	50,542		50,070		50,070
Other long-term investments	3,798		3,798		3,798
Short-term investments	270,226		270,226		270,226
Total	$	1,518,431	$	1,501,011	$	1,502,980

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Houston, Texas
Auditor Firm ID	42

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock:	Common Stock:	Treasury Stock:	Additional Paid-In Capital:	Stock Notes Receivable:	Accumulated Other Comprehensive Loss:	Accumulated Deficit:	Accumulated Deficit: Period of adoption, adjustment
Stockholders' equity beginning balance at Dec. 31, 2021		$ 20	$ 168	$ (2)	$ 575,159	$ (9,092)	$ 4,640	$ (144,813)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock			0		2,130	2,181
Preferred stock conversion to common shares		0	0	0	0
Proceeds from equity offerings, net			0		0
Other comprehensive income (loss), net of tax	$ (48,125)						(48,125)
Net income	39,396							39,396
Stockholders' equity ending balance at Dec. 31, 2022	421,662	20	168	(2)	577,289	(6,911)	(43,485)	(105,417)	$ (2,275)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock			22		9,213	1,349
Preferred stock conversion to common shares		(20)	161	2	(143)
Proceeds from equity offerings, net			48		124,496
Other comprehensive income (loss), net of tax	20,532						20,532
Net income	85,984							85,984
Stockholders' equity ending balance at Dec. 31, 2023	$ 661,031	$ 0	$ 399	$ 0	$ 710,855	$ (5,562)	$ (22,953)	$ (21,708)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]

Indicates amendment to accounting standards.

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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

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Subordinated Debt (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Subordinated Debt

The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of December 31, 2023 and December 31, 2022:


	December 31, 2023				December 31, 2022
($ in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable
Term loan	$	—	$	—	$	50,000	$	50,000
Revolving credit facility	50,000		50,000		—		—
Notes payable	$	50,000	$	50,000	$	50,000	$	50,000
Subordinated debt
Junior subordinated interest debentures	$	59,186	$	59,794	$	59,137	$	59,794
Unsecured subordinated notes	19,504		21,378		19,472		18,934
Subordinated debt, net of debt issuance costs	$	78,690	$	81,172	$	78,609	$	78,728

The following table summarizes the Company’s subordinated debt as of December 31, 2023 and 2022:



($ in thousands)	2023		2022
Junior subordinated interest debentures, due September 15, 2036, payable quarterly
Principal	$	59,794	$	59,794
Less: Debt issuance costs	(608)		(657)
Unsecured subordinated notes, due May 24, 2039, interest payable quarterly
Principal	20,000		20,000
Less: Debt issuance costs	(496)		(528)
Subordinated debt, net of debt issuance costs	$	78,690	$	78,609

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Leases - Lease, Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 4,905	$ 8,214
Operating lease liabilities	$ 5,228	$ 8,616
Operating lease weighted-average remaining lease term	4 years 6 months 18 days	5 years
Operating lease weighted-average discount rate	3.95%	3.16%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities

Stockholders’ Equity	12 Months Ended
Stockholders’ Equity	Dec. 31, 2023
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Reverse Stock Split On September 23, 2022, the Board of Directors approved a 4-for-1 reverse stock split of the Company’s common stock. The reverse stock split became effective January 3, 2023. All share and per share information included in the accompanying consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted to reflect the reverse stock split of common stock for all periods presented. Initial Public Offering The Company completed its initial public offering (“IPO”) on January 18, 2023 with 4,750,000 shares offered by the Company at a price of $15.00 per share. The Company’s net proceeds from the IPO were approximately $62.0 million, after deducting underwriting discounts and specific incremental expenses directly attributable to the IPO. Upon the closing of its IPO, the Company filed an amended and restated certificate of incorporation which, among other things, increased the number of authorized shares consisting of 500,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share. Preferred Shares Conversion The Preferred Shares had preference in liquidation over common stock in the amount of the face value of $50.00 per share and any declared but unpaid dividends to related common shares at the applicable conversion rate. The Preferred Shares provided the holder the option at any time to convert the Preferred Shares into common stock based on the Option Conversion Rate. The Preferred Shares were subject to mandatory conversion upon the closing of an IPO at the Mandatory Conversion Rate. At December 31, 2022, the Mandatory Conversion Rate allowed the holder of the Preferred Shares the right to convert into common stock based on a conversion price equal to $6.04 per common share. On January 18, 2023, 1,969,660 Preferred Shares converted to 16,305,113 shares of common stock upon the Company’s closing of its IPO. Follow-On Offering On November 20, 2023, the Company completed its follow-on offering with 2,150,000 shares sold by the Company at a price of $30.50 per share. The Company’s net proceeds were approximately $62.5 million, after deducting underwriting discounts and specific incremental expenses directly attributable to the offering.

The entire disclosure for equity.

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Goodwill and Intangible Assets Disclosure [Abstract]

Other Long-Term Investments - Investment in RISCOM (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity [Abstract]
Recorded investment balance	$ 74,628	$ 86,789
RISCOM
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity [Abstract]
Underlying equity	2,620	2,292
Difference	1,501	1,745
Recorded investment balance	$ 4,121	$ 4,037

Reserves for Losses and Loss Adjustment Expenses - Schedule of Historical Claims Duration (Details)	Dec. 31, 2023
Short Tail/Monoline Specialty
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	54.00%
Year 2	24.70%
Year 3	12.10%
Year 4	5.00%
Year 5	2.20%
Year 6	1.00%
Year 7	0.50%
Year 8	0.20%
Year 9	0.20%
Year 10	0.10%
Multi-line Solutions
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	37.70%
Year 2	22.60%
Year 3	16.60%
Year 4	10.60%
Year 5	5.30%
Year 6	3.90%
Year 7	2.00%
Year 8	0.40%
Year 9	0.40%
Year 10	0.50%
Exited Lines
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	42.80%
Year 2	22.00%
Year 3	14.20%
Year 4	8.40%
Year 5	3.20%
Year 6	3.20%
Year 7	2.70%
Year 8	1.00%
Year 9	0.80%
Year 10	1.70%

Investments - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) lot	Dec. 31, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Unrealized loss position aged over 12 months, number of positions \| lot	584
Cash and securities segregated under federal and other regulations \| $	$ 62.3	$ 60.2

Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 2,583	$ 2,414
Short-term lease expense	184	220
Total lease expense	2,767	2,634
Operating cash outflows from operating leases	$ 2,636	$ 2,382

Investments - Debt Securities, Trading, and Equity Securities, FV-NI (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Total fixed maturity securities, available-for-sale
Gross Amortized Cost	$ 1,047,713	$ 662,616
Gross Unrealized Gains	12,491	1,151
Gross Unrealized Losses	(42,553)	(56,195)
Allowance for Credit Losses	0
Total fixed maturity securities, available-for-sale	1,017,651	607,572
Total fixed maturity securities, held-to-maturity
Gross Amortized Cost	43,315	52,467
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1,969)	(5,696)
Allowance for Credit Losses	(329)
Total fixed maturity securities, held-to-maturity	41,017	46,771
U.S. government securities
Total fixed maturity securities, available-for-sale
Gross Amortized Cost	44,685	50,416
Gross Unrealized Gains	202	1
Gross Unrealized Losses	(721)	(1,876)
Allowance for Credit Losses	0
Total fixed maturity securities, available-for-sale	44,166	48,541
Corporate securities and miscellaneous
Total fixed maturity securities, available-for-sale
Gross Amortized Cost	392,773	255,116
Gross Unrealized Gains	6,408	767
Gross Unrealized Losses	(15,761)	(20,754)
Allowance for Credit Losses	0
Total fixed maturity securities, available-for-sale	383,420	235,129
Municipal securities
Total fixed maturity securities, available-for-sale
Gross Amortized Cost	98,266	65,836
Gross Unrealized Gains	655	24
Gross Unrealized Losses	(6,143)	(8,133)
Allowance for Credit Losses	0
Total fixed maturity securities, available-for-sale	92,778	57,727
Residential mortgage-backed securities
Total fixed maturity securities, available-for-sale
Gross Amortized Cost	292,568	134,844
Gross Unrealized Gains	3,556	218
Gross Unrealized Losses	(14,498)	(15,206)
Allowance for Credit Losses	0
Total fixed maturity securities, available-for-sale	281,626	119,856
Commercial mortgage-backed securities
Total fixed maturity securities, available-for-sale
Gross Amortized Cost	31,411	40,129
Gross Unrealized Gains	449	50
Gross Unrealized Losses	(1,926)	(3,684)
Allowance for Credit Losses	0
Total fixed maturity securities, available-for-sale	29,934	36,495
Other asset-backed securities
Total fixed maturity securities, available-for-sale
Gross Amortized Cost	188,010	116,275
Gross Unrealized Gains	1,221	91
Gross Unrealized Losses	(3,504)	(6,542)
Allowance for Credit Losses	0
Total fixed maturity securities, available-for-sale	185,727	109,824
Total fixed maturity securities, held-to-maturity
Gross Amortized Cost	43,315	52,467
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1,969)	(5,696)
Allowance for Credit Losses	(329)
Total fixed maturity securities, held-to-maturity	$ 41,017	$ 46,771

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets

The following tables set forth the carrying amount and changes in the balance of goodwill by reporting unit at December 31, 2023 and 2022:


($ in thousands)	Accident and Health		Surety		Industry Solutions		Other		Total
Goodwill
Gross balance at December 31, 2022	$	91,577	$	6,781	$	10,204	$	3,879	$	112,441
Accumulated impairment at December 31, 2022	(44,821)		—		—		(1,886)		(46,707)



Net balance at December 31, 2023	$	46,756	$	6,781	$	10,204	$	1,993	$	65,734


($ in thousands)	Accident and Health		Surety		Industry Solutions		Other		Total
Goodwill
Gross balance at December 31, 2021	$	91,577	$	6,781	$	10,204	$	3,879	$	112,441
Accumulated impairment at December 31, 2021	(44,821)		—		—		(1,886)		(46,707)



Net balance at December 31, 2022	$	46,756	$	6,781	$	10,204	$	1,993	$	65,734

The following tables set forth the carrying amount and changes in the balance of other intangible assets at December 31, 2023 and 2022:


($ in thousands)	Agent Relationships		Non-competes		Trademarks		Licenses		Total
Other Intangible Assets
Gross balance at December 31, 2022	$	24,558	$	1,117	$	999	$	14,019	$	40,693
Accumulated amortization at December 31, 2022	(15,664)		(893)		—		—		(16,557)
Additions	50		—		—		—		50


Amortization	(1,261)		(224)				—		(1,485)
Net balance at December 31, 2023	$	7,683	$	—	$	999	$	14,019	$	22,701


($ in thousands)	Agent Relationships		Non-competes		Trademarks		Licenses		Total
Other Intangible Assets
Gross balance at December 31, 2021	$	24,558	$	1,117	$	999	$	14,019	$	40,693
Accumulated amortization at December 31, 2021	(14,421)		(670)		—		—		(15,091)



Amortization	(1,243)		(223)		—		—		(1,466)
Net balance at December 31, 2022	$	8,894	$	224	$	999	$	14,019	$	24,136

The Company’s indefinite lived intangible assets relate to insurance licenses and trademarks. Its finite lived intangible assets, which relate to policy renewals, agency relationships, within agent relationships, and non-compete/exclusivity agreements, within non-competes, have a weighted average useful life of approximately 15 years as of December 31, 2023.

The Company recognized $1.5 million in amortization expense for the years ended December 31, 2023 and 2022. The following table sets forth the estimated future net amortization expense of intangible assets:


($ in thousands)
Years Ending December 31,	Amount
2024	$	1,099
2025	998
2026	553
2027	553
2028	553

Related Party Transactions - Resinsurance Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Ceded Premiums Earned	$ 520,663	$ 448,737
Reinsurance recoverables, net	$ 596,334	581,359
Everest Reinsurance Co \| Reinsurance agreement \| Affiliated entity
Related Party Transaction [Line Items]
Ceded Premiums Earned		59,600
Reinsurance recoverables, net		$ 177,500

Reserves for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The following table sets forth the reconciliation of unpaid losses and loss adjustment expenses for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Reserves for losses and LAE, beginning of period	$	1,141,757	$	979,549
Less: reinsurance recoverable on unpaid claims, beginning of period	(435,986)		(381,338)
Reserves for losses and LAE, beginning of period, net of reinsurance	705,771		598,211
Incurred, net of reinsurance, related to:
Current period	516,664		393,939
Prior years	—		14,385
Total incurred, net of reinsurance	516,664		408,324
Paid, net of reinsurance, related to:
Current period	109,937		105,928
Prior years	253,481		194,836
Total paid	363,418		300,764
Net reserves for losses and LAE, end of period	859,017		705,771
Plus: reinsurance recoverable on unpaid claims, end of period	455,484		435,986
Reserves for losses and LAE, end of period	$	1,314,501	$	1,141,757

The following table presents the impact of the LPT on the consolidated statements of operations for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Strengthening of reserves subject to the LPT	$	—	$	(14,385)
Reinsurance recoveries under the LPT	1,427		5,813
Pretax net impact of the LPT	$	1,427	$	(8,572)

Schedule of Short-Duration Insurance Contracts

Short Tail/Monoline Specialty


($ in thousands except number of claims)
Incurred Losses and LAE, Net of Reinsurance											As of December 31, 2023

	Years Ended December 31,												Reported Claims
Accident Year	2019*		2020*		2021*		2022*		2023		IBNR
2019	$	65,221	$	50,400	$	47,600	$	51,100	$	53,100	$	2,832	1,034
2020			68,190		66,690		66,690		66,690		1,877		1,288
2021					102,970		102,970		91,757		5,496		1,556
2022							125,288		125,288		57,026		2,151
2023									205,189		110,310		3,175
Total									$	542,024
Cumulative net paid loss and LAE from the table below									(283,284)
Net reserves for loss and LAE before 2019									17,964
Total net reserves for loss and LAE									$	276,704

*Supplementary information and unaudited


($ in thousands)
Cumulative Paid Losses and LAE, Net of Reinsurance ($ in thousands)

	Years Ended December 31,
Accident Year	2019*		2020*		2021*		2022*		2023
2019	$	36,013	$	42,528	$	43,784	$	47,330	$	47,255
2020			32,805		58,329		72,514		72,351
2021					17,554		52,326		66,902
2022							21,404		63,880
2023									32,896
Total									$	283,284

*Supplementary information and unaudited

Multi-line Solutions


($ in thousands except number of claims)
Incurred Losses and LAE, Net of Reinsurance ($ in thousands)																					As of December 31, 2023

Accident Year	Years Ended December 31,																						Reported Claims
	2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023		IBNR
2014	$	100,355	$	100,355	$	115,749	$	116,970	$	116,970	$	117,783	$	118,995	$	120,731	$	120,777	$	118,277	$	1,016	4,979
2015			103,191		114,266		117,024		117,024		119,216		121,746		122,881		122,902		127,102		910		5,369
2016					64,828		64,448		64,448		64,248		71,306		74,794		74,923		75,923		2,741		4,695
2017							68,650		68,650		67,578		76,231		81,807		82,080		84,580		4,803		5,524
2018									77,647		77,647		77,039		77,039		77,379		73,179		8,983		5,048
2019											110,925		109,925		109,925		114,389		125,337		5,623		6,042
2020													145,846		145,846		139,090		139,090		6,933		5,453
2021															179,174		175,173		175,173		48,993		6,611
2022																	232,748		232,748		35,167		8,360
2023																			308,497		168,794		7,370
Total																			$	1,459,906
Cumulative net paid loss and LAE from the table below																			(994,414)
Net reserves for loss and LAE before 2014																			(2,346)
Total net reserves for loss and LAE																			$	463,146

*Supplementary information and unaudited


($ in thousands)
Cumulative Paid Losses and LAE, Net of Reinsurance ($ in thousands)

	Years Ended December 31,
Accident Year	2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023
2014	$	32,530	$	63,699	$	81,251	$	96,639	$	101,984	$	104,984	$	105,756	$	106,214	$	104,076	$	102,214
2015			44,152		72,137		88,833		99,401		108,291		114,098		117,295		118,166		123,268
2016					24,844		44,133		54,957		60,500		62,469		65,498		73,170		74,882
2017							27,088		45,263		56,411		67,553		70,562		72,415		74,770
2018									29,372		45,739		53,491		67,289		73,251		71,042
2019											36,512		63,022		82,296		100,094		113,207
2020													38,504		72,182		88,499		113,637
2021															44,996		84,530		105,853
2022																	64,849		140,490
2023																			75,051
Total																			$	994,414

*Supplementary information and unaudited

Exited Lines — all lines in runoff


($ in thousands except number of claims)
Incurred Losses and LAE, Net of Reinsurance ($ in thousands)																					As of December 31, 2023

	Years Ended December 31,																						Reported Claims
Accident Year	2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023		IBNR
2014	$	64,186	$	58,170	$	62,691	$	63,995	$	63,994	$	69,120	$	70,186	$	71,451	$	72,027	$	69,027	$	7,650	4,170
2015			61,920		65,173		68,118		70,912		75,296		80,787		83,432		84,167		87,167		3,985		4,565
2016					95,914		95,509		93,885		96,090		106,368		107,390		108,366		108,366		4,946		4,879
2017							78,246		82,668		84,872		97,578		99,559		101,865		82,865		13,081		4,318
2018									76,956		71,589		82,366		93,812		100,150		105,150		1,571		4,886
2019											91,067		94,550		96,070		110,546		117,302		2,425		5,580
2020													87,809		90,609		90,609		98,512		5,637		4,756
2021															57,392		52,392		36,294		9,014		2,337
2022																	35,834		45,111		12,913		215
2023																			2,930		8,478		31
Total																			$	752,724
Cumulative net paid loss and LAE from the table below																			(637,997)
Net reserves for loss and LAE before 2014																			4,440
Total net reserves for loss and LAE																			$	119,167

*Supplementary information and unaudited


($ in thousands)
Cumulative Paid Losses and LAE, Net of Reinsurance ($ in thousands)

	Years Ended December 31,
Accident Year	2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023
2014	$	9,700	$	30,863	$	42,141	$	50,785	$	49,906	$	52,450	$	53,290	$	53,615	$	55,737	$	56,594
2015			9,026		41,653		55,610		65,269		73,100		77,981		80,312		81,789		83,706
2016					38,191		59,237		71,852		79,669		83,115		87,393		89,565		92,867
2017							35,962		53,888		53,770		58,625		65,301		70,219		68,747
2018									27,985		62,582		69,695		82,881		93,224		103,432
2019											31,556		66,163		69,602		85,798		98,392
2020													27,476		57,959		66,477		80,744
2021															15,002		20,594		29,317
2022																	19,676		22,208
2023																			1,990
Total																			$	637,997

*Supplementary information and unaudited

Reconciliation of Claims Development to Liability

The table below presents the reconciliation of the net incurred and paid loss development tables to the balance sheet reserves for losses and loss adjustment expenses at December 31, 2023 and 2022:


($ in thousands)	2023
Net reserves for losses and LAE:
Short Tail/Monoline Specialty	$	276,704
Multi-line Solutions	463,146
Exited Lines	119,167
Reserves for losses and LAE, net of reinsurance	859,017
Reinsurance recoverable on unpaid claims:
Short Tail/Monoline Specialty	199,044
Multi-line Solutions	252,146
Exited Lines	4,294
Total reinsurance recoverable on unpaid claims	455,484

Reserves for losses and LAE at end of year	$	1,314,501

Schedule of Historical Claims Duration

The following table sets forth the historical average annual payout of incurred losses and allocated loss adjustment expenses (claims duration) for short-duration contracts, based on the disaggregated information in the paid loss development tables, net of reinsurance:


Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
	Years
	1*		2*		3*		4*		5*		6*		7*		8*		9*		10*
Short Tail/Monoline Specialty	54.0	%	24.7	%	12.1	%	5.0	%	2.2	%	1.0	%	0.5	%	0.2	%	0.2	%	0.1	%
Multi-line Solutions	37.7	%	22.6	%	16.6	%	10.6	%	5.3	%	3.9	%	2.0	%	0.4	%	0.4	%	0.5	%
Exited Lines	42.8	%	22.0	%	14.2	%	8.4	%	3.2	%	3.2	%	2.7	%	1.0	%	0.8	%	1.7	%
*Supplementary information and unaudited

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Equity Awards

The following table sets forth the Company’s equity awards, target payout ranges and authorized target restricted stock and stock units for the years ended December 31, 2023 and 2022:

Award
Payout Range

Requisite
Service Period

Authorized Target
Common Shares

Year ended December 31, 2023

Market condition awards

0% — 150%

3 years

37,622

Performance condition awards

0% — 150%

3 years

95,456

Service condition awards

N/A

1 to 4 years

968,778

Stock options

N/A

3 to 4 years

759,990

1,861,846

Year ended December 31, 2022

Market condition awards

0% — 150%

3 years

28,495

Performance condition awards

0% — 150%

3 years

26,210

Restricted stock unit awards

N/A

1 to 3 years

144,137

198,842

The following table sets forth option activity for the year ended December 31, 2023:


	Weighted-Average Exercise Price		Stock
Outstanding at January 1, 2023			—
Granted	$	15.00	759,990


Outstanding at December 31, 2023			759,990

Schedule of Nonvested Share Activity

The following table sets forth the Company’s restricted stock and restricted stock units activity for the years ended December 31, 2023 and 2022:


	Weighted-Average Grant-Date Fair Value		Stock and Stock Units
Non-vested at January 1, 2023	$	12.55	419,896
Granted	16.07		1,101,856
Vested	13.39		(40,645)
Forfeited	15.29		(35,658)
Non-vested at December 31, 2023	$	15.13	1,445,449

Non-vested at January 1, 2022	$	13.23	375,643
Granted	14.17		198,842
Vested	15.16		(144,042)
Forfeited	12.51		(10,547)
Non-vested at December 31, 2022	$	12.55	419,896

SCHEDULE VI — SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS

12 Months Ended

Dec. 31, 2023

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

SCHEDULE VI — SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS

SCHEDULE VI — SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY

INSURANCE OPERATIONS


	As of and Years Ended December 31,
($ in thousands)	2023		2022
Deferred policy acquisition costs	$	91,955	$	68,938
Reserve for losses and loss adjustment expenses	1,314,501		1,141,757
Unearned premiums	552,532		442,509
Net earned premium(1)	829,143		615,994
Net investment income	40,322		36,931
Losses and loss adjustment expenses (current year)(1)	516,664		393,939
Losses and loss adjustment expenses (prior years)(1)(2)	—		14,385
Amortization of policy acquisition costs(1)	108,514		65,695
Paid claims and claim adjustment expenses(1)	363,418		300,764
Net premiums written(1)	910,691		675,543
Ceded unearned premium	186,121		157,645
Deferred ceding commission	37,057		29,849
(1) Amount is presented net of reinsurance
(2) Amount does not include gain on retroactive reinsurance which is included in losses and loss adjustment expenses presented on the Consolidated Statements of Operations

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company sponsors the 401(k) Plan (the “Plan”). The Plan, available to substantially all its employees, is subject to provisions of the Employee Retirement Income Security Act of 1974. The Company matches employee contributions on a discretionary basis. During the years ended December 31, 2023 and 2022, the Company contributed $2.9 million and $2.4 million in matching contributions to the Plan, respectively.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

Schedule of Accounts, Notes, Loans and Financing Receivable

Leases - Lessee, Operating Lease, Liability, Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2024	$ 1,671
2025	1,204
2026	992
2027	903
2028	661
Thereafter	353
Total future minimum operating lease payments	5,784
Less imputed interest	(556)
Operating lease liabilities	$ 5,228	$ 8,616

Reinsurance - Reinsurance Recoverables and Ceded Premiums (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Insurance [Abstract]
Ceded unpaid losses and LAE	$ 455,484	$ 435,986	$ 381,338
Ceded paid losses and LAE	122,287	107,228
Loss portfolio transfer	20,858	38,145
Allowance for credit losses	(2,295)	0
Reinsurance recoverables, net	596,334	581,359
Ceded unearned premium	$ 186,121	$ 157,645

Mortgage Loans (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

The carrying value of the Company’s mortgage loans as of December 31, 2023 and 2022 were as follows:



($ in thousands)	2023		2022
Retail	$	16,072	$	16,516
Commercial	14,469		15,309
Industrial	6,785		6,329
Multi-family	—		5,593
Office	—		3,197
Hospitality	12,744		4,915
	$	50,070	$	51,859

Investment Income

The following table sets forth the proceeds from sales of debt and equity securities for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Fixed maturity securities, available-for-sale	$	26,626	$	13,964
Equity securities	40,201		37,177

The following table sets forth the components of net investment income for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Income:
Fixed maturity securities, available-for-sale	$	34,703	$	18,481
Fixed maturity securities, held-to-maturity	4,163		5,375
Equity securities	3,418		3,579
Equity method investments	(9,434)		6,015
Mortgage loans	5,474		4,767
Indirect loans	(4,155)		4,846
Short-term investments	11,392		1,498
Other	318		(77)
Investment income	45,879		44,484
Investment expenses	(5,557)		(7,553)
Net investment income	$	40,322	$	36,931

The Company’s gross investment income for the years ended December 31, 2023 and 2022 is as follows:


	Years Ended December 31,
($ in thousands)	2023		2022
Retail	$	1,853	$	1,255
Commercial	2,340		1,242
Industrial	—		565
Multi-family	44		909
Office	203		385

Hospitality	1,034		411
	$	5,474	$	4,767

Reserves for Losses and Loss Adjustment Expenses - Reconciliation of Claims Development to Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Reserves for losses and LAE, net of reinsurance	$ 859,017
Total reinsurance recoverable on unpaid claims	455,484	$ 435,986	$ 381,338
Reserves for losses and loss adjustment expenses	1,314,501	$ 1,141,757	$ 979,549
Short Tail/Monoline Specialty
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Reserves for losses and LAE, net of reinsurance	276,704
Total reinsurance recoverable on unpaid claims	199,044
Multi-line Solutions
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Reserves for losses and LAE, net of reinsurance	463,146
Total reinsurance recoverable on unpaid claims	252,146
Exited Lines
Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Reserves for losses and LAE, net of reinsurance	119,167
Total reinsurance recoverable on unpaid claims	$ 4,294

Fair Value Measurements - Fair Value, Measure on Recurring Basis, Unobservable Input Reconciliation (Details) - Mortgage Loans $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 52,842
Total losses for the period recognized in net investment gains (losses)	(385)
Issuances	27,642
Settlements	(30,029)
Ending balance	50,070
Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$ (426)

Statutory Accounting Principles and Regulatory Matters (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Statutory net income	$ 46,884	$ 10,860
Statutory capital and surplus	$ 602,916	$ 408,167

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Condensed Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Net investment income	$ 40,322	$ 36,931
Net investment gains (losses)	11,072	(15,705)
Other (loss) income	(632)	1
Total revenues	885,969	642,420
Expenses:
Interest expense	10,024	6,407
Amortization	1,798	1,547
Other expenses	5,364	0
Total expenses	775,867	592,637
Income tax expense (benefit)	24,118	10,387
Net loss before equity in earnings of subsidiaries	84,307	20,517
Net income attributable to participating securities	1,677	18,879
Net income	85,984	39,396
Parent Company
Revenues:
Net investment income	3,822	2,567
Net investment gains (losses)	(963)	(6)
Other (loss) income	(27)	0
Total revenues	2,832	2,561
Expenses:
Interest expense	9,815	6,407
Amortization	313	81
Other expenses	451	0
Total expenses	10,579	6,488
Loss before income tax expense	(7,747)	(3,927)
Income tax expense (benefit)	6,808	(1,209)
Net loss before equity in earnings of subsidiaries	(14,555)	(2,718)
Net income attributable to participating securities	100,539	42,114
Net income	$ 85,984	$ 39,396

Subordinated Debt - Narrative (Details) - Subordinated Debt - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	May 31, 2019	Aug. 02, 2006
Subordinate Debt Due 2039
Debt Instrument [Line Items]
Face amount			$ 20,000
Debt term			8 years
Less: Debt issuance costs	$ 496	$ 528
Subordinate Debt Due 2039 \| Debt Interest Rate, First 8 Years
Debt Instrument [Line Items]
Stated interest rate			7.25%
Debt term			8 years
Subordinate Debt Due 2039 \| Debt Interest Rate, After Year 8
Debt Instrument [Line Items]
Stated interest rate			8.25%
Junior Subordinated Notes Due 2036, Capital Securities
Debt Instrument [Line Items]
Face amount				$ 58,000
Junior Subordinated Notes Due 2036, Common Stock
Debt Instrument [Line Items]
Face amount				$ 1,800
Junior Subordinated Notes Due 2036
Debt Instrument [Line Items]
Face amount	$ 59,800
Stated interest rate	5.59%	4.77%
Less: Debt issuance costs	$ 608	$ 657
Junior Subordinated Notes Due 2036 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	3.40%

Allowance for Credit Losses- Reinsurance Recoverable, Credit Quality Indicator (Details) - Reinsurer concentration risk - Reinsurance recoverable including reinsurance premium paid	12 Months Ended
	Dec. 31, 2023
A- and above
Ceded Credit Risk [Line Items]
Concentration risk, percentage	98.50%
B++ to B+
Ceded Credit Risk [Line Items]
Concentration risk, percentage	0.70%
B to B -
Ceded Credit Risk [Line Items]
Concentration risk, percentage	0.00%
Not rated
Ceded Credit Risk [Line Items]
Concentration risk, percentage	0.80%

Earnings Per Share - Schedule of Earnings Per Share, Excluded from Basic Earnings (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contingently issuable instruments
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	920,864	1,082,521
Common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	920,864	22,919
Preferred shares, if converted
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	1,059,602

Reinsurance

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Reinsurance

Certain premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The reinsurance agreements provide the Company with increased capacity to write larger risks and maintain its exposure to loss within its capital resources. The Company remains obligated for amounts ceded if reinsurers do not meet their obligations.

The following table sets forth the effects of reinsurance on premiums written and earned for years ended December 31, 2023 and 2022:



	2023				2022
($ in thousands)	Written		Earned		Written		Earned
Direct premiums	$	1,241,180	$	1,155,835	$	1,012,239	$	951,121
Assumed premiums	218,649		193,971		131,713		113,610
Ceded premiums	(549,138)		(520,663)		(468,409)		(448,737)
Net premiums	$	910,691	$	829,143	$	675,543	$	615,994
Ceded losses and LAE incurred			$	337,011			$	311,257

The following table sets forth the components of reinsurance recoverables and ceded unearned premium at December 31, 2023 and 2022:



($ in thousands)	2023		2022
Ceded unpaid losses and LAE	$	455,484	$	435,986
Ceded paid losses and LAE	122,287		107,228
Loss portfolio transfer	20,858		38,145
Allowance for credit losses	(2,295)		—
Reinsurance recoverables	$	596,334	$	581,359
Ceded unearned premium	$	186,121	$	157,645

The Company entered into agreements with several of its reinsurers, whereby the reinsurer established funded trust accounts with the Company as the sole beneficiary. These trust accounts provide the Company additional security to collect claim recoverables under reinsurance contracts; the Company does not carry these on the balance sheet as it will only have custody over these accounts upon the failure of the reinsurer to pay amounts due. At December 31, 2023, the market value of these accounts was approximately $158.1 million. The agreements provide that, as was customary in the past, the reinsurer will continue claim payment reimbursements without disturbing the trust balances. The trust amount will be adjusted periodically, by mutual agreement, based on loss reserve recoverables.

During the first quarter of 2020, the Company entered into an LPT retroactive reinsurance agreement. Under the LPT, the Company received reinsurance protection of approximately $127.4 million above the ceded losses and LAE reserves and is subject to co-participations at specified amounts. During the year ended December 31, 2022, the Company strengthened reserves for certain divisions covered by the LPT by $14.4 million, resulting in an increase in the amount ceded under this agreement. The increase in the amount ceded during the year ended December 31, 2022 were partially offset by $5.8 million of recognized gain.

The following table presents the impact of the LPT on the consolidated statements of operations for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Strengthening of reserves subject to the LPT	$	—	$	(14,385)
Reinsurance recoveries under the LPT	1,427		5,813
Pretax net impact of the LPT	$	1,427	$	(8,572)

Certain ceded reinsurance contracts that transfer only significant timing risk and do not transfer sufficient underwriting risk are accounted for using the deposit method of accounting. The Company’s deposit asset was included in other assets on the consolidated balance sheets.

The Company’s deposit assets as of December 31, 2023 and 2022 were $29.9 million and $41.8 million, respectively.

Fair Value Measurements - Summary of Subordinated Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Term loan \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 50,000
Term loan \| Fair Value
Debt Instrument [Line Items]
Long-term debt	0	50,000
Revolving credit facility \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	50,000	0
Revolving credit facility \| Fair Value
Debt Instrument [Line Items]
Long-term debt	50,000	0
Notes payable \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	50,000	50,000
Notes payable \| Fair Value
Debt Instrument [Line Items]
Long-term debt	50,000	50,000
Junior subordinated interest debentures \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	59,186	59,137
Junior subordinated interest debentures \| Fair Value
Debt Instrument [Line Items]
Long-term debt	59,794	59,794
Unsecured subordinated notes \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	19,504	19,472
Unsecured subordinated notes \| Fair Value
Debt Instrument [Line Items]
Long-term debt	21,378	18,934
Subordinated debt, net of debt issuance costs \| Carrying Value
Debt Instrument [Line Items]
Long-term debt	78,690	78,609
Subordinated debt, net of debt issuance costs \| Fair Value
Debt Instrument [Line Items]
Long-term debt	$ 81,172	$ 78,728

Reinsurance - Schedule of Premiums Written and Earned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Written
Direct premiums	$ 1,241,180	$ 1,012,239
Assumed premiums	218,649	131,713
Ceded premiums	(549,138)	(468,409)
Net premiums	910,691	675,543
Earned
Direct premiums	1,155,835	951,121
Assumed premiums	193,971	113,610
Ceded premiums	(520,663)	(448,737)
Net earned premium	829,143	615,994
Ceded losses and LAE incurred	$ 337,011	$ 311,257

Investments

12 Months Ended

Dec. 31, 2023

Investments

The following tables set forth the amortized cost and the fair value of investments at December 31, 2023 and 2022:


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


($ in thousands)	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2022
Fixed maturity securities, available-for-sale:
U.S. government securities	$	50,416	$	1	$	(1,876)	$	48,541
Corporate securities and miscellaneous	255,116		767		(20,754)		235,129
Municipal securities	65,836		24		(8,133)		57,727
Residential mortgage-backed securities	134,844		218		(15,206)		119,856
Commercial mortgage-backed securities	40,129		50		(3,684)		36,495
Other asset-backed securities	116,275		91		(6,542)		109,824
Total fixed maturity securities, available-for-sale	$	662,616	$	1,151	$	(56,195)	$	607,572
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	52,467	$	—	$	(5,696)	$	46,771
Total fixed maturity securities, held-to-maturity	$	52,467	$	—	$	(5,696)	$	46,771

The amortized cost and estimated fair value of fixed maturity securities, available for sale, at December 31, 2023 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Also, changing interest rates, tax considerations or other factors may result in portfolio sales prior to maturity.



($ in thousands)	Amortized Cost		Fair Value
Due in less than one year	$	30,918	$	30,518
Due after one year through five years	289,151		280,212
Due after five years through ten years	162,380		159,863
Due after ten years	53,275		49,771
Mortgage-backed securities	323,979		311,560
Other asset-backed securities	188,010		185,727
Total	$	1,047,713	$	1,017,651

The Company’s fixed maturity securities, held to maturity, at December 31, 2023 consist entirely of asset backed securities that are not due at a single maturity date.

The following tables summarize gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities have been in a continuous unrealized loss position:


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


	Less than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2022
Fixed maturity securities, available-for-sale:
U.S. government securities	$	28,966	$	(603)	$	18,577	$	(1,273)	$	47,543	$	(1,876)
Corporate securities and miscellaneous	171,506		(16,063)		34,283		(4,691)		205,789		(20,754)
Municipal securities	51,701		(7,236)		3,689		(897)		55,390		(8,133)
Residential mortgage-backed securities	56,246		(4,152)		52,778		(11,054)		109,024		(15,206)
Commercial mortgage-backed securities	25,836		(1,488)		8,583		(2,196)		34,419		(3,684)
Other asset-backed securities	74,684		(3,351)		25,820		(3,191)		100,504		(6,542)
Total fixed maturity securities, available-for-sale	$	408,939	$	(32,893)	$	143,730	$	(23,302)	$	552,669	$	(56,195)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	46,771	$	(5,696)	$	—	$	—	$	46,771	$	(5,696)
Total fixed maturity securities, held-to-maturity	$	46,771	$	(5,696)	$	—	$	—	$	46,771	$	(5,696)
Total	$	455,710	$	(38,589)	$	143,730	$	(23,302)	$	599,440	$	(61,891)

The Company regularly monitors its available-for-sale fixed maturity securities that have fair values less than cost or amortized cost for signs of impairment, an assessment that requires significant management judgment regarding the evidence known. Such judgments could change in the future as more information becomes known, which could negatively impact the amounts reported. Among the factors that management considers for fixed maturity securities are the financial condition of the issuer including receipt of scheduled principal and interest cash flows, and intent to sell, including if it is more likely than not that the Company will be required to sell the investments before recovery.

As of December 31, 2023, the Company has 584 lots of fixed maturity securities in an unrealized loss position. The Company does not have an intent to sell these securities and it is not more likely than not that the Company will be required to sell these securities before maturity or recovery of its cost basis. The Company determined that no credit impairment existed in the gross unrealized holding losses because the credit ratings of these securities were consistent with the credit ratings when purchased and/or at origination, there were no adverse changes in financial condition of the issuer and no adverse credit quality events in underlying assets. The Company attributed the unrealized losses to the changes in interest rates.

The following table sets forth the components of net investment gains (losses) for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Gross realized gains
Fixed maturity securities, available-for-sale	$	1,042	$	313
Equity securities	6,035		3,865
Other	2		36
Total	7,079		4,214
Gross realized losses
Fixed maturity securities, available-for-sale	(1,879)		(958)
Equity securities	(5,256)		(3,827)
Other	(2)		(76)
Total	(7,137)		(4,861)
Net unrealized gains (losses) on investments
Equity securities	11,516		(15,058)
Mortgage loans	(386)		—
Net investment gains (losses)	$	11,072	$	(15,705)

The following table sets forth the proceeds from sales of debt and equity securities for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Fixed maturity securities, available-for-sale	$	26,626	$	13,964
Equity securities	40,201		37,177

The following table sets forth the components of net investment income for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Income:
Fixed maturity securities, available-for-sale	$	34,703	$	18,481
Fixed maturity securities, held-to-maturity	4,163		5,375
Equity securities	3,418		3,579
Equity method investments	(9,434)		6,015
Mortgage loans	5,474		4,767
Indirect loans	(4,155)		4,846
Short-term investments	11,392		1,498
Other	318		(77)
Investment income	45,879		44,484
Investment expenses	(5,557)		(7,553)
Net investment income	$	40,322	$	36,931

The following table sets forth the change in net unrealized gains (losses) on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive income (loss) for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Fixed maturity securities	$	25,952	$	(60,918)
Deferred income taxes	(5,420)		12,793
Total	$	20,532	$	(48,125)

Various state regulations require the Company to maintain cash, investment securities or letters of credit on deposit with the states in a depository account. At December 31, 2023 and 2022, cash and investment securities on deposit had fair values of approximately $62.3 million and $60.2 million, respectively.

Fair Value Measurements - Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fixed maturity securities, available-for-sale:
Total fixed maturity securities, available-for-sale	$ 1,017,651	$ 607,572
Total fixed maturity securities, held-to-maturity	41,017	46,771
Equity securities, at fair value	118,249	120,169
Short-term investments	$ 270,226	$ 121,158

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following tables set forth the carrying amount and changes in the balance of goodwill by reporting unit at December 31, 2023 and 2022:


($ in thousands)	Accident and Health		Surety		Industry Solutions		Other		Total
Goodwill
Gross balance at December 31, 2022	$	91,577	$	6,781	$	10,204	$	3,879	$	112,441
Accumulated impairment at December 31, 2022	(44,821)		—		—		(1,886)		(46,707)



Net balance at December 31, 2023	$	46,756	$	6,781	$	10,204	$	1,993	$	65,734


($ in thousands)	Accident and Health		Surety		Industry Solutions		Other		Total
Goodwill
Gross balance at December 31, 2021	$	91,577	$	6,781	$	10,204	$	3,879	$	112,441
Accumulated impairment at December 31, 2021	(44,821)		—		—		(1,886)		(46,707)



Net balance at December 31, 2022	$	46,756	$	6,781	$	10,204	$	1,993	$	65,734

Schedule of Intangible Assets and Goodwill

The following tables set forth the carrying amount and changes in the balance of other intangible assets at December 31, 2023 and 2022:


($ in thousands)	Agent Relationships		Non-competes		Trademarks		Licenses		Total
Other Intangible Assets
Gross balance at December 31, 2022	$	24,558	$	1,117	$	999	$	14,019	$	40,693
Accumulated amortization at December 31, 2022	(15,664)		(893)		—		—		(16,557)
Additions	50		—		—		—		50


Amortization	(1,261)		(224)				—		(1,485)
Net balance at December 31, 2023	$	7,683	$	—	$	999	$	14,019	$	22,701


($ in thousands)	Agent Relationships		Non-competes		Trademarks		Licenses		Total
Other Intangible Assets
Gross balance at December 31, 2021	$	24,558	$	1,117	$	999	$	14,019	$	40,693
Accumulated amortization at December 31, 2021	(14,421)		(670)		—		—		(15,091)



Amortization	(1,243)		(223)		—		—		(1,466)
Net balance at December 31, 2022	$	8,894	$	224	$	999	$	14,019	$	24,136

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table sets forth the estimated future net amortization expense of intangible assets:


($ in thousands)
Years Ending December 31,	Amount
2024	$	1,099
2025	998
2026	553
2027	553
2028	553

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease, expense	$ 2.8	$ 2.6
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	6 years

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

Effects of Reinsurance

The following table sets forth the effects of reinsurance on premiums written and earned for years ended December 31, 2023 and 2022:



	2023				2022
($ in thousands)	Written		Earned		Written		Earned
Direct premiums	$	1,241,180	$	1,155,835	$	1,012,239	$	951,121
Assumed premiums	218,649		193,971		131,713		113,610
Ceded premiums	(549,138)		(520,663)		(468,409)		(448,737)
Net premiums	$	910,691	$	829,143	$	675,543	$	615,994
Ceded losses and LAE incurred			$	337,011			$	311,257

Ceded Credit Risk

The following table sets forth the components of reinsurance recoverables and ceded unearned premium at December 31, 2023 and 2022:



($ in thousands)	2023		2022
Ceded unpaid losses and LAE	$	455,484	$	435,986
Ceded paid losses and LAE	122,287		107,228
Loss portfolio transfer	20,858		38,145
Allowance for credit losses	(2,295)		—
Reinsurance recoverables	$	596,334	$	581,359
Ceded unearned premium	$	186,121	$	157,645

The following table sets forth the reconciliation of unpaid losses and loss adjustment expenses for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Reserves for losses and LAE, beginning of period	$	1,141,757	$	979,549
Less: reinsurance recoverable on unpaid claims, beginning of period	(435,986)		(381,338)
Reserves for losses and LAE, beginning of period, net of reinsurance	705,771		598,211
Incurred, net of reinsurance, related to:
Current period	516,664		393,939
Prior years	—		14,385
Total incurred, net of reinsurance	516,664		408,324
Paid, net of reinsurance, related to:
Current period	109,937		105,928
Prior years	253,481		194,836
Total paid	363,418		300,764
Net reserves for losses and LAE, end of period	859,017		705,771
Plus: reinsurance recoverable on unpaid claims, end of period	455,484		435,986
Reserves for losses and LAE, end of period	$	1,314,501	$	1,141,757

The following table presents the impact of the LPT on the consolidated statements of operations for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Strengthening of reserves subject to the LPT	$	—	$	(14,385)
Reinsurance recoveries under the LPT	1,427		5,813
Pretax net impact of the LPT	$	1,427	$	(8,572)

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The following table presents the components of property and equipment as of December 31, 2023 and 2022, which are included within other assets on the consolidated balance sheets.



($ in thousands)	2023		2022
Leasehold improvements	$	1,892	$	2,670
Equipment	5,033		7,230
Software	29,189		25,964
Other	—		39
	36,114		35,903
Accumulated depreciation	(27,044)		(27,229)
Total	$	9,070	$	8,674

Underwriting, Acquisition and Insurance Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Underwriting, Acquisition and Insurance Expenses

The following table sets forth the components of underwriting, acquisition and insurance expenses for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Amortization of policy acquisition costs	$	108,514	$	65,695
Other operating and general expenses	134,930		116,476
Total underwriting, acquisition and insurance expenses	$	243,444	$	182,171

Underwriting, Acquisition and Insurance Expenses

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Underwriting, Acquisition and Insurance Expenses

The following table sets forth the components of underwriting, acquisition and insurance expenses for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Amortization of policy acquisition costs	$	108,514	$	65,695
Other operating and general expenses	134,930		116,476
Total underwriting, acquisition and insurance expenses	$	243,444	$	182,171

Related Party Transactions - Other Transactions (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023
Professional fees and reimbursements \| Related Party
Related Party Transaction [Line Items]
Professional fees	$ 3.6	$ 3.4

Other Long-Term Investments - Unfunded Commitment of Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Unfunded commitment	$ 5,844	$ 6,982
Brewer Lane Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Unfunded commitment	4,610	4,800
Dowling Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Unfunded commitment	386	386
Hudson Ventures Fund 2 LP units
Schedule of Equity Method Investments [Line Items]
Unfunded commitment	$ 848	$ 1,796

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 1,099
2025	998
2026	553
2027	553
2028	$ 553

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 85,984	$ 39,396
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net investment (gains) losses	(11,072)	15,705
Depreciation and amortization expense	3,891	4,097
Stock-based compensation expense	8,525	2,287
Undistributed loss (earnings) from long-term investments	6,730	(16,032)
Deferred income tax, net	9,383	10,267
Changes in operating assets and liabilities:
Premiums receivable, net	(40,020)	(27,057)
Reinsurance recoverables, net	(17,270)	(45,032)
Ceded unearned premium	(28,476)	(19,672)
Deferred policy acquisition costs	(23,017)	(9,482)
Federal income taxes	(1,892)	0
Losses and loss adjustment expenses	172,744	162,208
Unearned premiums	110,023	79,221
Deferred ceding commission	7,208	(651)
Reinsurance and premium payables	36,460	(6,223)
Funds held for others	21,730	7,271
Accounts payable and accrued liabilities	2,285	7,583
Other, net	(5,029)	5,052
Net cash provided by operating activities	338,187	208,938
Cash flows from investing activities:
Purchase of fixed maturity securities, available-for-sale	(459,672)	(268,781)
Purchase of illiquid investments	(1,675)	(4,873)
Purchase of equity securities	(26,009)	(53,548)
Purchase of intangible assets	(50)	0
Investment in direct and indirect loans	2,984	(9,767)
Purchase of property and equipment	(3,108)	(2,325)
Sales and maturities of investment securities	127,228	95,641
Sales of and distributions from unconsolidated subsidiaries	3,572	3,421
Change in short-term investments	(149,068)	43,120
Payable for securities sold	76	529
Cash provided by deposit accounting	11,913	3,202
Net cash used in investing activities	(493,809)	(193,381)
Cash flows from financing activities:
Employee share purchases	1,350	2,180
Draw on revolving line of credit	50,000	0
Repayment of term loan	(50,000)	0
Proceeds from equity offerings	128,887	0
Proceeds from employee stock purchase plan	710	0
Net cash provided by financing activities	130,947	2,180
Net (decrease) increase in cash and cash equivalents and restricted cash	(24,675)	17,737
Cash and cash equivalents and restricted cash at beginning of year	125,011	107,274
Cash and cash equivalents and restricted cash at end of year	100,336	125,011
Supplemental disclosure of cash flow information:
Cash paid for interest	10,667	5,761
Cash paid for federal income taxes	$ 15,800	$ 0

SEC Schedule, Article 12-15, Summary of Investments - Other than Investments in Related Parties (Details) $ in Thousands	Dec. 31, 2023 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	$ 1,518,431
Fair Value (if applicable)	1,501,011
Amount on Balance Sheet	1,502,980
Fixed maturity securities, available for sale:
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,047,713
Fair Value (if applicable)	1,017,651
Amount on Balance Sheet	1,017,651
Fixed maturity securities, available for sale: \| U.S. government securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	44,685
Fair Value (if applicable)	44,166
Amount on Balance Sheet	44,166
Fixed maturity securities, available for sale: \| Corporate securities and miscellaneous
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	392,773
Fair Value (if applicable)	383,420
Amount on Balance Sheet	383,420
Fixed maturity securities, available for sale: \| Municipal securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	98,266
Fair Value (if applicable)	92,778
Amount on Balance Sheet	92,778
Fixed maturity securities, available for sale: \| Residential mortgage-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	292,568
Fair Value (if applicable)	281,626
Amount on Balance Sheet	281,626
Fixed maturity securities, available for sale: \| Commercial mortgage-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	31,411
Fair Value (if applicable)	29,934
Amount on Balance Sheet	29,934
Fixed maturity securities, available for sale: \| Other asset-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	188,010
Fair Value (if applicable)	185,727
Amount on Balance Sheet	185,727
Fixed maturity securities, held to maturity:
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	43,315
Fair Value (if applicable)	41,017
Amount on Balance Sheet	42,986
Fixed maturity securities, held to maturity: \| Other asset-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	43,315
Fair Value (if applicable)	41,017
Amount on Balance Sheet	42,986
Equity securities:
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	102,837
Fair Value (if applicable)	118,249
Amount on Balance Sheet	118,249
Equity securities: \| Common stocks
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	54,672
Fair Value (if applicable)	67,425
Amount on Balance Sheet	67,425
Equity securities: \| Preferred stocks
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	8,736
Fair Value (if applicable)	7,358
Amount on Balance Sheet	7,358
Equity securities: \| Mutual funds
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	39,429
Fair Value (if applicable)	43,466
Amount on Balance Sheet	43,466
Mortgage loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	50,542
Fair Value (if applicable)	50,070
Amount on Balance Sheet	50,070
Other long-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	3,798
Fair Value (if applicable)	3,798
Amount on Balance Sheet	3,798
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	270,226
Fair Value (if applicable)	270,226
Amount on Balance Sheet	$ 270,226

Reserves for Losses and Loss Adjustment Expenses - Schedule of Liability for Unpaid Claims and Claims Adjustment Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reserves for losses and LAE, beginning of period	$ 1,141,757	$ 979,549
Less: reinsurance recoverable on unpaid claims, beginning of period	(435,986)	(381,338)
Reserves for losses and LAE, beginning of period, net of reinsurance	705,771	598,211
Incurred, net of reinsurance, related to:
Current period	516,664	393,939
Prior years	0	14,385
Total incurred, net of reinsurance	516,664	408,324
Paid, net of reinsurance, related to:
Current period	109,937	105,928
Prior years	253,481	194,836
Total paid	363,418	300,764
Net reserves for losses and LAE, end of period	859,017	705,771
Plus: reinsurance recoverable on unpaid claims, end of period	455,484	435,986
Reserves for losses and LAE, end of period	$ 1,314,501	$ 1,141,757

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Credit Loss [Abstract]

Premium Receivable, Allowance for Credit Loss

The following table sets forth the changes in the allowance for expected credit losses on premiums receivable for the year ended ended December 31, 2023.


($ in thousands)	Premiums Receivable, Net		Allowance for Estimated Uncollectible Premiums
Balance at December 31, 2022	$	139,215	$	629
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023			—
Current period change for estimated uncollectible premiums			748
Write-offs of uncollectible premiums receivable			(513)
Recoveries of amounts previously written off			100
Balance at December 31, 2023	$	179,235	$	964

Reinsurance Recoverable, Credit Quality Indicator

The following table sets forth the Company’s reinsurance recoverables net of credit enhancements by A.M. Best as of December 31, 2023:


A.M. Best Rating	December 31, 2023
A- and above	98.5	%
B++ to B+	0.7
B to B -	—
Not rated	0.8

Reinsurance Recoverable, Allowance for Credit Loss

The following table sets forth the changes in the allowance for estimated uncollectible reinsurance for the year ended ended December 31, 2023:


($ in thousands)	Reinsurance Recoverables, Net		Allowance for Estimated Uncollectible Reinsurance
Balance at December 31, 2022	$	581,359	$	—
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023			2,295
Current period change for estimated uncollectible reinsurance			—
Write-offs of uncollectible reinsurance recoverables			—
Balance at December 31, 2023	$	596,334	$	2,295

Other Long-Term Investments - Carrying Value of Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 74,628	$ 86,789
Arena SOP LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	2,463	8,734
Arena Special Opportunities Fund, LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	41,046	44,504
Brewer Lane Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	560	200
Dowling Capital Partners LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	1,708	1,965
Hudson Ventures Fund 2 LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	4,669	3,551
JVM Funds LLC units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	20,061	22,473
RISCOM
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	4,121	4,037
Universa Black Swan LP units
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 0	$ 1,325

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stock notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	60,576
Awarded stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,931	0
Awarded options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	914	0

Statutory Accounting Principles and Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations

The following table sets forth statutory net income and statutory capital and surplus for the Company for the years ended and as of December 31, 2023 and 2022:



($ in thousands)	2023		2022
Statutory net income	$	46,884	$	10,860
Statutory capital and surplus	602,916		408,167

Mortgage Loans - Portfolios (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	$ 50,070	$ 51,859
Total gross investment income	5,474	4,767
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	16,072	16,516
Total gross investment income	1,853	1,255
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	14,469	15,309
Total gross investment income	2,340	1,242
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	6,785	6,329
Total gross investment income	0	565
Multi-family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	0	5,593
Total gross investment income	44	909
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	0	3,197
Total gross investment income	203	385
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage loans	12,744	4,915
Total gross investment income	$ 1,034	$ 411

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the compilation of basic and diluted net earnings per share for the years ended December 31, 2023 and 2022:



($ in thousands, except for share and per share amounts)	2023		2022
Numerator
Net income	$	85,984	$	39,396
Less: Undistributed income allocated to participating securities	(1,677)		(18,879)
Net income attributable to common shareholders (numerator for basic earnings per share)	84,307		20,517
Add back: Undistributed income allocated to participating securities	1,677		18,879
Net income (numerator for diluted earnings per share under the two-class method)	$	85,984	$	39,396
Denominator
Basic weighted-average common shares	36,031,907		16,568,393

Dilutive effect of preferred shares	716,708		15,245,533
Dilutive effect of stock notes	696,110		519,080
Dilutive effect of awarded stock units	736,837		320,188
Dilutive effect of awarded options	135,972		—

Diluted weighted-average common share equivalents	38,317,534		32,653,194
Basic earnings per share	$	2.34	$	1.24
Diluted earnings per share	$	2.24	$	1.21

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents anti-dilutive instruments that were excluded from the calculation of diluted weighted-average common share equivalents during the years ended December 31, 2023 and 2022:



	2023	2022

Stock notes	—	60,576
Awarded stock units	3,931	—
Awarded options	914	—

The following table presents common share equivalents of contingently issuable instruments that were excluded from basic earnings per share in shares for the years ended December 31, 2023 and 2022:



	2023	2022
Common shares	920,864	22,919
Preferred shares, if converted	—	1,059,602
Total	920,864	1,082,521

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net income	$ 85,984	$ 39,396
Less: Undistributed income allocated to participating securities	(1,677)	(18,879)
Net income attributable to common shareholders	84,307	20,517
Add back: Undistributed income allocated to participating securities	1,677	18,879
Net income (numerator for diluted earnings per share under the two-class method)	$ 85,984	$ 39,396
Denominator
Basic weighted-average common shares (in shares)	36,031,907	16,568,393
Preferred shares (if converted method) (in shares)	716,708	15,245,533
Contingently issuable instruments (treasury stock method) (in shares)	696,110	519,080
Diluted weighted-average common share equivalents (in shares)	38,317,534	32,653,194
Basic earnings per share (in dollars per share)	$ 2.34	$ 1.24
Diluted earnings per share (in dollars per share)	$ 2.24	$ 1.21
Market condition awards
Denominator
Awards (in shares)	736,837	320,188
Performance condition awards
Denominator
Awards (in shares)	135,972	0

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

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

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

date.

Level 2 - Inputs are other than quoted prices included in Level 1 that are observable for the asset or liability through

corroboration with market data at the measurement date.

Level 3 - Unobservable inputs that reflect management’s best estimate of what market participants would use in

pricing the asset or liability at the measurement date.

The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying consolidated financial statements and in these notes:

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

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

Preferred stocks, municipal securities, corporate securities and miscellaneous

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

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

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

Mortgage loans

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

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



	December 31, 2023
High	9.50	%
Low	3.25	%
Weighted average	7.05	%

The following tables set forth the Company’s investments within the fair value hierarchy at December 31, 2023 and December 31, 2022:


December 31, 2023
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	44,166	$	—	$	—	$	44,166
Corporate securities and miscellaneous	—		383,420		—		383,420
Municipal securities	—		92,778		—		92,778
Residential mortgage-backed securities	—		281,626		—		281,626
Commercial mortgage-backed securities	—		29,934		—		29,934
Other asset-backed securities	—		185,727		—		185,727
Total fixed maturity securities, available-for-sale	44,166		973,485		—		1,017,651
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		41,017		41,017
Total fixed maturity securities, held-to-maturity	—		—		41,017		41,017
Common stocks:
Consumer discretionary	2,313		—		—		2,313
Consumer staples	14,015		—		—		14,015
Energy	3,187		—		—		3,187
Finance	24,267		—		—		24,267
Industrial	12,170		—		—		12,170
Information technology	5,192		—		—		5,192
Materials	3,782		—		—		3,782
Other	2,499		—		—		2,499
Total common stocks	67,425		—		—		67,425
Preferred stocks:
Consumer staples	—		433		—		433
Finance	—		5,061		—		5,061
Industrial	—		1,052		—		1,052
Other	—		812		—		812
Total preferred stocks	—		7,358		—		7,358
Mutual funds:
Fixed income	5,405		—		—		5,405
Equity	37,546		—		—		37,546
Commodity	515		—		—		515
Total mutual funds	43,466		—		—		43,466
Total equity securities	110,891		7,358		—		118,249
Mortgage loans	—		—		50,070		50,070
Short-term investments	270,226		—		—		270,226
Total investments	$	425,283	$	980,843	$	91,087	$	1,497,213


December 31, 2022
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	48,541	$	—	$	—	$	48,541
Corporate securities and miscellaneous	—		235,129		—		235,129
Municipal securities	—		57,727		—		57,727
Residential mortgage-backed securities	—		119,856		—		119,856
Commercial mortgage-backed securities	—		36,495		—		36,495
Other asset-backed securities	—		109,824		—		109,824
Total fixed maturity securities, available-for-sale	48,541		559,031		—		607,572
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		46,771		46,771
Total fixed maturity securities, held-to-maturity	—		—		46,771		46,771
Common stocks:
Consumer discretionary	1,948		—		—		1,948
Consumer staples	12,036		—		—		12,036
Energy	3,241		—		—		3,241
Finance	22,636		—		—		22,636
Industrial	9,452		—		—		9,452
Information technology	2,284		—		—		2,284
Materials	2,820		—		—		2,820
Other	1,579		—		—		1,579
Total common stocks	55,996		—		—		55,996
Preferred stocks:
Consumer staples	—		117		—		117
Finance	—		7,085		—		7,085
Industrial	—		1,020		—		1,020
Other	—		549		—		549
Total preferred stocks	—		8,771		—		8,771
Mutual funds:
Fixed income	5,068		—		—		5,068
Equity	49,773		—		—		49,773
Commodity	561		—		—		561
Total mutual funds	55,402		—		—		55,402
Total equity securities	111,398		8,771		—		120,169
Mortgage loans	—		—		52,842		52,842
Short-term investments	121,158		—		—		121,158
Total investments	$	281,097	$	567,802	$	99,613	$	948,512

The following table sets forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the year ended December 31, 2023:


($ in thousands)	Mortgage Loans
Balance at December 31, 2022	$	52,842
Total losses for the period recognized in net investment gains (losses)	(385)
Issuances	27,642
Settlements	(30,029)
Balance at December 31, 2023	$	50,070
Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$	(426)

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

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

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

Fixed maturity securities, held-to-maturity: Fixed maturity securities, held-to-maturity consists of senior and junior notes with target rates of return. As of December 31, 2023, the Company determined the fair value of these instruments using the income approach utilizing inputs that are unobservable (Level 3).

Notes payable: The carrying value approximates the estimated fair value for notes payable as the notes payable accrue interest at current market rates plus a spread. The Company determines fair value using the income approach utilizing inputs that are observable (Level 2).

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

The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of December 31, 2023 and December 31, 2022:


	December 31, 2023				December 31, 2022
($ in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable
Term loan	$	—	$	—	$	50,000	$	50,000
Revolving credit facility	50,000		50,000		—		—
Notes payable	$	50,000	$	50,000	$	50,000	$	50,000
Subordinated debt
Junior subordinated interest debentures	$	59,186	$	59,794	$	59,137	$	59,794
Unsecured subordinated notes	19,504		21,378		19,472		18,934
Subordinated debt, net of debt issuance costs	$	78,690	$	81,172	$	78,609	$	78,728

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

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

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments:
Short-term investments, at fair value	$ 270,226	$ 121,158
Total investments	1,613,687	1,082,367
Cash and cash equivalents	65,891	45,438
Deferred income taxes, net	21,991	36,188
Goodwill and intangible assets, net	88,435	89,870
Other assets	75,341	82,846
Total assets	2,953,435	2,363,439
Liabilities:
Accounts payable and accrued liabilities	50,880	48,499
Notes payable	50,000	50,000
Subordinated debt, net of debt issuance costs	78,690	78,609
Total liabilities	2,292,404	1,941,777
Stockholders’ Equity:
Stockholders’ equity	661,031	421,662
Total liabilities and stockholders’ equity	2,953,435	2,363,439
Parent Company
Investments:
Investment in subsidiaries	743,025	503,549
Short-term investments, at fair value	10,593	25
Total investments	753,618	503,574
Cash and cash equivalents	3,024	8,909
Deferred income taxes, net	5,899	19,655
Goodwill and intangible assets, net	12,641	12,641
Other assets	15,908	6,992
Total assets	791,090	551,771
Liabilities:
Accounts payable and accrued liabilities	1,369	1,500
Notes payable	50,000	50,000
Subordinated debt, net of debt issuance costs	78,690	78,609
Total liabilities	130,059	130,109
Stockholders’ Equity:
Stockholders’ equity	661,031	421,662
Total liabilities and stockholders’ equity	$ 791,090	$ 551,771

SCHEDULE IV — REINSURANCE

12 Months Ended

Dec. 31, 2023

SCHEDULE IV — REINSURANCE


	Years Ended December 31,
	2023						2022
($ in thousands)	Accident & Health			Property & Casualty			Accident & Health			Property & Casualty
Gross amount	$	151,702		$	1,089,478		$	130,377		$	881,862
Ceded to other companies	(79,091)			(470,047)			(70,291)			(398,118)
Assumed from other companies	—			218,649			431			131,282
Net amount	$	72,611		$	838,080		$	60,517		$	615,026
Percentage of amount assumed to net	—		%	26.1		%	0.7		%	21.3		%

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn March 15, 2024, the Company redeemed the Debentures and paid $1.4 million of accrued interest. The Company drew $50.0 million on the Revolving Credit Facility and used the proceeds and existing cash to fund the redemption. After the draw, the Company had $100.0 million outstanding under the Revolving Credit Facility with another $50.0 million of undrawn capacity.

Reserves for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year claims incurred, unfavorable (favorable) development	$ 0	$ 14,385
Exited Lines
Liability for Claims and Claims Adjustment Expense [Line Items]
Prior year claims incurred, unfavorable (favorable) development		14,500
Multi-line Solutions
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserves for losses and LAE, increase (decrease)	11,900
Prior year claims incurred, unfavorable (favorable) development		10,800
Liability for unpaid claims and claims adjustment			$ 8,400
Short Tail/Monoline Specialty
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserves for losses and LAE, increase (decrease)	$ (9,200)
Prior year claims incurred, unfavorable (favorable) development		$ 2,300

Reinsurance - Impact of LPT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Strengthening of reserves subject to the LPT	$ 0	$ (14,385)
Reinsurance recoveries under the LPT	1,427	5,813
Pretax net impact of the LPT	$ 1,427	$ (8,572)

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease, Cost

The following tables provide information regarding the Company’s leases as of and for the years ended December 31, 2023 and 2022:



($ in thousands)	2023			2022
Operating lease right-of-use assets	$	4,905		$	8,214
Operating lease liabilities	5,228			8,616
Operating lease weighted-average remaining lease term	4.55 years			5.00 years
Operating lease weighted-average discount rate	3.95		%	3.16		%



($ in thousands)	2023		2022
Operating lease expense	$	2,583	$	2,414
Short-term lease expense	184		220
Total lease expense	$	2,767	$	2,634
Operating cash outflows from operating leases	$	2,636	$	2,382

Lessee, Operating Lease, Liability, Maturity

The following table sets forth the future minimum lease payment obligations of the Company’s operating leases at December 31, 2023:


($ in thousands)	2023
2024	$	1,671
2025	1,204
2026	992
2027	903
2028	661
Thereafter	353
Total future minimum operating lease payments	$	5,784
Less imputed interest	(556)
Total operating lease liability	$	5,228

SCHEDULE IV — REINSURANCE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct premiums	$ 1,155,835	$ 951,121
Ceded to other companies	(520,663)	(448,737)
Assumed premiums	193,971	113,610
Net amount	829,143	615,994
Accident & Health
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct premiums	151,702	130,377
Ceded to other companies	(79,091)	(70,291)
Assumed premiums	0	431
Net amount	$ 72,611	$ 60,517
Percentage of amount assumed to net	0.00%	0.70%
Property & Casualty
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct premiums	$ 1,089,478	$ 881,862
Ceded to other companies	(470,047)	(398,118)
Assumed premiums	218,649	131,282
Net amount	$ 838,080	$ 615,026
Percentage of amount assumed to net	26.10%	21.30%

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

Condensed Financial Information Disclosure [Abstract]

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 85,984	$ 39,396
Net cash provided by operating activities	338,187	208,938
Cash flows from investing activities:
Net cash used in investing activities	(493,809)	(193,381)
Cash flows from financing activities:
Proceeds from employee stock purchase plan	710	0
Draw on revolving line of credit	50,000	0
Repayment of term loan	(50,000)	0
Proceeds from equity offerings	128,887	0
Employee share purchases	1,350	2,180
Net cash provided by financing activities	130,947	2,180
Net (decrease) increase in cash and cash equivalents and restricted cash	(24,675)	17,737
Cash and cash equivalents and restricted cash at beginning of year	125,011	107,274
Cash and cash equivalents and restricted cash at end of year	100,336	125,011
Supplemental disclosure of cash flow information:
Cash paid for interest	10,667	5,761
Cash paid for federal income taxes	15,800	0
Parent Company
Cash flows from operating activities:
Net income	85,984	39,396
Adjustments to reconcile net income to net cash used in operating activities	(95,947)	(42,672)
Net cash provided by operating activities	(9,963)	(3,276)
Cash flows from investing activities:
Capital contributions to subsidiaries	(122,800)	0
Distributions from investment in subsidiaries	6,500	4,000
Change in short-term investments	(10,569)	0
Net cash used in investing activities	(126,869)	4,000
Cash flows from financing activities:
Proceeds from employee stock purchase plan	1,350	2,180
Draw on revolving line of credit	50,000	0
Repayment of term loan	(50,000)	0
Proceeds from equity offerings	128,887	0
Employee share purchases	710	0
Net cash provided by financing activities	130,947	2,180
Net (decrease) increase in cash and cash equivalents and restricted cash	(5,885)	2,904
Cash and cash equivalents and restricted cash at beginning of year	8,909	6,005
Cash and cash equivalents and restricted cash at end of year	3,024	8,909
Supplemental disclosure of cash flow information:
Cash paid for interest	10,667	5,761
Cash paid for federal income taxes	$ 15,800	$ 0

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT

12 Months Ended

Dec. 31, 2023

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT

BALANCE SHEETS (PARENT COMPANY)


	December 31,
($ in thousands)	2023		2022
Assets
Investments:
Investment in subsidiaries	$	743,025	$	503,549
Short-term investments, at fair value	10,593		25
Total investments	753,618		503,574
Cash and cash equivalents	3,024		8,909

Deferred income taxes	5,899		19,655
Goodwill and intangible assets, net	12,641		12,641
Other assets	15,908		6,992
Total assets	$	791,090	$	551,771
Liabilities and Stockholders’ Equity
Liabilities:
Accounts payable and accrued liabilities	$	1,369	$	1,500
Notes payable	50,000		50,000
Subordinated debt, net of debt issuance costs	78,690		78,609
Total liabilities	130,059		130,109
Stockholders’ Equity:
Stockholders’ equity	661,031		421,662
Total liabilities and stockholders’ equity	$	791,090	$	551,771

SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES

SCHEDULE II — CONDENSED STATEMENTS OF OPERATIONS

(PARENT COMPANY)


	Years Ended December 31,
($ in thousands)	2023		2022
Revenues:

Net investment income	$	3,822	$	2,567
Net investment losses	(963)		(6)
Other losses	(27)		—
Total revenues	2,832		2,561
Expenses

Interest expense	9,815		6,407
Amortization expense	313		81
Other expenses	451		—
Total expenses	10,579		6,488
Loss before income tax expense	(7,747)		(3,927)
Income tax expense (benefit)	6,808		(1,209)
Net loss before equity in earnings of subsidiaries	(14,555)		(2,718)
Equity in undistributed earnings of subsidiaries	100,539		42,114
Net income	$	85,984	$	39,396

SKYWARD SPECIALTY INSURANCE GROUP, INC. AND SUBSIDIARIES

SCHEDULE II — CONDENSED STATEMENTS OF CASH FLOWS (PARENT COMPANY)


	Years Ended December 31,
($ in thousands)	2023		2022
Cash flows from operating activities:
Net income	$	85,984	$	39,396
Adjustments to reconcile net income to net cash used in operating activities	(95,947)		(42,672)
Net cash provided by operating activities	(9,963)		(3,276)
Cash flows from investing activities:
Capital contributions to subsidiaries	(122,800)		—
Distributions from investment in subsidiaries	6,500		4,000
Change in short-term investments	(10,569)		—
Net cash (used in) provided by investing activities	(126,869)		4,000
Cash flows from financing activities:
Employee share purchases	1,350		2,180
Draw on revolving line of credit	50,000		—
Repayment of term loan	(50,000)		—
Proceeds from equity offerings	128,887		—
Proceeds from employee stock purchase plan	710		—
Net cash provided by financing activities	130,947		2,180
Net (decrease) increase in cash and cash equivalents and restricted cash	(5,885)		2,904
Cash and cash equivalents and restricted cash at beginning of year	8,909		6,005
Cash and cash equivalents and restricted cash at end of year	$	3,024	$	8,909
Supplemental disclosure of cash flow information:
Cash paid for interest	$	10,667	$	5,761
Cash paid for federal income taxes	15,800		—

Subordinated Debt

12 Months Ended

Dec. 31, 2023

Subordinated Debt

The following table summarizes the Company’s subordinated debt as of December 31, 2023 and 2022:



($ in thousands)	2023		2022
Junior subordinated interest debentures, due September 15, 2036, payable quarterly
Principal	$	59,794	$	59,794
Less: Debt issuance costs	(608)		(657)
Unsecured subordinated notes, due May 24, 2039, interest payable quarterly
Principal	20,000		20,000
Less: Debt issuance costs	(496)		(528)
Subordinated debt, net of debt issuance costs	$	78,690	$	78,609

Notes Payable

the Company with up to $150.0 million, with an accordion that can increase the capacity by $50.0 million, and a letter of credit sub-facility of up to $30.0 million.

The following table sets forth the interest payments on the Company’s notes payable during the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Interest payments on terminated term loan	$	1,396	$	1,443
Interest payments on revolving credit facility	2,598		—

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill, gross balance		$ 112,441	$ 112,441
Accumulated impairment		(46,707)	(46,707)
Goodwill, net balance	$ 65,734	65,734
Accident and Health
Goodwill [Roll Forward]
Goodwill, gross balance		91,577	91,577
Accumulated impairment		(44,821)	(44,821)
Goodwill, net balance	46,756	46,756
Surety
Goodwill [Roll Forward]
Goodwill, gross balance		6,781	6,781
Accumulated impairment		0	0
Goodwill, net balance	6,781	6,781
Other
Goodwill [Roll Forward]
Goodwill, gross balance		3,879	3,879
Accumulated impairment		(1,886)	(1,886)
Goodwill, net balance	1,993	1,993
Industry Solutions
Goodwill [Roll Forward]
Goodwill, gross balance		10,204	10,204
Accumulated impairment		0	$ 0
Goodwill, net balance	$ 10,204	$ 10,204

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

Fair Value Measurement Inputs and Valuation Techniques

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Net earned premiums	$ 829,143	$ 615,994
Commission and fee income	6,064	5,199
Net investment income	40,322	36,931
Net investment gains (losses)	11,072	(15,705)
Other (loss) income	(632)	1
Total revenues	885,969	642,420
Expenses:
Losses and loss adjustment expenses	515,237	402,512
Underwriting, acquisition and insurance expenses	243,444	182,171
Interest expense	10,024	6,407
Amortization expense	1,798	1,547
Other expenses	5,364	0
Total expenses	775,867	592,637
Income before income taxes	110,102	49,783
Income tax expense	24,118	10,387
Net income	85,984	39,396
Net income attributable to participating securities	1,677	18,879
Net income attributable to common shareholders	84,307	20,517
Comprehensive income:
Net income	85,984	39,396
Unrealized gains and losses on investments:
Net change in unrealized gains (losses) on investments, net of tax	25,516	(48,545)
Reclassification adjustment for (losses) gains on securities no longer held, net of tax	(4,984)	420
Total other comprehensive income (loss)	20,532	(48,125)
Comprehensive income (loss)	$ 106,516	$ (8,729)
Per share data:
Basic earnings per share (in dollars per share)	$ 2.34	$ 1.24
Diluted earnings per share (in dollars per share)	$ 2.24	$ 1.21
Weighted-average common shares outstanding
Basic weighted-average common shares (in shares)	36,031,907	16,568,393
Diluted weighted-average common shares (in shares)	38,317,534	32,653,194

Reserves for Losses and Loss Adjustment Expenses - Schedule of Short-Duration Insurance Contracts (Details) $ in Thousands	Dec. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Claims Development [Line Items]
Total net reserves for loss and LAE	$ 859,017
Short Tail/Monoline Specialty
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	542,024
Cumulative net paid loss and LAE from the table below	(283,284)
Net reserves for loss and LAE before 2019	17,964
Total net reserves for loss and LAE	276,704
Cumulative net paid loss and LAE	283,284
Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	1,459,906
Cumulative net paid loss and LAE from the table below	(994,414)
Net reserves for loss and LAE before 2019	(2,346)
Total net reserves for loss and LAE	463,146
Cumulative net paid loss and LAE	994,414
Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	752,724
Cumulative net paid loss and LAE from the table below	(637,997)
Net reserves for loss and LAE before 2019	4,440
Total net reserves for loss and LAE	119,167
Cumulative net paid loss and LAE	637,997
Accident Year 2014 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	118,277	$ 120,777	$ 120,731	$ 118,995	$ 117,783	$ 116,970	$ 116,970	$ 115,749	$ 100,355	$ 100,355
Cumulative net paid loss and LAE from the table below	(102,214)	(104,076)	(106,214)	(105,756)	(104,984)	(101,984)	(96,639)	(81,251)	(63,699)	(32,530)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 1,016
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	4,979
Cumulative net paid loss and LAE	$ 102,214	104,076	106,214	105,756	104,984	101,984	96,639	81,251	63,699	32,530
Accident Year 2014 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	69,027	72,027	71,451	70,186	69,120	63,994	63,995	62,691	58,170	64,186
Cumulative net paid loss and LAE from the table below	(56,594)	(55,737)	(53,615)	(53,290)	(52,450)	(49,906)	(50,785)	(42,141)	(30,863)	(9,700)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 7,650
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	4,170
Cumulative net paid loss and LAE	$ 56,594	55,737	53,615	53,290	52,450	49,906	50,785	42,141	30,863	$ 9,700
Accident Year 2015 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	127,102	122,902	122,881	121,746	119,216	117,024	117,024	114,266	103,191
Cumulative net paid loss and LAE from the table below	(123,268)	(118,166)	(117,295)	(114,098)	(108,291)	(99,401)	(88,833)	(72,137)	(44,152)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 910
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	5,369
Cumulative net paid loss and LAE	$ 123,268	118,166	117,295	114,098	108,291	99,401	88,833	72,137	44,152
Accident Year 2015 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	87,167	84,167	83,432	80,787	75,296	70,912	68,118	65,173	61,920
Cumulative net paid loss and LAE from the table below	(83,706)	(81,789)	(80,312)	(77,981)	(73,100)	(65,269)	(55,610)	(41,653)	(9,026)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 3,985
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	4,565
Cumulative net paid loss and LAE	$ 83,706	81,789	80,312	77,981	73,100	65,269	55,610	41,653	$ 9,026
Accident Year 2016 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	75,923	74,923	74,794	71,306	64,248	64,448	64,448	64,828
Cumulative net paid loss and LAE from the table below	(74,882)	(73,170)	(65,498)	(62,469)	(60,500)	(54,957)	(44,133)	(24,844)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 2,741
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	4,695
Cumulative net paid loss and LAE	$ 74,882	73,170	65,498	62,469	60,500	54,957	44,133	24,844
Accident Year 2016 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	108,366	108,366	107,390	106,368	96,090	93,885	95,509	95,914
Cumulative net paid loss and LAE from the table below	(92,867)	(89,565)	(87,393)	(83,115)	(79,669)	(71,852)	(59,237)	(38,191)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 4,946
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	4,879
Cumulative net paid loss and LAE	$ 92,867	89,565	87,393	83,115	79,669	71,852	59,237	$ 38,191
Accident Year 2017 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	84,580	82,080	81,807	76,231	67,578	68,650	68,650
Cumulative net paid loss and LAE from the table below	(74,770)	(72,415)	(70,562)	(67,553)	(56,411)	(45,263)	(27,088)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 4,803
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	5,524
Cumulative net paid loss and LAE	$ 74,770	72,415	70,562	67,553	56,411	45,263	27,088
Accident Year 2017 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	82,865	101,865	99,559	97,578	84,872	82,668	78,246
Cumulative net paid loss and LAE from the table below	(68,747)	(70,219)	(65,301)	(58,625)	(53,770)	(53,888)	(35,962)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 13,081
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	4,318
Cumulative net paid loss and LAE	$ 68,747	70,219	65,301	58,625	53,770	53,888	$ 35,962
Accident Year 2018 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	73,179	77,379	77,039	77,039	77,647	77,647
Cumulative net paid loss and LAE from the table below	(71,042)	(73,251)	(67,289)	(53,491)	(45,739)	(29,372)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 8,983
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	5,048
Cumulative net paid loss and LAE	$ 71,042	73,251	67,289	53,491	45,739	29,372
Accident Year 2018 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	105,150	100,150	93,812	82,366	71,589	76,956
Cumulative net paid loss and LAE from the table below	(103,432)	(93,224)	(82,881)	(69,695)	(62,582)	(27,985)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 1,571
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	4,886
Cumulative net paid loss and LAE	$ 103,432	93,224	82,881	69,695	62,582	$ 27,985
Accident Year 2019 \| Short Tail/Monoline Specialty
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	53,100	51,100	47,600	50,400	65,221
Cumulative net paid loss and LAE from the table below	(47,255)	(47,330)	(43,784)	(42,528)	(36,013)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 2,832
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	1,034
Cumulative net paid loss and LAE	$ 47,255	47,330	43,784	42,528	36,013
Accident Year 2019 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	125,337	114,389	109,925	109,925	110,925
Cumulative net paid loss and LAE from the table below	(113,207)	(100,094)	(82,296)	(63,022)	(36,512)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 5,623
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	6,042
Cumulative net paid loss and LAE	$ 113,207	100,094	82,296	63,022	36,512
Accident Year 2019 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	117,302	110,546	96,070	94,550	91,067
Cumulative net paid loss and LAE from the table below	(98,392)	(85,798)	(69,602)	(66,163)	(31,556)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 2,425
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	5,580
Cumulative net paid loss and LAE	$ 98,392	85,798	69,602	66,163	$ 31,556
Accident Year 2020 \| Short Tail/Monoline Specialty
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	66,690	66,690	66,690	68,190
Cumulative net paid loss and LAE from the table below	(72,351)	(72,514)	(58,329)	(32,805)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 1,877
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	1,288
Cumulative net paid loss and LAE	$ 72,351	72,514	58,329	32,805
Accident Year 2020 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	139,090	139,090	145,846	145,846
Cumulative net paid loss and LAE from the table below	(113,637)	(88,499)	(72,182)	(38,504)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 6,933
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	5,453
Cumulative net paid loss and LAE	$ 113,637	88,499	72,182	38,504
Accident Year 2020 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	98,512	90,609	90,609	87,809
Cumulative net paid loss and LAE from the table below	(80,744)	(66,477)	(57,959)	(27,476)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 5,637
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	4,756
Cumulative net paid loss and LAE	$ 80,744	66,477	57,959	$ 27,476
Accident Year 2021 \| Short Tail/Monoline Specialty
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	91,757	102,970	102,970
Cumulative net paid loss and LAE from the table below	(66,902)	(52,326)	(17,554)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 5,496
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	1,556
Cumulative net paid loss and LAE	$ 66,902	52,326	17,554
Accident Year 2021 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	175,173	175,173	179,174
Cumulative net paid loss and LAE from the table below	(105,853)	(84,530)	(44,996)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 48,993
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	6,611
Cumulative net paid loss and LAE	$ 105,853	84,530	44,996
Accident Year 2021 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	36,294	52,392	57,392
Cumulative net paid loss and LAE from the table below	(29,317)	(20,594)	(15,002)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 9,014
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	2,337
Cumulative net paid loss and LAE	$ 29,317	20,594	$ 15,002
Accident Year 2022 \| Short Tail/Monoline Specialty
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	125,288	125,288
Cumulative net paid loss and LAE from the table below	(63,880)	(21,404)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 57,026
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	2,151
Cumulative net paid loss and LAE	$ 63,880	21,404
Accident Year 2022 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	232,748	232,748
Cumulative net paid loss and LAE from the table below	(140,490)	(64,849)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 35,167
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	8,360
Cumulative net paid loss and LAE	$ 140,490	64,849
Accident Year 2022 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	45,111	35,834
Cumulative net paid loss and LAE from the table below	(22,208)	(19,676)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 12,913
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	215
Cumulative net paid loss and LAE	$ 22,208	$ 19,676
Accident Year 2023 \| Short Tail/Monoline Specialty
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	205,189
Cumulative net paid loss and LAE from the table below	(32,896)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 110,310
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	3,175
Cumulative net paid loss and LAE	$ 32,896
Accident Year 2023 \| Multi-line Solutions
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	308,497
Cumulative net paid loss and LAE from the table below	(75,051)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 168,794
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	7,370
Cumulative net paid loss and LAE	$ 75,051
Accident Year 2023 \| Exited Lines
Claims Development [Line Items]
Incurred losses and ALAE, net of reinsurance	2,930
Cumulative net paid loss and LAE from the table below	(1,990)
Short-Duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net	$ 8,478
Short-Duration Insurance Contract, Cumulative Number of Reported Claims \| claim	31
Cumulative net paid loss and LAE	$ 1,990

Summary of Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Jan. 01, 2023 USD ($)
Concentration Risk [Line Items]
Number of operating segments \| segment	1
Reinsurance collateral from reinsurers	$ 257,500	$ 253,900
Allowance for uncollectable reinsurance	2,295	0
Retained earnings (accumulated deficit)	(21,708)	(105,417)
Allowance for premiums receivable	$ 964	629
Period of adoption, adjustment
Concentration Risk [Line Items]
Allowance for uncollectable reinsurance		$ 2,295
Period of adoption, adjustment \| Pro forma
Concentration Risk [Line Items]
Allowance for uncollectable reinsurance			$ 2,300
Retained earnings (accumulated deficit)			$ (2,300)
Minimum
Concentration Risk [Line Items]
Property, plant and equipment, useful life	3 years
Maximum
Concentration Risk [Line Items]
Property, plant and equipment, useful life	7 years
AM Best, A+ Rating \| Everest Reinsurance Co \| Reinsurance recoverable including reinsurance premium paid \| Reinsurer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	20.40%	28.20%

Property and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, equipment and other, gross	$ 36,114	$ 35,903
Accumulated depreciation	(27,044)	(27,229)
Total	9,070	8,674
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and other, gross	1,892	2,670
Equipment
Property, Plant and Equipment [Line Items]
Property, equipment and other, gross	5,033	7,230
Software
Property, Plant and Equipment [Line Items]
Property, equipment and other, gross	29,189	25,964
Other
Property, Plant and Equipment [Line Items]
Property, equipment and other, gross	$ 0	$ 39

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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



	December 31, 2023
High	9.50	%
Low	3.25	%
Weighted average	7.05	%

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables set forth the Company’s investments within the fair value hierarchy at December 31, 2023 and December 31, 2022:


December 31, 2023
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	44,166	$	—	$	—	$	44,166
Corporate securities and miscellaneous	—		383,420		—		383,420
Municipal securities	—		92,778		—		92,778
Residential mortgage-backed securities	—		281,626		—		281,626
Commercial mortgage-backed securities	—		29,934		—		29,934
Other asset-backed securities	—		185,727		—		185,727
Total fixed maturity securities, available-for-sale	44,166		973,485		—		1,017,651
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		41,017		41,017
Total fixed maturity securities, held-to-maturity	—		—		41,017		41,017
Common stocks:
Consumer discretionary	2,313		—		—		2,313
Consumer staples	14,015		—		—		14,015
Energy	3,187		—		—		3,187
Finance	24,267		—		—		24,267
Industrial	12,170		—		—		12,170
Information technology	5,192		—		—		5,192
Materials	3,782		—		—		3,782
Other	2,499		—		—		2,499
Total common stocks	67,425		—		—		67,425
Preferred stocks:
Consumer staples	—		433		—		433
Finance	—		5,061		—		5,061
Industrial	—		1,052		—		1,052
Other	—		812		—		812
Total preferred stocks	—		7,358		—		7,358
Mutual funds:
Fixed income	5,405		—		—		5,405
Equity	37,546		—		—		37,546
Commodity	515		—		—		515
Total mutual funds	43,466		—		—		43,466
Total equity securities	110,891		7,358		—		118,249
Mortgage loans	—		—		50,070		50,070
Short-term investments	270,226		—		—		270,226
Total investments	$	425,283	$	980,843	$	91,087	$	1,497,213


December 31, 2022
($ in thousands)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale:
U.S. government securities	$	48,541	$	—	$	—	$	48,541
Corporate securities and miscellaneous	—		235,129		—		235,129
Municipal securities	—		57,727		—		57,727
Residential mortgage-backed securities	—		119,856		—		119,856
Commercial mortgage-backed securities	—		36,495		—		36,495
Other asset-backed securities	—		109,824		—		109,824
Total fixed maturity securities, available-for-sale	48,541		559,031		—		607,572
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	—		—		46,771		46,771
Total fixed maturity securities, held-to-maturity	—		—		46,771		46,771
Common stocks:
Consumer discretionary	1,948		—		—		1,948
Consumer staples	12,036		—		—		12,036
Energy	3,241		—		—		3,241
Finance	22,636		—		—		22,636
Industrial	9,452		—		—		9,452
Information technology	2,284		—		—		2,284
Materials	2,820		—		—		2,820
Other	1,579		—		—		1,579
Total common stocks	55,996		—		—		55,996
Preferred stocks:
Consumer staples	—		117		—		117
Finance	—		7,085		—		7,085
Industrial	—		1,020		—		1,020
Other	—		549		—		549
Total preferred stocks	—		8,771		—		8,771
Mutual funds:
Fixed income	5,068		—		—		5,068
Equity	49,773		—		—		49,773
Commodity	561		—		—		561
Total mutual funds	55,402		—		—		55,402
Total equity securities	111,398		8,771		—		120,169
Mortgage loans	—		—		52,842		52,842
Short-term investments	121,158		—		—		121,158
Total investments	$	281,097	$	567,802	$	99,613	$	948,512

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the year ended December 31, 2023:


($ in thousands)	Mortgage Loans
Balance at December 31, 2022	$	52,842
Total losses for the period recognized in net investment gains (losses)	(385)
Issuances	27,642
Settlements	(30,029)
Balance at December 31, 2023	$	50,070
Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$	(426)

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the year ended December 31, 2023:


($ in thousands)	Mortgage Loans
Balance at December 31, 2022	$	52,842
Total losses for the period recognized in net investment gains (losses)	(385)
Issuances	27,642
Settlements	(30,029)
Balance at December 31, 2023	$	50,070
Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end	$	(426)

Summary of Subordinated Debt

The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of December 31, 2023 and December 31, 2022:


	December 31, 2023				December 31, 2022
($ in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable
Term loan	$	—	$	—	$	50,000	$	50,000
Revolving credit facility	50,000		50,000		—		—
Notes payable	$	50,000	$	50,000	$	50,000	$	50,000
Subordinated debt
Junior subordinated interest debentures	$	59,186	$	59,794	$	59,137	$	59,794
Unsecured subordinated notes	19,504		21,378		19,472		18,934
Subordinated debt, net of debt issuance costs	$	78,690	$	81,172	$	78,609	$	78,728

The following table summarizes the Company’s subordinated debt as of December 31, 2023 and 2022:



($ in thousands)	2023		2022
Junior subordinated interest debentures, due September 15, 2036, payable quarterly
Principal	$	59,794	$	59,794
Less: Debt issuance costs	(608)		(657)
Unsecured subordinated notes, due May 24, 2039, interest payable quarterly
Principal	20,000		20,000
Less: Debt issuance costs	(496)		(528)
Subordinated debt, net of debt issuance costs	$	78,690	$	78,609

Statutory Accounting Principles and Regulatory Matters

12 Months Ended

Dec. 31, 2023

Statutory Accounting Principles and Regulatory Matters

Regulatory Matters

The following table sets forth statutory net income and statutory capital and surplus for the Company for the years ended and as of December 31, 2023 and 2022:



($ in thousands)	2023		2022
Statutory net income	$	46,884	$	10,860
Statutory capital and surplus	602,916		408,167

Dividend payments to the Company from HSIC are restricted by Texas state law as to the amount that may be paid without the approval of regulatory authorities. The maximum amount of dividends which can be paid by HSIC without prior approval is subject to restrictions relating to policyholder surplus, net income, and dividends declared or distributed during the preceding 12 months. As of December 31, 2023, HSIC is not restricted to paying ordinary dividends. HSIC did not declare or pay any dividend during the years ended December 31, 2023 and 2022.

Property and casualty insurance companies are subject to certain Risk Based Capital (“RBC”) requirements as specified by the National Association of Insurance Commissioners (“NAIC”). Under those requirements, the amount of capital and surplus maintained by a property and casualty insurance company is to be determined based on the various risk factors related to it. As of December 31, 2023 and 2022, HSIC’s statutory capital and surplus substantially exceeded the regulatory requirements.

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

Related Party Transactions

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Westaim

In 2014 and continuing through 2015, Westaim HIIG LP acquired a majority of the Company’s common stock. In July 2023, Westaim dissolved Westaim HIIG LP and obtained direct ownership of the Company’s common stock held by the partnership. As of December 31, 2023, Westaim owned 17.5% of the Company’s common stock. As of December 31, 2022, Westaim, including shares beneficially owned through Westaim HIIG LP, owned 44.5% of the Company’s common stock. The changes in Westaim HIIG LP’s ownership percentage were primarily due to equity offerings, conversion of preferred common stock, and distribution of shares controlled by Westaim through a limited partnership.

In 2015, the Company purchased 3,076,924 shares of Westaim common stock for $8.4 million. The Company’s investment in Westaim is included in equity securities on the consolidated balance sheets. The Company had an unrealized gain on this investment of $0.5 million at December 31, 2023, and an unrealized loss of $2.3 million at December 31, 2022.

Prior to the closing of the IPO, Westaim performed consulting and certain other services for the Company pursuant to a Management Services Agreement. The agreement terminated pursuant to its terms upon the closing of the IPO.

RISCOM

RISCOM provides the Company with wholesale brokerage services. RISCOM and the Company also have a managing general agency agreement. The Company holds a 20% ownership interest in RISCOM. Net earned premium and gross written commissions related to these agreements for the years ended December 31, 2023 and 2022 is summarized as follows:



($ in thousands)	2023		2022
Net earned premium	$	99,736	$	91,051
Gross written commissions	24,177		23,472

Premiums receivable from RISCOM as of December 31, 2023 and 2022 were $10.6 and $9.9 million, respectively.

Reinsurance

The Company has reinsurance agreements with Everest Re, an affiliate of Mt. Whitney Securities, LLC, which was a limited partner of Westaim HIIG LP through November 30, 2022, and a holder of preferred shares. During the year ended December 31, 2023, Mt. Whitney Securities divested their entire ownership of the Company’s equity securities. Reinsurance premiums ceded during the year ended December 31, 2022 related to the agreement was $59.6 million. Reinsurance recoverable from Everest Re, net of premium payables at December 31, 2022 was $177.5 million.

Other

Advisory and professional services fees and expense reimbursements paid to various affiliated stockholders and directors for the years ended December 31, 2023 and 2022 were $3.6 million and $3.4 million, respectively.

See Notes 5, 6 and 10 for investments involving affiliated companies and additional related party transactions.

See Note 12 for related party transactions related to the Company’s common and preferred shares.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies A.Description of Business Skyward Specialty Insurance Group, Inc. (the “Company”), an insurance holding company, is a Delaware corporation that was organized in 2006. It is a specialty insurance company operating in one segment delivering commercial property and casualty products insurance coverages through its underwriting divisions. The Company has four wholly owned insurance company subsidiaries based in the United States: •Houston Specialty Insurance Company (“HSIC”) underwrites insurance on a non-admitted basis. •Imperium Insurance Company (“IIC”), a subsidiary of HSIC, underwrites insurance on an admitted basis •Great Midwest Insurance Company (“GMIC”), a subsidiary of IIC, underwrites insurance on an admitted basis and is a certified surety bond company listed with the U.S. Department of the Treasury. •Oklahoma Specialty Insurance Company (“OSIC”), a subsidiary of GMIC, underwrites insurance on a non-admitted basis. The Company has a wholly owned captive reinsurance company subsidiary, Skyward Re, that is domiciled in the Cayman Islands and assumes net reserves for certain divisions, related to a retroactive reinsurance contract, from the Company’s insurance companies and retrocedes the net reserves to a third-party reinsurer. The Company has two non-risk bearing wholly owned subsidiaries, (i) Skyward Underwriters Agency, Inc. (“SUA”) is a managing general insurance agent and reinsurance broker for property and casualty risks in specialty niche markets, and (ii) Skyward Service Company provides various administrative services to the Company’s subsidiaries. Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), which differ in some respects from those followed in reports to insurance regulatory authorities. The consolidated financial statements includes the accounts of the holding company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. The Company’s actual results could differ from those estimates. C. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and fixed maturity securities with original maturities of three months or less. The carrying value of the Company’s cash and cash equivalents approximates fair value. D. Restricted Cash Cash with a legal restriction on withdrawal or use by the consolidated group is recorded as restricted cash. The carrying value of the Company’s restricted cash approximates fair value. SUA collects premiums from clients, and after deducting commissions and any applicable fees, remits these premiums to the Company’s insurance companies, or to third-party insurance companies. SUA holds unremitted insurance premiums in a fiduciary capacity to third-party insurance companies, as restricted cash. The Company is required by state regulations to maintain assets on deposit with certain states and hold cash as collateral for certain reinsurance balances. Cash held in a depository account for others, or restricted by a state, is recorded as restricted cash. E. Investments Available for Sale Investments in fixed maturities that are classified as available-for-sale are carried at fair value. For available-for-sale fixed maturities in an unrealized loss position, the Company first determines whether there is an intent to sell the security or if it is more likely than not that the Company will be required to sell the security before maturity or recovery of its cost basis. If either of these criteria were met, the amortized cost of the security is written down to fair value with the losses recognized in net investment gains on the consolidated statements of operations. If neither of the these criteria were met, the Company determines whether unrealized losses are due to credit-related factors. If the unrealized losses are due to credit-related factors, an allowance for credit losses is determined using a present value of cash flows compared to the amortized cost of the security. The allowance for credit losses is limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in net investment income on the consolidated statements of operations. Credit losses that are limited by the fair value of the security are recognized in stockholders’ equity, net of taxes, as a component of accumulated other comprehensive loss. Unrealized losses that are not credit-related continue to be recognized in stockholders’ equity, net of taxes, as a component of accumulated other comprehensive loss. Held to maturity Investments in fixed maturity securities that are held-to-maturity are carried at amortized cost net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate from Moody’s multi-year cumulative loss rates for asset backed securities. The historical loss rate is adjusted for current conditions and reasonable and supportable forecasts. Changes in the allowance for credit losses are recognized in net investment income on the consolidated statements of operations. Other-than-Temporary Impairments Prior to the adoption of ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326), on January 1, 2023, the Company evaluated declines in the market value of invested assets below amortized cost, for other-than-temporary impairment losses, on a quarterly basis. Impairment losses for declines in the value of its fixed maturity securities below amortized cost attributable to issuer-specific events were based on all relevant facts and circumstances for each investment and were recognized when appropriate. For all investments with unrealized losses due to market conditions or industry-related events where the Company did not had intent to sell the security and it had the ability to hold the investment for either a period of time sufficient to allow a market recovery or to maturity, declines in value below cost were not assumed to be other-than-temporary. When the Company considered the impairment of the value of an investment to be other-than-temporary, it reported the decrease in value in net income within the consolidated statements of operations and a corresponding reduction in carrying value on the consolidated balance sheet. Equity securities with a readily determinable fair value Equity securities consists of common stock or preferred stock. Mutual funds, including those that invest mostly in debt securities, are classified as equity securities. Investments in equity securities with a readily determinable fair value are carried on the balance sheet at fair value using quoted market prices. Changes in the carrying value of equity securities are included in net investment gains (losses) within the consolidated statements of operations. Mortgage loans Investments in mortgage loans are classified as held for investment and carried on the balance sheet at cost adjusted for unamortized premiums, discounts and loan fees. When an amount is determined to be uncollectible, the Company writes off the uncollectible amount in the period it was determined to be uncollectible. Interest on the loans is recognized as interest receivable which the Company includes in other assets on the consolidated balance sheet. The Company elected the fair value option in accounting for mortgage loans effective January 1, 2023 as targeted transition relief from the adoption of ASU 2016-13. Under the fair value option, mortgage loans are measured at fair value, and changes in unrealized gains and losses on mortgage loans are reported in net investment gains (losses) on the condensed consolidated statements of operations. Interest income and amortization continue to be recognized in net investment income on the consolidated statements of operations. Other long-term investments Other long-term investments include investments in equity and equity securities of non-public entities and indirect investments in loans and loan collateral. The Company has equity investments in certain limited partnerships and corporations where it has significant influence but not control. The analysis of entities that are variable interest entities indicated the Company is not the primary beneficiary, and would not have to consolidate these entities. Equity method is used to account for these investments in unconsolidated subsidiaries. Under the equity method, initial investment is recorded at cost and is subsequently adjusted based on its proportionate share of distributions and net income or loss of the equity method investee. The difference between the cost of an investment and its proportionate share of the underlying equity in net assets recorded on the investee’s books is a component of investment income. The Company amortizes the difference as an adjustment to its pro-rata share of equity method income over the useful life which is based on the underlying asset. The Company does not have significant influence in its investments in equity securities of non-public entities. When these securities do not have a readily determinable fair value, the Company carries these investments at cost, minus impairment, if any, and changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Investments in indirect collateralized loans and loan collateral are held through and accounted for as an ownership interest in an unconsolidated subsidiary. The Company’s ownership interests in unconsolidated subsidiaries consists of investments in entities such as partnerships, joint ventures, and special purpose investment vehicles. The Company has significant influence, but not control of these unconsolidated subsidiaries and uses the equity method to account for these investments. Short-Term Investments Short-term investments consist primarily of money market funds and are carried at cost which approximates fair value. Net Investment Income and Net Realized Gains and Losses Net investment income consists of interest, dividends and equity in earnings (losses) of unconsolidated subsidiaries net of investment expenses such as investment management expenses. Interest income is recognized on the accrual basis, and dividends as earned at the ex-dividend date. Interest income on mortgage-backed and other asset-backed securities is recognized using the effective-yield method based on estimated principal repayments. Included in interest income is the amortization of premium and accretion of discounts on debt securities. Net realized gains and losses on investments are recognized in net income based upon the specific identification method. F. Reinsurance Reinsurance Accounting In the normal course of business, the Company purchases prospective reinsurance for certain lines of business on a proportional, excess of loss and facultative basis. Proportional reinsurance requires the Company to share the losses and expenses with the reinsurer in exchange for a share of the premiums. Excess of loss reinsurance shares losses, either a proportion of or in its entirety, above a certain dollar threshold, in exchange for a negotiated cost. Facultative reinsurance covers specific risks and/or policies on either a proportional or excess of loss basis. Ceded unearned premium and reinsurance balances recoverable—on paid and unpaid losses and settlement expenses—are reported separately as assets, instead of netting them with the related liabilities, since reinsurance does not relieve the Company of its legal liability to its policyholders. Reinsurance on unpaid losses and settlement expenses represent estimates of the portion of the liabilities recoverable from reinsurers. On the Consolidated Statements of Operations, net earned premiums, losses and loss adjustment expenses, net and underwriting, acquisition and insurance expenses are presented net of reinsurance ceded. The Company purchases retroactive reinsurance on certain lines of business in the form of loss portfolio transfers (“LPT”) and adverse development covers. These contracts provide indemnification of losses related to past loss events where the reinsurer shares losses, either a proportion of or in its entirety, depending on certain dollar thresholds. Income generated from retroactive reinsurance contracts is deferred and amortized into net income over the settlement period and losses are charged to net income immediately. Subsequent changes in the measurement of the retroactive reinsurance contract are accounted for under a full retrospective method. Deposit Accounting Certain ceded reinsurance contracts, which management determines do not transfer significant insurance risk, are accounted for using the deposit method of accounting. The evaluation of the transfer of significant insurance risk involves an assessment of both timing risk and underwriting risk. Management may determine that a reinsurance contract does not transfer significant insurance risk if either underwriting risk or timing risk or both are not deemed to have been transferred. For those contracts that transfer only significant timing risk and do not transfer sufficient underwriting risk, a deposit asset is recorded equal to the initial cash outflow under the contract, which will then be offset by cash inflows received from the reinsurers. To the extent cash outflows are expected to differ from expected cash inflows, an accretion rate is established at inception of the contract based on actuarial estimates whereby the deposit accounting asset is increased/decreased to the estimated amount receivable over the contract term. The accretion of the deposit is based on the expected rate of return implied from the estimated cash inflows and outflows under the contract. Periodically, the Company reassesses the estimated ultimate receivable and the related expected rate of return on the deposit asset. The accretion of the deposit asset, including any changes in accretion resulting from changes in estimated cash flows, are reflected as part of investment income in the Company’s results of operations. Several reinsurance contracts require deposit accounting treatment due to not transferring sufficient underwriting risk. There were no reinsurance contracts that require deposit accounting treatment due to not transferring sufficient timing risk. Reinsurance Recoverables Reinsurance recoverables are carried net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate using the A.M. Best impairment rate and rating transition study which provides historical loss data of similarly rated reinsurance companies based on the expected duration of the receivables. The historical loss rate is adjusted for current conditions, reasonable and supportable forecasts and consideration of current economic conditions. Changes in the allowance for credit losses are recognized in underwriting, acquisition and insurance expenses on the consolidated statements of operations. Reinsurance does not relieve the Company of its legal liability to its policyholders. The Company continuously monitors the financial condition of its reinsurers. As part of its monitoring efforts, the Company reviews the reinsurers’ annual financial statements. The Company also reviews insurance industry developments that may impact the financial condition of its reinsurers. The Company analyzes the credit risk associated with its reinsurance recoverables by monitoring the financial strength rating of its reinsurers from A.M. Best. It also assesses the adequacy of collateral obtained, where applicable. Should its reinsurers fail to fulfill their obligations, the Company has access to collateral from various reinsurers. As of December 31, 2023 and 2022, reinsurance collateral from reinsurers was $257.5 million and $253.9 million, respectively. Reinsurance recoverables present potential exposures to individual reinsurers. Everest Reinsurance Co represented 20.4% and 28.2% of the Company’s reinsurance recoverable balances at December 31, 2023 and 2022, respectively, and was the only reinsurer that represented 10% or more of the Company’s reinsurance recoverable balances. Its financial strength rating from A.M. Best was A+ at December 31, 2023 and 2022. G. Concentration of Credit Risk Other than reinsurance recoverables, financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents, restricted cash, investments and premiums receivable. Cash equivalents and short-term investments include U.S. government securities and money market funds. Investments are diversified throughout many industries and geographic regions. The Company limits the amount of credit exposure with any one financial institution or issuer and believes no significant concentration of credit risk exists with respect to cash and investments. As of December 31, 2023 and 2022, outstanding premiums receivable are generally diversified due to the large number of entities comprising the Company’s customer base and their dispersion across many different lines of business and geographic regions. Failure by distribution sources to remit premiums could result in premium write-offs and a corresponding loss of income. H. Deferred Policy Acquisition Costs Policy acquisition costs consist of commissions and premium taxes that vary with and are directly related to the successful production of new or renewal business. The Company defers policy acquisition costs and related ceding commissions and charge or credit them to earnings in proportion with the premium earned over the life of the policy. A premium deficiency is recognized if the sum of expected losses, loss adjustment expenses, and unamortized acquisition costs exceed its related unearned premiums. The Company first recognizes a premium deficiency by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If its premium deficiency is greater than unamortized acquisition costs, it accrues a liability for the excess deficiency. Anticipated investment income is considered in the determination of premium deficiencies. Management performed an analysis and determined no premium deficiency existed as of December 31, 2023 and 2022. I. Goodwill and Intangible Assets Goodwill and intangible assets are recorded as a result of a business combination. Goodwill represents the excess of the purchase price over the fair value of the assets acquired and liabilities assumed. The Company reviews its purchase price allocation up to one year subsequent to an acquisition and may make adjustments within the one-year period. The Company amortizes identifiable intangible assets with a finite useful life over the period that the intangible asset is expected to contribute directly or indirectly to its future cash flows; however, it does not amortize indefinite lived intangible assets. The Company reviews goodwill and identifiable intangible assets for recoverability annually in the fourth quarter or on an interim basis should events or changes in circumstances indicate that a carrying amount may not be recoverable. Based upon this review, the Company did not have any goodwill impairment for the years ended December 31, 2023 and 2022. J. Property and Equipment Property and equipment, which is included in other assets on the consolidated balance sheets, is recorded at cost less accumulated depreciation. Depreciation expense is recognized on a straight-line basis for financial statement purposes over periods ranging from three to seven years. K. Leases Right-of-use (ROU) assets are included in other assets and lease liabilities are included in accounts payable and accrued liabilities on the consolidated balance sheets. For operating leases, the Company determines if a contract contains a lease at inception and recognizes the operating lease ROU assets and lease liabilities based on the present value of the future minimum lease payments at the commencement date. As the Company does not have the interest rate implicit in its leases, it uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Lease agreements may include options to extend or terminate. The options are exercised at the Company’s discretion and are included in operating lease liabilities if it is reasonably certain the option will be exercised. Lease agreements have lease and non-lease components, which are accounted for as a single lease component. Operating lease cost for future minimum lease payments is recognized on a straight-line basis over the lease term. Sublease income is recognized on a straight-line basis over the sublease term. L. Reserves for Losses and Loss Adjustment Expenses Reserves for losses and loss adjustment expenses (“LAE”) represent the Company’s best estimate of the ultimate net cost of all reported and unreported losses that are unpaid as of the balance sheet dates. The estimates are based on certain actuarial and other assumptions related to the ultimate cost to settle such claims. Such assumptions are subject to occasional changes due to evolving economic, social and political conditions. Because of the nature of business the Company has historically written, management believes that it has limited exposure to environmental and other toxic tort type claim liabilities. All estimates are periodically reviewed and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments are reflected in the results of operations in the period in which they are determined. Due to the inherent uncertainty in estimating reserves for losses and settlement expenses, there can be no assurance that the ultimate liability will not exceed recorded amounts. If actual liabilities do exceed recorded amounts, there will be an adverse effect. Furthermore, we may determine that recorded reserves are more than adequate to cover expected losses, which would lead to a reduction in our reserves. M. Premiums The Company earns and recognizes property and casualty and surety premiums on a pro-rata basis over the terms of the policies. The Company earns accident and health premiums as billed, based on census data. Gross premiums written are reduced by ceded premiums from proportional, facultative and excess of loss reinsurance costs for prospective reinsurance. Its premiums receivable includes deferred premiums, which represent installment payments the Company is due from insureds under the payment terms of their policies. Premiums receivable are carried net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate using historical write-offs and aging of receivables. This historical loss rate is adjusted for current conditions, reasonable and supportable forecasts and our ability to cancel coverage on a policy after premium is considered past due. Changes in the allowance for credit losses are recognized in underwriting, acquisition and insurance expenses on the consolidated statements of operations. Unearned premiums represent the portion of gross premiums written which is applicable to the unexpired terms of insurance policies or reinsurance contracts in force. Ceded unearned premiums represent the portion of ceded premiums written which is applicable to the unexpired terms of insurance policies or reinsurance contracts in force. These unearned premiums are calculated on a pro-rata basis over the terms of the policies for direct and ceded amounts. N. Commission and Fee Income SUA commission revenue SUA commission revenue is generated from the placement of insurance policies on reinsurance programs through a reinsurance broker which represents the Company’s single performance obligation. Its transaction price is fixed at contract inception and based on a percentage of premiums placed. The Company recognizes 100% of the transaction price as the associated performance obligation is satisfied at the point in time a policy is placed as it has no constraints on revenue. SUA fee income SUA fee income is generated from the placement of insurance policies with a third-party insurance company. The Company’s single performance obligation consists of the placement of the policy. Its transaction price is variable at contract inception and based on a percentage of premium based on risk factors that vary every month such as employee census data and worker roles. The Company estimates its transaction price over the life of the policy using the expected value method and recognizes revenue at the point in time the policy is placed. When there are changes in the estimate of variable consideration, it recognizes those changes in the month they occur. O. Income Taxes Income tax expense is accrued for the tax effects of transactions reported on the consolidated financial statements, and this provision for income taxes consists of taxes currently due plus deferred taxes resulting from temporary differences between amounts reported for financial statement and income tax purposes. A valuation allowance is established for any deferred tax asset not expected to be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period that includes the enactment date. A liability for uncertain tax positions is recorded where it is more likely-than-not that the tax position will not be sustained upon examination by the appropriate tax authority. Changes in the liability for uncertain tax positions are reflected in income tax expense in the period when a new uncertain tax position arises, judgment changes about the likelihood of an uncertainty, the tax issue is settled, or the statute of limitation expires. Any potential net interest income or expense and penalties related to uncertain tax positions are recorded on the Consolidated Statements of Operations. The Company files a consolidated federal income tax return in the United States and certain other state tax returns. Its admitted insurance subsidiaries pay premium taxes on gross written premiums in lieu of most state income or franchise taxes. Premium tax expense is recognized within underwriting, acquisition and insurance expense on the Consolidated Statements of Operations. P. Fair Value of Financial Instruments Fair value is estimated for each class of financial instrument based on the framework established in the fair value accounting guidance. This guidance requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value hierarchy disclosures are based on the quality of inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). As a part of management’s process to determine fair value, the Company utilizes widely recognized, third-party pricing sources to determine the Company’s fair values of financial instruments. The Company has obtained an understanding of the third-party pricing sources’ valuation methodologies and inputs. See Note 6 for further details regarding fair value disclosures. Q. Stock-Based Compensation We expense the estimated fair value of employee stock options and similar awards. We measure compensation cost for awards of equity instruments to employees based on the grant-date fair value of those awards and recognize compensation expense over the service period that the awards are expected to vest. The tax effects related to share-based payments are made through net earnings. See note 18 for further discussion and related disclosures regarding stock-based compensation. Employee Stock Purchase Plan The Company’s employee stock purchase plan (“ESPP”), offers all employees the option to purchase common stock at a discount. The Company recognizes compensation cost on a straight-line basis over the offering period. R. Earnings Per Share Basic earnings per share is calculated using the two-class method. Undistributed earnings are allocated to participating securities based on the extent to which each class may share in earnings as if all the earnings for the period have been distributed. Basic earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Common shares, when contingencies, such as vesting requirements, exist and have not been satisfied, are excluded from basic earnings per share. The Company’s preferred shares participate in dividends and distributions with common stock on an as-converted basis and represent a participating security. Instruments awarded to employees that provide the holder the right to purchase common stock at a fixed price were included as potential common shares, weighted for the portion of the period they were granted, if dilutive. The Company’s common and preferred shares financed by stock notes are contingently issuable instruments where the holder must return, all or part of, the shares if the stock notes are not paid off. These instruments are excluded from basic and diluted earnings per share when the specified conditions are not met presuming the end of the period is the end of the contingency period. The impact of the contingently issuable instruments on diluted earnings per share was calculated using the treasury stock method and included in the reconciliation of the denominator of the basic and diluted earnings per share computations for the years ended December 31, 2023 and 2022. Instruments that are convertible into common shares are included in diluted weighted-average common shares outstanding on an if-converted basis based on the legal conversion rate for the respective period, if dilutive. Share-based awards to employees with only service conditions are included as potential common shares, weighted for the portion of the period they are unvested, if dilutive. Share-based awards to employees with performance and service or market conditions are included as potential common shares presuming the end of the period is the end of the contingency period, if dilutive. When inclusion of common share adjustments 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. Recent Accounting Pronouncements The Company currently qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. Accordingly, the Company is provided the option to adopt new or revised accounting guidance either (i) within the same periods as those otherwise applicable to non-emerging growth companies or (ii) within the same time periods as private companies. The Company may elect to adopt new or revised accounting guidance within the same time period as private companies, unless, as indicated below, management determines it is preferable to take advantage of early adoption provisions offered within the applicable guidance. Recent Accounting Standards Adopted In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 requires organizations to estimate credit losses on certain types of financial instruments, including receivables and available-for-sale debt securities, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. The Company adopted ASU 2016-13 effective January 1, 2023 using the modified retrospective approach, by which a cumulative-effect adjustment was made to retained earnings as of the date of adoption. In connection with the adoption of ASU 2016-13, the Company elected the fair value option in accounting for mortgage loans effective January 1, 2023 as targeted transition relief. The adoption of ASU 2016-13 resulted in the Company recognizing an increase in the allowance for uncollectible reinsurance of $2.3 million and an increase, net of tax, in accumulated deficit of $2.3 million. Recent Accounting Standards Not Yet Adopted

Reinsurance - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Market value of trust funds		$ 158,100
Liability for claims and claims adjustment expense, loss portfolio transfer	$ 127,400
Strengthening or reserves subject to the LPT increase (decrease)		0	$ 14,385
Reinsurance recoveries under the LPT		1,427	5,813
Deposit contracts, assets		$ 29,900	$ 41,800

Stock Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jan. 12, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common share (in shares)			3,200,656
Granted (in shares)	1,101,856	198,842
Options granted (in shares)	759,990
Aggregate intrinsic value of options	$ 14.3
Weighted average remaining contractual life of options	9 years
Unrecognized compensation cost	$ 15.9
Unrecognized compensation cost, recognition period	1 year 6 months
Stock based compensation expense	$ 8.5	$ 2.3
Purchase period	6 months
IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Sale of stock, price per share (in dollars per share)			$ 15.00
Employee Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common share (in shares)	376,548
Stock based compensation expense	$ 0.2
Purchase price of common stock, percent	85.00%
Shares issued in period (in shares)	35,430
Amount capitalized	$ 0.3
Restricted Stock Awards And Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of shares vested in period	$ 0.5	$ 2.2
Awarded options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Contractual term	10 years
Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common share (in shares)	1,861,846	198,842
Stock options granted to employees	$ 4.4
Long Term Incentive Plan \| Restricted Stock Awards And Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	1,101,856	198,842
Shares granted, value	$ 17.7	$ 2.6
Long Term Incentive Plan \| Awarded options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common share (in shares)	759,990
Long Term Incentive Plan \| Director \| Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	23,482	15,196
Requisite service period	1 year

Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived
Accumulated amortization		$ (16,557)	$ (15,091)
Amortization	$ (1,485)	(1,466)
Total
Gross, beginning balance		40,693	40,693
Accumulated amortization		(16,557)	(15,091)
Additions	50
Amortization	(1,485)	(1,466)
Gross intangible assets, ending balance	22,701	24,136
Trademarks
Indefinite-Lived
Beginning balance	999	999
Additions	0
Ending balance	999	999
Licenses
Indefinite-Lived
Beginning balance	14,019	14,019
Additions	0
Ending balance	14,019	14,019
Agent Relationships
Finite-Lived
Gross, beginning balance	24,558	24,558
Accumulated amortization		(15,664)	(14,421)
Additions	50
Amortization	(1,261)	(1,243)
Net, ending balance	7,683	8,894
Total
Accumulated amortization		(15,664)	(14,421)
Amortization	(1,261)	(1,243)
Non-competes
Finite-Lived
Gross, beginning balance	1,117	1,117
Accumulated amortization		(893)	(670)
Additions	0
Amortization	(224)	(223)
Net, ending balance	0	224
Total
Accumulated amortization		(893)	$ (670)
Amortization	$ (224)	$ (223)

Commitment and Contingencies	12 Months Ended
Commitment and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is named as a defendant in various legal actions arising from claims made under insurance policies and contracts. Those actions are considered by the Company in estimating the losses and loss adjustment expense reserves. Also, from time to time, the Company is a defendant in various legal actions that relate to bad faith claims, disputes with third parties or that involve alleged errors and omissions. The Company records accruals for these items to the extent the losses are probable and reasonably estimable. Although the ultimate outcome of these matters cannot be determined at this time, based on present information, the availability of insurance coverage and advice received from outside legal counsel, the Company’s management believes the resolution of any such matters will not, individually or in the aggregate, have a material adverse effect on the Company’s consolidated balance sheets, consolidated statements of operations or consolidated statements of cash flows. During the years ended December 31, 2023 and 2022, the Company recorded no provision for various contingencies. Indemnification In conjunction with the sale of business assets and subsidiaries, the Company has provided indemnifications to certain of the buyers. Certain indemnifications cover typical representations and warranties related to the responsibilities to perform under the sales contracts. The amount of potential exposure covered by the indemnifications is difficult to determine because the indemnifications cover a variety of matters, operations and scenarios. Certain of these indemnifications have no time limit. As of December 31, 2023, the Company does not have reason to believe any such significant claims exist. Contingent Consideration Related to Acquisitions The Company potentially owes earn-out liabilities to former owners of assets and business acquired. No earn-out liabilities existed as of December 31, 2023 and 2022. No earn-out payment was made to former owners during the years ended December 31, 2023 and 2022.

Allowance for Credit Losses - Reinsurance Recoverable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Reinsurance Recoverables, Net, beginning balance	$ 581,359
Allowance for Estimated Uncollectible Reinsurance, beginning balance	0
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023	2,295
Current period change for estimated uncollectible reinsurance	0
Write-offs of uncollectible reinsurance recoverables	0
Reinsurance Recoverables, Net, ending balance	596,334
Allowance for Estimated Uncollectible Reinsurance, ending balance	2,295
Period of adoption, adjustment
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Allowance for Estimated Uncollectible Reinsurance, beginning balance	$ 2,295
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023

Underwriting, Acquisition and Insurance Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Amortization of policy acquisition costs	$ 108,514	$ 65,695
Other operating and general expenses	134,930	116,476
Total underwriting, acquisition and insurance expenses	$ 243,444	$ 182,171

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

Reserves for Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2023

Reserves for Losses and Loss Adjustment Expenses

The Company presents its loss development on a consolidated basis; however, it evaluates net ultimate loss and LAE under three sub-categories: multiline solutions, short tail/monoline specialty lines and exited lines. The Company determined that these disaggregated groupings have more homogeneous risk characteristics with similar development patterns and are generally subject to similar trends.

Short tail/monoline specialty lines

Short tail/monoline specialty lines includes the Company’s global property & agriculture, accident & health, surety, and professional lines underwriting divisions. These are market niches for which the Company serves with monoline solutions which generally have shorter durations for losses to fully develop. Losses for these lines are generally reported within a short period of time from the date of loss, and in most instances, claims are settled and paid within a relatively short timeframe. Short tail/monoline specialty can be impacted by larger losses which can be more complex due to factors such as difficulty determining actual damages, legal and regulatory impediments potentially extending the period of time it takes to settle and pay claims.

Multi-line Solutions

Multi-line solutions includes the Company’s industry solutions, programs, captives and transactional E&S underwriting divisions. These are market niches for which the Company provides multiple products most frequently as an integrated solution. The multi-line solution subcategory is made up predominantly of occurrence liability including general liability, excess liability, and commercial auto. Multi-line solutions have a longer duration for losses to fully develop compared to short-tail/monoline specialty lines. Due to the unique claim characteristics of each product and the longer-tail nature of the multi-line solutions, this introduces more uncertainty as over time the claims can be impacted by changes in regulation, inflation and other unforeseen factors.

Exited lines

Exited lines includes all underwriting units that the Company placed in run-off and are presented separately from on-going lines of business.

The following table sets forth the reconciliation of unpaid losses and loss adjustment expenses for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Reserves for losses and LAE, beginning of period	$	1,141,757	$	979,549
Less: reinsurance recoverable on unpaid claims, beginning of period	(435,986)		(381,338)
Reserves for losses and LAE, beginning of period, net of reinsurance	705,771		598,211
Incurred, net of reinsurance, related to:
Current period	516,664		393,939
Prior years	—		14,385
Total incurred, net of reinsurance	516,664		408,324
Paid, net of reinsurance, related to:
Current period	109,937		105,928
Prior years	253,481		194,836
Total paid	363,418		300,764
Net reserves for losses and LAE, end of period	859,017		705,771
Plus: reinsurance recoverable on unpaid claims, end of period	455,484		435,986
Reserves for losses and LAE, end of period	$	1,314,501	$	1,141,757

For the year ended December 31, 2023, the Company recognized favorable development related to prior years’ loss and loss expense reserves of $9.2 million in short tail/monoline specialty lines and adverse development of $11.9 million in multi-line solutions, respectively. The favorable development in short tail/monoline specialty lines was driven by property lines of business from the 2021 accident year. The adverse development in multi-line solutions was driven by higher than expected severity in general and auto liability lines of business primarily from the 2019 accident year.

During the year ended December 31, 2022, the Company’s net incurred losses for accident years 2021 and prior developed adversely by $14.4 million which was related to losses subject to the LPT.

Within exited lines, adverse development of $14.5 million was from the 2019 accident year primarily driven by increased in frequency and severity in general and professional liability. The remaining $8.4 million of net adverse development was from other accident years.

Within multi-line solutions, favorable development of $10.8 million was from the 2020 through 2021 accident years and was driven by reduction in frequency of claims in commercial auto and general liability. The remaining $2.3 million of net adverse development was from various other accident years.

Short Duration Contract Disclosures

Losses and LAE reserves represent the Company’s best estimate of the ultimate net cost of all reported and unreported losses that are unpaid as of the balance sheet dates. The Company’s estimated reserves for losses and LAE include the accumulation of estimates for claims reported and unpaid prior to the balance sheet dates, estimates (based on projections of relevant historical data) of increases in claims costs for claims already reported, of claims incurred but not reported, and estimates of expenses for investigating and adjusting all incurred and unpaid claims.

In determining the cumulative number of reported claims, the Company measures claim counts by incident. 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).

Short Tail/Monoline Specialty


($ in thousands except number of claims)
Incurred Losses and LAE, Net of Reinsurance											As of December 31, 2023

	Years Ended December 31,												Reported Claims
Accident Year	2019*		2020*		2021*		2022*		2023		IBNR
2019	$	65,221	$	50,400	$	47,600	$	51,100	$	53,100	$	2,832	1,034
2020			68,190		66,690		66,690		66,690		1,877		1,288
2021					102,970		102,970		91,757		5,496		1,556
2022							125,288		125,288		57,026		2,151
2023									205,189		110,310		3,175
Total									$	542,024
Cumulative net paid loss and LAE from the table below									(283,284)
Net reserves for loss and LAE before 2019									17,964
Total net reserves for loss and LAE									$	276,704

*Supplementary information and unaudited


($ in thousands)
Cumulative Paid Losses and LAE, Net of Reinsurance ($ in thousands)

	Years Ended December 31,
Accident Year	2019*		2020*		2021*		2022*		2023
2019	$	36,013	$	42,528	$	43,784	$	47,330	$	47,255
2020			32,805		58,329		72,514		72,351
2021					17,554		52,326		66,902
2022							21,404		63,880
2023									32,896
Total									$	283,284

*Supplementary information and unaudited

Multi-line Solutions


($ in thousands except number of claims)
Incurred Losses and LAE, Net of Reinsurance ($ in thousands)																					As of December 31, 2023

Accident Year	Years Ended December 31,																						Reported Claims
	2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023		IBNR
2014	$	100,355	$	100,355	$	115,749	$	116,970	$	116,970	$	117,783	$	118,995	$	120,731	$	120,777	$	118,277	$	1,016	4,979
2015			103,191		114,266		117,024		117,024		119,216		121,746		122,881		122,902		127,102		910		5,369
2016					64,828		64,448		64,448		64,248		71,306		74,794		74,923		75,923		2,741		4,695
2017							68,650		68,650		67,578		76,231		81,807		82,080		84,580		4,803		5,524
2018									77,647		77,647		77,039		77,039		77,379		73,179		8,983		5,048
2019											110,925		109,925		109,925		114,389		125,337		5,623		6,042
2020													145,846		145,846		139,090		139,090		6,933		5,453
2021															179,174		175,173		175,173		48,993		6,611
2022																	232,748		232,748		35,167		8,360
2023																			308,497		168,794		7,370
Total																			$	1,459,906
Cumulative net paid loss and LAE from the table below																			(994,414)
Net reserves for loss and LAE before 2014																			(2,346)
Total net reserves for loss and LAE																			$	463,146

*Supplementary information and unaudited


($ in thousands)
Cumulative Paid Losses and LAE, Net of Reinsurance ($ in thousands)

	Years Ended December 31,
Accident Year	2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023
2014	$	32,530	$	63,699	$	81,251	$	96,639	$	101,984	$	104,984	$	105,756	$	106,214	$	104,076	$	102,214
2015			44,152		72,137		88,833		99,401		108,291		114,098		117,295		118,166		123,268
2016					24,844		44,133		54,957		60,500		62,469		65,498		73,170		74,882
2017							27,088		45,263		56,411		67,553		70,562		72,415		74,770
2018									29,372		45,739		53,491		67,289		73,251		71,042
2019											36,512		63,022		82,296		100,094		113,207
2020													38,504		72,182		88,499		113,637
2021															44,996		84,530		105,853
2022																	64,849		140,490
2023																			75,051
Total																			$	994,414

*Supplementary information and unaudited

Exited Lines — all lines in runoff


($ in thousands except number of claims)
Incurred Losses and LAE, Net of Reinsurance ($ in thousands)																					As of December 31, 2023

	Years Ended December 31,																						Reported Claims
Accident Year	2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023		IBNR
2014	$	64,186	$	58,170	$	62,691	$	63,995	$	63,994	$	69,120	$	70,186	$	71,451	$	72,027	$	69,027	$	7,650	4,170
2015			61,920		65,173		68,118		70,912		75,296		80,787		83,432		84,167		87,167		3,985		4,565
2016					95,914		95,509		93,885		96,090		106,368		107,390		108,366		108,366		4,946		4,879
2017							78,246		82,668		84,872		97,578		99,559		101,865		82,865		13,081		4,318
2018									76,956		71,589		82,366		93,812		100,150		105,150		1,571		4,886
2019											91,067		94,550		96,070		110,546		117,302		2,425		5,580
2020													87,809		90,609		90,609		98,512		5,637		4,756
2021															57,392		52,392		36,294		9,014		2,337
2022																	35,834		45,111		12,913		215
2023																			2,930		8,478		31
Total																			$	752,724
Cumulative net paid loss and LAE from the table below																			(637,997)
Net reserves for loss and LAE before 2014																			4,440
Total net reserves for loss and LAE																			$	119,167

*Supplementary information and unaudited


($ in thousands)
Cumulative Paid Losses and LAE, Net of Reinsurance ($ in thousands)

	Years Ended December 31,
Accident Year	2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022*		2023
2014	$	9,700	$	30,863	$	42,141	$	50,785	$	49,906	$	52,450	$	53,290	$	53,615	$	55,737	$	56,594
2015			9,026		41,653		55,610		65,269		73,100		77,981		80,312		81,789		83,706
2016					38,191		59,237		71,852		79,669		83,115		87,393		89,565		92,867
2017							35,962		53,888		53,770		58,625		65,301		70,219		68,747
2018									27,985		62,582		69,695		82,881		93,224		103,432
2019											31,556		66,163		69,602		85,798		98,392
2020													27,476		57,959		66,477		80,744
2021															15,002		20,594		29,317
2022																	19,676		22,208
2023																			1,990
Total																			$	637,997

*Supplementary information and unaudited

The table below presents the reconciliation of the net incurred and paid loss development tables to the balance sheet reserves for losses and loss adjustment expenses at December 31, 2023 and 2022:


($ in thousands)	2023
Net reserves for losses and LAE:
Short Tail/Monoline Specialty	$	276,704
Multi-line Solutions	463,146
Exited Lines	119,167
Reserves for losses and LAE, net of reinsurance	859,017
Reinsurance recoverable on unpaid claims:
Short Tail/Monoline Specialty	199,044
Multi-line Solutions	252,146
Exited Lines	4,294
Total reinsurance recoverable on unpaid claims	455,484

Reserves for losses and LAE at end of year	$	1,314,501


Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
	Years
	1*		2*		3*		4*		5*		6*		7*		8*		9*		10*
Short Tail/Monoline Specialty	54.0	%	24.7	%	12.1	%	5.0	%	2.2	%	1.0	%	0.5	%	0.2	%	0.2	%	0.1	%
Multi-line Solutions	37.7	%	22.6	%	16.6	%	10.6	%	5.3	%	3.9	%	2.0	%	0.4	%	0.4	%	0.5	%
Exited Lines	42.8	%	22.0	%	14.2	%	8.4	%	3.2	%	3.2	%	2.7	%	1.0	%	0.8	%	1.7	%
*Supplementary information and unaudited

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The following table sets forth the components of the Company’s income tax expense for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Current income tax expense	$	14,736	$	120
Deferred tax expense	9,382		10,267
Income tax expense	$	24,118	$	10,387

The Company’s provision for income taxes generally does not deviate substantially from the statutory tax rate. The effective tax rate may vary slightly from the statutory rate due to tax adjustments for tax-exempt income, dividends-received deduction and non-deductible expenses.

The following table sets forth the differences between income taxes expected at the federal statutory income tax rate of 21% and the reported income tax expense for the years ended December 31, 2023 and 2022.



	2023				2022
($ in thousands)	Amount		Percentage		Amount		Percentage
Income tax expense at federal statutory rate	$	23,121	21.0	%	$	10,454	21.0	%
Tax advantaged investments	(295)		(0.3)		(324)		(0.7)
Other	1,292		1.2		257		0.6
Total income tax expense	$	24,118	21.9	%	$	10,387	20.9	%

The following table sets forth the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022:



($ in thousands)	2023		2022
Deferred tax assets:
Net operating losses	$	10,655	$	14,966
Losses and loss adjustment expenses	11,581		10,748
Unearned premiums	15,365		11,959


Unrealized losses on fixed maturity securities, available-for-sale	6,113		11,563
Stock options/awards	1,714		1,107
Other	4,237		5,297
Total deferred tax assets	49,665		55,640
Less valuation allowance	(586)		(586)
Total deferred tax assets after valuation allowance	49,079		55,054
Deferred tax liabilities:
Deferred policy acquisition costs	11,528		8,209
Other long-term investments	6,460		6,055
Section 481(a) adjustment	3,477		1,405
Unrealized gains on equity securities	3,243		825
Depreciation	1,260		1,481


Other	1,120		891
Total deferred tax liabilities	27,088		18,866
Deferred income taxes	$	21,991	$	36,188

The Company paid $15.8 million in federal income taxes during the year ended December 31, 2023. The Company’s federal income tax returns for tax years 2020 to 2022 are subject to examination by the Internal Revenue Service. The Company has no current U.S. federal or state and local income tax examinations on-going at this time.

At December 31, 2023, the Company carried no balance for uncertain tax positions. The Company had no accrual for the payment of interest and penalties at December 31, 2023 or 2022.

The Company has federal net operating loss carryforwards of approximately $49.4 million. These net operating losses are set to expire beginning in 2030. The Company is limited on the utilization of $49.3 million of the net operating losses under Internal Revenue Code Section 382 (“Sec 382”) which imposes limitations on a corporation’s ability to utilize tax attributes if the corporation experiences an “ownership change” which occurred during 2014. The Sec 382 limitation is expected to result in an expiration of $2.8 million ($0.6 million tax effected) of net operating losses. A valuation allowance was established against the balance that is expected to expire without utilization.

The Company generated a capital loss carryforward in 2022, resulting in a deferred tax asset of $0.7 million as of December 31, 2023. No valuation allowance is recorded against this deferred tax asset as the Company expects to utilize this carryforward before it expires in 2027.

The Company provides a valuation allowance against deferred tax assets when it is more likely-than-not that some portion, or all, of deferred tax assets will not be realized. Its deferred tax valuation allowance at December 31, 2023 and 2022 was $0.6 million

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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 3.2	$ 3.6

Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - Fair Value, Inputs, Level 3 - Measurement Input, Incremental Cost of Capital	Dec. 31, 2023
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	9.50%
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	3.25%
Weighted average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable	7.05%

Subsequent Events (Details) - USD ($) $ in Thousands		12 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Mar. 15, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Proceeds from line of creit		$ 50,000	$ 0
Revolving Credit Facility \| Subsequent event \| Subordinated Debt
Subsequent Event [Line Items]
Accrued interest	$ 1,400
Proceeds from line of creit	50,000
Line of credit	100,000
Remaining borrowing capacity	$ 50,000

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

Commitment and Contingencies - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Loss contingency accrual	$ 0	$ 0

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net Investment Income [Line Items]
Investment income	$ 45,879	$ 44,484
Investment expenses	(5,557)	(7,553)
Net investment income	40,322	36,931
Fixed maturity securities, available-for-sale
Net Investment Income [Line Items]
Investment income	34,703	18,481
Fixed maturity securities, held-to-maturity
Net Investment Income [Line Items]
Investment income	4,163	5,375
Equity securities:
Net Investment Income [Line Items]
Investment income	3,418	3,579
Equity method investments
Net Investment Income [Line Items]
Investment income	(9,434)	6,015
Mortgage loans
Net Investment Income [Line Items]
Investment income	5,474	4,767
Indirect loans
Net Investment Income [Line Items]
Investment income	(4,155)	4,846
Short-term investments
Net Investment Income [Line Items]
Investment income	11,392	1,498
Other
Net Investment Income [Line Items]
Investment income	$ 318	$ (77)

Mortgage Loans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans in foreclosure	$ 7.1	$ 6.4
Mortgage loans not producing income	$ 6.8
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, term	1 year
Percentage of property appraisal value	61.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment, term	3 years
Percentage of property appraisal value	90.00%

Investments - Net Investment Losses (Gains) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Gross realized gains
Fixed maturity securities, available-for-sale	$ 1,042	$ 313
Equity securities	6,035	3,865
Other	2	36
Total	7,079	4,214
Gross realized losses
Fixed maturity securities, available-for-sale	(1,879)	(958)
Equity securities	(5,256)	(3,827)
Other	(2)	(76)
Total	(7,137)	(4,861)
Net unrealized gains (losses) on investments
Equity securities	11,516	(15,058)
Mortgage loans	(386)	0
Net investment gains (losses)	$ 11,072	$ (15,705)

Subordinated Debt - Summary of Subordinated Debt (Details) - Subordinated Debt - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Subordinated debt, net of debt issuance costs	$ 78,690	$ 78,609
Junior Subordinated Notes Due 2036
Debt Instrument [Line Items]
Principal	59,794	59,794
Less: Debt issuance costs	(608)	(657)
Subordinate Debt Due 2039
Debt Instrument [Line Items]
Principal	20,000	20,000
Less: Debt issuance costs	$ (496)	$ (528)

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

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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Equity Method Investments and Joint Ventures [Abstract]

Related Party Transactions - Westaim Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2015
Related Party Transaction [Line Items]
Unrealized gain (loss)	$ 11,516	$ (15,058)
Skyward Specialty Insurance Group \| Westaim HIIG LP
Related Party Transaction [Line Items]
Ownership interest	17.50%	44.50%
Principal Owner \| Purchase Of Common Stock \| Westaim
Related Party Transaction [Line Items]
Related party transaction, shares (in shares)			3,076,924
Related party transaction, consideration received			$ 8,400
Limited partner \| Westaim
Related Party Transaction [Line Items]
Unrealized gain (loss)	$ (500)	$ (2,300)

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2023	Mar. 27, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-41591
Entity Registrant Name	SKYWARD SPECIALTY INSURANCE GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	14-1957288
Entity Address, Address Line One	800 Gessner Road
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024-4284
City Area Code	713
Local Phone Number	935-4800
Title of 12(b) Security	Common stock, par value $0.01
Trading Symbol	SKWD
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Financial Statement Error Correction [Flag]	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,995,027
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement relating to the 2024 annual meeting of stockholders (the “2024 Proxy Statement”), which will be filed within 120 days of December 31, 2023, are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001519449
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Public Float			$ 600

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), which differ in some respects from those followed in reports to insurance regulatory authorities. The consolidated financial statements includes the accounts of the holding company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. The Company’s actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and fixed maturity securities with original maturities of three months or less. The carrying value of the Company’s cash and cash equivalents approximates fair value.
Restricted Cash	Restricted Cash Cash with a legal restriction on withdrawal or use by the consolidated group is recorded as restricted cash. The carrying value of the Company’s restricted cash approximates fair value. SUA collects premiums from clients, and after deducting commissions and any applicable fees, remits these premiums to the Company’s insurance companies, or to third-party insurance companies. SUA holds unremitted insurance premiums in a fiduciary capacity to third-party insurance companies, as restricted cash. The Company is required by state regulations to maintain assets on deposit with certain states and hold cash as collateral for certain reinsurance balances. Cash held in a depository account for others, or restricted by a state, is recorded as restricted cash.
Investments	Investments Available for Sale Investments in fixed maturities that are classified as available-for-sale are carried at fair value. For available-for-sale fixed maturities in an unrealized loss position, the Company first determines whether there is an intent to sell the security or if it is more likely than not that the Company will be required to sell the security before maturity or recovery of its cost basis. If either of these criteria were met, the amortized cost of the security is written down to fair value with the losses recognized in net investment gains on the consolidated statements of operations. If neither of the these criteria were met, the Company determines whether unrealized losses are due to credit-related factors. If the unrealized losses are due to credit-related factors, an allowance for credit losses is determined using a present value of cash flows compared to the amortized cost of the security. The allowance for credit losses is limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in net investment income on the consolidated statements of operations. Credit losses that are limited by the fair value of the security are recognized in stockholders’ equity, net of taxes, as a component of accumulated other comprehensive loss. Unrealized losses that are not credit-related continue to be recognized in stockholders’ equity, net of taxes, as a component of accumulated other comprehensive loss. Held to maturity Investments in fixed maturity securities that are held-to-maturity are carried at amortized cost net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate from Moody’s multi-year cumulative loss rates for asset backed securities. The historical loss rate is adjusted for current conditions and reasonable and supportable forecasts. Changes in the allowance for credit losses are recognized in net investment income on the consolidated statements of operations. Other-than-Temporary Impairments Prior to the adoption of ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326), on January 1, 2023, the Company evaluated declines in the market value of invested assets below amortized cost, for other-than-temporary impairment losses, on a quarterly basis. Impairment losses for declines in the value of its fixed maturity securities below amortized cost attributable to issuer-specific events were based on all relevant facts and circumstances for each investment and were recognized when appropriate. For all investments with unrealized losses due to market conditions or industry-related events where the Company did not had intent to sell the security and it had the ability to hold the investment for either a period of time sufficient to allow a market recovery or to maturity, declines in value below cost were not assumed to be other-than-temporary. When the Company considered the impairment of the value of an investment to be other-than-temporary, it reported the decrease in value in net income within the consolidated statements of operations and a corresponding reduction in carrying value on the consolidated balance sheet. Equity securities with a readily determinable fair value Equity securities consists of common stock or preferred stock. Mutual funds, including those that invest mostly in debt securities, are classified as equity securities. Investments in equity securities with a readily determinable fair value are carried on the balance sheet at fair value using quoted market prices. Changes in the carrying value of equity securities are included in net investment gains (losses) within the consolidated statements of operations. Mortgage loans Investments in mortgage loans are classified as held for investment and carried on the balance sheet at cost adjusted for unamortized premiums, discounts and loan fees. When an amount is determined to be uncollectible, the Company writes off the uncollectible amount in the period it was determined to be uncollectible. Interest on the loans is recognized as interest receivable which the Company includes in other assets on the consolidated balance sheet. The Company elected the fair value option in accounting for mortgage loans effective January 1, 2023 as targeted transition relief from the adoption of ASU 2016-13. Under the fair value option, mortgage loans are measured at fair value, and changes in unrealized gains and losses on mortgage loans are reported in net investment gains (losses) on the condensed consolidated statements of operations. Interest income and amortization continue to be recognized in net investment income on the consolidated statements of operations. Other long-term investments Other long-term investments include investments in equity and equity securities of non-public entities and indirect investments in loans and loan collateral. The Company has equity investments in certain limited partnerships and corporations where it has significant influence but not control. The analysis of entities that are variable interest entities indicated the Company is not the primary beneficiary, and would not have to consolidate these entities. Equity method is used to account for these investments in unconsolidated subsidiaries. Under the equity method, initial investment is recorded at cost and is subsequently adjusted based on its proportionate share of distributions and net income or loss of the equity method investee. The difference between the cost of an investment and its proportionate share of the underlying equity in net assets recorded on the investee’s books is a component of investment income. The Company amortizes the difference as an adjustment to its pro-rata share of equity method income over the useful life which is based on the underlying asset. The Company does not have significant influence in its investments in equity securities of non-public entities. When these securities do not have a readily determinable fair value, the Company carries these investments at cost, minus impairment, if any, and changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Investments in indirect collateralized loans and loan collateral are held through and accounted for as an ownership interest in an unconsolidated subsidiary. The Company’s ownership interests in unconsolidated subsidiaries consists of investments in entities such as partnerships, joint ventures, and special purpose investment vehicles. The Company has significant influence, but not control of these unconsolidated subsidiaries and uses the equity method to account for these investments. Short-Term Investments Short-term investments consist primarily of money market funds and are carried at cost which approximates fair value. Net Investment Income and Net Realized Gains and Losses Net investment income consists of interest, dividends and equity in earnings (losses) of unconsolidated subsidiaries net of investment expenses such as investment management expenses. Interest income is recognized on the accrual basis, and dividends as earned at the ex-dividend date. Interest income on mortgage-backed and other asset-backed securities is recognized using the effective-yield method based on estimated principal repayments. Included in interest income is the amortization of premium and accretion of discounts on debt securities. Net realized gains and losses on investments are recognized in net income based upon the specific identification method.
Reinsurance	Reinsurance Reinsurance Accounting In the normal course of business, the Company purchases prospective reinsurance for certain lines of business on a proportional, excess of loss and facultative basis. Proportional reinsurance requires the Company to share the losses and expenses with the reinsurer in exchange for a share of the premiums. Excess of loss reinsurance shares losses, either a proportion of or in its entirety, above a certain dollar threshold, in exchange for a negotiated cost. Facultative reinsurance covers specific risks and/or policies on either a proportional or excess of loss basis. Ceded unearned premium and reinsurance balances recoverable—on paid and unpaid losses and settlement expenses—are reported separately as assets, instead of netting them with the related liabilities, since reinsurance does not relieve the Company of its legal liability to its policyholders. Reinsurance on unpaid losses and settlement expenses represent estimates of the portion of the liabilities recoverable from reinsurers. On the Consolidated Statements of Operations, net earned premiums, losses and loss adjustment expenses, net and underwriting, acquisition and insurance expenses are presented net of reinsurance ceded. The Company purchases retroactive reinsurance on certain lines of business in the form of loss portfolio transfers (“LPT”) and adverse development covers. These contracts provide indemnification of losses related to past loss events where the reinsurer shares losses, either a proportion of or in its entirety, depending on certain dollar thresholds. Income generated from retroactive reinsurance contracts is deferred and amortized into net income over the settlement period and losses are charged to net income immediately. Subsequent changes in the measurement of the retroactive reinsurance contract are accounted for under a full retrospective method. Deposit Accounting Certain ceded reinsurance contracts, which management determines do not transfer significant insurance risk, are accounted for using the deposit method of accounting. The evaluation of the transfer of significant insurance risk involves an assessment of both timing risk and underwriting risk. Management may determine that a reinsurance contract does not transfer significant insurance risk if either underwriting risk or timing risk or both are not deemed to have been transferred. For those contracts that transfer only significant timing risk and do not transfer sufficient underwriting risk, a deposit asset is recorded equal to the initial cash outflow under the contract, which will then be offset by cash inflows received from the reinsurers. To the extent cash outflows are expected to differ from expected cash inflows, an accretion rate is established at inception of the contract based on actuarial estimates whereby the deposit accounting asset is increased/decreased to the estimated amount receivable over the contract term. The accretion of the deposit is based on the expected rate of return implied from the estimated cash inflows and outflows under the contract. Periodically, the Company reassesses the estimated ultimate receivable and the related expected rate of return on the deposit asset. The accretion of the deposit asset, including any changes in accretion resulting from changes in estimated cash flows, are reflected as part of investment income in the Company’s results of operations. Several reinsurance contracts require deposit accounting treatment due to not transferring sufficient underwriting risk. There were no reinsurance contracts that require deposit accounting treatment due to not transferring sufficient timing risk. Reinsurance Recoverables Reinsurance recoverables are carried net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate using the A.M. Best impairment rate and rating transition study which provides historical loss data of similarly rated reinsurance companies based on the expected duration of the receivables. The historical loss rate is adjusted for current conditions, reasonable and supportable forecasts and consideration of current economic conditions. Changes in the allowance for credit losses are recognized in underwriting, acquisition and insurance expenses on the consolidated statements of operations. Reinsurance does not relieve the Company of its legal liability to its policyholders. The Company continuously monitors the financial condition of its reinsurers. As part of its monitoring efforts, the Company reviews the reinsurers’ annual financial statements. The Company also reviews insurance industry developments that may impact the financial condition of its reinsurers. The Company analyzes the credit risk associated with its reinsurance recoverables by monitoring the financial strength rating of its reinsurers from A.M. Best. It also assesses the adequacy of collateral obtained, where applicable. Should its reinsurers fail to fulfill their obligations, the Company has access to collateral from various reinsurers. As of December 31, 2023 and 2022, reinsurance collateral from reinsurers was $257.5 million and $253.9 million, respectively.
Concentration of Credit Risk	Concentration of Credit Risk Other than reinsurance recoverables, financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents, restricted cash, investments and premiums receivable. Cash equivalents and short-term investments include U.S. government securities and money market funds. Investments are diversified throughout many industries and geographic regions. The Company limits the amount of credit exposure with any one financial institution or issuer and believes no significant concentration of credit risk exists with respect to cash and investments. As of December 31, 2023 and 2022, outstanding premiums receivable are generally diversified due to the large number of entities comprising the Company’s customer base and their dispersion across many different lines of business and geographic regions. Failure by distribution sources to remit premiums could result in premium write-offs and a corresponding loss of income.
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs Policy acquisition costs consist of commissions and premium taxes that vary with and are directly related to the successful production of new or renewal business. The Company defers policy acquisition costs and related ceding commissions and charge or credit them to earnings in proportion with the premium earned over the life of the policy. A premium deficiency is recognized if the sum of expected losses, loss adjustment expenses, and unamortized acquisition costs exceed its related unearned premiums. The Company first recognizes a premium deficiency by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If its premium deficiency is greater than unamortized acquisition costs, it accrues a liability for the excess deficiency. Anticipated investment income is considered in the determination of premium deficiencies. Management performed an analysis and determined no premium deficiency existed as of December 31, 2023 and 2022.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and intangible assets are recorded as a result of a business combination. Goodwill represents the excess of the purchase price over the fair value of the assets acquired and liabilities assumed. The Company reviews its purchase price allocation up to one year subsequent to an acquisition and may make adjustments within the one-year period. The Company amortizes identifiable intangible assets with a finite useful life over the period that the intangible asset is expected to contribute directly or indirectly to its future cash flows; however, it does not amortize indefinite lived intangible assets. The Company reviews goodwill and identifiable intangible assets for recoverability annually in the fourth quarter or on an interim basis should events or changes in circumstances indicate that a carrying amount may not be recoverable. Based upon this review, the Company did not have any goodwill impairment for the years ended December 31, 2023 and 2022.
Property and Equipment	Property and Equipment Property and equipment, which is included in other assets on the consolidated balance sheets, is recorded at cost less accumulated depreciation. Depreciation expense is recognized on a straight-line basis for financial statement purposes over periods ranging from three to seven years.
Leases	Leases Right-of-use (ROU) assets are included in other assets and lease liabilities are included in accounts payable and accrued liabilities on the consolidated balance sheets. For operating leases, the Company determines if a contract contains a lease at inception and recognizes the operating lease ROU assets and lease liabilities based on the present value of the future minimum lease payments at the commencement date. As the Company does not have the interest rate implicit in its leases, it uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Lease agreements may include options to extend or terminate. The options are exercised at the Company’s discretion and are included in operating lease liabilities if it is reasonably certain the option will be exercised. Lease agreements have lease and non-lease components, which are accounted for as a single lease component. Operating lease cost for future minimum lease payments is recognized on a straight-line basis over the lease term. Sublease income is recognized on a straight-line basis over the sublease term.
Reserves for Losses and Loss Adjustment Expenses	Reserves for Losses and Loss Adjustment Expenses Reserves for losses and loss adjustment expenses (“LAE”) represent the Company’s best estimate of the ultimate net cost of all reported and unreported losses that are unpaid as of the balance sheet dates. The estimates are based on certain actuarial and other assumptions related to the ultimate cost to settle such claims. Such assumptions are subject to occasional changes due to evolving economic, social and political conditions. Because of the nature of business the Company has historically written, management believes that it has limited exposure to environmental and other toxic tort type claim liabilities. All estimates are periodically reviewed and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments are reflected in the results of operations in the period in which they are determined. Due to the inherent uncertainty in estimating reserves for losses and settlement expenses, there can be no assurance that the ultimate liability will not exceed recorded amounts. If actual liabilities do exceed recorded amounts, there will be an adverse effect. Furthermore, we may determine that recorded reserves are more than adequate to cover expected losses, which would lead to a reduction in our reserves.
Premiums	Premiums The Company earns and recognizes property and casualty and surety premiums on a pro-rata basis over the terms of the policies. The Company earns accident and health premiums as billed, based on census data. Gross premiums written are reduced by ceded premiums from proportional, facultative and excess of loss reinsurance costs for prospective reinsurance. Its premiums receivable includes deferred premiums, which represent installment payments the Company is due from insureds under the payment terms of their policies. Premiums receivable are carried net of an allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses. The Company develops a historical loss rate using historical write-offs and aging of receivables. This historical loss rate is adjusted for current conditions, reasonable and supportable forecasts and our ability to cancel coverage on a policy after premium is considered past due. Changes in the allowance for credit losses are recognized in underwriting, acquisition and insurance expenses on the consolidated statements of operations. Unearned premiums represent the portion of gross premiums written which is applicable to the unexpired terms of insurance policies or reinsurance contracts in force. Ceded unearned premiums represent the portion of ceded premiums written which is applicable to the unexpired terms of insurance policies or reinsurance contracts in force. These unearned premiums are calculated on a pro-rata basis over the terms of the policies for direct and ceded amounts.
Commission and Fee Income	Commission and Fee Income SUA commission revenue SUA commission revenue is generated from the placement of insurance policies on reinsurance programs through a reinsurance broker which represents the Company’s single performance obligation. Its transaction price is fixed at contract inception and based on a percentage of premiums placed. The Company recognizes 100% of the transaction price as the associated performance obligation is satisfied at the point in time a policy is placed as it has no constraints on revenue. SUA fee income SUA fee income is generated from the placement of insurance policies with a third-party insurance company. The Company’s single performance obligation consists of the placement of the policy. Its transaction price is variable at contract inception and based on a percentage of premium based on risk factors that vary every month such as employee census data and worker roles. The Company estimates its transaction price over the life of the policy using the expected value method and recognizes revenue at the point in time the policy is placed. When there are changes in the estimate of variable consideration, it recognizes those changes in the month they occur.
Income Taxes	Income Taxes Income tax expense is accrued for the tax effects of transactions reported on the consolidated financial statements, and this provision for income taxes consists of taxes currently due plus deferred taxes resulting from temporary differences between amounts reported for financial statement and income tax purposes. A valuation allowance is established for any deferred tax asset not expected to be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period that includes the enactment date. A liability for uncertain tax positions is recorded where it is more likely-than-not that the tax position will not be sustained upon examination by the appropriate tax authority. Changes in the liability for uncertain tax positions are reflected in income tax expense in the period when a new uncertain tax position arises, judgment changes about the likelihood of an uncertainty, the tax issue is settled, or the statute of limitation expires. Any potential net interest income or expense and penalties related to uncertain tax positions are recorded on the Consolidated Statements of Operations. The Company files a consolidated federal income tax return in the United States and certain other state tax returns. Its admitted insurance subsidiaries pay premium taxes on gross written premiums in lieu of most state income or franchise taxes. Premium tax expense is recognized within underwriting, acquisition and insurance expense on the Consolidated Statements of Operations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is estimated for each class of financial instrument based on the framework established in the fair value accounting guidance. This guidance requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value hierarchy disclosures are based on the quality of inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). As a part of management’s process to determine fair value, the Company utilizes widely recognized, third-party pricing sources to determine the Company’s fair values of financial instruments. The Company has obtained an understanding of the third-party pricing sources’ valuation methodologies and inputs.
Stock Based Compensation	Stock-Based Compensation We expense the estimated fair value of employee stock options and similar awards. We measure compensation cost for awards of equity instruments to employees based on the grant-date fair value of those awards and recognize compensation expense over the service period that the awards are expected to vest. The tax effects related to share-based payments are made through net earnings. See note 18 for further discussion and related disclosures regarding stock-based compensation. Employee Stock Purchase Plan The Company’s employee stock purchase plan (“ESPP”), offers all employees the option to purchase common stock at a discount. The Company recognizes compensation cost on a straight-line basis over the offering period.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated using the two-class method. Undistributed earnings are allocated to participating securities based on the extent to which each class may share in earnings as if all the earnings for the period have been distributed. Basic earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Common shares, when contingencies, such as vesting requirements, exist and have not been satisfied, are excluded from basic earnings per share. The Company’s preferred shares participate in dividends and distributions with common stock on an as-converted basis and represent a participating security. Instruments awarded to employees that provide the holder the right to purchase common stock at a fixed price were included as potential common shares, weighted for the portion of the period they were granted, if dilutive. The Company’s common and preferred shares financed by stock notes are contingently issuable instruments where the holder must return, all or part of, the shares if the stock notes are not paid off. These instruments are excluded from basic and diluted earnings per share when the specified conditions are not met presuming the end of the period is the end of the contingency period. The impact of the contingently issuable instruments on diluted earnings per share was calculated using the treasury stock method and included in the reconciliation of the denominator of the basic and diluted earnings per share computations for the years ended December 31, 2023 and 2022. Instruments that are convertible into common shares are included in diluted weighted-average common shares outstanding on an if-converted basis based on the legal conversion rate for the respective period, if dilutive. Share-based awards to employees with only service conditions are included as potential common shares, weighted for the portion of the period they are unvested, if dilutive. Share-based awards to employees with performance and service or market conditions are included as potential common shares presuming the end of the period is the end of the contingency period, if dilutive. When inclusion of common share adjustments 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.
Recent Accounting Standards Adopted and Not Yet Adopted	Recent Accounting Standards Adopted In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 requires organizations to estimate credit losses on certain types of financial instruments, including receivables and available-for-sale debt securities, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. The Company adopted ASU 2016-13 effective January 1, 2023 using the modified retrospective approach, by which a cumulative-effect adjustment was made to retained earnings as of the date of adoption. In connection with the adoption of ASU 2016-13, the Company elected the fair value option in accounting for mortgage loans effective January 1, 2023 as targeted transition relief. The adoption of ASU 2016-13 resulted in the Company recognizing an increase in the allowance for uncollectible reinsurance of $2.3 million and an increase, net of tax, in accumulated deficit of $2.3 million. Recent Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). ASU 2023-07 requires segment disclosures for (i) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), (ii) how the CODM uses the reported measure(s) of segment profitability in assessing segment performance and resource allocation and (iii) the title and position of the CODM. This update states that entities with a single reportable segment are required to provide full segment disclosures. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. This update is applied retrospectively to all prior periods presented. The Copmany is evaluating the effect of the amendments on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). ASU 2023-09 requires public companies, on an annual basis, provide enhanced rate reconciliation disclosures, including disclosures of specific categories and additional information that meet a quantitative threshold. This update also requires public companies to, among other things, disaggregate income taxes paid by federal, state and foreign taxes. The guidance is effective for fiscal years beginning after December 15, 2024. The Company is evaluating the effect of the amendments on its consolidated financial statements.
Fair Value	The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying consolidated financial statements and in these notes: U.S. government securities, mutual funds and common stock The Company uses unadjusted quoted prices for identical instruments in an active exchange to measure fair value which represent Level 1 inputs. Preferred stocks, municipal securities, corporate securities and miscellaneous The Company uses a pricing model that utilizes market-based inputs such as trades in an illiquid market for a particular security or trades in active markets for securities with similar characteristics. The model considers other inputs such as benchmark yields, issuer spreads, security terms and conditions, and other market data. These represent Level 2 fair value inputs. Commercial mortgage-backed securities, residential mortgage-backed securities and other asset-backed securities The Company uses a pricing model that utilizes market-based inputs that may include dealer quotes, market spreads, and yield curves. It may evaluate individual tranches in a security by determining cash flows using the security’s terms and conditions, collateral performance, credit information benchmark yields and estimated prepayments. These represent Level 2 fair value inputs. Mortgage loans Mortgage loans have variable interest rates and are collateralized by real property. The Company determines fair value of mortgage loans using the income approach utilizing inputs that are observable and unobservable (Level 3). The unobservable input consists of the spread applied to a prime rate used to discount cash flows. The spread represents the incremental cost of capital based on the borrower’s ability to make future payments and the value of the collateral relative to the loan balance and is subject to judgement and uncertainty. The following methods and assumptions were used in estimating the fair value disclosures of other financial instruments: Fixed maturity securities, held-to-maturity: Fixed maturity securities, held-to-maturity consists of senior and junior notes with target rates of return. As of December 31, 2023, the Company determined the fair value of these instruments using the income approach utilizing inputs that are unobservable (Level 3). Notes payable: The carrying value approximates the estimated fair value for notes payable as the notes payable accrue interest at current market rates plus a spread. The Company determines fair value using the income approach utilizing inputs that are observable (Level 2). Subordinated debt: Subordinated debt consists of two debt instruments, the Junior Subordinated Interest Debentures, due September 15, 2036, and Unsecured Subordinated Notes, due May 24, 2039. The carrying value of the Junior Subordinated Interest Debentures approximates the estimated fair value as the instrument accrues interest at current market rates plus a spread. Unsecured Subordinated Notes have a fixed interest rate. The Company determines the fair value of these instruments using the income approach utilizing inputs that are observable (Level 2).

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments:
Fixed maturity securities, available-for-sale, at fair value (amortized cost of $1,047,713 and $662,616, respectively)	$ 1,017,651	$ 607,572
Fixed maturity securities, held-to-maturity, at amortized cost (net of allowance for credit losses of $329 as of December 31, 2023)	42,986	52,467
Equity securities, at fair value	118,249	120,169
Mortgage loans (at fair value as of December 31, 2023; at amortized cost as of December 31, 2022)	50,070	51,859
Other long-term investments	114,505	129,142
Short-term investments, at fair value	270,226	121,158
Total investments	1,613,687	1,082,367
Cash and cash equivalents	65,891	45,438
Restricted cash	34,445	79,573
Premiums receivable, net	179,235	139,215
Reinsurance recoverables, net	596,334	581,359
Ceded unearned premium	186,121	157,645
Deferred policy acquisition costs	91,955	68,938
Deferred income taxes, net	21,991	36,188
Goodwill and intangible assets, net	88,435	89,870
Other assets	75,341	82,846
Total assets	2,953,435	2,363,439
Liabilities:
Reserves for losses and loss adjustment expenses	1,314,501	1,141,757
Unearned premiums	552,532	442,509
Deferred ceding commission	37,057	29,849
Reinsurance and premium payables	150,156	113,696
Funds held for others	58,588	36,858
Accounts payable and accrued liabilities	50,880	48,499
Notes payable	50,000	50,000
Subordinated debt, net of debt issuance costs	78,690	78,609
Total liabilities	2,292,404	1,941,777
Stockholders’ equity:
Series A preferred stock, $0.01 par value; 10,000,000 and 2,000,000 shares authorized, 0 and 1,969,660 shares issued and outstanding, respectively	0	20
Common stock, $0.01 par value, 500,000,000 and 168,000,000 shares authorized, 39,863,756 and 16,832,955 shares issued, respectively	399	168
Treasury stock, $0.01 par value, 0 and 233,289 shares, respectively	0	(2)
Additional paid-in capital	710,855	577,289
Stock notes receivable	(5,562)	(6,911)
Accumulated other comprehensive loss	(22,953)	(43,485)
Accumulated deficit	(21,708)	(105,417)
Total stockholders’ equity	661,031	421,662
Total liabilities and stockholders’ equity	$ 2,953,435	$ 2,363,439

Other Long-Term Investments (Tables)

12 Months Ended

Dec. 31, 2023

Carrying Value of Equity Method Investments

The carrying value of equity method investments at December 31, 2023 and 2022 is as follows:



($ in thousands)	2023		2022
Arena SOP LP units	$	2,463	$	8,734
Arena Special Opportunities Fund, LP units	41,046		44,504
Brewer Lane Ventures Fund II LP units	560		200
Dowling Capital Partners LP units	1,708		1,965
Hudson Ventures Fund 2 LP units	4,669		3,551
JVM Funds LLC units	20,061		22,473
RISCOM	4,121		4,037
Universa Black Swan LP units	—		1,325
	$	74,628	$	86,789

Equity in (loss) income from unconsolidated subsidiaries for the years ended December 31, 2023 and 2022 is summarized as follows:



($ in thousands)	2023		2022
Arena SOP LP units	$	(6,271)	$	3,042
Arena Special Opportunities Fund, LP units	(2,880)		3,719
Dowling Capital Partners LP units	927		502
Hudson Ventures Fund 2 LP units	170		379
JVM Funds LLC	(1,198)		(70)
RISCOM	884		1,471
Brewer Lane Ventures Fund II LP	(78)		—
Universa Black Swan LP units	(988)		(3,028)
	$	(9,434)	$	6,015

The unfunded commitment of equity method investments at December 31, 2023 and 2022 is as follows:



($ in thousands)	2023		2022
Brewer Lane Ventures Fund II LP units	$	4,610	$	4,800
Dowling Capital Partners LP units	386		386
Hudson Ventures Fund 2 LP units	848		1,796
	$	5,844	$	6,982

The following table summarizes the Company’s recorded investment in RISCOM compared to its share of underlying equity as of December 31, 2023 and 2022:



($ in thousands)	2023		2022
Investment in RISCOM:
Underlying equity	$	2,620	$	2,292
Difference	1,501		1,745
Recorded investment balance	$	4,121	$	4,037

The following table summarizes the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of December 31, 2023 and 2022:



($ in thousands)	2023		2022
Investment in JVM Funds LLC:
Underlying equity	$	19,304	$	21,565
Difference	757		908
Recorded investment balance	$	20,061	$	22,473

As of December 31, 2023 and 2022, the Company held indirect investments in collateralized loans and loan collateral through SMA1 and SMA2.

The carrying value of the SMA1 and SMA2 as of December 31, 2023 and 2022 are as follows:



($ in thousands)	2023		2022

SMA1	$	30,816	$	36,426
SMA2	5,209		2,010
Investment in indirect loans and loan collateral	$	36,025	$	38,436

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Amortized cost	$ 1,047,713	$ 662,616
Allowance for credit losses	$ 329
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	1,969,660
Preferred stock, shares outstanding (in shares)	0	1,969,660
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	168,000,000
Common stock, shares issued (in shares)	39,863,756	16,832,955
Treasury stock, par value (in dollars per share)	$ 0.01	$ 0.01
Treasury stock (in shares)	0	233,289

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Cash paid for federal income taxes	$ 15,800	$ 0
Operating loss carryforwards	49,400
Operating loss carryforwards, limitations on use, amount	49,300
Deferred tax subject to expiration	2,800
Deferred tax effected by expiration	600
Capital loss carryover	700
Deferred tax valuation allowance	$ 586	$ 586

Other Long-Term Investments - Investment in JVN Funds (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Recorded investment balance	$ 74,628	$ 86,789
JVM Funds LLC units
Schedule of Equity Method Investments [Line Items]
Underlying equity	19,304	21,565
Difference	757	908
Recorded investment balance	$ 20,061	$ 22,473

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table sets forth the components of the Company’s income tax expense for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Current income tax expense	$	14,736	$	120
Deferred tax expense	9,382		10,267
Income tax expense	$	24,118	$	10,387

Schedule of Effective Income Tax Rate Reconciliation



	2023				2022
($ in thousands)	Amount		Percentage		Amount		Percentage
Income tax expense at federal statutory rate	$	23,121	21.0	%	$	10,454	21.0	%
Tax advantaged investments	(295)		(0.3)		(324)		(0.7)
Other	1,292		1.2		257		0.6
Total income tax expense	$	24,118	21.9	%	$	10,387	20.9	%

Schedule of Deferred Tax Assets and Liabilities

The following table sets forth the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022:



($ in thousands)	2023		2022
Deferred tax assets:
Net operating losses	$	10,655	$	14,966
Losses and loss adjustment expenses	11,581		10,748
Unearned premiums	15,365		11,959


Unrealized losses on fixed maturity securities, available-for-sale	6,113		11,563
Stock options/awards	1,714		1,107
Other	4,237		5,297
Total deferred tax assets	49,665		55,640
Less valuation allowance	(586)		(586)
Total deferred tax assets after valuation allowance	49,079		55,054
Deferred tax liabilities:
Deferred policy acquisition costs	11,528		8,209
Other long-term investments	6,460		6,055
Section 481(a) adjustment	3,477		1,405
Unrealized gains on equity securities	3,243		825
Depreciation	1,260		1,481


Other	1,120		891
Total deferred tax liabilities	27,088		18,866
Deferred income taxes	$	21,991	$	36,188

Investments - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Fixed maturity securities	$ 25,952	$ (60,918)
Deferred income taxes	(5,420)	12,793
Total other comprehensive income (loss)	$ 20,532	$ (48,125)

Mortgage Loans

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Mortgage Loans

The Company has invested in Separately Managed Accounts (“SMA1” and “SMA2”), managed by Arena Investors, LP (“Arena”), which is affiliated with The Westaim Corporation (“Westaim”) who is the Company’s largest stockholder. As of December 31, 2023 and 2022, the Company held direct investments in mortgage loans from various creditors through SMA1 and SMA2.

The Company’s mortgage loan portfolios are primarily senior loans on real estate across the U.S. The loans earn interest at a fixed spread above a prime rate, mature in approximately 1 to 3 years from loan origination and the principal amounts of the loans range between 61% to 90% of the property’s appraised value at the time the loans were made. Mortgage loan participations are carried at fair value as of December 31, 2023 and cost adjusted for unamortized premiums, discounts, and loan fees as of December 31, 2022.

The carrying value of the Company’s mortgage loans as of December 31, 2023 and 2022 were as follows:



($ in thousands)	2023		2022
Retail	$	16,072	$	16,516
Commercial	14,469		15,309
Industrial	6,785		6,329
Multi-family	—		5,593
Office	—		3,197
Hospitality	12,744		4,915
	$	50,070	$	51,859

The Company’s gross investment income for the years ended December 31, 2023 and 2022 is as follows:


	Years Ended December 31,
($ in thousands)	2023		2022
Retail	$	1,853	$	1,255
Commercial	2,340		1,242
Industrial	—		565
Multi-family	44		909
Office	203		385

Hospitality	1,034		411
	$	5,474	$	4,767

The uncollectible amounts on loans, on an individual loan basis, 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. The Company writes off the uncollectible amount in the period it was determined to be uncollectible. There was no write-off for uncollectible amounts for the years ended December 31, 2023 and 2022.

As of December 31, 2023 and 2022, approximately $7.1 million and $6.4 million of mortgage loans, respectively, were in the process of foreclosure. As of December 31, 2023, $6.8 million of mortgage loans were not producing income for the previous 12 months.

Stockholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 20, 2023	Jan. 18, 2023	Jan. 12, 2023	Dec. 31, 2023	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized (in shares)		500,000,000		500,000,000	168,000,000
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		10,000,000		10,000,000	2,000,000
Preferred stock, par value (in dollars per share)		$ 0.01		$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)				$ 50.00
Preferred stock, convertible, conversion price (in dollars per share)					$ 6.04
Preferred stock, shares outstanding (in shares)		1,969,660		0	1,969,660
Convertible preferred stock (in shares)		16,305,113
IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock, price per share (in dollars per share)			$ 15.00
Proceeds from equity offerings		$ 62.0
IPO - Shares From Company
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued (in shares)			4,750,000
Follow-On Offering
Subsidiary, Sale of Stock [Line Items]
Sale of stock, price per share (in dollars per share)	$ 30.50
Sale of stock, consideration	$ 62.5
Follow-On Offering - Shares From Company
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued (in shares)	2,150,000

Commission and Fee Income (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table sets forth the Company’s disaggregated revenues from contracts with customers for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
SUA commission revenue	$	2,864	$	3,224
SUA fee income	2,732		1,597
Other	468		378
Total commission and fee income	$	6,064	$	5,199

Schedule of Contract Asset

The following table sets forth the Company’s opening and closing balances of contract assets from commission and fee income for the years ended December 31, 2023 and 2022:


($ in thousands)	Contract Assets
Balance at December 31, 2021	$	1,209
Balance at December 31, 2022	1,292
Balance at December 31, 2023	976

Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Available for sale, fair value
Less than 12 Months	$ 121,362	$ 408,939
12 Months or More	441,858	143,730
Total	563,220	552,669
Available for sale, gross unrealized losses
Less than 12 Months	(1,667)	(32,893)
12 Months or More	(40,886)	(23,302)
Total	(42,553)	(56,195)
Held-to-maturity, fair value
Less than 12 Months	0	46,771
12 Months or More	41,017	0
Total	41,017	46,771
Held-to-maturity, gross unrealized losses
Less than 12 Months	0	(5,696)
12 Months or More	(1,969)	0
Total	(1,969)	(5,696)
Available-for-sale and held-to-maturity, fair value
Less than 12 Months	121,362	455,710
12 Months or More	482,875	143,730
Total	604,237	599,440
Available-for-sale and held-to-maturity, gross unrealized losses
Less than 12 Months	(1,667)	(38,589)
12 Months or More	(42,855)	(23,302)
Total	(44,522)	(61,891)
U.S. government securities
Available for sale, fair value
Less than 12 Months	7,342	28,966
12 Months or More	25,604	18,577
Total	32,946	47,543
Available for sale, gross unrealized losses
Less than 12 Months	(25)	(603)
12 Months or More	(696)	(1,273)
Total	(721)	(1,876)
Corporate securities and miscellaneous
Available for sale, fair value
Less than 12 Months	26,742	171,506
12 Months or More	174,947	34,283
Total	201,689	205,789
Available for sale, gross unrealized losses
Less than 12 Months	(570)	(16,063)
12 Months or More	(15,191)	(4,691)
Total	(15,761)	(20,754)
Municipal securities
Available for sale, fair value
Less than 12 Months	16,815	51,701
12 Months or More	47,269	3,689
Total	64,084	55,390
Available for sale, gross unrealized losses
Less than 12 Months	(290)	(7,236)
12 Months or More	(5,853)	(897)
Total	(6,143)	(8,133)
Residential mortgage-backed securities
Available for sale, fair value
Less than 12 Months	37,634	56,246
12 Months or More	103,495	52,778
Total	141,129	109,024
Available for sale, gross unrealized losses
Less than 12 Months	(602)	(4,152)
12 Months or More	(13,896)	(11,054)
Total	(14,498)	(15,206)
Commercial mortgage-backed securities
Available for sale, fair value
Less than 12 Months	4,942	25,836
12 Months or More	15,290	8,583
Total	20,232	34,419
Available for sale, gross unrealized losses
Less than 12 Months	(74)	(1,488)
12 Months or More	(1,852)	(2,196)
Total	(1,926)	(3,684)
Other asset-backed securities
Available for sale, fair value
Less than 12 Months	27,887	74,684
12 Months or More	75,253	25,820
Total	103,140	100,504
Available for sale, gross unrealized losses
Less than 12 Months	(106)	(3,351)
12 Months or More	(3,398)	(3,191)
Total	(3,504)	(6,542)
Held-to-maturity, fair value
Less than 12 Months	0	46,771
12 Months or More	41,017	0
Total	41,017	46,771
Held-to-maturity, gross unrealized losses
Less than 12 Months	0	(5,696)
12 Months or More	(1,969)	0
Total	$ (1,969)	$ (5,696)

Other Long-Term Investments - Schedule of Indirect Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 74,628	$ 86,789
Investment in indirect loans and loan collateral
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	36,025	38,436
SMA1
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	30,816	36,426
SMA2
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 5,209	$ 2,010

Commission and Fee Income - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total commission and fee income	$ 6,064	$ 5,199
SUA commission revenue
Disaggregation of Revenue [Line Items]
Total commission and fee income	2,864	3,224
SUA fee income
Disaggregation of Revenue [Line Items]
Total commission and fee income	2,732	1,597
Other
Disaggregation of Revenue [Line Items]
Total commission and fee income	$ 468	$ 378

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

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

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

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

Schedule of Related Party Transactions

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Company determines if a contract contains a lease at inception and recognizes a right-of-use asset, within other assets, and lease liability, within accounts payable and accrued liabilities, based on the present value of future lease payments. In cases where its leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available on the inception date to determine the lease liability.

The Company’s leases are primarily for office facilities which have been classified as operating leases. Its leases have remaining lease terms ranging from 1 to 6 years, some of which include options to extend the leases. Lease expense for the years ended December 31, 2023 and 2022 was $2.8 million and $2.6 million, respectively.

The following tables provide information regarding the Company’s leases as of and for the years ended December 31, 2023 and 2022:



($ in thousands)	2023			2022
Operating lease right-of-use assets	$	4,905		$	8,214
Operating lease liabilities	5,228			8,616
Operating lease weighted-average remaining lease term	4.55 years			5.00 years
Operating lease weighted-average discount rate	3.95		%	3.16		%



($ in thousands)	2023		2022
Operating lease expense	$	2,583	$	2,414
Short-term lease expense	184		220
Total lease expense	$	2,767	$	2,634
Operating cash outflows from operating leases	$	2,636	$	2,382

The following table sets forth the future minimum lease payment obligations of the Company’s operating leases at December 31, 2023:


($ in thousands)	2023
2024	$	1,671
2025	1,204
2026	992
2027	903
2028	661
Thereafter	353
Total future minimum operating lease payments	$	5,784
Less imputed interest	(556)
Total operating lease liability	$	5,228

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Net earned premium and gross written commissions related to these agreements for the years ended December 31, 2023 and 2022 is summarized as follows:



($ in thousands)	2023		2022
Net earned premium	$	99,736	$	91,051
Gross written commissions	24,177		23,472

SCHEDULE VI — SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]
Deferred policy acquisition costs	$ 91,955	$ 68,938
Reserve for losses and loss adjustment expenses	1,314,501	1,141,757
Unearned premiums	552,532	442,509
Net earned premium	829,143	615,994
Net investment income	40,322	36,931
Losses and loss adjustment expenses (current year)	516,664	393,939
Losses and loss adjustment expenses (prior years)	0	14,385
Amortization of policy acquisition costs	108,514	65,695
Paid claims and claim adjustment expenses	363,418	300,764
Net premiums written	910,691	675,543
Ceded unearned premium	186,121	157,645
Deferred ceding commission	$ 37,057	$ 29,849

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Useful life	15 years
Amortization of intangible assets	$ 1,485	$ 1,466

Related Party Transactions - RISCOM Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2016
Related Party Transaction [Line Items]
Net earned premiums	$ 829,143	$ 615,994
Premiums receivable, net	179,235	139,215
Affiliated entity \| Agency agreement \| RISCOM
Related Party Transaction [Line Items]
Agreement, ownership interest			20.00%
Net earned premiums	99,736	91,051
Gross written commissions	24,177	23,472
Premiums receivable, net	$ 10,600	$ 9,900

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the compilation of basic and diluted net earnings per share for the years ended December 31, 2023 and 2022:



($ in thousands, except for share and per share amounts)	2023		2022
Numerator
Net income	$	85,984	$	39,396
Less: Undistributed income allocated to participating securities	(1,677)		(18,879)
Net income attributable to common shareholders (numerator for basic earnings per share)	84,307		20,517
Add back: Undistributed income allocated to participating securities	1,677		18,879
Net income (numerator for diluted earnings per share under the two-class method)	$	85,984	$	39,396
Denominator
Basic weighted-average common shares	36,031,907		16,568,393

Dilutive effect of preferred shares	716,708		15,245,533
Dilutive effect of stock notes	696,110		519,080
Dilutive effect of awarded stock units	736,837		320,188
Dilutive effect of awarded options	135,972		—

Diluted weighted-average common share equivalents	38,317,534		32,653,194
Basic earnings per share	$	2.34	$	1.24
Diluted earnings per share	$	2.24	$	1.21

The following table presents anti-dilutive instruments that were excluded from the calculation of diluted weighted-average common share equivalents during the years ended December 31, 2023 and 2022:



	2023	2022

Stock notes	—	60,576
Awarded stock units	3,931	—
Awarded options	914	—

The following table presents common share equivalents of contingently issuable instruments that were excluded from basic earnings per share in shares for the years ended December 31, 2023 and 2022:



	2023	2022
Common shares	920,864	22,919
Preferred shares, if converted	—	1,059,602
Total	920,864	1,082,521

Other Long-Term Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Net investment income	$ 40,322	$ 36,931
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(9,434)	6,015
Arena SOP LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(6,271)	3,042
Arena Special Opportunities Fund, LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(2,880)	3,719
Dowling Capital Partners LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	927	502
Hudson Ventures Fund 2 LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	170	379
JVM Funds LLC units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(1,198)	(70)
RISCOM \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	884	1,471
Brewer Lane Ventures Fund II LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	(78)	0
Universa Black Swan LP units \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net investment income	$ (988)	$ (3,028)

SCHEDULE V — VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Valuation Allowance For Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 586	$ 586
Charged to costs and expenses	0	0
Amounts written off	0	0
Recoveries of amounts previously written off	0
Ending balance	586	586
Valuation Allowance For Deferred Tax Assets \| Period of adoption, adjustment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	0
Ending balance		0
Allowance for Uncollectible Reinsurance Recoverable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	0	0
Charged to costs and expenses	0	0
Amounts written off	0	0
Recoveries of amounts previously written off	0
Ending balance	2,295	0
Allowance for Uncollectible Reinsurance Recoverable \| Period of adoption, adjustment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	2,295
Ending balance		2,295
Allowance for Uncollectible Premiums Receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	629	261
Charged to costs and expenses	748	584
Amounts written off	(513)	(216)
Recoveries of amounts previously written off	100
Ending balance	964	629
Allowance for Uncollectible Premiums Receivable \| Period of adoption, adjustment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 0
Ending balance		$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 85,984	$ 39,396

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

Equity Method Investments and Joint Ventures [Abstract]

Other Long-Term Investments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2018
Brewer Lane Ventures Fund II LP units
Schedule of Equity Method Investments [Line Items]
Payment to acquire equity method investment	$ 0.4	$ 0.2
Hudson Ventures Fund 2 LP units
Schedule of Equity Method Investments [Line Items]
Payment to acquire equity method investment	$ 0.9	$ 1.3
RISCOM
Schedule of Equity Method Investments [Line Items]
Useful life	15 years
JVM Funds LLC units
Schedule of Equity Method Investments [Line Items]
Useful life	7 years
Captex Bancshares
Schedule of Equity Method Investments [Line Items]
Payment to acquire equity method investment			$ 2.0

Other Long-Term investments

12 Months Ended

Dec. 31, 2023

Other Long-Term Investments

Unconsolidated Subsidiaries - Equity Method Investments

The Company’s ownership interests in most of its equity method investments range from approximately 3% to less than 50% where the Company has significant influence but not control.

The Company owns investment products issued by Arena Special Opportunities Partners (Feeder) I, LP (“Arena SOP”), managed by Arena, which is affiliated with Westaim. The investment products include senior and junior notes issued by the Arena SOP to raise capital from limited partners to fund purchases of investments. The return on the investments is used to pay interest on the senior and junior notes based on target returns of each class. The senior and junior notes are debt securities classified as held to maturity and presented on the balance sheet within fixed maturity securities, held to maturity. Income in excess of return targets on the senior and junior notes is allocated to the investment in Arena SOP.

During the year ended December 31, 2022, the Company entered into an agreement for limited partnership interests in Brewer Lane Ventures Fund II, L.P. During the years ended December 31, 2023 and 2022, the Company invested $0.4 million and $0.2 million, respectively, in Brewer Lane Ventures Fund II, L.P. and $0.9 million and $1.3 million, respectively, in Hudson Ventures Fund 2, LP.

The carrying value of equity method investments at December 31, 2023 and 2022 is as follows:



($ in thousands)	2023		2022
Arena SOP LP units	$	2,463	$	8,734
Arena Special Opportunities Fund, LP units	41,046		44,504
Brewer Lane Ventures Fund II LP units	560		200
Dowling Capital Partners LP units	1,708		1,965
Hudson Ventures Fund 2 LP units	4,669		3,551
JVM Funds LLC units	20,061		22,473
RISCOM	4,121		4,037
Universa Black Swan LP units	—		1,325
	$	74,628	$	86,789

Equity in (loss) income from unconsolidated subsidiaries for the years ended December 31, 2023 and 2022 is summarized as follows:



($ in thousands)	2023		2022
Arena SOP LP units	$	(6,271)	$	3,042
Arena Special Opportunities Fund, LP units	(2,880)		3,719
Dowling Capital Partners LP units	927		502
Hudson Ventures Fund 2 LP units	170		379
JVM Funds LLC	(1,198)		(70)
RISCOM	884		1,471
Brewer Lane Ventures Fund II LP	(78)		—
Universa Black Swan LP units	(988)		(3,028)
	$	(9,434)	$	6,015

The unfunded commitment of equity method investments at December 31, 2023 and 2022 is as follows:



($ in thousands)	2023		2022
Brewer Lane Ventures Fund II LP units	$	4,610	$	4,800
Dowling Capital Partners LP units	386		386
Hudson Ventures Fund 2 LP units	848		1,796
	$	5,844	$	6,982

The difference between the cost of an investment and its proportionate share of the underlying equity in net assets is allocated to the various assets and liabilities of the equity method investment. The Company amortizes the difference in net assets over the same useful life of a similar asset as the underlying equity method investment. For investment in RISCOM, a similar asset would be agent relationships which is amortized over a 15-year useful life.

The following table summarizes the Company’s recorded investment in RISCOM compared to its share of underlying equity as of December 31, 2023 and 2022:



($ in thousands)	2023		2022
Investment in RISCOM:
Underlying equity	$	2,620	$	2,292
Difference	1,501		1,745
Recorded investment balance	$	4,121	$	4,037

The Company amortizes the difference in net assets in JVM Funds LLC over the 7-year estimated useful life of the investment in rental properties.

The following table summarizes the Company’s recorded investment in JVM Funds LLC compared to its share of underlying equity as of December 31, 2023 and 2022:



($ in thousands)	2023		2022
Investment in JVM Funds LLC:
Underlying equity	$	19,304	$	21,565
Difference	757		908
Recorded investment balance	$	20,061	$	22,473

Unconsolidated Subsidiaries - Investment in Bank Holding Companies

The Company carries a $2.0 million investment in Captex Bancshares, a Texas bank holding company, at cost, less impairment or observable changes in price. The Company does not have significant influence over the investee. The Company reviews these investments for impairment or observable changes in price during each reporting period. There was no impairment or observable change in price during the years ended December 31, 2023 and 2022.

Unconsolidated Subsidiaries - Investment in Indirect Loans and Loan Collateral

As of December 31, 2023 and 2022, the Company held indirect investments in collateralized loans and loan collateral through SMA1 and SMA2.

The carrying value of the SMA1 and SMA2 as of December 31, 2023 and 2022 are as follows:



($ in thousands)	2023		2022

SMA1	$	30,816	$	36,426
SMA2	5,209		2,010
Investment in indirect loans and loan collateral	$	36,025	$	38,436

Unconsolidated Subsidiaries - Investment in Trust

The Company carries its investment in the common stock of the Delos Capital Trust n/k/a HIIG Capital Trust I (“Trust”) at cost. The Company does not have significant influence over the investee. There was no impairment or observable change in price during the years ended ended December 31, 2023 and 2022.

See Note 10 for further information on the Trust.

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Defined contribution plan	$ 2.9	$ 2.4

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2023

Credit Loss [Abstract]

Allowance for Credit Losses

Premiums Receivable

The following table sets forth the changes in the allowance for expected credit losses on premiums receivable for the year ended ended December 31, 2023.


($ in thousands)	Premiums Receivable, Net		Allowance for Estimated Uncollectible Premiums
Balance at December 31, 2022	$	139,215	$	629
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023			—
Current period change for estimated uncollectible premiums			748
Write-offs of uncollectible premiums receivable			(513)
Recoveries of amounts previously written off			100
Balance at December 31, 2023	$	179,235	$	964

Reinsurance Recoverables

The Company analyzes the credit risk associated with its reinsurance recoverables by monitoring the financial strength rating of its reinsurers from A.M. Best, a widely recognized rating agency with an exclusive insurance industry focus. The Company assesses the financial strength rating annually and throughout the year as A.M. Best provides updates on ratings and outlooks. The Company assesses the adequacy of various forms of credit enhancements such as reinsurance payables, letters of credit and funds held. The following table sets forth the Company’s reinsurance recoverables net of credit enhancements by A.M. Best as of December 31, 2023:


A.M. Best Rating	December 31, 2023
A- and above	98.5	%
B++ to B+	0.7
B to B -	—
Not rated	0.8

The Company considers reinsurance balances to be past due when they are 90 days past due. The following table sets forth the changes in the allowance for estimated uncollectible reinsurance for the year ended ended December 31, 2023:


($ in thousands)	Reinsurance Recoverables, Net		Allowance for Estimated Uncollectible Reinsurance
Balance at December 31, 2022	$	581,359	$	—
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023			2,295
Current period change for estimated uncollectible reinsurance			—
Write-offs of uncollectible reinsurance recoverables			—
Balance at December 31, 2023	$	596,334	$	2,295

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Amount
Income tax expense at federal statutory rate	$ 23,121	$ 10,454
Tax advantaged investments	(295)	(324)
Other	1,292	257
Income tax expense	$ 24,118	$ 10,387
Percentage
Income tax expense at federal statutory rate	21.00%	21.00%
Tax advantaged investments	(0.30%)	(0.70%)
Other	1.20%	0.60%
Total income tax expense	21.90%	20.90%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating losses	$ 10,655	$ 14,966
Losses and loss adjustment expenses	11,581	10,748
Unearned premiums	15,365	11,959
Unrealized losses on fixed maturity securities, available-for-sale	6,113	11,563
Stock options/awards	1,714	1,107
Other	4,237	5,297
Total deferred tax assets	49,665	55,640
Less valuation allowance	586	586
Total deferred tax assets after valuation allowance	49,079	55,054
Deferred tax liabilities:
Deferred policy acquisition costs	11,528	8,209
Other long-term investments	6,460	6,055
Section 481(a) adjustment	3,477	1,405
Unrealized gains on equity securities	3,243	825
Depreciation	1,260	1,481
Other	1,120	891
Total deferred tax liabilities	27,088	18,866
Deferred income taxes	$ 21,991	$ 36,188

Stock Based Compensation - Schedule of Nonvested Share Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Weighted-Average Grant-Date Fair Value
Non-vested, beginning period (in dollars per share)	$ 12.55	$ 13.23
Granted (in dollars per share)	16.07	14.17
Vested (in dollars per share)	13.39	15.16
Forfeited (in dollars per share)	15.29	12.51
Non-vested, ending period (in dollars per share)	$ 15.13	$ 12.55
Stock and Stock Units
Non-vested, beginning period (in shares)	419,896	375,643
Granted (in shares)	1,101,856	198,842
Vested (in shares)	(40,645)	(144,042)
Forfeited (in shares)	(35,658)	(10,547)
Non-vested, ending period (in shares)	1,445,449	419,896

Commission and Fee Income

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Commission and Fee Income

The following table sets forth the Company’s disaggregated revenues from contracts with customers for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
SUA commission revenue	$	2,864	$	3,224
SUA fee income	2,732		1,597
Other	468		378
Total commission and fee income	$	6,064	$	5,199

The following table sets forth the Company’s opening and closing balances of contract assets from commission and fee income for the years ended December 31, 2023 and 2022:


($ in thousands)	Contract Assets
Balance at December 31, 2021	$	1,209
Balance at December 31, 2022	1,292
Balance at December 31, 2023	976

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

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
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-Topic 606
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-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//606/tableOfContent

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Notes Payable

The following table sets forth the interest payments on the Company’s notes payable during the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Interest payments on terminated term loan	$	1,396	$	1,443
Interest payments on revolving credit facility	2,598		—

Commission and Fee Income - Contract Asset (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 976	$ 1,292	$ 1,209

Notes Payable - Narrative (Details) - Revolving credit facility - Line of Credit - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 150,000,000
Accordion feature, increase limit			50,000,000
Proceeds from long-term debt	$ 50,000,000
Unused capacity, commitment fee percentage		0.25%
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 30,000,000
Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Debt instrument, variable rate	5.47%
Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.90%
Credit Spread Adjustment \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		4.39%
Applicable Margin Rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.65%

Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in less than one year	$ 30,918
Due after one year through five years	289,151
Due after five years through ten years	162,380
Due after ten years	53,275
Gross Amortized Cost	1,047,713	$ 662,616
Fair Value
Due in less than one year	30,518
Due after one year through five years	280,212
Due after five years through ten years	159,863
Due after ten years	49,771
Fair value total	1,017,651	607,572
Mortgage-backed securities
Amortized Cost
Without single maturity date	323,979
Fair Value
Without single maturity date	311,560
Other asset-backed securities
Amortized Cost
Without single maturity date	188,010
Fair Value
Without single maturity date	185,727
Fair value total	$ 185,727	$ 109,824

Stock Based Compensation

12 Months Ended

Dec. 31, 2023

Stock Based Compensation

Stock-Based Compensation

On September 23, 2022, the Compensation Committee of the Company’s Board of Directors (“Compensation Committee”) approved the Company’s 2022 Long-Term Incentive Plan (the “2022 Plan”), which became effective on January 12, 2023. The 2022 Plan provides for the granting of restricted stock, restricted stock units, performance stock units, stock options as well as cash-based performance awards, to select employees and non-employee directors of the Company. The 2022 Plan stated that 3,200,656 shares of common stock were available for issuance.

In December 2020, the Compensation Committee approved a Long Term Incentive Plan (the “2021 Plan”). The 2021 Plan provides for the granting of restricted stock, restricted stock units and performance stock units (collectively “restricted stock units” or “stock units”), as well as cash-based performance awards, to select employees and non-employee directors of the Company.

The Compensation Committee granted 1,101,856 and 198,842 shares of restricted stock and restricted stock units during the years ended December 31, 2023 and 2022, under the 2022 Plan and 2021 Plan, respectively. Members of the Board of Directors were granted 23,482 and 15,196 shares of restricted stock during the years ended December 31, 2023 and 2022, respectively, with a service period of one year. The fair value of restricted stock and restricted stock units under the 2022 Plan for awards granted at the time of the Company’s IPO were granted at the IPO price of $15.00 per share. The fair value of subsequent grants were equal to the closing stock price on the date the restricted stock units were granted. The expense for these equity-based incentives is based on their fair value at the date of grant and amortized over their vesting period.

The Compensation Committee granted 759,990 stock options during the year ended December 31, 2023. The grant date fair value of the options under the 2022 Plan was determined using the Black-Scholes model where the term was the contractual term of 10 years less the weighted average service period. The volatility was determined based on the historical volatility of comparable publicly traded insurance companies.

The restricted stock and restricted stock units granted to employees and the Board of Directors during the years ended December 31, 2023 and 2022 were valued at approximately $17.7 million and $2.6 million, respectively, based on the grant date fair value. The stock options granted to employees during the year ended December 31, 2023 were valued at approximately $4.4 million based on the grant date fair value.

The following table sets forth the Company’s equity awards, target payout ranges and authorized target restricted stock and stock units for the years ended December 31, 2023 and 2022:

Award
Payout Range

Requisite
Service Period

Authorized Target
Common Shares

Year ended December 31, 2023

Market condition awards

0% — 150%

3 years

37,622

Performance condition awards

0% — 150%

3 years

95,456

Service condition awards

N/A

1 to 4 years

968,778

Stock options

N/A

3 to 4 years

759,990

1,861,846

Year ended December 31, 2022

Market condition awards

0% — 150%

3 years

28,495

Performance condition awards

0% — 150%

3 years

26,210

Restricted stock unit awards

N/A

1 to 3 years

144,137

198,842

The following table sets forth option activity for the year ended December 31, 2023:


	Weighted-Average Exercise Price		Stock
Outstanding at January 1, 2023			—
Granted	$	15.00	759,990


Outstanding at December 31, 2023			759,990

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 aggregate intrinsic value of options outstanding at December 31, 2023 was $14.3 million. The weighted-average remaining contractual life of the options outstanding at December 31, 2023 was 9.0 years.

The following table sets forth the Company’s restricted stock and restricted stock units activity for the years ended December 31, 2023 and 2022:


	Weighted-Average Grant-Date Fair Value		Stock and Stock Units
Non-vested at January 1, 2023	$	12.55	419,896
Granted	16.07		1,101,856
Vested	13.39		(40,645)
Forfeited	15.29		(35,658)
Non-vested at December 31, 2023	$	15.13	1,445,449

Non-vested at January 1, 2022	$	13.23	375,643
Granted	14.17		198,842
Vested	15.16		(144,042)
Forfeited	12.51		(10,547)
Non-vested at December 31, 2022	$	12.55	419,896

The total fair value of shares vested at December 31, 2023 and 2022 were $0.5 million and $2.2 million, respectively.

As of December 31, 2023 the total unrecognized compensation cost related to non-vested, share-based compensation awards was $15.9 million and the weighted average period over which that cost is expected to be recognized is 1.5 years. The Company recognized $8.5 million and $2.3 million of stock-based compensation expense for the years ended December 31, 2023 and 2022, respectively.

Employee Stock Purchase Plan

On September 23, 2022, the Compensation Committee approved the Company’s 2022 Employee Stock Purchase Plan (the “ESPP”), which became effective on May 15, 2023. Under the ESPP, all employees of the Company may choose, at two different specified time intervals each year, to have a percentage of their annual base earnings withheld to purchase the Company’s common stock. The purchase price of the common stock is 85% of the lower of its beginning-of-period or end-of-period market price. The company has reserved 376,548 common shares under this plan.

The grant date fair value of options under the ESPP was determined using the Black-Scholes model where the term was the length of time between the grant date and the date the options are exercisable of 6 months. The volatility was determined based on the historical volatility of comparable publicly traded insurance companies.

As of December 31, 2023, a total of 35,430 shares had been purchased under this plan. The Company recognized $0.2 million of expense for the year ended December 31, 2023. As of December 31, 2023, the fair value of unrecognized expense was $0.3 million.

Stock Notes Receivable

The Company previously granted common stock to its employees and non-employee directors under the Stock Purchase Program and Equity Incentive Program (the “Legacy Programs”). The Legacy Programs required that employees who receive an award purchase a certain amount of stock, which the Company then matched. The matching share awards were subject to certain vesting requirements. For the purchased portion of the participant’s stock, the participant was required to make a minimum payment toward the purchase commitment, with the remainder of the balance issued as a note receivable to the Company and recorded as a stock notes receivable within stockholders’ equity.

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

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

The following tables set forth the amortized cost and the fair value of investments at December 31, 2023 and 2022:


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


($ in thousands)	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2022
Fixed maturity securities, available-for-sale:
U.S. government securities	$	50,416	$	1	$	(1,876)	$	48,541
Corporate securities and miscellaneous	255,116		767		(20,754)		235,129
Municipal securities	65,836		24		(8,133)		57,727
Residential mortgage-backed securities	134,844		218		(15,206)		119,856
Commercial mortgage-backed securities	40,129		50		(3,684)		36,495
Other asset-backed securities	116,275		91		(6,542)		109,824
Total fixed maturity securities, available-for-sale	$	662,616	$	1,151	$	(56,195)	$	607,572
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	52,467	$	—	$	(5,696)	$	46,771
Total fixed maturity securities, held-to-maturity	$	52,467	$	—	$	(5,696)	$	46,771

Investments Classified by Contractual Maturity Date



($ in thousands)	Amortized Cost		Fair Value
Due in less than one year	$	30,918	$	30,518
Due after one year through five years	289,151		280,212
Due after five years through ten years	162,380		159,863
Due after ten years	53,275		49,771
Mortgage-backed securities	323,979		311,560
Other asset-backed securities	188,010		185,727
Total	$	1,047,713	$	1,017,651

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


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


	Less than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2022
Fixed maturity securities, available-for-sale:
U.S. government securities	$	28,966	$	(603)	$	18,577	$	(1,273)	$	47,543	$	(1,876)
Corporate securities and miscellaneous	171,506		(16,063)		34,283		(4,691)		205,789		(20,754)
Municipal securities	51,701		(7,236)		3,689		(897)		55,390		(8,133)
Residential mortgage-backed securities	56,246		(4,152)		52,778		(11,054)		109,024		(15,206)
Commercial mortgage-backed securities	25,836		(1,488)		8,583		(2,196)		34,419		(3,684)
Other asset-backed securities	74,684		(3,351)		25,820		(3,191)		100,504		(6,542)
Total fixed maturity securities, available-for-sale	$	408,939	$	(32,893)	$	143,730	$	(23,302)	$	552,669	$	(56,195)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities	$	46,771	$	(5,696)	$	—	$	—	$	46,771	$	(5,696)
Total fixed maturity securities, held-to-maturity	$	46,771	$	(5,696)	$	—	$	—	$	46,771	$	(5,696)
Total	$	455,710	$	(38,589)	$	143,730	$	(23,302)	$	599,440	$	(61,891)

Gain (Loss) on Securities

The following table sets forth the components of net investment gains (losses) for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Gross realized gains
Fixed maturity securities, available-for-sale	$	1,042	$	313
Equity securities	6,035		3,865
Other	2		36
Total	7,079		4,214
Gross realized losses
Fixed maturity securities, available-for-sale	(1,879)		(958)
Equity securities	(5,256)		(3,827)
Other	(2)		(76)
Total	(7,137)		(4,861)
Net unrealized gains (losses) on investments
Equity securities	11,516		(15,058)
Mortgage loans	(386)		—
Net investment gains (losses)	$	11,072	$	(15,705)

Investment Income

The following table sets forth the proceeds from sales of debt and equity securities for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Fixed maturity securities, available-for-sale	$	26,626	$	13,964
Equity securities	40,201		37,177

The following table sets forth the components of net investment income for the years ended December 31, 2023 and 2022:



($ in thousands)	2023		2022
Income:
Fixed maturity securities, available-for-sale	$	34,703	$	18,481
Fixed maturity securities, held-to-maturity	4,163		5,375
Equity securities	3,418		3,579
Equity method investments	(9,434)		6,015
Mortgage loans	5,474		4,767
Indirect loans	(4,155)		4,846
Short-term investments	11,392		1,498
Other	318		(77)
Investment income	45,879		44,484
Investment expenses	(5,557)		(7,553)
Net investment income	$	40,322	$	36,931

The Company’s gross investment income for the years ended December 31, 2023 and 2022 is as follows:


	Years Ended December 31,
($ in thousands)	2023		2022
Retail	$	1,853	$	1,255
Commercial	2,340		1,242
Industrial	—		565
Multi-family	44		909
Office	203		385

Hospitality	1,034		411
	$	5,474	$	4,767

Schedule of Accumulated Other Comprehensive Income (Loss)



($ in thousands)	2023		2022
Fixed maturity securities	$	25,952	$	(60,918)
Deferred income taxes	(5,420)		12,793
Total	$	20,532	$	(48,125)

Stock Based Compensation - Summary of Equity Awards (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jan. 12, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common shares (in shares)			3,200,656
Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common shares (in shares)	1,861,846	198,842
Market condition awards \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period	3 years	3 years
Authorized target common shares (in shares)	37,622	28,495
Market condition awards \| Minimum \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Payout Range	0.00%	0.00%
Market condition awards \| Maximum \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Payout Range	150.00%	150.00%
Performance condition awards \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period	3 years	3 years
Authorized target common shares (in shares)	95,456	26,210
Performance condition awards \| Minimum \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Payout Range	0.00%	0.00%
Performance condition awards \| Maximum \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award Payout Range	150.00%	150.00%
Service condition awards \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common shares (in shares)	968,778	144,137
Service condition awards \| Minimum \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period	1 year
Service condition awards \| Maximum \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period	4 years
Service Condition Awards \| Minimum \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period		1 year
Service Condition Awards \| Maximum \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period		3 years
Awarded options \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized target common shares (in shares)	759,990
Awarded options \| Minimum \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period	3 years
Awarded options \| Maximum \| Long Term Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite Service Period	4 years

SCHEDULE V — VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2023

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

SCHEDULE V — VALUATION AND QUALIFYING ACCOUNTS


($ in thousands)	Valuation Allowance For Deferred Tax Assets		Allowance for Uncollectible Reinsurance Recoverable		Allowance for Uncollectible Premiums Receivable
Balance at January 1, 2022	$	586	$	—	$	261
Charged to costs and expenses	—		—		584
Amounts written off	—		—		(216)
Balance at December 31, 2022	586		—		629
Cumulative effect of adoption of ASU 2016-13 at January 1, 2023	—		2,295		—
Charged to costs and expenses	—		—		748
Amounts written off	—		—		(513)
Recoveries of amounts previously written off	—		—		100
Balance at December 31, 2023	$	586	$	2,295	$	964

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Andrew Robinson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 30, 2023, Andrew Robinson, Chief Executive Officer, adopted a Rule 10b5-1 trading plan. Mr. Robinson’s plan provides for the sale of up to 126,748 shares of our common stock by December 31, 2024. This plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and our policies regarding transactions in our securities.
Name	Andrew Robinson
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 30, 2023
Arrangement Duration	397 days
Aggregate Available	126,748	126,748

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Current income tax expense	$ 14,736	$ 120
Deferred tax expense	9,382	10,267
Income tax expense	$ 24,118	$ 10,387

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.