0001620459-23-000026 | 10-K | XBRL Viewer | James River Group Holdings LTD

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Statutory Matters - Narrative (Details) $ in Millions	12 Months Ended
Statutory Matters - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($) subsidiary	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Statutory Accounting Practices [Line Items]
Number of subsidiaries \| subsidiary	2
Casualty Reinsurance \| Bermuda
Statutory Accounting Practices [Line Items]
Minimum statutory solvency margin	$ 38.6	$ 167.1
Actual statutory capital and surplus	375.4	518.7
Statutory net income (loss)	$ (17.7)	(141.5)	$ 20.8
Combined ECR		$ 450.4
Minimum liquidity ratio	75.00%

Reserve for Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2022

Liability for Claims and Claims Adjustment Expense [Abstract]

Reserve for Losses and Loss Adjustment Expenses

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

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

Different reserving methods are appropriate in different situations, and the Company’s internal actuaries use their judgment and experience to determine the weighting of the methods to use for each accident year and each line of business and, for the Casualty Reinsurance segment, on a contract by contract basis. For example, the current accident year has very little

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

The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses, net of reinsurance, to the gross amounts reported in the consolidated balance sheets. Reinsurance recoverables on unpaid losses and loss adjustment expenses are presented gross of an allowance for credit losses on reinsurance balances of $612,000, $631,000, and $335,000 at December 31, 2022, 2021, and 2020, respectively.


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$	1,399,214	$	1,386,061	$	1,377,461
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	515,653		466,574		386,341
Prior years - retroactive reinsurance	20,091		—		—
Prior years - excluding retroactive reinsurance	9,070		325,778		92,204
Total incurred losses and loss and adjustment expenses	544,814		792,352		478,545
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	35,102		35,006		31,952
Prior years	357,366		487,741		437,993
Total loss and loss adjustment expense payments	392,468		522,747		469,945
Deduct: Deferred reinsurance gain - retroactive reinsurance	20,091		—		—
Deduct: Loss reserves ceded in loss portfolio transfers	299,493		256,452		—
Add: Changes in reinsurance recoverable of Casualty Re LPT unrelated to net reserve activity	16,294		—		—
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,248,270		1,399,214		1,386,061
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,520,725		1,349,259		806,019
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	2,768,995	$	2,748,473	$	2,192,080

The foregoing reconciliation shows that $9.1 million of adverse development was experienced in 2022 on the reserve for losses and loss adjustment expenses held at December 31, 2021 (excluding adverse prior year development on the loss portfolio transfers subject to retroactive reinsurance accounting - see Loss Portfolio Transfers below). This adverse reserve development included $210,000 of favorable development in the Excess and Surplus Lines segment, $4.2 million of favorable development in the Specialty Admitted Insurance segment, and $13.4 million of adverse development in the Casualty Reinsurance segment, including $6.8 million of net adverse reserve development in the three months ended March 31, 2022 associated with the Casualty Re LPT. The Company also experienced $5.0 million of net catastrophe losses in the current accident year in 2022 related to Hurricane Ian.

The foregoing reconciliation shows that $325.8 million of adverse development was experienced in 2021 on the reserve for losses and loss adjustment expenses held at December 31, 2020. This adverse reserve development included $190.7 million of adverse development in the Excess and Surplus Lines segment including $200.1 million of adverse development in the commercial auto line of business that was primarily related to the 2019 and prior accident years with Rasier LLC and its

affiliates (collectively, “Rasier”). The adverse development for commercial auto was partially offset by $9.4 million of favorable development in other Excess and Surplus Lines underwriting divisions. Favorable reserve development in the Specialty Admitted Insurance segment was $2.5 million as losses on our workers’ compensation business written prior to 2020 continued to develop more favorably than we had anticipated. The Casualty Reinsurance segment experienced $137.6 million of adverse development on prior accident years. Actual reported and paid losses in the Casualty Reinsurance segment significantly exceeded expectations in 2021, particularly in the fourth quarter of 2021, causing us to refine some of the assumptions used to determine our best estimate of ultimate losses for this segment. Specifically, we responded to this highly elevated loss emergence by making significant adjustments to our assumed tail factors, other development factors, initial expected loss ratios, and weights given to various actuarial methods. In particular, we gave significantly more weight to incurred loss development methods and Bornhuetter – Ferguson incurred loss development methods than had been done previously. These actuarial refinements resulted in material deterioration in ultimate loss selections for underwriting years 2014 through 2018. The adverse development was concentrated in a few large treaties for general liability and professional liability lines of business. Of the $137.6 million of adverse development recognized in 2021, $113.4 million was concentrated in these treaties. The Company also experienced $5.0 million of net catastrophe losses in the current accident year in 2021 related to Hurricane Ida.

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

Loss Portfolio Transfers

Loss portfolio transfers are a form of reinsurance utilized by the Company to transfer losses and loss adjustment expenses and associated risk of adverse development on covered subject business, as defined in the respective agreements, to an assuming reinsurer in exchange for a reinsurance premium. Loss portfolio transfers can bring economic finality on the subject risks when they no longer meet the Company's appetite or are no longer aligned with the Company's risk management guidelines.

Commercial Auto Loss Portfolio Transfer

On September 27, 2021, James River Insurance Company and James River Casualty Company (together, “James River”) entered into a loss portfolio transfer transaction (the “Commercial Auto LPT”) with Aleka Insurance, Inc. (“Aleka”), a captive insurance company affiliate of Rasier LLC, to reinsure substantially all of the Excess and Surplus Lines segment's legacy portfolio of commercial auto policies previously issued to Rasier LLC and its affiliates (collectively, “Rasier”) for which James River is not otherwise indemnified by Rasier. Under the terms of the transaction, effective as of July 1, 2021, James River ceded to Aleka approximately $345.1 million of commercial auto liabilities relating to Rasier policies written in the years 2013-2019, which amount constituted the reinsurance premium. The reinsurance coverage is structured to be fully collateralized, is not subject to an aggregate limit, and is subject to certain exclusions. A pre-tax loss of $29.6 million was recognized as adverse loss and loss adjustment reserve development in the Excess and Surplus Lines segment for the third quarter of 2021 associated with the loss portfolio transfer.

Casualty Re Loss Portfolio Transfer

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

Account balance on a quarterly basis. The total premium, initial Funds Withheld Account credit, and aggregate limit was adjusted for claims paid from October 1, 2021 to the Retrocession Closing Date. The Casualty Reinsurance segment incurred $6.8 million of net adverse reserve development in the three months ended March 31, 2022 associated with the Casualty Re LPT.

Retroactive Reinsurance Accounting

The Company periodically reevaluates the remaining reserves subject to the Commercial Auto LPT and the Casualty Re LPT (the “Loss Portfolio Transfers”), and when recognized adverse prior year development on the subject business causes the cumulative amounts ceded under a loss portfolio transfer to exceed the consideration paid, the loss portfolio transfer moves into a gain position subject to retroactive reinsurance accounting under GAAP. Gains are deferred under retroactive reinsurance accounting and recognized in earnings in proportion to actual paid recoveries under the loss portfolio transfer using the recovery method. While the deferral of gains can introduce volatility in our results in the short-term, over the life of the contract, we would expect no economic impact to the Company as long as any additional losses are within the limit of the loss portfolio transfer and the counterparty performs under the contract. The impact of retroactive reinsurance accounting is not indicative of our current and ongoing operations.

For the year ended December 31, 2022, due to adverse paid loss trends on the legacy Rasier business, the Company recognized adverse prior year development of $46.7 million on the reserves subject to the Commercial Auto LPT, resulting in a corresponding additional amount ceded under the Commercial Auto LPT. As a result, the cumulative amounts ceded under the Commercial Auto LPT exceed the consideration paid, moving the Commercial Auto LPT into a gain position. Similarly, due to adverse paid and reported loss trends on the business subject to the Casualty Re LPT, the Company ceded an additional $6.1 million of losses recoverable under the Casualty Re LPT for the year ended December 31, 2022, moving the Casualty Re LPT also into a gain position and, accordingly, the Company has applied retroactive reinsurance accounting to both loss portfolio transfers. Retroactive reinsurance benefits totaling $32.7 million ($31.0 million for the Commercial Auto LPT and $1.7 million for the Casualty Re LPT) were recorded in losses and loss adjustment expenses on the Consolidated Statements of Income (Loss) and Comprehensive (Loss) Income for the year ended December 31, 2022 using the recovery method. As of December 31, 2022, the cumulative amounts ceded under the Loss Portfolio Transfers was $732.9 million ($391.8 million under the Commercial Auto LPT and $341.1 million under the Casualty Re LPT). At December 31, 2021, $345.1 million was ceded under the Commercial Auto LPT. The total unrecognized deferred retroactive reinsurance gain of $20.1 million ($15.7 million related to the Commercial Auto LPT and $4.4 million related to the Casualty Re LPT) at December 31, 2022 under the Loss Portfolio Transfers is separately presented on the Company's Consolidated Balance Sheets. The Company has $58.9 million of aggregate limit remaining under the Casualty Re LPT at December 31, 2022.

The following tables present incurred and paid losses and loss adjustment expenses, net of reinsurance as of December 31, 2022 for: (1) the Excess and Surplus Lines segment split between all excess and surplus lines business excluding commercial auto, and separately, commercial auto, (2) the Specialty Admitted Insurance segment split between individual risk workers’ compensation and fronting and programs, and (3) the Casualty Reinsurance segment. The information provided herein about incurred and paid accident year claims development for the years ended December 31, 2021 and prior is presented as “unaudited” supplementary information.

Excess and Surplus Lines — Excluding Commercial Auto


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	96,729	$	96,064	$	85,433	$	81,009	$	82,830	$	83,855	$	82,732	$	82,517	$	83,594	$	84,376
2014			114,942		104,092		90,267		82,232		84,074		88,904		90,191		90,944		91,391
2015					126,443		113,417		104,847		102,434		103,688		110,466		114,398		116,085
2016							138,507		125,093		126,050		126,971		125,097		132,235		135,491
2017									144,349		131,897		132,136		124,265		128,674		134,272
2018											167,004		158,458		146,633		150,687		151,563
2019													214,653		194,759		189,671		188,061
2020															239,897		211,732		207,210
2021																	304,435		286,343
2022																			340,436
Total																			$	1,735,228


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	3,867	$	14,509	$	30,382	$	44,421	$	59,641	$	66,553	$	71,035	$	74,635	$	76,295	$	80,137
2014			3,412		16,969		28,212		43,891		58,774		71,549		76,523		79,980		85,433
2015					4,048		17,164		34,801		55,911		73,455		87,344		94,494		103,138
2016							5,180		22,852		46,045		70,105		90,166		102,072		116,059
2017									5,290		22,956		42,764		64,924		81,303		102,866
2018											6,000		26,160		50,679		76,494		105,538
2019													8,235		31,346		62,227		103,836
2020															8,642		34,561		73,106
2021																	11,693		55,070
2022																			12,713
Total																			$	837,896
All outstanding losses and loss adjustment expenses prior to 2013, net of reinsurance (53 claims outstanding)																			$	10,383
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	907,715

Excess and Surplus Lines — Commercial Auto


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	1,255	$	1,300	$	1,451	$	1,351	$	1,301	$	1,277	$	1,277	$	1,277	$	1,277	$	1,277
2014			20,487		14,071		17,233		18,953		19,779		18,303		19,196		20,013		20,222
2015					30,109		33,113		35,149		36,139		36,636		37,839		38,046		37,915
2016							74,340		109,286		126,791		147,122		157,712		164,399		164,046
2017									207,355		208,743		272,421		319,472		355,713		366,636
2018											255,881		230,220		283,408		349,067		371,637
2019													262,306		240,773		339,771		365,279
2020															19,133		10,899		12,324
2021																	21,154		16,565
2022																			26,126
Total																			$	1,382,027


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	60	$	1,182	$	1,285	$	1,291	$	1,275	$	1,275	$	1,275	$	1,275	$	1,275	$	1,275
2014			6,166		8,645		12,679		16,359		18,678		17,745		18,301		19,163		20,070
2015					8,356		15,234		24,282		31,592		34,819		35,983		36,710		37,462
2016							18,295		54,054		89,381		125,108		141,545		152,030		158,819
2017									41,467		107,377		192,961		252,169		309,860		344,235
2018											45,136		119,099		184,686		257,346		329,009
2019													44,225		107,182		192,982		285,725
2020															628		2,854		7,304
2021																	2,810		4,313
2022																			1,897
Total																			$	1,190,109
Total outstanding losses and loss adjustment expenses, net of reinsurance before Rasier LPT																			$	191,918
Reinsurance recoverable for Rasier LPT																			$	132,049
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	59,869

Specialty Admitted — Individual Risk Workers’ Compensation


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	12,525	$	13,668	$	12,786	$	11,578	$	10,907	$	10,909	$	10,909	$	10,598	$	10,573	$	10,438
2014			16,638		16,652		14,620		13,890		12,704		12,704		12,573		12,685		12,553
2015					20,938		21,274		19,741		18,376		17,626		16,492		16,468		16,409
2016							21,678		20,299		18,050		15,800		14,050		13,069		12,790
2017									24,869		22,071		19,779		18,810		16,606		15,487
2018											16,432		16,288		16,038		14,200		12,139
2019													20,253		21,056		20,631		18,129
2020															20,137		22,240		19,389
2021																	14,519		14,713
2022																			14,507
Total																			$	146,554


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	4,487	$	8,723	$	9,846	$	10,246	$	10,263	$	10,309	$	10,337	$	10,335	$	10,336	$	10,337
2014			4,633		10,648		12,041		12,236		12,282		12,282		12,276		12,287		12,306
2015					6,604		13,285		15,118		15,889		15,901		16,068		16,069		16,071
2016							4,664		10,227		12,135		12,432		12,481		12,483		12,483
2017									6,546		12,782		14,285		15,195		15,210		15,236
2018											4,497		9,034		11,412		11,746		11,765
2019													5,473		13,776		16,254		16,909
2020															7,394		14,668		16,665
2021																	5,874		10,780
2022																			5,943
Total																			$	128,495
All outstanding losses and loss adjustment expenses prior to 2013, net of reinsurance (7 claims outstanding)																			$	809
Outstanding losses and loss adjustment expenses assumed from involuntary workers’ compensation pools																			$	3,564
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	22,432

Specialty Admitted — Fronting and Programs


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	104	$	80	$	52	$	52	$	52	$	52	$	52	$	52	$	52	$	52
2014			3,460		3,468		3,818		3,425		3,228		3,083		3,081		3,068		3,061
2015					7,136		9,632		9,358		8,974		8,384		8,444		8,436		8,279
2016							11,542		15,670		14,682		15,522		14,468		15,090		14,304
2017									21,229		24,271		25,201		24,728		25,097		24,893
2018											21,758		20,677		19,822		20,158		19,268
2019													18,832		19,020		19,991		18,956
2020															25,433		28,131		31,555
2021																	39,999		44,857
2022																			47,262
Total																			$	212,487


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	28	$	52	$	52	$	52	$	52	$	52	$	52	$	52	$	52	$	52
2014			883		1,687		2,369		2,728		2,854		2,916		2,917		2,926		2,939
2015					2,058		4,666		6,165		6,919		7,329		7,654		7,728		7,824
2016							1,894		5,123		6,888		10,732		10,896		11,711		12,142
2017									1,223		6,682		13,065		15,854		18,219		20,655
2018											885		4,972		10,495		12,631		14,059
2019													4,358		5,125		9,958		13,007
2020															5,375		15,678		20,903
2021																	8,347		18,106
2022																			13,018
Total																			$	122,705
All outstanding losses and loss adjustment expenses, net of reinsurance																			$	89,782
Outstanding losses and loss adjustment expenses, assumed from involuntary pools																			$	967
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	90,749

Casualty Reinsurance


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	133,230	$	130,361	$	131,352	$	134,446	$	137,801	$	143,124	$	146,760	$	149,682	$	153,622	$	154,225
2014			118,881		115,927		114,636		116,981		121,200		126,160		130,822		139,208		139,341
2015					119,157		108,870		108,699		109,117		114,517		120,185		133,790		135,112
2016							112,759		105,533		103,544		108,222		114,979		132,058		133,990
2017									134,628		128,472		129,800		138,831		176,828		179,757
2018											121,529		119,098		125,715		163,957		165,417
2019													86,022		85,549		100,895		101,462
2020															80,374		81,800		82,626
2021																	82,610		85,582
2022																			108,751
Total																			$	1,286,263


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	59,756	$	75,094	$	93,902	$	108,396	$	119,256	$	127,732	$	134,644	$	139,250	$	142,824	$	146,765
2014			41,421		58,601		76,302		89,899		101,366		110,374		117,971		125,444		131,196
2015					40,021		53,986		68,002		80,208		90,661		100,548		110,692		121,675
2016							36,268		50,905		65,409		78,145		90,356		104,115		117,831
2017									47,739		72,891		90,117		106,942		126,747		151,158
2018											30,903		50,274		69,123		90,054		118,445
2019													12,646		25,453		37,488		56,907
2020															5,589		15,270		26,690
2021																	2,082		11,078
2022																			1,787
Total																			$	883,532
All outstanding losses and loss adjustment expenses prior to 2013, net of reinsurance																			$	9,431
Total outstanding losses and loss adjustment expenses, net of reinsurance before Casualty Re LPT																			$	412,162
Reinsurance recoverable for Casualty Re LPT																			244,657
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	167,505

The reconciliation of the net incurred and paid claims development tables to the reserve for losses and loss adjustment expenses in the consolidated balance sheet at December 31, 2022 is as follows (in thousands):


E&S – excluding commercial auto	$	907,715
E&S – commercial auto	59,869
Specialty Admitted – individual risk workers’ compensation	22,432
Specialty Admitted – fronting and programs	90,749
Casualty Reinsurance	167,505
Net reserve for losses and loss adjustment expenses	1,248,270
Reinsurance recoverables on unpaid losses (gross of $612,000 allowance for credit losses on reinsurance recoverables)	1,520,725
Gross reserve for losses and loss adjustment expenses	$	2,768,995

The following is unaudited supplementary information about average annual percentage payouts of incurred claims by age, net of reinsurance, as of December 31, 2022.


	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
E&S – excluding commercial auto	3.9	%	13.2	%	16.2	%	17.9	%	16.0	%	11.8	%	6.8	%	5.2	%	4.0	%	4.6	%
E&S – commercial auto	13.4	%	24.7	%	21.7	%	17.3	%	10.6	%	2.8	%	2.2	%	2.1	%	2.2	%	0.0	%
Specialty Admitted – individual risk workers’ compensation	28.5	%	31.4	%	15.1	%	8.7	%	6.4	%	3.2	%	2.0	%	1.0	%	1.1	%	0.9	%
Specialty Admitted – fronting and programs	18.8	%	21.4	%	21.8	%	12.5	%	8.3	%	6.4	%	3.6	%	3.8	%	1.4	%	2.0	%
Casualty Reinsurance	19.4	%	11.6	%	11.6	%	11.3	%	10.1	%	8.6	%	6.9	%	5.5	%	3.2	%	2.6	%

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

The Casualty Reinsurance segment typically assumes written premium under quota share arrangements. The Company typically does not have direct access to claim frequency information underlying its assumed quota share arrangements given the nature of that business. In addition, multiple claims are often aggregated by the ceding company before being reported to the Company. We do not use claim frequency information in the Casualty Reinsurance segment in the determination of loss reserves or for other internal purposes. Based on these considerations, the Company does not believe providing claims frequency information is practicable as it relates to the Casualty Reinsurance segment.

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

Excess and Surplus Lines — Excluding Commercial Auto


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2013	$	84,376	$	1,198	2,525
2014	91,391		1,446		2,255
2015	116,085		2,250		2,668
2016	135,491		3,187		3,167
2017	134,272		5,842		3,261
2018	151,563		16,626		4,561
2019	188,061		34,591		5,834
2020	207,210		74,904		5,071
2021	286,343		180,621		4,151
2022	340,436		301,739		2,694

Excess and Surplus Lines — Commercial Auto


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR before Rasier LPT		IBNR net of Rasier LPT		Cumulative # of Reported Claims
	($ in thousands)
2013	$	1,277	$	1	$	1	54
2014	20,222		152		3		7,764
2015	37,915		414		22		41,771
2016	164,046		1,305		165		89,117
2017	366,636		3,189		197		134,150
2018	371,637		3,473		301		97,339
2019	365,279		3,711		421		71,444
2020	12,324		234		234		622
2021	16,565		7,434		7,434		771
2022	26,126		22,093		22,093		427

Specialty Admitted - Individual Risk Workers’ Compensation


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2013	$	10,438	$	101	540
2014	12,553		156		851
2015	16,409		338		975
2016	12,790		307		836
2017	15,487		156		1,093
2018	12,139		313		1,238
2019	18,129		548		1,554
2020	19,389		1,203		1,378
2021	14,713		1,945		1,290
2022	14,507		2,709		997

Specialty Admitted — Fronting and Programs


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2013	$	52	$	—	22
2014	3,061		122		858
2015	8,279		101		1,363
2016	14,304		1,394		2,819
2017	24,893		2,684		6,798
2018	19,268		2,244		7,390
2019	18,956		2,756		8,117
2020	31,555		4,392		8,763
2021	44,857		15,991		10,049
2022	47,262		26,836		7,540

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


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR before Casualty Re LPT		IBNR Net of Casualty Re LPT
	($ in thousands)
2013	$	154,225	$	1,134	$	480
2014	139,341		2,217		414
2015	135,112		5,467		996
2016	133,990		7,782		1,401
2017	179,757		18,491		2,613
2018	165,417		25,512		4,001
2019	101,462		31,177		4,572
2020	82,626		47,915		8,806
2021	85,582		62,416		26,045
2022	108,751		65,167		56,748

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

Employee Benefits	12 Months Ended
Employee Benefits	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Benefits	Employee BenefitsThe Company and its subsidiaries offer savings plans (the “Savings Plans”) which qualify under Section 401(k) of the U.S. Internal Revenue Code. Participants may contribute certain percentages of their pre-tax salary to the Savings Plans subject to statutory limitations. The Company and its subsidiaries match employee contributions at various rates up to a maximum contribution of 6.0% of the participant’s earnings subject to certain statutory limits. For the years ended December 31, 2022, 2021, and 2020, the expense associated with the Savings Plans totaled $3.5 million, $3.4 million, and $3.5 million, respectively.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

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

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

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

At December 31, 2022, lease liabilities and right-of-use assets associated with the Company's operating leases were $9.1 million and $8.2 million, respectively ($12.8 million and $11.7 million at December 31, 2021, respectively). The weighted-average discount rate and weighted average remaining lease term for operating leases was 4.1% and 3.1 years, respectively, as of December 31, 2022.

The table below summarizes maturities of the Company’s operating lease liabilities as of December 31, 2022, which reconciles to total lease liabilities included in other liabilities on the Company’s consolidated balance sheets:


Years ending December 31,	(in thousands)
2023	$	3,935
2024	2,625
2025	2,556
2026	407
2027	90
Thereafter	—
Total lease payments	9,613
Less imputed interest	(521)
Total operating lease liabilities	$	9,092

Operating lease liabilities include $6.7 million associated with office space in a building that is owned by a partnership in which the Company has a minority interest.

Operating lease costs were $5.0 million, $5.1 million, and $5.0 million for the years ended December 31, 2022, 2021, and 2020, respectively. Operating lease costs are primarily comprised of rental expense for operating leases. Rental expense is recognized on a straight line basis over the lease term and includes amortization of the right-of-use lease asset and imputed interest on the lease liability. Operating lease costs are included in other operating expenses in the Company's consolidated statements of income (loss) and comprehensive (loss) income.

Shareholders' Equity - Schedule of Rollforward of Changes in Common Shares Issued and Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 10, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) In Common Stock Issued And Outstanding [Roll Forward]
Issued and outstanding common shares, beginning of year (in shares)		37,373,066
Balances (in shares)		37,373,066
Issued and outstanding common shares, end of year (in shares)		37,470,237	37,373,066
Balances (in shares)		37,470,237	37,373,066
Proceeds from issuance of stock		$ 0	$ 192,107	$ 0
Public Stock Offering
Increase (Decrease) In Common Stock Issued And Outstanding [Roll Forward]
Issuance of common shares (in shares)	6,497,500
Shares issued at a public offering price (in dollars per share)	$ 31.00
Proceeds from issuance of stock	$ 192,100
Common Shares
Increase (Decrease) In Common Stock Issued And Outstanding [Roll Forward]
Issued and outstanding common shares, beginning of year (in shares)		37,373,066	30,649,261
Balances (in shares)		37,373,066	30,649,261	30,424,391
Issuance of common shares (in shares)		0	6,497,500
Exercise of stock options (in shares)		0	93,446	113,346
Vesting of RSU awards (in shares)		97,171	132,859	111,524
Issued and outstanding common shares, end of year (in shares)		37,470,237	37,373,066	30,649,261
Balances (in shares)		37,470,237	37,373,066	30,649,261

Statutory Matters - Schedule of Statutory Accounting (Details) - United States - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	$ 42,565	$ (3,847)	$ (710)
Statutory capital and surplus	493,303	325,368	286,449
Minimum required statutory capital and surplus	$ 165,809	$ 111,031	$ 100,170

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

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Operating activities

Net income (loss)

$ 30,973

$ (172,799)

$ 4,824

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

Provision for depreciation and amortization

1,048

4,715

5,019

Share based compensation expense

8,122

6,658

7,625

Net cash provided by (used in) operating activities

^[1]

222,734

(913,546)

(273,830)

Investing activities

Net cash (used in) provided by investing activities

(328,154)

35,823

(175,991)

Financing activities

Senior debt issuance

164,000

Senior debt repayments

(40,000)

(60,000)

Issuance of Series A preferred shares

144,898

Issuances of common shares - public offering

192,107

Issuances of common shares under equity incentive plans

1,877

2,580

Common share repurchases

(1,304)

(3,077)

(3,604)

Dividends on Series A preferred shares

(6,125)

Dividends on common shares

(7,798)

(43,236)

(37,051)

Net cash provided by financing activities

89,671

147,671

65,925

Change in cash, cash equivalents, and restricted cash equivalents

(15,749)

(730,052)

(383,896)

Cash and cash equivalents at beginning of period

190,123

Cash and cash equivalents at end of period

173,164

190,123

Supplemental information

Interest paid

17,425

9,927

11,305

Parent Company

Operating activities

Net income (loss)

30,973

(172,799)

4,824

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

Provision for depreciation and amortization

216

Share based compensation expense

8,122

6,658

7,625

Equity in undistributed earnings of subsidiaries

(53,134)

218,204

(25,973)

Changes in operating assets and liabilities

68,272

(2,364)

6,433

Net cash provided by (used in) operating activities

54,449

49,915

(6,875)

Investing activities

Net cash (used in) provided by investing activities

Financing activities

Senior debt issuance

164,000

Senior debt repayments

(40,000)

(60,000)

Subsidiary note issuance

30,000

Subsidiary note repayments

(70,000)

Contribution to subsidiary

(144,000)

(128,000)

(90,000)

Issuance of Series A preferred shares

144,898

Issuances of common shares - public offering

192,107

Issuances of common shares under equity incentive plans

1,877

2,580

Common share repurchases

(1,304)

(3,077)

(3,604)

Dividends on Series A preferred shares

(6,125)

Dividends on common shares

(7,798)

(43,236)

(37,051)

Net cash provided by financing activities

(54,329)

(50,329)

5,925

Change in cash, cash equivalents, and restricted cash equivalents

120

(414)

(950)

Cash and cash equivalents at beginning of period

157

571

1,521

Cash and cash equivalents at end of period

277

157

571

Supplemental information

Interest paid

$ 9,342

$ 5,954

$ 6,530

[1]

Cash provided by (used in) operating activities for the years ended December 31, 2022, 2021, and 2020 reflects the activity in restricted cash equivalents above. As permitted under the agreements establishing the Indemnity Trust and the LPT Trust, we have withdrawn collateral from the Indemnity Trust and the LPT Trust to fund the Loss Fund Trust as required under the Administrative Services Agreement. Amounts on deposit in the Loss Fund Trust are included in restricted cash equivalents on the Company's consolidated balance sheets. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book”. Excluding the restricted cash activity above, cash provided by (used in) operating activities was $221.5 million, $(155.6) million, and $65.4 million for the years ended December 31, 2022, 2021, and 2020, respectively. The cash used in operating activities (excluding restricted cash equivalents) in 2021 was largely driven by $317.6 million paid to effect a loss portfolio transfer reinsurance transaction.

Equity Awards - Summary of RSU Activity (Details) - RSUs - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares
Unvested, beginning of year (in shares)	292,135	399,856	340,368
Granted (in shares)	560,680	161,971	272,608
Vested (in shares)	(147,530)	(194,157)	(165,344)
Forfeited (in shares)	(39,827)	(75,535)	(47,776)
Unvested, end of year (in shares)	665,458	292,135	399,856
Weighted- Average Grant Date Fair Value
Unvested, beginning of year (in dollars per share)	$ 45.89	$ 43.59	$ 41.50
Granted (in dollars per share)	20.61	47.82	45.11
Vested (in dollars per share)	45.16	42.74	41.49
Forfeited (in dollars per share)	25.41	45.98	44.57
Unvested, end of year (in dollars per share)	$ 25.98	$ 45.89	$ 43.59

Investments

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Investments

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


	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
December 31, 2022
Fixed maturity securities:
State and municipal	$	386,456	$	712	$	(56,316)	$	330,852
Residential mortgage-backed	437,702		801		(37,254)		401,249
Corporate	734,976		1,528		(66,292)		670,212
Commercial mortgage and asset-backed	335,066		76		(26,127)		309,015

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

Total fixed maturity securities, available-for-sale	$	1,969,783	$	3,125	$	(189,491)	$	1,783,417
December 31, 2021
Fixed maturity securities:
State and municipal	$	323,773	$	12,156	$	(2,212)	$	333,717
Residential mortgage-backed	246,586		2,384		(2,339)		246,631
Corporate	711,930		26,119		(5,714)		732,335
Commercial mortgage and asset-backed	301,247		4,941		(1,700)		304,488

U.S. Treasury securities and obligations guaranteed by the U.S. government	60,329		653		(592)		60,390
Total fixed maturity securities, available-for-sale	$	1,643,865	$	46,253	$	(12,557)	$	1,677,561

The amortized cost and fair value of available-for-sale investments in fixed maturity securities at December 31, 2022 are summarized, by contractual maturity, as follows:


	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	53,202	$	52,229
After one year through five years	493,890		468,007
After five years through ten years	366,853		320,871
After ten years	283,070		232,046
Residential mortgage-backed	437,702		401,249
Commercial mortgage and asset-backed	335,066		309,015
Total	$	1,969,783	$	1,783,417

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

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


	Less Than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
December 31, 2022
Fixed maturity securities:
State and municipal	$	241,586	$	(34,840)	$	72,805	$	(21,476)	$	314,391	$	(56,316)
Residential mortgage-backed	225,870		(18,823)		98,594		(18,431)		324,464		(37,254)
Corporate	412,942		(33,417)		167,541		(32,875)		580,483		(66,292)
Commercial mortgage and asset-backed	184,985		(12,829)		114,955		(13,298)		299,940		(26,127)

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

Total fixed maturity securities, available-for-sale	$	1,112,489	$	(101,608)	$	475,703	$	(87,883)	$	1,588,192	$	(189,491)
December 31, 2021
Fixed maturity securities:
State and municipal	$	93,313	$	(2,162)	$	1,150	$	(50)	$	94,463	$	(2,212)
Residential mortgage-backed	140,386		(2,337)		147		(2)		140,533		(2,339)
Corporate	179,078		(4,232)		18,635		(1,482)		197,713		(5,714)
Commercial mortgage and asset-backed	159,289		(1,695)		1,229		(5)		160,518		(1,700)

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

Total fixed maturity securities, available-for-sale	$	596,444	$	(11,018)	$	21,161	$	(1,539)	$	617,605	$	(12,557)

At December 31, 2022, the Company held fixed maturity securities of 560 issuers that were in an unrealized loss position with a total fair value of $1,588.2 million and gross unrealized losses of $189.5 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on, a scheduled principal or interest payment. At December 31, 2022, 99.8% of the Company’s fixed maturity security portfolio was rated “BBB-” or better (“investment grade”) by Standard & Poor’s or received an equivalent rating from another nationally recognized rating agency. Fixed maturity securities with ratings below investment grade by Standard & Poor's or another nationally recognized rating agency at December 31, 2022 had an aggregate fair value of $2.7 million and an aggregate net unrealized loss of $221,000.

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

The Company considers the extent to which fair value is below amortized cost in determining whether a credit-related loss exists. The Company also considers the credit quality rating of the security, with a special emphasis on securities downgraded below investment grade. A comparison is made between the present value of expected future cash flows for a security and its amortized cost. If the present value of future expected cash flows is less than amortized cost, a credit loss is presumed to exist and an allowance for credit losses is established. Management may conclude that a qualitative analysis is sufficient to support its conclusion that the present value of expected cash flows equals or exceeds a security's amortized cost. As a result of this review, management concluded that there were no credit-related impairments of fixed maturities at December 31, 2022, 2021, or 2020. Management does not intend to sell the securities in an unrealized loss position, and it is not "more likely than not" that the Company will be required to sell these securities before a recovery in their value to their amortized cost basis occurs.

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

Applying the fair value option to the bank loan portfolio increases volatility in the Company's financial statements, but management believes it is less subjective and less burdensome to implement and maintain than ASU 2016-13, which would have otherwise been required. At December 31, 2022, the Company's bank loan portfolio had an aggregate unpaid principal balance of $175.7 million and an aggregate fair value of $155.0 million. Investment income on bank loan participations included in net investment income was $12.6 million, $10.6 million, $12.2 million during the years ended December 31, 2022, 2021, and 2020 respectively. Net realized and unrealized (losses) gains on investments includes losses of $15.9 million and gains of $6.7 million and $1.3 million related to changes in unrealized gains and losses on bank loan participations for the years ended December 31, 2022, 2021, and 2020, respectively. For the year ended December 31, 2022, management concluded that $1.5 million of the unrealized losses were due to credit-related impairments. Management concluded that none of the unrealized losses were due to credit-related impairments for the year ended December 31, 2021. For the year ended December 31, 2020, management concluded that $8.3 million of the unrealized losses were due to credit-related impairments. Losses due to credit-related impairments were determined based upon consultations and advice from the Company's specialized investment manager and consideration of any adverse situations that could affect the borrower's ability to repay, the estimated value of underlying collateral, and other relevant factors.

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

Interest income on bank loan participations is accrued on the unpaid principal balance, and discounts and premiums on bank loan participations are amortized to income using the interest method. Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at December 31, 2022 or 2021.

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Fixed maturity securities	$	48,647	$	42,968	$	45,070
Bank loan participations	12,639		10,571		12,150
Equity securities	5,680		4,883		4,800
Other invested assets	3,408		2,200		9,181
Cash, cash equivalents, restricted cash equivalents, and short-term investments	4,853		260		6,619

Gross investment income	75,227		60,882		77,820
Investment expense	(4,116)		(4,017)		(4,452)
Net investment income	$	71,111	$	56,865	$	73,368

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	1,698	$	4,988	$	1,098
Gross realized losses	(1,423)		(64)		(53)
	275		4,924		1,045
Equity securities:
Gross realized gains	1,253		284		—
Gross realized losses	(1,507)		(827)		(1,441)
Changes in fair values of equity securities	(11,168)		5,350		(215)
	(11,422)		4,807		(1,656)
Bank loan participations:
Gross realized gains	230		555		554
Gross realized losses	(1,403)		(1,388)		(17,286)
Changes in fair values of bank loan participations	(15,867)		6,661		1,318
	(17,040)		5,828		(15,414)
Short-term investments and other:
Gross realized gains	1		75		77
Gross realized losses	(133)		(150)		(2)
Changes in fair values of short-term investments and other	1		80		(80)
	(131)		5		(5)
Total	$	(28,318)	$	15,564	$	(16,030)

The change in the Company’s available-for-sale fixed maturity gross unrealized net losses was $(220.1) million for the year ended December 31, 2022. The change in the Company's available-for-sale fixed maturity gross unrealized net (losses) gains was $(59.1) million and $57.7 million for the years ended December 31, 2021 and 2020, respectively.

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



	Carrying Value				Investment Income
	December 31,				Year Ended December 31,
	2022		2021		2022		2021		2020
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	9,159	$	24,211	$	3,366	$	(625)	$	—
Corporate & Other	—		2,709		435		(812)		2,016
	9,159		26,920		3,801		(1,437)		2,016
Renewable energy notes receivable (b)
Excess and Surplus Lines	1,202		2,329		270		417		—
Corporate & Other	1,503		2,911		337		522		5,630
	2,705		5,240		607		939		5,630
Limited partnerships (c)
Excess and Surplus Lines	10,019		13,098		(805)		1,417		272
Corporate & Other	1,064		2,150		(538)		938		920
	11,083		15,248		(1,343)		2,355		1,192
Bank holding companies (d)
Excess and Surplus Lines	4,500		4,500		343		200		—
Corporate & Other	—		—		—		143		343
	4,500		4,500		343		343		343
Total other invested assets
Excess and Surplus Lines	24,880		44,138		3,174		1,409		272
Corporate & Other	2,567		7,770		234		791		8,909
	$	27,447	$	51,908	$	3,408	$	2,200	$	9,181

(a) The Company’s Excess and Surplus Lines and Corporate and Other segments own equity interests ranging from 2.6% to 4.9% in various LLCs whose principal objective is capital appreciation and income generation from owning and operating renewable energy production facilities (wind and solar). The LLCs are managed by an entity for which two of our former directors served as officers, and the Company’s Non-Executive Chairman has invested in certain of these LLCs. The equity method is used to account for the Company’s LLC investments. Income for the LLCs primarily reflects adjustments to the carrying values of investments in renewable energy projects to their determined fair values. The fair value adjustments are included in revenues for the LLCs. Expenses for the LLCs are not significant and are comprised of administrative and interest expenses. During the fourth quarter of 2022, the underlying projects in two of our LLCs were sold at the manager's discretion. We received $20.2 million, comprised of $17.2 million in the Excess and Surplus Lines segment and $3.0 million in the Corporate and Other segment, and could receive additional contingent payments in the future according to terms of the transaction. The Company received cash distributions from all renewable energy investments totaling $21.6 million and $1.8 million for the years ended December 31, 2022 and 2021, respectively.

(b) The Company's Excess and Surplus Lines and Corporate and Other segments have invested in notes receivable for renewable energy projects. At December 31, 2022, the Company held two notes issued by an entity for which two of our former directors serve as officers. Interest on the notes, which mature in 2025, is fixed at 12%. During the year ended December 31, 2022, the Company received principal repayments of $1.1 million and $1.4 million on the notes receivable in the Company's Excess and Surplus Lines segment and Corporate and Other segment, respectively. During the year ended December 31, 2021, the Company received principal repayments of $1.7 million and $2.1 million on the notes receivable in the Company's Excess and Surplus Lines segment and Corporate and Other segment, respectively.

(c) The Company owns investments in limited partnerships that invest in concentrated portfolios including publicly-traded small cap equities, loans of middle market private equity sponsored companies, private equity general partnership interests, commercial mortgage-backed securities, and tranches of distressed home loans. Income from the partnerships is recognized under the equity method of accounting. During the year ended December 31, 2022, the Company recognized an impairment loss of $538,000 on one limited partnership in the Corporate & Other segment. At December 31, 2022, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $5.3 million in these limited partnerships.

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

The Company maintains fixed maturity securities, short-term investments, accrued investment income, and cash and cash equivalents amounting to $515.7 million at December 31, 2022 in trust accounts or on deposit as collateral for outstanding letters of credit issued as security to third-party reinsureds on reinsurance assumed by JRG Re.

At December 31, 2022 and 2021, cash and investments with a fair value of $61.0 million and $54.9 million, respectively, were on deposit with state insurance departments to satisfy regulatory requirements.

Investments - Summary of Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Investment Income [Line Items]
Gross investment income	$ 75,227	$ 60,882	$ 77,820
Investment expense	(4,116)	(4,017)	(4,452)
Net investment income	71,111	56,865	73,368
Fixed maturity securities
Net Investment Income [Line Items]
Gross investment income	48,647	42,968	45,070
Bank loan participations
Net Investment Income [Line Items]
Gross investment income	12,639	10,571	12,150
Equity securities
Net Investment Income [Line Items]
Gross investment income	5,680	4,883	4,800
Other invested assets
Net Investment Income [Line Items]
Gross investment income	3,408	2,200	9,181
Cash, cash equivalents, restricted cash equivalents, and short-term investments
Net Investment Income [Line Items]
Gross investment income	$ 4,853	$ 260	$ 6,619

Equity Awards - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Oct. 25, 2022	Jul. 26, 2022	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0	0	0
PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares to be received per PRSU (in shares)					1
Payout for achievement, threshold					50.00%
Payout for achievement, target					100.00%
Payout for achievement, maximum					200.00%
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, outstanding (in shares)	287,974	287,974	463,324			643,851
Vesting period (in years)	3 years
Contractual life of option (in years)	7 years
Total intrinsic value of options exercised	$ 0.0	$ 1.3	$ 3.8
Aggregate intrinsic value of options outstanding	0.0	0.0	7.8
Aggregate intrinsic value of options exercisable	$ 0.0	$ 0.0	$ 7.8
Fair value of shares used in calculation of intrinsic values (in dollars per share)	$ 20.91	$ 28.81	$ 49.15
Weighted-average remaining contractual life of options outstanding (in years)	4 months 24 days
Options granted (in shares)	0	0	0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Total fair value of shares vested	$ 3.8	$ 9.1	$ 7.2
RSUs \| Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
Legacy Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, outstanding (in shares)	0
2014 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of common shares authorized for issuance (in shares)				811,500
Maximum number of shares available for issuance (in shares)	4,982,650
Number of shares available for grant (in shares)	1,629,298
2014 Non-Employee Director Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance (in shares)	150,000
Number of shares available for grant (in shares)	82,586

Series A Preferred Shares (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 24, 2022 USD ($) d $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)
Temporary Equity [Line Items]
Series A convertible preferred shares (in dollars per share)		$ 0.00125	$ 0.00125
Issuance of Series A preferred shares \| $		$ 144,898	$ 0	$ 0
Common Shares
Temporary Equity [Line Items]
Number of shares issued during period (in shares) \| shares		0	6,497,500
Convertible Preferred Stock \| Private Placement
Temporary Equity [Line Items]
Number of shares issued during period (in shares) \| shares	150,000
Preferred stock, dividend rate, percentage	7.00%
Series A convertible preferred shares (in dollars per share)	$ 0.00125
Sale of stock, consideration received on transaction \| $	$ 150,000
Per share price (in dollars per share)	$ 1,000
Liquidation preference (in dollars per share)	$ 1,000
Preferred stock, dividend term	5 years
Preferred stock, dividend payment rate, variable spread	5.20%
Cash dividends declared \| $		$ 8,800
Dividends payable \| $		$ 2,600
Preferred stock, convertible, conversion price	$ 26.5950
Convertible preferred stock, shares issued upon conversion \| shares	5,640,158
Convertible preferred stock, minimum term for conversion	2 years
Percentage of then-applicable conversion price threshold	130.00%
Number of trading days \| d	20
Preferred stock, discount rate, percentage	3.50%
Number of trading days immediately preceding Mandatory Conversion \| d	5
Issuance costs \| $	$ 5,100
Issuance of Series A preferred shares \| $	$ 144,900
Series A Preferred Stock \| Private Placement \| Common Shares
Temporary Equity [Line Items]
Common stock, covenant, threshold, cash paid (in dollars per share)	$ 0.05
Cash dividend declared (in dollars per share)	$ 0.10

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

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

All of the Company’s goodwill is an asset of the Excess and Surplus Lines segment. The Company’s annual testing performed in the fourth quarter of 2022, 2021 and 2020 indicated that no impairment of goodwill had occurred. The carrying amount of goodwill at December 31, 2022 and 2021 was $181.8 million. Accumulated goodwill impairment losses were $99.6 million at December 31, 2022 and 2021. The most recent goodwill impairment losses occurred in 2010.

Specifically identifiable intangible assets were acquired in the Merger. During the fourth quarters of 2022, 2021 and 2020, the indefinite-lived intangible assets for trademarks and insurance licenses and authorities were tested for impairment. Intangible assets for broker relationships that have specific lives and are subject to amortization were also reviewed for impairment. There were no impairments recognized in 2022, 2021, or 2020.

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


		December 31,
		2022				2021
	Weighted- Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		(in thousands)
Trademarks	Indefinite	$	22,200	$	—	$	22,200	$	—
Insurance licenses and authorities	Indefinite	8,964		—		8,964		—
Identifiable intangibles not subject to amortization		31,164		—		31,164		—
Broker relationships	24.6	11,611		7,099		11,611		6,736
Identifiable intangible assets subject to amortization		11,611		7,099		11,611		6,736
		$	42,775	$	7,099	$	42,775	$	6,736

Future estimated amortization of specifically identifiable intangible assets as of December 31, 2022 is as follows (in thousands):


2023	$	363
2024	363
2025	363
2026	363
2027	363
Thereafter	2,696
Total	$	4,511

The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2022:


	December 31, 2021						December 31, 2022
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	4,874		(363)		—		4,511
	29,474		(363)		—		29,111
Specialty Admitted Insurance
Trademarks	2,500		—		—		2,500
Insurance licenses and authorities	4,065		—		—		4,065

	6,565		—		—		6,565
Total identifiable intangible assets	$	36,039	$	(363)	$	—	$	35,676

The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2021:


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

	6,565		—		—		6,565
Total identifiable intangible assets	$	36,402	$	(363)	$	—	$	36,039

Amortization of intangible assets was $366,000 for the Excess and Surplus Lines segment and $172,000 for the Specialty Admitted Insurance segment for the year ended December 31, 2020.

Statutory Matters (Tables)

12 Months Ended

Dec. 31, 2022

Statutory Matters [Abstract]

Schedule of Statutory Accounting

Combined net income, statutory capital and surplus and minimum required statutory capital and surplus, as determined in accordance with statutory accounting practices, for the U.S. insurance subsidiaries as of December 31, 2022, 2021, and 2020 and for the years then ended are summarized as follows:


	2022		2021		2020
	(in thousands)
Statutory net income (loss)	$	42,565	$	(3,847)	$	(710)
Statutory capital and surplus	493,303		325,368		286,449
Minimum required statutory capital and surplus	165,809		111,031		100,170

- Definition

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

+ References + Details

SCHEDULE II - Condensed Financial Information of Registrant - Narrative (Details) - $ / shares	Feb. 24, 2022	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Series A redeemable preferred shares, par value (in dollars per share)		$ 0.00125	$ 0.00125
Convertible Preferred Stock \| Private Placement
Condensed Financial Statements, Captions [Line Items]
Preferred stock, dividend rate, percentage	7.00%
Series A redeemable preferred shares, par value (in dollars per share)	$ 0.00125
Convertible Preferred Stock \| Private Placement \| Parent Company
Condensed Financial Statements, Captions [Line Items]
Preferred stock, dividend rate, percentage	7.00%
Series A redeemable preferred shares, par value (in dollars per share)	$ 0.00125

Commitments and Contingent Liabilities	12 Months Ended
Commitments and Contingent Liabilities	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities The Company is involved in various legal proceedings, including commercial matters and litigation regarding insurance claims arising in the ordinary course of business as well as an alleged class action lawsuit. In addition, the Company is involved from time to time in legal actions which seek extra-contractual damages, punitive damages or penalties, including claims alleging bad faith in the handling of insurance claims. The Company believes that the outcome of such matters, individually and in the aggregate, is not reasonably likely to have a material adverse effect on its consolidated financial position, results of operations or cash flows. On July 9, 2021 a purported class action lawsuit was filed in the U.S. District Court, Eastern District of Virginia (the “Court”) by Employees’ Retirement Fund of the City of Fort Worth against James River Group Holdings, Ltd. and certain of its present and former officers (together, “Defendants”). On September 22, 2021, the Court entered an order appointing Employees’ Retirement Fund of the City of Fort Worth and the City of Miami General Employees’ and Sanitation Employees’ Retirement Trust as co-lead plaintiffs (together, “Plaintiffs”). Plaintiffs’ consolidated amended complaint was filed on November 19, 2021 (the “First Amended Complaint”). The Defendants filed a motion to dismiss the First Amended Complaint on January 18, 2022, Plaintiffs’ opposition thereto was filed on March 4, 2022, and the Defendants’ reply to the Plaintiffs’ opposition was filed on April 4, 2022. On August 25, 2022, Plaintiffs filed a motion for leave to file a second amended class action complaint (the "Second Amended Complaint"). On September 8, 2022, the Defendants consented to the Plaintiffs’ motion to file the Second Amended Complaint, and filed a motion to dismiss the Second Amended Complaint on October 24, 2022 (the "Second MTD"). The Plaintiffs’ opposition to the Second MTD was filed on November 7, 2022, and the Defendant's reply to the Plaintiffs’ opposition was filed on November 14, 2022. The First Amended Complaint and Second Amended Complaint assert claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of a putative class of persons and entities that purchased the Company's stock between February 22, 2019 and October 25, 2021, allege that Defendants failed to make appropriate disclosures concerning the adequacy of reserves for policies that covered Rasier LLC, a subsidiary of Uber Technologies, Inc., and seek unspecified damages, costs, attorneys’ fees and such other relief as the court may deem proper. We believe that the Plaintiffs’ claims are without merit, and we intend to vigorously defend this lawsuit. For a description of the potential future impacts of COVID-19 on the Company, see the “The global coronavirus outbreak could harm business and results of operations of the Company” risk factor in Part I—Item IA in this Annual Report. The Company’s reinsurance subsidiary, JRG Re, entered into three letter of credit facilities with banks as security to third-party reinsureds on reinsurance assumed by JRG Re. JRG Re has established custodial accounts to secure these letters of credit. Under a $30.0 million facility, $4.8 million of letters of credit were issued through December 31, 2022 which were secured by deposits of $5.6 million. Under the 2013 Facility, $44.5 million of letters of credit were issued through December 31, 2022 which were secured by deposits of $52.9 million. Under the 2017 Facility, $22.9 million of letters of credit were issued through December 31, 2022 which were secured by deposits of $33.1 million. JRG Re has also established trust accounts to secure its obligations to selected reinsureds. The total amount deposited in the trust accounts for the benefit of third-party reinsureds was $427.2 million at December 31, 2022. Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book James River previously issued a set of commercial auto insurance contracts to Rasier (the “Rasier Commercial Auto Policies”) under which James River pays losses and loss adjustment expenses on the contracts. James River has indemnity agreements with Rasier (non-insurance entities) (collectively, the “Indemnity Agreements”) and is contractually entitled to reimbursement for the portion of the losses and loss adjustment expenses paid on behalf of Rasier under the Rasier Commercial Auto Policies and other expenses incurred by James River. On September 27, 2021, James River entered into the Commercial Auto LPT with Aleka to reinsure substantially all of the Rasier Commercial Auto Policies for which James River is not otherwise indemnified by Rasier under the Indemnity Agreements. Under the terms of the Commercial Auto LPT, effective as of July 1, 2021, James River ceded to Aleka approximately $345.1 million of commercial auto liabilities relating to Rasier Commercial Auto Policies written in the years 2013-2019, which amount constituted the reinsurance premium. For the year ended December 31, 2022, due to adverse paid loss trends on the legacy Rasier business, the Company recognized adverse prior year development of $46.7 million on the reserves subject to the Commercial Auto LPT, bringing the cumulative amount ceded under the Commercial Auto LPT to $391.8 million at December 31, 2022. Each of Rasier and Aleka are required to post collateral under the Indemnity Agreements and the Commercial Auto LPT: •Pursuant to the Indemnity Agreements, Rasier is required to post collateral equal to 102% of James River's estimate of the amounts that are recoverable or may be recoverable under the Indemnity Agreements, including, among other things, case loss and loss adjustment expense reserves, IBNR loss and loss adjustment expense reserves, extra contractual obligations and excess policy limits liabilities. The collateral is provided through a collateral trust arrangement (the “Indemnity Trust”) in favor of James River by Aleka. In connection with the execution of the Commercial Auto LPT, James River returned $691.3 million to the Indemnity Trust, representing the remaining balance of the amount withdrawn in October 2019, as was permitted under the indemnification agreements with Rasier and the associated trust agreement. At December 31, 2022, the balance in the Indemnity Trust was $267.0 million, and, together with the balance of the Loss Fund Trust (as defined below) attributable to the Indemnity Agreements as described below, the total balance of collateral securing Rasier’s obligations under the Indemnity Agreements was $336.2 million. •Pursuant to the Commercial Auto LPT, Aleka is required to post collateral equal to 102% of James River's estimate of Aleka's obligations under the Commercial Auto LPT, calculated in accordance with standard actuarial principles and based on reserves recorded in the Company's statutory financial statements. The collateral is provided through a collateral trust arrangement (the “LPT Trust”) established in favor of James River by Aleka. At December 31, 2022, the balance in the LPT Trust was $121.9 million, and, together with the balance of the Loss Fund Trust (as defined below) attributable to the Commercial Auto LPT as described below, the total balance of collateral securing Aleka’s obligations under the Commercial Auto LPT was $150.0 million. At December 31, 2022, the total reinsurance recoverables under the Commercial Auto LPT was $145.2 million (including $132.0 million of unpaid recoverables and $13.2 million of paid recoverables). In connection with the execution of the Commercial Auto LPT, James River and Aleka entered into an administrative services agreement (the “Administrative Services Agreement”) with a third party claims administrator (the “Administrator”) pursuant to which the Administrator handles the claims on the Rasier Commercial Auto Policies for the remaining life of those claims. The claims paid by the Administrator are reimbursable by James River, and pursuant to the Administrative Services Agreement, James River established a loss fund trust account for the benefit of the Administrator (the “Loss Fund Trust”) to collateralize its claims payment reimbursement obligations. James River funds the Loss Fund Trust using funds withdrawn from the Indemnity Trust, funds withdrawn from the LPT Trust, and its own funds, in each case in an amount equal to the pro rata portion of the required Loss Fund Trust balance attributable to the Indemnity Agreements, the Commercial Auto LPT and James River’s existing third party reinsurance agreements, respectively. At December 31, 2022, the balance in the Loss Fund Trust was $103.2 million, including $69.2 million representing collateral supporting Rasier’s obligations under the Indemnity Agreements and $28.2 million representing collateral supporting Aleka’s obligations under the Commercial Auto LPT. Funds posted to the Loss Fund Trust are classified as restricted cash equivalents on the Company's balance sheet. While the Commercial Auto LPT brings economic finality to substantially all of the Rasier Commercial Auto Policies, the Company has credit exposure to Rasier and Aleka under the Indemnity Agreements and the Commercial Auto LPT if the estimated losses and expenses of the Rasier Commercial Auto Policies grow at a faster pace than the growth in our collateral balances. In addition, the Company has credit exposure if its estimates of future losses and loss adjustment expenses and other amounts recoverable under the Indemnity Agreements and the Commercial Auto LPT, which are the basis for establishing the collateral balances, are lower than actual amounts paid or payable. The amount of credit exposure in any of these instances could be material. To mitigate these risks, the Company closely and frequently monitors exposure compared to collateral held, and requests additional collateral in accordance with the terms of the Commercial Auto LPT and Indemnity Agreements when its analysis indicates that the Company has uncollateralized exposure.

Reserve for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Liability for Claims and Claims Adjustment Expense [Abstract]

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$	1,399,214	$	1,386,061	$	1,377,461
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year	515,653		466,574		386,341
Prior years - retroactive reinsurance	20,091		—		—
Prior years - excluding retroactive reinsurance	9,070		325,778		92,204
Total incurred losses and loss and adjustment expenses	544,814		792,352		478,545
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year	35,102		35,006		31,952
Prior years	357,366		487,741		437,993
Total loss and loss adjustment expense payments	392,468		522,747		469,945
Deduct: Deferred reinsurance gain - retroactive reinsurance	20,091		—		—
Deduct: Loss reserves ceded in loss portfolio transfers	299,493		256,452		—
Add: Changes in reinsurance recoverable of Casualty Re LPT unrelated to net reserve activity	16,294		—		—
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period	1,248,270		1,399,214		1,386,061
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	1,520,725		1,349,259		806,019
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	2,768,995	$	2,748,473	$	2,192,080

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

Excess and Surplus Lines — Excluding Commercial Auto


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	96,729	$	96,064	$	85,433	$	81,009	$	82,830	$	83,855	$	82,732	$	82,517	$	83,594	$	84,376
2014			114,942		104,092		90,267		82,232		84,074		88,904		90,191		90,944		91,391
2015					126,443		113,417		104,847		102,434		103,688		110,466		114,398		116,085
2016							138,507		125,093		126,050		126,971		125,097		132,235		135,491
2017									144,349		131,897		132,136		124,265		128,674		134,272
2018											167,004		158,458		146,633		150,687		151,563
2019													214,653		194,759		189,671		188,061
2020															239,897		211,732		207,210
2021																	304,435		286,343
2022																			340,436
Total																			$	1,735,228


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	3,867	$	14,509	$	30,382	$	44,421	$	59,641	$	66,553	$	71,035	$	74,635	$	76,295	$	80,137
2014			3,412		16,969		28,212		43,891		58,774		71,549		76,523		79,980		85,433
2015					4,048		17,164		34,801		55,911		73,455		87,344		94,494		103,138
2016							5,180		22,852		46,045		70,105		90,166		102,072		116,059
2017									5,290		22,956		42,764		64,924		81,303		102,866
2018											6,000		26,160		50,679		76,494		105,538
2019													8,235		31,346		62,227		103,836
2020															8,642		34,561		73,106
2021																	11,693		55,070
2022																			12,713
Total																			$	837,896
All outstanding losses and loss adjustment expenses prior to 2013, net of reinsurance (53 claims outstanding)																			$	10,383
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	907,715

Excess and Surplus Lines — Commercial Auto


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	1,255	$	1,300	$	1,451	$	1,351	$	1,301	$	1,277	$	1,277	$	1,277	$	1,277	$	1,277
2014			20,487		14,071		17,233		18,953		19,779		18,303		19,196		20,013		20,222
2015					30,109		33,113		35,149		36,139		36,636		37,839		38,046		37,915
2016							74,340		109,286		126,791		147,122		157,712		164,399		164,046
2017									207,355		208,743		272,421		319,472		355,713		366,636
2018											255,881		230,220		283,408		349,067		371,637
2019													262,306		240,773		339,771		365,279
2020															19,133		10,899		12,324
2021																	21,154		16,565
2022																			26,126
Total																			$	1,382,027


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	60	$	1,182	$	1,285	$	1,291	$	1,275	$	1,275	$	1,275	$	1,275	$	1,275	$	1,275
2014			6,166		8,645		12,679		16,359		18,678		17,745		18,301		19,163		20,070
2015					8,356		15,234		24,282		31,592		34,819		35,983		36,710		37,462
2016							18,295		54,054		89,381		125,108		141,545		152,030		158,819
2017									41,467		107,377		192,961		252,169		309,860		344,235
2018											45,136		119,099		184,686		257,346		329,009
2019													44,225		107,182		192,982		285,725
2020															628		2,854		7,304
2021																	2,810		4,313
2022																			1,897
Total																			$	1,190,109
Total outstanding losses and loss adjustment expenses, net of reinsurance before Rasier LPT																			$	191,918
Reinsurance recoverable for Rasier LPT																			$	132,049
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	59,869

Specialty Admitted — Individual Risk Workers’ Compensation


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	12,525	$	13,668	$	12,786	$	11,578	$	10,907	$	10,909	$	10,909	$	10,598	$	10,573	$	10,438
2014			16,638		16,652		14,620		13,890		12,704		12,704		12,573		12,685		12,553
2015					20,938		21,274		19,741		18,376		17,626		16,492		16,468		16,409
2016							21,678		20,299		18,050		15,800		14,050		13,069		12,790
2017									24,869		22,071		19,779		18,810		16,606		15,487
2018											16,432		16,288		16,038		14,200		12,139
2019													20,253		21,056		20,631		18,129
2020															20,137		22,240		19,389
2021																	14,519		14,713
2022																			14,507
Total																			$	146,554


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	4,487	$	8,723	$	9,846	$	10,246	$	10,263	$	10,309	$	10,337	$	10,335	$	10,336	$	10,337
2014			4,633		10,648		12,041		12,236		12,282		12,282		12,276		12,287		12,306
2015					6,604		13,285		15,118		15,889		15,901		16,068		16,069		16,071
2016							4,664		10,227		12,135		12,432		12,481		12,483		12,483
2017									6,546		12,782		14,285		15,195		15,210		15,236
2018											4,497		9,034		11,412		11,746		11,765
2019													5,473		13,776		16,254		16,909
2020															7,394		14,668		16,665
2021																	5,874		10,780
2022																			5,943
Total																			$	128,495
All outstanding losses and loss adjustment expenses prior to 2013, net of reinsurance (7 claims outstanding)																			$	809
Outstanding losses and loss adjustment expenses assumed from involuntary workers’ compensation pools																			$	3,564
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	22,432

Specialty Admitted — Fronting and Programs


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	104	$	80	$	52	$	52	$	52	$	52	$	52	$	52	$	52	$	52
2014			3,460		3,468		3,818		3,425		3,228		3,083		3,081		3,068		3,061
2015					7,136		9,632		9,358		8,974		8,384		8,444		8,436		8,279
2016							11,542		15,670		14,682		15,522		14,468		15,090		14,304
2017									21,229		24,271		25,201		24,728		25,097		24,893
2018											21,758		20,677		19,822		20,158		19,268
2019													18,832		19,020		19,991		18,956
2020															25,433		28,131		31,555
2021																	39,999		44,857
2022																			47,262
Total																			$	212,487


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	28	$	52	$	52	$	52	$	52	$	52	$	52	$	52	$	52	$	52
2014			883		1,687		2,369		2,728		2,854		2,916		2,917		2,926		2,939
2015					2,058		4,666		6,165		6,919		7,329		7,654		7,728		7,824
2016							1,894		5,123		6,888		10,732		10,896		11,711		12,142
2017									1,223		6,682		13,065		15,854		18,219		20,655
2018											885		4,972		10,495		12,631		14,059
2019													4,358		5,125		9,958		13,007
2020															5,375		15,678		20,903
2021																	8,347		18,106
2022																			13,018
Total																			$	122,705
All outstanding losses and loss adjustment expenses, net of reinsurance																			$	89,782
Outstanding losses and loss adjustment expenses, assumed from involuntary pools																			$	967
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	90,749

Casualty Reinsurance


Incurred losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	133,230	$	130,361	$	131,352	$	134,446	$	137,801	$	143,124	$	146,760	$	149,682	$	153,622	$	154,225
2014			118,881		115,927		114,636		116,981		121,200		126,160		130,822		139,208		139,341
2015					119,157		108,870		108,699		109,117		114,517		120,185		133,790		135,112
2016							112,759		105,533		103,544		108,222		114,979		132,058		133,990
2017									134,628		128,472		129,800		138,831		176,828		179,757
2018											121,529		119,098		125,715		163,957		165,417
2019													86,022		85,549		100,895		101,462
2020															80,374		81,800		82,626
2021																	82,610		85,582
2022																			108,751
Total																			$	1,286,263


Cumulative paid losses and loss adjustment expenses, net of reinsurance (in thousands)
Accident Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
2013	$	59,756	$	75,094	$	93,902	$	108,396	$	119,256	$	127,732	$	134,644	$	139,250	$	142,824	$	146,765
2014			41,421		58,601		76,302		89,899		101,366		110,374		117,971		125,444		131,196
2015					40,021		53,986		68,002		80,208		90,661		100,548		110,692		121,675
2016							36,268		50,905		65,409		78,145		90,356		104,115		117,831
2017									47,739		72,891		90,117		106,942		126,747		151,158
2018											30,903		50,274		69,123		90,054		118,445
2019													12,646		25,453		37,488		56,907
2020															5,589		15,270		26,690
2021																	2,082		11,078
2022																			1,787
Total																			$	883,532
All outstanding losses and loss adjustment expenses prior to 2013, net of reinsurance																			$	9,431
Total outstanding losses and loss adjustment expenses, net of reinsurance before Casualty Re LPT																			$	412,162
Reinsurance recoverable for Casualty Re LPT																			244,657
Total outstanding losses and loss adjustment expenses, net of reinsurance																			$	167,505

Schedule of Reserve for Losses and Loss Adjustment Expenses


E&S – excluding commercial auto	$	907,715
E&S – commercial auto	59,869
Specialty Admitted – individual risk workers’ compensation	22,432
Specialty Admitted – fronting and programs	90,749
Casualty Reinsurance	167,505
Net reserve for losses and loss adjustment expenses	1,248,270
Reinsurance recoverables on unpaid losses (gross of $612,000 allowance for credit losses on reinsurance recoverables)	1,520,725
Gross reserve for losses and loss adjustment expenses	$	2,768,995

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

The following is unaudited supplementary information about average annual percentage payouts of incurred claims by age, net of reinsurance, as of December 31, 2022.


	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
E&S – excluding commercial auto	3.9	%	13.2	%	16.2	%	17.9	%	16.0	%	11.8	%	6.8	%	5.2	%	4.0	%	4.6	%
E&S – commercial auto	13.4	%	24.7	%	21.7	%	17.3	%	10.6	%	2.8	%	2.2	%	2.1	%	2.2	%	0.0	%
Specialty Admitted – individual risk workers’ compensation	28.5	%	31.4	%	15.1	%	8.7	%	6.4	%	3.2	%	2.0	%	1.0	%	1.1	%	0.9	%
Specialty Admitted – fronting and programs	18.8	%	21.4	%	21.8	%	12.5	%	8.3	%	6.4	%	3.6	%	3.8	%	1.4	%	2.0	%
Casualty Reinsurance	19.4	%	11.6	%	11.6	%	11.3	%	10.1	%	8.6	%	6.9	%	5.5	%	3.2	%	2.6	%

Schedule of Incurred But Not Reported Liabilities and Claims Frequency

Excess and Surplus Lines — Excluding Commercial Auto


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2013	$	84,376	$	1,198	2,525
2014	91,391		1,446		2,255
2015	116,085		2,250		2,668
2016	135,491		3,187		3,167
2017	134,272		5,842		3,261
2018	151,563		16,626		4,561
2019	188,061		34,591		5,834
2020	207,210		74,904		5,071
2021	286,343		180,621		4,151
2022	340,436		301,739		2,694

Excess and Surplus Lines — Commercial Auto


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR before Rasier LPT		IBNR net of Rasier LPT		Cumulative # of Reported Claims
	($ in thousands)
2013	$	1,277	$	1	$	1	54
2014	20,222		152		3		7,764
2015	37,915		414		22		41,771
2016	164,046		1,305		165		89,117
2017	366,636		3,189		197		134,150
2018	371,637		3,473		301		97,339
2019	365,279		3,711		421		71,444
2020	12,324		234		234		622
2021	16,565		7,434		7,434		771
2022	26,126		22,093		22,093		427

Specialty Admitted - Individual Risk Workers’ Compensation


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2013	$	10,438	$	101	540
2014	12,553		156		851
2015	16,409		338		975
2016	12,790		307		836
2017	15,487		156		1,093
2018	12,139		313		1,238
2019	18,129		548		1,554
2020	19,389		1,203		1,378
2021	14,713		1,945		1,290
2022	14,507		2,709		997

Specialty Admitted — Fronting and Programs


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR		Cumulative # of Reported Claims
	($ in thousands)
2013	$	52	$	—	22
2014	3,061		122		858
2015	8,279		101		1,363
2016	14,304		1,394		2,819
2017	24,893		2,684		6,798
2018	19,268		2,244		7,390
2019	18,956		2,756		8,117
2020	31,555		4,392		8,763
2021	44,857		15,991		10,049
2022	47,262		26,836		7,540

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


Accident Year	Incurred Losses and Loss Adj Expenses		IBNR before Casualty Re LPT		IBNR Net of Casualty Re LPT
	($ in thousands)
2013	$	154,225	$	1,134	$	480
2014	139,341		2,217		414
2015	135,112		5,467		996
2016	133,990		7,782		1,401
2017	179,757		18,491		2,613
2018	165,417		25,512		4,001
2019	101,462		31,177		4,572
2020	82,626		47,915		8,806
2021	85,582		62,416		26,045
2022	108,751		65,167		56,748

Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders' EquityThe Company has 200,000,000 common shares authorized with $0.0002 par value per share. The following table presents a rollforward of changes in common shares issued and outstanding.


	Year Ended December 31,
	2022	2021

Issued and outstanding common shares, beginning of year	37,373,066	30,649,261
Issuance of common shares	—	6,497,500
Exercise of stock options	—	93,446
Vesting of RSU awards	97,171	132,859
Issued and outstanding common shares, end of year	37,470,237	37,373,066

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

The Company has 5,132,650 common shares reserved for future issuance upon exercise or vesting of equity awards, as applicable, and 5,640,158 common shares reserved for issuance upon conversion of the Series A Preferred Shares.

The Board of Directors declared the following cash dividends on common shares in 2022, 2021, and 2020:


Date of Declaration	Dividend per Common Share	Payable to Shareholders of Record on	Payment Date	Total Amount (thousands)
2022
February 16, 2022	$0.05	March 14, 2022	March 31, 2022	$	1,908
April 28, 2022	$0.05	June 13, 2022	June 30, 2022	$	1,908
July 26, 2022	$0.05	September 12, 2022	September 30, 2022	$	1,908
October 25, 2022	$0.05	December 12, 2022	December 30, 2022	$	1,908
Total	$0.20			$	7,632
2021
February 24, 2021	$0.30	March 15, 2021	March 31, 2021	$	9,345
April 27, 2021	$0.30	June 14, 2021	June 30, 2021	$	11,291
July 27, 2021	$0.30	September 13, 2021	September 30, 2021	$	11,282
October 26, 2021	$0.30	December 13, 2021	December 31, 2021	$	11,292
Total	$1.20			$	43,210
2020
February 19, 2020	$0.30	March 16, 2020	March 31, 2020	$	9,269
April 28, 2020	$0.30	June 15, 2020	June 30, 2020	$	9,271
July 28, 2020	$0.30	September 14, 2020	September 30, 2020	$	9,292
October 27, 2020	$0.30	December 14, 2020	December 31, 2020	$	9,305
Total	$1.20			$	37,137

Included in the dividends are $141,000, $404,000 and $449,000 of dividend equivalents on RSUs, of which $335,000, $518,000 and $663,000 were payable as of December 31, 2022, 2021, and 2020, respectively.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

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

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

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

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

+ Details

Consolidated Statements of Income (Loss) and Comprehensive (Loss) Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net unrealized (losses) gains, net of taxes	$ (27,041)	$ (7,135)	$ 6,874

Reserve for Losses and Loss Adjustment Expenses - Reserve for Losses and Loss Adjustment Expenses, Net of Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) [Abstract]
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period		$ 1,399,214	$ 1,386,061	$ 1,377,461
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Current year		515,653	466,574	386,341
Prior years - retroactive reinsurance		20,091	0	0
Prior years - excluding retroactive reinsurance		9,070	325,778	92,204
Total incurred losses and loss and adjustment expenses		544,814	792,352	478,545
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Current year		35,102	35,006	31,952
Prior years		357,366	487,741	437,993
Total loss and loss adjustment expense payments		392,468	522,747	469,945
Deduct: Deferred reinsurance gain - retroactive reinsurance		20,091	0
Deduct: Loss reserves ceded in loss portfolio transfers		1,520,113	1,348,628
Add: Changes in reinsurance recoverable of Casualty Re LPT unrelated to net reserve activity		(96,310)	601,632	213,264
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period		1,248,270	1,399,214	1,386,061
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period		1,520,725	1,349,259	806,019
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period		2,768,995	2,748,473	2,192,080
Excess and Surplus Lines
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance		(210)	190,700	59,400
Casualty Reinsurance
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance		13,400
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Loss reserves ceded in loss portfolio transfers		244,657
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at end of period		167,505
Loss Portfolio Transfer \| Excess and Surplus Lines and Casualty Reinsurance
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Deferred reinsurance gain - retroactive reinsurance		20,091	0	0
Loss Portfolio Transfer \| Excess and Surplus Lines and Casualty Reinsurance \| Commercial Auto Business
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - retroactive reinsurance		20,091	0	0
Loss Portfolio Transfer \| Excess and Surplus Lines \| Commercial Auto Business
Add: Incurred losses and loss adjustment expenses net of reinsurance:
Prior years - excluding retroactive reinsurance	$ 29,600	46,700
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Deferred reinsurance gain - retroactive reinsurance		15,700
Deduct: Loss reserves ceded in loss portfolio transfers			256,452	0
Loss Portfolio Transfer \| Casualty Reinsurance
Deduct: Loss and loss adjustment expense payments net of reinsurance:
Deduct: Loss reserves ceded in loss portfolio transfers		299,493
Add: Changes in reinsurance recoverable of Casualty Re LPT unrelated to net reserve activity		$ 16,294	$ 0	$ 0

Reserve for Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		12 Months Ended
	Mar. 31, 2022	Jul. 01, 2021	Mar. 31, 2022	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Abstract]
Allowance for credit losses on reinsurance recoverables					$ 612	$ 631	$ 335
Development on prior year loss reserves
Development on prior year loss reserves					9,070	325,778	92,204
Funds held					310,953	97,360
Deferred reinsurance gain					20,091	0
Excess and Surplus Lines
Development on prior year loss reserves
Development on prior year loss reserves					(210)	190,700	59,400
Excess and Surplus Lines \| Excluding Commercial Auto
Development on prior year loss reserves
Development on prior year loss reserves						(9,400)
Excess and Surplus Lines \| Commercial Auto Business \| Loss Portfolio Transfer
Development on prior year loss reserves
Development on prior year loss reserves				$ 29,600	46,700
Retroactive reinsurance benefit recognized					31,000
Cumulative amounts ceded under loss portfolio transfer					391,800	345,100
Deferred reinsurance gain					15,700
Excess and Surplus Lines \| Commercial Auto Business \| Loss Portfolio Transfer \| Aleka
Development on prior year loss reserves
Reinsurance premium		$ 345,100
Excess and Surplus Lines \| Hurricane
Development on prior year loss reserves
Liability for catastrophe claims, losses					5,000	5,000
Excess and Surplus Lines \| Accident years 2019 and prior \| Commercial Auto
Development on prior year loss reserves
Development on prior year loss reserves						200,100
Excess and Surplus Lines \| Accident years 2018 and prior \| Commercial Auto
Development on prior year loss reserves
Development on prior year loss reserves							91,400
Excess and Surplus Lines \| Accident years 2018 and 2019 \| Excluding Commercial Auto
Development on prior year loss reserves
Development on prior year loss reserves							(32,000)
Specialty Admitted Insurance
Development on prior year loss reserves
Development on prior year loss reserves					(4,200)
Specialty Admitted Insurance \| Accident years prior to 2020
Development on prior year loss reserves
Development on prior year loss reserves						(2,500)
Specialty Admitted Insurance \| Accident years prior to 2019
Development on prior year loss reserves
Development on prior year loss reserves							(5,000)
Casualty Reinsurance
Development on prior year loss reserves
Development on prior year loss reserves					13,400
Casualty Reinsurance \| Loss Portfolio Transfer \| Fortitude Reinsurance \| JRG Reinsurance Company, Ltd.
Development on prior year loss reserves
Development on prior year loss reserves			$ 6,800		6,100
Reinsurance, aggregate coverage limit	$ 400,000		400,000
Ceded premiums payable	335,000		335,000
Funds held	310,000		$ 310,000
Payments for reinsurance	$ 25,000
Crediting rate on funds withheld	2.00%
Retroactive reinsurance benefit recognized					1,700
Cumulative amounts ceded under loss portfolio transfer					341,100
Deferred reinsurance gain					4,400
Reinsurance, amount remaining					58,900
Casualty Reinsurance \| Reinsurance Policy, Type [Axis]: General Liability And Professional Liability Treaties
Development on prior year loss reserves
Development on prior year loss reserves						113,400
Casualty Reinsurance \| Accident years 2014 through 2018
Development on prior year loss reserves
Development on prior year loss reserves						137,600
Casualty Reinsurance \| Accident years 2014 through 2018
Development on prior year loss reserves
Development on prior year loss reserves							37,800
Excess and Surplus Lines and Casualty Reinsurance \| Loss Portfolio Transfer
Development on prior year loss reserves
Retroactive reinsurance benefit recognized					32,700
Cumulative amounts ceded under loss portfolio transfer					732,900
Deferred reinsurance gain					$ 20,091	$ 0	$ 0

Segment Information - Gross Written Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total gross written premiums	$ 1,496,580	$ 1,507,299	$ 1,257,000
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Total gross written premiums	921,164	833,657	699,143
Excess and Surplus Lines \| Excess Casualty
Segment Reporting Information [Line Items]
Total gross written premiums	310,383	285,082	213,037
Excess and Surplus Lines \| General Casualty
Segment Reporting Information [Line Items]
Total gross written premiums	173,574	140,608	125,433
Excess and Surplus Lines \| Manufacturers and Contractors
Segment Reporting Information [Line Items]
Total gross written premiums	156,645	139,720	122,880
Excess and Surplus Lines \| Excess Property
Segment Reporting Information [Line Items]
Total gross written premiums	52,104	47,241	37,332
Excess and Surplus Lines \| Energy
Segment Reporting Information [Line Items]
Total gross written premiums	42,290	46,216	51,109
Excess and Surplus Lines \| Commercial Auto
Segment Reporting Information [Line Items]
Total gross written premiums	37,974	34,630	30,029
Excess and Surplus Lines \| Small Business
Segment Reporting Information [Line Items]
Total gross written premiums	36,930	32,593	24,790
Excess and Surplus Lines \| Allied Health
Segment Reporting Information [Line Items]
Total gross written premiums	34,156	35,192	26,918
Excess and Surplus Lines \| Life Sciences
Segment Reporting Information [Line Items]
Total gross written premiums	32,277	35,935	35,163
Excess and Surplus Lines \| Environmental
Segment Reporting Information [Line Items]
Total gross written premiums	20,676	17,050	17,753
Excess and Surplus Lines \| Sports and Entertainment
Segment Reporting Information [Line Items]
Total gross written premiums	13,934	9,442	6,118
Excess and Surplus Lines \| Professional Liability
Segment Reporting Information [Line Items]
Total gross written premiums	8,936	8,104	6,881
Excess and Surplus Lines \| Medical Professionals
Segment Reporting Information [Line Items]
Total gross written premiums	1,285	1,844	1,700
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Total gross written premiums	490,208	491,561	408,691
Casualty Reinsurance
Segment Reporting Information [Line Items]
Total gross written premiums	$ 85,208	$ 182,081	$ 149,166

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

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

Distributions from the Company’s U.S. subsidiaries to its U.K. intermediate holding company, James River UK, are generally subject to a 5% dividend withholding tax. No distributions occurred in 2022, 2021 or 2020.

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

The Company’s U.S.-based subsidiaries are generally no longer subject to income tax examination by U.S. income tax authorities for the tax years ending before January 1, 2019.

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

provision and adjusted out of our deferred tax liability. The regulations were finalized in 2019, and the remaining reserve adjustment at December 31, 2019 based on these final regulations was $5.7 million to be recognized over the six years 2020 - 2025 at $950,000 per year.

The expected income tax provision computed from pre-tax income at the weighted-average tax rate has been calculated as the sum of the pre-tax income in each jurisdiction multiplied by that jurisdiction’s applicable Federal statutory tax rate. Federal statutory tax rates of 0% and 21% have been used in 2022, 2021 and 2020 for Bermuda and the U.S., respectively. The U.S. income (loss) before Federal income taxes was $85.9 million, $(89.3) million, and $25.1 million for the years ending December 31, 2022, 2021, and 2020, respectively. The Tax Act base-erosion and anti-abuse tax (“BEAT”) provisions impose a minimum tax on applicable taxpayers that make certain payments to related foreign persons. BEAT subjects the modified taxable income of an applicable taxpayer to a specified tax rate (10% in 2022). Modified taxable income is generally calculated by adding back certain payments to related foreign persons to regular taxable income. For the Company, reinsurance premiums paid by the Company’s U.S. insurance subsidiaries to JRG Re, a Bermuda entity that is not a U.S. taxpayer, are added back to regular taxable income in applying the BEAT provisions. A reconciliation of the difference between the Company’s Federal income tax provision on U.S. income and the expected Federal tax provision on U.S. income using the weighted-average tax rate as well as a reconciliation to total tax expense is as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Federal income tax expense (benefit) at applicable statutory rates	$	18,041	$	(18,750)	$	5,272
Tax-exempt investment income	(225)		(278)		(260)
Dividends received deduction	(315)		(298)		(283)
Excess tax expense (benefits) on share based compensation	530		(208)		(679)
Provision to return and amended tax returns	124		(3,945)		—
Base Erosion and Anti-Abuse Tax	—		—		2,843
Other	259		233		17
Federal income tax expense (benefit)	$	18,414	$	(23,246)	$	6,910
U.S. state income tax expense	—		11		203

Total income tax expense (benefit)	$	18,414	$	(23,235)	$	7,113

The significant components of net deferred tax assets at the corporate income tax rate of 21% for the years ended December 31, 2022 and 2021 are summarized as follows:


	December 31,
	2022		2021
	(in thousands)
Deferred tax assets:
Accrued compensation expenses	$	3,539	$	2,604
Reserve for losses and loss adjustment expenses	20,706		18,016
Unearned premiums	13,034		10,675
Share based compensation	1,842		1,541
Allowance for credit losses	2,549		2,516

Net unrealized losses	24,066		—

Net operating loss carryforward	—		15,221
Other	3,991		7,197
Total deferred tax assets	69,727		57,770
Deferred tax liabilities:
Intangible assets	7,281		7,289
Net unrealized gains	—		6,626
Deferred policy acquisition costs	6,896		4,494
Equity method investments	3,327		10,257
Other	3,379		2,674
Total deferred tax liabilities	20,883		31,340
Net deferred tax assets	$	48,844	$	26,430

Deferred income taxes have not been accrued with respect to certain undistributed earnings of foreign subsidiaries. If the earnings were to be distributed, as dividends or otherwise, such amounts may be subject to withholding taxation in the jurisdiction of the paying entity. The Company asserts that U.S. unremitted earnings as of December 31, 2022 will be permanently reinvested in the U.S. and, accordingly, no provision for withholding taxes arising in respect to U.S. unremitted earnings has been made.

The Company is considered a mixed company for net operating loss carryforward rules. A 20-year carryforward without an annual income limitation is applicable for insurance companies. The carryforward period for non-insurance companies is unlimited but limited to 80% of the current year taxable income. If all taxable income were classified as insurance income, the net operating loss would expire in 2041.

The Company had no reserve for future tax contingencies or liabilities (“unrecognized tax benefits”) at December 31, 2022 or 2021.

The U.S. imposes a 1% excise tax on reinsurance premiums paid to non-U.S. reinsurers with respect to risks located in the U.S. The rates of tax are established based on the nature of the risk, unless reduced by an applicable U.S. tax treaty. For the years ended December 31, 2022, 2021, and 2020, the Company paid $0, $338,000, and $468,000, respectively, of federal excise taxes on its intercompany reinsurance transactions. The Company also paid excise taxes of $842,000, $1.5 million, and $1.2 million for the years ended December 31, 2022, 2021, and 2020, respectively, on written premiums assumed from third-party insurers with respect to risks located in the U.S. These excise taxes are reflected as “other operating expenses” in the Company’s consolidated Statements of Income (Loss) and Comprehensive (Loss) Income.

- Definition

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.

+ References

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

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

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

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

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

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

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

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

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

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Lease Maturities


Years ending December 31,	(in thousands)
2023	$	3,935
2024	2,625
2025	2,556
2026	407
2027	90
Thereafter	—
Total lease payments	9,613
Less imputed interest	(521)
Total operating lease liabilities	$	9,092

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 11, 2007
Business Acquisition [Line Items]
Goodwill impairment	$ 0	$ 0	$ 0
Goodwill	181,831,000	181,831,000	181,831,000
Accumulated goodwill impairment losses	99,600,000	99,600,000
Impairment of intangible assets	0	0	0
Amortization of intangible assets	363,000	363,000	538,000
Excess and Surplus Lines
Business Acquisition [Line Items]
Goodwill	181,831,000	181,831,000	181,831,000
Impairment of intangible assets	0	0
Amortization of intangible assets	363,000	363,000	366,000
Specialty Admitted Insurance
Business Acquisition [Line Items]
Goodwill	0	0	0
Impairment of intangible assets	0	0
Amortization of intangible assets	$ 0	$ 0	$ 172,000
James River Group, Inc.
Business Acquisition [Line Items]
Percentage of outstanding shares acquired				100.00%

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 27, 2023, the 2013 Facility and 2017 Facility were amended to provide for the transition from LIBOR to the secured overnight financing rate (SOFR). On February 16, 2023, the Board of Directors declared a cash dividend of $0.05 per common share. The dividend is payable on March 31, 2023 to shareholders of record on March 13, 2023. On February 16, 2023, the Board of Directors declared a quarterly dividend on the Series A Preferred Shares. The dividend of $2.6 million will be payable in cash on March 31, 2023 to shareholders of record on March 15, 2023. On February 16, 2023, the Board of Directors approved awards under the 2014 LTIP and the 2014 Director Plan to the Company’s employees and directors with an aggregate fair value of $9.0 million and a grant date of March 1, 2023. In keeping with previously announced plans to significantly shrink top-line writings of the Casualty Reinsurance segment, the Company has decided to suspend writing business in the Casualty Reinsurance segment, as it continues to focus on growing the higher returning U.S. insurance and fronting businesses. The Company expects the Casualty Reinsurance segment to continue earning premium due to the nature of the earnings patterns in the reinsurance business, which can extend over multiple years. Aside from the suspension of underwriting activities, the Company plans for the Casualty Reinsurance segment to maintain its normal day-to-day operations, with a staff to continue servicing the business on its books and to facilitate compliance with its regulatory requirements.

Fair Value Measurements - Summary of Available-for-Sale Fixed Maturity Securities Measured at Fair Value on a Recurring Basis (Details) - Available-for-sale fixed maturity securities and equity securities - Fair Value, Recurring - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 102	$ 980	$ 43
Transfers in to Level 3	0	8	358
Transfers out of Level 3	0	(6)	(767)
Purchases	0	0	1,417
Sales	(92)	(426)	0
Maturities, calls and paydowns	0	(379)	(17)
Amortization of discount	0	0	2
Total gains or losses (realized/unrealized) - Included in earnings	7	(75)	(56)
Total gains or losses (realized/unrealized) - Included in other comprehensive income	0	0	0
Ending balance	$ 17	$ 102	$ 980

Dividend Restrictions (Details) $ in Millions	12 Months Ended
Dividend Restrictions (Details) $ in Millions	Dec. 31, 2022 USD ($)
Statutory Accounting Practices [Line Items]
Percentage of dividend withholding tax for distributions	5.00%
Percentage of dividend distribution tax	30.00%
United States
Statutory Accounting Practices [Line Items]
Dividend limitations percentage of statutory surplus	10.00%
Maximum amount of dividends available without regulatory approval	$ 53.7
Bermuda
Statutory Accounting Practices [Line Items]
Maximum amount of dividends and return of capital available	$ 93.9

SCHEDULE V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 17,311	$ 8,652	$ 13,175
Additions Amounts Charged to Expense	1,032	9,722	3,318
Deductions Amounts Written Off or Disposals	(1,483)	(1,063)	(7,841)
Balance at End of Period	16,860	17,311	8,652
Allowance for Credit Losses on Premiums Receivable and Agents' Balances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	16,680	8,317	5,659
Additions Amounts Charged to Expense	1,051	9,426	3,318
Deductions Amounts Written Off or Disposals	(1,483)	(1,063)	(660)
Balance at End of Period	16,248	16,680	8,317
Allowance for Credit Losses on Reinsurance Balances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	631	335	335
Additions Amounts Charged to Expense	(19)	296	0
Deductions Amounts Written Off or Disposals	0	0	0
Balance at End of Period	612	631	335
Allowance for Credit Losses on Bank Loans
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	0	0	7,181
Additions Amounts Charged to Expense	0	0	0
Deductions Amounts Written Off or Disposals	0	0	(7,181)
Balance at End of Period	$ 0	$ 0	$ 0

SCHEDULE IV - Reinsurance

12 Months Ended

Dec. 31, 2022

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

Reinsurance


	Direct Amount		Ceded to Other Companies		Assumed from Other Companies		Net Amount		Percentage of Amount Assumed to Net
	(in thousands)
Year Ended December 31, 2022
Excess and Surplus Lines Written Premiums	$	921,164	$	332,108	$	—	$	589,056	—
Specialty Admitted Written Premiums	487,360		413,818		2,848		76,390		3.7	%
Casualty Reinsurance Written Premiums	—		2,175		85,208		83,033		102.6	%
Total Written Premiums	$	1,408,524	$	748,101	$	88,056	$	748,479	11.8	%
Year Ended December 31, 2021
Excess and Surplus Lines Written Premiums	$	833,657	$	332,407	$	—	$	501,250	—
Specialty Admitted Written Premiums	488,377		407,626		3,184		83,935		3.8	%
Casualty Reinsurance Written Premiums	—		22,886		182,081		159,195		114.4	%
Total Written Premiums	$	1,322,034	$	762,919	$	185,265	$	744,380	24.9	%
Year Ended December 31, 2020
Excess and Surplus Lines Written Premiums	$	699,143	$	248,797	$	—	$	450,346	—
Specialty Admitted Written Premiums	404,851		348,807		3,840		59,884		6.4	%
Casualty Reinsurance Written Premiums	—		11,622		149,166		137,544		108.4	%
Total Written Premiums	$	1,103,994	$	609,226	$	153,006	$	647,774	23.6	%

Junior Subordinated Debt - Summary of Junior Subordinated Debt and Trust Preferred Securities (Details) - Junior Subordinated Debt $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
James River Capital Trust I
Debt Instrument [Line Items]
Issue date	May 26, 2004
Principal amount of Trust Preferred Securities	$ 7,000
Principal amount of Junior Subordinated Debt	7,217
Carrying amount of Junior Subordinated Debt net of repurchases	$ 7,217
Maturity date of Junior Subordinated Debt, unless accelerated earlier	May 24, 2034
Trust common stock	$ 217
James River Capital Trust I \| LIBOR
Debt Instrument [Line Items]
Interest rate, per annum	4.00%
James River Capital Trust II
Debt Instrument [Line Items]
Issue date	Dec. 15, 2004
Principal amount of Trust Preferred Securities	$ 15,000
Principal amount of Junior Subordinated Debt	15,464
Carrying amount of Junior Subordinated Debt net of repurchases	$ 15,464
Maturity date of Junior Subordinated Debt, unless accelerated earlier	Dec. 15, 2034
Trust common stock	$ 464
James River Capital Trust II \| LIBOR
Debt Instrument [Line Items]
Interest rate, per annum	3.40%
James River Capital Trust III
Debt Instrument [Line Items]
Issue date	Jun. 15, 2006
Principal amount of Trust Preferred Securities	$ 20,000
Principal amount of Junior Subordinated Debt	20,619
Carrying amount of Junior Subordinated Debt net of repurchases	$ 20,619
Maturity date of Junior Subordinated Debt, unless accelerated earlier	Jun. 15, 2036
Trust common stock	$ 619
James River Capital Trust III \| LIBOR
Debt Instrument [Line Items]
Interest rate, per annum	3.00%
James River Capital Trust IV
Debt Instrument [Line Items]
Issue date	Dec. 11, 2007
Principal amount of Trust Preferred Securities	$ 54,000
Principal amount of Junior Subordinated Debt	55,670
Carrying amount of Junior Subordinated Debt net of repurchases	$ 44,827
Maturity date of Junior Subordinated Debt, unless accelerated earlier	Dec. 15, 2037
Trust common stock	$ 1,670
James River Capital Trust IV \| LIBOR
Debt Instrument [Line Items]
Interest rate, per annum	3.10%
Franklin Holdings II (Bermuda) Capital Trust I
Debt Instrument [Line Items]
Issue date	Jan. 10, 2008
Principal amount of Trust Preferred Securities	$ 30,000
Principal amount of Junior Subordinated Debt	30,928
Carrying amount of Junior Subordinated Debt net of repurchases	$ 15,928
Maturity date of Junior Subordinated Debt, unless accelerated earlier	Mar. 15, 2038
Trust common stock	$ 928
Franklin Holdings II (Bermuda) Capital Trust I \| LIBOR
Debt Instrument [Line Items]
Interest rate, per annum	4.00%

Fair Value Measurements - Summary of Assets Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	$ 1,783,417	$ 1,677,561
Equity securities:
Bank loan participations	154,991	156,043
Fixed maturity securities
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	1,783,417	1,677,561
State and municipal
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	330,852	333,717
Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	401,249	246,631
Corporate
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	670,212	732,335
Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	309,015	304,488
U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	72,089	60,390
Recurring basis
Equity securities:
Bank loan participations	154,991	156,043
Short-term investments	107,812	136,563
Recurring basis \| Fixed maturity securities
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	1,783,417	1,677,561
Recurring basis \| State and municipal
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	330,852	333,717
Recurring basis \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	401,249	246,631
Recurring basis \| Corporate
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	670,212	732,335
Recurring basis \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	309,015	304,488
Recurring basis \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	72,089	60,390
Recurring basis \| Equity securities
Equity securities:
Equity securities	118,627	108,410
Recurring basis \| Preferred stock
Equity securities:
Equity securities	70,831	63,612
Recurring basis \| Common stock
Equity securities:
Equity securities	47,796	44,798
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1
Equity securities:
Bank loan participations	0	0
Short-term investments	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Fixed maturity securities
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	71,770	59,988
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| State and municipal
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Corporate
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	71,770	59,988
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Equity securities
Equity securities:
Equity securities	45,232	41,244
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Preferred stock
Equity securities:
Equity securities	0	0
Recurring basis \| Quoted Prices in Active Markets for Identical Assets Level 1 \| Common stock
Equity securities:
Equity securities	45,232	41,244
Recurring basis \| Significant Other Observable Inputs Level 2
Equity securities:
Bank loan participations	154,991	156,043
Short-term investments	107,812	136,563
Recurring basis \| Significant Other Observable Inputs Level 2 \| Fixed maturity securities
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	1,711,647	1,617,573
Recurring basis \| Significant Other Observable Inputs Level 2 \| State and municipal
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	330,852	333,717
Recurring basis \| Significant Other Observable Inputs Level 2 \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	401,249	246,631
Recurring basis \| Significant Other Observable Inputs Level 2 \| Corporate
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	670,212	732,335
Recurring basis \| Significant Other Observable Inputs Level 2 \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	309,015	304,488
Recurring basis \| Significant Other Observable Inputs Level 2 \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	319	402
Recurring basis \| Significant Other Observable Inputs Level 2 \| Equity securities
Equity securities:
Equity securities	73,378	67,064
Recurring basis \| Significant Other Observable Inputs Level 2 \| Preferred stock
Equity securities:
Equity securities	70,831	63,612
Recurring basis \| Significant Other Observable Inputs Level 2 \| Common stock
Equity securities:
Equity securities	2,547	3,452
Recurring basis \| Significant Unobservable Inputs Level 3
Equity securities:
Bank loan participations	0	0
Short-term investments	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Fixed maturity securities
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| State and municipal
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Residential mortgage-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Corporate
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Commercial mortgage and asset-backed
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| U.S. Treasury securities and obligations guaranteed by the U.S. government
Fixed maturity securities, available-for-sale:
Fixed maturity securities, available-for-sale	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Equity securities
Equity securities:
Equity securities	17	102
Recurring basis \| Significant Unobservable Inputs Level 3 \| Preferred stock
Equity securities:
Equity securities	0	0
Recurring basis \| Significant Unobservable Inputs Level 3 \| Common stock
Equity securities:
Equity securities	$ 17	$ 102

SCHEDULE VI - Supplementary Information Concerning Property Casualty Insurance Operations

12 Months Ended

Dec. 31, 2022

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

Supplementary Information Concerning Property Casualty Insurance Operations


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Deferred policy acquisition costs	$	59,603	$	68,526	$	62,953
Reserve for losses and loss adjustment expenses	2,768,995		2,748,473		2,192,080
Unearned premiums	676,016		727,552		630,371
Net earned premiums	766,161		695,594		606,806
Net investment income	71,111		56,865		73,368
Losses and loss adjustment expenses incurred:
Current year	515,653		466,574		386,341
Prior years - retroactive reinsurance	20,091		—		—
Prior years - excluding retroactive reinsurance	9,070		325,778		92,204
Total losses and loss adjustment expenses incurred	544,814		792,352		478,545
Amortization of policy acquisition costs	88,571		69,663		75,578
Paid losses and loss adjustment expenses, net of reinsurance	392,468		522,747		469,945
Net written premiums	748,479		744,380		647,774

Senior Debt	12 Months Ended
Senior Debt	Dec. 31, 2022
Debt Disclosure [Abstract]
Senior Debt	Senior Debt The Company has a $315.0 million senior revolving credit facility (as amended or amended and restated, the "2013 Facility”). The 2013 Facility is comprised of the following at December 31, 2022: • A $102.5 million secured revolving facility utilized by JRG Re to issue letters of credit for the benefit of third-party reinsureds. This portion of our credit facility is secured by our investment securities. At December 31, 2022, the Company had $44.5 million of letters of credit issued under the secured facility. • A $212.5 million unsecured revolving facility to meet the working capital needs of the Company. All unpaid principal on the revolver is due at maturity. Interest accrues quarterly and is payable in arrears at LIBOR plus a margin (1.50% at December 31, 2022), which is subject to change according to terms in the credit agreement. At December 31, 2022 and 2021, the Company had a drawn balance of $185.8 million outstanding on the unsecured revolver. In 2020, we borrowed an additional $52.5 million to support our growth and for general corporate purposes. James River Group Holdings, Ltd. and JRG Re are borrowers on the 2013 Facility. The 2013 Facility has been amended from time to time since its inception in 2013. On November 8, 2019, the Company entered into a Second Amended and Restated Credit Agreement for the 2013 Facility which, among other things, extended the maturity date of the 2013 Facility until November 8, 2024, increased the amount available under the unsecured revolving credit facility to $212.5 million, lowered the applicable interest rate and letter of credit fees, and modified certain negative covenants to be less restrictive. A subsidiary of the Bank Holding Company is one of the lenders for the 2013 Facility, with a $36.0 million commitment allocation on the total $315.0 million 2013 Facility. The 2013 Facility contains certain financial and other covenants (including minimum net worth, maximum ratio of total adjusted debt outstanding to total capitalization, and financial strength ratings) with which the Company was in compliance at December 31, 2022. On August 2, 2017, the Company and its wholly-owned subsidiary, JRG Re, together as borrowers, entered into a credit agreement (the "2017 Facility") that provides the Company with a revolving line of credit of up to $100.0 million, which may be used for loans and letters of credit made or issued, at the borrowers' option, on a secured or unsecured basis. The loans and letters of credit made or issued under the revolving line of credit may be used to finance the Borrowers’ general corporate purposes. The 2017 Facility has been amended from time to time since its inception in 2017. On November 8, 2019, the Company entered into a First Amendment to Credit Agreement which, among other things, lowered the applicable interest rate and modified certain negative covenants to be less restrictive. Obligations under the 2017 Facility carry a variable rate of interest subject to terms in the credit agreement (LIBOR plus a margin of 1.50% at December 31, 2022) and will mature 30 days after notice of termination from the lender. Interest accrues quarterly and is payable in arrears at variable rates which are subject to change according to terms in the credit agreement. At December 31, 2022, unsecured loans of $21.5 million and secured letters of credit totaling $22.9 million were outstanding under the facility. During 2020, we borrowed an additional $51.5 million in unsecured loans to support our growth and for general corporate purposes. The Company repaid $40.0 million of loans in 2022. In order to secure borrowings and letters of credit made or issued under the secured portion of the 2017 Facility, JRG Re entered into a pledge and security agreement on August 2, 2017 with the lender, pursuant to which JRG Re will pledge certain investment securities. In the event the Company elects to pledge investment securities as collateral for the secured portion of the revolving credit facility, the Company will enter into a similar pledge and security agreement. The lender under the 2017 Facility and its affiliate is a joint bookrunner and joint lead arranger under the Company’s 2013 Facility, and its affiliate was also an underwriter in the December 2014 initial public offering of the Company’s common shares and a joint lead book-running manager in the Company’s May 2021 public offering of the Company’s common shares. The 2017 Facility contains certain financial and other covenants with which the Company was in compliance at December 31, 2022. On May 26, 2004, James River Group issued $15.0 million of unsecured, floating rate senior debentures (the “Senior Debt”), due April 29, 2034 unless accelerated earlier, through an indenture. The Senior Debt is not redeemable by the holder and is not subject to sinking fund requirements. Interest accrues quarterly and is payable in arrears at a per annum rate of the three-month LIBOR on the Determination Date (as defined in the indenture) plus 3.85%. The Senior Debt is redeemable prior to its stated maturity in whole or in part, at the option of James River Group. The terms of the indenture generally provide that so long as the Senior Debt is outstanding, neither James River Group nor any of its subsidiaries may: • assume or permit to exist any indebtedness that is secured by any encumbrance on the capital stock of James River Group or any of its subsidiaries which is senior to the Senior Debt; or • issue, sell, transfer or otherwise dispose of any shares of, securities convertible into, or warrants, rights or options to subscribe for or purchase shares of, capital stock of any subsidiary. The terms of the Senior Debt contain certain covenants, with which the Company was in compliance at December 31, 2022, and which, among other things, restrict our ability to assume senior indebtedness secured by our U.S. holding company's common stock or its subsidiaries' capital stock or to issue shares of its subsidiaries' capital stock. Interest payable is included in “accrued expenses” in the accompanying consolidated balance sheets.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Accounting Policies

Organization

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

The Company owns five insurance companies based in the United States (“U.S.”) focused on specialty insurance niches and a Bermuda-based reinsurance company as described below:

• James River Group Holdings UK Limited (“James River UK”) is an insurance holding company formed in 2015 in the United Kingdom (“U.K.”). The Company contributed James River Group, Inc. (“James River Group”), a U.S. insurance holding company, to James River UK in 2015.

• James River Group is a Delaware domiciled insurance holding company formed in 2002, which owns all of the Company’s U.S.-based subsidiaries, either directly or indirectly through one of its wholly-owned U.S. subsidiaries. James River Group oversees the Company’s U.S. insurance operations and maintains all of the outstanding debt in the U.S.

• James River Insurance Company (“James River Insurance”) is an Ohio domiciled excess and surplus lines insurance company that, with its wholly-owned insurance subsidiary, James River Casualty Company, is authorized to write business in every state and the District of Columbia.

• Falls Lake National Insurance Company (“Falls Lake National”) is an Ohio domiciled insurance company which wholly owns Stonewood Insurance Company (“Stonewood Insurance”), a North Carolina domiciled company, and Falls Lake Fire and Casualty Company, a California domiciled company. Falls Lake National primarily writes specialty admitted fronting and program business and individual risk workers' compensation insurance.

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

Basis of Presentation and Principles of Consolidation

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

Estimates and Assumptions

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

Fixed Maturity and Equity Securities

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

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

Premiums and discounts on mortgage-backed securities and asset-backed securities are amortized or accrued using the constant yield method which considers anticipated prepayments at the date of purchase. To the extent that the estimated lives of such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the retrospective method.

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

Bank Loan Participations

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

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

Interest income is accrued on the unpaid principal balance. Discounts and premiums are amortized to income using the interest method.

Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at December 31, 2022 or 2021.

Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt.

Other Invested Assets

Other invested assets at December 31, 2022 and 2021 include the Company’s interests in private debt and equity investments. The investments are primarily focused in renewable energy, limited partnerships, and bank holding companies. Equity interests in various limited liability companies (“LLCs”) and limited partnerships are accounted for under the equity method, as the Company has determined that the equity method best reflects its economic interest in the underlying equity investment.

Short-Term Investments

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

Cash Equivalents

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

Restricted Cash Equivalents

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

Direct Written Premiums

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

Assumed Reinsurance Premiums

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

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

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

Premiums Receivable and Agents’ Balances, Net

Premiums receivable and agents’ balances are carried at face value net of any allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses based on the Company’s assessment of the collectability of receivables that are past due, historical collection percentages, and consideration of current economic conditions and expectations of future conditions that could affect ultimate collections. Receivables greater than 90 days past due were $9.4 million and $7.5 million at December 31, 2022 and 2021, respectively. The allowance for credit losses was $16.2 million and $16.7 million at December 31, 2022 and 2021, respectively. Credit loss expense was $1.1 million for the year ended December 31, 2022, $9.4 million for the year ended December 31, 2021 ($7.1 million of which was deducted from amounts due to our reinsurers), and $3.3 million for the year ended December 31, 2020. Receivables written off against the allowance for credit losses totaled $1.5 million for the year ended December 31, 2022, $1.1 million for the year ended December 31, 2021, and $660,000 for the year ended December 31, 2020. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

Deferred Policy Acquisition Costs

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

Reinsurance and Adjustable Features of Insurance and Reinsurance Contracts

Certain premiums and losses are ceded to other insurance companies or assumed from other insurance companies under various excess of loss and quota-share reinsurance contracts. The Company enters into ceded reinsurance contracts to limit its

exposure to large losses, to limit exposure on new lines of insurance written by the Company, and to provide additional capacity for growth.

Premiums, commissions, and losses and loss adjustment expenses on reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and the terms of the reinsurance contracts. Reinsurance recoverables and prepaid reinsurance premiums are reported as assets. The Company uses a provision matrix to calculate the allowance for credit losses on reinsurance recoverables by applying impairment rates based on historical loss data to similarly rated reinsurance companies based on the expected duration of the receivables. The Company also considers the expected impact of current and future expected economic conditions and adjusts estimates if needed based on an evaluation of these factors. The allowance for credit losses on reinsurance recoverables at December 31, 2022 and 2021 was $612,000 and $631,000, respectively. Other amounts payable to insurance companies and reinsurers or receivable from insurance companies and reinsurers are netted where the right of offset exists. The Company receives ceding commissions in connection with certain ceded reinsurance. The ceding commissions are recorded as a reduction of other operating expenses.

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

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

Other Income

Other income is principally comprised of fee income earned on policies for which the Company has no exposure to underwriting risk. Fee income of $3.8 million, $4.5 million, and $3.4 million is included in other income for the years ended December 31, 2022, 2021, and 2020, respectively. Fees are earned on a pro rata basis over the service period of the underlying business. Policies are accounted for on an individual basis, with no aggregation by counterparty.

Income Taxes

Deferred tax assets and deferred tax liabilities are provided for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective U.S. tax basis. Deferred tax assets and liabilities are measured using enacted U.S. corporate tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance only when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. The Company determined that no valuation allowance was necessary at December 31, 2022 or 2021.

Goodwill

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

Intangible Assets, Net

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

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

Impairment of Long-Lived Assets

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

Property and Equipment, Net

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

Reserve for Losses and Loss Adjustment Expenses

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

The Company utilizes various actuarially-accepted reserving methodologies in determining the continuum of expected outcomes for its reserves. These methodologies utilize various inputs, including management’s initial expected loss ratio (the ratio of losses and loss adjustment expenses incurred to net earned premiums), expected reporting patterns and payment patterns for losses and loss adjustment expenses (based on insurance industry data and the Company’s own experience), and the Company’s actual paid and reported losses and loss adjustment expenses. An internal actuary reviews these results and (after applying appropriate professional judgment and other actuarial techniques that are considered necessary) presents recommendations to the Company’s management. Management uses this information and its judgment to make decisions on the final recorded reserve for losses and loss adjustment expenses. Management believes that the use of judgment is necessary to arrive at a best estimate for the reserve for losses and loss adjustment expenses given the long-tailed nature of the business generally written by the Company and the limited operating experience of the Casualty Reinsurance segment, the fronting and program business in the Specialty Admitted Insurance segment, and the commercial auto business in the Excess and Surplus Lines segment. Judgment is also required to make actuarial adjustments, if needed, for changes in claims processing and case reserving that could cause current reported loss and paid loss development patterns to deviate from historical patterns. The Company believes that the insurance that it writes is subject to above-average variation in reserve estimates. The Excess and Surplus Lines market is subject to high policyholder turnover and changes in underlying mix of exposures. This turnover and change in underlying mix of exposures can cause actuarial estimates based on prior experience to be less reliable than estimates for more stable, admitted books of business.

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

assessment of the Company’s property insurance exposures where the catastrophes occur and the Company’s progress in settling claims.

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

Share Based Compensation

The Company expenses the fair value of share equity awards over the vesting period of the award on a straight-line basis. The Black-Scholes-Merton option pricing model is used to value the options granted (see Note 13). Forfeitures of share-based awards are recognized as they occur. As the share based compensation expense is incurred, a corresponding increase to additional paid-in capital in shareholders’ equity is recognized. Share based compensation expense is reflected in “other operating expenses” in the accompanying consolidated statements of income (loss) and comprehensive (loss) income.

Variable Interest Entities

Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as variable interest entities (“VIE”). A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose, and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis.

The Company holds interests in VIEs through certain equity method investments included in “other invested assets” in the accompanying consolidated balance sheets. The Company has determined that it should not consolidate any of the VIEs as it is not the primary beneficiary in any of the relationships. Although the investments resulted in the Company holding variable interests in the entities, they did not empower the Company to direct the activities that most significantly impact the economic performance of the entities. The Company’s investments related to these VIEs totaled $9.2 million and $26.9 million as of December 31, 2022 and 2021, respectively, representing the Company’s maximum exposure to loss.

Earnings (Loss) Per Share

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

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands, except share and per share amounts)
Net income (loss)	$	30,973	$	(172,799)	$	4,824
Less: Dividends on Series A preferred shares	(8,750)		—		—
Net income (loss) available to common shareholders	$	22,223	$	(172,799)	$	4,824

Weighted average common shares outstanding:
Basic	37,442,856		34,956,957		30,552,210
Dilutive potential common shares	208,113		—		332,206
Diluted	37,650,969		34,956,957		30,884,416

Net income (loss) per common share:
Basic	$	0.59	$	(4.94)	$	0.16
Dilutive potential common shares	—		—		—
Diluted	$	0.59	$	(4.94)	$	0.16

For the years ended December 31, 2022 and 2021, potential common shares of 4,728,461 and 175,360, respectively, were excluded from the calculation of diluted earnings (loss) per common share as their effects were anti-dilutive. For the year ended December 31, 2020, all potential common shares were dilutive.

Adopted Accounting Standards

In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 simplifies the accounting for convertible debt instruments and convertible preferred stock and became effective for interim and annual periods beginning after December 15, 2021. The Company adopted the new standard concurrent with the issuance of our 7% Series A Perpetual Cumulative Convertible Preferred Shares, par value $0.00125 per share, on March 1, 2022. Under ASU 2020-06, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, or that do not result in substantial premiums accounted for as paid-in capital. The new guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and generally requires them to include the effect of potential share settlement for instruments that may be settled in cash or shares. Adoption of the new standard did not materially impact our financial position, results of operations, or earnings per share for the year ended December 31, 2022.

Prospective Accounting Standards

There are no prospective accounting standards which are expected to have a material impact on our financial statements subsequent to December 31, 2022.

Income Taxes - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Federal income tax expense (benefit) at applicable statutory rates	$ 18,041	$ (18,750)	$ 5,272
Tax-exempt investment income	(225)	(278)	(260)
Dividends received deduction	(315)	(298)	(283)
Excess tax expense (benefits) on share based compensation	530	(208)	(679)
Provision to return and amended tax returns	124	(3,945)	0
Base Erosion and Anti-Abuse Tax	0	0	2,843
Other	259	233	17
Federal income tax expense (benefit)	18,414	(23,246)	6,910
U.S. state income tax expense	0	11	203
Total income tax expense (benefit)	$ 18,414	$ (23,235)	$ 7,113

Reinsurance

12 Months Ended

Dec. 31, 2022

Reinsurance Disclosures [Abstract]

Reinsurance

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

At December 31, 2022, the Company had reinsurance recoverables on unpaid losses of $1,520.1 million and reinsurance recoverables on paid losses of $114.2 million. All material reinsurance recoverables are from companies with A.M. Best

Company ratings of “A-” (Excellent) or better, or are collateralized by the reinsurer for our benefit through letters of credit or trust agreements, or represent recoverables from a state residual market for automobile insurance.

At December 31, 2022, reinsurance recoverables on unpaid losses from the Company’s three largest reinsurers were $340.4 million, $244.7 million, and $132.0 million, representing 47.2% of the total balance.

At December 31, 2022, prepaid reinsurance premiums ceded to the three reinsurers with the largest amount of prepaid reinsurance premiums totaled $66.1 million, $36.7 million, and $16.9 million, representing 43.7% of the total balance.

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Written premiums:
Direct	$	1,408,524	$	1,322,034	$	1,103,994
Assumed	88,056		185,265		153,006
Ceded	(748,101)		(762,919)		(609,226)
Net	$	748,479	$	744,380	$	647,774
Earned premiums:
Direct	$	1,378,619	$	1,255,875	$	1,005,138
Assumed	169,494		154,243		145,867
Ceded	(781,952)		(714,524)		(544,199)
Net	$	766,161	$	695,594	$	606,806
Losses and loss adjustment expenses:
Direct	$	937,393	$	1,117,673	$	709,545
Assumed	126,287		232,240		125,096
Ceded	(518,866)		(557,561)		(356,096)
Net	$	544,814	$	792,352	$	478,545

Equity Awards - Summary of Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares
Granted (in shares)	0	0	0
Options
Shares
Beginning of year (in shares)	287,974	463,324	643,851
Granted (in shares)	0	0	0
Exercised (in shares)	0	(126,798)	(180,527)
Forfeited (in shares)	0	(48,552)	0
End of year (in shares)	287,974	287,974	463,324
Exercisable, end of year (in shares)	287,974	287,974	463,324
Weighted- Average Exercise Price
Beginning of year (in dollars per share)	$ 35.26	$ 32.25	$ 30.41
Granted (in dollars per share)	0	0	0
Exercised (in dollars per share)	0	22.26	25.70
Forfeited (in dollars per share)	0	40.42	0
End of year (in dollars per share)	35.26	35.26	32.25
Exercisable, end of year (in dollars per share)	$ 35.26	$ 35.26	$ 32.25

Commitments and Contingent Liabilities (Details)			3 Months Ended	12 Months Ended
Commitments and Contingent Liabilities (Details)	Sep. 27, 2021 USD ($)	Jul. 01, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2022 USD ($) credit_facility	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance				$ 9,070,000	$ 325,778,000	$ 92,204,000
Reinsurance recoverable on unpaid losses, net				1,520,113,000	1,348,628,000
Reinsurance recoverable on paid losses				114,242,000	82,235,000
Excess and Surplus Lines
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance				(210,000)	190,700,000	59,400,000
Aleka \| Excess and Surplus Lines \| Commercial Auto Business \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement				28,200,000
Rasier \| Excess and Surplus Lines \| Commercial Auto Business \| Indemnity Trust
Contingent Liabilities [Line Items]
Required collateral percentage	102.00%
Cash equivalent collateral returned to trust	$ 691,300,000
Cash equivalent collateral trust arrangement				267,000,000
Rasier \| Excess and Surplus Lines \| Commercial Auto Business \| Indemnity Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement				336,200,000
Rasier \| Excess and Surplus Lines \| Commercial Auto Business \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement				69,200,000
Rasier And Aleka \| Excess and Surplus Lines \| Commercial Auto Business \| Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement				103,200,000
Loss Portfolio Transfer \| Excess and Surplus Lines \| Commercial Auto Business
Contingent Liabilities [Line Items]
Prior years - excluding retroactive reinsurance			$ 29,600,000	46,700,000
Cumulative amounts ceded under loss portfolio transfer				391,800,000	345,100,000
Reinsurance recoverable on unpaid losses, net					$ 256,452,000	$ 0
Loss Portfolio Transfer \| Aleka \| Excess and Surplus Lines \| Commercial Auto Business
Contingent Liabilities [Line Items]
Reinsurance premium		$ 345,100,000
Required collateral percentage	102.00%
Reinsurance recoverables				145,200,000
Reinsurance recoverable on unpaid losses, net				132,000,000
Reinsurance recoverable on paid losses				13,200,000
Loss Portfolio Transfer \| Aleka \| Excess and Surplus Lines \| Commercial Auto Business \| LPT Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement				121,900,000
Loss Portfolio Transfer \| Aleka \| Excess and Surplus Lines \| Commercial Auto Business \| LPT Trust And Loss Fund Trust
Contingent Liabilities [Line Items]
Cash equivalent collateral trust arrangement				$ 150,000,000
JRG Reinsurance Company, Ltd.
Contingent Liabilities [Line Items]
Number of credit facilities \| credit_facility				3
JRG Reinsurance Company, Ltd. \| Third-party Reinsureds
Contingent Liabilities [Line Items]
Total amount deposited in trust accounts				$ 427,200,000
JRG Reinsurance Company, Ltd. \| Letter Of Credit 30 Million
Contingent Liabilities [Line Items]
Letters of credit facility, amount				30,000,000
Amount of letters of credit issued				4,800,000
Assets deposited for securing letters of credit				5,600,000
JRG Reinsurance Company, Ltd. \| 2013 Facility
Contingent Liabilities [Line Items]
Amount of letters of credit issued				44,500,000
Assets deposited for securing letters of credit				52,900,000
JRG Reinsurance Company, Ltd. \| 2017 Facility
Contingent Liabilities [Line Items]
Amount of letters of credit issued				22,900,000
Assets deposited for securing letters of credit				$ 33,100,000

Investments - Schedule of Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	$ 1,969,783
Fair Value	1,783,417	$ 1,677,561
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	1,969,783	1,643,865
Total investments available-for-sale, Gross Unrealized Gains	3,125	46,253
Total investments available-for-sale, Gross Unrealized Losses	(189,491)	(12,557)
Fair Value	1,783,417	1,677,561
State and municipal
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	386,456	323,773
Total investments available-for-sale, Gross Unrealized Gains	712	12,156
Total investments available-for-sale, Gross Unrealized Losses	(56,316)	(2,212)
Fair Value	330,852	333,717
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	437,702	246,586
Total investments available-for-sale, Gross Unrealized Gains	801	2,384
Total investments available-for-sale, Gross Unrealized Losses	(37,254)	(2,339)
Fair Value	401,249	246,631
Corporate
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	734,976	711,930
Total investments available-for-sale, Gross Unrealized Gains	1,528	26,119
Total investments available-for-sale, Gross Unrealized Losses	(66,292)	(5,714)
Fair Value	670,212	732,335
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	335,066	301,247
Total investments available-for-sale, Gross Unrealized Gains	76	4,941
Total investments available-for-sale, Gross Unrealized Losses	(26,127)	(1,700)
Fair Value	309,015	304,488
U.S. Treasury securities and obligations guaranteed by the U.S. government
Debt Securities, Available-for-sale [Line Items]
Total fixed maturity securities, Cost or Amortized Cost	75,583	60,329
Total investments available-for-sale, Gross Unrealized Gains	8	653
Total investments available-for-sale, Gross Unrealized Losses	(3,502)	(592)
Fair Value	$ 72,089	$ 60,390

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

12 Months Ended

Dec. 31, 2022

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

Summary of Investments - Other than Investments in Related Parties

Summary of Investments—Other than Investments in Related Parties


Type of Investment	Cost or Amortized Cost		Fair Value		Amount at which shown on Balance Sheet(1)
	(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	386,456	$	330,852	$	330,852
Residential mortgage-backed	437,702		401,249		401,249
Corporate	734,976		670,212		670,212
Commercial mortgage and asset-backed	335,066		309,015		309,015

U.S. Treasury securities and obligations guaranteed by the U.S. government	75,583		72,089		72,089

Total fixed maturity securities, available-for-sale	1,969,783		1,783,417		1,783,417

Equity securities:
Preferred Stock	68,738		70,831		70,831
Common Stock	48,431		47,796		47,796
Total equity securities	117,169		118,627		118,627
Bank loan participations	171,320		154,991		154,991
Short-term investments	107,812		107,812		107,812
Other invested assets					11,083
Total invested assets					$	2,175,930

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

SCHEDULE II - Condensed Financial Information of Registrant - Statements of Income (Loss) and Comprehensive (Loss) Income (Parent Company) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Other income	$ 4,742	$ 4,857	$ 4,545
Total revenues	813,696	772,880	668,689
Expenses:
Other operating expenses	195,557	164,692	165,498
Other expenses	5,997	2,585	2,138
Interest expense	17,578	8,922	10,033
Equity in net income (loss) of subsidiaries	2,458	918	3,208
Net income (loss)	30,973	(172,799)	4,824
Other comprehensive (loss) income:
Total comprehensive (loss) income	(162,049)	(224,720)	55,609
Parent Company
Revenues:
Other income	55	39	45
Total revenues	55	39	45
Expenses:
Other operating expenses	12,890	11,632	14,960
Other expenses	747	469	0
Interest expense	8,579	5,532	6,234
Total expenses	22,216	17,633	21,194
Loss before equity in net income of subsidiaries	(22,161)	(17,594)	(21,149)
Equity in net income (loss) of subsidiaries	53,134	(155,205)	25,973
Net income (loss)	30,973	(172,799)	4,824
Other comprehensive (loss) income:
Equity in other comprehensive (losses) earnings of subsidiaries	(193,022)	(51,921)	50,785
Total comprehensive (loss) income	$ (162,049)	$ (224,720)	$ 55,609

SCHEDULE IV - Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct Amount	$ 1,408,524	$ 1,322,034	$ 1,103,994
Ceded to Other Companies	748,101	762,919	609,226
Assumed from Other Companies	88,056	185,265	153,006
Net written premiums	$ 748,479	$ 744,380	$ 647,774
Percentage of Amount Assumed to Net	11.80%	24.90%	23.60%
Excess and Surplus Lines
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct Amount	$ 921,164	$ 833,657	$ 699,143
Ceded to Other Companies	332,108	332,407	248,797
Assumed from Other Companies	0	0	0
Net written premiums	$ 589,056	$ 501,250	$ 450,346
Percentage of Amount Assumed to Net	0.00%	0.00%	0.00%
Specialty Admitted Insurance
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct Amount	$ 487,360	$ 488,377	$ 404,851
Ceded to Other Companies	413,818	407,626	348,807
Assumed from Other Companies	2,848	3,184	3,840
Net written premiums	$ 76,390	$ 83,935	$ 59,884
Percentage of Amount Assumed to Net	3.70%	3.80%	6.40%
Casualty Reinsurance
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct Amount	$ 0	$ 0	$ 0
Ceded to Other Companies	2,175	22,886	11,622
Assumed from Other Companies	85,208	182,081	149,166
Net written premiums	$ 83,033	$ 159,195	$ 137,544
Percentage of Amount Assumed to Net	102.60%	114.40%	108.40%

Segment Information - Narrative (Details) $ in Thousands	12 Months Ended
Segment Information - Narrative (Details) $ in Thousands	Dec. 31, 2022 USD ($) Segment underwriting_division broker agency Company	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	4
Fee income	$ 3,800	$ 4,500	$ 3,400
Number of underwriting divisions \| underwriting_division	15
Gross written premiums	$ 1,496,580	1,507,299	1,257,000
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Fee income			1,600
Number of underwriting divisions \| underwriting_division	13
Number of brokers \| broker	3
Gross written premiums	$ 921,164	833,657	699,143
Excess and Surplus Lines \| Broker one
Segment Reporting Information [Line Items]
Gross written premiums	$ 289,700
Consolidated gross written premiums percentage	19.40%
Gross written premiums percentage	31.40%
Excess and Surplus Lines \| Broker two
Segment Reporting Information [Line Items]
Gross written premiums	$ 214,200
Consolidated gross written premiums percentage	14.30%
Gross written premiums percentage	23.30%
Excess and Surplus Lines \| Broker three
Segment Reporting Information [Line Items]
Gross written premiums	$ 139,400
Consolidated gross written premiums percentage	9.30%
Gross written premiums percentage	15.10%
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Fee income	$ 3,800	4,500	1,800
Number of underwriting divisions \| underwriting_division	1
Gross written premiums	$ 490,208	491,561	408,691
Number of agencies \| agency	2
Specialty Admitted Insurance \| Agency one
Segment Reporting Information [Line Items]
Gross written premiums	$ 120,900
Consolidated gross written premiums percentage	8.10%
Gross written premiums percentage	24.70%
Specialty Admitted Insurance \| Agency two
Segment Reporting Information [Line Items]
Gross written premiums	$ 110,900
Consolidated gross written premiums percentage	7.40%
Gross written premiums percentage	22.60%
Casualty Reinsurance
Segment Reporting Information [Line Items]
Number of underwriting divisions \| underwriting_division	1
Number of brokers \| broker	3
Gross written premiums	$ 85,208	$ 182,081	$ 149,166
Number of unaffiliated ceding companies \| Company	3
Casualty Reinsurance \| Broker one
Segment Reporting Information [Line Items]
Gross written premiums	$ 25,400
Consolidated gross written premiums percentage	1.70%
Gross written premiums percentage	29.80%
Casualty Reinsurance \| Broker two
Segment Reporting Information [Line Items]
Gross written premiums	$ 20,000
Consolidated gross written premiums percentage	1.30%
Gross written premiums percentage	23.50%
Casualty Reinsurance \| Broker three
Segment Reporting Information [Line Items]
Gross written premiums	$ 17,200
Consolidated gross written premiums percentage	1.10%
Gross written premiums percentage	20.10%
Casualty Reinsurance \| Unaffiliated ceding company one
Segment Reporting Information [Line Items]
Gross written premiums	$ 26,900
Consolidated gross written premiums percentage	1.80%
Gross written premiums percentage	31.60%
Casualty Reinsurance \| Unaffiliated ceding company two
Segment Reporting Information [Line Items]
Gross written premiums	$ 24,500
Consolidated gross written premiums percentage	1.60%
Gross written premiums percentage	28.70%
Casualty Reinsurance \| Unaffiliated ceding company three
Segment Reporting Information [Line Items]
Gross written premiums	$ 16,500
Consolidated gross written premiums percentage	1.10%
Gross written premiums percentage	19.40%

SCHEDULE II - Condensed Financial Information of Registrant - Balance Sheets (Parent Company) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 173,164	$ 190,123
Other assets	78,985	82,409
Total assets	5,137,075	4,948,550	$ 5,063,072
Liabilities:
Accrued expenses	59,566	57,920
Senior debt	222,300	262,300
Junior subordinated debt	104,055	104,055
Other liabilities	139,033	89,911
Total liabilities	4,438,411	4,223,188
Commitments and contingent liabilities
Series A redeemable preferred shares	144,898	0
Shareholders’ equity:
Class A common shares	7	7
Additional paid-in capital	868,858	862,040
Retained deficit	(152,055)	(166,663)
Accumulated other comprehensive (loss) income	(163,044)	29,978
Total shareholders’ equity	553,766	725,362	795,608	$ 778,581
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	5,137,075	4,948,550
Parent Company
Assets
Cash and cash equivalents	277	157	$ 571	$ 1,521
Investment in subsidiaries	1,007,874	1,003,762
Due from subsidiaries	41	3,356
Other assets	5,255	3,197
Total assets	1,013,447	1,010,472
Liabilities:
Accrued expenses	1,538	1,419
Senior debt	207,300	247,300
Junior subordinated debt	15,928	15,928
Due to subsidiaries	87,061	19,847
Other liabilities	2,956	616
Total liabilities	314,783	285,110
Commitments and contingent liabilities
Series A redeemable preferred shares	144,898	0
Shareholders’ equity:
Class A common shares	7	7
Additional paid-in capital	868,858	862,040
Retained deficit	(152,055)	(166,663)
Accumulated other comprehensive (loss) income	(163,044)	29,978
Total shareholders’ equity	553,766	725,362
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$ 1,013,447	$ 1,010,472

Segment Information - Reconciliation of Operating Segments by Individual Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total underwriting profit (loss) of operating segments	$ 80,902	$ (229,337)	$ (4,427)
Other operating expenses of the Corporate and Other segment	(31,260)	(27,609)	(29,418)
Underwriting profit (loss)	49,642	(256,946)	(33,845)
Losses and loss adjustment expenses - retroactive reinsurance	(20,091)	0	0
Net investment income	71,111	56,865	73,368
Net realized and unrealized (losses) gains on investments	(28,318)	15,564	(16,030)
Other income	981	353	1,153
Other expenses	(5,997)	(2,585)	(2,138)
Interest expense	(17,578)	(8,922)	(10,033)
Amortization of intangible assets	(363)	(363)	(538)
Income (loss) before income taxes	49,387	(196,034)	11,937
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Total underwriting profit (loss) of operating segments	83,051	(121,478)	9,752
Net investment income	28,664	13,811	18,664
Interest expense	0	0	0
Amortization of intangible assets	(363)	(363)	(366)
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Total underwriting profit (loss) of operating segments	4,234	9,667	4,185
Net investment income	5,068	3,044	3,392
Interest expense	0	0	0
Amortization of intangible assets	0	0	(172)
Casualty Reinsurance
Segment Reporting Information [Line Items]
Total underwriting profit (loss) of operating segments	(6,383)	(117,526)	(18,364)
Net investment income	37,334	39,445	42,554
Interest expense	(3,706)	0	0
Excess and Surplus Lines and Casualty Reinsurance \| Loss Portfolio Transfer \| Commercial Auto Business
Segment Reporting Information [Line Items]
Losses and loss adjustment expenses - retroactive reinsurance	$ (20,091)	$ 0	$ 0

Senior Debt (Details) - USD ($)	12 Months Ended
Senior Debt (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 08, 2019	Aug. 02, 2017	May 26, 2004
Line of Credit Facility [Line Items]
Amount outstanding on line of credit	$ 222,300,000	$ 262,300,000
Repayments of senior debt	40,000,000	0	$ 60,000,000
2013 Facility
Line of Credit Facility [Line Items]
Current total capacity	315,000,000
2013 Facility \| Bank Holding Company
Line of Credit Facility [Line Items]
Commitment to lend	36,000,000
2013 Facility \| Secured \| Jrg Re
Line of Credit Facility [Line Items]
Total capacity	102,500,000
Letters of credit outstanding	44,500,000
2013 Facility \| Unsecured
Line of Credit Facility [Line Items]
Total capacity	212,500,000			$ 212,500,000
Amount outstanding on line of credit	$ 185,800,000	$ 185,800,000
Additional borrowings			52,500,000
2013 Facility \| Unsecured \| LIBOR
Line of Credit Facility [Line Items]
Margin above LIBOR, percentage rate	1.50%
2017 Facility
Line of Credit Facility [Line Items]
Total capacity					$ 100,000,000
2017 Facility \| Secured \| Jrg Re
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 22,900,000
2017 Facility \| Unsecured
Line of Credit Facility [Line Items]
Amount outstanding on line of credit	21,500,000
Additional borrowings			$ 51,500,000
Repayments of senior debt	$ 40,000,000
2017 Facility \| Unsecured \| LIBOR
Line of Credit Facility [Line Items]
Margin above LIBOR, percentage rate	1.50%
James River Group Senior Debt
Line of Credit Facility [Line Items]
Principal amount of senior debt						$ 15,000,000
James River Group Senior Debt \| LIBOR
Line of Credit Facility [Line Items]
Margin above LIBOR, percentage rate						3.85%

Reinsurance - Summary of Premiums Written, Premiums Earned, and Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Written premiums:
Direct	$ 1,408,524	$ 1,322,034	$ 1,103,994
Assumed	88,056	185,265	153,006
Ceded	(748,101)	(762,919)	(609,226)
Net written premiums	748,479	744,380	647,774
Earned premiums:
Direct	1,378,619	1,255,875	1,005,138
Assumed	169,494	154,243	145,867
Ceded	(781,952)	(714,524)	(544,199)
Net earned premiums	766,161	695,594	606,806
Losses and loss adjustment expenses:
Direct	937,393	1,117,673	709,545
Assumed	126,287	232,240	125,096
Ceded	(518,866)	(557,561)	(356,096)
Net	$ 544,814	$ 792,352	$ 478,545

SCHEDULE III - Supplementary Insurance Information

12 Months Ended

Dec. 31, 2022

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

Supplementary Insurance Information

(in thousands)


	Deferred Policy Acquisition Costs		Reserve for Losses and Loss Adjustment Expenses		Unearned Premiums		Net Earned Premiums		Net Investment Income		Losses and Loss Adjustment Expenses		Amortization of Policy Acquisition Costs		Other Operating Expenses		Net Written Premiums
December 31, 2022
Excess and Surplus Lines	$	36,917	$	1,585,860	$	405,139	$	555,597	$	28,664	$	382,094	$	59,465	$	106,194	$	589,056
Specialty Admitted	(4,080)		755,102		173,057		74,137		5,068		58,548		(9,648)		15,116		76,390
Casualty Reinsurance	26,766		428,033		97,820		136,427		37,334		104,172		38,754		42,987		83,033
Corporate and Other	—		—		—		—		45		—		—		31,260		—
Total	$	59,603	$	2,768,995	$	676,016	$	766,161	$	71,111	$	544,814	$	88,571	$	195,557	$	748,479
December 31, 2021
Excess and Surplus Lines	$	26,297	$	1,623,635	$	382,479	$	486,000	$	13,811	$	516,299	$	50,283	$	91,179	$	501,250
Specialty Admitted	(4,889)		686,643		165,998		75,371		3,044		55,875		(8,395)		14,333		83,935
Casualty Reinsurance	47,118		438,195		179,075		134,223		39,445		220,178		27,775		31,571		159,195
Corporate and Other	—		—		—		—		565		—		—		27,609		—
Total	$	68,526	$	2,748,473	$	727,552	$	695,594	$	56,865	$	792,352	$	69,663	$	164,692	$	744,380
December 31, 2020
Excess and Surplus Lines	$	25,875	$	1,276,054	$	345,976	$	415,168	$	18,664	$	318,467	$	49,387	$	88,520	$	450,346
Specialty Admitted	(3,073)		600,309		136,355		57,505		3,392		41,928		(4,525)		13,213		59,884
Casualty Reinsurance	40,151		315,717		148,040		134,133		42,554		118,150		30,716		34,347		137,544
Corporate and Other	—		—		—		—		8,758		—		—		29,418		—
Total	$	62,953	$	2,192,080	$	630,371	$	606,806	$	73,368	$	478,545	$	75,578	$	165,498	$	647,774

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, cost basis	$ 5,807	$ 4,713
Accumulated depreciation	(4,449)	(3,932)
Property and equipment, net	1,358	781
Electronic data processing hardware and software
Property, Plant and Equipment [Line Items]
Property and equipment, cost basis	3,586	2,492
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost basis	$ 2,221	$ 2,221

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Lease liabilities	$ 9,092	$ 12,800
Right-of-use assets	$ 8,200	11,700
Weighted average discount rate	4.10%
Weighted average remaining lease term	3 years 1 month 6 days
Operating lease costs	$ 5,000	$ 5,100	$ 5,000
Minority interest in partnership
Related Party Transaction [Line Items]
Lease liabilities	$ 6,700

Statutory Matters

12 Months Ended

Dec. 31, 2022

Statutory Matters [Abstract]

Statutory Matters

U.S.

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


	2022		2021		2020
	(in thousands)
Statutory net income (loss)	$	42,565	$	(3,847)	$	(710)
Statutory capital and surplus	493,303		325,368		286,449
Minimum required statutory capital and surplus	165,809		111,031		100,170

Risk-Based Capital (“RBC”) requirements promulgated by the National Association of Insurance Commissioners require property-casualty insurers to maintain minimum capitalization levels determined based on formulas incorporating various business risks of the insurance subsidiaries. As of December 31, 2022, the insurance subsidiaries’ adjusted capital and surplus exceeds their authorized control level RBC.

Bermuda

The Company has two Bermuda-based subsidiaries: JRG Re, a Class 3B insurer and Carolina Re, a Class 3A insurer until its deregistration effective November 16, 2022. Under the Bermuda Insurance Act 1978 and related regulations, an insurer must maintain minimum statutory capital and surplus at the greater of a minimum solvency margin (“MSM”) and the Enhanced Capital Requirement (“ECR”), which is the higher of the MSM and capital calculated by the Bermuda Solvency Capital Requirement (“BSCR”) model or an approved internal model. The estimated Bermuda insurers minimum statutory solvency margin required at December 31, 2022 was approximately $38.6 million (2021: $167.1 million). Actual statutory capital and surplus at December 31, 2022 was $375.4 million (2021: $518.7 million). The statutory net (loss) income was $(17.7) million, $(141.5) million, and $20.8 million for the years ended December 31, 2022, 2021, and 2020, respectively. The combined ECR for the year ended December 31, 2021 was $450.4 million. The BSCR models for the year ended December 31, 2022 will not be filed with the Bermuda Monetary Authority until April 30, 2023. The Company believes that the minimum statutory capital and surplus requirements will be met. The foregoing financial information includes Carolina Re for the years ended December 31, 2021 and 2020.

Under the Bermuda Insurance Act 1978, an insurer must maintain a minimum liquidity ratio in which the value of its relevant assets is not less than 75.0% of the amount of its relevant liabilities for general business. Relevant assets include cash and cash equivalents, fixed maturities, quoted alternative investments, accrued interest income, premiums receivable, losses recoverable from reinsurers, and funds withheld. The relevant liabilities include total insurance provisions and other liabilities less deferred income taxes and letters of credit, guarantees and other instruments. As of December 31, 2022, the minimum liquidity ratio requirements were met.

Other Comprehensive (Loss) Income (Tables)

12 Months Ended

Dec. 31, 2022

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

Schedule of Components of Comprehensive Income (Loss)

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Unrealized (losses) gains arising during the period, before U.S. income taxes	$	(219,788)	$	(54,132)	$	58,704
U.S. income taxes	26,780		6,189		(6,967)
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(193,008)		(47,943)		51,737
Less reclassification adjustment:
Net realized investment gains	275		4,924		1,045
U.S. income taxes	(261)		(946)		(93)
Reclassification adjustment for investment gains realized in net income	14		3,978		952
Other comprehensive (loss) income	$	(193,022)	$	(51,921)	$	50,785

Deferred Policy Acquisition Costs

12 Months Ended

Dec. 31, 2022

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

An analysis of deferred policy acquisition costs is as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Balance at beginning of period	$	68,526	$	62,953	$	62,006
Policy acquisition costs deferred:
Commissions	55,542		51,466		51,306
Underwriting and other issue expenses	24,106		23,770		25,219
	79,648		75,236		76,525
Amortization of policy acquisition costs	(88,571)		(69,663)		(75,578)
Net change	(8,923)		5,573		947
Balance at end of period	$	59,603	$	68,526	$	62,953

Fair Value Measurements - Summary of the Carrying Value and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Fixed maturity securities, available-for-sale	$ 1,783,417	$ 1,677,561
Equity securities	118,627	108,410
Bank loan participations	154,991	156,043
Cash and cash equivalents	173,164	190,123
Restricted cash equivalents	103,215	102,005	$ 859,920	$ 1,199,164
Short-term investments	107,812	136,563
Liabilities
Senior debt	222,300	262,300
Junior subordinated debt	104,055	104,055
Carrying Value
Assets
Fixed maturity securities, available-for-sale	1,783,417	1,677,561
Equity securities	118,627	108,410
Bank loan participations	154,991	156,043
Cash and cash equivalents	173,164	190,123
Restricted cash equivalents	103,215	102,005
Short-term investments	107,812	136,563
Other invested assets – notes receivable	7,205	9,740
Liabilities
Senior debt	222,300	262,300
Junior subordinated debt	104,055	104,055
Fair Value
Assets
Fixed maturity securities, available-for-sale	1,783,417	1,677,561
Equity securities	118,627	108,410
Bank loan participations	154,991	156,043
Cash and cash equivalents	173,164	190,123
Restricted cash equivalents	103,215	102,005
Short-term investments	107,812	136,563
Other invested assets – notes receivable	7,703	11,921
Liabilities
Senior debt	226,063	252,213
Junior subordinated debt	$ 127,149	$ 106,635

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Shares	Additional Paid-in Capital	Retained (Deficit) Earnings	Retained (Deficit) Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Balances (in shares) at Dec. 31, 2019			30,424,391
Balances at Dec. 31, 2019	$ 778,581		$ 6	$ 657,875	$ 89,586		$ 31,114
Balances (ASU 2019-05) at Dec. 31, 2019		$ (7,827)				$ (7,827)
Balances (ASU 2016-13) at Dec. 31, 2019		$ (265)				$ (265)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	4,824				4,824
Other comprehensive (loss) income	50,785						50,785
Exercise of stock options (in shares)			113,346
Exercise of stock options	1,327			1,327
Vesting of RSUs (in shares)			111,524
Vesting of RSUs	(2,351)			(2,351)
Compensation expense under share incentive plans	7,625			7,625
Dividends on common shares	(37,091)				(37,091)
Balances (in shares) at Dec. 31, 2020			30,649,261
Balances at Dec. 31, 2020	795,608		$ 6	664,476	49,227		81,899
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(172,799)				(172,799)
Other comprehensive (loss) income	(51,921)						(51,921)
Issuance of common shares (in shares)			6,497,500
Issuance of common shares	192,107		$ 1	192,106
Exercise of stock options (in shares)			93,446
Exercise of stock options	1,671			1,671
Vesting of RSUs (in shares)			132,859
Vesting of RSUs	(2,871)			(2,871)
Compensation expense under share incentive plans	6,658			6,658
Dividends on common shares	$ (43,091)				(43,091)
Balances (in shares) at Dec. 31, 2021	37,373,066		37,373,066
Balances at Dec. 31, 2021	$ 725,362		$ 7	862,040	(166,663)		29,978
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	30,973				30,973
Other comprehensive (loss) income	(193,022)						(193,022)
Exercise of stock options (in shares)			0
Vesting of RSUs (in shares)			97,171
Vesting of RSUs	(1,304)			(1,304)
Compensation expense under share incentive plans	8,122			8,122
Dividends on Series A preferred shares	(8,750)				(8,750)
Dividends on common shares	$ (7,615)				(7,615)
Balances (in shares) at Dec. 31, 2022	37,470,237		37,470,237
Balances at Dec. 31, 2022	$ 553,766		$ 7	$ 868,858	$ (152,055)		$ (163,044)

SCHEDULE V - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

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

Valuation and Qualifying Accounts


	Balance at Beginning of Period		Additions Amounts Charged to Expense		Deductions Amounts Written Off or Disposals		Balance at End of Period
	(in thousands)
Year Ended December 31, 2022
Allowance for Credit Losses on Premiums Receivable and Agents' Balances	$	16,680	$	1,051	$	(1,483)	$	16,248
Allowance for Credit Losses on Reinsurance Balances	631		(19)		—		612
Allowance for Credit Losses on Bank Loans	—		—		—		—
Total	$	17,311	$	1,032	$	(1,483)	$	16,860
Year Ended December 31, 2021
Allowance for Credit Losses on Premiums Receivable and Agents' Balances	$	8,317	$	9,426	$	(1,063)	$	16,680
Allowance for Credit Losses on Reinsurance Balances	335		296		—		631
Allowance for Credit Losses on Bank Loans	—		—		—		—
Total	$	8,652	$	9,722	$	(1,063)	$	17,311
Year Ended December 31, 2020
Allowance for Credit Losses on Premiums Receivable and Agents' Balances	$	5,659	$	3,318	$	(660)	$	8,317
Allowance for Credit Losses on Reinsurance Balances	335		—		—		335
Allowance for Credit Losses on Bank Loans	7,181		—		(7,181)		—
Total	$	13,175	$	3,318	$	(7,841)	$	8,652

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

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Invested assets:
Fixed maturity securities, available-for-sale, at fair value (amortized cost: 2022 – $1,969,783; 2021 – $1,643,865)	$ 1,783,417	$ 1,677,561
Equity securities, at fair value (cost: 2022 – $117,169; 2021 – $95,783)	118,627	108,410
Bank loan participations, at fair value	154,991	156,043
Short-term investments	107,812	136,563
Other invested assets	27,447	51,908
Total invested assets	2,192,294	2,130,485
Cash and cash equivalents	173,164	190,123
Restricted cash equivalents	103,215	102,005
Accrued investment income	14,418	11,037
Premiums receivable and agents’ balances, net	340,525	393,967
Reinsurance recoverable on unpaid losses, net	1,520,113	1,348,628
Reinsurance recoverable on paid losses	114,242	82,235
Prepaid reinsurance premiums	274,165	291,498
Deferred policy acquisition costs	59,603	68,526
Intangible assets, net	35,676	36,039
Goodwill	181,831	181,831
Deferred tax assets, net	48,844	26,430
Income taxes receivable	0	3,337
Other assets	78,985	82,409
Total assets	5,137,075	4,948,550
Liabilities:
Reserve for losses and loss adjustment expenses	2,768,995	2,748,473
Unearned premiums	676,016	727,552
Payables to reinsurers	123,502	135,617
Funds held	310,953	97,360
Deferred reinsurance gain	20,091	0
Senior debt	222,300	262,300
Junior subordinated debt	104,055	104,055
Accrued expenses	59,566	57,920
Income taxes payable	13,900	0
Other liabilities	139,033	89,911
Total liabilities	4,438,411	4,223,188
Commitments and contingent liabilities
Series A redeemable preferred shares – 2022 and 2021: $0.00125 par value; 20,000,000 shares authorized; 150,000 and no shares issued and outstanding	144,898	0
Shareholders’ equity:
Common Shares – $0.0002 par value; 200,000,000 shares authorized. 2022 and 2021: 37,470,237 and 37,373,066 shares issued and outstanding, respectively	7	7
Additional paid-in capital	868,858	862,040
Retained deficit	(152,055)	(166,663)
Accumulated other comprehensive (loss) income	(163,044)	29,978
Total shareholders’ equity	553,766	725,362
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$ 5,137,075	$ 4,948,550

Income Taxes - Summary of Net Deferred Tax Asset (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Accrued compensation expenses	$ 3,539	$ 2,604
Reserve for losses and loss adjustment expenses	20,706	18,016
Unearned premiums	13,034	10,675
Share based compensation	1,842	1,541
Allowance for credit losses	2,549	2,516
Net unrealized losses	24,066	0
Net operating loss carryforward	0	15,221
Other	3,991	7,197
Total deferred tax assets	69,727	57,770
Deferred tax liabilities:
Intangible assets	7,281	7,289
Net unrealized gains	0	6,626
Deferred policy acquisition costs	6,896	4,494
Equity method investments	3,327	10,257
Other	3,379	2,674
Total deferred tax liabilities	20,883	31,340
Net deferred tax assets	$ 48,844	$ 26,430

Fair Value Measurements - Narrative (Details) $ in Thousands	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($) security	Dec. 31, 2020 USD ($) security bank_loan_participation	Dec. 31, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of equity securities held \| security	1	1	2
Number of equity securities transferred \| security		1	1
Number of bank loan participations held \| bank_loan_participation			1
Number of bank loan participations transferred \| bank_loan_participation			2
Recurring basis \| Available-for-sale fixed maturity securities and equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset value \| $	$ 17	$ 102	$ 980	$ 43

Equity Awards

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Equity Awards

Equity Incentive Plans

The Company’s shareholders have approved various equity incentive plans, including the Amended and Restated 2009 Equity Incentive Plan (the “Legacy Plan”), the 2014 Long Term Incentive Plan (“2014 LTIP”), and the 2014 Non-Employee Director Incentive Plan (“2014 Director Plan”) (collectively, the “Plans”). All awards issued under the Plans are issued at the discretion of the Board of Directors. Under the Legacy Plan, employees received non-qualified stock options. There are no options outstanding under the Legacy Plan as of December 31, 2022 and no additional awards may be granted.

Employees are eligible to receive non-qualified stock options, incentive stock options, share appreciation rights, performance shares, restricted shares, RSUs, and other awards under the 2014 LTIP. The 2014 LTIP was amended on October 25, 2022, increasing the number of shares available for issuance under the 2014 LTIP by 811,500 shares. Following the amendment, the maximum number of shares available for issuance under the 2014 LTIP is 4,982,650, and at December 31, 2022, 1,629,298 shares are available for grant.

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

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

Non-employee directors of the Company are eligible to receive non-qualified stock options, share appreciation rights, performance shares, restricted shares, RSUs, and other awards under the 2014 Director Plan. The maximum number of shares available for issuance under the 2014 Director Plan is 150,000, and at December 31, 2022, 82,586 shares are available for grant.

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

Options

The following table summarizes the option activity:


	Year Ended December 31,
	2022			2021			2020
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
Outstanding:
Beginning of year	287,974	$	35.26	463,324	$	32.25	643,851	$	30.41
Granted	—	$	—	—	$	—	—	$	—
Exercised	—	$	—	(126,798)	$	22.26	(180,527)	$	25.70
Forfeited	—	$	—	(48,552)	$	40.42	—	$	—
End of year	287,974	$	35.26	287,974	$	35.26	463,324	$	32.25
Exercisable, end of year	287,974	$	35.26	287,974	$	35.26	463,324	$	32.25

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

The intrinsic value of each option is determined based on the difference between the fair value of the underlying share and the exercise price of the underlying option. The total intrinsic value of options exercised during 2022, 2021 and 2020 was $0, $1.3 million and $3.8 million, respectively. The aggregate intrinsic value of options outstanding at December 31, 2022, 2021 and 2020 was $0, $0 and $7.8 million, respectively. The aggregate intrinsic value of options exercisable at December 31, 2022, 2021 and 2020 was $0, $0 and $7.8 million, respectively. The fair value used for calculating intrinsic values was $20.91, $28.81 and $49.15 at December 31, 2022, 2021 and 2020, respectively.

The weighted-average remaining contractual life of the options outstanding and exercisable at December 31, 2022 is 0.4 years. There were no options granted in 2022, 2021, or 2020. The value of the options granted was estimated at the date of grant using the Black-Scholes-Merton option pricing model.

RSUs

The following table summarizes RSU activity:


	Year Ended December 31,
	2022			2021			2020
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Unvested, beginning of year	292,135	$	45.89	399,856	$	43.59	340,368	$	41.50
Granted	560,680	$	20.61	161,971	$	47.82	272,608	$	45.11
Vested	(147,530)	$	45.16	(194,157)	$	42.74	(165,344)	$	41.49
Forfeited	(39,827)	$	25.41	(75,535)	$	45.98	(47,776)	$	44.57
Unvested, end of year	665,458	$	25.98	292,135	$	45.89	399,856	$	43.59

Outstanding RSUs granted to employees generally vest ratably over a three year vesting period. RSUs granted to non-employee directors have a one year vesting period. The total fair value of shares vested in 2022, 2021 and 2020 was $3.8 million, $9.1 million and $7.2 million, respectively. The holders of RSUs are entitled to dividend equivalents. The dividend equivalents are settled in cash at the same time that the underlying RSUs vest and are subject to the same risk of forfeiture as the underlying shares. The fair value of the RSUs granted is based on the market price of the underlying shares at the date of grant.

Compensation Expense

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Share based compensation expense	$	8,122	$	6,658	$	7,625
U.S. tax benefit on share based compensation expense	$	1,526	$	1,206	$	1,001

At December 31, 2022, the Company had $11.2 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 1.8 years.

Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Schedule of Summary of Available-for-Sale Investments

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


	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
December 31, 2022
Fixed maturity securities:
State and municipal	$	386,456	$	712	$	(56,316)	$	330,852
Residential mortgage-backed	437,702		801		(37,254)		401,249
Corporate	734,976		1,528		(66,292)		670,212
Commercial mortgage and asset-backed	335,066		76		(26,127)		309,015

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

Total fixed maturity securities, available-for-sale	$	1,969,783	$	3,125	$	(189,491)	$	1,783,417
December 31, 2021
Fixed maturity securities:
State and municipal	$	323,773	$	12,156	$	(2,212)	$	333,717
Residential mortgage-backed	246,586		2,384		(2,339)		246,631
Corporate	711,930		26,119		(5,714)		732,335
Commercial mortgage and asset-backed	301,247		4,941		(1,700)		304,488

U.S. Treasury securities and obligations guaranteed by the U.S. government	60,329		653		(592)		60,390
Total fixed maturity securities, available-for-sale	$	1,643,865	$	46,253	$	(12,557)	$	1,677,561

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

The amortized cost and fair value of available-for-sale investments in fixed maturity securities at December 31, 2022 are summarized, by contractual maturity, as follows:


	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	53,202	$	52,229
After one year through five years	493,890		468,007
After five years through ten years	366,853		320,871
After ten years	283,070		232,046
Residential mortgage-backed	437,702		401,249
Commercial mortgage and asset-backed	335,066		309,015
Total	$	1,969,783	$	1,783,417

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


	Less Than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
December 31, 2022
Fixed maturity securities:
State and municipal	$	241,586	$	(34,840)	$	72,805	$	(21,476)	$	314,391	$	(56,316)
Residential mortgage-backed	225,870		(18,823)		98,594		(18,431)		324,464		(37,254)
Corporate	412,942		(33,417)		167,541		(32,875)		580,483		(66,292)
Commercial mortgage and asset-backed	184,985		(12,829)		114,955		(13,298)		299,940		(26,127)

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

Total fixed maturity securities, available-for-sale	$	1,112,489	$	(101,608)	$	475,703	$	(87,883)	$	1,588,192	$	(189,491)
December 31, 2021
Fixed maturity securities:
State and municipal	$	93,313	$	(2,162)	$	1,150	$	(50)	$	94,463	$	(2,212)
Residential mortgage-backed	140,386		(2,337)		147		(2)		140,533		(2,339)
Corporate	179,078		(4,232)		18,635		(1,482)		197,713		(5,714)
Commercial mortgage and asset-backed	159,289		(1,695)		1,229		(5)		160,518		(1,700)

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

Total fixed maturity securities, available-for-sale	$	596,444	$	(11,018)	$	21,161	$	(1,539)	$	617,605	$	(12,557)

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

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Fixed maturity securities	$	48,647	$	42,968	$	45,070
Bank loan participations	12,639		10,571		12,150
Equity securities	5,680		4,883		4,800
Other invested assets	3,408		2,200		9,181
Cash, cash equivalents, restricted cash equivalents, and short-term investments	4,853		260		6,619

Gross investment income	75,227		60,882		77,820
Investment expense	(4,116)		(4,017)		(4,452)
Net investment income	$	71,111	$	56,865	$	73,368

Schedule of Summary of Realized Gains and Losses

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	1,698	$	4,988	$	1,098
Gross realized losses	(1,423)		(64)		(53)
	275		4,924		1,045
Equity securities:
Gross realized gains	1,253		284		—
Gross realized losses	(1,507)		(827)		(1,441)
Changes in fair values of equity securities	(11,168)		5,350		(215)
	(11,422)		4,807		(1,656)
Bank loan participations:
Gross realized gains	230		555		554
Gross realized losses	(1,403)		(1,388)		(17,286)
Changes in fair values of bank loan participations	(15,867)		6,661		1,318
	(17,040)		5,828		(15,414)
Short-term investments and other:
Gross realized gains	1		75		77
Gross realized losses	(133)		(150)		(2)
Changes in fair values of short-term investments and other	1		80		(80)
	(131)		5		(5)
Total	$	(28,318)	$	15,564	$	(16,030)

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

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Fixed maturity securities:
Gross realized gains	$	1,698	$	4,988	$	1,098
Gross realized losses	(1,423)		(64)		(53)
	275		4,924		1,045
Equity securities:
Gross realized gains	1,253		284		—
Gross realized losses	(1,507)		(827)		(1,441)
Changes in fair values of equity securities	(11,168)		5,350		(215)
	(11,422)		4,807		(1,656)
Bank loan participations:
Gross realized gains	230		555		554
Gross realized losses	(1,403)		(1,388)		(17,286)
Changes in fair values of bank loan participations	(15,867)		6,661		1,318
	(17,040)		5,828		(15,414)
Short-term investments and other:
Gross realized gains	1		75		77
Gross realized losses	(133)		(150)		(2)
Changes in fair values of short-term investments and other	1		80		(80)
	(131)		5		(5)
Total	$	(28,318)	$	15,564	$	(16,030)

Schedule of Other Invested Assets



	Carrying Value				Investment Income
	December 31,				Year Ended December 31,
	2022		2021		2022		2021		2020
	(in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines	$	9,159	$	24,211	$	3,366	$	(625)	$	—
Corporate & Other	—		2,709		435		(812)		2,016
	9,159		26,920		3,801		(1,437)		2,016
Renewable energy notes receivable (b)
Excess and Surplus Lines	1,202		2,329		270		417		—
Corporate & Other	1,503		2,911		337		522		5,630
	2,705		5,240		607		939		5,630
Limited partnerships (c)
Excess and Surplus Lines	10,019		13,098		(805)		1,417		272
Corporate & Other	1,064		2,150		(538)		938		920
	11,083		15,248		(1,343)		2,355		1,192
Bank holding companies (d)
Excess and Surplus Lines	4,500		4,500		343		200		—
Corporate & Other	—		—		—		143		343
	4,500		4,500		343		343		343
Total other invested assets
Excess and Surplus Lines	24,880		44,138		3,174		1,409		272
Corporate & Other	2,567		7,770		234		791		8,909
	$	27,447	$	51,908	$	3,408	$	2,200	$	9,181

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash provided by (used in) operating activities excluding reduction in collateral funds	$ 221.5	$ (155.6)	$ 65.4
Loss Portfolio Transfer \| Excess and Surplus Lines
Cash paid to effect a loss portfolio transfer reinsurance transaction		$ 317.6

Equity Awards (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Summary of Option Activity

The following table summarizes the option activity:


	Year Ended December 31,
	2022			2021			2020
	Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price		Shares	Weighted- Average Exercise Price
Outstanding:
Beginning of year	287,974	$	35.26	463,324	$	32.25	643,851	$	30.41
Granted	—	$	—	—	$	—	—	$	—
Exercised	—	$	—	(126,798)	$	22.26	(180,527)	$	25.70
Forfeited	—	$	—	(48,552)	$	40.42	—	$	—
End of year	287,974	$	35.26	287,974	$	35.26	463,324	$	32.25
Exercisable, end of year	287,974	$	35.26	287,974	$	35.26	463,324	$	32.25

Schedule of Summary of RSU Activity

The following table summarizes RSU activity:


	Year Ended December 31,
	2022			2021			2020
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
Unvested, beginning of year	292,135	$	45.89	399,856	$	43.59	340,368	$	41.50
Granted	560,680	$	20.61	161,971	$	47.82	272,608	$	45.11
Vested	(147,530)	$	45.16	(194,157)	$	42.74	(165,344)	$	41.49
Forfeited	(39,827)	$	25.41	(75,535)	$	45.98	(47,776)	$	44.57
Unvested, end of year	665,458	$	25.98	292,135	$	45.89	399,856	$	43.59

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

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Share based compensation expense	$	8,122	$	6,658	$	7,625
U.S. tax benefit on share based compensation expense	$	1,526	$	1,206	$	1,001

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2022	Feb. 24, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36777
Entity Registrant Name	JAMES RIVER GROUP HOLDINGS, LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0585280
Entity Address, Address Line Three	Wellesley House
Entity Address, Address Line Two	2nd Floor
Entity Address, Address Line One	90 Pitts Bay Road
Entity Address, City or Town	Pembroke
Entity Address, Postal Zip Code	HM08
Entity Address, Country	BM
City Area Code	441
Local Phone Number	278-4580
Title of 12(b) Security	Common Shares, par value $0.0002 per share
Trading Symbol	JRVR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 906,356,080
Entity Common Stock, Shares Outstanding		37,515,856
Documents Incorporated by Reference	Portions of the James River Group Holdings, Ltd. Proxy Statement for the 2023 Annual General Meeting of Shareholders may be incorporated by reference into Part III hereof. Alternatively, such Part III information may be filed by James River Group Holdings, Ltd. by an amendment to this Form 10-K.
Entity Central Index Key	0001620459
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

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


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total

	(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—	$	330,852	$	—	$	330,852
Residential mortgage-backed	—		401,249		—		401,249
Corporate	—		670,212		—		670,212
Commercial mortgage and asset-backed	—		309,015		—		309,015

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

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

Short-term investments	$	—	$	107,812	$	—	$	107,812

Assets measured at fair value on a recurring basis as of December 31, 2021 are summarized below:


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1			Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
			(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—		$	333,717	$	—	$	333,717
Residential mortgage-backed	—			246,631		—		246,631
Corporate	—			732,335		—		732,335
Commercial mortgage and asset-backed	—			304,488		—		304,488

U.S. Treasury securities and obligations guaranteed by the U.S. government	59,988			402		—		60,390
Total fixed maturity securities, available-for-sale	$	59,988		$	1,617,573	$	—	$	1,677,561
Equity securities:
Preferred stock	$	—		$	63,612	$	—	$	63,612
Common stock	41,244			3,452		102		44,798
Total equity securities	$	41,244		$	67,064	$	102	$	108,410
Bank loan participations	$	—		$	156,043	$	—	$	156,043
Short-term investments	$	—		$	136,563	$	—	$	136,563

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

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Beginning balance	$	102	$	980	$	43
Transfers in to Level 3	—		8		358
Transfers out of Level 3	—		(6)		(767)
Purchases	—		—		1,417
Sales	(92)		(426)		—
Maturities, calls and paydowns	—		(379)		(17)
Amortization of discount	—		—		2
Total gains or losses (realized/unrealized):
Included in earnings	7		(75)		(56)
Included in other comprehensive income	—		—		—
Ending balance	$	17	$	102	$	980

Schedule of Carrying Value and Fair Value

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


	December 31,
	2022				2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,783,417	$	1,783,417	$	1,677,561	$	1,677,561
Equity securities	118,627		118,627		108,410		108,410

Bank loan participations	154,991		154,991		156,043		156,043
Cash and cash equivalents	173,164		173,164		190,123		190,123
Restricted cash equivalents	103,215		103,215		102,005		102,005
Short-term investments	107,812		107,812		136,563		136,563
Other invested assets – notes receivable	7,205		7,703		9,740		11,921
Liabilities
Senior debt	222,300		226,063		262,300		252,213
Junior subordinated debt	104,055		127,149		104,055		106,635

SCHEDULE III - Supplementary Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	$ 59,603	$ 68,526	$ 62,953
Reserve for Losses and Loss Adjustment Expenses	2,768,995	2,748,473	2,192,080
Unearned Premiums	676,016	727,552	630,371
Net Earned Premiums	766,161	695,594	606,806
Net Investment Income	71,111	56,865	73,368
Losses and Loss Adjustment Expenses	544,814	792,352	478,545
Amortization of Policy Acquisition Costs	88,571	69,663	75,578
Other Operating Expenses	195,557	164,692	165,498
Net Written Premiums	748,479	744,380	647,774
Excess and Surplus Lines
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	36,917	26,297	25,875
Reserve for Losses and Loss Adjustment Expenses	1,585,860	1,623,635	1,276,054
Unearned Premiums	405,139	382,479	345,976
Net Earned Premiums	555,597	486,000	415,168
Net Investment Income	28,664	13,811	18,664
Losses and Loss Adjustment Expenses	382,094	516,299	318,467
Amortization of Policy Acquisition Costs	59,465	50,283	49,387
Other Operating Expenses	106,194	91,179	88,520
Net Written Premiums	589,056	501,250	450,346
Specialty Admitted
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	(4,080)	(4,889)	(3,073)
Reserve for Losses and Loss Adjustment Expenses	755,102	686,643	600,309
Unearned Premiums	173,057	165,998	136,355
Net Earned Premiums	74,137	75,371	57,505
Net Investment Income	5,068	3,044	3,392
Losses and Loss Adjustment Expenses	58,548	55,875	41,928
Amortization of Policy Acquisition Costs	(9,648)	(8,395)	(4,525)
Other Operating Expenses	15,116	14,333	13,213
Net Written Premiums	76,390	83,935	59,884
Casualty Reinsurance
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	26,766	47,118	40,151
Reserve for Losses and Loss Adjustment Expenses	428,033	438,195	315,717
Unearned Premiums	97,820	179,075	148,040
Net Earned Premiums	136,427	134,223	134,133
Net Investment Income	37,334	39,445	42,554
Losses and Loss Adjustment Expenses	104,172	220,178	118,150
Amortization of Policy Acquisition Costs	38,754	27,775	30,716
Other Operating Expenses	42,987	31,571	34,347
Net Written Premiums	83,033	159,195	137,544
Corporate and Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred Policy Acquisition Costs	0	0	0
Reserve for Losses and Loss Adjustment Expenses	0	0	0
Unearned Premiums	0	0	0
Net Earned Premiums	0	0	0
Net Investment Income	45	565	8,758
Losses and Loss Adjustment Expenses	0	0	0
Amortization of Policy Acquisition Costs	0	0	0
Other Operating Expenses	31,260	27,609	29,418
Net Written Premiums	$ 0	$ 0	$ 0

Other Operating Expenses and Other Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Amortization of policy acquisition costs	$ 88,571	$ 69,663	$ 75,578
Other underwriting expenses of the insurance segments	75,726	67,420	60,502
Other operating expenses of the Corporate and Other segment	31,260	27,609	29,418
Total	195,557	164,692	165,498
Other expenses	$ 5,997	$ 2,585	$ 2,138

- Definition

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

+ References + Details

Consolidated Statements of Income (Loss) and Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Gross written premiums	$ 1,496,580	$ 1,507,299	$ 1,257,000
Ceded written premiums	(748,101)	(762,919)	(609,226)
Net written premiums	748,479	744,380	647,774
Change in net unearned premiums	17,682	(48,786)	(40,968)
Net earned premiums	766,161	695,594	606,806
Net investment income	71,111	56,865	73,368
Net realized and unrealized (losses) gains on investments	(28,318)	15,564	(16,030)
Other income	4,742	4,857	4,545
Total revenues	813,696	772,880	668,689
Expenses:
Losses and loss adjustment expenses	544,814	792,352	478,545
Other operating expenses	195,557	164,692	165,498
Other expenses	5,997	2,585	2,138
Interest expense	17,578	8,922	10,033
Amortization of intangible assets	363	363	538
Total expenses	764,309	968,914	656,752
Income (loss) before income taxes	49,387	(196,034)	11,937
Income tax expense (benefit):
Current	13,787	(2,835)	11,534
Deferred	4,627	(20,400)	(4,421)
Total income tax expense (benefit)	18,414	(23,235)	7,113
Net income (loss)	30,973	(172,799)	4,824
Dividends on Series A preferred shares	(8,750)	0	0
Net income (loss) available to common shareholders	22,223	(172,799)	4,824
Other comprehensive (loss) income:
Net unrealized (losses) gains, net of taxes of $(27,041) in 2022, $(7,135) in 2021, and $6,874 in 2020	(193,022)	(51,921)	50,785
Total comprehensive (loss) income	$ (162,049)	$ (224,720)	$ 55,609
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.59	$ (4.94)	$ 0.16
Diluted (in dollars per share)	0.59	(4.94)	0.16
Dividend declared per share (in dollars per share)	$ 0.20	$ 1.20	$ 1.20
Weighted-average common shares outstanding:
Basic (in shares)	37,442,856	34,956,957	30,552,210
Diluted (in shares)	37,650,969	34,956,957	30,884,416

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	December 31,
	2022		2021
	(in thousands)
Electronic data processing hardware and software	$	3,586	$	2,492
Furniture and equipment	2,221		2,221
Property and equipment, cost basis	5,807		4,713
Accumulated depreciation	(4,449)		(3,932)
Property and equipment, net	$	1,358	$	781

Other Operating Expenses and Other Expenses

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Other Operating Expenses and Other Expenses

Other operating expenses consist of the following:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Amortization of policy acquisition costs	$	88,571	$	69,663	$	75,578
Other underwriting expenses of the insurance segments	75,726		67,420		60,502
Other operating expenses of the Corporate and Other segment	31,260		27,609		29,418
Total	$	195,557	$	164,692	$	165,498

Other expenses of $6.0 million, $2.6 million, and $2.1 million for the years ended December 31, 2022, 2021, and 2020, respectively, primarily consist of certain nonoperating expenses including legal fees related to a purported class action lawsuit, legal and other professional fees related to the Company's May 2021 common share offering, legal and other professional fees and other expenses related to various strategic initiatives including loss portfolio transfers accounted for as retroactive reinsurance, and employee severance costs.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Summary of Company's Segment Results

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


	Excess and Surplus Lines		Specialty Admitted Insurance		Casualty Reinsurance		Corporate and Other		Total
	(in thousands)
As of and for the Year Ended December 31, 2022
Gross written premiums	$	921,164	$	490,208	$	85,208	$	—	$	1,496,580
Net earned premiums	555,597		74,137		136,427		—		766,161
Segment revenues	570,087		81,593		161,554		462		813,696
Net investment income	28,664		5,068		37,334		45		71,111
Interest expense	—		—		3,706		13,872		17,578
Underwriting profit (loss) of operating segments	83,051		4,234		(6,383)		—		80,902
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,627,956		1,277,988		1,137,778		93,353		5,137,075




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




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

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

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines	$	83,051	$	(121,478)	$	9,752
Specialty Admitted Insurance	4,234		9,667		4,185
Casualty Reinsurance	(6,383)		(117,526)		(18,364)
Total underwriting profit (loss) of operating segments	80,902		(229,337)		(4,427)
Other operating expenses of the Corporate and Other segment	(31,260)		(27,609)		(29,418)
Underwriting profit (loss)	49,642		(256,946)		(33,845)
Losses and loss adjustment expenses - retroactive reinsurance	(20,091)		—		—
Net investment income	71,111		56,865		73,368
Net realized and unrealized (losses) gains on investments	(28,318)		15,564		(16,030)
Other income	981		353		1,153
Other expenses	(5,997)		(2,585)		(2,138)
Interest expense	(17,578)		(8,922)		(10,033)
Amortization of intangible assets	(363)		(363)		(538)
Income (loss) before income taxes	$	49,387	$	(196,034)	$	11,937

Schedule of Gross Written Premiums by Segment and Underwriting Division

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Excess Casualty	$	310,383	$	285,082	$	213,037
General Casualty	173,574		140,608		125,433
Manufacturers and Contractors	156,645		139,720		122,880
Excess Property	52,104		47,241		37,332
Energy	42,290		46,216		51,109
Commercial Auto	37,974		34,630		30,029
Small Business	36,930		32,593		24,790
Allied Health	34,156		35,192		26,918
Life Sciences	32,277		35,935		35,163
Environmental	20,676		17,050		17,753
Sports and Entertainment	13,934		9,442		6,118
Professional Liability	8,936		8,104		6,881
Medical Professionals	1,285		1,844		1,700
Total Excess and Surplus Lines segment	921,164		833,657		699,143
Specialty Admitted Insurance segment	490,208		491,561		408,691
Casualty Reinsurance segment	85,208		182,081		149,166
Total	$	1,496,580	$	1,507,299	$	1,257,000

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 31,164	$ 31,164
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	7,099	6,736
Total intangible assets, gross	42,775	42,775
Broker relationships
Identifiable intangible assets subject to amortization
Gross Carrying Amount	11,611	11,611
Accumulated Amortization	$ 7,099	6,736
Weighted- Average Life (Years)	24 years 7 months 6 days
Trademarks
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 22,200	22,200
Insurance licenses and authorities
Acquired Intangible Assets [Line Items]
Identifiable intangibles not subject to amortization	$ 8,964	$ 8,964

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Percentage of dividend withholding tax	5.00%	5.00%	5.00%
Dividend distributions to intermediate holding company	$ 0	$ 0	$ 0
Increase to deferred tax asset for additional discount						$ 8,800,000
Deferred tax liability						$ 8,800,000
Transition provision expense					$ 1,100,000
Income tax expense recognized over next six years				$ 5,700,000
Income tax expense recognized over next six years per years				$ 950,000
U.S. income (loss) before Federal income taxes	$ 85,900,000	(89,300,000)	25,100,000
Percentage of excise tax on reinsurance premiums paid	1.00%
Payment of federal excise taxes	$ 0	338,000	468,000
Excise taxes paid	$ 842,000	$ 1,500,000	$ 1,200,000

Accounting Policies - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Net income (loss)	$ 30,973	$ (172,799)	$ 4,824
Dividends on Series A preferred shares	(8,750)	0	0
Net income (loss) available to common shareholders	$ 22,223	$ (172,799)	$ 4,824
Weighted average common shares outstanding:
Basic (in shares)	37,442,856	34,956,957	30,552,210
Dilutive potential common shares (in shares)	208,113	0	332,206
Diluted (in shares)	37,650,969	34,956,957	30,884,416
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.59	$ (4.94)	$ 0.16
Dilutive potential common shares (in dollars per share)	0	0	0
Diluted (in dollars per share)	$ 0.59	$ (4.94)	$ 0.16

Shareholders' Equity - Summary of Cash Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands																									12 Months Ended
	Dec. 30, 2022	Oct. 25, 2022	Sep. 30, 2022	Jul. 26, 2022	Jun. 30, 2022	Apr. 28, 2022	Mar. 31, 2022	Feb. 16, 2022	Dec. 31, 2021	Oct. 26, 2021	Sep. 30, 2021	Jul. 27, 2021	Jun. 30, 2021	Apr. 27, 2021	Mar. 31, 2021	Feb. 24, 2021	Dec. 31, 2020	Oct. 27, 2020	Sep. 30, 2020	Jul. 28, 2020	Jun. 30, 2020	Apr. 28, 2020	Mar. 31, 2020	Feb. 19, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Dividend declared per share (in dollars per share)		$ 0.05		$ 0.05		$ 0.05		$ 0.05		$ 0.30		$ 0.30		$ 0.30		$ 0.30		$ 0.30		$ 0.30		$ 0.30		$ 0.30	$ 0.20	$ 1.20	$ 1.20
Total Amount	$ 1,908		$ 1,908		$ 1,908		$ 1,908		$ 11,292		$ 11,282		$ 11,291		$ 9,345		$ 9,305		$ 9,292		$ 9,271		$ 9,269		$ 7,632	$ 43,210	$ 37,137

Reserve for Losses and Loss Adjustment Expenses - Average Annual Percentage Payouts of Incurred Claims (Details)	Dec. 31, 2022
Casualty Reinsurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	19.40%
Year 2	11.60%
Year 3	11.60%
Year 4	11.30%
Year 5	10.10%
Year 6	8.60%
Year 7	6.90%
Year 8	5.50%
Year 9	3.20%
Year 10	2.60%
Excluding Commercial Auto \| Excess and Surplus Lines
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	3.90%
Year 2	13.20%
Year 3	16.20%
Year 4	17.90%
Year 5	16.00%
Year 6	11.80%
Year 7	6.80%
Year 8	5.20%
Year 9	4.00%
Year 10	4.60%
Commercial Auto \| Excess and Surplus Lines
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	13.40%
Year 2	24.70%
Year 3	21.70%
Year 4	17.30%
Year 5	10.60%
Year 6	2.80%
Year 7	2.20%
Year 8	2.10%
Year 9	2.20%
Year 10	0.00%
Individual Risk Workers' Compensation \| Specialty Admitted Insurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	28.50%
Year 2	31.40%
Year 3	15.10%
Year 4	8.70%
Year 5	6.40%
Year 6	3.20%
Year 7	2.00%
Year 8	1.00%
Year 9	1.10%
Year 10	0.90%
Fronting and Programs \| Specialty Admitted Insurance
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	18.80%
Year 2	21.40%
Year 3	21.80%
Year 4	12.50%
Year 5	8.30%
Year 6	6.40%
Year 7	3.60%
Year 8	3.80%
Year 9	1.40%
Year 10	2.00%

Investments - Schedule of Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	$ 1,112,489	$ 596,444
Fixed maturity securities, less than 12 months, gross unrealized losses	(101,608)	(11,018)
Fixed maturity securities, 12 months or more, fair value	475,703	21,161
Fixed maturity securities, 12 months or more, gross unrealized losses	(87,883)	(1,539)
Fixed maturity securities, fair value	1,588,192	617,605
Fixed maturity securities, gross unrealized losses	(189,491)	(12,557)
State and municipal
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	241,586	93,313
Fixed maturity securities, less than 12 months, gross unrealized losses	(34,840)	(2,162)
Fixed maturity securities, 12 months or more, fair value	72,805	1,150
Fixed maturity securities, 12 months or more, gross unrealized losses	(21,476)	(50)
Fixed maturity securities, fair value	314,391	94,463
Fixed maturity securities, gross unrealized losses	(56,316)	(2,212)
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	225,870	140,386
Fixed maturity securities, less than 12 months, gross unrealized losses	(18,823)	(2,337)
Fixed maturity securities, 12 months or more, fair value	98,594	147
Fixed maturity securities, 12 months or more, gross unrealized losses	(18,431)	(2)
Fixed maturity securities, fair value	324,464	140,533
Fixed maturity securities, gross unrealized losses	(37,254)	(2,339)
Corporate
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	412,942	179,078
Fixed maturity securities, less than 12 months, gross unrealized losses	(33,417)	(4,232)
Fixed maturity securities, 12 months or more, fair value	167,541	18,635
Fixed maturity securities, 12 months or more, gross unrealized losses	(32,875)	(1,482)
Fixed maturity securities, fair value	580,483	197,713
Fixed maturity securities, gross unrealized losses	(66,292)	(5,714)
Commercial mortgage and asset-backed
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	184,985	159,289
Fixed maturity securities, less than 12 months, gross unrealized losses	(12,829)	(1,695)
Fixed maturity securities, 12 months or more, fair value	114,955	1,229
Fixed maturity securities, 12 months or more, gross unrealized losses	(13,298)	(5)
Fixed maturity securities, fair value	299,940	160,518
Fixed maturity securities, gross unrealized losses	(26,127)	(1,700)
U.S. Treasury securities and obligations guaranteed by the U.S. government
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, less than 12 months, fair value	47,106	24,378
Fixed maturity securities, less than 12 months, gross unrealized losses	(1,699)	(592)
Fixed maturity securities, 12 months or more, fair value	21,808	0
Fixed maturity securities, 12 months or more, gross unrealized losses	(1,803)	0
Fixed maturity securities, fair value	68,914	24,378
Fixed maturity securities, gross unrealized losses	$ (3,502)	$ (592)

Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 24, 2022 $ / shares	Dec. 31, 2022 USD ($) insurance_company $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)
Accounting Policies [Line Items]
Premiums receivable and agents’ balances, net		$ 340,525	$ 393,967
Allowance for credit losses		16,200	16,700
Credit loss expense		1,100	9,400	$ 3,300
Amount of credit loss expense that is reinsured		7,100
Allowance for credit losses written off		1,500	1,100	660
Allowance for credit losses on reinsurance recoverables		612	631	335
Fee income		3,800	4,500	$ 3,400
Investment in variable interest entities		$ 9,200	$ 26,900
Series A redeemable preferred shares, par value (in dollars per share) \| $ / shares		$ 0.00125	$ 0.00125
Convertible Preferred Stock \| Private Placement
Accounting Policies [Line Items]
Preferred stock, dividend rate, percentage	7.00%
Series A redeemable preferred shares, par value (in dollars per share) \| $ / shares	$ 0.00125
Stock Options, Restricted Stock Units and Convertible Preferred Stock
Accounting Policies [Line Items]
Number of securities excluded from the calculations of diluted earnings per share (in shares) \| shares		4,728,461	175,360
Minimum
Accounting Policies [Line Items]
Intangible assets, useful life (in years)		7 years
Property and equipment, estimated useful lives (in years)		3 years
Maximum
Accounting Policies [Line Items]
Intangible assets, useful life (in years)		27 years 6 months
Property and equipment, estimated useful lives (in years)		10 years
Receivables greater than 90 days past due
Accounting Policies [Line Items]
Premiums receivable and agents’ balances, net		$ 9,400	$ 7,500
United States
Accounting Policies [Line Items]
Number of insurance companies \| insurance_company		5

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

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

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


		December 31,
		2022				2021
	Weighted- Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		(in thousands)
Trademarks	Indefinite	$	22,200	$	—	$	22,200	$	—
Insurance licenses and authorities	Indefinite	8,964		—		8,964		—
Identifiable intangibles not subject to amortization		31,164		—		31,164		—
Broker relationships	24.6	11,611		7,099		11,611		6,736
Identifiable intangible assets subject to amortization		11,611		7,099		11,611		6,736
		$	42,775	$	7,099	$	42,775	$	6,736

Schedule of Gross Carrying Amounts for Indefinite-Lived Intangible Assets

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


		December 31,
		2022				2021
	Weighted- Average Life (Years)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
		(in thousands)
Trademarks	Indefinite	$	22,200	$	—	$	22,200	$	—
Insurance licenses and authorities	Indefinite	8,964		—		8,964		—
Identifiable intangibles not subject to amortization		31,164		—		31,164		—
Broker relationships	24.6	11,611		7,099		11,611		6,736
Identifiable intangible assets subject to amortization		11,611		7,099		11,611		6,736
		$	42,775	$	7,099	$	42,775	$	6,736

Schedule of Future Estimated Amortization

Future estimated amortization of specifically identifiable intangible assets as of December 31, 2022 is as follows (in thousands):


2023	$	363
2024	363
2025	363
2026	363
2027	363
Thereafter	2,696
Total	$	4,511

Schedule of Acquired Indefinite-Lived Intangible Assets

The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2022:


	December 31, 2021						December 31, 2022
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	4,874		(363)		—		4,511
	29,474		(363)		—		29,111
Specialty Admitted Insurance
Trademarks	2,500		—		—		2,500
Insurance licenses and authorities	4,065		—		—		4,065

	6,565		—		—		6,565
Total identifiable intangible assets	$	36,039	$	(363)	$	—	$	35,676

The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2021:


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

	6,565		—		—		6,565
Total identifiable intangible assets	$	36,402	$	(363)	$	—	$	36,039

Schedule of Acquired Finite-Lived Intangible Assets

The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2022:


	December 31, 2021						December 31, 2022
	Net Carrying Value		Amortization		Impairment Losses		Net Carrying Value
	(in thousands)
Excess and Surplus Lines
Trademarks	$	19,700	$	—	$	—	$	19,700
Insurance licenses and authorities	4,900		—		—		4,900
Broker relationships	4,874		(363)		—		4,511
	29,474		(363)		—		29,111
Specialty Admitted Insurance
Trademarks	2,500		—		—		2,500
Insurance licenses and authorities	4,065		—		—		4,065

	6,565		—		—		6,565
Total identifiable intangible assets	$	36,039	$	(363)	$	—	$	35,676

The table below summarizes the changes in the net carrying values of intangible assets by segment for the year ended December 31, 2021:


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

	6,565		—		—		6,565
Total identifiable intangible assets	$	36,402	$	(363)	$	—	$	36,039

SCHEDULE II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

SCHEDULE II - Condensed Financial Information of Registrant

Condensed Financial Information of Registrant

Balance Sheets (Parent Company)


	December 31,
	2022		2021
	(in thousands)
Assets
Cash and cash equivalents	$	277	$	157
Investment in subsidiaries	1,007,874		1,003,762
Due from subsidiaries	41		3,356
Other assets	5,255		3,197
Total assets	$	1,013,447	$	1,010,472
Liabilities and shareholders’ equity
Liabilities:
Accrued expenses	$	1,538	$	1,419
Senior debt	207,300		247,300
Junior subordinated debt	15,928		15,928

Due to subsidiaries	87,061		19,847
Other liabilities	2,956		616
Total liabilities	314,783		285,110
Commitments and contingent liabilities
Series A redeemable preferred shares	144,898		—
Shareholders’ equity:
Class A common shares	7		7
Additional paid-in capital	868,858		862,040
Retained deficit	(152,055)		(166,663)
Accumulated other comprehensive (loss) income	(163,044)		29,978
Total shareholders’ equity	553,766		725,362
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$	1,013,447	$	1,010,472

See accompanying notes.

SCHEDULE II

JAMES RIVER GROUP HOLDINGS, LTD. AND SUBSIDIARIES

Condensed Financial Information of Registrant

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Revenues:
Other income	$	55	$	39	$	45
Total revenues	55		39		45
Expenses:
Other operating expenses	12,890		11,632		14,960
Other expenses	747		469		—
Interest expense	8,579		5,532		6,234
Total expenses	22,216		17,633		21,194
Loss before equity in net income of subsidiaries	(22,161)		(17,594)		(21,149)
Equity in net income (loss) of subsidiaries	53,134		(155,205)		25,973
Net income (loss)	$	30,973	$	(172,799)	$	4,824
Other comprehensive (loss) income:
Equity in other comprehensive (losses) earnings of subsidiaries	(193,022)		(51,921)		50,785
Total comprehensive (loss) income	$	(162,049)	$	(224,720)	$	55,609

See accompanying notes.

SCHEDULE II

JAMES RIVER GROUP HOLDINGS, LTD. AND SUBSIDIARIES

Condensed Financial Information of Registrant

Statements of Cash Flows (Parent Company)


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Operating activities
Net income (loss)	$	30,973	$	(172,799)	$	4,824
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for depreciation and amortization	216		216		216
Share based compensation expense	8,122		6,658		7,625
Equity in undistributed earnings of subsidiaries	(53,134)		218,204		(25,973)
Changes in operating assets and liabilities	68,272		(2,364)		6,433
Net cash provided by (used in) operating activities	54,449		49,915		(6,875)
Investing activities

Net cash provided by investing activities	—		—		—
Financing activities
Senior debt issuance	—		—		164,000
Senior debt repayments	(40,000)		—		(60,000)
Subsidiary note issuance	—		—		30,000
Subsidiary note repayments	—		(70,000)		—
Contribution to subsidiary	(144,000)		(128,000)		(90,000)

Issuance of Series A preferred shares	144,898		—		—
Issuances of common shares - public offering	—		192,107		—
Issuances of common shares under equity incentive plans	—		1,877		2,580
Common share repurchases	(1,304)		(3,077)		(3,604)
Dividends on Series A preferred shares	(6,125)		—		—
Dividends on common shares	(7,798)		(43,236)		(37,051)
Net cash (used in) provided by financing activities	(54,329)		(50,329)		5,925
Change in cash and cash equivalents	120		(414)		(950)
Cash and cash equivalents at beginning of period	157		571		1,521
Cash and cash equivalents at end of period	$	277	$	157	$	571
Supplemental information
Interest paid	$	9,342	$	5,954	$	6,530

See accompanying notes.

SCHEDULE II

JAMES RIVER GROUP HOLDINGS, LTD. AND SUBSIDIARIES

Condensed Financial Information of Registrant

Notes to Condensed Financial Statements

1. Accounting Policies

Organization

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

Basis of Presentation

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

Estimates and Assumptions

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

Adopted Accounting Standards

In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 simplifies the accounting for convertible debt instruments and convertible preferred stock and became effective for interim and annual periods beginning after December 15, 2021. The Company adopted the new standard concurrent with the issuance of our 7% Series A Perpetual Cumulative Convertible Preferred Shares, par value $0.00125 per share, on March 1, 2022. Under ASU 2020-06, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, or that do not result in substantial premiums accounted for as paid-in capital. Adoption of the new standard did not materially impact our financial position or results of operations for the year ended December 31, 2022.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

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


	December 31,
	2022		2021
	(in thousands)
Electronic data processing hardware and software	$	3,586	$	2,492
Furniture and equipment	2,221		2,221
Property and equipment, cost basis	5,807		4,713
Accumulated depreciation	(4,449)		(3,932)
Property and equipment, net	$	1,358	$	781

Investments - Schedule of Contract Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cost or Amortized Cost
One year or less	$ 53,202
After one year through five years	493,890
After five years through ten years	366,853
After ten years	283,070
Residential mortgage-backed	437,702
Commercial mortgage and asset-backed	335,066
Total fixed maturity securities, Cost or Amortized Cost	1,969,783
Fair Value
One year or less	52,229
After one year through five years	468,007
After five years through ten years	320,871
After ten years	232,046
Residential mortgage-backed	401,249
Commercial mortgage and asset-backed	309,015
Total, Fair Value	$ 1,783,417	$ 1,677,561

Reinsurance - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	$ 1,520,113	$ 1,348,628
Reinsurance recoverable on paid losses	$ 114,242	82,235
Percentage of reinsurance recoverables on unpaid losses for 3 largest reinsurers	47.20%
Prepaid reinsurance premiums ceded	$ 274,165	$ 291,498
Percentage of prepaid reinsurance premiums ceded for 3 largest reinsurers	43.70%
Largest reinsurer one
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	$ 340,400
Prepaid reinsurance premiums ceded	66,100
Largest reinsurer two
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	244,700
Prepaid reinsurance premiums ceded	36,700
Largest reinsurer three
Ceded Credit Risk [Line Items]
Reinsurance recoverable on unpaid losses, net	132,000
Prepaid reinsurance premiums ceded	$ 16,900

Equity Awards - Summary of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Share based compensation expense	$ 8,122	$ 6,658	$ 7,625
U.S. tax benefit on share based compensation expense	$ 1,526	$ 1,206	$ 1,001

Segment Information - Summary of Segment Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Gross written premiums	$ 1,496,580	$ 1,507,299	$ 1,257,000
Net earned premiums	766,161	695,594	606,806
Segment revenues	813,696	772,880	668,689
Net investment income	71,111	56,865	73,368
Interest expense	17,578	8,922	10,033
Underwriting profit (loss) of operating segments	80,902	(229,337)	(4,427)
Segment goodwill	181,831	181,831	181,831
Segment assets	5,137,075	4,948,550	5,063,072
Excess and Surplus Lines
Segment Reporting Information [Line Items]
Gross written premiums	921,164	833,657	699,143
Net earned premiums	555,597	486,000	415,168
Segment revenues	570,087	508,829	429,918
Net investment income	28,664	13,811	18,664
Interest expense	0	0	0
Underwriting profit (loss) of operating segments	83,051	(121,478)	9,752
Segment goodwill	181,831	181,831	181,831
Segment assets	2,627,956	1,997,192	2,208,344
Specialty Admitted Insurance
Segment Reporting Information [Line Items]
Gross written premiums	490,208	491,561	408,691
Net earned premiums	74,137	75,371	57,505
Segment revenues	81,593	83,855	62,790
Net investment income	5,068	3,044	3,392
Interest expense	0	0	0
Underwriting profit (loss) of operating segments	4,234	9,667	4,185
Segment goodwill	0	0	0
Segment assets	1,277,988	1,062,125	907,604
Casualty Reinsurance
Segment Reporting Information [Line Items]
Gross written premiums	85,208	182,081	149,166
Net earned premiums	136,427	134,223	134,133
Segment revenues	161,554	179,354	166,837
Net investment income	37,334	39,445	42,554
Interest expense	3,706	0	0
Underwriting profit (loss) of operating segments	(6,383)	(117,526)	(18,364)
Segment goodwill	0	0	0
Segment assets	1,137,778	1,857,462	1,899,328
Corporate and Other
Segment Reporting Information [Line Items]
Gross written premiums	0	0	0
Net earned premiums	0	0	0
Segment revenues	462	842	9,144
Net investment income	45	565	8,758
Interest expense	13,872	8,922	10,033
Underwriting profit (loss) of operating segments	0	0	0
Segment goodwill	0	0	0
Segment assets	$ 93,353	$ 31,771	$ 47,796

Goodwill and Intangible Assets - Summary of Changes in Net Carrying Value of Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets [Roll Forward]
Net Carrying Value	$ 36,039,000	$ 36,402,000
Amortization	(363,000)	(363,000)	$ (538,000)
Impairment Losses	0	0	0
Net Carrying Value	35,676,000	36,039,000	36,402,000
Excess and Surplus Lines
Intangible Assets [Roll Forward]
Net Carrying Value	29,474,000	29,837,000
Amortization	(363,000)	(363,000)	(366,000)
Impairment Losses	0	0
Net Carrying Value	29,111,000	29,474,000	29,837,000
Excess and Surplus Lines \| Trademarks
Intangible Assets [Roll Forward]
Net Carrying Value	19,700,000	19,700,000
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	19,700,000	19,700,000	19,700,000
Excess and Surplus Lines \| Insurance licenses and authorities
Intangible Assets [Roll Forward]
Net Carrying Value	4,900,000	4,900,000
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	4,900,000	4,900,000	4,900,000
Excess and Surplus Lines \| Broker relationships
Intangible Assets [Roll Forward]
Net Carrying Value	4,874,000	5,237,000
Amortization	(363,000)	(363,000)
Impairment Losses	0	0
Net Carrying Value	4,511,000	4,874,000	5,237,000
Specialty Admitted Insurance
Intangible Assets [Roll Forward]
Net Carrying Value	6,565,000	6,565,000
Amortization	0	0	(172,000)
Impairment Losses	0	0
Net Carrying Value	6,565,000	6,565,000	6,565,000
Specialty Admitted Insurance \| Trademarks
Intangible Assets [Roll Forward]
Net Carrying Value	2,500,000	2,500,000
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	2,500,000	2,500,000	2,500,000
Specialty Admitted Insurance \| Insurance licenses and authorities
Intangible Assets [Roll Forward]
Net Carrying Value	4,065,000	4,065,000
Amortization	0	0
Impairment Losses	0	0
Net Carrying Value	$ 4,065,000	$ 4,065,000	$ 4,065,000

Other Comprehensive (Loss) Income - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net realized investment gains	$ 275	$ 4,924	$ 1,045
Net (losses) gains in bank loan participations	(17,040)	5,828	(15,414)
Net realized and unrealized (losses) gains on investments in equity securities	$ (11,422)	$ 4,807	$ (1,656)

Junior Subordinated Debt - Narrative (Details) - Junior Subordinated Debt	12 Months Ended
	Dec. 31, 2022
Debt Instrument [Line Items]
Debt redemption percentage	100.00%
Deferred interest payment period (in years)	5 years

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

The fair values of fixed maturity securities, equity securities, and bank loan participations have been determined using fair value prices provided by the Company's investment accounting services provider or investment managers, who utilize internationally recognized independent pricing services. The prices provided by the independent pricing services are generally based on observable market data in active markets (e.g. broker quotes and prices observed for comparable securities). Values for U.S. Treasury and publicly-traded equity securities are generally based on Level 1 inputs which use the market approach valuation technique. The values for all other fixed maturity securities (including state and municipal securities and obligations of U.S. government corporations and agencies) and bank loan participations generally incorporate significant Level 2 inputs, and in some cases, Level 3 inputs, using the market approach and income approach valuation techniques. There have been no changes in the Company’s use of valuation techniques since December 31, 2020.

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

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


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total

	(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—	$	330,852	$	—	$	330,852
Residential mortgage-backed	—		401,249		—		401,249
Corporate	—		670,212		—		670,212
Commercial mortgage and asset-backed	—		309,015		—		309,015

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

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

Short-term investments	$	—	$	107,812	$	—	$	107,812

Assets measured at fair value on a recurring basis as of December 31, 2021 are summarized below:


	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1			Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
			(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—		$	333,717	$	—	$	333,717
Residential mortgage-backed	—			246,631		—		246,631
Corporate	—			732,335		—		732,335
Commercial mortgage and asset-backed	—			304,488		—		304,488

U.S. Treasury securities and obligations guaranteed by the U.S. government	59,988			402		—		60,390
Total fixed maturity securities, available-for-sale	$	59,988		$	1,617,573	$	—	$	1,677,561
Equity securities:
Preferred stock	$	—		$	63,612	$	—	$	63,612
Common stock	41,244			3,452		102		44,798
Total equity securities	$	41,244		$	67,064	$	102	$	108,410
Bank loan participations	$	—		$	156,043	$	—	$	156,043
Short-term investments	$	—		$	136,563	$	—	$	136,563


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Beginning balance	$	102	$	980	$	43
Transfers in to Level 3	—		8		358
Transfers out of Level 3	—		(6)		(767)
Purchases	—		—		1,417
Sales	(92)		(426)		—
Maturities, calls and paydowns	—		(379)		(17)
Amortization of discount	—		—		2
Total gains or losses (realized/unrealized):
Included in earnings	7		(75)		(56)
Included in other comprehensive income	—		—		—
Ending balance	$	17	$	102	$	980

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

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

The Company held one bank loan participation and two equity securities at December 31, 2020 for which the fair value was determined using significant unobservable inputs (Level 3). A market approach using prices in trades of comparable securities was utilized to determine a fair value of $980,000 at December 31, 2020. During 2020, the Company was able to obtain a quoted price from a vendor for two bank loan participations and one equity security and transferred them to Level 2.

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

There were no transfers between Level 1 and Level 2 during 2022, 2021 or 2020. The Company recognizes transfers between levels at the beginning of the reporting period.

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

Investments for which external sources are not available or are determined by the investment manager not to be representative of fair value are recorded at fair value as determined by the Company, with input from its investment managers and valuation specialists as considered necessary. In determining the fair value of such investments, the Company considers one or more of the following factors: type of security held, convertibility or exchangeability of the security, redeemability of the security (including the timing of redemptions), application of industry accepted valuation models, recent trading activity, liquidity, estimates of liquidation value, purchase cost, and prices received for securities with similar terms of the same issuer or similar issuers. There were no investments for which external sources were unavailable to determine fair value as of December 31, 2022 and 2021.

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


	December 31,
	2022				2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,783,417	$	1,783,417	$	1,677,561	$	1,677,561
Equity securities	118,627		118,627		108,410		108,410

Bank loan participations	154,991		154,991		156,043		156,043
Cash and cash equivalents	173,164		173,164		190,123		190,123
Restricted cash equivalents	103,215		103,215		102,005		102,005
Short-term investments	107,812		107,812		136,563		136,563
Other invested assets – notes receivable	7,205		7,703		9,740		11,921
Liabilities
Senior debt	222,300		226,063		262,300		252,213
Junior subordinated debt	104,055		127,149		104,055		106,635

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

The fair values of other invested assets-notes receivable, senior debt, and junior subordinated debt at December 31, 2022 and 2021 were determined by calculating the present value of expected future cash flows under the terms of the note agreements or debt agreements, as applicable, discounted at an estimated market rate of interest at December 31, 2022 and 2021, respectively.

The fair values of senior debt and junior subordinated debt at December 31, 2022 and 2021 were determined using inputs to the valuation methodology that are unobservable (Level 3).

- Definition

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

+ References + Details

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), which vary in some respects from statutory accounting practices (“SAP”) which are prescribed or permitted by the various state insurance departments in the U.S. or by insurance regulators in Bermuda. The accompanying consolidated financial statements include the accounts and operations of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated.
Estimates and Assumptions	Estimates and Assumptions Preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.
Fixed Maturity and Equity Securities	Fixed Maturity and Equity Securities Fixed maturity securities classified as “available-for-sale” are carried at fair value, and unrealized gains and losses on such securities, net of any deferred taxes, are reported as a separate component of accumulated other comprehensive income. The Company does not have any securities classified as “held-to-maturity” or “trading”. Fair value generally represents quoted market value prices for securities traded in the public marketplace or prices analytically determined using bid or closing prices for securities not traded in the public marketplace. Premiums and discounts on mortgage-backed securities and asset-backed securities are amortized or accrued using the constant yield method which considers anticipated prepayments at the date of purchase. To the extent that the estimated lives of such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the retrospective method. Realized investment gains or losses are determined on a specific identification basis. Interest income is recognized as earned, and dividend income is recognized on the ex-dividend date. The Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments on January 1, 2020. This update changed the impairment model for available-for-sale fixed maturities and requires the Company to determine whether unrealized losses on available-for-sale fixed maturities are due to credit-related factors. An allowance for credit losses is established for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in net realized and unrealized gains (losses) on investments. Unrealized losses that are not credit-related continue to be recognized in other comprehensive income. The Company considers the extent to which fair value is below amortized cost in determining whether a credit-related loss exists. The Company also considers the credit quality rating of the security, with a special emphasis on securities downgraded below investment grade. A comparison is made between the present value of expected future cash flows for a security and its amortized cost. If the present value of future expected cash flows is less than amortized cost, a credit loss is presumed to exist and an allowance for credit losses is established. Management may conclude that a qualitative analysis is sufficient to support its conclusion that the present value of the expected cash flows equals or exceeds a security’s amortized cost.
Bank Loan Participations	Bank Loan Participations Bank loan participations are managed by a specialized outside investment manager. In connection with the adoption of ASU 2016-13, the Company elected the fair value option in accounting for bank loan participations effective January 1, 2020. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in our income statement as net realized and unrealized gains (losses) on investments. Losses due to credit-related impairments on bank loan participations are determined based upon consultations and advice from the Company's specialized investment manager and consideration of any adverse situations that could affect the borrower's ability to repay, the estimated value of underlying collateral, and other relevant factors. Interest income is accrued on the unpaid principal balance. Discounts and premiums are amortized to income using the interest method. Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at December 31, 2022 or 2021. Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt.
Other Invested Assets	Other Invested Assets Other invested assets at December 31, 2022 and 2021 include the Company’s interests in private debt and equity investments. The investments are primarily focused in renewable energy, limited partnerships, and bank holding companies. Equity interests in various limited liability companies (“LLCs”) and limited partnerships are accounted for under the equity method, as the Company has determined that the equity method best reflects its economic interest in the underlying equity investment.
Short-Term Investments	Short-Term Investments Short-term investments are carried at amortized cost, which approximates fair value. Short-term investments have maturities greater than three months but less than one year at the date of purchase.
Cash Equivalents and Restricted Cash Equivalents	Cash Equivalents The Company considers highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash EquivalentsThe Company considers highly liquid investments with maturities of three months or less at the date of purchase that are segregated for a specific use to be restricted cash equivalents. Certain restricted cash equivalents invested in funds with floating net asset values are measured at fair value with changes in fair value recognized in net income.
Direct Written Premiums	Direct Written Premiums Direct written premiums are earned on a pro rata basis over the terms of the policies, generally 12 months. The portion of premiums written applicable to the unexpired terms of the policies in force is recorded as unearned premiums. Policies are accounted for on an individual basis, with no aggregation by counterparty.
Assumed Reinsurance Premiums	Assumed Reinsurance Premiums Assumed reinsurance written premiums include amounts reported by brokers and ceding companies, supplemented by the Company’s own estimates of premiums when reports have not been received. Premiums on the Company’s excess of loss and pro rata reinsurance contracts are estimated when the business is underwritten. For excess of loss contracts, the deposit premium, as defined in the contract, is generally recorded as an estimate of premiums written at the inception date of the treaty. Estimates of premiums written under pro rata contracts are recorded in the period in which the underlying risks are expected to begin and are based on information provided by the brokers and the ceding companies. Reinsurance premium estimates are reviewed by management periodically. Any adjustment to these estimates is recorded in the period in which it becomes known. Reinsurance premiums assumed are earned over the terms of the underlying policies or reinsurance contracts. Contracts and policies written on a “losses occurring” basis cover claims that may occur during the term of the contract or policy, which is typically 12 months. Accordingly, the premium is earned evenly over the term. Contracts which are written on a “risks attaching” basis cover claims which attach to the underlying insurance policies written during the terms of such contracts. Premiums earned on such contracts usually extend beyond the original term of the reinsurance contract, typically resulting in recognition of premiums earned over a 24-month period in proportion to the level of underlying exposure. Contracts are accounted for on an individual basis, with no aggregation by counterparty.
Premiums Receivable and Agents' Balances, Net	Premiums Receivable and Agents’ Balances, Net Premiums receivable and agents’ balances are carried at face value net of any allowance for credit losses. The allowance for credit losses represents the current estimate of expected credit losses based on the Company’s assessment of the collectability of receivables that are past due, historical collection percentages, and consideration of current economic conditions and expectations of future conditions that could affect ultimate collections. Receivables greater than 90 days past due were $9.4 million and $7.5 million at December 31, 2022 and 2021, respectively. The allowance for credit losses was $16.2 million and $16.7 million at December 31, 2022 and 2021, respectively. Credit loss expense was $1.1 million for the year ended December 31, 2022, $9.4 million for the year ended December 31, 2021 ($7.1 million of which was deducted from amounts due to our reinsurers), and $3.3 million for the year ended December 31, 2020. Receivables written off against the allowance for credit losses totaled $1.5 million for the year ended December 31, 2022, $1.1 million for the year ended December 31, 2021, and $660,000 for the year ended December 31, 2020. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs Costs which are incrementally or directly related to the successful acquisition of new or renewal insurance business are deferred. These deferred costs are primarily commissions to agents, ceding commissions paid on reinsurance assumed, premium taxes, and the portion of underwriting fixed compensation and payroll related fringe benefits directly related to an insurance contract that has been acquired, net of ceding commissions related to reinsurance ceded. Amortization of such policy acquisition costs is charged to expense in proportion to premium earned over the estimated policy life. To the extent that unearned premiums on existing policies are not adequate to cover projected related costs and expenses, deferred policy acquisition costs are charged to earnings. The Company considers anticipated investment income in determining whether a premium deficiency exists.
Reinsurance and Adjustable Features of Insurance and Reinsurance Contracts	Reinsurance and Adjustable Features of Insurance and Reinsurance Contracts Certain premiums and losses are ceded to other insurance companies or assumed from other insurance companies under various excess of loss and quota-share reinsurance contracts. The Company enters into ceded reinsurance contracts to limit its exposure to large losses, to limit exposure on new lines of insurance written by the Company, and to provide additional capacity for growth. Premiums, commissions, and losses and loss adjustment expenses on reinsured business are accounted for on a basis consistent with that used in accounting for the original policies issued and the terms of the reinsurance contracts. Reinsurance recoverables and prepaid reinsurance premiums are reported as assets. The Company uses a provision matrix to calculate the allowance for credit losses on reinsurance recoverables by applying impairment rates based on historical loss data to similarly rated reinsurance companies based on the expected duration of the receivables. The Company also considers the expected impact of current and future expected economic conditions and adjusts estimates if needed based on an evaluation of these factors. The allowance for credit losses on reinsurance recoverables at December 31, 2022 and 2021 was $612,000 and $631,000, respectively. Other amounts payable to insurance companies and reinsurers or receivable from insurance companies and reinsurers are netted where the right of offset exists. The Company receives ceding commissions in connection with certain ceded reinsurance. The ceding commissions are recorded as a reduction of other operating expenses. Certain reinsurance contracts include provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses are recorded based upon the projected loss experience under the contracts. The Company’s Specialty Admitted Insurance segment writes insurance under specialty admitted fronting and program arrangements. The fronting and program arrangements may contain contractual provisions that adjust acquisition expenses based upon loss experience under the contracts. The specialty admitted fronting and program arrangements are significantly reinsured. These reinsurance contracts may also contain provisions that adjust premiums or acquisition expenses based upon the loss experience under the contracts. Premiums written and earned, as well as related acquisition expenses, are recorded based upon the projected loss experience under the contracts.
Other Income	Other Income Other income is principally comprised of fee income earned on policies for which the Company has no exposure to underwriting risk. Fee income of $3.8 million, $4.5 million, and $3.4 million is included in other income for the years ended December 31, 2022, 2021, and 2020, respectively. Fees are earned on a pro rata basis over the service period of the underlying business. Policies are accounted for on an individual basis, with no aggregation by counterparty.
Income Taxes	Income TaxesDeferred tax assets and deferred tax liabilities are provided for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective U.S. tax basis. Deferred tax assets and liabilities are measured using enacted U.S. corporate tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance only when management believes it is more likely than not that some, or all, of the deferred tax assets will not be realized. The Company determined that no valuation allowance was necessary at December 31, 2022 or 2021.
Goodwill	Goodwill Goodwill is tested annually for impairment in the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the carrying amount of the Company’s reporting units, including goodwill, may exceed their fair values. The Company first assesses qualitative factors in determining whether it is necessary to perform the quantitative goodwill impairment test. If management determines that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on qualitative factors then they will perform the quantitative goodwill impairment test. For the quantitative goodwill impairment testing, the fair value of the reporting units is determined using a combination of a market approach and an income approach which projects the future cash flows produced by the reporting units and discounts those cash flows to their present value. The projection of future cash flows is necessarily dependent upon assumptions on the future levels of income as well as business trends, prospects, market, and economic conditions. The results of the two approaches are weighted to determine the fair value of each reporting unit. When the fair value is less than the carrying value of the net assets of the reporting unit, including goodwill, an impairment loss is charged to operations. To determine the amount of any goodwill impairment, the implied fair value of reporting unit goodwill is compared to the carrying amount of that goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. That is, the fair value of a reporting unit is assigned to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill.
Intangible Assets, Net	Intangible Assets, Net Intangible assets are initially recognized and measured at fair value. Specifically identified intangible assets with indefinite lives include trademarks and state insurance licenses and authorities. Other specifically identified intangible assets with lives ranging from 7.0 to 27.5 years represent relationships with brokers. These intangible assets are amortized on a straight-line basis over their estimated useful lives. Intangible assets with indefinite useful lives are reviewed for impairment at least annually. In evaluating whether there has been impairment to the intangible asset, management determines the fair value of the intangible asset and compares the resulting fair value to the carrying value of the intangible asset. If the carrying value exceeds the fair value, the intangible asset is written down to fair value, and the impairment is reported through earnings. The Company evaluates intangible assets with definite lives for impairment when impairment indicators are noted.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. That assessment is based on the carrying amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, which is included in “other assets” in the accompanying consolidated balance sheets, is reported at cost less accumulated depreciation and is depreciated principally on a straight-line basis over the estimated useful lives of the depreciable assets, generally three years to ten years.
Reserve for Losses and Loss Adjustment Expenses	Reserve for Losses and Loss Adjustment Expenses The reserve for losses and loss adjustment expenses represents the estimated ultimate cost of all reported and unreported losses and loss adjustment expenses incurred and unpaid at the balance sheet date. The Company does not discount this reserve. The process of estimating the reserve for losses and loss adjustment expenses requires a high degree of judgment and is subject to a number of variables. The reserve for losses and loss adjustment expenses is estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in loss severity and frequency. The Company utilizes various actuarially-accepted reserving methodologies in determining the continuum of expected outcomes for its reserves. These methodologies utilize various inputs, including management’s initial expected loss ratio (the ratio of losses and loss adjustment expenses incurred to net earned premiums), expected reporting patterns and payment patterns for losses and loss adjustment expenses (based on insurance industry data and the Company’s own experience), and the Company’s actual paid and reported losses and loss adjustment expenses. An internal actuary reviews these results and (after applying appropriate professional judgment and other actuarial techniques that are considered necessary) presents recommendations to the Company’s management. Management uses this information and its judgment to make decisions on the final recorded reserve for losses and loss adjustment expenses. Management believes that the use of judgment is necessary to arrive at a best estimate for the reserve for losses and loss adjustment expenses given the long-tailed nature of the business generally written by the Company and the limited operating experience of the Casualty Reinsurance segment, the fronting and program business in the Specialty Admitted Insurance segment, and the commercial auto business in the Excess and Surplus Lines segment. Judgment is also required to make actuarial adjustments, if needed, for changes in claims processing and case reserving that could cause current reported loss and paid loss development patterns to deviate from historical patterns. The Company believes that the insurance that it writes is subject to above-average variation in reserve estimates. The Excess and Surplus Lines market is subject to high policyholder turnover and changes in underlying mix of exposures. This turnover and change in underlying mix of exposures can cause actuarial estimates based on prior experience to be less reliable than estimates for more stable, admitted books of business. Catastrophes of significant magnitude, including hurricanes and earthquakes, involve complex coverage issues. In estimating the reserve for losses and loss adjustment expenses for these catastrophes, management uses case reserve estimates based on information obtained from site inspections by the Company’s adjustors and the terms of coverage provided in the policies. Management estimates reserves for incurred but not reported claims for these catastrophes using judgment based on an assessment of the Company’s property insurance exposures where the catastrophes occur and the Company’s progress in settling claims. Although management believes that the reserve for losses and loss adjustment expenses is reasonable, it is possible that the Company’s actual incurred losses and loss adjustment expenses will not develop in a manner consistent with the assumptions inherent in the determination of these reserves. Specifically, the Company’s actual ultimate loss ratio could differ from management’s initial expected loss ratio and/or the Company’s actual reporting patterns for losses could differ from the expected reporting patterns. Accordingly, the ultimate settlement of losses and the related loss adjustment expenses may vary significantly from the estimates included in the Company’s consolidated financial statements. These estimates are reviewed continually by management and are adjusted as necessary as experience develops or new information becomes known; such adjustments are included in current operations.
Share Based Compensation	Share Based Compensation The Company expenses the fair value of share equity awards over the vesting period of the award on a straight-line basis. The Black-Scholes-Merton option pricing model is used to value the options granted (see Note 13). Forfeitures of share-based awards are recognized as they occur. As the share based compensation expense is incurred, a corresponding increase to additional paid-in capital in shareholders’ equity is recognized. Share based compensation expense is reflected in “other operating expenses” in the accompanying consolidated statements of income (loss) and comprehensive (loss) income.
Variable Interest Entities	Variable Interest Entities Entities that do not have sufficient equity at risk to allow the entity to finance its activities without additional financial support or in which the equity investors, as a group, do not have the characteristic of a controlling financial interest are referred to as variable interest entities (“VIE”). A VIE is consolidated by the variable interest holder that is determined to have the controlling financial interest (primary beneficiary) as a result of having both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose, and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. The Company holds interests in VIEs through certain equity method investments included in “other invested assets” in the accompanying consolidated balance sheets. The Company has determined that it should not consolidate any of the VIEs as it is not the primary beneficiary in any of the relationships. Although the investments resulted in the Company holding variable interests in the entities, they did not empower the Company to direct the activities that most significantly impact the economic performance of the entities.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share excludes dilution and is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares as calculated using the treasury stock method. When inclusion of potential common shares 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 potential common shares.
Adopted and Prospective Accounting Standards	Adopted Accounting Standards In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 simplifies the accounting for convertible debt instruments and convertible preferred stock and became effective for interim and annual periods beginning after December 15, 2021. The Company adopted the new standard concurrent with the issuance of our 7% Series A Perpetual Cumulative Convertible Preferred Shares, par value $0.00125 per share, on March 1, 2022. Under ASU 2020-06, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, or that do not result in substantial premiums accounted for as paid-in capital. The new guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and generally requires them to include the effect of potential share settlement for instruments that may be settled in cash or shares. Adoption of the new standard did not materially impact our financial position, results of operations, or earnings per share for the year ended December 31, 2022. Prospective Accounting Standards There are no prospective accounting standards which are expected to have a material impact on our financial statements subsequent to December 31, 2022.
Leases	Operating lease costs are primarily comprised of rental expense for operating leases. Rental expense is recognized on a straight line basis over the lease term and includes amortization of the right-of-use lease asset and imputed interest on the lease liability. Operating lease costs are included in other operating expenses in the Company's consolidated statements of income (loss) and comprehensive (loss) income.

Other Operating Expenses and Other Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Schedule of Other Operating Expenses

Other operating expenses consist of the following:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Amortization of policy acquisition costs	$	88,571	$	69,663	$	75,578
Other underwriting expenses of the insurance segments	75,726		67,420		60,502
Other operating expenses of the Corporate and Other segment	31,260		27,609		29,418
Total	$	195,557	$	164,692	$	165,498

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

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Operating activities

Net income (loss)

$ 30,973

$ (172,799)

$ 4,824

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

Deferred policy acquisition costs

(79,648)

(75,236)

(76,525)

Amortization of policy acquisition costs

88,571

69,663

75,578

Net realized and unrealized losses (gains) on investments

28,318

(15,564)

16,030

Distributions from equity method investments

4,364

2,434

3,162

Income from equity method investments

(2,458)

(918)

(3,208)

Deferred U.S. federal income tax benefit

4,627

(20,400)

(4,421)

Provision for depreciation and amortization

1,048

4,715

5,019

Share based compensation expense

8,122

6,658

7,625

Excess tax benefits from equity incentive plan transactions

530

(208)

(679)

Change in operating assets and liabilities:

Reserve for losses and loss adjustment expenses

20,522

556,393

146,574

Unearned premiums

(51,536)

97,181

105,994

Premiums receivable and agents’ balances

53,442

(46,865)

(115)

Reinsurance balances

96,310

(601,632)

(213,264)

Funds held

(60,900)

(762,560)

(339,244)

Payable to insurance companies

(2,770)

2,286

(396)

Other

83,219

43,306

(784)

Net cash provided by (used in) operating activities

^[1]

222,734

(913,546)

(273,830)

Fixed maturity securities:

Purchases

(709,576)

(362,537)

(573,482)

Sales

206,872

135,913

37,674

Maturities and calls

174,725

296,170

240,322

Equity Securities:

Purchases

(38,801)

(21,845)

(16,713)

Sales

17,214

7,227

6,838

Bank loan participations:

Purchases

(89,450)

(126,369)

(77,965)

Sales

52,042

65,291

135,664

Maturities

22,417

59,799

32,653

Other invested assets:

Purchases

(150)

(12,394)

(1,937)

Return of capital

20,170

1,758

353

Repayments and redemptions

2,535

3,760

16,292

Securities receivable or payable, net

(6,684)

1,627

(1,777)

Short-term investments, net

28,751

(6,274)

26,636

Purchases of property and equipment

(8,219)

(6,303)

(549)

Net cash (used in) provided by investing activities

(328,154)

35,823

(175,991)

Financing activities

Senior debt issuances

164,000

Senior debt repayments

(40,000)

(60,000)

Issuance of Series A preferred shares (Note 11)

144,898

Issuances of common shares - public offering

192,107

Issuances of common shares under equity incentive plans

1,877

2,580

Common share repurchases

(1,304)

(3,077)

(3,604)

Dividends on Series A preferred shares

(6,125)

Dividends on common shares

(7,798)

(43,236)

(37,051)

Net cash provided by financing activities

89,671

147,671

65,925

Change in cash, cash equivalents, and restricted cash equivalents

(15,749)

(730,052)

(383,896)

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

292,128

1,022,180

1,406,076

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

276,379

292,128

1,022,180

Supplemental information

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

(3,470)

(3,932)

17,236

Interest paid

17,425

9,927

11,305

Restricted cash equivalents at beginning of year

102,005

859,920

1,199,164

Restricted cash equivalents at end of year

103,215

102,005

859,920

Change in restricted cash equivalents

$ 1,210

$ (757,915)

$ (339,244)

[1]

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.0002	$ 0.0002
Common shares reserved for future issuance (in shares)	5,132,650
Convertible preferred stock, shares reserved for future issuance (in shares)	5,640,158
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock unit dividend equivalents	$ 141	$ 404	$ 449
Dividends payable	$ 335	$ 518	$ 663

Equity Awards - Compensation Expense (Details) - RSUs $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation expense	$ 11.2
Weighted-average period of unrecognized share based compensation expense	1 year 9 months 18 days

Goodwill and Intangible Assets - Schedule of Future Estimated Amortization (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 363
2024	363
2025	363
2026	363
2027	363
Thereafter	2,696
Total	$ 4,511

Other Comprehensive (Loss) Income - Summary of Components of Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized (losses) gains arising during the period, before U.S. income taxes	$ (219,788)	$ (54,132)	$ 58,704
U.S. income taxes	26,780	6,189	(6,967)
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(193,008)	(47,943)	51,737
Less reclassification adjustment:
Net realized investment gains	275	4,924	1,045
U.S. income taxes	(261)	(946)	(93)
Reclassification adjustment for investment gains realized in net income	14	3,978	952
Other comprehensive (loss) income	$ (193,022)	$ (51,921)	$ 50,785

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2023	Mar. 15, 2023	Mar. 13, 2023	Feb. 16, 2023
Long Term Incentive Plan 2014 \| Subsequent Event
Subsequent Event [Line Items]
Value of awards granted				$ 9.0
Convertible Preferred Stock \| Forecast
Subsequent Event [Line Items]
Dividends payable, date to be paid	Mar. 31, 2023
Dividend payable, record date		Mar. 15, 2023
Convertible Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Dividends payable				$ 2.6
Common Shares \| Forecast
Subsequent Event [Line Items]
Dividends payable, date to be paid	Mar. 31, 2023
Dividend payable, record date			Mar. 13, 2023
Common Shares \| Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)				$ 0.05

Employee Benefits (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Maximum matching employer contribution	6.00%
Expense associated with Savings Plans	$ 3.5	$ 3.4	$ 3.5

Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

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

Segment revenues for each reportable segment consist of net earned premiums, net investment income, and realized and unrealized (losses) gains on investments. Segment profit (loss) is measured by underwriting profit (loss), which is generally defined as net earned premiums and gross fee income (in specific instances when the Company is not retaining insurance risk) in “other income” in the condensed consolidated statements of income (loss) and comprehensive (loss) income less loss and loss adjustment expenses on business not subject to retroactive reinsurance accounting for loss portfolio transfers (see Loss Portfolio Transfers in Note 7 - Reserve for Losses and Loss Adjustment Expenses) and other operating expenses of the operating segments. Gross fee income of the Excess and Surplus Lines segment and Specialty Admitted Insurance segment is included in the respective segment’s underwriting profit (loss). Gross fee income of $3.8 million and $4.5 million from the Specialty Admitted Insurance segment for the years ended December 31, 2022 and 2021, respectively, and $3.4 million ($1.6 million from the Excess and Surplus Lines segment and $1.8 million from the Specialty Admitted Insurance segment) for the year ended December 31, 2020, was included in other income and in underwriting profit (loss). Segment results are reported prior to the effects of the intercompany reinsurance agreements between the Company’s insurance and reinsurance subsidiaries. All gross written premiums and net earned premiums for all periods presented were generated from policies issued to U.S. based insureds.


	Excess and Surplus Lines		Specialty Admitted Insurance		Casualty Reinsurance		Corporate and Other		Total
	(in thousands)
As of and for the Year Ended December 31, 2022
Gross written premiums	$	921,164	$	490,208	$	85,208	$	—	$	1,496,580
Net earned premiums	555,597		74,137		136,427		—		766,161
Segment revenues	570,087		81,593		161,554		462		813,696
Net investment income	28,664		5,068		37,334		45		71,111
Interest expense	—		—		3,706		13,872		17,578
Underwriting profit (loss) of operating segments	83,051		4,234		(6,383)		—		80,902
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,627,956		1,277,988		1,137,778		93,353		5,137,075




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




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

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines	$	83,051	$	(121,478)	$	9,752
Specialty Admitted Insurance	4,234		9,667		4,185
Casualty Reinsurance	(6,383)		(117,526)		(18,364)
Total underwriting profit (loss) of operating segments	80,902		(229,337)		(4,427)
Other operating expenses of the Corporate and Other segment	(31,260)		(27,609)		(29,418)
Underwriting profit (loss)	49,642		(256,946)		(33,845)
Losses and loss adjustment expenses - retroactive reinsurance	(20,091)		—		—
Net investment income	71,111		56,865		73,368
Net realized and unrealized (losses) gains on investments	(28,318)		15,564		(16,030)
Other income	981		353		1,153
Other expenses	(5,997)		(2,585)		(2,138)
Interest expense	(17,578)		(8,922)		(10,033)
Amortization of intangible assets	(363)		(363)		(538)
Income (loss) before income taxes	$	49,387	$	(196,034)	$	11,937

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

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Excess Casualty	$	310,383	$	285,082	$	213,037
General Casualty	173,574		140,608		125,433
Manufacturers and Contractors	156,645		139,720		122,880
Excess Property	52,104		47,241		37,332
Energy	42,290		46,216		51,109
Commercial Auto	37,974		34,630		30,029
Small Business	36,930		32,593		24,790
Allied Health	34,156		35,192		26,918
Life Sciences	32,277		35,935		35,163
Environmental	20,676		17,050		17,753
Sports and Entertainment	13,934		9,442		6,118
Professional Liability	8,936		8,104		6,881
Medical Professionals	1,285		1,844		1,700
Total Excess and Surplus Lines segment	921,164		833,657		699,143
Specialty Admitted Insurance segment	490,208		491,561		408,691
Casualty Reinsurance segment	85,208		182,081		149,166
Total	$	1,496,580	$	1,507,299	$	1,257,000

The Company does business with three brokers that generated $289.7 million, $214.2 million and $139.4 million of gross written premiums for the Excess and Surplus Lines segment for the year ended December 31, 2022, representing 19.4%, 14.3% and 9.3% of consolidated gross written premiums and 31.4%, 23.3% and 15.1% of the Excess and Surplus Lines segment’s gross written premiums, respectively. The Company has agency contracts with various branches within the aforementioned brokers. No other broker generated 10.0% or more of the gross written premiums for the Excess and Surplus Lines segment for the year ended December 31, 2022. No individual insured generated 10.0% or more of the gross written premiums for the Excess and Surplus Lines segment for the year ended December 31, 2022.

The Specialty Admitted Insurance segment accepts applications for insurance from a variety of sources, including independent retail agents, program administrators and managing general agents (“MGAs”). The Company does business with two agencies that generated $120.9 million and $110.9 million of gross written premiums for the Specialty Admitted Insurance segment for the year ended December 31, 2022, representing 8.1% and 7.4% of consolidated gross written premiums and 24.7% and 22.6% of the Specialty Admitted Insurance segment’s gross written premiums, respectively. No other agency generated 10.0% or more of the gross written premiums for the Specialty Admitted Insurance segment for the year ended December 31, 2022.

The Company does business with three brokers that generated $25.4 million, $20.0 million, and $17.2 million of gross written premiums for the Casualty Reinsurance segment for the year ended December 31, 2022, representing 1.7%, 1.3%, and 1.1% of consolidated gross written premiums and 29.8%, 23.5%, and 20.1% of the Casualty Reinsurance segment’s gross written premiums, respectively. No other broker generated 10.0% or more of the gross written premiums for the Casualty Reinsurance segment for the year ended December 31, 2022. The Casualty Reinsurance segment assumed business from three unaffiliated ceding companies that generated $26.9 million, $24.5 million, and $16.5 million of gross written premiums for the year ended December 31, 2022, representing 1.8%, 1.6%, and 1.1% of consolidated gross written premiums and 31.6%, 28.7%, and 19.4% of the Casualty Reinsurance segment’s gross written premiums, respectively.

- Definition

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

+ References

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

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

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

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

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

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

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

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

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

+ Details

Junior Subordinated Debt (Tables)

12 Months Ended

Dec. 31, 2022

Subordinated Borrowings [Abstract]

Schedule of Junior Subordinated Debt

The following table summarizes the nature and terms of the junior subordinated debt and trust preferred securities outstanding at December 31, 2022 (including the Company’s repurchases of a portion of these trust preferred securities):


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

Other Related Party Transactions	12 Months Ended
Other Related Party Transactions	Dec. 31, 2022
Related Party Transactions [Abstract]
Other Related Party Transactions	Other Related Party Transactions The Company leases a commercial office building which houses the Company’s Richmond, Virginia operations under the terms of a non-cancelable lease from an entity with which it is affiliated. The term of the lease, which has been amended from time to time, runs through 2026. Operating costs under the lease were $2.1 million, $2.1 million, and $1.9 million for the years ended December 31, 2022, 2021, and 2020, respectively. Upon retiring effective July 31, 2021, the Company’s former President and Chief Operating Officer entered into a consulting agreement with the Company to provide consulting services as requested by the Company’s Chief Executive Officer during the period August 1, 2021 through December 31, 2021. The Company incurred expenses of $146,000 in 2021 as compensation for rendering these consulting services.

Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance at beginning of period	$ 68,526	$ 62,953	$ 62,006
Policy acquisition costs deferred:
Commissions	55,542	51,466	51,306
Underwriting and other issue expenses	24,106	23,770	25,219
Policy acquisition costs deferred	79,648	75,236	76,525
Amortization of policy acquisition costs	(88,571)	(69,663)	(75,578)
Net change	(8,923)	5,573	947
Balance at end of period	$ 59,603	$ 68,526	$ 62,953

- Definition

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

+ References + Details

Junior Subordinated Debt

12 Months Ended

Dec. 31, 2022

Subordinated Borrowings [Abstract]

Junior Subordinated Debt

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

Each Trust used proceeds from the sale of its Trust Preferred Securities to purchase the Company’s floating rate junior subordinated debentures (the “Junior Subordinated Debt”) issued to the Trust under an indenture (each, an “Indenture”; collectively, the “Indentures”). The Junior Subordinated Debt is the sole asset of each Trust, and the Trust Preferred Securities

are the sole liabilities of each Trust. The Company purchased all of the outstanding common stock of the Trusts, and the investment in the Trusts is included in “other assets” in the accompanying consolidated balance sheets.


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

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

The Trust Preferred Securities are subject to mandatory redemption in a like amount (a) upon repayment of all of the Junior Subordinated Debt on the stated maturity date, (b) contemporaneously with the optional prepayment of all of the Junior Subordinated Debt in conjunction with a special event (as defined), and (c) five years or more after the issue date, contemporaneously with the optional prepayment, in whole or in part, of the Junior Subordinated Debt. The Indentures contain certain covenants which the Company is in compliance with as of December 31, 2022.

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

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Charlotte, North Carolina
Auditor Firm ID	42

SCHEDULE VI - Supplementary Information Concerning Property Casualty Insurance Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]
Deferred policy acquisition costs	$ 59,603	$ 68,526	$ 62,953
Reserve for losses and loss adjustment expenses	2,768,995	2,748,473	2,192,080
Unearned premiums	676,016	727,552	630,371
Net earned premiums	766,161	695,594	606,806
Net investment income	71,111	56,865	73,368
Current year	515,653	466,574	386,341
Prior years - retroactive reinsurance	20,091	0	0
Prior years - excluding retroactive reinsurance	9,070	325,778	92,204
Total incurred losses and loss and adjustment expenses	544,814	792,352	478,545
Amortization of policy acquisition costs	88,571	69,663	75,578
Paid losses and loss adjustment expenses, net of reinsurance	392,468	522,747	469,945
Net written premiums	$ 748,479	$ 744,380	$ 647,774

Investments - Summary of Realized Gains and Losses on Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments [Abstract]
Fixed maturity securities, gross realized gains	$ 1,698	$ 4,988	$ 1,098
Fixed maturity securities, gross realized losses	(1,423)	(64)	(53)
Fixed maturity securities	275	4,924	1,045
Equity securities, gross realized gains	1,253	284	0
Equity securities, gross realized losses	(1,507)	(827)	(1,441)
Changes in fair values of equity securities	(11,168)	5,350	(215)
Equity securities	(11,422)	4,807	(1,656)
Bank loan participations, gross realized gain	230	555	554
Bank loan participations, gross realized losses	(1,403)	(1,388)	(17,286)
Changes in fair values of bank loan participations	(15,867)	6,661	1,318
Bank loan participations	(17,040)	5,828	(15,414)
Short-term investments and other, gross realized gains	1	75	77
Short-term investments and other, gross realized losses	(133)	(150)	(2)
Changes in fair values of short-term investments and other	1	80	(80)
Short-term investments and other	(131)	5	(5)
Total	$ (28,318)	$ 15,564	$ (16,030)

Leases - Summary of Operating Lease Liabilities Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 3,935
2024	2,625
2025	2,556
2026	407
2027	90
Thereafter	0
Total lease payments	9,613
Less imputed interest	(521)
Total operating lease liabilities	$ 9,092	$ 12,800

Dividend Restrictions	12 Months Ended
Dividend Restrictions	Dec. 31, 2022
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments [Abstract]
Dividend Restrictions	Dividend Restrictions U.S. The insurance statutes of the U.S.-based insurance subsidiaries’ states of domicile limit the amount of dividends that they may pay annually without first obtaining regulatory approval. Generally, the limitations are based on the greater of statutory net income for the preceding year or 10.0% of statutory surplus at the end of the preceding year. The maximum amount of dividends available to James River Group from its U.S. insurance subsidiaries during 2023 without regulatory approval is $53.7 million. However, U.S. insurance regulators have broad powers to prevent the reduction of statutory surplus to inadequate levels and could refuse to permit the payment of dividends. Distributions from the Company’s U.S.-based subsidiaries to its U.K. intermediate holding company, James River UK, are generally subject to a 5% dividend withholding tax. The payment of any dividends by the Company’s U.S.-based subsidiaries directly to a Bermuda-based entity is subject to U.S. taxes at a 30.0% tax rate. JRG Holdings has determined that earnings of its U.S. subsidiaries have been and will be indefinitely reinvested in U.S. operations. Bermuda The Bermuda Insurance Act of 1978 prohibits an insurer from declaring or paying a dividend if it is in breach of its minimum solvency margin, its enhanced capital requirement, or its minimum liquidity ratio, or if the declaration or payment of such dividend would cause such a breach. An insurer can declare or pay dividends without prior regulatory approval up to 25% of the total statutory capital and surplus (as shown on its previous financial year's statutory balance sheet). The maximum combined amount of dividends and return of capital that can be paid without prior regulatory approval from our Bermuda insurers at December 31, 2022 is calculated to be approximately $93.9 million. However, this dividend amount is subject to annual enhanced solvency requirement calculations.

Investments - Narrative (Details)	12 Months Ended
Investments - Narrative (Details)	Dec. 31, 2022 USD ($) issuer	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 01, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Securities, Available-for-sale [Line Items]
Number of issuers \| issuer	560
Fixed maturity securities, available-for-sale	$ 1,783,417,000	$ 1,677,561,000
Shareholders' equity	553,766,000	725,362,000	$ 795,608,000		$ 778,581,000
Unpaid principal balance	175,700,000
Bank loan participations	154,991,000	156,043,000
Gross investment income	75,227,000	60,882,000	77,820,000
Net (losses) gains in bank loan participations	(17,040,000)	5,828,000	(15,414,000)
Unrealized losses due to credit related impairments	1,500,000	0	8,300,000
Assets held in trust or on deposit for reinsurance agreement	515,700,000
Investments on deposit with state insurance departments	61,000,000	54,900,000
Loan Participations and Assignments
Debt Securities, Available-for-sale [Line Items]
Gross investment income	12,600,000	10,600,000	12,200,000
Unrealized gain (loss) on bank loan participations	(15,900,000)	6,700,000	1,300,000
Retained Earnings
Debt Securities, Available-for-sale [Line Items]
Shareholders' equity	(152,055,000)	(166,663,000)	49,227,000		89,586,000
Cumulative Effect, Period of Adoption, Adjustment \| ASU 2019-05
Debt Securities, Available-for-sale [Line Items]
Bank loan participations				$ (8,400,000)
Shareholders' equity					(7,827,000)
Cumulative Effect, Period of Adoption, Adjustment \| ASU 2019-05 \| Retained Earnings
Debt Securities, Available-for-sale [Line Items]
Shareholders' equity				$ (7,800,000)	$ (7,827,000)
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Total fair value	1,588,192,000	617,605,000
Gross unrealized losses	189,491,000	12,557,000
Fixed maturity securities, available-for-sale	1,783,417,000	1,677,561,000
Aggregate net unrealized loss	189,491,000	12,557,000
Available-for-sale securities, change in gross unrealized (losses) gains	$ (220,100,000)	$ (59,100,000)	$ 57,700,000
Fixed maturity securities \| BBB- or better
Debt Securities, Available-for-sale [Line Items]
Percentage of available for sale securities	99.80%
Fixed maturity securities \| Standard & Poor's, Below BBB- Rating
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, available-for-sale	$ 2,700,000
Aggregate net unrealized loss	$ 221,000

SCHEDULE I - Summary of Investments - Other than Investments in Related Parties (Details) $ in Thousands	Dec. 31, 2022 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amount at which shown on Balance Sheet	$ 2,175,930
Fixed maturity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	1,969,783
Fair Value	1,783,417
Amount at which shown on Balance Sheet	1,783,417
State and municipal
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	386,456
Fair Value	330,852
Amount at which shown on Balance Sheet	330,852
Residential mortgage-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	437,702
Fair Value	401,249
Amount at which shown on Balance Sheet	401,249
Corporate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	734,976
Fair Value	670,212
Amount at which shown on Balance Sheet	670,212
Commercial mortgage and asset-backed
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	335,066
Fair Value	309,015
Amount at which shown on Balance Sheet	309,015
U.S. Treasury securities and obligations guaranteed by the U.S. government
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	75,583
Fair Value	72,089
Amount at which shown on Balance Sheet	72,089
Equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	117,169
Fair Value	118,627
Amount at which shown on Balance Sheet	118,627
Preferred stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	68,738
Fair Value	70,831
Amount at which shown on Balance Sheet	70,831
Common stock
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	48,431
Fair Value	47,796
Amount at which shown on Balance Sheet	47,796
Bank loan participations
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	171,320
Fair Value	154,991
Amount at which shown on Balance Sheet	154,991
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost or Amortized Cost	107,812
Fair Value	107,812
Amount at which shown on Balance Sheet	107,812
Other invested assets
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Amount at which shown on Balance Sheet	$ 11,083

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2022

Reinsurance Disclosures [Abstract]

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

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Written premiums:
Direct	$	1,408,524	$	1,322,034	$	1,103,994
Assumed	88,056		185,265		153,006
Ceded	(748,101)		(762,919)		(609,226)
Net	$	748,479	$	744,380	$	647,774
Earned premiums:
Direct	$	1,378,619	$	1,255,875	$	1,005,138
Assumed	169,494		154,243		145,867
Ceded	(781,952)		(714,524)		(544,199)
Net	$	766,161	$	695,594	$	606,806
Losses and loss adjustment expenses:
Direct	$	937,393	$	1,117,673	$	709,545
Assumed	126,287		232,240		125,096
Ceded	(518,866)		(557,561)		(356,096)
Net	$	544,814	$	792,352	$	478,545

Series A Preferred Shares	12 Months Ended
Series A Preferred Shares	Dec. 31, 2022
Temporary Equity [Abstract]
Series A Preferred Shares	Series A Preferred Shares On February 24, 2022, we entered into an Investment Agreement with GPC Partners Investments (Thames) LP (“GPC Partners”), an affiliate of Gallatin Point Capital LLC, relating to the issuance and sale of 150,000 7% Series A Perpetual Cumulative Convertible Preferred Shares, par value $0.00125 per share (the “Series A Preferred Shares”), for an aggregate purchase price of $150.0 million, or $1,000 per share, in a private placement. The transaction closed on March 1, 2022 (the “Series A Closing Date”). The Series A Preferred Shares rank senior to our common shares with respect to dividend rights and rights on the distribution of assets on any liquidation, dissolution or winding up of the affairs of the Company, upon which the holders of Series A Preferred Shares would receive the greater of the $1,000 liquidation preference per share (the “Liquidation Preference”) plus accrued and unpaid dividends, or the amount they would have received if they had converted all of their Series A Preferred Shares to common shares immediately before such liquidation, dissolution or winding up. Holders of the Series A Preferred Shares are entitled to a dividend at the initial rate of 7% of the Liquidation Preference per annum, paid in cash, in-kind in common shares or in Series A Preferred Shares, at the Company's election. On the five-year anniversary of the Series A Closing Date, and each five-year anniversary thereafter, the dividend rate will reset to a rate equal to the five-year U.S. treasury rate plus 5.2%. Dividends accrue and are payable quarterly. During 2022, cash dividends of $8.8 million were declared, of which $2.6 million was payable at December 31, 2022. The Series A Preferred Shares are convertible at the option of the holders thereof at any time into common shares at an initial conversion price of $26.5950, making the Series A Preferred Shares initially convertible into 5,640,158 common shares. The conversion price is subject to customary anti-dilution adjustments, including cash dividends on the common shares above specified levels, as well as certain adjustments in case of adverse reserve development. None of the triggers that would result in adjustments to the conversion price have been met at December 31, 2022. The Certificate of Designations setting forth the terms of the Series A Preferred Shares limits our ability to pay dividends to our common shareholders. If we pay cash dividends of more than $0.05 per common share per quarter, without the consent of at least the majority of the Series A Preferred Shares then outstanding, we will be required to reduce the conversion price of the Series A Preferred Shares. Additionally, the payment of cash dividends in excess of $0.10 per common share per quarter is not permitted if the dividends on the Series A Preferred Shares for that quarter are not paid in cash, unless the Company’s U.S.-based insurance subsidiaries and direct Bermuda-based insurance subsidiary satisfy certain capital requirements. Share dividends payable on the common shares to our shareholders also trigger a reduction of the conversion price applicable to the Series A Preferred Shares. At any time on or after the two year anniversary of the Series A Closing Date, if the volume-weighted average price (“VWAP”) per Common Share is greater than 130% of the then-applicable conversion price for at least twenty (20) consecutive trading days, the Company will be able to elect to convert (a “Mandatory Conversion”) all of the outstanding Series A Preferred Shares into common shares. In the case of a Mandatory Conversion, each Series A Preferred Share then outstanding will be converted into (i) the number of common shares equal to the quotient of (A) the sum of the Liquidation Preference and the accrued and unpaid dividends with respect to such Series A Preferred Share to be converted divided by (B) the conversion price of such share in effect as of the date of the Mandatory Conversion plus (ii) cash in lieu of fractional shares. Upon any Mandatory Conversion on or before the five-year anniversary of the Series A Closing Date, all dividends that would have accrued from the date of the Mandatory Conversion to the later of the five-year anniversary of the Series A Closing Date or the last day of the eighth quarter following the date of the Mandatory Conversion, the last eight quarters of which will be discounted to present value using a discount rate of 3.5% per annum, and will be immediately payable in common shares, valued at the average of the daily VWAP of the Company’s common shares during the five (5) trading days immediately preceding the Mandatory Conversion. The holders of the Series A Preferred Shares may require us to repurchase their shares upon the occurrence of certain change of control events. Upon the occurrence of a Fundamental Change (as defined in the Certificate of Designations designating the Series A Preferred Shares), each holder of outstanding Series A Preferred Shares will be permitted to, at its election, (i) effective as of immediately prior to the Fundamental Change, convert all or a portion of its Series A Preferred Shares into common shares, or (ii) require the Company to repurchase any or all of such holder’s Series A Preferred Shares at a purchase price per Series A Preferred Share equal to the Liquidation Preference of such Series A Preferred Share plus accrued and unpaid dividends. The repurchase price will be payable in cash. Because the Company may be required to repurchase all or a portion of the Series A Preferred Shares at the option of the holder upon the occurrence of certain change of control events, the Series A Preferred Shares have been classified as mezzanine equity in the Company's consolidated balance sheets and are recognized at fair value of $150.0 million (the proceeds on the date of issuance) less issuance costs of $5.1 million, resulting in a carrying value of $144.9 million. Under the terms of the Investment Agreement, GPC Partners has the right to designate one member of the Board (the “Series A Designee”). GPC Partners has designated Matthew Botein as the Series A Designee and, accordingly, the Board approved the appointment of Mr. Botein to serve as a Class I director with a term expiring at the 2024 annual meeting of the Company’s shareholders.

Other Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Chief Operating Officer
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		$ 146
Minority interest in partnership
Related Party Transaction [Line Items]
Operating costs under lease	$ 2,100	$ 2,100	$ 1,900

Deferred Policy Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2022

Deferred Policy Acquisition Costs Disclosures [Abstract]

Schedule of Deferred Policy Acquisition Costs

An analysis of deferred policy acquisition costs is as follows:


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Balance at beginning of period	$	68,526	$	62,953	$	62,006
Policy acquisition costs deferred:
Commissions	55,542		51,466		51,306
Underwriting and other issue expenses	24,106		23,770		25,219
	79,648		75,236		76,525
Amortization of policy acquisition costs	(88,571)		(69,663)		(75,578)
Net change	(8,923)		5,573		947
Balance at end of period	$	59,603	$	68,526	$	62,953

Reserve for Losses and Loss Adjustment Expenses - Reserves for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	$ 1,248,270	$ 1,399,214	$ 1,386,061	$ 1,377,461
Allowance for credit losses on reinsurance recoverables	612	631	335
Reinsurance recoverables on unpaid losses (gross of $612,000 allowance for credit losses on reinsurance recoverables)	1,520,725	1,349,259	806,019
Gross reserve for losses and loss adjustment expenses	2,768,995	$ 2,748,473	$ 2,192,080
Casualty Reinsurance
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	167,505
Excluding Commercial Auto \| Excess and Surplus Lines
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	907,715
Commercial Auto \| Excess and Surplus Lines
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	59,869
Individual Risk Workers' Compensation \| Specialty Admitted Insurance
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	22,432
Fronting and Programs \| Specialty Admitted Insurance
Claims Development [Line Items]
Net reserve for losses and loss adjustment expenses	$ 90,749

Other Comprehensive (Loss) Income

12 Months Ended

Dec. 31, 2022

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

Other Comprehensive (Loss) Income

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Unrealized (losses) gains arising during the period, before U.S. income taxes	$	(219,788)	$	(54,132)	$	58,704
U.S. income taxes	26,780		6,189		(6,967)
Unrealized (losses) gains arising during the period, net of U.S. income taxes	(193,008)		(47,943)		51,737
Less reclassification adjustment:
Net realized investment gains	275		4,924		1,045
U.S. income taxes	(261)		(946)		(93)
Reclassification adjustment for investment gains realized in net income	14		3,978		952
Other comprehensive (loss) income	$	(193,022)	$	(51,921)	$	50,785

In addition to the net realized investment gains of $275,000, $4.9 million, and $1.0 million on available-for-sale fixed maturity securities for the years ended December 31, 2022, 2021, and 2020, the Company recognized net realized and unrealized investment (losses) gains in the respective years of $(17.0) million, $5.8 million, and $(15.4) million on its investments in bank loan participations and $(11.4) million, $4.8 million, and $(1.7) million on its investments in equity securities.

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fixed maturity securities, available-for-sale, at amortized cost	$ 1,969,783
Equity securities, at cost	$ 117,169	$ 95,783
Series A redeemable preferred shares, par value (in dollars per share)	$ 0.00125	$ 0.00125
Series A redeemable preferred shares, authorized (in shares)	20,000,000	20,000,000
Series A redeemable preferred shares, issued (in shares)	150,000	0
Series A redeemable preferred shares, outstanding (in shares)	150,000	0
Common stock, par value (in dollars per share)	$ 0.0002	$ 0.0002
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	37,470,237	37,373,066
Common stock, shares outstanding (in shares)	37,470,237	37,373,066
Fixed maturity securities
Fixed maturity securities, available-for-sale, at amortized cost	$ 1,969,783	$ 1,643,865

Investments - Summary of Private Debt and Equity Investments (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) project note	Dec. 31, 2022 USD ($) note	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Net Investment Income [Line Items]
Carrying Value	$ 27,447	$ 27,447	$ 51,908
Investment Income		2,458	918	$ 3,208
Investment Income		3,408	2,200	9,181
Cash distributions from LLCs		4,364	2,434	3,162
Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	$ 9,159	9,159	26,920
Investment Income		3,801	(1,437)	2,016
Number of underlying projects sold \| project	2
Proceeds from sale of equity method investments	$ 20,200
Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	2,705	2,705	5,240
Investment Income		607	939	5,630
Limited partnerships
Net Investment Income [Line Items]
Carrying Value	11,083	11,083	15,248
Investment Income		(1,343)	2,355	1,192
Bank holding companies
Net Investment Income [Line Items]
Carrying Value	4,500	4,500	4,500
Investment Income		343	343	343
Excess and Surplus Lines
Net Investment Income [Line Items]
Carrying Value	24,880	24,880	44,138
Investment Income		3,174	1,409	272
Excess and Surplus Lines \| Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	9,159	9,159	24,211
Investment Income		3,366	(625)	0
Proceeds from sale of equity method investments	$ 17,200
Excess and Surplus Lines \| Renewable energy LLCs \| Investment in LLC
Net Investment Income [Line Items]
Cash distributions from LLCs		$ 21,600	1,800
Excess and Surplus Lines \| Renewable energy LLCs \| Minimum \| Investment in LLC \| Various LLCs
Net Investment Income [Line Items]
Ownership percentage	2.60%	2.60%
Excess and Surplus Lines \| Renewable energy LLCs \| Maximum \| Investment in LLC \| Various LLCs
Net Investment Income [Line Items]
Ownership percentage	4.90%	4.90%
Excess and Surplus Lines \| Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	$ 1,202	$ 1,202	2,329
Investment Income		$ 270	417	0
Number of notes issued \| note	2	2
Rate of interest	12.00%	12.00%
Total principal balance received		$ 1,100	1,700
Excess and Surplus Lines \| Limited partnerships
Net Investment Income [Line Items]
Carrying Value	$ 10,019	10,019	13,098
Investment Income		(805)	1,417	272
Outstanding commitments to invest	5,300	5,300
Excess and Surplus Lines \| Bank holding companies
Net Investment Income [Line Items]
Carrying Value	$ 4,500	4,500	4,500
Investment Income		$ 343	200	0
Rate of interest	7.60%	7.60%
Investment in private subordinated notes	$ 4,500	$ 4,500
Corporate and Other
Net Investment Income [Line Items]
Carrying Value	2,567	2,567	7,770
Investment Income		234	791	8,909
Corporate and Other \| Renewable energy LLCs
Net Investment Income [Line Items]
Carrying Value	0	0	2,709
Investment Income		435	(812)	2,016
Proceeds from sale of equity method investments	$ 3,000
Corporate and Other \| Renewable energy LLCs \| Investment in LLC
Net Investment Income [Line Items]
Cash distributions from LLCs		$ 21,600	1,800
Corporate and Other \| Renewable energy LLCs \| Minimum \| Investment in LLC \| Various LLCs
Net Investment Income [Line Items]
Ownership percentage	2.60%	2.60%
Corporate and Other \| Renewable energy LLCs \| Maximum \| Investment in LLC \| Various LLCs
Net Investment Income [Line Items]
Ownership percentage	4.90%	4.90%
Corporate and Other \| Renewable energy notes receivable
Net Investment Income [Line Items]
Carrying Value	$ 1,503	$ 1,503	2,911
Investment Income		$ 337	522	5,630
Number of notes issued \| note	2	2
Rate of interest	12.00%	12.00%
Total principal balance received		$ 1,400	2,100
Corporate and Other \| Limited partnerships
Net Investment Income [Line Items]
Carrying Value	$ 1,064	1,064	2,150
Investment Income		(538)	938	920
Impairment loss		538
Corporate and Other \| Bank holding companies
Net Investment Income [Line Items]
Carrying Value	$ 0	0	0
Investment Income		$ 0	$ 143	$ 343

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of Rollforward of Changes in Common Shares Issued and Outstanding

The following table presents a rollforward of changes in common shares issued and outstanding.


	Year Ended December 31,
	2022	2021

Issued and outstanding common shares, beginning of year	37,373,066	30,649,261
Issuance of common shares	—	6,497,500
Exercise of stock options	—	93,446
Vesting of RSU awards	97,171	132,859
Issued and outstanding common shares, end of year	37,470,237	37,373,066

Summary of Cash Dividends Declared

The Board of Directors declared the following cash dividends on common shares in 2022, 2021, and 2020:


Date of Declaration	Dividend per Common Share	Payable to Shareholders of Record on	Payment Date	Total Amount (thousands)
2022
February 16, 2022	$0.05	March 14, 2022	March 31, 2022	$	1,908
April 28, 2022	$0.05	June 13, 2022	June 30, 2022	$	1,908
July 26, 2022	$0.05	September 12, 2022	September 30, 2022	$	1,908
October 25, 2022	$0.05	December 12, 2022	December 30, 2022	$	1,908
Total	$0.20			$	7,632
2021
February 24, 2021	$0.30	March 15, 2021	March 31, 2021	$	9,345
April 27, 2021	$0.30	June 14, 2021	June 30, 2021	$	11,291
July 27, 2021	$0.30	September 13, 2021	September 30, 2021	$	11,282
October 26, 2021	$0.30	December 13, 2021	December 31, 2021	$	11,292
Total	$1.20			$	43,210
2020
February 19, 2020	$0.30	March 16, 2020	March 31, 2020	$	9,269
April 28, 2020	$0.30	June 15, 2020	June 30, 2020	$	9,271
July 28, 2020	$0.30	September 14, 2020	September 30, 2020	$	9,292
October 27, 2020	$0.30	December 14, 2020	December 31, 2020	$	9,305
Total	$1.20			$	37,137

Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

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

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands, except share and per share amounts)
Net income (loss)	$	30,973	$	(172,799)	$	4,824
Less: Dividends on Series A preferred shares	(8,750)		—		—
Net income (loss) available to common shareholders	$	22,223	$	(172,799)	$	4,824

Weighted average common shares outstanding:
Basic	37,442,856		34,956,957		30,552,210
Dilutive potential common shares	208,113		—		332,206
Diluted	37,650,969		34,956,957		30,884,416

Net income (loss) per common share:
Basic	$	0.59	$	(4.94)	$	0.16
Dilutive potential common shares	—		—		—
Diluted	$	0.59	$	(4.94)	$	0.16

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

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

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


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Federal income tax expense (benefit) at applicable statutory rates	$	18,041	$	(18,750)	$	5,272
Tax-exempt investment income	(225)		(278)		(260)
Dividends received deduction	(315)		(298)		(283)
Excess tax expense (benefits) on share based compensation	530		(208)		(679)
Provision to return and amended tax returns	124		(3,945)		—
Base Erosion and Anti-Abuse Tax	—		—		2,843
Other	259		233		17
Federal income tax expense (benefit)	$	18,414	$	(23,246)	$	6,910
U.S. state income tax expense	—		11		203

Total income tax expense (benefit)	$	18,414	$	(23,235)	$	7,113

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

The significant components of net deferred tax assets at the corporate income tax rate of 21% for the years ended December 31, 2022 and 2021 are summarized as follows:


	December 31,
	2022		2021
	(in thousands)
Deferred tax assets:
Accrued compensation expenses	$	3,539	$	2,604
Reserve for losses and loss adjustment expenses	20,706		18,016
Unearned premiums	13,034		10,675
Share based compensation	1,842		1,541
Allowance for credit losses	2,549		2,516

Net unrealized losses	24,066		—

Net operating loss carryforward	—		15,221
Other	3,991		7,197
Total deferred tax assets	69,727		57,770
Deferred tax liabilities:
Intangible assets	7,281		7,289
Net unrealized gains	—		6,626
Deferred policy acquisition costs	6,896		4,494
Equity method investments	3,327		10,257
Other	3,379		2,674
Total deferred tax liabilities	20,883		31,340
Net deferred tax assets	$	48,844	$	26,430

Reserve for Losses and Loss Adjustment Expenses - IBNR Liabilities and Claims Frequency (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) claim	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 544,814	$ 792,352	$ 478,545
Casualty Reinsurance \| Accident year 2013
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	154,225
IBNR	1,134
IBNR Net of Casualty Re LPT	480
Casualty Reinsurance \| Accident year 2014
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	139,341
IBNR	2,217
IBNR Net of Casualty Re LPT	414
Casualty Reinsurance \| Accident year 2015
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	135,112
IBNR	5,467
IBNR Net of Casualty Re LPT	996
Casualty Reinsurance \| Accident year 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	133,990
IBNR	7,782
IBNR Net of Casualty Re LPT	1,401
Casualty Reinsurance \| Accident year 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	179,757
IBNR	18,491
IBNR Net of Casualty Re LPT	2,613
Casualty Reinsurance \| Accident year 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	165,417
IBNR	25,512
IBNR Net of Casualty Re LPT	4,001
Casualty Reinsurance \| Accident year 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	101,462
IBNR	31,177
IBNR Net of Casualty Re LPT	4,572
Casualty Reinsurance \| Accident year 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	82,626
IBNR	47,915
IBNR Net of Casualty Re LPT	8,806
Casualty Reinsurance \| Accident year 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	85,582
IBNR	62,416
IBNR Net of Casualty Re LPT	26,045
Casualty Reinsurance \| Accident year 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	108,751
IBNR	65,167
IBNR Net of Casualty Re LPT	$ 56,748
Excluding Commercial Auto \| Excess and Surplus Lines
Claims Development [Line Items]
Cumulative Number of Reported Claims \| claim	53
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2013
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 84,376
IBNR	$ 1,198
Cumulative Number of Reported Claims \| claim	2,525
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2014
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 91,391
IBNR	$ 1,446
Cumulative Number of Reported Claims \| claim	2,255
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2015
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 116,085
IBNR	$ 2,250
Cumulative Number of Reported Claims \| claim	2,668
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 135,491
IBNR	$ 3,187
Cumulative Number of Reported Claims \| claim	3,167
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 134,272
IBNR	$ 5,842
Cumulative Number of Reported Claims \| claim	3,261
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 151,563
IBNR	$ 16,626
Cumulative Number of Reported Claims \| claim	4,561
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 188,061
IBNR	$ 34,591
Cumulative Number of Reported Claims \| claim	5,834
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 207,210
IBNR	$ 74,904
Cumulative Number of Reported Claims \| claim	5,071
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 286,343
IBNR	$ 180,621
Cumulative Number of Reported Claims \| claim	4,151
Excluding Commercial Auto \| Excess and Surplus Lines \| Accident year 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 340,436
IBNR	$ 301,739
Cumulative Number of Reported Claims \| claim	2,694
Commercial Auto \| Excess and Surplus Lines \| Accident year 2013
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 1,277
IBNR	1
IBNR net of Rasier LPT	$ 1
Cumulative Number of Reported Claims \| claim	54
Commercial Auto \| Excess and Surplus Lines \| Accident year 2014
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 20,222
IBNR	152
IBNR net of Rasier LPT	$ 3
Cumulative Number of Reported Claims \| claim	7,764
Commercial Auto \| Excess and Surplus Lines \| Accident year 2015
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 37,915
IBNR	414
IBNR net of Rasier LPT	$ 22
Cumulative Number of Reported Claims \| claim	41,771
Commercial Auto \| Excess and Surplus Lines \| Accident year 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 164,046
IBNR	1,305
IBNR net of Rasier LPT	$ 165
Cumulative Number of Reported Claims \| claim	89,117
Commercial Auto \| Excess and Surplus Lines \| Accident year 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 366,636
IBNR	3,189
IBNR net of Rasier LPT	$ 197
Cumulative Number of Reported Claims \| claim	134,150
Commercial Auto \| Excess and Surplus Lines \| Accident year 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 371,637
IBNR	3,473
IBNR net of Rasier LPT	$ 301
Cumulative Number of Reported Claims \| claim	97,339
Commercial Auto \| Excess and Surplus Lines \| Accident year 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 365,279
IBNR	3,711
IBNR net of Rasier LPT	$ 421
Cumulative Number of Reported Claims \| claim	71,444
Commercial Auto \| Excess and Surplus Lines \| Accident year 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 12,324
IBNR	234
IBNR net of Rasier LPT	$ 234
Cumulative Number of Reported Claims \| claim	622
Commercial Auto \| Excess and Surplus Lines \| Accident year 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 16,565
IBNR	7,434
IBNR net of Rasier LPT	$ 7,434
Cumulative Number of Reported Claims \| claim	771
Commercial Auto \| Excess and Surplus Lines \| Accident year 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 26,126
IBNR	22,093
IBNR net of Rasier LPT	$ 22,093
Cumulative Number of Reported Claims \| claim	427
Individual Risk Workers' Compensation \| Specialty Admitted Insurance
Claims Development [Line Items]
Cumulative Number of Reported Claims \| claim	7
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2013
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 10,438
IBNR	$ 101
Cumulative Number of Reported Claims \| claim	540
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2014
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 12,553
IBNR	$ 156
Cumulative Number of Reported Claims \| claim	851
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2015
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 16,409
IBNR	$ 338
Cumulative Number of Reported Claims \| claim	975
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 12,790
IBNR	$ 307
Cumulative Number of Reported Claims \| claim	836
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 15,487
IBNR	$ 156
Cumulative Number of Reported Claims \| claim	1,093
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 12,139
IBNR	$ 313
Cumulative Number of Reported Claims \| claim	1,238
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 18,129
IBNR	$ 548
Cumulative Number of Reported Claims \| claim	1,554
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 19,389
IBNR	$ 1,203
Cumulative Number of Reported Claims \| claim	1,378
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 14,713
IBNR	$ 1,945
Cumulative Number of Reported Claims \| claim	1,290
Individual Risk Workers' Compensation \| Specialty Admitted Insurance \| Accident year 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 14,507
IBNR	$ 2,709
Cumulative Number of Reported Claims \| claim	997
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2013
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 52
IBNR	$ 0
Cumulative Number of Reported Claims \| claim	22
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2014
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 3,061
IBNR	$ 122
Cumulative Number of Reported Claims \| claim	858
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2015
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 8,279
IBNR	$ 101
Cumulative Number of Reported Claims \| claim	1,363
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2016
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 14,304
IBNR	$ 1,394
Cumulative Number of Reported Claims \| claim	2,819
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2017
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 24,893
IBNR	$ 2,684
Cumulative Number of Reported Claims \| claim	6,798
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2018
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 19,268
IBNR	$ 2,244
Cumulative Number of Reported Claims \| claim	7,390
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2019
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 18,956
IBNR	$ 2,756
Cumulative Number of Reported Claims \| claim	8,117
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2020
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 31,555
IBNR	$ 4,392
Cumulative Number of Reported Claims \| claim	8,763
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2021
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 44,857
IBNR	$ 15,991
Cumulative Number of Reported Claims \| claim	10,049
Fronting and Programs \| Specialty Admitted Insurance \| Accident year 2022
Claims Development [Line Items]
Incurred Losses and Loss Adj Expenses	$ 47,262
IBNR	$ 26,836
Cumulative Number of Reported Claims \| claim	7,540