Kinsale Capital (KNSL) 10-Q27 Oct 222022 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
Document and Entity Information Document - shares	Sep. 30, 2022	Oct. 21, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Entity Registrant Name	KINSALE CAPITAL GROUP, INC.
Entity File Number	001-37848
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0664337
Entity Address, Address Line One	2035 Maywill Street
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Richmond
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23230
Entity Current Reporting Status	Yes
City Area Code	804
Local Phone Number	289-1300
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	KNSL
Security Exchange Name	NYSE
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,925,235
Entity Central Index Key	0001669162
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	$ 1,605,847	$ 1,392,066
Equity securities, at fair value (cost: $117,218 – 2022; $118,895 – 2021)	133,735	172,611
Short-term investments	81,408	0
Total investments	1,820,990	1,564,677
Cash and Cash Equivalents, at Carrying Value	126,213	121,040
Investment income due and accrued	11,663	7,658
Premiums receivable, net	96,102	71,004
Reinsurance recoverables, net	188,803	122,970
Ceded unearned premiums	40,924	33,679
Deferred policy acquisition costs, net of ceding commissions	58,445	41,968
Intangible assets	3,538	3,538
Deferred Income Tax Assets, Net	59,136	2,109
Other assets	58,418	57,012
Total assets	2,464,232	2,025,655
Liabilities
Reserves for unpaid losses and loss adjustment expenses	1,197,317	881,344
Unearned premiums	471,736	347,730
Payable to reinsurers	26,323	16,112
Accounts payable and accrued expenses	22,218	23,250
Credit facility	0	42,696
Debt	123,159
Other liabilities	4,024	15,188
Total liabilities	1,844,777	1,326,320
Stockholders' Equity
Common stock, $0.01 par value, 400,000,000 shares authorized, 22,924,522 and 22,834,377 shares issued and outstanding at September 30, 2022 and December 31, 2021 respectively	229	228
Additional paid-in capital	297,692	295,040
Retained earnings	468,873	385,942
Accumulated other comprehensive (loss) income	(147,339)	18,125
Total stockholders’ equity	619,455	699,335
Total liabilities and stockholders’ equity	$ 2,464,232	$ 2,025,655

Consolidated Balance Sheet (Una

Consolidated Balance Sheet (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets [Abstract]
Fixed-maturity securities available-for-sale - amortized cost	$ 1,794,729	$ 1,371,519
Equity securities - cost	$ 117,218	$ 118,895
Stockholders' Equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	22,924,522	22,834,377
Common stock, shares outstanding (in shares)	22,924,522	22,834,377

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Gross written premiums	$ 284,111	$ 197,616	$ 806,625	$ 560,553
Ceded written premiums	(48,212)	(26,939)	(111,885)	(77,825)
Net written premiums	235,899	170,677	694,740	482,728
Change in unearned premiums	(26,640)	(13,806)	(116,761)	(65,116)
Net earned premiums	209,259	156,871	577,979	417,612
Net investment income	13,858	8,095	33,540	22,466
Change in the fair value of equity securities	(6,095)	(1,012)	(37,199)	13,644
Net realized investment gains	(173)	895	1,535	2,397
Other income	112	35	381	58
Total revenues	216,961	164,884	576,236	456,177
Expenses:
Losses and loss adjustment expenses	134,788	87,352	344,333	236,727
Underwriting, acquisition and insurance expenses	40,145	31,465	117,662	89,490
Interest Expense	1,716	243	2,306	752
Other expenses	212	145	521	482
Total expenses	176,861	119,205	464,822	327,451
Income before income taxes	40,100	45,679	111,414	128,726
Total income tax expense	7,116	9,054	19,549	24,387
Net income	32,984	36,625	91,865	104,339
Other comprehensive income (loss):
Change in net unrealized losses on available-for-sale investments, net of taxes	(46,652)	(6,072)	(165,464)	(16,111)
Total comprehensive (loss) income	$ (13,668)	$ 30,553	$ (73,599)	$ 88,228
Earnings per share:
Basic	$ 1.45	$ 1.61	$ 4.03	$ 4.60
Diluted	$ 1.43	$ 1.59	$ 3.98	$ 4.53
Weighted average shares outstanding:
Basic	22,813	22,714	22,783	22,681
Diluted	23,114	23,064	23,099	23,057

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance, shares at Dec. 31, 2020	22,757,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (shares)	55,000
Balance, shares at Mar. 31, 2021	22,812,000
Balance at Dec. 31, 2020	$ 576,238	$ 228	$ 291,315	$ 243,315	$ 41,380
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under stock-based compensation plan	339	0	339
Stock-based compensation expense	1,036		1,036
Dividends declared	(2,504)			(2,504)
Other comprehensive income (loss), net of tax	(19,622)				(19,622)
Net income	32,079			32,079
Balance at Mar. 31, 2021	$ 587,566	228	292,690	272,890	21,758
Balance, shares at Dec. 31, 2020	22,757,000
Balance, shares at Sep. 30, 2021	22,819,000
Balance at Dec. 31, 2020	$ 576,238	228	291,315	243,315	41,380
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), net of tax	(16,111)
Net income	104,339
Balance at Sep. 30, 2021	$ 659,165	228	293,535	340,133	25,269
Balance, shares at Mar. 31, 2021	22,812,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (shares)	7,000
Restricted shares withheld for taxes (shares)	(13,000)
Balance, shares at Jun. 30, 2021	22,806,000
Balance at Mar. 31, 2021	$ 587,566	228	292,690	272,890	21,758
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under stock-based compensation plan	163	0	163
Stock-based compensation expense	1,279		1,279
Restricted shares withheld for taxes	(2,082)		(2,082)
Dividends declared	(2,508)			(2,508)
Other comprehensive income (loss), net of tax	9,583				9,583
Net income	35,635			35,635
Balance at Jun. 30, 2021	$ 629,636	228	292,050	306,017	31,341
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (shares)	13,000
Balance, shares at Sep. 30, 2021	22,819,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under stock-based compensation plan	$ 220	0	220
Stock-based compensation expense	1,265		1,265
Dividends declared	(2,509)			(2,509)
Other comprehensive income (loss), net of tax	(6,072)				(6,072)
Net income	36,625			36,625
Balance at Sep. 30, 2021	$ 659,165	228	293,535	340,133	25,269
Balance, shares at Dec. 31, 2021	22,834,377
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (shares)	76,000
Restricted shares withheld for taxes (shares)	(2,000)
Balance, shares at Mar. 31, 2022	22,908,000
Balance at Dec. 31, 2021	$ 699,335	228	295,040	385,942	18,125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under stock-based compensation plan	378	1	377
Stock-based compensation expense	1,489		1,489
Restricted shares withheld for taxes	(516)		(516)
Dividends declared	(2,977)			(2,977)
Other comprehensive income (loss), net of tax	(63,930)				(63,930)
Net income	31,791			31,791
Balance at Mar. 31, 2022	$ 665,570	229	296,390	414,756	(45,805)
Balance, shares at Dec. 31, 2021	22,834,377
Balance, shares at Sep. 30, 2022	22,924,522
Balance at Dec. 31, 2021	$ 699,335	228	295,040	385,942	18,125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), net of tax	(165,464)
Net income	91,865
Balance at Sep. 30, 2022	$ 619,455	229	297,692	468,873	(147,339)
Balance, shares at Mar. 31, 2022	22,908,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (shares)	8,000
Restricted shares withheld for taxes (shares)	(12,000)
Balance, shares at Jun. 30, 2022	22,904,000
Balance at Mar. 31, 2022	$ 665,570	229	296,390	414,756	(45,805)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under stock-based compensation plan	150	0	150
Stock-based compensation expense	1,857		1,857
Restricted shares withheld for taxes	(2,741)		(2,741)
Dividends declared	(2,978)			(2,978)
Other comprehensive income (loss), net of tax	(54,882)				(54,882)
Net income	27,090			27,090
Balance at Jun. 30, 2022	$ 634,066	229	295,656	438,868	(100,687)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (shares)	21,000
Balance, shares at Sep. 30, 2022	22,924,522
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock under stock-based compensation plan	$ 373	0	373
Stock-based compensation expense	1,663		1,663
Dividends declared	(2,979)			(2,979)
Other comprehensive income (loss), net of tax	(46,652)				(46,652)
Net income	32,984			32,984
Balance at Sep. 30, 2022	$ 619,455	$ 229	$ 297,692	$ 468,873	$ (147,339)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared, per share	$ 0.13	$ 0.13	$ 0.13	$ 0.11	$ 0.11	$ 0.11

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating Activities
Net cash provided by operating activities	$ 456,699	$ 301,881
Investing Activities
Purchase of property and equipment	(4,744)	(4,770)
Change in short-term investments, net	(81,113)	0
Purchases – fixed-maturity securities	(599,735)	(509,000)
Purchases - equity securities	(1,098)	(11,717)
Sales – fixed-maturity securities	73,066	102,552
Sales – equity securities	3,990	3,185
Maturities and calls – fixed-maturity securities	89,783	139,669
Net cash used in investing activities	(519,851)	(280,081)
Financing Activities
Proceeds from Issuance of Long-Term Debt	125,000	0
Repayments of Long-Term Lines of Credit	(43,000)	0
Payments of Debt Issuance Costs	(2,381)	0
Payroll taxes withheld and remitted on share-based payments	(3,257)	(2,082)
Proceeds from stock options exercised	901	722
Dividends paid	(8,938)	(7,521)
Net cash provided by (used in) financing activities	68,325	(8,881)
Net change in cash and cash equivalents	5,173	12,919
Cash and cash equivalents at beginning of period		77,093
Cash and cash equivalents at end of period	$ 126,213	$ 90,012

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of presentation The unaudited condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements of Kinsale Capital Group, Inc. and its subsidiaries ("the Company") included in the Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All significant intercompany balances and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year. Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, if any, at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Prospective accounting pronouncements There are no prospective accounting standards which, upon their effective date, would have a material impact on the Company's condensed consolidated financial statements.

Investments

Investments	9 Months Ended
Investments	Sep. 30, 2022
Investments [Abstract]
Investments	Investments Available-for-sale investments The following tables summarize the available-for-sale investments at September 30, 2022 and December 31, 2021: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 22,945 $ — $ (1,347) $ 21,598 Obligations of states, municipalities and political subdivisions 230,156 100 (27,589) 202,667 Corporate and other securities 795,400 73 (87,910) 707,563 Asset-backed securities 323,601 226 (8,684) 315,143 Residential mortgage-backed securities 356,947 62 (57,773) 299,236 Commercial mortgage-backed securities 65,680 — (6,040) 59,640 Total fixed-maturity investments $ 1,794,729 $ 461 $ (189,343) $ 1,605,847 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 6,936 $ — $ (89) $ 6,847 Obligations of states, municipalities and political subdivisions 216,375 12,139 (469) 228,045 Corporate and other securities 450,594 11,714 (3,821) 458,487 Asset-backed securities 299,810 2,217 (252) 301,775 Residential mortgage-backed securities 340,804 1,804 (4,923) 337,685 Commercial mortgage-backed securities 57,000 2,433 (206) 59,227 Total fixed-maturity investments $ 1,371,519 $ 30,307 $ (9,760) $ 1,392,066 Available-for-sale securities in a loss position The Company regularly reviews all its available-for-sale investments with unrealized losses to assess whether the decline in the fair value is deemed to be a credit loss. The Company considers a number of factors in completing its review of credit losses, including the extent to which a security's fair value has been below cost and the financial condition of an issuer. In addition to specific issuer information, the Company also evaluates the current market and interest rate environment. Generally, a decline in a security’s value caused by a change in the market or interest rate environment does not constitute a credit loss. For fixed-maturity securities, the Company also considers whether it intends to sell the security or, if it is more likely than not that it will be required to sell the security before recovery, and its ability to recover all amounts outstanding when contractually due. When assessing whether it intends to sell a fixed-maturity security or, if it is likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs and potential sales of investments to capitalize on favorable pricing. For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, an impairment is recognized in net income based on the fair value of the security at the time of assessment. For fixed-maturity securities that the Company does not intend to sell or for which it is more likely than not that the Company would not be required to sell before recovery of its amortized cost, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the impairment, which is recognized in net income through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income. The Company reports investment income due and accrued separately from available-for-sale investments and has elected not to measure an allowance for credit losses for investment income due and accrued. Investment income due and accrued is written off through earnings at the time the issuer of the bond defaults or is expected to default on payments. The following tables summarize gross unrealized losses and estimated fair value for available-for-sale investments by length of time that the securities have continuously been in an unrealized loss position: September 30, 2022 Less than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (in thousands) Fixed maturities: U.S. Treasury securities and obligations of the U.S. government agencies $ 15,457 $ (542) $ 6,141 $ (805) $ 21,598 $ (1,347) Obligations of states, municipalities and political subdivisions 169,711 (23,087) 12,935 (4,502) 182,646 (27,589) Corporate and other securities 596,026 (61,181) 94,449 (26,729) 690,475 (87,910) Asset-backed securities 269,716 (7,449) 31,305 (1,235) 301,021 (8,684) Residential mortgage-backed securities 163,761 (25,163) 133,937 (32,610) 297,698 (57,773) Commercial mortgage-backed securities 52,555 (4,659) 7,085 (1,381) 59,640 (6,040) Total fixed-maturity investments $ 1,267,226 $ (122,081) $ 285,852 $ (67,262) $ 1,553,078 $ (189,343) At September 30, 2022, the Company held 984 fixed-maturity securities in an unrealized loss position with a total estimated fair value of $1.6 billion and gross unrealized losses of $189.3 million. Of these securities, 130 were in a continuous unrealized loss position for greater than one year. As discussed above, the Company regularly reviews all fixed-maturity securities within its investment portfolio to determine whether a credit loss has occurred. Based on the Company's review as of September 30, 2022, unrealized losses were caused by interest rate changes or other market factors and were not credit-specific issues. At September 30, 2022, 79.8% of the Company’s fixed-maturity securities were rated "A-" or better and all of the Company’s fixed-maturity securities made expected coupon payments under the contractual terms of the securities. For the nine months ended September 30, 2022, the Company concluded that there were no credit-related impairments of fixed-maturity securities in an unrealized loss position. December 31, 2021 Less than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (in thousands) Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 6,847 $ (89) $ — $ — $ 6,847 $ (89) Obligations of states, municipalities and political subdivisions 23,870 (469) — — 23,870 (469) Corporate and other securities 188,522 (3,718) 1,092 (103) 189,614 (3,821) Asset-backed securities 136,669 (204) 4,452 (48) 141,121 (252) Residential mortgage-backed securities 260,251 (4,329) 17,968 (594) 278,219 (4,923) Commercial mortgage-backed securities 10,773 (206) — — 10,773 (206) Total fixed-maturity investments $ 626,932 $ (9,015) $ 23,512 $ (745) $ 650,444 $ (9,760) Contractual maturities of available-for-sale fixed-maturity securities The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at September 30, 2022 are summarized, by contractual maturity, as follows: September 30, 2022 Amortized Estimated Cost Fair Value (in thousands) Due in one year or less $ 14,977 $ 14,823 Due after one year through five years 531,759 506,959 Due after five years through ten years 245,305 207,332 Due after ten years 256,460 202,714 Asset-backed securities 323,601 315,143 Residential mortgage-backed securities 356,947 299,236 Commercial mortgage-backed securities 65,680 59,640 Total fixed-maturity securities $ 1,794,729 $ 1,605,847 Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, and the lenders may have the right to put the securities back to the borrower. Net investment income The following table presents the components of net investment income for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Interest: Taxable bonds $ 12,041 $ 6,471 $ 29,015 $ 18,356 Tax exempt municipal bonds 849 874 2,558 2,636 Cash equivalents and short-term investments 475 1 598 11 Dividends on equity securities 1,085 979 3,208 2,801 Gross investment income 14,450 8,325 35,379 23,804 Investment expenses (592) (230) (1,839) (1,338) Net investment income $ 13,858 $ 8,095 $ 33,540 $ 22,466 Realized investment gains and losses The following table presents realized investment gains and losses for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Fixed-maturity securities: Realized gains $ — $ 804 $ 1,076 $ 2,445 Realized losses (177) — (720) (2) Net realized (losses) gains from fixed-maturity securities (177) 804 356 2,443 Equity securities: Realized gains — 97 1,363 97 Realized losses — (6) (148) (143) Net realized gains (losses) from equity securities — 91 1,215 (46) Realized gains (losses) from the sales of short-term investments 4 — (36) — Net realized investment (losses) gains $ (173) $ 895 $ 1,535 $ 2,397 Change in net unrealized losses on fixed-maturity securities For the three and nine months ended September 30, 2022, the changes in net unrealized losses for fixed-maturity securities were $(59.1) million and $(209.4) million, respectively. For the three and nine months ended September 30, 2021, the changes in net unrealized losses for fixed-maturity securities were $(7.7) million and $(20.4) million, respectively. Insurance – statutory deposits The Company had invested assets with a fair value of $6.3 million and $6.7 million on deposit with state regulatory authorities at September 30, 2022 and December 31, 2021, respectively. Payable for investments purchased The Company recorded a payable for investments purchased, not yet settled, of $3.9 million and $15.0 million at September 30, 2022 and December 31, 2021, respectively. The payable balance was included in the "other liabilities" line item of the consolidated balance sheet.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is estimated for each class of financial instrument based on the framework established in the fair value accounting guidance. Fair value is defined as the price in the principal market that would be received for an asset or paid to transfer a liability to facilitate an orderly transaction between market participants on the measurement date. Market participants are assumed to be independent, knowledgeable, able and willing to transact an exchange and not acting under duress. Fair value hierarchy disclosures are based on the quality of inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Adjustments to transaction prices or quoted market prices may be required in illiquid or disorderly markets in order to estimate fair value. The three levels of the fair value hierarchy are defined as follows: Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities traded in active markets. Level 2 - Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs. Level 3 - Inputs to the valuation methodology are unobservable for the asset or liability and are significant to the fair value measurement. Fair values of the Company's investment portfolio are estimated using unadjusted prices obtained by its investment accounting vendor from nationally recognized third-party pricing services, where available. Values for U.S. Treasuries and exchange traded funds are generally based on Level 1 inputs, which use quoted prices in active markets for identical assets. For other fixed-maturity securities and non-redeemable preferred stock, the pricing vendors use a pricing methodology involving the market approach, including pricing models which use prices and relevant market information regarding a particular security or securities with similar characteristics to establish a valuation. The estimates of fair value of these investments are included in the amounts disclosed as Level 2. For those investments where significant inputs are unobservable, the Company's investment accounting vendor obtains valuations from pricing vendors or brokers using the market approach and income approach valuation techniques and are disclosed as Level 3. Management performs several procedures to ascertain the reasonableness of investment values included in the condensed consolidated financial statements, including 1) obtaining and reviewing internal control reports from the Company's investment accounting vendor that assess fair values from third party pricing services, 2) discussing with the Company's investment accounting vendor its process for reviewing and validating pricing obtained from third party pricing services and 3) reviewing the security pricing received from the Company's investment accounting vendor and monitoring changes in unrealized gains and losses at the individual security level. The Company has evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. The following tables present the balances of assets measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, by level within the fair value hierarchy: September 30, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 21,598 $ — $ — $ 21,598 Obligations of states, municipalities and political subdivisions — 202,667 — 202,667 Corporate and other securities — 707,563 — 707,563 Asset-backed securities — 315,143 — 315,143 Residential mortgage-backed securities — 299,236 — 299,236 Commercial mortgage-backed securities — 59,640 — 59,640 Total fixed-maturity securities 21,598 1,584,249 — 1,605,847 Equity securities: Exchange traded funds 94,898 — — 94,898 Non-redeemable preferred stock — 38,837 — 38,837 Total equity securities 94,898 38,837 — 133,735 Short-term investments 81,056 352 — 81,408 Total $ 197,552 $ 1,623,438 $ — $ 1,820,990 December 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) Assets Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 6,847 $ — $ — $ 6,847 Obligations of states, municipalities and political subdivisions — 228,045 — 228,045 Corporate and other securities — 458,487 — 458,487 Asset-backed securities — 301,775 — 301,775 Residential mortgage-backed securities — 337,685 — 337,685 Commercial mortgage-backed securities — 59,227 — 59,227 Total fixed-maturity securities 6,847 1,385,219 — 1,392,066 Equity securities: Exchange traded funds 123,389 — — 123,389 Non-redeemable preferred stock — 49,222 — 49,222 Total equity securities 123,389 49,222 — 172,611 Total $ 130,236 $ 1,434,441 $ — $ 1,564,677 There were no assets or liabilities measured at fair value on a nonrecurring basis as of September 30, 2022 or December 31, 2021. The carrying amount of the Company's 5.15% Series A Senior Notes was $125.0 million, less debt issuance cost, and the corresponding estimated fair value was $115.1 million at September 30, 2022. The fair value measurement was determined using a discounted cash flow analysis that factors in current market yields for comparable borrowing arrangements under the Company's credit profile. Since this methodology is based upon market yields for comparable arrangements, the measurement is categorized as Level 2. The estimated fair value of outstanding borrowings under the Company's revolving Credit Facility approximated its carrying value at December 31,2021. There were no outstanding borrowings under the Credit Facility at September 30, 2022. See Note 12 for further information regarding the Company's debt arrangements.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	9 Months Ended
Deferred Policy Acquisition Costs	Sep. 30, 2022
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs The following table presents the amounts of policy acquisition costs deferred and amortized for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Balance, beginning of period $ 54,806 $ 38,801 $ 41,968 $ 31,912 Policy acquisition costs deferred: Direct commissions 41,525 28,837 117,621 81,740 Ceding commissions (13,886) (8,089) (32,678) (21,283) Other underwriting and policy acquisition costs 2,302 1,600 6,534 4,540 Policy acquisition costs deferred 29,941 22,348 91,477 64,997 Amortization of net policy acquisition costs (26,302) (20,876) (75,000) (56,636) Balance, end of period $ 58,445 $ 40,273 $ 58,445 $ 40,273 Amortization of net policy acquisition costs is included in the line item "Underwriting, acquisition and insurance expenses" in the accompanying consolidated statements of income and comprehensive income.

Property and Equipment

Property and Equipment	9 Months Ended
Property and Equipment	Sep. 30, 2022
Property and Equipment [Abstract]
Property and Equipment Disclosure [Text Block]	Property and Equipment, Net Property and equipment are included in "other assets" in the accompanying consolidated balance sheets and consist of the following: September 30, 2022 December 31, 2021 (in thousands) Building $ 33,065 $ 33,101 Parking deck 5,072 5,072 Land 3,068 3,068 Equipment 3,339 3,143 Software 10,572 7,849 Furniture and fixtures 2,161 2,158 Land improvements 474 474 Construction in progress - building 1,858 — 59,609 54,865 Accumulated depreciation (7,583) (5,570) Total property and equipment, net $ 52,026 $ 49,295

Underwriting, Acquisition and I

Underwriting, Acquisition and Insurance Expenses	9 Months Ended
Underwriting, Acquisition and Insurance Expenses	Sep. 30, 2022
Underwriting, Acquisition and Insurance Expenses [Abstract]
Underwriting, acquisition and insurance expenses	Underwriting, Acquisition and Insurance Expenses Underwriting, acquisition and insurance expenses for the three and nine months ended September 30, 2022 and 2021 consist of the following: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Underwriting, acquisition and insurance expenses incurred: Direct commissions $ 37,177 $ 26,317 $ 99,540 $ 71,036 Ceding commissions (12,939) (6,902) (30,069) (18,344) Other operating expenses 15,907 12,050 48,191 36,798 Total $ 40,145 $ 31,465 $ 117,662 $ 89,490 Other operating expenses within underwriting, acquisition and insurance expenses include salaries, bonus and employee benefits expenses of $15.4 million and $11.6 million for the three months ended September 30, 2022 and 2021, respectively. Other operating expenses within underwriting, acquisition and insurance expenses include salaries, bonus and employee benefits expenses of $46.1 million and $34.9 million for the nine months ended September 30, 2022 and 2021, respectively.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
Stock-based Compensation	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation On July 27, 2016, the Kinsale Capital Group, Inc. 2016 Omnibus Incentive Plan (the "2016 Incentive Plan") became effective. The 2016 Incentive Plan, which is administered by the Compensation, Nominating and Corporate Governance Committee of the Company’s Board of Directors, provides for grants of stock options, restricted stock, restricted stock units and other stock-based awards to officers, employees, directors, independent contractors and consultants. The number of shares of common stock available for issuance under the 2016 Incentive Plan may not exceed 2,073,832. The total compensation cost that has been charged against income for share-based compensation arrangements was $5.0 million and $3.6 million for the nine months ended September 30, 2022 and 2021, respectively. Restricted Stock Awards During the nine months ended September 30, 2022, the Company granted restricted stock awards under the 2016 Incentive Plan. The restricted stock awards were valued on the date of grant and will vest over a period of 1 to 4 years corresponding to the anniversary date of the grants. The fair value of restricted stock awards was determined based on the closing trading price of the Company’s shares on the grant date or, if no shares were traded on the grant date, the last preceding date for which there was a sale of shares. Except for restrictions placed on the transferability of restricted stock, holders of unvested restricted stock have full stockholder’s rights, including voting rights and the right to receive dividends. Unvested shares of restricted stock awards and accrued dividends, if any, are forfeited upon the termination of service to or employment with the Company. A summary of restricted stock activity under the 2016 Incentive Plan for the nine months ended September 30, 2022 is as follows: For the Nine Months Ended September 30, 2022 Number of Shares Weighted Average Grant Date Fair Value per Share Non-vested outstanding at the beginning of the period 95,984 $ 131.94 Granted 52,863 $ 211.86 Vested (44,992) $ 109.76 Forfeited (4,171) $ 178.30 Non-vested outstanding at the end of the period 99,684 $ 182.40 Employees surrender shares to pay for withholding tax obligations resulting from any vesting of restricted stock awards. During the nine months ended September 30, 2022, shares withheld for taxes in connection with the vesting of restricted stock awards totaled 14,879. The weighted average grant-date fair value per share of the Company's restricted stock awards granted during the nine months ended September 30, 2022 and 2021 was $211.86 and $185.00, respectively. The fair value of restricted stock awards that vested during the nine months ended September 30, 2022 and 2021 was $9.9 million and $6.8 million, respectively. As of September 30, 2022, the Company had $14.6 million of total unrecognized stock-based compensation expense expected to be charged to earnings over a weighted-average period of 2.8 years. Stock Options On July 27, 2016, the Board of Directors approved, and the Company granted, 1,036,916 stock options with an exercise price equal to the initial public offering price of $16.00 per share and a weighted-average grant-date fair value of $2.71 per share. The options have a maximum contractual term of 10 years and vested in 4 equal annual installments following the date of the grant. The value of the options granted was estimated at the date of grant using the Black-Scholes pricing model using the following assumptions: Risk-free rate of return 1.26 % Dividend yield 1.25 % Expected share price volatility (1) 18.50 % Expected life in years (2) 6.3 years (1) Expected volatility was based on the Company’s competitors within the industry. (2) Expected life was calculated using the simplified method, which was an average of the contractual term of the option and its ordinary vesting period, as the Company did not have sufficient historical data for determining the expected term of our stock option awards. A summary of option activity as of September 30, 2022, and changes during the period then ended is presented below: Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Years of Contractual Term Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2022 325,433 $ 16.00 Granted — — Forfeited (934) 16.00 Exercised (56,332) 16.00 Outstanding at September 30, 2022 268,167 $ 16.00 3.6 $ 64,205 Exercisable at September 30, 2022 268,167 $ 16.00 3.6 $ 64,205

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations contained in the condensed consolidated financial statements: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands, except per share data) Net income $ 32,984 $ 36,625 $ 91,865 $ 104,339 Weighted average common shares outstanding - basic 22,813 22,714 22,783 22,681 Effect of potential dilutive securities: Conversion of stock options 262 317 276 329 Conversion of restricted stock 39 33 40 47 Weighted average common shares outstanding - diluted 23,114 23,064 23,099 23,057 Earnings per common share: Basic $ 1.45 $ 1.61 $ 4.03 $ 4.60 Diluted $ 1.43 $ 1.59 $ 3.98 $ 4.53 There were no anti-dilutive stock awards for the three months ended September 30, 2022 and 2021. There were 48 thousand and 30 thousand anti-dilutive stock awards for the nine months ended September 30, 2022 and 2021, respectively.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company uses the estimated annual effective tax rate method for calculating its tax provision in interim periods, which represents the Company's best estimate of the effective tax rate expected for the full year. The estimated annual effective tax rate typically differs from the U.S. statutory tax rate, primarily as a result of tax-exempt investment income and any discrete items recognized during the period. The Company's effective tax rates were 17.5% and 18.9% for the nine months ended September 30, 2022 and 2021, respectively. The effective tax rates were lower than the federal statutory rate of 21% due primarily to the tax benefits from stock-based compensation and from income generated by certain tax-exempt investments.

Reserves for Unpaid Losses and

Reserves for Unpaid Losses and Loss Adjustment Expenses	9 Months Ended
Reserves for Unpaid Losses and Loss Adjustment Expenses	Sep. 30, 2022
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Reserves for Unpaid Losses and Loss Adjustment Expenses	Reserves For Unpaid Losses and Loss Adjustment Expenses The following table presents a reconciliation of consolidated beginning and ending reserves for unpaid losses and loss adjustment expenses: September 30, 2022 2021 (in thousands) Gross reserves for unpaid losses and loss adjustment expenses, beginning of year $ 881,344 $ 636,013 Less: reinsurance recoverable on unpaid losses 117,561 83,730 Net reserves for unpaid losses and loss adjustment expenses, beginning of year 763,783 552,283 Incurred losses and loss adjustment expenses: Current year 373,183 262,140 Prior years (28,850) (25,413) Total net losses and loss adjustment expenses incurred 344,333 236,727 Payments: Current year 13,028 12,110 Prior years 84,827 68,546 Total payments 97,855 80,656 Net reserves for unpaid losses and loss adjustment expenses, end of period 1,010,261 708,354 Reinsurance recoverable on unpaid losses 187,056 106,502 Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 1,197,317 $ 814,856 During the nine months ended September 30, 2022, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2021 developed favorably by $28.9 million, of which $32.0 million was attributable to the 2020 and 2021 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development largely from the 2018 accident year due to routine variability in reported losses and modest adjustments in actuarial assumptions. Current accident year incurred losses and loss adjustment expenses for the nine months ended September 30, 2022 included $26.2 million of catastrophe losses primarily related to Hurricane Ian. During the nine months ended September 30, 2021, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2020 developed favorably by $25.4 million, of which $28.9 million was attributable to the 2020 accident year. The favorable development for the 2020 accident year reflected the Company's improved outlook related to potential COVID-19 related claims as no significant claims had been reported to date. In addition, reported losses emerged at lower levels than expected across most lines of business. This favorable development was offset in part by adverse development, mostly attributable to the 2015-2018 accident years as a result of modest adjustments in actuarial assumptions based on observable trends. Current accident year incurred losses and loss adjustment

Reinsurance

Reinsurance	9 Months Ended
Reinsurance	Sep. 30, 2022
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance The following table summarizes the effect of reinsurance on premiums written and earned for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Premiums written: Direct $ 284,111 $ 197,616 $ 806,625 $ 560,553 Ceded (48,212) (26,939) (111,885) (77,825) Net written $ 235,899 $ 170,677 $ 694,740 $ 482,728 Premiums earned: Direct $ 254,855 $ 180,458 $ 682,619 $ 486,920 Ceded (45,596) (23,587) (104,640) (69,308) Net earned $ 209,259 $ 156,871 $ 577,979 $ 417,612 The following table summarizes ceded losses and loss adjustment expenses for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Ceded incurred losses and loss adjustment expenses $ 56,774 $ 10,640 $ 79,790 $ 34,053 The following table presents reinsurance recoverables on paid and unpaid losses as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 (in thousands) Reinsurance recoverables on paid losses $ 1,747 $ 5,409 Reinsurance recoverables on unpaid losses, net 187,056 117,561 Reinsurance recoverables, net $ 188,803 $ 122,970

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt Note Purchase and Private Shelf Agreement On July 22, 2022, the Company entered into a Note Purchase and Private Shelf Agreement (the “Note Purchase Agreement”) with PGIM, Inc. (“Prudential”) and the purchasers of the Notes (as defined below), named in the Purchaser Schedule attached thereto (collectively, the “Note Purchasers”). Pursuant to the Note Purchase Agreement, on July 22, 2022, the Company issued to the Note Purchasers $125.0 million aggregate principal amount of 5.15% Series A Senior Notes Due July 22, 2034 (collectively, the "Series A Notes”). The Note Purchase Agreement also provides for the issuance of additional shelf notes from time to time issued thereunder (the “Shelf Notes” and, together with the Series A Notes, the “Notes”) not to exceed $150.0 million of Notes outstanding thereunder. The proceeds of the Notes may be used, among other things, to fund surplus at Kinsale Insurance Company, or any other insurance subsidiary of the Company, refinance indebtedness and for general corporate purposes. The Series A Notes are senior unsecured obligations of the Company and rank pari passu with the Company’s Amended and Restated Credit Agreement. Debt issuance costs of $1.9 million were incurred in connection with the issuance of the Series A Notes and have been recorded on the consolidated balance sheet within "Debt" as a contra-liability. The Note Purchase Agreement contains representations and affirmative and negative covenants, including financial covenants customary for agreements of this type, as well as customary events of default provisions. As of September 30, 2022, the Company was in compliance with all of its financial covenants under the Note Purchase Agreement. The Series A Notes bear interest at 5.15% per annum and mature on July 22, 2034, unless paid earlier by the Company. Should the Company elect to prepay the Series A Notes, such aggregate prepayment will include the applicable make-whole amount(s), as defined within the applicable Note Purchase Agreement. Principal payments are required annually beginning on July 22, 2030 in equal installments of $25.0 million through July 22, 2034. On July 25, 2022, proceeds from the Series A Notes were used to pay off outstanding loans of $43.0 million, plus accrued interest, under our Amended and Restated Credit Agreement as well as fund surplus at Kinsale Insurance Company and for general corporate purposes. Credit Agreement On July 22, 2022, the Company entered into an Amended and Restated Credit Agreement, with JPMorgan Chase Bank, N.A., as administrative agent and as issuing bank, Truist Bank, as syndication agent, and the lenders party thereto (collectively, the “Lenders”). The Amended and Restated Credit Agreement extended the maturity date to July 22, 2027, and increased the aggregate commitment to $100.0 million, with the option to increase the aggregate commitment by $30.0 million, subject to the Company obtaining commitments from existing or new lenders and satisfying other conditions specified in the Amended and Restated Credit Agreement. The Company is required to pay a Commitment Fee Rate (as defined therein) of 0.25% on the average daily amount of the Available Revolving Commitment (as defined therein). Borrowings under the Amended and Restated Credit Agreement may be used for general corporate purposes (which may include, without limitation, to fund future growth, to finance working capital needs, to fund capital expenditures, and to refinance, redeem or repay indebtedness). Debt issuance costs of $0.5 million were incurred in connection with the Amended and Restated Credit Agreement and have been recorded on the consolidated balance sheet within "Other assets." At September 30, 2022, there were no borrowings outstanding. The Amended and Restated Credit Agreement also contains representations and affirmative and negative covenants, including financial covenants customary for agreements of this type, as well as customary events of default provisions. As of September 30, 2022, the Company was in compliance with all of its financial covenants under the Credit Facility. The loans under the Amended and Restated Credit Agreement bear interest, at the Company's option, at a rate equal to the Adjusted Term SOFR Rate (as defined therein) plus 1.625% or the Alternate Base Rate (as defined therein) plus 0.625%.

Other Comprehensive (Loss) Inco

Other Comprehensive (Loss) Income	9 Months Ended
Other Comprehensive (Loss) Income	Sep. 30, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Income	Other Comprehensive Loss The following table summarizes the components of other comprehensive loss for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Unrealized losses on fixed-maturity securities arising during the period, before income taxes $ (59,230) $ (6,994) $ (209,198) $ (18,162) Income tax benefit 12,439 1,469 43,932 3,814 Unrealized losses arising during the period, net of income taxes (46,791) (5,525) (165,266) (14,348) Less reclassification adjustment: Net realized (losses) gains on fixed-maturity securities, before income taxes (177) 693 250 2,232 Income tax benefit (expense) 38 (146) (52) (469) Reclassification adjustment included in net income, net of income taxes (139) 547 198 1,763 Other comprehensive loss $ (46,652) $ (6,072) $ (165,464) $ (16,111) The sale of an available-for-sale fixed-maturity security results in amounts being reclassified from accumulated other comprehensive loss to realized gains or losses in current period earnings. The related tax effect of the reclassification adjustment is recorded in income tax expense in current period earnings. See Note 2 for additional information.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentationThe unaudited condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements of Kinsale Capital Group, Inc. and its subsidiaries ("the Company") included in the Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All significant intercompany balances and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year.
Use of Estimates	Use of estimatesThe preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, if any, at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
New Accounting Pronouncements, Policy	Prospective accounting pronouncements There are no prospective accounting standards which, upon their effective date, would have a material impact on the Company's condensed consolidated financial statements.

Investments (Tables)

Investments (Tables)	9 Months Ended
Investments (Tables)	Sep. 30, 2022
Investments [Abstract]
Available-for-sale Investments	The following tables summarize the available-for-sale investments at September 30, 2022 and December 31, 2021: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 22,945 $ — $ (1,347) $ 21,598 Obligations of states, municipalities and political subdivisions 230,156 100 (27,589) 202,667 Corporate and other securities 795,400 73 (87,910) 707,563 Asset-backed securities 323,601 226 (8,684) 315,143 Residential mortgage-backed securities 356,947 62 (57,773) 299,236 Commercial mortgage-backed securities 65,680 — (6,040) 59,640 Total fixed-maturity investments $ 1,794,729 $ 461 $ (189,343) $ 1,605,847 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 6,936 $ — $ (89) $ 6,847 Obligations of states, municipalities and political subdivisions 216,375 12,139 (469) 228,045 Corporate and other securities 450,594 11,714 (3,821) 458,487 Asset-backed securities 299,810 2,217 (252) 301,775 Residential mortgage-backed securities 340,804 1,804 (4,923) 337,685 Commercial mortgage-backed securities 57,000 2,433 (206) 59,227 Total fixed-maturity investments $ 1,371,519 $ 30,307 $ (9,760) $ 1,392,066
Available-for-sale Securities in an Unrealized Loss Position	The following tables summarize gross unrealized losses and estimated fair value for available-for-sale investments by length of time that the securities have continuously been in an unrealized loss position: September 30, 2022 Less than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (in thousands) Fixed maturities: U.S. Treasury securities and obligations of the U.S. government agencies $ 15,457 $ (542) $ 6,141 $ (805) $ 21,598 $ (1,347) Obligations of states, municipalities and political subdivisions 169,711 (23,087) 12,935 (4,502) 182,646 (27,589) Corporate and other securities 596,026 (61,181) 94,449 (26,729) 690,475 (87,910) Asset-backed securities 269,716 (7,449) 31,305 (1,235) 301,021 (8,684) Residential mortgage-backed securities 163,761 (25,163) 133,937 (32,610) 297,698 (57,773) Commercial mortgage-backed securities 52,555 (4,659) 7,085 (1,381) 59,640 (6,040) Total fixed-maturity investments $ 1,267,226 $ (122,081) $ 285,852 $ (67,262) $ 1,553,078 $ (189,343) December 31, 2021 Less than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (in thousands) Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 6,847 $ (89) $ — $ — $ 6,847 $ (89) Obligations of states, municipalities and political subdivisions 23,870 (469) — — 23,870 (469) Corporate and other securities 188,522 (3,718) 1,092 (103) 189,614 (3,821) Asset-backed securities 136,669 (204) 4,452 (48) 141,121 (252) Residential mortgage-backed securities 260,251 (4,329) 17,968 (594) 278,219 (4,923) Commercial mortgage-backed securities 10,773 (206) — — 10,773 (206) Total fixed-maturity investments $ 626,932 $ (9,015) $ 23,512 $ (745) $ 650,444 $ (9,760)
Contractual Maturities of Available-for-sale Fixed Maturity Securities	The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at September 30, 2022 are summarized, by contractual maturity, as follows: September 30, 2022 Amortized Estimated Cost Fair Value (in thousands) Due in one year or less $ 14,977 $ 14,823 Due after one year through five years 531,759 506,959 Due after five years through ten years 245,305 207,332 Due after ten years 256,460 202,714 Asset-backed securities 323,601 315,143 Residential mortgage-backed securities 356,947 299,236 Commercial mortgage-backed securities 65,680 59,640 Total fixed-maturity securities $ 1,794,729 $ 1,605,847
Net Investment Income	The following table presents the components of net investment income for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Interest: Taxable bonds $ 12,041 $ 6,471 $ 29,015 $ 18,356 Tax exempt municipal bonds 849 874 2,558 2,636 Cash equivalents and short-term investments 475 1 598 11 Dividends on equity securities 1,085 979 3,208 2,801 Gross investment income 14,450 8,325 35,379 23,804 Investment expenses (592) (230) (1,839) (1,338) Net investment income $ 13,858 $ 8,095 $ 33,540 $ 22,466
Realized Gain (Loss) on Investments	The following table presents realized investment gains and losses for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Fixed-maturity securities: Realized gains $ — $ 804 $ 1,076 $ 2,445 Realized losses (177) — (720) (2) Net realized (losses) gains from fixed-maturity securities (177) 804 356 2,443 Equity securities: Realized gains — 97 1,363 97 Realized losses — (6) (148) (143) Net realized gains (losses) from equity securities — 91 1,215 (46) Realized gains (losses) from the sales of short-term investments 4 — (36) — Net realized investment (losses) gains $ (173) $ 895 $ 1,535 $ 2,397

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on a Recurring Basis	The following tables present the balances of assets measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, by level within the fair value hierarchy: September 30, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 21,598 $ — $ — $ 21,598 Obligations of states, municipalities and political subdivisions — 202,667 — 202,667 Corporate and other securities — 707,563 — 707,563 Asset-backed securities — 315,143 — 315,143 Residential mortgage-backed securities — 299,236 — 299,236 Commercial mortgage-backed securities — 59,640 — 59,640 Total fixed-maturity securities 21,598 1,584,249 — 1,605,847 Equity securities: Exchange traded funds 94,898 — — 94,898 Non-redeemable preferred stock — 38,837 — 38,837 Total equity securities 94,898 38,837 — 133,735 Short-term investments 81,056 352 — 81,408 Total $ 197,552 $ 1,623,438 $ — $ 1,820,990 December 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) Assets Fixed maturities: U.S. Treasury securities and obligations of U.S. government agencies $ 6,847 $ — $ — $ 6,847 Obligations of states, municipalities and political subdivisions — 228,045 — 228,045 Corporate and other securities — 458,487 — 458,487 Asset-backed securities — 301,775 — 301,775 Residential mortgage-backed securities — 337,685 — 337,685 Commercial mortgage-backed securities — 59,227 — 59,227 Total fixed-maturity securities 6,847 1,385,219 — 1,392,066 Equity securities: Exchange traded funds 123,389 — — 123,389 Non-redeemable preferred stock — 49,222 — 49,222 Total equity securities 123,389 49,222 — 172,611 Total $ 130,236 $ 1,434,441 $ — $ 1,564,677

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	9 Months Ended
Deferred Policy Acquisition Costs (Tables)	Sep. 30, 2022
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Costs	The following table presents the amounts of policy acquisition costs deferred and amortized for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Balance, beginning of period $ 54,806 $ 38,801 $ 41,968 $ 31,912 Policy acquisition costs deferred: Direct commissions 41,525 28,837 117,621 81,740 Ceding commissions (13,886) (8,089) (32,678) (21,283) Other underwriting and policy acquisition costs 2,302 1,600 6,534 4,540 Policy acquisition costs deferred 29,941 22,348 91,477 64,997 Amortization of net policy acquisition costs (26,302) (20,876) (75,000) (56,636) Balance, end of period $ 58,445 $ 40,273 $ 58,445 $ 40,273

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
Property and Equipment (Tables)	Sep. 30, 2022
Property and Equipment [Abstract]
Property and Equipment	Property and equipment are included in "other assets" in the accompanying consolidated balance sheets and consist of the following: September 30, 2022 December 31, 2021 (in thousands) Building $ 33,065 $ 33,101 Parking deck 5,072 5,072 Land 3,068 3,068 Equipment 3,339 3,143 Software 10,572 7,849 Furniture and fixtures 2,161 2,158 Land improvements 474 474 Construction in progress - building 1,858 — 59,609 54,865 Accumulated depreciation (7,583) (5,570) Total property and equipment, net $ 52,026 $ 49,295

Underwriting, Acquisition and_2

Underwriting, Acquisition and Insurance Expenses (Tables)	9 Months Ended
Underwriting, Acquisition and Insurance Expenses (Tables)	Sep. 30, 2022
Underwriting, Acquisition and Insurance Expenses [Abstract]
Underwriting, acquisition and insurance expenses	Underwriting, acquisition and insurance expenses for the three and nine months ended September 30, 2022 and 2021 consist of the following: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Underwriting, acquisition and insurance expenses incurred: Direct commissions $ 37,177 $ 26,317 $ 99,540 $ 71,036 Ceding commissions (12,939) (6,902) (30,069) (18,344) Other operating expenses 15,907 12,050 48,191 36,798 Total $ 40,145 $ 31,465 $ 117,662 $ 89,490

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
Stock-based Compensation (Tables)	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Restricted Stock Activity	A summary of restricted stock activity under the 2016 Incentive Plan for the nine months ended September 30, 2022 is as follows: For the Nine Months Ended September 30, 2022 Number of Shares Weighted Average Grant Date Fair Value per Share Non-vested outstanding at the beginning of the period 95,984 $ 131.94 Granted 52,863 $ 211.86 Vested (44,992) $ 109.76 Forfeited (4,171) $ 178.30 Non-vested outstanding at the end of the period 99,684 $ 182.40
Stock Options Valuation Assumptions	The value of the options granted was estimated at the date of grant using the Black-Scholes pricing model using the following assumptions: Risk-free rate of return 1.26 % Dividend yield 1.25 % Expected share price volatility (1) 18.50 % Expected life in years (2) 6.3 years
Stock Options Activity	A summary of option activity as of September 30, 2022, and changes during the period then ended is presented below: Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Years of Contractual Term Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2022 325,433 $ 16.00 Granted — — Forfeited (934) 16.00 Exercised (56,332) 16.00 Outstanding at September 30, 2022 268,167 $ 16.00 3.6 $ 64,205 Exercisable at September 30, 2022 268,167 $ 16.00 3.6 $ 64,205

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations contained in the condensed consolidated financial statements: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands, except per share data) Net income $ 32,984 $ 36,625 $ 91,865 $ 104,339 Weighted average common shares outstanding - basic 22,813 22,714 22,783 22,681 Effect of potential dilutive securities: Conversion of stock options 262 317 276 329 Conversion of restricted stock 39 33 40 47 Weighted average common shares outstanding - diluted 23,114 23,064 23,099 23,057 Earnings per common share: Basic $ 1.45 $ 1.61 $ 4.03 $ 4.60 Diluted $ 1.43 $ 1.59 $ 3.98 $ 4.53

Reserves for Unpaid Losses an_2

Reserves for Unpaid Losses and Loss Adjustment Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Schedule of Unpaid Losses and Loss Adjustment Expenses	The following table presents a reconciliation of consolidated beginning and ending reserves for unpaid losses and loss adjustment expenses: September 30, 2022 2021 (in thousands) Gross reserves for unpaid losses and loss adjustment expenses, beginning of year $ 881,344 $ 636,013 Less: reinsurance recoverable on unpaid losses 117,561 83,730 Net reserves for unpaid losses and loss adjustment expenses, beginning of year 763,783 552,283 Incurred losses and loss adjustment expenses: Current year 373,183 262,140 Prior years (28,850) (25,413) Total net losses and loss adjustment expenses incurred 344,333 236,727 Payments: Current year 13,028 12,110 Prior years 84,827 68,546 Total payments 97,855 80,656 Net reserves for unpaid losses and loss adjustment expenses, end of period 1,010,261 708,354 Reinsurance recoverable on unpaid losses 187,056 106,502 Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 1,197,317 $ 814,856

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
Reinsurance (Tables)	Sep. 30, 2022
Reinsurance Disclosures [Abstract]
Effects of Reinsurance	The following table summarizes the effect of reinsurance on premiums written and earned for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Premiums written: Direct $ 284,111 $ 197,616 $ 806,625 $ 560,553 Ceded (48,212) (26,939) (111,885) (77,825) Net written $ 235,899 $ 170,677 $ 694,740 $ 482,728 Premiums earned: Direct $ 254,855 $ 180,458 $ 682,619 $ 486,920 Ceded (45,596) (23,587) (104,640) (69,308) Net earned $ 209,259 $ 156,871 $ 577,979 $ 417,612
Effects of Reinsurance on Losses	The following table summarizes ceded losses and loss adjustment expenses for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Ceded incurred losses and loss adjustment expenses $ 56,774 $ 10,640 $ 79,790 $ 34,053
Reinsurance Recoverables	The following table presents reinsurance recoverables on paid and unpaid losses as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 (in thousands) Reinsurance recoverables on paid losses $ 1,747 $ 5,409 Reinsurance recoverables on unpaid losses, net 187,056 117,561 Reinsurance recoverables, net $ 188,803 $ 122,970

Other Comprehensive (Loss) In_2

Other Comprehensive (Loss) Income (Tables)	9 Months Ended
Other Comprehensive (Loss) Income (Tables)	Sep. 30, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive Income (Loss)	The following table summarizes the components of other comprehensive loss for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Unrealized losses on fixed-maturity securities arising during the period, before income taxes $ (59,230) $ (6,994) $ (209,198) $ (18,162) Income tax benefit 12,439 1,469 43,932 3,814 Unrealized losses arising during the period, net of income taxes (46,791) (5,525) (165,266) (14,348) Less reclassification adjustment: Net realized (losses) gains on fixed-maturity securities, before income taxes (177) 693 250 2,232 Income tax benefit (expense) 38 (146) (52) (469) Reclassification adjustment included in net income, net of income taxes (139) 547 198 1,763 Other comprehensive loss $ (46,652) $ (6,072) $ (165,464) $ (16,111)

Investments Investments (Availa

Investments Investments (Available for Sale) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,794,729	$ 1,371,519
Gross Unrealized Holding Gains	461	30,307
Gross Unrealized Holding Losses	189,343	9,760
Estimated Fair Value	1,605,847	1,392,066
U.S. Treasury securities and obligations of U.S. government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	22,945	6,936
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	1,347	89
Estimated Fair Value	21,598	6,847
Obligations of states, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	230,156	216,375
Gross Unrealized Holding Gains	100	12,139
Gross Unrealized Holding Losses	27,589	469
Estimated Fair Value	202,667	228,045
Corporate and other securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	795,400	450,594
Gross Unrealized Holding Gains	73	11,714
Gross Unrealized Holding Losses	87,910	3,821
Estimated Fair Value	707,563	458,487
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	323,601	299,810
Gross Unrealized Holding Gains	226	2,217
Gross Unrealized Holding Losses	8,684	252
Estimated Fair Value	315,143	301,775
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	356,947	340,804
Gross Unrealized Holding Gains	62	1,804
Gross Unrealized Holding Losses	57,773	4,923
Estimated Fair Value	299,236	337,685
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	65,680	57,000
Gross Unrealized Holding Gains	0	2,433
Gross Unrealized Holding Losses	6,040	206
Estimated Fair Value	$ 59,640	$ 59,227

Investments Available-for-Sale

Investments Available-for-Sale Securities in a Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	$ 1,267,226	$ 626,932
Less than 12 months, gross unrealized holding losses	122,081	9,015
12 Months or Longer, Estimated Fair Value	285,852	23,512
12 Months or Longer, Gross Unrealized Holding Losses	67,262	745
Total Estimated Fair Value	1,553,078	650,444
Total Gross Unrealized Holding Losses	189,343	9,760
U.S. Treasury securities and obligations of U.S. government agencies
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	15,457	6,847
Less than 12 months, gross unrealized holding losses	542	89
12 Months or Longer, Estimated Fair Value	6,141	0
12 Months or Longer, Gross Unrealized Holding Losses	805	0
Total Estimated Fair Value	21,598	6,847
Total Gross Unrealized Holding Losses	1,347	89
Obligations of states, municipalities and political subdivisions [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	169,711	23,870
Less than 12 months, gross unrealized holding losses	23,087	469
12 Months or Longer, Estimated Fair Value	12,935	0
12 Months or Longer, Gross Unrealized Holding Losses	4,502	0
Total Estimated Fair Value	182,646	23,870
Total Gross Unrealized Holding Losses	27,589	469
Corporate and other securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	596,026	188,522
Less than 12 months, gross unrealized holding losses	61,181	3,718
12 Months or Longer, Estimated Fair Value	94,449	1,092
12 Months or Longer, Gross Unrealized Holding Losses	26,729	103
Total Estimated Fair Value	690,475	189,614
Total Gross Unrealized Holding Losses	87,910	3,821
Asset-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	269,716	136,669
Less than 12 months, gross unrealized holding losses	7,449	204
12 Months or Longer, Estimated Fair Value	31,305	4,452
12 Months or Longer, Gross Unrealized Holding Losses	1,235	48
Total Estimated Fair Value	301,021	141,121
Total Gross Unrealized Holding Losses	8,684	252
Residential mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	163,761	260,251
Less than 12 months, gross unrealized holding losses	25,163	4,329
12 Months or Longer, Estimated Fair Value	133,937	17,968
12 Months or Longer, Gross Unrealized Holding Losses	32,610	594
Total Estimated Fair Value	297,698	278,219
Total Gross Unrealized Holding Losses	57,773	4,923
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Estimated Fair Value	52,555	10,773
Less than 12 months, gross unrealized holding losses	4,659	206
12 Months or Longer, Estimated Fair Value	7,085	0
12 Months or Longer, Gross Unrealized Holding Losses	1,381	0
Total Estimated Fair Value	59,640	10,773
Total Gross Unrealized Holding Losses	$ 6,040	$ 206

Investments Available-for-Sal_2

Investments Available-for-Sale Securities in a Loss Position Narrative (Details) $ in Thousands	Sep. 30, 2022 USD ($) Rate	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Number of available-for-sale securities in unrealized loss positions	984
Total Estimated Fair Value	$ 1,553,078	$ 650,444
Gross Unrealized Losses	$ 189,343	$ 9,760
Number of available-for-sale securities in unrealized loss positions, greater than one year	130
Credit losses	$ 0
Fixed maturities [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities, percentage of securities with ratings of A minus or better \| Rate	79.80%

Investments Contractual Maturit

Investments Contractual Maturities of Available-for-Sale Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amortized Cost
Due in one year or less, Amortized Cost	$ 14,977
Due after one year through five years, Amortized Cost	531,759
Due after five years through ten years, Amortized Cost	245,305
Due after ten years, Amortized Cost	256,460
Total fixed maturities, Amortized Cost	1,794,729	$ 1,371,519
Estimated Fair Value
Due in one year or less, Estimated Fair Value	14,823
Due after one year through five years, Estimated Fair Value	506,959
Due after five years through ten years, Estimated Fair Value	207,332
Due after ten years, Estimated Fair Value	202,714
Estimated Fair Value	1,605,847	1,392,066
Asset-backed securities [Member]
Amortized Cost
Without single maturity date, Amortized Cost	323,601
Total fixed maturities, Amortized Cost	323,601	299,810
Estimated Fair Value
Without single maturity date, Estimated Fair Value	315,143
Estimated Fair Value	315,143	301,775
Residential mortgage-backed securities [Member]
Amortized Cost
Without single maturity date, Amortized Cost	356,947
Total fixed maturities, Amortized Cost	356,947	340,804
Estimated Fair Value
Without single maturity date, Estimated Fair Value	299,236
Estimated Fair Value	299,236	337,685
Commercial mortgage-backed securities
Amortized Cost
Without single maturity date, Amortized Cost	65,680
Total fixed maturities, Amortized Cost	65,680	57,000
Estimated Fair Value
Without single maturity date, Estimated Fair Value	59,640
Estimated Fair Value	$ 59,640	$ 59,227

Investments Net Investment Inco

Investments Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Components of Net Investment Income [Abstract]
Taxable bonds	$ 12,041	$ 6,471	$ 29,015	$ 18,356
Tax exempt municipal bonds	849	874	2,558	2,636
Cash equivalents and short-term investments	475	1	598	11
Dividends on equity securities	1,085	979	3,208	2,801
Gross investment income	14,450	8,325	35,379	23,804
Investment expenses	(592)	(230)	(1,839)	(1,338)
Net investment income	$ 13,858	$ 8,095	$ 33,540	$ 22,466

Investments Realized Gains (Los

Investments Realized Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt and Equity Securities, Realized Gain (Loss) [Abstract]
Realized gains, fixed-maturity securities	$ 0	$ 804	$ 1,076	$ 2,445
Realized losses, fixed-maturity securities	(177)	0	(720)	(2)
Net realized gains, fixed-maturity securities	(177)	804	356	2,443
Realized gains, equity securities	0	97	1,363	97
Realized losses, equity securities	0	(6)	(148)	(143)
Net realized gains (losses), equity securities	0	91	1,215	(46)
Realized losses from sale of short-term investments	4	0	(36)	0
Net realized investment gains	$ (173)	$ 895	$ 1,535	$ 2,397

Investments Unrealized Gains (L

Investments Unrealized Gains (Losses) on Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Change in net unrealized gains on fixed-maturity securities	$ (59.1)	$ (7.7)	$ (209.4)	$ (20.4)

Investments Investment Narrativ

Investments Investment Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Assets on deposit with state regulatory authorities	$ 6.3	$ 6.7
Payable for investments purchased	$ 3.9	$ 15

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	$ 1,605,847	$ 1,392,066
U.S. Treasury securities and obligations of U.S. government agencies
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	21,598	6,847
Obligations of states, municipalities and political subdivisions [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	202,667	228,045
Corporate and other securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	707,563	458,487
Asset-backed securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	315,143	301,775
Residential mortgage-backed securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	299,236	337,685
Commercial mortgage-backed securities
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	59,640	59,227
Recurring
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	1,820,990	1,564,677
Recurring \| Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	197,552	130,236
Recurring \| Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	1,623,438	1,434,441
Recurring \| Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Recurring \| Fixed maturities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	1,605,847	1,392,066
Recurring \| Fixed maturities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	21,598	6,847
Recurring \| Fixed maturities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	1,584,249	1,385,219
Recurring \| Fixed maturities [Member] \| Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	0	0
Recurring \| U.S. Treasury securities and obligations of U.S. government agencies
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	21,598	6,847
Recurring \| U.S. Treasury securities and obligations of U.S. government agencies \| Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	21,598	6,847
Recurring \| U.S. Treasury securities and obligations of U.S. government agencies \| Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	0	0
Recurring \| U.S. Treasury securities and obligations of U.S. government agencies \| Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	0	0
Recurring \| Obligations of states, municipalities and political subdivisions [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	202,667	228,045
Recurring \| Obligations of states, municipalities and political subdivisions [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	0	0
Recurring \| Obligations of states, municipalities and political subdivisions [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	202,667	228,045
Recurring \| Obligations of states, municipalities and political subdivisions [Member] \| Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	0	0
Recurring \| Corporate and other securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	707,563	458,487
Recurring \| Corporate and other securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	0	0
Recurring \| Corporate and other securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	707,563	458,487
Recurring \| Corporate and other securities [Member] \| Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	0	0
Recurring \| Asset-backed securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	315,143	301,775
Recurring \| Asset-backed securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	0	0
Recurring \| Asset-backed securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	315,143	301,775
Recurring \| Asset-backed securities [Member] \| Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	0	0
Recurring \| Residential mortgage-backed securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	299,236	337,685
Recurring \| Residential mortgage-backed securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	0	0
Recurring \| Residential mortgage-backed securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	299,236	337,685
Recurring \| Residential mortgage-backed securities [Member] \| Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	0	0
Recurring \| Commercial mortgage-backed securities
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	59,640	59,227
Recurring \| Commercial mortgage-backed securities \| Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	0	0
Recurring \| Commercial mortgage-backed securities \| Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	59,640	59,227
Recurring \| Commercial mortgage-backed securities \| Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fixed-maturity securities, available for sale, at fair value (amortized cost: $1,794,729 – 2022; $1,371,519 – 2021)	0	0
Recurring \| Equity securities [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	133,735	172,611
Recurring \| Equity securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	94,898	123,389
Recurring \| Equity securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	38,837	49,222
Recurring \| Equity securities [Member] \| Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Recurring \| Exchange traded funds [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	94,898	123,389
Recurring \| Exchange traded funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	94,898	123,389
Recurring \| Exchange traded funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Recurring \| Exchange traded funds [Member] \| Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Recurring \| Nonredeemable preferred stock [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	38,837	49,222
Recurring \| Nonredeemable preferred stock [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	0
Recurring \| Nonredeemable preferred stock [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	38,837	49,222
Recurring \| Nonredeemable preferred stock [Member] \| Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	0	$ 0
Recurring \| Short-term Investments
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	81,408
Recurring \| Short-term Investments \| Fair Value, Inputs, Level 1 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	81,056
Recurring \| Short-term Investments \| Fair Value, Inputs, Level 2 [Member]
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	352
Recurring \| Short-term Investments \| Level 3
Fair Value of Investments Measured on Recurring Basis [Line Items]
Fair value	$ 0

Fair Value Measures and Disclos

Fair Value Measures and Disclosures Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	$ 24,900	$ 44,700
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Liabilities measured at fair value	0	$ 0
Reported Value Measurement \| 2034 Series A Notes
Fair Value of Investments Measured on Recurring Basis [Line Items]
Long-Term Debt, Fair Value	125,000
Estimate of Fair Value Measurement \| 2034 Series A Notes
Fair Value of Investments Measured on Recurring Basis [Line Items]
Long-Term Debt, Fair Value	115,100
Estimate of Fair Value Measurement \| Line of Credit
Fair Value of Investments Measured on Recurring Basis [Line Items]
Long-Term Debt, Fair Value	$ 0

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	$ 54,806	$ 38,801	$ 41,968	$ 31,912
Policy acquisition costs deferred:
Direct commissions deferred	41,525	28,837	117,621	81,740
Ceding commissions deferred	(13,886)	(8,089)	(32,678)	(21,283)
Other underwriting and policy acquisition costs	2,302	1,600	6,534	4,540
Policy acquisition costs deferred	29,941	22,348	91,477	64,997
Amortization of net policy acquisition costs	(26,302)	(20,876)	(75,000)	(56,636)
Balance, end of period	$ 58,445	$ 40,273	$ 58,445	$ 40,273

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 59,609	$ 54,865
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(7,583)	(5,570)
Property, Plant and Equipment, Net	52,026	49,295
Building
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	33,065	33,101
Parking
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	5,072	5,072
Land
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	3,068	3,068
Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	3,339	3,143
Software Development
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	10,572	7,849
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,161	2,158
Land Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	474	474
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,858	$ 0

Underwriting, Acquisition and_3

Underwriting, Acquisition and Insurance Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Underwriting, Acquisition and Insurance Expenses [Abstract]
Gross commissions	$ 37,177	$ 26,317	$ 99,540	$ 71,036
Ceding commissions	(12,939)	(6,902)	(30,069)	(18,344)
Other operating expenses	15,907	12,050	48,191	36,798
Underwriting, acquisition, and insurance expenses	40,145	31,465	117,662	89,490
Salaries, bonuses and employee benefits	$ 15,400	$ 11,600	$ 46,100	$ 34,900

Stock-based Compensation Narrat

Stock-based Compensation Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5	$ 3.6
Maximum [Member] \| 2016 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	2,073,832

Stock-based Compensation Narr_2

Stock-based Compensation Narrative - Restricted Stock Awards (Details) - Restricted stock [Member] - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value	$ 211.86	$ 185
Fair value of restricted stock awards vested	$ 9.9	$ 6.8
Unrecognized stock-based compensation expense	$ 14.6
Compensation cost not yet recognized, period	2 years 9 months 18 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years

Stock-based Compensation Restri

Stock-based Compensation Restrictive Stock Awards (Details) - $ / shares	3 Months Ended			9 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Nonvested Restricted Stock, Weighted Average Grant Date Fair Value [Abstract]
Restricted shares withheld for taxes (shares)	12,000	2,000	13,000
Restricted stock [Member]
Nonvested Restricted Stock, Number of Shares [Roll Forward]
Nonvested outstanding at the beginning of the period, shares		95,984		95,984
Granted, shares				52,863
Vested, shares				(44,992)
Forfeited, shares				(4,171)
Nonvested outstanding at the end of the period, shares				99,684
Nonvested Restricted Stock, Weighted Average Grant Date Fair Value [Abstract]
Nonvested outstanding at the beginning of the period		$ 131.94		$ 131.94
Granted				211.86	$ 185
Vested				109.76
Forfeited				178.30
Nonvested outstanding at the end of the period				$ 182.40
Restricted shares withheld for taxes (shares)				14,879

Stock-based Compensation Narr_3

Stock-based Compensation Narrative - Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	Jul. 27, 2016	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised		$ 12.2	$ 7.3
Weighted average exercise price, granted		$ 0
Stock option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price, granted	$ 16
Weighted average grant date fair value	$ 2.71
Contractual term	10 years
Vesting period	4 years

Stock-based Compensation Stock

Stock-based Compensation Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Jul. 27, 2016	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding beginning of period, shares		325,433
Granted, shares		0
Forfeited, shares		(934)
Exercised, shares		(56,332)
Outstanding end of period, shares		268,167
Exercisable, shares		268,167
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding beginning of period		$ 16
Granted		0
Forfeited		16
Exercised		16
Outstanding end of period		16
Exercisable end of period		$ 16
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, weighted average remaining contractual term		3 years 7 months 6 days
Exercisable, weighted average remaining contractual term		3 years 7 months 6 days
Outstanding, aggregate intrinsic value		$ 64,205
Exercisable, aggregate intrinsic value		$ 64,205
Stock option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free rate of return	1.26%
Dividend yield	1.25%
Expected share price volatility	18.50%
Expected life in years	6 years 3 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Granted, shares	1,036,916
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Granted	$ 16

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share, [Line Items]
Net income	$ 32,984	$ 27,090	$ 31,791	$ 36,625	$ 35,635	$ 32,079	$ 91,865	$ 104,339
Weighted Average Number of Shares Outstanding, Basic [Abstract]
Weighted average shares outstanding - basic	22,813			22,714			22,783	22,681
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted average shares outstanding - diluted	23,114			23,064			23,099	23,057
Earnings Per Share, Basic [Abstract]
Earnings per share - basic	$ 1.45			$ 1.61			$ 4.03	$ 4.60
Earnings Per Share, Diluted [Abstract]
Earnings per share - diluted	$ 1.43			$ 1.59			$ 3.98	$ 4.53
Stock option [Member]
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Dilutive effect of shares issued under stock compensation arrangements	262			317			276	329
Restricted stock [Member]
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Dilutive effect of shares issued under stock compensation arrangements	39			33			40	47

Earnings Per Share Narrative (D

Earnings Per Share Narrative (Details) - shares	3 Months Ended		9 Months Ended
Earnings Per Share Narrative (Details) - shares	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restricted stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0	0	48,000	30,000

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
Income Taxes (Details)	Sep. 30, 2022 Rate	Sep. 30, 2021 Rate
Income Tax Disclosure [Abstract]
Effective tax rate	17.50%	18.90%
Federal statutory income tax rate	21%	21%

Reserves for Unpaid Losses an_3

Reserves for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves for unpaid losses and loss adjustment expenses, beginning of year	$ 881,344	$ 636,013
Reinsurance recoverable on unpaid losses	187,056	106,502	$ 117,561	$ 83,730
Net reserves for unpaid losses and loss adjustment expenses, beginning of year	763,783	552,283
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Current year	373,183	262,140
Prior years	(28,850)	(25,413)
Total net losses and loss adjustment expenses incurred	344,333	236,727
Payments:
Current year	13,028	12,110
Prior years	84,827	68,546
Total payments	97,855	80,656
Reinsurance recoverable on unpaid losses	187,056	106,502	$ 117,561	$ 83,730
Net reserves for unpaid losses and loss adjustment expenses, end of period	1,010,261	708,354
Gross reserves for unpaid losses and loss adjustment expenses, end of period	$ 1,197,317	$ 814,856

Reserves for Unpaid Losses an_4

Reserves for Unpaid Losses and Loss Adjustment Expenses Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Claims Development [Line Items]
Adverse (Favorable) development on prior year loss reserves	$ (28,850)	$ (25,413)
Current year	373,183	262,140
Catastrophe losses [Member]
Claims Development [Line Items]
Current year	26,200	8,800
Accident Years 2021 and 2020
Claims Development [Line Items]
Adverse (Favorable) development on prior year loss reserves	$ (32,000)
Accident Year 2020
Claims Development [Line Items]
Adverse (Favorable) development on prior year loss reserves		$ (28,900)

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Reinsurance (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Premiums Written, Net [Abstract]
Premiums written - direct	$ 284,111	$ 197,616	$ 806,625	$ 560,553
Premiums written - ceded	(48,212)	(26,939)	(111,885)	(77,825)
Net written premiums	235,899	170,677	694,740	482,728
Premiums Earned, Net [Abstract]
Premiums earned - direct	254,855	180,458	682,619	486,920
Premiums earned - ceded	(45,596)	(23,587)	(104,640)	(69,308)
Net earned premiums	209,259	156,871	577,979	417,612
Ceded incurred losses and loss adjustment expenses	56,774	10,640	79,790	34,053
Reinsurance recoverables on paid losses	1,747		1,747		$ 5,409
Reinsurance recoverable on unpaid losses	187,056	$ 106,502	187,056	$ 106,502	117,561	$ 83,730
Reinsurance recoverables, net	$ 188,803		$ 188,803		$ 122,970

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	9 Months Ended
Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Maturity Date	Jul. 22, 2027
Current Borrowing Capacity	$ 100,000
Credit Facility Accordion Feature	$ 30,000
Line of Credit Facility, Commitment Fee Percentage	0.25%
Interest Rate Description	The loans under the Amended and Restated Credit Agreement bear interest, at the Company's option, at a rate equal to the Adjusted Term SOFR Rate (as defined therein) plus 1.625% or the Alternate Base Rate (as defined therein) plus 0.625%.
Repayments of Long-Term Lines of Credit	$ 43,000	$ 0
Credit facility	0		$ 42,696
Line of Credit
Debt Instrument [Line Items]
Debt Issuance Costs, Gross	$ 500
2034 Series A Notes \| Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	Jul. 22, 2022
Debt Instrument, Face Amount	$ 125,000
Debt instrument borrowing capacity	150,000
Debt Issuance Costs, Gross	$ 1,900
Debt Instrument, Interest Rate, Stated Percentage	5.15%
Debt Instrument, Maturity Date	Jul. 22, 2034
Debt Instrument, Date of First Required Payment	Jul. 22, 2030
Debt Instrument, Periodic Payment, Principal	$ 25,000

Other Comprehensive (Loss) In_3

Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized (losses) gains arising during the period, before income taxes	$ (59,230)			$ (6,994)			$ (209,198)	$ (18,162)
Income taxes	12,439			1,469			43,932	3,814
Unrealized (losses) gains arising during the period, net of income tax	(46,791)			(5,525)			(165,266)	(14,348)
Less reclassification adjustment [Abstract]
Net realized investment gains on fixed-maturity securities, before income taxes	(177)			693			250	2,232
Income taxes	38			(146)			(52)	(469)
Reclassification adjustment included in net income, net of income taxes	(139)			547			198	1,763
Other comprehensive loss	$ (46,652)	$ (54,882)	$ (63,930)	$ (6,072)	$ 9,583	$ (19,622)	$ (165,464)	$ (16,111)