EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We have issued our report dated March 15, 2017, with respect to the consolidated financial statements included in the Annual Report of Heritage Insurance Holdings, Inc. on Form 10-K for the year ended December 31, 2016. We consent to the incorporation by reference of said report in the Registration Statements of Heritage Insurance Holdings, Inc. on Form S-3 (File No. 333-206117) and Form S-8 (File No. 333-197906).

/s/ GRANT THORNTON LLP

Tampa, Florida

March 15, 2017

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Bruce Lucas, certify that:

1. I have reviewed this Annual Report on Form 10-K of Heritage Insurance Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statement made, in light of the circumstances under which such statements were made, not misleading, with respect to the periods covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly represent in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    March 15, 2017	/s/ BRUCE LUCAS
	Bruce Lucas
	Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Steven Martindale, certify that:

1. I have reviewed this Annual Report on Form 10-K of Heritage Insurance Holdings, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statement made, in light of the circumstances under which such statements were made, not misleading, with respect to the periods covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly represent in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    March 15, 2017	/s/ STEPHEN MARTINDALE
	Steven Martindale
	Chief Financial Officer (Principal
	Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES–OXLEY ACT OF 2002

In connection with the Annual Report of Heritage Insurance Holdings, Inc. (the “Company”) on Form 10-K for the period ending December 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we Bruce Lucas, Chief Executive Officer of the Company, and Steven Martindale, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to our knowledge, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ BRUCE LUCAS
	Bruce Lucas
	Chief Executive Officer (Principal Executive Officer)

By:	/s/ STEVEN MARTINDALE
	Steven Martindale
	Chief Financial Officer (Principal Financial Officer)

Date:    March 15, 2017

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Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 01, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Trading Symbol	HRTG
Entity Registrant Name	HERITAGE INSURANCE HOLDINGS, INC.
Entity Central Index Key	0001598665
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		29,740,441
Entity Public Float			$ 244,038,590

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,911 and $370,967 in 2016 and 2015, respectively)	$ 571,011	$ 371,783
Equity securities, available for sale, at fair value (cost of $34,190 and $32,439 in 2016 and 2015, respectively)	31,971	28,313
Total investments	602,982	400,096
Cash and cash equivalents	105,817	236,277
Restricted cash	20,910	13,085
Accrued investment income	4,764	3,409
Premiums receivable, net	42,720	30,565
Prepaid reinsurance premiums	106,609	78,517
Income taxes receivable	10,713
Deferred income taxes		7,964
Deferred policy acquisition costs, net	42,779	34,800
Property and equipment, net	17,179	17,111
Intangibles, net	26,542	2,120
Goodwill	46,454	8,028
Other assets	5,775	5,426
Total Assets	1,033,244	837,398
LIABILITIES AND STOCKHOLDERS' EQUITY
Unpaid losses and loss adjustment expenses	140,137	83,722
Unearned premiums	318,024	302,493
Reinsurance payable	96,667	60,210
Note payable, net of issuance costs	72,905
Deferred income taxes	3,003
Income tax payable		2,092
Advance premiums	18,565	12,138
Accrued compensation	4,303	2,305
Other liabilities	21,681	17,885
Total Liabilities	675,285	480,845
Commitments and contingencies (Note 14)
Stockholders’ Equity:
Common stock, $0.0001 par value, 50,000,000 shares authorized, 29,740,441 shares issued and 28,840,443 outstanding at December 31, 2016 and 30,441,410 issued and outstanding at December 31, 2015	3	3
Additional paid-in capital	205,727	202,628
Accumulated other comprehensive loss	(5,018)	(2,033)
Treasury stock, at cost, 1,759,330 shares at December 31, 2016	(25,562)
Retained earnings	182,809	155,955
Total Stockholders' Equity	357,959	356,553
Total Liabilities and Stockholders' Equity	$ 1,033,244	$ 837,398

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Fixed maturities available for sale, at amortized cost	$ 576,911	$ 370,967
Equity securities, cost	$ 34,190	$ 32,439
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	29,740,441	30,441,410
Common stock, shares outstanding	28,840,443	30,441,410
Treasury stock, shares	1,759,330

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Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUES:
Gross premiums written	$ 626,704	$ 586,098	$ 436,407
Change in gross unearned premiums	13,814	(61,358)	(124,893)
Gross premiums earned	640,518	524,740	311,514
Ceded premiums	(228,797)	(148,472)	(87,902)
Net premiums earned	411,721	376,268	223,612
Net investment income	9,181	7,421	3,849
Net realized gains	1,733	1,508	304
Other revenue	16,323	9,595	6,055
Total revenues	438,958	394,792	233,820
EXPENSES:
Losses and loss adjustment expenses	238,862	141,191	89,560
Policy acquisition costs	84,421	57,186	36,510
General and administrative expenses	58,910	46,125	33,498
Total expenses	382,193	244,502	159,568
Operating income	56,765	150,290	74,252
Interest expense, net	321
Amortization of debt issuance costs	41
Income before income taxes	56,403	150,290	74,252
Provision for income taxes	22,538	57,778	27,155
Net income	33,865	92,512	47,097
OTHER COMPREHENSIVE INCOME:
Change in net unrealized (losses) gains on investments	(3,120)	(4,606)	4,395
Reclassification adjustment for net realized investment gain	(1,733)	(1,508)	(304)
Income tax (expense) benefit related to items of other comprehensive income	1,868	2,358	(1,578)
Total comprehensive income	$ 30,880	$ 88,756	$ 49,610
Weighted average shares outstanding
Basic	29,632,171	30,056,491	24,568,876
Diluted	29,634,349	30,326,468	25,816,560
Earnings per share
Basic	$ 1.14	$ 3.08	$ 1.92
Diluted	$ 1.14	$ 3.05	$ 1.82

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Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Initial Public Offering And Private Placement [Member]	Common Stock [Member]	Common Stock [Member] Initial Public Offering And Private Placement [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member] Initial Public Offering And Private Placement [Member]	Retained Earnings (Deficit) [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Dec. 31, 2013	$ 79,984		$ 1		$ 62,849		$ 17,924		$ (790)
Beginning Balance, Shares at Dec. 31, 2013			14,007,150
Temporary equity reclassified to equity	20,921				20,921
Temporary equity reclassified to equity, Shares			2,338,350
Issuance of equity	88	$ 69,470		$ 1	88	$ 69,469
Issuance of equity, Shares			17,850	6,909,091
Net unrealized change in investments, net of tax	2,513								2,513
Issuance of common stock to underwriters for over allotment, net of discount fee and direct costs of issuance of $700	9,200				9,200
Issuance of common stock to underwriters for over allotment, net of discount fee and direct costs of issuance of $700, Shares			900,000
Exercise of warrants	22,515		$ 1		22,514
Exercise of warrants, Shares			5,622,519
Stock-based compensation	3,301				3,301
Net income	47,097						47,097
Ending balance at Dec. 31, 2014	255,089		$ 3		188,342		65,021		1,723
Ending balance, Shares at Dec. 31, 2014			29,794,960
Net unrealized change in investments, net of tax	(3,756)								(3,756)
Issuance of 79,850 shares of stock in connection with the acquisition of BRC Restoration	2,000				2,000
Issuance of 79,850 shares of stock in connection with the acquisition of BRC Restoration, Shares			79,850
Exercise of stock options and warrants	8,900				8,900
Exercise of stock options and warrants, Shares			566,600
Dividends declared on common stock	(1,578)						(1,578)
Excess tax (expense) benefit on stock-based compensation	739				739
Stock-based compensation	2,647				2,647
Net income	92,512						92,512
Ending balance at Dec. 31, 2015	356,553		$ 3		202,628		155,955		(2,033)
Ending balance, Shares at Dec. 31, 2015			30,441,410
Net unrealized change in investments, net of tax	(2,985)								(2,985)
Stock buy-back	$ (25,562)							$ (25,562)
Stock buy-back, Shares	(1,759,330)		(1,759,330)
Shares tendered for income tax withholding	$ (977)		$ (66,637)		(977)
Stock-based compensation on vested restricted stock	4,815		225,000		4,815
Dividends declared on common stock	(7,011)						(7,011)
Excess tax (expense) benefit on stock-based compensation	(739)				(739)
Net income	33,865						33,865
Ending balance at Dec. 31, 2016	$ 357,959		$ 3		$ 205,727		$ 182,809	$ (25,562)	$ (5,018)
Ending balance, Shares at Dec. 31, 2016			28,840,443

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Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Initial Public Offering And Private Placement [Member]
Discount fee and direct costs of issuance	$ 6,530
Underwriter [Member]
Discount fee and direct costs of issuance	$ 700

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
OPERATING ACTIVITIES
Net income	$ 33,865	$ 92,512	$ 47,097
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	4,815	2,647	3,301
Amortization of bond discount	8,016	6,246	2,531
Depreciation and amortization	8,976	1,350	777
Bad debt expense		(250)	250
Net realized gains	(1,733)	(1,508)	(304)
Deferred income taxes, net of acquired	3,103	1,016	(3,764)
Changes in operating assets and liabilities:
Accrued investment income	(1,355)	(792)	(1,646)
Premiums receivable, net	(10,754)	(10,287)	(9,931)
Restricted cash	(7,825)	(8,746)	(4,339)
Prepaid reinsurance premiums	(23,300)	(35,369)	(11,896)
Reinsurance premiums receivable			5,337
Income taxes receivable	(10,713)		5,073
Deferred policy acquisition costs, net	(7,979)	(10,430)	(14,605)
Other assets	177	(2,594)	(2,554)
Unpaid losses and loss adjustment expenses	56,415	32,253	32,125
Unearned premiums	(13,814)	61,358	124,893
Reinsurance payable	36,457	43,097	(12,478)
Income taxes payable	(2,092)	(10,716)	10,003
Accrued compensation	779	1,863	(63)
Advance premiums	4,336	6,995	1,314
Other liabilities	(2,244)	(15,524)	23,075
Net cash provided by operating activities	75,130	153,121	194,196
INVESTING ACTIVITIES
Proceeds from sales and maturities of investments available for sale	180,190	151,307	38,738
Purchases of investments available for sale	(317,666)	(237,946)	(231,070)
Proceeds from sale of investment in mortgage loan		6,849	(786)
Acquisition of a business, net of cash acquired	(110,319)	(6,000)
Cost of property and equipment acquired	(1,621)	(1,174)	(6,929)
Net cash used in investing activities	(249,416)	(86,964)	(200,047)
FINANCING ACTIVITIES
Proceeds from issuance of equity and redeemable shares			88
Proceeds from debt, net of issuance costs	77,910
Excess tax (expense) benefit on stock-based compensation	(739)	739
Shares tendered for income tax withholding	(977)
Purchase of treasury stock	(25,562)
Dividends	(6,806)
Proceeds from issuance of equity from initial public offering, net of discount fee and expense			78,670
Proceeds from exercise of stock options and warrants		8,900	22,515
Net cash provided by financing activities	43,826	9,639	101,273
(Decrease)/increase in cash and cash equivalents	(130,460)	75,796	95,422
Cash and cash equivalents, beginning of period	236,277	160,481	65,059
Cash and cash equivalents, end of period	105,817	236,277	160,481
Supplemental Cash Flows Information:
Income taxes paid, net	$ 31,912	68,824	13,038
Temporary equity reclassified to equity			$ 20,921
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Issuance of shares for consideration in the acquisition of a business		$ 2,000

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Basis of Presentation, Nature of Business and Significant Accounting Policies and Practices

12 Months Ended

Dec. 31, 2016

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation, Nature of Business and Significant Accounting Policies and Practices

Note 1. Basis of Presentation, Nature of Business and Significant Accounting Policies and Practices

Business Description

Heritage Insurance Holdings, Inc. (the “Company”, “we”, “our”, “us”) was initially formed as a Florida limited liability company in 2012. On January 1, 2014, the Company formed a Delaware limited liability company, also named Heritage Insurance Holdings, LLC and merged with it in order to domicile the Company in Delaware. Effective May 22, 2014, Heritage Insurance Holdings, LLC converted into a Delaware corporation named Heritage Insurance Holdings, Inc. As used in these consolidated financial statements, the terms “the Company”, “we”, “our” and “us” also refer to Heritage Insurance Holdings, LLC and its consolidated subsidiaries prior to our conversion to a Delaware corporation.

Our insurance subsidiaries are Heritage Property & Casualty Insurance Company (“Heritage P&C”) and Zephyr Insurance Company (“Zephyr”). Our other subsidiaries include: Heritage MGA, LLC (“MGA”), the managing general agent that manages substantially all aspects of our insurance subsidiaries’ business; Contractors’ Alliance Network, LLC, our vendor network manager, which includes BRC Restoration Specialists, Inc., our restoration service; Skye Lane Properties, LLC, our property management subsidiary; First Access Insurance Group, LLC, our retail agency; Osprey Re Ltd,; our reinsurance subsidiary that provides a portion of the reinsurance protection purchased by our insurance subsidiaries; and Zephyr Acquisition Company (“ZAC”) and its wholly-owned subsidiary Heritage Insurance Claims, LLC, an inactive subsidiary reserved for future development.

Our primary products are personal and commercial residential insurance, which we currently offer in Florida, North Carolina, South Carolina, Georgia and through the Zephyr acquisition, Hawaii. We conduct our operations under a single reporting segment.

Basis of Presentation

The consolidated financial statements include the accounts of Heritage Insurance Holdings, Inc. and its wholly-owned subsidiaries. The accompanying consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling financial interest (none of which are variable interest entities). All intercompany accounts and transactions have been eliminated in consolidation.

The Company qualifies as an “emerging growth company” as defined in Section 2(a)(19) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, the Company is eligible for certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies. The Company intends to continue to take advantage of some, but not all, of the exemptions available to emerging growth companies until such time that it is no longer an emerging growth company. The Company has, however, irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.

Use of Estimates

The preparation of consolidated financial statements in conformity with United States Generally Accepted Accounting Principles (“U.S. GAAP”) requires us to make estimates and assumptions about future events that affect the amounts reported in our consolidated financial statements and accompanying notes. We evaluate our estimates on an ongoing basis when updated information related to such estimates becomes available. We base our estimates on historical experience and information available to us at the time these estimates are made. Actual results could differ materially from these estimates.

Cash and Cash Equivalents

The Company’s cash and cash equivalents include demand deposits with financial institutions and short-term, highly-liquid financial instruments with original maturities of three months or less when purchased. The carrying amounts reported in the consolidated balance sheets for interest bearing deposits approximate their fair value because of the short maturity of these financial instruments.

Reclassifications

Certain prior year amounts have been reclassified to conform to current year presentation. Such classifications include goodwill and intangibles from other assets in the accompanying consolidated balance sheets.

Restricted Cash

As of December 31, 2016 and 2015, restricted cash was $20.9 million and $13.1 million, respectively. Heritage P&C holds approximately $19.3 million relating to a reinsurance agreement with an entity that issued catastrophe (“CAT”) bonds, as Heritage P&C is contractually required to deposit two installments of reinsurance premiums into a trust account.

Investments

The Company classifies all of its investments in fixed maturity securities and equity securities as available-for-sale, and reports them at fair value. Subsequent to its acquisition of available-for-sale securities, the Company records changes in value through the date of disposition as unrealized holding gains and losses, net of tax effects, and includes them as a component of other comprehensive income. The Company includes realized gains and losses, which it calculates using the specific-identification method for determining the cost of securities sold, in net income. The Company amortizes any premium or discount on fixed maturities over the remaining maturity period of the related securities using the effective interest method, and reports the amortization in net investment income. The Company recognizes dividends and interest income when earned.

Quarterly, the Company performs an assessment of its investments to determine if any are “other-than-temporarily” impaired. An investment is impaired when the fair value of the investment declines to an amount less than the cost or amortized cost of that investment. As part of the assessment process, the Company determines whether the impairment is temporary or “other-than-temporary”. The Company bases its assessment on both quantitative criteria and qualitative information, considering a number of factors including, but not limited to: how long the security has been impaired; the amount of the impairment; whether, in the case of equity securities, the Company intends to hold, and have the ability to hold, the security for a period sufficient for us to recover our cost basis, or whether, in the case of debt securities and participations in mortgage loans, the Company intends to sell the investment or it is more likely than not that the Company will have to sell the investment before it recovers the amortized cost or cost; the financial condition and near-term prospects of the issuer; whether the issuer is current on contractually-obligated interest and principal payments; key corporate events pertaining to the issuer and whether the market decline was affected by macroeconomic conditions.

If the Company were to determine that an equity security has incurred an “other-than-temporary” impairment, the Company would permanently reduce the cost of the security to fair value and recognize an impairment charge in its consolidated statements of operations and comprehensive income. If a debt security or participation in a commercial mortgage loan was impaired and the Company either intends to sell the investment or it is more likely than not that the Company will have to sell the investment before it is able to recover the amortized cost or cost, then the Company would record the full amount of the impairment in its consolidated statement of operations and other comprehensive income.

A large portion of the Company’s investment portfolio consists of fixed maturity securities, which may be adversely affected by changes in interest rates as a result of governmental monetary policies, domestic and international economic and political conditions and other factors beyond its control. A rise in interest rates would decrease the net unrealized holding gains of our investment portfolio, offset by the Company’s ability to earn higher rates of return on funds reinvested. Conversely, a decline in interest rates would increase the net unrealized holding gains of our investment portfolio, offset by lower rates of return on funds reinvested.

Accumulated other comprehensive income consists solely of unrealized gains and loss investments and is presented net of income tax.

Fair Value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price). When reporting the fair values of the Company’s financial instruments, the Company prioritizes those fair value measurements into one of three levels based on the nature of the inputs, as follows:

• Level 1—Assets and liabilities with values based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company is able to access;

• Level 2—Asset and liabilities with values based on quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; or valuation models with inputs that are observable, directly or indirectly for substantially the term of the asset or liability.

• Level 3—certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date based on the best information available in the circumstances.

The Company estimates the fair value of its investments using the closing prices on the last business day of the reporting period, obtained from active markets such as the NYSE and NASDAQ. For securities for which quoted prices in active markets are unavailable, the Company uses observable inputs such as quoted prices in inactive markets, quoted prices in active markets for similar instruments, benchmark interest rates, broker quotes and other relevant inputs. The Company does not have any investments in its portfolio which require the use of unobservable inputs. The Company’s estimate of fair value reflects the interest rate environment that existed as of the close of business on December 31, 2016. Changes in interest rates subsequent to December 31, 2016 may affect the fair value of the Company’s investments.

The Company believes the carrying amounts of its cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other current liabilities approximate their fair values at December 31, 2016 and December 31, 2015, due to the immediate or short term maturity of these instruments. The Company believes the carrying value of notes payable approximates fair value due to the recent nature of the transaction and its variable market rate of interest.

The Company’s non-financial assets, such as goodwill and property, plant and equipment are carried at cost until there are indicators of impairment, and are recorded at fair value only when an impairment charge is recognized.

Premiums

The Company records assumed premiums written (premiums from policies that the Company assumed from Sunshine State Insurance Company (“SSIC”) and from Citizens Property Insurance Corporation (“Citizens”), net of opt-outs and direct premiums written (premiums from subsequent renewals of Citizens’ and SSIC policies and voluntary policies written during the period) as revenue, net of ceded amounts, on a daily pro rata basis over the contract period of the related policies that are in force. For any portion of premiums not earned at the end of the reporting period, the Company records an unearned premium liability. As a one-time only transaction on June 27, 2014, the Company assumed approximately $58.9 million of annualized premiums from SSIC. The Company acquired 32,000 SSIC policies and as of December 31, 2016 have approximately 19,600 of those policies in force.  

Premiums receivable represents amounts due from our policyholders for billed premiums and related policy fees. We perform a policy-level evaluation to determine the extent to which the balance of premiums receivable exceeds the balance of unearned premiums. We then age any resulting exposure based on the last date the policy was billed to the policyholder, and we establish an allowance for credit losses for any amounts outstanding for more than 90 days. When we receive payments on amounts previously charged off, we reduce bad debt expense in the period we receive the payment. Balances in premiums receivable and the associated allowance account are removed upon cancellation of the policy due to non-payment. We recorded no allowance for the years ended December 31, 2016 and 2015, respectively.  Bad debt expense recovery related to uncollectible premiums was $0, $(250) thousand and $250 thousand for the years ended December 31, 2016, 2015 and 2014, respectively.

When the Company receives premium payments from policyholders prior to the effective date of the related policy, the Company records an advance premiums liability. On the policy effective date, the Company reduces the advance premium liability and records the premiums as described above.

Policy Acquisition Costs

The Company incurs policy acquisition costs that vary with, and are directly related to, the production of new business. Policy acquisition costs consist of the following four items: (i) commissions paid to outside agents at the time of policy issuance; (ii) policy administration fees paid to a third-party administrator at the time of policy issuance; (iii) premium taxes; and (iv) inspection fees. The Company capitalizes policy acquisition costs to the extent recoverable, then the Company amortizes those costs over the contract period of the related policy.

At each reporting date, the Company determines whether it has a premium deficiency. A premium deficiency would result if the sum of the Company’s expected losses, deferred policy acquisition costs, and policy maintenance costs (such as costs to store records and costs incurred to collect premiums and pay commissions) exceeded the Company’s related unearned premiums plus investment income. Should the Company determine that a premium deficiency exists, the Company would write off the unrecoverable portion of deferred policy acquisition cost.

Long-Lived Assets—Property and Equipment

Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation is calculated on a straight-line basis over the estimated useful lives as follows: building—40 years; computer hardware and software 3—years; office and furniture equipment—3 to 7 years. Leasehold improvements are amortized over the shorter of the lease term or the asset’s useful life. Expenditures for improvements are capitalized to the property accounts. Replacements and maintenance and repairs that do not improve or extend the life of the respective assets are expensed as incurred.

Business Acquisition

The application of the purchase method of accounting for business combinations requires the use of significant estimates and assumptions in determining the fair value of assets acquired and liabilities assumed in order to properly allocate the fair value of the acquired business. The estimates of the fair value of the assets acquired and liabilities assumed are based upon assumptions believed to be reasonable using established valuation techniques that consider a number of factors and when appropriate, valuations performed by independent third party appraisers. Assets acquired and liabilities assumed in connection with business combinations are recorded based on their respective fair values at the date of acquisition.

Goodwill and Intangible Assets

Goodwill represents the excess of costs over the fair value of net assets acquired. Goodwill is subject to evaluation for impairment using a fair value based test. This evaluation is performed annually, during the fourth quarter or more frequently if facts and circumstances warrant. The Company uses a qualitative approach to test goodwill for impairment by first assessing qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The Company applies this qualitative approach as of October 1 annually to any and all reporting units. If required following the qualitative assessment, the first step in the goodwill impairment test involves comparing the fair value of each of a reporting unit to the carrying value of a reporting unit. If the carrying value of a reporting unit exceeds the fair value of the reporting unit, the Company is required to proceed to the second step. In the second step, the fair value of the reporting unit would be allocated to the assets (including unrecognized intangibles) and liabilities of the reporting unit, with any residual representing the implied fair value of goodwill. An impairment loss would be recognized if, and to the extent that, the carrying value of goodwill exceeded the implied value. The Company reviews amortizable intangible assets for impairment whenever events or circumstances indicate that carrying amounts may not be recoverable. If the Company concludes that impairment exists, the carrying amount is reduced to fair value.

Impairment of Long-Lived Assets Including Intangible Assets Subject to Amortization

The Company assesses the recoverability of long-lived assets when events or circumstances indicate that the assets might have become impaired. The Company determines whether the assets can be recovered from undiscounted future cash flows and, if not recoverable, the Company recognizes impairment to reduce the carrying value to fair value. Recoverability of long lived assets is dependent upon, among other things, the Company’s ability to maintain profitability, so as to be able to meet its obligations when they become due. No impairment was recognized in any period presented.

Unpaid Losses and Loss Adjustment Expenses

The Company’s reserves for unpaid losses and loss adjustment expenses represent the estimated ultimate cost of settling all reported claims plus all claims we incurred related to insured events that have occurred as of the reporting date, but that policyholders have not yet reported to the Company (incurred but not reported, or “IBNR”).

The Company estimates its reserves for unpaid losses and loss adjustment expenses using individual case-based estimates for reported claims and actuarial estimates for IBNR losses. The Company continually reviews and adjusts its estimated losses as necessary based on industry development trends, the Company’s evolving claims experience and new information obtained. If the Company’s unpaid losses and loss adjustment expenses are considered to be deficient or redundant, the Company increases or decreases the liability in the period in which it identifies the difference and reflects the change in its current period results of operations. Though the Company’s estimate of the ultimate cost of settling all reported and unreported claims may change at any point in the future, a reasonable possibility exists that its estimate may vary significantly in the near term from the estimated amounts included in the Company’s consolidated financial statements.

The Company reports its reserves for unpaid losses and loss adjustment expenses gross of the amounts related to unpaid losses recoverable from reinsurers and reports losses net of amounts ceded to reinsurers. The Company does not discount its loss reserves for financial statement purposes.

Other revenue

Other revenue represents rental income due under non-cancelable leases for space at the Company’s commercial property in Clearwater, Florida that was acquired in April 2013, and all policy and pay-plan fees. Our insurance affiliates charge policyholders a policy fee on each policy written; these fees are not subject to refund, and the Company recognizes the income immediately when collected. The Company also charges pay-plan fees to policyholders that pay its premiums in more than one installment and records the fees as income when collected. In addition, the Company records revenue earned from its restoration subsidiary for non-insurance construction as services are performed.

Reinsurance

The Company follows industry practice of reinsuring a portion of our risks. Reinsurance involves transferring, or “ceding”, all or a portion of the risk exposure on policies the Company writes to another insurer, known as a reinsurer. To the extent that the Company’s reinsurers are unable to meet the obligations they assume under the Company’s reinsurance agreements, the Company remains liable for the entire insured loss.

The Company’s reinsurance agreements are short-term, prospective contracts. The Company records an asset, prepaid reinsurance premiums, and a liability, reinsurance payable, for the entire contract amount upon commencement of new reinsurance agreements. The Company amortizes its prepaid reinsurance premiums over the 12-month contract period.

In the event that the Company incurs losses recoverable under its reinsurance program, the Company records amounts recoverable from its reinsurers on paid losses plus an estimate of amounts recoverable on unpaid losses. The estimate of amounts recoverable on unpaid losses is a function of the Company’s liability for unpaid losses associated with the reinsured policies; therefore, the amount changes in conjunction with any changes to the estimate of unpaid losses. Given that an estimate of amounts recoverable from reinsurers on unpaid losses may change at any point in the future because of its relation to the Company’s reserves for unpaid losses, a reasonable possibility exists that an estimated recovery may change significantly from initial estimates.

The Company estimates uncollectible amounts receivable from reinsurers based on an assessment of factors including the creditworthiness of the reinsurers and the adequacy of collateral obtained, where applicable. The Company recorded no uncollectible amounts under its reinsurance program or bad debt expense related to reinsurance for the years ended December 31, 2016, 2015 and 2014.

Assessments

Guaranty fund and other insurance-related assessments imposed upon the Company are recorded as policy acquisition costs in the period the regulatory agency imposes the assessment. To recover Florida Insurance Guaranty Association (“FIGA”)/Hawaii Insurance Guaranty Association (“HIGA”) assessments, the Company in turn submits a plan for recoupment to the Insurance Commissioner for approval and upon approval, begins collecting a policy surcharge that will allow it to collect the prior years assessments over a 12-month period, based on an estimate of the number of policies the Company expects to write. The Company then submits an information only filing, pursuant to Florida Statute 631.57(3)(h)/Hawaii Statute 431:16-115(b), to the insurance regulatory authority requesting formal approval of the policy FIGA/HIGA surcharge. The process may be repeated in successive 12-month periods until the Company recoups all assessments. The Company records the recoveries as revenue in the period that it collects the cash. While current regulations allow the Company to recover from policyholders the amount of assessments imposed upon the Company, the Company’s payment of the assessments and recoveries may not offset each other in the same year. There were no such assessments during the periods presented.

The Company collects other assessments imposed upon policyholders as a policy surcharge and records the amounts collected as a liability until the Company remits the amounts to the regulatory agency that imposed the assessment.

Accrued Bonus Compensation

Our Board of Directors determined in 2013 that the bonus pool based on earnings before interest, taxes, depreciation and amortization (“EBITDA”) was appropriate. For the year ended December 31, 2016 the Board of Directors approved an EBITDA bonus of approximately $4.4 million to be paid to officers and employees of which approximately $800 thousand was paid out in cash as of December 31, 2016.  For the year ended December 31, 2015, the Company recognized employee bonus compensation expense of approximately $14.1 million, which the Company paid out in cash of approximately $12.1 million as of December 31, 2015 and the remainder during 2016. For the year ended December 31, 2014, the company recognized employee bonus compensation of $7.2 million.

Debt Issuance Costs

On December 15, 2016, the Company issued $79.5 million in Senior Secured Notes to six accredited investors. In connection with the issuance of debt the Company incurred $6.6 million in debt issuance costs. Debt issuance costs is reflected on the balance sheet as a net of note payable, and amortized using the effective interest method over the life of the underlying debt instrument.

Income Taxes

On May 22, 2014, the Company converted from a limited liability company to a corporation. As a limited liability company, the Company was treated as a partnership for tax purposes, and accordingly was not subject to entity-level federal or state income taxation. The Company’s income tax provision generally consisted of income taxes payable by its separate subsidiaries that are taxed as corporations. As such, the Company’s effective tax rate as a limited liability company was historically driven primarily by the taxable income recognized by its taxable subsidiaries. As a corporation, the Company is subject to typical corporate U.S. federal and state income tax rates on a consolidated basis which it expects to result in a combined federal and state statutory tax rate of approximately 38.575% under current tax law.

The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which it expects to recover or settle those temporary differences. Should a change in tax rates occur, the Company recognizes the effect on deferred tax assets and liabilities in operations in the period that includes the enactment date. Realization of the Company’s deferred income tax assets depends upon our generation of sufficient future taxable income.

The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant taxing authority.

The Company records any income tax penalties and income-tax-related interest as income tax expense in the period incurred. The Company did not incur any material tax penalties or income-tax-related interest for the years ended December 31, 2016, 2015, and 2014, respectively.

Stock-Based Compensation

The Company measures stock-based compensation at the grant date based on the fair value of the award and recognizes stock-based compensation expense over the requisite vesting period. Determining the fair value of stock option awards requires judgment, including estimating stock price volatility, forfeiture rates and expected option life. Restricted stock awards are valued based on the fair value of the stock on the grant date and the related compensation expense is recognized over the vesting period.

Advertising Costs

The Company expenses all advertising costs when it incurs those costs. For the years ended December 31, 2016, 2015 and 2014, the Company incurred advertising costs of $94 thousand $27 thousand, and $14 thousand, respectively.

Earnings Per Share

The Company reports both basic earnings per share and diluted earnings per share. To calculate basic earnings per share, the Company divides net income attributable to common shareholders by the weighted-average number of shares outstanding during the period, including vested restricted shares. The Company calculates diluted earnings per share by dividing net income attributable to common shareholders by the weighted-average number of shares, and the effect of share equivalents, and vested and unvested restricted shares outstanding during the period using the treasury stock method to calculate common stock equivalents.

Concentrations of Risk

The Company’s current operations subject us to the following concentrations of risk:

• Revenue—The Company writes residential property and liability policies exclusively.

• Geographic—The Company writes its premium in Florida, North Carolina, South Carolina and Hawaii, with approximately 90% of the premium written in Florida.

• Group concentration of credit risk—All of the Company’s reinsurers engage in similar activities and have similar economic characteristics that could cause their ability to repay us to be similarly affected by changes in economic or other conditions.

• Credit risk—The Company chooses to deposit all its cash at twelve financial institutions.

The Company mitigates its geographic and group concentrations of risk by entering into reinsurance contracts with highly rated, financially-stable reinsurers, and by securing irrevocable letters of credit from reinsurers when necessary.

With regard to cash, the Company had $123.4 million and $243.7 million in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits at December 31, 2016 and December 31, 2015, respectively. Deposits held in non- interest-bearing transaction accounts are combined with interest-bearing accounts and are insured up to $250 thousand.

Accounting Pronouncements

The Company describes below recent pronouncements that may have a significant effect on its consolidated financial statements or on its disclosures upon future adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on, or are unrelated to, its financial condition, results of operations, or related disclosures.

In January 2017, the Financial Accounting Standards Board (“FASB”) issued updated guidance on goodwill impairment testing requiring entities to calculate the implied fair value of goodwill through a hypothetical purchase price allocation. Under the updated guidance, impairment will now be recognized as the amount by which a reporting unit’s carrying value exceeds its fair value. The standard is effective for us in the first quarter of 2020 on a prospective basis with early adoption permitted. The Company does not expect the adoption of this standard will have a material impact on the consolidated financial statements.

In November 2016, the FASB issued guidance regarding the presentation of changes in restricted cash in the statement of cash flows. The updated guidance is effective for the Company in the first quarter of 2018 with early adoption permitted. The updated guidance should be applied retrospectively, unless it is impracticable to do so, at which point the guidance should be applied prospectively. The Company currently recognizes changes in restricted cash in operating activities on the consolidated statement of cash flows. Upon adoption of this updated guidance, such changes will be reflected in the same manner as other cash and cash equivalents.

In August 2016, the FASB issued guidance clarifying the classification of certain cash receipts and cash payments that will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. This updated guidance is effective on January 1, 2018, and will require adoption on a retrospective basis with early adoption permitted. The Company has not experienced any transactions that are within the scope of this guidance and accordingly will evaluate the effect of this guidance further if and when any such transactions occur.

In June 2016, the FASB issued guidance on the accounting for credit losses of financial instruments that are measured at amortized cost, including held to maturity securities and reinsurance recoverables, by applying an approach based on the current expected credit losses. The estimate of expected credit losses should consider historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset in order to present the net carrying value at the amount expected to be collected on the financial asset on the consolidated balance sheet. The guidance also amends the current accounting for other-than-temporary impairment model by requiring an estimate of the expected credit loss only when the fair value is below the amortized cost of the asset. The length of time the fair value of an available for sale debt security has been below the amortized cost will no longer impact the determination of whether a potential credit loss exists. The available for sale debt security model will also require the use of a valuation allowance as compared to the current practice of writing down the asset. The standard is effective for the Company in the first quarter of 2020 with early adoption permitted in the first quarter of 2019. The Company is in the early stages of evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.

In March 2016, the FASB issued guidance which requires recognition of the excess tax benefits or deficiencies of share-based awards through net income rather than through additional paid in capital. Additionally, the guidance allows for an election to account for forfeitures related to share-based payments either as they occur or through an estimation method. The Company will adopt this guidance beginning with the first quarter of 2017 and will recognize the excess tax benefits (deficiencies) within our results of operations. The calculation of the excess tax benefits and deficiencies is based on the difference between the market value of a stock award at the date of vesting, or at the time of exercise for a stock option, compared to the grant date fair value recognized as compensation expense in the consolidated statements of operations. The Company has determined that the financial statements in future periods will be affected by this new guidance principally when excess tax benefit or deficiencies occur, given that all such future items will be recognized as income tax benefits or expense in the consolidated statements of income and comprehensive income. The value of such transactions is not currently determinable because such amounts will vary based upon the value of the Company’s common stock on the date of vesting of restricted stock or exercise of stock options. Additionally, the amounts recognized will be presented as operating activities in the consolidated statement of cash flows, whereas such amounts are currently classified as financing activities.

In February 2016, the FASB issued guidance that affects the recognition, measurement, presentation and disclosure of leases. The new guidance requires substantially all leases to be reported on the balance sheet as right-to-use assets and lease liabilities, as well as additional disclosures. The standard is effective as of January 1, 2019, and early adoption is permitted. While the Company has limited leasing activities, the Company is in the early stages of evaluating the impact of the new guidance on its consolidated financial statements.

In January 2016, the FASB issued guidance that affects the recognition, measurement, presentation, and disclosure of financial instruments. The guidance requires equity investments to be measured at fair value with changes in fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee) and an assessment of a valuation allowance on deferred tax assets related to unrealized losses of available for sale debt securities in combination with other deferred tax assets. The standard is effective for the Company in the first quarter of 2018. The Company is in the early stages of evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. The effect of adopting this guidance will be principally affected by the level of unrealized gains or losses associated with equity investments with readily determinable market values. Such unrealized gains or losses will be recognized upon adoption as a cumulative-effect adjustment with future unrealized gains or losses reflected in the statement of income and comprehensive income. Refer to Note 3 for the current status of such unrealized gains and losses levels that are currently recognized as other comprehensive income.

In May 2014, the FASB issued an accounting standard that supersedes most existing revenue recognition guidance. The standard excludes from its scope the accounting for insurance contracts, leases, financial instruments, and certain other agreements that are governed under other GAAP guidance, but could affect the revenue recognition for certain of our claims management and risk control services. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. This guidance is not applicable to insurance contracts. The standard is effective for the Company in the first quarter of 2018 with early adoption permitted. Accordingly, while the Company is in the early stages of evaluating the effect of adopting this new guidance, the Company believes the application of this guidance will be less complex in relation to any non-insurance contracts.

No other new accounting pronouncement issued or effective during the fiscal year had or is expected to have a material impact on our consolidated financial statements or disclosures.

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Business Acquisition

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Business Acquisition

Note 2. Business Acquisition

On July 31, 2015, the Company acquired BRC Restoration Specialists, Inc., a Florida based provider of restoration services and emergency and recovery assistance for a purchase price in aggregate of $8 million in cash and common stock. The Company issued 79,850 shares of its common stock to BRC at a fair value of $2.0 million as part of the purchase price and paid in cash $6.0 million.  For the purchase price allocation the Company utilized a third party to calculate the valuation. The purchase consideration for the BRC acquisition has been allocated to the estimated fair market value of the net assets acquired, including approximately $2.2 million in identifiable intangibles assets (brand, customer relations and non-compete), and a residual amount of goodwill of approximately $5.7 million.

On March 21, 2016, the Company acquired 100% of the outstanding stock of ZAC and its wholly-owned subsidiary, Zephyr, in exchange for approximately $110.3 million, net of cash acquired. Zephyr is a specialty property insurance provider that offers policies for residential customers in Hawaii that only cover the peril of windstorm-hurricane events.

The purchase consideration for this acquisition has been allocated to the estimated fair market value of the net assets acquired, including approximately $31.8 million in identifiable intangibles assets (primarily value of business acquired (“VOBA”), customer relationships and trade name), and a residual amount of goodwill of approximately $38.4 million. This acquisition furthers the Company’s strategic push to diversify business operations and achieve potential reinsurance synergies while expanding growth opportunities outside of Florida.

During the quarter ended December 31, 2016, the Company finalized its purchase price allocation during the measurement period. The facts and circumstances that existed at the date of the acquisition, if known, would have affected the measurement of the amounts recognized at that date. In accordance with ASC 805, Business Combinations, measurement period adjustments are not included in current earnings, but recognized as of the date of the acquisition with a corresponding adjustment to goodwill resulting from the change in preliminary amounts. As a result, the Company adjusted the preliminary allocation of the purchase price initially recorded at the acquisition date to reflect these measurement period adjustments.

Based on the finalized valuation report received during the quarter ended December 31, 2016, the Company revised the preliminary purchase allocation for ZAC as disclosed in the first quarter of 2016. As a result, $1.8 million was recorded to reduce goodwill offset by an increase of $42 thousand in intangible assets and an increase of $2.6 million relating to VOBA, and corresponding increase of deferred tax liability of $1.0 million

The table below details the purchase consideration and allocation of assets and liabilities assumed for the ZAC acquisition:

Purchase Consideration
Cash, net of cash acquired	$	110,319
Assets acquired
Investments	$	76,543
Premiums and agent's receivable		1,403
Other assets		526
Prepaid reinsurance premiums		4,792
Intangible assets – value of business acquired		7,600
Intangible assets		24,245
Total assets acquired	$	115,109
Total liabilities assumed	$	(43,216	)
Net assets acquired	$	71,893
Goodwill		38,426
Total purchase price	$	110,319

At December 31, 2015, the Company recorded goodwill and intangibles, net in Other assets.

The following table summarizes the results of the acquired ZAC operations since the acquisition date that have been included within our consolidated statement of operations.

(in thousands)	March 21, 2016 to December 31, 2016
Total revenue	$	27,537
Net income	$	8,900

The following table (all amounts in thousands, except for per share data)  provides supplemental unaudited pro forma consolidated information for the years ended December 31, 2016 and 2015, as if ZAC had been acquired as of January 1, 2015. The unaudited pro forma consolidated financial statements are presented solely for informational purposes and are not necessarily indicative of the consolidated results of operations that might have been achieved had the transaction been completed as of the date indicated, nor are they meant to be indicative of any anticipated consolidated future results of operations that the combined company will experience after the transaction.

	For the Years Ended December 31,
	2016		2015
	(unaudited)
Revenue	$	447,780	$	432,070
Net income	$	36,817	$	104,722
Basic, earnings per share	$	1.24	$	3.48
Diluted, earnings per share	$	1.24	$	3.45

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Investments

12 Months Ended

Dec. 31, 2016

Investments Debt And Equity Securities [Abstract]

Investments

Note 3. Investments

The following table details the difference between cost or adjusted/amortized cost and estimated fair value, by major investment category, at December 31, 2016 and December 31, 2015:

	Cost or Adjusted / Amortized Cost		GrossUnrealized Gains		GrossUnrealized Losses		Fair Value
	(In thousands)
December 31, 2016
U.S. government and agency securities	$	107,968	$	29	$	449	$	107,548
States, municipalities and political subdivisions		281,935		298		4,872		277,361
Special revenue		53,726		29		759		52,996
Industrial and miscellaneous		129,687		535		577		129,645
Redeemable preferred stocks		3,595		15		149		3,461
Total fixed maturities		576,911		906		6,806		571,011
Nonredeemable preferred stocks		14,935		40		460		14,515
Equity securities		19,255		1,197		2,996		17,456
Total equity securities		34,190		1,237		3,456		31,971
Total investments	$	611,101	$	2,143	$	10,262	$	602,982

	Cost or Adjusted / Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
December 31, 2015
U.S. government and agency securities	$	25,474	$	16	$	387	$	25,103
States, municipalities and political subdivisions		184,145		2,107		137		186,115
Special revenue		42,593		19		204		42,408
Industrial and miscellaneous		115,313		294		932		114,675
Redeemable preferred stocks		3,442		61		21		3,482
Total fixed maturities		370,967		2,497		1,681		371,783
Nonredeemable preferred stocks		12,443		338		43		12,738
Equity securities		19,996		398		4,819		15,575
Total equity securities		32,439		736		4,862		28,313
Total investments	$	403,406	$	3,233	$	6,543	$	400,096

Special revenue instruments include U.S. government associated mortgage backed securities.

The Company calculates the gain or loss realized on the sale of investments by comparing the sales price (fair value) to the cost or adjusted/amortized cost of the security sold. The Company determines the cost or adjusted/amortized cost of the security sold using the specific-identification method. The following tables detail the Company’s realized gains (losses) by major investment category as of December 31, 2016 and 2015, respectively:

	2016					2015
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
	(In thousands)
Year Ended December 31,
Fixed maturities	$	2,782		$	70,728	$	1,318		$	78,161
Equity securities		108			8,337		448			24,100
Total realized gains		2,890			79,065		1,766			102,261
Fixed maturities		(253	)		15,496		(133	)		13,343
Equity securities		(904	)		5,098		(125	)		1,616
Total realized losses		(1,157	)		20,594		(258	)		14,959
Net realized gains	$	1,733		$	99,659	$	1,508		$	117,220

The table below summarizes the Company’s fixed maturities at December 31, 2016 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of those obligations.

	December 31, 2016
	Cost or Amortized Cost		Percent of Total			Fair Value		Percent of Total
	(In thousands)					(In thousands)
Due in one year or less	$	158,517		28	%	$	158,496		28	%
Due after one year through five years		173,221		30	%		172,309		30	%
Due after five years through ten years		145,299		25	%		142,259		25	%
Due after ten years		99,874		17	%		97,947		17	%
Total	$	576,911		100	%	$	571,011		100	%

	December 31, 2015
	Cost or Amortized Cost		Percent of Total			Fair Value		Percent of Total
	(In thousands)					(In thousands)
Due in one year or less	$	34,162		9	%	$	34,165		9	%
Due after one year through five years		146,616		40	%		146,211		40	%
Due after five years through ten years		79,380		21	%		79,887		21	%
Due after ten years		110,809		30	%		111,520		30	%
Total	$	370,967		100	%	$	371,783		100	%

The following table summarizes the Company’s net investment income by major investment category for the years ended December 31, 2016, 2015 and 2014, respectively:

	For the Year Ended December 31,
	2016		2015		2014
	(In thousands)
Fixed maturities	$	8,709	$	6,960	$	3,100
Equity securities		1,955		1,811		1,159
Cash, cash equivalents and short-term investments		226		258		181
Other investments		21		259		243
Net investment income		10,911		9,289		4,683
Investment expenses		1,730		1,868		834
Net investment income, less investment expenses	$	9,181	$	7,421	$	3,849

During the Company’s quarterly evaluations of its securities for impairment, the Company determined that none of its investments in debt and equity securities that reflected an unrealized loss position were other-than-temporarily impaired. The issuers of the debt securities in which the Company invests continue to make interest payments on a timely basis and have not suffered any credit rating reductions. The Company does not intend to sell, nor is it likely that it would be required to sell, the debt securities before the Company recovers its amortized cost basis. All the issuers of the equity securities it owns had near-term prospects that indicated the Company could recover its cost basis, and the Company also has the ability and the intent to hold these securities until the value equals or exceeds its cost.

The following table presents an aging of the Company’s unrealized investment losses by investment class as of December 31, 2016 and December 31, 2015:

	Less Than Twelve Months						Twelve Months or More
	Number of Securities		Gross Unrealized Losses		Fair Value		Number of Securities		Gross Unrealized Losses		Fair Value
	(In thousands)
December 31, 2016
U.S. government and agency securities		35	$	448	$	24,649		2	$	1	$	200
States, municipalities and political subdivisions		265		4,869		220,034		2		3		1,497
Industrial and miscellaneous		161		571		56,996		2		6		974
Special revenue		189		631		44,712		11		129		1,828
Redeemable preferred stocks		19		143		2,425		1		6		212
Total fixed maturities		669		6,662		348,816		18		145		4,711
Nonredeemable preferred stocks		77		439		11,298		5		20		234
Equity securities		26		191		2,542		29		2,805		7,317
Total equity securities		103	$	630	$	13,840		34	$	2,825	$	7,551
Total		772	$	7,292	$	362,656		52	$	2,970	$	12,262

	Less Than Twelve Months						Twelve Months or More
	NumberofSecurities		GrossUnrealized Losses		FairValue		NumberofSecurities		GrossUnrealized Losses		FairValue
	(In thousands)
December 31, 2015
U.S. government and agency securities		19	$	385	$	19,849		2	$	3	$	397
States, municipalities and political subdivisions		14		50		10,979		1		3		164
Industrial and miscellaneous		141		870		73,312		5		61		1,318
Special revenue		134		279		60,203		10		9		1,646
Redeemable preferred stocks		9		21		950		—		—		—
Total fixed maturities		317		1,605		165,293		18		76		3,525
Nonredeemable preferred stocks		19		29		1,560		5		14		250
Equity securities		48		2,975		8,416		20		1,844		2,680
Total equity securities		67	$	3,004	$	9,976		25	$	1,858	$	2,930
Total		384	$	4,609	$	175,269		43	$	1,934	$	6,455

The Company is required to maintain assets on deposits with various regulatory authorities to support its insurance and reinsurance operations.

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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2016

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 4. Goodwill and Other Intangible Assets

As of December 31, 2016 and December 31, 2015 goodwill was $46.5 million and $8 million, respectively, and intangible assets were $26.5 million and $2.1 million, respectively. The Company has determined the useful life of the value of business acquired (see Note 2) to be one year. The Company has determined the useful life of the other intangible assets to range between 2-15 years. The Company has recorded $175 thousand relating to an insurance license and classified as an indefinite lived intangible which is subject to annual impairment testing.

Goodwill

	Goodwill
	(in thousands)
Balance as of December 31, 2014	$	2,350
Goodwill acquired		5,678
Impairment	—
Balance as of December 31, 2015	$	8,028
Goodwill acquired		38,426
Impairment	—
Balance as of December 31, 2016	$	46,454

Other intangible assets

Our intangible assets resulted primarily from the acquisition of Zephyr and consist of brand, agent relationships, renewal rights, customer relations, trade names, non-compete and insurance license. Finite-lived intangibles assets are amortized over their useful lives from one to fifteen years.

The tables below detail the finite-lived intangible assets, net as of December 31, 2016 and 2015, respectively (amounts in thousands):

December 31, 2016	Weighted -average Amortization (years)		Gross Carrying Amount		Accumulated Amortization			Intangible Assets, net (1)
Brand		15	$	1,210	$	(114	)	$	1,096
Agent relationships		12		4,800		(300	)		4,500
Renewal rights		15		16,600		(830	)		15,770
Customer relations		10		870		(123	)		747
Trade names		10		2,000		(150	)		1,850
Value of business acquired		1		7,600		(5,700	)		1,900
Non-compete		2.5		790		(286	)		504
Total intangible assets			$	33,870	$	(7,503	)	$	26,367

(1) Excludes insurance license valued at $175 thousand and classified as an indefinite lived intangible which is subject to annual impairment testing and not amortized.

December 31, 2015	Weighted -average Amortization (years)	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, net
Brand	15	$	1,210	$	(34	)	$	1,176
Customer relations	10		870		(36	)		834
Non-compete	5		120		(10	)		110
Total intangible assets		$	2,200	$	(80	)	$	2,120

Estimated annual pretax amortization of intangible assets for each of the next five years and thereafter is as follows (in thousands):

Year	Amount (1)
2017	$	4,133
2018		1,982
2019		1,898
2020		1,888
2021		1,875
Thereafter		14,591
	$	26,367

(1) Excludes insurance license valued at $175 thousand classified as an indefinite lived intangible which is subject to annual impairment testing and not amortized.

Amortization expense of intangible assets was $7.4 million and $80 thousand for the year ended December 31, 2016 and 2015, respectively.

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Earnings Per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

Note 5. Earnings Per Share

The following table sets forth the computation of basic and diluted EPS for the periods indicated.

	For the Year Ended December 31,
	2016		2015		2014
Basic earnings per share:
Net income attributable to common stockholders (000's)	$	33,865	$	92,512	$	47,097
Weighted average shares outstanding		29,632,171		30,056,491		24,568,876
Basic earnings per share:	$	1.14	$	3.08	$	1.92
Diluted earnings per share:
Net income attributable to common stockholders (000's)	$	33,865	$	92,512	$	47,097
Weighted average shares outstanding		29,632,171		30,056,491		24,568,876
Weighted average dilutive shares		2,178		269,977		1,247,684
Total weighted average dilutive shares		29,634,349		30,326,468		25,816,560
Diluted earnings per share:	$	1.14	$	3.05	$	1.82

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Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 6. Fair Value Measurements

For the Company’s investments in U.S. government securities that do not have prices in active markets, agency securities, state and municipal governments, and corporate bonds, the Company obtains the fair values from its third-party valuation service and we evaluate the relevant inputs, assumptions, methodologies and conclusions associated with such valuations. The valuation service calculates prices for the Company’s investments in the aforementioned security types on a month-end basis by using several matrix-pricing methodologies that incorporate inputs from various sources. The model the valuation service uses to price U.S. government securities and securities of states and municipalities incorporates inputs from active market makers and inter-dealer brokers. To price corporate bonds and agency securities, the valuation service calculates non-call yield spreads on all issuers, uses option-adjusted yield spreads to account for any early redemption features, then adds final spreads to the U.S. Treasury curve as of quarter end. The inputs the valuation service uses in their calculations are not quoted prices in active markets, but are observable inputs, and therefore represent Level 2 inputs.

The following table presents information about the Company’s assets measured at fair value on a recurring basis. The Company assesses the levels for the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company’s accounting policy regarding the recognitions of transfers between levels of the fair value hierarchy. For the years ended December 31, 2016 and 2015, there were no transfers in or out of Level 1, 2, and 3.

December 31, 2016	Total		Level 1		Level 2		Level 3
	(in thousands)
Fixed maturities investments:
U.S. government and agency securities	$	107,548	$	103,997	$	3,551	$	—
States, municipalities and political subdivisions		277,361		—		277,361		—
Special revenue		52,996		—		52,996		—
Industrial and miscellaneous		129,645		—		129,645		—
Redeemable preferred stocks		3,461		3,461		—		—
Total fixed maturities investments	$	571,011	$	107,458	$	463,553	$	—
Nonredeemable preferred stocks		14,515		14,515		—		—
Equity securities		17,456		17,456		—		—
Total equity securities	$	31,971	$	31,971	$	—	$	—
Total investments	$	602,982	$	139,429	$	463,553	$	—

December 31, 2015	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Certificate of deposits (1)	$	3,300	$	3,300	$	—	$	—
Fixed maturities investments:
U.S. government and agency securities	$	25,103	$	22,361	$	2,742	$	—
States, municipalities and political subdivisions		186,115		—		186,115		—
Special revenue		42,408		—		42,408		—
Industrial and miscellaneous		114,675		—		114,675		—
Redeemable preferred stocks		3,482		3,482		—		—
Total fixed maturities investments	$	375,083	$	29,143	$	345,940	$	—
Nonredeemable preferred stocks		12,738		12,738		—		—
Equity securities		15,575		15,575		—		—
Total equity securities	$	28,313	$	28,313	$	—	$	—
Total investments	$	403,396	$	57,456	$	345,940	$	—

⁽¹⁾ Includes commercial paper with a maturity of three months or less at the time of purchase of $3.3 million classified in cash and cash equivalents.

We believe the carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other current liabilities approximate their fair values at December 31, 2016 and December 31, 2015, due to the immediate or short term maturity of these instruments. We believe the carrying value of notes payable approximates fair value due to the recent nature of the transaction and its variable market rate of interest.

Non-recurring fair value measurements

Assets and liabilities that are measured at fair value on a non-recurring basis include intangible assets and goodwill which are recognized at fair value during the period in which an acquisition is completed, from updated estimates and assumptions during the measurement period, or when they are considered to be impaired. These non-recurring fair value measurements, primarily for intangible assets acquired, were based on Level 3 unobservable inputs. During 2016 these non-recurring fair values inputs consisted of customer relations, non-compete, brand name and goodwill. In the event of an impairment, we determine the fair value of the goodwill and intangible assets using a combination of a discounted cash flow approach and market approaches, which contain significant unobservable inputs and therefore is considered a Level 3 fair value measurement. The unobservable inputs in the analysis generally include future cash flow projections and a discount rate.

There were no non-recurring fair value adjustments to intangible assets and goodwill during 2016, 2015 and 2014 except for certain fair value measurements during 2016 and 2015 following the acquisition of Zephyr and BRC, respectively. The measurement period may be up to one year from the acquisition date. We record any measurement period adjustments to the fair value of assets acquired and liabilities assumed, with the corresponding offset to goodwill.

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Property and Equipment

12 Months Ended

Dec. 31, 2016

Property Plant And Equipment [Abstract]

Property and Equipment

Note 7. Property and Equipment

Property and equipment, net consists of the following at December 31, 2016 and 2015 (in thousands):

	December 31, 2016		December 31, 2015
	(In thousands)
Land	$	2,582	$	2,582
Building		10,301		9,599
Computer hardware and software		3,113		2,502
Office furniture and equipment		759		634
Tenant and leasehold improvements		3,334		3,300
Vehicle fleet		842		693
Total, at cost		20,931		19,310
Less: accumulated depreciation and amortization		3,752		2,199
Property and equipment, net	$	17,179	$	17,111

Depreciation expense for the years ended December 31, 2016, 2015 and 2014 was $1.6 million, $1.3 million, $0.8 million, respectively. The Company’s real estate consists of 14 acres of land, four buildings with a gross area of 191,000 square feet and a parking garage.

The Company currently leases space to non-affiliates and occupies space in one of the buildings.

Expected annual rental income due under non-cancellable operating leases for our real estate properties is as follows (in thousands):

Year	Amount
January 1 to December 31, 2017	$	2,604
January 1 to December 31, 2018		2,643
January 1 to December 31, 2019		2,492
January 1 to December 31, 2020		2,498
January 1 to December 31, 2021		2,551
Thereafter		3,632
	$	16,420

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Deferred Policy Acquisition Costs

12 Months Ended

Dec. 31, 2016

Insurance [Abstract]

Deferred Policy Acquisition Costs

Note 8. Deferred Policy Acquisition Costs

The Company defers certain costs in connection with written policies, called Deferred Policy Acquisition Costs (“DPAC”), net of corresponding amounts of ceded reinsurance commissions, called Deferred Reinsurance Ceding Commissions (“DRCC”). Net DPAC is amortized over the effective period of the related insurance policies.

The Company anticipates that its DPAC costs will be fully recoverable in the near term. The table below depicts the activity with regard to DPAC for the years ended December 31, 2016 and 2015:

	For the Year Ended December31,
	2016			2015
	(In thousands)
Beginning Balance	$	34,800		$	24,370
Policy acquisition costs deferred		92,400			67,616
Amortization		(84,421	)		(57,186	)
Ending Balance	$	42,779		$	34,800

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Reinsurance

12 Months Ended

Dec. 31, 2016

Insurance [Abstract]

Reinsurance

Note 9. Reinsurance

The Company’s reinsurance program is designed, utilizing the Company’s risk management methodology, to address its exposure to catastrophes or large non-catastrophic losses. The Company’s program provides reinsurance protection for catastrophes including hurricanes, tropical storms and tornadoes. The Company’s reinsurance agreements are part of its catastrophe management strategy, which is intended to provide its stockholders an acceptable return on the risks assumed in its property business, and to reduce variability of earnings, while providing protection to the Company’s policyholders.

2016 - 2017 Reinsurance Program

The Company placed its reinsurance program for the period from June 1, 2016 through May 31, 2017 during the second quarter of 2016. This reinsurance program incorporates the catastrophe risk of our two insurance subsidiaries, Heritage P&C, a Florida based insurer and Zephyr, a Hawaii based insurer, into one reinsurance structure. The programs are incorporated into one reinsurance structure and are allocated amongst traditional reinsurers, catastrophe bonds issued by Citrus Re Ltd., a Bermuda special purpose insurer formed in 2014 (“Citrus Re”), and the Florida Hurricane Catastrophe Fund (“FHCF”).Coverage is shared by both insurers unless otherwise noted. The 2016-2017 reinsurance program provides, including retention, first event coverage up to $1.9 billion in Florida, first event coverage up to $1.1 billion in Hawaii, and multiple event coverage up to $3.1 billion.

The reinsurance program, which is segmented into layers of coverage, protects the Company for excess property catastrophe losses and loss adjustment expenses. The Company’s 2016-2017 reinsurance program incorporates the mandatory coverage required by law to be placed with FHCF, which is available only for Florida catastrophe risk. For the 2016 hurricane season, the Company reduced its selected participation percentage in the FHCF from 75% to 45%. The Company also purchased private reinsurance below, alongside and above the FHCF layer, as well as aggregate reinsurance coverage. The following describes the various layers of the Company’s June 1, 2016 to May 31, 2017 reinsurance program.

• The Company’s Retention. If a first catastrophic event strikes Florida, the Company has a primary retention of the first $40 million of losses and loss adjustment expenses, of which Osprey is responsible for $20 million. If a first catastrophic event strikes Hawaii, the Company has a primary retention of the first $30 million of losses and loss adjustment expenses, of which Osprey is responsible for $15 million. If a second event strikes Florida, Heritage P&C’s primary retention decreases to $15 million and the remainder of the losses are ceded to third parties. If a second event strikes Hawaii, Zephyr’s primary retention decreases to $5 million. In the second event only for a loss exceeding $190 million, there is an additional Company co-participation of 5.4% subject to a maximum co-participation of $11.6 million. Heritage P&C and Zephyr each have a $5 million primary retention for events beyond the second catastrophic event. Osprey has no primary retention beyond the first catastrophic event in Florida or Hawaii. Additionally, Osprey is responsible for payment of up to $5.3 million of reinstatement premium, depending on the amount of losses incurred.

• Shared Layers above retention and below FHCF. Immediately above the retention, the Company has purchased $374 million of reinsurance from third party reinsurers. Through the payment of a reinstatement premium, the Company is able to reinstate the full amount of this reinsurance one time. To the extent that $374 million or a portion thereof is exhausted in a first catastrophic event, the Company has purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage.

• FHCF Layer. The Company’s FHCF program provides coverage for Florida events only and includes an estimated maximum provisional limit of 45% of $1.5 billion, in excess of its retention of $460 million. The limit and retention of the FHCF coverage is subject to upward or downward adjustment based on, among other things, submitted exposures to FHCF by all participants. The Company has purchased coverage alongside from third party reinsurers and through reinsurance agreements with Citrus Re. To the extent the FHCF coverage is adjusted, this private reinsurance with third party reinsurers and Citrus Re will adjust to fill in any gaps in coverage up to the reinsurers’ aggregate limits for this layer. The FHCF coverage cannot be reinstated once exhausted, but it does provide coverage for multiple events.

• Layers alongside the FHCF. The Florida reinsurance program includes third party layers alongside the FHCF. These include 2015 C and 2015 B series catastrophe bonds, which cover Florida only for the 2016 season, and 2016 D and 2016 E catastrophe bond series issued by Citrus Re, which total $377.5 million of coverage, as discussed below, as well as a traditional reinsurance layer providing $200 million of coverage. Through a reinstatement, the Company is able to reinstate the full amount of the $200 million of reinsurance one time. These 2016 catastrophe bonds and the traditional reinsurance layer provide coverage for both Florida and Hawaii catastrophe losses.

• 2016 Class D and E Notes: During February 2016, Heritage P&C and Zephyr entered into two catastrophe reinsurance agreements with Citrus Re. The agreements provide for three years of coverage from catastrophic losses caused by named storms, including hurricanes, beginning on June 1, 2016. Heritage P&C and Zephyr pay a periodic premium to Citrus Re during this three-year risk period. Citrus Re issued an aggregate of $250 million of principal-at-risk variable notes due February 2019 to fund the reinsurance trust account and its obligations to Heritage P&C and Zephyr under the reinsurance agreements. The Class D notes provide $150 million of coverage and the Class E notes provide $100 million of coverage. The Class D and Class E notes provide reinsurance coverage for a sliver of the catastrophe coverage that had previously been provided by the FHCF. The limit of coverage is fully collateralized by a reinsurance trust account for the benefit of Heritage P&C and Zephyr. The maturity date of the notes may be extended up to two additional years to satisfy claims for catastrophic events occurring during the three-year term of the reinsurance agreements.

• 2015 Class B and C Notes: During April 2015, Heritage P&C entered into catastrophe reinsurance agreements with Citrus Re. The 2015 notes do not provide coverage for Zephyr for the 2016 hurricane season. The agreements provide for three years of coverage from catastrophic losses caused by named storms, including hurricanes, beginning on June 1, 2015. Heritage P&C pays a periodic premium to Citrus Re during this three-year risk period. Citrus Re issued principal-at-risk variable notes due April 2018 to fund the reinsurance trust account and its obligations to Heritage P&C under the reinsurance agreements. The Class B notes provide $97.5 million of coverage, and the Class C notes provide $30 million of coverage. The Class B and Class C notes provide reinsurance coverage for a sliver of the catastrophe coverage that had previously been provided by the FHCF. The limit of coverage is fully collateralized by a reinsurance trust account for the benefit of Heritage P&C. The maturity date of the notes may be extended up to two additional years to satisfy claims for catastrophic events occurring during the three-year term of the reinsurance agreements.

Layers above the FHCF - Florida program

• 2015 Class A Notes: During April 2015, Heritage P&C entered into catastrophe reinsurance agreements with Citrus Re. The 2015 notes do not provide coverage for Zephyr for the 2016 hurricane season. The agreements provide for three years of coverage from catastrophic losses caused by named storms, including hurricanes, beginning on June 1, 2015. Heritage P&C pays a periodic premium to Citrus Re during this three-year risk period. Citrus Re issued principal-at-risk variable notes due April 2018 to fund the reinsurance trust account and its obligations to Heritage P&C under the reinsurance agreements. The Class A notes provide $150 million of coverage for a layer above the FHCF. The limit of coverage is fully collateralized by a reinsurance trust account for the benefit of Heritage P&C. The maturity date of the notes may be extended up to two additional years to satisfy claims for catastrophic events occurring during the three-year term of the reinsurance agreements.

• 2014 Class A Notes: Coverage immediately below and above the 2015 Class A notes is provided by the 2014 reinsurance agreements entered into with Citrus Re. The first contract with Citrus Re provides $150 million of coverage immediately below 2015 Class A, and the second contract provides an additional $50 million of coverage which sits immediately above 2015 Class A. During April 2014, Heritage P&C entered into two catastrophe reinsurance agreements with Citrus Re. The 2014 notes do not provide coverage for Zephyr for the 2016 hurricane season. The agreements provide for three years of coverage from catastrophe losses caused by certain named storms, including hurricanes, beginning on June 1, 2014. The limit of coverage of $200 million is fully collateralized by a reinsurance trust account for the benefit of Heritage P&C. Heritage P&C pays a periodic premium to Citrus Re during this three-year risk period. Citrus Re issued $200 million of principal-at-risk variable notes due April 2017 to fund the reinsurance trust account and its obligations to Heritage P&C under the reinsurance agreements. The maturity date of the notes may be extended up to two additional years to satisfy claims for catastrophic events occurring during the three-year term of the reinsurance agreements.

• Multi-Zonal Layers – The Company purchased additional layers which provide coverage for Florida for a second event and both first and second event coverage for Hawaii. The first event coverage for Hawaii is a counterpart to the Florida-only catastrophe bond layers and FHCF layer. There is a total of $282 million of reinsurance coverage purchased on this basis, with $260 million having a prepaid reinstatement. The multi-zonal occurrence layer provides first and second event coverage of $260 million for Hawaii and second event coverage of $260 million for Florida. A top and drop multi-zonal layer provides first and subsequent event coverage of $22 million for Hawaii and second or subsequent event coverage of $22 million for Florida.

• Aggregate Coverage. In addition to what is described above, much of the reinsurance is structured in a way to provide aggregate coverage. $682 million of limit is structured on this basis. To the extent that this coverage is not fully exhausted in the first catastrophic event, it provides coverage commencing at its reduced retention for second and subsequent events where underlying coverage has been previously exhausted. $460 million has a reinstatement, which is prepaid.

For a first catastrophic event striking Florida, our reinsurance program provides coverage for $1.9 billion of losses and loss adjustment expenses, including our retention, and we are responsible for all losses and loss adjustment expenses in excess of such amount. For a first catastrophic event striking Hawaii, our reinsurance program provides coverage for $1.1 billion of losses and loss adjustment expenses, including our retention, and we are responsible for all losses and loss adjustment expenses in excess of such amount. For subsequent catastrophic events, our total available coverage depends on the magnitude of the first event, as we may have coverage remaining from layers that were not previously fully exhausted. $860 million of limit purchased in 2016 includes a reinstatement, with $825 million being prepaid. In total, we have purchased $3 billion of potential reinsurance coverage, including our retention, for multiple catastrophic events. Our ability to access this coverage, however, will be subject to the severity and frequency of such events.

2015 – 2016 Reinsurance Program

During the second quarter of 2015, the Company placed its reinsurance program for the period from June 1, 2015 through May 31, 2016. The Company’s 2015-2016 reinsurance program incorporated the mandatory coverage required by law to be placed with FHCF. For the 2015 hurricane season, the Company selected 75% participation in the FHCF. The Company also purchased private reinsurance below, alongside and above the FHCF layer, as well as aggregate reinsurance coverage. The following describes the various layers of the Company’s June 1, 2015 to May 31, 2016 reinsurance program.

• The Company’s Retention. For the first catastrophic event, the Company had a primary retention of the first $35 million of losses and loss adjustment expenses, of which Osprey was responsible for $20 million. For a second event, Heritage P&C’s primary retention decreased to $5 million and Osprey is responsible for $10 million. To the extent that there is reinsurance coverage remaining, Heritage P&C has a $5 million primary retention for events beyond the second catastrophic event. Osprey had no primary retention beyond the second catastrophic event.

• Layers Below FHCF. Immediately above the Company’s retention, the Company purchased $440 million of reinsurance from third party reinsurers. Through the payment of a reinstatement premium, the Company was able to reinstate the full amount of this reinsurance one time. To the extent that $440 million or a portion thereof was exhausted in a first catastrophic event, the Company had purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage. A portion of this coverage wrapped around the FHCF and provided coverage alongside and above the FHCF.

• FHCF Layer. The Company’s FHCF coverage included an estimated maximum provisional limit of 75% of $920 million, or $690 million, in excess of its retention and private reinsurance of $336 million. The limit and retention of the FHCF coverage was subject to upward or downward adjustment based on, among other things, submitted exposures to FHCF by all participants. The Company had purchased coverage alongside from third party reinsurers and through reinsurance agreements with Citrus Re. To the extent the FHCF coverage was adjusted, this private reinsurance with third party reinsurers and Citrus Re would adjust to fill in any gaps in coverage up to the reinsurers’ aggregate limits for this layer. The FHCF coverage could not be reinstated once exhausted, but it did provide coverage for multiple events.

• CAT Bond Layer alongside the FHCF. During April 2015 Heritage P&C entered into three catastrophe reinsurance agreements with Citrus Re. The agreements provided for three years of coverage from catastrophic losses caused by named storms, including hurricanes, beginning on June 1, 2015. Heritage P&C paid periodic premiums to Citrus Re during the three-year risk period. Citrus Re issued an aggregate of $277.5 million of principal-at-risk variable notes due April 2017 to fund the reinsurance trust account and its obligations to Heritage P&C under the reinsurance agreements. These notes were issued in three classes. The Class A notes provide $150 million of coverage for the layer immediately above the FHCF. The Class B notes provided $97.5 million of coverage, and the Class C notes provided $30 million of coverage. The Class B and Class C notes provided reinsurance coverage for a sliver of the catastrophe coverage that had previously been provided by the FHCF. The limit of coverage was fully collateralized by a reinsurance trust account for the benefit of Heritage P&C. The maturity date of the notes may be extended up to two additional years to satisfy claims for catastrophic events occurring during the three-year term of the reinsurance agreements.

• CAT Bond Layer above the FHCF. Immediately above the FHCF layer had the coverage provided by the 2015 reinsurance agreement entered into with Citrus Re. The Citrus Re 2015 Class A notes provided up to $150 million of coverage immediately above the FHCF layer. Coverage immediately above the 2015 Class A notes was provided by the 2014 reinsurance agreements entered into with Citrus Re. The first contract with Citrus Re provided $150 million of coverage and the second contract provided an additional $50 million of coverage.

• Aggregate Coverage. In addition to the layers described above, the Company also purchased $125 million of aggregate reinsurance coverage for losses and loss adjustment expenses in excess of $1.7 billion for a first catastrophic event. To the extent that this coverage was not fully exhausted in the first catastrophic event, it provided coverage commencing at its reduced retention for second and subsequent events and where underlying coverage had been previously exhausted. There was no reinstatement of the aggregate reinsurance coverage once exhausted, but it did provide coverage for multiple events.

For a first catastrophic event, our 2015-2016 reinsurance program provided coverage for $1.8 billion of losses and loss adjustment expenses, including our retention, and were responsible for all losses and loss adjustment expenses in excess of such amount. For subsequent catastrophic events, our total available coverage depended on the magnitude of the first event, as we may have had coverage remaining from layers that were not previously fully exhausted. We also purchased reinstatement premium protection insurance to provide an additional $440 million of coverage. Our aggregate reinsurance layer also provided coverage for second and subsequent events to the extent not exhausted in prior events. In total, we purchased $2.3 billion of reinsurance coverage, including our retention, for multiple catastrophic events for the 2015-2016 hurricane season

Property Per Risk Coverage

The Company also purchased property per risk coverage for losses and loss adjustment expenses in excess of $1 million per claim. The limit recovered for an individual loss is $9 million and total limit for all losses is $27 million. There are two reinstatements available with additional premium due based on the amount of the layer exhausted. In addition, the Company purchased facultative reinsurance in excess of $10 million for any commercial properties it insured that the total insured value exceeded $10 million.

2014 – 2015 Reinsurance Program

During the second quarter of 2014, the Company placed its reinsurance program for the period from June 1, 2014 through May 31, 2015. The Company’s 2014-2015 reinsurance program incorporated the mandatory coverage required by law to be placed with FHCF. The Company also purchased private reinsurance below, alongside and above the FHCF layer, as well as aggregate reinsurance coverage. The following describes the various layers of the Company’s June 1, 2014 to May 31, 2015 reinsurance program.

• The Company’s Retention. For the first catastrophic event, the Company had a primary retention of the first $15 million of losses and loss adjustment expenses, of which Osprey was responsible for $6 million. For a second event, Heritage P&C’s primary retention decreased to $2 million and Osprey was responsible for $4 million. To the extent that there was reinsurance coverage remaining, Heritage P&C had a $2 million primary retention for events beyond the third catastrophic event. Osprey had no primary retention beyond the second catastrophic event.

• Layers Below FHCF. Immediately above the Company’s retention, the Company purchased $185 million of reinsurance from third party reinsurers. Through the payment of a reinstatement premium, the Company was able to reinstate the full amount of this reinsurance one time. To the extent that $185 million or a portion thereof was exhausted in a first catastrophic event, the Company purchased reinstatement premium protection insurance to pay the required premium necessary for the reinstatement of this coverage. A portion of this coverage wrapped around the FHCF and provided coverage alongside the FHCF.

• FHCF Layer. The Company’s FHCF coverage included an estimated maximum provisional limit of 90% of $484 million, or $436 million, in excess of its retention and private reinsurance of $181 million. The limit and retention of the FHCF coverage was subject to upward or downward adjustment based on, among other things, submitted exposures to FHCF by all participants. The Company purchased coverage alongside from third party reinsurers. The layer alongside was in the amount of $48 million. To the extent the FHCF coverage was adjusted, this private reinsurance would adjust to fill in any gaps in coverage up to the reinsurers’ aggregate limits for this layer. The FHCF coverage could not be reinstated once exhausted, but it did provide coverage for multiple events.

• CAT Bond Layer. Immediately above the FHCF layer was the coverage provided by the reinsurance agreements entered into with Citrus Re. The first contract with Citrus Re provided $150 million of coverage and the second contract provided an additional $50 million of coverage. Osprey provided $25 million of coverage alongside the second contract.

• Aggregate Coverage. In addition to the layers described above, the Company purchased $105 million of aggregate reinsurance coverage for losses and loss adjustment expenses in excess of $825 million for a first catastrophic event. To the extent that this coverage was not fully exhausted in the first catastrophic event, it provided coverage commencing at its reduced retention levels for second and subsequent events and where underlying coverage had been previously exhausted. There was no reinstatement of the aggregate reinsurance coverage once exhausted, but it did provide coverage for multiple events. Osprey provided $20 million of protection in the layer above $940 million.

For a first catastrophic event, the Company’s 2014-2015 reinsurance program provided coverage for $990 million of losses and loss adjustment expenses, including its retention, and the Company was responsible for all losses and loss adjustment expenses in excess of such amount. For subsequent catastrophic events, the Company’s total available coverage depended on the magnitude of the first event, as the Company may have had coverage remaining from layers that were not previously fully exhausted. The Company purchased reinstatement premium protection insurance to provide an additional $185 million of coverage. The Company’s aggregate reinsurance layer also provided coverage for second and subsequent events to the extent not exhausted in prior events.

Assumption Transactions and Assumed Premiums Written

The following table depicts written premiums, earned premiums and losses, showing the effects that the Company’s assumption transactions have on these components of the Company’s consolidated statements of income and comprehensive income:

	For the Year Ended December 31,
	2016			2015			2014
	(In thousands)
Premium written:
Direct	$	618,932		$	487,583		$	283,295
Assumed		7,772			98,515			153,112
Ceded		(252,113	)		(183,841	)		(99,798	)
Net premium written	$	374,591		$	402,257		$	336,609
Change in unearned premiums:
Direct	$	(29,480	)	$	(103,138	)	$	(80,617	)
Assumed		43,294			41,780			(44,276	)
Ceded		23,316			35,369			11,896
Net decrease (increase)	$	37,130		$	(25,989	)	$	(112,997	)
Premiums earned:
Direct	$	589,452		$	384,445		$	202,678
Assumed		51,066			140,295			108,836
Ceded		(228,797	)		(148,472	)		(87,902	)
Net premiums earned	$	411,721		$	376,268		$	223,612
Losses and LAE incurred:
Direct	$	214,362		$	107,552		$	64,686
Assumed		26,361			33,639			24,874
Ceded		(1,861	)		—			—
Net losses and LAE incurred	$	238,862		$	141,191		$	89,560

The following table highlights the effects that the Company’s assumption transactions have on unpaid losses and loss adjustment expenses and unearned premiums:

	For the Year Ended December 31,
	2016			2015			2014
	(In thousands)
Unpaid losses and loss adjustment expenses:
Direct	$	119,339		$	60,223		$	34,420
Assumed		20,798			23,499			17,049
Gross unpaid losses and LAE	$	140,137		$	83,722		$	51,469
Unearned premiums:
Direct	$	317,579		$	258,754		$	155,617
Assumed		445			43,739			85,519
Gross unearned premiums		318,024			302,493			241,136
Ceded		(106,609	)		(78,517	)		(43,148	)
Net unearned premiums	$	211,415		$	223,976		$	197,988

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Reserve For Unpaid Losses

12 Months Ended

Dec. 31, 2016

Insurance [Abstract]

Reserve for Unpaid Losses

Note 10. Reserve For Unpaid Losses

The Company determines the reserve for unpaid losses on an individual-case basis for all incidents reported. The liability also includes amounts for which are commonly referred to as incurred but not reported, or “IBNR”, claims as of the balance sheet date.

The table below summarizes the activity related to the Company’s reserve for unpaid losses:

	For the Year Ended December 31,
	2016		2015			2014
Balance, beginning of period	$	83,722	$	51,469		$	19,344
Less: reinsurance recoverable on paid losses		—		—			—
Net balance, beginning of period		83,722		51,469			19,344
Incurred related to:
Current year		220,071		146,484			89,783
Prior years		18,791		(5,293	)		(223	)
Total incurred		238,862		141,191			89,560
Paid related to:
Current year		120,626		81,673			45,618
Prior years		62,407		27,265			11,817
Total paid		183,033		108,938			57,435
Net balance, end of period		139,551		83,722			51,469
Plus: reinsurance recoverable on unpaid losses		586		—			—
Balance, end of period	$	140,137	$	83,722		$	51,469

The Company writes insurance in the states of Florida, North Carolina, South Carolina, Hawaii and Georgia, which could be exposed to hurricanes or other natural catastrophes. Although the occurrence of a major catastrophe could have a significant effect on our monthly or quarterly results, such an event is unlikely to be so material as to disrupt our overall normal operations. However, the Company is unable to predict the frequency or severity of any such events that may occur in the near term or thereafter. The Company believes that the reserve for unpaid losses reasonably represents the amount necessary to pay all claims and related expenses which may arise from incidents that have occurred as of the balance sheet date.

The Company’s losses incurred for the years ended December 31, 2016 and 2015 reflecting a prior year deficiency of $18.8 million and a redundancy of $5.3 million, respectively, associated with management’s best estimate of the actuarial loss and LAE reserves with consideration given to Company specific historical loss experience. Most of the unfavorable development was from personal lines. Also, most of the unfavorable emergence came from the second, third and fourth quarters of 2015, primarily related to claims involving litigation and claims that were represented by attorneys, public adjusters or others (sometimes referred to as Assignment of Benefits). Also, a majority of the unfavorable development in 2016 has been isolated to the tri-county region of Florida (the counties of Miami-Dade, Broward and Palm Beach).

The Company writes insurance in the states of Florida, North Carolina, South Carolina and Hawaii, which could be exposed to hurricanes or other natural catastrophes. The occurrence of a major catastrophe could have a significant effect on the Company’s yearly results and cause a temporary disruption of the normal operations of the Company. However, the Company is unable to predict the frequency or severity of any such events that may occur in the near term or thereafter.

The following is information about incurred and paid claims development as of December 31, 2016, net of reinsurance, as well as cumulative claim frequency and the total of incurred-but-not-reported liabilities plus expected development on reported claims included within the net incurred claims amounts.

Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
(in thousands, except number of claims)
Unaudited
Accident year	2012		2013		2014		2015		2016		Net IBNR Reserves		Reported Claims
2012	$	1,396	$	851	$	811	$	784	$	797	$	6		125
2013				37,005		35,819		37,212		37,090		531		3,607
2014						91,839		86,508		86,634		2,155		7,770
2015								141,125		159,899		13,637		11,068
2016										207,183		65,884		14,603
							Total		$	491,603	$	82,213

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Unaudited
Accident year	2012		2013		2014		2015		2016
2012	$	12	$	615	$	695	$	756	$	766
2013				18,625		29,023		32,414		35,322
2014						47,408		70,932		79,341
2015								76,310		130,267
2016										107,771
							Total		$	353,467

Reconciliation of Reserve Balances to Liability for Unpaid Loss and Loss Adjustment Expenses
Unpaid Loss and Allocated Loss Adjustment Expense, Net of Reinsurance	$	138,136
Ceded Unpaid Loss and Allocated Loss Adjustment Expense		586
Unpaid Unallocated Loss Adjustment Expense		1,415
Unpaid losses and loss adjustment expenses	$	140,137

Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance as of December 31, 2016
	Year - 1		Year - 2		Year - 3		Year - 4		Year - 5		Thereafter
Percentage		53%		29%		9%		4%		1%		4%

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Note Payable

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Note Payable

Note 11. Note Payable

On December 15, 2016, we issued Senior Secured Notes (“Secured Notes”) in the aggregate amount of $79.5 million, 7-year term note payable to six accredited investors. The Secured Notes bears interest of 8.75% plus 0.95% of the three month average of LIBOR. Principal and interest is paid quarterly, interest payments commence on March 15, 2017, the quarterly principal payments commence on December 31, 2018. At December 31, 2016, we owed $72.9 million, net of issuance costs. In addition, the Company incurred approximately $6.6 million of debt issuance costs

Long-term debt at December 31, 2016, consisted of the following:

	Principal		Unamortized Debt Issuance Costs
	(in thousands)
Senior Secured Notes, due December 15, 2023 (interest computed at 8.75% plus 3 month Libor average, at December 31, 2016)	$	79,500	$	6,595

The Secured Notes contain customary restrictive covenants relating to merger, modification of the indenture, subordination, issuance of debt securities and sale of assets, the most significant of which include limitations with respect to certain designated subsidiaries on the incurrence of additional indebtedness or guarantees secured by any security interest on any shares of their capital stock. The Secured Notes covenants also limit the Company’s ability to sell or otherwise dispose of any shares of capital stock of such designated subsidiaries. The Secured Notes do not have the benefit of any sinking funds. They also contain customary limitations and lien provisions as well as customary events of default provisions, which breached, could result in the accelerated maturity of the Secured Notes. The Company was in compliance with the senior notes covenants for the year ended December 31, 2016.

Subject to replacement capital covenant, the Secured Notes may be redeemable, in whole or in part, at any time on or after December 15, 2018, based on the quarterly payment date, at the following redemption prices (as a percentage of outstanding principal amount of the notes to be redeemed) plus accrued and unpaid interest and principal of the Secured Notes: 2018 – 103%; 2019 – 102%; 2020 – 101% and thereafter at 100%. If there is a change in control offer that Holder has the right to require the Company to purchase such Holder’s Secured Notes based on the redemption terms stated above.

The effective interest rate, taking into account the stated interest expense and amortization of debt issuance costs, approximates 9.7%.

Expected annual principal payments due by Heritage Insurance under the Senior Secured Note agreement is as follows:

Year	Amount
	(in thousands)
2017	$	—
2018		1,988
2019		7,465
2020		6,746
2021		6,097
Thereafter		57,204
	$	79,500

As of December 31, 2016, we recorded interest expense on debt liabilities and amortization of debt issuance costs of $321 thousand and $41 thousand, respectively.

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Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Note 12. Income Taxes

The following table summarizes the provision for income taxes:

	For the Year Ended December 31,
	2016		2015		2014
	(In thousands)
Federal:
Current	$	16,575	$	48,524	$	26,440
Deferred		2,735		970		(3,219	)
Provision for Federal income tax expense		19,310		49,494		23,221
State:
Current		2,893		8,238		4,479
Deferred		335		46		(545	)
Provision for State income tax expense		3,228		8,284		3,934
Provision for income taxes	$	22,538	$	57,778	$	27,155

The following table sets forth the components of income before income taxes for the years ended December 31, 2016, 2015 and 2014 (in thousands):

	2016		2015		2014
Pass-through entities (Through May 22, 2014)	$	—	$	—	$	2,668
Non-pass through entities		56,403		150,290		71,584
Income before income taxes	$	56,403	$	150,290	$	74,252

The actual income tax expense differs from the expected income tax expense computed by applying the combined applicable effective federal and state tax rates to income before the provision for income taxes as follows:

	For the Year Ended December 31,
	2016			2015			2014
Expected income tax expense at federal rate		35.0	%		35.0	%		35.0	%
State tax expense, net of federal tax benefits		3.7	%		3.6	%		3.6	%
Permanent items		1.4	%		-1.0	%		0.0	%
Other		-0.1	%		0.9	%		-2.0	%
Reported income tax expense		40.0	%		38.5	%		36.6	%

The effective income tax rate differs from the statutory income tax rate in 2016, 2015 and 2014 primarily due to state income taxes and the fact that a portion of the Company’s consolidated pre-tax income through May 22, 2014 was earned at our limited liability companies that had elected to be taxed under the Partnership provisions of the Internal Revenue Code. Accordingly, all income or losses and applicable tax credits generated by these entities through that date are reported on the common shareholders’ individual tax returns, and no federal income taxes were recorded by the Company prior to May 22, 2014.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

The table below summarizes the significant components of our net deferred tax assets (liabilities):

	For the Year Ended December 31,
	2016			2015
Deferred tax assets:	(In thousands)
Unearned premiums	$	17,209		$	17,979
Tax-related discount on loss reserve		1,829			1,140
Unrealized loss		3,113			1,277
Stock-based compensation		1,604			1,617
Prepaid expenses		1,482			—
Other		312			256
Total deferred tax asset		25,549			22,269
Deferred tax liabilities:
Deferred acquisition costs		16,377			13,424
Unrealized gain		—			—
Property and equipment		355			473
Basis in purchased investments		1,697			—
Basis in purchased intangibles		9,791			—
Other		332			408
Total deferred tax liabilities		28,552			14,305
Less: valuation allowance		—			—
Net deferred tax (liability) asset	$	(3,003	)	$	7,964

In assessing the net carrying amount of deferred tax assets, we consider whether it is more likely than not that we will not realize some portion or all of the deferred tax assets. The ultimate realization of deferred tax assets depends upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. The remaining goodwill from asset purchases that is deductible for tax purposes over the future years totaled $7 million and $7.6 million for the years ended December 31, 2016 and 2015, respectively.

The statute of limitations related to our federal and state income tax returns remains open from our first filings for 2013 through 2015. For the 2014 tax year, the federal income tax return was examined by the tax authority resulting no material adjustment.  Currently, no taxing authorities are examining any of our federal or state income tax returns.

The reinsurance affiliate, which is based in Bermuda, made an irrevocable election under section 953(d) of the U.S. Internal Revenue Code of 1986, as amended, to be treated as a domestic insurance company for U.S. Federal income tax purposes. As a result of this election, our reinsurance subsidiary is subject to United States income tax as if it were a U.S. corporation.

As of December 31, 2016, the Company had no uncertain tax positions or unrecognized tax benefits that, if recognized, would impact the effective income tax rate.

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Statutory Accounting and Regulations

12 Months Ended

Dec. 31, 2016

Text Block [Abstract]

Statutory Accounting and Regulations

Note 13. Statutory Accounting and Regulations

State laws and regulations, as well as national regulatory agency requirements, govern the operations of all insurers such as our insurance subsidiaries. The various laws and regulations require that insurers maintain minimum amounts of statutory surplus and risk-based capital; restrict insurers’ ability to pay dividends; restrict the allowable investment types and investment mixes, and subject the Company’s insurers to assessments.

The Company’s insurance subsidiaries are required to file with state insurance regulatory authorities an “Annual Statement” which reports, among other items, net income and surplus as regards policyholders, which is called stockholder’s equity under GAAP. Combined results of the Company’s insurance subsidiaries reported statutory net income of $567 thousand and $45.6 million for the years ended December 31, 2016 and 2015, respectively. The Company’s insurance subsidiaries must maintain capital and surplus ratios or balances as determined by the regulatory authority of the states in which they are domiciled. Heritage P&C is required to maintain capital and surplus equal to the greater of $15 million or 10% of their respective liabilities. Zephyr is required to maintain a deposit of $750 thousand in a federally insured financial institution. The Company’s combined statutory surplus was $276 million and $216.6 million at December 31, 2016 and December 31, 2015, respectively. State law also requires the Company’s insurance subsidiaries to adhere to prescribed premium-to-capital surplus ratios, with which the Company is in compliance. At December 31, 2016, our insurance subsidiaries met the financial and regulatory requirements of the states in which they do business.

In 2014, the Florida legislature passed Senate Bill 1308, which was signed into law by the Governor. Among other things, this bill incorporates the National Association of Insurance Commissioners (“NAIC”) recommendations with regard to expansion of the regulation of insurers to include non-insurance entity affiliates. Specifically, the new law permits the Office of Insurance Regulation to examine affiliated entities within an insurance holding company system in order to ascertain the financial condition of the insurer. The law also provides for certain disclosures with regard to enterprise risk, which are satisfied by the provision of related information filed with the SEC. This legislation was designed to bolster regulation for insurer solvency and governance and became effective January 1, 2015.

The NAIC published risk-based capital guidelines for insurance companies that are designed to assess capital adequacy and to raise the level of protection that statutory surplus provides for policy holders. Most states, including Florida, have enacted the NAIC guidelines as statutory requirements, and insurers having less statutory surplus than required will be subject to varying degrees of regulatory action, depending on the level of capital inadequacy. State insurance regulatory authorities could require an insurer to cease operations in the event the insurer fails to maintain the required statutory capital.

The level of required risk-based capital (“RBC”) is calculated and reported annually. There are five outcomes to the RBC calculation set forth by the NAIC which are as follows:

1. No Action Level—If RBC is greater than 200%, no further action is required.

2. Company Action Level—If RBC is between 150%-200%, the insurer must prepare a report to the regulator outlining a comprehensive financial plan that identifies conditions that contributed to the insurer’s financial condition and proposes corrective actions.

3. Regulatory Action Level—If RBC is between 100%-150%, the state insurance commissioner is required to perform any examinations or analyses to the insurer’s business and operations that he or she deems necessary as well as issuing appropriate corrective orders.

4. Authorized Control Level—If RBC is between 70%-100%, this is the first point that the regulator may take control of the insurer even if the insurer is still technically solvent and is in addition to all the remedies available at the higher action levels.

5. Mandatory Control Level—If RBC is less than 70%, the regulator is required to take steps to place the insurer under its control regardless of the level of capital and surplus.

At December 31, 2016, the ratio of adjusted capital to authorized control level risk based capital for each of our insurance company subsidiaries was above 300%.

State law for Florida and Hawaii permits an insurer to pay dividends or make distributions out of that part of statutory surplus derived from net operating profit and net realized capital gains. The law further provides calculations to determine the amount of dividends or distributions that can be made without the prior approval of the insurance regulatory authority and the amount of dividends or distributions that would require prior approval of the insurance regulatory authority. Statutory risk-based capital requirements may further restrict our insurance subsidiaries ability to pay dividends or make distributions if the amount of the intended dividend or distribution would cause statutory surplus to fall below minimum risk-based capital requirements. However, the consent order authorizing our commencement of operations precludes us from paying dividends without the prior approval of FLOIR until July 31, 2017.

Florida law limits an insurer’s investment in equity instruments and also restricts investments in medium to low quality debt instruments. The Company was in compliance with all investment restrictions at December 31, 2016 and 2015.

Governmental agencies or certain quasi-governmental entities can levy assessments upon the Company in the states in which the Company writes policies. See Note 1 for a description of how the Company recovers assessments imposed upon it.

Governmental agencies or certain quasi-governmental entities can also levy assessments upon policyholders, and the Company collects the amount of the assessments from policyholders as surcharges for the benefit of the assessing agency. There are currently no assessments to be collected from policyholders and remitted to any governmental or quasi-governmental entities. If an assessment becomes levied the Company would multiply the premium written on each policy by these assessment percentages to determine the additional amount that it will collect from the policyholder and remit to the assessing agencies.

The Company reported its insurance subsidiaries’ assets, liabilities and results of operations in accordance with GAAP, which varies from statutory accounting principles prescribed or permitted by state laws and regulations, as well as by general industry practices. The following items are principal differences between statutory accounting and GAAP:

• Statutory accounting requires that the Company excluded certain assets, called non-admitted assets, from the balance sheet.

• Statutory accounting requires the Company to expense policy acquisition costs when incurred, while GAAP allows the Company to defer and amortize policy acquisition costs over the estimated life of the policies.

• Statutory accounting dictates how much of a deferred income tax asset the Company can admit on a statutory balance sheet.

• Statutory accounting requires that the Company record certain investments at cost or amortized cost, while the Company records other investments at fair value; however, GAAP requires that we record all available for sale investments at fair value.

• Statutory accounting requires that surplus notes, also known as surplus debentures, be recorded in statutory surplus, while GAAP requires the Company to record surplus notes as a liability.

• Statutory accounting allows bonds to be carried at amortized cost or fair value based on the rating received from the Securities Valuation Office of the NAIC, while they are recorded at fair value for GAAP if designated as available for sale.

• Statutory accounting allows ceding commission income to be recognized when written if the cost of acquiring and renewing the associated business exceeds the ceding commissions, but under GAAP such income is deferred and recognized over the coverage period.

• Statutory accounting requires that unearned premiums and loss reserves be presented net of related reinsurance rather than on a gross basis under GAAP.

• Statutory accounting requires a provision for reinsurance liability be established for reinsurance recoverable on paid losses aged over ninety days and for unsecured amounts recoverable from unauthorized reinsurers. Under GAAP there is no charge for uncollateralized amounts ceded to a company not licensed in the insurance affiliate’s domiciliary state and a reserve for uncollectable reinsurance is charged through earnings rather than surplus or equity.

• Statutory accounting requires an additional admissibility test outlined in Statements on Statutory Accounting Principles, No. 101 and the change in deferred income tax is reported directly in capital and surplus, rather than being reported as a component of income tax expense under GAAP.

The table below reconciles the Company’s consolidated GAAP net income to statutory net income of its insurance subsidiaries (in thousands):

	For the Year Ended December 31,
	2016			2015			2014
Consolidated GAAP net income	$	33,865		$	92,512		$	47,097
Increase (decrease) due to:
Deferred income taxes		6,069			1,755			(3,764	)
Deferred policy acquisition costs		(7,979	)		(10,430	)		(14,605	)
Surplus note interest	—				(347	)		(1,445	)
Non-statutory subsidiaries		(32,874	)		(36,569	)		(16,788	)
Investment basis difference		540		—			—
Pre-acquisition income		3,755		—			—
Equity compensation		(2,107	)		(1,074	)		(1,106	)
Allowance for doubtful accounts	—				(250	)		250
Other		(702	)	—				199
Statutory net income of insurance subsidiaries	$	567		$	45,597		$	9,838

The Company’s reinsurance subsidiary, Osprey, which was incorporated on April 23, 2013, is licensed as a Class 3a Insurer under The Bermuda Insurance Act 1978 and related regulations. Osprey is required to maintain statutory capital and surplus of at least $1.0 million and maintain liquid resources or have access to liquid resources equal to its maximum obligation for which it is responsible under the terms of any reinsurance arrangement to which it is a party. In May 2013, the Company contributed $1.7 million in cash to Osprey. Osprey secures its reinsurance obligations to our insurance subsidiaries with an irrevocable letter of credit in the amount of $12.7 million. These resources, in addition to premiums ceded to it by our insurance subsidiaries are sufficient to comply with regulatory requirements as of December 31, 2016. Bermuda’s standard for financial statement reporting is U.S. GAAP.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 14. Commitments and Contingencies

The Company is involved in claims-related legal actions arising in the ordinary course of business. The Company accrues amounts resulting from claims-related legal actions in unpaid losses and loss adjustment expenses during the period that it determines an unfavorable outcome becomes probable and it can estimate the amounts. Management makes revisions to its estimates based on its analysis of subsequent information that the Company receives regarding various factors, including: (i) per claim information; (ii) company and industry historical loss experience; (iii) judicial decisions and legal developments in the awarding of damages; and (iv) trends in general economic conditions, including the effects of inflation. When determinable, the Company discloses the range of possible losses in excess of those accrued and for reasonably possible losses.

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Other Liabilities

12 Months Ended

Dec. 31, 2016

Other Liabilities Disclosure [Abstract]

Other Liabilities

Note 15. Other Liabilities

At December 31, 2016 and 2015, Other liabilities included approximately $0.2 million and $4.9 million related to amounts owed to Citizens for policies assumed by the Company, where the policyholder subsequently opted-out of the assumption program. Also, included in other liabilities for the years ended December 31, 2016 and 2015 was $6.2 million and $5.8 million for commission payables, $5.6 million and $3.9 million for accounts payable and other payables, and $6.9 million and $0 for payments in connection with the issuance of debt, $1.8 million and $1.6 million for dividends payable and $1 million and $1.2 million for unearned revenue, respectively.

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Accrued Bonus Compensation

12 Months Ended

Dec. 31, 2016

Compensation Related Costs [Abstract]

Accrued Bonus Compensation

Note 16. Accrued Bonus Compensation

For the year ended December 31, 2016, the Company recognized employee bonus compensation expense of approximately $4.4 million based on EBITDA goals, which the Company paid out in cash of approximately $0.8 million as of December 31, 2016. For the year ended December 31, 2015, the Company recognized employee bonus compensation expense of approximately $14.1 million, which the Company paid out in cash of approximately $12.1 million as of December 31, 2015 and the remainder was paid in 2016.  For the year ended December 31, 2014, the Company accrued bonuses of $7.2 million based on 8.5% of earnings before interest, taxes, depreciation and amortization, which was paid out in cash as of December 31, 2014

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Related Party Transactions

12 Months Ended

Dec. 31, 2016

Related Party Transactions [Abstract]

Related Party Transactions

Note 17. Related Party Transactions

The Company has been party to various related party transactions involving certain of its officers, directors and significant stockholders as set forth below. The Company has entered into these arrangements without obligation to continue its effect in the future and the associated expense was immaterial to its results of operations or financial position as of December 31, 2016, 2015 and 2014.

• The Company has entered into an agreement with a real estate management company controlled by one of its directors to manage its Clearwater office space. Management services are provided at a fixed fee, plus ordinary and necessary out of pocket expenses. Fees for additional services, such as the oversight of construction activity, are provided for on an as-needed basis. For the years ended December 31, 2016, 2015 and 2014, the Company paid the management service company approximately $118 thousand, $113 thousand and $93thousand, respectively.

• The Company leased the space that it had occupied through March 2014 at 700 Central Avenue, Ste. 500 St. Petersburg, Florida from a real estate management company controlled by a stockholder. The Company leased the space without obligation to continue doing so in the future. For the years ended December 31, 2016, 2015 and 2014 the Company incurred rent expense of approximately $0, $0 and $70 thousand respectively.

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Employee Benefit Plan

12 Months Ended

Dec. 31, 2016

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plan

Note 18. Employee Benefit Plan

The Company provides a 401(k) plan for its employees. The Company contributes 3% of employees’ salary, up to the maximum allowable contribution, regardless of the employees’ level of participation in the plan. For the years ended December 31, 2016 and 2015, the Company’s contributions to the plan on behalf of the participating employees were $685 thousand and $276 thousand respectively.

The Company provides for its employees a partially self-insured healthcare plan and benefits. For the years ended December 31, 2016 and 2015, the Company incurred medical premium costs in the aggregate of $2.4 million and $1.4 million, respectively. The Company also recorded approximately $309 thousand as unpaid claims as of December 31, 2016. A stop loss reinsurance policy caps the maximum loss that could be incurred by the Company under the self-insured plan. The Company’s stop loss coverage per employee is $60 thousand for which any excess cost would be covered by the reinsurer. There is an aggregate limit for losses of $1.5 million which would provide up to $1 million of coverage. Any excess of the $1.5 million retention and the $1 million of aggregate coverage would be borne by the Company. The aggregate stop loss commences once our expenses exceed 125% of the annual aggregate expected claims.

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Equity

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Equity

Note 19. Equity

The total amount of authorized capital stock consists of 50,000,000 shares of common stock and 5,000,000 shares of preferred stock. As of December 31, 2016, the Company had 28,840,443 shares of common stock outstanding, 1,759,330 treasury shares of common stock and 900,000 unvested restricted common stock issued reflecting total paid-in capital of $205.7 million as of such date.

Common Stock

Holders of common stock are entitled to one vote for each share held on all matters subject to a vote of stockholders, subject to the rights of holders of any outstanding preferred stock. Accordingly, holders of a majority of the shares of common stock entitled to vote in any election of directors may elect all of the directors standing for election, subject to the rights of holders of any outstanding preferred stock. Holders of common stock will be entitled to receive ratably any dividends that the board of directors may declare out of funds legally available therefor, subject to any preferential dividend rights of outstanding preferred stock. Upon the Company’s liquidation, dissolution or winding up, the holders of common stock will be entitled to receive ratably its net assets available after the payment of all debts and other liabilities and subject to the prior rights of holders of any outstanding preferred stock. Holders of common stock have no preemptive, subscription, redemption or conversion rights. There are no redemption or sinking fund provisions applicable to the common stock. All outstanding shares of the Company’s capital stock (excluding restricted stock) are fully paid and nonassessable.

Stock Repurchase Program

On September 14, 2015, the Company announced that the Company’s Board of Directors, authorized a stock repurchase program authorizing the Company to repurchase up to $20 million of the Company’s common stock. On May 4, 2016, the Board of Directors authorized an additional stock repurchase of up to $50 million of the Company’s common stock through December 31, 2017.  For the year ended December 31, 2016, the Company has purchased in aggregate 1,759,330 shares of common stock at a cost of $25.6 million through open market or private transactions.

Dividends

For the year ended December 31, 2016, we recorded quarterly cash dividends of approximately $7 million as follows:

	Quarter Ended
	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016
Cash dividend per common share	$	0.05	$	0.06	$	0.06	$	0.06
Total cash dividends paid	$	1,578,320	$	1,840,455	$	1,808,505	$	1,784,426
Record date	March 15, 2016		June 15, 2016		September 15, 2016		December 15, 2016
Payment date	April 5, 2016		July 1, 2016		October 3, 2016		January 4, 2017

On December 17, 2015, the Company announced a cash dividend of $0.05 per share or $1.5 million on the Company’s common stock, payable on January 13, 2016 to stockholders of record as of the close of business on December 31, 2015.

On March 2, 2017, the Company’s Board of Directors declared a $0.06 per share quarterly dividend payable on April 4, 2017, to shareholders of record March 15, 2017.

Cash dividends declared on our outstanding weighted average number of basic common shares for the periods presented were approximately as follows:

	For the Years Ended December 31,
	2016		2015
Cash dividends per common share	$	0.23	$	0.05

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Stock-Based Compensation

12 Months Ended

Dec. 31, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

Note 20. Stock-Based Compensation

The Company has adopted the Heritage Insurance Holdings, Inc., Omnibus Incentive Plan (the “Plan”) effective on May 22, 2014. The Plan authorized 2,981,737 shares of common stock for issuance under the Plan for future grants.

At December 31, 2016 and 2015, there were 170,814 shares available for grant under the Plan.

The Company recognizes compensation expense under ASC 718 for its stock-based payments based on the fair value of the awards. The Company grants stock options at exercise prices equal to the fair market value of the Company’s stock on the dates the options are granted. The options have a maximum term of ten years from the date of grant and vest primarily in equal annual installments over a range of one to five year periods following the date of grant for employee options. If a participant’s employment relationship ends, the participant’s vested awards will remain exercisable for the shorter of a period of 30 days or the period ending on the latest date on which such award could have been exercisable. The fair value of each option grant is separately estimated for each grant date. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each vesting date. The Company estimates the fair value of all stock option awards as of the date of the grant by applying the Black-Scholes-Merton multiple-option pricing valuation model. The application of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense.

Stock Options

On September 24, 2014, the Company granted options to purchase 359,000 shares to certain employees and directors. No stock options were granted in the years ending December 31, 2015 and 2016. These options were awarded with the strike price set at the fair market value at the grant date, and vested on March 15, 2015 with an expiration date of September 24, 2017. The fair value of each option grant, which was $2.70 per option granted in 2014, was estimated on the date of grant using the Black-Scholes option-pricing model. The fair value of options vested during the year ended December 31, 2014 was $2.5 million.

On December 2, 2014, the Company granted options to purchase 1,326,923 shares to certain employees and directors. The employee options were awarded with the strike price set at the fair market value at the grant date, and vest at 50 percent upon grant and 50 percent on April 30, 2015 with an expiration date of December 2, 2017. The directors’ options were awarded with the strike price set at the fair market value at the grant date, and vest quarterly commencing on January 1, 2015 with an expiration date of December 2, 2017. The fair value of each option grant, which ranged from $3.07 to $3.54 per option granted in 2014, is estimated on the date of grant using the Black-Scholes option-pricing model. The fair value options that vested as of December 31, 2015 was $2.7 million.

The following table provides the assumptions utilized in the Black-Scholes model for options granted during the year ended December 31, 2014. No options were granted during the years ended December 31, 2016 and 2015.

	December 2,  2014			September 24, 2014
Weighted-average risk-free interest rate		0.51			0.42
Expected term of option in years		1.60			1.70
Weighted-average volatility		35.56	%		36.47	%
Dividend yield		0	%		0	%
Weighted average grant date fair value per share	$	3.19		$	2.70

A summary of information related to stock options outstanding at December 31, 2016 is as follows:

	Shares			Weighted-Average Grant Date Fair Value
Balance at December 31, 2014		1,685,923
Granted		—
Exercised		(536,000	)	$	4.29
Forfeited		—
Balance at December 31, 2015		1,149,923		$	2.99
Granted		—
Exercised		—
Balance at December 31, 2016		1,149,923		$	2.99
Vested and exercisable as of December 31, 2016		1,149,923		$	2.99

		Options Outstanding						Options Exercisable
Range of Exercise Price		Number Outstanding		AverageRemaining Contractual Life (in years)		WeightedAverage Exercise Price		Number Exercisable		AverageRemaining Contractual Life (in years)		WeightedAverage Exercise Price
$	14.02		243,000		0.75	$	14.02		243,000		0.75	$	14.02
	16.89		906,923		1.00		16.89		906,923		1.00		16.89
$	16.28		1,149,923		0.88	$	16.28		1,149,923		0.88	$	16.28

No compensation expense was recognized for stock options granted above during the year December 31, 2016. The Company has recognized $1.9 million and $3.3 million of compensation expense during the years ended December 31, 2015 and 2014 relative to the stock options granted above.

Restricted Stock

The Company has also granted shares of its common stock subject to certain restrictions under the Plan. Restricted stock awards granted to employees vest in equal installments generally over a five year period from the grant date subject to the recipient’s continued employment. The fair value of restricted stock awards are estimated by the market price at the date of grant and amortized on a straight-line basis to expense over the period of vesting. Recipients of restricted stock awards have the right to receive dividends. No restricted stock was granted during the year ended December 31, 2016. Restricted stock activity during the year ended December 31, 2016 is as follows:

				Weighted-Average
				Grant-Date Fair
	Number of shares			Value per Share
Non-vested, at December 31, 2015		1,125,000		$	21.40
Granted		—			—
Vested		(158,363	)	$	14.67
Canceled and forfeited		(66,637	)	$	14.67
Non-vested, at December 31, 2016		900,000		$	18.82

Awards are being amortized to expense over the five year vesting period. Relating to the restricted stock the Company recognized $3.8 million and $749 thousand of compensation expense for the years ended December 31, 2016 and 2015, respectively. At December 31, 2016, there was approximately $18.5 million, representing unrecognized compensation expense related to the non-vested restricted stock. The Company expects to recognize the remaining compensation expense over a weighted average period of 3.9 years.

The following table summarizes information about deferred tax benefits recognized and tax benefits realized to restricted stock awards and related paid dividends, and the fair value of vested restricted stock for the year ended December 31, 2016 and 2015, respectively.

For the Year Ended December 31,	2016		2015
Deferred tax benefit recognized	$	—	$	76
Tax benefit realized for restricted stock and paid dividends		—		357
Fair value of vested restricted stock		3,301		—

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Condensed Financial Information of Heritage Insurance Holdings, Inc.

12 Months Ended

Dec. 31, 2016

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Condensed Financial Information of Registrant

Note 21. Condensed Financial Information of Heritage Insurance Holdings, Inc.

The following summarizes the major categories of Heritage Insurance Holdings, Inc.’s financial statements (in thousands, except share and per share data):

	As of December 31,
	2016		2015
	(In thousands)
ASSETS
Fixed maturity securities, available for sale, at fair value	$	77,922	$	—
Cash and cash equivalents		7,368		36,762
Investment in and advances to subsidiaries		334,983		312,047
Other assets		19,055		7,355
Total Assets	$	439,328	$	356,164
LIABILITIES AND STOCKHOLDERS' EQUITY
Other liabilities		81,369		349
Total Liabilities	$	81,369	$	349
Total Stockholders' Equity	$	357,959	$	355,815
Total Liabilities and Stockholders' Equity	$	439,328	$	356,164

	For the Year Ended December 31,
	2016			2015			2014
	(In thousands, except share and per share amounts)
Revenue:
Other revenue	$	1,403		$	1,129		$	1,896
Total revenue		1,403			1,129			1,896
Expenses:
General and administrative expense		11,558			9,036			6,649
Amortization of debt issuance cost		41		—			—
Interest expense, net		321		—			—
Total expenses	$	11,920		$	9,036		$	6,649
Loss before income taxes and equity in net income of    subsidiaries		(10,517	)		(7,907	)		(4,753	)
Benefit from income taxes		—			(2,227	)		(801	)
Loss before equity in net income of subsidiaries		(10,517	)		(5,680	)		(3,952	)
Equity in net income of subsidiaries		2,034			98,192			51,049
Net income	$	(8,483	)	$	92,512		$	47,097

	For the Year Ended December 31,
	2016			2015			2014
	(In thousands)
Net cash (used in) provided by operating activities	$	(6,045	)	$	7,196		$	1,280
Investing Activities
Purchases of investment available for sale		(77,910	)		—			—
Dividends received from subsidiaries		85,096			21,400			16,099
Investments and advances to subsidiaries		(74,361	)		(32,400	)		(98,469	)
Net cash used in investing activities		(73,220	)		(3,804	)		(82,370	)
Financing Activities
Proceeds from issuance of equity from IPO and private    placement, net of discount fee and direct costs of    issuance		—			—			78,670
Proceeds from exercise of stock options and warrants		—			8,900			22,515
Proceeds from issuance of note payable, net of issuance costs		77,910			—			—
Proceeds from issuance of equity and redeemable shares		—			—			88
Excess tax (expense) benefit on stock-based compensation		(739	)		739			—
Shares tendered for income tax withholdings		(977	)		—			—
Purchase of treasury stock		(25,562	)		—			—
Dividends		(6,806	)		—			—
Net cash provided by financing activities		43,826			9,639			101,273
(Decrease)/increase in cash and cash equivalents		(29,394	)		5,835			20,183
Cash and cash equivalents, beginning of period		36,762			30,927			10,744
Cash and cash equivalents, end of year	$	7,368		$	36,762		$	30,927

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Quarterly Results of Operations (Unaudited) - Summary of Quarterly Consolidated Results of Operations

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited) - Summary of Quarterly Consolidated Results of Operations

Note 22. Quarterly Results for 2016 and 2015 (unaudited)

The following table provides a summary of unaudited quarterly results for the periods presented (in thousands, except per share data):

For the year ended December 31, 2016	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net premiums earned	$	106,342	$	108,918	$	101,555	$	94,906
Investment income	$	2,037	$	2,223	$	2,326	$	2,595
Total revenues	$	111,565	$	115,281	$	109,306	$	102,806
Total expenses	$	99,525	$	85,524	$	90,694	$	106,450
Net income	$	7,423	$	18,368	$	10,930	$	(2,856	)
Basic earnings per share	$	0.24	$	0.62	$	0.37	$	(0.09	)
Diluted earnings per share	$	0.24	$	0.62	$	0.37	$	(0.09	)
For the year ended December 31, 2015	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net premiums earned	$	101,489	$	94,846	$	82,361	$	97,572
Investment income	$	1,633	$	2,090	$	1,973	$	1,725
Total revenues	$	105,128	$	99,088	$	89,244	$	101,332
Total expenses	$	56,836	$	58,098	$	61,529	$	68,039
Net income	$	30,056	$	25,400	$	16,813	$	20,243
Basic earnings per share	$	1.01	$	0.85	$	0.56	$	0.66
Diluted earnings per share	$	1.00	$	0.84	$	0.55	$	0.66

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Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Note 23. Subsequent Events

On March 2, 2017, the Company’s Board of Directors declared a $0.06 per share quarterly cash dividends totaling approximately $1.9 million payable on April 4, 2017, to stockholders of record on March 15, 2017.

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Basis of Presentation, Nature of Business and Significant Accounting Policies and Practices (Policies)

12 Months Ended

Dec. 31, 2016

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The consolidated financial statements include the accounts of Heritage Insurance Holdings, Inc. and its wholly-owned subsidiaries. The accompanying consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling financial interest (none of which are variable interest entities). All intercompany accounts and transactions have been eliminated in consolidation.

The Company qualifies as an “emerging growth company” as defined in Section 2(a)(19) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As a result, the Company is eligible for certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies. The Company intends to continue to take advantage of some, but not all, of the exemptions available to emerging growth companies until such time that it is no longer an emerging growth company. The Company has, however, irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with United States Generally Accepted Accounting Principles (“U.S. GAAP”) requires us to make estimates and assumptions about future events that affect the amounts reported in our consolidated financial statements and accompanying notes. We evaluate our estimates on an ongoing basis when updated information related to such estimates becomes available. We base our estimates on historical experience and information available to us at the time these estimates are made. Actual results could differ materially from these estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company’s cash and cash equivalents include demand deposits with financial institutions and short-term, highly-liquid financial instruments with original maturities of three months or less when purchased. The carrying amounts reported in the consolidated balance sheets for interest bearing deposits approximate their fair value because of the short maturity of these financial instruments.

Reclassifications

Reclassifications

Certain prior year amounts have been reclassified to conform to current year presentation. Such classifications include goodwill and intangibles from other assets in the accompanying consolidated balance sheets.

Restricted Cash

Restricted Cash

As of December 31, 2016 and 2015, restricted cash was $20.9 million and $13.1 million, respectively. Heritage P&C holds approximately $19.3 million relating to a reinsurance agreement with an entity that issued catastrophe (“CAT”) bonds, as Heritage P&C is contractually required to deposit two installments of reinsurance premiums into a trust account.

Investments

Investments

The Company classifies all of its investments in fixed maturity securities and equity securities as available-for-sale, and reports them at fair value. Subsequent to its acquisition of available-for-sale securities, the Company records changes in value through the date of disposition as unrealized holding gains and losses, net of tax effects, and includes them as a component of other comprehensive income. The Company includes realized gains and losses, which it calculates using the specific-identification method for determining the cost of securities sold, in net income. The Company amortizes any premium or discount on fixed maturities over the remaining maturity period of the related securities using the effective interest method, and reports the amortization in net investment income. The Company recognizes dividends and interest income when earned.

Quarterly, the Company performs an assessment of its investments to determine if any are “other-than-temporarily” impaired. An investment is impaired when the fair value of the investment declines to an amount less than the cost or amortized cost of that investment. As part of the assessment process, the Company determines whether the impairment is temporary or “other-than-temporary”. The Company bases its assessment on both quantitative criteria and qualitative information, considering a number of factors including, but not limited to: how long the security has been impaired; the amount of the impairment; whether, in the case of equity securities, the Company intends to hold, and have the ability to hold, the security for a period sufficient for us to recover our cost basis, or whether, in the case of debt securities and participations in mortgage loans, the Company intends to sell the investment or it is more likely than not that the Company will have to sell the investment before it recovers the amortized cost or cost; the financial condition and near-term prospects of the issuer; whether the issuer is current on contractually-obligated interest and principal payments; key corporate events pertaining to the issuer and whether the market decline was affected by macroeconomic conditions.

If the Company were to determine that an equity security has incurred an “other-than-temporary” impairment, the Company would permanently reduce the cost of the security to fair value and recognize an impairment charge in its consolidated statements of operations and comprehensive income. If a debt security or participation in a commercial mortgage loan was impaired and the Company either intends to sell the investment or it is more likely than not that the Company will have to sell the investment before it is able to recover the amortized cost or cost, then the Company would record the full amount of the impairment in its consolidated statement of operations and other comprehensive income.

A large portion of the Company’s investment portfolio consists of fixed maturity securities, which may be adversely affected by changes in interest rates as a result of governmental monetary policies, domestic and international economic and political conditions and other factors beyond its control. A rise in interest rates would decrease the net unrealized holding gains of our investment portfolio, offset by the Company’s ability to earn higher rates of return on funds reinvested. Conversely, a decline in interest rates would increase the net unrealized holding gains of our investment portfolio, offset by lower rates of return on funds reinvested.

Accumulated other comprehensive income consists solely of unrealized gains and loss investments and is presented net of income tax.

Fair Value

Fair Value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price). When reporting the fair values of the Company’s financial instruments, the Company prioritizes those fair value measurements into one of three levels based on the nature of the inputs, as follows:

• Level 1—Assets and liabilities with values based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company is able to access;

• Level 2—Asset and liabilities with values based on quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; or valuation models with inputs that are observable, directly or indirectly for substantially the term of the asset or liability.

• Level 3—certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date based on the best information available in the circumstances.

The Company estimates the fair value of its investments using the closing prices on the last business day of the reporting period, obtained from active markets such as the NYSE and NASDAQ. For securities for which quoted prices in active markets are unavailable, the Company uses observable inputs such as quoted prices in inactive markets, quoted prices in active markets for similar instruments, benchmark interest rates, broker quotes and other relevant inputs. The Company does not have any investments in its portfolio which require the use of unobservable inputs. The Company’s estimate of fair value reflects the interest rate environment that existed as of the close of business on December 31, 2016. Changes in interest rates subsequent to December 31, 2016 may affect the fair value of the Company’s investments.

The Company believes the carrying amounts of its cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other current liabilities approximate their fair values at December 31, 2016 and December 31, 2015, due to the immediate or short term maturity of these instruments. The Company believes the carrying value of notes payable approximates fair value due to the recent nature of the transaction and its variable market rate of interest.

The Company’s non-financial assets, such as goodwill and property, plant and equipment are carried at cost until there are indicators of impairment, and are recorded at fair value only when an impairment charge is recognized.

Premiums

Premiums

The Company records assumed premiums written (premiums from policies that the Company assumed from Sunshine State Insurance Company (“SSIC”) and from Citizens Property Insurance Corporation (“Citizens”), net of opt-outs and direct premiums written (premiums from subsequent renewals of Citizens’ and SSIC policies and voluntary policies written during the period) as revenue, net of ceded amounts, on a daily pro rata basis over the contract period of the related policies that are in force. For any portion of premiums not earned at the end of the reporting period, the Company records an unearned premium liability. As a one-time only transaction on June 27, 2014, the Company assumed approximately $58.9 million of annualized premiums from SSIC. The Company acquired 32,000 SSIC policies and as of December 31, 2016 have approximately 19,600 of those policies in force.  

Premiums receivable represents amounts due from our policyholders for billed premiums and related policy fees. We perform a policy-level evaluation to determine the extent to which the balance of premiums receivable exceeds the balance of unearned premiums. We then age any resulting exposure based on the last date the policy was billed to the policyholder, and we establish an allowance for credit losses for any amounts outstanding for more than 90 days. When we receive payments on amounts previously charged off, we reduce bad debt expense in the period we receive the payment. Balances in premiums receivable and the associated allowance account are removed upon cancellation of the policy due to non-payment. We recorded no allowance for the years ended December 31, 2016 and 2015, respectively.  Bad debt expense recovery related to uncollectible premiums was $0, $(250) thousand and $250 thousand for the years ended December 31, 2016, 2015 and 2014, respectively.

When the Company receives premium payments from policyholders prior to the effective date of the related policy, the Company records an advance premiums liability. On the policy effective date, the Company reduces the advance premium liability and records the premiums as described above.

Policy Acquisition Costs

Policy Acquisition Costs

The Company incurs policy acquisition costs that vary with, and are directly related to, the production of new business. Policy acquisition costs consist of the following four items: (i) commissions paid to outside agents at the time of policy issuance; (ii) policy administration fees paid to a third-party administrator at the time of policy issuance; (iii) premium taxes; and (iv) inspection fees. The Company capitalizes policy acquisition costs to the extent recoverable, then the Company amortizes those costs over the contract period of the related policy.

At each reporting date, the Company determines whether it has a premium deficiency. A premium deficiency would result if the sum of the Company’s expected losses, deferred policy acquisition costs, and policy maintenance costs (such as costs to store records and costs incurred to collect premiums and pay commissions) exceeded the Company’s related unearned premiums plus investment income. Should the Company determine that a premium deficiency exists, the Company would write off the unrecoverable portion of deferred policy acquisition cost.

Long-Lived Assets-Property and Equipment

Long-Lived Assets—Property and Equipment

Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation is calculated on a straight-line basis over the estimated useful lives as follows: building—40 years; computer hardware and software 3—years; office and furniture equipment—3 to 7 years. Leasehold improvements are amortized over the shorter of the lease term or the asset’s useful life. Expenditures for improvements are capitalized to the property accounts. Replacements and maintenance and repairs that do not improve or extend the life of the respective assets are expensed as incurred.

Business Acquisition

Business Acquisition

The application of the purchase method of accounting for business combinations requires the use of significant estimates and assumptions in determining the fair value of assets acquired and liabilities assumed in order to properly allocate the fair value of the acquired business. The estimates of the fair value of the assets acquired and liabilities assumed are based upon assumptions believed to be reasonable using established valuation techniques that consider a number of factors and when appropriate, valuations performed by independent third party appraisers. Assets acquired and liabilities assumed in connection with business combinations are recorded based on their respective fair values at the date of acquisition.

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill represents the excess of costs over the fair value of net assets acquired. Goodwill is subject to evaluation for impairment using a fair value based test. This evaluation is performed annually, during the fourth quarter or more frequently if facts and circumstances warrant. The Company uses a qualitative approach to test goodwill for impairment by first assessing qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The Company applies this qualitative approach as of October 1 annually to any and all reporting units. If required following the qualitative assessment, the first step in the goodwill impairment test involves comparing the fair value of each of a reporting unit to the carrying value of a reporting unit. If the carrying value of a reporting unit exceeds the fair value of the reporting unit, the Company is required to proceed to the second step. In the second step, the fair value of the reporting unit would be allocated to the assets (including unrecognized intangibles) and liabilities of the reporting unit, with any residual representing the implied fair value of goodwill. An impairment loss would be recognized if, and to the extent that, the carrying value of goodwill exceeded the implied value. The Company reviews amortizable intangible assets for impairment whenever events or circumstances indicate that carrying amounts may not be recoverable. If the Company concludes that impairment exists, the carrying amount is reduced to fair value.

Impairment of Long-Lived Assets Including Intangible Assets Subject to Amortization

Impairment of Long-Lived Assets Including Intangible Assets Subject to Amortization

The Company assesses the recoverability of long-lived assets when events or circumstances indicate that the assets might have become impaired. The Company determines whether the assets can be recovered from undiscounted future cash flows and, if not recoverable, the Company recognizes impairment to reduce the carrying value to fair value. Recoverability of long lived assets is dependent upon, among other things, the Company’s ability to maintain profitability, so as to be able to meet its obligations when they become due. No impairment was recognized in any period presented.

Unpaid Losses and Loss Adjustment Expenses

Unpaid Losses and Loss Adjustment Expenses

The Company’s reserves for unpaid losses and loss adjustment expenses represent the estimated ultimate cost of settling all reported claims plus all claims we incurred related to insured events that have occurred as of the reporting date, but that policyholders have not yet reported to the Company (incurred but not reported, or “IBNR”).

The Company estimates its reserves for unpaid losses and loss adjustment expenses using individual case-based estimates for reported claims and actuarial estimates for IBNR losses. The Company continually reviews and adjusts its estimated losses as necessary based on industry development trends, the Company’s evolving claims experience and new information obtained. If the Company’s unpaid losses and loss adjustment expenses are considered to be deficient or redundant, the Company increases or decreases the liability in the period in which it identifies the difference and reflects the change in its current period results of operations. Though the Company’s estimate of the ultimate cost of settling all reported and unreported claims may change at any point in the future, a reasonable possibility exists that its estimate may vary significantly in the near term from the estimated amounts included in the Company’s consolidated financial statements.

The Company reports its reserves for unpaid losses and loss adjustment expenses gross of the amounts related to unpaid losses recoverable from reinsurers and reports losses net of amounts ceded to reinsurers. The Company does not discount its loss reserves for financial statement purposes.

Other Revenue

Other revenue

Other revenue represents rental income due under non-cancelable leases for space at the Company’s commercial property in Clearwater, Florida that was acquired in April 2013, and all policy and pay-plan fees. Our insurance affiliates charge policyholders a policy fee on each policy written; these fees are not subject to refund, and the Company recognizes the income immediately when collected. The Company also charges pay-plan fees to policyholders that pay its premiums in more than one installment and records the fees as income when collected. In addition, the Company records revenue earned from its restoration subsidiary for non-insurance construction as services are performed.

Reinsurance

Reinsurance

The Company follows industry practice of reinsuring a portion of our risks. Reinsurance involves transferring, or “ceding”, all or a portion of the risk exposure on policies the Company writes to another insurer, known as a reinsurer. To the extent that the Company’s reinsurers are unable to meet the obligations they assume under the Company’s reinsurance agreements, the Company remains liable for the entire insured loss.

The Company’s reinsurance agreements are short-term, prospective contracts. The Company records an asset, prepaid reinsurance premiums, and a liability, reinsurance payable, for the entire contract amount upon commencement of new reinsurance agreements. The Company amortizes its prepaid reinsurance premiums over the 12-month contract period.

In the event that the Company incurs losses recoverable under its reinsurance program, the Company records amounts recoverable from its reinsurers on paid losses plus an estimate of amounts recoverable on unpaid losses. The estimate of amounts recoverable on unpaid losses is a function of the Company’s liability for unpaid losses associated with the reinsured policies; therefore, the amount changes in conjunction with any changes to the estimate of unpaid losses. Given that an estimate of amounts recoverable from reinsurers on unpaid losses may change at any point in the future because of its relation to the Company’s reserves for unpaid losses, a reasonable possibility exists that an estimated recovery may change significantly from initial estimates.

The Company estimates uncollectible amounts receivable from reinsurers based on an assessment of factors including the creditworthiness of the reinsurers and the adequacy of collateral obtained, where applicable. The Company recorded no uncollectible amounts under its reinsurance program or bad debt expense related to reinsurance for the years ended December 31, 2016, 2015 and 2014.

Assessments

Assessments

Guaranty fund and other insurance-related assessments imposed upon the Company are recorded as policy acquisition costs in the period the regulatory agency imposes the assessment. To recover Florida Insurance Guaranty Association (“FIGA”)/Hawaii Insurance Guaranty Association (“HIGA”) assessments, the Company in turn submits a plan for recoupment to the Insurance Commissioner for approval and upon approval, begins collecting a policy surcharge that will allow it to collect the prior years assessments over a 12-month period, based on an estimate of the number of policies the Company expects to write. The Company then submits an information only filing, pursuant to Florida Statute 631.57(3)(h)/Hawaii Statute 431:16-115(b), to the insurance regulatory authority requesting formal approval of the policy FIGA/HIGA surcharge. The process may be repeated in successive 12-month periods until the Company recoups all assessments. The Company records the recoveries as revenue in the period that it collects the cash. While current regulations allow the Company to recover from policyholders the amount of assessments imposed upon the Company, the Company’s payment of the assessments and recoveries may not offset each other in the same year. There were no such assessments during the periods presented.

The Company collects other assessments imposed upon policyholders as a policy surcharge and records the amounts collected as a liability until the Company remits the amounts to the regulatory agency that imposed the assessment.

Accrued Bonus Compensation

Accrued Bonus Compensation

Our Board of Directors determined in 2013 that the bonus pool based on earnings before interest, taxes, depreciation and amortization (“EBITDA”) was appropriate. For the year ended December 31, 2016 the Board of Directors approved an EBITDA bonus of approximately $4.4 million to be paid to officers and employees of which approximately $800 thousand was paid out in cash as of December 31, 2016.  For the year ended December 31, 2015, the Company recognized employee bonus compensation expense of approximately $14.1 million, which the Company paid out in cash of approximately $12.1 million as of December 31, 2015 and the remainder during 2016. For the year ended December 31, 2014, the company recognized employee bonus compensation of $7.2 million.

Debt Issuance Costs

Debt Issuance Costs

On December 15, 2016, the Company issued $79.5 million in Senior Secured Notes to six accredited investors. In connection with the issuance of debt the Company incurred $6.6 million in debt issuance costs. Debt issuance costs is reflected on the balance sheet as a net of note payable, and amortized using the effective interest method over the life of the underlying debt instrument.

Income Taxes

Income Taxes

On May 22, 2014, the Company converted from a limited liability company to a corporation. As a limited liability company, the Company was treated as a partnership for tax purposes, and accordingly was not subject to entity-level federal or state income taxation. The Company’s income tax provision generally consisted of income taxes payable by its separate subsidiaries that are taxed as corporations. As such, the Company’s effective tax rate as a limited liability company was historically driven primarily by the taxable income recognized by its taxable subsidiaries. As a corporation, the Company is subject to typical corporate U.S. federal and state income tax rates on a consolidated basis which it expects to result in a combined federal and state statutory tax rate of approximately 38.575% under current tax law.

The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which it expects to recover or settle those temporary differences. Should a change in tax rates occur, the Company recognizes the effect on deferred tax assets and liabilities in operations in the period that includes the enactment date. Realization of the Company’s deferred income tax assets depends upon our generation of sufficient future taxable income.

The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant taxing authority.

The Company records any income tax penalties and income-tax-related interest as income tax expense in the period incurred. The Company did not incur any material tax penalties or income-tax-related interest for the years ended December 31, 2016, 2015, and 2014, respectively.

Stock-Based Compensation

Stock-Based Compensation

The Company measures stock-based compensation at the grant date based on the fair value of the award and recognizes stock-based compensation expense over the requisite vesting period. Determining the fair value of stock option awards requires judgment, including estimating stock price volatility, forfeiture rates and expected option life. Restricted stock awards are valued based on the fair value of the stock on the grant date and the related compensation expense is recognized over the vesting period.

Advertising Costs

Advertising Costs

The Company expenses all advertising costs when it incurs those costs. For the years ended December 31, 2016, 2015 and 2014, the Company incurred advertising costs of $94 thousand $27 thousand, and $14 thousand, respectively.

Earnings Per Share

Earnings Per Share

The Company reports both basic earnings per share and diluted earnings per share. To calculate basic earnings per share, the Company divides net income attributable to common shareholders by the weighted-average number of shares outstanding during the period, including vested restricted shares. The Company calculates diluted earnings per share by dividing net income attributable to common shareholders by the weighted-average number of shares, and the effect of share equivalents, and vested and unvested restricted shares outstanding during the period using the treasury stock method to calculate common stock equivalents.

Concentrations of Risk

Concentrations of Risk

The Company’s current operations subject us to the following concentrations of risk:

• Revenue—The Company writes residential property and liability policies exclusively.

• Geographic—The Company writes its premium in Florida, North Carolina, South Carolina and Hawaii, with approximately 90% of the premium written in Florida.

• Group concentration of credit risk—All of the Company’s reinsurers engage in similar activities and have similar economic characteristics that could cause their ability to repay us to be similarly affected by changes in economic or other conditions.

• Credit risk—The Company chooses to deposit all its cash at twelve financial institutions.

The Company mitigates its geographic and group concentrations of risk by entering into reinsurance contracts with highly rated, financially-stable reinsurers, and by securing irrevocable letters of credit from reinsurers when necessary.

With regard to cash, the Company had $123.4 million and $243.7 million in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits at December 31, 2016 and December 31, 2015, respectively. Deposits held in non- interest-bearing transaction accounts are combined with interest-bearing accounts and are insured up to $250 thousand.

Accounting Pronouncements

Accounting Pronouncements

The Company describes below recent pronouncements that may have a significant effect on its consolidated financial statements or on its disclosures upon future adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on, or are unrelated to, its financial condition, results of operations, or related disclosures.

In January 2017, the Financial Accounting Standards Board (“FASB”) issued updated guidance on goodwill impairment testing requiring entities to calculate the implied fair value of goodwill through a hypothetical purchase price allocation. Under the updated guidance, impairment will now be recognized as the amount by which a reporting unit’s carrying value exceeds its fair value. The standard is effective for us in the first quarter of 2020 on a prospective basis with early adoption permitted. The Company does not expect the adoption of this standard will have a material impact on the consolidated financial statements.

In November 2016, the FASB issued guidance regarding the presentation of changes in restricted cash in the statement of cash flows. The updated guidance is effective for the Company in the first quarter of 2018 with early adoption permitted. The updated guidance should be applied retrospectively, unless it is impracticable to do so, at which point the guidance should be applied prospectively. The Company currently recognizes changes in restricted cash in operating activities on the consolidated statement of cash flows. Upon adoption of this updated guidance, such changes will be reflected in the same manner as other cash and cash equivalents.

In August 2016, the FASB issued guidance clarifying the classification of certain cash receipts and cash payments that will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. This updated guidance is effective on January 1, 2018, and will require adoption on a retrospective basis with early adoption permitted. The Company has not experienced any transactions that are within the scope of this guidance and accordingly will evaluate the effect of this guidance further if and when any such transactions occur.

In June 2016, the FASB issued guidance on the accounting for credit losses of financial instruments that are measured at amortized cost, including held to maturity securities and reinsurance recoverables, by applying an approach based on the current expected credit losses. The estimate of expected credit losses should consider historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset in order to present the net carrying value at the amount expected to be collected on the financial asset on the consolidated balance sheet. The guidance also amends the current accounting for other-than-temporary impairment model by requiring an estimate of the expected credit loss only when the fair value is below the amortized cost of the asset. The length of time the fair value of an available for sale debt security has been below the amortized cost will no longer impact the determination of whether a potential credit loss exists. The available for sale debt security model will also require the use of a valuation allowance as compared to the current practice of writing down the asset. The standard is effective for the Company in the first quarter of 2020 with early adoption permitted in the first quarter of 2019. The Company is in the early stages of evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.

In March 2016, the FASB issued guidance which requires recognition of the excess tax benefits or deficiencies of share-based awards through net income rather than through additional paid in capital. Additionally, the guidance allows for an election to account for forfeitures related to share-based payments either as they occur or through an estimation method. The Company will adopt this guidance beginning with the first quarter of 2017 and will recognize the excess tax benefits (deficiencies) within our results of operations. The calculation of the excess tax benefits and deficiencies is based on the difference between the market value of a stock award at the date of vesting, or at the time of exercise for a stock option, compared to the grant date fair value recognized as compensation expense in the consolidated statements of operations. The Company has determined that the financial statements in future periods will be affected by this new guidance principally when excess tax benefit or deficiencies occur, given that all such future items will be recognized as income tax benefits or expense in the consolidated statements of income and comprehensive income. The value of such transactions is not currently determinable because such amounts will vary based upon the value of the Company’s common stock on the date of vesting of restricted stock or exercise of stock options. Additionally, the amounts recognized will be presented as operating activities in the consolidated statement of cash flows, whereas such amounts are currently classified as financing activities.

In February 2016, the FASB issued guidance that affects the recognition, measurement, presentation and disclosure of leases. The new guidance requires substantially all leases to be reported on the balance sheet as right-to-use assets and lease liabilities, as well as additional disclosures. The standard is effective as of January 1, 2019, and early adoption is permitted. While the Company has limited leasing activities, the Company is in the early stages of evaluating the impact of the new guidance on its consolidated financial statements.

In January 2016, the FASB issued guidance that affects the recognition, measurement, presentation, and disclosure of financial instruments. The guidance requires equity investments to be measured at fair value with changes in fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee) and an assessment of a valuation allowance on deferred tax assets related to unrealized losses of available for sale debt securities in combination with other deferred tax assets. The standard is effective for the Company in the first quarter of 2018. The Company is in the early stages of evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. The effect of adopting this guidance will be principally affected by the level of unrealized gains or losses associated with equity investments with readily determinable market values. Such unrealized gains or losses will be recognized upon adoption as a cumulative-effect adjustment with future unrealized gains or losses reflected in the statement of income and comprehensive income. Refer to Note 3 for the current status of such unrealized gains and losses levels that are currently recognized as other comprehensive income.

In May 2014, the FASB issued an accounting standard that supersedes most existing revenue recognition guidance. The standard excludes from its scope the accounting for insurance contracts, leases, financial instruments, and certain other agreements that are governed under other GAAP guidance, but could affect the revenue recognition for certain of our claims management and risk control services. The updated guidance requires an entity to recognize revenue as performance obligations are met, in order to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration the entity is entitled to receive for those goods or services. This guidance is not applicable to insurance contracts. The standard is effective for the Company in the first quarter of 2018 with early adoption permitted. Accordingly, while the Company is in the early stages of evaluating the effect of adopting this new guidance, the Company believes the application of this guidance will be less complex in relation to any non-insurance contracts.

No other new accounting pronouncement issued or effective during the fiscal year had or is expected to have a material impact on our consolidated financial statements or disclosures.

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Business Acquisition (Tables)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Schedule of Purchase Consideration and Allocation of Assets and Liabilities Assumed

The table below details the purchase consideration and allocation of assets and liabilities assumed for the ZAC acquisition:

Purchase Consideration
Cash, net of cash acquired	$	110,319
Assets acquired
Investments	$	76,543
Premiums and agent's receivable		1,403
Other assets		526
Prepaid reinsurance premiums		4,792
Intangible assets – value of business acquired		7,600
Intangible assets		24,245
Total assets acquired	$	115,109
Total liabilities assumed	$	(43,216	)
Net assets acquired	$	71,893
Goodwill		38,426
Total purchase price	$	110,319

Summary of Pro Forma Information

The following table summarizes the results of the acquired ZAC operations since the acquisition date that have been included within our consolidated statement of operations.

(in thousands)	March 21, 2016 to December 31, 2016
Total revenue	$	27,537
Net income	$	8,900

The following table (all amounts in thousands, except for per share data)  provides supplemental unaudited pro forma consolidated information for the years ended December 31, 2016 and 2015, as if ZAC had been acquired as of January 1, 2015. The unaudited pro forma consolidated financial statements are presented solely for informational purposes and are not necessarily indicative of the consolidated results of operations that might have been achieved had the transaction been completed as of the date indicated, nor are they meant to be indicative of any anticipated consolidated future results of operations that the combined company will experience after the transaction.

	For the Years Ended December 31,
	2016		2015
	(unaudited)
Revenue	$	447,780	$	432,070
Net income	$	36,817	$	104,722
Basic, earnings per share	$	1.24	$	3.48
Diluted, earnings per share	$	1.24	$	3.45

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Investments (Tables)

12 Months Ended

Dec. 31, 2016

Investments Debt And Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Value of Investment Securities

The following table details the difference between cost or adjusted/amortized cost and estimated fair value, by major investment category, at December 31, 2016 and December 31, 2015:

	Cost or Adjusted / Amortized Cost		GrossUnrealized Gains		GrossUnrealized Losses		Fair Value
	(In thousands)
December 31, 2016
U.S. government and agency securities	$	107,968	$	29	$	449	$	107,548
States, municipalities and political subdivisions		281,935		298		4,872		277,361
Special revenue		53,726		29		759		52,996
Industrial and miscellaneous		129,687		535		577		129,645
Redeemable preferred stocks		3,595		15		149		3,461
Total fixed maturities		576,911		906		6,806		571,011
Nonredeemable preferred stocks		14,935		40		460		14,515
Equity securities		19,255		1,197		2,996		17,456
Total equity securities		34,190		1,237		3,456		31,971
Total investments	$	611,101	$	2,143	$	10,262	$	602,982

	Cost or Adjusted / Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
December 31, 2015
U.S. government and agency securities	$	25,474	$	16	$	387	$	25,103
States, municipalities and political subdivisions		184,145		2,107		137		186,115
Special revenue		42,593		19		204		42,408
Industrial and miscellaneous		115,313		294		932		114,675
Redeemable preferred stocks		3,442		61		21		3,482
Total fixed maturities		370,967		2,497		1,681		371,783
Nonredeemable preferred stocks		12,443		338		43		12,738
Equity securities		19,996		398		4,819		15,575
Total equity securities		32,439		736		4,862		28,313
Total investments	$	403,406	$	3,233	$	6,543	$	400,096

Schedule of Realized Gains (Losses) by Major Investment Category

The Company calculates the gain or loss realized on the sale of investments by comparing the sales price (fair value) to the cost or adjusted/amortized cost of the security sold. The Company determines the cost or adjusted/amortized cost of the security sold using the specific-identification method. The following tables detail the Company’s realized gains (losses) by major investment category as of December 31, 2016 and 2015, respectively:

	2016					2015
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
	(In thousands)
Year Ended December 31,
Fixed maturities	$	2,782		$	70,728	$	1,318		$	78,161
Equity securities		108			8,337		448			24,100
Total realized gains		2,890			79,065		1,766			102,261
Fixed maturities		(253	)		15,496		(133	)		13,343
Equity securities		(904	)		5,098		(125	)		1,616
Total realized losses		(1,157	)		20,594		(258	)		14,959
Net realized gains	$	1,733		$	99,659	$	1,508		$	117,220

Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity

The table below summarizes the Company’s fixed maturities at December 31, 2016 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of those obligations.

	December 31, 2016
	Cost or Amortized Cost		Percent of Total			Fair Value		Percent of Total
	(In thousands)					(In thousands)
Due in one year or less	$	158,517		28	%	$	158,496		28	%
Due after one year through five years		173,221		30	%		172,309		30	%
Due after five years through ten years		145,299		25	%		142,259		25	%
Due after ten years		99,874		17	%		97,947		17	%
Total	$	576,911		100	%	$	571,011		100	%

	December 31, 2015
	Cost or Amortized Cost		Percent of Total			Fair Value		Percent of Total
	(In thousands)					(In thousands)
Due in one year or less	$	34,162		9	%	$	34,165		9	%
Due after one year through five years		146,616		40	%		146,211		40	%
Due after five years through ten years		79,380		21	%		79,887		21	%
Due after ten years		110,809		30	%		111,520		30	%
Total	$	370,967		100	%	$	371,783		100	%

Summary of Net Investment Income

The following table summarizes the Company’s net investment income by major investment category for the years ended December 31, 2016, 2015 and 2014, respectively:

	For the Year Ended December 31,
	2016		2015		2014
	(In thousands)
Fixed maturities	$	8,709	$	6,960	$	3,100
Equity securities		1,955		1,811		1,159
Cash, cash equivalents and short-term investments		226		258		181
Other investments		21		259		243
Net investment income		10,911		9,289		4,683
Investment expenses		1,730		1,868		834
Net investment income, less investment expenses	$	9,181	$	7,421	$	3,849

Aging of Gross Unrealized Investment Losses

The following table presents an aging of the Company’s unrealized investment losses by investment class as of December 31, 2016 and December 31, 2015:

	Less Than Twelve Months						Twelve Months or More
	Number of Securities		Gross Unrealized Losses		Fair Value		Number of Securities		Gross Unrealized Losses		Fair Value
	(In thousands)
December 31, 2016
U.S. government and agency securities		35	$	448	$	24,649		2	$	1	$	200
States, municipalities and political subdivisions		265		4,869		220,034		2		3		1,497
Industrial and miscellaneous		161		571		56,996		2		6		974
Special revenue		189		631		44,712		11		129		1,828
Redeemable preferred stocks		19		143		2,425		1		6		212
Total fixed maturities		669		6,662		348,816		18		145		4,711
Nonredeemable preferred stocks		77		439		11,298		5		20		234
Equity securities		26		191		2,542		29		2,805		7,317
Total equity securities		103	$	630	$	13,840		34	$	2,825	$	7,551
Total		772	$	7,292	$	362,656		52	$	2,970	$	12,262

	Less Than Twelve Months						Twelve Months or More
	NumberofSecurities		GrossUnrealized Losses		FairValue		NumberofSecurities		GrossUnrealized Losses		FairValue
	(In thousands)
December 31, 2015
U.S. government and agency securities		19	$	385	$	19,849		2	$	3	$	397
States, municipalities and political subdivisions		14		50		10,979		1		3		164
Industrial and miscellaneous		141		870		73,312		5		61		1,318
Special revenue		134		279		60,203		10		9		1,646
Redeemable preferred stocks		9		21		950		—		—		—
Total fixed maturities		317		1,605		165,293		18		76		3,525
Nonredeemable preferred stocks		19		29		1,560		5		14		250
Equity securities		48		2,975		8,416		20		1,844		2,680
Total equity securities		67	$	3,004	$	9,976		25	$	1,858	$	2,930
Total		384	$	4,609	$	175,269		43	$	1,934	$	6,455

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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

	Goodwill
	(in thousands)
Balance as of December 31, 2014	$	2,350
Goodwill acquired		5,678
Impairment	—
Balance as of December 31, 2015	$	8,028
Goodwill acquired		38,426
Impairment	—
Balance as of December 31, 2016	$	46,454

Schedule of Finite-lived Intangible Assets

The tables below detail the finite-lived intangible assets, net as of December 31, 2016 and 2015, respectively (amounts in thousands):

December 31, 2016	Weighted -average Amortization (years)		Gross Carrying Amount		Accumulated Amortization			Intangible Assets, net (1)
Brand		15	$	1,210	$	(114	)	$	1,096
Agent relationships		12		4,800		(300	)		4,500
Renewal rights		15		16,600		(830	)		15,770
Customer relations		10		870		(123	)		747
Trade names		10		2,000		(150	)		1,850
Value of business acquired		1		7,600		(5,700	)		1,900
Non-compete		2.5		790		(286	)		504
Total intangible assets			$	33,870	$	(7,503	)	$	26,367

(1) Excludes insurance license valued at $175 thousand and classified as an indefinite lived intangible which is subject to annual impairment testing and not amortized.

December 31, 2015	Weighted -average Amortization (years)	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, net
Brand	15	$	1,210	$	(34	)	$	1,176
Customer relations	10		870		(36	)		834
Non-compete	5		120		(10	)		110
Total intangible assets		$	2,200	$	(80	)	$	2,120

Schedule of Estimated Amortization of Intangible Assets

Estimated annual pretax amortization of intangible assets for each of the next five years and thereafter is as follows (in thousands):

Year	Amount (1)
2017	$	4,133
2018		1,982
2019		1,898
2020		1,888
2021		1,875
Thereafter		14,591
	$	26,367

(1) Excludes insurance license valued at $175 thousand classified as an indefinite lived intangible which is subject to annual impairment testing and not amortized.

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Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted EPS

The following table sets forth the computation of basic and diluted EPS for the periods indicated.

	For the Year Ended December 31,
	2016		2015		2014
Basic earnings per share:
Net income attributable to common stockholders (000's)	$	33,865	$	92,512	$	47,097
Weighted average shares outstanding		29,632,171		30,056,491		24,568,876
Basic earnings per share:	$	1.14	$	3.08	$	1.92
Diluted earnings per share:
Net income attributable to common stockholders (000's)	$	33,865	$	92,512	$	47,097
Weighted average shares outstanding		29,632,171		30,056,491		24,568,876
Weighted average dilutive shares		2,178		269,977		1,247,684
Total weighted average dilutive shares		29,634,349		30,326,468		25,816,560
Diluted earnings per share:	$	1.14	$	3.05	$	1.82

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

The following table presents information about the Company’s assets measured at fair value on a recurring basis. The Company assesses the levels for the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company’s accounting policy regarding the recognitions of transfers between levels of the fair value hierarchy. For the years ended December 31, 2016 and 2015, there were no transfers in or out of Level 1, 2, and 3.

December 31, 2016	Total		Level 1		Level 2		Level 3
	(in thousands)
Fixed maturities investments:
U.S. government and agency securities	$	107,548	$	103,997	$	3,551	$	—
States, municipalities and political subdivisions		277,361		—		277,361		—
Special revenue		52,996		—		52,996		—
Industrial and miscellaneous		129,645		—		129,645		—
Redeemable preferred stocks		3,461		3,461		—		—
Total fixed maturities investments	$	571,011	$	107,458	$	463,553	$	—
Nonredeemable preferred stocks		14,515		14,515		—		—
Equity securities		17,456		17,456		—		—
Total equity securities	$	31,971	$	31,971	$	—	$	—
Total investments	$	602,982	$	139,429	$	463,553	$	—

December 31, 2015	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Certificate of deposits (1)	$	3,300	$	3,300	$	—	$	—
Fixed maturities investments:
U.S. government and agency securities	$	25,103	$	22,361	$	2,742	$	—
States, municipalities and political subdivisions		186,115		—		186,115		—
Special revenue		42,408		—		42,408		—
Industrial and miscellaneous		114,675		—		114,675		—
Redeemable preferred stocks		3,482		3,482		—		—
Total fixed maturities investments	$	375,083	$	29,143	$	345,940	$	—
Nonredeemable preferred stocks		12,738		12,738		—		—
Equity securities		15,575		15,575		—		—
Total equity securities	$	28,313	$	28,313	$	—	$	—
Total investments	$	403,396	$	57,456	$	345,940	$	—

⁽¹⁾ Includes commercial paper with a maturity of three months or less at the time of purchase of $3.3 million classified in cash and cash equivalents.

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Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2016

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following at December 31, 2016 and 2015 (in thousands):

	December 31, 2016		December 31, 2015
	(In thousands)
Land	$	2,582	$	2,582
Building		10,301		9,599
Computer hardware and software		3,113		2,502
Office furniture and equipment		759		634
Tenant and leasehold improvements		3,334		3,300
Vehicle fleet		842		693
Total, at cost		20,931		19,310
Less: accumulated depreciation and amortization		3,752		2,199
Property and equipment, net	$	17,179	$	17,111

Schedule of Expected Annual Rental Income Due Under Non-Cancellable Operating Leases for Real Estate Properties

Expected annual rental income due under non-cancellable operating leases for our real estate properties is as follows (in thousands):

Year	Amount
January 1 to December 31, 2017	$	2,604
January 1 to December 31, 2018		2,643
January 1 to December 31, 2019		2,492
January 1 to December 31, 2020		2,498
January 1 to December 31, 2021		2,551
Thereafter		3,632
	$	16,420

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Deferred Policy Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2016

Insurance [Abstract]

Summary of Activity in Deferred Policy Acquisition Costs (DPAC)

The table below depicts the activity with regard to DPAC for the years ended December 31, 2016 and 2015:

	For the Year Ended December31,
	2016			2015
	(In thousands)
Beginning Balance	$	34,800		$	24,370
Policy acquisition costs deferred		92,400			67,616
Amortization		(84,421	)		(57,186	)
Ending Balance	$	42,779		$	34,800

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Reinsurance (Tables)

12 Months Ended

Dec. 31, 2016

Insurance [Abstract]

Schedule of Reinsurance Transactions on Components of Condensed Consolidated Statements of Income and Comprehensive Income

The following table depicts written premiums, earned premiums and losses, showing the effects that the Company’s assumption transactions have on these components of the Company’s consolidated statements of income and comprehensive income:

	For the Year Ended December 31,
	2016			2015			2014
	(In thousands)
Premium written:
Direct	$	618,932		$	487,583		$	283,295
Assumed		7,772			98,515			153,112
Ceded		(252,113	)		(183,841	)		(99,798	)
Net premium written	$	374,591		$	402,257		$	336,609
Change in unearned premiums:
Direct	$	(29,480	)	$	(103,138	)	$	(80,617	)
Assumed		43,294			41,780			(44,276	)
Ceded		23,316			35,369			11,896
Net decrease (increase)	$	37,130		$	(25,989	)	$	(112,997	)
Premiums earned:
Direct	$	589,452		$	384,445		$	202,678
Assumed		51,066			140,295			108,836
Ceded		(228,797	)		(148,472	)		(87,902	)
Net premiums earned	$	411,721		$	376,268		$	223,612
Losses and LAE incurred:
Direct	$	214,362		$	107,552		$	64,686
Assumed		26,361			33,639			24,874
Ceded		(1,861	)		—			—
Net losses and LAE incurred	$	238,862		$	141,191		$	89,560

Effects of Reinsurance Transactions on Unpaid Losses and Loss Adjustment Expenses and Unearned Premiums

The following table highlights the effects that the Company’s assumption transactions have on unpaid losses and loss adjustment expenses and unearned premiums:

	For the Year Ended December 31,
	2016			2015			2014
	(In thousands)
Unpaid losses and loss adjustment expenses:
Direct	$	119,339		$	60,223		$	34,420
Assumed		20,798			23,499			17,049
Gross unpaid losses and LAE	$	140,137		$	83,722		$	51,469
Unearned premiums:
Direct	$	317,579		$	258,754		$	155,617
Assumed		445			43,739			85,519
Gross unearned premiums		318,024			302,493			241,136
Ceded		(106,609	)		(78,517	)		(43,148	)
Net unearned premiums	$	211,415		$	223,976		$	197,988

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Reserve for Unpaid Losses (Tables)

12 Months Ended

Dec. 31, 2016

Insurance [Abstract]

Summary of Reserve for Unpaid Losses

The table below summarizes the activity related to the Company’s reserve for unpaid losses:

	For the Year Ended December 31,
	2016		2015			2014
Balance, beginning of period	$	83,722	$	51,469		$	19,344
Less: reinsurance recoverable on paid losses		—		—			—
Net balance, beginning of period		83,722		51,469			19,344
Incurred related to:
Current year		220,071		146,484			89,783
Prior years		18,791		(5,293	)		(223	)
Total incurred		238,862		141,191			89,560
Paid related to:
Current year		120,626		81,673			45,618
Prior years		62,407		27,265			11,817
Total paid		183,033		108,938			57,435
Net balance, end of period		139,551		83,722			51,469
Plus: reinsurance recoverable on unpaid losses		586		—			—
Balance, end of period	$	140,137	$	83,722		$	51,469

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

The following is information about incurred and paid claims development as of December 31, 2016, net of reinsurance, as well as cumulative claim frequency and the total of incurred-but-not-reported liabilities plus expected development on reported claims included within the net incurred claims amounts.

Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
(in thousands, except number of claims)
Unaudited
Accident year	2012		2013		2014		2015		2016		Net IBNR Reserves		Reported Claims
2012	$	1,396	$	851	$	811	$	784	$	797	$	6		125
2013				37,005		35,819		37,212		37,090		531		3,607
2014						91,839		86,508		86,634		2,155		7,770
2015								141,125		159,899		13,637		11,068
2016										207,183		65,884		14,603
							Total		$	491,603	$	82,213

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance
Unaudited
Accident year	2012		2013		2014		2015		2016
2012	$	12	$	615	$	695	$	756	$	766
2013				18,625		29,023		32,414		35,322
2014						47,408		70,932		79,341
2015								76,310		130,267
2016										107,771
							Total		$	353,467

Summary of Reconciliation of Reserve Balances to Liability for Unpaid Loss and Loss Adjustment Expenses

Reconciliation of Reserve Balances to Liability for Unpaid Loss and Loss Adjustment Expenses
Unpaid Loss and Allocated Loss Adjustment Expense, Net of Reinsurance	$	138,136
Ceded Unpaid Loss and Allocated Loss Adjustment Expense		586
Unpaid Unallocated Loss Adjustment Expense		1,415
Unpaid losses and loss adjustment expenses	$	140,137

Summary of Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance

Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance as of December 31, 2016
	Year - 1		Year - 2		Year - 3		Year - 4		Year - 5		Thereafter
Percentage		53%		29%		9%		4%		1%		4%

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Note Payable (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt at December 31, 2016, consisted of the following:

	Principal		Unamortized Debt Issuance Costs
	(in thousands)
Senior Secured Notes, due December 15, 2023 (interest computed at 8.75% plus 3 month Libor average, at December 31, 2016)	$	79,500	$	6,595

Schedule of Expected Annual Principal Payments Due under Senior Secured Note Agreement

Expected annual principal payments due by Heritage Insurance under the Senior Secured Note agreement is as follows:

Year	Amount
	(in thousands)
2017	$	—
2018		1,988
2019		7,465
2020		6,746
2021		6,097
Thereafter		57,204
	$	79,500

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes

The following table summarizes the provision for income taxes:

	For the Year Ended December 31,
	2016		2015		2014
	(In thousands)
Federal:
Current	$	16,575	$	48,524	$	26,440
Deferred		2,735		970		(3,219	)
Provision for Federal income tax expense		19,310		49,494		23,221
State:
Current		2,893		8,238		4,479
Deferred		335		46		(545	)
Provision for State income tax expense		3,228		8,284		3,934
Provision for income taxes	$	22,538	$	57,778	$	27,155

Components of Income Before Income Taxes

The following table sets forth the components of income before income taxes for the years ended December 31, 2016, 2015 and 2014 (in thousands):

	2016		2015		2014
Pass-through entities (Through May 22, 2014)	$	—	$	—	$	2,668
Non-pass through entities		56,403		150,290		71,584
Income before income taxes	$	56,403	$	150,290	$	74,252

Summary of Effective Federal and State Tax Rates to Income Before Provision for Income Taxes

The actual income tax expense differs from the expected income tax expense computed by applying the combined applicable effective federal and state tax rates to income before the provision for income taxes as follows:

	For the Year Ended December 31,
	2016			2015			2014
Expected income tax expense at federal rate		35.0	%		35.0	%		35.0	%
State tax expense, net of federal tax benefits		3.7	%		3.6	%		3.6	%
Permanent items		1.4	%		-1.0	%		0.0	%
Other		-0.1	%		0.9	%		-2.0	%
Reported income tax expense		40.0	%		38.5	%		36.6	%

Components of Deferred Tax Assets and Liabilities

The table below summarizes the significant components of our net deferred tax assets (liabilities):

	For the Year Ended December 31,
	2016			2015
Deferred tax assets:	(In thousands)
Unearned premiums	$	17,209		$	17,979
Tax-related discount on loss reserve		1,829			1,140
Unrealized loss		3,113			1,277
Stock-based compensation		1,604			1,617
Prepaid expenses		1,482			—
Other		312			256
Total deferred tax asset		25,549			22,269
Deferred tax liabilities:
Deferred acquisition costs		16,377			13,424
Unrealized gain		—			—
Property and equipment		355			473
Basis in purchased investments		1,697			—
Basis in purchased intangibles		9,791			—
Other		332			408
Total deferred tax liabilities		28,552			14,305
Less: valuation allowance		—			—
Net deferred tax (liability) asset	$	(3,003	)	$	7,964

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Statutory Accounting and Regulations (Tables)

12 Months Ended

Dec. 31, 2016

Income Statement [Member]

Consolidated GAAP Net Income to Statutory Net Income of Insurance Subsidiaries

The table below reconciles the Company’s consolidated GAAP net income to statutory net income of its insurance subsidiaries (in thousands):

	For the Year Ended December 31,
	2016			2015			2014
Consolidated GAAP net income	$	33,865		$	92,512		$	47,097
Increase (decrease) due to:
Deferred income taxes		6,069			1,755			(3,764	)
Deferred policy acquisition costs		(7,979	)		(10,430	)		(14,605	)
Surplus note interest	—				(347	)		(1,445	)
Non-statutory subsidiaries		(32,874	)		(36,569	)		(16,788	)
Investment basis difference		540		—			—
Pre-acquisition income		3,755		—			—
Equity compensation		(2,107	)		(1,074	)		(1,106	)
Allowance for doubtful accounts	—				(250	)		250
Other		(702	)	—				199
Statutory net income of insurance subsidiaries	$	567		$	45,597		$	9,838

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Equity (Tables)

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Summary of Cash Dividends

For the year ended December 31, 2016, we recorded quarterly cash dividends of approximately $7 million as follows:

	Quarter Ended
	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016
Cash dividend per common share	$	0.05	$	0.06	$	0.06	$	0.06
Total cash dividends paid	$	1,578,320	$	1,840,455	$	1,808,505	$	1,784,426
Record date	March 15, 2016		June 15, 2016		September 15, 2016		December 15, 2016
Payment date	April 5, 2016		July 1, 2016		October 3, 2016		January 4, 2017

Cash dividends declared on our outstanding weighted average number of basic common shares for the periods presented were approximately as follows:

	For the Years Ended December 31,
	2016		2015
Cash dividends per common share	$	0.23	$	0.05

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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table provides the assumptions utilized in the Black-Scholes model for options granted during the year ended December 31, 2014. No options were granted during the years ended December 31, 2016 and 2015

	December 2,  2014			September 24, 2014
Weighted-average risk-free interest rate		0.51			0.42
Expected term of option in years		1.60			1.70
Weighted-average volatility		35.56	%		36.47	%
Dividend yield		0	%		0	%
Weighted average grant date fair value per share	$	3.19		$	2.70

Summary of Information Related to Stock Option

A summary of information related to stock options outstanding at December 31, 2016 is as follows:

	Shares			Weighted-Average Grant Date Fair Value
Balance at December 31, 2014		1,685,923
Granted		—
Exercised		(536,000	)	$	4.29
Forfeited		—
Balance at December 31, 2015		1,149,923		$	2.99
Granted		—
Exercised		—
Balance at December 31, 2016		1,149,923		$	2.99
Vested and exercisable as of December 31, 2016		1,149,923		$	2.99

Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights Using Black Schools Option-Pricing Model

		Options Outstanding						Options Exercisable
Range of Exercise Price		Number Outstanding		AverageRemaining Contractual Life (in years)		WeightedAverage Exercise Price		Number Exercisable		AverageRemaining Contractual Life (in years)		WeightedAverage Exercise Price
$	14.02		243,000		0.75	$	14.02		243,000		0.75	$	14.02
	16.89		906,923		1.00		16.89		906,923		1.00		16.89
$	16.28		1,149,923		0.88	$	16.28		1,149,923		0.88	$	16.28

Schedule of Restricted Stock Activity

Restricted stock activity during the year ended December 31, 2016 is as follows:

				Weighted-Average
				Grant-Date Fair
	Number of shares			Value per Share
Non-vested, at December 31, 2015		1,125,000		$	21.40
Granted		—			—
Vested		(158,363	)	$	14.67
Canceled and forfeited		(66,637	)	$	14.67
Non-vested, at December 31, 2016		900,000		$	18.82

Summary of Deferred Tax Benefits Recognized and Tax Benefits Realized to Restricted Stock Awards

The following table summarizes information about deferred tax benefits recognized and tax benefits realized to restricted stock awards and related paid dividends, and the fair value of vested restricted stock for the year ended December 31, 2016 and 2015, respectively.

For the Year Ended December 31,	2016		2015
Deferred tax benefit recognized	$	—	$	76
Tax benefit realized for restricted stock and paid dividends		—		357
Fair value of vested restricted stock		3,301		—

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Condensed Financial Information of Heritage Insurance Holdings, Inc. (Tables)

12 Months Ended

Dec. 31, 2016

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Condensed Balance Sheets

The following summarizes the major categories of Heritage Insurance Holdings, Inc.’s financial statements (in thousands, except share and per share data):

	As of December 31,
	2016		2015
	(In thousands)
ASSETS
Fixed maturity securities, available for sale, at fair value	$	77,922	$	—
Cash and cash equivalents		7,368		36,762
Investment in and advances to subsidiaries		334,983		312,047
Other assets		19,055		7,355
Total Assets	$	439,328	$	356,164
LIABILITIES AND STOCKHOLDERS' EQUITY
Other liabilities		81,369		349
Total Liabilities	$	81,369	$	349
Total Stockholders' Equity	$	357,959	$	355,815
Total Liabilities and Stockholders' Equity	$	439,328	$	356,164

Schedule of Condensed Statements of Operations

	For the Year Ended December 31,
	2016			2015			2014
	(In thousands, except share and per share amounts)
Revenue:
Other revenue	$	1,403		$	1,129		$	1,896
Total revenue		1,403			1,129			1,896
Expenses:
General and administrative expense		11,558			9,036			6,649
Amortization of debt issuance cost		41		—			—
Interest expense, net		321		—			—
Total expenses	$	11,920		$	9,036		$	6,649
Loss before income taxes and equity in net income of    subsidiaries		(10,517	)		(7,907	)		(4,753	)
Benefit from income taxes		—			(2,227	)		(801	)
Loss before equity in net income of subsidiaries		(10,517	)		(5,680	)		(3,952	)
Equity in net income of subsidiaries		2,034			98,192			51,049
Net income	$	(8,483	)	$	92,512		$	47,097

Schedule of Condensed Statements of Cash Flows

	For the Year Ended December 31,
	2016			2015			2014
	(In thousands)
Net cash (used in) provided by operating activities	$	(6,045	)	$	7,196		$	1,280
Investing Activities
Purchases of investment available for sale		(77,910	)		—			—
Dividends received from subsidiaries		85,096			21,400			16,099
Investments and advances to subsidiaries		(74,361	)		(32,400	)		(98,469	)
Net cash used in investing activities		(73,220	)		(3,804	)		(82,370	)
Financing Activities
Proceeds from issuance of equity from IPO and private    placement, net of discount fee and direct costs of    issuance		—			—			78,670
Proceeds from exercise of stock options and warrants		—			8,900			22,515
Proceeds from issuance of note payable, net of issuance costs		77,910			—			—
Proceeds from issuance of equity and redeemable shares		—			—			88
Excess tax (expense) benefit on stock-based compensation		(739	)		739			—
Shares tendered for income tax withholdings		(977	)		—			—
Purchase of treasury stock		(25,562	)		—			—
Dividends		(6,806	)		—			—
Net cash provided by financing activities		43,826			9,639			101,273
(Decrease)/increase in cash and cash equivalents		(29,394	)		5,835			20,183
Cash and cash equivalents, beginning of period		36,762			30,927			10,744
Cash and cash equivalents, end of year	$	7,368		$	36,762		$	30,927

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Summary of Quarterly Results (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Summary of Unaudited Quarterly Results

The following table provides a summary of unaudited quarterly results for the periods presented (in thousands, except per share data):

For the year ended December 31, 2016	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net premiums earned	$	106,342	$	108,918	$	101,555	$	94,906
Investment income	$	2,037	$	2,223	$	2,326	$	2,595
Total revenues	$	111,565	$	115,281	$	109,306	$	102,806
Total expenses	$	99,525	$	85,524	$	90,694	$	106,450
Net income	$	7,423	$	18,368	$	10,930	$	(2,856	)
Basic earnings per share	$	0.24	$	0.62	$	0.37	$	(0.09	)
Diluted earnings per share	$	0.24	$	0.62	$	0.37	$	(0.09	)
For the year ended December 31, 2015	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net premiums earned	$	101,489	$	94,846	$	82,361	$	97,572
Investment income	$	1,633	$	2,090	$	1,973	$	1,725
Total revenues	$	105,128	$	99,088	$	89,244	$	101,332
Total expenses	$	56,836	$	58,098	$	61,529	$	68,039
Net income	$	30,056	$	25,400	$	16,813	$	20,243
Basic earnings per share	$	1.01	$	0.85	$	0.56	$	0.66
Diluted earnings per share	$	1.00	$	0.84	$	0.55	$	0.66

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Basis of Presentation, Nature of Business and Significant Accounting Policies and Practices - Additional Information (Detail)			12 Months Ended
	Dec. 15, 2016 USD ($) Investor	May 22, 2014	Dec. 31, 2016 USD ($) Segment Installment Policy	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Jun. 27, 2014 USD ($)
Basis Of Presentation Nature Of Business And Significant Accounting Policies And Practices [Line Items]
Number of reporting Segment | Segment			1
Highly liquid investments with original maturity			90 days
Restricted cash			$ 20,910,000	$ 13,085,000
Allowance for uncollectible premiums			0	0
Bad debt expense (recovery), uncollectible premiums			0	(250,000)	$ 250,000
Impairment of long-lived assets			0	0	0
Amounts recoverable under reinsurance program			0	0	0
Accrued bonus to be paid			4,400,000	14,100,000	$ 7,200,000
Accrued employee's bonus compensation paid in cash			$ 800,000	$ 12,100,000
Statutory tax rate of current tax law		38.575%	35.00%	35.00%	35.00%
Material tax penalties			$ 0	$ 0	$ 0
Advertising costs			94,000	27,000	$ 14,000
Cash deposits in excess of FDIC insurance limits			123,400,000	$ 243,700,000
Deposits held			$ 250,000
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | Florida [Member]
Basis Of Presentation Nature Of Business And Significant Accounting Policies And Practices [Line Items]
Concentration risk premium written			90.00%
Senior Secured Notes [Member]
Basis Of Presentation Nature Of Business And Significant Accounting Policies And Practices [Line Items]
Allowance for credit losses for amounts outstanding, term	7 years
Long-term debt	$ 79,500,000		$ 79,500,000
Number of Accredited Investors | Investor	6
Debt issuance costs	$ 6,600,000
Building [Member]
Basis Of Presentation Nature Of Business And Significant Accounting Policies And Practices [Line Items]
Property plant and equipment useful life			40 years
Computer Hardware and Software [Member]
Basis Of Presentation Nature Of Business And Significant Accounting Policies And Practices [Line Items]
Property plant and equipment useful life			3 years
Minimum [Member]
Basis Of Presentation Nature Of Business And Significant Accounting Policies And Practices [Line Items]
Allowance for credit losses for amounts outstanding, term			90 days
Tax benefit likelihood percentage			50.00%
Minimum [Member] | Office and Furniture Equipment [Member]
Basis Of Presentation Nature Of Business And Significant Accounting Policies And Practices [Line Items]
Property plant and equipment useful life			3 years
Maximum [Member] | Office and Furniture Equipment [Member]
Basis Of Presentation Nature Of Business And Significant Accounting Policies And Practices [Line Items]
Property plant and equipment useful life			7 years
Sunshine State Insurance Company [Member]
Basis Of Presentation Nature Of Business And Significant Accounting Policies And Practices [Line Items]
Policies in force assumed						$ 58,900,000
Number of policies acquired | Policy			32,000
Number of policies renewed | Policy			19,600
Heritage Property and Casualty Insurance Company [Member]
Basis Of Presentation Nature Of Business And Significant Accounting Policies And Practices [Line Items]
Restricted cash			$ 19,300,000
Number of installments to deposit | Installment			2

XML

Business Acquisition - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Mar. 21, 2016	Jul. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Acquisition of a business, net of cash acquired			$ 110,319	$ 6,000
Goodwill			46,454	$ 8,028	$ 2,350
BRC Restoration Specialists, Inc. [Member]
Business Acquisition [Line Items]
Purchase price		$ 8,000
Issuance of common stock for business acquisition, number of restricted common shares		79,850
Issuance of common stock for business acquisition		$ 2,000
Acquisition of a business, net of cash acquired		6,000
Intangible assets value of business acquired		2,200
Goodwill		$ 5,700
ZAC Business Acquisition [Member]
Business Acquisition [Line Items]
Acquisition of a business, net of cash acquired	$ 110,319
Intangible assets value of business acquired	31,845
Goodwill	$ 38,426
Percentage of outstanding stock acquired	100.00%
Net decrease in goodwill			(1,800)
Increase in intangible assets			42
Increase relating to value of business acquired			2,600
Increase in deferred tax liabilities			$ 1,000

XML

Business Acquisition - Schedule of Purchase Consideration and Allocation of Assets and Liabilities Assumed (Detail) - USD ($) $ in Thousands		12 Months Ended
	Mar. 21, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Purchase Consideration
Acquisition of a business, net of cash acquired		$ 110,319	$ 6,000
Assets acquired
Goodwill		$ 46,454	$ 8,028	$ 2,350
ZAC Business Acquisition [Member]
Purchase Consideration
Acquisition of a business, net of cash acquired	$ 110,319
Assets acquired
Investments	76,543
Premiums and agent's receivable	1,403
Other assets	526
Prepaid reinsurance premiums	4,792
Intangible assets value of business acquired	31,845
Total assets acquired	115,109
Total liabilities assumed	(43,216)
Net assets acquired	71,893
Goodwill	38,426
Total purchase price	110,319
ZAC Business Acquisition [Member] | Customer Relationships And Trade Name [Member]
Assets acquired
Intangible assets value of business acquired	7,600
ZAC Business Acquisition [Member] | Primarily Value Of Business Acquired [Member]
Assets acquired
Intangible assets value of business acquired	$ 24,245

XML

Business Acquisition - Summary of Acquired Operations Included within Our Consolidated Statement of Operations (Detail) - ZAC Business Acquisition [Member] $ in Thousands	9 Months Ended
	Dec. 31, 2016 USD ($)
Business Acquisition [Line Items]
Total revenue	$ 27,537
Net income	$ 8,900

XML

Business Acquisition - Summary of Pro Forma Information (Detail) - ZAC Business Acquisition [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Revenue	$ 447,780	$ 432,070
Net income	$ 36,817	$ 104,722
Basic, earnings per share	$ 1.24	$ 3.48
Diluted, earnings per share	$ 1.24	$ 3.45

XML

Investments - Schedule of Amortized Cost and Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	$ 576,911	$ 370,967
Gross Unrealized Gains	2,143	3,233
Gross Unrealized Losses	10,262	6,543
Fair Value	602,982
Investments	611,101	403,406
Fair Value	602,982	400,096
Fixed Maturities Excluding Certificate of Deposits [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	576,911	370,967
Gross Unrealized Gains	906	2,497
Gross Unrealized Losses	6,806	1,681
Fair Value	571,011	371,783
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	34,190	32,439
Gross Unrealized Gains	1,237	736
Gross Unrealized Losses	3,456	4,862
Fair Value	31,971	28,313
U.S. government and agency securities [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	107,968	25,474
Gross Unrealized Gains	29	16
Gross Unrealized Losses	449	387
Fair Value	107,548	25,103
States, Municipalities and Political Subdivisions [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	281,935	184,145
Gross Unrealized Gains	298	2,107
Gross Unrealized Losses	4,872	137
Fair Value	277,361	186,115
Special Revenue [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	53,726	42,593
Gross Unrealized Gains	29	19
Gross Unrealized Losses	759	204
Fair Value	52,996	42,408
Industrial and Miscellaneous [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	129,687	115,313
Gross Unrealized Gains	535	294
Gross Unrealized Losses	577	932
Fair Value	129,645	114,675
Redeemable Preferred Stocks [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	3,595	3,442
Gross Unrealized Gains	15	61
Gross Unrealized Losses	149	21
Fair Value	3,461	3,482
Nonredeemable Preferred Stocks [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	14,935	12,443
Gross Unrealized Gains	40	338
Gross Unrealized Losses	460	43
Fair Value	14,515	12,738
Common Stock [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Adjusted / Amortized Cost	19,255	19,996
Gross Unrealized Gains	1,197	398
Gross Unrealized Losses	2,996	4,819
Fair Value	$ 17,456	$ 15,575

XML

Investments - Schedule of Realized Gains (Losses) by Major Investment Category (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Total realized gains	$ 2,890	$ 1,766
Total realized losses	(1,157)	(258)
Net realized gains	1,733	1,508	$ 304
Total realized gains, Fair Value at Sale	79,065	102,261
Total realized losses, Fair Value at Sale	20,594	14,959
Net realized gains, Fair Value at Sale	99,659	117,220
Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Total realized gains	2,782	1,318
Total realized losses	(253)	(133)
Total realized gains, Fair Value at Sale	70,728	78,161
Total realized losses, Fair Value at Sale	15,496	13,343
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Total realized gains	108	448
Total realized losses	(904)	(125)
Total realized gains, Fair Value at Sale	8,337	24,100
Total realized losses, Fair Value at Sale	$ 5,098	$ 1,616

XML

Investments - Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Investments Debt And Equity Securities [Abstract]
Due in one year or less, Cost or Amortized Cost	$ 158,517	$ 34,162
Due after one year through five years, Cost or Amortized Cost	173,221	146,616
Due after five years through ten years, Cost or Amortized Cost	145,299	79,380
Due after ten years, Cost or Amortized Cost	99,874	110,809
Cost or Adjusted / Amortized Cost	$ 576,911	$ 370,967
Due in one year or less, Percentage of Total	28.00%	9.00%
Due after one year through five years, Percentage of Total	30.00%	40.00%
Due after five years through ten years, Percentage of Total	25.00%	21.00%
Due after ten years, Percentage of Total	17.00%	30.00%
Total, Percentage	100.00%	100.00%
Due in one year or less, Fair Value	$ 158,496	$ 34,165
Due after one year through five years, Fair Value	172,309	146,211
Due after five years through ten years, Fair Value	142,259	79,887
Due after ten years, Fair Value	97,947	111,520
Total, Fair Value	$ 571,011	$ 371,783
Due in one year or less, Percentage of Total	28.00%	9.00%
Due after one year through five years, Percentage of Total	30.00%	40.00%
Due after five years through ten years, Percentage of Total	25.00%	21.00%
Due after ten years, Percentage of Total	17.00%	30.00%
Total, Percentage	100.00%	100.00%

XML

Investments - Summary of Net Investment Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Gross investment income	$ 10,911	$ 9,289	$ 4,683
Investment expenses	1,730	1,868	834
Net investment income, less investment expenses	9,181	7,421	3,849
Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)	8,709	6,960	3,100
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)	1,955	1,811	1,159
Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income	226	258	181
Other Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross investment income (loss)	$ 21	$ 259	$ 243

XML

Investments - Aging of Gross Unrealized Investment Losses (Detail) $ in Thousands	Dec. 31, 2016 USD ($) Security	Dec. 31, 2015 USD ($) Security
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	772	384
Gross Unrealized Losses, Less Than Twelve Months	$ 7,292	$ 4,609
Fair Value, Less Than Twelve Months	$ 362,656	$ 175,269
Number of Securities, Twelve Months or Greater | Security	52	43
Gross Unrealized Losses, Twelve Months or Greater	$ 2,970	$ 1,934
Fair Value, Twelve Months or Greater	$ 12,262	$ 6,455
Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	669	317
Gross Unrealized Losses, Less Than Twelve Months	$ 6,662	$ 1,605
Fair Value, Less Than Twelve Months	$ 348,816	$ 165,293
Number of Securities, Twelve Months or Greater | Security	18	18
Gross Unrealized Losses, Twelve Months or Greater	$ 145	$ 76
Fair Value, Twelve Months or Greater	$ 4,711	$ 3,525
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	103	67
Gross Unrealized Losses, Less Than Twelve Months	$ 630	$ 3,004
Fair Value, Less Than Twelve Months	$ 13,840	$ 9,976
Number of Securities, Twelve Months or Greater | Security	34	25
Gross Unrealized Losses, Twelve Months or Greater	$ 2,825	$ 1,858
Fair Value, Twelve Months or Greater	$ 7,551	$ 2,930
U.S. government and agency securities [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	35	19
Gross Unrealized Losses, Less Than Twelve Months	$ 448	$ 385
Fair Value, Less Than Twelve Months	$ 24,649	$ 19,849
Number of Securities, Twelve Months or Greater | Security	2	2
Gross Unrealized Losses, Twelve Months or Greater	$ 1	$ 3
Fair Value, Twelve Months or Greater	$ 200	$ 397
States, Municipalities and Political Subdivisions [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	265	14
Gross Unrealized Losses, Less Than Twelve Months	$ 4,869	$ 50
Fair Value, Less Than Twelve Months	$ 220,034	$ 10,979
Number of Securities, Twelve Months or Greater | Security	2	1
Gross Unrealized Losses, Twelve Months or Greater	$ 3	$ 3
Fair Value, Twelve Months or Greater	$ 1,497	$ 164
Industrial and Miscellaneous [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	161	141
Gross Unrealized Losses, Less Than Twelve Months	$ 571	$ 870
Fair Value, Less Than Twelve Months	$ 56,996	$ 73,312
Number of Securities, Twelve Months or Greater | Security	2	5
Gross Unrealized Losses, Twelve Months or Greater	$ 6	$ 61
Fair Value, Twelve Months or Greater	$ 974	$ 1,318
Special Revenue [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	189	134
Gross Unrealized Losses, Less Than Twelve Months	$ 631	$ 279
Fair Value, Less Than Twelve Months	$ 44,712	$ 60,203
Number of Securities, Twelve Months or Greater | Security	11	10
Gross Unrealized Losses, Twelve Months or Greater	$ 129	$ 9
Fair Value, Twelve Months or Greater	$ 1,828	$ 1,646
Redeemable Preferred Stocks [Member] | Fixed Maturity [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	19	9
Gross Unrealized Losses, Less Than Twelve Months	$ 143	$ 21
Fair Value, Less Than Twelve Months	$ 2,425	$ 950
Number of Securities, Twelve Months or Greater | Security	1
Gross Unrealized Losses, Twelve Months or Greater	$ 6
Fair Value, Twelve Months or Greater	$ 212
Nonredeemable Preferred Stocks [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	77	19
Gross Unrealized Losses, Less Than Twelve Months	$ 439	$ 29
Fair Value, Less Than Twelve Months	$ 11,298	$ 1,560
Number of Securities, Twelve Months or Greater | Security	5	5
Gross Unrealized Losses, Twelve Months or Greater	$ 20	$ 14
Fair Value, Twelve Months or Greater	$ 234	$ 250
Common Stock [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities, Less Than Twelve Months | Security	26	48
Gross Unrealized Losses, Less Than Twelve Months	$ 191	$ 2,975
Fair Value, Less Than Twelve Months	$ 2,542	$ 8,416
Number of Securities, Twelve Months or Greater | Security	29	20
Gross Unrealized Losses, Twelve Months or Greater	$ 2,805	$ 1,844
Fair Value, Twelve Months or Greater	$ 7,317	$ 2,680

XML

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 46,454	$ 8,028	$ 2,350
Intangibles, net	$ 26,542	2,120
Estimated value of business acquired	1 year
Indefinite lived intangible, insurance license	$ 175
Amortization of intangible assets	$ 7,400	$ 80
Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset	2 years
Finite-lived intangible assets useful lives	1 year
Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset	15 years
Finite-lived intangible assets useful lives	15 years

XML

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance	$ 8,028	$ 2,350
Goodwill acquired	38,426	5,678
Ending balance	$ 46,454	$ 8,028

XML

Goodwill and Other Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 33,870		$ 2,200
Accumulated Amortization		(7,503)		(80)
Intangible Assets, net		$ 26,367	[1],[2]	$ 2,120
Brand [Member]
Finite Lived Intangible Assets [Line Items]
Weighted - average Amortization (years)		15 years		15 years
Gross Carrying Amount		$ 1,210		$ 1,210
Accumulated Amortization		(114)		(34)
Intangible Assets, net		$ 1,096	[1]	$ 1,176
Agent Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Weighted - average Amortization (years)		12 years
Gross Carrying Amount		$ 4,800
Accumulated Amortization		(300)
Intangible Assets, net	[1]	$ 4,500
Renewal Rights [Member]
Finite Lived Intangible Assets [Line Items]
Weighted - average Amortization (years)		15 years
Gross Carrying Amount		$ 16,600
Accumulated Amortization		(830)
Intangible Assets, net	[1]	$ 15,770
Customer Relations [Member]
Finite Lived Intangible Assets [Line Items]
Weighted - average Amortization (years)		10 years		10 years
Gross Carrying Amount		$ 870		$ 870
Accumulated Amortization		(123)		(36)
Intangible Assets, net		$ 747	[1]	$ 834
Trade Names [Member]
Finite Lived Intangible Assets [Line Items]
Weighted - average Amortization (years)		10 years
Gross Carrying Amount		$ 2,000
Accumulated Amortization		(150)
Intangible Assets, net	[1]	$ 1,850
Value of Business Acquired [Member]
Finite Lived Intangible Assets [Line Items]
Weighted - average Amortization (years)		1 year
Gross Carrying Amount		$ 7,600
Accumulated Amortization		(5,700)
Intangible Assets, net	[1]	$ 1,900
Non-compete [Member]
Finite Lived Intangible Assets [Line Items]
Weighted - average Amortization (years)		2 years 6 months		5 years
Gross Carrying Amount		$ 790		$ 120
Accumulated Amortization		(286)		(10)
Intangible Assets, net		$ 504	[1]	$ 110

[1] Excludes insurance license valued at $175 thousand and classified as an indefinite lived intangible which is subject to annual impairment testing and not amortized.

[2] Excludes insurance license valued at $175 thousand classified as an indefinite lived intangible which is subject to annual impairment testing and not amortized

XML

Goodwill and Other Intangible Assets - Schedule of Finite-lived Intangible Assets (Parenthetical) (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Indefinite lived intangible, insurance license	$ 175

XML

Goodwill and Other Intangible Assets - Schedule of Estimated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands		Dec. 31, 2016		Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
2017	[1]	$ 4,133
2018	[1]	1,982
2019	[1]	1,898
2020	[1]	1,888
2021	[1]	1,875
Thereafter	[1]	14,591
Intangible Assets, net		$ 26,367	[1],[2]	$ 2,120

[1] Excludes insurance license valued at $175 thousand classified as an indefinite lived intangible which is subject to annual impairment testing and not amortized

[2] Excludes insurance license valued at $175 thousand and classified as an indefinite lived intangible which is subject to annual impairment testing and not amortized.

XML

Goodwill and Other Intangible Assets - Schedule of Estimated Amortization of Intangible Assets (Parenthetical) (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Indefinite lived intangible, insurance license	$ 175

XML

Earnings Per Share - Schedule of Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Basic earnings per share:
Net income attributable to common stockholders (000's)									$ 33,865	$ 92,512	$ 47,097
Weighted average shares outstanding									29,632,171	30,056,491	24,568,876
Basic earnings per share:	$ (0.09)	$ 0.37	$ 0.62	$ 0.24	$ 0.66	$ 0.56	$ 0.85	$ 1.01	$ 1.14	$ 3.08	$ 1.92
Diluted earnings per share:
Net income attributable to common stockholders (000's)									$ 33,865	$ 92,512	$ 47,097
Weighted average shares outstanding									29,632,171	30,056,491	24,568,876
Weighted average dilutive shares									2,178	269,977	1,247,684
Total weighted average dilutive shares									29,634,349	30,326,468	25,816,560
Diluted earnings per share:	$ (0.09)	$ 0.37	$ 0.62	$ 0.24	$ 0.66	$ 0.55	$ 0.84	$ 1.00	$ 1.14	$ 3.05	$ 1.82

XML

Fair Value Measurements - Schedule of Fair Value Measurements (Detail) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,911 and $370,967 in 2016 and 2015, respectively)		$ 571,011	$ 371,783
Equity securities, available for sale, at fair value (cost of $34,190 and $32,439 in 2016 and 2015, respectively)		31,971	28,313
Available for sale securities		602,982
Cash Equivalent and available for sale debt securities			375,083
Cash equivalent and available for sale securities			403,396
Certificates of Deposits [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalent	[1]		3,300
Nonredeemable Preferred Stocks [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, available for sale, at fair value (cost of $34,190 and $32,439 in 2016 and 2015, respectively)		14,515	12,738
Equity Investment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, available for sale, at fair value (cost of $34,190 and $32,439 in 2016 and 2015, respectively)		17,456	15,575
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, available for sale, at fair value (cost of $34,190 and $32,439 in 2016 and 2015, respectively)		31,971	28,313
Available for sale securities		139,429
Cash Equivalent and available for sale debt securities			29,143
Cash equivalent and available for sale securities			57,456
Level 1 [Member] | Certificates of Deposits [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalent	[1]		3,300
Level 1 [Member] | Nonredeemable Preferred Stocks [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, available for sale, at fair value (cost of $34,190 and $32,439 in 2016 and 2015, respectively)		14,515	12,738
Level 1 [Member] | Equity Investment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, available for sale, at fair value (cost of $34,190 and $32,439 in 2016 and 2015, respectively)		17,456	15,575
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale securities		463,553
Cash Equivalent and available for sale debt securities			345,940
Cash equivalent and available for sale securities			345,940
Fixed Maturity [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,911 and $370,967 in 2016 and 2015, respectively)		571,011
Fixed Maturity [Member] | U.S. government and agency securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,911 and $370,967 in 2016 and 2015, respectively)		107,548	25,103
Available for sale securities		107,548	25,103
Fixed Maturity [Member] | States, Municipalities and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,911 and $370,967 in 2016 and 2015, respectively)		277,361	186,115
Available for sale securities		277,361	186,115
Fixed Maturity [Member] | Special Revenue [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,911 and $370,967 in 2016 and 2015, respectively)		52,996	42,408
Available for sale securities		52,996	42,408
Fixed Maturity [Member] | Industrial and Miscellaneous [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,911 and $370,967 in 2016 and 2015, respectively)		129,645	114,675
Available for sale securities		129,645	114,675
Fixed Maturity [Member] | Redeemable Preferred Stocks [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,911 and $370,967 in 2016 and 2015, respectively)		3,461	3,482
Available for sale securities		3,461	3,482
Fixed Maturity [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,911 and $370,967 in 2016 and 2015, respectively)		107,458
Fixed Maturity [Member] | Level 1 [Member] | U.S. government and agency securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,911 and $370,967 in 2016 and 2015, respectively)		103,997	22,361
Fixed Maturity [Member] | Level 1 [Member] | Redeemable Preferred Stocks [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,911 and $370,967 in 2016 and 2015, respectively)		3,461	3,482
Fixed Maturity [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,911 and $370,967 in 2016 and 2015, respectively)		463,553
Fixed Maturity [Member] | Level 2 [Member] | U.S. government and agency securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,911 and $370,967 in 2016 and 2015, respectively)		3,551	2,742
Fixed Maturity [Member] | Level 2 [Member] | States, Municipalities and Political Subdivisions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,911 and $370,967 in 2016 and 2015, respectively)		277,361	186,115
Fixed Maturity [Member] | Level 2 [Member] | Special Revenue [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,911 and $370,967 in 2016 and 2015, respectively)		52,996	42,408
Fixed Maturity [Member] | Level 2 [Member] | Industrial and Miscellaneous [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, available for sale, at fair value (amortized cost of $576,911 and $370,967 in 2016 and 2015, respectively)		$ 129,645	$ 114,675

[1] Includes commercial paper with a maturity of three months or less at the time of purchase of $3.3 million classified in cash and cash equivalents.

XML

Fair Value Measurements - Schedule of Fair Value Measurements (Parenthetical) (Detail) $ in Millions	Dec. 31, 2016 USD ($)
Commercial Paper [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalent	$ 3.3

XML

Fair Value Measurements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value measurement period	1 year
Nonrecurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non-recurring fair value adjustments	$ 0	$ 0	$ 0

XML

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Total, at cost	$ 20,931	$ 19,310
Less: accumulated depreciation and amortization	3,752	2,199
Property and equipment, net	17,179	17,111
Land [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	2,582	2,582
Building [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	10,301	9,599
Computer Hardware and Software [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	3,113	2,502
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	759	634
Tenant and Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	3,334	3,300
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	$ 842	$ 693

XML

Property and Equipment - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) a ft² Building	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Property Plant And Equipment Useful Life And Values [Abstract]
Depreciation expense | $	$ 1.6	$ 1.3	$ 0.8
Number of acres of land purchased | a	14
Number of buildings | Building	4
Gross area of acquired property | ft²	191,000

XML

Property and Equipment - Schedule of Expected Annual Rental Income Due Under Non-Cancellable Operating Leases for Real Estate Properties (Detail) $ in Thousands	Dec. 31, 2016 USD ($)
Property Plant And Equipment [Abstract]
January 1 to December 31, 2017	$ 2,604
January 1 to December 31, 2018	2,643
January 1 to December 31, 2019	2,492
January 1 to December 31, 2020	2,498
January 1 to December 31, 2021	2,551
Thereafter	3,632
Total rental income due under non-cancellable operating leases	$ 16,420

XML

Deferred Policy Acquisition Costs - Summary of Activity in Deferred Policy Acquisition Costs (DPAC) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Insurance [Abstract]
Beginning Balance	$ 34,800	$ 24,370
Policy acquisition costs deferred	92,400	67,616
Amortization	(84,421)	(57,186)	$ (36,510)
Ending Balance	$ 42,779	$ 34,800	$ 24,370

XML

Reinsurance - Additional information (Detail)			1 Months Ended	12 Months Ended
	Feb. 29, 2016 USD ($)	Apr. 30, 2015 USD ($)	Apr. 30, 2015 USD ($)	Dec. 31, 2016 USD ($) Reinsurer	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Number of reinstatements available | Reinsurer				2
Primary retention				$ 3,100,000,000
Percentage comprising aggregate participation				5.40%
Primary retention of losses and loss adjustment expenses				$ 190,000,000		$ 15,000,000
Aggregate participation, losses and loss adjustment expenses				18,791,000	$ (5,293,000)	(223,000)
Purchase of reinsurance from third party				228,797,000	148,472,000	87,902,000
Agreement of coverage	3 years
Additional maturity period of collateral notes	2 years		2 years
Reinsurance agreement	3 years
Prepaid reinsurance premiums				106,609,000	78,517,000
Unpaid losses and loss adjustment expenses				140,137,000	83,722,000	51,469,000	$ 19,344,000
Reinsurance payable				96,667,000	60,210,000
Insurance Claims [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Unpaid losses and loss adjustment expenses				1,000,000
Notes Due February 2019 [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust	$ 250,000,000
Class D Notes Due February 2019 [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust	150,000,000
Class E Notes Due February 2019 [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust	$ 100,000,000
Catastrophe [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Purchased reinstatement premium						185,000,000
Purchase of reinsurance from third party					2,300,000,000
Unpaid losses and loss adjustment expenses						990,000,000
Reinsurance purchase limit				860,000,000
Reinsurance prepaid amount				825,000,000
Catastrophe [Member] | 2014 Class A Notes [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust						200,000,000
Additional coverage of second catastrophe reinsurance agreement						$ 50,000,000
Reinsurance agreement						3 years
Coverage of first catastrophe reinsurance agreement						$ 150,000,000
Maximum [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Aggregate participation, losses and loss adjustment expenses				11,600,000
Purchased reinstatement premium				5,300,000
Osprey [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Primary retention						4,000,000
Primary retention of losses and loss adjustment expenses						6,000,000
Catastrophe excess of loss reinsurance				0		0
Heritage P&C [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Primary retention						2,000,000
Catastrophe excess of loss reinsurance						2,000,000
Heritage P&C [Member] | Two Thousand Fifteen Class B And C Notes [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Agreement of coverage		3 years
Heritage P&C [Member] | Class B Notes Due April 2017 [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust		$ 97,500,000	$ 97,500,000
Heritage P&C [Member] | Class C Notes Due April 2017 [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust		30,000,000	30,000,000
Zephyr [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Catastrophe excess of loss reinsurance				5,000,000
Property Per Risk Coverage [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Primary retention of losses and loss adjustment expenses					35,000,000
Coverage limit				9,000,000
Reinsurance payable				27,000,000
Property Per Risk Coverage [Member] | Catastrophe [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Purchased reinstatement premium					440,000,000
Unpaid losses and loss adjustment expenses					1,800,000,000
Property Per Risk Coverage [Member] | Osprey [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Primary retention					10,000,000
Primary retention of losses and loss adjustment expenses					20,000,000
Property Per Risk Coverage [Member] | Heritage P&C [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Primary retention					5,000,000
Catastrophe excess of loss reinsurance					$ 5,000,000
Property Per Risk Coverage [Member] | Citrus [Member] | Catastrophe [Member] | Two Thousand Fifteen C And B Series Bond And Two Thousand Sixteen Bond [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust				377,500,000
Additional coverage of second catastrophe reinsurance agreement				$ 200,000,000
FHCF Layer [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Catastrophe excess of loss reinsurance						$ 181,000,000
Percentage of maximum provisional limit						90.00%
Estimated provisional limit percentage calculation base amount						$ 484,000,000
Purchased coverage price						48,000,000
FHCF Layer [Member] | Maximum [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Estimated maximum provisional limit, amount						436,000,000
FHCF Layer [Member] | Property Per Risk Coverage [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Percentage comprising aggregate participation				45.00%	75.00%
Catastrophe excess of loss reinsurance				$ 460,000,000	$ 336,000,000
Percentage of maximum provisional limit				45.00%	75.00%
Estimated provisional limit percentage calculation base amount				$ 1,500,000,000	$ 920,000,000
FHCF Layer [Member] | Property Per Risk Coverage [Member] | Maximum [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Estimated maximum provisional limit, amount					690,000,000
Shared Layers Above Retention And Below FHCF [Member] | Property Per Risk Coverage [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Purchase of reinsurance from third party				374,000,000
Layers Below FHCF [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Purchase of reinsurance from third party						185,000,000
Layers Below FHCF [Member] | Heritage P&C [Member] | Class A Notes Due April Two Thousand Seventeen [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust		150,000,000	$ 150,000,000
Agreement of coverage			3 years
Reinsurance agreement			3 years
Layers Below FHCF [Member] | Property Per Risk Coverage [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Purchase of reinsurance from third party					440,000,000
Multi-Zonal Layers [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Coverage of first catastrophe reinsurance agreement				282,000,000
Prepaid reinsurance premiums				260,000,000
Aggregate Coverage [Member] | Catastrophe [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Aggregate participation, losses and loss adjustment expenses						825,000,000
Catastrophe excess of loss reinsurance						940,000,000
Purchase of reinsurance from third party						105,000,000
Aggregate Coverage [Member] | Osprey [Member] | Catastrophe [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Coverage of reinsurance agreement						20,000,000
Aggregate Coverage [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Aggregate participation, losses and loss adjustment expenses					1,700,000,000
Purchased reinstatement premium				682,000,000
Purchase of reinsurance from third party					$ 125,000,000
Prepaid reinsurance premiums				460,000,000
2016-2017 Reinsurance Program [Member] | Catastrophe [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Purchase of reinsurance from third party				3,000,000,000
Cat Bond Layer Alongside FHCF [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Agreement of coverage					3 years
Reinsurance agreement					3 years
Cat Bond Layer Alongside FHCF [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member] | Class B Notes Due April 2017 [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust		97,500,000	$ 97,500,000
Cat Bond Layer Alongside FHCF [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member] | Class C Notes Due April 2017 [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust		30,000,000	30,000,000
Cat Bond Layer Alongside FHCF [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member] | Class A Notes Due April Two Thousand Seventeen [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust		150,000,000	150,000,000
Cat Bond Layer Alongside FHCF [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member] | Notes Due April 2017 [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust		$ 277,500,000	$ 277,500,000
Cat Bond Layer [Member] | Osprey [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Catastrophe coverage of reinsurance agreement						25,000,000
Cat Bond Layer [Member] | Citrus [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Additional coverage of second catastrophe reinsurance agreement						50,000,000
Coverage of first catastrophe reinsurance agreement						$ 150,000,000
Cat Bond Layer [Member] | Property Per Risk Coverage [Member] | Citrus [Member] | Class A Notes [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Collateralized by a reinsurance trust					$ 150,000,000
Additional coverage of second catastrophe reinsurance agreement					50,000,000
Coverage of first catastrophe reinsurance agreement					$ 150,000,000
Facultative Reinsurance [Member] | Maximum [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Reinsurance payable				10,000,000
Facultative Reinsurance [Member] | Minimum [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Facultative reinsurance purchase amount				10,000,000
Florida [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Primary retention				1,900,000,000
Primary retention of losses and loss adjustment expenses				40,000,000
Florida [Member] | Osprey [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Primary retention of losses and loss adjustment expenses				20,000,000
Florida [Member] | Heritage P&C [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Primary retention				15,000,000
Florida [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Unpaid losses and loss adjustment expenses				1,900,000,000
Florida [Member] | Multi-Zonal Layers [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Purchased reinstatement premium				260,000,000
Florida [Member] | A Top And Drop Multi-Zonal Layer [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Purchased reinstatement premium				22,000,000
Hawaii [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Primary retention				1,100,000,000
Primary retention of losses and loss adjustment expenses				30,000,000
Hawaii [Member] | Osprey [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Primary retention of losses and loss adjustment expenses				15,000,000
Hawaii [Member] | Zephyr [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Primary retention				5,000,000
Hawaii [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Unpaid losses and loss adjustment expenses				1,100,000,000
Hawaii [Member] | Multi-Zonal Layers [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Purchased reinstatement premium				260,000,000
Hawaii [Member] | A Top And Drop Multi-Zonal Layer [Member] | Property Per Risk Coverage [Member] | Catastrophe [Member]
Reinsurance Premiums For Insurance Companies By Product Segment [Line Items]
Purchased reinstatement premium				$ 22,000,000

XML

Reinsurance - Schedule of Reinsurance Transactions on Components of Condensed Consolidated Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Premium written:
Direct									$ 618,932	$ 487,583	$ 283,295
Assumed									7,772	98,515	153,112
Ceded									(252,113)	(183,841)	(99,798)
Net premium written									374,591	402,257	336,609
Change in unearned premiums:
Direct									(29,480)	(103,138)	(80,617)
Assumed									43,294	41,780	(44,276)
Ceded									23,316	35,369	11,896
Net decrease (increase)									37,130	(25,989)	(112,997)
Premiums earned:
Direct									589,452	384,445	202,678
Assumed									51,066	140,295	108,836
Ceded									(228,797)	(148,472)	(87,902)
Net premiums earned	$ 94,906	$ 101,555	$ 108,918	$ 106,342	$ 97,572	$ 82,361	$ 94,846	$ 101,489	411,721	376,268	223,612
Losses and LAE incurred:
Direct									214,362	107,552	64,686
Assumed									26,361	33,639	24,874
Ceded									(1,861)
Net losses and LAE incurred									$ 238,862	$ 141,191	$ 89,560

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Reinsurance - Effects of Reinsurance Transactions on Unpaid Losses and Loss Adjustment Expenses and Unearned Premiums (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Unpaid losses and loss adjustment expenses:
Direct	$ 119,339	$ 60,223	$ 34,420
Assumed	20,798	23,499	17,049
Gross unpaid losses and LAE	140,137	83,722	51,469
Unearned premiums:
Direct	317,579	258,754	155,617
Assumed	445	43,739	85,519
Gross unearned premiums	318,024	302,493	241,136
Ceded	(106,609)	(78,517)	(43,148)
Net unearned premiums	$ 211,415	$ 223,976	$ 197,988

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Reserve for Unpaid Losses - Summary of Reserve for Unpaid Losses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Insurance [Abstract]
Balance, beginning of period	$ 83,722	$ 51,469	$ 19,344
Less: reinsurance recoverable on paid losses	0	0	0
Net balance, beginning of period	83,722	51,469	19,344
Incurred related to:
Current year	220,071	146,484	89,783
Prior years	18,791	(5,293)	(223)
Total incurred	238,862	141,191	89,560
Paid related to:
Current year	120,626	81,673	45,618
Prior years	62,407	27,265	11,817
Total paid	183,033	108,938	57,435
Net balance, end of period	139,551	83,722	51,469
Plus: reinsurance recoverable on unpaid losses	586	0	0
Balance, end of period	$ 140,137	$ 83,722	$ 51,469

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Reserve for Unpaid Losses - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Insurance [Abstract]
Losses incurred related to the prior year deficiency and redundancy	$ 18,791	$ (5,293)	$ (223)

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Reserve for Unpaid Losses - Summary of Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance (Detail) $ in Thousands	Dec. 31, 2016 USD ($) Claim	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Claims Development [Line Items]
Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 491,603
Net IBNR Reserves	82,213
Accident Year 2012 [Member]
Claims Development [Line Items]
Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance	797	$ 784	$ 811	$ 851	$ 1,396
Net IBNR Reserves	$ 6
Reported Claims | Claim	125
Accident Year 2013 [Member]
Claims Development [Line Items]
Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 37,090	37,212	35,819	$ 37,005
Net IBNR Reserves	$ 531
Reported Claims | Claim	3,607
Accident Year 2014 [Member]
Claims Development [Line Items]
Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 86,634	86,508	$ 91,839
Net IBNR Reserves	$ 2,155
Reported Claims | Claim	7,770
Accident Year 2015 [Member]
Claims Development [Line Items]
Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 159,899	$ 141,125
Net IBNR Reserves	$ 13,637
Reported Claims | Claim	11,068
Accident Year 2016 [Member]
Claims Development [Line Items]
Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 207,183
Net IBNR Reserves	$ 65,884
Reported Claims | Claim	14,603

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Reserve for Unpaid Losses - Summary of Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Claims Development [Line Items]
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 353,467
Accident Year 2012 [Member]
Claims Development [Line Items]
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	766	$ 756	$ 695	$ 615	$ 12
Accident Year 2013 [Member]
Claims Development [Line Items]
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	35,322	32,414	29,023	$ 18,625
Accident Year 2014 [Member]
Claims Development [Line Items]
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	79,341	70,932	$ 47,408
Accident Year 2015 [Member]
Claims Development [Line Items]
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	130,267	$ 76,310
Accident Year 2016 [Member]
Claims Development [Line Items]
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 107,771

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Reserve for Unpaid Losses - Summary of Reconciliation of Reserve Balances to Liability for Unpaid Loss and Loss Adjustment Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Insurance [Abstract]
Unpaid Loss and Allocated Loss Adjustment Expense, Net of Reinsurance	$ 138,136
Plus: reinsurance recoverable on unpaid losses	586	$ 0	$ 0
Unpaid Unallocated Loss Adjustment Expense	1,415
Unpaid losses and loss adjustment expenses	$ 140,137	$ 83,722	$ 51,469	$ 19,344

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Reserve for Unpaid Losses - Summary of Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Detail)	Dec. 31, 2016
Insurance [Abstract]
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance Year - 1	53.00%
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance Year - 2	29.00%
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance Year - 3	9.00%
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance Year - 4	4.00%
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance Year - 5	1.00%
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance Thereafter	4.00%

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Note Payable - Additional Information (Detail) $ in Thousands		12 Months Ended
	Dec. 15, 2016 USD ($) Investor	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Interest expense on debt liabilities		$ 321
Amortization of debt issuance costs		41
Senior Secured Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 79,500	$ 79,500
Note payable, term	7 years
Number of accredited investors | Investor	6
Interest rate		8.75%
Frequency of periodic principal and interest payments		quarterly
Interest payment commencement date		Mar. 15, 2017
Principal payment commencement date		Dec. 31, 2018
Net of issuance costs		$ 72,900
Debt issuance costs		$ 6,600
Effective interest rate		9.70%
Senior Secured Notes [Member] | 2018 [Member]
Debt Instrument [Line Items]
Debt Instrument redemption price, percentage		103.00%
Senior Secured Notes [Member] | 2019 [Member]
Debt Instrument [Line Items]
Debt Instrument redemption price, percentage		102.00%
Senior Secured Notes [Member] | 2020 [Member]
Debt Instrument [Line Items]
Debt Instrument redemption price, percentage		101.00%
Senior Secured Notes [Member] | Thereafter [Member]
Debt Instrument [Line Items]
Debt Instrument redemption price, percentage		100.00%
LIBOR [Member] | Senior Secured Notes [Member]
Debt Instrument [Line Items]
Basis Spread on Variable Rate		0.95%

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Note Payable - Schedule of Long-Term Debt (Detail) - Senior Secured Notes [Member] - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 15, 2016
Debt Instrument [Line Items]
Senior Notes, Principal	$ 79,500	$ 79,500
Senior Notes, Unamortized Debt Issuance Costs	$ 6,595

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Note Payable - Schedule of Long-Term Debt (Parenthetical) (Detail) - Senior Secured Notes [Member]	12 Months Ended
	Dec. 31, 2016
Debt Instrument [Line Items]
Maturity date	Dec. 15, 2023
Interest rate	8.75%

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Note Payable - Schedule of Expected Annual Principal Payments Due under Senior Secured Note Agreement(Detail) - Senior Secured Notes [Member] - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 15, 2016
Debt Instrument [Line Items]
2018	$ 1,988
2019	7,465
2020	6,746
2021	6,097
Thereafter	57,204
Senior Notes, Principal	$ 79,500	$ 79,500

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Income Taxes - Summary of Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Federal:
Current	$ 16,575	$ 48,524	$ 26,440
Deferred	2,735	970	(3,219)
Provision for Federal income tax expense	19,310	49,494	23,221
State:
Current	2,893	8,238	4,479
Deferred	335	46	(545)
Provision for State income tax expense	3,228	8,284	3,934
Provision for income taxes	$ 22,538	$ 57,778	$ 27,155

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Income Taxes - Components of Income Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Income Before Income Tax Domestic And Foreign [Line Items]
Income (loss) before income taxes	$ 56,403	$ 150,290	$ 74,252
Pass-through entities [Member]
Schedule Of Income Before Income Tax Domestic And Foreign [Line Items]
Income (loss) before income taxes			2,668
Non-pass Through Entities [Member]
Schedule Of Income Before Income Tax Domestic And Foreign [Line Items]
Income (loss) before income taxes	$ 56,403	$ 150,290	$ 71,584

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Income Taxes - Summary of Effective Federal and State Tax Rates to Income Before Provision for Income Taxes (Detail)		12 Months Ended
	May 22, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Expected income tax expense at federal rate	38.575%	35.00%	35.00%	35.00%
State tax expense, net of federal tax benefits		3.70%	3.60%	3.60%
Permanent items		1.40%	(1.00%)	0.00%
Other		(0.10%)	0.90%	(2.00%)
Reported income tax expense		40.00%	38.50%	36.60%

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Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax [Line Items]
Federal income tax recorded for income earned from limited liability companies	$ 19,310,000	$ 49,494,000	$ 23,221,000
Goodwill from asset purchases deductible for tax purposes	7,000,000	$ 7,600,000
Uncertain tax positions	0
Limited Liability Company [Member]
Income Tax [Line Items]
Federal income tax recorded for income earned from limited liability companies	$ 0

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Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Unearned premiums	$ 17,209	$ 17,979
Tax-related discount on loss reserve	1,829	1,140
Unrealized loss	3,113	1,277
Stock-based compensation	1,604	1,617
Prepaid expenses	1,482
Other	312	256
Total deferred tax asset	25,549	22,269
Deferred tax liabilities:
Deferred acquisition costs	16,377	13,424
Property and equipment	355	473
Basis in purchased investments	1,697
Basis in purchased intangibles	9,791
Other	332	408
Total deferred tax liabilities	28,552	14,305
Net deferred tax liability	$ (3,003)
Net deferred tax asset		$ 7,964

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Statutory Accounting and Regulations - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	May 31, 2013	Dec. 31, 2016	Dec. 31, 2015	Apr. 23, 2013
Statutory Accounting Practices [Line Items]
Statutory net income of insurance subsidiary		$ 567,000	$ 45,600,000
Deposits held		250,000
Statutory capital and surplus		$ 276,000,000	$ 216,600,000	$ 1,000,000
Reinsurance Policy, Description		Statutory accounting requires a provision for reinsurance liability be established for reinsurance recoverable on paid losses aged over ninety days and for unsecured amounts recoverable from unauthorized reinsurers.
Date of incorporation/ Acquisition		Apr. 23, 2013
Investment in subsidiary	$ 1,700,000
Letter of credit	$ 12,700,000
No Action Level [Member] | Minimum [Member]
Statutory Accounting Practices [Line Items]
Risk-based capital		200.00%
Company Action Level [Member] | Maximum [Member]
Statutory Accounting Practices [Line Items]
Risk-based capital		200.00%
Company Action Level [Member] | Minimum [Member]
Statutory Accounting Practices [Line Items]
Risk-based capital		150.00%
Regulatory Action Level [Member] | Maximum [Member]
Statutory Accounting Practices [Line Items]
Risk-based capital		150.00%
Regulatory Action Level [Member] | Minimum [Member]
Statutory Accounting Practices [Line Items]
Risk-based capital		100.00%
Authorized Control Level [Member] | Maximum [Member]
Statutory Accounting Practices [Line Items]
Risk-based capital		100.00%
Authorized Control Level [Member] | Minimum [Member]
Statutory Accounting Practices [Line Items]
Risk-based capital		70.00%
Mandatory Control Level [Member] | Minimum [Member]
Statutory Accounting Practices [Line Items]
Risk-based capital		70.00%
Heritage P&C [Member]
Statutory Accounting Practices [Line Items]
Statutory accounting practices, capital and surplus requirements of insurance subsidiary		Greater of $15 million or 10% of their respective liabilities.
Minimum required amount of capital and surplus maintained by the insurance subsidiary		$ 15,000,000
Statutory capital and surplus requirements, percentage		10.00%
Heritage P&C [Member] | Minimum [Member]
Statutory Accounting Practices [Line Items]
Risk-based capital		300.00%
Zephyr [Member]
Statutory Accounting Practices [Line Items]
Deposits held		$ 750,000
Zephyr [Member] | Minimum [Member]
Statutory Accounting Practices [Line Items]
Risk-based capital		300.00%

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Statutory Accounting and Regulations - Consolidated GAAP Net Income to Statutory Net Income of Insurance Subsidiaries (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statutory Accounting Practices [Line Items]
Consolidated GAAP net income	$ (2,856)	$ 10,930	$ 18,368	$ 7,423	$ 20,243	$ 16,813	$ 25,400	$ 30,056	$ 33,865	$ 92,512	$ 47,097
Deferred policy acquisition costs									7,979	10,430	14,605
Allowance for doubtful accounts										(250)	250
Net Income Reconciliation [Member]
Statutory Accounting Practices [Line Items]
Consolidated GAAP net income									33,865	92,512	47,097
Deferred income taxes									6,069	1,755	(3,764)
Deferred policy acquisition costs									(7,979)	(10,430)	(14,605)
Surplus note interest										(347)	(1,445)
Non-statutory subsidiaries									(32,874)	(36,569)	(16,788)
Investment basis difference									540
Pre-acquisition income									3,755
Equity compensation									(2,107)	(1,074)	(1,106)
Allowance for doubtful accounts										(250)	250
Other									(702)		199
Statutory net income of insurance subsidiaries									$ 567	$ 45,597	$ 9,838

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Other Liabilities - Additional Information (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Liabilities related to amounts owed to Citizens for policies	$ 200,000	$ 4,900,000
Other liabilities, commissions payable	6,200	5,800
Accounts and other payable	5,600	3,900
Payments in Connection with issuance of debt	6,900	0
Dividends payable	1,800,000	1,600,000
Unearned revenue	$ 1,000,000	$ 1,200,000

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Accrued Bonus Compensation - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
Compensation Related Costs [Abstract]
Accrued employee's bonus compensation	$ 7,200	$ 4,400	$ 14,100
Accrued employee's bonus compensation paid in cash		$ 800	$ 12,100
Percentage of earnings	8.50%

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Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Immediate Family Member Of Management Or Principal Owner [Member]
Related Party Transaction [Line Items]
Payments for management services	$ 118	$ 113	$ 93
Majority Shareholder [Member]
Related Party Transaction [Line Items]
Rent expenses	$ 0	$ 0	$ 70

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Employee Benefit Plan - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Defined Contribution Plan Disclosure [Line Items]
Percentage of contribution on employee salary	3.00%
Contribution for participating employees	$ 685,000	$ 276,000
Medical premium cost	2,400,000	$ 1,400,000
Unpaid claims	309,000
Stop loss coverage per employee	60,000
Defined contribution plan, aggregate limit for losses	$ 1,500,000
Defined contribution plan, aggregate stop loss commences threshold percentage	125.00%
Maximum [Member]
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, aggregate limit for losses in provided amount	$ 1,000,000

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Equity - Additional Information (Detail) - USD ($)				3 Months Ended				12 Months Ended
	Mar. 02, 2017	May 04, 2016	Dec. 17, 2015	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Sep. 14, 2015
Class Of Stock [Line Items]
Common stock, shares authorized				50,000,000				50,000,000	50,000,000
Preferred stock, shares authorized				5,000,000				5,000,000
Common stock, shares outstanding				28,840,443				28,840,443	30,441,410
Treasury stock, shares				1,759,330				1,759,330
Additional paid-in capital				$ 205,727,000				$ 205,727,000	$ 202,628,000
Common stock voting rights								one vote
Stock Repurchase Program, Authorized Amount		$ 50,000,000								$ 20,000,000
Stock Repurchased During Period, Shares								1,759,330
Stock Repurchased During Period, Value								$ 25,562,000
Stock Repurchase Program Expiration Date		Dec. 31, 2017
Cash dividend			$ 1,500,000	$ 1,784,426	$ 1,808,505	$ 1,840,455	$ 1,578,320	$ 7,000,000
Cash dividend per common share			$ 0.05
Cash dividend, payable date			Jan. 13, 2016	Jan. 04, 2017	Oct. 03, 2016	Jul. 01, 2016	Apr. 05, 2016
Dividend payable, record date			Dec. 31, 2015	Dec. 15, 2016	Sep. 15, 2016	Jun. 15, 2016	Mar. 15, 2016
Subsequent Event [Member]
Class Of Stock [Line Items]
Cash dividend	$ 1,900,000
Cash dividend per common share	$ 0.06
Cash dividend, payable date	Apr. 04, 2017
Dividend payable, record date	Mar. 15, 2017
Restricted Stock [Member]
Class Of Stock [Line Items]
Unvested restricted common stock issued				900,000				900,000	1,125,000

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Equity - Summary of Cash Dividends (Detail) - USD ($)		3 Months Ended				12 Months Ended
	Dec. 17, 2015	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Cash dividend per common share		$ 0.06	$ 0.06	$ 0.06	$ 0.05	$ 0.23	$ 0.05
Total cash dividends paid	$ 1,500,000	$ 1,784,426	$ 1,808,505	$ 1,840,455	$ 1,578,320	$ 7,000,000
Record date	Dec. 31, 2015	Dec. 15, 2016	Sep. 15, 2016	Jun. 15, 2016	Mar. 15, 2016
Payment date	Jan. 13, 2016	Jan. 04, 2017	Oct. 03, 2016	Jul. 01, 2016	Apr. 05, 2016
Cash dividends per common share		$ 0.06	$ 0.06	$ 0.06	$ 0.05	$ 0.23	$ 0.05

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Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Apr. 30, 2015	Dec. 02, 2014	Sep. 24, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	May 22, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum tenure of stock option from the date of grant				10 years
Exercisable period of vested awards				30 days
Shares granted to employees and directors		1,326,923	359,000	0	0
Stock options expiration date			Sep. 24, 2017
Fair value of option granted		$ 3.19	$ 2.70
Fair value of options vested					$ 2,700	$ 2,500
Employee Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options expiration date		Dec. 02, 2017
Stock-based compensation expense				$ 0	1,900	$ 3,300
Director Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options expiration date		Dec. 02, 2017
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, Vesting period				5 years
Stock-based compensation expense				$ 3,800	$ 749
Restricted stock awards granted				0
Unrecognized stock compensation expense				$ 18,500
Unrecognized stock compensation expense, weighted average period				3 years 10 months 24 days
Share-based Compensation Award, Tranche One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of vesting of awards granted		50.00%
Share-based Compensation Award, Tranche Two [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of vesting of awards granted	50.00%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, Vesting period				1 year
Fair value of option granted						$ 3.07
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, Vesting period				5 years
Fair value of option granted						$ 3.54
Omnibus Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance							2,981,737
Shares available for grant				170,814	170,814

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Stock-Based Compensation - Assumptions Utilized For Options Granted (Detail) - $ / shares	Dec. 02, 2014	Sep. 24, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Weighted-average risk-free interest rate	0.51%	0.42%
Expected term of option in years	1 year 7 months 6 days	1 year 8 months 12 days
Weighted-average volatility	35.56%	36.47%
Dividend yield	0.00%	0.00%
Weighted average grant date fair value per share	$ 3.19	$ 2.70

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Stock-Based Compensation - Summary of Information Related to Stock Option (Detail) - $ / shares			12 Months Ended
	Dec. 02, 2014	Sep. 24, 2014	Dec. 31, 2016	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Beginning Balance, Shares			1,149,923	1,685,923
Granted, Shares	1,326,923	359,000	0	0
Exercised, Shares				(536,000)
Ending Balance, Shares			1,149,923	1,149,923
Vested and exercisable, Shares			1,149,923
Weighted-Average Grant Date Fair Value, Beginning Balance			$ 2.99
Weighted-Average Grant Date Fair Value, Exercised				$ 4.29
Weighted-Average Grant Date Fair Value, Ending Balance			2.99	$ 2.99
Weighted-Average Grant Date Fair Value, Vested and exercisable			$ 2.99

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Stock-Based Compensation - Assumptions Used in Determining Fair Value of Stock Options and Stock Appreciation Rights Using Black Scholes Option-Pricing Model (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option Outstanding, Number	1,149,923	1,149,923	1,685,923
Option Outstanding, Weighted Average Exercise Price	$ 2.99	$ 2.99
$ 14.02 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of Exercise Price	$ 14.02
Option Outstanding, Number	243,000
Option Outstanding, Average Remaining Contractual Life (in years)	9 months
Option Outstanding, Weighted Average Exercise Price	$ 14.02
Option Exercisable, Number	243,000
Option Exercisable, Average Remaining Contractual Life (in years)	9 months
Option Exercisable, Weighted Average Exercise Price	$ 14.02
$ 16.89 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of Exercise Price	$ 16.89
Option Outstanding, Number	906,923
Option Outstanding, Average Remaining Contractual Life (in years)	1 year
Option Outstanding, Weighted Average Exercise Price	$ 16.89
Option Exercisable, Number	906,923
Option Exercisable, Average Remaining Contractual Life (in years)	1 year
Option Exercisable, Weighted Average Exercise Price	$ 16.89
$ 16.28 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of Exercise Price	$ 16.28
Option Outstanding, Number	1,149,923
Option Outstanding, Average Remaining Contractual Life (in years)	10 months 17 days
Option Outstanding, Weighted Average Exercise Price	$ 16.28
Option Exercisable, Number	1,149,923
Option Exercisable, Average Remaining Contractual Life (in years)	10 months 17 days
Option Exercisable, Weighted Average Exercise Price	$ 16.28

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Stock-Based Compensation - Schedule of Restricted Stock Activity (Detail) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2016 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance, shares	1,125,000
Granted, shares	0
Vested, shares	(158,363)
Cancelled and forfeited, shares	(66,637)
Ending balance, shares	900,000
Beginning balance, Weighted-Average Grant Date Fair Value | $ / shares	$ 21.40
Vested, Weighted-Average Grant Date Fair Value | $ / shares	14.67
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares	14.67
Ending balance, Weighted-Average Grant Date Fair Value | $ / shares	$ 18.82

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Stock-Based Compensation - Summary of Deferred Tax Benefits Recognized and Tax Benefits Realized to Restricted Stock Awards (Detail) - Restricted Stock [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Deferred tax benefit recognized		$ 76
Tax benefit realized for restricted stock and paid dividends		$ 357
Fair value of vested restricted stock	$ 3,301

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Condensed Financial Information of Heritage Insurance Holdings, Inc. - Schedule of Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Fixed maturity securities, available for sale, at fair value	$ 571,011	$ 371,783
Cash and cash equivalents	105,817	236,277	$ 160,481	$ 65,059
Other assets	5,775	5,426
Total Assets	1,033,244	837,398
LIABILITIES AND STOCKHOLDERS' EQUITY
Other liabilities	21,681	17,885
Total Liabilities	675,285	480,845
Total Stockholders' Equity	357,959	356,553	255,089	79,984
Total Liabilities and Stockholders' Equity	1,033,244	837,398
Parent Company [Member]
ASSETS
Fixed maturity securities, available for sale, at fair value	77,922
Cash and cash equivalents	7,368	36,762	$ 30,927	$ 10,744
Investment in and advances to subsidiaries	334,983	312,047
Other assets	19,055	7,355
Total Assets	439,328	356,164
LIABILITIES AND STOCKHOLDERS' EQUITY
Other liabilities	81,369	349
Total Liabilities	81,369	349
Total Stockholders' Equity	357,959	355,815
Total Liabilities and Stockholders' Equity	$ 439,328	$ 356,164

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Condensed Financial Information of Heritage Insurance Holdings, Inc. - Schedule of Condensed Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue:
Other revenue									$ 16,323	$ 9,595	$ 6,055
Total revenue	$ 102,806	$ 109,306	$ 115,281	$ 111,565	$ 101,332	$ 89,244	$ 99,088	$ 105,128	438,958	394,792	233,820
Expenses:
General and administrative expense									58,910	46,125	33,498
Amortization of debt issuance costs									41
Interest expense, net									321
Total expenses	106,450	90,694	85,524	99,525	68,039	61,529	58,098	56,836	382,193	244,502	159,568
Benefit from income taxes									22,538	57,778	27,155
Net income	$ (2,856)	$ 10,930	$ 18,368	$ 7,423	$ 20,243	$ 16,813	$ 25,400	$ 30,056	33,865	92,512	47,097
Parent Company [Member]
Revenue:
Other revenue									1,403	1,129	1,896
Total revenue									1,403	1,129	1,896
Expenses:
General and administrative expense									11,558	9,036	6,649
Amortization of debt issuance costs									41
Interest expense, net									321
Total expenses									11,920	9,036	6,649
Loss before income taxes and equity in net income of subsidiaries									(10,517)	(7,907)	(4,753)
Benefit from income taxes										(2,227)	(801)
Loss before equity in net income of subsidiaries									(10,517)	(5,680)	(3,952)
Equity in net income of subsidiaries									2,034	98,192	51,049
Net income									$ (8,483)	$ 92,512	$ 47,097

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Condensed Financial Information of Heritage Insurance Holdings, Inc. - Schedule of Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Condensed Cash Flow Statements Captions [Line Items]
Net cash (used in) provided by operating activities	$ 75,130	$ 153,121	$ 194,196
Investing Activities
Purchases of investments available for sale	(317,666)	(237,946)	(231,070)
Net cash used in investing activities	(249,416)	(86,964)	(200,047)
Financing Activities
Proceeds from exercise of stock options and warrants		8,900	22,515
Proceeds from issuance of note payable, net of issuance costs	77,910
Proceeds from issuance of equity and redeemable shares			88
Excess tax (expense) benefit on stock-based compensation	(739)	739
Shares tendered for income tax withholding	(977)
Purchase of treasury stock	(25,562)
Dividends	(6,806)
Net cash provided by financing activities	43,826	9,639	101,273
(Decrease)/increase in cash and cash equivalents	(130,460)	75,796	95,422
Cash and cash equivalents, beginning of period	236,277	160,481	65,059
Cash and cash equivalents, end of period	105,817	236,277	160,481
Parent Company [Member]
Condensed Cash Flow Statements Captions [Line Items]
Net cash (used in) provided by operating activities	(6,045)	7,196	1,280
Investing Activities
Purchases of investments available for sale	(77,910)
Dividends received from subsidiaries	85,096	21,400	16,099
Investments and advances to subsidiaries	(74,361)	(32,400)	(98,469)
Net cash used in investing activities	(73,220)	(3,804)	(82,370)
Financing Activities
Proceeds from issuance of equity from IPO and private placement, net of discount fee and direct costs of issuance			78,670
Proceeds from exercise of stock options and warrants		8,900	22,515
Proceeds from issuance of note payable, net of issuance costs	77,910
Proceeds from issuance of equity and redeemable shares			88
Excess tax (expense) benefit on stock-based compensation	(739)	739
Shares tendered for income tax withholding	(977)
Purchase of treasury stock	(25,562)
Dividends	(6,806)
Net cash provided by financing activities	43,826	9,639	101,273
(Decrease)/increase in cash and cash equivalents	(29,394)	5,835	20,183
Cash and cash equivalents, beginning of period	36,762	30,927	10,744
Cash and cash equivalents, end of period	$ 7,368	$ 36,762	$ 30,927

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Quarterly Results of Operations (Unaudited) - Summary of Unaudited Quarterly Results (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Net premiums earned	$ 94,906	$ 101,555	$ 108,918	$ 106,342	$ 97,572	$ 82,361	$ 94,846	$ 101,489	$ 411,721	$ 376,268	$ 223,612
Investment income	2,595	2,326	2,223	2,037	1,725	1,973	2,090	1,633
Total revenues	102,806	109,306	115,281	111,565	101,332	89,244	99,088	105,128	438,958	394,792	233,820
Total expenses	106,450	90,694	85,524	99,525	68,039	61,529	58,098	56,836	382,193	244,502	159,568
Net income	$ (2,856)	$ 10,930	$ 18,368	$ 7,423	$ 20,243	$ 16,813	$ 25,400	$ 30,056	$ 33,865	$ 92,512	$ 47,097
Basic earnings per share:	$ (0.09)	$ 0.37	$ 0.62	$ 0.24	$ 0.66	$ 0.56	$ 0.85	$ 1.01	$ 1.14	$ 3.08	$ 1.92
Diluted earnings per share:	$ (0.09)	$ 0.37	$ 0.62	$ 0.24	$ 0.66	$ 0.55	$ 0.84	$ 1.00	$ 1.14	$ 3.05	$ 1.82

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Subsequent Events - Additional Information (Detail) - USD ($)			3 Months Ended				12 Months Ended
	Mar. 02, 2017	Dec. 17, 2015	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2016
Subsequent Event [Line Items]
Cash dividend, declared		$ 0.05
Total cash dividends paid		$ 1,500,000	$ 1,784,426	$ 1,808,505	$ 1,840,455	$ 1,578,320	$ 7,000,000
Cash dividend, payable date		Jan. 13, 2016	Jan. 04, 2017	Oct. 03, 2016	Jul. 01, 2016	Apr. 05, 2016
Dividend payable, record date		Dec. 31, 2015	Dec. 15, 2016	Sep. 15, 2016	Jun. 15, 2016	Mar. 15, 2016
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash dividend, declared date	Mar. 02, 2017
Cash dividend, declared	$ 0.06
Total cash dividends paid	$ 1,900,000
Cash dividend, payable date	Apr. 04, 2017
Dividend payable, record date	Mar. 15, 2017