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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]
 Pay Versus Performance
 
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation
S-K,
we are providing the following information about the relationship between executive compensation actually paid to our
Named Executive Officers
 
and certain financial performance of the Company. For further information concerning the Company’s variable
pay-for-performance
philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “Executive Compensation—Compensation Discussion and Analysis.”
“Compensation actually paid” does not represent the value of cash and shares of the company’s common stock received by
Named Executive Officers
 
during the year, but rather is an amount calculated under
SEC
rules and includes, among other things, year-over-year changes in the value of unvested equity-based awards. As a result of the calculation methodology required by the SEC, “Compensation actually paid” amounts below differ from compensation actually received by the individuals and the compensation decisions described in
the
“Executive Compensation—Compensation Discussion and Analysis.”
2022 Pay Versus Performance Table
 
 
 
                                 
Average
Summary
Compensation
Table Total for
Non-CEO

NEOs
          
Average
Compensation
Actually Paid
to
Non-CEO

NEOs
          
Value of Initial Fixed $100
Investment Based on:
                          
Year
        
Summary
Compensation
Table Total for
CEO
          
Compensation
Actually Paid
to CEO
                      
    Company    
TSR
          
Peer
    Group    
TSR
          
Net Income
(Loss)
          
Net
Operating
Ratio
  
          (1)           (2)           (1)           (2)           (3)           (3)                       (4)  
2022
    
$
        3,578,393
 
    
$
        1,648,924
 
    
$
        1,507,019
 
    
$
        986,044
 
    
$
        44.47
 
    
$
        124.27
 
    
$
(22,257,000
) 
    
 
100.7
% 
2021
    
 
3,540,457
 
    
 
3,119,081
 
    
 
870,308
 
    
 
(90,247
) 
    
 
66.89
 
    
 
119.69
 
    
 
20,407,000
 
    
 
97.4
% 
2020
    
 
3,322,914
 
    
 
2,251,197
 
    
 
1,382,726
 
    
 
(573,059
) 
    
 
56.50
 
    
 
97.21
 
    
 
19,105,000
 
    
 
104.2
% 
 
(1)
The
CEO for each year reported was Stephen J. Donaghy. The other Named Executive Officers, or NEOs, for each year reported are Messrs. Downes and Wilcox and Ms. Campos.
 
(2)
SEC
rules require certain adjustments be made to the “Summary Compensation Table” totals to determine “compensation actually paid” as reported in the “Pay versus performance table” above. The following table outlines the applicable adjustments that were made to determine “compensation actually paid” (all amounts are averages for the Named Executive Officers other than the CEO):
Equity Incentive Plan Compensation Adjustments
 
                                     
Year
        
Executives
        
Summary
Compensation
Table Total
          
Deduct
Grant Date
Fair Value of
Equity
Awards
          
Add
Year-End

Value of
Outstanding
and
Unvested
Equity
Awards
Granted in
Year
          
Change in
Value of
Unvested
Equity
Awards
Granted in
Prior Years
          
Change
in Value
of Equity
Awards
Granted
and
Vested in
Year
          
Change in
Value of
Equity
Awards
Granted in
Prior
Years
which
Vested in
Year
          
Deduct the
Fair Value
for Equity
Awards
Granted in
the Prior
Year not
Meeting
Vesting
Conditions
          
Add
Dividends
  
2022
          
CEO
          
$
        3,578,393
 
          
$
  (1,057,829)
 
          
$
965,552
 
          
$
(953,206
) 
          
$
      2,055
 
          
$
    (51,850)
 
          
$
    (850,000)
 
          
$
    15,810
 
           
Other NEOs
          
 
1,507,019
 
          
 
(551,639)
 
          
 
380,711
 
          
 
(140,344
) 
          
 
(105,838
) 
          
 
(116,266)
 
          
 
— 
 
          
 
12,401
 
2021
          
CEO
          
 
3,540,457
 
          
 
(2,468,000)
 
          
 
      2,069,381
 
          
 
(30,757
) 
          
 
38,250
 
          
 
(45,500)
 
          
 
— 
 
          
 
15,250
 
           
Other NEOs
          
 
870,308
 
          
 
(126,825)
 
          
 
127,500
 
          
 
(396,319
) 
          
 
—
 
          
 
(606,206)
 
          
 
— 
 
          
 
41,295
 
2020
          
CEO
          
 
3,322,914
 
          
 
(2,269,000)
 
          
 
1,418,283
 
          
 
—
 
          
 
(45,250
) 
          
 
(195,000)
 
          
 
— 
 
          
 
19,250
 
 
          
Other NEOs
          
 
1,382,726
 
          
 
(426,428)
 
          
 
377,021
 
          
 
(1,658,092
) 
          
 
—
 
          
 
(271,428)
 
          
 
 —
 
          
 
28,081
 
 
(3)
TSR is determined based on the value of an initial fixed investment of $100 on December 31, 2019. The peer group TSR represents TSR of the S&P Insurance Select Industry Index.
 
(4)
Refer to 2022 performance measures below for an understanding of how this metric is calculated.
   
Company Selected Measure Name NetOperatingRatio    
Named Executive Officers, Footnote [Text Block] The other Named Executive Officers, or NEOs, for each year reported are Messrs. Downes and Wilcox and Ms. Campos.    
Peer Group Issuers, Footnote [Text Block] TSR is determined based on the value of an initial fixed investment of $100 on December 31, 2019. The peer group TSR represents TSR of the S&P Insurance Select Industry Index.    
PEO Total Compensation Amount $ 3,578,393 $ 3,540,457 $ 3,322,914
PEO Actually Paid Compensation Amount $ 1,648,924 3,119,081 2,251,197
Adjustment To PEO Compensation, Footnote [Text Block]
(2)
SEC
rules require certain adjustments be made to the “Summary Compensation Table” totals to determine “compensation actually paid” as reported in the “Pay versus performance table” above. The following table outlines the applicable adjustments that were made to determine “compensation actually paid” (all amounts are averages for the Named Executive Officers other than the CEO):
Equity Incentive Plan Compensation Adjustments
 
                                     
Year
        
Executives
        
Summary
Compensation
Table Total
          
Deduct
Grant Date
Fair Value of
Equity
Awards
          
Add
Year-End

Value of
Outstanding
and
Unvested
Equity
Awards
Granted in
Year
          
Change in
Value of
Unvested
Equity
Awards
Granted in
Prior Years
          
Change
in Value
of Equity
Awards
Granted
and
Vested in
Year
          
Change in
Value of
Equity
Awards
Granted in
Prior
Years
which
Vested in
Year
          
Deduct the
Fair Value
for Equity
Awards
Granted in
the Prior
Year not
Meeting
Vesting
Conditions
          
Add
Dividends
  
2022
          
CEO
          
$
        3,578,393
 
          
$
  (1,057,829)
 
          
$
965,552
 
          
$
(953,206
) 
          
$
      2,055
 
          
$
    (51,850)
 
          
$
    (850,000)
 
          
$
    15,810
 
           
Other NEOs
          
 
1,507,019
 
          
 
(551,639)
 
          
 
380,711
 
          
 
(140,344
) 
          
 
(105,838
) 
          
 
(116,266)
 
          
 
— 
 
          
 
12,401
 
2021
          
CEO
          
 
3,540,457
 
          
 
(2,468,000)
 
          
 
      2,069,381
 
          
 
(30,757
) 
          
 
38,250
 
          
 
(45,500)
 
          
 
— 
 
          
 
15,250
 
           
Other NEOs
          
 
870,308
 
          
 
(126,825)
 
          
 
127,500
 
          
 
(396,319
) 
          
 
—
 
          
 
(606,206)
 
          
 
— 
 
          
 
41,295
 
2020
          
CEO
          
 
3,322,914
 
          
 
(2,269,000)
 
          
 
1,418,283
 
          
 
—
 
          
 
(45,250
) 
          
 
(195,000)
 
          
 
— 
 
          
 
19,250
 
 
          
Other NEOs
          
 
1,382,726
 
          
 
(426,428)
 
          
 
377,021
 
          
 
(1,658,092
) 
          
 
—
 
          
 
(271,428)
 
          
 
 —
 
          
 
28,081
 
    
Non-PEO NEO Average Total Compensation Amount $ 1,507,019 870,308 1,382,726
Non-PEO NEO Average Compensation Actually Paid Amount $ 986,044 (90,247) (573,059)
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
(2)
SEC
rules require certain adjustments be made to the “Summary Compensation Table” totals to determine “compensation actually paid” as reported in the “Pay versus performance table” above. The following table outlines the applicable adjustments that were made to determine “compensation actually paid” (all amounts are averages for the Named Executive Officers other than the CEO):
Equity Incentive Plan Compensation Adjustments
 
                                     
Year
        
Executives
        
Summary
Compensation
Table Total
          
Deduct
Grant Date
Fair Value of
Equity
Awards
          
Add
Year-End

Value of
Outstanding
and
Unvested
Equity
Awards
Granted in
Year
          
Change in
Value of
Unvested
Equity
Awards
Granted in
Prior Years
          
Change
in Value
of Equity
Awards
Granted
and
Vested in
Year
          
Change in
Value of
Equity
Awards
Granted in
Prior
Years
which
Vested in
Year
          
Deduct the
Fair Value
for Equity
Awards
Granted in
the Prior
Year not
Meeting
Vesting
Conditions
          
Add
Dividends
  
2022
          
CEO
          
$
        3,578,393
 
          
$
  (1,057,829)
 
          
$
965,552
 
          
$
(953,206
) 
          
$
      2,055
 
          
$
    (51,850)
 
          
$
    (850,000)
 
          
$
    15,810
 
           
Other NEOs
          
 
1,507,019
 
          
 
(551,639)
 
          
 
380,711
 
          
 
(140,344
) 
          
 
(105,838
) 
          
 
(116,266)
 
          
 
— 
 
          
 
12,401
 
2021
          
CEO
          
 
3,540,457
 
          
 
(2,468,000)
 
          
 
      2,069,381
 
          
 
(30,757
) 
          
 
38,250
 
          
 
(45,500)
 
          
 
— 
 
          
 
15,250
 
           
Other NEOs
          
 
870,308
 
          
 
(126,825)
 
          
 
127,500
 
          
 
(396,319
) 
          
 
—
 
          
 
(606,206)
 
          
 
— 
 
          
 
41,295
 
2020
          
CEO
          
 
3,322,914
 
          
 
(2,269,000)
 
          
 
1,418,283
 
          
 
—
 
          
 
(45,250
) 
          
 
(195,000)
 
          
 
— 
 
          
 
19,250
 
 
          
Other NEOs
          
 
1,382,726
 
          
 
(426,428)
 
          
 
377,021
 
          
 
(1,658,092
) 
          
 
—
 
          
 
(271,428)
 
          
 
 —
 
          
 
28,081
 
    
Tabular List [Table Text Block]
2022 performance measures
For performance year 2022, the performance measures listed below were the most important ones used by the Compensation Committee to link
Named Executive Officers’
2022 compensation actually paid to Company performance.
 
 
Performance Measures
 
     
Net operating ratio
       Numerator of this ratio is calculated as the sum of losses & LAE, policy acquisition costs and other operating expenses, less net investment income, commission revenue, policy fees and other revenues, while the denominator reflects net premiums earned.
     
GPW growth
       Growth in gross premiums written
.
     
3-year
adjusted book value per share growth
  
 
   Excludes cumulative dividends declared and accumulated other comprehensive income.
 
    
Total Shareholder Return Amount $ 44.47 66.89 56.5
Peer Group Total Shareholder Return Amount 124.27 119.69 97.21
Net Income (Loss) $ (22,257,000) $ 20,407,000 $ 19,105,000
Company Selected Measure Amount 1.007 0.974 1.042
PEO Name Stephen J. Donaghy    
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Net operating ratio    
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name GPW growth    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name 3-year adjusted book value per share growth    
Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Compensation Actually Paid vs. Other Measure [Text Block]
Relationship between “compensation actually paid” and performance measures
As described in “Executive Compensation—Compensation Discussion and Analysis,” we believe that the compensation provided to the Named Executive Officers for 2022 is aligned with our
pay-for-performance
philosophy and our overall business performance. In terms of the relationship between “compensation actually paid” and financial performance: for our CEO and for our Executive Chairman, 50% of their annual
non-equity
incentive awards in 2022 was tied to net operating ratio, which is one of our most important performance measures. Because this ratio was above 100% due to losses and loss adjustment expenses attributable to Hurricane Ian, this component of the award did not pay out at all. Also, a majority of our executives’ variable pay is delivered as equity-based awards. As a result, our CEO’s and our other NEOs’ “compensation actually paid” each year generally correlates with our TSR performance. In addition, the PSUs granted to our CEO and Executive Chairman will vest only if book value per share over a three-year period increases by at least 5%; their “compensation actually paid” will be negatively impacted if the Company’s net asset value does not increase by at
least
5% over a three-year period.
   
PEO [Member] | Fair Value of Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (1,057,829) $ (2,468,000) $ (2,269,000)
PEO [Member] | YearEnd Value of Outstanding and Unvested Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 965,552 2,069,381 1,418,283
PEO [Member] | Change in Value of Unvested Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (953,206) (30,757)  
PEO [Member] | Change in Value of Equity Awards Granted and Vested in Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 2,055 38,250 (45,250)
PEO [Member] | Change in Value of Equity Awards Granted in Prior Years which Vested in Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (51,850) (45,500) (195,000)
PEO [Member] | Fair Value for Equity Awards Granted in the Prior Year not Meeting Vesting Conditions [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (850,000)    
PEO [Member] | Equity Awards Value Of Dividends And Other Earnings Paid Adjustment [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 15,810 15,250 19,250
Non-PEO NEO [Member] | Fair Value of Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (551,639) (126,825) (426,428)
Non-PEO NEO [Member] | YearEnd Value of Outstanding and Unvested Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 380,711 127,500 377,021
Non-PEO NEO [Member] | Change in Value of Unvested Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (140,344) (396,319) (1,658,092)
Non-PEO NEO [Member] | Change in Value of Equity Awards Granted and Vested in Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (105,838)    
Non-PEO NEO [Member] | Change in Value of Equity Awards Granted in Prior Years which Vested in Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (116,266) (606,206) (271,428)
Non-PEO NEO [Member] | Equity Awards Value Of Dividends And Other Earnings Paid Adjustment [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 12,401 $ 41,295 $ 28,081