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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
 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 NEOs 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 the “Compensation Discussion and Analysis” section of this Proxy Statement.
“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 described in the “Compensation Discussion and Analysis” section of this Proxy Statement. Due to inadvertent calculation errors, one NEO and certain equity grants were omitted from the 2022 Pay versus Performance table in our 2023 Proxy Statement, but the calculations have been corrected as shown below.
2023 Pay Versus Performance Table
 
 
                                 
Average
Summary
Compensation
Table Total for
Other NEOs
          
Average
Compensation
Actually Paid
to Other 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)  
2023
     $   4,287,954       $   6,963,419       $   1,605,915       $   2,153,239       $   70.32       $   139.85       $ 66,823,000         93.3 % 
2022
    
$
3,578,393
 
    
$
1,931,609
 
    
$
1,507,019
 
    
$
1,215,004
 
    
$
44.47
 
    
$
124.27
 
    
$
(22,257,000
) 
    
 
100.7
% 
2021
    
$
3,540,457
 
    
$
3,233,166
 
    
$
723,930
 
    
$
579,709
 
    
$
66.89
 
    
$
119.69
 
    
$
20,407,000
 
    
 
97.4
% 
2020
    
$
3,322,914
 
    
$
2,691,333
 
    
$
2,196,691
 
    
$
1,238,143
 
    
$
56.50
 
    
$
97.20
 
    
$
19,105,000
 
    
 
104.2
% 
 
(1)
The CEO for each year reported was Stephen J. Donaghy. The NEOs other than the CEO (the “Other NEOs”), for each year reported are as follows: (i) for 2023 and 2022, Sean P. Downes (Executive Chairman), Frank C. Wilcox (CFO) and Kimberly D. Campos (CIO and CAO); and (ii) for 2021 and 2020, Sean P. Downes (Executive Chairman), Jon W. Springer (CRO), Frank C. Wilcox (CFO) and Kimberly D. Campos (CIO and CAO).
 
(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 Other NEOs):
Equity Compensation Adjustments
 
                                     
Year
        
Executives
        
Summary
Compensation
Table Total
          
Deduct
Grant Date
Fair Value of
Equity
Awards as
Reported in
Summary
Compensation
Table
          
Add Year-

End Fair
Value of
Outstanding
and
Unvested
Equity
Awards
Granted in
Year
          
Add (or
Deduct if
Negative)
Change in
Value from
Prior Year-

End of
Unvested
Equity
Awards
Granted in
Prior Years
          
Add Fair
Value as
of the
Vesting
Date of
Equity
Awards
Granted
and
Vested in
Year
          
Add (or
Deduct if
Negative)
Change in
Fair Value
from Prior
Year-End

of Equity
Awards
Granted in
Prior Years
which
Vested in
Year
          
Deduct the
Fair Value
for Equity
Awards
Granted in
a Prior
Year not
Meeting
Vesting
Conditions
During the
Year
          
Add
Dividends
  
2023
     CEO     $  4,287,954       $  (1,750,002 )      $  1,531,491       $ 1,286,845         —       $  1,528,741         —        $  78,390  
    Other NEOs     $ 1,605,915       $ (333,330 )      $ 291,710       $ 304,257         —       $ 275,277         —        $ 9,410  
2022
    
CEO
    
$
3,578,393
 
    
$
 (1,057,829
) 
    
$
962,078
 
    
$
 (1,051,176
) 
        
$
(515,667)
 
    
 
— 
 
    
$
15,810
 
   
Other NEOs
    
$
1,507,019
 
    
$
(551,639
) 
    
$
380,741
 
    
$
(90,247
) 
    
$
44,027
 
    
$
(87,298)
 
    
 
— 
 
    
$
12,401
 
2021
    
CEO
    
$
3,540,457
 
    
$
(2,468,000
) 
    
$
1,816,951
 
    
$
126,130
 
    
$
 250,750
 
    
$
(48,372)
 
    
 
— 
 
    
$
15,250
 
   
Other NEOs
    
$
723,930
 
    
$
(63,413
) 
    
$
63,750
 
    
$
12,776
 
    
 
—
 
    
$
(57,940)
 
    
$
(131,929
) 
    
$
32,535
 
2020
    
CEO
    
$
3,322,914
 
    
$
(2,269,000
) 
    
$
1,428,169
 
    
 
—
 
    
$
423,000
 
    
$
(233,000)
 
    
 
— 
 
    
$
19,250
 
 
    
Other NEOs
    
$
2,196,691
 
    
$
(883,696
) 
    
$
422,530
 
    
$
(532,056
) 
    
$
258,054
 
    
$
(246,523)
 
    
 
— 
 
    
$
23,142
 
 
(3)
TSR is determined based on the value of an initial fixed investment of $100 on December 31, 2019 and assumes all dividends were reinvested. The peer group TSR represents TSR of the S&P Insurance Select Industry Index.
 
(4)
Refer to 2023 performance measures below for an understanding of how this metric is calculated.
     
Company Selected Measure Name Net Operating Ratio      
Named Executive Officers, Footnote The NEOs other than the CEO (the “Other NEOs”), for each year reported are as follows: (i) for 2023 and 2022, Sean P. Downes (Executive Chairman), Frank C. Wilcox (CFO) and Kimberly D. Campos (CIO and CAO); and (ii) for 2021 and 2020, Sean P. Downes (Executive Chairman), Jon W. Springer (CRO), Frank C. Wilcox (CFO) and Kimberly D. Campos (CIO and CAO).      
Peer Group Issuers, Footnote TSR is determined based on the value of an initial fixed investment of $100 on December 31, 2019 and assumes all dividends were reinvested. The peer group TSR represents TSR of the S&P Insurance Select Industry Index.      
PEO Total Compensation Amount $ 4,287,954 $ 3,578,393 $ 3,540,457 $ 3,322,914
PEO Actually Paid Compensation Amount $ 6,963,419 1,931,609 3,233,166 2,691,333
Adjustment To PEO Compensation, Footnote
(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 Other NEOs):
Equity Compensation Adjustments
 
                                     
Year
        
Executives
        
Summary
Compensation
Table Total
          
Deduct
Grant Date
Fair Value of
Equity
Awards as
Reported in
Summary
Compensation
Table
          
Add Year-

End Fair
Value of
Outstanding
and
Unvested
Equity
Awards
Granted in
Year
          
Add (or
Deduct if
Negative)
Change in
Value from
Prior Year-

End of
Unvested
Equity
Awards
Granted in
Prior Years
          
Add Fair
Value as
of the
Vesting
Date of
Equity
Awards
Granted
and
Vested in
Year
          
Add (or
Deduct if
Negative)
Change in
Fair Value
from Prior
Year-End

of Equity
Awards
Granted in
Prior Years
which
Vested in
Year
          
Deduct the
Fair Value
for Equity
Awards
Granted in
a Prior
Year not
Meeting
Vesting
Conditions
During the
Year
          
Add
Dividends
  
2023
     CEO     $  4,287,954       $  (1,750,002 )      $  1,531,491       $ 1,286,845         —       $  1,528,741         —        $  78,390  
    Other NEOs     $ 1,605,915       $ (333,330 )      $ 291,710       $ 304,257         —       $ 275,277         —        $ 9,410  
2022
    
CEO
    
$
3,578,393
 
    
$
 (1,057,829
) 
    
$
962,078
 
    
$
 (1,051,176
) 
        
$
(515,667)
 
    
 
— 
 
    
$
15,810
 
   
Other NEOs
    
$
1,507,019
 
    
$
(551,639
) 
    
$
380,741
 
    
$
(90,247
) 
    
$
44,027
 
    
$
(87,298)
 
    
 
— 
 
    
$
12,401
 
2021
    
CEO
    
$
3,540,457
 
    
$
(2,468,000
) 
    
$
1,816,951
 
    
$
126,130
 
    
$
 250,750
 
    
$
(48,372)
 
    
 
— 
 
    
$
15,250
 
   
Other NEOs
    
$
723,930
 
    
$
(63,413
) 
    
$
63,750
 
    
$
12,776
 
    
 
—
 
    
$
(57,940)
 
    
$
(131,929
) 
    
$
32,535
 
2020
    
CEO
    
$
3,322,914
 
    
$
(2,269,000
) 
    
$
1,428,169
 
    
 
—
 
    
$
423,000
 
    
$
(233,000)
 
    
 
— 
 
    
$
19,250
 
 
    
Other NEOs
    
$
2,196,691
 
    
$
(883,696
) 
    
$
422,530
 
    
$
(532,056
) 
    
$
258,054
 
    
$
(246,523)
 
    
 
— 
 
    
$
23,142
 
      
Non-PEO NEO Average Total Compensation Amount $ 1,605,915 1,507,019 723,930 2,196,691
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,153,239 1,215,004 579,709 1,238,143
Adjustment to Non-PEO NEO Compensation Footnote
(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 Other NEOs):
Equity Compensation Adjustments
 
                                     
Year
        
Executives
        
Summary
Compensation
Table Total
          
Deduct
Grant Date
Fair Value of
Equity
Awards as
Reported in
Summary
Compensation
Table
          
Add Year-

End Fair
Value of
Outstanding
and
Unvested
Equity
Awards
Granted in
Year
          
Add (or
Deduct if
Negative)
Change in
Value from
Prior Year-

End of
Unvested
Equity
Awards
Granted in
Prior Years
          
Add Fair
Value as
of the
Vesting
Date of
Equity
Awards
Granted
and
Vested in
Year
          
Add (or
Deduct if
Negative)
Change in
Fair Value
from Prior
Year-End

of Equity
Awards
Granted in
Prior Years
which
Vested in
Year
          
Deduct the
Fair Value
for Equity
Awards
Granted in
a Prior
Year not
Meeting
Vesting
Conditions
During the
Year
          
Add
Dividends
  
2023
     CEO     $  4,287,954       $  (1,750,002 )      $  1,531,491       $ 1,286,845         —       $  1,528,741         —        $  78,390  
    Other NEOs     $ 1,605,915       $ (333,330 )      $ 291,710       $ 304,257         —       $ 275,277         —        $ 9,410  
2022
    
CEO
    
$
3,578,393
 
    
$
 (1,057,829
) 
    
$
962,078
 
    
$
 (1,051,176
) 
        
$
(515,667)
 
    
 
— 
 
    
$
15,810
 
   
Other NEOs
    
$
1,507,019
 
    
$
(551,639
) 
    
$
380,741
 
    
$
(90,247
) 
    
$
44,027
 
    
$
(87,298)
 
    
 
— 
 
    
$
12,401
 
2021
    
CEO
    
$
3,540,457
 
    
$
(2,468,000
) 
    
$
1,816,951
 
    
$
126,130
 
    
$
 250,750
 
    
$
(48,372)
 
    
 
— 
 
    
$
15,250
 
   
Other NEOs
    
$
723,930
 
    
$
(63,413
) 
    
$
63,750
 
    
$
12,776
 
    
 
—
 
    
$
(57,940)
 
    
$
(131,929
) 
    
$
32,535
 
2020
    
CEO
    
$
3,322,914
 
    
$
(2,269,000
) 
    
$
1,428,169
 
    
 
—
 
    
$
423,000
 
    
$
(233,000)
 
    
 
— 
 
    
$
19,250
 
 
    
Other NEOs
    
$
2,196,691
 
    
$
(883,696
) 
    
$
422,530
 
    
$
(532,056
) 
    
$
258,054
 
    
$
(246,523)
 
    
 
— 
 
    
$
23,142
 
      
Compensation Actually Paid vs. Total Shareholder Return
Compensation Actually Paid, Cumulative TSR and Peer Gro
u
p TSR
 
LOGO
     
Compensation Actually Paid vs. Net Income
Compensation Actually Paid and Net Income
 
LOGO
     
Compensation Actually Paid vs. Company Selected Measure
Compensation Actually Paid and Net Operating Ratio
 
LOGO
     
Total Shareholder Return Vs Peer Group
Compensation Actually Paid, Cumulative TSR and Peer Gro
u
p TSR
 
LOGO
     
Tabular List, Table
2023 performance measures
For performance year 2023, the performance measures listed below were the most impor
t
ant ones used by the Compensation Committee to link NEOs’ 2023 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 (“GPW”).
3-year
adjusted book value per share growth
  
 
   Excludes cumulative dividends declared and accumulated other comprehensive income.
      
Total Shareholder Return Amount $ 70.32 44.47 66.89 56.5
Peer Group Total Shareholder Return Amount 139.85 124.27 119.69 97.2
Net Income (Loss) $ 66,823,000 $ (22,257,000) $ 20,407,000 $ 19,105,000
Company Selected Measure Amount 0.933 1.007 0.974 1.042
PEO Name Stephen J. Donaghy      
Measure:: 1        
Pay vs Performance Disclosure        
Name Net operating ratio      
Measure:: 2        
Pay vs Performance Disclosure        
Name GPW growth      
Measure:: 3        
Pay vs Performance Disclosure        
Name 3-year adjusted book value per share growth      
PEO | Fair Value of Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (1,750,002) $ (1,057,829) $ (2,468,000) $ (2,269,000)
PEO | YearEnd Value of Outstanding and Unvested Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,531,491 962,078 1,816,951 1,428,169
PEO | Change in Value of Unvested Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,286,845 (1,051,176) 126,130  
PEO | Change in Value of Equity Awards Granted and Vested in Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount     250,750 423,000
PEO | Change in Value of Equity Awards Granted in Prior Years which Vested in Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,528,741 (515,667) (48,372) (233,000)
PEO | Equity Awards Value Of Dividends And Other Earnings Paid Adjustment [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 78,390 15,810 15,250 19,250
Non-PEO NEO | Fair Value of Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (333,330) (551,639) (63,413) (883,696)
Non-PEO NEO | YearEnd Value of Outstanding and Unvested Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 291,710 380,741 63,750 422,530
Non-PEO NEO | Change in Value of Unvested Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 304,257 (90,247) 12,776 (532,056)
Non-PEO NEO | Change in Value of Equity Awards Granted and Vested in Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   44,027   258,054
Non-PEO NEO | Change in Value of Equity Awards Granted in Prior Years which Vested in Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 275,277 (87,298) (57,940) (246,523)
Non-PEO NEO | Fair Value for Equity Awards Granted in the Prior Year not Meeting Vesting Conditions [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount     (131,929)  
Non-PEO NEO | Equity Awards Value Of Dividends And Other Earnings Paid Adjustment [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 9,410 $ 12,401 $ 32,535 $ 23,142