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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2024
USD ($)
returnOnBeginningEquity
Dec. 31, 2023
USD ($)
returnOnBeginningEquity
Dec. 31, 2022
USD ($)
returnOnBeginningEquity
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table
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 and certain financial performance of the Company. In accordance with Item 402(v) of Regulation S-K, the following information includes disclosure about all of our NEOs since our 2022 fiscal year. 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.”

Value of Initial Fixed $100 Investment Based On:
Year
Summary Compensation (Comp.) Table Total for PEO (1)
Comp. Actually Paid to PEO (2)(3)
Average Summary Comp. Table Total for Non-PEO NEOs (4)
Average Comp. Actually Paid to Non-PEO (NEOs) (3)(5)(9)
Total Shareholder Return (TSR)
Peer Group TSR (6)
Net Income (thousands) (7)
Core
ROBE (8)
2024$211,150 $229,000 $1,240,355 $2,120,812 $322.99 $150.26 $75,718 57.4 %
2023$176,250 $215,000 $1,230,006 $3,738,971 $227.00 $96.60 $309,111 92.2 %
2022161,900 144,700 1,023,150 298,515 25.44 77.62 (469,885)(66.4)%

(1) Amounts reported in this column are the amounts of total compensation reported for Mr. Dan Peed (our CEO and Chairman of the Board) for each corresponding year in the “Total” column of the 2024 Summary Compensation Table. See “Executive Compensation – 2024 Summary Compensation Table.”

(2) Amounts reported in this column represent the amount of “compensation actually paid” to Mr. Peed, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Peed during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Peed’s total compensation for each year to determine the compensation actually paid:

Year202420232022
Summary Compensation Table Total Compensation$211,150 $176,250 $161,900 
Less, value of Equity Awards reported in Summary Compensation Table61,150 26,250 11,600 
Plus, Year-End Fair Value of Equity Awards Granted in Fiscal Year that are Unvested and Outstanding67,300 47,300 5,300 
Plus, Change in Fair Value of Prior Year Equity Awards that are Outstanding and Unvested— — — 
Plus, Change in Fair Value (from prior year-end) of Prior Year Equity Awards that Vested this Year11,700 17,700 (10,900)
Plus, Dollar Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included— — — 
Less, Prior Year Fair Value of Prior Equity Awards that Failed to Vest this Year— — — 
Total Adjustments$(17,850)$(38,750)$17,200 
Compensation Actually Paid$229,000 $215,000 $144,700 

(3) For the portion of “compensation actually paid” that is based on year-end stock prices, $13.46 was used for 2024, $9.46 was used for 2023 and $1.06 was used for 2022.

(4) Amounts reported in this column represent the average of the amounts reported for the Company’s NEOs as a group (excluding Mr. Peed) in the “Total” column of our Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Mr. Peed) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024, B. Bradford Martz, Christopher Griffith, Brooke Adler and Svetlana Castle, (ii) for 2023, B. Bradford Martz, Christopher Griffith and Brooke Adler and (iii) for 2022, B. Bradford Martz, Christopher Griffith, Brooke Adler and Brooke Shirazi.

(5) Amounts reported in this column represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Mr. Peed), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding Mr.
Peed) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation to determine the compensation actually paid:

Year202420232022
Summary Compensation Table Total Compensation$1,240,355 $1,230,006 $1,023,150 
Less, value of Equity Awards reported in Summary Compensation Table437,500 432,667 308,333 
Plus, Year-End Fair Value of Equity Awards Granted in Fiscal Year that are Unvested and Outstanding559,343 948,776 159,855 
Plus, Change in Fair Value of Prior Year Equity Awards that are Outstanding and Unvested447,226 1,635,435 (436,237)
Plus, Change in Fair Value (from prior year-end) of Prior Year Equity Awards that Vested this Year311,448 393,407 (78,040)
Plus, Dollar Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included— — 2,083 
Less, Prior Year Fair Value of Prior Equity Awards that Failed to Vest this Year— 35,986 63,962 
Total Adjustments$(880,457)$(2,508,965)$724,635 
Compensation Actually Paid$2,120,812 $3,738,971 $298,515 

(6) Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the Company’s peer group for Fiscal Year 2024 as set forth in the Compensation Discussion and Analysis.

(7) Reflects “Net Income” in the Company’s Consolidated Financial Statements included in the Company’s Annual Reports on Form 10-K for each of the years ended December 31, 2024, 2023 and 2022.

(8) Company-selected measure is Core Income After-Tax Return on Equity (“Core ROBE”), which is a non-GAAP financial measure that is computed by dividing core income by the Company’s beginning stockholders’ equity for the period. Core income (loss) is computed by adding amortization, net of tax, and current accident year net incurred losses and loss adjustment expenses resulting from named and numbered storms, net of tax, to net income (loss) and subtracting realized gains (losses) on the Company’s investment portfolio, net of tax, and subtracting realized gains (losses) on the Company’s equity securities and income (loss) from discontinued operations. Amortization expense is related to the amortization of intangible assets acquired, including goodwill, through mergers and, therefore, the expense does not arise through normal operations. Investment portfolio gains (losses) and unrealized equity security gains (losses) vary independent of the Company’s operations. Named windstorm expenses are related to losses that arise when hurricanes and tropical storms make landfall in the Company’s geographic regions of coverage. These storms cause loss trends to vary significantly between periods as a result of their frequency of occurrence and severity and can significantly impact net income (loss). 2022 Core ROBE does not contemplate discontinued operations as outlined above.
    
Company Selected Measure Name Core ROBE (8)    
Named Executive Officers, Footnote
(4) Amounts reported in this column represent the average of the amounts reported for the Company’s NEOs as a group (excluding Mr. Peed) in the “Total” column of our Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Mr. Peed) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024, B. Bradford Martz, Christopher Griffith, Brooke Adler and Svetlana Castle, (ii) for 2023, B. Bradford Martz, Christopher Griffith and Brooke Adler and (iii) for 2022, B. Bradford Martz, Christopher Griffith, Brooke Adler and Brooke Shirazi.
    
Peer Group Issuers, Footnote
(6) Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the Company’s peer group for Fiscal Year 2024 as set forth in the Compensation Discussion and Analysis.
    
PEO Total Compensation Amount $ 211,150 $ 176,250 $ 161,900
PEO Actually Paid Compensation Amount $ 229,000 215,000 144,700
Adjustment To PEO Compensation, Footnote In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Peed’s total compensation for each year to determine the compensation actually paid:
Year202420232022
Summary Compensation Table Total Compensation$211,150 $176,250 $161,900 
Less, value of Equity Awards reported in Summary Compensation Table61,150 26,250 11,600 
Plus, Year-End Fair Value of Equity Awards Granted in Fiscal Year that are Unvested and Outstanding67,300 47,300 5,300 
Plus, Change in Fair Value of Prior Year Equity Awards that are Outstanding and Unvested— — — 
Plus, Change in Fair Value (from prior year-end) of Prior Year Equity Awards that Vested this Year11,700 17,700 (10,900)
Plus, Dollar Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included— — — 
Less, Prior Year Fair Value of Prior Equity Awards that Failed to Vest this Year— — — 
Total Adjustments$(17,850)$(38,750)$17,200 
Compensation Actually Paid$229,000 $215,000 $144,700 
    
Non-PEO NEO Average Total Compensation Amount $ 1,240,355 1,230,006 1,023,150
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,120,812 3,738,971 298,515
Adjustment to Non-PEO NEO Compensation Footnote In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation to determine the compensation actually paid:
Year202420232022
Summary Compensation Table Total Compensation$1,240,355 $1,230,006 $1,023,150 
Less, value of Equity Awards reported in Summary Compensation Table437,500 432,667 308,333 
Plus, Year-End Fair Value of Equity Awards Granted in Fiscal Year that are Unvested and Outstanding559,343 948,776 159,855 
Plus, Change in Fair Value of Prior Year Equity Awards that are Outstanding and Unvested447,226 1,635,435 (436,237)
Plus, Change in Fair Value (from prior year-end) of Prior Year Equity Awards that Vested this Year311,448 393,407 (78,040)
Plus, Dollar Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included— — 2,083 
Less, Prior Year Fair Value of Prior Equity Awards that Failed to Vest this Year— 35,986 63,962 
Total Adjustments$(880,457)$(2,508,965)$724,635 
Compensation Actually Paid$2,120,812 $3,738,971 $298,515 
    
Compensation Actually Paid vs. Total Shareholder Return
Comp vs TSR.jpg
    
Compensation Actually Paid vs. Net Income
Comp vs NI.jpg
    
Compensation Actually Paid vs. Company Selected Measure
Comp vs Core ROBE.jpg
    
Total Shareholder Return Vs Peer Group
Comp vs TSR.jpg
    
Tabular List, Table
Listed below are the financial and non-financial performance measures which in our assessment represent the most important performance measures we use to link compensation actually paid to our NEOs, for 2024, to Company performance. Core ROBE and Combined Ratio metrics are used to determine annual incentive compensation payouts while Return on Average Equity is used to determine vesting of our PSUs. For more information on annual incentive compensation and actual payouts, see “Compensation Discussion and Analysis – Elements of Executive Compensation”.

Most important Performance Measures for 2024
Core ROBE
Return on Average Equity
Combined Ratio (1)

(1) Measured by taking the Company's expenses attributable to continuing operations, excluding interest expense, divided by the Company's Net Premiums Earned.
    
Total Shareholder Return Amount $ 322.99 227.00 25.44
Peer Group Total Shareholder Return Amount 150.26 96.60 77.62
Net Income (Loss) $ 75,718 $ 309,111 $ (469,885)
Company Selected Measure Amount | returnOnBeginningEquity 0.574 0.922 (0.664)
PEO Name Mr. Dan Peed    
Measure:: 1      
Pay vs Performance Disclosure      
Name Core ROBE    
Measure:: 2      
Pay vs Performance Disclosure      
Name Return on Average Equity    
Measure:: 3      
Pay vs Performance Disclosure      
Name Combined Ratio (1)    
PEO | Equity Awards Adjustments      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 17,850 $ 38,750 $ (17,200)
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 61,150 26,250 11,600
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 67,300 47,300 5,300
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 11,700 17,700 (10,900)
Non-PEO NEO | Equity Awards Adjustments      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (880,457) (2,508,965) 724,635
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 437,500 432,667 308,333
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 559,343 948,776 159,855
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 447,226 1,635,435 (436,237)
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 311,448 393,407 (78,040)
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 35,986 63,962
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 0 $ 0 $ 2,083