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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Summary of Segment Information Reconciled to Consolidated Statements of Income | The following tables present segment information reconciled to the Company’s consolidated statements of income. Intersegment transactions are not eliminated from segment results. However, intracompany transactions are eliminated in segment results below.
|  | Insurance |  |  | Real |  |  | Corporate/ |  |  | Reclassification/ |  |  |  |  |
For Three Months Ended September 30, 2020 |  | Operations |  |  | Estate(a) |  |  | Other(b) |  |  | Elimination |  |  | Consolidated |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 62,463 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 62,463 |
Net investment income (loss) |  |  | 1,050 |  |  |  | — |  |  |  | 1,072 |  |  |  | (290 | ) |  |  | 1,832 |
Net realized investment gains |  |  | 131 |  |  |  | — |  |  |  | 46 |  |  |  | — |  |  |  | 177 |
Net unrealized investment gains |  |  | 1,093 |  |  |  | — |  |  |  | 247 |  |  |  | — |  |  |  | 1,340 |
Credit losses on investments |  |  | (50 | ) |  |  | — |  |  |  | (20 | ) |  |  | — |  |  |  | (70 | )
Policy fee income |  |  | 895 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 895 |
Gain on involuntary conversion |  |  | — |  |  |  | 36,969 |  |  |  | — |  |  |  | — |  |  |  | 36,969 |
Other |  |  | 285 |  |  |  | 2,384 |  |  |  | 510 |  |  |  | (2,758 | ) |  |  | 421 |
Total revenue |  |  | 65,867 |  |  |  | 39,353 |  |  |  | 1,855 |  |  |  | (3,048 | ) |  |  | 104,027 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses and loss adjustment expenses |  |  | 51,743 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 51,743 |
Amortization of deferred policy acquisition costs |  |  | 12,200 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,200 |
Interest expense |  |  | — |  |  |  | 463 |  |  |  | 2,631 |  |  |  | (238 | ) |  |  | 2,856 |
Depreciation and amortization |  |  | 28 |  |  |  | 566 |  |  |  | 452 |  |  |  | (585 | ) |  |  | 461 |
Other |  |  | 10,028 |  |  |  | 1,423 |  |  |  | 6,005 |  |  |  | (2,225 | ) |  |  | 15,231 |
Total expenses |  |  | 73,999 |  |  |  | 2,452 |  |  |  | 9,088 |  |  |  | (3,048 | ) |  |  | 82,491 |
(Loss) income before income taxes |  | $ | (8,132 | ) |  | $ | 36,901 |  |  | $ | (7,233 | ) |  | $ | — |  |  | $ | 21,536 |
Total revenue from non-affiliates(c) |  | $ | 65,867 |  |  | $ | 38,859 |  |  | $ | 1,345 |  |  |  |  |  |  |  |  |
| (a) | Other revenue under real estate primarily consisted of rental income from investment properties.
| (b) | Other revenue under corporate and other primarily consisted of revenue from restaurant and marina businesses.
| (c) | Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.
|  | Insurance |  |  | Real |  |  | Corporate/ |  |  | Reclassification/ |  |  |  |  |
For Three Months Ended September 30, 2019 |  | Operations |  |  | Estate(a) |  |  | Other(b) |  |  | Elimination |  |  | Consolidated |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 54,434 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 54,434 |
Net investment income (loss) |  |  | 3,365 |  |  |  | — |  |  |  | 461 |  |  |  | (205 | ) |  |  | 3,621 |
Net realized investment (loss) gains |  |  | (33 | ) |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | (30 | )
Net unrealized investment gains |  |  | 533 |  |  |  | — |  |  |  | 109 |  |  |  | — |  |  |  | 642 |
Policy fee income |  |  | 811 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 811 |
Other |  |  | 186 |  |  |  | 2,317 |  |  |  | 1,341 |  |  |  | (3,343 | ) |  |  | 501 |
Total revenue |  |  | 59,296 |  |  |  | 2,317 |  |  |  | 1,914 |  |  |  | (3,548 | ) |  |  | 59,979 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses and loss adjustment expenses |  |  | 27,327 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27,327 |
Amortization of deferred policy acquisition costs |  |  | 9,556 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,556 |
Interest expense |  |  | 1 |  |  |  | 409 |  |  |  | 2,659 |  |  |  | (162 | ) |  |  | 2,907 |
Depreciation and amortization |  |  | 29 |  |  |  | 627 |  |  |  | 261 |  |  |  | (530 | ) |  |  | 387 |
Other |  |  | 7,978 |  |  |  | 1,292 |  |  |  | 5,669 |  |  |  | (2,856 | ) |  |  | 12,083 |
Total expenses |  |  | 44,891 |  |  |  | 2,328 |  |  |  | 8,589 |  |  |  | (3,548 | ) |  |  | 52,260 |
Income (loss) before income taxes |  | $ | 14,405 |  |  | $ | (11 | ) |  | $ | (6,675 | ) |  | $ | — |  |  | $ | 7,719 |
Total revenue from non-affiliates(c) |  | $ | 59,296 |  |  | $ | 1,910 |  |  | $ | 1,466 |  |  |  |  |  |  |  |  |
| (a) | Other revenue under real estate primarily consisted of rental income from investment properties.
| (b) | Other revenue under corporate and other primarily consisted of revenue from restaurant and marina businesses.
| (c) | Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.
|  | Insurance |  |  | Real |  |  | Corporate/ |  |  | Reclassification/ |  |  |  |  |
For Nine Months Ended September 30, 2020 |  | Operations |  |  | Estate(a) |  |  | Other(b) |  |  | Elimination |  |  | Consolidated |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 197,558 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 197,558 |
Net investment income (loss) |  |  | 5,459 |  |  |  | 3 |  |  |  | (1,194 | ) |  |  | (1,024 | ) |  |  | 3,244 |
Net realized investment losses |  |  | (208 | ) |  |  | — |  |  |  | (424 | ) |  |  | — |  |  |  | (632 | )
Net unrealized investment losses |  |  | (531 | ) |  |  | — |  |  |  | (50 | ) |  |  | — |  |  |  | (581 | )
Credit losses on investments |  |  | (576 | ) |  |  |  |  |  |  | (20 | ) |  |  |  |  |  |  | (596 | )
Policy fee income |  |  | 2,571 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,571 |
Gain on involuntary conversion |  |  | — |  |  |  | 36,969 |  |  |  | — |  |  |  | — |  |  |  | 36,969 |
Other |  |  | 880 |  |  |  | 7,362 |  |  |  | 2,400 |  |  |  | (9,051 | ) |  |  | 1,591 |
Total revenue |  |  | 205,153 |  |  |  | 44,334 |  |  |  | 712 |  |  |  | (10,075 | ) |  |  | 240,124 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses and loss adjustment expenses |  |  | 119,664 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 119,664 |
Amortization of deferred policy acquisition costs |  |  | 35,568 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 35,568 |
Interest expense |  |  | 1 |  |  |  | 1,434 |  |  |  | 8,090 |  |  |  | (679 | ) |  |  | 8,846 |
Depreciation and amortization |  |  | 86 |  |  |  | 1,862 |  |  |  | 1,263 |  |  |  | (1,793 | ) |  |  | 1,418 |
Other |  |  | 25,710 |  |  |  | 4,080 |  |  |  | 18,425 |  |  |  | (7,603 | ) |  |  | 40,612 |
Total expenses |  |  | 181,029 |  |  |  | 7,376 |  |  |  | 27,778 |  |  |  | (10,075 | ) |  |  | 206,108 |
Income (loss) before income taxes |  | $ | 24,124 |  |  | $ | 36,958 |  |  | $ | (27,066 | ) |  | $ | — |  |  | $ | 34,016 |
Total revenue (investment loss) from non-affiliates(c) |  | $ | 205,153 |  |  | $ | 42,907 |  |  | $ | (837 | ) |  |  |  |  |  |  |  |
| (a) | Other revenue under real estate primarily consisted of rental income from investment properties.
| (b) | Other revenue under corporate and other primarily consisted of revenue from restaurant and marina businesses.
| (c) | Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.
|  | Insurance |  |  | Real |  |  | Corporate/ |  |  | Reclassification/ |  |  |  |  |
For Nine Months Ended September 30, 2019 |  | Operations |  |  | Estate(a) |  |  | Other(b) |  |  | Elimination |  |  | Consolidated |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 157,616 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 157,616 |
Net investment income (loss) |  |  | 9,381 |  |  |  | — |  |  |  | 2,064 |  |  |  | (320 | ) |  |  | 11,125 |
Net realized investment gains (losses) |  |  | 33 |  |  |  | — |  |  |  | (568 | ) |  |  | — |  |  |  | (535 | )
Net unrealized investment gains |  |  | 5,951 |  |  |  | — |  |  |  | 1,310 |  |  |  | — |  |  |  | 7,261 |
Policy fee income |  |  | 2,406 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,406 |
Other |  |  | 524 |  |  |  | 7,009 |  |  |  | 4,590 |  |  |  | (10,753 | ) |  |  | 1,370 |
Total revenue |  |  | 175,911 |  |  |  | 7,009 |  |  |  | 7,396 |  |  |  | (11,073 | ) |  |  | 179,243 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses and loss adjustment expenses |  |  | 78,616 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 78,616 |
Amortization of deferred policy acquisition costs |  |  | 26,982 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26,982 |
Interest expense |  |  | 2 |  |  |  | 1,174 |  |  |  | 9,374 |  |  |  | (422 | ) |  |  | 10,128 |
Depreciation and amortization |  |  | 82 |  |  |  | 1,878 |  |  |  | 791 |  |  |  | (1,586 | ) |  |  | 1,165 |
Other |  |  | 22,842 |  |  |  | 3,866 |  |  |  | 17,392 |  |  |  | (9,065 | ) |  |  | 35,035 |
Total expenses |  |  | 128,524 |  |  |  | 6,918 |  |  |  | 27,557 |  |  |  | (11,073 | ) |  |  | 151,926 |
Income (loss) before income taxes |  | $ | 47,387 |  |  | $ | 91 |  |  | $ | (20,161 | ) |  | $ | — |  |  | $ | 27,317 |
Total revenue from non-affiliates(c) |  | $ | 175,911 |  |  | $ | 5,787 |  |  | $ | 6,088 |  |  |  |  |  |  |  |  |
| (a) | Other revenue under real estate primarily consisted of rental income from investment properties.
| (b) | Other revenue under corporate and other primarily consisted of revenue from restaurant and marina businesses.
| (c) | Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.
Summary of Segment Assets Reconciled to Consolidated Balance Sheet |
|  | September 30, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
Segment: |  |  |  |  |  |  |  |
Insurance Operations |  | $ | 738,141 |  |  | $ | 663,280 |
Real Estate Operations |  |  | 130,138 |  |  |  | 93,727 |
Corporate and Other |  |  | 45,731 |  |  |  | 60,662 |
Consolidation and Elimination |  |  | (26,197 | ) |  |  | (15,060 | )
Total assets |  | $ | 887,813 |  |  | $ | 802,609 |

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