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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting

19. Segment Reporting

The Company operates as a single reportable segment, Insurance Operations, through our wholly-owned subsidiaries. Profits, losses and assets are evaluated on a consolidated basis.

We are a specialty provider of workers’ compensation insurance focused on small to mid-sized employers engaged in high hazard industries. The Insurance Operations segment derives premium revenues from the sales of workers’ compensation insurance through independent agencies, including retail and wholesale brokers and agents. The accounting policies of the Insurance Operations are the same as those described in the significant accounting policies.

The Company’s Chief Operating Decision Maker (CODM) is the Chief Executive Officer. As the Company's CODM, the CEO directs and controls the Company's operations and gives strategic guidance and direction to ensure the Company achieves its mission and objectives. The CODM evaluates the performance and allocates resources for the Insurance Segment based on the operating results presented on the consolidated income statement, balance sheet and cash flow.

Two of the key financial measures used to evaluate our performance are return on average equity and growth in book value per share adjusted for dividends paid to shareholders. We calculate return on average equity by dividing annual net income by the average of annual shareholders’ equity. We calculate book value per share by dividing ending shareholders’ equity by the number of common shares outstanding.

The measure of segment assets is reported on the balance sheet as total consolidated assets.

The Company does not have intra-entity sales or asset transfers.

The Company is a monoline insurance company operating solely within the U.S. and does not have revenue from transactions with a single policyholder accounting for 10% or more of its revenues.