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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Summary of Business Segment Information | The following are tabulations of business segment information for the quarters and nine months ended September 30, 2020 and 2019:
Quarter Ended September 30, 2020 (Dollars in thousands) |  | Commercial Specialty |  | (1) | Specialty Property |  | (1) | Farm, Ranch, & Stable |  | (1) | Reinsurance Operations |  | (2) | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross written premiums |  | $ | 74,971 |  |  | $ | 34,730 |  |  | $ | 19,443 |  |  | $ | 14,605 |  |  | $ | 143,749 |
Net written premiums |  | $ | 69,074 |  |  | $ | 29,971 |  |  | $ | 16,961 |  |  | $ | 14,605 |  |  | $ | 130,611 |
Net earned premiums |  | $ | 73,887 |  |  | $ | 31,388 |  |  | $ | 19,978 |  |  | $ | 15,049 |  |  | $ | 140,302 |
Other income |  |  | — |  |  |  | 450 |  |  |  | 35 |  |  |  | 112 |  |  |  | 597 |
Total revenues |  |  | 73,887 |  |  |  | 31,838 |  |  |  | 20,013 |  |  |  | 15,161 |  |  |  | 140,899 |
Losses and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | 42,879 |  |  |  | 34,430 |  |  |  | 14,649 |  |  |  | 5,190 |  |  |  | 97,148 |
Acquisition costs and other underwriting expenses |  |  | 26,943 |  |  |  | 13,364 |  |  |  | 7,443 |  |  |  | 5,518 |  |  |  | 53,268 |
Income (loss) from segments |  | $ | 4,065 |  |  | $ | (15,956 | ) |  | $ | (2,079 | ) |  | $ | 4,453 |  |  | $ | (9,517 | )
Unallocated Items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,746 |
Net realized investment gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,323 |
Other loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (55 | )
Corporate and other operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (21,196 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,620 | )
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,060 | )
Loss before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (18,379 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,209 |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (15,170 | )
Segment assets |  | $ | 752,002 |  |  | $ | 207,831 |  |  | $ | 137,697 |  |  | $ | 269,771 |  |  | $ | 1,367,301 |
Corporate assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 572,456 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,939,757 |
(1) | Includes business ceded to the Company’s Reinsurance Operations. This quota share agreement was cancelled effective January 1, 2018.
(2) | External business only, excluding business assumed from affiliates.
Quarter Ended September 30, 2019 (Dollars in thousands) |  | Commercial Specialty |  | (1) | Specialty Property |  | (1) | Farm, Ranch, & Stable |  | (1) | Reinsurance Operations |  | (2) | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross written premiums |  | $ | 73,175 |  |  | $ | 42,611 |  |  | $ | 21,410 |  |  | $ | 19,981 |  |  | $ | 157,177 |
Net written premiums |  | $ | 62,925 |  |  | $ | 37,628 |  |  | $ | 18,294 |  |  | $ | 19,989 |  |  | $ | 138,836 |
Net earned premiums |  | $ | 60,869 |  |  | $ | 34,554 |  |  | $ | 18,377 |  |  | $ | 19,512 |  |  | $ | 133,312 |
Other income (loss) |  |  | — |  |  |  | 465 |  |  |  | 34 |  |  |  | (235 | ) |  |  | 264 |
Total revenues |  |  | 60,869 |  |  |  | 35,019 |  |  |  | 18,411 |  |  |  | 19,277 |  |  |  | 133,576 |
Losses and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | 27,389 |  |  |  | 25,997 |  |  |  | 10,939 |  |  |  | 9,258 |  |  |  | 73,583 |
Acquisition costs and other underwriting expenses |  |  | 24,820 |  |  |  | 14,571 |  |  |  | 7,776 |  |  |  | 6,199 |  |  |  | 53,366 |
Income (loss) from segments |  | $ | 8,660 |  |  | $ | (5,549 | ) |  | $ | (304 | ) |  | $ | 3,820 |  |  | $ | 6,627 |
Unallocated Items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,348 |
Net realized investment loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,690 | )
Corporate and other operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,858 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,023 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,404 |
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 317 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,721 |
Segment assets |  | $ | 705,260 |  |  | $ | 246,080 |  |  | $ | 136,420 |  |  | $ | 346,137 |  |  | $ | 1,433,897 |
Corporate assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 650,259 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,084,156 |
(1) | Includes business ceded to the Company’s Reinsurance Operations. This quota share agreement was cancelled effective January 1, 2018.
(2) | External business only, excluding business assumed from affiliates.
Nine Months Ended September 30, 2020 (Dollars in thousands) |  | Commercial Specialty |  | (1) | Specialty Property |  | (1) | Farm, Ranch, & Stable |  | (1) | Reinsurance Operations |  | (2) | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross written premiums |  | $ | 243,099 |  |  | $ | 107,951 |  |  | $ | 64,798 |  |  | $ | 48,174 |  |  | $ | 464,022 |
Net written premiums |  | $ | 219,437 |  |  | $ | 93,053 |  |  | $ | 56,323 |  |  | $ | 48,174 |  |  | $ | 416,987 |
Net earned premiums |  | $ | 211,329 |  |  | $ | 99,147 |  |  | $ | 57,691 |  |  | $ | 58,450 |  |  | $ | 426,617 |
Other income |  |  | — |  |  |  | 1,306 |  |  |  | 107 |  |  |  | 96 |  |  |  | 1,509 |
Total revenues |  |  | 211,329 |  |  |  | 100,453 |  |  |  | 57,798 |  |  |  | 58,546 |  |  |  | 428,126 |
Losses and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | 109,191 |  |  |  | 65,619 |  |  |  | 37,698 |  |  |  | 29,584 |  |  |  | 242,092 |
Acquisition costs and other underwriting expenses |  |  | 79,452 |  |  |  | 41,357 |  |  |  | 22,687 |  |  |  | 19,762 |  |  |  | 163,258 |
Income (loss) from segments |  | $ | 22,686 |  |  | $ | (6,523 | ) |  | $ | (2,587 | ) |  | $ | 9,200 |  |  | $ | 22,776 |
Unallocated Items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19,516 |
Net realized investment loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (22,332 | )
Other loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (36 | )
Corporate and other operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (34,037 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13,197 | )
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,060 | )
Loss before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (30,370 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,173 |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (22,197 | )
Segment assets |  | $ | 752,002 |  |  | $ | 207,831 |  |  | $ | 137,697 |  |  | $ | 269,771 |  |  | $ | 1,367,301 |
Corporate assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 572,456 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,939,757 |
(1) | Includes business ceded to the Company’s Reinsurance Operations. This quota share agreement was cancelled effective January 1, 2018.
(2) | External business only, excluding business assumed from affiliates.
Nine Months Ended September 30, 2019 (Dollars in thousands) |  | Commercial Specialty |  | (1) | Specialty Property |  | (1) | Farm, Ranch, & Stable |  | (1) | Reinsurance Operations |  | (2) | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross written premiums |  | $ | 214,467 |  |  | $ | 128,771 |  |  | $ | 65,872 |  |  | $ | 69,589 |  |  | $ | 478,699 |
Net written premiums |  | $ | 185,202 |  |  | $ | 110,668 |  |  | $ | 55,861 |  |  | $ | 69,590 |  |  | $ | 421,321 |
Net earned premiums |  | $ | 173,215 |  |  | $ | 104,740 |  |  | $ | 52,849 |  |  | $ | 52,798 |  |  | $ | 383,602 |
Other income (loss) |  |  | — |  |  |  | 1,406 |  |  |  | 96 |  |  |  | (228 | ) |  |  | 1,274 |
Total revenues |  |  | 173,215 |  |  |  | 106,146 |  |  |  | 52,945 |  |  |  | 52,570 |  |  |  | 384,876 |
Losses and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | 81,731 |  |  |  | 57,611 |  |  |  | 32,203 |  |  |  | 30,434 |  |  |  | 201,979 |
Acquisition costs and other underwriting expenses |  |  | 70,522 |  |  |  | 44,163 |  |  |  | 22,403 |  |  |  | 16,555 |  |  |  | 153,643 |
Income (loss) from segments |  | $ | 20,962 |  |  | $ | 4,372 |  |  | $ | (1,661 | ) |  | $ | 5,581 |  |  | $ | 29,254 |
Unallocated Items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,393 |
Net realized investment gain |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,290 |
Corporate and other operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11,702 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (15,088 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46,147 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,163 | )
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40,984 |
Segment assets |  | $ | 705,260 |  |  | $ | 246,080 |  |  | $ | 136,420 |  |  | $ | 346,137 |  |  | $ | 1,433,897 |
Corporate assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 650,259 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,084,156 |
(1) | Includes business ceded to the Company’s Reinsurance Operations. This quota share agreement was cancelled effective January 1, 2018.
(2) | External business only, excluding business assumed from affiliates.

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