XML 32 R22.htm IDEA: XBRL DOCUMENT
v3.23.1

Segment Information | 3 Months Ended
--- | ---
Mar. 31, 2023
Segment Reporting [Abstract] |
Segment Information | 14. Segment Information During the fourth quarter of 2022, the Company decided to restructure its insurance operations in an effort to strengthen its market presence and enhance its focus on GBLI’s core Wholesale Commercial and InsurTech products. As a result, the Company exited Commercial Specialty's four brokerage divisions: Professional Liability, Excess Casualty, Environmental, and Middle Market Property. The Company ceased writing new business and existing renewals were placed in run-off for these four divisions. On August 8, 2022, the Company sold the renewal rights related to its Farm, Ranch & Stable business for policies written on or after August 8, 2022 to Everett Cash Mutual Insurance Company. During the 2nd quarter of 2022, the Company decided that Farm, Ranch & Stable would not be a core business and a decision was made to not allocate additional resources to this segment. Based on the decisions to exit these lines of business, the Company changed the way it manages and analyzes its operating results. The chief operating decision makers decided they will be reviewing the specific results of these exited lines within the Company's Exited Lines segment. In addition, a decision was made in the fourth quarter of 2022 to reclassify several smaller reinsurance treaties from Reinsurance Operations to Commercial Specialty. Management believes these segment changes allow users of the Company’s financial statements to better understand the Company's performance, better assess prospects for future net cash flows, and make more informed judgments about the Company as a whole. Accordingly, the segment results for the quarter ended March 31, 2022 have been revised to reflect these changes. The Company manages its business through two ongoing business segments. Commercial Specialty offers specialty property and casualty products designed for GBLI's Wholesale Commercial and InsurTech product offerings. Reinsurance Operations provides reinsurance and insurance solutions through brokers and primary writers including insurance and reinsurance companies. The Company also has an Exited Lines segment that contains lines of business that are no longer being written or are in runoff. The following are tabulations of business segment information for the quarters ended March 31, 2023 and 2022. Corporate information is included to reconcile segment data to the consolidated financial statements.
Quarter Ended March 31, 2023 (Dollars in thousands) |  | Commercial Specialty |  |  | Reinsurance Operations |  | (1) | Exited Lines |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Gross written premiums |  | $ | 95,508 |  |  | $ | 23,416 |  |  | $ | 4,061 |  |  | $ | 122,985 |
Net written premiums |  | $ | 91,234 |  |  | $ | 23,416 |  |  | $ | 1,211 |  |  | $ | 115,861 |
Net earned premiums |  | $ | 93,182 |  |  | $ | 34,847 |  |  | $ | 12,043 |  |  | $ | 140,072 |
Other income (loss) |  |  | 267 |  |  |  | (9 | ) |  |  | 77 |  |  |  | 335 |
Total revenues |  |  | 93,449 |  |  |  | 34,838 |  |  |  | 12,120 |  |  |  | 140,407 |
Losses and Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | 60,119 |  |  |  | 21,263 |  |  |  | 6,619 |  |  |  | 88,001 |
Acquisition costs and other underwriting expenses |  |  | 35,526 |  |  |  | 12,816 |  |  |  | 5,136 |  |  |  | 53,478 |
Income (loss) from segments |  | $ | (2,196 | ) |  | $ | 759 |  |  | $ | 365 |  |  | $ | (1,072 | )
Unallocated Items: |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  |  |  |  |  |  |  | 12,008 |
Net realized investment losses |  |  |  |  |  |  |  |  |  |  |  | (1,520 | )
Other income |  |  |  |  |  |  |  |  |  |  |  | 19 |
Corporate and other operating expenses |  |  |  |  |  |  |  |  |  |  |  | (6,368 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  | 3,067 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  | (573 | )
Net income |  |  |  |  |  |  |  |  |  |  | $ | 2,494 |
Segment assets |  | $ | 985,557 |  |  | $ | 368,751 |  |  | $ | 249,302 |  |  | $ | 1,603,610 |
Corporate assets |  |  |  |  |  |  |  |  |  |  |  | 173,668 |
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 1,777,278 |
(1) External business only, excluding business assumed from affiliates.
Quarter Ended March 31, 2022 (Dollars in thousands) |  | Commercial Specialty |  |  | Reinsurance Operations |  | (1) | Exited Lines |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Gross written premiums |  | $ | 102,848 |  |  | $ | 40,996 |  |  | $ | 47,139 |  |  | $ | 190,983 |
Net written premiums |  | $ | 98,163 |  |  | $ | 40,996 |  |  | $ | 20,323 |  |  | $ | 159,482 |
Net earned premiums |  | $ | 91,197 |  |  | $ | 34,298 |  |  | $ | 23,328 |  |  | $ | 148,823 |
Other income (loss) |  |  | 259 |  |  |  | (20 | ) |  |  | 200 |  |  |  | 439 |
Total revenues |  |  | 91,456 |  |  |  | 34,278 |  |  |  | 23,528 |  |  |  | 149,262 |
Losses and Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | 53,659 |  |  |  | 21,059 |  |  |  | 9,977 |  |  |  | 84,695 |
Acquisition costs and other underwriting expenses |  |  | 33,526 |  |  |  | 11,961 |  |  |  | 11,205 |  |  |  | 56,692 |
Income from segments |  | $ | 4,271 |  |  | $ | 1,258 |  |  | $ | 2,346 |  |  | $ | 7,875 |
Unallocated Items: |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  |  |  |  |  |  |  | 6,592 |
Net realized investment losses |  |  |  |  |  |  |  |  |  |  |  | (25,385 | )
Other loss |  |  |  |  |  |  |  |  |  |  |  | (13 | )
Corporate and other operating expenses |  |  |  |  |  |  |  |  |  |  |  | (4,660 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (2,595 | )
Loss before income taxes |  |  |  |  |  |  |  |  |  |  |  | (18,186 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  | 3,413 |
Net loss |  |  |  |  |  |  |  |  |  |  |  | (14,773 | )
Segment assets |  | $ | 964,718 |  |  | $ | 267,466 |  |  | $ | 396,227 |  |  | $ | 1,628,411 |
Corporate assets |  |  |  |  |  |  |  |  |  |  |  | 331,085 |
Total assets |  |  |  |  |  |  |  |  |  |  | $ | 1,959,496 |
(1) External business only, excluding business assumed from affiliates.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration