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Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023 and 2022. Corporate information is included to reconcile segment data to the consolidated financial statements.

Quarter Ended September 30, 2023 (Dollars in thousands)		Commercial Specialty				Reinsurance Operations			(1)	Exited Lines				Total
Revenues:
Gross written premiums		$	87,029			$	11,864			$	33			$	98,926
Net written premiums		$	84,103			$	11,864			$	(344	)		$	95,623
Net earned premiums		$	83,679			$	26,671			$	1,345			$	111,695
Other income			275				—				24				299
Total revenues			83,954				26,671				1,369				111,994
Losses and Expenses:
Net losses and loss adjustment expenses			63,624				13,673				(12,181	)			65,116
Acquisition costs and other underwriting expenses			32,671				10,553				2,978				46,202
Income (loss) from segments		$	(12,341	)		$	2,445			$	10,572			$	676
Unallocated Items:
Net investment income															14,200
Net realized investment losses															(133	)
Corporate and other operating expenses															(5,280	)
Income before income taxes															9,463
Income tax expense															(1,763	)
Net income														$	7,700
Segment assets		$	1,020,613			$	386,026			$	186,614			$	1,593,253
Corporate assets															174,593
Total assets														$	1,767,846

(1)External business only, excluding business assumed from affiliates.

Quarter Ended September 30, 2022 (Dollars in thousands)		Commercial Specialty				Reinsurance Operations			(1)	Exited Lines				Total
Revenues:
Gross written premiums		$	96,056			$	43,055			$	36,716			$	175,827
Net written premiums		$	93,172			$	43,055			$	6,608			$	142,835
Net earned premiums		$	98,597			$	35,046			$	20,001			$	153,644
Other income			272				—				44				316
Total revenues			98,869				35,046				20,045				153,960
Losses and Expenses:
Net losses and loss adjustment expenses			56,833				20,316				11,310				88,459
Acquisition costs and other underwriting expenses			37,817				13,013				10,046				60,876
Income (loss) from segments		$	4,219			$	1,717			$	(1,311	)		$	4,625
Unallocated Items:
Net investment income															8,389
Net realized investment gains															2,234
Other income															30,000
Corporate and other operating expenses															(14,064	)
Income before income taxes															31,184
Income tax expense															(7,438	)
Net income															23,746
Segment assets		$	996,336			$	372,036			$	336,668			$	1,705,040
Corporate assets															174,097
Total assets														$	1,879,137

(1)External business only, excluding business assumed from affiliates.

Nine Months Ended September 30, 2023 (Dollars in thousands)		Commercial Specialty				Reinsurance Operations			(1)	Exited Lines				Total
Revenues:
Gross written premiums		$	277,884			$	50,124			$	4,003			$	332,011
Net written premiums		$	267,233			$	50,124			$	123			$	317,480
Net earned premiums		$	270,269			$	91,103			$	19,551			$	380,923
Other income			808				—				127				935
Total revenues			271,077				91,103				19,678				381,858
Losses and Expenses:
Net losses and loss adjustment expenses			182,405				54,448				(5,654	)			231,199
Acquisition costs and other underwriting expenses			102,169				34,106				10,506				146,781
Income (loss) from segments		$	(13,497	)		$	2,549			$	14,826			$	3,878
Unallocated Items:
Net investment income															39,424
Net realized investment losses															(2,414	)
Corporate and other operating expenses															(16,638	)
Interest expense															(12	)
Income before income taxes															24,238
Income tax expense															(4,707	)
Net income														$	19,531
Segment assets		$	1,020,613			$	386,026			$	186,614			$	1,593,253
Corporate assets															174,593
Total assets														$	1,767,846

(1)External business only, excluding business assumed from affiliates.

Nine Months Ended September 30, 2022 (Dollars in thousands)		Commercial Specialty				Reinsurance Operations			(1)	Exited Lines				Total
Revenues:
Gross written premiums		$	303,914			$	130,575			$	129,144			$	563,633
Net written premiums		$	291,002			$	130,575			$	47,898			$	469,475
Net earned premiums		$	283,791			$	108,506			$	65,919			$	458,216
Other income			791				—				48				839
Total revenues			284,582				108,506				65,967				459,055
Losses and Expenses:
Net losses and loss adjustment expenses			163,296				64,168				38,308				265,772
Acquisition costs and other underwriting expenses			106,886				39,527				32,253				178,666
Income (loss) from segments		$	14,400			$	4,811			$	(4,594	)		$	14,617
Unallocated Items:
Net investment income															16,911
Net realized investment losses															(33,067	)
Other income															30,000
Corporate and other operating expenses															(21,718	)
Interest expense															(3,004	)
Loss on extinguishment of debt															(3,529	)
Income before income taxes															210
Income tax expense															(3,399	)
Net loss														$	(3,189	)
Segment assets		$	996,336			$	372,036			$	336,668			$	1,705,040
Corporate assets															174,097
Total assets														$	1,879,137

(1)External business only, excluding business assumed from affiliates.

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

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- References

No definition available.

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