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Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information
13.
Segment Information

 

During the fourth quarter of 2023, the Company restructured its insurance operations to strengthen its market presence and enhance GBLI's focus on core products and made the decision to manage the business through two segments, Penn-America and Non-Core Operations. Management believes these segments 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. Segment results for prior years have been revised to reflect these changes.

 

The Company manages the distribution of its core product offerings through Penn-America. Penn-America offers specialty property and casualty products designed for GBLI's Wholesale Commercial, Programs, InsurTech, and Assumed Reinsurance product offerings. The Company also has a Non-Core Operations segment that contains lines of business that have been de-emphasized or are no longer being written.

 

The following are tabulations of business segment information for the quarters ended March 31, 2024 and 2023. Corporate information is included to reconcile segment data to the consolidated financial statements.

 

Quarter Ended March 31, 2024
(Dollars in thousands)

 

Penn-
America

 

 

Non-Core Operations

 

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

94,048

 

 

$

(560

)

 

$

93,488

 

Net written premiums

 

$

92,596

 

 

$

(511

)

 

$

92,085

 

Net earned premiums

 

$

89,132

 

 

$

7,447

 

 

$

96,579

 

Other income

 

 

339

 

 

 

6

 

 

 

345

 

Total revenues

 

 

89,471

 

 

 

7,453

 

 

 

96,924

 

Losses and Expenses:

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

48,909

 

 

 

4,475

 

 

 

53,384

 

Acquisition costs and other underwriting expenses

 

 

34,927

 

 

 

3,342

 

 

 

38,269

 

Income (loss) from segments

 

$

5,635

 

 

$

(364

)

 

$

5,271

 

Unallocated Items:

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

14,520

 

Net realized investment gains

 

 

 

 

 

 

 

 

847

 

Corporate and other operating expenses

 

 

 

 

 

 

 

 

(6,373

)

Income before income taxes

 

 

 

 

 

 

 

 

14,265

 

Income tax expense

 

 

 

 

 

 

 

 

(2,899

)

Net income

 

 

 

 

 

 

 

$

11,366

 

 

 

 

 

 

 

 

 

 

 

Segment assets

 

$

983,495

 

 

$

597,601

 

 

$

1,581,096

 

Corporate assets

 

 

 

 

 

 

 

 

147,146

 

Total assets

 

 

 

 

 

 

 

$

1,728,242

 

 

 

Quarter Ended March 31, 2023
(Dollars in thousands)

 

Penn-
America

 

 

Non-Core Operations

 

 

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

Gross written premiums

 

$

95,412

 

 

$

27,573

 

 

$

122,985

 

Net written premiums

 

$

91,148

 

 

$

24,713

 

 

$

115,861

 

Net earned premiums

 

$

90,612

 

 

$

49,460

 

 

$

140,072

 

Other income

 

 

267

 

 

 

87

 

 

 

354

 

Total revenues

 

 

90,879

 

 

 

49,547

 

 

 

140,426

 

Losses and Expenses:

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

59,278

 

 

 

28,723

 

 

 

88,001

 

Acquisition costs and other underwriting expenses

 

 

34,709

 

 

 

18,769

 

 

 

53,478

 

Income (loss) from segments

 

$

(3,108

)

 

$

2,055

 

 

$

(1,053

)

Unallocated Items:

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

12,008

 

Net realized investment losses

 

 

 

 

 

 

 

 

(1,520

)

Corporate and other operating expenses

 

 

 

 

 

 

 

 

(6,368

)

Income before income taxes

 

 

 

 

 

 

 

 

3,067

 

Income tax expense

 

 

 

 

 

 

 

 

(573

)

Net income

 

 

 

 

 

 

 

$

2,494

 

 

 

 

 

 

 

 

 

 

 

Segment assets

 

$

940,617

 

 

$

740,750

 

 

$

1,681,367

 

Corporate assets

 

 

 

 

 

 

 

 

95,911

 

Total assets

 

 

 

 

 

 

 

$

1,777,278