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Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Summary of Business Segment Information

The following are tabulations of business segment information for the quarters and six months ended June 30, 2024 and 2023. Corporate information is included to reconcile segment data to the consolidated financial statements.

Quarter Ended June 30, 2024 (Dollars in thousands)		Penn- America				Non-Core Operations				Total
Revenues:
Gross written premiums		$	100,552			$	154			$	100,706
Net written premiums		$	97,602			$	149			$	97,751
Net earned premiums		$	89,353			$	3,461			$	92,814
Other income			344				13				357
Total revenues			89,697				3,474				93,171
Losses and Expenses:
Net losses and loss adjustment expenses			51,126				2,536				53,662
Acquisition costs and other underwriting expenses			33,898				2,070				35,968
Income (loss) from segments		$	4,673			$	(1,132	)		$	3,541
Unallocated Items:
Net investment income											15,311
Net realized investment gains											205
Corporate and other operating expenses											(6,366	)
Interest expense											(17	)
Income before income taxes											12,674
Income tax expense											(2,581	)
Net income										$	10,093
Segment assets		$	1,013,413			$	578,864			$	1,592,277
Corporate assets											146,272
Total assets										$	1,738,549

Quarter Ended June 30, 2023 (Dollars in thousands)		Penn- America				Non-Core Operations				Total
Revenues:
Gross written premiums		$	95,027			$	15,073			$	110,100
Net written premiums		$	91,593			$	14,403			$	105,996
Net earned premiums		$	92,685			$	36,471			$	129,156
Other income			266				16				282
Total revenues			92,951				36,487				129,438
Losses and Expenses:
Net losses and loss adjustment expenses			52,427				25,655				78,082
Acquisition costs and other underwriting expenses			34,392				12,709				47,101
Income (loss) from segments		$	6,132			$	(1,877	)		$	4,255
Unallocated Items:
Net investment income											13,216
Net realized investment losses											(761	)
Corporate and other operating expenses											(4,990	)
Interest expense											(12	)
Income before income taxes											11,708
Income tax expense											(2,371	)
Net income										$	9,337
Segment assets		$	950,240			$	718,095			$	1,668,335
Corporate assets											105,667
Total assets										$	1,774,002

Six Months Ended June 30, 2024 (Dollars in thousands)		Penn- America				Non-Core Operations				Total
Revenues:
Gross written premiums		$	194,600			$	(406	)		$	194,194
Net written premiums		$	190,198			$	(362	)		$	189,836
Net earned premiums		$	178,485			$	10,908			$	189,393
Other income			683				19				702
Total revenues			179,168				10,927				190,095
Losses and Expenses:
Net losses and loss adjustment expenses			100,035				7,011				107,046
Acquisition costs and other underwriting expenses			68,825				5,412				74,237
Income (loss) from segments		$	10,308			$	(1,496	)		$	8,812
Unallocated Items:
Net investment income											29,831
Net realized investment gains											1,052
Corporate and other operating expenses											(12,739	)
Interest expense											(17	)
Income before income taxes											26,939
Income tax expense											(5,480	)
Net income										$	21,459
Segment assets		$	1,013,413			$	578,864			$	1,592,277
Corporate assets											146,272
Total assets										$	1,738,549

Six Months Ended June 30, 2023 (Dollars in thousands)		Penn- America				Non-Core Operations				Total
Revenues:
Gross written premiums		$	190,439			$	42,646			$	233,085
Net written premiums		$	182,741			$	39,116			$	221,857
Net earned premiums		$	183,297			$	85,931			$	269,228
Other income			533				103				636
Total revenues			183,830				86,034				269,864
Losses and Expenses:
Net losses and loss adjustment expenses			111,705				54,378				166,083
Acquisition costs and other underwriting expenses			69,101				31,478				100,579
Income from segments		$	3,024			$	178			$	3,202
Unallocated Items:
Net investment income											25,224
Net realized investment losses											(2,281	)
Corporate and other operating expenses											(11,358	)
Interest expense											(12	)
Income before income taxes											14,775
Income tax expense											(2,944	)
Net income										$	11,831
Segment assets		$	950,240			$	718,095			$	1,668,335
Corporate assets											105,667
Total assets										$	1,774,002

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 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: 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 3: 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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