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Segment Information | 9 Months Ended
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Sep. 30, 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, Specialty Products, 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 and nine months ended September 30, 2024 and 2023. Corporate information is included to reconcile segment data to the consolidated financial statements.
Quarter Ended September 30, 2024 (Dollars in thousands) |  | Penn- America |  |  | Non-Core Operations |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |
Gross written premiums |  | $ | 103,244 |  |  | $ | (3,477 | ) |  | $ | 99,767 |
Net written premiums |  | $ | 100,712 |  |  | $ | (3,535 | ) |  | $ | 97,177 |
Net earned premiums |  | $ | 93,982 |  |  | $ | 1,431 |  |  | $ | 95,413 |
Other income |  |  | 337 |  |  |  | 35 |  |  |  | 372 |
Total revenues |  |  | 94,319 |  |  |  | 1,466 |  |  |  | 95,785 |
Losses and Expenses: |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | 51,382 |  |  |  | 1,018 |  |  |  | 52,400 |
Acquisition costs and other underwriting expenses |  |  | 35,629 |  |  |  | 1,924 |  |  |  | 37,553 |
Income (loss) from segments |  | $ | 7,308 |  |  | $ | (1,476 | ) |  | $ | 5,832 |
Unallocated Items: |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  |  |  |  | 16,488 |
Net realized investment losses |  |  |  |  |  |  |  |  | (512 | )
Corporate and other operating expenses |  |  |  |  |  |  |  |  | (5,923 | )
Income before income taxes |  |  |  |  |  |  |  |  | 15,885 |
Income tax expense |  |  |  |  |  |  |  |  | (3,125 | )
Net income |  |  |  |  |  |  |  | $ | 12,760 |
Segment assets |  | $ | 1,044,750 |  |  | $ | 562,403 |  |  | $ | 1,607,153 |
Corporate assets |  |  |  |  |  |  |  |  | 153,964 |
Total assets |  |  |  |  |  |  |  | $ | 1,761,117 |
Quarter Ended September 30, 2023 (Dollars in thousands) |  | Penn- America |  |  | Non-Core Operations |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |
Gross written premiums |  | $ | 87,004 |  |  | $ | 11,922 |  |  | $ | 98,926 |
Net written premiums |  | $ | 84,096 |  |  | $ | 11,527 |  |  | $ | 95,623 |
Net earned premiums |  | $ | 83,462 |  |  | $ | 28,233 |  |  | $ | 111,695 |
Other income |  |  | 275 |  |  |  | 24 |  |  |  | 299 |
Total revenues |  |  | 83,737 |  |  |  | 28,257 |  |  |  | 111,994 |
Losses and Expenses: |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | 56,020 |  |  |  | 9,096 |  |  |  | 65,116 |
Acquisition costs and other underwriting expenses |  |  | 32,210 |  |  |  | 13,992 |  |  |  | 46,202 |
Income (loss) from segments |  | $ | (4,493 | ) |  | $ | 5,169 |  |  | $ | 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 |  | $ | 967,573 |  |  | $ | 684,187 |  |  | $ | 1,651,760 |
Corporate assets |  |  |  |  |  |  |  |  | 116,086 |
Total assets |  |  |  |  |  |  |  | $ | 1,767,846 |
Nine Months Ended September 30, 2024 (Dollars in thousands) |  | Penn- America |  |  | Non-Core Operations |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |
Gross written premiums |  | $ | 297,844 |  |  | $ | (3,883 | ) |  | $ | 293,961 |
Net written premiums |  | $ | 290,910 |  |  | $ | (3,897 | ) |  | $ | 287,013 |
Net earned premiums |  | $ | 272,467 |  |  | $ | 12,339 |  |  | $ | 284,806 |
Other income |  |  | 1,020 |  |  |  | 54 |  |  |  | 1,074 |
Total revenues |  |  | 273,487 |  |  |  | 12,393 |  |  |  | 285,880 |
Losses and Expenses: |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | 151,417 |  |  |  | 8,029 |  |  |  | 159,446 |
Acquisition costs and other underwriting expenses |  |  | 104,454 |  |  |  | 7,336 |  |  |  | 111,790 |
Income (loss) from segments |  | $ | 17,616 |  |  | $ | (2,972 | ) |  | $ | 14,644 |
Unallocated Items: |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  |  |  |  | 46,319 |
Net realized investment gains |  |  |  |  |  |  |  |  | 540 |
Corporate and other operating expenses |  |  |  |  |  |  |  |  | (18,662 | )
Interest expense |  |  |  |  |  |  |  |  | (17 | )
Income before income taxes |  |  |  |  |  |  |  |  | 42,824 |
Income tax expense |  |  |  |  |  |  |  |  | (8,605 | )
Net income |  |  |  |  |  |  |  | $ | 34,219 |
Segment assets |  | $ | 1,044,750 |  |  | $ | 562,403 |  |  | $ | 1,607,153 |
Corporate assets |  |  |  |  |  |  |  |  | 153,964 |
Total assets |  |  |  |  |  |  |  | $ | 1,761,117 |
Nine Months Ended September 30, 2023 (Dollars in thousands) |  | Penn- America |  |  | Non-Core Operations |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |
Gross written premiums |  | $ | 277,443 |  |  | $ | 54,568 |  |  | $ | 332,011 |
Net written premiums |  | $ | 266,837 |  |  | $ | 50,643 |  |  | $ | 317,480 |
Net earned premiums |  | $ | 266,759 |  |  | $ | 114,164 |  |  | $ | 380,923 |
Other income |  |  | 808 |  |  |  | 127 |  |  |  | 935 |
Total revenues |  |  | 267,567 |  |  |  | 114,291 |  |  |  | 381,858 |
Losses and Expenses: |  |  |  |  |  |  |  |  |
Net losses and loss adjustment expenses |  |  | 167,725 |  |  |  | 63,474 |  |  |  | 231,199 |
Acquisition costs and other underwriting expenses |  |  | 101,311 |  |  |  | 45,470 |  |  |  | 146,781 |
Income (loss) from segments |  | $ | (1,469 | ) |  | $ | 5,347 |  |  | $ | 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 |  | $ | 967,573 |  |  | $ | 684,187 |  |  | $ | 1,651,760 |
Corporate assets |  |  |  |  |  |  |  |  | 116,086 |
Total assets |  |  |  |  |  |  |  | $ | 1,767,846 |

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