XML 40 R33.htm IDEA: XBRL DOCUMENT
v3.24.3

Segment Information (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
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, 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 |

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 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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