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Segment Information
 9 Months Ended
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