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Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Business Segment Information

The following are tabulations of business segment information for the years ended December 31, 2024, 2023, and 2022. Corporate information is included to reconcile segment data to the consolidated financial statements.


2024: (Dollars in thousands)		Penn- America				Non-Core Operations				Total
Revenues:
Gross written premiums		$	399,976			$	(10,218	)		$	389,758
Net written premiums		$	389,582			$	(10,392	)		$	379,190
Net earned premiums		$	369,806			$	7,186			$	376,992
Other income			1,336				29				1,365
Total segment revenues			371,142				7,215				378,357
Reconciliation of revenue
Net investment income											62,375
Net realized investment gains											455
Total consolidated revenues										$	441,187

Less: (1)
Net losses and loss adjustment expenses			210,293				2,897				213,190
Net commission expenses			86,863				2,712				89,575
Other underwriting expenses (2)			54,270				3,500				57,770
Income (loss) from segments		$	19,716			$	(1,894	)		$	17,822

Reconciliation of segment profit (loss)
Unallocated items:
Net investment income											62,375
Net realized investment gains											455
Corporate and other operating expenses											(25,696	)
Income before income taxes											54,956
Income tax expense											(11,715	)
Net income										$	43,241

Segment assets		$	986,492			$	481,045			$	1,467,537
Corporate assets											263,716
Total assets										$	1,731,253

(1)

The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)

Other underwriting expenses consist primarily of personnel expenses and general operating expenses related to underwriting activities.


2023: (Dollars in thousands)		Penn- America				Non-Core Operations				Total
Revenues:
Gross written premiums		$	369,660			$	46,737			$	416,397
Net written premiums		$	356,796			$	42,523			$	399,319
Net earned premiums		$	354,518			$	118,839			$	473,357
Other income			1,257				178				1,435
Total segment revenues			355,775				119,017				474,792
Reconciliation of revenue
Net investment income											55,444
Net realized investment losses											(2,107	)
Total consolidated revenues										$	528,129

Less: (1)
Net losses and loss adjustment expenses			233,239				55,914				289,153
Net commission expenses			81,691				36,580				118,271
Other underwriting expenses (2)			52,464				11,882				64,346
Income (loss) from segments		$	(11,619	)		$	14,641				3,022

Reconciliation of segment profit (loss)
Unallocated items:
Net investment income											55,444
Net realized investment losses											(2,107	)
Corporate and other operating expenses											(23,383	)
Income before income taxes											32,976
Income tax expense											(7,547	)
Net income										$	25,429

Segment assets		$	982,083			$	603,433			$	1,585,516
Corporate assets											144,060
Total assets										$	1,729,576

(1)

The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)

Other underwriting expenses consist primarily of personnel expenses and general operating expenses related to underwriting activities.


2022: (Dollars in thousands)		Penn- America				Non-Core Operations				Total
Revenues:
Gross written premiums		$	387,967			$	339,636			$	727,603
Net written premiums		$	370,306			$	221,025			$	591,331
Net earned premiums		$	359,597			$	242,874			$	602,471
Other income			1,029				433				1,462
Total segment revenues			360,626				243,307				603,933
Reconciliation of revenue
Net investment income											27,627
Net realized investment losses											(32,929	)
Other income											29,903
Total consolidated revenues										$	628,534

Less: (1)
Net losses and loss adjustment expenses			214,854				144,374				359,228
Net commission expenses			84,081				64,643				148,724
Other underwriting expenses (2)			51,064				36,593				87,657
Income (loss) from segments		$	10,627			$	(2,303	)		$	8,324

Reconciliation of segment profit (loss)
Unallocated items:
Net investment income											27,627
Net realized investment losses											(32,929	)
Other income											29,903
Corporate and other operating expenses											(24,421	)
Interest expense											(3,004	)
Loss on extinguishment of debt											(3,529	)
Income before income taxes											1,971
Income tax expense											(2,821	)
Net loss										$	(850	)

Segment assets		$	937,919			$	824,256			$	1,762,175
Corporate assets											38,600
Total assets										$	1,800,775

(1)

The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)

Other underwriting expenses consist primarily of personnel expenses and general operating expenses related to underwriting activities.