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Segment Information
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Segment Information

Note 15 -- Segment Information

The Company identifies its operating divisions based on organizational structure and revenue source.  Currently, the Company has three reportable segments: insurance operations, real estate operations, and corporate and other. Due to their economic characteristics, the Company’s property and casualty insurance division and reinsurance division are grouped together into one reportable segment under insurance operations. The real estate operations segment includes companies engaged in operating commercial properties the Company owns for investment purposes or for use in its own operations. The corporate and other segment represents the activities of the holding companies, the information technology division, and other companies that do not meet the quantitative and qualitative thresholds for a reportable segment. The determination of segments may change over time due to changes in operational emphasis, revenues, and results of operations. The Company’s chief executive officer, who serves as the Company’s chief operating decision maker, evaluates each division’s financial and operating performance based on revenue and operating income.

For the three months ended June 30, 2020 and 2019, revenues from the Company’s insurance operations before intracompany elimination represented 96.2% and 95.2%, respectively, of total revenues of all operating segments. For the six months ended June 30, 2020 and 2019, revenues from the Company’s insurance operations before intracompany elimination represented 96.0% and 94.9%, respectively, of total revenues of all operating segments. At June 30, 2020 and December 31, 2019, insurance operations’ total assets represented 85.9% and 85.5%, respectively, of the combined assets of all operating segments. The following tables present segment information reconciled to the Company’s consolidated statements of income. Intersegment transactions are not eliminated from segment results. However, intracompany transactions are eliminated in segment results below.

 

 

 

Insurance

 

 

Real

 

 

Corporate/

 

 

Reclassification/

 

 

 

 

 

For Three Months Ended June 30, 2020

 

Operations

 

 

Estate(a)

 

 

Other(b)

 

 

Elimination

 

 

Consolidated

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums earned

 

$

73,449

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

73,449

 

Net investment income (loss)

 

 

2,076

 

 

 

2

 

 

 

104

 

 

 

(578

)

 

 

1,604

 

Net realized investment gains (losses)

 

 

1,483

 

 

 

—

 

 

 

(48

)

 

 

—

 

 

 

1,435

 

Net unrealized investment gains

 

 

2,473

 

 

 

—

 

 

 

411

 

 

 

—

 

 

 

2,884

 

Credit losses on investments

 

 

(87

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(87

)

Policy fee income

 

 

847

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

847

 

Other

 

 

320

 

 

 

2,419

 

 

 

518

 

 

 

(2,672

)

 

 

585

 

Total revenue

 

 

80,561

 

 

 

2,421

 

 

 

985

 

 

 

(3,250

)

 

 

80,717

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

 

39,843

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

39,843

 

Amortization of deferred policy acquisition costs

 

 

12,511

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12,511

 

Interest expense

 

 

1

 

 

 

498

 

 

 

2,742

 

 

 

(221

)

 

 

3,020

 

Depreciation and amortization

 

 

27

 

 

 

640

 

 

 

409

 

 

 

(596

)

 

 

480

 

Other

 

 

7,607

 

 

 

1,406

 

 

 

6,460

 

 

 

(2,433

)

 

 

13,040

 

Total expenses

 

 

59,989

 

 

 

2,544

 

 

 

9,611

 

 

 

(3,250

)

 

 

68,894

 

Income (loss) before income taxes

 

$

20,572

 

 

$

(123

)

 

$

(8,626

)

 

$

—

 

 

$

11,823

 

Total revenue from non-affiliates(c)

 

$

80,561

 

 

$

1,954

 

 

$

444

 

 

 

 

 

 

 

 

 

 

 

(a)

Other revenue under real estate primarily consisted of rental income from investment properties.

 

(b)

Other revenue under corporate and other primarily consisted of revenue from restaurant and marina businesses.

 

(c)

Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.

 

 

 

Insurance

 

 

Real

 

 

Corporate/

 

 

Reclassification/

 

 

 

 

 

For Three Months Ended June 30, 2019

 

Operations

 

 

Estate(a)

 

 

Other(b)

 

 

Elimination

 

 

Consolidated

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums earned

 

$

51,998

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

51,998

 

Net investment income (loss)

 

 

3,388

 

 

 

—

 

 

 

1,096

 

 

 

(258

)

 

 

4,226

 

Net realized investment losses

 

 

(132

)

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(133

)

Net unrealized investment gains

 

 

1,108

 

 

 

—

 

 

 

218

 

 

 

—

 

 

 

1,326

 

Policy fee income

 

 

800

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

800

 

Other

 

 

162

 

 

 

2,380

 

 

 

1,698

 

 

 

(3,827

)

 

 

413

 

Total revenue

 

 

57,324

 

 

 

2,380

 

 

 

3,011

 

 

 

(4,085

)

 

 

58,630

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

 

24,293

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24,293

 

Amortization of deferred policy acquisition costs

 

 

8,770

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,770

 

Interest expense

 

 

—

 

 

 

382

 

 

 

2,632

 

 

 

(130

)

 

 

2,884

 

Depreciation and amortization

 

 

26

 

 

 

668

 

 

 

262

 

 

 

(572

)

 

 

384

 

Other

 

 

7,774

 

 

 

1,466

 

 

 

6,127

 

 

 

(3,383

)

 

 

11,984

 

Total expenses

 

 

40,863

 

 

 

2,516

 

 

 

9,021

 

 

 

(4,085

)

 

 

48,315

 

Income (loss) before income taxes

 

$

16,461

 

 

$

(136

)

 

$

(6,010

)

 

$

—

 

 

$

10,315

 

Total revenue from non-affiliates(c)

 

$

57,324

 

 

$

1,974

 

 

$

2,562

 

 

 

 

 

 

 

 

 

 

 

(a)

Other revenue under real estate primarily consisted of rental income from investment properties.

 

(b)

Other revenue under corporate and other primarily consisted of revenue from restaurant and marina businesses.

 

(c)

Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.

 

 

 

 

Insurance

 

 

Real

 

 

Corporate/

 

 

Reclassification/

 

 

 

 

 

For Six Months Ended June 30, 2020

 

Operations

 

 

Estate(a)

 

 

Other(b)

 

 

Elimination

 

 

Consolidated

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums earned

 

$

135,095

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

135,095

 

Net investment income (loss)

 

 

4,409

 

 

 

3

 

 

 

(2,266

)

 

 

(734

)

 

 

1,412

 

Net realized investment losses

 

 

(339

)

 

 

—

 

 

 

(470

)

 

 

—

 

 

 

(809

)

Net unrealized investment losses

 

 

(1,624

)

 

 

—

 

 

 

(297

)

 

 

—

 

 

 

(1,921

)

Credit losses on investments

 

 

(526

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(526

)

Policy fee income

 

 

1,676

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,676

 

Other

 

 

595

 

 

 

4,978

 

 

 

1,890

 

 

 

(6,293

)

 

 

1,170

 

Total revenue

 

 

139,286

 

 

 

4,981

 

 

 

(1,143

)

 

 

(7,027

)

 

 

136,097

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

 

67,921

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

67,921

 

Amortization of deferred policy acquisition costs

 

 

23,368

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

23,368

 

Interest expense

 

 

1

 

 

 

971

 

 

 

5,459

 

 

 

(441

)

 

 

5,990

 

Depreciation and amortization

 

 

58

 

 

 

1,296

 

 

 

811

 

 

 

(1,208

)

 

 

957

 

Other

 

 

15,682

 

 

 

2,657

 

 

 

12,420

 

 

 

(5,378

)

 

 

25,381

 

Total expenses

 

 

107,030

 

 

 

4,924

 

 

 

18,690

 

 

 

(7,027

)

 

 

123,617

 

Income (loss) before income taxes

 

$

32,256

 

 

$

57

 

 

$

(19,833

)

 

$

—

 

 

$

12,480

 

Total revenue (investment loss) from non-affiliates(c)

 

$

139,286

 

 

$

4,048

 

 

$

(2,182

)

 

 

 

 

 

 

 

 

 

 

(a)

Other revenue under real estate primarily consisted of rental income from investment properties.

 

(b)

Other revenue under corporate and other primarily consisted of revenue from restaurant and marina businesses.

 

(c)

Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.

 

 

 

Insurance

 

 

Real

 

 

Corporate/

 

 

Reclassification/

 

 

 

 

 

For Six Months Ended June 30, 2019

 

Operations

 

 

Estate(a)

 

 

Other(b)

 

 

Elimination

 

 

Consolidated

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums earned

 

$

103,182

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

103,182

 

Net investment income (loss)

 

 

6,016

 

 

 

—

 

 

 

1,603

 

 

 

(115

)

 

 

7,504

 

Net realized investment gains (losses)

 

 

66

 

 

 

—

 

 

 

(571

)

 

 

—

 

 

 

(505

)

Net unrealized investment gains

 

 

5,418

 

 

 

—

 

 

 

1,201

 

 

 

—

 

 

 

6,619

 

Policy fee income

 

 

1,595

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,595

 

Other

 

 

338

 

 

 

4,692

 

 

 

3,249

 

 

 

(7,410

)

 

 

869

 

Total revenue

 

 

116,615

 

 

 

4,692

 

 

 

5,482

 

 

 

(7,525

)

 

 

119,264

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

 

51,289

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

51,289

 

Amortization of deferred policy acquisition costs

 

 

17,426

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17,426

 

Interest expense

 

 

1

 

 

 

765

 

 

 

6,715

 

 

 

(260

)

 

 

7,221

 

Depreciation and amortization

 

 

53

 

 

 

1,251

 

 

 

530

 

 

 

(1,056

)

 

 

778

 

Other

 

 

14,864

 

 

 

2,574

 

 

 

11,723

 

 

 

(6,209

)

 

 

22,952

 

Total expenses

 

 

83,633

 

 

 

4,590

 

 

 

18,968

 

 

 

(7,525

)

 

 

99,666

 

Income (loss) before income taxes

 

$

32,982

 

 

$

102

 

 

$

(13,486

)

 

$

—

 

 

$

19,598

 

Total revenue from non-affiliates(c)

 

$

116,615

 

 

$

3,877

 

 

$

4,622

 

 

 

 

 

 

 

 

 

 

 

(a)

Other revenue under real estate primarily consisted of rental income from investment properties.

 

(b)

Other revenue under corporate and other primarily consisted of revenue from restaurant and marina businesses.

 

(c)

Represents amounts before reclassification of certain revenue and expenses to conform with an insurance company’s presentation.

 

The following table presents segment assets reconciled to the Company’s total assets in the consolidated balance sheets.

 

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Segment:

 

 

 

 

 

 

 

 

Insurance Operations

 

$

734,614

 

 

$

663,280

 

Real Estate Operations

 

 

96,831

 

 

 

93,727

 

Corporate and Other

 

 

87,521

 

 

 

60,662

 

Consolidation and Elimination

 

 

(30,581

)

 

 

(15,060

)

Total assets

 

$

888,385

 

 

$

802,609