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Segment Information (Tables)
12 Months Ended
Dec. 31, 2016
Summary of Business Segment Information

The following are tabulations of business segment information for the years ended December 31, 2016, 2015, and 2014. Corporate information is included to reconcile segment data to the consolidated financial statements.

 

2016:

(Dollars in thousands)

   Commercial
Lines (1)
    Personal
Lines (1)
    Reinsurance
Operations  (2)
    Total  

Revenues:

        

Gross premiums written

   $ 205,120     $ 300,888 (6)    $ 59,837     $ 565,845  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net premiums written

   $ 184,911     $ 226,228     $ 59,801     $ 470,940  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net premiums earned

   $ 190,727     $ 236,170     $ 41,568     $ 468,465  

Other income (loss)

     7,472       3,097       (224     10,345  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     198,199       239,267       41,344       478,810  
  

 

 

   

 

 

   

 

 

   

 

 

 

Losses and Expenses:

        

Net losses and loss adjustment expenses

     74,996       174,933       14,074       264,003  

Acquisition costs and other underwriting expenses

     77,297 (3)      103,289 (4)      16,064       196,650  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from segments

   $ 45,906     $ (38,955   $ 11,206     $ 18,157  
  

 

 

   

 

 

   

 

 

   

Unallocated Items:

        

Net investment income

           33,983  

Net realized investment gains

           21,721  

Corporate and other operating expenses

           (17,338

Interest expense

           (8,905
        

 

 

 

Income before income taxes

           47,618  

Income tax benefit

           2,250  
        

 

 

 

Net income

           49,868  
        

 

 

 

Total assets

   $ 804,418     $ 456,654     $ 711,874 (5)    $ 1,972,946  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Includes business ceded to the Company’s Reinsurance Operations.
(2) External business only, excluding business assumed from affiliates.
(3) Includes federal excise tax of $523 relating to cessions from Commercial Lines to Reinsurance Operations.
(4) Includes federal excise tax of $1,181 relating to cessions from Personal Lines to Reinsurance Operations.
(5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries
(6) Includes $35,334 of business written by American Reliable that is ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement.

 

2015:

(Dollars in thousands)

   Commercial
Lines (1)
    Personal
Lines (1)
    Reinsurance
Operations  (2)
    Total  

Revenues:

        

Gross premiums written

   $ 214,218     $ 326,282 (6)    $ 49,733     $ 590,233  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net premiums written

   $ 197,526     $ 254,035     $ 49,683     $ 501,244  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net premiums earned

   $ 199,304     $ 253,048     $ 51,791     $ 504,143  

Other income (loss)

     621       2,872       (93     3,400  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     199,925       255,920       51,698       507,543  
  

 

 

   

 

 

   

 

 

   

 

 

 

Losses and Expenses:

        

Net losses and loss adjustment expenses

     97,530       163,986       13,852       275,368  

Acquisition costs and other underwriting expenses

     83,170 (3)      99,140 (4)      18,993       201,303  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from segments

   $ 19,225     $ (7,206   $ 18,853     $ 30,872  
  

 

 

   

 

 

   

 

 

   

Unallocated Items:

        

Net investment income

           34,609  

Net realized investment losses

           (3,374

Corporate and other operating expenses

           (24,448

Interest expense

           (4,913
        

 

 

 

Income before income taxes

           32,746  

Income tax benefit

           8,723  
        

 

 

 

Net income

           41,469  
        

 

 

 

Total assets

   $ 729,097     $ 510,503     $ 717,694 (5)    $ 1,957,294  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Includes business ceded to the Company’s Reinsurance Operations.
(2) External business only, excluding business assumed from affiliates.
(3) Includes federal excise tax of $1,051 relating to cessions from Commercial Lines to Reinsurance Operations.
(4) Includes federal excise tax of $1,265 relating to cessions from Personal Lines to Reinsurance Operations.
(5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries
(6) Includes $55,829 of business written by American Reliable that is ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement.

 

2014:

(Dollars in thousands)

   Commercial
Lines (1)
    Reinsurance
Operations  (2)
    Total  

Revenues:

      

Gross premiums written

   $ 229,978     $ 61,275 (5)    $ 291,253  
  

 

 

   

 

 

   

 

 

 

Net premiums written

   $ 212,965     $ 60,216     $ 273,181  
  

 

 

   

 

 

   

 

 

 

Net premiums earned

   $ 211,165     $ 57,354     $ 268,519  

Other income (loss)

     620       (65     555  
  

 

 

   

 

 

   

 

 

 

Total revenue

     211,785       57,289       269,074  

Losses and Expenses:

      

Net losses and loss adjustment expenses

     117,586       19,975       137,561  

Acquisition costs and other underwriting expenses

     88,983 (3)      20,636       109,619  
  

 

 

   

 

 

   

 

 

 

Income from segments

   $ 5,216     $ 16,678     $ 21,894  
  

 

 

   

 

 

   

Unallocated items:

      

Net investment income

         28,821  

Net realized investment gains

         35,860  

Corporate and other operating expenses

         (14,559

Interest expense

         (822
      

 

 

 

Income before income taxes

         71,194  

Income tax expense

         (8,338
      

 

 

 

Net income

       $ 62,856  
      

 

 

 

Total assets

   $ 1,288,763     $ 641,270 (4)    $ 1,930,033  
  

 

 

   

 

 

   

 

 

 

 

(1) Includes business ceded to the Company’s Reinsurance Operations.
(2) External business only, excluding business assumed from affiliates.
(3) Includes excise tax of $1,114 related to cessions from Commercial Lines to Reinsurance Operations.
(4) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries.