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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2019
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, 2019 and 2018:

 

Quarter Ended September 30, 2019

(Dollars in thousands)

 

Commercial

Specialty

 

(1)

Specialty Property

 

(1)

Farm, Ranch, & Stable

 

(1)

Reinsurance

Operations

 

(2)

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

73,175

 

 

$

42,611

 

(4)

$

21,410

 

 

$

19,981

 

 

$

157,177

 

Net premiums written

 

$

62,925

 

 

$

37,628

 

 

$

18,294

 

 

$

19,989

 

 

$

138,836

 

Net premiums earned

 

$

60,869

 

 

$

34,554

 

 

$

18,377

 

 

$

19,512

 

 

$

133,312

 

Other income (loss)

 

 

—

 

 

 

465

 

 

 

34

 

 

 

(235

)

 

 

264

 

Total revenues

 

 

60,869

 

 

 

35,019

 

 

 

18,411

 

 

 

19,277

 

 

 

133,576

 

Losses and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

27,389

 

 

 

25,997

 

 

 

10,939

 

 

 

9,258

 

 

 

73,583

 

Acquisition costs and other underwriting expenses

 

 

24,820

 

 

 

14,571

 

 

 

7,776

 

 

 

6,199

 

 

 

53,366

 

Income (loss) from segments

 

$

8,660

 

 

$

(5,549

)

 

$

(304

)

 

$

3,820

 

 

$

6,627

 

Unallocated Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,348

 

Net realized investment loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,690

)

Corporate and other operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,858

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,023

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,404

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

317

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,721

 

Total assets

 

$

864,154

 

 

$

366,162

 

 

$

197,164

 

 

$

656,676

 

(3)

$

2,084,156

 

 

(1)

Includes business ceded to the Company’s Reinsurance Operations.  This quota share agreement was cancelled effective January 1, 2018.

(2)

External business only, excluding business assumed from affiliates.

(3)

Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries.

(4)

Includes ($23) of business written by American Reliable that was ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement.

Quarter Ended September 30, 2018

(Dollars in thousands)

 

Commercial

Specialty

 

(1)

Specialty Property

 

(1)

Farm, Ranch, & Stable

 

(1)

Reinsurance

Operations

 

(2)

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

63,177

 

 

$

43,912

 

(7)

$

19,160

 

 

$

9,357

 

 

$

135,606

 

Net premiums written

 

$

56,161

 

 

$

32,023

 

 

$

18,696

 

 

$

9,353

 

 

$

116,233

 

Net premiums earned

 

$

56,352

 

 

$

31,581

 

 

$

19,260

 

 

$

13,335

 

 

$

120,528

 

Other income (loss)

 

 

—

 

 

 

457

 

 

 

36

 

 

 

(82

)

 

 

411

 

Total revenues

 

 

56,352

 

 

 

32,038

 

 

 

19,296

 

 

 

13,253

 

 

 

120,939

 

Losses and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

31,899

 

 

 

30,474

 

 

 

10,842

 

 

 

7,278

 

 

 

80,493

 

Acquisition costs and other underwriting expenses

 

 

22,533

 

(3)

 

12,781

 

(4)

 

8,259

 

(5)

 

5,107

 

 

 

48,680

 

Income (loss) from segments

 

$

1,920

 

 

$

(11,217

)

 

$

195

 

 

$

868

 

 

$

(8,234

)

Unallocated Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,750

 

Net realized investment gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,319

 

Corporate and other operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,475

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,924

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

436

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,292

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,728

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

874,059

 

 

$

341,983

 

 

$

184,144

 

 

$

557,860

 

(6)

$

1,958,046

 

 

(1)

Includes business ceded to the Company’s Reinsurance Operations.  This quota share agreement was cancelled effective January 1, 2018.

(2)

External business only, excluding business assumed from affiliates.

(3)

Includes federal excise tax of $77 relating to cessions from Commercial Specialty to Reinsurance Operations.

(4)

Includes federal excise tax of $64 relating to cessions from Specialty Property to Reinsurance Operations.

(5)

Includes federal excise tax of $28 relating to cessions from Farm, Ranch, & Stable to Reinsurance Operations.

(6)

Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries.

(7)

Includes ($3) of business written by American Reliable that was ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement.

Nine Months Ended September 30, 2019

(Dollars in thousands)

 

Commercial

Specialty

 

(1)

Specialty Property

 

(1)

Farm, Ranch, & Stable

 

(1)

Reinsurance

Operations

 

(2)

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

214,467

 

 

$

128,771

 

(4)

$

65,872

 

 

$

69,589

 

 

$

478,699

 

Net premiums written

 

$

185,202

 

 

$

110,668

 

 

$

55,861

 

 

$

69,590

 

 

$

421,321

 

Net premiums earned

 

$

173,215

 

 

$

104,740

 

 

$

52,849

 

 

$

52,798

 

 

$

383,602

 

Other income (loss)

 

 

—

 

 

 

1,406

 

 

 

96

 

 

 

(228

)

 

 

1,274

 

Total revenues

 

 

173,215

 

 

 

106,146

 

 

 

52,945

 

 

 

52,570

 

 

 

384,876

 

Losses and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

81,731

 

 

 

57,611

 

 

 

32,203

 

 

 

30,434

 

 

 

201,979

 

Acquisition costs and other underwriting expenses

 

 

70,522

 

 

 

44,163

 

 

 

22,403

 

 

 

16,555

 

 

 

153,643

 

Income (loss) from segments

 

$

20,962

 

 

$

4,372

 

 

$

(1,661

)

 

$

5,581

 

 

$

29,254

 

Unallocated Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32,393

 

Net realized investment gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,290

 

Corporate and other operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,702

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,088

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46,147

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,163

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,984

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

864,154

 

 

$

366,162

 

 

$

197,164

 

 

$

656,676

 

(3)

$

2,084,156

 

 

(1)

Includes business ceded to the Company’s Reinsurance Operations.  This quota share agreement was cancelled effective January 1, 2018.

(2)

External business only, excluding business assumed from affiliates.

(3)

Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries.

(4)

Includes ($200) of business written by American Reliable that was ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement.

Nine Months Ended September 30, 2018

(Dollars in thousands)

 

Commercial

Specialty

 

(1)

Specialty Property

 

(1)

Farm, Ranch, & Stable

 

(1)

Reinsurance

Operations

 

(2)

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross premiums written

 

$

186,923

 

 

$

132,286

 

(7)

$

59,496

 

 

$

39,965

 

 

$

418,670

 

Net premiums written

 

$

165,817

 

 

$

101,542

 

 

$

53,239

 

 

$

39,959

 

 

$

360,557

 

Net premiums earned

 

$

155,966

 

 

$

98,977

 

 

$

52,356

 

 

$

35,148

 

 

$

342,447

 

Other income (loss)

 

 

—

 

 

 

1,343

 

 

 

125

 

 

 

(179

)

 

 

1,289

 

Total revenues

 

 

155,966

 

 

 

100,320

 

 

 

52,481

 

 

 

34,969

 

 

 

343,736

 

Losses and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net losses and loss adjustment expenses

 

 

82,023

 

 

 

69,563

 

 

 

29,383

 

 

 

14,457

 

 

 

195,426

 

Acquisition costs and other underwriting expenses

 

 

62,789

 

(3)

 

42,548

 

(4)

 

22,898

 

(5)

 

12,961

 

 

 

141,196

 

Income (loss) from segments

 

$

11,154

 

 

$

(11,791

)

 

$

200

 

 

$

7,551

 

 

$

7,114

 

Unallocated Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,108

 

Net realized investment gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,833

 

Corporate and other operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23,653

)

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,725

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,677

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,944

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

874,059

 

 

$

341,983

 

 

$

184,144

 

 

$

557,860

 

(6)

$

1,958,046

 

 

(1)

Includes business ceded to the Company’s Reinsurance Operations.  This quota share agreement was cancelled effective January 1, 2018.

(2)

External business only, excluding business assumed from affiliates.

(3)

Includes federal excise tax of $367 relating to cessions from Commercial Specialty to Reinsurance Operations.

(4)

Includes federal excise tax of $298 relating to cessions from Specialty Property to Reinsurance Operations.

(5)

Includes federal excise tax of $137 relating to cessions from Farm, Ranch, & Stable to Reinsurance Operations.

(6)

Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries.

(7)

Includes ($1,859) of business written by American Reliable that was ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement.