Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Information by Reportable Segment

The following table summarizes our net earned premiums:

	Net Earned Premium
	2023			2022
Commercial		71	%		84	%
Personal		29	%		16	%
Total		100	%		100	%

The wholesale agency business sells insurance products on behalf of the Company’s commercial and personal lines businesses as well as to third-party insurers. Certain acquisition costs incurred by the commercial and personal lines businesses are reflected as commission revenue for the wholesale agency business and are eliminated in the Eliminations category.

In addition to the reportable segments, the Company maintains a Corporate and Other category to reconcile segment results to the consolidated totals. The Corporate and Other category includes: (i) corporate operating expenses such as salaries and related benefits of the Company’s executive management team, some finance and information technology personnel, and other corporate headquarters expenses, (ii) interest expense on the Company’s debt obligations; (iii) depreciation and amortization on property and equipment, and (iv) all investment income activity. All investment income activity is reported within net investment income, net realized investment gains, and change in fair value of equity securities on the consolidated statements of operations. The Company’s assets on the consolidated balance sheet are not allocated to the reportable segments.

The following tables present information by reportable segment (dollars in thousands):

Year Ended December 31, 2023	Commercial Lines			Personal Lines			Under-writing			Wholesale Agency			Corp-orate			Elim-inations			Total
Gross written premiums	$	107,078		$	36,756		$	143,834		$	—		$	—		$	—		$	143,834
Net written premiums	$	36,580		$	32,108		$	68,688		$	—		$	—		$	—		$	68,688
Net earned premiums	$	59,221		$	24,714		$	83,935		$	—		$	—		$	—		$	83,935
Agency commission income		—			—			—			5,680			—			—			5,680
Other income		217			96			313			1,379			239			(1,237	)		694
Segment revenue		59,438			24,810			84,248			7,059			239			(1,237	)		90,309
Loss and loss adjustment expenses, net		62,828			19,585			82,413			—			—			—			82,413
Policy acquisition costs		9,134			6,663			15,797			6,401			—			(1,306	)		20,892
Operating expenses		11,988			3,444			15,432			1,153			1,306			—			17,891
Segment expenses		83,950			29,692			113,642			7,554			1,306			(1,306	)		121,196
Segment underwriting gain (loss)		(24,512	)		(4,882	)		(29,394	)		(495	)		(1,067	)		69			(30,887	)
Net investment income														5,526						5,526
Net realized investment gains (losses)														(20	)					(20	)
Change in fair value of equity securities														608						608
Gain on sale of renewal rights														2,335						2,335
Other gains														—						—
Interest expense														(3,206	)					(3,206	)
Income (loss) before income taxes	$	(24,512	)	$	(4,882	)	$	(29,394	)	$	(495	)	$	4,176		$	69		$	(25,644	)
Selected Balance Sheet Data:
Deferred policy acquisition costs	$	2,047		$	4,357											$	(119	)	$	6,285
Unearned premiums		45,494			19,656															65,150
Unpaid losses and loss adjustment expenses		169,039			5,573															174,612

Year Ended December 31, 2022	Commercial Lines			Personal Lines			Under-writing			Wholesale Agency			Corp-orate			Elim-inations			Total
Gross written premiums	$	116,868		$	21,151		$	138,019		$	—		$	—		$	—		$	138,019
Net written premiums	$	72,318		$	18,914		$	91,232		$	—		$	—		$	—		$	91,232
Net earned premiums	$	80,823		$	15,888		$	96,711		$	—		$	—		$	—		$	96,711
Agency commission income		—			—			—			1,414			—			—			1,414
Other income		245			82			327			4,298			271			(3,542	)		1,354
Segment revenue		81,068			15,970			97,038			5,712			271			(3,542	)		99,479
Loss and loss adjustment expenses, net		70,762			10,678			81,440			—			—			—			81,440
Policy acquisition costs		17,682			4,604			22,286			3,653			—			(3,760	)		22,179
Operating expenses		13,069			1,936			15,005			2,612			1,192			(20	)		18,789
Loss portfolio transfer risk fee		5,400			—			5,400			—			—			—			5,400
Segment expenses		106,913			17,218			124,131			6,265			1,192			(3,780	)		127,808
Segment underwriting gain (loss)		(25,845	)		(1,248	)		(27,093	)		(553	)		(921	)	$	238			(28,329	)
Net investment income											32			3,011						3,043
Net realized investment gains (losses)														(1,505	)					(1,505	)
Change in fair value of equity securities														403						403
Gain from VSRM Transaction														8,810						8,810
Other gains											(1	)		60						59
Interest expense											(42	)		(2,929	)					(2,971	)
Income (loss) before income taxes	$	(25,845	)	$	(1,248	)	$	(27,093	)	$	(564	)	$	6,929		$	238		$	(20,490	)
Selected Balance Sheet Data:
Deferred policy acquisition costs	$	7,683		$	2,796											$	(189	)	$	10,290
Unearned premiums		56,565			11,322															67,887
Unpaid losses and loss adjustment expenses		159,558			5,981															165,539