Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of summary of company's segment results

The following table summarizes the Company’s segment results:


	Excess and Surplus Lines		Specialty Admitted Insurance		Casualty Reinsurance		Corporate and Other		Total
	(in thousands)
Three Months Ended September 30, 2020
Gross written premiums	$	179,458	$	112,589	$	19,805	$	—	$	311,852
Net earned premiums	104,933		14,985		33,044		—		152,962
Underwriting profit (loss) of insurance segments	15,581		1,859		(689)		—		16,751
Net investment income	3,751		807		10,033		368		14,959
Interest expense	—		—		—		2,129		2,129
Segment revenues	112,800		16,843		47,385		437		177,465
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,243,065		877,619		1,806,341		57,328		4,984,353

Three Months Ended September 30, 2019
Gross written premiums	$	241,045	$	100,459	$	46,724	$	—	$	388,228
Net earned premiums	164,759		14,242		34,373		—		213,374
Underwriting (loss) profit of insurance segments	(29,351)		837		(4,288)		—		(32,802)
Net investment income	3,467		976		11,717		1,718		17,878
Interest expense	—		—		—		2,594		2,594
Segment revenues	170,734		16,493		42,403		1,844		231,474
Segment goodwill	181,831		—		—		—		181,831
Segment assets	1,186,094		773,677		1,631,569		69,576		3,660,916

Nine Months Ended September 30, 2020
Gross written premiums	$	502,649	$	303,831	$	90,852	$	—	$	897,332
Net earned premiums	305,521		42,660		99,514		—		447,695
Underwriting profit (loss) of insurance segments	39,788		2,301		(3,119)		—		38,970
Net investment income	15,028		2,547		32,171		1,399		51,145
Interest expense	—		—		—		7,970		7,970
Segment revenues	309,972		45,386		117,459		1,681		474,498
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,243,065		877,619		1,806,341		57,328		4,984,353

Nine Months Ended September 30, 2019
Gross written premiums	$	687,871	$	292,884	$	114,810	$	—	$	1,095,565
Net earned premiums	457,352		39,688		105,600		—		602,640
Underwriting (loss) profit of insurance segments	(439)		3,758		(4,061)		—		(742)
Net investment income	13,240		2,791		34,875		3,938		54,844
Interest expense	—		—		—		8,086		8,086
Segment revenues	481,745		45,169		134,731		4,330		665,975
Segment goodwill	181,831		—		—		—		181,831
Segment assets	1,186,094		773,677		1,631,569		69,576		3,660,916

Schedule of underwriting profit of operating segments by individual segment and reconciliation to consolidated income before taxes

The following table reconciles the underwriting profit (loss) of the operating segments by individual segment to consolidated income before taxes:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Underwriting profit (loss) of the insurance segments:
Excess and Surplus Lines	$	15,581	$	(29,351)	$	39,788	$	(439)
Specialty Admitted Insurance	1,859		837		2,301		3,758
Casualty Reinsurance	(689)		(4,288)		(3,119)		(4,061)
Total underwriting profit (loss) of insurance segments	16,751		(32,802)		38,970		(742)
Other operating expenses of the Corporate and Other segment	(7,805)		(7,302)		(23,556)		(22,641)
Underwriting profit (loss)	8,946		(40,104)		15,414		(23,383)
Net investment income	14,959		17,878		51,145		54,844
Net realized and unrealized gains (losses) on investments	8,929		(2,357)		(27,885)		331
Amortization of intangible assets	(149)		(149)		(447)		(447)
Other income and expenses	192		(91)		(967)		(223)
Interest expense	(2,129)		(2,594)		(7,970)		(8,086)
Income (loss) before taxes	$	30,748	$	(27,417)	$	29,290	$	23,036