Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022
Gross written premiums	$	266,635	$	124,967	$	8,112	$	—	$	399,714
Net earned premiums	137,884		18,141		30,237		—		186,262
Underwriting profit of operating segments	22,334		1,252		2,059		—		25,645
Net investment income	3,298		934		10,441		32		14,705
Interest expense	—		—		1,327		2,722		4,049
Segment revenues	131,659		19,187		33,854		106		184,806
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,096,138		1,135,839		1,999,687		33,611		5,265,275

Three Months Ended June 30, 2021
Gross written premiums	$	214,014	$	129,189	$	36,943	$	—	$	380,146
Net earned premiums	117,945		18,595		36,165		—		172,705
Underwriting profit (loss) of operating segments	26,917		2,138		(3,321)		—		25,734
Net investment income	3,473		766		9,707		402		14,348
Interest expense	—		—		—		2,249		2,249
Segment revenues	124,018		21,093		45,987		469		191,567
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,211,469		1,034,622		2,120,625		25,100		5,391,816

Six Months Ended June 30, 2022
Gross written premiums	$	470,917	$	250,677	$	38,056	$	—	$	759,650
Net earned premiums	269,185		37,459		69,442		—		376,086
Underwriting profit (loss) of operating segments	43,791		1,461		(6,778)		—		38,474
Net investment income	8,840		1,691		20,154		287		30,972
Interest expense	—		—		1,342		4,999		6,341
Segment revenues	265,051		39,550		81,725		428		386,754
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,096,138		1,135,839		1,999,687		33,611		5,265,275

Six Months Ended June 30, 2021
Gross written premiums	$	395,372	$	256,225	$	101,804	$	—	$	753,401
Net earned premiums	231,653		34,952		66,693		—		333,298
Underwriting (loss) profit of operating segments	(124,029)		3,404		(4,946)		—		(125,571)
Net investment income	7,179		1,588		20,263		407		29,437
Interest expense	—		—		—		4,465		4,465
Segment revenues	242,814		39,658		91,504		571		374,547
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,211,469		1,034,622		2,120,625		25,100		5,391,816

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 (loss) before income taxes:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines	$	22,334	$	26,917	$	43,791	$	(124,029)
Specialty Admitted Insurance	1,252		2,138		1,461		3,404
Casualty Reinsurance	2,059		(3,321)		(6,778)		(4,946)
Total underwriting profit (loss) of operating segments	25,645		25,734		38,474		(125,571)
Other operating expenses of the Corporate and Other segment	(8,888)		(7,915)		(16,762)		(15,971)
Underwriting profit (loss)	16,757		17,819		21,712		(141,542)
Net investment income	14,705		14,348		30,972		29,437
Net realized and unrealized (losses) gains on investments	(17,110)		3,483		(22,120)		9,755
Amortization of intangible assets	(91)		(91)		(182)		(182)
Other income and expenses	49		(827)		(252)		(1,349)
Interest expense	(4,049)		(2,249)		(6,341)		(4,465)
Income (loss) before income taxes	$	10,261	$	32,483	$	23,789	$	(108,346)