Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023
Gross written premiums	$	286,126	$	136,924	$	4,691	$	—	$	427,741
Net earned premiums	159,002		23,858		26,798		—		209,658
Underwriting profit of operating segments	19,433		384		128		—		19,945
Net investment income	14,903		3,173		6,941		158		25,175
Interest expense	—		—		944		5,997		6,941
Segment revenues	175,521		28,330		34,269		322		238,442
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,880,824		1,381,877		945,628		87,541		5,295,870

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

Six Months Ended June 30, 2023
Gross written premiums	$	515,029	$	261,475	$	15,130	$	—	$	791,634
Net earned premiums	310,361		44,339		63,071		—		417,771
Underwriting profit (loss) of operating segments	39,428		(85)		434		—		39,777
Net investment income	29,956		6,158		14,288		545		50,947
Interest expense	—		—		1,977		11,580		13,557
Segment revenues	342,171		52,840		78,136		896		474,043
Segment goodwill	181,831		—		—		—		181,831
Segment assets	2,880,824		1,381,877		945,628		87,541		5,295,870

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

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 income taxes:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines	$	19,433	$	22,334	$	39,428	$	43,791
Specialty Admitted Insurance	384		1,252		(85)		1,461
Casualty Reinsurance	128		2,059		434		(6,778)
Total underwriting profit of operating segments	19,945		25,645		39,777		38,474
Other operating expenses of the Corporate and Other segment	(8,548)		(8,888)		(17,830)		(16,762)
Underwriting profit	11,397		16,757		21,947		21,712
Losses and loss adjustment expenses - retroactive reinsurance	(618)		—		(17,481)		—
Net investment income	25,175		14,705		50,947		30,972
Net realized and unrealized gains (losses) on investments	2,145		(17,110)		2,552		(22,120)
Amortization of intangible assets	(91)		(91)		(182)		(182)
Other income and expenses	(53)		49		(468)		(252)
Interest expense	(6,941)		(4,049)		(13,557)		(6,341)
Income before income taxes	$	31,014	$	10,261	$	43,758	$	23,789