SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Company’s operations consist of a property and casualty insurance segment and a reinsurance segment.  The property and casualty insurance segment writes both commercial and personal lines of insurance, with a focus on medium-sized commercial accounts.  The reinsurance segment provides reinsurance for other insurers and reinsurers.  The segments are managed separately due to differences in the insurance products sold and the business environments in which they operate.

Summarized financial information for the Company’s segments is as follows:

Three months ended June 30, 2013	Property and casualty insurance			Reinsurance			Parent company			Consolidated
Premiums earned	$	97,816,887		$	29,371,393		$	—		$	127,188,280
Underwriting profit (loss)	(10,424,914		)	7,691,133			—			(2,733,781		)
Net investment income (loss)	8,095,885			2,946,180			(2,071		)	11,039,994
Realized investment gains (losses)	392,319			(217,066		)	—			175,253
Other income	163,417			—			—			163,417
Interest expense	84,375			—			—			84,375
Other expenses	185,593			101,062			325,198			611,853
Income (loss) before income tax expense (benefit)	$	(2,043,261	)	$	10,319,185		$	(327,269	)	$	7,948,655

Three months ended June 30, 2012	Property and casualty insurance			Reinsurance			Parent company			Consolidated
Premiums earned	$	87,825,285		$	22,445,175		$	—		$	110,270,460
Underwriting profit (loss)	(15,391,481		)	40,309			—			(15,351,172		)
Net investment income (loss)	8,139,202			3,011,279			(1,786		)	11,148,695
Realized investment gains (losses)	(752,888		)	(385,448		)	—			(1,138,336		)
Other income	222,751			—			—			222,751
Interest expense	225,000			—			—			225,000
Other expenses	178,276			(392,315		)	382,781			168,742
Income (loss) before income tax expense (benefit)	$	(8,185,692	)	$	3,058,455		$	(384,567	)	$	(5,511,804	)

Six months ended June 30, 2013	Property and casualty insurance			Reinsurance			Parent company			Consolidated
Premiums earned	$	190,521,905		$	57,163,627		$	—		$	247,685,532
Underwriting profit (loss)	(7,808,109		)	12,515,846			—			4,707,737
Net investment income (loss)	15,745,815			5,742,704			(5,442		)	21,483,077
Realized investment gains (losses)	2,349,103			494,023			—			2,843,126
Other income	397,922			—			—			397,922
Interest expense	215,625			—			—			215,625
Other expenses	391,199			(340,287		)	707,706			758,618
Income (loss) before income tax expense (benefit)	$	10,077,907		$	19,092,860		$	(713,148	)	$	28,457,619
Assets	$	936,707,300		$	357,488,107		$	403,829,978		$	1,698,025,385
Eliminations	—			—			(391,491,544		)	(391,491,544		)
Reclassifications	—			(6,658,627		)	—			(6,658,627		)
Net assets	$	936,707,300		$	350,829,480		$	12,338,434		$	1,299,875,214

Six months ended June 30, 2012	Property and casualty insurance			Reinsurance			Parent company			Consolidated
Premiums earned	$	172,856,675		$	47,173,541		$	—		$	220,030,216
Underwriting profit (loss)	(13,491,459		)	6,535,982			—			(6,955,477		)
Net investment income (loss)	16,314,329			5,995,204			(4,056		)	22,305,477
Realized investment gains (losses)	7,151,901			628,092			—			7,779,993
Other income	461,749			—			—			461,749
Interest expense	450,000			—			—			450,000
Other expenses	397,440			(372,550		)	730,369			755,259
Income (loss) before income tax expense (benefit)	$	9,589,080		$	13,531,828		$	(734,425	)	$	22,386,483
Year ended December 31, 2012
Assets	$	934,876,596		$	350,867,500		$	401,319,530		$	1,687,063,626
Eliminations	—			—			(396,288,097		)	(396,288,097		)
Reclassifications	—			—			(66,423		)	(66,423		)
Net assets	$	934,876,596		$	350,867,500		$	4,965,010		$	1,290,709,106

The following table displays the net premiums earned of the property and casualty insurance segment and the reinsurance segment for the three and six months ended June 30, 2013 and 2012, by line of insurance.

	Three months ended June 30,					Six months ended June 30,
	2013		2012			2013		2012
Property and casualty insurance segment
Commercial lines:
Automobile	$	21,097,112	$	19,053,727		$	41,220,711	$	36,909,397
Property	21,425,210		18,749,310			41,810,519		37,087,621
Workers' compensation	21,026,607		18,564,240			40,553,754		36,725,157
Liability	19,601,730		16,786,689			37,634,575		32,970,176
Other	1,843,564		1,873,690			3,706,500		3,765,469
Total commercial lines	84,994,223		75,027,656			164,926,059		147,457,820
Personal lines:
Automobile	6,917,799		7,119,459			13,839,379		14,094,368
Property	5,728,302		5,524,351			11,415,785		11,002,952
Liability	176,563		153,819			340,682		301,535
Total personal lines	12,822,664		12,797,629			25,595,846		25,398,855
Total property and casualty insurance	$	97,816,887	$	87,825,285		$	190,521,905	$	172,856,675
Reinsurance segment
Pro rata reinsurance:
Property and liability	$	2,483,413	$	2,115,547		$	3,512,470	$	3,562,142
Property	3,644,882		4,308,272			8,271,643		6,767,632
Crop	506,046		195,609			946,407		472,559
Liability	1,125,276		295,324			1,517,955		639,376
Marine/Aviation	2,545,396		(1,459,630		)	5,956,677		2,402,316
Total pro rata reinsurance	10,305,013		5,455,122			20,205,152		13,844,025
Excess of loss reinsurance:
Property	16,227,759		13,770,698			31,448,516		27,314,458
Liability	2,838,621		3,218,590			5,509,903		6,006,901
Surety	—		765			56		8,157
Total excess of loss reinsurance	19,066,380		16,990,053			36,958,475		33,329,516
Total reinsurance	$	29,371,393	$	22,445,175		$	57,163,627	$	47,173,541
Consolidated	$	127,188,280	$	110,270,460		$	247,685,532	$	220,030,216