SEGMENT INFORMATION

12 Months Ended

Dec. 31, 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. The accounting policies of the segments are described in note 1, Summary of Significant Accounting Policies.

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

Year ended December 31, 2013	Property and casualty insurance			Reinsurance		Parent company			Consolidated
Premiums earned	$	392,718,848		$	122,787,418	$	—		$	515,506,266
Underwriting profit (loss)	(10,435,392		)	21,308,412		—			10,873,020
Net investment income (loss)	31,396,676			11,634,972		(9,473		)	43,022,175
Realized investment gains	7,525,063			1,471,482		—			8,996,545
Other income	765,343			61,018		—			826,361
Interest expense	384,375			—		—			384,375
Other expenses	750,853			366,338		1,364,115			2,481,306
Income (loss) before income tax expense (benefit)	$	28,116,462		$	34,109,546	$	(1,373,588	)	$	60,852,420
Assets	$	978,745,563		$	387,284,346	$	455,367,743		$	1,821,397,652
Eliminations	—			—		(441,983,975		)	(441,983,975		)
Reclassifications	—			—		(480,756		)	(480,756		)
Net assets	$	978,745,563		$	387,284,346	$	12,903,012		$	1,378,932,921

Year ended December 31, 2012	Property and casualty insurance			Reinsurance		Parent company			Consolidated
Premiums earned	$	357,138,686		$	101,707,313	$	—		$	458,845,999
Underwriting profit (loss)	(8,207,255		)	9,841,595		—			1,634,340
Net investment income (loss)	32,214,705			11,940,123		(9,754		)	44,145,074
Realized investment gains	7,347,944			669,084		—			8,017,028
Other income	774,210			85,216		—			859,426
Interest expense	900,000			—		—			900,000
Other expenses	798,046			24,829		1,299,379			2,122,254
Income (loss) before income tax expense (benefit)	$	30,431,558		$	22,511,189	$	(1,309,133	)	$	51,633,614
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

Year ended December 31, 2011	Property and casualty insurance			Reinsurance			Parent company			Consolidated
Premiums earned	$	321,649,215		$	94,753,098		$	—		$	416,402,313
Underwriting profit (loss)	(46,387,960		)	(17,273,231		)	—			(63,661,191		)
Net investment income (loss)	33,718,436			12,395,350			(2,861		)	46,110,925
Realized investment gains	6,970,028			2,333,265			—			9,303,293
Other income	790,802			37,308			—			828,110
Interest expense	900,000			—			—			900,000
Other expenses	750,675			591,850			1,330,129			2,672,654
Income (loss) before income tax expense (benefit)	$	(6,559,369	)	$	(3,099,158	)	$	(1,332,990	)	$	(10,991,517	)

The following table displays the net premiums earned of the property and casualty insurance segment and the reinsurance segment for the three years ended December 31, 2013, by line of insurance.

	Year ended December 31,
	2013		2012		2011
Property and casualty insurance segment
Commercial lines:
Automobile	$	86,230,496	$	76,361,648	$	67,110,580
Property	87,445,736		77,726,271		69,239,781
Workers' compensation	83,171,963		75,696,890		68,323,060
Liability	77,982,518		68,661,112		60,455,101
Other	7,487,462		7,613,899		7,626,542
Total commercial lines	342,318,175		306,059,820		272,755,064
Personal lines:
Automobile	27,408,367		28,436,720		27,514,345
Property	22,284,652		22,020,416		20,824,263
Liability	707,654		621,730		555,543
Total personal lines	50,400,673		51,078,866		48,894,151
Total property and casualty insurance	$	392,718,848	$	357,138,686	$	321,649,215
Reinsurance segment
Pro rata reinsurance:
Property and liability	$	7,489,202	$	6,231,955	$	9,398,123
Property	15,774,885		13,508,911		13,798,857
Crop	4,454,582		3,840,893		5,681,196
Liability	5,172,213		1,171,245		1,261,047
Marine/Aviation	14,757,244		5,708,220		889,350
Total pro rata reinsurance	47,648,126		30,461,224		31,028,573
Excess of loss reinsurance:
Property	64,068,912		59,537,028		53,170,244
Liability	11,070,281		11,698,372		10,561,260
Surety	99		10,689		(6,979		)
Total excess of loss reinsurance	75,139,292		71,246,089		63,724,525
Total reinsurance	$	122,787,418	$	101,707,313	$	94,753,098
Consolidated	$	515,506,266	$	458,845,999	$	416,402,313