Segment Information

6 Months Ended

Jun. 30, 2024

Segment Information [Abstract]

Segment Information

6 - Segment Information

We evaluate the performance of our personal lines and commercial lines segments based upon the underwriting results of our insurance subsidiaries using statutory accounting principles (“SAP”) that various state insurance departments prescribe or permit. Our management uses SAP to measure the performance of our insurance subsidiaries instead of United States generally accepted accounting principles (“GAAP”). SAP financial measures are considered non-GAAP financial measures under applicable SEC rules because they include or exclude certain items that the most comparable GAAP financial measures do not ordinarily include or exclude.

Financial data by segment for the three and six months ended June 30, 2024 and 2023 is as follows:

	Three Months Ended June 30,
	2024			2023
	(in thousands)
Revenues:
Premiums earned:
Commercial lines	$	134,489		$	130,808
Personal lines		99,822			85,452
GAAP premiums earned		234,311			216,260
Net investment income		11,068			10,157
Investment gains		737			2,504
Other		657			275
Total revenues	$	246,773		$	229,196
Income before income tax expense:
Underwriting loss:
Commercial lines	$	(9,319	)	$	(5,429	)
Personal lines		(405	)		(6,424	)
SAP underwriting loss		(9,724	)		(11,853	)
GAAP adjustments		2,795			1,649
GAAP underwriting loss		(6,929	)		(10,204	)
Net investment income		11,068			10,157
Investment gains		737			2,504
Other		136			(204	)
Income before income tax expense	$	5,012		$	2,253

	Six Months Ended June 30,
	2024			2023
	(in thousands)
Revenues:
Premiums earned:
Commercial lines	$	266,581		$	263,995
Personal lines		195,479			167,498
GAAP premiums earned		462,060			431,493
Net investment income		22,041			19,607
Investment gains		2,850			2,173
Other		962			669
Total revenues	$	487,913		$	453,942
Income before income tax expense:
Underwriting loss:
Commercial lines	$	(19,690	)	$	(13,353	)
Personal lines		(937	)		(5,562	)
SAP underwriting loss		(20,627	)		(18,915	)
GAAP adjustments		8,154			6,086
GAAP underwriting loss		(12,473	)		(12,829	)
Net investment income		22,041			19,607
Investment gains		2,850			2,173
Other		(157	)		(401	)
Income before income tax expense	$	12,261		$	8,550