Segment Information

12 Months Ended

Dec. 31, 2024

Segment Information [Abstract]

Segment Information

Note 17. Segment Information

The Parent’s primary insurance subsidiaries operate with relative autonomy and each company is evaluated based on its individual performance. American Southern operates in the property and casualty insurance market, while Bankers Fidelity operates in the life and health insurance market. Each segment derives revenue from the collection of premiums, as well as from investment income. The Company’s strategy is to focus on well-defined geographic, demographic and/or product niches within the insurance marketplace. Substantially all revenue other than that in the corporate and other segment is from external sources.

The Company adopted ASU No. 2023-07, Segment Reporting- An Amendment for Improvements to Reportable Segment Disclosures (Topic 280) in December 2024. The most significant provision was for the Company to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”). Our CODM is the Company’s Chairman, President and Chief Executive Officer. The segment’s most significant expenses include insurance benefits and losses incurred and other expenses, such as commissions and underwriting.  Interest expense at the segment level is insignificant. To assess profitability on a reportable segment basis, the CODM reviews income (loss) before income taxes.

	For the Year Ended December 31, 2024
	American Southern			Bankers Fidelity			Corporate & Other			Adjustments & Eliminations			Consolidated
Insurance premiums, net	$	67,689		$	111,042		$	—		$	—		$	178,731
Insurance benefits and losses incurred		55,767			70,064			—			—			125,831
Expenses deferred		(8,498	)		(9,139	)		—			—			(17,637	)
Amortization and depreciation expense		8,390			8,357			1			—			16,748
Other expenses		15,673			42,660			23,356			(13,140	)		68,549
Total expenses		71,332			111,942			23,357			(13,140	)		193,491
Underwriting income		(3,643	)		(900	)		—			—			(4,543	)
Net investment income (loss)		4,151			5,544			3,705			(3,609	)		9,791
Other income (loss)		5			6			9,531			(9,531	)		11
Subtotal		513			4,650			(10,121	)		—			(4,958	)
Net realized gains		666			544			—			—			1,210
Unrealized losses on equity securities		(291	)		(1,039	)		(186	)		—			(1,516	)
Income (loss) before income taxes	$	888		$	4,155		$	(10,307	)	$	—		$	(5,264	)
Total revenues	$	72,220		$	116,097		$	13,050		$	(13,140	)	$	188,227
Intangibles	$	1,350		$	1,194		$	—		$	—		$	2,544
Total assets	$	147,214		$	210,819		$	144,522		$	(109,127	)	$	393,428

	For the Year Ended December 31, 2023
	American Southern			Bankers Fidelity			Corporate & Other			Adjustments & Eliminations			Consolidated
Insurance premiums, net	$	68,443		$	110,382		$	—		$	—		$	178,825
Insurance benefits and losses incurred		51,015			71,485			—			—			122,500
Expenses deferred		(8,689	)		(9,320	)		—			—			(18,009	)
Amortization and depreciation expense		8,389			8,050			509			—			16,948
Other expenses		17,046			39,262			21,875			(12,264	)		65,919
Total expenses		67,761			109,477			22,384			(12,264	)		187,358
Underwriting income		682			905			—			—			1,587
Net investment income (loss)		4,507			5,755			3,325			(3,529	)		10,058
Other income (loss)		7			7			8,738			(8,735	)		17
Subtotal		5,196			6,667			(10,321	)		—			1,542
Net realized gains (losses)		—			70			—			—			70
Unrealized losses on equity securities		(111	)		(2,015	)		(51	)		—			(2,177	)
Income (loss) before income taxes	$	5,085		$	4,722		$	(10,372	)	$	—		$	(565	)
Total revenues	$	72,846		$	114,199		$	12,012		$	(12,264	)	$	186,793
Intangibles	$	1,350		$	1,194		$	—		$	—		$	2,544
Total assets	$	149,236		$	203,079		$	146,585		$	(117,635	)	$	381,265