Segment Information

3 Months Ended

Mar. 31, 2025

Segment Information [Abstract]

Segment Information

Note 13. 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.

The following sets forth the assets, revenue and income (loss) before income taxes for each business unit as of and for the periods ended 2025 and 2024.

Assets	March 31, 2025		December 31, 2024
American Southern	$	139,965	$	147,214
Bankers Fidelity		215,821		210,819
Corporate, Other and Eliminations		32,650		35,395
Total assets	$	388,436	$	393,428

	Three Months Ended March 31,
Revenues	2025		2024
American Southern	$	19,421	$	18,858
Bankers Fidelity		30,498		28,171
Corporate, Other and Eliminations		206		(32	)
Total revenue	$	50,125	$	46,997

	Three Months Ended March 31,
Insurance benefits and losses incurred	2025		2024
American Southern	$	14,597	$	12,813
Bankers Fidelity		17,316		19,112
Corporate, Other and Eliminations		-		-
Total insurance benefits and losses incurred	$	31,913	$	31,925

	Three Months Ended March 31,
Commissions and underwriting expenses	2025			2024
American Southern	$	4,105		$	4,507
Bankers Fidelity		10,745			10,346
Corporate, Other and Eliminations		(3,170	)		(2,187	)
Total commissions and underwriting expenses	$	11,680		$	12,666

	Three Months Ended March 31,
Income (loss) before income taxes	2025			2024
American Southern	$	685		$	1,507
Bankers Fidelity		2,437			(1,287	)
Corporate, Other and Eliminations		(2,087	)		(2,726	)
Income (loss) before income taxes	$	1,035		$	(2,506	)