Segment Information

9 Months Ended

Sep. 30, 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”). The Company’s CODM is the 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	September 30, 2025		December 31, 2024
American Southern	$	168,631	$	147,214
Bankers Fidelity		229,859		210,819
Corporate, Other and Eliminations		32,365		35,395
Total assets	$	430,855	$	393,428

	Three Months Ended September 30,				Nine Months Ended September 30,
Revenues	2025		2024		2025		2024
American Southern	$	23,671	$	17,282	$	65,324	$	54,666
Bankers Fidelity		29,972		27,125		93,562		84,499
Corporate, Other and Eliminations		117		112		289		19
Total revenue	$	53,760	$	44,519	$	159,175	$	139,184

	Three Months Ended September 30,				Nine Months Ended September 30,
Insurance benefits and losses incurred	2025		2024		2025		2024
American Southern	$	17,962	$	13,984	$	48,572	$	41,025
Bankers Fidelity		17,509		16,776		52,459		53,467
Corporate, Other and Eliminations		-		-		-		-
Total insurance benefits and losses incurred	$	35,471	$	30,760	$	101,031	$	94,492

	Three Months Ended September 30,						Nine Months Ended September 30,
Commissions and underwriting	2025			2024			2025			2024
American Southern	$	4,146		$	3,790		$	13,562		$	11,808
Bankers Fidelity		10,828			9,980			31,161			30,756
Corporate, Other and Eliminations		(2,019	)		(2,280	)		(7,218	)		(6,824	)
Total commissions and underwriting	$	12,955		$	11,490		$	37,505		$	35,740

	Three Months Ended September 30,						Nine Months Ended September 30,
Income (loss) before income taxes	2025			2024			2025			2024
American Southern	$	1,630		$	(528	)	$	3,190		$	1,730
Bankers Fidelity		1,634			367			9,941			275
Corporate, Other and Eliminations		(2,495	)		(2,293	)		(7,111	)		(7,814	)
Income (loss) before income taxes	$	769		$	(2,454	)	$	6,020		$	(5,809	)