Segment Information

12 Months Ended

Dec. 31, 2021

Segment Information [Abstract]

Segment Information

10. Segment Information:

We pursue our business activities primarily through subsidiaries whose operations are organized into business units and are supported by our insurance carrier subsidiaries. Our non-carrier insurance activities are organized by business units into the following reportable segments:

● Specialty Commercial Segment. Our Specialty Commercial Segment includes our Commercial Auto business unit which offers primary and excess commercial vehicle insurance products and services; our E&S Casualty business unit which offers primary and excess liability, excess public entity liability and E&S package and garage liability insurance products and services; our E&S Property business unit which offers primary and excess commercial property insurance for both catastrophe and non-catastrophe exposures; our Professional Liability business unit which offers healthcare and financial lines professional liability insurance products and services primarily for businesses, medical professionals, medical facilities and, through 2020, senior care facilities; and our Aerospace & Programs business unit which offers general aviation and, until discontinued during 2020, satellite launch property/casualty insurance products and services, as well as certain specialty programs.

● Standard Commercial Segment. Our Standard Commercial Segment includes the package and monoline property/casualty and occupational accident insurance products and services handled by our Commercial Accounts business unit and the runoff of workers compensation insurance products handled by our former Workers Compensation operating unit.  Effective June 1, 2016, we ceased marketing new or renewal occupational accident policies.  Effective July 1, 2015, the former Workers Compensation operating unit ceased retaining any risk on new or renewal policies.

● Personal Segment. Our Personal Segment includes the non-standard personal automobile and renters insurance products and services handled by our Specialty Personal Lines business unit.

The retained premium produced by these reportable segments is supported by our AHIC, HSIC, HIC, HNIC and TBIC insurance company subsidiaries. In addition, control and management of HCM is maintained through our wholly owned subsidiary, CYR Insurance Management Company (“CYR”).  CYR has as its primary asset a management agreement with

HCM which provides for CYR to have management and control of HCM.  HCM is used to front certain lines of business in our Specialty Commercial and Personal Segments in Texas.  HCM does not retain any business.

AHIC, HIC, HSIC and HNIC have entered into a pooling arrangement pursuant to which AHIC retains 32% of the net premiums written by any of them, HIC retains 32% of the net premiums written by any of them, HSIC retains 26% of the net premiums written by any of them and HNIC retains 10% of the net premiums written by any of them. Neither HCM nor TBIC is a party to the pooling arrangement.

The following is additional business segment information for the twelve months ended December 31, 2021 and 2020 (in thousands):

	2021		2020
Revenues
Specialty Commercial Segment	$	252,368	$	340,515
Standard Commercial Segment		71,295		69,819
Personal Segment		73,969		84,730
Corporate		7,071		(26,216)
Consolidated	$	404,703	$	468,848
Depreciation and Amortization Expense
Specialty Commercial Segment	$	1,592	$	3,287
Standard Commercial Segment		541		611
Personal Segment		464		1,024
Corporate		833		832
Consolidated	$	3,430	$	5,754
Interest Expense
Specialty Commercial Segment	$	—	$	—
Standard Commercial Segment		—		—
Personal Segment		—		—
Corporate		4,993		5,326
Consolidated	$	4,993	$	5,326
Tax Expense (Benefit)
Specialty Commercial Segment	$	7,133	$	(122)
Standard Commercial Segment		(7)		(599)
Personal Segment		(2,157)		(2,038)
Corporate		(2,478)		(18,658)
Consolidated	$	2,491	$	(21,417)
Pre-tax income (loss)
Specialty Commercial Segment	$	32,915	$	(7,752)
Standard Commercial Segment		(30)		(3,039)
Personal Segment		(9,955)		(10,338)
Corporate		(11,435)		(94,639)
Consolidated	$	11,495	$	(115,768)

The following is additional business segment information as of the following dates (in thousands):

	December 31,		December 31,
Assets:	2021		2020
Specialty Commercial Segment	$	1,163,947	$	1,116,137
Standard Commercial Segment		194,594		183,689
Personal Segment		128,165		133,310
Corporate		66,892		63,581
Consolidated	$	1,553,598	$	1,496,717