Reportable Segments

6 Months Ended

Jun. 30, 2014

Reportable Segments [Abstract]

Reportable Segments

(4) Reportable Segments:

The Company has two reportable business segments in its operations:  Property and Casualty Insurance and Reinsurance.

The Property and Casualty Insurance segment provides multiple line insurance coverage primarily to fleet transportation companies as well as to independent contractors who contract with fleet transportation companies.  In addition, the Company provides private passenger automobile products to individuals, workers’ compensation coverage to small businesses and professional liability products on a selective basis.

The Reinsurance segment accepts professional liability cessions from other insurance companies.  In addition, the Reinsurance segment accepts property cessions from other insurance companies and, prior to January 1, 2014, retrocessions from carefully chosen reinsurance companies, principally reinsuring against catastrophes.

The following table provides certain revenue and profit and loss information for each reportable segment.  All amounts presented are computed based upon U.S. generally accepted accounting principles.  Segment profit for Property and Casualty Insurance includes the direct marketing agency operations conducted by the parent company for this segment and is computed after elimination of inter-company commissions.

	2014							2013
	Direct and Assumed Premium Written		Net Premium Earned		Segment Profit (Loss)			Direct and Assumed Premium Written		Net Premium Earned		Segment Profit
Three months ended June 30:
Property and Casualty Insurance	$	85,826	$	55,057	$	8,864		$	80,756	$	49,803	$	5,405
Reinsurance		9,272		7,848		(786	)		12,074		11,972		2,910
Totals	$	95,098	$	62,905	$	8,078		$	92,830	$	61,775	$	8,315
Six months ended June 30:
Property and Casualty Insurance	$	168,750	$	106,516	$	14,207		$	150,945	$	97,663	$	10,641
Reinsurance		21,102		20,231		1,102			25,776		25,210		7,679
Totals	$	189,852	$	126,747	$	15,309		$	176,721	$	122,873	$	18,320

The following table reconciles reportable segment income to the Company’s consolidated income before federal income taxes.

	Three Months Ended						Six Months Ended
	June 30						June 30
	2014			2013			2014			2013
Profit:
Segment profit	$	8,078		$	8,315		$	15,309		$	18,320
Net investment income		2,090			1,985			4,383			4,395
Net gains on investments		8,089			719			12,159			15,066
Corporate expenses and other		(4,220	)		(3,757	)		(8,375	)		(7,840	)
Income before federal income taxes	$	14,037		$	7,262		$	23,476		$	29,941

Segment profit includes both net premiums earned and fees and other income associated with the business conducted by the segment.

Management does not identify or allocate assets to reportable segments when evaluating segment performance and depreciation expense is not material for any of the reportable segments.