Segment Information

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Information

Note 16 — Segment Information

The Company’s businesses consist of four operating divisions: property and casualty insurance, reinsurance, investment real estate and information technology. The Company’s chief executive officer who serves as the Company’s chief operating decision maker evaluates each division’s financial and operating performances based on revenue and operating income. The Company aggregates its operating divisions into segments based on organizational structure and revenue source.

Due to their economic characteristics, the Company’s property and casualty insurance division and reinsurance division are grouped together into one reportable segment under insurance operations. For the years ended December 31, 2016, 2015 and 2014, revenues from the Company’s insurance operations before intracompany elimination represented 95.5%, 97.5% and 97.2%, respectively, of total revenues of all operating segments. At December 31, 2016, 2015 and 2014, insurance operations’ total assets represented 87.9%, 91.8% and 94.1%, respectively, of the combined assets of all operating segments. There was no other operating division representing ten percent or more of the Company’s total revenues or combined assets. In addition, there was no other operating division representing ten percent or more, in absolute amount, of the combined profits of all operating divisions reporting a profit and combined losses of all operating divisions reporting a loss. See Note 1 — “Nature of Operations” for a description of the Company’s insurance operations. The following tables present segment information reconciled to the Company’s consolidated statements of income. Intersegment transactions are not eliminated from segment results. However, intracompany transactions are eliminated in segment results below.

	Insurance			Corporate/			Reclassification/
For the Year Ended December 31, 2016	Operations			Other(a)			Elimination			Consolidated
Revenue:
Net premiums earned	$	243,627		$	—		$	—		$	243,627
Net investment income (loss)		8,440			1,180			(533	)		9,087
Net realized investment gains		2,450			151			—			2,601
Net other-than-temporary impairment losses		(2,467	)		(15	)		—			(2,482	)
Policy fee income		3,914			—			—			3,914
Gain on repurchases of convertible senior notes		—			153			—			153
Gain on bargain purchase		—			2,071			—			2,071
Gain on remeasurement of previously held interest		—			4,005			—			4,005
Other		684			8,609			(7,823	)		1,470
Total revenue		256,648			16,154			(8,356	)		264,446
Expenses:
Losses and loss adjustment expenses		124,667			—			—			124,667
Amortization of deferred policy acquisition costs		37,868			—			—			37,868
Interest expense		—			11,079			—			11,079
Depreciation and amortization		158			1,722			(608	)		1,272
Other operating expenses		31,351			19,101			(7,748	)		42,704
Total expenses		194,044			31,902			(8,356	)		217,590
Income before income taxes	$	62,604		$	(15,748	)	$	—		$	46,856

	Insurance			Corporate/			Reclassification/
For the Year Ended December 31, 2015	Operations			Other(a)			Elimination			Consolidated
Revenue:
Net premiums earned	$	282,506		$	—		$	—		$	282,506
Net investment income (loss)		6,841			(1,966	)		(897	)		3,978
Net realized investment (losses) gains		(716	)		108			—			(608	)
Net other-than-temporary impairment losses		(4,606	)		(75	)		—			(4,681	)
Policy fee income		3,496			—			—			3,496
Other		564			7,304			(6,607	)		1,261
Total revenue		288,085			5,371			(7,504	)		285,952
Expenses:
Losses and loss adjustment expenses		87,224			—			—			87,224
Amortization of deferred policy acquisition costs		36,224			—			—			36,224
Interest expense		—			10,754			—			10,754
Depreciation and amortization		185			1,523			(370	)		1,338
Other operating expenses		30,665			20,689			(7,134	)		44,220
Total expenses		154,298			32,966			(7,504	)		179,760
Income before income taxes	$	133,787		$	(27,595	)	$	—		$	106,192

	Insurance			Corporate/			Reclassification/
For the Year Ended December 31, 2014	Operations			Other(a)			Elimination			Consolidated
Revenue:
Net premiums earned	$	252,065		$	—		$	—		$	252,065
Net investment income (loss)		5,098			964			(1,174	)		4,888
Net realized investment gains		4,426			309			—			4,735
Net other-than-temporary impairment losses		(107	)		—			—			(107	)
Policy fee income		2,820			—			—			2,820
Other		948			7,618			(6,859	)		1,707
Total revenue		265,250			8,891			(8,033	)		266,108
Expenses:
Losses and loss adjustment expenses		79,468			—			—			79,468
Amortization of deferred policy acquisition costs		32,918			—			—			32,918
Interest expense		—			10,453			—			10,453
Depreciation and amortization		158			1,548			(402	)		1,304
Other operating expenses		30,591			18,043			(7,631	)		41,003
Total expenses		143,135			30,044			(8,033	)		165,146
Income before income taxes	$	122,115		$	(21,153	)	$	—		$	100,962

(a) Other revenue under corporate and other primarily consisted of rental income from investment properties and revenue from restaurant and marina businesses.

The following table presents segment assets reconciled to the Company’s total assets in the consolidated balance sheets.

	December 31,
	2016			2015
Segment:
Insurance Operations	$	651,927		$	591,101
Corporate and Other		116,849			88,412
Consolidation and Elimination		(98,712	)		(42,527	)
Total assets	$	670,064		$	636,986