Segment Information

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment Information

Note 12 — Segment Information

The Company identifies its operating divisions based on organizational structure and revenue source. Currently, the Company has three reportable segments: insurance operations, real estate operations, and corporate and other. 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. The real estate operations segment includes companies engaged in operating commercial properties the Company owns for investment purposes or for use in its own operations. The corporate and other segment represents the activities of the holding companies, the information technology division, and other companies that do not meet the quantitative and qualitative thresholds for a reportable segment. The determination of segments may change over time due to changes in operational emphasis, revenues, and results of operations. The Company’s chief executive officer, who serves as the Company’s chief operating decision maker, evaluates each division’s financial and operating performance based on revenue and operating income.

For the three months ended June 30, 2019 and 2018, revenues from the Company’s insurance operations before intracompany elimination represented 95.2% and 95.6%, respectively, of total revenues of all operating segments. For the six months ended June 30, 2019 and 2018, revenues from the Company’s insurance operations before intracompany elimination represented 94.9% and 95.2%, respectively, of total revenues of all operating segments. At June 30, 2019 and December 31, 2018, insurance operations’ total assets represented 84.6% and 85.9%, respectively, of the combined assets of all operating segments. 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.

For Three Months Ended June 30, 2019	Insurance Operations			Real Estate(a)			Corporate/ Other(b)			Reclassification/ Elimination			Consolidated
Revenue:
Net premiums earned	$	51,998		$	—		$	—		$	—		$	51,998
Net investment income		3,388			—			1,096			(258	)		4,226
Net realized investment losses		(132	)		—			(1	)		—			(133	)
Net unrealized investment gains		1,108			—			218			—			1,326
Policy fee income		800			—			—			—			800
Other		162			2,380			1,698			(3,827	)		413
Total revenue		57,324			2,380			3,011			(4,085	)		58,630
Expenses:
Losses and loss adjustment expenses		24,293			—			—			—			24,293
Amortization of deferred policy acquisition costs		8,770			—			—			—			8,770
Interest expense		—			382			2,632			(130	)		2,884
Depreciation and amortization		26			668			262			(572	)		384
Other		7,774			1,466			6,127			(3,383	)		11,984
Total expenses		40,863			2,516			9,021			(4,085	)		48,315
Income (loss) before income taxes	$	16,461		$	(136	)	$	(6,010	)	$	—		$	10,315
Total revenue from non-affiliates(c)	$	57,324		$	1,974		$	2,562

(a) Other revenue under real estate primarily consisted of rental income from investment properties.

(b) Other revenue under corporate and other primarily consisted of revenue from restaurant and marina businesses.

(c) Represents amounts before reclassification to conform with an insurance company’s presentation.

For Three Months Ended June 30, 2018	Insurance Operations			Real Estate(a)		Corporate/ Other(b)			Reclassification/ Elimination			Consolidated
Revenue:
Net premiums earned	$	52,965		$	—	$	—		$	—		$	52,965
Net investment income		2,386			—		737			276			3,399
Net realized investment gains		1,550			—		1,112			—			2,662
Net unrealized investment losses		(1,096	)		—		(461	)		—			(1,557	)
Net other-than-temporary impairment losses		—			—		(40	)		—			(40	)
Policy fee income		855			—		—			—			855
Other		173			2,345		1,456			(3,445	)		529
Total revenue		56,833			2,345		2,804			(3,169	)		58,813
Expenses:
Losses and loss adjustment expenses		21,803			—		—			—			21,803
Amortization of deferred policy acquisition costs		8,696			—		—			—			8,696
Interest expense		—			391		4,233			(119	)		4,505
Depreciation and amortization		32			606		250			(553	)		335
Other		7,643			915		5,893			(2,497	)		11,954
Total expenses		38,174			1,912		10,376			(3,169	)		47,293
Income (loss) before income taxes	$	18,659		$	433	$	(7,572	)	$	—		$	11,520
Total revenue from non-affiliates(c)	$	56,833		$	1,963	$	2,519

(a) Other revenue under real estate primarily consisted of rental income from investment properties.

(b) Other revenue under corporate and other primarily consisted of revenue from restaurant and marina businesses.

(c) Represents amounts before reclassification to conform with an insurance company’s presentation.

For Six Months Ended June 30, 2019	Insurance Operations		Real Estate(a)		Corporate/ Other(b)			Reclassification/ Elimination			Consolidated
Revenue:
Net premiums earned	$	103,182	$	—	$	—		$	—		$	103,182
Net investment income		6,016		—		1,603			(115	)		7,504
Net realized investment gains (losses)		66		—		(571	)		—			(505	)
Net unrealized investment gains		5,418		—		1,201			—			6,619
Policy fee income		1,595		—		—			—			1,595
Other		338		4,692		3,249			(7,410	)		869
Total revenue		116,615		4,692		5,482			(7,525	)		119,264
Expenses:
Losses and loss adjustment expenses		51,289		—		—			—			51,289
Amortization of deferred policy acquisition costs		17,426		—		—			—			17,426
Interest expense		1		765		6,715			(260	)		7,221
Depreciation and amortization		53		1,251		530			(1,056	)		778
Other		14,864		2,574		11,723			(6,209	)		22,952
Total expenses		83,633		4,590		18,968			(7,525	)		99,666
Income (loss) before income taxes	$	32,982	$	102	$	(13,486	)	$	—		$	19,598
Total revenue from non-affiliates(c)	$	116,615	$	3,877	$	4,622

(a) Other revenue under real estate primarily consisted of rental income from investment properties.

(b) Other revenue under corporate and other primarily consisted of revenue from restaurant and marina businesses.

(c) Represents amounts before reclassification to conform with an insurance company’s presentation.

For Six Months Ended June 30, 2018	Insurance Operations			Real Estate(a)		Corporate/ Other(b)			Reclassification/ Elimination			Consolidated
Revenue:
Net premiums earned	$	106,487		$	—	$	—		$	—		$	106,487
Net investment income		4,743			1		1,564			309			6,617
Net realized investment gains		3,755			—		1,139			—			4,894
Net unrealized investment losses		(3,507	)		—		(650	)		—			(4,157	)
Net other-than-temporary impairment losses		—			—		(80	)		—			(80	)
Policy fee income		1,720			—		—			—			1,720
Other		372			4,647		2,734			(6,682	)		1,071
Total revenue		113,570			4,648		4,707			(6,373	)		116,552
Expenses:
Losses and loss adjustment expenses		41,458			—		—			—			41,458
Amortization of deferred policy acquisition costs		17,510			—		—			—			17,510
Interest expense		—			783		8,430			(238	)		8,975
Depreciation and amortization		66			1,196		509			(1,098	)		673
Other		13,948			2,036		10,665			(5,037	)		21,612
Total expenses		72,982			4,015		19,604			(6,373	)		90,228
Income (loss) before income taxes	$	40,588		$	633	$	(14,897	)	$	—		$	26,324
Total revenue from non-affiliates(c)	$	113,570		$	3,883	$	4,139

(a) Other revenue under real estate primarily consisted of rental income from investment properties.

(b) Other revenue under corporate and other primarily consisted of revenue from restaurant and marina businesses.

(c) Represents amounts before reclassification to conform with an insurance company’s presentation.

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

	June 30, 2019			December 31, 2018
Segment:
Insurance Operations	$	607,135		$	615,983
Real Estate Operations		92,938			83,828
Corporate and Other		67,969			146,651
Consolidation and Elimination		(15,902	)		(13,599	)
Total assets	$	752,140		$	832,863