Segment Information

6 Months Ended

Jun. 30, 2014

Segment Information

13. Segment Information

The following are tabulations of business segment information for the quarters and six months ended June 30, 2014 and 2013.

Quarter Ended June 30, 2014: (Dollars in thousands)	Insurance Operations (1)			Reinsurance Operations (2)			Total
Revenues:
Gross premiums written	$	60,556		$	22,349		$	82,905
Net premiums written	$	55,039		$	21,333		$	76,372
Net premiums earned	$	53,034		$	12,983		$	66,017
Other income (loss)		160			(5	)		155
Total revenues		53,194			12,978			66,172
Losses and Expenses:
Net losses and loss adjustment expenses		33,875			4,395			38,270
Acquisition costs and other underwriting expenses		22,560	(3)		4,611			27,171
Income (loss) from segments	$	(3,241	)	$	3,972			731
Unallocated Items:
Net investment income								7,677
Net realized investment gains								39,881
Corporate and other operating expenses								(3,172	)
Interest expense								(319	)
Income before income taxes								44,798
Income tax benefit								11,590
Net income							$	33,208
Total assets	$	1,316,314		$	661,373	(4)	$	1,977,687

(1) Includes business ceded to the Company’s Reinsurance Operations.

(2) External business only, excluding business assumed from affiliates.

(3) Includes federal excise tax of $281 relating to cessions from Insurance Operations to Reinsurance Operations.

(4) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries.

Quarter Ended June 30, 2013: (Dollars in thousands)	Insurance Operations (1)			Reinsurance Operations (2)			Total
Revenues:
Gross premiums written	$	61,879		$	22,366		$	84,245
Net premiums written	$	56,387		$	21,959		$	78,346
Net premiums earned	$	46,916		$	11,755		$	58,671
Other income (loss)		248			(1	)		247
Total revenues		47,164			11,754			58,918
Losses and Expenses:
Net losses and loss adjustment expenses		30,608			4,316			34,924
Acquisition costs and other underwriting expenses		20,686	(3)		3,786			24,472
Income (loss) from segments	$	(4,130	)	$	3,652			(478	)
Unallocated Items:
Net investment income								9,765
Net realized investment gains								2,806
Corporate and other operating expenses								(2,472	)
Interest expense								(1,181	)
Income before income taxes								8,440
Income tax benefit								(224	)
Net income							$	8,664
Total assets	$	1,243,761		$	671,061	(4)	$	1,914,822

(1) Includes business ceded to the Company’s Reinsurance Operations.

(2) External business only, excluding business assumed from affiliates.

(3) Includes federal excise tax of $246 relating to cessions from Insurance Operations to Reinsurance Operations.

(4) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries.

Six Months Ended June 30, 2014: (Dollars in thousands)	Insurance Operations (1)			Reinsurance Operations (2)			Total
Revenues:
Gross premiums written	$	113,548		$	46,554		$	160,102
Net premiums written	$	103,695		$	45,538		$	149,233
Net premiums earned	$	106,347		$	27,214		$	133,561
Other income (loss)		326			(3	)		323
Total revenues		106,673			27,211			133,884
Losses and Expenses:
Net losses and loss adjustment expenses		67,472			9,370			76,842
Acquisition costs and other underwriting expenses		44,278	(3)		9,378			53,656
Income (loss) from segments	$	(5,077	)	$	8,463			3,386
Unallocated Items:
Net investment income								15,961
Net realized investment gains								39,068
Corporate and other operating expenses								(6,133	)
Interest expense								(510	)
Income before income taxes								51,772
Income tax benefit								9,741
Net income							$	42,031
Total assets	$	1,316,314		$	661,373	(4)	$	1,977,687

(1) Includes business ceded to the Company’s Reinsurance Operations.

(2) External business only, excluding business assumed from affiliates.

(3) Includes federal excise tax of $561 relating to cessions from Insurance Operations to Reinsurance Operations.

(4) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries.

Six Months Ended June 30, 2013: (Dollars in thousands)	Insurance Operations (1)			Reinsurance Operations (2)			Total
Revenues:
Gross premiums written	$	112,967		$	46,217		$	159,184
Net premiums written	$	104,015		$	45,809		$	149,824
Net premiums earned	$	92,157		$	22,510		$	114,667
Other income (loss)		329			(28	)		301
Total revenues		92,486			22,482			114,968
Losses and Expenses:
Net losses and loss adjustment expenses		59,350			7,362			66,712
Acquisition costs and other underwriting expenses		41,081	(3)		7,868			48,949
Income (loss) from segments	$	(7,945	)	$	7,252			(693	)
Unallocated Items:
Net investment income								19,799
Net realized investment gains								8,563
Corporate and other operating expenses								(4,817	)
Interest expense								(2,354	)
Income before income taxes								20,498
Income tax benefit								(531	)
Net income							$	21,029
Total assets	$	1,243,761		$	671,061	(4)	$	1,914,822

(1) Includes business ceded to the Company’s Reinsurance Operations.

(2) External business only, excluding business assumed from affiliates.

(3) Includes federal excise tax of $482 relating to cessions from Insurance Operations to Reinsurance Operations.

(4) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries.