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Segment Information (Tables)
9 Months Ended
Sep. 30, 2017
Summary of Business Segment Information

The following are tabulations of business segment information for the quarters and nine months ended September 30, 2017 and 2016.

 

Quarter Ended September 30, 2017:

(Dollars in thousands)

   Commercial
Lines (1)
    Personal
Lines (1)
    Reinsurance
Operations (2)
    Total  

Revenues:

        

Gross premiums written

   $ 53,113     $ 60,962  (6)    $ 11,979     $ 126,054  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net premiums written

   $ 46,471     $ 50,607     $ 11,967     $ 109,045  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net premiums earned

   $ 44,778     $ 52,268     $ 11,573     $ 108,619  

Other income

     —         2,254       40       2,294  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     44,778       54,522       11,613       110,913  
  

 

 

   

 

 

   

 

 

   

 

 

 

Losses and Expenses:

        

Net losses and loss adjustment expenses

     19,095       42,534       20,766       82,395  

Acquisition costs and other underwriting expenses

     18,237  (3)      22,689  (4)      4,076       45,002  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from segments

   $ 7,446     $ (10,701   $ (13,229   $ (16,484
  

 

 

   

 

 

   

 

 

   

Unallocated Items:

        

Net investment income

           10,134  

Net realized investment loss

           (963

Corporate and other operating expenses

           (4,630

Interest expense

           (4,836
        

 

 

 

Loss before income taxes

           (16,779

Income tax benefit

           7,855  
        

 

 

 

Net loss

           (8,924
        

 

 

 

Total assets

   $ 911,412     $ 481,357     $ 737,921  (5)    $ 2,130,690  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(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 $127 relating to cessions from Commercial Lines to Reinsurance Operations.
(4) Includes federal excise tax of $262 relating to cessions from Personal Lines to Reinsurance Operations.
(5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries.
(6) Includes ($1,427) of business written by American Reliable that is ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement.

 

Quarter Ended September 30, 2016:

(Dollars in thousands)

   Commercial
Lines (1)
    Personal
Lines (1)
    Reinsurance
Operations (2)
    Total  

Revenues:

        

Gross premiums written

   $ 49,505     $ 74,266  (6)    $ 9,798     $ 133,569  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net premiums written

   $ 45,074     $ 60,179     $ 9,798     $ 115,051  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net premiums earned

   $ 47,774     $ 61,221     $ 10,558     $ 119,553  

Other income (loss)

     6,872       991       (11     7,852  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     54,646       62,212       10,547       127,405  
  

 

 

   

 

 

   

 

 

   

 

 

 

Losses and Expenses:

        

Net losses and loss adjustment expenses

     23,848       42,927       5,387       72,162  

Acquisition costs and other underwriting expenses

     20,048  (3)      24,411  (4)      3,670       48,129  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from segments

   $ 10,750     $ (5,126   $ 1,490     $ 7,114  
  

 

 

   

 

 

   

 

 

   

Unallocated Items:

        

Net investment income

           8,795  

Net realized investment gains

           1,928  

Corporate and other operating expenses

           (5,006

Interest expense

           (2,233
        

 

 

 

Income before income taxes

           10,598  

Income tax expense

           (1,063
        

 

 

 

Net income

           9,535  
        

 

 

 

Total assets

   $ 770,255     $ 499,202     $ 712,358  (5)    $ 1,981,815  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(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 $130 relating to cessions from Commercial Lines to Reinsurance Operations.
(4) Includes federal excise tax of $306 relating to cessions from Personal Lines to Reinsurance Operations.
(5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries.
(6) Includes $7,328 of business written by American Reliable that is ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement.

 

Nine Months Ended September 30, 2017:

(Dollars in thousands)

   Commercial
Lines (1)
    Personal
Lines (1)
    Reinsurance
Operations (2)
    Total  

Revenues:

        

Gross premiums written

   $ 155,776     $ 192,551  (6)    $ 45,372     $ 393,699  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net premiums written

   $ 137,025     $ 161,979     $ 45,344     $ 344,348  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net premiums earned

   $ 133,289     $ 164,102     $ 31,427     $ 328,818  

Other income

     78       5,153       213       5,444  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     133,367       169,255       31,640       334,262  
  

 

 

   

 

 

   

 

 

   

 

 

 

Losses and Expenses:

        

Net losses and loss adjustment expenses

     53,688       120,410       28,558       202,656  

Acquisition costs and other underwriting expenses

     55,398  (3)      69,281  (4)      10,331       135,010  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from segments

   $ 24,281     $ (20,436   $ (7,249   $ (3,404
  

 

 

   

 

 

   

 

 

   

Unallocated Items:

        

Net investment income

           27,618  

Net realized investment loss

           (850

Corporate and other operating expenses

           (11,045

Interest expense

           (12,065
        

 

 

 

Income before income taxes

           254  

Income tax benefit

           13,193  
        

 

 

 

Net income

           13,447  
        

 

 

 

Total assets

   $ 911,412     $ 481,357     $ 737,921  (5)    $ 2,130,690  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(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 $366 relating to cessions from Commercial Lines to Reinsurance Operations.
(4) Includes federal excise tax of $821 relating to cessions from Personal Lines to Reinsurance Operations.
(5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries.
(6) Includes ($185) of business written by American Reliable that is ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement.

 

Nine Months Ended September 30, 2016:

(Dollars in thousands)

   Commercial
Lines (1)
    Personal
Lines (1)
    Reinsurance
Operations (2)
    Total  

Revenues:

        

Gross premiums written

   $ 155,686     $ 238,627  (6)    $ 34,941     $ 429,254  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net premiums written

   $ 140,199     $ 182,107     $ 34,927     $ 357,233  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net premiums earned

   $ 142,749     $ 184,581     $ 31,663     $ 358,993  

Other income

     6,872       2,714       17       9,603  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     149,621       187,295       31,680       368,596  
  

 

 

   

 

 

   

 

 

   

 

 

 

Losses and Expenses:

        

Net losses and loss adjustment expenses

     78,813       122,540       13,704       215,057  

Acquisition costs and other underwriting expenses

     60,784  (3)      76,349  (4)      11,628       148,761  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from segments

   $ 10,024     $ (11,594   $ 6,348     $ 4,778  
  

 

 

   

 

 

   

 

 

   

Unallocated Items:

        

Net investment income

           25,103  

Net realized investment losses

           (9,057

Corporate and other operating expenses

           (13,064

Interest expense

           (6,677
        

 

 

 

Income before income taxes

           1,083  

Income tax benefit

           10,412  
        

 

 

 

Net income

           11,495  
        

 

 

 

Total assets

   $ 770,255     $ 499,202     $ 712,358  (5)    $ 1,981,815  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(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 $386 relating to cessions from Commercial Lines to Reinsurance Operations.
(4) Includes federal excise tax of $923 relating to cessions from Personal Lines to Reinsurance Operations.
(5) Comprised of Global Indemnity Reinsurance’s total assets less its investment in subsidiaries.
(6) Includes $30,910 of business written by American Reliable that is ceded to insurance companies owned by Assurant under a 100% quota share reinsurance agreement.