XML 45 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
SEGMENT INFORMATION (Tables)
3 Months Ended
Mar. 31, 2013
SEGMENT INFORMATION [Abstract]  
Summarized financial information for segments
Summarized financial information for the Company's segments is as follows:

 
Property and
 
 
 
 
 
 
 
 
 
 
 
 
casualty
 
 
 
 
 
Parent
 
 
 
 
Three months ended March 31, 2013
 
insurance
 
 
Reinsurance
 
 
company
 
 
Consolidated
 
Premiums earned
 
$
92,705,018
 
 
$
27,792,234
 
 
$
-
 
 
$
120,497,252
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Underwriting profit
 
 
2,616,805
 
 
 
4,824,713
 
 
 
-
 
 
 
7,441,518
 
Net investment income
 
 
7,649,930
 
 
 
2,796,524
 
 
 
(3,371
)
 
 
10,443,083
 
Realized investment gains
 
 
1,956,784
 
 
 
711,089
 
 
 
-
 
 
 
2,667,873
 
Other income
 
 
234,505
 
 
 
-
 
 
 
-
 
 
 
234,505
 
Interest expense
 
 
131,250
 
 
 
-
 
 
 
-
 
 
 
131,250
 
Other expenses
 
 
205,606
 
 
 
(441,349
)
 
 
382,508
 
 
 
146,765
 
    Income (loss) before income tax expense (benefit)
 
$
12,121,168
 
 
$
8,773,675
 
 
$
(385,879
)
 
$
20,508,964
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
$
947,701,357
 
 
$
357,715,807
 
 
$
420,605,458
 
 
$
1,726,022,622
 
Eliminations
 
 
-
 
 
 
-
 
 
 
(411,796,174
)
 
 
(411,796,174
)
Reclassifications
 
 
-
 
 
 
(7,101,163
)
 
 
(593,240
)
 
 
(7,694,403
)
Net assets
 
$
947,701,357
 
 
$
350,614,644
 
 
$
8,216,044
 
 
$
1,306,532,045
 
 
 
Property and
 
 
 
 
 
 
 
 
 
 
 
 
casualty
 
 
 
 
 
Parent
 
 
 
 
Three months ended March 31, 2012
 
insurance
 
 
Reinsurance
 
 
company
 
 
Consolidated
 
Premiums earned
 
$
85,031,390
 
 
$
24,728,366
 
 
$
-
 
 
$
109,759,756
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Underwriting profit
 
 
1,900,022
 
 
 
6,495,673
 
 
 
-
 
 
 
8,395,695
 
Net investment income (loss)
 
 
8,175,127
 
 
 
2,983,925
 
 
 
(2,270
)
 
 
11,156,782
 
Realized investment gains
 
 
7,904,789
 
 
 
1,013,540
 
 
 
-
 
 
 
8,918,329
 
Other income
 
 
238,998
 
 
 
-
 
 
 
-
 
 
 
238,998
 
Interest expense
 
 
225,000
 
 
 
-
 
 
 
-
 
 
 
225,000
 
Other expenses
 
 
219,164
 
 
 
19,765
 
 
 
347,588
 
 
 
586,517
 
    Income (loss) before income tax expense (benefit)
 
$
17,774,772
 
 
$
10,473,373
 
 
$
(349,858
)
 
$
27,898,287
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
$
934,876,596
 
 
$
350,867,500
 
 
$
401,319,530
 
 
$
1,687,063,626
 
Eliminations
 
 
-
 
 
 
-
 
 
 
(396,288,097
)
 
 
(396,288,097
)
Reclassifications
 
 
-
 
 
 
-
 
 
 
(66,423
)
 
 
(66,423
)
Net assets
 
$
934,876,596
 
 
$
350,867,500
 
 
$
4,965,010
 
 
$
1,290,709,106
 
 
Summary of net premiums earned by line of insurance
The following table displays the net premiums earned of the property and casualty insurance segment and the reinsurance segment for the three months ended March 31, 2013 and 2012, by line of insurance.

 
Three months ended March 31,
 
 
2013
 
 
2012
 
Property and casualty insurance segment
 
 
 
 
 
 
Commercial lines:
 
 
 
 
 
 
    Automobile
 
$
20,123,599
 
 
$
17,855,670
 
    Property
 
 
20,385,309
 
 
 
18,338,311
 
    Workers' compensation
 
 
19,527,147
 
 
 
18,160,917
 
    Liability
 
 
18,032,845
 
 
 
16,183,487
 
    Other
 
 
1,862,936
 
 
 
1,891,779
 
        Total commercial lines
 
 
79,931,836
 
 
 
72,430,164
 
 
 
 
 
 
 
 
 
Personal lines:
 
 
 
 
 
 
 
 
    Automobile
 
 
6,921,580
 
 
 
6,974,909
 
    Property
 
 
5,687,483
 
 
 
5,478,601
 
    Liability
 
 
164,119
 
 
 
147,716
 
        Total personal lines
 
 
12,773,182
 
 
 
12,601,226
 
            Total property and casualty insurance
 
$
92,705,018
 
 
$
85,031,390
 
 
 
 
 
 
 
 
 
Reinsurance segment
 
 
 
 
 
 
 
 
Pro rata reinsurance:
 
 
 
 
 
 
 
 
    Property and casualty
 
$
1,029,057
 
 
$
1,446,595
 
    Property
 
 
4,626,761
 
 
 
2,459,360
 
    Crop
 
 
440,361
 
 
 
276,950
 
    Casualty
 
 
392,679
 
 
 
344,052
 
    Marine/Aviation
 
 
3,411,281
 
 
 
3,861,946
 
        Total pro rata reinsurance
 
 
9,900,139
 
 
 
8,388,903
 
 
 
 
 
 
 
 
 
Excess of loss reinsurance:
 
 
 
 
 
 
 
 
    Property
 
 
15,220,757
 
 
 
13,543,760
 
    Casualty
 
 
2,671,282
 
 
 
2,788,311
 
    Surety
 
 
56
 
 
 
7,392
 
        Total excess of loss reinsurance
 
 
17,892,095
 
 
 
16,339,463
 
            Total reinsurance
 
$
27,792,234
 
 
$
24,728,366
 
 
 
 
 
 
 
 
 
Consolidated
 
$
120,497,252
 
 
$
109,759,756