Segment Information

6 Months Ended

Jun. 30, 2022

Segment Information [Abstract]

Segment Information

6 - Segment Information

We evaluate the performance of our personal lines and commercial lines segments based upon the underwriting results of our insurance subsidiaries using statutory accounting principles (“SAP”) that various state insurance departments prescribe or permit. Our management uses SAP to measure the performance of our insurance subsidiaries instead of United States generally accepted accounting principles (“GAAP”). SAP financial measures are considered non-GAAP financial measures under applicable SEC rules because they include or exclude certain items that the most comparable GAAP financial measures do not ordinarily include or exclude.

Financial data by segment for the three and six months ended June 30, 2022 and 2021 is as follows:

	Three Months Ended June 30,
	2022			2021
	(in thousands)
Revenues:
Premiums earned:
Commercial lines	$	126,854		$	115,300
Personal lines		77,274			77,189
GAAP premiums earned		204,128			192,489
Net investment income		8,204			7,652
Investment (losses) gains		(8,377	)		4,241
Other		356			764
Total revenues	$	204,311		$	205,146
(Loss) income before income tax (benefit) expense:
Underwriting (loss) income:
Commercial lines	$	(4,848	)	$	1,767
Personal lines		(8,170	)		547
SAP underwriting (loss) income		(13,018	)		2,314
GAAP adjustments		2,842			5,256
GAAP underwriting (loss) income		(10,176	)		7,570
Net investment income		8,204			7,652
Investment (losses) gains		(8,377	)		4,241
Other		(230	)		234
(Loss) income before income tax (benefit) expense	$	(10,579	)	$	19,697

	Six Months Ended June 30,
	2022			2021
	(in thousands)
Revenues:
Premiums earned:
Commercial lines	$	251,183		$	224,525
Personal lines		152,194			155,215
GAAP premiums earned		403,377			379,740
Net investment income		16,063			15,163
Investment (losses) gains		(8,453	)		6,710
Other		951			1,503
Total revenues	$	411,938		$	403,116
Income before income tax expense:
Underwriting (loss) income:
Commercial lines	$	(4,773	)	$	(6,475	)
Personal lines		(3,528	)		5,584
SAP underwriting loss		(8,301	)		(891	)
GAAP adjustments		6,554			11,238
GAAP underwriting (loss) income		(1,747	)		10,347
Net investment income		16,063			15,163
Investment (losses) gains		(8,453	)		6,710
Other		(216	)		228
Income before income tax expense	$	5,647		$	32,448